N-CSR

UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

FORM N-CSR

CERTIFIED SHAREHOLDER REPORT OF REGISTERED MANAGEMENT

INVESTMENT COMPANIES

Investment Company Act file number 811-07619

Nuveen Investment Trust

(Exact name of registrant as specified in charter)

Nuveen Investments

333 West Wacker Drive, Chicago, IL 60606

(Address of principal executive offices) (Zip code)

Kevin J. McCarthy

Nuveen Investments

333 West Wacker Drive

Chicago, IL 60606

(Name and address of agent for service)

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

Date of fiscal year end: June 30

Date of reporting period: June 30, 2009

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

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

ITEM 1. REPORTS TO STOCKHOLDERS.

Mutual Funds

Nuveen Asset Allocation Funds

For investors seeking attractive long-term total return.

Annual Report

June 30, 2009

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

LIFE IS COMPLEX.

Nuveen makes things e-simple.

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

Free e-Reports right to your e-mail!

www.investordelivery.com

If you receive your Nuveen Fund dividends and statements from your financial advisor or brokerage account.

OR

www.nuveen.com/accountaccess

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

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

Chairman’s

Letter to Shareholders

Dear Shareholder,

The problems in the U.S. financial system and the slowdown in global economic activity continue to create a very difficult environment for the U.S. economy. The administration, the Federal Reserve System and Congress have initiated a variety of programs directed at restoring liquidity to the financial markets, providing financial support for critical financial institutions and stimulating economic activity. There are encouraging signs that these initiatives are beginning to have a constructive impact. It is not possible to predict whether the actions taken to date will be sufficient to restore more normal conditions in the financial markets or enable the economy to stabilize and set a course toward recovery. However, the speed and scope of the government’s actions are very encouraging and more importantly, reflect a commitment to act decisively to meet the economic challenges we face.

The performance information in the attached report reflects the impact of many forces at work in the equity and fixed-income markets. The comments by the portfolio managers describe the strategies being used to pursue your Fund’s long-term investment goals. Parts of the financial markets continue to experience serious dislocations and thorough research and strong investment disciplines have never been more important in identifying risks and opportunities. I hope you will read this information carefully.

Your Board is particularly sensitive to our shareholders’ concerns in these uncertain times. We believe that frequent and thorough communication is essential in this regard and encourage you to visit the Nuveen website: www.nuveen.com, for recent developments in all Nuveen funds. We also encourage you to communicate with your financial consultant for answers to your questions and to seek advice on your long-term investment strategy in the current market environment.

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

Sincerely,

Robert P. Bremner

Chairman of the Nuveen Fund Board

August 24, 2009

Nuveen Investments 1

Fund Name and Management Changes

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

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

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

2 Nuveen Investments

Portfolio Managers’ Comments

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

The Nuveen Growth Allocation, the Nuveen Moderate Allocation and the Nuveen Conservative Allocation Funds feature portfolio management by Nuveen Investment Solutions, Inc. (NIS), an affiliate of Nuveen Investments. The Funds are co-managed by Thomas Richards, CFA, Senior Managing Director of NIS and James Colon, CFA, Vice President of NIS. We recently asked Tom and James to discuss the key portfolio management strategies and the performance of these three Funds for the twelve-month reporting period ended June 30, 2009.

What were the general economic conditions during the reporting period?

This twelve-month period was among the most volatile in the history of the capital markets. Equity markets across the globe fell as the United States economy pushed further into recession. After IndyMac’s bankruptcy filing on August 1, 2008, the U.S. Government engaged in one of the most dramatic market interventions in years and placed the Federal National Mortgage Association (Fannie Mae) and the Federal Home Loan Mortgage Corporation (Freddie Mac) into receivership. In September, Lehman Brothers, a major Wall Street broker/dealer, filed for bankruptcy protection. Merrill Lynch, concerned about its own solvency, quickly negotiated a deal to be acquired by Bank of America. The following months included major financial write-downs across the U.S. economy, the uncovering of the largest Ponzi scheme in history, continual declines in real U.S. Gross Domestic Product, and significant spikes in market volatility.

While the U.S. economy moved further into recession, the international capital markets experienced their own severe downturn. Economic policy responses by the U.S. Federal Reserve were followed, in part, by its counterparts at the Bank of England, the European Central Bank, and the Chinese Government.

Although the S&P 500 and the MSCI EAFE indices were down 37% and 43%, respectively, in 2008, signs of global economic stability began to emerge toward the end of the first quarter in 2009. By the end of June, the 2009 year-to-date returns of these two equity indices were 3% and 8%, respectively. In addition, emerging markets, which fell 53% in 2008, rebounded 36% during the first half of 2009.

In the fixed-income markets, credit-oriented holdings fell while investors sought stability via U.S. Treasuries. Long-term Treasuries, as measured by the Barclays Capital Long-Term Treasury Index, gained 24% in 2008, while the shorter-duration Barclays Capital Intermediate Treasury Index gained 11%.

Year-to-date performance in 2009 for the High Yield market, as measured by the Barclays Capital High Yield Index, was particularly strong. After losing 26% in 2008, the High Yield index finished the second quarter with a gain of 30% for the first six months of the year.

Nuveen Investments 3

As of the end of June, market volatility has fallen significantly from its November 2008 high (as measured by the CBOE VIX Index). However, the volatility levels remain approximately double those experienced from 2004 through 2006.

How did the Funds perform during the twelve-month period ended June 30, 2009?

The table on page nine provides performance information for the three Funds (Class A shares at net asset value) for the one-year, five-year, ten-year and since inception periods ended June 30, 2009. The table also compares each Fund’s performance to an appropriate benchmark. A more detailed discussion of each Fund’s relative performance is provided later in this report.

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

All of these Funds are managed using the same strategic approach. This involves seeking to: (1) identify a universe of investable asset classes with different risks, returns and relationships, (2) determine an allocation policy among these asset classes that produces the highest expected return consistent with a targeted level of investment risk, (3) utilize liquid, transparent, and value-added investment funds within each asset class, (4) structure these Funds to produce value-added performance consistent with the Funds’ active management risk budgets, and (5) monitor, refine and revise all the investment inputs that go into each Fund’s portfolio building process.

How did these strategies influence performance?

Nuveen Growth Allocation Fund

Class A Shares at net asset value for the Nuveen Growth Allocation Fund outperformed the Lipper Global Multi-Cap Core Funds Index, the Growth Allocation Composite and the S&P 500 Index during the twelve-month reporting period.

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

The Growth Allocation Fund’s policy allocation as of June 30, 2009, is presented below:

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

4 Nuveen Investments

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

Investment policy/capital market risk will typically have the largest performance impact on the Fund. From September 1, 2008 through June 30, 2009, our investment policy/capital markets allocations produced a return of -16.25%. With the exception of the Domestic (core) Fixed Income and Short Duration asset classes, returns across asset classes were negative during this recessionary period.

Investment style risk involves an allocation policy to investment managers whose styles, in aggregate, differ from the asset class market target. NIS attempts to minimize this risk by investing in the Nuveen U.S. Equity Completeness Fund in the Domestic Equity asset class and various exchange-traded funds in the International Equity class. The return impact from investment style risk was negligible, as targeted, during the last ten months of the reporting period.

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

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

The ten-month period from September 1, 2008, to June 30, 2009, was among the most volatile in the history of the capital markets. By diversifying across asset classes and investments, the Fund was able to reduce overall volatility and limit the potential downside.

Nuveen Moderate Allocation Fund

Class A Shares at net asset value for the Nuveen Moderate Allocation Fund outperformed the Lipper Mixed-Asset Target Allocation Moderate Funds Index, the Moderate Allocation Composite and the S&P 500 Index during the twelve-month reporting period.

NIS assumed management of the Nuveen Moderate Allocation Fund on August 1, 2008, and transitioned the portfolio during the month of August. Subsequently, beginning September 1, 2008, we implemented an investment management information and risk control process that provides ongoing feedback, with respect to the risk factors affecting

Nuveen Investments 5

the performance of the Fund. Most of the following commentary covers the last ten months of the reporting period.

The Moderate Allocation Fund’s policy allocation as of June 30, 2009, is presented below:

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

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

Investment policy/capital market risk will typically have the largest performance impact on the Fund. From September 1, 2008, though June 30, 2009, our investment policy/capital markets allocations produced a return of -12.12%. With the exception of the Domestic (core) Fixed Income and Short Duration asset classes, returns across asset classes were negative during this recessionary period.

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

Active management risk consists of the performance differential between the investment managers’ actual performance and the performance of their benchmarks. NIS manages active management risk by structuring teams of managers within asset classes that are believed to have the best chance of outperforming their asset class target. Over the last

ten months of the period, the Fund’s investment managers, in aggregate, generated positive incremental returns, relative to their benchmarks. Manager allocations within the International Equity asset class, which consists of one mutual fund manager and two exchange-traded funds, generated the greatest level of outperformance. Strong manager performance was also realized in the Domestic Equity asset class.

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

6 Nuveen Investments

The ten-month period from September 1, 2008, to June 30, 2009, was among the most volatile in the history of the capital markets. By diversifying across asset classes and investments, the Fund was able to reduce overall volatility and limit the potential downside.

Nuveen Conservative Allocation Fund

Class A Shares at net asset value for the Fund outperformed the Lipper Mixed-Asset Target Allocation Conservative Funds Index and the S&P 500 Index, but underperformed the Conservative Allocation Composite during the twelve-month reporting period.

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

The Conservative Allocation Fund’s policy allocation as of June 30, 2009, is presented below:

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

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

Investment policy/capital market risk will typically have the largest performance impact on the Fund. From September 1, 2008 through June 30, 2009, our investment policy/capital markets allocations produced a return of -8.22%. With the exception of the Domestic (core) Fixed Income and Short Duration asset classes, returns across asset classes were negative during this recessionary period.

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

Nuveen Investments 7

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

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

The ten-month period from September 1, 2008, to June 30, 2009, was among the most volatile in the history of the capital markets. By diversifying across asset classes and investments, the Fund was able to reduce overall volatility and limit the potential downside.

8 Nuveen Investments

1 The since inception dates for the Funds are 12/09/04 for the Nuveen Growth Allocation Fund, and 8/7/96 for the Nuveen Moderate Allocation and Nuveen Conservative Allocation Funds.

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

3 The Growth Allocation Composite is an index comprised of a 76% weighting in the S&P 500 Index, a 19% weighting in the Barclays Capital U.S. Aggregate Bond Index, and a 5% weighting in Citigroup 3-Month U.S. Treasury Bill Index. The since inception data for the Composite were calculated as of 12/31/04, as composite returns are calculated on a calendar-month basis. The composite returns assume reinvestment of dividends and do not reflect any applicable sales charges. You cannot invest directly in a composite.

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

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

6 The Moderate Allocation Composite is an index comprised of a 57% weighting in the S&P 500 Index, a 38% weighting in the Barclays Capital U.S. Aggregate Bond Index, and a 5% weighting in Citigroup 3-Month U.S. Treasury Bill Index. The since inception data for the Composite were calculated as of 8/31/96, as composite returns are calculated on a calendar-month basis. The composite returns assume reinvestment of dividends and do not reflect any applicable sales charges. You cannot invest directly in a composite.

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

8 The Conservative Allocation Composite is an index comprised of a 38% weighting in the S&P 500 Index, a 57% weighting in the Barclays Capital U.S. Aggregate Bond Index, and a 5% weighting in Citigroup 3-Month U.S. Treasury Bill Index. The since inception data for the Composite were calculated as of 8/31/96, as composite returns are calculated on a calendar-month basis. The composite returns assume reinvestment of dividends and do not reflect any applicable sales charges. You cannot invest directly in a composite.

Class A Shares – Average Annual Total Returns

As of 6/30/09

	1-Year	5-Year	10-Year	Since Inception1
Nuveen Growth Allocation Fund
A Shares at NAV	-19.00%	N/A	N/A	1.23%
A Shares at Offer	-23.66%	N/A	N/A	-0.08%
Lipper Global Multi-Cap Core Funds Index2	-23.95%	N/A	N/A	0.14%
Growth Allocation Composite3	-19.11%	N/A	N/A	-1.81%
S&P 500 Index4	-26.21%	-2.24%	-2.22%	4.35%
Nuveen Moderate Allocation Fund
A Shares at NAV	-11.28%	2.08%	2.28%	5.38%
A Shares at Offer	-16.37%	0.87%	1.67%	4.90%
Lipper Mixed-Asset Target Allocation Moderate Funds Index5	-17.04%	0.72%	1.59%	4.80%
Moderate Allocation Composite6	-13.14%	1.02%	1.44%	5.53%
S&P 500 Index4	-26.21%	-2.24%	-2.22%	4.35%
Nuveen Conservative Allocation Fund
A Shares at NAV	-7.25%	2.09%	1.61%	4.09%
A Shares at Offer	-12.57%	0.88%	1.01%	3.61%
Lipper Mixed-Asset Target Allocation Conservative Funds Index7	-9.01%	2.14%	2.73%	4.83%
Conservative Allocation Composite8	-6.99%	2.39%	2.99%	5.86%
S&P 500 Index4	-26.21%	-2.24%	-2.22%	4.35%

Returns quoted represent past performance which is no guarantee of future results. Investment returns and principal value will fluctuate so that when shares are redeemed, they may be worth more or less than their original cost. Current performance may be higher or lower than the performance shown. Class A Shares have a 5.75% maximum sales charge. Returns at NAV would be lower if sales charges were included. Returns do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or the redemption of shares. For the most recent month-end performance, visit www.nuveen.com or call (800) 257-8787.

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

Nuveen Investments 9

Nuveen Growth Allocation Fund

Growth of an Assumed $10,000 Investment

Nuveen Moderate Allocation Fund

Growth of an Assumed $10,000 Investment

The graphs do not reflect the deduction of taxes that a shareholder may pay on Fund distributions or the redemption of shares.

The index comparisons show the change in value of a $10,000 investment in the Class A Shares of the Nuveen Funds compared with the corresponding indexes. The Lipper Global Multi-Cap Core Funds Index is a managed index that represents the average annualized returns of the 10 largest funds in the Lipper Global Multi-Cap Core Funds category. The Growth Allocation Composite is an index comprised of a 76% weighting in the S&P 500 Index, a 19% weighting in the Barclays Capital U.S. Aggregate Bond Index, and a 5% weighting in Citigroup 3-Month U.S. Treasury Bill Index. The Lipper Mixed-Asset Target Allocation Moderate Funds Index is a managed index that represents the average annualized total return of the 10 largest funds in the Lipper Mixed-Asset Target Allocation Moderate Funds category. The Moderate Allocation Composite is an index comprised of a 57% weighting in the S&P 500 Index, a 38% weighting in the Barclays Capital U.S. Aggregate Bond Index, and a 5% weighting in Citigroup 3-Month U.S. Treasury Bill Index. The S&P 500 Index is an unmanaged index generally considered representative of the U.S. stock market. The index returns assume reinvestment of dividends and do not reflect any initial or ongoing expenses. You cannot invest directly in an index. The Nuveen Funds’ returns include reinvestment of all dividends and distributions, and the Funds’ returns at the offer price depicted in the charts reflect the initial maximum sales charge applicable to Class A Shares (5.75%) and all ongoing Fund expenses. The performance data quoted represents past performance, which is not indicative of future results. Current performance may be lower or higher than the performance shown.

10 Nuveen Investments

Nuveen Conservative Allocation Fund

Growth of an Assumed $10,000 Investment

The graph does not reflect the deduction of taxes that a shareholder may pay on Fund distributions or the redemption of shares.

The index comparisons show the change in value of a $10,000 investment in the Class A Shares of the Nuveen Conservative Allocation Fund compared with the corresponding indexes. The Lipper Mixed-Asset Target Allocation Conservative Funds Index is a managed index that represents the average annualized total return of the 10 largest funds in the Lipper Mixed-Asset Target Allocation Conservative Funds category. The Conservative Allocation Composite is an index comprised of a 38% weighting in the S&P 500 Index, a 57% weighting in the Barclays Capital U.S. Aggregate Bond Index, and a 5% weighting in Citigroup 3-Month U.S. Treasury Bill Index. The S&P 500 Index is an unmanaged index generally considered representative of the U.S. stock market. The index returns assume reinvestment of dividends and do not reflect any initial or ongoing expenses. You cannot invest directly in an index. The Nuveen Conservative Allocation Fund’s returns include reinvestment of all dividends and distributions, and the Fund’s returns at the offer price depicted in the chart reflects the initial maximum sales charge applicable to Class A Shares (5.75%) and all ongoing Fund expenses. The performance data quoted represents past performance, which is not indicative of future results. Current performance may be lower or higher than the performance shown.

Nuveen Investments 11

Fund Spotlight as of 6/30/09Nuveen Growth Allocation Fund

Quick Facts
	A Shares	B Shares1	C Shares	R3 Shares	I Shares1
Fund Symbols	NGOAX	NGVBX	NGVCX	NGATX	NGVRX
NAV	$17.69	$17.42	$17.44	$17.76	$17.72
Latest Capital Gain Distribution2	$0.8140	$0.8140	$0.8140	$0.8140	$0.8140
Latest Ordinary Income Distribution3	$0.3791	$0.3231	$0.3231	$0.3244	$0.4341
Inception Date	12/09/04	12/09/04	12/09/04	8/04/08	12/09/04

Returns quoted represent past performance which is no guarantee of future results. Investment returns and principal value will fluctuate so that when shares are redeemed, they may be worth more or less than their original cost. Current performance may be higher or lower than the performance shown. Returns without sales charges would be lower if the sales charge were included. Returns do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or the redemption of shares. For the most recent month-end performance visit www.nuveen.com or call (800) 257-8787.

Class A, B, C and I Share returns are actual. The returns for Class R3 Shares are actual for the period since class inception; returns prior to class inception are Class I Share returns adjusted for differences in sales charges and expenses, which are primarily differences in distribution and service fees. Fund returns assume reinvestment of dividends and capital gains. Class A Shares have a 5.75% maximum sales charge. Class A Share purchases of $1 million or more are sold at net asset value without an up-front sales charge but may be subject to a contingent deferred sales charge (CDSC), also known as a back-end sales charge, if redeemed within twelve months of purchase. Class B Shares have a CDSC that begins at 5% for redemptions during the first year and declines periodically until after six years when the charge becomes 0%. Class B Shares automatically convert to Class A Shares eight years after purchase. Class C Shares have a 1% CDSC for redemptions within less than one year, which is not reflected in the one-year total return. Class R3 Shares have no sales charge and are available to only certain retirement plans. Class I Shares have no sales charge and may be purchased under limited circumstances or by specified classes of investors. Returns may reflect an expense limitation by the Fund’s investment adviser.

Returns prior to August 1, 2008, are not indicative of the performance that the Fund, as currently managed, would have generated.

Average Annual Total Returns as of 6/30/09
A Shares	NAV	Offer
1-Year	-19.00%	-23.66%
Since Inception	1.23%	-0.08%
B Shares	w/o CDSC	w/CDSC
1-Year	-19.61%	-22.60%
Since Inception	0.47%	0.09%
C Shares	NAV
1-Year	-19.56%
Since Inception	0.50%
R3 Shares	NAV
1-Year	-19.17%
Since Inception	0.98%
I Shares	NAV
1-Year	-18.77%
Since Inception	1.49%

Portfolio Allocation⁴

Portfolio Statistics
Net Assets ($000)	$8,638
Number of Holdings	16

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

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

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

2 Paid December 16, 2008.

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

4 As a percentage of total investments as of June 30, 2009. Holdings are subject to change.

12 Nuveen Investments

Fund Spotlight as of 6/30/09Nuveen Growth Allocation Fund

Description	Weighting1
Nuveen NWQ Large-Cap Value Fund (Class I)	3.9%
Nuveen Santa Barbara Growth Fund (Class I)	1.7%
Nuveen Symphony Large-Cap Growth Fund (Class I)	5.3%
Nuveen Tradewinds Global Resources Fund (Class I)	5.8%
Nuveen Tradewinds International Value Fund (Class I)	11.3%
Nuveen Tradewinds Value Opportunities Fund (Class I)	3.2%
Nuveen U.S. Equity Completeness Fund	6.9%
Nuveen Winslow Large-Cap Growth Fund (Class I)	1.9%
Total Affiliated Equity Funds	40.0%
iShares Dow Jones U.S. Real Estate Index Fund	2.8%
iShares MSCI EAFE Growth Index Fund	11.1%
iShares MSCI Emerging Markets Index Fund	14.8%
Total Non-Affiliated Equity Funds	28.7%
Total Equity Funds	68.7%
Nuveen High Yield Bond Fund (Class I)	13.9%
Nuveen Multi-Strategy Income Fund (Class I)	6.0%
Nuveen Short Duration Bond Fund (Class I)	1.5%
Total Affiliated Fixed Income Funds	21.4%
iShares Barclays U.S. Treasury Inflation Protected Securities Index Fund	5.9%
Total Non-Affiliated Fixed Income Funds	5.9%
Total Fixed Income Funds	27.3%
Total Short-Term Investments	4.0%
Total Investments	100.0%

Affiliated Equity Funds	1-Year Average Annual Total Returns as of 6/30/09
Nuveen NWQ Large-Cap Value Fund (Class I)	-26.35%
Nuveen Santa Barbara Growth Fund (Class I)	-27.51%
Nuveen Symphony Large-Cap Growth Fund (Class I)	-25.88%
Nuveen Tradewinds Global Resources Fund (Class I)	-29.38%
Nuveen Tradewinds International Value Fund (Class I)	-20.78%
Nuveen Tradewinds Value Opportunities Fund (Class I)	-13.29%
Nuveen U.S. Equity Completeness Fund	-28.96%
Nuveen Winslow Large-Cap Growth Fund (Class I)	6.60%*
Non-Affiliated Equity Funds
iShares Dow Jones U.S. Real Estate Index Fund	-42.48%
iShares MSCI EAFE Growth Index Fund	-33.41%
iShares MSCI Emerging Markets Index Fund	-27.16%
Affiliated Fixed Income Funds
Nuveen High Yield Bond Fund (Class I)	-13.15%
Nuveen Multi-Strategy Income Fund (Class I)	9.75%
Nuveen Short Duration Bond Fund (Class I)	5.11%
Non-Affiliated Fixed Income Funds
iShares Barclays U.S. Treasury Inflation Protected Securities Index Fund	-1.24%

1 As a percentage of total investments as of June 30, 2009. Holdings are subject to change.

* Since inception cumulative return for the period May 15, 2009 (commencement of operations) through June 30, 2009.

Expense Example

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

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

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

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

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

											Hypothetical Performance
	Actual Performance										(5% return before expenses)
	A Shares		B Shares		C Shares		R3 Shares		I Shares		A Shares		B Shares		C Shares		R3 Shares		I Shares
Beginning Account Value (1/01/09)	$	1,000.00	$	1,000.00	$	1,000.00	$	1,000.00	$	1,000.00	$	1,000.00	$	1,000.00	$	1,000.00	$	1,000.00	$	1,000.00
Ending Account Value (6/30/09)	$	1,098.80	$	1,094.90	$	1,095.50	$	1,097.70	$	1,100.60	$	1,021.57	$	1,017.85	$	1,017.85	$	1,020.33	$	1,022.81
Expenses Incurred During Period	$	3.38	$	7.27	$	7.27	$	4.68	$	2.08	$	3.26	$	7.00	$	7.00	$	4.51	$	2.01

For each class of the Fund, expenses are equal to the Fund’s annualized net expense ratio of 0.65%, 1.40%, 1.40%, 0.90% and 0.40% for Classes A, B, C, R3 and I respectively, multiplied by the average account value over the period, multiplied by 181/365 (to reflect the one-half year period).

Nuveen Investments 13

Fund Spotlight as of 6/30/09Nuveen Moderate Allocation Fund

Quick Facts
	A Shares	B Shares1	C Shares	R3 Shares	I Shares1
Fund Symbols	NNSAX	NNSBX	NUVCX	NMATX	NNSRX
NAV	$18.90	$18.91	$18.94	$18.91	$18.89
Latest Capital Gain Distribution2	$0.4613	$0.4613	$0.4613	$0.4613	$0.4613
Latest Ordinary Income Distribution3	$0.3440	$0.1968	$0.1970	$0.2976	$0.3932
Inception Date	8/07/96	8/07/96	8/07/96	8/04/08	8/07/96

Returns quoted represent past performance which is no guarantee of future results. Investment returns and principal value will fluctuate so that when shares are redeemed, they may be worth more or less than their original cost. Current performance may be higher or lower than the performance shown. Returns without sales charges would be lower if the sales charge were included. Returns do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or the redemption of shares. For the most recent month-end performance visit www.nuveen.com or call (800) 257-8787.

Class A, B, C and I Share returns are actual. The returns for Class R3 Shares are actual for the period since class inception; returns prior to class inception are Class I Share returns adjusted for differences in sales charges and expenses, which are primarily differences in distribution and service fees. Fund returns assume reinvestment of dividends and capital gains. Class A Shares have a 5.75% maximum sales charge. Class A Share purchases of $1 million or more are sold at net asset value without an up-front sales charge but may be subject to a contingent deferred sales charge (CDSC), also known as a back-end sales charge, if redeemed within twelve months of purchase. Class B Shares have a CDSC that begins at 5% for redemptions during the first year and declines periodically until after six years when the charge becomes 0%. Class B Shares automatically convert to Class A Shares eight years after purchase. Class C Shares have a 1% CDSC for redemptions within less than one year, which is not reflected in the one-year total return. Class R3 Shares have no sales charge and are available to only certain retirement plans. Class I Shares have no sales charge and may be purchased under limited circumstances or by specified classes of investors. Returns may reflect an expense limitation by the Fund’s investment adviser.

Returns prior to August 1, 2008, are not indicative of the performance that the Fund, as currently managed, would have generated.

Average Annual Total Returns as of 6/30/09
A Shares	NAV	Offer
1-Year	-11.28%	-16.37%
5-Year	2.08%	0.87%
10-Year	2.28%	1.67%
B Shares	w/o CDSC	w/CDSC
1-Year	-11.98%	-15.37%
5-Year	1.31%	1.16%
10-Year	1.67%	1.67%
C Shares	NAV
1-Year	-11.93%
5-Year	1.32%
10-Year	1.52%
R3 Shares	NAV
1-Year	-11.51%
5-Year	1.81%
10-Year	2.02%
I Shares	NAV
1-Year	-11.08%
5-Year	2.33%
10-Year	2.53%

Portfolio Allocation⁴

Portfolio Statistics
Net Assets ($000)	$35,337
Number of Holdings	16

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

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

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

2 Paid December 16, 2008.

3 Paid December 31, 2008.

4 As a percentage of total investments as of June 30, 2009. Holdings are subject to change.

14 Nuveen Investments

Fund Spotlight as of 6/30/09Nuveen Moderate Allocation Fund

Description	Weighting1
Nuveen NWQ Large-Cap Value Fund (Class I)	3.5%
Nuveen Santa Barbara Growth Fund (Class I)	1.7%
Nuveen Symphony Large-Cap Growth Fund (Class I)	4.8%
Nuveen Tradewinds Global Resources Fund (Class I)	4.8%
Nuveen Tradewinds International Value Fund (Class I)	9.1%
Nuveen Tradewinds Value Opportunities Fund (Class I)	2.9%
Nuveen U.S. Equity Completeness Fund	6.4%
Nuveen Winslow Large-Cap Growth Fund (Class I)	1.7%
Total Affiliated Equity Funds	34.9%
iShares Dow Jones U.S. Real Estate Index Fund	2.9%
iShares MSCI EAFE Growth Index Fund	8.9%
iShares MSCI Emerging Markets Index Fund	10.8%
Total Non-Affiliated Equity Funds	22.6%
Total Equity Funds	57.5%
Nuveen High Yield Bond Fund (Class I)	14.7%
Nuveen Multi-Strategy Income Fund (Class I)	10.1%
Nuveen Short Duration Bond Fund (Class I)	5.5%
Total Affiliated Fixed Income Funds	30.3%
iShares Barclays U.S. Treasury Inflation Protected Securities Index Fund	9.1%
Total Non-Affiliated Fixed Income Funds	9.1%
Total Fixed Income Funds	39.4%
Total Short-Term Investments	3.1%
Total Investments	100.0%

Affiliated Equity Funds	1-Year Average Annual Total Returns as of 6/30/09
Nuveen NWQ Large-Cap Value Fund (Class I)	-26.35%
Nuveen Santa Barbara Growth Fund (Class I)	-27.51%
Nuveen Symphony Large-Cap Growth Fund (Class I)	-25.88%
Nuveen Tradewinds Global Resources Fund (Class I)	-29.38%
Nuveen Tradewinds International Value Fund (Class I)	-20.78%
Nuveen Tradewinds Value Opportunities Fund (Class I)	-13.29%
Nuveen U.S. Equity Completeness Fund	-28.96%
Nuveen Winslow Large-Cap Growth Fund (Class I)	6.60%*
Non-Affiliated Equity Funds
iShares Dow Jones U.S. Real Estate Index Fund	-42.48%
iShares MSCI EAFE Growth Index Fund	-33.41%
iShares MSCI Emerging Markets Index Fund	-27.16%
Affiliated Fixed Income Funds
Nuveen High Yield Bond Fund (Class I)	-13.15%
Nuveen Multi-Strategy Income Fund (Class I)	9.75%
Nuveen Short Duration Bond Fund (Class I)	5.11%
Non-Affiliated Fixed Income Funds
iShares Barclays U.S. Treasury Inflation Protected Securities Index Fund	-1.24%

1 As a percentage of total investments as of June 30, 2009. Holdings are subject to change.

* Since inception cumulative return for the period May 15, 2009 (commencement of operations) through June 30, 2009.

Expense Example

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

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

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

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

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

											Hypothetical Performance
	Actual Performance										(5% return before expenses)
	A Shares		B Shares		C Shares		R3 Shares		I Shares		A Shares		B Shares		C Shares		R3 Shares		I Shares
Beginning Account Value (1/01/09)	$	1,000.00	$	1,000.00	$	1,000.00	$	1,000.00	$	1,000.00	$	1,000.00	$	1,000.00	$	1,000.00	$	1,000.00	$	1,000.00
Ending Account Value (6/30/09)	$	1,102.70	$	1,098.10	$	1,098.60	$	1,101.30	$	1,104.00	$	1,022.12	$	1,018.40	$	1,018.40	$	1,020.88	$	1,023.36
Expenses Incurred During Period	$	2.82	$	6.71	$	6.71	$	4.12	$	1.51	$	2.71	$	6.46	$	6.46	$	3.96	$	1.45

For each class of the Fund, expenses are equal to the Fund’s annualized net expense ratio of 0.54%, 1.29%, 1.29%, 0.79% and 0.29% for Classes A, B, C, R3 and I, respectively, multiplied by the average account value over the period, multiplied by 181/365 (to reflect the one-half year period).

Nuveen Investments 15

Fund Spotlight as of 6/30/09Nuveen Conservative Allocation Fund

Quick Facts
	A Shares	B Shares1	C Shares	R3 Shares	I Shares1
Fund Symbols	NBMSX	NMNBX	NBMCX	NALTX	NMNRX
NAV	$20.24	$21.72	$21.69	$19.71	$19.69
Latest Capital Gain Distribution2	$0.4806	$0.4806	$0.4806	$0.4806	$0.4806
Latest Ordinary Income Distribution3	$0.3252	$0.1692	$0.1689	$0.2658	$0.3709
Inception Date	8/07/96	8/07/96	8/07/96	8/04/08	8/07/96

Returns quoted represent past performance which is no guarantee of future results. Investment returns and principal value will fluctuate so that when shares are redeemed, they may be worth more or less than their original cost. Current performance may be higher or lower than the performance shown. Returns without sales charges would be lower if the sales charge were included. Returns do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or the redemption of shares. For the most recent month-end performance visit www.nuveen.com or call (800) 257-8787.

Class A, B, C and I Share returns are actual. The returns for Class R3 Shares are actual for the period since class inception; returns prior to class inception are Class I Share returns adjusted for differences in sales charges and expenses, which are primarily differences in distribution and service fees. Fund returns assume reinvestment of dividends and capital gains. Class A Shares have a 5.75% maximum sales charge. Class A Share purchases of $1 million or more are sold at net asset value without an up-front sales charge but may be subject to a contingent deferred sales charge (CDSC), also known as a back-end sales charge, if redeemed within twelve months of purchase. Class B Shares have a CDSC that begins at 5% for redemptions during the first year and declines periodically until after six years when the charge becomes 0%. Class B Shares automatically convert to Class A Shares eight years after purchase. Class C Shares have a 1% CDSC for redemptions within less than one year, which is not reflected in the one-year total return. Class R3 Shares have no sales charge and are available to only certain retirement plans. Class I Shares have no sales charge and may be purchased under limited circumstances or by specified classes of investors. Returns may reflect an expense limitation by the Fund’s investment adviser.

Returns prior to July 7, 2008, are not indicative of the performance that the Fund, as currently managed, would have generated.

Average Annual Total Returns as of 6/30/09
A Shares	NAV	Offer
1-Year	-7.25%	-12.57%
5-Year	2.09%	0.88%
10-Year	1.61%	1.01%
B Shares	w/o CDSC	w/CDSC
1-Year	-7.97%	-11.52%
5-Year	1.32%	1.14%
10-Year	1.01%	1.01%
C Shares	NAV
1-Year	-7.94%
5-Year	1.33%
10-Year	0.85%
R3 Shares	NAV
1-Year	-7.45%
5-Year	1.83%
10-Year	1.36%
I Shares	NAV
1-Year	-6.98%
5-Year	2.35%
10-Year	1.87%

Portfolio Allocation⁴

Portfolio Statistics
Net Assets ($000)	$44,232
Number of Holdings	16

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

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

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

2 Paid December 16, 2008.

3 Paid December 31, 2008.

4 As a percentage of total investments as of June 30, 2009. Holdings are subject to change.

16 Nuveen Investments

Fund Spotlight as of 6/30/09Nuveen Conservative Allocation Fund

Description	Weighting1
Nuveen NWQ Large-Cap Value Fund (Class I)	2.4%
Nuveen Santa Barbara Growth Fund (Class I)	1.2%
Nuveen Symphony Large-Cap Growth Fund (Class I)	3.3%
Nuveen Tradewinds Global Resources Fund (Class I)	4.9%
Nuveen Tradewinds International Value Fund (Class I)	5.0%
Nuveen Tradewinds Value Opportunities Fund (Class I)	1.9%
Nuveen U.S. Equity Completeness Fund	4.2%
Nuveen Winslow Large-Cap Growth Fund (Class I)	1.1%
Total Affiliated Equity Funds	24.0%
iShares Dow Jones U.S. Real Estate Index Fund	2.9%
iShares MSCI EAFE Growth Index Fund	4.9%
iShares MSCI Emerging Markets Index Fund	6.0%
Total Non-Affiliated Equity Funds	13.8%
Total Equity Funds	37.8%
Nuveen High Yield Bond Fund (Class I)	10.1%
Nuveen Multi-Strategy Income Fund (Class I)	20.4%
Nuveen Short Duration Bond Fund (Class I)	19.5%
Total Affiliated Fixed Income Funds	50.0%
iShares Barclays U.S. Treasury Inflation Protected Securities Index Fund	10.0%
Total Non-Affiliated Fixed Income Funds	10.0%
Total Fixed Income Funds	60.0%
Total Short-Term Investments	2.2%
Total Investments	100.0%

Affiliated Equity Funds	1-Year Average Annual Total Returns as of 6/30/09
Nuveen NWQ Large-Cap Value Fund (Class I)	-26.35%
Nuveen Santa Barbara Growth Fund (Class I)	-27.51%
Nuveen Symphony Large-Cap Growth Fund (Class I)	-25.88%
Nuveen Tradewinds Global Resources Fund (Class I)	-29.38%
Nuveen Tradewinds International Value Fund (Class I)	-20.78%
Nuveen Tradewinds Value Opportunities Fund (Class I)	-13.29%
Nuveen U.S. Equity Completeness Fund	-28.96%
Nuveen Winslow Large-Cap Growth Fund (Class I)	6.60%*
Non-Affiliated Equity Funds
iShares Dow Jones U.S. Real Estate Index Fund	-42.48%
iShares MSCI EAFE Growth Index Fund	-33.41%
iShares MSCI Emerging Markets Index Fund	-27.16%
Affiliated Fixed Income Funds
Nuveen High Yield Bond Fund (Class I)	-13.15%
Nuveen Multi-Strategy Income Fund (Class I)	9.75%
Nuveen Short Duration Bond Fund (Class I)	5.11%
Non-Affiliated Fixed Income Funds
iShares Barclays U.S. Treasury Inflation Protected Securities Index Fund	-1.24%

1 As a percentage of total investments as of June 30, 2009. Holdings are subject to change.

* Since inception cumulative return for the period May 15, 2009 (commencement of operations) through June 30, 2009.

Expense Example

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

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

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

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

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

											Hypothetical Performance
	Actual Performance										(5% return before expenses)
	A Shares		B Shares		C Shares		R3 Shares		I Shares		A Shares		B Shares		C Shares		R3 Shares		I Shares
Beginning Account Value (1/01/09)	$	1,000.00	$	1,000.00	$	1,000.00	$	1,000.00	$	1,000.00	$	1,000.00	$	1,000.00	$	1,000.00	$	1,000.00	$	1,000.00
Ending Account Value (6/30/09)	$	1,078.30	$	1,074.70	$	1,074.30	$	1,077.00	$	1,080.10	$	1,021.72	$	1,018.00	$	1,018.00	$	1,020.48	$	1,022.96
Expenses Incurred During Period	$	3.19	$	7.05	$	7.05	$	4.48	$	1.91	$	3.11	$	6.85	$	6.85	$	4.36	$	1.86

For each class of the Fund, expenses are equal to the Fund’s annualized net expense ratio of 0.62%, 1.37%, 1.37%, 0.87% and 0.37% for Classes A, B, C, R3 and I, respectively, multiplied by the average account value over the period, multiplied by 181/365 (to reflect the one-half year period).

Nuveen Investments 17

Report of

Independent Registered Public Accounting Firm

To the Board of Trustees and Shareholders of

Nuveen Investment Trust:

In our opinion, the accompanying statements of assets and liabilities, including the portfolios of investments, and the related statements of operations, of changes in net assets and the financial highlights present fairly, in all material respects, the financial position of Nuveen Growth Allocation Fund, Nuveen Moderate Allocation Fund, and Nuveen Conservative Allocation (each a series of the Nuveen Investment Trust, hereafter referred to as the “Funds”) at June 30, 2009, the results of their operations for the year then ended, the changes in their net assets for each of the two years in the period then ended and the financial highlights for each of the five years in the period then ended in conformity with accounting principles generally accepted in the United States of America. These financial statements and financial highlights (hereafter referred to as “financial statements”) are the responsibility of the Funds’ management; our responsibility is to express an opinion on these financial statements based on our audits. We conducted our audits of these financial statements in accordance with the standards of the Public Company Accounting Oversight Board (United States). Those standards require that we plan and perform the audit to obtain reasonable assurance about whether the financial statements are free of material misstatement. An audit includes examining, on a test basis, evidence supporting the amounts and disclosures in the financial statements, assessing the accounting principles used and significant estimates made by management, and evaluating the overall financial statement presentation. We believe that our audits, which included confirmation of securities at June 30, 2009 by correspondence with the custodian and brokers, provide a reasonable basis for our opinion.

PRICEWATERHOUSECOOPERS LLP

Chicago, IL

August 24, 2009

18 Nuveen Investments

Portfolio of Investments

Nuveen Growth Allocation Fund

June 30, 2009

Shares		Description (1)			Value
		EQUITY FUNDS – 68.7%
		Affiliated Equity Funds – 40.0%
	26,471	Nuveen NWQ Large-Cap Value Fund (Class I)			$	336,708
	10,266	Nuveen Santa Barbara Growth Fund (Class I)				151,735
	29,551	Nuveen Symphony Large-Cap Growth Fund (Class I)				456,264
	29,835	Nuveen Tradewinds Global Resources Fund (Class I)				500,333
	46,130	Nuveen Tradewinds International Value Fund (Class I)				977,953
	11,307	Nuveen Tradewinds Value Opportunities Fund (Class I)				273,513
	42,111	Nuveen U.S. Equity Completeness Fund				595,443
	7,618	Nuveen Winslow Large-Cap Growth Fund (Class I)				162,421
		Total Affiliated Equity Funds (cost $4,479,148)				3,454,370
		Non-Affiliated Equity Funds – 28.7%
	7,400	iShares Dow Jones U.S. Real Estate Index Fund				239,316
	20,800	iShares MSCI EAFE Growth Index Fund				960,752
	39,640	iShares MSCI Emerging Markets Index Fund				1,277,597
		Total Non-Affiliated Equity Funds (cost $2,869,989)				2,477,665
		Total Equity Funds (cost $7,349,137)				5,932,035
		FIXED INCOME FUNDS – 27.2%
		Affiliated Fixed Income Funds – 21.3%
	82,407	Nuveen High Yield Bond Fund (Class I)				1,195,722
	26,320	Nuveen Multi-Strategy Income Fund (Class I)				517,970
	6,709	Nuveen Short Duration Bond Fund (Class I)				129,952
		Total Affiliated Fixed Income Funds (cost $1,823,912)				1,843,644
		Non-Affiliated Fixed Income Funds – 5.9%
	5,050	iShares Barclays U.S. Treasury Inflation Protected Securities Index Fund				513,232
		Total Non-Affiliated Fixed Income Funds (cost $525,464)				513,232
		Total Fixed Income Funds (cost $2,349,376)				2,356,876
Principal Amount (000)		Description (1)	Coupon	Maturity	Value
		Short-Term Investments – 4.0%
$	341	Repurchase Agreement with Fixed Income Clearing Corporation, dated 6/30/09, repurchase price $341,449, collateralized by $340,000 U.S. Treasury Notes, 2.750%, due 7/31/10, value $351,900	0.000%	7/01/09	$	341,449
		Total Short-Term Investments (cost $341,449)				341,449
		Total Investments (cost $10,039,962) – 99.9%				8,630,360
		Other Assets Less Liabilities – 0.1%				7,826
		Net Assets – 100%			$	8,638,186

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

See accompanying notes to financial statements.

Nuveen Investments 19

Portfolio of Investments

Nuveen Moderate Allocation Fund

June 30, 2009

Shares		Description (1)			Value
		EQUITY FUNDS – 57.4%
		Affiliated Equity Funds – 34.8%
	97,297	Nuveen NWQ Large-Cap Value Fund (Class I)			$	1,237,623
	39,783	Nuveen Santa Barbara Growth Fund (Class I)				587,988
	110,601	Nuveen Symphony Large-Cap Growth Fund (Class I)				1,707,681
	100,305	Nuveen Tradewinds Global Resources Fund (Class I)				1,682,118
	150,980	Nuveen Tradewinds International Value Fund (Class I)				3,200,769
	42,727	Nuveen Tradewinds Value Opportunities Fund (Class I)				1,033,572
	159,963	Nuveen U.S. Equity Completeness Fund				2,261,881
	27,654	Nuveen Winslow Large-Cap Growth Fund (Class I)				589,580
		Total Affiliated Equity Funds (cost $15,394,700)				12,301,212
		Non-Affiliated Equity Funds – 22.6%
	31,790	iShares Dow Jones U.S. Real Estate Index Fund				1,028,089
	67,920	iShares MSCI EAFE Growth Index Fund				3,137,225
	118,600	iShares MSCI Emerging Markets Index Fund				3,822,478
		Total Non-Affiliated Equity Funds (cost $8,302,998)				7,987,792
		Total Equity Funds (cost $23,697,698)				20,289,004
		FIXED INCOME FUNDS – 39.4%
		Affiliated Fixed Income Funds – 30.3%
	357,728	Nuveen High Yield Bond Fund (Class I)				5,190,637
	181,916	Nuveen Multi-Strategy Income Fund (Class I)				3,580,098
	100,395	Nuveen Short Duration Bond Fund (Class I)				1,944,652
		Total Affiliated Fixed Income Funds (cost $10,469,425)				10,715,387
		Non-Affiliated Fixed Income Funds – 9.1%
	31,500	iShares Barclays U.S. Treasury Inflation Protected Securities Index Fund				3,201,345
		Total Non-Affiliated Fixed Income Funds (cost $3,311,314)				3,201,345
		Total Fixed Income Funds (cost $13,780,739)				13,916,732
Principal Amount (000)		Description (1)	Coupon	Maturity	Value
		Short-Term Investments – 3.1%
$	1,110	Repurchase Agreement with Fixed Income Clearing Corporation, dated 6/30/09, repurchase price $1,109,997, collateralized by $1,095,000 U.S. Treasury Notes, 2.750%, due 7/31/10, value $1,133,325	0.000%	7/01/09	$	1,109,997
		Total Short-Term Investments (cost $1,109,997)				1,109,997
		Total Investments (cost $38,588,434) – 99.9%				35,315,733
		Other Assets Less Liabilities – 0.1%				21,672
		Net Assets – 100%			$	35,337,405

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

See accompanying notes to financial statements.

20 Nuveen Investments

Portfolio of Investments

Nuveen Conservative Allocation Fund

June 30, 2009

Shares		Description (1)			Value
		EQUITY FUNDS – 37.7%
		Affiliated Equity Funds – 24.0%
	82,565	Nuveen NWQ Large-Cap Value Fund (Class I)			$	1,050,230
	34,976	Nuveen Santa Barbara Growth Fund (Class I)				516,947
	93,882	Nuveen Symphony Large-Cap Growth Fund (Class I)				1,449,532
	128,896	Nuveen Tradewinds Global Resources Fund (Class I)				2,161,583
	104,117	Nuveen Tradewinds International Value Fund (Class I)				2,207,270
	35,209	Nuveen Tradewinds Value Opportunities Fund (Class I)				851,700
	131,950	Nuveen U.S. Equity Completeness Fund				1,865,779
	23,596	Nuveen Winslow Large-Cap Growth Fund (Class I)				503,060
		Total Affiliated Equity Funds (cost $12,963,667)				10,606,101
		Non-Affiliated Equity Funds – 13.7%
	39,500	iShares Dow Jones U.S. Real Estate Index Fund				1,277,430
	46,830	iShares MSCI EAFE Growth Index Fund				2,163,078
	82,160	iShares MSCI Emerging Markets Index Fund				2,648,017
		Total Non-Affiliated Equity Funds (cost $7,193,767)				6,088,525
		Total Equity Funds (cost $20,157,434)				16,694,626
		FIXED INCOME FUNDS – 60.0%
		Affiliated Fixed Income Funds – 49.9%
	306,950	Nuveen High Yield Bond Fund (Class I)				4,453,839
	457,358	Nuveen Multi-Strategy Income Fund (Class I)				9,000,809
	445,619	Nuveen Short Duration Bond Fund (Class I)				8,631,646
		Total Affiliated Fixed Income Funds (cost $21,959,670)				22,086,294
		Non-Affiliated Fixed Income Funds – 10.1%
	43,750	iShares Barclays U.S. Treasury Inflation Protected Securities Index Fund				4,446,312
		Total Non-Affiliated Fixed Income Funds (cost $4,694,747)				4,446,312
		Total Fixed Income Funds (cost $26,654,417)				26,532,606
Principal Amount (000)		Description (1)	Coupon	Maturity	Value
		Short-Term Investments – 2.2%
$	982	Repurchase Agreement with Fixed Income Clearing Corporation, dated 6/30/09, repurchase price $981,890, collateralized by $1,000,000 U.S. Treasury Notes, 1.375%, due 2/15/12, value $1,003,750	0.000%	7/01/09	$	981,890
		Total Short-Term Investments (cost $981,890)				981,890
		Total Investments (cost $47,793,741) – 99.9%				44,209,122
		Other Assets Less Liabilities – 0.1%				22,393
		Net Assets – 100%			$	44,231,515

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

See accompanying notes to financial statements.

Nuveen Investments 21

Statement of Assets and Liabilities

June 30, 2009

	Growth Allocation (1)			Moderate Allocation (2)			Conservative Allocation (3)
Assets
Affiliated investments, at value (cost $6,303,060, $25,864,125 and $34,923,337, respectively)	$	5,298,014		$	23,016,599		$	32,692,395
Non-affiliated investments, at value (cost $3,736,902, $12,724,309 and $12,870,404, respectively)		3,332,346			12,299,134			11,516,727
Receivables:
Dividends		12,809			66,055			106,419
From Adviser		39,979			62,647			53,865
Reclaims		957			6,058			5,489
Shares sold		4,726			2,025			8,286
Other assets		20			9,393			16,359
Total assets		8,688,851			35,461,911			44,399,540
Liabilities
Payable for shares redeemed		4,852			35,463			67,917
Accrued expenses:
12b-1 distribution and service fees		3,585			10,798			14,201
Other		42,228			78,245			85,907
Total liabilities		50,665			124,506			168,025
Net assets	$	8,638,186		$	35,337,405		$	44,231,515
Class A Shares
Net assets	$	1,922,051		$	21,135,991		$	35,247,010
Shares outstanding		108,646			1,118,287			1,741,342
Net asset value per share	$	17.69		$	18.90		$	20.24
Offering price per share (net asset value per share plus maximum sales charge of 5.75% of offering price)	$	18.77		$	20.05		$	21.47
Class B Shares
Net assets	$	434,433		$	3,054,385		$	1,730,189
Shares outstanding		24,937			161,482			79,663
Net asset value and offering price per share	$	17.42		$	18.91		$	21.72
Class C Shares
Net assets	$	3,364,261		$	4,684,882		$	6,649,395
Shares outstanding		192,928			247,385			306,528
Net asset value and offering price per share	$	17.44		$	18.94		$	21.69
Class R3 Shares
Net assets	$	117,578		$	127,776		$	133,418
Shares outstanding		6,619			6,757			6,769
Net asset value and offering price per share	$	17.76		$	18.91		$	19.71
Class I Shares
Net assets	$	2,799,863		$	6,334,371		$	471,503
Shares outstanding		158,017			335,262			23,947
Net asset value and offering price per share	$	17.72		$	18.89		$	19.69
Net Assets Consist of:
Capital paid-in	$	12,045,047		$	42,197,472		$	50,940,234
Undistributed (Over-distribution of) net investment income		205,950			696,819			1,585,855
Accumulated net realized gain (loss) from investments		(2,203,088	)		(4,284,185	)		(4,709,955	)
Net unrealized appreciation (depreciation) of investments		(1,409,723	)		(3,272,701	)		(3,584,619	)
Net assets	$	8,638,186		$	35,337,405		$	44,231,515

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

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

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

See accompanying notes to financial statements.

22 Nuveen Investments

Statement of Operations

Year Ended June 30, 2009

	Growth Allocation (1)			Moderate Allocation (2)			Conservative Allocation (3)
Investment Income
Dividends (net of foreign tax withheld of $457, $0 and $0, respectively)	$	146,559		$	558,122		$	574,204
Dividends from affiliated investment company shares		215,326			985,813			1,646,542
Interest		1,729			98,476			168,191
Total investment income		363,614			1,642,411			2,388,937
Expenses
Management fees		24,249			83,722			78,966
12b-1 service fees – Class A		5,197			55,278			96,339
12b-1 distribution and service fees – Class B		4,381			37,078			25,109
12b-1 distribution and service fees – Class C		38,968			51,126			66,793
12b-1 distribution and service fees – Class R3		517			551			580
Shareholders’ servicing agent fees and expenses		19,058			53,989			48,513
Custodian’s fees and expenses		5,080			9,477			16,379
Trustees’ fees and expenses		75			869			778
Professional fees		44,604			54,505			57,496
Shareholders’ reports – printing and mailing expenses		70,047			132,583			113,000
Federal and state registration fees		55,761			60,027			61,876
Other expenses		3,037			4,237			4,520
Total expenses before custodian fee credit and expense reimbursement		270,974			543,442			570,349
Custodian fee credit		(52	)		(227	)		(1,362	)
Expense reimbursement		(171,357	)		(256,615	)		(195,929	)
Net expenses		99,565			286,600			373,058
Net investment income		264,049			1,355,811			2,015,879
Realized and Unrealized Gain (Loss)
Net realized gain (loss) from:
Affiliated investments		(345,789	)		(1,074,256	)		(1,720,126	)
Non-affiliated investments		(1,953,634	)		(3,028,307	)		(3,063,903	)
Distributions from affiliated investment company shares		91,675			311,003			280,840
Total net realized gain (loss)		(2,207,748	)		(3,791,560	)		(4,503,189	)
Change in net unrealized appreciation (depreciation) of:
Affiliated investments		(1,005,046	)		(2,847,526	)		(2,230,942	)
Non-affiliated investments		26,815			(1,268,050	)		(755,129	)
Total change in net unrealized appreciation (depreciation)		(978,231	)		(4,115,576	)		(2,986,071	)
Net realized and unrealized gain (loss)		(3,185,979	)		(7,907,136	)		(7,489,260	)
Net increase (decrease) in net assets from operations	$	(2,921,930	)	$	(6,551,325	)	$	(5,473,381	)

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

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

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

See accompanying notes to financial statements.

Nuveen Investments 23

Statement of Changes in Net Assets

	Growth Allocation (1)
	Year Ended 6/30/09			Year Ended 6/30/08
Operations
Net investment income	$	264,049		$	7,170
Total net realized gain (loss)		(2,207,748	)		972,580
Total change in net unrealized appreciation (depreciation)		(978,231	)		(2,939,119	)
Net increase (decrease) in net assets from operations		(2,921,930	)		(1,959,369	)
Distributions to Shareholders
From net investment income:
Class A		(6,103	)		(45,537	)
Class B		—			(488	)
Class C		—			(5,220	)
Class R3		(9	)		N/A
Class I (4)		(20,152	)		(53,512	)
From accumulated net realized gains:
Class A		(115,060	)		(269,734	)
Class B		(26,345	)		(39,043	)
Class C		(245,868	)		(421,581	)
Class R3		(7,527	)		N/A
Class I (4)		(199,754	)		(238,207	)
Decrease in net assets from distributions to shareholders		(620,818	)		(1,073,322	)
Fund Share Transactions
Proceeds from sale of shares		1,315,813			2,945,414
Proceeds from shares issued to shareholders due to reinvestment of distributions		387,345			690,894
		1,703,158			3,636,308
Cost of shares redeemed		(4,019,656	)		(7,385,461	)
Net increase (decrease) in net assets from Fund share transactions		(2,316,498	)		(3,749,153	)
Net increase (decrease) in net assets		(5,859,246	)		(6,781,844	)
Net assets at the beginning of year		14,497,432			21,279,276
Net assets at the end of year	$	8,638,186		$	14,497,432
Undistributed (Over-distribution of) net investment income at the end of year	$	205,950		$	(24,960	)

24 Nuveen Investments

	Moderate Allocation (2)						Conservative Allocation (3)
	Year Ended 6/30/09			Year Ended 6/30/08			Year Ended 6/30/09			Year Ended 6/30/08
Operations
Net investment income	$	1,355,811		$	1,135,708		$	2,015,879		$	1,812,071
Total net realized gain (loss)		(3,791,560	)		2,148,936			(4,503,189	)		2,127,878
Total change in net unrealized appreciation (depreciation)		(4,115,576	)		(6,894,384	)		(2,986,071	)		(8,520,958	)
Net increase (decrease) in net assets from operations		(6,551,325	)		(3,609,740	)		(5,473,381	)		(4,581,009	)
Distributions to Shareholders
From net investment income:
Class A		(416,933	)		(735,128	)		(698,165	)		(1,587,051	)
Class B		(38,487	)		(88,440	)		(25,577	)		(69,672	)
Class C		(53,396	)		(119,994	)		(66,243	)		(133,017	)
Class R3		(2,011	)		N/A			(1,799	)		N/A
Class I (4)		(164,574	)		(267,654	)		(11,104	)		(46,479	)
From accumulated net realized gains:
Class A		(543,190	)		(2,893,413	)		(897,527	)		(1,673,617	)
Class B		(89,182	)		(506,849	)		(57,601	)		(125,373	)
Class C		(123,859	)		(713,526	)		(152,912	)		(244,548	)
Class R3		(3,117	)		N/A			(3,253	)		N/A
Class I (4)		(187,599	)		(925,907	)		(13,800	)		(42,817	)
Decrease in net assets from distributions to shareholders		(1,622,348	)		(6,250,911	)		(1,927,981	)		(3,922,574	)
Fund Share Transactions
Proceeds from sale of shares		3,611,691			9,934,186			4,028,251			5,775,698
Proceeds from shares issued to shareholders due to reinvestment of distributions		1,247,934			4,812,675			1,411,246			3,132,749
		4,859,625			14,746,861			5,439,497			8,908,447
Cost of shares redeemed		(13,423,543	)		(11,090,975	)		(19,625,123	)		(12,966,895	)
Net increase (decrease) in net assets from Fund share transactions		(8,563,918	)		3,655,886			(14,185,626	)		(4,058,448	)
Net increase (decrease) in net assets		(16,737,591	)		(6,204,765	)		(21,586,988	)		(12,562,031	)
Net assets at the beginning of year		52,074,996			58,279,761			65,818,503			78,380,534
Net assets at the end of year	$	35,337,405		$	52,074,996		$	44,231,515		$	65,818,503
Undistributed (Over-distribution of) net investment income at the end of year	$	696,819		$	(297,012	)	$	1,585,855		$	373,852

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

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

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

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

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

See accompanying notes to financial statements.

Nuveen Investments 25

Notes to Financial Statements

1. General Information and Significant Accounting Policies

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

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

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

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

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

Effective May 1, 2008, Class B Shares will only be issued upon the exchange of Class B Shares from another Nuveen fund or for purposes of dividend reinvestment. The reinstatement privilege for Class B Shares is no longer available as of December 31, 2008.

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

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

Investment Valuation

Investments in the Underlying Funds within each Fund’s investment portfolio are valued at their respective net asset value as reported by the Underlying Funds. Short-term investments are valued at amortized cost, which approximates value.

Investment Transactions

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

Investment Income

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

Income Taxes

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

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

26 Nuveen Investments

Dividends and Distributions to Shareholders

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

Distributions to shareholders are recorded on the ex-dividend date. The amount and timing of distributions are determined in accordance with federal income tax regulations, which may differ from accounting principles generally accepted in the United States.

Flexible Sales Charge Program

Class A Shares are generally sold with an up-front sales charge and incur a .25% annual 12b-1 service fee. Class A Share purchases of $1 million or more are sold at net asset value without an up-front sales charge but may be subject to a contingent deferred sales charge (“CDSC”) if redeemed within twelve months of purchase. Class B Shares are sold without an up-front sales charge but incur a .75% annual 12b-1 distribution fee and a .25% annual 12b-1 service fee. Class B Shares are subject to a CDSC of up to 5% depending upon the length of time the shares are held by the investor (CDSC is reduced to 0% at the end of six years). Class B Shares convert to Class A Shares eight years after purchase. Class C Shares are sold without an up-front sales charge but incur a .75% annual 12b-1 distribution fee and a .25% annual 12b-1 service fee. Class C Shares are subject to a CDSC of 1% if redeemed within one year of purchase. Class R3 Shares are sold without an up-front sales charge but incur a .50% annual 12b-1 distribution and service fee. Class I Shares are not subject to any sales charge or 12b-1 distribution or service fees.

Repurchase Agreements

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

Expense Allocation

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

Custodian Fee Credit

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

Indemnifications

Under the Trust’s organizational documents, its Officers and Trustees are indemnified against certain liabilities arising out of the performance of their duties to the Trust. In addition, in the normal course of business, the Trust enters into contracts that provide general indemnifications to other parties. The Trust’s maximum exposure under these arrangements is unknown as this would involve future claims that may be made against the Trust that have not yet occurred. However, the Trust has not had prior claims or losses pursuant to these contracts and expects the risk of loss to be remote.

Use of Estimates

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

2. Fair Value Measurements

During the current fiscal period, the Funds adopted the provisions of Statement of Financial Accounting Standards No. 157 (SFAS No. 157) “Fair Value Measurements.” SFAS No. 157 defines fair value, establishes a framework for measuring fair value in generally accepted accounting principles and expands disclosure about fair value measurements. In determining the value of each Fund’s investments various inputs are used. These inputs are summarized in the three broad levels listed below:

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

Nuveen Investments 27

Notes to Financial Statements (continued)

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

The following is a summary of each Fund’s fair value measurements as of June 30, 2009:

Growth Allocation	Level 1		Level 2		Level 3		Total
Investments:
Equity Funds	$	5,336,592	$	595,443	$	—	$	5,932,035
Fixed Income Funds		2,356,876		—		—		2,356,876
Short-Term Investments		341,449		—		—		341,449
Total	$	8,034,917	$	595,443	$	—	$	8,630,360
Moderate Allocation	Level 1		Level 2		Level 3		Total
Investments:
Equity Funds	$	18,027,123	$	2,261,881	$	—	$	20,289,004
Fixed Income Funds		13,916,732		—		—		13,916,732
Short-Term Investments		1,109,997		—		—		1,109,997
Total	$	33,053,852	$	2,261,881	$	—	$	35,315,733
Conservative Allocation	Level 1		Level 2		Level 3		Total
Investments:
Equity Funds	$	14,828,847	$	1,865,779	$	—	$	16,694,626
Fixed Income Funds		26,532,606		—		—		26,532,606
Short-Term Investments		981,890		—		—		981,890
Total	$	42,343,343	$	1,865,779	$	—	$	44,209,122

3. Fund Shares

Transactions in Fund shares were as follows:

	Growth Allocation
	Year Ended 6/30/09					Year Ended 6/30/08
	Shares		Amount			Shares		Amount
Shares sold:
Class A	22,684		$	381,631		29,903		$	782,276
Class A – automatic conversion of Class B Shares	2,327			52,210		1,343			33,180
Class B	1,035			18,994		4,041			105,777
Class C	23,026			376,709		40,305			1,054,689
Class R3	6,619			149,998		N/A			N/A
Class I	18,761			336,271		37,643			969,492
Shares issued to shareholders due to reinvestment of distributions:
Class A	6,667			100,070		10,235			256,492
Class B	1,542			22,743		1,390			34,237
Class C	11,463			169,194		10,980			270,641
Class R3	—			—		N/A			N/A
Class I	6,314			95,338		5,146			129,524
	100,438			1,703,158		140,986			3,636,308
Shares redeemed:
Class A	(68,059	)		(1,241,023	)	(144,334	)		(3,676,826	)
Class B	(2,995	)		(54,166	)	(3,743	)		(90,081	)
Class B – automatic conversion to Class A Shares	(2,353	)		(52,210	)	(1,327	)		(33,180	)
Class C	(99,980	)		(1,749,840	)	(111,495	)		(2,775,694	)
Class R3	—			—		N/A			N/A
Class I	(53,072	)		(922,417	)	(31,554	)		(809,680	)
	(226,459	)		(4,019,656	)	(292,453	)		(7,385,461	)
Net increase (decrease)	(126,021	)	$	(2,316,498	)	(151,467	)	$	(3,749,153	)

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

28 Nuveen Investments

	Moderate Allocation
	Year Ended 6/30/09					Year Ended 6/30/08
	Shares		Amount			Shares		Amount
Shares sold:
Class A	102,436		$	1,834,279		177,010		$	4,491,373
Class A – automatic conversion of Class B Shares	29,602			582,726		19,334			487,364
Class B	13,050			243,195		68,381			1,663,900
Class C	19,715			372,822		92,418			2,334,301
Class R3	6,757			150,000		N/A			N/A
Class I	23,941			428,669		38,368			957,248
Shares issued to shareholders due to reinvestment of distributions:
Class A	44,517			738,267		114,850			2,811,167
Class B	5,358			88,276		17,167			418,881
Class C	4,762			78,400		14,244			347,605
Class R3	—			—		N/A			N/A
Class I	20,652			342,991		50,417			1,235,022
	270,790			4,859,625		592,189			14,746,861
Shares redeemed:
Class A	(383,365	)		(6,991,944	)	(239,949	)		(6,071,920	)
Class B	(75,050	)		(1,375,894	)	(57,044	)		(1,424,732	)
Class B – automatic conversion to Class A Shares	(29,582	)		(582,726	)	(19,354	)		(487,364	)
Class C	(101,891	)		(1,868,363	)	(69,510	)		(1,717,368	)
Class R3	—			—		N/A			N/A
Class I	(141,726	)		(2,604,616	)	(56,308	)		(1,389,591	)
	(731,614	)		(13,423,543	)	(442,165	)		(11,090,975	)
Net increase (decrease)	(460,824	)	$	(8,563,918	)	150,024		$	3,655,886
	Conservative Allocation
	Year Ended 6/30/09					Year Ended 6/30/08
	Shares		Amount			Shares		Amount
Shares sold:
Class A	79,504		$	1,516,830		144,034		$	3,561,688
Class A – automatic conversion of Class B Shares	42,217			823,945		30,256			744,559
Class B	14,022			303,204		7,118			187,254
Class C	59,012			1,193,915		44,722			1,186,819
Class R3	6,769			149,999		N/A			N/A
Class I	2,168			40,358		4,085			95,378
Shares issued to shareholders due to reinvestment of distributions:
Class A	65,040			1,198,430		109,684			2,703,707
Class B	2,454			48,167		4,374			114,905
Class C	7,544			147,431		10,003			261,976
Class R3	—			—		N/A			N/A
Class I	960			17,218		2,168			52,161
	279,690			5,439,497		356,444			8,908,447
Shares redeemed:
Class A	(756,055	)		(15,105,375	)	(363,913	)		(8,963,389	)
Class B	(39,958	)		(853,943	)	(56,867	)		(1,503,160	)
Class B – automatic conversion to Class A Shares	(39,336	)		(823,945	)	(28,381	)		(744,559	)
Class C	(95,838	)		(1,982,801	)	(61,567	)		(1,620,340	)
Class R3	—			—		N/A			N/A
Class I	(40,361	)		(859,059	)	(5,712	)		(135,447	)
	(971,548	)		(19,625,123	)	(516,440	)		(12,966,895	)
Net increase (decrease)	(691,858	)	$	(14,185,626	)	(159,996	)	$	(4,058,448	)

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

Nuveen Investments 29

Notes to Financial Statements (continued)

4. Investment Transactions

Purchases and sales (including maturities but excluding short-term investments) during the fiscal year ended June 30, 2009, were as follows:

	Growth Allocation		Moderate Allocation		Conservative Allocation
Purchases:
Affiliated investments	$	8,984,376	$	36,725,310	$	55,024,713
Non-affiliated investments		7,570,457		29,538,741		24,722,861
Sales and maturities:
Affiliated investments		2,400,526		9,786,928		18,381,250
Non-affiliated investments		16,876,022		44,062,089		75,088,906
U.S. Government and agency obligations		76,461		21,179,580		—

5. Income Tax Information

The following information is presented on an income tax basis. Differences between amounts for financial statement and federal income tax purposes are primarily due to timing differences in recognizing taxable market discount, amortization of premium on taxable debt securities and timing differences in recognizing certain gains and losses on investment transactions. To the extent that differences arise that are permanent in nature, such amounts are reclassified within the capital accounts on the Statement of Assets and Liabilities presented in the annual report, based on their federal tax basis treatment; temporary differences do not require reclassification. Temporary and permanent differences do not impact the net asset values of the Funds.

At June 30, 2009, the cost of investments was as follows:

	Growth Allocation		Moderate Allocation		Conservative Allocation
Cost of investments	$	10,153,520	$	39,562,718	$	47,941,321

Gross unrealized appreciation and gross unrealized depreciation of investments at June 30, 2009, were as follows:

	Growth Allocation			Moderate Allocation			Conservative Allocation
Gross unrealized:
Appreciation	$	26,126		$	570,651		$	918,475
Depreciation		(1,549,286	)		(4,817,636	)		(4,650,674	)
Net unrealized appreciation (depreciation) of investments	$	(1,523,160	)	$	(4,246,985	)	$	(3,732,199	)

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

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

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

30 Nuveen Investments

The tax character of distributions paid during the Funds’ tax years ended June 30, 2009 and June 30, 2008, was designated for purposes of the dividends paid deduction as follows:

2009	Growth Allocation		Moderate Allocation		Conservative Allocation
Distributions from net tax-exempt income**	$	—	$	—	$	218,845
Distributions from net ordinary income*		194,562		990,267		700,213
Distributions from net long-term capital gains***		426,256		946,947		1,126,739

2008	Growth Allocation		Moderate Allocation		Conservative Allocation
Distributions from net tax-exempt income	$	—	$	—	$	1,424,542
Distributions from net ordinary income*		688,341		2,326,899		617,045
Distributions from net long-term capital gains		384,981		3,967,128		1,879,234

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

** The Funds hereby designate these amounts paid during the fiscal year ended June 30, 2009, as Exempt Interest Dividends.

*** The Funds designated as a long-term capital gain dividend, pursuant to the Internal Revenue Code Section 852(b)(3), the amount necessary to reduce earnings and profits of the Funds related to net capital gain to zero for the tax year ended June 30, 2009.

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

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

The Funds have elected to defer net realized losses from investments incurred from November 1, 2008 through June 30, 2009, the Funds’ tax year end, (“post-October losses”) in accordance with federal income tax regulations. Post-October losses are treated as having arisen on the first day of the following fiscal year:

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

6. Management Fees and Other Transactions with Affiliates

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

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

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

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

Nuveen Investments 31

Notes to Financial Statements (continued)

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

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

(1) The complex-level fee component of the management fee for the funds is calculated based upon the aggregate daily managed net assets of all Nuveen funds, with such daily managed net assets defined separately for each fund in its management agreement, but excluding assets attributable to investments in other Nuveen funds.

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

Effective August 1, 2008, for Growth Allocation and Moderate Allocation and July 7, 2008, for Conservative Allocation, the Adviser agreed to waive fees and reimburse expenses through October 31, 2011, so that total annual fund operating expenses (excluding 12b-1 distribution and service fees, interest expenses, taxes, fees incurred in the acquiring and disposing of portfolio securities, Underlying Fund fees and expenses and extraordinary expenses) do not exceed .40%, .29% and .37% of the average daily net assets of any class of shares, respectively. Prior to August 1, 2008, for Growth Allocation and Moderate Allocation and July 7, 2008, for Conservative Allocation, the Adviser agreed to waive fees and reimburse expenses so that total annual operating expenses (excluding 12b-1 distribution and service fees, interest expenses, taxes, fees incurred in the acquiring and disposing of portfolio securities, and extraordinary expenses) did not exceed 1.45%, 1.00% and 1.00% of the average daily net assets of any class of shares, respectively.

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

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

During the fiscal year ended June 30, 2009, Nuveen Investments, LLC (the “Distributor”), a wholly owned subsidiary of Nuveen, collected sales charges on purchases of Class A Shares, the majority of which were paid out as concessions to financial intermediaries as follows:

	Growth Allocation		Moderate Allocation		Conservative Allocation
Sales charges collected (Unaudited)	$	4,437	$	18,428	$	19,193
Paid to financial intermediaries (Unaudited)		3,948		16,439		16,693

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

32 Nuveen Investments

During the fiscal year ended June 30, 2009, the Distributor compensated financial intermediaries directly with commission advances at the time of purchase as follows:

	Growth Allocation		Moderate Allocation		Conservative Allocation
Commission advances (Unaudited)	$	1,334	$	4,793	$	3,377

To compensate for commissions advanced to financial intermediaries, all 12b-1 service fees collected on Class B Shares during the first year following a purchase, all 12b-1 distribution fees collected on Class B Shares, and all 12b-1 service and distribution fees collected on Class C Shares during the first year following a purchase are retained by the Distributor. During the fiscal year ended June 30, 2009, the Distributor retained such 12b-1 fees as follows:

	Growth Allocation		Moderate Allocation		Conservative Allocation
12b-1 fees retained (Unaudited)	$	7,866	$	34,754	$	28,672

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

The Distributor also collected and retained CDSC on share redemptions during the fiscal year ended June 30, 2009, as follows:

	Growth Allocation		Moderate Allocation		Conservative Allocation
CDSC retained (Unaudited)	$	1,833	$	12,049	$	6,342

7. Subsequent Events

In May 2009, the Financial Accounting Standards Board issued Statement of Financial Accounting Standards No. 165 (SFAS No. 165) “Subsequent Events.” SFAS No. 165 requires an entity to recognize in the financial statements the effects of all subsequent events that provide additional evidence about conditions that existed at the date of the balance sheet. SFAS No. 165 is intended to establish general standards of accounting and for disclosure of events that occur after the balance sheet date but before financial statements are issued or are available to be issued. SFAS No. 165 requires the disclosure of the date through which an entity has evaluated subsequent events and the basis for that date – that is, whether that date represents the date the financial statements were issued or were available to be issued. SFAS No. 165 is effective for interim and annual periods ending after June 15, 2009. The Funds have performed an evaluation of subsequent events through August 24, 2009, which is the date the financial statements were issued.

Nuveen Investments 33

Financial Highlights

Selected data for a share outstanding throughout each period:
Class (Commencement Date)
			Investment Operations									Less Distributions
GROWTH ALLOCATION
Year Ended June 30,	Beginning Net Asset Value		Net Invest- ment Income (Loss)(a)			Net Realized/ Unrealized Gain (Loss)			Total			Net Invest- ment Income			Capital Gains			Total			Ending Net Asset Value		Total Return(b)
Class A (12/04)
2009	$	23.58	$	.49		$	(5.18	)	$	(4.69	)	$	(.06	)	$	(1.14	)	$	(1.20	)	$	17.69	(19.00	)%
2008		27.79		.08			(2.73	)		(2.65	)		(.22	)		(1.34	)		(1.56	)		23.58	(9.84	)
2007		23.95		.17			4.48			4.65			(.18	)		(.63	)		(.81	)		27.79	19.67
2006		20.71		.27			3.20			3.47			(.06	)		(.17	)		(.23	)		23.95	16.81
2005(f)		20.00		.10			.61			.71			—			—			—			20.71	3.55
Class B (12/04)
2009		23.34		.41			(5.19	)		(4.78	)		—			(1.14	)		(1.14	)		17.42	(19.61	)
2008		27.51		(.11	)		(2.70	)		(2.81	)		(.02	)		(1.34	)		(1.36	)		23.34	(10.49	)
2007		23.74		(.02	)		4.42			4.40			—			(.63	)		(.63	)		27.51	18.73
2006		20.63		.07			3.21			3.28			—			(.17	)		(.17	)		23.74	15.94
2005(f)		20.00		.01			.62			.63			—			—			—			20.63	3.15
Class C (12/04)
2009		23.35		.41			(5.18	)		(4.77	)		—			(1.14	)		(1.14	)		17.44	(19.56	)
2008		27.53		(.11	)		(2.71	)		(2.82	)		(.02	)		(1.34	)		(1.36	)		23.35	(10.52	)
2007		23.75		(.02	)		4.43			4.41			—			(.63	)		(.63	)		27.53	18.76
2006		20.63		.07			3.22			3.29			—			(.17	)		(.17	)		23.75	15.99
2005(f)		20.00		.01			.62			.63			—			—			—			20.63	3.15
Class R3 (8/08)
2009(h)		22.66		.53			(4.29	)		(3.76	)		—	**		(1.14	)		(1.14	)		17.76	(15.68	)
Class I (12/04)(g)
2009		23.63		.61			(5.27	)		(4.66	)		(.11	)		(1.14	)		(1.25	)		17.72	(18.77	)
2008		27.85		.16			(2.75	)		(2.59	)		(.29	)		(1.34	)		(1.63	)		23.63	(9.62	)
2007		24.00		.24			4.48			4.72			(.24	)		(.63	)		(.87	)		27.85	19.95
2006		20.74		.22			3.32			3.54			(.11	)		(.17	)		(.28	)		24.00	17.15
2005(f)		20.00		.13			.61			.74			—			—			—			20.74	3.70

34 Nuveen Investments

Ratios/Supplemental Data
		Ratios to Average Net Assets Before Credit/ Reimbursement				Ratios to Average Net Assets After Reimbursement(c)				Ratios to Average Net Assets After Credit/ Reimbursement(d)
Ending Net Assets (000)		Expenses(e)		Net Invest- ment Income (Loss)		Expenses(e)		Net Invest- ment Income (Loss)		Expenses(e)		Net Invest- ment Income (Loss)		Portfolio Turnover Rate
$	1,922	2.52	%	1.01	%	.79	%	2.74	%	.79	%	2.74	%	173	%
	3,420	2.04		(.07	)	1.69		.28		1.66		.30		34
	6,888	1.82		.52		1.68		.66		1.68		.67		31
	4,128	2.32		.43		1.69		1.06		1.61		1.14		21
	3	2.87	*	(.41	)*	1.72	*	.74	*	1.58	*	.88	*	6
	434	3.35		.52		1.52		2.34		1.52		2.34		173
	647	2.79		(.79	)	2.44		(.44	)	2.42		(.42	)	34
	752	2.54		(.19	)	2.44		(.09	)	2.44		(.08	)	31
	298	3.12		(.47	)	2.44		.21		2.36		.29		21
	3	3.62	*	(1.16	)*	2.47	*	(.01	)*	2.33	*	.13	*	6
	3,364	3.30		.53		1.53		2.30		1.53		2.30		173
	6,035	2.80		(.81	)	2.45		(.46	)	2.42		(.44	)	34
	8,771	2.53		(.17	)	2.44		(.07	)	2.43		(.07	)	31
	3,524	3.06		(.39	)	2.44		.22		2.36		.31		21
	3	3.62	*	(1.16	)*	2.47	*	(.01	)*	2.33	*	.13	*	6
	118	3.01	*	1.29	*	.90	*	3.39	*	.90	*	3.39	*	173
	2,800	2.36		1.55		.52		3.39		.52		3.39		173
	4,396	1.76		.25		1.41		.60		1.39		.62		34
	4,868	1.58		.78		1.43		.93		1.43		.93		31
	3,261	2.09		.22		1.44		.88		1.36		.96		21
	2,066	2.59	*	(.13	)*	1.44	*	1.02	*	1.33	*	1.13	*	6

* Annualized.

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

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

(b) •Total return is the combination of changes in net asset value without any sales charge, reinvested dividend income at net asset value and

reinvested capital gains distributions at net asset value, if any. Total returns are not annualized.

•Total returns for the year ended June 30, 2008 and prior reflect the performance of the Nuveen Global Value Fund. Total return for the year ended

June 30, 2009, includes performance of the Nuveen Global Value Fund for the period July 1, 2008 through July 31, 2008. Returns prior to August 1, 2008, are not indicative of the performance that the Fund, as currently managed, would have generated.

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

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

(e) The expense ratios for the year ended June 30, 2009, do not reflect the expenses of the Underlying Funds in which the Fund invests.

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

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

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

See accompanying notes to financial statements.

Nuveen Investments 35

Financial Highlights (continued)

Selected data for a share outstanding throughout each period:
Class (Commencement Date)
			Investment Operations								Less Distributions
MODERATE ALLOCATION
Year Ended June 30,	Beginning Net Asset Value		Net Invest- ment Income(a)		Net Realized/ Unrealized Gain (Loss)			Total			Net Invest- ment Income			Capital Gains			Total			Ending Net Asset Value		Total Return(b)
Class A (8/96)
2009	$	22.35	$	.67	$	(3.32	)	$	(2.65	)	$	(.34	)	$	(.46	)	$	(.80	)	$	18.90	(11.28	)%
2008		26.73		.54		(2.04	)		(1.50	)		(.56	)		(2.32	)		(2.88	)		22.35	(6.31	)
2007		25.40		.58		2.97			3.55			(.61	)		(1.61	)		(2.22	)		26.73	14.40
2006		25.95		.50		1.41			1.91			(.54	)		(1.92	)		(2.46	)		25.40	7.60	**
2005		24.56		.56		1.47			2.03			(.64	)		—			(.64	)		25.95	8.33
Class B (8/96)
2009		22.35		.52		(3.30	)		(2.78	)		(.20	)		(.46	)		(.66	)		18.91	(11.98	)
2008		26.73		.35		(2.04	)		(1.69	)		(.37	)		(2.32	)		(2.69	)		22.35	(7.02	)
2007		25.40		.37		2.98			3.35			(.41	)		(1.61	)		(2.02	)		26.73	13.55
2006		25.95		.30		1.41			1.71			(.34	)		(1.92	)		(2.26	)		25.40	6.80	**
2005		24.56		.37		1.47			1.84			(.45	)		—			(.45	)		25.95	7.53
Class C (8/96)
2009		22.37		.53		(3.30	)		(2.77	)		(.20	)		(.46	)		(.66	)		18.94	(11.93	)
2008		26.75		.35		(2.04	)		(1.69	)		(.37	)		(2.32	)		(2.69	)		22.37	(7.01	)
2007		25.42		.38		2.97			3.35			(.41	)		(1.61	)		(2.02	)		26.75	13.54
2006		25.97		.30		1.41			1.71			(.34	)		(1.92	)		(2.26	)		25.42	6.79	**
2005		24.58		.37		1.47			1.84			(.45	)		—			(.45	)		25.97	7.53
Class R3 (8/08)
2009(g)		22.20		.59		(3.12	)		(2.53	)		(.30	)		(.46	)		(.76	)		18.91	(10.87	)
Class I (8/96)(f)
2009		22.35		.71		(3.32	)		(2.61	)		(.39	)		(.46	)		(.85	)		18.89	(11.08	)
2008		26.73		.60		(2.04	)		(1.44	)		(.62	)		(2.32	)		(2.94	)		22.35	(6.07	)
2007		25.40		.64		2.98			3.62			(.68	)		(1.61	)		(2.29	)		26.73	14.68
2006		25.95		.56		1.41			1.97			(.60	)		(1.92	)		(2.52	)		25.40	7.87	**
2005		24.56		.62		1.47			2.09			(.70	)		—			(.70	)		25.95	8.60

36 Nuveen Investments

Ratios/Supplemental Data
		Ratios to Average Net Assets Before Credit/ Reimbursement				Ratios to Average Net Assets After Reimbursement(c)				Ratios to Average Net Assets After Credit/ Reimbursement(d)
Ending Net Assets (000)		Expenses(e)		Net Invest- ment Income		Expenses(e)		Net Invest- ment Income		Expenses(e)		Net Invest- ment Income		Portfolio Turnover Rate
$	21,136	1.29	%	2.97	%	.62	%	3.64	%	.62	%	3.64	%	171	%
	29,612	1.32		2.04		1.23		2.12		1.23		2.13		51
	33,519	1.26		2.17		1.24		2.19		1.24		2.19		61
	30,644	1.31		1.84		1.24		1.91		1.24		1.91		56
	31,248	1.30		2.16		1.25		2.21		1.25		2.21		62
	3,054	2.02		2.18		1.38		2.81		1.38		2.81		171
	5,535	2.07		1.29		1.98		1.38		1.98		1.38		51
	6,376	2.02		1.40		1.99		1.42		1.99		1.42		61
	8,051	2.06		1.09		1.99		1.15		1.99		1.15		56
	11,564	2.05		1.41		2.00		1.46		2.00		1.47		62
	4,685	2.03		2.19		1.37		2.85		1.37		2.85		171
	7,265	2.07		1.29		1.98		1.38		1.98		1.38		51
	7,694	2.01		1.42		1.99		1.44		1.99		1.44		61
	7,342	2.06		1.08		1.99		1.16		1.99		1.16		56
	7,947	2.05		1.41		2.00		1.46		2.00		1.46		62
	128	1.57	*	2.84	*	.79	*	3.62	*	.79	*	3.62	*	171
	6,334	1.02		3.19		.36		3.84		.36		3.84		171
	9,662	1.07		2.29		.98		2.38		.98		2.38		51
	10,690	1.01		2.42		.99		2.44		.99		2.44		61
	9,213	1.06		2.08		.99		2.15		.99		2.15		56
	10,753	1.05		2.41		1.00		2.46		1.00		2.46		62

* Annualized.

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

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

(b) •Total return is the combination of changes in net asset value without any sales charge, reinvested dividend income at net asset value and

reinvested capital gains distributions at net asset value, if any. Total returns are not annualized.

•Total returns for the year ended June 30, 2008 and prior reflect the performance of the Nuveen Balanced Stock and Bond Fund. Total return for

the year ended June 30, 2009, includes performance of the Nuveen Balanced Stock and Bond Fund for the period July 1, 2008 through July 31, 2008. Returns prior to August 1, 2008, are not indicative of the performance that the Fund, as currently managed, would have generated.

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

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

(e) The expense ratios for the year ended June 30, 2009, do not reflect the expenses of the Underlying Funds in which the Fund invests.

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

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

See accompanying notes to financial statements.

Nuveen Investments 37

Financial Highlights (continued)

Selected data for a share outstanding throughout each period:
Class (Commencement Date)
			Investment Operations								Less Distributions
CONSERVATIVE ALLOCATION
Year Ended June 30,	Beginning Net Asset Value		Net Invest- ment Income(a)		Net Realized/ Unrealized Gain (Loss)			Total			Net Invest- ment Income			Capital Gains			Total			Ending Net Asset Value		Total Return(b)
Class A (8/96)
2009	$	22.84	$	.85	$	(2.60	)	$	(1.75	)	$	(.37	)	$	(.48	)	$	(.85	)	$	20.24	(7.25	)%
2008		25.76		.64		(2.17	)		(1.53	)		(.67	)		(.72	)		(1.39	)		22.84	(6.23	)
2007		23.86		.67		1.91			2.58			(.68	)		—			(.68	)		25.76	10.90
2006		23.01		.60		.89			1.49			(.64	)		—			(.64	)		23.86	6.52
2005		21.96		.62		1.10			1.72			(.67	)		—			(.67	)		23.01	7.91
Class B (8/96)
2009		24.43		.77		(2.80	)		(2.03	)		(.20	)		(.48	)		(.68	)		21.72	(7.97	)
2008		27.36		.48		(2.30	)		(1.82	)		(.39	)		(.72	)		(1.11	)		24.43	(6.90	)
2007		25.32		.50		2.04			2.54			(.50	)		—			(.50	)		27.36	10.09
2006		24.26		.45		.94			1.39			(.33	)		—			(.33	)		25.32	5.73
2005		22.99		.47		1.15			1.62			(.35	)		—			(.35	)		24.26	7.08
Class C (8/96)
2009		24.39		.77		(2.79	)		(2.02	)		(.20	)		(.48	)		(.68	)		21.69	(7.94	)
2008		27.32		.49		(2.31	)		(1.82	)		(.39	)		(.72	)		(1.11	)		24.39	(6.94	)
2007		25.29		.51		2.02			2.53			(.50	)		—			(.50	)		27.32	10.10
2006		24.24		.45		.93			1.38			(.33	)		—			(.33	)		25.29	5.70
2005		22.96		.48		1.15			1.63			(.35	)		—			(.35	)		24.24	7.13
Class R3 (8/08)
2009(g)		22.16		.70		(2.40	)		(1.70	)		(.27	)		(.48	)		(.75	)		19.71	(7.27	)
Class I (8/96)(f)
2009		22.24		.88		(2.53	)		(1.65	)		(.42	)		(.48	)		(.90	)		19.69	(6.98	)
2008		25.15		.69		(2.12	)		(1.43	)		(.76	)		(.72	)		(1.48	)		22.24	(5.99	)
2007		23.34		.72		1.86			2.58			(.77	)		—			(.77	)		25.15	11.17
2006		22.56		.65		.87			1.52			(.74	)		—			(.74	)		23.34	6.79
2005		21.57		.68		1.07			1.75			(.76	)		—			(.76	)		22.56	8.17

38 Nuveen Investments

Ratios/Supplemental Data
		Ratios to Average Net Assets Before Credit/ Reimbursement				Ratios to Average Net Assets After Reimbursement(c)				Ratios to Average Net Assets After Credit/ Reimbursement(d)
Ending Net Assets (000)		Expenses(e)		Net Invest- ment Income		Expenses(e)		Net Invest- ment Income		Expenses(e)		Net Invest- ment Income		Portfolio Turnover Rate
$	35,247	1.04	%	3.88	%	.63	%	4.28	%	.63	%	4.29	%	166	%
	52,785	1.28		2.53		1.23		2.58		1.21		2.60		37
	61,577	1.22		2.64		1.22		2.64		1.19		2.67		37
	58,064	1.26		2.51		1.24		2.53		1.22		2.55		44
	54,323	1.24		2.76		1.24		2.76		1.23		2.77		47
	1,730	1.77		3.22		1.38		3.60		1.38		3.60		166
	3,480	2.03		1.76		1.98		1.81		1.96		1.83		37
	5,916	1.98		1.87		1.98		1.87		1.95		1.90		37
	10,700	2.00		1.75		1.99		1.76		1.97		1.79		44
	18,671	2.00		2.01		2.00		2.01		1.99		2.02		47
	6,649	1.81		3.21		1.38		3.63		1.38		3.63		166
	8,192	2.03		1.78		1.98		1.83		1.96		1.85		37
	9,363	1.97		1.90		1.97		1.90		1.94		1.93		37
	7,992	2.01		1.76		1.99		1.77		1.97		1.80		44
	7,979	1.99		2.01		1.99		2.01		1.98		2.02		47
	133	1.35	*	3.59	*	.87	*	4.08	*	.87	*	4.08	*	166
	472	.76		4.09		.39		4.46		.39		4.47		166
	1,361	1.03		2.78		.98		2.83		.96		2.86		37
	1,525	.97		2.90		.97		2.90		.94		2.93		37
	1,171	1.01		2.77		.99		2.79		.96		2.81		44
	761	.99		3.06		.99		3.06		.98		3.07		47

* Annualized.

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

(b) •Total return is the combination of changes in net asset value without any sales charge, reinvested dividend income at net asset value and

reinvested capital gains distributions at net asset value, if any. Total returns are not annualized.

•Total returns for the year ended 2008 and prior reflect the performance of the Nuveen Balanced Municipal and Stock Fund. Total return for the

year ended June 30, 2009, includes performance of the Nuveen Balanced Municipal and Stock Fund for the period July 1, 2008 through July 6, 2008. Returns prior to July 7, 2008, are not indicative of the performance that the Fund, as currently managed, would have generated.

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

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

(e) The expense ratios for the year ended June 30, 2009, do not reflect the expenses of the Underlying Funds in which the Fund invests.

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

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

See accompanying notes to financial statements.

Nuveen Investments 39

Annual Investment Management Agreement Approval Process

The Investment Company Act of 1940, as amended (the “1940 Act”), provides, in substance, that each investment advisory agreement between a fund and its investment adviser (including sub-advisers) will continue in effect from year to year only if its continuance is approved at least annually by the fund’s board members, including by a vote of a majority of the board members who are not parties to the advisory agreement or “interested persons” of any parties (the “Independent Board Members”), cast in person at a meeting called for the purpose of considering such approval. In connection with such approvals, the fund’s board members must request and evaluate, and the investment adviser is required to furnish, such information as may be reasonably necessary to evaluate the terms of the advisory agreement. Accordingly, at a meeting held on May 27-29, 2009 (the “May Meeting”), the Boards of Trustees (each, a “Board” and each Trustee, a “Board Member”) of the Funds, including a majority of the Independent Board Members, considered and approved the continuation of the advisory and sub-advisory agreements for the Funds for an additional one-year period. These agreements include the investment advisory agreements between Nuveen Asset Management (“NAM”) and each Fund and the sub-advisory agreements between NAM and Nuveen Investment Solutions, Inc. (the “Sub-Adviser”). In preparation for their considerations at the May Meeting, the Board also held a separate meeting on April 21-22, 2009 (the “April Meeting”). Accordingly, the factors considered and determinations made regarding the renewals by the Independent Board Members include those made at the April Meeting.

In addition, in evaluating the applicable advisory agreements (each an “Investment Management Agreement”) and sub-advisory agreements (each a “Sub-advisory Agreement,” and each Investment Management Agreement and Sub-advisory Agreement, an “Advisory Agreement”), the Independent Board Members reviewed a broad range of information relating to the Funds, NAM and the Sub-Adviser (NAM and the Sub-Adviser are each a “Fund Adviser”), including absolute performance, fee and expense information for the Funds as well as comparative performance, fee and expense information for a comparable peer group of funds, the performance information of recognized and/or customized benchmarks (as applicable) of the Funds, the profitability of Nuveen for its advisory activities (which includes its wholly owned subsidiaries other than Winslow Capital Management, Inc. (“Winslow Capital”), which was recently acquired in December 2008), and other information regarding the organization, personnel, and services provided by the respective Fund Adviser. The Independent Board Members also met quarterly as well as at other times as the need arose during the year and took into account the information provided at such meetings and the knowledge gained therefrom. Prior to approving the renewal of the Advisory Agreements, the Independent Board Members reviewed the foregoing information with their independent legal counsel and with management, reviewed materials from independent legal counsel describing applicable law and their duties in reviewing advisory contracts, and met with independent legal counsel in private sessions without management present. The Independent Board Members considered the legal advice provided by independent legal counsel and relied upon their knowledge of the Fund Adviser, its services and the Funds resulting from their meetings and other interactions throughout the year and their own business judgment in determining the factors to be considered in evaluating the Advisory Agreements. Each Board Member may have accorded different weight to the various factors in reaching his or her conclusions with respect to a Fund’s Advisory Agreements. The Independent Board Members did not identify any single factor as all-important or controlling. The Independent Board Members’ considerations were instead based on a comprehensive consideration of all the information presented. The principal factors considered by the Board and its conclusions are described below.

A. Nature, Extent and Quality of Services

In considering renewal of the Advisory Agreements, the Independent Board Members considered the nature, extent and quality of the Fund Adviser’s services, including advisory services and administrative services. The Independent Board Members reviewed materials outlining, among other things, the Fund Adviser’s organization and business; the types of services that the Fund Adviser or its affiliates provide and are expected to provide to the Funds; the performance record of the applicable Fund (as described in further detail below); and any initiatives Nuveen had taken for the applicable fund product line.

In reviewing the services provided and the initiatives undertaken during the past year, the Independent Board Members recognized the severe market turmoil experienced in the capital markets during recent periods, including sustained periods of high volatility, credit disruption and government intervention. The Independent Board Members considered the Fund Adviser’s efforts, expertise and other actions taken to address matters as they arose that impacted the Funds. The Independent Board Members recognized the role of the Investment Services group which, among other things, monitors the various positions throughout the Nuveen fund complex to identify and address any systematic risks. In addition, the Capital Markets Committee of NAM provides a multi-departmental venue for developing new policies to mitigate any risks. The Independent Board Members further recognized NAM’s continuous review of the Nuveen funds’ investment strategies and mandates in seeking to continue to refine and improve the investment process for the funds, particularly in light of market conditions. In this regard, the Independent Board Members noted the changes recommended by NAM to various investment mandates for the Nuveen funds in seeking to take advantage of market opportunities and to improve the tools available for managing liquidity and market exposure; the establishment of a team responsible for coordinating the handling of large trades in or out of the Nuveen funds; and the ongoing monitoring of investment management processes.

As part of their review, the Independent Board Members also evaluated the background, experience and track record of the Fund Adviser’s investment personnel. In this regard, the Independent Board Members considered any changes in the personnel, and the impact on the level of services provided to the Funds, if any. The Independent Board Members also reviewed information regarding portfolio manager compensation arrangements to evaluate the Fund Adviser’s ability to attract and retain high quality investment personnel, preserve stability, and reward performance but not provide an incentive for taking undue risks.

40 Nuveen Investments

In addition to advisory services, the Independent Board Members considered the quality of administrative services provided by NAM and its affiliates including product management, fund administration, oversight of service providers, shareholder services, administration of Board relations, regulatory and portfolio compliance and legal support. Given the importance of compliance, the Independent Board Members considered NAM’s compliance program, including the report of the chief compliance officer regarding the Funds’ compliance policies and procedures.

The Independent Board Members also considered NAM’s oversight of the performance, business activities and compliance of the Sub-Adviser. In that regard, the Independent Board Members reviewed an evaluation of the Sub-Adviser from NAM. The evaluation also included information relating to the Sub-Adviser’s organization, operations, personnel, assets under management, investment philosophy, strategies and techniques in managing the Funds, developments affecting the Sub-Adviser, and an analysis of the Sub-Adviser. As described in further detail below, the Board considered the performance of the Funds. The Board also recognized that the Sub-advisory Agreements were essentially agreements for portfolio management services only and the Sub-Adviser was not expected to supply other significant administrative services to the Funds. As part of their oversight, the Independent Board Members also continued their program of seeking to visit each sub-adviser to the Nuveen funds at least once over a multiple year rotation, meeting with key investment and business personnel. The Independent Board Members noted that NAM recommended the renewal of the applicable Sub-advisory Agreements and considered the basis for such recommendations and any qualifications in connection therewith.

Based on their review, the Independent Board Members found that, overall, the nature, extent and quality of services provided (and expected to be provided) to the Funds under the respective Investment Management Agreement or Sub-advisory Agreement, as applicable, were satisfactory.

B. The Investment Performance of the Funds and Fund Advisers

The Board considered the investment performance of each Fund, including the Fund’s historic performance as well as its performance compared to funds with similar investment objectives (the “Performance Peer Group”) based on data provided by an independent provider of mutual fund data as well as recognized and/or customized benchmarks. The Independent Board Members reviewed performance information including, among other things, total return information compared with the Fund’s Performance Peer Group and recognized and/or customized benchmarks for the quarter-, one-, three- and five-year periods (as applicable) ending December 31, 2008 and for the same periods (as applicable) ending March 31, 2009. The Independent Board Members also reviewed performance information of the Nuveen funds managed by the Sub-Adviser in the aggregate ranked by peer group and the performance of such funds, in the aggregate, relative to their benchmark. This information supplemented the Fund performance information provided to the Board at each of its quarterly meetings.

In comparing a fund’s performance with that of its Performance Peer Group, the Independent Board Members took into account that the closest Performance Peer Group in certain instances may not adequately reflect the respective fund’s investment objectives and strategies thereby hindering a meaningful comparison of the fund’s performance with that of the Performance Peer Group. In addition, the Independent Board Members noted that the previous changes to the investment strategies of the Funds limit somewhat the usefulness of reviewing the Funds’ past performance beyond recent periods. The Independent Board Members further considered the performance of the Funds in the context of the volatile market conditions during the past year, and their impact on various asset classes and the portfolio management of the Funds.

Based on their review and factoring in the severity of market turmoil in 2008, the Independent Board Members determined that each Fund’s investment performance over time had been satisfactory.

C. Fees, Expenses and Profitability

1. Fees and Expenses

The Independent Board Members recognized that the Funds were launched in their present fund-of-funds form in the summer of 2008. Prior to that time, each Fund’s investment strategy and structure were materially different. The Independent Board Members recognized that the fee and expense arrangement of a fund-of-funds structure differs from that of a traditional fund format. The Independent Board Members noted that, in light of their fund-of-funds structure, the Funds will indirectly pay a portion of the expenses incurred by the underlying funds, including their advisory fees. Accordingly, the Independent Board Members reviewed, among other things, the gross management fees, net expense ratios (including indirect fees) and indirect fees of each Fund compared to such fee and expense information for a comparable set of unaffiliated fund-of-funds (the “Peer Universe”) and a subset thereof (the “Peer Group”). In that regard, the Independent Board Members further reviewed data regarding the construction of the applicable Peer Universe and Peer Group. In reviewing the comparisons of fee and expense information, the Independent Board Members took into account that in certain instances various factors such as the asset level of a fund relative to peers, the size and particular composition of the Peer Universe or Peer Group, the investment objectives of the peers, expense anomalies, changes in the funds comprising the Peer Universe or Peer Group from year to year, levels of reimbursement and the timing of information used may impact the comparative data, thereby limiting the ability to make a meaningful comparison.

In addition, the Independent Board Members considered that many of the underlying funds may be advised by NAM and sub-advised by an affiliated person of NAM. Accordingly, NAM and affiliated sub-advisers may receive advisory fees from the underlying funds in which the Funds invest, and the Funds will indirectly bear their pro rata portion of these fees as well as the

Nuveen Investments 41

Annual Investment Management Agreement Approval Process (continued)

other expenses of the underlying funds. In considering the services provided by the Fund Advisers to the Funds and the fee arrangements, the Board determined, however, that the fees were for services in addition to, rather than duplicative of, the services provided under any underlying fund’s advisory contracts.

Based on their review of the fee and expense information provided, the Independent Board Members determined that each Fund’s management fees and net total expense ratio were reasonable in light of the nature, extent and quality of services provided to the respective Fund.

2. Comparisons with the Fees of Other Clients

The Independent Board Members further reviewed information regarding the nature of services and fee rates offered by NAM to other clients. Such clients include separately managed accounts (both retail and institutional accounts) and funds that are not offered by Nuveen but are sub-advised by one of Nuveen’s investment management teams. In evaluating the comparisons of fees, the Independent Board Members noted that the fee rates charged to the Funds and other clients vary, among other things, because of the different services involved and the additional regulatory and compliance requirements associated with registered investment companies, such as the Funds. Accordingly, the Independent Board Members considered the differences in the product types, including, but not limited to, the services provided, the structure and operations, product distribution and costs thereof, portfolio investment policies, investor profiles, account sizes and regulatory requirements. The Independent Board Members noted, in particular, that the range of services provided to the Funds (as discussed above) is much more extensive than that provided to separately managed accounts. The Independent Board Members also recognized that NAM and the Sub-Adviser do not currently advise other fund-of-funds and, therefore, meaningful comparisons of fees for similar types of clients were not available. Given the inherent differences in the products, particularly the extensive services provided to the Funds, the Independent Board Members believe such facts justify the different levels of fees.

In considering the fees of the Sub-Adviser, the Independent Board Members also considered the pricing schedule or fees that the affiliated sub-advisers charge for similar investment management services for other fund sponsors or clients (such as retail and/or institutional managed accounts) as applicable.

3. Profitability of Fund Advisers

In conjunction with its review of fees, the Independent Board Members also considered the profitability of Nuveen for its advisory activities (which incorporated Nuveen’s wholly-owned affiliated sub-advisers other than Winslow Capital) and its financial condition. The Independent Board Members reviewed the revenues and expenses of Nuveen’s advisory activities for the last two years, the allocation methodology used in preparing the profitability data and an analysis of the key drivers behind the changes in revenues and expenses that impacted profitability in 2008. In addition, the Independent Board Members reviewed information regarding the financial results of Nuveen for 2008 based on its Form 8-K filed on March 31, 2009. The Independent Board Members noted this information supplemented the profitability information requested and received during the year to help keep them apprised of developments affecting profitability (such as changes in fee waivers and expense reimbursement commitments). In this regard, the Independent Board Members noted that they had also appointed an Independent Board Member as a point person to review and keep them apprised of changes to the profitability analysis and/or methodologies during the year. The Independent Board Members also considered Nuveen’s revenues for advisory activities, expenses, and profit margin compared to that of various unaffiliated management firms with similar amounts of assets under management and relatively comparable asset composition prepared by Nuveen.

In reviewing profitability, the Independent Board Members recognized the subjective nature of determining profitability which may be affected by numerous factors including the allocation of expenses. Further, the Independent Board Members recognized the difficulties in making comparisons as the profitability of other advisers generally is not publicly available and the profitability information that is available for certain advisers or management firms may not be representative of the industry and may be affected by, among other things, the adviser’s particular business mix, capital costs, types of funds managed and expense allocations. Notwithstanding the foregoing, the Independent Board Members reviewed Nuveen’s methodology and assumptions for allocating expenses across product lines to determine profitability. In reviewing profitability, the Independent Board Members recognized Nuveen’s investment in its fund business. Based on their review, the Independent Board Members concluded that Nuveen’s level of profitability for its advisory activities was reasonable in light of the services provided.

In evaluating the reasonableness of the compensation, the Independent Board Members also considered other amounts paid to a Fund Adviser by the Funds as well as any indirect benefits (such as soft dollar arrangements, if any) the Fund Adviser and its affiliates receive, or are expected to receive, that are directly attributable to the management of the Funds, if any. See Section E below for additional information on indirect benefits the Fund Adviser may receive as a result of its relationship with the Funds. Based on their review of the overall fee arrangements of each Fund, the Independent Board Members determined that the advisory fees and expenses of the respective Fund were reasonable.

D. Economies of Scale and Whether Fee Levels Reflect These Economies of Scale

With respect to economies of scale, the Independent Board Members have recognized the potential benefits resulting from the costs of a fund being spread over a larger asset base, although economies of scale are difficult to measure and predict with precision, particularly on a fund-by-fund basis. One method to help ensure the shareholders share in these benefits is to include breakpoints in

42 Nuveen Investments

the advisory fee schedule. Generally, management fees for funds in the Nuveen complex are comprised of a fund-level component and a complex-level component. With respect to the fund-level breakpoint schedules, the Independent Board Members generally review and consider the applicable fund-level breakpoints in the advisory fee schedules for the funds in the Nuveen fund complex that reduce advisory fees as asset levels increase. The Independent Board Members recognized, however, that the Funds do not have fund-level breakpoints given their unique structures. In addition, pursuant to the complex-wide fee arrangement, the fees of the funds in the Nuveen complex generally are reduced as the assets in the fund complex reach certain levels. The Funds, however, are not assessed a complex-level fee as this is assessed at the Nuveen underlying fund level. The Independent Board Members further recognized that the Funds nevertheless will benefit from reductions in complex-level fees and fund-level fees indirectly as the complex and Nuveen underlying funds reach breakpoint levels and reduce the fees of the Nuveen underlying funds.

Based on their review, the Independent Board Members concluded that the absence of a breakpoint schedule and of a complex-level fee arrangement for the Funds was acceptable.

E. Indirect Benefits

In evaluating fees, the Independent Board Members received and considered information regarding potential “fall out” or ancillary benefits the respective Fund Adviser or its affiliates may receive as a result of its relationship with each Fund. In this regard, the Independent Board Members considered, among other things, any sales charges, distribution fees and shareholder services fees received and retained by the Funds’ principal underwriter, an affiliate of NAM, which includes fees received pursuant to any 12b-1 plan. The Independent Board Members, therefore, considered the 12b-1 fees retained by Nuveen during the last calendar year.

In addition to the above, the Independent Board Members considered whether the Fund Adviser received any benefits from soft dollar arrangements whereby a portion of the commissions paid by a Fund for brokerage may be used to acquire research that may be useful to the Fund Adviser in managing the assets of the Funds and other clients. With respect to NAM, the Independent Board Members noted that NAM does not currently have any soft dollar arrangements; however, to the extent certain bona fide agency transactions that occur on markets that traditionally trade on a principal basis and riskless principal transactions are considered as generating “commissions,” NAM intends to comply with the applicable safe harbor provisions. With respect to the Sub-Adviser the Independent Board Members considered that the Sub-Adviser may benefit from its soft dollar arrangements pursuant to which it receives research from brokers that execute the applicable Fund’s portfolio transactions. The Independent Board Members further noted that the Sub-Adviser’s profitability may be lower if it were required to pay for this research with hard dollars.

Based on their review, the Independent Board Members concluded that any indirect benefits received by a Fund Adviser as a result of its relationship with the Funds were reasonable and within acceptable parameters.

F. Other Considerations

The Independent Board Members did not identify any single factor discussed previously as all-important or controlling. The Board Members, including the Independent Board Members, unanimously concluded that the terms of the Investment Management Agreements and Sub-advisory Agreements are fair and reasonable, that the respective Fund Adviser’s fees are reasonable in light of the services provided to each Fund and that the Investment Management Agreements and the Sub-advisory Agreements be renewed.

Nuveen Investments 43

Trustees and Officers

The management of the Fund, including general supervision of the duties performed for the Fund by the Adviser, is the responsibility of the Board of Trustees of the Fund. The number of trustees of the Fund is currently set at nine. None of the trustees who are not “interested” persons of the Fund (referred to herein as “independent trustees”) has ever been a director or employee of, or consultant to, Nuveen or its affiliates. The names and business addresses of the trustees and officers of the Fund, their principal occupations and other affiliations during the past five years, the number of portfolios each oversees and other directorships they hold are set forth below.

The Fund’s Statement of Additional Information (“SAI”) includes more information about the trustees. To request a free copy, call Nuveen Investments at (800) 257-8787 or visit the Funds’ website at www.nuveen.com.

Name, Birthdate and Address	Position(s) Held with the Fund	Year First Elected or Appointed (1)	Principal Occupation(s) Including other Directorships During Past 5 Years	Number of Portfolios in Fund Complex Overseen by Trustee
Independent Trustees:
Robert P. Bremner 8/22/40 333 W. Wacker Drive Chicago, IL 60606	Chairman of the Board and Trustee	1997	Private Investor and Management Consultant; Treasurer and Director, Humanities Council of Washington D.C.	199
Jack B. Evans 10/22/48 333 W. Wacker Drive Chicago, IL 60606	Trustee	1999	President, The Hall-Perrine Foundation, a private philanthropic corporation (since 1996); Director and Vice Chairman, United Fire Group, a publicly held company; Member of the Board of Regents for the State of Iowa University System; Director, Gazette Companies; Life Trustee of Coe College; Director, Iowa College Foundation; Member of the Advisory Council of the Department of Finance in the Tippie College of Business, University of lowa; formerly, Director, Alliant Energy; formerly, Director, Federal Reserve Bank of Chicago; formerly, President and Chief Operating Officer, SCI Financial Group, Inc., a regional financial services firm.	199
William C. Hunter 3/6/48 333 W. Wacker Drive Chicago, IL 60606	Trustee	2004	Dean, Tippie College of Business, University of Iowa (since 2006); Director (since 2004) of Xerox Corporation; Director (since 2005), Beta Gamma Sigma International Honor Society; formerly, Dean and Distinguished Professor of Finance, School of Business at the University of Connecticut (2003-2006); previously, Senior Vice President and Director of Research at the Federal Reserve Bank of Chicago (1995-2003); Director, SS&C Technologies, Inc. (May 2005-October 2005); formerly, Director (1997-2007), Credit Research Center at George Washington University.	199
David J. Kundert 10/28/42 333 W. Wacker Drive Chicago, IL 60606	Trustee	2005	Director, Northwestern Mutual Wealth Management Company; retired (since 2004) as Chairman, JPMorgan Fleming Asset Management, President and CEO, Banc One Investment Advisors Corporation, and President, One Group Mutual Funds; prior thereto, Executive Vice President, Banc One Corporation and Chairman and CEO, Banc One Investment Management Group; Member, Board of Regents, Luther College; member of the Wisconsin Bar Association; member of Board of Directors, Friends of Boerner Botanical Gardens; member of Investment Committee, Greater Milwaukee Foundation.	199
William J. Schneider 9/24/44 333 W. Wacker Drive Chicago, IL 60606	Trustee	1997	Chairman of Miller-Valentine Partners Ltd., a real estate investment company; formerly, Senior Partner and Chief Operating Officer (retired, 2004) of Miller-Valentine Group; Member, Dayton Philharmonic Orchestra Association; formerly, Member, Business Advisory Council, Cleveland Federal Reserve Bank; formerly, Director, Dayton Development Coalition.	199
Judith M. Stockdale 12/29/47 333 W. Wacker Drive Chicago, IL 60606	Trustee	1997	Executive Director, Gaylord and Dorothy Donnelley Foundation (since 1994); prior thereto, Executive Director, Great Lakes Protection Fund (from 1990 to 1994).	199
Carole E. Stone 6/28/47 333 W. Wacker Drive Chicago, IL 60606	Trustee	2007	Director, Chicago Board Options Exchange (since 2006); Director, C2 Options Exchange, Incorporated (since 2009); Commissioner, New York State Commission on Public Authority Reform (since 2005); formerly, Chair, New York Racing Association Oversight Board (2005-2007).	199

44 Nuveen Investments

Name, Birthdate and Address	Position(s) Held with the Fund	Year First Elected or Appointed (1)	Principal Occupation(s) Including other Directorships During Past 5 Years	Number of Portfolios in Fund Complex Overseen by Trustee
Terence J. Toth 9/29/59 333 W. Wacker Drive Chicago, IL 60606	Trustee	2008	Director, Legal & General Investment Management America, Inc. (since 2008); Managing Partner, Musso Capital Management (since 2008); CEO and President, Northern Trust Investments (2004-2007); Executive Vice President, Quantitative Management & Securities Lending (2000-2004); prior thereto, various positions with Northern Trust Company (since 1994); Member: Goodman Theatre Board (since 2004); Chicago Fellowship Board (since 2005), University of Illinois Leadership Council Board (since 2007) and Catalyst Schools of Chicago Board (since 2008); formerly, Member: Northern Trust Mutual Funds Board (2005-2007), Northern Trust Investments Board (2004-2007), Northern Trust Japan Board (2004-2007), Northern Trust Securities Inc. Board (2003-2007) and Northern Trust Hong Kong Board (1997-2004).	199
Interested Trustee:
John P. Amboian (2) 6/14/61 333 W. Wacker Drive Chicago, IL 60606	Trustee	2008	Chief Executive Officer (since July 2007) and Director (since 1999) of Nuveen Investments, Inc.; Chief Executive Officer (since 2007) of Nuveen Asset Management, Nuveen Investments Advisors, Inc. formerly, President (1999-2004) of Nuveen Advisory Corp. and Nuveen Institutional Advisory Corp. (3)	199
Name, Birthdate and Address	Position(s) Held with the Fund	Year First Elected or Appointed (4)	Principal Occupation(s) During Past 5 Years	Number of Portfolios in Fund Complex Overseen by Officer
Officers of the Fund:
Gifford R. Zimmerman 9/9/56 333 W. Wacker Drive Chicago, IL 60606	Chief Administrative Officer	1988	Managing Director (since 2002), Assistant Secretary and Associate General Counsel of Nuveen Investments, LLC; Managing Director (since 2002), Associate General Counsel and Assistant Secretary, of Nuveen Asset Management (since 2002) and of Symphony Asset Management LLC (since 2003); Vice President and Assistant Secretary of NWQ Investment Management Company, LLC. (since 2002), Nuveen Investments Advisers Inc. (since 2002), Tradewinds Global Investors, LLC, and Santa Barbara Asset Management, LLC (since 2006), Nuveen HydePark Group LLC and Nuveen Investment Solutions, Inc. (since 2007); Managing Director (since 2004) and Assistant Secretary (since 1994) of Nuveen Investments, Inc.; formerly, Managing Director (2002-2004), General Counsel (1998-2004) and Assistant Secretary of Nuveen Advisory Corp. and Nuveen Institutional Advisory Corp. (3); Chartered Financial Analyst.	199
Mark J.P. Anson 6/10/59 333 W. Wacker Drive Chicago, IL 60606	Vice President	2009	President and Executive Director of Nuveen Investments, Inc. (since 2007); President of Nuveen Investments Institutional Services Group LLC (since 2007); previously, Chief Executive Officer of the British Telecom Pension Scheme (2006-2007) and Chief Investment Officer of Calpers (1999-2006); PhD, Chartered Financial Analyst, Chartered Alternative Investment Analyst, Certified Public Accountant, Certified Management Accountant and Certified Internal Auditor.	199
Nizida Arriaga 6/1/1968 333 W. Wacker Drive Chicago, IL 60606	Vice President	2009	Vice President (since 2007) of Nuveen Investments, LLC; previously, Portfolio Manager, Allstate Investments, LLC (1996-2006); Chartered Financial Analyst.	199

Nuveen Investments 45

Trustees and Officers (continued)

Name, Birthdate and Address	Position(s) Held with the Fund	Year First Elected or Appointed (4)	Principal Occupation(s) During Past 5 Years	Number of Portfolios in Fund Complex Overseen by Officer
Michael T. Atkinson 2/3/66 333 W. Wacker Drive Chicago, IL 60606	Vice President and Assistant Secretary	2000	Vice President (since 2002) of Nuveen Investments, LLC; Vice President of Nuveen Asset Management (since 2005).	199
Margo L. Cook 4/11/64 333 W. Wacker Drive Chicago, IL 60606	Vice President	2009	Executive Vice President (since Oct 2008) of Nuveen Investments, Inc.; previously, Head of Institutional Asset Management (2007-2008) of Bear Stearns Asset Management; Head of Institutional Asset Mgt (1986-2007) of Bank of NY Mellon; Chartered Financial Analyst.	199
Alan A. Brown 8/1/62 333 W. Wacker Drive Chicago, IL 60606	Vice President	2007	Executive Vice President, Mutual Funds, Nuveen Investments, LLC, (since 2005), previously, Managing Director and Chief Marketing Officer (2001-2005).	74
Name, Birthdate and Address	Position(s) Held with the Fund	Year First Elected or Appointed (4)	Principal Occupation(s) Including other Directorships During Past 5 Years	Number of Portfolios in Fund Complex Overseen by Officer
Lorna C. Ferguson 10/24/45 333 W. Wacker Drive Chicago, IL 60606	Vice President	1998	Managing Director (since 2004) of Nuveen Investments, LLC; Managing Director (since 2005) of Nuveen Asset Management; Managing Director (2004-2005) of Nuveen Advisory Corp. and Nuveen Institutional Advisory Corp. (3).	199
Stephen D. Foy 5/31/54 333 W. Wacker Drive Chicago, IL 60606	Vice President and Controller	1998	Vice President (since 1993) and Funds Controller (since 1998) of Nuveen Investments, LLC; Vice President (since 2005) of Nuveen Asset Management; Certified Public Accountant.	199
William T. Huffman 5/7/1969 333 W. Wacker Drive Chicago, IL 60606	Vice President	2009	Chief Operating Officer, Municipal Fixed Income (since 2008) of Nuveen Asset Management; previously, Chairman, President and Chief Executive Officer (2002 – 2007) of Northern Trust Global Advisors, Inc. and Chief Executive Officer (2007) of Northern Trust Global Investments Limited; CPA.	199
Walter M. Kelly 2/24/70 333 W. Wacker Drive Chicago, IL 60606	Chief Compliance Officer and Vice President	2003	Senior Vice President (since 2008), Vice President (2006- 2008) formerly, Assistant Vice President and Assistant General Counsel (2003-2006) of Nuveen Investments, LLC; Vice President (since 2006) and Assistant Secretary (since 2003) of Nuveen Asset Management.	199
David J. Lamb 3/22/63 333 W. Wacker Drive Chicago, IL 60606	Vice President	2000	Senior Vice President (since 2009), formerly, Vice President (2000-2009) of Nuveen Investments, LLC; Vice President (since 2005) of Nuveen Asset Management, Certified Public Accountant.	199
Tina M. Lazar 8/27/61 333 W. Wacker Drive Chicago, IL 60606	Vice President	2002	Senior Vice President (since 2009), formerly, Vice President of Nuveen Investments, LLC (1999-2009); Vice President of Nuveen Asset Management (since 2005).	199
Larry W. Martin 7/27/51 333 W. Wacker Drive Chicago, IL 60606	Vice President and Assistant Secretary	1988	Vice President, Assistant Secretary and Assistant General Counsel of Nuveen Investments, LLC; Vice President (since 2005) and Assistant Secretary of Nuveen Investments, Inc.; Vice President and Assistant Secretary of Nuveen Investments Advisers Inc. (since 2002), NWQ Investment Management Company, LLC (since 2002), Symphony Asset Management LLC (since 2003), Tradewinds Global Investors, LLC, Santa Barbara Asset Management, LLC (since 2006) and of Nuveen HydePark Group, LLC and Nuveen Investment Solutions, Inc. (since 2007); formerly, Vice President and Assistant Secretary of Nuveen Advisory Corp. and Nuveen Institutional Advisory Corp. (3)	199

46 Nuveen Investments

Name, Birthdate and Address	Position(s) Held with the Fund	Year First Elected or Appointed (4)	Principal Occupation(s) Including other Directorships During Past 5 Years	Number of Portfolios in Fund Complex Overseen by Officer
Kevin J. McCarthy 3/26/66 333 W. Wacker Drive Chicago, IL 60606	Vice President and Secretary	2007	Managing Director (since 2008), formerly, Vice President (2007-2008), Nuveen Investments, LLC; Managing Director (since 2008), formerly, Vice President and Assistant Secretary, Nuveen Asset Management and Nuveen Investments Holdings, Inc.; Vice President (since 2007) and Assistant Secretary, Nuveen Investment Advisers Inc., Nuveen Investment Institutional Services Group LLC, NWQ Investment Management Company, LLC, Tradewinds Global Investors LLC, NWQ Holdings, LLC, Symphony Asset Management LLC, Santa Barbara Asset Management LLC, Nuveen HydePark Group, LLC and Nuveen Investment Solutions, Inc. (since 2007); prior thereto, Partner, Bell, Boyd & Lloyd LLP (1997-2007).	199
John V. Miller 4/10/67 333 W. Wacker Drive Chicago, IL 60606	Vice President	2007	Managing Director (since 2007), formerly, Vice President (2002-2007) of Nuveen Asset Management and Nuveen Investments, LLC; Chartered Financial Analyst.	199
Gregory Mino 1/4/1971 333 W. Wacker Drive Chicago, IL 60606	Vice President	2009	Vice President of Nuveen Investments, LLC (since 2008); previously, Director (2004-2007) and Executive Director (2007-2008) of UBS Global Asset Management; previously, Vice President (2000-2003) and Director (2003-2004) of Merrill Lynch Investment Managers; Chartered Financial Analyst.	199
Christopher M. Rohrbacher 8/1/71 333 W. Wacker Drive Chicago, IL 60606	Vice President and Assistant Secretary	2008	Vice President, Nuveen Investments, LLC (since 2008); Vice President and Assistant Secretary, Nuveen Asset Management (since 2008); prior thereto, Associate, Skadden, Arps, Slate Meagher & Flom LLP (2002-2008)	199
James F. Ruane 7/3/62 333 W. Wacker Drive Chicago, IL 60606	Vice President and Assistant Secretary	2007	Vice President, Nuveen Investments (since 2007); prior thereto, Partner, Deloitte & Touche USA LLP (2005-2007), formerly, senior tax manager (2002-2005); Certified Public Accountant.	199
John S. White 5/12/67 333 W. Wacker Drive Chicago, IL 60606	Vice President	2007	Senior Vice President (since 2009), formerly, Vice President (2006-2009) of Nuveen Investments, LLC, formerly, Assistant Vice President (since 2002); Lieutenant Colonel (since 2007), United States Marine Corps Reserve, formerly, Major (since 2001).	74
Mark L. Winget 12/21/68 333 W. Wacker Drive Chicago, IL 60606	Vice President and Assistant Secretary	2008	Vice President, Nuveen Investments, LLC (since 2008); Vice President and Assistant Secretary, Nuveen Asset Management (since 2008); prior thereto, Counsel, VedderPrice P.C. (1997-2007).	199

(1) Trustees serve an indefinite term until his/her successor is elected or appointed. The year first elected or appointed represents the year in which the trustee was first elected or appointed to any fund in the Nuveen Fund Complex.

(2) Mr. Amboian is an interested trustee because of his position with Nuveen Investments, Inc. and certain of its subsidiaries, which are affiliates of the Nuveen Funds.

(3) Nuveen Advisory Corp. and Nuveen Institutional Advisory Corp. were reorganized into Nuveen Asset Management, effective January 1, 2005.

(4) Officers serve one year terms through July of each year. The year first elected or appointed represents the year in which the officer was first elected or appointed to any fund in the Nuveen Fund Complex.

Nuveen Investments 47

Glossary of Terms Used in this Report

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

Net Asset Value (NAV): A Fund’s NAV is the dollar value of one share in the Fund. It is calculated by subtracting the liabilities of the Fund from its total assets and then dividing the remainder by the number of shares outstanding. Fund NAVs are calculated at the end of each business day.

48 Nuveen Investments

Fund Information

Fund Manager

Nuveen Asset Management

333 West Wacker Drive

Chicago, IL 60606

Sub-Adviser

Nuveen Investment Solutions, Inc.

111 West Jackson Blvd.

Suite 1411

Chicago, IL 60604

Legal Counsel

Chapman and Cutler LLP

Chicago, IL

Independent Registered Public Accounting Firm

PricewaterhouseCoopers LLP

Chicago, IL

Custodian

State Street Bank & Trust Company

Boston, MA

Transfer Agent and Shareholder Services

Boston Financial

Data Services

Nuveen Investor Services

P.O. Box 8530

Boston, MA 02266-8530

(800) 257-8787

Distribution Information: Growth Allocation, Moderate Allocation and Conservative Allocation hereby designate 31.88%, 38.61% and 78.52%, respectively, of dividends paid from net ordinary income as dividends qualifying for the 70% dividends received deduction for corporations and 71.84%, 53.65% and 91.25%, respectively, as qualified dividend income for individuals under Section 1 (h)(11) of the Internal Revenue Code. The actual qualified dividend income distributions will be reported to shareholders on Form 1099-DIV which will be sent to shareholders shortly after calendar year end.

Quarterly Portfolio of Investments and Proxy Voting Information: You may obtain (i) each Fund’s quarterly portfolio of investments, (ii) information regarding how the Funds voted proxies relating to portfolio securities held during the most recent twelve-month period ended June 30, 2009, and (iii) a description of the policies and procedures that the Funds used to determine how to vote proxies relating to portfolio securities without charge, upon request, by calling Nuveen Investments at (800) 257-8787 or on Nuveen’s website at www.nuveen.com.

You may also obtain this and other Fund information directly from the Securities and Exchange Commission (“SEC”). The SEC may charge a copying fee for this information. Visit the SEC on-line at http://www.sec.gov or in person at the SEC’s Public Reference Room in Washington, D.C. Call the SEC at (202) 942-8090 for room hours and operation. You may also request Fund information by sending an e-mail request to publicinfo@sec.gov or by writing to the SEC’s Public Reference Section at 100 F Street NE, Washington, D.C. 20549.

The Financial Industry Regulatory Authority (FINRA) provides a Public Disclosure Program which supplies certain information regarding the disciplinary history of FINRA members and their associated persons in response to either telephone inquiries at (800) 289-9999 or written inquiries at www.finra.org. Financial Industry Regulatory Authority also provides an investor brochure that includes information describing the Public Disclosure Program.

Nuveen Investments 49

Nuveen Investments:

Serving Investors For Generations

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

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

We offer many different investing solutions

for our clients’ different needs.

Nuveen Investments is a global investment management firm that seeks to help secure the long-term goals of institutions and high net worth investors as well as the consultants and financial advisors who serve them. Nuveen Investments markets its growing range of specialized investment solutions under the high-quality brands of HydePark, NWQ, Nuveen, Santa Barbara, Symphony, Tradewinds and Winslow Capital. In total, the Company managed $128 billion of assets on June 30, 2009.

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

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

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

• Share prices

• Fund details

• Daily financial news

• Investor education

Distributed by

Nuveen Investments, LLC

333 West Wacker Drive

Chicago, IL 60606

www.nuveen.com

MAN-ALLO-0609P

Mutual Funds

Nuveen Value Funds

For investors seeking long-term capital appreciation.

Annual Report

June 30, 2009

Nuveen Multi-Manager Large-Cap Value Fund	Nuveen NWQ Multi-Cap Value Fund	Nuveen NWQ Large-Cap Value Fund	Nuveen NWQ Small/Mid-Cap Value Fund	Nuveen NWQ Small-Cap Value Fund
Nuveen Tradewinds Value Opportunities Fund

LIFE IS COMPLEX.

Nuveen makes things e-simple.

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

Free e-Reports right to your e-mail!

www.investordelivery.com

If you receive your Nuveen Fund dividends and statements from your financial advisor or brokerage account.

OR

www.nuveen.com/accountaccess

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

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

Chairman’s

Letter to Shareholders

Dear Shareholder,

The problems in the U.S. financial system and the slowdown in global economic activity continue to create a very difficult environment for the U.S. economy. The administration, the Federal Reserve System and Congress have initiated a variety of programs directed at restoring liquidity to the financial markets, providing financial support for critical financial institutions and stimulating economic activity. There are encouraging signs that these initiatives are beginning to have a constructive impact. It is not possible to predict whether the actions taken to date will be sufficient to restore more normal conditions in the financial markets or enable the economy to stabilize and set a course toward recovery. However, the speed and scope of the government’s actions are very encouraging and more importantly, reflect a commitment to act decisively to meet the economic challenges we face.

The performance information in the attached report reflects the impact of many forces at work in the equity and fixed-income markets. The comments by the portfolio managers describe the strategies being used to pursue your Fund’s long-term investment goals. Parts of the financial markets continue to experience serious dislocations and thorough research and strong investment disciplines have never been more important in identifying risks and opportunities. I hope you will read this information carefully.

Your Board is particularly sensitive to our shareholders’ concerns in these uncertain times. We believe that frequent and thorough communication is essential in this regard and encourage you to visit the Nuveen website: www.nuveen.com, for recent developments in all Nuveen funds. We also encourage you to communicate with your financial consultant for answers to your questions and to seek advice on your long-term investment strategy in the current market environment.

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

Sincerely,

Robert P. Bremner

Chairman of the Nuveen Fund Board

August 24, 2009

Nuveen Investments 1

Portfolio Managers’ Comments

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

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

The Nuveen NWQ Multi-Cap Value Fund, Nuveen NWQ Large-Cap Value Fund, Nuveen NWQ Small/Mid-Cap Value Fund and Nuveen NWQ Small-Cap Value Fund feature equity management by NWQ Investment Management Company, LLC (NWQ), an affiliate of Nuveen Investments. Jon Bosse is the Chief Investment Officer of NWQ and manages the Nuveen NWQ Multi-Cap Value and the Nuveen NWQ Large-Cap Value Funds, Phyllis Thomas manages the Nuveen NWQ Small-Cap Value and the Nuveen NWQ Small/Mid-Cap Value Funds. Both Jon and Phyllis have more than 20 years of investment industry experience.

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

In the following discussion, representatives from each management team review general market conditions, key investment strategies and the performance of the Funds for the twelve-month period ended June 30, 2009.

What were the general market conditions during the period?

This twelve-month period was among the most volatile in the history of the capital markets. Equity markets across the globe fell as the United States economy pushed further into recession. After IndyMac’s bankruptcy filing in August 2008, the U.S. Government engaged in one of the most dramatic market interventions in years and placed the Federal National Mortgage Association (Fannie Mae) and the Federal Home Loan Mortgage Corporation (Freddie Mac) into receivership. In September, Lehman Brothers, a major Wall Street broker/dealer, filed for bankruptcy protection. AIG, one of the world’s largest insurers, effectively was nationalized by the US government, and Wachovia, Washington Mutual and other financial institutions were seized by U.S. regulators and/or merged into stronger banks. Merrill Lynch, concerned about its own solvency, negotiated a deal to be acquired by Bank of America. Goldman Sachs and Morgan Stanley converted to commercial banks, possibly signaling the end of the

2 Nuveen Investments

independent broker/dealer model. The following months included major financial write-downs in many areas of the U.S. economy, the uncovering of the largest Ponzi scheme in history, continued declines in real U.S. Gross Domestic Product, and significant spikes in market volatility.

While the U.S. economy moved further into recession, the international capital markets experienced their own severe downturn. Unemployment rose quickly. Economic policy responses by the U.S. Federal Reserve were followed, in part, by its counterparts at the Bank of England, the European Central Bank, and the Chinese Government.

Although the S&P 500 and the MSCI EAFE indices were down 37% and 43%, respectively, in 2008, signs of global economic stability began to emerge toward the end of the first quarter in 2009. By the end of June, the 2009 year-to-date returns of these two equity indices were 3% and 8%, respectively. In addition, emerging markets, which fell 53% in 2008, rebounded 36% during the first half of 2009.

In an effort to improve overall conditions, the Federal Reserve (Fed) lowered the fed funds rate from 2.00% on July 1, 2008, to a target range of zero to 0.25% in December 2008, its lowest level on record. In March 2009, the Fed announced that, in addition to maintaining the current target rate, it would buy $300 billion in long-term Treasury securities in an effort to support private credit markets and up to an additional $750 billion (for a total of $1.25 trillion) in agency mortgage-backed securities to bolster the housing market. Additionally, the federal government passed a $700 billion financial industry rescue package in October 2008, which was followed by a $787 billion stimulus package approved in February 2009.

By the second quarter of 2009, some positive signals began to emerge. Many major banks appeared to have raised the necessary capital for them to survive in the current downturn, with several of them even appearing to thrive. Domestic equity markets, as measured by the S&P 500 Index, have rocketed up from the lows experienced in March. Ten-year bond yields have come off their multi-decade lows as well.

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

The table on page 18 provides performance information for the six Funds (Class A shares at net asset value) for the one-year, five-year, ten-year and since inception periods ended June 30, 2009. The table also compares the Funds’ performance to appropriate benchmarks and general market indexes. A more detailed discussion of each Fund’s relative performance is provided later in this report.

Nuveen Investments 3

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

Nuveen Multi-Manager Large-Cap Value Fund

The Nuveen Multi-Manager Large-Cap Value Fund’s Class A Shares at net asset value underperformed its comparative indexes over the past twelve months ending June 30, 2009.

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

Within the ICAP-managed portion of the Fund, both stock selection and sector allocation added to relative performance. Specifically, this portion of the portfolio benefited from strong stock selection in the energy, consumer staples, and health care sectors, while a large overweighting in technology stocks relative to the index also helped. In contrast, stock selection in communications, capital spending, and consumer services hampered performance, as did an underweighting in the relatively strong-performing consumer services sector.

During the reporting period, ICAP maintained its established, bottom-up stock-selection process by choosing investments one-by-one based on an assessment of their business fundamentals. Noteworthy portfolio changes included increased exposure to the technology, transportation, and health care sectors. ICAP also decreased its allocation to consumer services and communications stocks. Between March 2009 and the end of the period, the exposure of this portion of the portfolio to economically sensitive stocks rose considerably, as ICAP saw more reasons to be optimistic about corporate profits and the economy’s growth potential. ICAP continued to emphasize companies with strong

4 Nuveen Investments

financial positions and operational capabilities – qualities they believe can help these firms gain market share from weaker competitors and more easily grow their earnings.

ICAP’s top performance contributor was pharmaceutical maker Schering-Plough Corp., whose shares rose sharply after the company agreed to be acquired by rival Merck. Financial services firm JPMorgan Chase, which because of its stronger financial position outperformed many of its competitors during last fall’s credit crisis, also added to results. Qualcomm, a maker of chips for mobile telephones, contributed further. This stock rose as investors became more optimistic about the technology sector’s growth prospects. We sold our stake in Qualcomm after its stock hit our target price. A recovering semiconductor market also helped industry-leading chipmaker Intel. Elsewhere, international oil and gas company Occidental Petroleum Corp. saw its shares rise as a result of strong growth in energy production and free cash flows.

Given the turmoil in the financial sector for much of the period, many of ICAP’s biggest performance detractors came from that group. Fund performance was hampered by an investment in Bank of America. Banking and credit card company Capital One Financial Corp. also underperformed, with the credit crisis and the economic downturn weighing on its profits. In the health care sector, medical insurance provider CIGNA Corp. lost ground, as the economic downturn threatened to reduce enrollment in its health care plans, while weaker advertising revenues weighed on media company News Corporation. Of final note, oilfield services company Baker Hughes Inc. was hurt by lower oil prices for much of the period, which meant less demand for the firm’s energy-exploration services. As of period end, the Fund continued to own Baker Hughes but no longer held CIGNA or News Corporation in ICAP’s portion of its portfolio.

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

HydePark’s investment process is a combination of traditional fundamental security valuation and quantitative risk-control techniques. The philosophy that underlies our value-added process is that a stock’s price must follow the wealth creation fundamentals of the company. A stock’s weight in the portfolio is directly related to its wealth creation fundamentals. Our process has five “wealth creation” factors. Four are fundamentally oriented; two are traditional measures of revenues in excess of expenses (specifically, earnings and cash flow), and two are traditional measures of the uses for those excess monies (book value and dividends). The fifth factor is a proprietary measure of stock price momentum. Importantly, the process also considers a stock’s liquidity. Due to the

Nuveen Investments 5

quantitative, model-driven process, top-down macroeconomic “themes” do not influence the model nor how HydePark select stocks for the Fund.

The model evaluates all the securities contained in the benchmark portfolio (Russell 1000 Value Index) for possible inclusion in the portfolio. The process will not consider a stock for possible inclusion if it is not contained in the respective benchmark portfolio. This process produces what HydePark believes are well-diversified, efficient portfolios that attempt to perform within a specific, narrow tracking range (the degree of difference) versus the stated benchmark. The portfolio typically contains a large number of holdings with each relative weighting reflecting the five-dimensional view of that stock’s wealth creation characteristics. The portfolio is monitored daily with rebalances occurring quarterly.

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

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

On average, during the twelve-month period, the HydePark portion of the Fund was relatively overweighted in energy, telecommunication services, and utilities. The largest single sector overweight was in energy where we were, on average, 2.7% overweight versus the index. The Fund was underweight the following sectors, on average: industrials, consumer staples, health care, financials, and information technology. The largest single underweight was, on average, in health care stocks where we were 2.4% underweight versus the index. Overall, the sector overweights/underweights were a small drag on this portion of the Fund’s portfolio relative performance versus the index.

Performance attributable to the individual stock weightings within each sector was a strong positive for the HydePark portfolio during this period, with our individual holdings in financials outperforming the financials sector by a large margin. The correct choice of individual stocks within the financial sector was the biggest positive for this portion of the

6 Nuveen Investments

Fund during this reporting period. Our stock choices within telecommunication and utilities were also a plus for the Fund while our stock picks in energy and information technology were negatives.

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

From the beginning of 2009 until March 9th, the Symphony strategy performed well, as the market was fundamentally challenged and in our opinion differentiating perceived winners such as JPMorgan from weaker, more vulnerable companies such as Citigroup. Our aversion to these credit sensitive and high leveraged names led us to significantly underweight life insurance, regional banks, broker dealers, and real estate investment trusts. Following Citigroup’s announcement on March 9th regarding its return to profitability for the quarter, our strategy did not do as well because investors’ risk appetite swelled and propelled a rally among stocks that previously had suffered from liquidity and operational concerns.

The Symphony portion of the portfolio benefited from strong stock selection in the energy and industrial sectors. Freeport-McMoran, the world’s largest publicly traded copper mining firm, advanced due to the rising price of copper resulting from Chinese government stimulus and apparent restocking of Chinese inventories. Shares rallied 87% in the first half 2009. The Fund also benefited versus the index by avoiding owning General Electric, which fell 25% in the first half of 2009. Occidental Petroleum Corp. helped relative performance as the firm reported strong results in the first quarter of 2009 and late in the second quarter announced a new discovery in California.

The portfolio was negatively impacted by holdings in the financials and technology sectors. Underperformance was primarily centered on the month of April, given the Fund’s relatively defensive initial posture. We were hurt primarily by the rally in lower quality names that we did not own. Although the relative safety of Hudson City Bancorp, Inc. helped the Fund in 2008, it lagged its peers in the first six months of 2009.

Nuveen NWQ Multi-Cap Value Fund

Class A Shares at net asset value for the Nuveen NWQ Multi-Cap Value Fund underperformed each of its comparative indexes for the twelve-month period ended June 30, 2009. As noted, this twelve-month period proved to be one of the worst for equity markets since the Great Depression. This is reflected in the one-year returns for the general market indexes, as well as in the Fund’s performance.

Nuveen Investments 7

While the Fund’s managers sought to mitigate the effects of the poor market environment where possible, they did not alter the Fund’s basic investment strategy. The Fund seeks long-term capital appreciation by investing in equity securities of companies with large, medium and small market capitalizations that are selected on an opportunistic basis. Generally, the Fund’s managers look for undervalued companies where catalysts exist that may help unlock value or improve profitability. Such catalysts can be new management, improving fundamentals, renewed management focus, industry consolidation or company restructuring.

Disruptions in the financial markets during the period plagued most of the Fund’s financial services sector holdings, including Genworth Financial Inc. and Hartford Financial Services Group, Inc., as investors became increasingly wary of the insurance industry. Capital adequacy for insurance companies came into question in the face of rising realized and unrealized losses and declining equity markets, which put a strain on regulatory capital for firms with exposure to equity-sensitive products, such as variable life and variable annuities. Rising losses in Genworth’s U.S. mortgage insurance business was also a major concern for that company, and uncertainty over potential rating agency downgrades within the life insurance group has compounded the issue. We would note, however, that Genworth shares more than doubled in the first six months of 2009.

The Fund’s investment in Viacom Inc. also declined as the downturn in the economy led to lower cable network advertising spending and placed pressure on the company’s earnings for the year. Additionally, the stock faced overhang pressures from the forced selling of shares by Chairman Sumner Redstone to refinance his personal loans. While Viacom’s near-term earnings potential will continue to be weakened by a soft advertising environment, we believe the company’s strong free cash flow, growth in affiliate fees, and lack of credit concerns makes the company attractively valued.

U.S. Steel Corp. declined as management warned that earnings would be pressured due to seasonal weakness, the slowdown in the global economy, and declines in overall steel prices.

The Fund did have several selections that positively impacted performance. Despite volatility in the price of gold over the year, AngloGold Ashanti was one of the best performing stocks among the senior gold producers. AngloGold continued to post strong operational results, as the company sold its Boddington project in Australia for $907 million in after-tax proceeds and will use the cash to strengthen its balance sheet.

Amgen Inc. shares also appreciated after the company disclosed the results of its Phase 3 data for denosumab, its novel biologic drug to combat osteoporosis. In addition, Amgen continued to post solid quarterly results on the back of significant cost reductions and prudent free cash flow redeployment into share buyback and strategic tack-on acquisitions.

8 Nuveen Investments

We took advantage of the extreme dislocations in the market over the twelve-month period to add a number of new investments to the Fund. In December 2008, we established a new position in CF Industries Holdings Inc., one of the largest manufacturers and distributors of nitrogen and phosphate fertilizer in North America. The stock rose in the first part of 2009 as nitrogen and phosphate prices have begun to rebound. In the energy sector, we added new positions in BJ Services and EOG Resources after significant corrections in their share prices. BJ Services is a leading worldwide provider of pressure pumping and oilfield services. We felt the stock offered attractive downside protection, and was well positioned to benefit from any increase in pumping demand from unconventional natural gas projects. We sold this position before the end of the period. EOG Resources is a crude oil and natural gas exploration and production (E&P) company that has historically sold at a significant premium to other E&P companies. We were able to initiate a position in EOG at only a slight premium to its peers.

We also made an investment in Loews Corp. as our analysis showed the stock’s discount to the sum of its parts exceeded 30%, more than double its historical average. We believe the stock would remain undervalued even if Loews wrote off its entire CNA position. After initiating a position in the Reinsurance Group of America Inc. (RGA) in the fourth quarter of 2008, we substantially increased our weighting on price weakness during the first quarter of 2009. We believe that RGA is well positioned to take advantage of the current turmoil and need for life insurance companies to use reinsurance as an alternative to raising capital.

We initiated a position in Redwood Trust Inc., a mortgage Real Estate Investment Trust (REIT), after the company had completed a secondary equity offering in January 2009. Redwood Trust invests primarily in residential mortgage backed securities and differs from many traditional mortgage REITs in that it has extremely low leverage.

The Fund also eliminated a number of portfolio holdings during the year. In October 2008, we eliminated our position in Citigroup, Inc. after Wells Fargo & Company topped Citigroup’s U.S. government-assisted bid for Wachovia’s banking assets. We believed that acquiring Wachovia would have strengthened Citigroup’s financial position. Without those assets, we believed Citigroup was in a weakened position. Additionally, we sold our position in pork producer, Smithfield Foods Inc., due to weak fundamentals and balance sheet leverage. We eliminated Sprint Nextel Corp. after concluding that a recession, negative trends in industry wireless subscriber growth, and the company’s debt level introduced greater risk for equity holders. Other eliminated holdings included Altria Group Inc., BJ Services Co., Comcast Corp., Liberty Media Interactive, Microsoft Corp., Quantum Corp., and Sappi Ltd.

Nuveen Investments 9

Nuveen NWQ Large-Cap Value Fund

Class A Shares at net asset value for the Nuveen NWQ Large-Cap Value Fund underperformed each of its comparative indexes for the twelve-month period ended June 30, 2009.

The Fund continued to pursue a consistent investment strategy during this difficult period. The Fund seeks undervalued large- and mid-sized companies with identifiable catalysts that have the potential to improve profitability and appreciate over time. The Fund’s manager seeks to provide superior risk-adjusted returns through an analyst-driven, value-oriented process. Portfolio managers look for undervalued companies where catalysts exist to unlock value or improve profitability. Such catalysts can be new management, improving fundamentals, renewed management focus, industry consolidation or company restructuring.

As mentioned previously, weak economic conditions and disruptions in the financial markets plagued most of the financial services sector, including the Fund’s investments in Genworth Financial Inc. and Hartford Financial Services Group, Inc., as investors became increasingly wary of the insurance industry. Capital adequacy for insurance companies came into question in the face of rising realized and unrealized losses and declining equity markets, which put a strain on regulatory capital for firms with exposure to equity-sensitive products, such as variable life and variable annuities. Rising losses in Genworth’s U.S. mortgage insurance business was also a major concern for that company, and uncertainty over potential rating agency downgrades within the life insurance group has compounded the issue. We would note, however, that Genworth shares more than doubled in the first six months of 2009.

The Fund’s investment in Viacom Inc. also declined as the downturn in the economy led to lower cable network advertising spending and placed pressure on the company’s earnings for the year. Additionally, the stock faced overhang pressures from the forced selling of shares by Chairman Sumner Redstone to refinance his personal loans. While Viacom’s near-term earnings potential will continue to be weakened by a soft advertising environment, we believe the company’s strong free cash flow, growth in affiliate fees, and lack of credit concerns makes the company attractively valued.

U.S. Steel Corp. declined as management warned that earnings would be pressured due to seasonal weakness, the slowdown in the global economy, and declines in overall steel prices.

The Fund did have several selections that positively impacted performance. Despite volatility in the price of gold over the year, AngloGold Ashanti was one of the best

10 Nuveen Investments

performing stocks among the senior gold producers. AngloGold continued to post strong operational results, as the company sold its Boddington project in Australia for $907 million in after-tax proceeds and will use the cash to strengthen its balance sheet.

Amgen Inc. shares also appreciated after the company disclosed the results of its Phase 3 data for denosumab, its novel biologic drug to combat osteoporosis. In addition, Amgen continued to post solid quarterly results on the back of significant cost reductions and prudent free cash flow redeployment into share buyback and strategic tack-on acquisitions.

We continued to take advantage of the extreme dislocations in the market to make adjustments to the portfolio. In December 2008, we eliminated our position in International Paper in favor of establishing a new position in Mosaic Company, a manufacturer of feed and fertilizer products. The dramatic market decline in late 2008 as well as fears of further fertilizer price deterioration had caused a dramatic sell-off in the stock price. Subsequent to our purchase, shares of Mosaic appreciated strongly (over 100%) as fundamentals in the nitrogen and phosphate markets have begun to rebound.

The Fund also established a new position in MetLife, Inc. on the heels of a public capital raise by the company. Although significant challenges remain within the financial sector, we believe MetLife possesses one of the best franchises in the life insurance industry, and its capital raise strengthened its capital position which may allow them to take advantage of acquisition opportunities.

We established a position in Merck & Co. Inc. as we thought the stock offered a compelling valuation and a disciplined management team that has not historically diluted its shareholders. In the energy sector, we added new positions in Halliburton Company and EOG Resources, Inc. after significant corrections in their share prices. Other new holdings include CBS Corp., Travelers Companies, Inc., and Union Pacific Corp.

The Fund also eliminated a number of portfolio holdings during the year. In October 2008, we sold our position in Citigroup, Inc. after Wells Fargo & Company topped Citigroup’s U.S. government-assisted bid for Wachovia’s banking assets. We believed that acquiring Wachovia would have strengthened Citigroup’s financial position. Without those assets, we believed Citigroup was in a weakened position. We sold Bank of America Corp. from the portfolio in September as its announced acquisition of Merrill Lynch introduced heightened risk in the short/intermediate term in exchange for purported long term benefits. We also sold Sprint Nextel Corp. given that a recession, negative trends in industry wireless subscriber growth, and its debt level introduced greater risk for equity holders. Other eliminated holdings include Altria Group Inc., ConocoPhillips, Illinois Tool Works Inc., and Liberty Media Interactive, among others.

Nuveen Investments 11

Nuveen NWQ Small/Mid-Cap Value Fund

Class A Shares at net asset value for the Nuveen NWQ Small/Mid-Cap Value Fund underperformed each of its comparative indexes for the twelve-month period ended June 30, 2009.

As noted, the twelve-month period presented an especially challenging environment for all equities, including small- and mid-cap issues. Nevertheless, the Fund continued to follow its disciplined investment approach. The Fund seeks long-term capital appreciation by investing in equity securities of companies with small- to mid-market capitalizations selected using an analyst-driven, value-oriented process. Portfolio managers look for undervalued companies where catalysts exist to unlock value or improve profitability. Such catalysts can be new management, improving fundamentals, renewed management focus, industry consolidation or company restructuring.

While the generally negative market environment was a large factor in the Fund’s negative return during the period, several of the Fund’s holdings were particularly stressed. Sauer, a competitor in the mobile hydraulics industry, was negatively impacted by significantly weakened end market demand. This decreasing demand led to increased scrutiny of the company’s balance sheet even after it was able to refinance its debt by entering into a $490 million line of credit with majority shareholder Danfoss A/S. We sold this position before the end of the period. Early in the period, we also eliminated a position in Pacific Sunwear of California after a period of poor performance as the company suffered from very weak consumer demand. Reliant Energy also negatively impacted performance and was sold before the period ended. Higher coal prices and lower natural gas prices narrowed the pricing difference between the two energy components, contracting operating margins.

However, several holdings did contribute positively to performance throughout the period. Despite volatility in the price of gold over the year, AngloGold Ashanti was one of the best performing stocks among the senior gold producers. AngloGold continued to post strong operational results, as the company sold its Boddington project in Australia for $907 million in after-tax proceeds and will use the cash to strengthen its balance sheet. We sold our position in AngloGold before the end of the period.

We re-established a position in Denbury Resources Inc. toward the end of 2008, after having sold the stock at higher levels earlier in the year. The company subsequently rebounded from what we believed was an oversold position toward the end of 2008 and was one of the portfolio’s top performers during the annual reporting period. We believe the company remains very leveraged to increasing oil and gas prices. Casey’s General Stores, Inc. continued to meet expectations in its three operating segments – gasoline,

12 Nuveen Investments

grocery & other merchandise, and prepared food and fountain – which led to attractive performance.

We took advantage of the extreme dislocations in the market to add a number of new investments to the Fund over the past twelve months. We initiated a position in Continental Resources, Inc., an independent oil and natural gas exploration and production company that we believe has very attractive prospects for production growth in its portfolio.

In December 2008, we established a new position in CF Industries Holdings Inc., one of the largest manufacturers and distributors of nitrogen and phosphate fertilizer in North America. The stock rose in the first part of 2009 as nitrogen and phosphate prices began to rebound. We sold the position before the period ended. After initiating a position in the Reinsurance Group of America Inc. (RGA) in the fourth quarter of 2008, we substantially increased our weighting on price weakness during the first quarter of 2009. We believe that RGA is well positioned to take advantage of the current turmoil and need for life insurance companies to use reinsurance as an alternative to raising capital.

We also initiated a position in StanCorp Financial Group, Inc., a leading provider of financial products and services, including disability and life insurance, retirement products and services, individual annuities, and investment advice.

We eliminated a number of portfolio holdings during the year, including Community Health Systems, Fossil, Newell Rubbermaid, Pacific Sunwear of California, Sappi, Acuity Brands, Domtar, Reliant Energy, Smithfield Foods, Agrium, Kennametal and Unum Group.

Nuveen NWQ Small-Cap Value Fund

Class A Shares at net asset value for the Nuveen NWQ Small-Cap Value Fund underperformed each of its comparative indexes for the twelve-month period ended June 30, 2009.

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

The Fund’s positions in Warren Resources Inc., Sauer-Danfoss, Pacific Sunwear of California and GSI Group all negatively impacted performance during the period. Warren

Nuveen Investments 13

Resources was hurt by a sell-off in commodity prices during the reporting period and we sold our position before the period ended. Sauer, a competitor in the mobile hydraulics industry, was negatively impacted by significantly weakened end market demand. This decreasing demand led to increased scrutiny of the company’s balance sheet even after it was able to refinance its debt by entering into a $490 million line of credit with majority shareholder Danfoss A/S. We eliminated these positions in the first half of 2009. Early in the period, we also eliminated a position in Pacific Sunwear of California as the company suffered from very weak consumer demand. While we have had a lot of confidence in Pacific Sunwear’s management team, we believed a turnaround in this retail environment is extremely difficult. We also sold GSI Group during the year.

Brocade Communications Systems Inc. was the portfolio’s top performer during the period. Brocade’s stock benefited from a successful integration of its Network Foundry acquisition. In the second quarter of 2009 Brocade took significant share in the storage switch market, and those looking for a networking alternative to Cisco now have potential logical choice.

Denbury Resources rebounded from what we believed was an oversold position toward the end of 2008 and was one of the portfolio’s top performers for the annual reporting period. While we believe the company remains very leveraged to increasing oil and gas prices, we eliminated the position from the portfolio before the end of the reporting period as the company’s market cap significantly exceeded the upper market capitalization level of the Russell 2000 Value Index.

Yamana Gold also did well. A Canadian-based gold and precious metals producer, Yamana owns gold development stage properties, exploration properties, and land positions. We sold the Yamana position before the end of the period.

We took advantage of the extreme dislocations in the market to add a number of new investments to the Fund over the twelve months. After initiating a position in the Reinsurance Group of America Inc. (RGA) in the fourth quarter of 2008, we substantially increased our weighting on price weakness during the first quarter of 2009. We believe that RGA is well positioned to take advantage of the current turmoil and need for life insurance companies to use reinsurance as an alternative to raising capital.

Assurant Inc. is a provider of creditor-placed homeowner’s insurance, as well as other insurance lines. Assurant has a leading market position strong balance sheet and solid investment portfolio. We took a position in the stock close to the 2008 low, and it rebounded to close the reporting period as one of the portfolio’s top performers. PacWest Bancorp., a bank holding company, provides commercial banking services to small- and medium-sized businesses in southern California, Arizona, and Texas. We initiated our position based on the company’s strong capital position, quality management team, superior underwriting

14 Nuveen Investments

standards, and attractive valuation. Texas Capital Bancshares, Inc. (TCBI) caters to business and private clients through its full-service locations in Texas. We initiated our position based on TCBI’s strong capital position, experienced management team, manageable credit quality position, and attractive valuation.

CIRCOR International Inc. provides fluid control valves to specialty niche markets including oil and gas and aerospace. New management in 2006 has dramatically improved the company’s competitive position through product innovation and improvements in operational efficiency. While the stock has weakened significantly in the last year reflecting industrial market weakness and a down cycle in energy capital spending, we believe the stock is very attractive at a price close to book value and with a debt free balance sheet.

We also initiated a holding in WABCO Holdings Inc., a leading producer of electric and electromechanical parts for trucks and buses. A dominant manufacturer in Europe, the company is expanding in Asia and North America.

We eliminated a number of portfolio holdings during the year. In addition to those already mentioned, others included Commscope, Community Health Systems, Fossil, Quantum, Sappi, Acuity Brands, Century Aluminum, Domtar, Smithfield Foods, CF Industries, Kennametal, and WD-40.

Nuveen Tradewinds Value Opportunities Fund

The Nuveen Tradewinds Value Opportunities Fund’s Class A Shares at net asset value outperformed both the Russell and Lipper indexes over the past twelve months ending June 30, 2009.

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

While we are bottom up, value investors, we are also keenly aware of the ever-changing world in which we live and its implications for the Fund’s portfolio. We are assessing the longer term implications for the global economy of increased government involvement in what were private enterprises and the recent rhetoric regarding protectionism of sovereign industries that is appearing. Also, as the world’s central banks continue to “print” money and inject unprecedented amounts of liquidity into markets, we have to be cognizant of the intended, and more importantly, unintended consequences of such actions. This has helped

Nuveen Investments 15

markets to rally in the short term, and means that right now many individual companies are very attractively valued, while markets are generally attractively valued for long term investors. Given the fact that Tradewinds’ focus is to buy good businesses at attractive prices rather than timing markets, as well as to focus on the supply side of industry dynamics rather than the demand side, we have been trying to take advantage of investor over-optimism or pessimism to analyze and buy those companies other investors shun. We are currently finding good opportunities in the technology, telecommunications, transportation and utilities sectors, while we have recently been reducing exposure in the energy, materials and processing and producer durables sectors.

A significant portion of the Fund’s relative outperformance over the period was due to its relative overweight exposure to comparative strong returning sectors or stocks. The one exception was the technology sector, where the Fund underperformed the Russell Index on both an absolute and relative basis. The Fund’s return also was aided by its relative underexposure to the financials sector, which was the worst performing sector in the index.

Materials and processing was the Fund’s top performing sector, with three of the portfolio’s top ten performers, all gold companies. Though gold stocks performed particularly poorly in the third quarter of 2008 due to general underperformance by the gold mining industry and somewhat indiscriminate selling of these stocks, they rebounded and were the best performers in the fourth quarter of 2008 and first quarter of 2009. Lihir Gold Limited was the portfolio’s top performer, a gold producer in the Australasian region. Three of its primary assets – Lihir Island in Papua New Guinea, Bonikro in Cote d’Ivoire and Mt. Rawdon in Australia – performed well. Gold Fields Limited, a South Africa-based gold producing company, operates mines in South Africa, Ghana, Australia and Peru. The depreciation of the South African Rand reduced the company’s input costs and improved profitability margins. Kinross Gold Corporation is a senior gold producer with operations located in the United States, Brazil, Chile and Russia. The company has had a strong production growth and lowered its unit costs. Generally, gold companies were aided by strengthening gold prices and a slowly returning level of normalcy in equity markets.

Another strong performer was Tata Motors Limited, ADR, a member of the producer durables sector. The company is India’s largest truck maker, and its principal activities are to manufacture and market commercial, utility and passenger vehicles. The company was able to arrange refinancing for a bridge loan. This eased investor concerns and the stock rallied at the news.

Whole Foods Market, Inc. in the consumer staples sector also performed well. The company has taken positive steps to reduce its development costs due to its rapid store expansion and in March 2009 announced that it had reached its antitrust settlement with the Federal over its proposed merger with competitor Wild Oats. Despite the strong return from Whole Foods, the sector also had one of the worst detractors to Fund performance.

16 Nuveen Investments

Smithfield Foods, Inc., a hog producer, and pork processor, saw its share price declined significantly during the second half of 2008 and first quarter of 2009 due to the fish disease problems in South America, low product pricing, oversupply of hogs, weak domestic demand and concerns regarding the company’s debt covenants.

Health care was the third best performing sector for the Fund. Its top holding was Apria Healthcare Group Incorporated, a provider of a range of home health care services with three service lines: home respiratory therapy, home infusion therapy and home medical equipment. In October 2008, the company was acquired by The Blackstone Group L.P.. We no longer hold Blackstone Group at the end of the reporting period. Another positive contributor to performance from this sector was Amgen Incorporated. The company develops, manufactures and markets human therapeutics based on advances in cellular and molecular biology. While the health care sector outperformed, one of its members, Health Net Inc., was a detractor to Fund performance. The company delivers managed healthcare services and its stock price fell in the fourth quarter of 2008 after the company forecasted lower revenue and higher costs, primarily in its commercial business. The stock price did rebound somewhat in the first half of 2009, spurred by better than expected first quarter earnings.

Despite the relative outperformance of the materials and processing sector, two of its members were also among the worst detractors in the Fund for this period. Domtar Corp., a manufacturer and marketer of paper and pulp in North America, underperformed due to oversupply, decreasing demand for paper and looming concerns over the company’s ability to refinance its 2011 debt maturities. AngloGold Ashanti Limited was another poor performer recently. The stock enjoyed a strong run in 2008, but its short-term outlook looks cloudy because of safety-related work stoppages and contentious labor unions relations. The position was sold before the end of the period.

The unprecedented drop in energy commodity prices in the second half of 2008 led the energy sector to be the worst performing sector for the period on an absolute basis. Shares of coal related stocks declined significantly as oil and gas prices continued to decline. The biggest detractor to Fund’s performance from this sector was Arch Coal Inc., whose investors are concerned by the recent company’s weaker than expected earnings. Another significant detractor to performance was Warren Resources Inc. an independent energy company engaged in the exploration and development of onshore oil and gas reserves.

Sprint Nextel Corp., a global communication company, was another detractor to performance. The company performed poorly in the second half of 2008 because it was unable to moderate subscriber losses and its significant balance sheet debt as it continued to navigate the merger of Sprint and Nextel. The position was sold before the end of the period.

Nuveen Investments 17

1 The since-inception return for the Nuveen Multi-Manager Large-Cap Value Fund is as of 8/7/96, Nuveen NWQ Multi-Cap Value Fund is calculated from 11/4/97, and the Nuveen NWQ Large-Cap Value Fund is from 12/15/06

2 The Lipper Funds Indexes are managed indexes that represent the average annualized returns of the 30 largest funds in each respective Lipper Funds category. The since inception return for the Lipper Multi-Cap Value Funds Index for the Nuveen NWQ Multi-Cap Value Fund represent returns for the period 11/30/97-6/30/08 as returns for that time period are only available on a calendar month basis. The returns assume reinvestment of dividends, but do not reflect any applicable sales charges. You cannot invest directly in an index.

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

Class A Shares – Average Annual Total Returns

As of 6/30/09

	1-Year	5-Year	10-Year	Since Inception1
Nuveen Multi-Manager Large-Cap Value Fund
A Shares at NAV	-28.95%	-0.56%	-0.08%	4.88%
A Shares at Offer	-33.03%	-1.74%	-0.67%	4.40%
Lipper Large-Cap Value Funds Index2	-26.95%	-2.40%	-0.62%	4.11%
Russell 1000 Value Index3	-29.03%	-2.13%	-0.15%	5.44%
S&P 500 Index3	-26.21%	-2.24%	-2.22%	4.35%
Nuveen NWQ Multi-Cap Value Fund
A Shares at NAV	-34.12%	-5.70%	2.56%	4.45%
A Shares at Offer	-37.91%	-6.81%	1.95%	3.93%
Lipper Multi-Cap Value Funds Index2	-26.87%	-2.45%	1.26%	2.13%
Russell 3000 Value Index3	-28.73%	-2.14%	0.21%	2.56%
S&P 500 Index3	-26.21%	-2.24%	-2.22%	1.39%
Nuveen NWQ Large-Cap Value Fund
A Shares at NAV	-26.57%	N/A	N/A	-16.01%
A Shares at Offer	-30.79%	N/A	N/A	-17.94%
Lipper Multi-Cap Value Funds Index2	-26.87%	N/A	N/A	-16.48%
Russell 1000 Value Index3	-29.03%	N/A	N/A	-17.57%

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

Returns quoted represent past performance, which is no guarantee of future results. Current performance may be higher or lower than the performance shown. Investment returns and principal value will fluctuate so that when shares are redeemed, they may be worth more or less than their original cost. Class A shares have a 5.75% maximum sales charge. Returns at NAV would be lower if sales charges were included. Returns do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or the redemption of shares. Returns reflect a voluntary expense limitation by the Funds’ investment adviser that may be modified or discontinued at any time without notice. For the most recent month-end performance, visit www.nuveen.com or call (800) 257-8787.

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

18 Nuveen Investments

1 The since-inception return for the Nuveen NWQ Small/Mid-Cap Value Fund is as of 12/15/06 while the Nuveen NWQ Small-Cap Value Fund and Nuveen Tradewinds Value Opportunities Fund are calculated as of 12/9/04.

2 The Lipper Funds Indexes are managed indexes that represent the average annualized returns of the 30 largest funds in each respective Lipper Funds category. The returns assume reinvestment of dividends, but do not reflect any applicable sales charges. You cannot invest directly in an index.

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

Class A Shares – Average Annual Total Returns

As of 6/30/09

	1-Year	5-Year	10-Year	Since Inception1
Nuveen NWQ Small/Mid-Cap Value Fund
A Shares at NAV	-35.34%	N/A	N/A	-20.81%
A Shares at Offer	-39.05%	N/A	N/A	-22.63%
Lipper Small-Cap Value Funds Index2	-24.24%	N/A	N/A	-15.50%
Russell 2500 Value Index3	-26.24%	N/A	N/A	-17.05%
Nuveen NWQ Small-Cap Value Fund
A Shares at NAV	-39.29%	N/A	N/A	-6.31%
A Shares at Offer	-42.78%	N/A	N/A	-7.52%
Lipper Small-Cap Value Funds Index2	-24.24%	N/A	N/A	-3.47%
Russell 2000 Value Index3	-25.24%	N/A	N/A	-5.20%
Nuveen Tradewinds Value Opportunities Fund
A Shares at NAV	-13.47%	N/A	N/A	7.87%
A Shares at Offer	-18.46%	N/A	N/A	6.48%
Lipper Multi-Cap Core Funds Index2	-26.35%	N/A	N/A	-2.88%
Russell 3000 Value Index3	-28.73%	N/A	N/A	-4.84%

Returns quoted represent past performance, which is no guarantee of future results. Current performance may be higher or lower than the performance shown. Investment returns and principal value will fluctuate so that when shares are redeemed, they may be worth more or less than their original cost. Class A shares have a 5.75% maximum sales charge. Returns do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or the redemption of shares. Returns at NAV would be lower if sales charges were included. Returns reflect a voluntary expense limitation by the Funds’ investment adviser that may be modified or discontinued at any time without notice. For the most recent month-end performance, visit www.nuveen.com or call (800) 257-8787.

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

Nuveen Investments 19

Nuveen Multi-Manager Large-Cap Value Fund

Growth of an Assumed $10,000 Investment

Nuveen NWQ Multi-Cap Value Fund

Growth of an Assumed $10,000 Investment

The graphs do not reflect the deduction of taxes that a shareholder may pay on Fund distributions or the redemption of shares.

The index comparisons show the change in value of a $10,000 investment in the Class A Shares of the Nuveen Funds compared with the corresponding indexes. The Lipper Large-Cap Value Funds Index is a managed index that represents the average annualized returns of the 30 largest funds in the Lipper Large-Cap Value Funds category. The Russell 1000 Value Index is a market capitalization-weighted index of those firms in the Russell 1000 Index with lower price-to-book ratios and lower forecasted growth value. The S&P 500 Index is an unmanaged index generally considered to be representative of the U.S. stock market. The Lipper Multi-Cap Value Funds Index is a managed index that represents the average annualized returns of the 30 largest funds in the Lipper Multi-Cap Value Funds category. The Russell 3000 Value Index is a market-capitalization weighted index of those firms in the Russell 3000 Index with lower price-to-book ratios and lower forecasted growth values. The Russell 3000 Index represents the 3000 largest U.S. companies. The index returns assume reinvestment of dividends and do not reflect any initial or ongoing expenses. You cannot invest directly in an index. The Nuveen Funds’ returns include reinvestment of all dividends and distributions, and the Funds’ returns at the offer price depicted in the charts reflect the initial maximum sales charge applicable to Class A Shares (5.75%) and all ongoing Fund expenses. The performance data quoted represents past performance, which is not indicative of future results. Current performance may be lower or higher than the performance shown.

20 Nuveen Investments

Nuveen NWQ Large-Cap Value Fund

Growth of an Assumed $10,000 Investment

Nuveen NWQ Small/Mid-Cap Value Fund

Growth of an Assumed $10,000 Investment

The graphs do not reflect the deduction of taxes that a shareholder may pay on Fund distributions or the redemption of shares.

The index comparisons show the change in value of a $10,000 investment in the Class A Shares of the Nuveen Funds compared with the corresponding indexes. The Lipper Multi-Cap Value Funds Index is a managed index that represents the average annualized returns of the 30 largest funds in the Lipper Multi-Cap Value Funds category. The Russell 1000 Value Index is a market capitalization-weighted index of those firms in the Russell 1000 Index with lower price-to-book ratios and lower forecasted growth value. The Lipper Small-Cap Value Funds Index is a managed index that represents the average annualized returns of the 30 largest funds in the Lipper Small-Cap Value Funds category. The Russell 2500 Value Index is a market capitalization-weighted index of those firms in the Russell 2500 Index with lower price-to-book ratios and lower forecasted growth value. The index returns assume reinvestment of dividends and do not reflect any initial or ongoing expenses. You cannot invest directly in an index. The Nuveen Funds’ returns include reinvestment of all dividends and distributions, and the Funds’ returns at the offer price depicted in the charts reflect the initial maximum sales charge applicable to Class A Shares (5.75%) and all ongoing Fund expenses. The performance data quoted represents past performance, which is not indicative of future results. Current performance may be lower or higher than the performance shown.

Nuveen Investments 21

Nuveen NWQ Small-Cap Value Fund

Growth of an Assumed $10,000 Investment

Nuveen Tradewinds Value Opportunities Fund

Growth of an Assumed $10,000 Investment

The graphs do not reflect the deduction of taxes that a shareholder may pay on Fund distributions or the redemption of shares.

The index comparisons show the change in value of a $10,000 investment in the Class A Shares of the Nuveen Funds compared with the corresponding indexes. The Lipper Small-Cap Value Funds Index is a managed index that represents the average annualized returns of the 30 largest funds in the Lipper Small-Cap Value Funds category. The Russell 2000 Value Index is a market capitalization-weighted index of those firms in the Russell 2000 Index with lower price-to-book ratios and lower forecasted growth value. The Lipper Multi-Cap Core Funds Index is a managed index that represents the average annualized returns of the 30 largest funds in the Lipper Multi-Cap Core Funds category. The Russell 3000 Value Index is a market capitalization-weighted index of those firms in the Russell 3000 Index with lower price-to-book ratios and lower forecasted growth value. The index returns assume reinvestment of dividends and do not reflect any initial or ongoing expenses. You cannot invest directly in an index. The Nuveen Funds’ returns include reinvestment of all dividends and distributions, and the Funds’ returns at the offer price depicted in the charts reflect the initial maximum sales charge applicable to Class A Shares (5.75%) and all ongoing Fund expenses. The performance data quoted represents past performance, which is not indicative of future results. Current performance may be lower or higher than the performance shown.

22 Nuveen Investments

Fund Spotlight as of 6/30/09 Nuveen Multi-Manager Large-Cap Value Fund

Quick Facts
	A Shares	B Shares1	C Shares	R3 Shares	I Shares1
Fund Symbol	NNGAX	NNGBX	NNGCX	NMMTX	NNGRX
NAV	$14.23	$13.84	$13.80	$14.31	$14.28
Latest Capital Gain Distribution2	$1.5761	$1.5761	$1.5761	$1.5761	$1.5761
Latest Ordinary Income Distribution3	$0.1890	$0.0289	$0.0289	$0.1395	$0.2432
Inception Date	8/07/96	8/07/96	8/07/96	8/04/08	8/07/96

Returns quoted represent past performance which is no guarantee of future results. Investment returns and principal value will fluctuate so that when shares are redeemed, they may be worth more or less than their original cost. Current performance may be higher or lower than the performance shown. Returns without sales charges would be lower if the sales charge were included. Returns do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or the redemption of shares. For the most recent month-end performance visit www.nuveen.com or call (800) 257-8787.

Class A, B, C and I Share returns are actual. The returns for Class R3 Shares are actual for the period since class inception; returns prior to class inception are Class I Share returns adjusted for differences in sales charges and expenses, which are primarily differences in distribution and service fees. Fund returns assume reinvestment of dividends and capital gains. Class A Shares have a 5.75% maximum sales charge. Class A Share purchases of $1 million or more are sold at net asset value without an up-front sales charge but may be subject to a contingent deferred sales charge (CDSC), also known as a backend sales charge, if redeemed within twelve months of purchase. Class B Shares have a CDSC that begins at 5% for redemptions during the first year and declines periodically until after six years when the charge becomes 0%. Class B Shares automatically convert to Class A Shares eight years after purchase. Class C Shares have a 1% CDSC for redemptions within less than one year, which is not reflected in the one-year total return. Class I Shares have no sales charge and may be purchased under limited circumstances or by specified classes of investors. Class R3 Shares have no sales charge and are available to only certain retirement plan clients of financial intermediaries. Returns may reflect an expense limitation by the Fund’s investment adviser.

Average Annual Total Returns as of 6/30/09
A Shares	NAV	Offer
1-Year	-28.95%	-33.03%
5-Year	-0.56%	-1.74%
10-Year	-0.08%	-0.67%
B Shares	w/o CDSC	w/CDSC
1-Year	-29.46%	-31.99%
5-Year	-1.30%	-1.43%
10-Year	-0.67%	-0.67%
C Shares	NAV
1-Year	-29.52%
5-Year	-1.32%
10-Year	-0.83%
R3 Shares	NAV
1-Year	-29.21%
5-Year	-0.87%
10-Year	-0.36%
I Shares	NAV
1-Year	-28.83%
5-Year	-0.33%
10-Year	0.17%

Top Five Common Stock Holdings4
JPMorgan Chase & Co.	3.8%
Chevron Corporation	2.8%
Exxon Mobil Corporation	2.3%
Wells Fargo & Company	2.1%
Occidental Petroleum Corporation	2.1%

Portfolio Allocation⁴

Portfolio Statistics
Net Assets ($000)	$274,747
Number of Stocks	623

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

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

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

2 Paid December 18, 2008.

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

4 As a percentage of total investments as of June 30, 2009. Holdings are subject to change.

Nuveen Investments 23

Fund Spotlight as of 6/30/09 Nuveen Multi-Manager Large-Cap Value Fund

Industries1
Oil, Gas & Consumable Fuels	14.0%
Pharmaceuticals	9.1%
Insurance	5.0%
Diversified Financial Services	4.8%
Commercial Banks	4.0%
Capital Markets	3.5%
Diversified Telecommunication Services	3.3%
Beverages	3.0%
Media	3.0%
Electric Utilities	3.0%
Specialty Retail	2.8%
Aerospace & Defense	2.8%
Semiconductors & Equipment	2.5%
Food & Staples Retailing	2.4%
Road & Rail	2.2%
Metal & Mining	2.1%
Energy Equipment & Services	2.0%
Software	1.7%
Chemicals	1.6%
Machinery	1.5%
Computers & Peripherals	1.5%
Investment Companies	1.4%
IT Services	1.3%
Health Care Equipment & Supplies	1.3%
Food Products	1.1%
Tobacco	1.1%
Biotechnology	1.1%
Short-Term Investments	2.0%
Other	14.9%

1 As a percentage of total investments as of June 30, 2009. Holdings are subject to change.

Expense Example

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

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

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

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

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

											Hypothetical Performance
	Actual Performance										(5% return before expenses)
	A Shares		B Shares		C Shares		R3 Shares		I Shares		A Shares		B Shares		C Shares		R3 Shares		I Shares
Beginning Account Value (1/01/09)	$	1,000.00	$	1,000.00	$	1,000.00	$	1,000.00	$	1,000.00	$	1,000.00	$	1,000.00	$	1,000.00	$	1,000.00	$	1,000.00
Ending Account Value (6/30/09)	$	1,002.10	$	998.60	$	997.80	$	1,000.70	$	1,002.80	$	1,018.99	$	1,015.27	$	1,015.27	$	1,017.60	$	1,020.23
Expenses Incurred During Period	$	5.81	$	9.51	$	9.51	$	7.19	$	4.57	$	5.86	$	9.59	$	9.59	$	7.25	$	4.61

For each class of the Fund, expenses are equal to the Fund’s annualized net expense ratio of 1.17%, 1.92%, 1.92%, 1.45% and 0.92% for Classes A, B, C, R3 and I, respectively, multiplied by the average account value over the period, multiplied by 181/365 (to reflect the one-half year period).

24 Nuveen Investments

Fund Spotlight as of 6/30/09 Nuveen NWQ Multi-Cap Value Fund

Quick Facts
	A Shares	B Shares1	C Shares	R3 Shares	I Shares1
Fund Symbols	NQVAX	NQVBX	NQVCX	NMCTX	NQVRX
NAV	$12.22	$11.84	$11.84	$12.16	$12.22
Inception Date	12/09/02	12/09/02	12/09/02	8/04/08	11/04/97

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

Returns quoted represent past performance which is no guarantee of future results. Investment returns and principal value will fluctuate so that when shares are redeemed, they may be worth more or less than their original cost. Current performance may be higher or lower than the performance shown. Returns without sales charges would be lower if the sales charge were included. Returns do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or the redemption of shares. For the most recent month-end performance visit www.nuveen.com or call (800) 257-8787.

Class A, B, C and I Share returns are actual. The returns for Class R3 Shares are actual for the period since class inception; returns prior to class inception are Class I Share returns adjusted for differences in sales charges and expenses, which are primarily differences in distribution and service fees. Fund returns assume reinvestment of dividends and capital gains. Class A Shares have a 5.75% maximum sales charge. Class A Share purchases of $1 million or more are sold at net asset value without an up-front sales charge but may be subject to a contingent deferred sales charge (CDSC), also known as a backend sales charge, if redeemed within twelve months of purchase. Class B Shares have a CDSC that begins at 5% for redemptions during the first year and declines periodically until after six years when the charge becomes 0%. Class B Shares automatically convert to Class A Shares eight years after purchase. Class C Shares have a 1% CDSC for redemptions within less than one year, which is not reflected in the one-year total return. Class I Shares have no sales charge and may be purchased under limited circumstances or by specified classes of investors. Class R3 Shares have no sales charge and are available to only certain retirement plan clients of financial intermediaries. Returns may reflect an expense limitation by the Fund’s investment adviser.

Average Annual Total Returns as of 6/30/09
A Shares	NAV	Offer
1-Year	-34.12%	-37.91%
5-Year	-5.70%	-6.81%
10-Year	2.56%	1.95%
B Shares	w/o CDSC	w/CDSC
1-Year	-34.62%	-37.24%
5-Year	-6.41%	-6.58%
10-Year	1.94%	1.94%
C Shares	NAV
1-Year	-34.62%
5-Year	-6.41%
10-Year	1.79%
R3 Shares	NAV
1-Year	-34.31%
5-Year	-5.98%
10-Year	2.26%
I Shares	NAV
1-Year	-33.95%
5-Year	-5.48%
10-Year	2.82%

Top Five Common Stock Holdings2
CA Inc.	6.6%
Viacom Inc., Class B	5.7%
Noble Energy, Inc.	4.6%
Motorola, Inc.	4.6%
Reinsurance Group America Inc.	4.4%

Portfolio Allocation²

Portfolio Statistics
Net Assets ($000)	$399,034
Number of Common Stocks	38

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

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

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

2 As a percentage of total investments as of June 30, 2009. Holdings are subject to change.

Nuveen Investments 25

Fund Spotlight as of 6/30/09 Nuveen NWQ Multi-Cap Value Fund

Industries1
Insurance	15.2%
Oil, Gas & Consumable Fuels	13.6%
Metals & Mining	8.9%
Media	8.7%
Software	6.6%
Pharmaceuticals	6.2%
Aerospace & Defense	5.4%
Communications Equipment	4.6%
Tobacco	4.1%
Machinery	3.8%
Biotechnology	3.6%
Diversified Financial Services	3.5%
Short-Term Investments	1.6%
Other	14.2%

1 As a percentage of total investments as of June 30, 2009. Holdings are subject to change.

Expense Example

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

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

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

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

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

											Hypothetical Performance
	Actual Performance										(5% return before expenses)
	A Shares		B Shares		C Shares		R3 Shares		I Shares		A Shares		B Shares		C Shares		R3 Shares		I Shares
Beginning Account Value (1/01/09)	$	1,000.00	$	1,000.00	$	1,000.00	$	1,000.00	$	1,000.00	$	1,000.00	$	1,000.00	$	1,000.00	$	1,000.00	$	1,000.00
Ending Account Value (6/30/09)	$	1,081.40	$	1,077.30	$	1,077.30	$	1,079.90	$	1,083.30	$	1,016.81	$	1,013.09	$	1,013.09	$	1,015.62	$	1,018.10
Expenses Incurred During Period	$	8.31	$	12.16	$	12.16	$	9.54	$	6.97	$	8.05	$	11.78	$	11.78	$	9.25	$	6.76

For each class of the Fund, expenses are equal to the Fund’s annualized net expense ratio of 1.61%, 2.36%, 2.36%, 1.85% and 1.35% for Classes A, B, C, R3 and I, respectively, multiplied by the average account value over the period, multiplied by 181/365 (to reflect the one-half year period).

26 Nuveen Investments

Fund Spotlight as of 6/30/09 Nuveen NWQ Large-Cap Value Fund

Quick Facts
	A Shares	B Shares1	C Shares	I Shares1
Fund Symbols	NQCAX	NQCBX	NQCCX	NQCRX
NAV	$12.71	$12.60	$12.60	$12.72
Latest Ordinary Income Distribution2	$0.0695	$ —	$ —	$0.1105
Inception Date	12/15/06	12/15/06	12/15/06	12/15/06

Returns quoted represent past performance which is no guarantee of future results. Investment returns and principal value will fluctuate so that when shares are redeemed, they may be worth more or less than their original cost. Current performance may be higher or lower than the performance shown. Returns without sales charges would be lower if the sales charge were included. Returns do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or the redemption of shares. For the most recent month-end performance visit www.nuveen.com or call (800) 257-8787.

Returns reflect differences in sales charges and expenses, which are primarily differences in distribution and service fees. Fund returns assume reinvestment of dividends and capital gains. Class A Shares have a 5.75% maximum sales charge. Class A Share purchases of $1 million or more are sold at net asset value without an up-front sales charge but may be subject to a contingent deferred sales charge (CDSC), also known as a backend sales charge, if redeemed within twelve months of purchase. Class B Shares have a CDSC that begins at 5% for redemptions during the first year and declines periodically until after six years when the charge becomes 0%. Class B Shares automatically convert to Class A Shares eight years after purchase. Class C Shares have a 1% CDSC for redemptions within less than one year, which is not reflected in the one-year total return. Class I Shares have no sales charge and may be purchased under limited circumstances or by specified classes of investors. Returns may reflect an expense limitation by the Fund’s investment adviser.

Average Annual Total Returns as of 6/30/09
A Shares	NAV	Offer
1-Year	-26.57%	-30.79%
Since Inception	-16.01%	-17.94%
B Shares	w/o CDSC	w/CDSC
1-Year	-27.13%	-30.04%
Since Inception	-16.61%	-17.94%
C Shares	NAV
1-Year	-27.13%
Since Inception	-16.61%
I Shares	NAV
1-Year	-26.35%
Since Inception	-15.78%

Top Five Common Stock Holdings3
CA Inc.	6.4%
Viacom Inc., Class B	4.0%
Apache Corporation	4.0%
Noble Energy, Inc.	3.9%
AngloGold Ashanti Limited, Sponsored ADR	3.7%

Portfolio Allocation³

Portfolio Statistics
Net Assets ($000)	$61,315
Number of Common Stocks	40

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

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

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

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

3 As a percentage of total investments as of June 30, 2009. Holdings are subject to change.

Nuveen Investments 27

Fund Spotlight as of 6/30/09 Nuveen NWQ Large-Cap Value Fund

Industries1
Insurance	13.6%
Oil, Gas & Consumable Fuels	12.3%
Software	8.4%
Metals & Mining	8.1%
Media	6.0%
Aerospace & Defense	4.5%
Pharmaceuticals	4.3%
Communications Equipment	3.6%
Commercial Services & Supplies	3.6%
Biotechnology	3.5%
Tobacco	3.1%
Diversified Financial Services	3.0%
Commercial Banks	2.1%
Short-Term Investments	9.7%
Other	14.2%

1 As a percentage of total investments as of June 30, 2009. Holdings are subject to change.

Expense Example

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

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

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

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

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

									Hypothetical Performance
	Actual Performance								(5% return before expenses)
	A Shares		B Shares		C Shares		I Shares		A Shares		B Shares		C Shares		I Shares
Beginning Account Value (1/01/09)	$	1,000.00	$	1,000.00	$	1,000.00	$	1,000.00	$	1,000.00	$	1,000.00	$	1,000.00	$	1,000.00
Ending Account Value (6/30/09)	$	1,043.50	$	1,040.50	$	1,040.50	$	1,045.20	$	1,018.10	$	1,014.33	$	1,014.38	$	1,019.39
Expenses Incurred During Period	$	6.84	$	10.68	$	10.62	$	5.53	$	6.76	$	10.49	$	10.49	$	5.46

For each class of the Fund, expenses are equal to the Fund’s annualized net expense ratio of 1.35%, 2.10%, 2.10% and 1.09% for Classes A, B, C and I, respectively, multiplied by the average account value over the period, multiplied by 181/365 (to reflect the one-half year period).

28 Nuveen Investments

Fund Spotlight as of 6/30/09 Nuveen NWQ Small/Mid-Cap Value Fund

Quick Facts
	A Shares	B Shares1	C Shares	I Shares1
Fund Symbols	NSMAX	NSMBX	NSMCX	NSMRX
NAV	$11.05	$10.82	$10.83	$10.96
Inception Date	12/15/06	12/15/06	12/15/06	12/15/06

Returns quoted represent past performance which is no guarantee of future results. Investment returns and principal value will fluctuate so that when shares are redeemed, they may be worth more or less than their original cost. Current performance may be higher or lower than the performance shown. Returns without sales charges would be lower if the sales charge were included. Returns do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or the redemption of shares. For the most recent month-end performance visit www.nuveen.com or call (800) 257-8787.

Returns reflect differences in sales charges and expenses, which are primarily differences in distribution and service fees. Fund returns assume reinvestment of dividends and capital gains. Class A Shares have a 5.75% maximum sales charge. Class A Share purchases of $1 million or more are sold at net asset value without an up-front sales charge but may be subject to a contingent deferred sales charge (CDSC), also known as a backend sales charge, if redeemed within twelve months of purchase. Class B Shares have a CDSC that begins at 5% for redemptions during the first year and declines periodically until after six years when the charge becomes 0%. Class B Shares automatically convert to Class A Shares eight years after purchase. Class C Shares have a 1% CDSC for redemptions within less than one year, which is not reflected in the one-year total return. Class I Shares have no sales charge and may be purchased under limited circumstances or by specified classes of investors. Returns may reflect an expense limitation by the Fund’s investment adviser.

Average Annual Total Returns as of 6/30/09
A Shares	NAV	Offer
1-Year	-35.34%	-39.05%
Since Inception	-20.81%	-22.63%
B Shares	w/o CDSC	w/CDSC
1-Year	-35.98%	-38.54%
Since Inception	-21.47%	-22.72%
C Shares	NAV
1-Year	-35.88%
Since Inception	-21.44%
I Shares	NAV
1-Year	-35.98%
Since Inception	-20.98%

Top Five Common Stock Holdings2
Elizabeth Arden, Inc.	4.9%
Griffon Corporation	4.0%
Reinsurance Group of America Inc.	4.0%
Hanover Insurance Group Inc.	3.7%
Acergy S.A., ADR	3.6%

Portfolio Allocation²

Portfolio Statistics
Net Assets ($000)	$5,818
Number of Common Stocks	44

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

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

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

2 As a percentage of total investments as of June 30, 2009. Holdings are subject to change.

Nuveen Investments 29

Fund Spotlight as of 6/30/09 Nuveen NWQ Small/Mid-Cap Value Fund

Industries1
Insurance	19.3%
Oil, Gas & Consumable Fuels	9.7%
Electronic Equipment & Instruments	9.2%
Machinery	8.2%
Communications Equipment	6.3%
Metals & Mining	5.9%
Building Products	5.6%
Personal Products	4.9%
Pharmaceuticals	4.7%
Energy Equipment & Services	4.4%
Thrifts & Mortgage Finance	2.9%
Containers & Packaging	2.9%
Short-Term Investments	2.0%
Other	14.0%

1 As a percentage of total investments as of 6/30/09. Holdings are subject to change.

Expense Example

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

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

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

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

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

									Hypothetical Performance
	Actual Performance								(5% return before expenses)
	A Shares		B Shares		C Shares		I Shares		A Shares		B Shares		C Shares		I Shares
Beginning Account Value (1/01/09)	$	1,000.00	$	1,000.00	$	1,000.00	$	1,000.00	$	1,000.00	$	1,000.00	$	1,000.00	$	1,000.00
Ending Account Value (6/30/09)	$	1,054.40	$	1,051.50	$	1,054.50	$	1,055.90	$	1,017.60	$	1,013.88	$	1,013.88	$	1,018.74
Expenses Incurred During Period	$	7.39	$	11.19	$	11.24	$	6.22	$	7.25	$	10.99	$	10.99	$	6.11

For each class of the Fund, expenses are equal to the Fund’s annualized net expense ratio of 1.45%, 2.20%, 2.20% and 1.22% for Classes A, B, C and I, respectively, multiplied by the average account value over the period, multiplied by 181/365 (to reflect the one-half year period).

30 Nuveen Investments

Fund Spotlight as of 6/30/09 Nuveen NWQ Small-Cap Value Fund

Quick Facts
	A Shares	B Shares1	C Shares	I Shares1
Fund Symbols	NSCAX	NSCBX	NSCCX	NSCRX
NAV	$14.14	$13.74	$13.76	$14.21
Inception Date	12/09/04	12/09/04	12/09/04	12/09/04

Returns quoted represent past performance which is no guarantee of future results. Investment returns and principal value will fluctuate so that when shares are redeemed, they may be worth more or less than their original cost. Current performance may be higher or lower than the performance shown. Returns without sales charges would be lower if the sales charge were included. Returns do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or the redemption of shares. For the most recent month-end performance visit www.nuveen.com or call (800) 257-8787.

Returns reflect differences in sales charges and expenses, which are primarily differences in distribution and service fees. Fund returns assume reinvestment of dividends and capital gains. Class A Shares have a 5.75% maximum sales charge. Class A Share purchases of $1 million or more are sold at net asset value without an up-front sales charge but may be subject to a contingent deferred sales charge (CDSC), also known as a backend sales charge, if redeemed within twelve months of purchase. Class B Shares have a CDSC that begins at 5% for redemptions during the first year and declines periodically until after six years when the charge becomes 0%. Class B Shares automatically convert to Class A Shares eight years after purchase. Class C Shares have a 1% CDSC for redemptions within less than one year, which is not reflected in the one-year total return. Class I Shares have no sales charge and may be purchased under limited circumstances or by specified classes of investors. Returns may reflect an expense limitation by the Fund’s investment adviser.

Average Annual Total Returns as of 6/30/09
A Shares	NAV	Offer
1-Year	-39.29%	-42.78%
Since Inception	-6.31%	-7.52%
B Shares	w/o CDSC	w/CDSC
1-Year	-39.71%	-42.12%
Since Inception	-7.00%	-7.40%
C Shares	NAV
1-Year	-39.70%
Since Inception	-6.98%
I Shares	NAV
1-Year	-39.12%
Since Inception	-6.06%

Top Five Common Stock Holdings2
Standard Microsystems Corporation	3.8%
Avocent Corporation	3.7%
Acergy S.A., ADR	3.6%
Griffon Corporation	3.4%
St Mary Land and Exploration Company	3.4%

Portfolio Allocation²

Portfolio Statistics
Net Assets ($000)	$73,776
Number of Common Stocks	44

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

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

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

2 As a percentage of total investments as of June 30, 2009. Holdings are subject to change.

Nuveen Investments 31

Fund Spotlight as of 6/30/09 Nuveen NWQ Small-Cap Value Fund

Industries1
Insurance	18.0%
Oil, Gas & Consumable Fuels	10.4%
Machinery	10.1%
Communications Equipment	6.9%
Semiconductors & Equipment	6.9%
Commercial Banks	5.4%
Building Products	4.9%
Electrical Equipment	4.2%
Energy Equipment & Services	3.6%
Paper & Forest Products	3.3%
Pharmaceuticals	3.0%
Personal Products	2.9%
Containers & Packaging	2.8%
Short-Term Investments	3.6%
Other	14.0%

1 As a percentage of total investments as of June 30, 2009. Holdings are subject to change.

Expense Example

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

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

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

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

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

									Hypothetical Performance
	Actual Performance								(5% return before expenses)
	A Shares		B Shares		C Shares		I Shares		A Shares		B Shares		C Shares		I Shares
Beginning Account Value (1/01/09)	$	1,000.00	$	1,000.00	$	1,000.00	$	1,000.00	$	1,000.00	$	1,000.00	$	1,000.00	$	1,000.00
Ending Account Value (6/30/09)	$	1,031.40	$	1,027.70	$	1,027.60	$	1,033.50	$	1,016.71	$	1,013.04	$	1,013.04	$	1,018.05
Expenses Incurred During Period	$	8.21	$	11.92	$	11.91	$	6.86	$	8.15	$	11.83	$	11.83	$	6.80

For each class of the Fund, expenses are equal to the Fund’s annualized net expense ratio of 1.63%, 2.37%, 2.37% and 1.36% for Classes A, B, C and I, respectively, multiplied by the average account value over the period, multiplied by 181/365 (to reflect the one-half year period).

32 Nuveen Investments

Fund Spotlight as of 6/30/09 Nuveen Tradewinds Value Opportunities Fund

Quick Facts
	A Shares	B Shares1	C Shares	R3 Shares	I Shares1
Fund Symbols	NVOAX	NVOBX	NVOCX	NTVTX	NVORX
NAV	$24.17	$23.78	$23.77	$24.23	$24.19
Latest Capital Gain Distribution2	$0.5135	$0.5135	$0.5135	$0.5135	$0.5135
Latest Ordinary Income Distribution3	$0.5840	$0.5372	$0.5372	$0.5372	$0.6509
Inception Date	12/09/04	12/09/04	12/09/04	8/04/08	12/09/04

Returns quoted represent past performance which is no guarantee of future results. Investment returns and principal value will fluctuate so that when shares are redeemed, they may be worth more or less than their original cost. Current performance may be higher or lower than the performance shown. Returns without sales charges would be lower if the sales charge were included. Returns do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or the redemption of shares. For the most recent month-end performance visit www.nuveen.com or call (800) 257-8787.

Class A, B, C and I Share returns are actual. The returns for Class R3 Shares are actual for the period since class inception; returns prior to class inception are Class I Share returns adjusted for differences in sales charges and expenses, which are primarily differences in distribution and service fees. Fund returns assume reinvestment of dividends and capital gains. Class A Shares have a 5.75% maximum sales charge. Class A Share purchases of $1 million or more are sold at net asset value without an up-front sales charge but may be subject to a contingent deferred sales charge (CDSC), also known as a backend sales charge, if redeemed within twelve months of purchase. Class B Shares have a CDSC that begins at 5% for redemptions during the first year and declines periodically until after six years when the charge becomes 0%. Class B Shares automatically convert to Class A Shares eight years after purchase. Class C Shares have a 1% CDSC for redemptions within less than one year, which is not reflected in the one-year total return. Class I Shares have no sales charge and may be purchased under limited circumstances or by specified classes of investors. Class R3 Shares have no sales charge and are available to only certain retirement plan clients of financial intermediaries. Returns may reflect an expense limitation by the Fund’s investment adviser.

Average Annual Total Returns as of 6/30/09
A Shares	NAV	Offer
1-Year	-13.47%	-18.46%
Since Inception	7.87%	6.48%
B Shares	w/o CDSC	w/CDSC
1-Year	-14.10%	-17.35%
Since Inception	7.06%	6.71%
C Shares	NAV
1-Year	-14.14%
Since Inception	7.05%
R3 Shares	NAV
1-Year	-13.67%
Since Inception	7.59%
I Shares	NAV
1-Year	-13.29%
Since Inception	8.13%

Top Five Common Stock Holdings4
Lihir Gold Limited, Sponsored ADR	3.8%
Newmont Mining Corporation	3.6%
Kinross Gold Corporation	3.4%
Barrick Gold Corporation	3.1%
Tyson Foods, Inc., Class A	2.9%

Portfolio Allocation⁴

Portfolio Statistics
Net Assets ($000)	$1,063,231
Number of Common Stocks	63

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

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

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

2 Paid December 16, 2008.

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

4 As a percentage of total investments as of June 30, 2009. Holdings are subject to change.

Nuveen Investments 33

Fund Spotlight as of 6/31/09 Nuveen Tradewinds Value Opportunities Fund

Country Allocation1
United States	56.3%
Canada	15.6%
Australia	4.5%
Japan	2.1%
South Africa	2.0%
South Korea	1.9%
Brazil	1.5%
India	1.4%
Switzerland	0.8%
Argentina	0.8%
Turkey	0.5%
Short-Term Investments	12.6%

Industries1
Metals & Mining	20.7%
Oil, Gas & Consumable Fuels	11.1%
Food Products	5.4%
Health Care Providers & Services	4.8%
Machinery	3.4%
Communications Equipment	3.4%
Diversified Telecommunication Services	2.7%
Electronic Equipment & Instruments	2.6%
Electric Utilities	2.6%
Wireless Telecommunication Services	2.5%
Auto Components	2.2%
Software	2.1%
Media	2.0%
Pharmaceuticals	2.0%
Internet Software & Services	1.9%
Food & Staples Retailing	1.9%
Multi-Utilities	1.8%
Short-Term Investments	12.6%
Other	14.3%

1 As a percentage of total investments as of June 30, 2009. Holdings are subject to change.

Expense Example

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

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

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

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

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

											Hypothetical Performance
	Actual Performance										(5% return before expenses)
	A Shares		B Shares		C Shares		R3 Shares		I Shares		A Shares		B Shares		C Shares		R3 Shares		I Shares
Beginning Account Value (1/01/09)	$	1,000.00	$	1,000.00	$	1,000.00	$	1,000.00	$	1,000.00	$	1,000.00	$	1,000.00	$	1,000.00	$	1,000.00	$	1,000.00
Ending Account Value (6/30/09)	$	1,227.50	$	1,222.60	$	1,222.10	$	1,226.20	$	1,228.50	$	1,017.26	$	1,013.59	$	1,013.59	$	1,016.12	$	1,018.60
Expenses Incurred During Period	$	8.39	$	12.45	$	12.45	$	9.67	$	6.90	$	7.60	$	11.28	$	11.28	$	8.75	$	6.26

For each class of the Fund, expenses are equal to the Fund’s annualized net expense ratio of 1.50%, 2.25%, 2.25%, 1.75% and 1.25% for Classes A, B, C, R3 and I, respectively, multiplied by the average account value over the period, multiplied by 181/365 (to reflect the one-half year period).

34 Nuveen Investments

Report of

Independent Registered Public Accounting Firm

To the Board of Trustees and Shareholders of

Nuveen Investment Trust:

In our opinion, the accompanying statements of assets and liabilities, including the portfolios of investments, and the related statements of operations, of changes in net assets and the financial highlights present fairly, in all material respects, the financial position of Nuveen Multi-Manager Large-Cap Value Fund, Nuveen NWQ Multi-Cap Value Fund, Nuveen NWQ Large-Cap Value Fund, Nuveen NWQ Small/Mid-Cap Value Fund, Nuveen NWQ Small-Cap Value Fund, and Nuveen Tradewinds Value Opportunities Fund (each a series of the Nuveen Investment Trust, hereafter referred to as the “Funds”) at June 30, 2009, the results of their operations for the year then ended, the changes in their net assets for each of the two years in the period then ended and the financial highlights for each of the five years in the period then ended in conformity with accounting principles generally accepted in the United States of America. These financial statements and financial highlights (hereafter referred to as “financial statements”) are the responsibility of the Funds’ management; our responsibility is to express an opinion on these financial statements based on our audits. We conducted our audits of these financial statements in accordance with the standards of the Public Company Accounting Oversight Board (United States). Those standards require that we plan and perform the audit to obtain reasonable assurance about whether the financial statements are free of material misstatement. An audit includes examining, on a test basis, evidence supporting the amounts and disclosures in the financial statements, assessing the accounting principles used and significant estimates made by management, and evaluating the overall financial statement presentation. We believe that our audits, which included confirmation of securities at June 30, 2009 by correspondence with the custodian and brokers, provide a reasonable basis for our opinion.

PRICEWATERHOUSECOOPERS LLP

Chicago, IL

August 24, 2009

Nuveen Investments 35

Portfolio of Investments

Nuveen Multi-Manager Large-Cap Value Fund

June 30, 2009

Shares	Description (1)	Value
	COMMON STOCKS – 97.2%
	Aerospace & Defense – 2.8%
500	Alliant Techsystems Inc., (2)	$	41,180
100	BE Aerospace Inc., (2)		1,436
8,400	General Dynamics Corporation		465,276
83,950	Honeywell International Inc.		2,636,030
800	ITT Industries, Inc.		35,600
500	L-3 Communications Holdings, Inc.		34,690
30,750	Lockheed Martin Corporation		2,479,988
4,700	Northrop Grumman Corporation		214,696
29,410	Raytheon Company		1,306,686
2,500	Spirit AeroSystems Holdings Inc., (2)		34,350
7,700	United Technologies Corporation		400,092
	Total Aerospace & Defense		7,650,024
	Air Freight & Logistics – 0.1%
5,100	FedEx Corporation		283,662
200	UTI Worldwide, Inc.		2,280
	Total Air Freight & Logistics		285,942
	Airlines – 0.1%
200	Copa Holdings SA		8,164
23,200	Delta Air Lines, Inc., (2)		134,328
4,300	Southwest Airlines Co.		28,939
	Total Airlines		171,431
	Auto Components – 1.0%
41,250	Autoliv Inc., (2)		1,186,763
100	BorgWarner Inc.		3,415
300	Federal Mogul Corporation, Class A Shares, (2)		2,835
2,900	Goodyear Tire & Rubber Company, (2)		32,654
66,250	Johnson Controls, Inc.		1,438,950
400	TRW Automotive Holdings Corporation, (2)		4,520
	Total Auto Components		2,669,137
	Automobiles – 0.2%
91,400	Ford Motor Company, (2)		554,798
700	Harley-Davidson, Inc.		11,347
200	Thor Industries, Inc.		3,674
	Total Automobiles		569,819
	Beverages – 3.1%
400	Brown-Forman Corporation		17,192
46,300	Coca-Cola Company		2,221,937
8,100	Coca-Cola Enterprises Inc.		134,865
1,800	Constellation Brands, Inc., Class A, (2)		22,824
37,530	Dr. Pepper Snapple Group, (2)		795,261
49,920	Molson Coors Brewing Company, Class B		2,113,114
21,300	Pepsi Bottling Group, Inc.		720,792
1,500	PepsiAmericas Inc.		40,215
41,400	PepsiCo, Inc.		2,275,344
	Total Beverages		8,341,544

36 Nuveen Investments

Shares	Description (1)	Value
	Biotechnology – 1.1%
57,020	Amgen Inc., (2)	$	3,018,639
	Building Products – 0.0%
600	Armstrong World Industries Inc., (2)		9,894
3,000	Masco Corporation		28,740
500	Owens Corning, (2)		6,390
	Total Building Products		45,024
	Capital Markets – 3.6%
3,000	Allied Capital Corporation		10,440
3,100	Ameriprise Financial, Inc.		75,237
160,954	Bank of New York Company, Inc.		4,717,562
1,300	E*Trade Group Inc., (2)		1,664
800	Franklin Resources, Inc.		57,608
5,300	Goldman Sachs Group, Inc.		781,432
47,170	Invesco LTD		840,569
100	Investment Technology Group, (2)		2,039
100	Janus Capital Group Inc.		1,140
800	Jefferies Group, Inc., (2)		17,064
56,460	Legg Mason, Inc.		1,376,495
57,180	Morgan Stanley		1,630,202
300	Northern Trust Corporation		16,104
1,800	Raymond James Financial Inc.		30,978
4,000	State Street Corporation		188,800
	Total Capital Markets		9,747,334
	Chemicals – 1.6%
1,100	Cabot Corporation		13,838
600	Celanese Corporation, Series A		14,250
3,400	Chemtura Corporation		816
40,000	Dow Chemical Company		645,600
101,950	E.I. Du Pont de Nemours and Company		2,611,959
2,100	Eastman Chemical Company		79,590
900	FMC Corporation		42,570
1,200	Huntsman Corporation		6,036
200	Interpid Potash Inc., (2)		5,616
1,300	Lubrizol Corporation		61,503
100	Nalco Holding Company		1,684
2,900	PPG Industries, Inc.		127,310
1,500	RPM International, Inc.		21,060
19,310	Scotts Miracle Gro Company		676,816
600	Sigma-Aldrich Corporation		29,736
100	Valhi Inc.		743
2,200	Valspar Corporation		49,566
	Total Chemicals		4,388,693
	Commercial & Professional Services – 0.4%
71,590	Corrections Corporation of America, (2)		1,216,314

Nuveen Investments 37

Portfolio of Investments

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

June 30, 2009

Shares	Description (1)	Value
	Commercial Banks – 4.0%
3,700	Associated Banc-Corp.	$	46,250
2,000	BancorpSouth Inc.		41,060
1,300	Bank of Hawaii Corporation		46,579
141,350	BB&T Corporation		3,106,873
300	BOK Financial Corporation		11,301
8,400	Capitalsource Inc.		40,992
700	City National Corporation		25,781
2,700	Comerica Incorporated		57,105
1,400	Commerce Bancshares Inc.		44,562
1,500	Cullen/Frost Bankers, Inc.		69,180
100	First Citizens Bancshs Inc.		13,365
2,641	First Horizon National Corporation, (2)		31,692
3,100	Fulton Financial Corporation		16,151
7,900	Huntington BancShares Inc.		33,022
1,700	KeyCorp.		8,908
1,400	M&T Bank Corporation		71,302
1,400	Marshall and Ilsley Corporation		6,720
9,600	PNC Financial Services Group, Inc.		372,576
6,300	Popular, Inc.		13,860
8,900	Regions Financial Corporation		35,956
5,200	SunTrust Banks, Inc.		85,540
2,200	Synovus Financial Corp.		6,578
3,400	TCF Financial Corporation		45,458
40,900	U.S. Bancorp		732,928
2,625	Valley National Bancorp.		30,713
244,030	Wells Fargo & Company		5,920,167
1,300	Whitney Holding Corporation		11,908
200	Wilmington Trust Corporation		2,732
	Total Commercial Banks		10,929,259
	Commercial Services & Supplies – 0.5%
2,300	Avery Dennison Corporation		59,064
2,400	Cintas Corporation		54,816
300	Pitney Bowes Inc.		6,579
8,900	R.R. Donnelley & Sons Company		103,418
31,570	Republic Services, Inc.		770,624
1,300	Steelcase Inc.		7,566
9,200	Waste Management, Inc.		259,072
	Total Commercial Services & Supplies		1,261,139
	Communications Equipment – 0.8%
4,100	Brocade Communications Systems Inc., (2)		32,062
111,450	Cisco Systems, Inc., (2)		2,077,428
400	Echostar Holding Corporation, Class A, (2)		6,376
4,800	Motorola, Inc.		31,824
5,100	Tellabs Inc., (2)		29,223
	Total Communications Equipment		2,176,913

38 Nuveen Investments

Shares	Description (1)	Value
	Computers & Peripherals – 1.5%
300	Diebold Inc.	$	7,908
6,400	EMC Corporation, (2)		83,840
97,000	Hewlett-Packard Company		3,749,050
2,400	Lexmark International, Inc., Class A, (2)		38,040
200	NCR Corporation, (2)		2,366
1,900	QLogic Corporation, (2)		24,092
6,800	Seagate Technology		71,128
1,400	Sun Microsystems Inc., (2)		12,908
1,300	Teradata Corporation, (2)		30,459
	Total Computers & Peripherals		4,019,791
	Construction & Engineering – 0.3%
200	AECOM Technology Corporation, (2)		6,400
300	KBR Inc.		5,532
32,180	Quanta Services Incorporated, (2)		744,323
1,500	URS Corporation, (2)		74,280
	Total Construction & Engineering		830,535
	Construction Materials – 0.0%
1,500	Vulcan Materials Company		64,650
	Consumer Finance – 0.5%
2,100	American Express Company		48,804
55,300	Capital One Financial Corporation		1,209,964
18,500	Discover Financial Services		189,995
100	Student Loan Corporation		3,720
	Total Consumer Finance		1,452,483
	Containers & Packaging – 0.4%
1,100	AptarGroup Inc.		37,147
1,600	Ball Corporation		72,256
2,400	Bemis Company, Inc.		60,480
1,700	Owens-Illinois, Inc., (2)		47,617
1,700	Packaging Corp. of America		27,540
34,930	Pactiv Corporation, (2)		757,981
2,500	Sealed Air Corporation		46,125
2,400	Sonoco Products Company		57,480
4,000	Temple-Inland Inc.		52,480
	Total Containers & Packaging		1,159,106
	Distributors – 0.0%
3,500	Genuine Parts Company		117,460
	Diversified Consumer Services – 0.0%
2,200	Career Education Corporation, (2)		54,758
4,500	Service Corporation International		24,660
100	Weight Watcher’s International Inc.		2,577
	Total Diversified Consumer Services		81,995
	Diversified Financial Services – 4.9%
90,000	Bank of America Corporation		1,188,000
24,300	Citigroup Inc.		72,171

Nuveen Investments 39

Portfolio of Investments

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

June 30, 2009

Shares	Description (1)	Value
	Diversified Financial Services (continued)
100	CME Group, Inc.	$	31,111
304,470	JPMorgan Chase & Co.		10,385,467
3,200	Leucadia National Corporation, (2)		67,488
1,700	Moody’s Corporation		44,795
800	Nasdaq Stock Market, Inc., (2)		17,048
54,770	New York Stock Exchange Euronext		1,492,483
	Total Diversified Financial Services		13,298,563
	Diversified REIT – 0.1%
2,600	Liberty Property Trust		59,904
2,931	Vornado Realty Trust		131,983
	Total Diversified REIT		191,887
	Diversified Telecommunication Services – 3.3%
136,800	AT&T Inc.		3,398,112
58,950	BCE INC.		1,217,907
4,000	CenturyTel, Inc.		122,800
44,710	Embarq Corporation		1,880,503
9,200	Frontier Communications Corporation		65,688
33,000	Qwest Communications International Inc.		136,950
73,300	Verizon Communications Inc.		2,252,509
9,800	Windstream Corporation		81,928
	Total Diversified Telecommunication Services		9,156,397
	Electric Utilities – 3.0%
13,100	American Electric Power Company, Inc.		378,459
2,800	DPL Inc.		64,876
31,900	Duke Energy Corporation		465,421
20,450	Edison International		643,357
6,950	Entergy Corporation		538,764
31,490	Exelon Corporation		1,612,603
8,200	FirstEnergy Corp.		317,750
44,400	FPL Group, Inc.		2,524,584
3,300	Great Plains Energy Incorporated		51,315
2,700	Hawaiian Electric Industries		51,462
4,600	Northeast Utilities		102,626
4,900	NV Energy Inc.		52,871
6,300	Pepco Holdings, Inc.		84,672
3,400	Pinnacle West Capital Corporation		102,510
7,800	Progress Energy, Inc.		295,074
28,660	Southern Company		893,046
	Total Electric Utilities		8,179,390
	Electrical Equipment – 0.0%
900	Cooper Industries, Ltd., Class A		27,945
900	Hubbell Incorporated, Class B		28,854
1,700	Thomas & Betts Corporation, (2)		49,062
	Total Electrical Equipment		105,861

40 Nuveen Investments

Shares	Description (1)	Value
	Electronic Components – 0.0%
900	AVX Group	$	8,937
1,100	Vishay Intertechnology Inc., (2)		7,469
	Total Electronic Components		16,406
	Electronic Equipment & Instruments – 0.2%
2,700	Arrow Electronics, Inc., (2)		57,348
900	Avnet Inc., (2)		18,927
5,200	Ingram Micro, Inc., (2)		91,000
800	Jabil Circuit Inc.		5,936
900	Molex Inc.		13,995
900	Tech Data Corporation, (2)		29,439
16,900	Tyco Electronics, Limited		314,171
	Total Electronic Equipment & Instruments		530,816
	Energy Equipment & Services – 2.0%
78,800	Baker Hughes Incorporated		2,871,472
6,300	BJ Services Company		85,869
300	ENSCO International Incorporated		10,461
800	Exterran Holdings, Inc., (2)		12,832
46,240	Halliburton Company		957,168
1,600	Helix Energy Solutions Group, (2)		17,392
2,600	Helmerich & Payne Inc.		80,262
2,400	Hercules Offshore Inc., (2)		9,528
1,100	Key Energy Services Inc., (2)		6,336
9,700	Nabors Industries Inc., (2)		151,126
600	Oil States International Inc., (2)		14,526
2,000	Patterson-UTI Energy, Inc.		25,720
39,420	Pride International Inc., (2)		987,865
2,400	Rowan Companies Inc.		46,368
600	SeaCor Smit Inc., (2)		45,144
1,400	Tidewater Inc.		60,018
400	Unit Corporation, (2)		11,028
	Total Energy Equipment & Services		5,393,115
	Food & Staples Retailing – 2.4%
1,500	BJ’s Wholesale Club, (2)		48,345
107,250	CVS Caremark Corporation		3,418,058
8,300	Kroger Co.		183,015
15,000	Rite Aid Corporation, (2)		22,650
9,700	Safeway Inc.		197,589
7,300	SUPERVALU INC.		94,535
1,100	Walgreen Co.		32,340
52,720	Wal-Mart Stores, Inc.		2,553,757
	Total Food & Staples Retailing		6,550,289
	Food Products – 1.2%
13,900	Archer-Daniels-Midland Company		372,103
3,000	Bunge Limited		180,750
2,300	Campbell Soup Company		67,666

Nuveen Investments 41

Portfolio of Investments

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

June 30, 2009

Shares	Description (1)	Value
	Food Products (continued)
11,900	ConAgra Foods, Inc.	$	226,814
1,800	Corn Products International, Inc.		48,222
500	Dean Foods Company, (2)		9,595
5,300	Del Monte Foods Company		49,714
15,420	General Mills, Inc.		863,828
2,700	H.J. Heinz Company		96,390
1,000	Hershey Foods Corporation		36,000
1,000	Hormel Foods Corporation		34,540
1,900	JM Smucker Company		92,454
1,800	Kellogg Company		83,826
32,100	Kraft Foods Inc.		813,414
1,200	McCormick & Company, Incorporated		39,036
11,000	Sara Lee Corporation		107,360
2,800	Tyson Foods, Inc., Class A		35,308
	Total Food Products		3,157,020
	Gas Utilities – 0.2%
2,600	AGL Resources Inc.		82,680
2,800	Atmos Energy Corporation		70,112
1,200	Energen Corporation		47,880
1,900	National Fuel Gas Company		68,552
2,700	ONEOK, Inc.		79,623
2,000	Questar Corporation		62,120
3,400	UGI Corporation		86,666
	Total Gas Utilities		497,633
	Health Care Equipment & Supplies – 1.3%
100	Beckman Coulter, Inc.		5,714
6,900	Boston Scientific Corporation, (2)		69,966
600	Cooper Companies, Inc.		14,838
90,360	Covidien PLC		3,383,078
800	Hill Rom Holdings Inc.		12,976
1,200	Hospira Inc., (2)		46,224
600	Inverness Medical Innovation, (2)		21,348
1,300	Teleflex Inc.		58,279
1,000	Zimmer Holdings, Inc., (2)		42,600
	Total Health Care Equipment & Supplies		3,655,023
	Health Care Providers & Services – 1.1%
2,900	Aetna Inc.		72,645
2,800	AmerisourceBergen Corporation		49,672
1,400	Cardinal Health, Inc.		42,770
3,400	CIGNA Corporation		81,906
600	Community Health Systems Inc., (2)		15,150
3,100	Coventry Health Care, Inc., (2)		58,001
400	Davita Inc., (2)		19,784
2,200	Health Management Associates Inc., (2)		10,868
800	Health Net Inc., (2)		12,440

42 Nuveen Investments

Shares	Description (1)	Value
	Health Care Providers & Services (continued)
100	Henry Schein Inc., (2)	$	4,795
1,400	Humana Inc., (2)		45,164
1,700	Lifepoint Hospitals Inc., (2)		44,625
200	Lincare Holdings, (2)		4,704
1,200	McKesson HBOC Inc.		52,800
100	Medax Inc., (2)		4,213
1,500	Omnicare, Inc.		38,640
27,810	Quest Diagnostics Incorporated		1,569,318
10,000	UnitedHealth Group Incorporated		249,800
1,000	Universal Health Services, Inc., Class B		48,850
9,600	Wellpoint Inc., (2)		488,544
	Total Health Care Providers & Services		2,914,689
	Health Care Technology – 0.0%
4,100	Health Corporation, (2)		53,710
1,900	IMS Health Incorporated		24,130
	Total Health Care Technology		77,840
	Hotels, Restaurants & Leisure – 0.9%
100	Boyd Gaming Corporation, (2)		850
8,900	Carnival Corporation		229,353
400	Choice Hotels International, Inc.		10,644
300	Interval Leisure Group Inc., (2)		2,796
500	Intl Speedway Corporation		12,805
25,070	McDonald’s Corporation		1,441,274
700	MGM Mirage Inc., (2)		4,473
60,740	Royal Caribbean Cruises Limited		822,420
5,600	Wyndham Worldwide Corporation		67,872
	Total Hotels, Restaurants & Leisure		2,592,487
	Household Durables – 0.2%
1,600	Black & Decker Corporation		45,856
700	Centex Corporation		5,922
1,400	D.R. Horton, Inc.		13,104
3,300	Fortune Brands Inc.		114,642
100	Harman International Industries Inc.		1,880
1,000	Jarden Corporation, (2)		18,750
500	KB Home		6,840
2,500	Leggett and Platt Inc.		38,075
1,400	Lennar Corporation, Class A		13,566
400	MDC Holdings Inc.		12,044
900	Mohawk Industries Inc., (2)		32,112
2,400	Newell Rubbermaid Inc.		24,984
1,200	Pulte Corporation, (2)		10,596
1,200	Snap-on Incorporated		34,488
1,800	Stanley Works		60,912
1,000	Toll Brothers Inc., (2)		16,970
2,800	Whirlpool Corporation		119,168
	Total Household Durables		569,909

Nuveen Investments 43

Portfolio of Investments

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

June 30, 2009

Shares	Description (1)	Value
	Household Products – 0.8%
1,500	Clorox Company	$	83,745
5,100	Kimberly-Clark Corporation		267,393
35,600	Procter & Gamble Company		1,819,160
	Total Household Products		2,170,298
	Independent Power Producers & Energy Traders – 0.1%
300	Constellation Energy Group		7,974
8,800	Dynegy Inc., (2)		19,976
2,700	Mirant Corporation, (2)		42,498
5,400	NRG Energy Inc., (2)		140,184
	Total Independent Power Producers & Energy Traders		210,632
	Industrial Conglomerates – 1.0%
700	Carlisle Companies Inc.		16,828
220,500	General Electric Company		2,584,260
6,200	Tyco International Ltd.		161,076
	Total Industrial Conglomerates		2,762,164
	Industrial REIT – 0.1%
700	AMB Property Corp.		13,167
15,700	ProLogis		126,542
	Total Industrial REIT		139,709
	Insurance – 5.0%
74,660	Ace Limited		3,302,212
102	Alleghany Corporation, Term Loan, (2)		27,642
1,700	Allied World Assurance Holdings		69,411
5,700	Allstate Corporation		139,080
2,100	American Financial Group Inc.		45,318
200	American National Insurance Company		15,116
32,150	Aon Corporation		1,217,521
1,800	Arch Capital Group Limited, (2)		105,444
1,800	Arthur J. Gallagher & Co.		38,412
44,406	Assurant Inc.		1,069,741
2,900	Axis Capital Holdings Limited		75,922
1,900	Brown & Brown Inc.		37,867
10,500	Chubb Corporation		418,740
4,200	Cincinnati Financial Corporation		93,870
200	CNA Financial Corporation		3,094
1,400	Endurance Specialty Holdings, Limited		41,020
500	Erie Indemnity Company		17,880
1,000	Everest Reinsurance Group Ltd		71,570
4,200	Fidelity National Title Group Inc., Class A		56,826
28,094	First American Corporation		727,916
1,100	Hanover Insurance Group Inc.		41,921
3,500	HCC Insurance Holdings Inc.		84,035
7,600	Lincoln National Corporation		130,796
8,600	Loews Corporation		235,640
100	Markel Corporation, (2)		28,170

44 Nuveen Investments

Shares	Description (1)	Value
	Insurance (continued)
7,400	Marsh & McLennan Companies, Inc.	$	148,962
1,300	MBIA Inc., (2)		5,629
500	Mercury General Corporation		16,715
9,300	MetLife, Inc.		279,093
4,600	Old Republic International Corporation		45,310
1,000	OneBeacon Insurance Group Limited, Class A		11,690
1,100	PartnerRe Limited		71,445
68,930	Principal Financial Group, Inc.		1,298,641
62,490	Progressive Corporation, (2)		944,224
400	Protective Life Corporation		4,576
4,200	Prudential Financial, Inc.		156,324
1,000	Reinsurance Group of America Inc.		34,910
1,000	RenaisasnceRE Holdings, Limited		46,540
800	StanCorp Financial Group Inc.		22,944
1,500	Torchmark Corporation		55,560
200	Transatlantic Holdings Inc.		8,666
53,470	Travelers Companies, Inc.		2,194,409
600	Unitrin, Inc.		7,212
6,900	Unum Group		109,434
100	White Mountain Insurance Group		22,891
3,300	WR Berkley Corporation		70,851
3,300	XL Capital Ltd, Class A		37,818
	Total Insurance		13,689,008
	Internet & Catalog Retail – 0.0%
2,600	Expedia, Inc., (2)		39,286
300	Hosting Site Network, Inc., (2)		3,171
6,600	Liberty Media Holding Corporation Interactive, Class A, (2)		33,066
	Total Internet & Catalog Retail		75,523
	Internet Software & Services – 0.0%
2,700	IAC/InterActiveCorp., (2)		43,335
	IT Services – 1.4%
18,180	Affiliated Computer Services, Inc., (2)		807,556
2,200	Amdocs Limited, (2)		47,190
6,600	Computer Sciences Corporation, (2)		292,380
800	Convergys Corporation, (2)		7,424
100	DST Systems Inc., (2)		3,695
2,500	Fidelity National Information Services		49,900
2,000	Lender Processing Services Inc.		55,540
2,800	SAIC, Inc., (2)		51,940
1,100	Unisys Corporation, (2)		1,661
38,600	Visa Inc.		2,403,236
	Total IT Services		3,720,522
	Leisure Equipment & Products – 0.4%
9,200	Eastman Kodak Company		27,232
39,960	Hasbro, Inc.		968,630
8,700	Mattel, Inc.		139,635
	Total Leisure Equipment & Products		1,135,497

Nuveen Investments 45

Portfolio of Investments

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

June 30, 2009

Shares	Description (1)	Value
	Life Sciences Tools & Services – 0.1%
400	Charles River Laboratories International, Inc., (2)	$	13,500
600	Life Technologies Corporation, (2)		25,032
1,000	Perkinelmer Inc.		17,400
3,100	Thermo Fisher Scientific, Inc., (2)		126,387
	Total Life Sciences Tools & Services		182,319
	Machinery – 1.5%
500	AGCO Corporation, (2)		14,535
30,800	Caterpillar Inc.		1,017,632
800	Crane Company		17,848
30,650	Cummins Inc.		1,079,187
900	Danaher Corporation		55,566
500	Dover Corporation		16,545
2,500	Eaton Corporation		111,525
16,050	Flowserve Corporation		1,120,451
1,300	Gardner Denver, Inc., (2)		32,721
200	IDEX Corporation		4,914
8,100	Illinois Tool Works, Inc.		302,454
10,800	Ingersoll Rand Company Limited, Class A		225,720
1,200	Kennametal Inc.		23,016
300	Lincoln Electric Holdings Inc.		10,812
2,300	Pentair, Inc.		58,926
5,400	Terex Corporation, (2)		65,178
1,800	Timken Company		30,744
2,800	Trinity Industries Inc.		38,136
	Total Machinery		4,225,910
	Marine – 0.0%
1,100	Alexander and Bald, Inc., (2)		25,784
	Media – 3.0%
400	Ascent Media Corporation, (2)		10,632
37,760	Cablevision Systems Corporation		732,922
37,300	CBS Corporation, Class B		258,116
200	Clear Channel Outdoor Holdings Inc., Class A, (2)		1,060
90,250	Comcast Corporation, Class A		1,307,723
1,900	Discovery Communications Inc., Class C Shares, (2)		39,007
5,500	Gannett Company Inc.		19,635
1,300	Interpublic Group Companies, Inc., (2)		6,565
3,900	Liberty Global Inc, A Shares, (2)		61,971
900	Liberty Media Holding Corporation, Capital Tracking Stock, Class A, (2)		12,204
2,600	McGraw-Hill Companies, Inc.		78,286
500	Meredith Corporation		12,775
40,200	News Corporation, Class A		366,222
18,900	Omnicom Group, Inc.		596,862
1,100	Regal Entertainment Group, Class A		14,619
600	Scripps Networks Interactive, Class A Shares		16,698
8,931	Time Warner Cable, Class A, (2)		282,845

46 Nuveen Investments

Shares	Description (1)	Value
	Media (continued)
31,600	Time Warner Inc.	$	796,004
124,050	Viacom Inc., Class B, (2)		2,815,935
14,600	Virgin Media, Inc.		136,510
29,700	Walt Disney Company		692,901
100	Warner Music Group Corporation, (2)		585
	Total Media		8,260,077
	Metals & Mining – 2.1%
2,900	Alcoa Inc.		29,957
1,000	Carpenter Technology Inc.		20,810
2,000	Commercial Metals Company		32,060
45,123	Freeport-McMoRan Copper & Gold, Inc.		2,261,114
52,050	Newmont Mining Corporation		2,127,284
5,800	Nucor Corporation		257,694
1,500	Reliance Steel & Aluminum Company		57,585
400	Schnitzer Steel Industries, Inc.		21,144
71,174	Steel Dynamics Inc.		1,048,393
1,100	Titanium Metals Corporation		10,109
400	United States Steel Corporation		14,296
	Total Metals & Mining		5,880,446
	Mortgage REIT – 0.5%
98,210	Annaly Capital Management Inc.		1,486,899
1,700	iStar Financial Inc.		4,828
	Total Mortgage REIT		1,491,727
	Multiline Retail – 0.7%
33,420	Family Dollar Stores, Inc.		945,786
65,150	Federated Department Stores, Inc.		766,164
5,800	J.C. Penney Company, Inc.		166,518
1,400	Kohl’s Corporation, (2)		59,850
500	Sears Holding Corporation, (2)		33,260
900	Target Corporation		35,523
	Total Multiline Retail		2,007,101
	Multi-Utilities – 1.1%
3,700	Alliant Energy Corporation		96,681
7,500	Ameren Corporation		186,675
4,300	CenterPoint Energy, Inc.		47,644
4,200	CMS Energy Corporation		50,736
8,400	Consolidated Edison, Inc.		314,328
14,700	Dominion Resources, Inc.		491,274
5,900	DTE Energy Company		188,800
1,800	Integrys Energy Group, Inc.		53,982
4,800	MDU Resources Group Inc.		91,056
6,800	NiSource Inc.		79,288
2,700	NSTAR		86,697
2,600	OGE Energy Corp.		73,632
9,200	PG&E Corporation		353,648

Nuveen Investments 47

Portfolio of Investments

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

June 30, 2009

Shares	Description (1)	Value
	Multi-Utilities (continued)
3,300	Scana Corporation	$	107,151
6,100	Sempra Energy		302,743
6,300	TECO Energy, Inc.		75,159
2,500	Vectren Corporation		58,575
2,600	Wisconsin Energy Corporation		105,846
12,100	Xcel Energy, Inc.		222,761
	Total Multi-Utilities		2,986,676
	Office Electronics – 0.1%
19,300	Xerox Corporation		125,064
100	Zebra Technologies Corporation, Class A, (2)		2,366
	Total Office Electronics		127,430
	Office REIT – 0.1%
600	Alexandria Real Estate Equities Inc.		21,474
800	Boston Properties, Inc.		38,160
8,000	Brandywine Realty Trust		59,600
400	Digital Realty Trust Inc.		14,340
1,200	Douglas Emmett Inc.		10,788
7,100	Duke Realty Corporation		62,267
11,800	HRPT Properties Trust		47,908
400	Kilroy Realty Corporation		8,216
1,500	Mack-Cali Realty Corporation		34,200
4,200	SL Green Realty Corporation		96,348
	Total Office REIT		393,301
	Oil, Gas & Consumable Fuels – 14.1%
11,500	Anadarko Petroleum Corporation		521,985
9,500	Apache Corporation		685,425
15,300	BP PLC, Sponsored ADR		729,504
400	Cabot Oil & Gas Corporation		12,256
83,580	Chesapeake Energy Corporation		1,657,391
117,270	Chevron Corporation		7,769,137
42,310	Cimarex Energy Company		1,199,065
33,900	ConocoPhillips		1,425,834
26,300	Continental Resources Inc., (2)		729,825
14,000	Devon Energy Corporation		763,000
18,500	El Paso Corporation		170,755
1,000	Encore Acquisition Company, (2)		30,850
15,610	EOG Resources, Inc.		1,060,231
90,200	Exxon Mobil Corporation, Sponsored ADR		6,305,881
4,700	Forest Oil Corporation, (2)		70,124
34,600	Hess Corporation		1,859,750
94,800	Marathon Oil Corporation		2,856,324
1,000	Mariner Energy Inc., (2)		11,750
12,790	Murphy Oil Corporation		694,753
3,900	Newfield Exploration Company, (2)		127,413
3,700	Noble Energy, Inc.		218,189

48 Nuveen Investments

Shares	Description (1)	Value
	Oil, Gas & Consumable Fuels (continued)
86,890	Occidental Petroleum Corporation	$	5,718,230
1,300	Overseas Shipholding Group Inc.		44,252
200	Petrohawk Energy Corporation, (2)		4,460
3,300	Pioneer Natural Resources Company		84,150
600	Plains Exploration & Production Company, (2)		16,416
2,400	Southern Union Company		44,136
16,400	Spectra Energy Corporation		277,488
800	St Mary Land and Exploration Company		16,696
1,600	Sunoco, Inc.		37,120
1,400	Teekay Shipping Corporation		29,442
1,100	Tesoro Corporation		14,003
43,650	Total SA, Sponsored ADR		2,367,140
46,620	Valero Energy Corporation		787,412
9,300	XTO Energy, Inc.		354,702
	Total Oil, Gas & Consumable Fuels		38,695,089
	Paper & Forest Products – 0.1%
3,025	Domtar Corporation, (2)		50,155
14,200	International Paper Company		214,846
3,300	MeadWestvaco Corporation		54,153
1,200	Weyerhaeuser Company		36,516
	Total Paper & Forest Products		355,670
	Personal Products – 0.3%
2,100	Alberto Culver Company		53,403
31,800	Avon Products, Inc.		819,804
600	NBTY Inc., (2)		16,872
	Total Personal Products		890,079
	Pharmaceuticals – 9.2%
95,820	Bristol-Myers Squibb Company		1,946,104
43,760	Eli Lilly and Company		1,515,846
300	Endo Pharmaceuticals Holdings Inc., (2)		5,376
5,000	Forest Laboratories, Inc., (2)		125,550
73,670	Johnson & Johnson		4,184,456
8,700	King Pharmaceuticals Inc., (2)		83,781
27,500	Merck & Co. Inc.		768,900
3,200	Mylan Laboratories Inc., (2)		41,760
54,850	Novartis AG		2,237,332
317,650	Pfizer Inc.		4,764,750
127,800	Schering-Plough Corporation		3,210,336
56,870	Watson Pharmaceuticals Inc., (2)		1,915,950
97,600	Wyeth		4,430,064
	Total Pharmaceuticals		25,230,205
	Professional Services – 0.0%
200	Dun and Bradstreet Inc.		16,242
900	Equifax Inc.		23,490
1,400	Manpower Inc.		59,276
	Total Professional Services		99,008

Nuveen Investments 49

Portfolio of Investments

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

June 30, 2009

Shares	Description (1)	Value
	Real Estate Management & Development – 0.0%
500	CB Richard Ellis Group, Inc., Class A, (2)	$	4,680
400	Jones Lang LaSalle Inc.		13,092
	Total Real Estate Management & Development		17,772
	Residential REIT – 0.2%
5,100	Apartment Investment & Management Company, Class A		45,135
2,000	AvalonBay Communities, Inc.		111,880
1,200	BRE Properties, Inc.		28,512
500	Camden Property Trust		13,800
5,600	Equity Residential		124,488
300	Essex Property Trust Inc.		18,669
8,100	UDR Inc.		83,673
	Total Residential REIT		426,157
	Retail REIT – 0.1%
2,964	CBL & Associates Properties Inc.		15,976
11,971	Developers Diversified Realty Corporation		58,418
600	Federal Realty Investment Trust		30,912
22,000	General Growth Properties Inc.		40,260
7,300	Kimco Realty Corporation		73,365
1,300	Regency Centers Corporation		45,383
3,200	Weingarten Realty Investors Trust		46,432
	Total Retail REIT		310,746
	Road & Rail – 2.2%
5,300	Avis Budget Group Inc., (2)		29,945
13,700	Burlington Northern Santa Fe Corporation		1,007,498
300	Con-Way, Inc.		10,593
83,250	CSX Corporation		2,882,948
1,600	Hertz Global Holdings, Inc., (2)		12,784
400	Kansas City Southern Industries, (2)		6,444
48,520	Norfolk Southern Corporation		1,827,748
700	Ryder System, Inc.		19,544
6,970	Union Pacific Corporation		362,858
	Total Road & Rail		6,160,362
	Semiconductors & Equipment – 2.5%
1,700	Advanced Micro Devices, Inc., (2)		6,579
18,300	ASM Lithography Holding NV		396,195
5,800	Atmel Corporation, (2)		21,634
600	Cree, Inc., (2)		17,634
1,000	Integrated Device Technology, Inc., (2)		6,040
236,620	Intel Corporation		3,916,061
600	International Rectifier Corporation, (2)		8,886
700	Intersil Holding Corporation, Class A		8,799
100	Lam Research Corporation, (2)		2,600
1,500	LSI Logic Corporation, (2)		6,840
6,800	Micron Technology, Inc., (2)		34,408
600	Novellus Systems, Inc., (2)		10,020
110,550	Texas Instruments Incorporated		2,354,715
	Total Semiconductors & Equipment		6,790,411

50 Nuveen Investments

Shares	Description (1)	Value
	Software – 1.8%
78,020	CA Inc.	$	1,359,889
800	Cadence Design Systems, Inc., (2)		4,720
2,700	Compuware Corporation, (2)		18,522
100	McAfee Inc., (2)		4,219
92,450	Microsoft Corporation		2,197,537
200	Novell Inc., (2)		906
77,550	Symantec Corporation, (2)		1,206,678
2,200	Synopsys Inc., (2)		42,922
	Total Software		4,835,393
	Specialized REIT – 0.5%
5,500	Health Care Property Investors Inc.		116,545
2,400	Health Care REIT, Inc.		81,840
4,000	Hospitality Properties Trust		47,560
21,700	Host Hotels & Resorts Inc.		182,063
3,000	Nationwide Health Properties, Inc.		77,220
1,200	Plum Creek Timber Company		35,736
1,900	Public Storage, Inc.		124,412
19,340	Rayonier Inc.		703,009
1,400	Ventas Inc.		41,804
	Total Specialized REIT		1,410,189
	Specialty Retail – 2.8%
900	American Eagle Outfitters, Inc.		12,753
300	Ann Taylor Stores Corporation, (2)		2,394
1,400	AutoNation Inc., (2)		24,290
800	Barnes & Noble Inc.		16,504
700	Bed Bath and Beyond Inc., (2)		21,525
4,200	Foot Locker, Inc.		43,974
4,400	Gap, Inc.		72,160
96,890	Home Depot, Inc.		2,289,511
2,800	Limited Brands, Inc.		33,516
263,520	Lowe’s Companies, Inc.		5,114,923
800	Office Depot, Inc., (2)		3,648
1,200	O’Reilly Automotive Inc., (2)		45,696
700	Penske Auto Group, Inc.		11,648
2,700	RadioShack Corporation		37,692
800	Signet Jewelers Limited		16,656
1,400	Staples, Inc.		28,238
1,300	Williams-Sonoma Inc.		15,431
	Total Specialty Retail		7,790,559
	Textiles, Apparel & Luxury Goods – 0.0%
200	Jones Apparel Group, Inc.		2,146
1,300	Liz Claiborne, Inc.		3,744
100	Phillips-Van Heusen Corporation		2,869
1,800	VF Corporation		99,630
	Total Textiles, Apparel & Luxury Goods		108,389

Nuveen Investments 51

Portfolio of Investments

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

June 30, 2009

Shares	Description (1)	Value
	Thrifts & Mortgage Finance – 0.7%
900	Astoria Financial Corporation	$	7,722
300	Capitol Federal Financial		11,499
3,200	Federal Home Loan Mortgage Corporation, (2)		1,984
69,900	Federal National Mortgage Association		40,542
91,310	Hudson City Bancorp, Inc.		1,213,510
400	MGIC Investment Corporation		1,760
6,400	New York Community Bancorp, Inc.		68,416
38,980	People’s United Financial, Inc.		586,259
1,600	TFS Financial Corporation		16,992
200	Tree.com Inc., (2)		1,920
600	Washington Federal Inc.		7,800
	Total Thrifts & Mortgage Finance		1,958,404
	Tobacco – 1.1%
16,700	Altria Group, Inc.		273,713
1,500	Lorillard Inc.		101,655
58,360	Philip Morris International		2,545,663
4,300	Reynolds American Inc.		166,066
	Total Tobacco		3,087,097
	Trading Companies & Distributors – 0.0%
1,300	GATX Corporation		33,436
300	WESCO International Inc., (2)		7,512
	Total Trading Companies & Distributors		40,948
	Water Utilities – 0.0%
2,000	American Water Works Company		38,220
1,900	Aqua America Inc.		34,010
	Total Water Utilities		72,230
	Wireless Telecommunication Services – 0.8%
400	Leap Wireless International, Inc., (2)		13,172
99,600	Sprint Nextel Corporation, (2)		479,076
1,200	Telephone and Data Systems Inc.		33,960
200	United States Cellular Corporation, (2)		7,690
86,600	Vodafone Group PLC, Sponsored ADR		1,687,834
	Total Wireless Telecommunication Services		2,221,732
	Total Common Stocks (cost $293,325,006)		267,112,456
Shares	Description (1)	Value
	INVESTMENT COMPANIES – 1.4%
80,000	i-Shares Russell 1000 Value Index Fund	$	3,808,000
	Total Investment Companies (cost $3,759,600)		3,808,000

52 Nuveen Investments

Principal Amount (000)		Description (1)	Coupon	Maturity	Value
		SHORT-TERM INVESTMENTS – 2.0%
$	5,429	Repurchase Agreement with Fixed Income Clearing Corporation, dated 6/30/09, repurchase price $5,429,273, collateralized by $5,520,000 U.S. Treasury Notes, 1.375%, due 2/15/12, value $5,540,700	0.000%	7/01/09	$	5,429,273
		Total Short-Term Investments (cost $5,429,273)				5,429,273
		Total Investments (cost $302,513,879) – 100.6%				276,349,729
		Other Assets Less Liabilities – (0.6)%				(1,602,293)
		Net Assets – 100%			$	274,747,436

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

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

ADR American Depositary Receipt.

See accompanying notes to financial statements.

Nuveen Investments 53

Portfolio of Investments

Nuveen NWQ Multi-Cap Value Fund

June 30, 2009

Shares	Description (1)	Value
	COMMON STOCKS – 97.7%
	Aerospace & Defense – 5.3%
110,000	Lockheed Martin Corporation	$	8,871,500
280,000	Raytheon Company		12,440,400
	Total Aerospace & Defense		21,311,900
	Biotechnology – 3.5%
267,200	Amgen Inc., (2)		14,145,568
	Chemicals – 1.1%
58,700	CF Industries Holdings, Inc.		4,352,018
	Commercial Services & Supplies – 3.2%
592,900	Pitney Bowes Inc.		13,002,297
	Communications Equipment – 4.6%
2,750,000	Motorola, Inc.		18,232,500
	Containers & Packaging – 2.0%
500,000	Packaging Corp. of America		8,100,000
	Diversified Financial Services – 3.5%
405,000	JPMorgan Chase & Co.		13,814,550
	Electronic Equipment & Instruments – 1.3%
246,600	Agilent Technologies, Inc., (2)		5,008,446
	Health Care Providers & Services – 1.1%
180,800	Aetna Inc.		4,529,040
	Independent Power Producers & Energy Traders – 2.6%
403,200	NRG Energy Inc., (2)		10,467,072
	Insurance – 15.1%
275,000	Aon Corporation		10,414,250
1,413,700	Genworth Financial Inc., Class A		9,881,763
330,000	Hartford Financial Services Group, Inc.		3,917,100
439,400	Loews Corporation		12,039,560
500,000	Reinsurance Group of America Inc.		17,455,000
153,800	Transatlantic Holdings Inc.		6,664,154
	Total Insurance		60,371,827
	Machinery – 3.8%
295,800	Ingersoll Rand Company Limited, Class A		6,182,220
530,000	Timken Company		9,052,400
	Total Machinery		15,234,620
	Media – 8.6%
683,050	CBS Corporation, Class B		4,726,706
1,430,000	Interpublic Group Companies, Inc., (2)		7,221,500
993,497	Viacom Inc., Class B, (2)		22,552,382
	Total Media		34,500,588
	Metals & Mining – 8.8%
405,729	AngloGold Ashanti Limited, Sponsored ADR		14,861,853
455,600	Barrick Gold Corporation		15,285,380
140,000	United States Steel Corporation		5,003,600
	Total Metals & Mining		35,150,833

54 Nuveen Investments

Shares		Description (1)			Value
		Mortgage REIT – 2.4%
	641,400	Redwood Trust Inc.			$	9,467,064
		Oil, Gas & Consumable Fuels – 13.5%
	205,000	Apache Corporation				14,790,750
	88,200	EOG Resources, Inc.				5,990,544
	100,000	Hess Corporation				5,375,000
	310,000	Noble Energy, Inc.				18,280,700
	486,500	Talisman Energy Inc.				6,952,085
	988,800	Warren Resources Inc., (2)				2,422,560
		Total Oil, Gas & Consumable Fuels				53,811,639
		Pharmaceuticals – 6.2%
	425,000	Sanofi-Aventis, ADR				12,533,250
	701,300	Sepracor Inc., (2)				12,146,516
		Total Pharmaceuticals				24,679,766
		Semiconductors & Equipment – 0.4%
	1,201,953	Mattson Technology, Inc., (2)				1,418,305
		Software – 6.6%
	1,511,677	CA Inc.				26,348,529
		Tobacco – 4.1%
	84,632	Lorillard Inc.				5,735,511
	239,500	Philip Morris International				10,446,990
		Total Tobacco				16,182,501
		Total Common Stocks (cost $514,504,407)				390,129,063
Principal Amount (000)		Description (1)	Coupon	Maturity	Value
		SHORT-TERM INVESTMENTS – 1.6%
$	6,263	Repurchase Agreement with Fixed Income Clearing Corporation, dated 6/30/09, repurchase price $6,263,374, collateralized by $6,175,000 U.S. Treasury Notes, 2.750%, due 7/31/10, value $6,391,125	0.000%	7/01/09	$	6,263,374
		Total Short-Term Investments (cost $6,263,374)				6,263,374
		Total Investments (cost $520,767,781) – 99.3%				396,392,437
		Other Assets Less Liabilities – 0.7%				2,641,183
		Net Assets – 100%			$	399,033,620

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

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

ADR American Depositary Receipt.

See accompanying notes to financial statements.

Nuveen Investments 55

Portfolio of Investments

Nuveen NWQ Large-Cap Value Fund

June 30, 2009

Shares	Description (1)	Value
	COMMON STOCKS – 90.0%
	Aerospace & Defense – 4.5%
11,000	Lockheed Martin Corporation	$	887,150
42,000	Raytheon Company		1,866,060
	Total Aerospace & Defense		2,753,210
	Biotechnology – 3.5%
40,900	Amgen Inc., (2)		2,165,246
	Chemicals – 1.1%
15,300	Mosaic Company		677,790
	Commercial Banks – 2.0%
51,900	Wells Fargo & Company		1,259,094
	Commercial Services & Supplies – 3.6%
100,000	Pitney Bowes Inc.		2,193,000
	Communications Equipment – 3.6%
332,100	Motorola, Inc.		2,201,823
	Diversified Financial Services – 3.0%
53,200	JPMorgan Chase & Co.		1,814,652
	Diversified Telecommunication Services – 1.4%
35,000	AT&T Inc.		869,400
	Electronic Equipment & Instruments – 1.6%
49,300	Agilent Technologies, Inc., (2)		1,001,283
	Energy Equipment & Services – 1.4%
40,400	Halliburton Company		836,280
	Food Products – 1.1%
25,476	Kraft Foods Inc.		645,562
	Health Care Providers & Services – 1.7%
40,950	Aetna Inc.		1,025,798
	Household Products – 1.6%
19,000	Kimberly-Clark Corporation		996,170
	Independent Power Producers & Energy Traders – 1.5%
34,400	NRG Energy Inc., (2)		893,024
	Insurance – 13.5%
40,000	Aon Corporation		1,514,800
146,800	Genworth Financial Inc., Class A		1,026,132
65,000	Hartford Financial Services Group, Inc.		771,550
72,741	Loews Corporation		1,993,103
51,700	MetLife, Inc.		1,551,517
35,000	Travelers Companies, Inc.		1,436,400
	Total Insurance		8,293,502
	Machinery – 1.2%
35,000	Ingersoll Rand Company Limited, Class A		731,500
	Media – 6.0%
45,000	CBS Corporation, Class B		311,400
65,000	Comcast Corporation, Special Class A		916,500
107,900	Viacom Inc., Class B, (2)		2,449,330
	Total Media		3,677,230

56 Nuveen Investments

Shares		Description (1)			Value
		Metals & Mining – 8.1%
	61,901	AngloGold Ashanti Limited, Sponsored ADR			$	2,267,434
	64,800	Barrick Gold Corporation				2,174,040
	14,200	United States Steel Corporation				507,508
		Total Metals & Mining				4,948,982
		Oil, Gas & Consumable Fuels – 12.3%
	33,600	Apache Corporation				2,424,240
	10,000	EOG Resources, Inc.				679,200
	19,200	Hess Corporation				1,032,000
	40,000	Noble Energy, Inc.				2,358,800
	72,600	Talisman Energy Inc.				1,037,454
		Total Oil, Gas & Consumable Fuels				7,531,694
		Pharmaceuticals – 4.2%
	45,700	Merck & Co. Inc.				1,277,772
	45,000	Sanofi-Aventis, ADR				1,327,050
		Total Pharmaceuticals				2,604,822
		Road & Rail – 1.7%
	20,000	Union Pacific Corporation				1,041,200
		Software – 8.3%
	225,400	CA Inc.				3,928,722
	50,000	Microsoft Corporation				1,188,500
		Total Software				5,117,222
		Tobacco – 3.1%
	8,661	Lorillard Inc.				586,955
	30,000	Philip Morris International				1,308,600
		Total Tobacco				1,895,555
		Total Common Stocks (cost $60,424,143)				55,174,039
Principal Amount (000)		Description (1)	Coupon	Maturity	Value
		SHORT-TERM INVESTMENTS – 9.7%
$	5,945	Repurchase Agreement with State Street Bank, dated 6/30/09, repurchase price $5,944,996, collateralized by $6,070,000 U.S. Treasury Bills, 0.000%, due 8/20/09, value $6,068,786	0.000%	7/01/09	$	5,944,996
		Total Short-Term Investments (cost $5,944,996)				5,944,996
		Total Investments (cost $66,369,139) – 99.7%				61,119,035
		Other Assets Less Liabilities – 0.3%				196,106
		Net Assets – 100%			$	61,315,141

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

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

ADR American Depositary Receipt.

See accompanying notes to financial statements.

Nuveen Investments 57

Portfolio of Investments

Nuveen NWQ Small/Mid-Cap Value Fund

June 30, 2009

Shares	Description (1)	Value
	COMMON STOCKS – 97.0%
	Building Products – 5.5%
13,100	Gibraltar Industries Inc.	$	89,997
27,750	Griffon Corporation, (2)		230,880
	Total Building Products		320,877
	Chemicals – 1.3%
2,600	Interpid Potash Inc., (2)		73,008
	Communications Equipment – 6.2%
14,350	Avocent Corporation, (2)		200,326
20,500	Brocade Communications Systems Inc., (2)		160,310
	Total Communications Equipment		360,636
	Containers & Packaging – 2.8%
5,700	Packaging Corp. of America		92,340
5,550	Temple-Inland Inc.		72,816
	Total Containers & Packaging		165,156
	Electrical Equipment – 2.3%
2,800	Belden Inc.		46,760
2,300	General Cable Corporation, (2)		86,434
	Total Electrical Equipment		133,194
	Electronic Equipment & Instruments – 9.1%
8,800	Arrow Electronics, Inc., (2)		186,912
9,100	Avnet Inc., (2)		191,373
7,350	Coherent Inc., (2)		151,998
	Total Electronic Equipment & Instruments		530,283
	Energy Equipment & Services – 4.4%
20,900	Acergy S.A., ADR		205,656
3,500	BJ Services Company		47,705
	Total Energy Equipment & Services		253,361
	Food & Staples Retailing – 2.7%
6,000	Casey’s General Stores, Inc.		154,140
	Health Care Providers & Services – 1.5%
3,450	Omnicare, Inc.		88,872
	Independent Power Producers & Energy Traders – 2.2%
5,000	NRG Energy Inc., (2)		129,800
	Insurance – 19.1%
1,450	Allied World Assurance Holdings		59,204
7,400	Assurant Inc.		178,266
5,550	Hanover Insurance Group Inc.		211,511
2,300	HCC Insurance Holdings Inc.		55,223
6,600	Reinsurance Group of America Inc.		230,406
5,300	StanCorp Financial Group Inc.		152,004
6,800	Tower Group Inc.		168,504
2,250	Willis Group Holdings Limited		57,893
	Total Insurance		1,113,011
	Machinery – 8.1%
5,900	CIRCOR International Inc.		139,299
5,750	Gardner Denver, Inc., (2)		144,728

58 Nuveen Investments

Shares		Description (1)			Value
		Machinery (continued)
	2,500	Lincoln Electric Holdings Inc.			$	90,100
	1,250	Middleby Corporation, (2)				54,900
	2,550	Timken Company				43,554
		Total Machinery				472,581
		Metals & Mining – 5.8%
	2,800	Carpenter Technology Inc.				58,268
	3,650	Reliance Steel & Aluminum Company				140,124
	15,900	Yamana Gold Inc.				140,556
		Total Metals & Mining				338,948
		Oil, Gas & Consumable Fuels – 9.6%
	4,500	Bill Barrett Corporation, (2)				123,570
	2,050	Continental Resources Inc., (2)				56,888
	10,200	Denbury Resources Inc., (2)				150,246
	15,600	Petroquest Energy Inc., (2)				57,564
	8,200	St Mary Land and Exploration Company				171,134
		Total Oil, Gas & Consumable Fuels				559,402
		Paper & Forest Products – 2.1%
	18,400	Wausau Paper Corp.				123,648
		Personal Products – 4.8%
	32,200	Elizabeth Arden, Inc., (2)				281,103
		Pharmaceuticals – 4.7%
	3,350	Perrigo Company				93,063
	10,200	Sepracor Inc., (2)				176,664
		Total Pharmaceuticals				269,727
		Thrifts & Mortgage Finance – 2.8%
	11,000	People’s United Financial, Inc.				165,440
		Trading Companies & Distributors – 2.0%
	4,550	WESCO International Inc., (2)				113,932
		Total Common Stocks (cost $5,817,683)				5,647,119
Principal Amount (000)		Description (1)	Coupon	Maturity	Value
		SHORT-TERM INVESTMENTS – 2.0%
$	115	Repurchase Agreement with State Street Bank, dated 6/30/09, repurchase price $114,898, collateralized by $120,000 U.S. Treasury Bills, 0.000%, due 12/24/09, value $119,796	0.000%	7/01/09	$	114,898
		Total Short-Term Investments (cost $114,898)				114,898
		Total Investments (cost $5,932,581) – 99.0%				5,762,017
		Other Assets Less Liabilities – 1.0%				56,075
		Net Assets – 100%			$	5,818,092

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

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

ADR American Depositary Receipt.

See accompanying notes to financial statements.

Nuveen Investments 59

Portfolio of Investments

Nuveen NWQ Small-Cap Value Fund

June 30, 2009

Shares	Description (1)	Value
	COMMON STOCKS – 96.9%
	Auto Components – 0.6%
23,050	WABCO Holdings Inc.	$	407,985
	Building Products – 4.9%
163,730	Gibraltar Industries Inc.		1,124,825
304,050	Griffon Corporation, (2)		2,529,696
	Total Building Products		3,654,521
	Commercial Banks – 5.4%
115,250	PacWest Bancorp.		1,516,690
107,550	Texas Capital BancShares, Inc., (2)		1,663,799
121,300	Western Alliance Bancorporation, (2)		829,692
	Total Commercial Banks		4,010,181
	Communications Equipment – 6.9%
196,850	Avocent Corporation, (2)		2,748,026
304,550	Brocade Communications Systems Inc., (2)		2,381,581
	Total Communications Equipment		5,129,607
	Containers & Packaging – 2.8%
69,900	Packaging Corp. of America		1,132,380
70,950	Temple-Inland Inc.		930,864
	Total Containers & Packaging		2,063,244
	Electrical Equipment – 4.2%
97,400	Belden Inc.		1,626,580
39,550	General Cable Corporation, (2)		1,486,289
	Total Electrical Equipment		3,112,869
	Electronic Equipment & Instruments – 1.3%
234,800	Keithley Instruments, Inc.		939,200
	Energy Equipment & Services – 3.6%
268,300	Acergy S.A., ADR		2,640,072
	Food & Staples Retailing – 2.7%
77,300	Casey’s General Stores, Inc.		1,985,837
	Health Care Providers & Services – 0.8%
78,800	Skilled Healthcare Group Inc., (2)		591,000
	Hotels, Restaurants & Leisure – 2.0%
51,000	Bob Evans Farms		1,465,740
	Household Durables – 2.4%
153,500	Hooker Furniture Corporation		1,762,180
	Insurance – 18.0%
109,250	Aspen Insurance Holdings Limited		2,440,645
97,600	Assurant Inc.		2,351,184
45,850	Hanover Insurance Group Inc.		1,747,344
193,850	PMA Capital Corporation, Class A, (2)		882,018
42,400	Reinsurance Group of America Inc.		1,480,184
76,200	StanCorp Financial Group Inc.		2,185,416
89,650	Tower Group Inc.		2,221,527
	Total Insurance		13,308,318

60 Nuveen Investments

Shares		Description (1)			Value
		Machinery – 10.2%
	142,400	Albany International Corporation, Class A			$	1,620,512
	79,650	CIRCOR International Inc.				1,880,537
	28,609	Kadant Inc., (2)				322,996
	28,700	Lincoln Electric Holdings Inc.				1,034,348
	16,100	Middleby Corporation, (2)				707,112
	94,750	RBC Bearings Inc., (2)				1,937,638
		Total Machinery				7,503,143
		Metals & Mining – 1.9%
	134,200	Thompson Creek Metals Company Inc., (2)				1,371,524
		Oil, Gas & Consumable Fuels – 10.4%
	300,450	Approach Resources Inc., (2)				2,073,105
	81,850	Bill Barrett Corporation, (2)				2,247,601
	237,500	Petroquest Energy Inc., (2)				876,375
	120,500	St Mary Land and Exploration Company				2,514,835
		Total Oil, Gas & Consumable Fuels				7,711,916
		Paper & Forest Products – 3.4%
	162,403	Buckeye Technologies Inc., (2)				729,189
	260,704	Wausau Paper Corp.				1,751,931
		Total Paper & Forest Products				2,481,120
		Personal Products – 2.9%
	248,300	Elizabeth Arden, Inc., (2)				2,167,659
		Pharmaceuticals – 3.0%
	129,300	Sepracor Inc., (2)				2,239,476
		Road & Rail – 1.9%
	65,855	Marten Transport, Ltd., (2)				1,367,150
		Semiconductors & Equipment – 6.9%
	210,000	Actel Corporation, (2)				2,253,300
	138,700	Standard Microsystems Corporation, (2)				2,836,412
		Total Semiconductors & Equipment				5,089,712
		Specialty Retail – 0.7%
	325,591	Golfsmith International Holdings Inc., (2)				488,387
		Total Common Stocks (cost $89,869,073)				71,490,841
Principal Amount (000)		Description (1)	Coupon	Maturity	Value
		SHORT-TERM INVESTMENTS – 3.6%
$	2,640	Repurchase Agreement with Fixed Income Clearing Corporation, dated 6/30/09, repurchase price $2,640,321, collateralized by $2,605,000 U.S. Treasury Notes, 2.750%, due 7/31/10, value $2,696,175	0.000%	7/01/09	$	2,640,321
		Total Short-Term Investments (cost $2,640,321)				2,640,321
		Total Investments (cost $92,509,394) – 100.5%				74,131,162
		Other Assets Less Liabilities – (0.5)%				(355,471)
		Net Assets – 100%			$	73,775,691

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

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

ADR American Depositary Receipt.

See accompanying notes to financial statements.

Nuveen Investments 61

Portfolio of Investments

Nuveen Tradewinds Value Opportunities Fund

June 30, 2009

Shares	Description (1)	Value
	COMMON STOCKS – 74.0%
	Auto Components – 2.2%
544,572	Magna International Inc., Class A	$	23,002,721
	Biotechnology – 0.7%
138,866	Amgen Inc., (2)		7,351,566
	Capital Markets – 0.8%
711,806	UBS AG, (2)		8,691,151
	Chemicals – 0.4%
86,911	The Mosaic Company		3,850,157
	Commercial Banks – 1.6%
226,228	ICICI Bank Limited, ADR		6,673,726
1,873,200	Sumitomo Trust & Banking Company, ADR		9,965,424
	Total Commercial Banks		16,639,150
	Commercial Services & Supplies – 1.1%
471,572	Republic Services, Inc.		11,511,073
	Construction & Engineering – 1.0%
382,534	Shaw Group Inc., (2)		10,485,257
	Diversified Telecommunication Services – 2.6%
311,600	KT Corporation, Sponsored ADR		4,474,576
911,500	Telus Corporation		23,516,700
	Total Diversified Telecommunication Services		27,991,276
	Electric Utilities – 2.5%
850,243	Centrais Electricas Brasileiras S.A., ADR Pref., (2)		11,104,174
1,378,004	Korea Electric Power Corporation, Sponsored ADR, (2)		15,847,046
	Total Electric Utilities		26,951,220
	Electronic Equipment & Instruments – 2.6%
867,700	Ingram Micro, Inc., (2)		15,184,750
366,500	Tech Data Corporation, (2)		11,988,215
	Total Electronic Equipment & Instruments		27,172,965
	Energy Equipment & Services – 1.3%
1,018,154	BJ Services Company		13,877,439
	Food & Staples Retailing – 1.8%
1,030,388	Whole Foods Market, Inc.		19,556,764
	Food Products – 5.4%
770,000	Cresud S.A., ADR		7,261,100
1,427,327	Smithfield Foods, Inc., (2)		19,939,758
2,378,700	Tyson Foods, Inc., Class A		29,995,407
	Total Food Products		57,196,265
	Health Care Equipment & Supplies – 0.9%
237,733	Zimmer Holdings, Inc., (2)		10,127,426
	Health Care Providers & Services – 3.2%
1,398,818	Health Net Inc., (2)		21,751,620
379,795	Humana Inc., (2)		12,252,187
	Total Health Care Providers & Services		34,003,807
	Household Durables – 0.5%
481,600	Sekisui House, Ltd., Sponsored ADR		4,844,896

62 Nuveen Investments

Shares	Description (1)	Value
	Household Products – 0.7%
33,800	KAO Corporation, Sponsored ADR	$	7,374,099
	Insurance – 0.7%
481,135	CNA Financial Corporation		7,443,158
	Internet Software & Services – 1.9%
1,189,307	eBay Inc., (2)		20,372,829
	Machinery – 2.5%
513,914	AGCO Corporation, (2)		14,939,480
338,138	Alamo Group Inc.		3,415,194
968,882	Tata Motors Limited, ADR		8,254,875
	Total Machinery		26,609,549
	Media – 2.0%
459,000	Scholastic Corporation		9,083,610
543,000	Viacom Inc., Class B, (2)		12,326,100
	Total Media		21,409,710
	Metals & Mining – 19.0%
1,638,720	Alumina Limited, Sponsored ADR		7,538,112
976,225	Barrick Gold Corporation		32,752,349
659,000	Crystallex International Corporation, (2)		144,980
1,497,753	Geovic Mining Corporation, (2)		765,352
1,474,000	Geovic Mining Corporation, (2)		760,349
1,703,316	Gold Fields Limited Sponsored ADR		20,524,958
96,481	Gold Reserve Inc., Class A, (2)		50,170
967,524	IAMGOLD Corporation		9,791,343
942,046	Ivanhoe Mines Ltd., (2)		5,275,458
1,959,914	Kinross Gold Corporation		35,572,439
1,708,914	Lihir Gold Limited, Sponsored ADR, (2)		39,680,983
924,700	Newmont Mining Corporation		37,792,489
1,692,056	NovaGold Resources Inc., (2)		7,242,000
232,530	Silver Standard Resources, Inc., (2)		4,359,938
	Total Metals & Mining		202,250,920
	Multi-Utilities – 1.8%
450,410	Ameren Corporation		11,210,705
758,600	PNM Resources Inc.		8,124,606
	Total Multi-Utilities		19,335,311
	Oil, Gas & Consumable Fuels – 10.1%
1,628,784	Arch Coal Inc.		25,034,410
764,052	Cameco Corporation		19,559,731
157,757	Chevron Corporation		10,451,401
336,954	ConocoPhillips		14,172,285
174,500	CONSOL Energy Inc.		5,926,020
347,109	Peabody Energy Corporation		10,468,807
233,598	Petrobras Energia Participaciones S.A., ADR		1,387,572
391,837	Pioneer Natural Resources Company		9,991,844
674,983	Tesoro Petroleum Corporation		8,592,534
720,000	Warren Resources Inc., (2)		1,764,000
	Total Oil, Gas & Consumable Fuels		107,348,604

Nuveen Investments 63

Portfolio of Investments

Nuveen Tradewinds Value Opportunities Fund (continued)

June 30, 2009

Shares		Description (1)				Value
		Paper & Forest Products – 0.8%
	509,264	Domtar Corporation, (2)				$	8,443,597
		Pharmaceuticals – 2.0%
	1,425,898	Pfizer Inc.					21,388,470
		Road & Rail – 0.9%
	188,900	Union Pacific Corporation					9,834,134
		Software – 2.1%
	926,500	Microsoft Corporation					22,022,905
		Wireless Telecommunication Services – 0.9%
	261,200	TIM Participacoes S.A., ADR, (2)					4,552,716
	361,300	Turkcell Iletisim Hizmetleri A.S., ADR					5,007,616
		Total Wireless Telecommunication Services					9,560,332
		Total Common Stocks (cost $811,795,841)					786,646,751
Shares		Description (1)	Coupon		Ratings (3)	Value
		CONVERTIBLE PREFERRED SECURITIES – 4.1%
		Communications Equipment – 3.3%
	57,771	Lucent Technologies Capital Trust I	7.750%		B3	$	35,240,310
		Road & Rail – 0.8%
	12,362	Kansas City Southern Industries Inc., (2)	5.125%		CCC		9,086,070
		Total Convertible Preferred Securities (cost $49,574,682)					44,326,380
Principal Amount (000)		Description (1)	Coupon	Maturity	Ratings (3)	Value
		CONVERTIBLE BONDS – 8.3%
		Airlines – 1.2%
$	10,338	JetBlue Airways Corporation	3.750%	3/15/35	CCC	$	9,950,325
	2,900	JetBlue Airways Corporation	6.750%	10/15/39	CCC		3,070,375
	13,238	Total Airlines					13,020,700
		Building Products – 0.6%
	6,661	Griffon Corporation	4.000%	7/18/23	N/A		6,344,603
		Health Care Providers & Services – 1.5%
	22,949	Omnicare, Inc.	3.250%	12/15/35	B+		16,006,928
		Machinery – 0.8%
	16,434	Trinity Industries Inc.	3.875%	6/01/36	Ba2		9,038,700
		Metals & Mining – 1.5%
	16,320	Coeur d’Alene Mines Corporation	1.250%	1/15/24	CCC–		14,320,800
	3,018	Gold Reserve, Inc.	5.500%	6/15/22	N/A		1,539,180
	19,338	Total Metals & Mining					15,859,980
		Oil, Gas & Consumable Fuels – 0.9%
	15,035	USEC Inc.	3.000%	10/01/14	CCC		9,772,750
		Semiconductors & Equipment – 0.2%
	4,842	LTX-Credence Corporation, (4)	3.500%	5/15/11	N/A		1,612,885
	3,600	Qimonda Finance LLC, (5)	6.750%	3/22/13	N/A		108,000
	8,442	Total Semiconductors & Equipment					1,720,885
		Wireless Telecommunication Services – 1.6%
	21,498	NII Holdings Inc.	3.125%	6/15/12	N/A		16,634,076
$	123,595	Total Convertible Bonds (cost $88,942,408)					88,398,622

64 Nuveen Investments

Principal Amount (000)		Description (1)	Coupon	Maturity	Value
		SHORT-TERM INVESTMENTS – 12.5%
$	132,512	Repurchase Agreement with Fixed Income Clearing Corporation, dated 6/30/09, repurchase price $132,512,182, collateralized by $124,245,000 U.S. Treasury Notes, 4.125%, due 8/31/12, value $135,166,136	0.000%	7/01/09	$	132,512,182
		Total Short-Term Investments (cost $132,512,182)				132,512,182
		Total Investments (cost $1,082,825,113) – 98.9%				1,051,883,935
		Other Assets Less Liabilities – 1.1%				11,346,788
		Net Assets – 100%			$	1,063,230,723

(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 (not covered by the report of independent registered public accounting firm): 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.

(5) The Fund’s Adviser has concluded this issue is not likely to meet its future interest payment obligations and has directed the Fund’s custodian to cease accruing additional income on the Fund’s records. Subsequent to the reporting period, the Fund’s Adviser directed the Fund’s custodian to “write-off” any remaining recorded balances on the Fund’s records.

N/A Not applicable/not available.

ADR American Depositary Receipt.

See accompanying notes to financial statements.

Nuveen Investments 65

Statement of Assets and Liabilities

June 30, 2009

	Multi-Manager Large-Cap Value			Multi-Cap Value			Large-Cap Value			Small/Mid- Cap Value			Small-Cap Value			Value Opportunities
Assets
Investments, at value (cost $297,084,606, $514,504,407, $60,424,143, $5,817,683, $89,869,073 and $950,312,931, respectively)	$	270,920,456		$	390,129,063		$	55,174,039		$	5,647,119		$	71,490,841		$	919,371,753
Short-term investments (at cost, which approximates value)		5,429,273			6,263,374			5,944,996			114,898			2,640,321			132,512,182
Cash		133,790			—			—			—			—			—
Receivables:
Dividends		439,791			455,329			62,795			2,660			40,192			736,308
Interest		—			—			—			—			—			770,135
Investments sold		1,126,698			2,607,943			—			225,241			622,095			—
Reclaims		46,837			60,968			5,308			—			—			—
Shares sold		156,479			1,143,741			1,183,141			40,024			168,858			13,428,072
Other assets		95,410			28,005			22			121			202			12,499
Total assets		278,348,734			400,688,423			62,370,301			6,030,063			74,962,509			1,066,830,949
Liabilities
Payables:
Investments purchased		2,818,132			—			790,649			151,795			564,014			388,650
Shares redeemed		301,223			710,071			172,982			17,076			452,459			1,576,565
Accrued expenses:
Management fees		163,076			277,320			27,389			2,734			89,548			966,004
12b-1 distribution and service fees		65,645			96,418			3,380			837			4,812			161,781
Other		253,222			570,994			60,760			39,529			75,985			507,226
Total liabilities		3,601,298			1,654,803			1,055,160			211,971			1,186,818			3,600,226
Net assets	$	274,747,436		$	399,033,620		$	61,315,141		$	5,818,092		$	73,775,691		$	1,063,230,723
Class A Shares
Net assets	$	239,209,531		$	76,785,015		$	6,074,962		$	1,382,286		$	7,733,404		$	378,845,345
Shares outstanding		16,812,096			6,284,198			477,780			125,143			547,046			15,675,750
Net asset value per share	$	14.23		$	12.22		$	12.71		$	11.05		$	14.14		$	24.17
Offering price per share (net asset value per share plus maximum sales charge of 5.75% of offering price)	$	15.10		$	12.97		$	13.49		$	11.72		$	15.00		$	25.64
Class B Shares
Net assets	$	3,033,231		$	16,599,163		$	405,383		$	33,879		$	173,157		$	5,080,085
Shares outstanding		219,225			1,402,015			32,181			3,131			12,603			213,661
Net asset value and offering price per share	$	13.84		$	11.84		$	12.60		$	10.82		$	13.74		$	23.78
Class C Shares
Net assets	$	15,803,263		$	78,225,355		$	2,216,754		$	610,304		$	3,446,288		$	98,742,391
Shares outstanding		1,144,773			6,607,231			175,951			56,350			250,435			4,153,225
Net asset value and offering price per share	$	13.80		$	11.84		$	12.60		$	10.83		$	13.76		$	23.77
Class R3 Shares
Net assets	$	97,354		$	103,648			N/A			N/A			N/A		$	414,264
Shares outstanding		6,803			8,523			N/A			N/A			N/A			17,099
Net asset value and offering price per share	$	14.31		$	12.16			N/A			N/A			N/A		$	24.23
Class I Shares
Net assets	$	16,604,057		$	227,320,439		$	52,618,042		$	3,791,623		$	62,422,842		$	580,148,638
Shares outstanding		1,162,422			18,606,803			4,137,576			346,030			4,393,753			23,980,115
Net asset value and offering price per share	$	14.28		$	12.22		$	12.72		$	10.96		$	14.21		$	24.19
Net Assets Consist of:
Capital paid-in	$	398,127,353		$	788,536,067		$	70,877,713		$	41,829,332		$	165,662,732		$	1,186,478,237
Undistributed (Over-distribution of) net investment income		5,609,527			1,013,587			164,141			—			197,909			(728,391	)
Accumulated net realized gain (loss) from investments and foreign currency		(102,824,430	)		(266,138,284	)		(4,476,448	)		(35,840,676	)		(73,706,718	)		(91,566,271	)
Net unrealized appreciation (depreciation) of investments and foreign currency		(26,165,014	)		(124,377,750	)		(5,250,265	)		(170,564	)		(18,378,232	)		(30,952,852	)
Net assets	$	274,747,436		$	399,033,620		$	61,315,141		$	5,818,092		$	73,775,691		$	1,063,230,723

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

See accompanying notes to financial statements.

66 Nuveen Investments

Statement of Operations

Year Ended June 30, 2009

	Multi-Manager Large-Cap Value			Multi-Cap Value			Large-Cap Value
Investment Income
Dividends (net of foreign tax withheld of $8,942, $61,167 and $6,628, respectively)	$	9,256,133		$	8,417,194		$	593,228
Interest (net of foreign tax withheld of $0, $0 and $0, respectively)		35,427			32,818			12,403
Total investment income		9,291,560			8,450,012			605,631
Expenses
Management fees		2,296,853			3,855,667			246,635
12b-1 service fees – Class A		680,628			321,014			10,619
12b-1 distribution and service fees – Class B		51,805			207,029			5,690
12b-1 distribution and service fees – Class C		176,173			1,036,118			21,563
12b-1 distribution and service fees – Class R3		477			463			—
Shareholders’ servicing agent fees and expenses		522,690			1,364,012			33,004
Custodian’s fees and expenses		66,236			84,751			9,418
Trustees’ fees and expenses		7,099			9,864			941
Professional fees		74,047			97,412			10,113
Shareholders’ reports – printing and mailing expenses		78,004			374,699			5,391
Federal and state registration fees		110,022			121,163			87,470
Other expenses		21,419			33,140			2,914
Total expenses before custodian fee credit and expense reimbursement		4,085,453			7,505,332			433,758
Custodian fee credit		(213	)		(344	)		(14	)
Expense reimbursement		(396,361	)		—			(76,602	)
Net expenses		3,688,879			7,504,988			357,142
Net investment income (loss)		5,602,681			945,024			248,489
Realized and Unrealized Gain (Loss)
Net realized gain (loss) from investments and foreign currency		(99,556,386	)		(222,172,003	)		(3,940,065	)
Change in net unrealized appreciation (depreciation) of investments and foreign currency		(34,549,238	)		(33,669,985	)		(1,787,154	)
Net realized and unrealized gain (loss)		(134,105,624	)		(255,841,988	)		(5,727,219	)
Net increase (decrease) in net assets from operations	$	(128,502,943	)	$	(254,896,964	)	$	(5,478,730	)

See accompanying notes to financial statements.

Nuveen Investments 67

Statement of Operations (continued)

Year Ended June 30, 2009

	Small/Mid Cap Value			Small-Cap Value			Value Opportunities
Investment Income
Dividends (net of foreign tax withheld of $78, $4,638 and $448,382, respectively)	$	162,985		$	1,525,003		$	11,303,096
Interest (net of foreign tax withheld of $0, $0 and $1,368, respectively)		5,248			42,993			6,133,793
Total investment income		168,233			1,567,996			17,436,889
Expenses
Management fees		135,747			1,009,373			7,079,029
12b-1 service fees – Class A		3,075			66,092			741,609
12b-1 distribution and service fees – Class B		388			2,284			49,963
12b-1 distribution and service fees – Class C		7,774			50,934			885,800
12b-1 distribution and service fees – Class R3		—			—			1,071
Shareholders’ servicing agent fees and expenses		12,544			73,354			1,053,780
Custodian’s fees and expenses		7,660			22,255			114,757
Trustees’ fees and expenses		432			2,673			21,946
Professional fees		5,511			26,393			151,664
Shareholders’ reports – printing and mailing expenses		—			53,578			324,909
Federal and state registration fees		73,287			55,089			182,007
Other expenses		2,176			8,066			38,550
Total expenses before custodian fee credit and expense reimbursement		248,594			1,370,091			10,645,085
Custodian fee credit		(13	)		(4	)		(642	)
Expense reimbursement		(64,796	)		—			(33,088	)
Net expenses		183,785			1,370,087			10,611,355
Net investment income (loss)		(15,552	)		197,909			6,825,534
Realized and Unrealized Gain (Loss)
Net realized gain (loss) from investments and foreign currency		(22,774,366	)		(71,043,262	)		(92,304,086	)
Change in net unrealized appreciation (depreciation) of investments and foreign currency		6,483,688			2,948,702			(10,891,435	)
Net realized and unrealized gain (loss)		(16,290,678	)		(68,094,560	)		(103,195,521	)
Net increase (decrease) in net assets from operations	$	(16,306,230	)	$	(67,896,651	)	$	(96,369,987	)

See accompanying notes to financial statements.

68 Nuveen Investments

Statement of Changes in Net Assets

	Multi-Manager Large-Cap Value						Multi-Cap Value
	Year Ended 6/30/09			Year Ended 6/30/08			Year Ended 6/30/09			Year Ended 6/30/08
Operations
Net investment income (loss)	$	5,602,681		$	6,001,294		$	945,024		$	84,274
Net realized gain (loss) from:
Investments and foreign currency		(99,556,386	)		46,928,398			(222,172,003	)		(46,695,377	)
Redemptions in-kind		—			—			—			—
Change in net unrealized appreciation (depreciation) of investments and foreign currency		(34,549,238	)		(109,626,987	)		(33,669,985	)		(293,616,756	)
Net increase (decrease) in net assets from operations		(128,502,943	)		(56,697,295	)		(254,896,964	)		(340,227,859	)
Distributions to Shareholders
Net investment income:
Class A		(3,290,647	)		(5,435,774	)		—			(319,967	)
Class B		(10,009	)		(43,212	)		—			—
Class C		(32,922	)		(93,919	)		—			—
Class R3		(948	)		N/A			—			N/A
Class I (1)		(268,967	)		(424,963	)		—			(485,483	)
From accumulated net realized gains:
Class A		(25,379,143	)		(69,843,284	)		—			(17,840,823	)
Class B		(509,457	)		(2,094,917	)		—			(2,285,419	)
Class C		(1,646,216	)		(4,505,945	)		—			(12,664,308	)
Class R3		(10,722	)		N/A			—			N/A
Class I (1)		(1,582,389	)		(4,268,174	)		—			(15,616,418	)
Tax return of capital:
Class A		—			—			—			(1,415,298	)
Class B		—			—			—			—
Class C		—			—			—			—
Class R3		—			N/A			—			N/A
Class I (1)		—			—			—			(2,147,421	)
Decrease in net assets from distributions to shareholders		(32,731,420	)		(86,710,188	)		—			(52,775,137	)
Fund Share Transactions
Proceeds from sale of shares		25,703,284			34,460,397			192,693,604			342,932,823
Proceeds from shares issued to shareholders due to reinvestment of distributions		24,773,422			63,939,667			—			47,921,628
		50,476,706			98,400,064			192,693,604			390,854,451
Cost of shares redeemed		(61,316,966	)		(81,247,290	)		(332,925,017	)		(704,297,666	)
Cost of redemptions in-kind		—			—			—			—
Net increase (decrease) in net assets from Fund share transactions		(10,840,260	)		17,152,774			(140,231,413	)		(313,443,215	)
Capital contribution from Adviser		—			—			—			—
Net increase (decrease) in net assets		(172,074,623	)		(126,254,709	)		(395,128,377	)		(706,446,211	)
Net assets at the beginning of year		446,822,059			573,076,768			794,161,997			1,500,608,208
Net assets at the end of year	$	274,747,436		$	446,822,059		$	399,033,620		$	794,161,997
Undistributed (Over-distribution of) net investment income at the end of year	$	5,609,527		$	3,610,339		$	1,013,587		$	(38,774	)

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

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

See accompanying notes to financial statements.

Nuveen Investments 69

Statement of Changes in Net Assets(continued)

	Large-Cap Value						Small/Mid-Cap Value
	Year Ended 6/30/09			Year Ended 6/30/08			Year Ended 6/30/09			Year Ended 6/30/08
Operations
Net investment income (loss)	$	248,489		$	148,959		$	(15,552	)	$	(232,344	)
Net realized gain (loss) from:
Investments and foreign currency		(3,940,065	)		(537,756	)		(22,774,366	)		(12,863,794	)
Redemptions in-kind		—			—			—			(12,286,275	)
Change in net unrealized appreciation (depreciation) of investments and foreign currency		(1,787,154	)		(3,537,399	)		6,483,688			(1,437,205	)
Net increase (decrease) in net assets from operations		(5,478,730	)		(3,926,196	)		(16,306,230	)		(26,819,618	)
Distributions to Shareholders
Net investment income:
Class A		(22,861	)		(20,911	)		—			(413	)
Class B		—			—			—			—
Class C		—			—			—			—
Class R3		N/A			N/A			N/A			N/A
Class I (1)		(141,733	)		(72,607	)		—			(487,049	)
From accumulated net realized gains:
Class A		—			(694	)		—			—
Class B		—			(81	)		—			—
Class C		—			(342	)		—			—
Class R3		N/A			N/A			N/A			N/A
Class I (1)		—			(1,364	)		—			—
Tax return of capital:
Class A		—			—			—			—
Class B		—			—			—			—
Class C		—			—			—			—
Class R3		N/A			N/A			N/A			N/A
Class I (1)		—			—			—			—
Decrease in net assets from distributions to shareholders		(164,594	)		(95,999	)		—			(487,462	)
Fund Share Transactions
Proceeds from sale of shares		59,453,469			23,857,076			7,428,866			49,652,728
Proceeds from shares issued to shareholders due to reinvestment of distributions		128,769			81,088			—			485,206
		59,582,238			23,938,164			7,428,866			50,137,934
Cost of shares redeemed		(16,741,242	)		(8,067,479	)		(28,728,824	)		(39,369,459	)
Cost of redemptions in-kind		—			—			—			(159,386,190	)
Net increase (decrease) in net assets from Fund share transactions		42,840,996			15,870,685			(21,299,958	)		(148,617,715	)
Capital contribution from Adviser		—			—			125,970			—
Net increase (decrease) in net assets		37,197,672			11,848,490			(37,480,218	)		(175,924,795	)
Net assets at the beginning of year		24,117,469			12,268,979			43,298,310			219,223,105
Net assets at the end of year	$	61,315,141		$	24,117,469		$	5,818,092		$	43,298,310
Undistributed (Over-distribution of) net investment income at the end of year	$	164,141		$	80,201		$	—		$	—

70 Nuveen Investments

	Small-Cap Value						Value Opportunities
	Year Ended 6/30/09			Year Ended 6/30/08			Year Ended 6/30/09			Year Ended 6/30/08
Operations
Net investment income (loss)	$	197,909		$	(135,726	)	$	6,825,534		$	3,506,893
Net realized gain (loss) from:
Investments and foreign currency		(71,043,262	)		(2,486,235	)		(92,304,086	)		48,625,454
Redemptions in-kind		—			—			—			—
Change in net unrealized appreciation (depreciation) of investments and foreign currency		2,948,702			(43,296,876	)		(10,891,435	)		(70,243,353	)
Net increase (decrease) in net assets from operations		(67,896,651	)		(45,918,837	)		(96,369,987	)		(18,111,006	)
Distributions to Shareholders
Net investment income:
Class A		—			(48,704	)		(611,878	)		(5,368,016	)
Class B		—			—			—			(67,198	)
Class C		—			—			—			(1,191,878	)
Class R3		N/A			N/A			—			N/A
Class I (1)		—			(373,600	)		(1,649,711	)		(3,787,679	)
From accumulated net realized gains:
Class A		—			(1,644,070	)		(12,960,049	)		(12,301,149	)
Class B		—			(17,075	)		(230,149	)		(267,415	)
Class C		—			(357,868	)		(3,976,760	)		(4,745,567	)
Class R3		N/A			N/A			(5,448	)		N/A
Class I (1)		—			(3,093,051	)		(14,167,425	)		(7,857,520	)
Tax return of capital:
Class A		—			(6,531	)		—			—
Class B		—			—			—			—
Class C		—			—			—			—
Class R3		N/A			N/A			—			N/A
Class I (1)		—			(50,092	)		—			—
Decrease in net assets from distributions to shareholders		—			(5,590,991	)		(33,601,420	)		(35,586,422	)
Fund Share Transactions
Proceeds from sale of shares		36,286,766			46,853,684			761,448,921			453,732,611
Proceeds from shares issued to shareholders due to reinvestment of distributions		—			4,509,429			22,479,299			27,921,650
		36,286,766			51,363,113			783,928,220			481,654,261
Cost of shares redeemed		(66,999,103	)		(56,058,090	)		(360,747,458	)		(173,862,467	)
Cost of redemptions in-kind		—			—			—			—
Net increase (decrease) in net assets from Fund share transactions		(30,712,337	)		(4,694,977	)		423,180,762			307,791,794
Capital contribution from Adviser		—			—			—			—
Net increase (decrease) in net assets		(98,608,988	)		(56,204,805	)		293,209,355			254,094,366
Net assets at the beginning of year		172,384,679			228,589,484			770,021,368			515,927,002
Net assets at the end of year	$	73,775,691		$	172,384,679		$	1,063,230,723		$	770,021,368
Undistributed (Over-distribution of) net investment income at the end of year	$	197,909		$	—		$	(728,391	)	$	(4,918,826	)

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

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

See accompanying notes to financial statements.

Nuveen Investments 71

Notes to Financial Statements

1. General Information and Significant Accounting Policies

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

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

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

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

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

Small-Cap Value’s primary investment objective is to provide long-term capital appreciation. Under normal circumstances, the Fund invests at least 80% of its net assets in equity securities of companies with market capitalizations at the time of investment comparable to companies in the Russell 2000 Index or the Standard & Poor’s SmallCap 600 Index. The Fund primarily invests in U.S. equity securities, but it may invest up to 35% of its net assets in non-U.S. equity securities, including up to 10% of its net assets in equity securities of companies located in emerging markets.

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

Effective May 1, 2008, Class B Shares will only be issued upon exchange of Class B Shares from another Nuveen Investments, Inc. (“Nuveen”) fund or for purposes of dividend reinvestment. The reinstatement privilege for Class B Shares is no longer available as of December 31, 2008.

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

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

Investment Valuation

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

72 Nuveen Investments

Investment Transactions

Investment transactions are recorded on a trade date basis. Realized gains and losses from transactions are determined on the specific identification method. Investments purchased on a when-issued/delayed delivery basis may have extended settlement periods. Any investments so purchased are subject to market fluctuation during this period. The Funds have instructed the custodian to segregate assets with a current value at least equal to the amount of the when-issued/delayed delivery purchase commitments. At June 30, 2009, there were no such outstanding purchase commitments in any of the Funds.

Investment Income

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

Income Taxes

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

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

Dividends and Distributions to Shareholders

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

Distributions to shareholders are recorded on the ex-dividend date. The amount and timing of distributions are determined in accordance with federal income tax regulations, which may differ from accounting principles generally accepted in the United States.

Flexible Sales Charge Program

Class A Shares are generally sold with an up-front sales charge and incur a .25% annual 12b-1 service fee. Class A Share purchases of $1 million or more are sold at net asset value without an up-front sales charge but may be subject to a contingent deferred sales charge (“CDSC”) if redeemed within twelve months of purchase. Class B Shares are sold without an up-front sales charge but incur a .75% annual 12b-1 distribution fee and a .25% annual 12b-1 service fee. Class B Shares are subject to a CDSC of up to 5% depending upon the length of time the shares are held by the investor (CDSC is reduced to 0% at the end of six years). Class B Shares convert to Class A Shares eight years after purchase. Class C Shares are sold without an up-front sales charge but incur a .75% annual 12b-1 distribution fee and a .25% annual 12b-1 service fee. Class C Shares are subject to a CDSC of 1% if redeemed within one year of purchase. Class R3 Shares are sold without an up-front sales charge but incur a .50% annual 12b-1 distribution and service fee. Class I Shares are not subject to any sales charge or 12b-1 distribution or service fees.

Foreign Currency Transactions

Each Fund is authorized to engage in foreign currency exchange transactions, including foreign currency forwards, futures, options and swap contracts. To the extent that the Funds invest in securities and/or contracts that are denominated in a currency other than U.S. dollars, the Funds will be subject to currency risk, which is the risk that an increase in the U.S. dollar relative to the foreign currency will reduce returns or portfolio value. Generally, when the U.S. dollar rises in value against a foreign currency, the Funds’ investments denominated in that currency will lose value because its currency is worth fewer U.S. dollars; the opposite effect occurs if the U.S. dollar falls in relative value. Investments and other assets and liabilities denominated in foreign currencies are converted into U.S. dollars on a spot (i.e. cash) basis at the spot rate prevailing in the foreign currency exchange market at the time of valuation. Purchases and sales of investments and income denominated in foreign currencies are translated into U.S. dollars on the respective dates of such transactions.

The books and records of the Funds are maintained in U.S. dollars. Foreign currencies, investments and other assets and liabilities are translated into U.S. dollars at 4:00 p.m. Eastern time. Investments and income and expenses are translated on the respective dates of such transactions. Net realized foreign currency gains and losses resulting from changes in exchange rates include foreign currency gains and losses between trade date and settlement date of the transactions, foreign currency transactions, and the difference between the amounts of interest and dividends recorded on the books of a Fund and the amounts actually received.

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

Market and Counterparty Credit Risk

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

Nuveen Investments 73

Notes to Financial Statements (continued)

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

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

Redemptions In-Kind

In certain circumstances, a Fund may distribute portfolio securities rather than cash as payment for redemption of Fund shares (redemptions in-kind). For financial reporting purposes, the Fund recognizes a gain on the redemptions in-kind to the extent the value of the distributed securities on the date of redemption exceeds the cost of those securities; the Fund recognizes a loss if cost exceeds value. Gains and losses realized on the redemptions in-kind are not recognized for tax purposes, and are reclassified from undistributed realized gain or loss to paid-in capital. During the fiscal year ended June 30, 2008, Small/Mid-Cap Value realized $12,286,275 of net loss on redemptions in-kind. There were no redemptions in-kind for any of the Funds during the fiscal year ended June 30, 2009.

Derivative Financial Instruments

Each Fund is authorized to invest in derivative financial instruments or other transactions for the purpose of hedging the portfolio’s exposure to common stock risk, high yield credit risk, foreign currency exchange risk and the risk of increases in interest rates. Although each Fund is authorized to invest in such financial instruments, and may do so in the future, they did not invest in any such instruments during the fiscal year ended June 30, 2009.

Repurchase Agreements

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

Expense Allocation

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

Custodian Fee Credit

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

Indemnifications

Under the Trust’s organizational documents, its Officers and Trustees are indemnified against certain liabilities arising out of the performance of their duties to the Trust. In addition, in the normal course of business, the Trust enters into contracts that provide general indemnifications to other parties. The Trust’s maximum exposure under these arrangements is unknown as this would involve future claims that may be made against the Trust that have not yet occurred. However, the Trust has not had prior claims or losses pursuant to these contracts and expects the risk of loss to be remote.

Use of Estimates

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

2. Fair Value Measurements

During the current fiscal period, the Funds adopted the provisions of Statement of Financial Accounting Standards No. 157 (SFAS No. 157) “Fair Value Measurements.” SFAS No. 157 defines fair value, establishes a framework for measuring fair value in generally accepted accounting principles and expands disclosure about fair value measurements. In determining the value of each Fund’s investments various inputs are used. These inputs are summarized in the three broad levels listed below:

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

74 Nuveen Investments

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

The following is a summary of each Fund’s fair value measurements as of June 30, 2009:

Multi-Manager Large-Cap Value	Level 1		Level 2		Level 3		Total
Investments:
Common Stocks	$	267,112,456	$	—	$	—	$	267,112,456
Investment Companies		3,808,000		—		—		3,808,000
Short-Term Investments		5,429,273		—		—		5,429,273
Total	$	276,349,729	$	—	$	—	$	276,349,729
Multi-Cap Value	Level 1		Level 2		Level 3		Total
Investments:
Common Stocks	$	390,129,063	$	—	$	—	$	390,129,063
Short-Term Investments		6,263,374		—		—		6,263,374
Total	$	396,392,437	$	—	$	—	$	396,392,437
Large-Cap Value	Level 1		Level 2		Level 3		Total
Investments:
Common Stocks	$	55,174,039	$	—	$	—	$	55,174,039
Short-Term Investments		5,944,996		—		—		5,944,996
Total	$	61,119,035	$	—	$	—	$	61,119,035
Small/Mid-Cap Value	Level 1		Level 2		Level 3		Total
Investments:
Common Stocks	$	5,647,119	$	—	$	—	$	5,647,119
Short-Term Investments		114,898		—		—		114,898
Total	$	5,762,017	$	—	$	—	$	5,762,017
Small-Cap Value	Level 1		Level 2		Level 3		Total
Investments:
Common Stocks	$	71,490,841	$	—	$	—	$	71,490,841
Short-Term Investments		2,640,321		—		—		2,640,321
Total	$	74,131,162	$	—	$	—	$	74,131,162
Value Opportunities	Level 1		Level 2		Level 3		Total
Investments:
Common Stocks	$	764,462,332	$	22,184,419	$	—	$	786,646,751
Preferred Securities*		—		44,326,380				44,326,380
Convertible Bonds		—		86,785,737		1,612,885		88,398,622
Short-Term Investments		132,512,182		—		—		132,512,182
Total	$	896,974,514	$	153,296,536	$	1,612,885	$	1,051,883,935

* Preferred Securities may include Convertible Preferred Securities, $25 Par (or similar) Preferred Securities and Capital Preferred Securities.

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

	Value Opportunities Level 3 Investments
Balance at beginning of year	$	—
Gains (losses):
Net realized gains (losses)		521
Net change in unrealized appreciation (depreciation)		1,111,138
Net purchases at cost (sales at proceeds)		501,226
Net discounts (premiums)		—
Net transfers in to (out of) at end of period fair value		—
Balance at end of year	$	1,612,885

Value Opportunities, “Change in net unrealized appreciation (depreciation) of investments and foreign currency” presented on the Statement of Operations includes $1,111,138 of net unrealized appreciation (depreciation) related to securities classified as Level 3 at year end.

Nuveen Investments 75

Notes to Financial Statements (continued)

3. Derivative Instruments and Hedging Activities

During the current fiscal period, the Funds adopted the provisions of Statement of Financial Accounting Standards No. 161 (SFAS No. 161) “Disclosures about Derivative Instruments and Hedging Activities.” This standard is intended to enhance financial statement disclosures for derivative instruments and hedging activities and enable investors to better understand: a) how and why a fund uses derivative instruments; b) how derivative instruments are accounted for; and c) how derivative instruments affect a fund’s financial position, results of operations and cash flows, if any. The Funds record derivative instruments at fair value with changes in fair value recognized on the Statement of Operations. Even though the Funds’ investments in derivatives may represent economic hedges, they are considered to be non-hedge transactions for SFAS No. 161 disclosure purposes. The Funds did not invest in derivative instruments during the fiscal year ended June 30, 2009.

4. Fund Shares

Transactions in Fund shares were as follows:

	Multi-Manager Large-Cap Value
	Year Ended 6/30/09					Year Ended 6/30/08
	Shares		Amount			Shares		Amount
Shares sold:
Class A	1,038,170		$	15,636,485		810,194		$	20,952,783
Class A – automatic conversion of Class B Shares	68,221			1,019,928		95,820			2,611,838
Class B	8,883			145,467		49,593			1,283,529
Class C	233,580			3,405,310		174,454			4,304,545
Class R3	6,803			150,000		N/A			N/A
Class I	368,345			5,346,094		205,183			5,307,702
Shares issued to shareholders due to reinvestment of distributions:
Class A	1,515,317			21,678,068		2,239,141			55,693,165
Class B	24,991			346,027		57,503			1,382,961
Class C	69,563			961,070		102,686			2,465,511
Class R3	—			—		N/A			N/A
Class I	124,387			1,788,257		175,694			4,398,030
	3,458,260			50,476,706		3,910,268			98,400,064
Shares redeemed:
Class A	(3,087,008	)		(47,678,912	)	(2,223,180	)		(57,260,628	)
Class B	(150,585	)		(2,293,048	)	(233,385	)		(6,098,504	)
Class B – automatic conversion to Class A Shares	(70,093	)		(1,019,928	)	(98,311	)		(2,611,838	)
Class C	(302,468	)		(4,498,048	)	(199,454	)		(5,027,951	)
Class R3	—			—		N/A			N/A
Class I	(376,550	)		(5,827,030	)	(390,974	)		(10,248,369	)
	(3,986,704	)		(61,316,966	)	(3,145,304	)		(81,247,290	)
Net increase (decrease)	(528,444	)	$	(10,840,260	)	764,964		$	17,152,774

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

76 Nuveen Investments

	Multi-Cap Value
	Year Ended 6/30/09					Year Ended 6/30/08
	Shares		Amount			Shares		Amount
Shares sold:
Class A	1,490,296		$	20,013,543		4,894,727		$	108,742,080
Class A – automatic conversion of Class B Shares	12,748			176,020		10,889			231,835
Class B	6,519			81,686		106,450			2,458,209
Class C	301,887			3,735,694		1,027,450			22,871,607
Class R3	8,523			150,000		N/A			N/A
Class I	13,576,526			168,536,661		9,281,624			208,629,092
Shares issued to shareholders due to reinvestment of distributions:
Class A	—			—		802,400			17,258,413
Class B	—			—		96,493			2,021,539
Class C	—			—		510,247			10,689,686
Class R3	—			—		N/A			N/A
Class I	—			—		834,562			17,951,990
	15,396,499			192,693,604		17,564,842			390,854,451
Shares redeemed:
Class A	(11,063,212	)		(153,131,622	)	(14,115,576	)		(314,563,687	)
Class B	(581,198	)		(6,970,880	)	(1,129,737	)		(24,400,345	)
Class B – automatic conversion to Class A Shares	(13,117	)		(176,020	)	(11,126	)		(231,835	)
Class C	(4,161,457	)		(51,502,643	)	(8,271,239	)		(179,247,807	)
Class R3	—			—		N/A			N/A
Class I	(9,831,921	)		(121,143,852	)	(8,682,317	)		(185,853,992	)
	(25,650,905	)		(332,925,017	)	(32,209,995	)		(704,297,666	)
Net increase (decrease)	(10,254,406	)	$	(140,231,413	)	(14,645,153	)	$	(313,443,215	)
	Large-Cap Value
	Year Ended 6/30/09					Year Ended 6/30/08
	Shares		Amount			Shares		Amount
Shares sold:
Class A	437,267		$	5,473,447		278,929		$	5,572,566
Class B	10,688			124,561		49,539			955,457
Class C	132,478			1,618,650		176,731			3,519,118
Class I	4,145,758			52,236,811		731,693			13,809,935
Shares issued to shareholders due to reinvestment of distributions:
Class A	1,543			18,534		605			12,060
Class B	—			—		3			49
Class C	—			—		13			255
Class I	9,186			110,235		3,448			68,724
	4,736,920			59,582,238		1,240,961			23,938,164
Shares redeemed:
Class A	(252,852	)		(3,125,125	)	(97,992	)		(1,840,816	)
Class B	(26,815	)		(332,584	)	(14,434	)		(268,025	)
Class C	(100,256	)		(1,201,071	)	(85,459	)		(1,590,105	)
Class I	(919,292	)		(12,082,462	)	(230,897	)		(4,368,533	)
	(1,299,215	)		(16,741,242	)	(428,782	)		(8,067,479	)
Net increase (decrease)	3,437,705		$	42,840,996		812,179		$	15,870,685

N/A – Multi-Cap Value did not issue Class R3 Shares prior to August 4, 2008.

Nuveen Investments 77

Notes to Financial Statements (continued)

	Small/Mid-Cap Value
	Year Ended 6/30/09					Year Ended 6/30/08
	Shares		Amount			Shares		Amount
Shares sold:
Class A	110,634		$	1,210,334		255,380		$	4,773,951
Class B	3,754			49,057		1,570			28,161
Class C	27,757			290,402		57,368			1,067,460
Class I	454,978			5,879,073		2,422,448			43,783,156
Shares issued to shareholders due to reinvestment of distributions:
Class A	—			—		16			307
Class B	—			—		—			—
Class C	—			—		—			—
Class I	—			—		25,441			484,899
	597,123			7,428,866		2,762,223			50,137,934
Shares redeemed:
Class A	(195,442	)		(2,681,788	)	(96,825	)		(1,753,199	)
Class B	(2,772	)		(29,711	)	(12,500	)		(241,750	)
Class C	(36,006	)		(374,276	)	(38,545	)		(697,943	)
Class I	(2,362,882	)		(25,643,049	)	(1,922,973	)		(36,676,567	)
Class I – redemptions in-Kind	—			—		(8,401,687	)		(159,386,190	)
	(2,597,102	)		(28,728,824	)	(10,472,530	)		(198,755,649	)
Net increase (decrease)	(1,999,979	)	$	(21,299,958	)	(7,710,307	)	$	(148,617,715	)
	Small-Cap Value
	Year Ended 6/30/09					Year Ended 6/30/08
	Shares		Amount			Shares		Amount
Shares sold:
Class A	357,969		$	5,864,631		577,225		$	15,246,182
Class A – automatic conversion of Class B Shares	57			1,086		351			9,483
Class B	1,265			15,145		552			13,672
Class C	27,028			376,243		18,299			460,704
Class I	2,201,187			30,029,661		1,226,386			31,123,643
Shares issued to shareholders due to reinvestment of distributions:
Class A	—			—		57,204			1,420,922
Class B	—			—		383			9,334
Class C	—			—		6,980			170,236
Class I	—			—		116,381			2,908,937
	2,587,506			36,286,766		2,003,761			51,363,113
Shares redeemed:
Class A	(2,140,849	)		(29,729,040	)	(897,290	)		(23,632,590	)
Class B	(5,021	)		(68,967	)	(12,223	)		(302,597	)
Class B – automatic conversion to Class A Shares	(58	)		(1,086	)	(356	)		(9,483	)
Class C	(200,743	)		(2,971,696	)	(182,726	)		(4,593,365	)
Class I	(2,437,905	)		(34,228,314	)	(1,098,297	)		(27,520,055	)
	(4,784,576	)		(66,999,103	)	(2,190,892	)		(56,058,090	)
Net increase (decrease)	(2,197,070	)	$	(30,712,337	)	(187,131	)	$	(4,694,977	)

78 Nuveen Investments

	Value Opportunities
	Year Ended 6/30/09					Year Ended 6/30/08
	Shares		Amount			Shares		Amount
Shares sold:
Class A	10,158,154		$	228,277,031		7,943,088		$	242,248,967
Class A – automatic conversion of Class B Shares	1,166			28,045		1,176			35,598
Class B	25,804			609,022		70,171			2,120,260
Class C	1,546,790			34,769,188		1,258,098			38,073,818
Class R3	24,474			558,032		N/A			N/A
Class I	22,348,087			497,207,603		5,631,896			171,253,968
Shares issued to shareholders due to reinvestment of distributions:
Class A	580,049			10,690,843		435,293			13,267,584
Class B	10,220			185,195		8,806			264,607
Class C	156,448			2,834,837		140,306			4,216,004
Class R3	—			—		N/A			N/A
Class I	473,586			8,768,424		332,868			10,173,455
	35,324,778			783,928,220		15,821,702			481,654,261
Shares redeemed:
Class A	(7,498,998	)		(158,924,417	)	(3,605,597	)		(109,855,588	)
Class B	(53,866	)		(1,118,016	)	(16,825	)		(513,442	)
Class B – automatic conversion to Class A Shares	(1,181	)		(28,045	)	(1,186	)		(35,598	)
Class C	(1,525,799	)		(31,579,562	)	(541,715	)		(16,374,312	)
Class R3	(7,375	)		(161,002	)	N/A			N/A
Class I	(8,237,208	)		(168,936,416	)	(1,526,242	)		(47,083,527	)
	(17,324,427	)		(360,747,458	)	(5,691,565	)		(173,862,467	)
Net increase (decrease)	18,000,351		$	423,180,762		10,130,137		$	307,791,794

N/A – Value Opportunities did not issue Class R3 Shares prior to August 4, 2008.

5. Investment Transactions

Purchases and sales (including maturities but excluding short-term investments) during the fiscal year ended June 30, 2009, were as follows:

	Multi-Manager Large-Cap Value		Multi-Cap Value		Large-Cap Value		Small/Mid-Cap Value		Small-Cap Value		Value Opportunities
Purchases	$	268,572,108	$	152,693,182	$	43,259,069	$	29,667,200	$	70,994,134	$	729,459,861
Sales and maturities		296,858,992		290,149,919		4,438,326		47,557,708		93,089,277		409,766,223

6. Income Tax Information

The following information is presented on an income tax basis. Differences between amounts for financial statement and federal income tax purposes are primarily due to timing differences in recognizing certain gains and losses on investment transactions. To the extent that differences arise that are permanent in nature, such amounts are reclassified within the capital accounts on the Statement of Assets and Liabilities presented in the annual report, based on their federal tax basis treatment; temporary differences do not require reclassification. Temporary and permanent differences do not impact the net asset values of the Funds.

At June 30, 2009, the cost of investments was as follows:

	Multi-Manager Large-Cap Value		Multi-Cap Value		Large-Cap Value		Small/Mid-Cap Value		Small-Cap Value		Value Opportunities
Cost of investments	$	315,869,409	$	521,091,850	$	66,732,515	$	6,317,985	$	94,858,256	$	1,091,404,756

Gross unrealized appreciation and gross unrealized depreciation of investments at June 30, 2009, were as follows:

	Multi-Manager Large-Cap Value			Multi-Cap Value			Large-Cap Value			Small/Mid-Cap Value			Small-Cap Value			Value Opportunities
Gross unrealized:
Appreciation	$	18,804,543		$	46,572,106		$	1,434,206		$	364,807		$	6,193,833		$	74,797,121
Depreciation		(58,324,223	)		(171,271,519	)		(7,047,686	)		(920,775	)		(26,920,927	)		(114,317,942	)
Net unrealized appreciation (depreciation) of investments	$	(39,519,680	)	$	(124,699,413	)	$	(5,613,480	)	$	(555,968	)	$	(20,727,094	)	$	(39,520,821	)

Nuveen Investments 79

Notes to Financial Statements (continued)

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

	Multi-Manager Large-Cap Value		Multi-Cap Value		Large-Cap Value		Small/Mid-Cap Value		Small-Cap Value		Value Opportunities
Undistributed net ordinary income*	$	5,609,527	$	1,040,478	$	164,141	$	—	$	197,909	$	—
Undistributed net long-term capital gains		—		—		—		—		—		—

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

The tax character of distributions paid during the Funds’ tax years ended June 30, 2009 and June 30, 2008, was designated for purposes of the dividends paid deduction as follows:

2009	Multi-Manager Large-Cap Value		Multi-Cap Value		Large-Cap Value		Small/Mid-Cap Value		Small-Cap Value		Value Opportunities
Distributions from net ordinary income*	$	3,603,493	$	—	$	164,594	$	—	$	—	$	18,284,961
Distributions from net long-term capital gains**		29,127,927		—		—		—		—		15,316,459
Tax return of capital		—		—		—		—		—		—

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

** The Funds designated as a long-term capital gain dividend, pursuant to the Internal Revenue Code Section 852(b)(3), the amount necessary to reduce earnings and profits of the Funds related to net capital gain to zero for the tax year ended June 30, 2009.

2008	Multi-Manager Large-Cap Value		Multi-Cap Value		Large-Cap Value		Small/Mid-Cap Value		Small-Cap Value		Value Opportunities
Distributions from net ordinary income*	$	24,466,004	$	17,918,255	$	95,999	$	488,463	$	4,860,282	$	17,424,118
Distributions from net long-term capital gains		62,244,184		31,305,510		—		—		674,086		18,162,304
Tax return of capital		—		3,562,719		—		—		56,623		—

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

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

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

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

The Funds have elected to defer net realized losses from investments incurred from November 1, 2008 through June 30, 2009, the Funds’ tax year end, (“post-October losses”) in accordance with federal income tax regulations. Post-October losses are treated as having arisen on the first day of the following fiscal year:

	Multi-Manager Large-Cap Value		Multi-Cap Value		Large-Cap Value		Small/Mid-Cap Value		Small-Cap Value		Value Opportunities
Post-October capital losses	$	64,839,455	$	74,617,242	$	232,685	$	1,257,145	$	51,925,456	$	72,586,120

7. Management Fees and Other Transactions with Affiliates

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

80 Nuveen Investments

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

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

The annual complex-level fee, payable monthly, which is additive to the fund-level fee, for all Nuveen sponsored funds in the U.S., is based on the aggregate amount of total fund assets managed as stated in the following table. As of June 30, 2009, the complex-level fee rate was .1970%.

The complex-level fee schedule is as follows:

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

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

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

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

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

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

Nuveen Investments 81

Notes to Financial Statements (continued)

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

During the fiscal year ended June 30, 2009, Nuveen Investments, LLC (the “Distributor”), a wholly owned subsidiary of Nuveen, collected sales charges on purchases of Class A Shares, the majority of which were paid out as concessions to financial intermediaries as follows:

	Multi-Manager Large-Cap Value		Multi-Cap Value		Large-Cap Value		Small/Mid-Cap Value		Small-Cap Value		Value Opportunities
Sales charges collected (Unaudited)	$	31,355	$	48,541	$	7,177	$	5,645	$	6,855	$	548,612
Paid to financial intermediaries (Unaudited)		27,494		43,088		6,326		4,926		6,080		491,100

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

During the fiscal year ended June 30, 2009, the Distributor compensated financial intermediaries directly with commission advances at the time of purchase as follows:

	Multi-Manager Large-Cap Value		Multi-Cap Value		Large-Cap Value		Small/Mid-Cap Value		Small-Cap Value		Value Opportunities
Commission advances (Unaudited)	$	11,497	$	32,841	$	7,296	$	847	$	3,368	$	362,922

To compensate for commissions advanced to financial intermediaries, all 12b-1 service fees collected on Class B Shares during the first year following a purchase, all 12b-1 distribution fees collected on Class B Shares, and all 12b-1 service and distribution fees collected on Class C Shares during the first year following a purchase are retained by the Distributor. During the fiscal year ended June 30, 2009, the Distributor retained such 12b-1 fees as follows:

	Multi-Manager Large-Cap Value		Multi-Cap Value		Large-Cap Value		Small/Mid-Cap Value		Small-Cap Value		Value Opportunities
12b-1 fees retained (Unaudited)	$	65,622	$	305,489	$	24,713	$	3,671	$	6,605	$	362,088

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

The Distributor also collected and retained CDSC on share redemptions during the fiscal year ended June 30, 2009, as follows:

	Multi-Manager Large-Cap Value		Multi-Cap Value		Large-Cap Value		Small/Mid-Cap Value		Small-Cap Value		Value Opportunities
CDSC retained (Unaudited)	$	13,435	$	186,845	$	810	$	558	$	3,484	$	106,634

7. Subsequent Events

In May 2009, the Financial Accounting Standards Board issued Statement of Financial Accounting Standards No. 165 (SFAS No. 165) “Subsequent Events.” SFAS No. 165 requires an entity to recognize in the financial statements the effects of all subsequent events that provide additional evidence about conditions that existed at the date of the balance sheet. SFAS No. 165 is intended to establish general standards of accounting and for disclosure of events that occur after the balance sheet date but before financial statements are issued or are available to be issued. SFAS No. 165 requires the disclosure of the date through which an entity has evaluated subsequent events and the basis for that date — that is, whether that date represents the date the financial statements were issued or were available to be issued. SFAS No. 165 is effective for interim and annual periods ending after June 15, 2009. The Funds have performed an evaluation of subsequent events through August 24, 2009, which is the date the financial statements were issued.

82 Nuveen Investments

Financial Highlights

Nuveen Investments 83

Financial Highlights

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

84 Nuveen Investments

		Ratios/Supplemental Data
				Ratios to Average Net Assets Before Credit/ Reimbursement				Ratios to Average Net Assets After Reimbursement(c)				Ratios to Average Net Assets After Credit/ Reimbursement(d)
Total Return(b)		Ending Net Assets (000)		Expenses		Net Invest- ment Income   (Loss)		Expenses		Net Invest- ment Income (Loss)		Expenses		Net Invest- ment Income (Loss)		Portfolio Turnover Rate
(28.95	)%	$	239,210	1.27	%	1.71	%	1.14	%	1.83	%	1.14	%	1.83	%	85	%
(10.74	)		389,240	1.24		1.20		1.24		1.20		1.24		1.20		131
21.71			491,489	1.25		1.22		1.25		1.22		1.25		1.22		75
13.97			440,403	1.28		.83		1.28		.83		1.28		.83		81
10.51			416,407	1.31		1.31		1.31		1.31		1.31		1.31		81
(29.46	)		3,033	2.01		.97		1.87		1.10		1.87		1.10		85
(11.39	)		8,891	1.99		.43		1.99		.43		1.99		.43		131
20.77			18,491	2.00		.44		2.00		.44		2.00		.44		75
13.13			26,995	2.03		.08		2.03		.08		2.03		.08		81
9.66			45,224	2.06		.57		2.06		.57		2.06		.57		81
(29.52	)		15,803	2.02		.96		1.89		1.08		1.89		1.08		85
(11.41	)		25,007	1.99		.45		1.99		.45		1.99		.45		131
20.80			31,219	2.00		.47		2.00		.47		2.00		.47		75
13.15			28,692	2.03		.08		2.03		.08		2.03		.08		81
9.63			30,691	2.06		.57		2.06		.57		2.06		.57		81
(27.29	)		97	1.53	*	1.55	*	1.45	*	1.63	*	1.45	*	1.63	*	85
(28.83	)		16,604	1.02		1.95		.89		2.08		.89		2.08		85
(10.52	)		23,684	.99		1.45		.99		1.45		.99		1.45		131
22.03			31,878	1.00		1.48		1.00		1.48		1.00		1.48		75
14.24			25,720	1.03		1.08		1.03		1.08		1.03		1.08		81
10.77			22,350	1.06		1.56		1.06		1.56		1.06		1.56		81

* Annualized.

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

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

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

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

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

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

See accompanying notes to financial statements.

Nuveen Investments 85

Financial Highlights (continued)

Selected data for a share outstanding throughout each period:
Class (Commencement Date)
			Investment Operations									Less Distributions
MULTI-CAP VALUE
Year Ended June 30,	Beginning Net Asset Value		Net Invest- ment Income (Loss)(a)			Net Realized/ Unrealized Gain (Loss)			Total			Net Invest- ment Income			Capital Gains			Tax Return of Capital			Total			Ending Net Asset Value
Class A (12/02)
2009	$	18.54	$	.04		$	(6.36	)	$	(6.32	)	$	—		$	—		$	—		$	—		$	12.22
2008		26.15		.04			(6.62	)		(6.58	)		(.02	)		(.94	)		(.07	)		(1.03	)		18.54
2007		23.81		.18			3.43			3.61			(.13	)		(1.14	)		—			(1.27	)		26.15
2006		20.60		.15			3.42			3.57			(.06	)		(.30	)		—			(.36	)		23.81
2005		18.56		.11			2.15			2.26			(.05	)		(.17	)		—			(.22	)		20.60
Class B (12/02)
2009		18.10		(.06	)		(6.20	)		(6.26	)		—			—			—			—			11.84
2008		25.64		(.13	)		(6.47	)		(6.60	)		—			(.94	)		—			(.94	)		18.10
2007		23.42		(.01	)		3.37			3.36			—			(1.14	)		—			(1.14	)		25.64
2006		20.37		(.02	)		3.37			3.35			—			(.30	)		—			(.30	)		23.42
2005		18.45		(.04	)		2.13			2.09			—			(.17	)		—			(.17	)		20.37
Class C (12/02)
2009		18.10		(.06	)		(6.20	)		(6.26	)		—			—			—			—			11.84
2008		25.64		(.13	)		(6.47	)		(6.60	)		—			(.94	)		—			(.94	)		18.10
2007		23.42		(.01	)		3.37			3.36			—			(1.14	)		—			(1.14	)		25.64
2006		20.37		(.02	)		3.37			3.35			—			(.30	)		—			(.30	)		23.42
2005		18.45		(.04	)		2.13			2.09			—			(.17	)		—			(.17	)		20.37
Class R3 (8/08)
2009(f)		17.60		.01			(5.45	)		(5.44	)		—			—			—			—			12.16
Class I (11/97)(e)
2009		18.50		.07			(6.35	)		(6.28	)		—			—			—			—			12.22
2008		26.09		.09			(6.59	)		(6.50	)		(.02	)		(.94	)		(.13	)		(1.09	)		18.50
2007		23.76		.24			3.42			3.66			(.19	)		(1.14	)		—			(1.33	)		26.09
2006		20.55		.20			3.42			3.62			(.11	)		(.30	)		—			(.41	)		23.76
2005		18.52		.15			2.15			2.30			(.10	)		(.17	)		—			(.27	)		20.55

86 Nuveen Investments

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

* Annualized.

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

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

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

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

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

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

See accompanying notes to financial statements.

Nuveen Investments 87

Financial Highlights (continued)

Selected data for a share outstanding throughout each period:
Class (Commencement Date)
			Investment Operations									Less Distributions
LARGE-CAP VALUE
Year Ended June 30,	Beginning Net Asset Value		Net Invest- ment Income (Loss)(a)			Net Realized/ Unrealized Gain (Loss)			Total			Net Invest- ment Income			Capital Gains			Total			Ending Net Asset Value
Class A (12/06)
2009	$	17.41	$	.10		$	(4.73	)	$	(4.63	)	$	(.07	)	$	—		$	(.07	)	$	12.71
2008		21.38		.15			(4.04	)		(3.89	)		(.08	)		—	**		(.08	)		17.41
2007(e)		20.00		.12			1.26			1.38			—			—			—			21.38
Class B (12/06)
2009		17.28		—	**		(4.68	)		(4.68	)		—			—			—			12.60
2008		21.30		—	**		(4.02	)		(4.02	)		—			—	**		—	**		17.28
2007(e)		20.00		—	**		1.30			1.30			—			—			—			21.30
Class C (12/06)
2009		17.28		—	**		(4.68	)		(4.68	)		—			—			—			12.60
2008		21.30		—	**		(4.02	)		(4.02	)		—			—	**		—	**		17.28
2007(e)		20.00		.02			1.28			1.30			—			—			—			21.30
Class I (12/06)(f)
2009		17.43		.12			(4.72	)		(4.60	)		(.11	)		—			(.11	)		12.72
2008		21.41		.20			(4.05	)		(3.85	)		(.13	)		—	**		(.13	)		17.43
2007(e)		20.00		.15			1.26			1.41			—			—			—			21.41

88 Nuveen Investments

		Ratios/Supplemental Data
				Ratios to Average Net Assets Before Credit/ Reimbursement				Ratios to Average Net Assets After Reimbursement(c)				Ratios to Average Net Assets After Credit/ Reimbursement(d)
Total Return(b)		Ending Net Assets (000)		Expenses		Net Invest- ment Income   (Loss)		Expenses		Net Invest- ment Income (Loss)		Expenses		Net Invest- ment Income (Loss)		Portfolio Turnover Rate
(26.57	)%	$	6,075	1.61	%	.49	%	1.35	%	.76	%	1.35	%	.76	%	16	%
(18.24	)		5,080	1.66		.45		1.33		.77		1.33		.78		13
6.90			2,358	3.12	*	(.84	)*	1.33	*	.95	*	1.26	*	1.02	*	—
(27.13	)		405	2.35		(.22	)	2.10		.03		2.10		.03		16
(18.82	)		835	2.43		(.34	)	2.08		—	***	2.08		.01		13
6.50			281	4.68	*	(2.66	)*	2.08	*	(.06	)*	2.01	*	.01	*	—
(27.13	)		2,217	2.37		(.25	)	2.10		.02		2.10		.02		16
(18.82	)		2,484	2.42		(.33	)	2.08		—	***	2.08		—	***	13
6.50			1,117	3.83	*	(1.62	)*	2.08	*	.13	*	2.01	*	.20	*	—
(26.35	)		52,618	1.36		.71		1.10		.97		1.10		.97		16
(18.05	)		15,719	1.40		.71		1.08		1.02		1.08		1.02		13
7.05			8,513	2.65	*	(.32	)*	1.08	*	1.25	*	1.01	*	1.32	*	—

* Annualized.

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

*** Rounds to less than .01%.

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

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

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

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

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

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

See accompanying notes to financial statements.

Nuveen Investments 89

Financial Highlights (continued)

Selected data for a share outstanding throughout each period:
Class (Commencement Date)
			Investment Operations									Less Distributions
SMALL/MID-CAP VALUE
Year Ended June 30,	Beginning Net Asset Value		Net Invest- ment Income (Loss)(a)			Net Realized/ Unrealized Gain (Loss)			Total			Net Invest- ment Income			Capital Gains		Total			Ending Net Asset Value
Class A (12/06)
2009	$	17.12	$	—	**	$	(6.07	)	$	(6.07	)	$	—		$	—	$	—		$	11.05
2008		21.37		(.09	)		(4.16	)		(4.25	)		—	**		—		—	**		17.12
2007(e)		20.00		.15			1.22			1.37			—			—		—			21.37
Class B (12/06)
2009		16.90		(.06	)		(6.02	)		(6.08	)		—			—		—			10.82
2008		21.29		(.22	)		(4.17	)		(4.39	)		—			—		—			16.90
2007(e)		20.00		.02			1.27			1.29			—			—		—			21.29
Class C (12/06)
2009		16.92		(.07	)		(6.02	)		(6.09	)		—			—		—			10.83
2008		21.28		(.22	)		(4.14	)		(4.36	)		—			—		—			16.92
2007(e)		20.00		.05			1.23			1.28			—			—		—			21.28
Class I (12/06)(f)
2009		17.11		(.01	)		(6.14	)		(6.15	)		—			—		—			10.96
2008		21.41		(.04	)		(4.21	)		(4.25	)		(.05	)		—		(.05	)		17.11
2007(e)		20.00		.49			.92			1.41			—			—		—			21.41

90 Nuveen Investments

		Ratios/Supplemental Data
				Ratios to Average Net Assets Before Credit/ Reimbursement				Ratios to Average Net Assets After Reimbursement(c)				Ratios to Average Net Assets After Credit/ Reimbursement(d)
Total Return(b)		Ending Net Assets (000)		Expenses		Net Invest- ment Income   (Loss)		Expenses		Net Invest- ment Income (Loss)		Expenses		Net Invest- ment Income (Loss)		Portfolio Turnover Rate
(35.34	)%	$	1,382	3.03	%	(1.60	)%	1.45	%	(.02	)%	1.45	%	(.02	)%	204	%
(20.02	)***		3,595	1.65		(.70	)	1.43		(.49	)	1.43		(.48	)	84
6.85			1,098	2.54	*	.23	*	1.43	*	1.34	*	1.41	*	1.36	*	1
(35.98	)		34	4.25		(2.59	)	2.20		(.54	)	2.20		(.54	)	204
(20.62	)***		36	2.12		(1.17	)	2.12		(1.17	)	2.11		(1.16	)	84
6.45			279	4.09	*	(1.70	)*	2.19	*	.20	*	2.17	*	.22	*	1
(35.88	)		610	4.11		(2.50	)	2.20		(.59	)	2.20		(.59	)	204
(20.63	)***		1,093	2.39		(1.40	)	2.18		(1.20	)	2.18		(1.19	)	84
6.40			974	3.22	*	(.65	)*	2.18	*	.39	*	2.16	*	.41	*	1
(35.98	)		3,792	1.44		(.33	)	1.20		(.08	)	1.20		(.08	)	204
(19.82	)***		38,574	1.16		(.20	)	1.16		(.20	)	1.15		(.19	)	84
7.05			216,872	1.49	*	3.93	*	1.16	*	4.25	*	1.15	*	4.27	*	1

* Annualized.

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

*** During the fiscal year ended June 30, 2008, the Adviser reimbursed the Fund $89,561 for a cash balance maintained in the Fund. This reimbursement resulted in an increase of .23%, .28%, .19% and .14% to classes A, B, C and I, respectively.

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

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

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

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

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

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

See accompanying notes to financial statements.

Nuveen Investments 91

Financial Highlights (continued)

Selected data for a share outstanding throughout each period:
Class (Commencement Date)
			Investment Operations									Less Distributions
SMALL-CAP VALUE
Year Ended June 30,	Beginning Net Asset Value		Net Invest- ment Income (Loss)(a)			Net Realized/ Unrealized Gain (Loss)			Total			Net Invest- ment Income			Capital Gains			Tax Return of Capital			Total			Ending Net Asset Value
Class A (12/04)
2009	$	23.29	$	.02		$	(9.17	)	$	(9.15	)	$	—		$	—		$	—		$	—		$	14.14
2008		30.12		(.04	)		(6.08	)		(6.12	)		(.02	)		(.69	)		—	**		(.71	)		23.29
2007		26.10		.13			4.05			4.18			(.04	)		(.12	)		—			(.16	)		30.12
2006		20.84		.13			5.48			5.61			(.08	)		(.27	)		—			(.35	)		26.10
2005(e)		20.00		.05			.79			.84			—			—			—			—			20.84
Class B (12/04)
2009		22.80		(.11	)		(8.95	)		(9.06	)		—			—			—			—			13.74
2008		29.69		(.23	)		(5.97	)		(6.20	)		—			(.69	)		—			(.69	)		22.80
2007		25.89		(.08	)		4.00			3.92			—			(.12	)		—			(.12	)		29.69
2006		20.76		(.07	)		5.47			5.40			—			(.27	)		—			(.27	)		25.89
2005(e)		20.00		(.03	)		.79			.76			—			—			—			—			20.76
Class C (12/04)
2009		22.83		(.11	)		(8.96	)		(9.07	)		—			—			—			—			13.76
2008		29.73		(.23	)		(5.98	)		(6.21	)		—			(.69	)		—			(.69	)		22.83
2007		25.91		(.08	)		4.02			3.94			—			(.12	)		—			(.12	)		29.73
2006		20.76		(.07	)		5.49			5.42			—			(.27	)		—			(.27	)		25.91
2005(e)		20.00		(.03	)		.79			.76			—			—			—			—			20.76
Class I (12/04)(f)
2009		23.34		.05			(9.18	)		(9.13	)		—			—			—			—			14.21
2008		30.18		.02			(6.08	)		(6.06	)		(.08	)		(.69	)		(.01	)		(.78	)		23.34
2007		26.15		.23			4.03			4.26			(.11	)		(.12	)		—			(.23	)		30.18
2006		20.87		.16			5.52			5.68			(.13	)		(.27	)		—			(.40	)		26.15
2005(e)		20.00		.08			.79			.87			—			—			—			—			20.87

92 Nuveen Investments

		Ratios/Supplemental Data
				Ratios to Average Net Assets Before Credit/ Reimbursement				Ratios to Average Net Assets After Reimbursement(c)				Ratios to Average Net Assets After Credit/ Reimbursement(d)
Total Return(b)		Ending Net Assets (000)		Expenses		Net Invest- ment Income   (Loss)		Expenses		Net Invest- ment Income (Loss)		Expenses		Net Invest- ment Income (Loss)		Portfolio Turnover Rate
(39.29	)%	$	7,733	1.46	%	.13	%	1.46	%	.13	%	1.46	%	.13	%	71	%
(20.41	)		54,264	1.47		(0.16	)	1.47		(0.16	)	1.47		(.16	)	48
16.09			78,081	1.50		.44		1.49		.46		1.49		.46		24
27.08	***		33,907	1.95		(.02	)	1.42		.51		1.40		.53		26
4.20			3	2.85	*	(.96	)*	1.49	*	.40	*	1.42	*	.47	*	22
(39.71	)		173	2.23		(.69	)	2.23		(.69	)	2.23		(.69	)	71
(21.02	)		374	2.22		(.89	)	2.22		(.89	)	2.22		(.89	)	48
15.15			833	2.25		(.31	)	2.24		(.30	)	2.24		(.30	)	24
26.17	***		370	2.75		(.91	)	2.16		(.33	)	2.14		(.31	)	26
3.80			3	3.60	*	(1.70	)*	2.24	*	(.35	)*	2.17	*	(.28	)*	22
(39.70	)		3,446	2.23		(.70	)	2.23		(.70	)	2.23		(.70	)	71
(21.03	)		9,682	2.22		(.91	)	2.22		(.91	)	2.22		(.91	)	48
15.26			17,290	2.25		(.31	)	2.24		(.30	)	2.24		(.30	)	24
26.22	***		7,244	2.73		(.86	)	2.17		(.30	)	2.15		(.28	)	26
3.80			3	3.60	*	(1.70	)*	2.24	*	(.35	)*	2.17	*	(.28	)*	22
(39.12	)		62,423	1.24		.29		1.24		.29		1.24		.29		71
(20.22	)		108,064	1.22		.08		1.22		.08		1.22		.08		48
16.41			132,385	1.22		.81		1.22		.81		1.22		.81		24
27.41	***		13,137	1.73		.07		1.17		.63		1.15		.65		26
4.35			2,079	2.61	*	(.72	)*	1.25	*	.64	*	1.17	*	.72	*	22

* Annualized.

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

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

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

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

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

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

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

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

See accompanying notes to financial statements.

Nuveen Investments 93

Financial Highlights (continued)

Selected data for a share outstanding throughout each period:
Class (Inception Date)
			Investment Operations									Less Distributions
VALUE OPPORTUNITIES
Year Ended June 30,	Beginning Net Asset Value		Net Invest- ment Income (Loss)(a)			Net Realized/ Unrealized Gain (Loss)			Total			Net Invest- ment Income			Capital Gains			Total			Ending Net Asset Value
Class A (12/04)
2009	$	29.60	$	.20		$	(4.53	)	$	(4.33	)	$	(.05	)	$	(1.05	)	$	(1.10	)	$	24.17
2008		32.48		.20			(1.03	)		(.83	)		(.59	)		(1.46	)		(2.05	)		29.60
2007		26.90		.30			5.83			6.13			(.29	)		(.26	)		(.55	)		32.48
2006		21.07		.28			5.88			6.16			(.07	)		(.26	)		(.33	)		26.90
2005(e)		20.00		.08			.99			1.07			—			—			—			21.07
Class B (12/04)
2009		29.29		.03			(4.49	)		(4.46	)		—			(1.05	)		(1.05	)		23.78
2008		32.15		(.03	)		(1.02	)		(1.05	)		(.35	)		(1.46	)		(1.81	)		29.29
2007		26.66		.07			5.76			5.83			(.08	)		(.26	)		(.34	)		32.15
2006		20.98		.09			5.85			5.94			—			(.26	)		(.26	)		26.66
2005(e)		20.00		—			.98			.98			—			—			—			20.98
Class C (12/04)
2009		29.29		.03			(4.50	)		(4.47	)		—			(1.05	)		(1.05	)		23.77
2008		32.16		(.03	)		(1.03	)		(1.06	)		(.35	)		(1.46	)		(1.81	)		29.29
2007		26.66		.07			5.77			5.84			(.08	)		(.26	)		(.34	)		32.16
2006		20.98		.08			5.86			5.94			—			(.26	)		(.26	)		26.66
2005(e)		20.00		—			.98			.98			—			—			—			20.98
Class R3 (8/08)
2009(g)		28.93		.15			(3.80	)		(3.65	)		—			(1.05	)		(1.05	)		24.23
Class I (12/04)(f)
2009		29.66		.26			(4.57	)		(4.31	)		(.11	)		(1.05	)		(1.16	)		24.19
2008		32.54		.28			(1.03	)		(.75	)		(.67	)		(1.46	)		(2.13	)		29.66
2007		26.95		.39			5.82			6.21			(.36	)		(.26	)		(.62	)		32.54
2006		21.09		.31			5.93			6.24			(.12	)		(.26	)		(.38	)		26.95
2005(e)		20.00		.11			.98			1.09			—			—			—			21.09

94 Nuveen Investments

		Ratios/Supplemental Data
				Ratios to Average Net Assets Before Credit/ Reimbursement				Ratios to Average Net Assets After Reimbursement(c)				Ratios to Average Net Assets After Credit/ Reimbursement(d)
Total Return(b)		Ending Net Assets (000)		Expenses		Net Invest- ment Income   (Loss)		Expenses		Net Invest- ment Income (Loss)		Expenses		Net Invest- ment Income (Loss)		Portfolio Turnover Rate
(13.47	)%	$	378,845	1.48	%	.89	%	1.48	%	.89	%	1.48	%	.89	%	61	%
(2.65	)		368,093	1.42		.63		1.42		.63		1.41		.64		48
22.98			248,827	1.39		.99		1.39		.99		1.39		.99		23
29.45			73,389	1.63		.94		1.49		1.09		1.48		1.09		29
5.35			3	3.12	*	(1.10	)*	1.51	*	.52	*	1.30	*	.73	*	45
(14.10	)		5,080	2.22		.14		2.22		.14		2.22		.14		61
(3.39	)		6,816	2.17		(.11	)	2.17		(.11	)	2.16		(.10	)	48
22.04			5,521	2.14		.24		2.14		.24		2.14		.24		23
28.49			1,041	2.40		.16		2.24		.33		2.23		.34		29
4.90			3	3.87	*	(1.85	)*	2.26	*	(.23	)*	2.05	*	(.02	)*	45
(14.14	)		98,742	2.22		.14		2.22		.14		2.22		.14		61
(3.39	)		116,463	2.17		(.10	)	2.17		(.10	)	2.16		(.10	)	48
22.04			100,295	2.14		.24		2.14		.24		2.14		.24		23
28.49			22,102	2.40		.15		2.24		.31		2.23		.32		29
4.90			3	3.87	*	(1.85	)*	2.26	*	(.23	)*	2.05	*	(.02	)*	45
(11.47	)		414	1.76	*	.73	*	1.75	*	.75	*	1.75	*	.75	*	61
(13.29	)		580,149	1.24		1.19		1.23		1.20		1.23		1.20		61
(2.39	)		278,649	1.17		.89		1.17		.89		1.17		.89		48
23.30			161,284	1.14		1.28		1.14		1.28		1.14		1.28		23
29.80			37,393	1.48		.98		1.24		1.22		1.23		1.23		29
5.45			2,102	2.86	*	(.84	)*	1.24	*	.77	*	1.05	*	.97	*	45

* Annualized.

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

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

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

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

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

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

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

See accompanying notes to financial statements.

Nuveen Investments 95

Annual Investment Management Agreement Approval Process

The Investment Company Act of 1940, as amended (the “1940 Act”), provides, in substance, that each investment advisory agreement between a fund and its investment adviser (including sub-advisers) will continue in effect from year to year only if its continuance is approved at least annually by the fund’s board members, including by a vote of a majority of the board members who are not parties to the advisory agreement or “interested persons” of any parties (the “Independent Board Members”), cast in person at a meeting called for the purpose of considering such approval. In connection with such approvals, the fund’s board members must request and evaluate, and the investment adviser is required to furnish, such information as may be reasonably necessary to evaluate the terms of the advisory agreement. Accordingly, at a meeting held on May 27-29, 2009 (the “May Meeting”), the Boards of Trustees (each, a “Board” and each Trustee, a “Board Member”) of the Funds, including a majority of the Independent Board Members, considered and approved the continuation of the advisory and sub-advisory agreements for the Funds for an additional one-year period. These agreements include (a) the investment advisory agreements between Nuveen Asset Management (“NAM”) and each of the Funds; (b) the sub-advisory agreements between NAM and NWQ Investment Management Company, LLC (“NWQ”) on behalf of each of the following Funds: Nuveen NWQ Multi-Cap Value Fund, Nuveen NWQ Large-Cap Value Fund, Nuveen NWQ Small/Mid-Cap Value Fund and Nuveen NWQ Small-Cap Value Fund; (c) the sub-advisory agreement between NAM and Tradewinds Global Investors, LLC (“Tradewinds”) on behalf of the Nuveen Tradewinds Value Opportunities Fund; and (d) the sub-advisory agreements between NAM and Institutional Capital LLC (“ICAP”), Nuveen HydePark Group, LLC (“HydePark”) and Symphony Asset Management LLC (“Symphony”), respectively, on behalf of the Nuveen Multi-Manager Large-Cap Value Fund. NWQ, Tradewinds, ICAP, HydePark and Symphony are each a “Sub-Adviser.” In preparation for their considerations at the May Meeting, the Board also held a separate meeting on April 21-22, 2009 (the “April Meeting”). Accordingly, the factors considered and determinations made regarding the renewals by the Independent Board Members include those made at the April Meeting.

In addition, in evaluating the applicable advisory agreements (each an “Investment Management Agreement”) and sub-advisory agreements (each a “Sub-advisory Agreement,” and each Investment Management Agreement and Sub-advisory Agreement, an “Advisory Agreement”), the Independent Board Members reviewed a broad range of information relating to the Funds, NAM and each Sub-Adviser (NAM and the Sub-Advisers are each a “Fund Adviser”), including absolute performance, fee and expense information for the Funds as well as comparative performance, fee and expense information for a comparable peer group of funds, the performance information of recognized and/or customized benchmarks (as applicable) of the Funds, the profitability of Nuveen for its advisory activities (which includes its wholly owned subsidiaries other than Winslow Capital Management, Inc. (“Winslow Capital”), which was recently acquired in December 2008), and other information regarding the organization, personnel, and services provided by the respective Fund Adviser. The Independent Board Members also met quarterly as well as at other times as the need arose during the year and took into account the information provided at such meetings and the knowledge gained therefrom. Prior to approving the renewal of the Advisory Agreements, the Independent Board Members reviewed the foregoing information with their independent legal counsel and with management, reviewed materials from independent legal counsel describing applicable law and their duties in reviewing advisory contracts, and met with independent legal counsel in private sessions without management present. The Independent Board Members considered the legal advice provided by independent legal counsel and relied upon their knowledge of the Fund Adviser, its services and the Funds resulting from their meetings and other interactions throughout the year and their own business judgment in determining the factors to be considered in evaluating the Advisory Agreements. Each Board Member may have accorded different weight to the various factors in reaching his or her conclusions with respect to a Fund’s Advisory Agreements. The Independent Board Members did not identify any single factor as all-important or controlling. The Independent Board Members’ considerations were instead based on a comprehensive consideration of all the information presented. The principal factors considered by the Board and its conclusions are described below.

A. Nature, Extent and Quality of Services

In considering renewal of the Advisory Agreements, the Independent Board Members considered the nature, extent and quality of the Fund Adviser’s services, including advisory services and administrative services. The Independent Board Members reviewed materials outlining, among other things, the Fund Adviser’s organization and business; the types of services that the Fund Adviser or its affiliates provide and are expected to provide to the Funds; the performance record of the applicable Fund (as described in further detail below); and any initiatives Nuveen had taken for the applicable fund product line.

In reviewing the services provided and the initiatives undertaken during the past year, the Independent Board Members recognized the severe market turmoil experienced in the capital markets during recent periods, including sustained periods of high volatility, credit disruption and government intervention. The Independent Board Members considered the Fund Adviser’s efforts, expertise and other actions taken to address matters as they arose that impacted the Funds. The Independent Board Members recognized the role of the Investment Services group which, among other things, monitors the various positions throughout the Nuveen fund complex to identify and address any systematic risks. In addition, the Capital Markets Committee of NAM provides a multi-departmental venue for developing new policies to mitigate any risks. The Independent Board Members further recognized NAM’s continuous review of the Nuveen funds’ investment strategies and mandates in seeking to continue to refine and improve the investment process for the funds, particularly in light of market conditions. In this regard, the Independent Board Members noted the changes recommended by NAM to various investment mandates for the Nuveen funds in seeking to take advantage of market opportunities and to improve the tools available for managing liquidity and market exposure; the establishment of a team responsible for coordinating the handling of large trades in or out of the Nuveen funds; and the ongoing monitoring of investment management processes.

As part of their review, the Independent Board Members also evaluated the background, experience and track record of the Fund Adviser’s investment personnel. In this regard, the Independent Board Members considered any changes in the personnel, and the

96 Nuveen Investments

impact on the level of services provided to the Funds, if any. The Independent Board Members also reviewed information regarding portfolio manager compensation arrangements to evaluate the Fund Adviser’s ability to attract and retain high quality investment personnel, preserve stability, and reward performance but not provide an incentive for taking undue risks.

In addition to advisory services, the Independent Board Members considered the quality of administrative services provided by NAM and its affiliates including product management, fund administration, oversight of service providers, shareholder services, administration of Board relations, regulatory and portfolio compliance and legal support. Given the importance of compliance, the Independent Board Members considered NAM’s compliance program, including the report of the chief compliance officer regarding the Funds’ compliance policies and procedures.

The Independent Board Members also considered NAM’s oversight of the performance, business activities and compliance of the Sub-Advisers. In that regard, the Independent Board Members reviewed an evaluation of each Sub-Adviser from NAM. The evaluation also included information relating to the respective Sub-Adviser’s organization, operations, personnel, assets under management, investment philosophy, strategies and techniques in managing the applicable Fund(s), developments affecting each Sub-Adviser, and an analysis of each Sub-Adviser. As described in further detail below, the Board considered the performance of each Fund sub-advised by the respective Sub-Adviser (or, with respect to the Nuveen Multi-Manager Large-Cap Value Fund, the portion of the investment portfolio for which the Sub-Adviser is responsible). The Board also recognized that the Sub-advisory Agreements were essentially agreements for portfolio management services only and the Sub-Advisers were not expected to supply other significant administrative services to the respective Funds. As part of their oversight, the Independent Board Members also continued their program of seeking to visit each sub-adviser to the Nuveen funds at least once over a multiple year rotation, meeting with key investment and business personnel. In this regard, the Independent Board Members met with Tradewinds in February 2008 and 2009 and with NWQ in February 2009. The Independent Board Members noted that NAM recommended the renewal of the applicable Sub-advisory Agreements and considered the basis for such recommendations and any qualifications in connection therewith.

Based on their review, the Independent Board Members found that, overall, the nature, extent and quality of services provided (and expected to be provided) to the Funds under the respective Investment Management Agreement or respective Sub-advisory Agreement, as applicable, were satisfactory.

B. The Investment Performance of the Funds and Fund Advisers

The Board considered the investment performance of each Fund, including the Fund’s historic performance as well as its performance compared to funds with similar investment objectives (the “Performance Peer Group”) based on data provided by an independent provider of mutual fund data as well as recognized and/or customized benchmarks. The Independent Board Members reviewed performance information including, among other things, total return information compared with the Fund’s Performance Peer Group and recognized and/or customized benchmarks for the quarter-, one-, three- and five-year periods (as applicable) ending December 31, 2008 and for the same periods (as applicable) ending March 31, 2009. The Independent Board Members also reviewed performance information of the Nuveen funds managed by each of NWQ, Tradewinds, HydePark and Symphony, respectively, in the aggregate ranked by peer group and the performance of such funds, in the aggregate, relative to their benchmark. With respect to the Nuveen Multi-Manager Large-Cap Value Fund, the Independent Board Members also reviewed, among other things, the returns of the portion of the portfolio managed by each particular Sub-Adviser for the year 2008. This information supplemented the Fund performance information provided to the Board at each of its quarterly meetings.

In comparing a fund’s performance with that of its Performance Peer Group, the Independent Board Members took into account that the closest Performance Peer Group in certain instances may not adequately reflect the respective fund’s investment objectives and strategies thereby hindering a meaningful comparison of the fund’s performance with that of the Performance Peer Group. The Independent Board Members further considered the performance of the Funds in the context of the volatile market conditions during the past year, and their impact on various asset classes and the portfolio management of the Funds.

Based on their review and factoring in the severity of market turmoil in 2008, the Independent Board Members determined that each Fund’s investment performance over time had been satisfactory, except as noted. With respect to the Nuveen NWQ Multi-Cap Value Fund and the Nuveen NWQ Small-Cap Value Fund, based on their review and factoring in the severity of market turmoil in 2008, the Independent Board Members were satisfied with the steps taken to address performance issues during extraordinary times.

C. Fees, Expenses and Profitability

1. Fees and Expenses

The Board evaluated the management fees and expenses of each Fund reviewing, among other things, such Fund’s gross management fees, net management fees and total expense ratios (before and after expense reimbursements and/or waivers) in absolute terms as well as compared to the fee and expenses of a comparable universe of unaffiliated funds based on data provided by an independent fund data provider (the “Peer Universe”) and in certain cases, to a more focused subset of funds in the Peer Universe (the “Peer Group”).

The Independent Board Members further reviewed data regarding the construction of the applicable Peer Universe and Peer Group. In reviewing the comparisons of fee and expense information, the Independent Board Members took into account that in certain instances various factors such as the asset level of a fund relative to peers, the size and particular composition of the Peer Universe or Peer Group, the investment objectives of the peers, expense anomalies, changes in the funds comprising the Peer

Nuveen Investments 97

Annual Investment Management Agreement Approval Process (continued)

Universe or Peer Group from year to year, levels of reimbursement and the timing of information used may impact the comparative data, thereby limiting the ability to make a meaningful comparison. In reviewing the fee schedule for a Fund, the Independent Board Members also considered the fund-level and complex-wide breakpoint schedules (described in further detail below) and any fee waivers and reimbursements provided by Nuveen.

Based on their review of the fee and expense information provided, the Independent Board Members determined that each Fund’s management fees and net total expense ratio were reasonable in light of the nature, extent and quality of services provided to the Fund.

2. Comparisons with the Fees of Other Clients

The Independent Board Members further reviewed information regarding the nature of services and fee rates offered by NAM to other clients. Such clients include separately managed accounts (both retail and institutional accounts) and funds that are not offered by Nuveen but are sub-advised by one of Nuveen’s investment management teams. In evaluating the comparisons of fees, the Independent Board Members noted that the fee rates charged to the Funds and other clients vary, among other things, because of the different services involved and the additional regulatory and compliance requirements associated with registered investment companies, such as the Funds. Accordingly, the Independent Board Members considered the differences in the product types, including, but not limited to, the services provided, the structure and operations, product distribution and costs thereof, portfolio investment policies, investor profiles, account sizes and regulatory requirements. The Independent Board Members noted, in particular, that the range of services provided to the Funds (as discussed above) is much more extensive than that provided to separately managed accounts. Given the inherent differences in the products, particularly the extensive services provided to the Funds, the Independent Board Members believe such facts justify the different levels of fees.

In considering the fees of the Sub-Advisers, the Independent Board Members also considered the pricing schedule or fees that each Sub-Adviser charges for similar investment management services for other fund sponsors or clients (such as retail and/or institutional managed accounts) as applicable. With respect to Symphony, the Independent Board Members also reviewed the fees it assesses for equity and taxable fixed-income hedge funds and hedge accounts it manages, which include a performance fee.

3. Profitability of Fund Advisers

In conjunction with its review of fees, the Independent Board Members also considered the profitability of Nuveen for its advisory activities (which incorporated Nuveen’s wholly-owned affiliated sub-advisers other than Winslow Capital) and its financial condition. The Independent Board Members reviewed the revenues and expenses of Nuveen’s advisory activities for the last two years, the allocation methodology used in preparing the profitability data and an analysis of the key drivers behind the changes in revenues and expenses that impacted profitability in 2008. In addition, the Independent Board Members reviewed information regarding the financial results of Nuveen for 2008 based on its Form 8-K filed on March 31, 2009. The Independent Board Members noted this information supplemented the profitability information requested and received during the year to help keep them apprised of developments affecting profitability (such as changes in fee waivers and expense reimbursement commitments). In this regard, the Independent Board Members noted that they had also appointed an Independent Board Member as a point person to review and keep them apprised of changes to the profitability analysis and/or methodologies during the year. The Independent Board Members also considered Nuveen’s revenues for advisory activities, expenses, and profit margin compared to that of various unaffiliated management firms with similar amounts of assets under management and relatively comparable asset composition prepared by Nuveen.

In reviewing profitability, the Independent Board Members recognized the subjective nature of determining profitability which may be affected by numerous factors including the allocation of expenses. Further, the Independent Board Members recognized the difficulties in making comparisons as the profitability of other advisers generally is not publicly available and the profitability information that is available for certain advisers or management firms may not be representative of the industry and may be affected by, among other things, the adviser’s particular business mix, capital costs, types of funds managed and expense allocations. Notwithstanding the foregoing, the Independent Board Members reviewed Nuveen’s methodology and assumptions for allocating expenses across product lines to determine profitability. In reviewing profitability, the Independent Board Members recognized Nuveen’s investment in its fund business. Based on their review, the Independent Board Members concluded that Nuveen’s level of profitability for its advisory activities was reasonable in light of the services provided.

In addition, with respect to ICAP, the Independent Board Members also considered such Sub-Adviser’s revenues, expenses and profitability margins (pre- and post-tax). Based on their review, the Independent Board Members were satisfied that such Sub-Adviser’s level of profitability was reasonable in light of the services provided.

In evaluating the reasonableness of the compensation, the Independent Board Members also considered other amounts paid to a Fund Adviser by the Funds as well as any indirect benefits (such as soft dollar arrangements, if any) the Fund Adviser and its affiliates receive, or are expected to receive, that are directly attributable to the management of the Funds, if any. See Section E below for additional information on indirect benefits the Fund Adviser may receive as a result of its relationship with the Funds. Based on their review of the overall fee arrangements of each Fund, the Independent Board Members determined that the advisory fees and expenses of the respective Fund were reasonable.

98 Nuveen Investments

D. Economies of Scale and Whether Fee Levels Reflect These Economies of Scale

With respect to economies of scale, the Independent Board Members have recognized the potential benefits resulting from the costs of a fund being spread over a larger asset base, although economies of scale are difficult to measure and predict with precision, particularly on a fund-by-fund basis. One method to help ensure the shareholders share in these benefits is to include breakpoints in the advisory fee schedule. Generally, management fees for funds in the Nuveen complex are comprised of a fund-level component and a complex-level component, subject to certain exceptions. Accordingly, the Independent Board Members reviewed and considered the applicable fund-level breakpoints in the advisory fee schedules that reduce advisory fees as asset levels increase. While economies of scale result when costs can be spread over a larger asset base, the Independent Board Members also recognized that the asset levels generally declined in 2008 due to, among other things, the market downturn. Accordingly, for funds with a reduction in assets under management, advisory fee levels may have increased as breakpoints in the fee schedule were no longer surpassed.

In addition to fund-level advisory fee breakpoints, the Board also considered the Funds’ complex-wide fee arrangement. Pursuant to the complex-wide fee arrangement, the fees of the funds in the Nuveen complex generally are reduced as the assets in the fund complex reach certain levels. The complex-wide fee arrangement seeks to provide the benefits of economies of scale to fund shareholders when total fund complex assets increase, even if assets of a particular fund are unchanged or have decreased. The approach reflects the notion that some of Nuveen’s costs are attributable to services provided to all its funds in the complex and therefore all funds benefit if these costs are spread over a larger asset base. Generally, the complex-wide pricing reduces Nuveen’s revenue because total complex fund assets have consistently grown in prior years. As noted, however, total fund assets declined in 2008 resulting in a smaller downward adjustment of revenues due to complex-wide pricing compared to the prior year.

Based on their review, the Independent Board Members concluded that the breakpoint schedules and complex-wide fee arrangement (as applicable) were acceptable and reflect economies of scale to be shared with shareholders when assets under management increase.

E. Indirect Benefits

In evaluating fees, the Independent Board Members received and considered information regarding potential “fall out” or ancillary benefits the respective Fund Adviser or its affiliates may receive as a result of its relationship with each Fund. In this regard, the Independent Board Members considered, among other things, any sales charges, distribution fees and shareholder services fees received and retained by the Funds’ principal underwriter, an affiliate of NAM, which includes fees received pursuant to any 12b-1 plan. The Independent Board Members, therefore, considered the 12b-1 fees retained by Nuveen during the last calendar year.

In addition to the above, the Independent Board Members considered whether the Fund Adviser received any benefits from soft dollar arrangements whereby a portion of the commissions paid by a Fund for brokerage may be used to acquire research that may be useful to the Fund Adviser in managing the assets of the Funds and other clients. With respect to NAM, the Independent Board Members noted that NAM does not currently have any soft dollar arrangements; however, to the extent certain bona fide agency transactions that occur on markets that traditionally trade on a principal basis and riskless principal transactions are considered as generating “commissions,” NAM intends to comply with the applicable safe harbor provisions. With respect to HydePark, ICAP, NWQ and Tradewinds, the Independent Board Members considered that such Sub-Advisers may benefit from their soft dollar arrangements pursuant to which the respective Sub-Adviser receives research from brokers that execute the applicable Fund’s portfolio transactions. For these Sub-Advisers, the Independent Board Members further noted that such Sub-Advisers’ profitability may be lower if they were required to pay for this research with hard dollars. With respect to Symphony, the Board also considered that Symphony currently does not enter into soft dollar arrangements; however, it has adopted a soft dollar policy in the event it does so in the future.

Based on their review, the Independent Board Members concluded that any indirect benefits received by a Fund Adviser as a result of its relationship with the Funds were reasonable and within acceptable parameters.

F. Other Considerations

The Independent Board Members did not identify any single factor discussed previously as all-important or controlling. The Board Members, including the Independent Board Members, unanimously concluded that the terms of the Investment Management Agreements and Sub-advisory Agreements are fair and reasonable, that the respective Fund Adviser’s fees are reasonable in light of the services provided to each Fund and that the Investment Management Agreements and the Sub-advisory Agreements be renewed.

Nuveen Investments 99

Trustees and Officers

The management of the Fund, including general supervision of the duties performed for the Fund by the Adviser, is the responsibility of the Board of Trustees of the Fund. The number of trustees of the Fund is currently set at nine. None of the trustees who are not “interested” persons of the Fund (referred to herein as “independent trustees”) has ever been a director or employee of, or consultant to, Nuveen or its affiliates. The names and business addresses of the trustees and officers of the Fund, their principal occupations and other affiliations during the past five years, the number of portfolios each oversees and other directorships they hold are set forth below.

The Fund’s Statement of Additional Information (“SAI”) includes more information about the trustees. To request a free copy, call Nuveen Investments at (800) 257-8787 or visit the Funds’ website at www.nuveen.com.

Name, Birthdate and Address	Position(s) Held with the Fund	Year First Elected or Appointed (1)	Principal Occupation(s) Including other Directorships During Past 5 Years	Number of Portfolios in Fund Complex Overseen by Trustee
Independent Trustees:
Robert P. Bremner 8/22/40 333 W. Wacker Drive Chicago, IL 60606	Chairman of the Board and Trustee	1997	Private Investor and Management Consultant; Treasurer and Director, Humanities Council of Washington D.C.	199
Jack B. Evans 10/22/48 333 W. Wacker Drive Chicago, IL 60606	Trustee	1999	President, The Hall-Perrine Foundation, a private philanthropic corporation (since 1996); Director and Vice Chairman, United Fire Group, a publicly held company; Member of the Board of Regents for the State of Iowa University System; Director, Gazette Companies; Life Trustee of Coe College; Director, Iowa College Foundation; Member of the Advisory Council of the Department of Finance in the Tippie College of Business, University of lowa; formerly, Director, Alliant Energy; formerly, Director, Federal Reserve Bank of Chicago; formerly, President and Chief Operating Officer, SCI Financial Group, Inc., a regional financial services firm.	199
William C. Hunter 3/6/48 333 W. Wacker Drive Chicago, IL 60606	Trustee	2004	Dean, Tippie College of Business, University of Iowa (since 2006); Director (since 2004) of Xerox Corporation; Director (since 2005), Beta Gamma Sigma International Honor Society; formerly, Dean and Distinguished Professor of Finance, School of Business at the University of Connecticut (2003-2006); previously, Senior Vice President and Director of Research at the Federal Reserve Bank of Chicago (1995-2003); Director, SS&C Technologies, Inc. (May 2005-October 2005); formerly, Director (1997-2007), Credit Research Center at George Washington University.	199
David J. Kundert 10/28/42 333 W. Wacker Drive Chicago, IL 60606	Trustee	2005	Director, Northwestern Mutual Wealth Management Company; retired (since 2004) as Chairman, JPMorgan Fleming Asset Management, President and CEO, Banc One Investment Advisors Corporation, and President, One Group Mutual Funds; prior thereto, Executive Vice President, Banc One Corporation and Chairman and CEO, Banc One Investment Management Group; Member, Board of Regents, Luther College; member of the Wisconsin Bar Association; member of Board of Directors, Friends of Boerner Botanical Gardens; member of Investment Committee, Greater Milwaukee Foundation.	199
William J. Schneider 9/24/44 333 W. Wacker Drive Chicago, IL 60606	Trustee	1997	Chairman of Miller-Valentine Partners Ltd., a real estate investment company; formerly, Senior Partner and Chief Operating Officer (retired, 2004) of Miller-Valentine Group; Member, Dayton Philharmonic Orchestra Association; formerly, Member, Business Advisory Council, Cleveland Federal Reserve Bank; formerly, Director, Dayton Development Coalition.	199
Judith M. Stockdale 12/29/47 333 W. Wacker Drive Chicago, IL 60606	Trustee	1997	Executive Director, Gaylord and Dorothy Donnelley Foundation (since 1994); prior thereto, Executive Director, Great Lakes Protection Fund (from 1990 to 1994).	199
Carole E. Stone 6/28/47 333 W. Wacker Drive Chicago, IL 60606	Trustee	2007	Director, Chicago Board Options Exchange (since 2006); Director, C2 Options Exchange, Incorporated (since 2009); Commissioner, New York State Commission on Public Authority Reform (since 2005); formerly, Chair, New York Racing Association Oversight Board (2005-2007).	199

100 Nuveen Investments

Name, Birthdate and Address	Position(s) Held with the Fund	Year First Elected or Appointed (1)	Principal Occupation(s) Including other Directorships During Past 5 Years	Number of Portfolios in Fund Complex Overseen by Trustee
Terence J. Toth 9/29/59 333 W. Wacker Drive Chicago, IL 60606	Trustee	2008	Director, Legal & General Investment Management America, Inc. (since 2008); Managing Partner, Musso Capital Management (since 2008); CEO and President, Northern Trust Investments (2004-2007); Executive Vice President, Quantitative Management & Securities Lending (2000-2004); prior thereto, various positions with Northern Trust Company (since 1994); Member: Goodman Theatre Board (since 2004); Chicago Fellowship Board (since 2005), University of Illinois Leadership Council Board (since 2007) and Catalyst Schools of Chicago Board (since 2008); formerly, Member: Northern Trust Mutual Funds Board (2005-2007), Northern Trust Investments Board (2004-2007), Northern Trust Japan Board (2004-2007), Northern Trust Securities Inc. Board (2003-2007) and Northern Trust Hong Kong Board (1997-2004).	199
Interested Trustee:
John P. Amboian (2) 6/14/61 333 W. Wacker Drive Chicago, IL 60606	Trustee	2008	Chief Executive Officer (since July 2007) and Director (since 1999) of Nuveen Investments, Inc.; Chief Executive Officer (since 2007) of Nuveen Asset Management, Nuveen Investments Advisors, Inc. formerly, President (1999-2004) of Nuveen Advisory Corp. and Nuveen Institutional Advisory Corp. (3)	199
Name, Birthdate and Address	Position(s) Held with the Fund	Year First Elected or Appointed (4)	Principal Occupation(s) During Past 5 Years	Number of Portfolios in Fund Complex Overseen by Officer
Officers of the Fund:
Gifford R. Zimmerman 9/9/56 333 W. Wacker Drive Chicago, IL 60606	Chief Administrative Officer	1988	Managing Director (since 2002), Assistant Secretary and Associate General Counsel of Nuveen Investments, LLC; Managing Director (since 2002), Associate General Counsel and Assistant Secretary, of Nuveen Asset Management (since 2002) and of Symphony Asset Management LLC (since 2003); Vice President and Assistant Secretary of NWQ Investment Management Company, LLC. (since 2002), Nuveen Investments Advisers Inc. (since 2002), Tradewinds Global Investors, LLC, and Santa Barbara Asset Management, LLC (since 2006), Nuveen HydePark Group LLC and Nuveen Investment Solutions, Inc. (since 2007); Managing Director (since 2004) and Assistant Secretary (since 1994) of Nuveen Investments, Inc.; formerly, Managing Director (2002-2004), General Counsel (1998-2004) and Assistant Secretary of Nuveen Advisory Corp. and Nuveen Institutional Advisory Corp. (3); Chartered Financial Analyst.	199
Mark J.P. Anson 6/10/59 333 W. Wacker Drive Chicago, IL 60606	Vice President	2009	President and Executive Director of Nuveen Investments, Inc. (since 2007); President of Nuveen Investments Institutional Services Group LLC (since 2007); previously, Chief Executive Officer of the British Telecom Pension Scheme (2006-2007) and Chief Investment Officer of Calpers (1999-2006); PhD, Chartered Financial Analyst, Chartered Alternative Investment Analyst, Certified Public Accountant, Certified Management Accountant and Certified Internal Auditor.	199
Nizida Arriaga 6/1/1968 333 W. Wacker Drive Chicago, IL 60606	Vice President	2009	Vice President (since 2007) of Nuveen Investments, LLC; previously, Portfolio Manager, Allstate Investments, LLC (1996-2006); Chartered Financial Analyst.	199

Nuveen Investments 101

Trustees and Officers (continued)

Name, Birthdate and Address	Position(s) Held with the Fund	Year First Elected or Appointed (4)	Principal Occupation(s) During Past 5 Years	Number of Portfolios in Fund Complex Overseen by Officer
Michael T. Atkinson 2/3/66 333 W. Wacker Drive Chicago, IL 60606	Vice President and Assistant Secretary	2000	Vice President (since 2002) of Nuveen Investments, LLC; Vice President of Nuveen Asset Management (since 2005).	199
Margo L. Cook 4/11/64 333 W. Wacker Drive Chicago, IL 60606	Vice President	2009	Executive Vice President (since Oct 2008) of Nuveen Investments, Inc.; previously, Head of Institutional Asset Management (2007-2008) of Bear Stearns Asset Management; Head of Institutional Asset Mgt (1986-2007) of Bank of NY Mellon; Chartered Financial Analyst.	199
Alan A. Brown 8/1/62 333 W. Wacker Drive Chicago, IL 60606	Vice President	2007	Executive Vice President, Mutual Funds, Nuveen Investments, LLC, (since 2005), previously, Managing Director and Chief Marketing Officer (2001-2005).	74
Name, Birthdate and Address	Position(s) Held with the Fund	Year First Elected or Appointed (4)	Principal Occupation(s) Including other Directorships During Past 5 Years	Number of Portfolios in Fund Complex Overseen by Officer
Lorna C. Ferguson 10/24/45 333 W. Wacker Drive Chicago, IL 60606	Vice President	1998	Managing Director (since 2004) of Nuveen Investments, LLC; Managing Director (since 2005) of Nuveen Asset Management; Managing Director (2004-2005) of Nuveen Advisory Corp. and Nuveen Institutional Advisory Corp. (3).	199
Stephen D. Foy 5/31/54 333 W. Wacker Drive Chicago, IL 60606	Vice President and Controller	1998	Vice President (since 1993) and Funds Controller (since 1998) of Nuveen Investments, LLC; Vice President (since 2005) of Nuveen Asset Management; Certified Public Accountant.	199
William T. Huffman 5/7/1969 333 W. Wacker Drive Chicago, IL 60606	Vice President	2009	Chief Operating Officer, Municipal Fixed Income (since 2008) of Nuveen Asset Management; previously, Chairman, President and Chief Executive Officer (2002 – 2007) of Northern Trust Global Advisors, Inc. and Chief Executive Officer (2007) of Northern Trust Global Investments Limited; CPA.	199
Walter M. Kelly 2/24/70 333 W. Wacker Drive Chicago, IL 60606	Chief Compliance Officer and Vice President	2003	Senior Vice President (since 2008), Vice President (2006- 2008) formerly, Assistant Vice President and Assistant General Counsel (2003-2006) of Nuveen Investments, LLC; Vice President (since 2006) and Assistant Secretary (since 2003) of Nuveen Asset Management.	199
David J. Lamb 3/22/63 333 W. Wacker Drive Chicago, IL 60606	Vice President	2000	Senior Vice President (since 2009), formerly, Vice President (2000-2009) of Nuveen Investments, LLC; Vice President (since 2005) of Nuveen Asset Management, Certified Public Accountant.	199
Tina M. Lazar 8/27/61 333 W. Wacker Drive Chicago, IL 60606	Vice President	2002	Senior Vice President (since 2009), formerly, Vice President of Nuveen Investments, LLC (1999-2009); Vice President of Nuveen Asset Management (since 2005).	199
Larry W. Martin 7/27/51 333 W. Wacker Drive Chicago, IL 60606	Vice President and Assistant Secretary	1988	Vice President, Assistant Secretary and Assistant General Counsel of Nuveen Investments, LLC; Vice President (since 2005) and Assistant Secretary of Nuveen Investments, Inc.; Vice President and Assistant Secretary of Nuveen Investments Advisers Inc. (since 2002), NWQ Investment Management Company, LLC (since 2002), Symphony Asset Management LLC (since 2003), Tradewinds Global Investors, LLC, Santa Barbara Asset Management, LLC (since 2006) and of Nuveen HydePark Group, LLC and Nuveen Investment Solutions, Inc. (since 2007); formerly, Vice President and Assistant Secretary of Nuveen Advisory Corp. and Nuveen Institutional Advisory Corp. (3)	199

102 Nuveen Investments

Name, Birthdate and Address	Position(s) Held with the Fund	Year First Elected or Appointed (4)	Principal Occupation(s) Including other Directorships During Past 5 Years	Number of Portfolios in Fund Complex Overseen by Officer
Kevin J. McCarthy 3/26/66 333 W. Wacker Drive Chicago, IL 60606	Vice President and Secretary	2007	Managing Director (since 2008), formerly, Vice President (2007-2008), Nuveen Investments, LLC; Managing Director (since 2008), formerly, Vice President and Assistant Secretary, Nuveen Asset Management and Nuveen Investments Holdings, Inc.; Vice President (since 2007) and Assistant Secretary, Nuveen Investment Advisers Inc., Nuveen Investment Institutional Services Group LLC, NWQ Investment Management Company, LLC, Tradewinds Global Investors LLC, NWQ Holdings, LLC, Symphony Asset Management LLC, Santa Barbara Asset Management LLC, Nuveen HydePark Group, LLC and Nuveen Investment Solutions, Inc. (since 2007); prior thereto, Partner, Bell, Boyd & Lloyd LLP (1997-2007).	199
John V. Miller 4/10/67 333 W. Wacker Drive Chicago, IL 60606	Vice President	2007	Managing Director (since 2007), formerly, Vice President (2002-2007) of Nuveen Asset Management and Nuveen Investments, LLC; Chartered Financial Analyst.	199
Gregory Mino 1/4/1971 333 W. Wacker Drive Chicago, IL 60606	Vice President	2009	Vice President of Nuveen Investments, LLC (since 2008); previously, Director (2004-2007) and Executive Director (2007-2008) of UBS Global Asset Management; previously, Vice President (2000-2003) and Director (2003-2004) of Merrill Lynch Investment Managers; Chartered Financial Analyst.	199
Christopher M. Rohrbacher 8/1/71 333 W. Wacker Drive Chicago, IL 60606	Vice President and Assistant Secretary	2008	Vice President, Nuveen Investments, LLC (since 2008); Vice President and Assistant Secretary, Nuveen Asset Management (since 2008); prior thereto, Associate, Skadden, Arps, Slate Meagher & Flom LLP (2002-2008)	199
James F. Ruane 7/3/62 333 W. Wacker Drive Chicago, IL 60606	Vice President and Assistant Secretary	2007	Vice President, Nuveen Investments (since 2007); prior thereto, Partner, Deloitte & Touche USA LLP (2005-2007), formerly, senior tax manager (2002-2005); Certified Public Accountant.	199
John S. White 5/12/67 333 W. Wacker Drive Chicago, IL 60606	Vice President	2007	Senior Vice President (since 2009), formerly, Vice President (2006-2009) of Nuveen Investments, LLC, formerly, Assistant Vice President (since 2002); Lieutenant Colonel (since 2007), United States Marine Corps Reserve, formerly, Major (since 2001).	74
Mark L. Winget 12/21/68 333 W. Wacker Drive Chicago, IL 60606	Vice President and Assistant Secretary	2008	Vice President, Nuveen Investments, LLC (since 2008); Vice President and Assistant Secretary, Nuveen Asset Management (since 2008); prior thereto, Counsel, VedderPrice P.C. (1997-2007).	199

(1) Trustees serve an indefinite term until his/her successor is elected or appointed. The year first elected or appointed represents the year in which the trustee was first elected or appointed to any fund in the Nuveen Fund Complex.

(2) Mr. Amboian is an interested trustee because of his position with Nuveen Investments, Inc. and certain of its subsidiaries, which are affiliates of the Nuveen Funds.

(3) Nuveen Advisory Corp. and Nuveen Institutional Advisory Corp. were reorganized into Nuveen Asset Management, effective January 1, 2005.

(4) Officers serve one year terms through July of each year. The year first elected or appointed represents the year in which the officer was first elected or appointed to any fund in the Nuveen Fund Complex.

Nuveen Investments 103

Glossary of Terms Used in this Report

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

Net Asset Value (NAV): A Fund’s NAV is the dollar value of one share in the Fund. It is calculated by subtracting the liabilities of the Fund from its total assets and then dividing the remainder by the number of shares outstanding. Fund NAVs are calculated at the end of each business day.

104 Nuveen Investments

Fund Information

Fund Manager

Nuveen Asset Management

333 West Wacker Drive

Chicago, IL 60606

Sub-Advisers

Institutional Capital LLC

225 West Wacker Drive

Chicago, IL 60606

Nuveen Hyde Park Group, LLC

111 West Jackson Blvd.

Suite 1411

Chicago, IL 60604

NWQ Investment Management Company, LLC

2049 Century Park East

Los Angeles, CA 90067

Symphony Asset Management, LLC

555 California Street

Rene Suite 2975

San Francisco, CA 94104

Tradewinds Global Investors, LLC

2049 Century Park East

Los Angeles, CA 90067

Legal Counsel

Chapman and Cutler LLP

Chicago, IL

Independent Registered Public Accounting Firm

PricewaterhouseCoopers LLP

Chicago, IL

Custodian

State Street Bank & Trust Company

Boston, MA

Transfer Agent and Shareholder Services

Boston Financial

Data Services

Nuveen Investor Services

P.O. Box 8530

Boston, MA 02266-8530

(800) 257-8787

Distribution Information: Multi-Manager Large-Cap Value, Large-Cap Value and Value Opportunities hereby designate 100%, 100% and 12.57%, respectively, of dividends paid from net ordinary income as dividends qualifying for the 70% dividends received deduction for corporations and 100%, 100% and 31.57%, respectively, as qualified dividend income for individuals under Section 1 (h)(11) of the Internal Revenue Code. The actual qualified dividend income distributions will be reported to shareholders on Form 1099-DIV which will be sent to shareholders shortly after calendar year end.

Quarterly Portfolio of Investments and Proxy Voting Information: You may obtain (i) each Fund’s quarterly portfolio of investments, (ii) information regarding how the Funds voted proxies relating to portfolio securities held during the most recent twelve-month period ended June 30, 2009, and (iii) a description of the policies and procedures that the Funds used to determine how to vote proxies relating to portfolio securities without charge, upon request, by calling Nuveen Investments at (800) 257-8787 or on Nuveen’s website at www.nuveen.com.

You may also obtain this and other Fund information directly from the Securities and Exchange Commission (“SEC”). The SEC may charge a copying fee for this information. Visit the SEC on-line at http://www.sec.gov or in person at the SEC’s Public Reference Room in Washington, D.C. Call the SEC at (202) 942-8090 for room hours and operation. You may also request fund information by sending an e-mail request to publicinfo@sec.gov or by writing to the SEC’s Public Reference Section at 100 F Street NE, Washington, D.C. 20549.

The Financial Industry Regulatory Authority (FINRA) provides a Public Disclosure Program which supplies certain information regarding the disciplinary history of FINRA members and their associated persons in response to either telephone inquiries at (800) 289-9999 or written inquiries at www.finra.org. Financial Industry Regulatory Authority also provides an investor brochure that includes information describing the Public Disclosure Program.

Nuveen Investments 105

Nuveen Investments:

Serving Investors For Generations

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

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

We offer many different investing solutions

for our clients’ different needs.

Nuveen Investments is a global investment management firm that seeks to help secure the long-term goals of institutions and high net worth investors as well as the consultants and financial advisors who serve them. Nuveen Investments markets its growing range of specialized investment solutions under the high-quality brands of HydePark, NWQ, Nuveen, Santa Barbara, Symphony, Tradewinds and Winslow Capital. In total, the Company managed $128 billion of assets on June 30, 2009.

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

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

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

• Share prices

• Fund details

• Daily financial news

• Investor education

Distributed by

Nuveen Investments, LLC

333 West Wacker Drive

Chicago, IL 60606

www.nuveen.com

MAN-NWQ-0609P

Mutual Funds

Nuveen Equity Funds

For investors seeking long-term capital appreciation.

Annual Report

June 30, 2009

Nuveen Enhanced Core Equity Fund Nuveen Enhanced Mid-Cap Fund

LIFE IS COMPLEX.

Nuveen makes things e-simple.

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

Free e-Reports right to your e-mail!

www.investordelivery.com

If you receive your Nuveen Fund dividends and statements from your financial advisor or brokerage account.

OR

www.nuveen.com/accountaccess

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

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

Chairman’s

Letter to Shareholders

Dear Shareholder,

The problems in the U.S. financial system and the slowdown in global economic activity continue to create a very difficult environment for the U.S. economy. The administration, the Federal Reserve System and Congress have initiated a variety of programs directed at restoring liquidity to the financial markets, providing financial support for critical financial institutions and stimulating economic activity. There are encouraging signs that these initiatives are beginning to have a constructive impact. It is not possible to predict whether the actions taken to date will be sufficient to restore more normal conditions in the financial markets or enable the economy to stabilize and set a course toward recovery. However, the speed and scope of the government’s actions are very encouraging and more importantly, reflect a commitment to act decisively to meet the economic challenges we face.

The performance information in the attached report reflects the impact of many forces at work in the equity and fixed-income markets. The comments by the portfolio managers describe the strategies being used to pursue your Fund’s long-term investment goals. Parts of the financial markets continue to experience serious dislocations and thorough research and strong investment disciplines have never been more important in identifying risks and opportunities. I hope you will read this information carefully.

Your Board is particularly sensitive to our shareholders’ concerns in these uncertain times. We believe that frequent and thorough communication is essential in this regard and encourage you to visit the Nuveen website: www.nuveen.com, for recent developments in all Nuveen funds. We also encourage you to communicate with your financial consultant for answers to your questions and to seek advice on your long-term investment strategy in the current market environment.

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

Sincerely,

Robert P. Bremner

Chairman of the Nuveen Fund Board

August 24, 2009

Nuveen Investments 1

Portfolio Managers’ Comments

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

The Nuveen Enhanced Core Equity Fund and the Nuveen Enhanced Mid-Cap Fund feature management by Nuveen HydePark Group, LLC, an affiliate of Nuveen Investments, Inc. Both Funds are co-managed by David Tierney, PhD, Senior Managing Director and Chief Investment Officer of HydePark, John Gambla, CFA, and Rob Guttschow, CFA. We recently spoke with David, John and Rob about the general economic conditions, key investment strategies and performance of the Funds for the twelve-month period ending June 30, 2009.

What were the general economic conditions during the reporting period?

This twelve month period was among the most volatile in the history of the capital markets. Equity markets across the globe fell as the United States economy pushed further into recession. After IndyMac’s bankruptcy filing on August 1, 2008, the U.S. Government engaged in one of the most dramatic market interventions in years and placed the Federal National Mortgage Association (Fannie Mae) and the Federal Home Loan Mortgage Corporation (Freddie Mac) into receivership. In September, Lehman Brothers, a major Wall Street broker/dealer, filed for bankruptcy protection. AIG, one of the largest insurers globally, effectively was nationalized by the U.S. government, and Wachovia, Washington Mutual, Silver State Bank, and Ameri Bank all were seized by U.S. regulators and/or merged into stronger banks. Merrill Lynch, concerned about its own solvency, quickly negotiated a deal to be acquired by Bank of America. Goldman Sachs and Morgan Stanley converted to commercial banks, possibly signaling the end of the 100-year old independent broker / dealer model. The following months included major financial write-downs across the U.S. economy, the uncovering of the largest Ponzi scheme in history, continual declines in real U.S. Gross Domestic Product, and significant spikes in market volatility.

While the U.S. economy moved further into recession, the international capital markets experienced their own severe downturn. Economic policy responses by the U.S. Federal Reserve were followed, in part, by its counterparts at the Bank of England, the European Central Bank, and the Chinese Government.

Although the S&P 500 and the MSCI EAFE indices were down 37% and 43%, respectively, in 2008, signs of global economic stability began to emerge toward the end of the first quarter in 2009. By the end of June, the 2009 year-to-date returns of these two equity indices were 3% and 8%, respectively. In addition, emerging markets, which fell 53% in 2008, rebounded 36% during the first half of 2009.

The headlines created by the failure of such large banking institutions and Congress’s first failed attempt at bailout legislation resulted in a massive drop in consumer confidence.

2 Nuveen Investments

This drop in confidence resulted in a drop in spending, as personal consumption contracted at a -3.5% rate in the third quarter and a -3.1% in the fourth quarter.

As a result, volatility in the equity markets continued throughout most of this twelve-month period. However, the second quarter of 2009 saw substantial improvements. The U.S. government has continued to implement various financial bailout/stimulus plans. The major banks have appeared to raise the necessary capital for them to survive in the current downturn, with several of them even appearing to thrive. Equity markets, as measured by the S&P 500 Index, have rocketed up from the lows experienced in March. Ten-year bond yields have come off their multi-decade lows as well.

How did the Funds perform during the twelve-month period ended June 30, 2009?

The table on page six provides performance information for both Funds (Class A Shares at net asset value) for the one-year and since inception periods ended June 30, 2009. The table also compares each Fund’s performance to a general market index. A more detailed discussion of each Fund’s relative performance is provided later in this report.

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

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

Our investment process is a combination of traditional fundamental security valuation and quantitative risk-control techniques. The philosophy that underlies our value-added process is that a stock’s price must follow the wealth creation fundamentals of the company. A stock’s weight in the portfolio is directly related to its wealth creation fundamentals. Our process has five “wealth creation” factors. Four are fundamentally oriented; two are traditional measures of revenues versus excess of expenses (specifically, earnings and cash flow), and two are traditional measures of the uses for those monies (book value and dividends). The fifth factor is a proprietary measure of stock price momentum. Importantly, the process also considers a stock’s liquidity. Due to the quantitative, model-driven process, top-down macroeconomic “themes” do not influence the model or how we select stocks for the Funds.

The model evaluates all the securities contained in the benchmark portfolio (S&P 500 Index for the Nuveen Enhanced Core Equity Fund and Russell Midcap Index for the

Nuveen Investments 3

Nuveen Enhanced Mid-Cap Fund) for possible inclusion in the respective portfolios. The process will not consider a stock for possible inclusion if it is not contained in the respective benchmark portfolios. This process produces what HydePark believes are well-diversified, efficient portfolios that attempt to perform within a specific, narrow tracking range (the degree of difference) versus the stated benchmarks. Both portfolios typically contain a large number of holdings with each relative weighting reflecting the five-dimensional view of that stock’s wealth creation characteristics. The portfolios are monitored daily with rebalances occurring quarterly.

How did these strategies influence performance?

Nuveen Enhanced Core Equity Fund

Class A Shares (at net asset value) for the Nuveen Enhanced Core Equity Fund underperformed the Lipper and S&P 500 indexes during the reporting period.

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

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

On average, during the reporting period, the Fund was overweighted in energy, telecommunication services and utility stocks, with the largest single overweight in energy, where the Fund was, on average, 3.0% overweight versus the index. The largest single underweight was, on average, in information technology, where the Fund was 3.6% underweight versus the index. Overall, sector weightings were a negative to the Funds relative performance versus the index.

Performance attributable to the individual stock holdings within each sector was a positive for the Fund during the reporting period, with the stock picks within the financial sector having the largest positive impact. The holdings within the utility sector were also a

4 Nuveen Investments

positive for the Fund. Holdings within the energy and information technology sectors resulted in negative relative performance for the Fund.

Nuveen Enhanced Mid-Cap Fund

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

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

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

On average, during this reporting period, the Fund was comparatively overweighted in the energy, materials, financials and utilities sectors, with the largest overweight in financials where the Fund was, on average, 4.2% overweight versus the Russell index. The largest single sector underweight was, on average, in health care, where the Fund was 4.5% underweight versus the Russell index. Overall, sector weightings were a drag on the Fund’s relative performance versus the index.

Performance attributable to the individual stock weightings within each sector was a net negative for the Fund during this period. Stock selection was positive in the financial, information technology, telecommunications and utilities sectors. Selection was a negative within the energy, consumer discretionary, industrials, and health care sectors.

Nuveen Investments 5

1 The Lipper Large-Cap Core Funds Index is a managed index that represents the average annualized returns of the 30 largest funds in the Lipper Large-Cap Core Funds category. The since inception returns represent returns for the period 12/31/07-6/30/09 as returns for that time period are available only on a calendar month basis. The returns assume reinvestment of dividends, but do not reflect any applicable sales charges. You cannot invest directly in an index.

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

3 The Lipper Mid-Cap Core Funds Index is a managed index that represents the average annualized returns of the 30 largest funds in the Lipper Mid-Cap Core Funds category. The since inception returns represent returns for the period 12/31/07-6/30/09 as returns for that time period are available only on a calendar month basis. The returns assume reinvestment of dividends, but do not reflect any applicable sales charges. You cannot invest directly in an index.

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

Class A Shares – Average Annual Total Returns

As of 6/30/09

	1-Year	Since inception (12/3/2007)
Nuveen Enhanced Core Equity Fund
A Shares at NAV	-27.18%	-24.97%
A Shares at Offer	-31.35%	-27.74%
Lipper Large-Cap Core Funds Index1	-25.69%	-23.00%
S&P 500 Index2	-26.21%	-23.98%
Nuveen Enhanced Mid-Cap Fund
A Shares at NAV	-36.27%	-28.15%
A Shares at Offer	-39.92%	-30.80%
Lipper Mid-Cap Core Funds Index3	-27.20%	-22.00%
Russell Midcap Index4	-30.36%	-24.39%

Returns quoted represent past performance which is no guarantee of future results. Investment returns and principal value will fluctuate so that when shares are redeemed, they may be worth more or less than their original cost. Returns less than one year are cumulative. Current performance may be higher or lower than the performance shown. Class A Shares have a 5.75% maximum sales charge. Returns at NAV would be lower if sales charges were included. Returns do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or the redemption of shares. For the most recent month-end performance, visit www.nuveen.com or call (800) 257-8787.

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

6 Nuveen Investments

Nuveen Enhanced Core Equity Fund

Growth of an Assumed $10,000 Investment

Nuveen Enhanced Mid-Cap Fund

Growth of an Assumed $10,000 Investment

The graphs do not reflect the deduction of taxes that a shareholder may pay on Fund distributions or the redemption of shares.

The index comparisons show the change in value of a $10,000 investment in the Class A Shares of the Nuveen Funds compared with the corresponding indexes. The Lipper Large-Cap Core Funds Index is a managed index that represents the average annualized returns of the 30 largest funds in the Lipper Large-Cap Core Funds category. The S&P 500 Index is an unmanaged index generally considered to be representative of the U.S. stock market. The Lipper Mid-Cap Core Funds Index is a managed index that represents the average annualized returns of the 30 largest funds in the Lipper Mid-Cap Core Funds category. The Russell MidCap Index measures the performance of the mid-cap segment of the U.S. equity universe. The Russell MidCap Index is a subset of the Russell 1000 Index. It includes approximately 800 of the smallest securities based on a combination of their market cap and current index membership. The index returns assume reinvestment of dividends and do not reflect any initial or ongoing expenses. You cannot invest directly in an index. The Nuveen Funds’ returns include reinvestment of all dividends and distributions, and the Funds’ returns at the offer price depicted in the charts reflect the initial maximum sales charge applicable to Class A Shares (5.75%) and all ongoing Fund expenses. The performance data quoted represents past performance, which is not indicative of future results. Current performance may be lower or higher than the performance shown.

Nuveen Investments 7

Fund Spotlight as of 6/30/09 Nuveen Enhanced Core Equity Fund

Quick Facts
	A Shares	C Shares	I Shares1
Fund Symbols	NEEAX	NEECX	NEERX
NAV	$12.43	$12.41	$12.43
Latest Ordinary Income Distribution2	$0.2644	$0.1392	$0.3063
Inception Date	12/03/07	12/03/07	12/03/07

Returns quoted represent past performance which is no guarantee of future results. Investment returns and principal value will fluctuate so that when shares are redeemed, they may be worth more or less than their original cost. Current performance may be higher or lower than the performance shown. Returns without sales charges would be lower if the sales charge were included. Returns do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or the redemption of shares. For the most recent month-end performance visit www.nuveen.com or call (800) 257-8787.

Returns reflect differences in sales charges and expenses, which are primarily differences in distribution and service fees. Fund returns assume reinvestment of dividends and capital gains. Class A Shares have a 5.75% maximum sales charge. Class A Share purchases of $1 million or more are sold at net asset value without an up-front sales charge but may be subject to a contingent deferred sales charge (CDSC), also known as a backend sales charge, if redeemed within twelve months of purchase. Class C Shares have a 1% CDSC for redemptions within less than one year, which is not reflected in the one-year total return. Class I Shares have no sales charge and may be purchased under limited circumstances or by specified classes of investors. Returns may reflect an expense limitation by the Fund’s investment adviser.

Average Annual Total Returns as of 6/30/09
A Shares	NAV	Offer
1-Year	-27.18%	-31.35%
Since Inception	-24.97%	-27.74%
C Shares	NAV
1-Year	-27.78%
Since Inception	-25.56%
I Shares	NAV
1-Year	-27.02%
Since Inception	-24.80%

Top Five Common Stock Holdings3
Exxon Mobil Corporation	4.4%
AT&T Inc.	2.3%
Johnson & Johnson	2.1%
Procter & Gamble Company	2.1%
Microsoft Corporation	2.0%

Portfolio Allocation³

Portfolio Statistics
Net Assets ($000)	$10,182
Number of Common Stocks	490

Expense Ratios
Share Class	Gross Expense Ratios	Net Expense Ratios	As of Date
Class A	1.25%	0.73%	10/31/09
Class C	2.00%	1.48%	10/31/09
Class I	0.74%	0.48%	10/31/09

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

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

2 Paid December 31, 2008.

3 As a percentage of total investments as of June 30, 2009. Holdings are subject to change.

8 Nuveen Investments

Fund Spotlight as of 6/30/09 Nuveen Enhanced Core Equity Fund

Industries1
Oil, Gas & Consumable Fuels	11.1%
Pharmaceuticals	8.4%
Computers & Peripherals	4.9%
Diversified Telecommunication Services	3.9%
Software	3.8%
Food & Staples Retailing	3.2%
Diversified Financial Services	3.2%
Household Products	2.9%
Aerospace & Defense	2.7%
Capital Markets	2.7%
Commercial Banks	2.6%
Media	2.6%
Electric Utilities	2.6%
Beverages	2.6%
Communications Equipment	2.5%
Industrial Conglomerates	2.5%
Specialty Retail	2.3%
Semiconductors & Equipment	2.2%
Insurance	2.1%
Tobacco	2.1%
Health Care Providers & Services	2.1%
Food Products	1.9%
Biotechnology	1.9%
Health Care Equipment & Supplies	1.9%
Multi-Utilities	1.7%
Other	19.6%

1 As a percentage of total investments as of June 30, 2009. Holdings are subject to change.

Expense Example

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

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

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

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

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

							Hypothetical Performance
	Actual Performance						(5% return before expenses)
	A Shares		C Shares		I Shares		A Shares		C Shares		I Shares
Beginning Account Value (1/01/09)	$	1,000.00	$	1,000.00	$	1,000.00	$	1,000.00	$	1,000.00	$	1,000.00
Ending Account Value (6/30/09)	$	1,005.70	$	1,008.00	$	1,006.50	$	1,021.08	$	1,017.36	$	1,022.32
Expenses Incurred During Period	$	3.72	$	7.45	$	2.48	$	3.75	$	7.48	$	2.50

For each class of the Fund, expenses are equal to the Fund’s annualized net expense ratio of .75%, 1.50% and .50% for Classes A, C and I, respectively, multiplied by the average account value over the period, multiplied by 181/365 (to reflect the one-half year period).

Nuveen Investments 9

Fund Spotlight as of 6/30/09 Nuveen Enhanced Mid-Cap Fund

Quick Facts
	A Shares	C Shares	I Shares1
Fund Symbols	NDPAX	NDPCX	NDPRX
NAV	$11.65	$11.66	$11.65
Latest Ordinary Income Distribution2	$0.1904	$0.0654	$0.2323
Inception Date	12/03/07	12/03/07	12/03/07

Returns quoted represent past performance which is no guarantee of future results. Investment returns and principal value will fluctuate so that when shares are redeemed, they may be worth more or less than their original cost. Current performance may be higher or lower than the performance shown. Returns without sales charges would be lower if the sales charge were included. Returns do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or the redemption of shares. For the most recent month-end performance visit www.nuveen.com or call (800) 257-8787.

Returns reflect differences in sales charges and expenses, which are primarily differences in distribution and service fees. Fund returns assume reinvestment of dividends and capital gains. Class A Shares have a 5.75% maximum sales charge. Class A Share purchases of $1 million or more are sold at net asset value without an up-front sales charge but may be subject to a contingent deferred sales charge (CDSC), also known as a backend sales charge, if redeemed within twelve months of purchase. Class C Shares have a 1% CDSC for redemptions within less than one year, which is not reflected in the one-year total return. Class I Shares have no sales charge and may be purchased under limited circumstances or by specified classes of investors. Returns may reflect an expense limitation by the Fund’s investment adviser.

Average Annual Total Returns as of 6/30/09
A Shares	NAV	Offer
1-Year	-36.27%	-39.92%
Since Inception	-28.15%	-30.80%
C Shares	NAV
1-Year	-36.70%
Since Inception	-28.66%
I Shares	NAV
1-Year	-36.09%
Since Inception	-27.96%

Top Five Common Stock Holdings4
YUM! Brands, Inc.	1.0%
Lincoln National Corporation	0.8%
Noble Energy, Inc.	0.8%
Kohl’s Corporation	0.8%
H.J. Heinz Company	0.8%

Portfolio Allocation³

Portfolio Statistics
Net Assets ($000)	$1,907
Number of Common Stocks	490

Expense Ratios
Share Class	Gross Expense Ratios	Net Expense Ratios	As of Date
Class A	3.81%	0.76%	10/31/09
Class C	4.56%	1.51%	10/31/09
Class I	3.52%	0.51%	10/31/09

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

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

2 Paid December 31, 2008.

3 As a percentage of total investments as of June 30, 2009. Holdings are subject to change.

4 As a percentage of total common stocks as of June 30, 2009. Holdings are subject to change.

10 Nuveen Investments

Fund Spotlight as of 6/30/09Nuveen Enhanced Mid-Cap Fund

Industries1
Multi-Utilities	5.3%
Oil, Gas & Consumable Fuels	5.2%
Insurance	5.1%
Specialty Retail	4.6%
Energy Equipment & Services	4.5%
Food Products	3.8%
Machinery	3.8%
Electric Utilities	3.7%
Specialized REIT	3.1%
Multiline Retail	3.1%
Semiconductors & Equipment	3.0%
Media	2.8%
Chemicals	2.5%
Hotels, Restaurants & Leisure	2.5%
Health Care Providers & Services	2.4%
Aerospace & Defense	1.9%
Capital Markets	1.8%
Commercial Banks	1.8%
IT Services	1.8%
Residential REIT	1.7%
Diversified Telecommunication Services	1.5%
Beverages	1.5%
Household Durables	1.5%
Independent Power Producers & Energy Traders	1.4%
Gas Utilities	1.3%
Containers & Packaging	1.2%
Electrical Equipment	1.2%
Metals & Mining	1.1%
Computers & Peripherals	1.1%
Thrifts & Mortgage Finance	1.0%
Automobile	1.0%
Professional Services	1.0%
Food & Staples Retailing	1.0%
Other	19.8%

1 As a percentage of total common stocks as of June 30, 2009. Holdings are subject to change.

Expense Example

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

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

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

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

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

							Hypothetical Performance
	Actual Performance						(5% return before expenses)
	A Shares		C Shares		I Shares		A Shares		C Shares		I Shares
Beginning Account Value (1/01/09)	$	1,000.00	$	1,000.00	$	1,000.00	$	1,000.00	$	1,000.00	$	1,000.00
Ending Account Value (6/30/09)	$	1,046.70	$	1,043.90	$	1,048.60	$	1,020.83	$	1,017.11	$	1,022.07
Expenses Incurred During Period	$	4.05	$	7.83	$	2.79	$	4.00	$	7.73	$	2.75

For each class of the Fund, expenses are equal to the Fund’s annualized net expense ratio of .80%, 1.55% and .55% for Classes A, C and I, respectively, multiplied by the average account value over the period, multiplied by 181/365 (to reflect the one-half year period).

Nuveen Investments 11

Report of

Independent Registered Public Accounting Firm

To the Board of Trustees and Shareholders of

Nuveen Investment Trust:

In our opinion, the accompanying statements of assets and liabilities, including the portfolios of investments, and the related statements of operations, of changes in net assets and the financial highlights present fairly, in all material respects, the financial position of Nuveen Enhanced Core Equity Fund and Nuveen Enhanced Mid-Cap Fund (each a series of the Nuveen Investment Trust, hereafter referred to as the “Funds”) at June 30, 2009, the results of their operations for the year then ended, the changes in their net assets and the financial highlights for the year ended June 30, 2009 and the period December 3, 2007 (commencement of operations) through June 30, 2009, in conformity with accounting principles generally accepted in the United States of America. These financial statements and financial highlights (hereafter referred to as “financial statements”) are the responsibility of the Funds’ management; our responsibility is to express an opinion on these financial statements based on our audits. We conducted our audits of these financial statements in accordance with the standards of the Public Company Accounting Oversight Board (United States). Those standards require that we plan and perform the audit to obtain reasonable assurance about whether the financial statements are free of material misstatement. An audit includes examining, on a test basis, evidence supporting the amounts and disclosures in the financial statements, assessing the accounting principles used and significant estimates made by management, and evaluating the overall financial statement presentation. We believe that our audits, which included confirmation of securities at June 30, 2009 by correspondence with the custodian and brokers, provide a reasonable basis for our opinion.

PRICEWATERHOUSECOOPERS LLP

Chicago, IL

August 24, 2009

12 Nuveen Investments

Portfolio of Investments

Nuveen Enhanced Core Equity Fund

June 30, 2009

Shares	Description (1)	Value
	COMMON STOCKS – 99.6%
	Aerospace & Defense – 2.7%
800	Boeing Company	$	34,000
400	General Dynamics Corporation		22,156
200	Goodrich Corporation		9,994
900	Honeywell International Inc.		28,260
200	ITT Industries, Inc.		8,900
200	L-3 Communications Holdings, Inc.		13,876
400	Lockheed Martin Corporation		32,260
400	Northrop Grumman Corporation		18,272
200	Precision Castparts Corporation		14,606
500	Raytheon Company		22,215
200	Rockwell Collins, Inc.		8,346
1,200	United Technologies Corporation		62,352
	Total Aerospace & Defense		275,237
	Air Freight & Logistics – 0.9%
200	C.H. Robinson Worldwide, Inc.		10,430
200	Expeditors International of Washington Inc.		6,668
300	FedEx Corporation		16,686
1,200	United Parcel Service, Inc., Class B		59,988
	Total Air Freight & Logistics		93,772
	Airlines – 0.0%
600	Southwest Airlines Co.		4,038
	Auto Components – 0.1%
100	Goodyear Tire & Rubber Company, (2)		1,126
600	Johnson Controls, Inc.		13,032
	Total Auto Components		14,158
	Automobiles – 0.3%
4,200	Ford Motor Company, (2)		25,494
200	Harley-Davidson, Inc.		3,242
	Total Automobiles		28,736
	Beverages – 2.5%
100	Brown-Forman Corporation		4,298
2,500	Coca-Cola Company		119,975
400	Coca-Cola Enterprises Inc.		6,660
100	Constellation Brands, Inc., Class A, (2)		1,268
300	Dr. Pepper Snapple Group, (2)		6,357
200	Molson Coors Brewing Company, Class B		8,466
200	Pepsi Bottling Group, Inc.		6,768
1,900	PepsiCo, Inc.		104,424
	Total Beverages		258,216
	Biotechnology – 1.9%
1,600	Amgen Inc., (2)		84,704
400	Biogen Idec Inc., (2)		18,060
400	Celgene Corporation, (2)		19,136
100	Cephalon, Inc., (2)		5,665

Nuveen Investments 13

Portfolio of Investments

Nuveen Enhanced Core Equity Fund (continued)

June 30, 2009

Shares	Description (1)	Value
	Biotechnology (continued)
300	Genzyme Corporation, (2)	$	16,701
1,000	Gilead Sciences, Inc., (2)		46,840
	Total Biotechnology		191,106
	Building Products – 0.0%
400	Masco Corporation		3,832
	Capital Markets – 2.7%
300	Ameriprise Financial, Inc.		7,281
1,100	Bank of New York Company, Inc.		32,241
1,100	Charles Schwab Corporation		19,294
400	E*Trade Group Inc., (2)		512
100	Federated Investors Inc.		2,409
200	Franklin Resources, Inc.		14,402
600	Goldman Sachs Group, Inc.		88,464
400	Invesco LTD		7,128
100	Janus Capital Group Inc.		1,140
100	Legg Mason, Inc.		2,438
1,400	Morgan Stanley		39,914
300	Northern Trust Corporation		16,104
600	State Street Corporation		28,320
300	T. Rowe Price Group Inc.		12,501
	Total Capital Markets		272,148
	Chemicals – 1.6%
200	Air Products & Chemicals Inc.		12,918
50	CF Industries Holdings, Inc.		3,707
1,100	Dow Chemical Company		17,754
1,200	E.I. Du Pont de Nemours and Company		30,744
100	Eastman Chemical Company		3,790
200	Ecolab Inc.		7,798
100	International Flavors & Fragrances Inc.		3,272
500	Monsanto Company		37,170
200	PPG Industries, Inc.		8,780
400	Praxair, Inc.		28,428
200	Sigma-Aldrich Corporation		9,912
	Total Chemicals		164,273
	Commercial Banks – 2.6%
1,200	BB&T Corporation		26,376
200	Comerica Incorporated		4,230
300	Fifth Third Bancorp.		2,130
300	First Horizon National Corporation, (2)		3,604
300	Huntington BancShares Inc.		1,254
300	KeyCorp.		1,572
100	M&T Bank Corporation		5,093
200	Marshall and Ilsley Corporation		960
600	PNC Financial Services Group, Inc.		23,286
1,300	Regions Financial Corporation		5,252

14 Nuveen Investments

Shares	Description (1)	Value
	Commercial Banks (continued)
200	SunTrust Banks, Inc.	$	3,290
2,200	U.S. Bancorp		39,424
6,100	Wells Fargo & Company		147,986
100	Zions Bancorporation		1,156
	Total Commercial Banks		265,613
	Commercial Services & Supplies – 0.6%
100	Avery Dennison Corporation		2,568
200	Cintas Corporation		4,568
200	Iron Mountain Inc., (2)		5,750
300	Pitney Bowes Inc.		6,579
300	R.R. Donnelley & Sons Company		3,486
400	Republic Services, Inc.		9,764
100	Stericycle Inc., (2)		5,153
700	Waste Management, Inc.		19,712
	Total Commercial Services & Supplies		57,580
	Communications Equipment – 2.5%
6,900	Cisco Systems, Inc., (2)		128,616
200	Harris Corporation		5,672
100	JDS Uniphase Corporation, (2)		572
700	Juniper Networks Inc., (2)		16,520
2,200	Motorola, Inc.		14,586
1,800	QUALCOMM, Inc.		81,360
600	Tellabs Inc., (2)		3,438
	Total Communications Equipment		250,764
	Computers & Peripherals – 4.9%
900	Apple, Inc., (2)		128,187
1,500	Dell Inc., (2)		20,595
2,200	EMC Corporation, (2)		28,820
2,600	Hewlett-Packard Company		100,490
1,800	International Business Machines Corporation (IBM)		187,956
100	Lexmark International, Inc., Class A, (2)		1,585
400	Network Appliance Inc., (2)		7,888
200	QLogic Corporation, (2)		2,536
200	SanDisk Corporation, (2)		2,938
800	Sun Microsystems Inc., (2)		7,376
200	Teradata Corporation, (2)		4,686
300	Western Digital Corporation, (2)		7,950
	Total Computers & Peripherals		501,007
	Construction & Engineering – 0.2%
200	Fluor Corporation		10,258
100	Jacobs Engineering Group, Inc., (2)		4,209
200	Quanta Services Incorporated, (2)		4,626
	Total Construction & Engineering		19,093
	Construction Materials – 0.0%
100	Vulcan Materials Company		4,310

Nuveen Investments 15

Portfolio of Investments

Nuveen Enhanced Core Equity Fund (continued)

June 30, 2009

Shares	Description (1)	Value
	Consumer Finance – 0.5%
1,400	American Express Company	$	32,536
500	Capital One Financial Corporation		10,940
600	Discover Financial Services		6,162
100	SLM Corporation, (2)		1,027
	Total Consumer Finance		50,665
	Containers & Packaging – 0.2%
100	Ball Corporation		4,516
200	Bemis Company, Inc.		5,040
100	Owens-Illinois, Inc., (2)		2,801
200	Pactiv Corporation, (2)		4,340
300	Sealed Air Corporation		5,535
	Total Containers & Packaging		22,232
	Distributors – 0.1%
200	Genuine Parts Company		6,712
	Diversified Consumer Services – 0.3%
200	Apollo Group, Inc., (2)		14,224
100	Devry, Inc.		5,004
400	H & R Block Inc.		6,892
	Total Diversified Consumer Services		26,120
	Diversified Financial Services – 3.2%
6,800	Bank of America Corporation		89,760
500	CIT Group Inc.		1,075
3,700	Citigroup Inc.		10,989
100	CME Group, Inc.		31,111
100	Intercontinental Exchange Inc., (2)		11,424
4,700	JPMorgan Chase & Co.		160,317
100	Leucadia National Corporation, (2)		2,109
200	Moody’s Corporation		5,270
200	Nasdaq Stock Market, Inc., (2)		4,262
200	New York Stock Exchange Euronext		5,450
	Total Diversified Financial Services		321,767
	Diversified Telecommunication Services – 3.9%
9,200	AT&T Inc.		228,528
200	CenturyTel, Inc.		6,140
600	Frontier Communications Corporation		4,284
3,300	Qwest Communications International Inc.		13,695
4,600	Verizon Communications Inc.		141,358
700	Windstream Corporation		5,852
	Total Diversified Telecommunication Services		399,857
	Electric Utilities – 2.6%
200	Allegheny Energy, Inc.		5,130
700	American Electric Power Company, Inc.		20,223
2,100	Duke Energy Corporation		30,639
400	Edison International		12,584
200	Entergy Corporation		15,504

16 Nuveen Investments

Shares	Description (1)	Value
	Electric Utilities (continued)
800	Exelon Corporation	$	40,968
400	FirstEnergy Corp.		15,500
600	FPL Group, Inc.		34,116
300	Northeast Utilities		6,693
300	Pepco Holdings, Inc.		4,032
200	Pinnacle West Capital Corporation		6,030
500	PPL Corporation		16,480
500	Progress Energy, Inc.		18,915
1,100	Southern Company		34,276
	Total Electric Utilities		261,090
	Electrical Equipment – 0.4%
200	Cooper Industries, Ltd., Class A		6,210
900	Emerson Electric Company		29,160
200	Rockwell Automation, Inc.		6,424
	Total Electrical Equipment		41,794
	Electronic Equipment & Instruments – 0.5%
300	Agilent Technologies, Inc., (2)		6,093
200	Amphenol Corporation, Class A		6,328
1,700	Corning Incorporated		27,302
100	FLIR Systems Inc., (2)		2,256
300	Jabil Circuit Inc.		2,226
100	Molex Inc.		1,555
400	Tyco Electronics, Limited		7,436
	Total Electronic Equipment & Instruments		53,196
	Energy Equipment & Services – 1.7%
300	Baker Hughes Incorporated		10,932
400	BJ Services Company		5,452
300	Cooper Cameron Corporation, (2)		8,490
100	Diamond Offshore Drilling, Inc.		8,305
200	ENSCO International Incorporated		6,974
200	FMC Technologies Inc., (2)		7,516
900	Halliburton Company		18,630
400	Nabors Industries Inc., (2)		6,232
500	National-Oilwell Varco Inc., (2)		16,330
200	Rowan Companies Inc.		3,864
1,300	Schlumberger Limited		70,343
200	Smith International, Inc.		5,150
	Total Energy Equipment & Services		168,218
	Food & Staples Retailing – 3.2%
500	Costco Wholesale Corporation		22,850
1,700	CVS Caremark Corporation		54,179
900	Kroger Co.		19,845
500	Safeway Inc.		10,185
300	SUPERVALU INC.		3,885
800	Sysco Corporation		17,984

Nuveen Investments 17

Portfolio of Investments

Nuveen Enhanced Core Equity Fund (continued)

June 30, 2009

Shares	Description (1)	Value
	Food & Staples Retailing (continued)
1,200	Walgreen Co.	$	35,280
3,200	Wal-Mart Stores, Inc.		155,008
200	Whole Foods Market, Inc.		3,796
	Total Food & Staples Retailing		323,012
	Food Products – 1.9%
900	Archer-Daniels-Midland Company		24,093
300	Campbell Soup Company		8,826
700	ConAgra Foods, Inc.		13,342
300	Dean Foods Company, (2)		5,757
400	General Mills, Inc.		22,408
400	H.J. Heinz Company		14,280
200	Hershey Foods Corporation		7,200
100	Hormel Foods Corporation		3,454
100	JM Smucker Company		4,866
300	Kellogg Company		13,971
2,200	Kraft Foods Inc.		55,748
200	McCormick & Company, Incorporated		6,506
900	Sara Lee Corporation		8,784
400	Tyson Foods, Inc., Class A		5,044
	Total Food Products		194,279
	Gas Utilities – 0.1%
100	EQT Corporation		3,491
100	Nicor Inc.		3,462
200	Questar Corporation		6,212
	Total Gas Utilities		13,165
	Health Care Equipment & Supplies – 1.9%
800	Baxter International Inc.		42,368
300	Becton, Dickinson and Company		21,393
1,700	Boston Scientific Corporation, (2)		17,238
100	C. R. Bard, Inc.		7,445
200	DENTSPLY International Inc.		6,104
200	Hospira Inc., (2)		7,704
1,300	Medtronic, Inc.		45,357
400	Saint Jude Medical Inc., (2)		16,440
200	Stryker Corporation		7,948
100	Varian Medical Systems, Inc., (2)		3,514
300	Zimmer Holdings, Inc., (2)		12,780
	Total Health Care Equipment & Supplies		188,291
	Health Care Providers & Services – 2.1%
500	Aetna Inc.		12,525
400	AmerisourceBergen Corporation		7,096
500	Cardinal Health, Inc.		15,275
200	CIGNA Corporation		4,818
100	Coventry Health Care, Inc., (2)		1,871
100	Davita Inc., (2)		4,946

18 Nuveen Investments

Shares	Description (1)	Value
	Health Care Providers & Services (continued)
300	Express Scripts, Inc., (2)	$	20,625
200	Humana Inc., (2)		6,452
100	Laboratory Corporation of America Holdings, (2)		6,779
300	McKesson HBOC Inc.		13,200
600	Medco Health Solutions, Inc., (2)		27,366
100	Patterson Companies, Inc., (2)		2,170
200	Quest Diagnostics Incorporated		11,286
500	Tenet Healthcare Corporation, (2)		1,410
1,600	UnitedHealth Group Incorporated		39,968
700	Wellpoint Inc., (2)		35,623
	Total Health Care Providers & Services		211,410
	Health Care Technology – 0.0%
200	IMS Health Incorporated		2,540
	Hotels, Restaurants & Leisure – 1.7%
600	Carnival Corporation		15,462
200	Darden Restaurants, Inc.		6,596
300	International Game Technology		4,770
301	Marriott International, Inc., Class A		6,645
1,700	McDonald’s Corporation		97,733
900	Starbucks Corporation, (2)		12,501
200	Starwood Hotels & Resorts Worldwide, Inc.		4,440
200	Wyndham Worldwide Corporation		2,424
600	YUM! Brands, Inc.		20,004
	Total Hotels, Restaurants & Leisure		170,575
	Household Durables – 0.3%
100	Black & Decker Corporation		2,866
100	Centex Corporation		846
300	D.R. Horton, Inc.		2,808
200	Fortune Brands Inc.		6,948
100	KB Home		1,368
200	Leggett and Platt Inc.		3,046
200	Lennar Corporation, Class A		1,938
300	Newell Rubbermaid Inc.		3,123
200	Pulte Corporation, (2)		1,766
100	Snap-on Incorporated		2,874
100	Stanley Works		3,384
100	Whirlpool Corporation		4,256
	Total Household Durables		35,223
	Household Products – 2.9%
200	Clorox Company		11,166
600	Colgate-Palmolive Company		42,444
600	Kimberly-Clark Corporation		31,458
4,100	Procter & Gamble Company		209,510
	Total Household Products		294,578

Nuveen Investments 19

Portfolio of Investments

Nuveen Enhanced Core Equity Fund (continued)

June 30, 2009

Shares	Description (1)	Value
	Independent Power Producers & Energy Traders – 0.1%
900	AES Corporation, (2)	$	10,449
100	Constellation Energy Group		2,658
500	Dynegy Inc., (2)		1,135
	Total Independent Power Producers & Energy Traders		14,242
	Industrial Conglomerates – 2.4%
900	3M Co.		54,090
16,300	General Electric Company		191,036
300	Textron Inc.		2,898
	Total Industrial Conglomerates		248,024
	Insurance – 2.1%
600	AFLAC Incorporated		18,654
500	Allstate Corporation		12,200
1,700	American International Group, Inc., (2)		1,972
400	Aon Corporation		15,148
100	Assurant Inc.		2,409
500	Chubb Corporation		19,940
300	Cincinnati Financial Corporation		6,705
200	Genworth Financial Inc., Class A		1,398
200	Hartford Financial Services Group, Inc.		2,374
100	Lincoln National Corporation		1,721
400	Loews Corporation		10,960
500	Marsh & McLennan Companies, Inc.		10,065
400	MBIA Inc., (2)		1,732
900	MetLife, Inc.		27,009
300	Principal Financial Group, Inc.		5,652
800	Progressive Corporation, (2)		12,088
400	Prudential Financial, Inc.		14,888
100	Torchmark Corporation		3,704
900	Travelers Companies, Inc.		36,936
500	Unum Group		7,930
200	XL Capital Ltd, Class A		2,292
	Total Insurance		215,777
	Internet & Catalog Retail – 0.4%
400	Amazon.com, Inc., (2)		33,464
300	Expedia, Inc., (2)		4,533
	Total Internet & Catalog Retail		37,997
	Internet Software & Services – 1.3%
200	Akamai Technologies, Inc., (2)		3,836
1,300	eBay Inc., (2)		22,269
200	Google Inc., Class A, (2)		84,318
200	VeriSign, Inc., (2)		3,696
1,400	Yahoo! Inc., (2)		21,924
	Total Internet Software & Services		136,043

20 Nuveen Investments

Shares	Description (1)	Value
	IT Services – 1.2%
100	Affiliated Computer Services Inc., (2)	$	4,442
800	Automatic Data Processing, Inc.		28,352
400	Cognizant Technology Solutions Corporation, Class A, (2)		10,680
300	Computer Sciences Corporation, (2)		13,290
100	Convergys Corporation, (2)		928
200	Fidelity National Information Services		3,992
200	Fiserv, Inc., (2)		9,140
100	MasterCard, Inc.		16,731
500	Paychex, Inc.		12,600
200	Total System Services Inc.		2,678
900	Western Union Company		14,760
	Total IT Services		117,593
	Leisure Equipment & Products – 0.1%
300	Eastman Kodak Company		888
200	Hasbro, Inc.		4,848
500	Mattel, Inc.		8,025
	Total Leisure Equipment & Products		13,761
	Life Sciences Tools & Services – 0.4%
200	Life Technologies Corporation, (2)		8,344
100	Millipore Corporation, (2)		7,021
100	Perkinelmer Inc.		1,740
500	Thermo Fisher Scientific, Inc., (2)		20,385
100	Waters Corporation, (2)		5,147
	Total Life Sciences Tools & Services		42,637
	Machinery – 1.3%
700	Caterpillar Inc.		23,128
200	Cummins Inc.		7,042
300	Danaher Corporation		18,522
500	Deere & Company		19,975
200	Dover Corporation		6,618
200	Eaton Corporation		8,922
100	Flowserve Corporation		6,981
400	Illinois Tool Works Inc.		14,936
100	Manitowoc Company Inc.		526
400	PACCAR Inc.		13,004
100	Pall Corporation		2,656
200	Parker Hannifin Corporation		8,592
	Total Machinery		130,902
	Media – 2.6%
700	CBS Corporation, Class B		4,844
3,700	Comcast Corporation, Class A		53,613
700	DIRECTV Group, Inc., (2)		17,297
200	Gannett Company Inc.		714
500	Interpublic Group Companies, Inc., (2)		2,525
400	McGraw-Hill Companies, Inc.		12,044

Nuveen Investments 21

Portfolio of Investments

Nuveen Enhanced Core Equity Fund (continued)

June 30, 2009

Shares	Description (1)	Value
	Media (continued)
100	Meredith Corporation	$	2,555
2,600	News Corporation, Class A		23,686
300	Omnicom Group Inc.		9,474
100	Scripps Networks Interactive, Class A Shares		2,783
600	Time Warner Cable, Class A, (2)		19,002
1,600	Time Warner Inc.		40,304
800	Viacom Inc., Class B, (2)		18,160
2,400	Walt Disney Company		55,992
	Total Media		262,993
	Metals & Mining – 0.8%
500	Alcoa Inc.		5,165
100	Allegheny Technologies, Inc.		3,493
400	Freeport-McMoRan Copper & Gold, Inc.		20,044
700	Newmont Mining Corporation		28,609
400	Nucor Corporation		17,772
100	Titanium Metals Corporation		919
200	United States Steel Corporation		7,148
	Total Metals & Mining		83,150
	Multiline Retail – 0.9%
100	Big Lots, Inc., (2)		2,103
200	Family Dollar Stores, Inc.		5,660
500	Federated Department Stores, Inc.		5,880
300	J.C. Penney Company, Inc.		8,613
500	Kohl’s Corporation, (2)		21,375
200	Nordstrom, Inc.		3,978
100	Sears Holding Corporation, (2)		6,652
1,000	Target Corporation		39,470
	Total Multiline Retail		93,731
	Multi-Utilities – 1.7%
300	Ameren Corporation		7,467
500	CenterPoint Energy, Inc.		5,540
300	CMS Energy Corporation		3,624
500	Consolidated Edison, Inc.		18,710
800	Dominion Resources, Inc.		26,736
300	DTE Energy Company		9,600
100	Integrys Energy Group, Inc.		2,999
400	NiSource Inc.		4,664
600	PG&E Corporation		23,064
700	Public Service Enterprise Group Incorporated		22,841
200	Scana Corporation		6,494
300	Sempra Energy		14,889
300	TECO Energy, Inc.		3,579
200	Wisconsin Energy Corporation		8,142
700	Xcel Energy, Inc.		12,887
	Total Multi-Utilities		171,236

22 Nuveen Investments

Shares	Description (1)	Value
	Office Electronics – 0.1%
900	Xerox Corporation	$	5,832
	Oil, Gas & Consumable Fuels – 11.0%
700	Anadarko Petroleum Corporation		31,773
400	Apache Corporation		28,860
100	Cabot Oil & Gas Corporation		3,064
600	Chesapeake Energy Corporation		11,898
2,800	Chevron Corporation		185,500
1,800	ConocoPhillips		75,708
200	CONSOL Energy Inc.		6,792
300	Denbury Resources Inc., (2)		4,419
500	Devon Energy Corporation		27,250
600	El Paso Corporation		5,538
300	EOG Resources, Inc.		20,376
6,400	Exxon Mobil Corporation		447,424
400	Hess Corporation		21,500
1,100	Marathon Oil Corporation		33,143
300	Murphy Oil Corporation		16,296
200	Noble Energy, Inc.		11,794
1,100	Occidental Petroleum Corporation		72,391
300	Peabody Energy Corporation		9,048
100	Pioneer Natural Resources Company		2,550
200	Range Resources Corporation		8,282
500	Southwestern Energy Company, (2)		19,425
900	Spectra Energy Corporation		15,228
200	Sunoco, Inc.		4,640
300	Tesoro Corporation		3,819
700	Valero Energy Corporation		11,823
700	Williams Companies, Inc.		10,927
800	XTO Energy, Inc.		30,512
	Total Oil, Gas & Consumable Fuels		1,119,980
	Paper & Forest Products – 0.2%
500	International Paper Company		7,565
200	MeadWestvaco Corporation		3,282
300	Weyerhaeuser Company		9,129
	Total Paper & Forest Products		19,976
	Personal Products – 0.2%
500	Avon Products, Inc.		12,890
100	Estee Lauder Companies Inc., Class A		3,267
	Total Personal Products		16,157
	Pharmaceuticals – 8.4%
2,000	Abbott Laboratories		94,080
300	Allergan, Inc.		14,274
3,100	Bristol-Myers Squibb Company		62,961
1,300	Eli Lilly and Company		45,032
300	Forest Laboratories, Inc., (2)		7,533

Nuveen Investments 23

Portfolio of Investments

Nuveen Enhanced Core Equity Fund (continued)

June 30, 2009

Shares	Description (1)	Value
	Pharmaceuticals (continued)
3,800	Johnson & Johnson	$	215,840
300	King Pharmaceuticals Inc., (2)		2,889
3,300	Merck & Co. Inc.		92,268
400	Mylan Laboratories Inc., (2)		5,220
10,200	Pfizer Inc.		153,000
2,400	Schering-Plough Corporation		60,288
200	Watson Pharmaceuticals Inc., (2)		6,738
2,000	Wyeth		90,780
	Total Pharmaceuticals		850,903
	Professional Services – 0.2%
100	Dun and Bradstreet Inc.		8,121
200	Equifax Inc.		5,220
100	Monster Worldwide Inc., (2)		1,181
200	Robert Half International Inc.		4,724
	Total Professional Services		19,246
	Real Estate – 1.0%
200	Apartment Investment & Management Company, Class A		1,770
100	AvalonBay Communities, Inc.		5,594
100	Boston Properties, Inc.		4,770
400	Equity Residential		8,892
500	Health Care Property Investors Inc.		10,595
200	Health Care REIT, Inc.		6,820
900	Host Hotels & Resorts Inc.		7,551
300	Kimco Realty Corporation		3,015
300	Plum Creek Timber Company		8,934
500	ProLogis		4,030
200	Public Storage, Inc.		13,096
304	Simon Property Group, Inc.		15,635
200	Ventas Inc.		5,972
200	Vornado Realty Trust		9,006
	Total Real Estate		105,680
	Road & Rail – 0.8%
300	Burlington Northern Santa Fe Corporation		22,062
400	CSX Corporation		13,852
400	Norfolk Southern Corporation		15,068
600	Union Pacific Corporation		31,236
	Total Road & Rail		82,218
	Semiconductors & Equipment – 2.1%
700	Advanced Micro Devices, Inc., (2)		2,709
400	Altera Corporation		6,512
400	Analog Devices, Inc.		9,912
1,200	Applied Materials, Inc.		13,164
500	Broadcom Corporation, Class A, (2)		12,395
6,300	Intel Corporation		104,265
200	KLA-Tencor Corporation		5,050

24 Nuveen Investments

Shares	Description (1)	Value
	Semiconductors & Equipment (continued)
300	Linear Technology Corporation	$	7,005
600	LSI Logic Corporation, (2)		2,736
100	MEMC Electronic Materials, (2)		1,781
300	Microchip Technology Incorporated		6,765
900	Micron Technology, Inc., (2)		4,554
300	National Semiconductor Corporation		3,765
100	Novellus Systems, Inc., (2)		1,670
300	NVIDIA Corporation, (2)		3,387
100	Teradyne Inc., (2)		686
1,100	Texas Instruments Incorporated		23,430
400	Xilinx, Inc.		8,184
	Total Semiconductors & Equipment		217,970
	Software – 3.8%
600	Adobe Systems Incorporated, (2)		16,980
200	Autodesk, Inc., (2)		3,796
200	BMC Software, Inc., (2)		6,758
500	CA Inc.		8,715
200	Citrix Systems, (2)		6,378
400	Compuware Corporation, (2)		2,744
200	Electronic Arts Inc. (EA), (2)		4,344
400	Intuit, Inc., (2)		11,264
200	McAfee Inc., (2)		8,438
8,400	Microsoft Corporation		199,668
300	Novell Inc., (2)		1,359
4,700	Oracle Corporation		100,674
100	Salesforce.com, Inc., (2)		3,817
900	Symantec Corporation, (2)		14,004
	Total Software		388,939
	Specialty Retail – 2.3%
100	Abercrombie & Fitch Co., Class A		2,539
200	AutoNation Inc., (2)		3,470
100	AutoZone, Inc., (2)		15,111
400	Bed Bath and Beyond Inc., (2)		12,300
500	Best Buy Co., Inc.		16,745
200	GameStop Corporation, (2)		4,402
800	Gap, Inc.		13,120
2,500	Home Depot, Inc.		59,075
400	Limited Brands, Inc.		4,788
2,100	Lowe’s Companies, Inc.		40,761
200	Office Depot, Inc., (2)		912
200	O’Reilly Automotive Inc., (2)		7,616
200	RadioShack Corporation		2,792
100	Sherwin-Williams Company		5,375
1,000	Staples, Inc.		20,170
200	Tiffany & Co.		5,072
600	TJX Companies, Inc.		18,876
	Total Specialty Retail		233,124

Nuveen Investments 25

Portfolio of Investments

Nuveen Enhanced Core Equity Fund (continued)

June 30, 2009

Shares	Description (1)	Value
	Textiles, Apparel & Luxury Goods – 0.5%
400	Coach, Inc.	$	10,752
500	Nike, Inc., Class B		25,890
100	Polo Ralph Lauren Corporation		5,354
100	VF Corporation		5,535
	Total Textiles, Apparel & Luxury Goods		47,531
	Thrifts & Mortgage Finance – 0.2%
800	Hudson City Bancorp, Inc.		10,632
500	People’s United Financial, Inc.		7,520
	Total Thrifts & Mortgage Finance		18,152
	Tobacco – 2.1%
3,400	Altria Group, Inc.		55,726
300	Lorillard Inc.		20,331
2,900	Philip Morris International		126,498
300	Reynolds American Inc.		11,586
	Total Tobacco		214,141
	Trading Companies & Distributors – 0.1%
100	Fastenal Company		3,317
100	W.W. Grainger, Inc.		8,188
	Total Trading Companies & Distributors		11,505
	Wireless Telecommunication Services – 0.3%
400	American Tower Corporation, (2)		12,612
3,700	Sprint Nextel Corporation, (2)		17,797
	Total Wireless Telecommunication Services		30,409
	Total Investments (cost $11,529,232) – 99.6%		10,138,456
	Other Assets Less Liabilities – 0.4%		43,154
	Net Assets – 100%	$	10,181,610

(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.

See accompanying notes to financial statements.

26 Nuveen Investments

Portfolio of Investments

Nuveen Enhanced Mid-Cap Fund

June 30, 2009

Shares	Description (1)	Value
	COMMON STOCKS – 97.2%
	Aerospace & Defense – 1.9%
170	Goodrich Corporation	$	8,495
220	ITT Industries, Inc.		9,790
140	L-3 Communications Holdings, Inc.		9,713
180	Rockwell Collins, Inc.		7,511
10	Spirit AeroSystems Holdings Inc., (2)		137
	Total Aerospace & Defense		35,646
	Air Freight & Logistics – 0.1%
100	UTI Worldwide, Inc.		1,140
	Airlines – 0.4%
40	Copa Holdings SA		1,633
1,030	Delta Air Lines, Inc., (2)		5,964
	Total Airlines		7,597
	Auto Components – 0.6%
90	Autoliv Inc., (2)		2,589
110	BorgWarner Inc.		3,756
10	Federal Mogul Corporation, Class A Shares, (2)		95
30	Gentex Corporation		348
350	Goodyear Tire & Rubber Company, (2)		3,941
20	WABCO Holdings Inc.		354
	Total Auto Components		11,083
	Automobiles – 1.0%
2,090	Ford Motor Company, (2)		12,686
400	Harley-Davidson, Inc.		6,484
	Total Automobiles		19,170
	Beverages – 1.5%
100	Brown-Forman Corporation		4,298
330	Coca-Cola Enterprises Inc.		5,494
20	Constellation Brands, Inc., Class A, (2)		254
100	Dr. Pepper Snapple Group, (2)		2,119
180	Molson Coors Brewing Company, Class B		7,619
180	Pepsi Bottling Group, Inc.		6,091
70	PepsiAmericas Inc.		1,877
	Total Beverages		27,752
	Biotechnology – 0.4%
140	Cephalon, Inc., (2)		7,931
10	Vertex Pharmaceuticals Inc., (2)		356
	Total Biotechnology		8,287
	Building Products – 0.1%
40	Armstrong World Industries Inc., (2)		660
60	Lennox International Inc.		1,927
	Total Building Products		2,587
	Capital Markets – 1.8%
290	Ameriprise Financial, Inc.		7,038
10	GLG Partners Inc.		41

Nuveen Investments 27

Portfolio of Investments

Nuveen Enhanced Mid-Cap Fund (continued)

June 30, 2009

Shares	Description (1)	Value
	Capital Markets (continued)
410	Invesco LTD	$	7,306
220	Janus Capital Group Inc.		2,508
260	Northern Trust Corporation		13,957
150	Raymond James Financial Inc.		2,581
10	Waddell & Reed Financial, Inc., Class A		264
	Total Capital Markets		33,695
	Chemicals – 2.5%
100	Airgas, Inc.		4,053
20	Albemarle Corporation		511
20	Cabot Corporation		252
140	Celanese Corporation, Series A		3,325
140	CF Industries Holdings, Inc.		10,380
80	Chemtura Corporation		19
90	Eastman Chemical Company		3,411
20	Ecolab Inc.		780
80	FMC Corporation		3,784
80	International Flavors & Fragrances Inc.		2,618
60	Lubrizol Corporation		2,839
170	PPG Industries, Inc.		7,463
30	RPM International, Inc.		421
220	Terra Industries, Inc.		5,328
90	Valspar Corporation		2,028
	Total Chemicals		47,212
	Commercial & Professional Services – 0.1%
60	Brinks Company		1,742
	Commercial Banks – 1.7%
140	Associated Banc-Corp.		1,750
90	BancorpSouth Inc.		1,848
80	Bank of Hawaii Corporation		2,866
10	BOK Financial Corporation		377
80	City National Corporation		2,946
260	Comerica Incorporated		5,499
60	Commerce Bancshares Inc.		1,910
80	Cullen/Frost Bankers, Inc.		3,690
60	Fulton Financial Corporation		313
130	M&T Bank Corporation		6,621
120	Popular, Inc.		264
220	TCF Financial Corporation		2,941
147	Valley National Bancorp.		1,720
60	Whitney Holding Corporation		550
	Total Commercial Banks		33,295
	Commercial Services & Supplies – 1.0%
120	Avery Dennison Corporation		3,082
150	Cintas Corporation		3,426
10	Copart Inc., (2)		347

28 Nuveen Investments

Shares	Description (1)	Value
	Commercial Services & Supplies (continued)
20	Covanta Holding Corporation, (2)	$	339
30	Iron Mountain Inc., (2)		863
200	Pitney Bowes Inc.		4,386
300	R.R. Donnelley & Sons Company		3,486
60	Republic Services, Inc.		1,465
50	Steelcase Inc.		291
10	Stericycle Inc., (2)		515
	Total Commercial Services & Supplies		18,200
	Communication Equipment – 0.4%
30	Echostar Holding Corproation, Class A, (2)		478
240	Harris Corporation		6,806
59	Harris Stratex Networks, Inc., (2)		382
60	Tellabs Inc., (2)		344
	Total Communication Equipment		8,010
	Computers & Peripherals – 1.0%
60	Diebold Inc.		1,582
160	Lexmark International, Inc., Class A, (2)		2,536
650	Seagate Technology		6,799
30	Teradata Corporation, (2)		703
300	Western Digital Corporation, (2)		7,950
	Total Computers & Peripherals		19,570
	Construction & Engineering – 0.5%
120	AECOM Technology Corporation, (2)		3,840
100	URS Corporation, (2)		4,952
	Total Construction & Engineering		8,792
	Construction Materials – 0.3%
140	Vulcan Materials Company		6,034
	Consumer Finance – 0.4%
30	Americredit Corp., (2)		407
650	Discover Financial Services		6,675
	Total Consumer Finance		7,082
	Containers & Packaging – 1.2%
60	AptarGroup Inc.		2,026
130	Ball Corporation		5,871
110	Bemis Company, Inc.		2,772
190	Crown Holdings Inc., (2)		4,587
10	Greif Inc.		442
10	Packaging Corp. of America		162
150	Sealed Air Corporation		2,767
90	Sonoco Products Company		2,155
150	Temple-Inland Inc.		1,968
	Total Containers & Packaging		22,750
	Distributors – 0.4%
200	Genuine Parts Company		6,712
60	LKQ Corporation, (2)		987
	Total Distributors		7,699

Nuveen Investments 29

Portfolio of Investments

Nuveen Enhanced Mid-Cap Fund (continued)

June 30, 2009

Shares	Description (1)	Value
	Diversified Consumer Services – 0.9%
70	Career Education Corporation, (2)	$	1,742
370	H & R Block Inc.		6,375
60	Hillenbrand Inc.		998
120	Service Corporation International		658
30	Strayer Education Inc.		6,543
	Total Diversified Consumer Services		16,316
	Diversified REIT – 0.3%
190	Liberty Property Trust		4,378
40	Vornado Realty Trust		1,801
	Total Diversified REIT		6,179
	Diversified Telecommunication Services – 1.5%
170	CenturyTel, Inc.		5,219
20	CLearwire Corporation, (2)		111
160	Embarq Corporation		6,730
350	Frontier Communications Corporation		2,499
1,150	Level 3 Communications Inc., (2)		1,737
2,060	Qwest Communications International Inc.		8,549
450	Windstream Corporation		3,762
	Total Diversified Telecommunication Services		28,607
	Electric Utilities – 3.6%
440	American Electric Power Company, Inc.		12,712
110	DPL Inc.		2,549
350	Edison International		11,011
200	Great Plains Energy Incorporated		3,110
110	Hawaiian Electric Industries		2,097
180	Northeast Utilities		4,016
260	NV Energy Inc.		2,805
330	Pepco Holdings, Inc.		4,435
150	Pinnacle West Capital Corporation		4,522
360	PPL Corporation		11,866
260	Progress Energy, Inc.		9,836
	Total Electric Utilities		68,959
	Electrical Equipment – 1.1%
30	Ametek Inc.		1,037
190	Cooper Industries, Ltd., Class A		5,899
50	Hubbell Incorporated, Class B		1,603
200	Rockwell Automation, Inc.		6,424
80	Roper Industries Inc.		3,625
100	Thomas & Betts Corporation, (2)		2,886
	Total Electrical Equipment		21,474
	Electronic Components – 0.1%
40	Amphenol Corporation, Class A		1,266
50	AVX Group		497
70	Vishay Intertechnology Inc., (2)		475
	Total Electronic Components		2,238

30 Nuveen Investments

Shares	Description (1)	Value
	Electronic Equipment & Instruments – 0.5%
50	Agilent Technologies, Inc., (2)	$	1,016
130	Arrow Electronics, Inc., (2)		2,761
20	Avnet Inc., (2)		421
160	Ingram Micro, Inc., (2)		2,800
10	Jabil Circuit Inc.		74
10	Molex Inc.		156
20	National Instruments Corporation		451
10	Tech Data Corporation, (2)		327
30	Trimble Navigation Limited, (2)		589
	Total Electronic Equipment & Instruments		8,595
	Energy Equipment & Services – 4.4%
500	BJ Services Company		6,815
110	Diamond Offshore Drilling, Inc.		9,135
20	Dresser Rand Group, Inc., (2)		522
310	ENSCO International Incorporated		10,810
10	Exterran Holdings, Inc., (2)		160
20	Global Industries, Limited, (2)		113
180	Helmerich & Payne Inc.		5,557
40	Key Energy Services Inc., (2)		230
520	Nabors Industries Inc., (2)		8,102
500	Noble Corporation		15,125
420	Patterson-UTI Energy, Inc.		5,401
290	Pride International Inc., (2)		7,267
340	Rowan Companies Inc.		6,569
30	SeaCor Smit Inc., (2)		2,257
90	Tidewater Inc.		3,858
40	Unit Corporation, (2)		1,103
	Total Energy Equipment & Services		83,024
	Food & Staples Retailing – 1.0%
110	BJ’s Wholesale Club, (2)		3,545
340	Rite Aid Corporation, (2)		513
460	Safeway Inc.		9,370
390	SUPERVALU INC.		5,050
	Total Food & Staples Retailing		18,478
	Food Products – 3.7%
140	Bunge Limited		8,435
270	Campbell Soup Company		7,943
440	ConAgra Foods, Inc.		8,386
90	Corn Products International, Inc.		2,411
170	Del Monte Foods Company		1,595
410	H.J. Heinz Company		14,637
180	Hershey Foods Corporation		6,480
70	Hormel Foods Corporation		2,418
160	JM Smucker Company		7,786
120	McCormick & Company, Incorporated		3,904
750	Sara Lee Corporation		7,320
	Total Food Products		71,315

Nuveen Investments 31

Portfolio of Investments

Nuveen Enhanced Mid-Cap Fund (continued)

June 30, 2009

Shares	Description (1)	Value
	Gas Utilities – 1.2%
70	AGL Resources Inc.	$	2,226
80	Atmos Energy Corporation		2,003
80	Energen Corporation		3,192
80	National Fuel Gas Company		2,886
130	ONEOK, Inc.		3,834
210	Questar Corporation		6,523
120	UGI Corporation		3,059
	Total Gas Utilities		23,723
	Health Care Equipment & Supplies – 0.9%
10	Beckman Coulter, Inc.		571
30	C. R. Bard, Inc.		2,233
60	Cooper Companies, Inc.		1,484
60	Edwards Lifesciences Corporation, (2)		4,082
50	Hospira Inc., (2)		1,926
10	Idexx Labs Inc., (2)		462
30	ResMed Inc., (2)		1,222
50	Saint Jude Medical Inc., (2)		2,055
50	Teleflex Inc.		2,241
	Total Health Care Equipment & Supplies		16,276
	Health Care Providers & Services – 2.3%
20	AmerisourceBergen Corporation		355
220	CIGNA Corporation		5,300
220	Coventry Health Care, Inc., (2)		4,116
140	Davita Inc., (2)		6,924
50	Express Scripts, Inc., (2)		3,437
110	Health Management Associates Inc., (2)		543
20	Henry Schein Inc., (2)		959
20	Laboratory Corporation of America Holdings, (2)		1,356
80	Lifepoint Hospitals Inc., (2)		2,100
20	Medax Inc., (2)		843
150	Omnicare, Inc.		3,864
180	Quest Diagnostics Incorporated		10,157
190	Tenet Healthcare Corporation, (2)		536
70	Universal Health Services, Inc., Class B		3,419
20	VCA Antech, Inc., (2)		534
	Total Health Care Providers & Services		44,443
	Health Care Technology – 0.1%
130	Health Corporation, (2)		1,703
40	IMS Health Incorporated		508
	Total Health Care Technology		2,211
	Hotels, Restaurants & Leisure – 2.4%
120	Burger King Holdings Inc.		2,072
50	Choice Hotels International, Inc.		1,331
230	Darden Restaurants, Inc.		7,585
10	International Game Technology		159

32 Nuveen Investments

Shares	Description (1)	Value
	Hotels, Restaurants & Leisure (continued)
10	Interval Leisure Group Inc., (2)	$	93
10	Intl Speedway Corporation		256
660	MGM Mirage Inc., (2)		4,217
10	Orient Express Hotels Limited		85
50	Panera Bread Company, (2)		2,493
10	Penn National Gaming, Inc., (2)		291
270	Royal Caribbean Cruises Limited		3,656
90	Tim Hortons Inc.		2,209
270	Wyndham Worldwide Corporation		3,272
540	YUM! Brands, Inc.		18,004
	Total Hotels, Restaurants & Leisure		45,723
	Household Durables – 1.4%
100	Black & Decker Corporation		2,866
200	Fortune Brands Inc.		6,948
130	Garmin Limited		3,097
100	Mohawk Industries Inc., (2)		3,568
100	Stanley Works		3,384
170	Whirlpool Corporation		7,235
	Total Household Durables		27,098
	Household Products – 0.7%
70	Church & Dwight Company Inc.		3,802
180	Clorox Company		10,049
	Total Household Products		13,851
	Independent Power Producers & Energy Traders – 1.3%
810	AES Corporation, (2)		9,404
140	Calpine Corporation, (2)		1,561
40	Constellation Energy Group		1,063
770	Dynegy Inc., (2)		1,748
280	Mirant Corporation, (2)		4,407
290	NRG Energy Inc., (2)		7,528
	Total Independent Power Producers & Energy Traders		25,711
	Industrial Conglomerates – 0.4%
30	Carlisle Companies Inc.		721
700	Textron Inc.		6,762
	Total Industrial Conglomerates		7,483
	Industrial REIT – 0.4%
940	ProLogis		7,576
	Insurance – 5.0%
50	Allied World Assurance Holdings		2,041
100	American Financial Group Inc.		2,158
10	American National Insurance Company		756
360	Aon Corporation		13,633
70	Arch Capital Group Limited, (2)		4,101
140	Arthur J. Gallagher & Co.		2,988
180	Axis Capital Holdings Limited		4,712

Nuveen Investments 33

Portfolio of Investments

Nuveen Enhanced Mid-Cap Fund (continued)

June 30, 2009

Shares	Description (1)	Value
	Insurance (continued)
110	Brown & Brown Inc.	$	2,192
160	Cincinnati Financial Corporation		3,576
80	Conseco Inc., (2)		190
70	Endurance Specialty Holdings, Limited		2,051
20	Erie Indemnity Company		715
310	Fidelity National Title Group Inc., Class A		4,194
80	Hanover Insurance Group Inc.		3,049
110	HCC Insurance Holdings Inc.		2,641
880	Lincoln National Corporation		15,145
20	Marsh & McLennan Companies, Inc.		403
210	Old Republic International Corporation		2,068
20	OneBeacon Insurance Group Limited, Class A		234
80	PartnerRe Limited		5,196
190	Progressive Corporation, (2)		2,871
80	Reinsurance Group of America Inc.		2,793
70	RenaisasnceRE Holdings, Limited		3,258
10	Transatlantic Holdings Inc.		433
10	Unitrin, Inc.		120
440	Unum Group		6,978
10	White Mountain Insurance Group		2,289
200	WR Berkley Corporation		4,294
	Total Insurance		95,079
	Internet & Catalog Retail – 0.1%
20	Hosting Site Network, Inc., (2)		211
370	Liberty Media Holding Corporation Interactive, Class A, (2)		1,854
20	Ticketmaster Online-Citysearch, Inc., (2)		128
	Total Internet & Catalog Retail		2,193
	Internet Software & Services – 0.4%
160	IAC/InterActiveCorp., (2)		2,568
90	Sohu.com Inc., (2)		5,655
10	WebMD Health Corporation, Class A, (2)		299
	Total Internet Software & Services		8,522
	IT Services – 1.7%
110	Affiliated Computer Services, Inc., (2)		4,886
80	Amdocs Limited, (2)		1,716
150	Broadridge Financial Solutions, Inc.		2,487
160	Computer Sciences Corporation, (2)		7,088
40	Convergys Corporation, (2)		371
220	Fidelity National Information Services		4,391
20	Fiserv, Inc., (2)		914
30	Genpact Limited, (2)		353
80	Global Payments Inc.		2,997
10	Hewitt Associates Inc., Class A, (2)		298
90	Lender Processing Services Inc.		2,499
30	Metavante Technologies Inc., (2)		776

34 Nuveen Investments

Shares	Description (1)	Value
	IT Services (continued)
20	NeuStar, Inc., (2)	$	443
160	SAIC, Inc., (2)		2,968
40	Total System Services Inc.		536
260	Unisys Corporation, (2)		393
	Total IT Services		33,116
	Leisure Equipment & Products – 0.7%
390	Eastman Kodak Company		1,154
210	Hasbro, Inc.		5,090
450	Mattel, Inc.		7,222
	Total Leisure Equipment & Products		13,466
	Life Sciences Tools & Services – 0.1%
10	Techne Corporation		638
10	Waters Corporation, (2)		515
	Total Life Sciences Tools & Services		1,153
	Machinery – 3.7%
10	Crane Company		223
290	Cummins Inc.		10,211
30	Donaldson Company, Inc.		1,039
220	Dover Corporation		7,280
220	Eaton Corporation		9,814
10	Gardner Denver, Inc., (2)		252
20	Graco Inc.		440
80	Harsco Corporation		2,264
80	IDEX Corporation		1,966
510	Ingersoll Rand Company Limited, Class A		10,659
10	John Bean Technologies Corporation		125
90	Kennametal Inc.		1,726
10	Lincoln Electric Holdings Inc.		360
70	Pall Corporation		1,859
200	Parker Hannifin Corporation		8,592
100	Pentair, Inc.		2,562
80	SPX Corporation		3,918
290	Terex Corporation, (2)		3,500
100	Timken Company		1,708
130	Trinity Industries Inc.		1,771
	Total Machinery		70,269
	Marine – 0.0%
40	Alexander and Bald, Inc., (2)		938
	Media – 2.7%
10	Ascent Media Corporation, (2)		266
270	Cablevision Systems Corporation		5,241
1,230	CBS Corporation, Class B		8,512
10	Clear Channel Outdoor Holdings Inc., Class A, (2)		53
10	CTC Media, Inc., (2)		118
40	Discovery Communications Inc., Class C Shares, (2)		821
10	Dreamworks Animation SKG Inc., (2)		276

Nuveen Investments 35

Portfolio of Investments

Nuveen Enhanced Mid-Cap Fund (continued)

June 30, 2009

Shares	Description (1)	Value
	Media (continued)
10	E.W. Scripps Company, Class A	$	21
350	Echostar Communications Corporation, Variable Prepaid Forward, (2)		5,673
580	Interpublic Group Companies, Inc., (2)		2,929
40	John Wiley and Sons Inc., Class A		1,330
290	Liberty Global Inc, A Shares, (2)		4,608
210	Liberty Media Corporation, Entertainment Tracking Shares, Class A, (2)		5,617
30	Liberty Media Holding Corporation, Capital Tracking Stock, Class A, (2)		407
380	McGraw-Hill Companies, Inc.		11,442
40	New York Times, Class A		220
20	Scripps Networks Interactive, Class A Shares		557
160	Sirius XM Radio Inc., (2)		69
360	Virgin Media, Inc.		3,366
20	Warner Music Group Corporation, (2)		117
	Total Media		51,643
	Metals & Mining – 1.0%
170	Allegheny Technologies, Inc.		5,938
280	Cliffs Natural Resources Inc.		6,852
120	Reliance Steel & Aluminum Company		4,607
50	Schnitzer Steel Industries, Inc.		2,643
	Total Metals & Mining		20,040
	Mortgage REIT – 0.7%
910	Annaly Capital Management Inc.		13,777
10	iStar Financial Inc.		28
	Total Mortgage REIT		13,805
	Multiline Retail – 3.0%
130	Big Lots, Inc., (2)		2,734
160	Dollar Tree Stores Inc., (2)		6,736
200	Family Dollar Stores, Inc.		5,660
830	Federated Department Stores, Inc.		9,761
370	J.C. Penney Company, Inc.		10,623
350	Kohl’s Corporation, (2)		14,962
300	Nordstrom, Inc.		5,967
20	Saks Inc., (2)		89
	Total Multiline Retail		56,532
	Multi-Utilities – 5.2%
130	Alliant Energy Corporation		3,397
250	Ameren Corporation		6,222
510	CenterPoint Energy, Inc.		5,651
310	CMS Energy Corporation		3,745
260	Consolidated Edison, Inc.		9,729
170	DTE Energy Company		5,440
110	Integrys Energy Group, Inc.		3,299
180	MDU Resources Group Inc.		3,415
380	NiSource Inc.		4,431
120	NSTAR		3,853

36 Nuveen Investments

Shares	Description (1)	Value
	Multi-Utilities (continued)
80	OGE Energy Corp.	$	2,266
380	PG&E Corporation		14,607
120	Scana Corporation		3,896
230	Sempra Energy		11,415
230	TECO Energy, Inc.		2,743
80	Vectren Corporation		1,874
130	Wisconsin Energy Corporation		5,292
400	Xcel Energy, Inc.		7,364
	Total Multi-Utilities		98,639
	Office Electronics – 0.4%
1,000	Xerox Corporation		6,480
20	Zebra Technologies Corporation, Class A, (2)		473
	Total Office Electronics		6,953
	Office REIT – 0.8%
280	Brandywine Realty Trust		2,086
410	Duke Realty Corporation		3,596
380	HRPT Properties Trust		1,543
120	Mack-Cali Realty Corporation		2,736
260	SL Green Realty Corporation		5,964
	Total Office REIT		15,925
	Oil, Gas & Consumable Fuels – 5.0%
200	Cimarex Energy Company		5,668
10	CNX Gas Corporation, (2)		263
1,130	El Paso Corporation		10,430
250	Forest Oil Corporation, (2)		3,730
90	Frontline Limited		2,192
100	Mariner Energy Inc., (2)		1,175
220	Murphy Oil Corporation		11,950
200	Newfield Exploration Company, (2)		6,534
200	Noble Energy, Inc.		11,794
70	Overseas Shipholding Group Inc.		2,383
210	Petrohawk Energy Corporation, (2)		4,683
240	Pioneer Natural Resources Company		6,120
230	Plains Exploration & Production Company, (2)		6,293
120	Southern Union Company		2,207
600	Spectra Energy Corporation		10,152
330	Sunoco, Inc.		7,656
90	Teekay Shipping Corporation		1,893
110	W&T Offshore Inc.		1,071
	Total Oil, Gas & Consumable Fuels		96,194
	Paper & Forest Products – 0.8%
36	Domtar Corporation, (2)		597
690	International Paper Company		10,440
170	MeadWestvaco Corporation		2,790
30	Weyerhaeuser Company		913
	Total Paper & Forest Products		14,740

Nuveen Investments 37

Portfolio of Investments

Nuveen Enhanced Mid-Cap Fund (continued)

June 30, 2009

Shares	Description (1)	Value
	Personal Products – 0.2%
90	Alberto Culver Company	$	2,289
30	Avon Products, Inc.		773
20	Bare Escentuals, Inc., (2)		177
20	Herbalife, Limited		631
	Total Personal Products		3,870
	Pharmaceuticals – 0.9%
70	Allergan, Inc.		3,331
40	Endo Pharmaceuticals Holdings Inc., (2)		717
100	Forest Laboratories, Inc., (2)		2,511
350	King Pharmaceuticals Inc., (2)		3,370
190	Sepracor Inc., (2)		3,291
20	Warner Chilcott Limited, (2)		263
130	Watson Pharmaceuticals Inc., (2)		4,380
	Total Pharmaceuticals		17,863
	Professional Services – 1.0%
60	Dun and Bradstreet Inc.		4,873
150	Equifax Inc.		3,915
20	IHS Inc., (2)		997
100	Manpower Inc.		4,234
190	Robert Half International Inc.		4,488
	Total Professional Services		18,507
	Residential REIT – 1.7%
310	Apartment Investment & Management Company, Class A		2,744
200	AvalonBay Communities, Inc.		11,188
110	Camden Property Trust		3,036
530	Equity Residential		11,782
330	UDR Inc.		3,409
	Total Residential REIT		32,159
	Retail REIT – 0.9%
3	CBL & Associates Properties Inc.		16
710	Developers Diversified Realty Corporation		3,465
390	General Growth Properties Inc.		714
270	Kimco Realty Corporation		2,713
410	Macerich Company		7,220
200	Weingarten Realty Investors Trust		2,902
	Total Retail REIT		17,030
	Road & Rail – 0.4%
50	Avis Budget Group Inc., (2)		283
120	Hertz Global Holdings, Inc., (2)		959
190	J.B. Hunt Transports Serives Inc.		5,801
	Total Road & Rail		7,043
	Semiconductors & Equipment – 2.9%
540	Altera Corporation		8,791
520	Analog Devices, Inc.		12,886
510	Atmel Corporation, (2)		1,902

38 Nuveen Investments

Shares	Description (1)	Value
	Semiconductors & Equipment (continued)
20	Cree, Inc., (2)	$	588
160	Cypress Semiconductor Corporation, (2)		1,472
20	Fairchild Semiconductor International Inc., Class A, (2)		140
20	International Rectifier Corporation, (2)		296
480	Linear Technology Corporation		11,208
50	LSI Logic Corporation, (2)		228
540	National Semiconductor Corporation		6,777
530	Xilinx, Inc.		10,844
	Total Semiconductors & Equipment		55,132
	Software – 0.8%
20	Ansys Inc., (2)		623
570	CA Inc.		9,935
50	Cadence Design Systems, Inc., (2)		295
60	Compuware Corporation, (2)		412
40	FactSet Research Systems Inc.		1,995
40	Intuit, Inc., (2)		1,126
60	Novell Inc., (2)		272
20	Nuance Communications, Inc., (2)		242
20	Red Hat, Inc., (2)		403
30	Synopsys Inc., (2)		585
	Total Software		15,888
	Specialized REIT – 3.0%
600	Health Care Property Investors Inc.		12,714
250	Health Care REIT, Inc.		8,525
180	Hospitality Properties Trust		2,140
1,190	Host Hotels & Resorts Inc.		9,984
180	Nationwide Health Properties, Inc.		4,633
220	Public Storage, Inc.		14,406
120	Rayonier Inc.		4,362
	Total Specialized REIT		56,764
	Specialty Retail – 4.5%
220	Abercrombie & Fitch Co., Class A		5,586
150	Advance Auto Parts, Inc.		6,223
280	American Eagle Outfitters, Inc.		3,968
70	AutoZone, Inc., (2)		10,578
60	Barnes & Noble Inc.		1,238
30	CarMax, Inc., (2)		441
150	Foot Locker, Inc.		1,571
610	Gap, Inc.		10,004
410	Limited Brands, Inc.		4,908
50	Penske Auto Group, Inc.		832
140	PetSmart Inc.		3,004
260	RadioShack Corporation		3,630
160	Ross Stores, Inc.		6,176
130	Sherwin-Williams Company		6,987
20	Signet Jewelers Limited		416

Nuveen Investments 39

Portfolio of Investments

Nuveen Enhanced Mid-Cap Fund (continued)

June 30, 2009

Shares	Description (1)	Value
	Specialty Retail (continued)
210	Tiffany & Co.	$	5,326
450	TJX Companies, Inc.		14,157
	Total Specialty Retail		85,045
	Textiles, Apparel & Luxury Goods – 0.7%
120	Polo Ralph Lauren Corporation		6,425
120	VF Corporation		6,642
	Total Textiles, Apparel & Luxury Goods		13,067
	Thrifts & Mortgage Finance – 1.0%
20	Capitol Federal Financial		767
760	Hudson City Bancorp, Inc.		10,100
460	People’s United Financial, Inc.		6,918
110	TFS Financial Corporation		1,168
10	Tree.com Inc., (2)		96
10	Washington Federal Inc.		130
	Total Thrifts & Mortgage Finance		19,179
	Tobacco – 0.7%
210	Lorillard Inc.		14,232
	Trading Companies & Distributors – 0.7%
70	GATX Corporation		1,800
60	MSC Industrial Direct Inc., Class A		2,129
10	United Rentals Inc., (2)		65
120	W.W. Grainger, Inc.		9,826
	Total Trading Companies & Distributors		13,820
	Water Utilities – 0.2%
60	American water Works Company		1,147
130	Aqua America Inc.		2,327
	Total Water Utilities		3,474
	Wireless Telecommunication Services – 0.8%
120	American Tower Corporation, (2)		3,784
80	Crown Castle International Corporation, (2)		1,922
20	Metropcs Communications Inc., (2)		266
250	NII Holdings Inc., Class B, (2)		4,767
100	Telephone and Data Systems Inc.		2,830
20	United States Cellular Corporation, (2)		769
	Total Wireless Telecommunication Services		14,338
	Total Common Stocks (cost $2,139,147)		1,853,241
Shares	Description (1)	Value
	INVESTMENT COMPANIES – 4.1%
1,200	iShares Russell MidCap Index Fund	$	78,648
	Total Investment Companies (cost $66,918)		78,648
	Total Investments (cost $2,206,065) – 101.3%		1,931,889
	Other Assets Less Liabilities – (1.3)%		(24,751)
	Net Assets – 100%	$	1,907,138

(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.

See accompanying notes to financial statements.

40 Nuveen Investments

Statement of Assets and Liabilities

June 30, 2009

	Enhanced Core Equity			Enhanced Mid-Cap
Assets
Investments, at value (cost $11,529,232 and $2,206,065, respectively)	$	10,138,456		$	1,931,889
Cash		48,072			—
Receivables:
Dividends		25,545			3,763
From Adviser		23,891			25,513
Other assets		27			2
Total assets		10,235,991			1,961,167
Liabilities
Cash overdraft		—			157
Accrued expenses:
12b-1 distribution and service fees		351			479
Other		54,030			53,393
Total liabilities		54,381			54,029
Net assets	$	10,181,610		$	1,907,138
Class A Shares
Net assets	$	230,726		$	443,436
Shares outstanding		18,566			38,050
Net asset value per share	$	12.43		$	11.65
Offering price per share (net asset value per share plus maximum sales charge of 5.75% of offering price)	$	13.19		$	12.36
Class C Shares
Net assets	$	358,112		$	440,785
Shares outstanding		28,854			37,815
Net asset value and offering price per share	$	12.41		$	11.66
Class I Shares
Net assets	$	9,592,772		$	1,022,917
Shares outstanding		771,724			87,786
Net asset value and offering price per share	$	12.43		$	11.65
Net Assets Consist of:
Capital paid-in	$	15,638,913		$	3,251,292
Undistributed (Over-distribution of) net investment income		313,847			20,745
Accumulated net realized gain (loss) from investments and derivative transactions		(4,380,374	)		(1,090,723	)
Net unrealized appreciation (depreciation) of investments		(1,390,776	)		(274,176	)
Net assets	$	10,181,610		$	1,907,138

See accompanying notes to financial statements.

Nuveen Investments 41

Statement of Operations

Year Ended June 30, 2009

	Enhanced Core Equity			Enhanced Mid-Cap
Investment Income
Dividends (net of foreign tax withheld of $9 and $3, respectively)	$	674,928		$	50,671
Interest		713			—
Total investment income		675,641			50,671
Expenses
Management fees		116,375			11,295
12b-1 service fees – Class A		513			1,198
12b-1 distribution and service fees – Class C		2,846			4,739
Shareholders’ servicing agent fees and expenses		944			725
Custodian’s fees and expenses		30,508			41,825
Trustees’ fees and expenses		730			72
Professional fees		32,725			10,268
Shareholders’ reports – printing and mailing expenses		47,237			37,732
Federal and state registration fees		57,298			54,965
Other expenses		2,350			1,490
Total expenses before custodian fee credit and expense reimbursement		291,526			164,309
Custodian fee credit		(75	)		(222	)
Expense reimbursement		(171,609	)		(147,053	)
Net expenses		119,842			17,034
Net investment income		555,799			33,637
Realized and Unrealized Gain (Loss)
Net realized gain (loss) from:
Investments		(5,726,772	)		(963,769	)
Redemptions in-kind		(5,326,612	)		—
Change in net unrealized appreciation (depreciation) of investments		2,063,669			(154,445	)
Net realized and unrealized gain (loss)		(8,989,715	)		(1,118,214	)
Net increase (decrease) in net assets from operations	$	(8,433,916	)	$	(1,084,577	)

See accompanying notes to financial statements.

42 Nuveen Investments

Statement of Changes in Net Assets

	Enhanced Core Equity						Enhanced Mid-Cap
	Year Ended 6/30/09			For the Period December 3, 2007 (Commencement of Operations) through June 30, 2008			Year Ended 6/30/09			For the Period December 3, 2007 (Commencement of Operations) through June 30, 2008
Operations
Net investment income	$	555,799		$	368,217		$	33,637		$	19,719
Net realized gain (loss) from:
Investments		(5,726,772	)		(1,201,717	)		(963,769	)		(127,205	)
Futures contracts		—			16,498			—			—
Redemptions in-kind		(5,326,612	)		—			—			—
Change in net unrealized appreciation (depreciation) of investments		2,063,669			(3,454,445	)		(154,445	)		(119,731	)
Net increase (decrease) in net assets from operations		(8,433,916	)		(4,271,447	)		(1,084,577	)		(227,217	)
Distributions to Shareholders
From net investment income:
Class A		(4,627	)		(378	)		(7,243	)		(1,699	)
Class B		—			(221	)		—			(1,222	)
Class C		(4,554	)		(221	)		(2,473	)		(1,222	)
Class I (1)		(541,428	)		(60,142	)		(20,296	)		(2,469	)
Decrease in net assets from distribution to shareholders		(550,609	)		(60,962	)		(30,012	)		(6,612	)
Fund Share Transactions
Proceeds from sale of shares		394,408			35,600,000			76,843			3,250,000
Proceeds from shares issued to shareholders due to reinvestment of distributions		318,368			35,251			3,025			612
		712,776			35,635,251			79,868			3,250,612
Cost of shares redeemed		(69,427	)		—			(74,924	)		—
Cost of redemptions in-kind		(12,780,056	)		—			—			—
Net increase (decrease) in net assets from Fund share transactions		(12,136,707	)		35,635,251			4,944			3,250,612
Net increase (decrease) in net assets		(21,121,232	)		31,302,842			(1,109,645	)		3,016,783
Net assets at the beginning of period		31,302,842			—			3,016,783			—
Net assets at the end of period	$	10,181,610		$	31,302,842		$	1,907,138		$	3,016,783
Undistributed (Over-distribution of) net investment income at the end of period	$	313,847		$	308,596		$	20,745		$	17,126

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

See accompanying notes to financial statements.

Nuveen Investments 43

Notes to Financial Statements

1. General Information and Significant Accounting Policies

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

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

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

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

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

Investment Valuation

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

Investment Transactions

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

Investment Income

Dividend income is recorded on the ex-dividend date or, for foreign securities, when information is available. Interest income is recorded on an accrual basis.

Dividends and Distributions to Shareholders

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

Distributions to shareholders are recorded on the ex-dividend date. The amount and timing of distributions are determined in accordance with federal income tax regulations, which may differ from accounting principles generally accepted in the United States.

Income Taxes

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

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

Flexible Sales Charge Program

Class A Shares are generally sold with an up-front sales charge and incur a .25% annual 12b-1 service fee. Class A Share purchases of $1 million or more are sold at net asset value without an up-front sales charge but may be subject to a contingent deferred sales charge (“CDSC”) if redeemed within twelve months of purchase. Class C Shares are sold without an up-front sales charge but incur a .75% annual 12b-1 distribution fee and a .25% annual 12b-1 service fee. Class C Shares are subject to a CDSC of 1% if redeemed within one year of purchase. Class I Shares are not subject to any sales charge or 12b-1 distribution or service fees.

Futures Contracts

Each Fund is authorized to invest in futures contracts in order to gain exposure to, or hedge against changes in equity markets. Upon entering into a futures contract, the Fund is required to deposit with the broker an amount of cash or liquid securities equal to a specified percentage of the contract amount. This is known as the “initial margin.” Cash held by the broker to cover initial margin requirements on open futures contracts, if any, is recognized as “Deposits with brokers for open futures contracts” on the Statement

44 Nuveen Investments

of Assets and Liabilities. Subsequent payments (“variation margin”) are made or received by the Fund each day, depending on the daily fluctuation of the value of the contract. Variation margin is recognized as a receivable or payable for “Variation margin on futures contracts” on the Statement of Assets and Liabilities, when applicable.

During the period the futures contract is open, changes in the value of the contract are recorded as an unrealized gain or loss by “marking-to-market” on a daily basis to reflect the changes in market value of the contract and is recognized as “Change in unrealized appreciation (depreciation) of futures on the Statement of Operations. When the contract is closed or expired, a Fund records a realized gain or loss equal to the difference between the value of the contract on the closing date and value of the contract when originally entered into and is recognized as “Realized gain (loss) from futures” on the Statement of Operations.

The Funds did not invest in any futures contracts outstanding during the fiscal year ended June 30, 2009.

	Enhanced Core Equity	Enhanced Mid-Cap
Average number of futures contracts outstanding	—	—

Risks of investments in futures contracts include the possible adverse movement of the securities or indices underlying the contracts, the possibility that there may not be a liquid secondary market for the contracts and/or that a change in the value of the contract may not correlate with a change in the value of the underlying securities or indices.

Market and Counterparty Credit Risk

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

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

Redemptions In-Kind

In certain circumstances, a Fund may distribute portfolio securities rather than cash as payment for redemption of Fund shares (redemptions in-kind ). For financial reporting purposes, the Fund recognizes a gain on the redemptions in-kind to the extent the value of the distributed securities on the date of redemption exceeds the cost of those securities; the Fund recognizes a loss if cost exceeds value. Gains and losses realized on the redemptions in-kind are not recognized for tax purposes, and are reclassified from undistributed realized gain or loss to paid-in capital. During the fiscal year ended June 30, 2009, Enhanced Core Equity realized $5,326,612 of net loss on redemptions in-kind. There were no redemptions in-kind for Enhanced Mid-Cap during the fiscal year ended June 30, 2009.

Expense Allocation

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

Custodian Fee Credit

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

Indemnifications

Under the Trust’s organizational documents, its Officers and Trustees are indemnified against certain liabilities arising out of the performance of their duties to the Trust. In addition, in the normal course of business, the Trust enters into contracts that provide general indemnifications to other parties. The Trust’s maximum exposure under these arrangements is unknown as this would involve future claims that may be made against the Trust that have not yet occurred. However, the Trust has not had prior claims or losses pursuant to these contracts and expects the risk of loss to be remote.

Use of Estimates

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

Nuveen Investments 45

Notes to Financial Statements (continued)

2. Fair Value Measurements

During the current fiscal period, the Funds adopted the provisions of Statement of Financial Accounting Standards No. 157 (SFAS No. 157) “Fair Value Measurements.” SFAS No. 157 defines fair value, establishes a framework for measuring fair value in generally accepted accounting principles and expands disclosure about fair value measurements. In determining the value of each Fund’s investments various inputs are used. These inputs are summarized in the three broad levels listed below:

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

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

The following is a summary of each Fund’s fair value measurements as of June 30, 2009:

Enhanced Core Equity	Level 1		Level 2		Level 3		Total
Investments:
Common Stocks	$	10,138,456	$	—	$	—	$	10,138,456
Enhanced Mid-Cap	Level 1		Level 2		Level 3		Total
Investments:
Common Stocks	$	1,853,241	$	—	$	—	$	1,853,241
Investment Companies		78,648		—		—		78,648
Total	$	1,931,889	$	—	$	—	$	1,931,889

3. Derivative Instruments and Hedging Activities

During the current fiscal period, the Funds adopted the provisions of Statement of Financial Accounting Standards No. 161 (SFAS No. 161) “Disclosures about Derivative Instruments and Hedging Activities.” This standard is intended to enhance financial statement disclosures for derivative instruments and hedging activities and enable investors to better understand: a) how and why a fund uses derivative instruments; b) how derivative instruments are accounted for; and c) how derivative instruments affect a fund’s financial position, results of operations and cash flows, if any. The Funds record derivative instruments at fair value with changes in fair value recognized on the Statement of Operations. Even though the Funds’ investments in derivatives may represent economic hedges, they are considered to be non-hedge transactions for SFAS No. 161 disclosure purposes. The Funds did not invest in any derivative instruments during the fiscal year ended June 30, 2009.

4. Fund Shares

Transactions in Fund shares were as follows:

	Enhanced Core Equity
	Year Ended 6/30/09					For the Period 12/03/07 (commencement of operations) through 6/30/08
	Shares		Amount			Shares	Amount
Shares sold:
Class A	6,044		$	79,142		12,500	$	250,000
Class C	22,849			280,616		12,500		250,000
Class I*	3,059			34,650		1,765,869		35,100,000
Shares issued to shareholders due to reinvestment of distributions:
Class A	22			270		—		—
Class C	226			2,765		—		—
Class I*	25,889			315,333		1,771		35,251
	58,089			712,776		1,792,640		35,635,251
Shares redeemed:
Class A	—			—		—		—
Class C	(6,721	)		(69,427	)	—		—
Class I*	—			—		—		—
Class I – redemptions in-kind	(1,024,864	)		(12,780,056	)	—		—
	(1,031,585	)		(12,849,483	)	—		—
Net increase (decrease)	(973,496	)	$	(12,136,707	)	1,792,640	$	35,635,251

46 Nuveen Investments

	Enhanced Mid-Cap
	Year Ended 6/30/09					For the Period 12/03/07 (commencement of operations) through 6/30/08
	Shares		Amount			Shares	Amount
Shares sold:
Class A	541		$	9,552		37,500	$	750,000
Class C	313			3,346		37,500		750,000
Class I*	6,452			63,945		87,253		1,750,000
Shares issued to shareholders due to reinvestment of distributions:
Class A	9			103		—		—
Class C	2			21		—		—
Class I*	268			2,901		31		612
	7,585			79,868		162,284		3,250,612
Shares redeemed:
Class A	—			—		—		—
Class C	—			—		—		—
Class I*	(6,218	)		(74,924	)	—		—
	(6,218	)		(74,924	)	—		—
Net increase (decrease)	1,367		$	4,944		162,284	$	3,250,612

* Effective March 31, 2008, Class B Shares were no longer available to the Funds and transferred to Class I Shares on May 2, 2008.

5. Investment Transactions

Purchases and sales (excluding short-term investments) during the fiscal year end June 30, 2009, were as follows:

	Enhanced Core Equity		Enhanced Mid-Cap
Purchases	$	8,209,833	$	1,659,196
Sales		7,776,357		1,599,048

6. Income Tax Information

The following information is presented on an income tax basis. Differences between amounts for financial statement and federal income tax purposes are primarily due to timing differences in recognizing certain gains and losses on investment transactions. To the extent that differences arise that are permanent in nature, such amounts are reclassified within the capital accounts on the Statement of Assets and Liabilities presented in the annual report, based on their federal tax basis treatment; temporary differences do not require reclassification. Temporary and permanent differences do not impact the net asset values of the Funds.

At June 30, 2009, the cost of investments was as follows:

	Enhanced Core Equity		Enhanced Mid-Cap
Cost of investments	$	11,561,704	$	2,206,065

Gross unrealized appreciation and gross unrealized depreciation of investments at June 30, 2009, were as follows:

	Enhanced Core Equity			Enhanced Mid-Cap
Gross unrealized:
Appreciation	$	360,942		$	98,245
Depreciation		(1,784,190	)		(372,421	)
Net unrealized appreciation (depreciation) of investments	$	(1,423,248	)	$	(274,176	)

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

	Enhanced Core Equity		Enhanced Mid-Cap
Undistributed net ordinary income*	$	334,676	$	20,742
Undistributed net long-term capital gains		—		—

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

Nuveen Investments 47

Notes to Financial Statements (continued)

The tax character of distributions paid during the Funds’ last tax years ended June 30, 2009 and June 30, 2008, was designated for purposes of the dividends paid deduction as follows:

2009	Enhanced Core Equity		Enhanced Mid-Cap
Distributions from net ordinary income*	$	550,609	$	30,012
Distributions from net long-term capital gains		—		—

For the period December 3, 2007 (commencement of operations) through June 30, 2008	Enhanced Core Equity		Enhanced Mid-Cap
Distributions from net ordinary income*	$	60,962	$	6,613

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

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

	Enhanced Mid-Cap
Expiration:
June 30, 2017	$	289,649

The Funds have elected to defer net realized losses from investments incurred from November 1, 2008 through June 30, 2009, the Funds’ tax year end, (“post-October losses”) in accordance with federal income tax regulations. Post-October capital losses are treated as having arisen on the first day of the following fiscal year:

	Enhanced Core Equity		Enhanced Mid-Cap
Post-October capital losses	$	4,368,733	$	801,069

Enhanced Core Equity’s Post-October capital loss at June 30, 2009, is subject to an annual limitation under the Internal Revenue Code and related regulations.

7. Management Fees and Other Transactions with Affiliates

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

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

Average Daily Net Assets (1)	Enhanced Core Equity Fund-Level Fee Rate		Enhanced Mid-Cap Fund-Level Fee Rate
For the first $125 million	.3000	%	.3500	%
For the next $125 million	.2875		.3375
For the next $250 million	.2750		.3250
For the next $500 million	.2625		.3125
For the next $1 billion	.2500		.3000
For net assets over $2 billion	.2250		.2750

The annual complex-level fee, payable monthly, which is additive to the fund-level fee, for all Nuveen sponsored funds in the U.S., is based on the aggregate amount of total fund net assets managed as stated in the following table. As of June 30, 2009, the complex-level fee rate was .1970%.

The complex-level fee schedule is as follows:

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

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

48 Nuveen Investments

The management fee compensates the Adviser for overall investment advisory and administrative services and general office facilities. The Adviser has entered into a Sub-Advisory Agreement with Nuveen HydePark Group, LLC (“HydePark”), a subsidiary of Nuveen, under which HydePark manages the investment portfolios of the Funds. HydePark is compensated for its services to the Funds from the management fee paid to the Adviser.

The Adviser has agreed to waive fees and reimburse expenses of Enhanced Core Equity and Enhanced Mid-Cap through October 31, 2010, so that total annual Fund operating expenses (excluding 12b-1 distribution and service fees, interest expenses, taxes, fees incurred in acquiring and disposing of portfolio securities and extraordinary expenses) do not exceed .50% and .55% of the average daily net assets of any class of Fund shares of Enhanced Core Equity and Enhanced Mid-Cap, respectively, and from exceeding 1.00% and 1.05%, respectively after October 31, 2010. The Adviser may also voluntarily reimburse additional expenses from time to time in either of the Funds. Voluntary reimbursements may be terminated at any time at the Adviser’s discretion.

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

During the fiscal year ended June 30, 2009, Nuveen Investments, LLC (the “Distributor”), a wholly owned subsidiary of Nuveen, compensated financial intermediaries directly with commission advances at the time of purchase as follows:

	Enhanced Core Equity		Enhanced Mid-Cap
Commission advances (Unaudited)	$	48	$	—

To compensate for commissions advanced to financial intermediaries, all 12b-1 service and distribution fees collected on Class C Shares during the first year following a purchase are retained by the Distributor. During the fiscal year ended June 30, 2009, the Distributor retained such 12b-1 fees as follows:

	Enhanced Core Equity		Enhanced Mid-Cap
12b-1 fees retained (Unaudited)	$	4,739	$	1,175

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

At June 30, 2009, Nuveen owned 12,500, 12,500 and 24,954 shares of Class A, C and I, respectively, of Enhanced Core Equity and 37,500, 37,500 and 74,883 shares of Class A, C and I, respectively, of Enhanced Mid-Cap.

8. Subsequent Events

In May 2009, the Financial Accounting Standards Board issued Statement of Financial Accounting Standards No. 165 (SFAS No. 165) “Subsequent Events.” SFAS No. 165 requires an entity to recognize in the financial statements the effects of all subsequent events that provide additional evidence about conditions that existed at the date of the balance sheet. SFAS No. 165 is intended to establish general standards of accounting and for disclosure of events that occur after the balance sheet date but before financial statements are issued or are available to be issued. SFAS No. 165 requires the disclosure of the date through which an entity has evaluated subsequent events and the basis for that date — that is, whether that date represents the date the financial statements were issued or were available to be issued. SFAS No. 165 is effective for interim and annual periods ending after June 15, 2009. The Funds have performed an evaluation of subsequent events through August 24, 2009, which is the date the financial statements were issued.

Nuveen Investments 49

Financial Highlights

Selected data for a share outstanding throughout each period:
Class (Commencement Date)
			Investment Operations								Less Distributions
ENHANCED CORE EQUITY
Year Ended June 30,	Beginning Net Asset Value		Net Invest- ment Income(a)		Net Realized/ Unrealized Gain (Loss)			Total			Net Invest- ment Income			Capital Gains		Total			Ending Net Asset Value		Total Return(b)
Class A (12/07)
2009	$	17.44	$	.27	$	(5.02	)	$	(4.75	)	$	(.26	)	$	—	$	(.26	)	$	12.43	(27.18	)%
2008(e)		20.00		.19		(2.72	)		(2.53	)		(.03	)		—		(.03	)		17.44	(12.67	)
Class C (12/07)
2009		17.38		.18		(5.01	)		(4.83	)		(.14	)		—		(.14	)		12.41	(27.78	)
2008(e)		20.00		.11		(2.71	)		(2.60	)		(.02	)		—		(.02	)		17.38	(13.02	)
Class I (12/07)
2009		17.46		.32		(5.04	)		(4.72	)		(.31	)		—		(.31	)		12.43	(27.02	)
2008(e)		20.00		.22		(2.73	)		(2.51	)		(.03	)		—		(.03	)		17.46	(12.55	)

50 Nuveen Investments

Ratios/Supplemental Data
		Ratios to Average Net Assets Before Credit/ Reimbursement				Ratios to Average Net Assets After Reimbursement(c)				Ratios to Average Net Assets After Credit/ Reimbursement(d)
Ending Net Assets (000)		Expenses		Net Invest- ment Income		Expenses		Net Invest- ment Income		Expenses		Net Invest- ment Income		Portfolio Turnover Rate
$	231	1.52	%	1.36	%	.75	%	2.13	%	.75	%	2.13	%	33	%
	218	1.25	*	1.26	*	.74	*	1.77	*	.73	*	1.77	*	21
	358	2.31		.63		1.50		1.44		1.50		1.44		33
	217	2.00	*	.51	*	1.49	*	1.02	*	1.48	*	1.02	*	21
	9,593	1.23		1.65		.50		2.38		.50		2.38		33
	30,868	.74	*	1.75	*	.49	*	2.01	*	.48	*	2.01	*	21

* Annualized

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

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

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

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

(e) For the period December 3, 2007 (commencement of operations) through June 30, 2008.

See accompanying notes to financial statements.

Nuveen Investments 51

Financial Highlights (continued)

Selected data for a share outstanding throughout each period:
Class (Commencement Date)
			Investment Operations								Less Distributions
ENHANCED MID-CAP
Year Ended June 30,	Beginning Net Asset Value		Net Invest- ment Income(a)		Net Realized/ Unrealized Gain (Loss)			Total			Net Invest- ment Income			Capital Gains		Total			Ending Net Asset Value		Total Return(b)
Class A (12/07)
2009	$	18.59	$	.21	$	(6.96	)	$	(6.75	)	$	(.19	)	$	—	$	(.19	)	$	11.65	(36.27	)%
2008(e)		20.00		.15		(1.51	)		(1.36	)		(.05	)		—		(.05	)		18.59	(6.79	)
Class C (12/07)
2009		18.53		.11		(6.91	)		(6.80	)		(.07	)		—		(.07	)		11.66	(36.70	)
2008(e)		20.00		.06		(1.50	)		(1.44	)		(.03	)		—		(.03	)		18.53	(7.20	)
Class I (12/07)
2009		18.62		.24		(6.98	)		(6.74	)		(.23	)		—		(.23	)		11.65	(36.09	)
2008(e)		20.00		.15		(1.48	)		(1.33	)		(.05	)		—		(.05	)		18.62	(6.67	)

52 Nuveen Investments

Ratios/Supplemental Data
		Ratios to Average Net Assets Before Credit/ Reimbursement				Ratios to Average Net Assets After Reimbursement(c)				Ratios to Average Net Assets After Credit/ Reimbursement(d)
Ending Net Assets (000)		Expenses		Net Invest- ment Income (Loss)		Expenses		Net Invest- ment Income (Loss)		Expenses		Net Invest- ment Income (Loss)		Portfolio Turnover Rate
$	443	7.84	%	(5.39	)%	.80	%	1.65	%	.79	%	1.67	%	76	%
	697	3.81	*	(1.70	)*	.78	*	1.33	*	.76	*	1.34	*	89
	441	8.61		(6.16	)	1.55		.90		1.54		.91		76
	695	4.56	*	(2.45	)*	1.53	*	.58	*	1.51	*	.59	*	89
	1,023	7.68		(5.24	)	.55		1.90		.53		1.91		76
	1,625	3.52	*	(1.43	)*	.53	*	1.55	*	.51	*	1.57	*	89

* Annualized.

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

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

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

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

(e) For the period December 3, 2007 (commencement of operations) through June 30, 2008.

See accompanying notes to financial statements.

Nuveen Investments 53

Annual Investment Management Agreement Approval Process

The Investment Company Act of 1940, as amended (the “1940 Act”), provides, in substance, that each investment advisory agreement between a fund and its investment adviser (including sub-advisers) will continue in effect from year to year only if its continuance is approved at least annually by the fund’s board members, including by a vote of a majority of the board members who are not parties to the advisory agreement or “interested persons” of any parties (the “Independent Board Members”), cast in person at a meeting called for the purpose of considering such approval. In connection with such approvals, the fund’s board members must request and evaluate, and the investment adviser is required to furnish, such information as may be reasonably necessary to evaluate the terms of the advisory agreement. Accordingly, at a meeting held on May 27-29, 2009 (the “May Meeting”), the Boards of Trustees (each, a “Board” and each Trustee, a “Board Member”) of the Funds, including a majority of the Independent Board Members, considered and approved the continuation of the advisory and sub-advisory agreements for the Funds for an additional one-year period. These agreements include the investment advisory agreements between Nuveen Asset Management (“NAM”) and each Fund and the sub-advisory agreements between NAM and Nuveen HydePark Group, LLC (the “Sub-Adviser”). In preparation for their considerations at the May Meeting, the Board also held a separate meeting on April 21-22, 2009 (the “April Meeting”). Accordingly, the factors considered and determinations made regarding the renewals by the Independent Board Members include those made at the April Meeting.

In addition, in evaluating the applicable advisory agreements (each an “Investment Management Agreement”) and sub-advisory agreements (each a “Sub-advisory Agreement,” and each Investment Management Agreement and Sub-advisory Agreement, an “Advisory Agreement”), the Independent Board Members reviewed a broad range of information relating to the Funds, NAM and the Sub-Adviser (NAM and the Sub-Adviser are each a “Fund Adviser”), including absolute performance, fee and expense information for the Funds as well as comparative performance, fee and expense information for a comparable peer group of funds, the performance information of recognized and/or customized benchmarks (as applicable) of the Funds, the profitability of Nuveen for its advisory activities (which includes its wholly owned subsidiaries other than Winslow Capital Management, Inc. (“Winslow Capital”), which was recently acquired in December 2008), and other information regarding the organization, personnel, and services provided by the respective Fund Adviser. The Independent Board Members also met quarterly as well as at other times as the need arose during the year and took into account the information provided at such meetings and the knowledge gained therefrom. Prior to approving the renewal of the Advisory Agreements, the Independent Board Members reviewed the foregoing information with their independent legal counsel and with management, reviewed materials from independent legal counsel describing applicable law and their duties in reviewing advisory contracts, and met with independent legal counsel in private sessions without management present. The Independent Board Members considered the legal advice provided by independent legal counsel and relied upon their knowledge of the Fund Adviser, its services and the Funds resulting from their meetings and other interactions throughout the year and their own business judgment in determining the factors to be considered in evaluating the Advisory Agreements. Each Board Member may have accorded different weight to the various factors in reaching his or her conclusions with respect to a Fund’s Advisory Agreements. The Independent Board Members did not identify any single factor as all-important or controlling. The Independent Board Members’ considerations were instead based on a comprehensive consideration of all the information presented. The principal factors considered by the Board and its conclusions are described below.

A. Nature, Extent and Quality of Services

In considering renewal of the Advisory Agreements, the Independent Board Members considered the nature, extent and quality of the Fund Adviser’s services, including advisory services and administrative services. The Independent Board Members reviewed materials outlining, among other things, the Fund Adviser’s organization and business; the types of services that the Fund Adviser or its affiliates provide and are expected to provide to the Funds; the performance record of the applicable Fund (as described in further detail below); and any initiatives Nuveen had taken for the applicable fund product line.

In reviewing the services provided and the initiatives undertaken during the past year, the Independent Board Members recognized the severe market turmoil experienced in the capital markets during recent periods, including sustained periods of high volatility, credit disruption and government intervention. The Independent Board Members considered the Fund Adviser’s efforts, expertise and other actions taken to address matters as they arose that impacted the Funds. The Independent Board Members recognized the role of the Investment Services group which, among other things, monitors the various positions throughout the Nuveen fund complex to identify and address any systematic risks. In addition, the Capital Markets Committee of NAM provides a multi-departmental venue for developing new policies to mitigate any risks. The Independent Board Members further recognized NAM’s continuous review of the Nuveen funds’ investment strategies and mandates in seeking to continue to refine and improve the investment process for the funds, particularly in light of market conditions. In this regard, the Independent Board Members noted the changes recommended by NAM to various investment mandates for the Nuveen funds in seeking to take advantage of market opportunities and to improve the tools available for managing liquidity and market exposure; the establishment of a team responsible for coordinating the handling of large trades in or out of the Nuveen funds; and the ongoing monitoring of investment management processes.

As part of their review, the Independent Board Members also evaluated the background, experience and track record of the Fund Adviser’s investment personnel. In this regard, the Independent Board Members considered any changes in the personnel, and the impact on the level of services provided to the Funds, if any. The Independent Board Members also reviewed information regarding portfolio manager compensation arrangements to evaluate the Fund Adviser’s ability to attract and retain high quality investment personnel, preserve stability, and reward performance but not provide an incentive for taking undue risks.

54 Nuveen Investments

In addition to advisory services, the Independent Board Members considered the quality of administrative services provided by NAM and its affiliates including product management, fund administration, oversight of service providers, shareholder services, administration of Board relations, regulatory and portfolio compliance and legal support. Given the importance of compliance, the Independent Board Members considered NAM’s compliance program, including the report of the chief compliance officer regarding the Funds’ compliance policies and procedures.

The Independent Board Members also considered NAM’s oversight of the performance, business activities and compliance of the Sub-Adviser. In that regard, the Independent Board Members reviewed an evaluation of the Sub-Adviser from NAM. The evaluation also included information relating to the Sub-Adviser’s organization, operations, personnel, assets under management, investment philosophy, strategies and techniques in managing the Funds, developments affecting the Sub-Adviser, and an analysis of the Sub-Adviser. As described in further detail below, the Board considered the performance of the Funds. The Board also recognized that the Sub-advisory Agreements were essentially agreements for portfolio management services only and the Sub-Adviser was not expected to supply other significant administrative services to the Funds. As part of their oversight, the Independent Board Members also continued their program of seeking to visit each sub-adviser to the Nuveen funds at least once over a multiple year rotation, meeting with key investment and business personnel. The Independent Board Members noted that NAM recommended the renewal of the applicable Sub-advisory Agreements and considered the basis for such recommendations and any qualifications in connection therewith.

Based on their review, the Independent Board Members found that, overall, the nature, extent and quality of services provided (and expected to be provided) to the Funds under the respective Investment Management Agreement or Sub-advisory Agreement, as applicable, were satisfactory.

B. The Investment Performance of the Funds and Fund Advisers

The Board considered the investment performance of each Fund, including the Fund’s historic performance as well as its performance compared to funds with similar investment objectives (the “Performance Peer Group”) based on data provided by an independent provider of mutual fund data as well as recognized and/or customized benchmarks. The Independent Board Members reviewed performance information including, among other things, total return information compared with the Fund’s Performance Peer Group and recognized and/or customized benchmarks for the quarter-, one-, three- and five-year periods (as applicable) ending December 31, 2008 and for the same periods (as applicable) ending March 31, 2009. The Independent Board Members also reviewed performance information of the Nuveen funds managed by the Sub-Adviser in the aggregate ranked by peer group and the performance of such funds, in the aggregate, relative to their benchmark. This information supplemented the Fund performance information provided to the Board at each of its quarterly meetings.

In comparing a fund’s performance with that of its Performance Peer Group, the Independent Board Members took into account that the closest Performance Peer Group in certain instances may not adequately reflect the respective fund’s investment objectives and strategies thereby hindering a meaningful comparison of the fund’s performance with that of the Performance Peer Group. The Independent Board Members further considered the performance of the Funds in the context of the volatile market conditions during the past year, and their impact on various asset classes and the portfolio management of the Funds.

Based on their review and factoring in the severity of market turmoil in 2008, the Independent Board Members determined that each Fund’s investment performance over time had been satisfactory.

C. Fees, Expenses and Profitability

1. Fees and Expenses

The Board evaluated the management fees and expenses of each Fund reviewing, among other things, such Fund’s gross management fees, net management fees and total expense ratios (before and after expense reimbursements and/or waivers) in absolute terms as well as compared to the fee and expenses of a comparable universe of unaffiliated funds based on data provided by an independent fund data provider (the “Peer Universe”) and in certain cases, to a more focused subset of funds in the Peer Universe (the “Peer Group”).

The Independent Board Members further reviewed data regarding the construction of the applicable Peer Universe and Peer Group. In reviewing the comparisons of fee and expense information, the Independent Board Members took into account that in certain instances various factors such as the asset level of a fund relative to peers, the size and particular composition of the Peer Universe or Peer Group, the investment objectives of the peers, expense anomalies, changes in the funds comprising the Peer Universe or Peer Group from year to year, levels of reimbursement and the timing of information used may impact the comparative data, thereby limiting the ability to make a meaningful comparison. In reviewing the fee schedule for a Fund, the Independent Board Members also considered the fund-level and complex-wide breakpoint schedules (described in further detail below) and any fee waivers and reimbursements provided by Nuveen.

Based on their review of the fee and expense information provided, the Independent Board Members determined that each Fund’s management fees and net total expense ratio were reasonable in light of the nature, extent and quality of services provided to the Fund.

Nuveen Investments 55

Annual Investment Management Agreement Approval Process (continued)

2. Comparisons with the Fees of Other Clients

The Independent Board Members further reviewed information regarding the nature of services and fee rates offered by NAM to other clients. Such clients include separately managed accounts (both retail and institutional accounts) and funds that are not offered by Nuveen but are sub-advised by one of Nuveen’s investment management teams. In evaluating the comparisons of fees, the Independent Board Members noted that the fee rates charged to the Funds and other clients vary, among other things, because of the different services involved and the additional regulatory and compliance requirements associated with registered investment companies, such as the Funds. Accordingly, the Independent Board Members considered the differences in the product types, including, but not limited to, the services provided, the structure and operations, product distribution and costs thereof, portfolio investment policies, investor profiles, account sizes and regulatory requirements. The Independent Board Members noted, in particular, that the range of services provided to the Funds (as discussed above) is much more extensive than that provided to separately managed accounts. Given the inherent differences in the products, particularly the extensive services provided to the Funds, the Independent Board Members believe such facts justify the different levels of fees.

In considering the fees of the Sub-Adviser, the Independent Board Members also considered the pricing schedule or fees that the Sub-Adviser charges for similar investment management services for other fund sponsors or clients (such as retail and/or institutional managed accounts) as applicable.

3. Profitability of Fund Advisers

In conjunction with its review of fees, the Independent Board Members also considered the profitability of Nuveen for its advisory activities (which incorporated Nuveen’s wholly-owned affiliated sub-advisers other than Winslow Capital) and its financial condition. The Independent Board Members reviewed the revenues and expenses of Nuveen’s advisory activities for the last two years, the allocation methodology used in preparing the profitability data and an analysis of the key drivers behind the changes in revenues and expenses that impacted profitability in 2008. In addition, the Independent Board Members reviewed information regarding the financial results of Nuveen for 2008 based on its Form 8-K filed on March 31, 2009. The Independent Board Members noted this information supplemented the profitability information requested and received during the year to help keep them apprised of developments affecting profitability (such as changes in fee waivers and expense reimbursement commitments). In this regard, the Independent Board Members noted that they had also appointed an Independent Board Member as a point person to review and keep them apprised of changes to the profitability analysis and/or methodologies during the year. The Independent Board Members also considered Nuveen’s revenues for advisory activities, expenses, and profit margin compared to that of various unaffiliated management firms with similar amounts of assets under management and relatively comparable asset composition prepared by Nuveen.

In reviewing profitability, the Independent Board Members recognized the subjective nature of determining profitability which may be affected by numerous factors including the allocation of expenses. Further, the Independent Board Members recognized the difficulties in making comparisons as the profitability of other advisers generally is not publicly available and the profitability information that is available for certain advisers or management firms may not be representative of the industry and may be affected by, among other things, the adviser’s particular business mix, capital costs, types of funds managed and expense allocations. Notwithstanding the foregoing, the Independent Board Members reviewed Nuveen’s methodology and assumptions for allocating expenses across product lines to determine profitability. In reviewing profitability, the Independent Board Members recognized Nuveen’s investment in its fund business. Based on their review, the Independent Board Members concluded that Nuveen’s level of profitability for its advisory activities was reasonable in light of the services provided.

In evaluating the reasonableness of the compensation, the Independent Board Members also considered other amounts paid to a Fund Adviser by the Funds as well as any indirect benefits (such as soft dollar arrangements, if any) the Fund Adviser and its affiliates receive, or are expected to receive, that are directly attributable to the management of the Funds, if any. See Section E below for additional information on indirect benefits the Fund Adviser may receive as a result of its relationship with the Funds. Based on their review of the overall fee arrangements of each Fund, the Independent Board Members determined that the advisory fees and expenses of the respective Fund were reasonable.

D. Economies of Scale and Whether Fee Levels Reflect These Economies of Scale

With respect to economies of scale, the Independent Board Members have recognized the potential benefits resulting from the costs of a fund being spread over a larger asset base, although economies of scale are difficult to measure and predict with precision, particularly on a fund-by-fund basis. One method to help ensure the shareholders share in these benefits is to include breakpoints in the advisory fee schedule. Generally, management fees for funds in the Nuveen complex are comprised of a fund-level component and a complex-level component, subject to certain exceptions. Accordingly, the Independent Board Members reviewed and considered the applicable fund-level breakpoints in the advisory fee schedules that reduce advisory fees as asset levels increase. While economies of scale result when costs can be spread over a larger asset base, the Independent Board Members also recognized that the asset levels generally declined in 2008 due to, among other things, the market downturn. Accordingly, for funds with a reduction in assets under management, advisory fee levels may have increased as breakpoints in the fee schedule were no longer surpassed.

In addition to fund-level advisory fee breakpoints, the Board also considered the Funds’ complex-wide fee arrangement. Pursuant to the complex-wide fee arrangement, the fees of the funds in the Nuveen complex generally are reduced as the assets in the fund complex reach certain levels. The complex-wide fee arrangement seeks to provide the benefits of economies of scale to fund

56 Nuveen Investments

shareholders when total fund complex assets increase, even if assets of a particular fund are unchanged or have decreased. The approach reflects the notion that some of Nuveen’s costs are attributable to services provided to all its funds in the complex and therefore all funds benefit if these costs are spread over a larger asset base. Generally, the complex-wide pricing reduces Nuveen’s revenue because total complex fund assets have consistently grown in prior years. As noted, however, total fund assets declined in 2008 resulting in a smaller downward adjustment of revenues due to complex-wide pricing compared to the prior year.

Based on their review, the Independent Board Members concluded that the breakpoint schedules and complex-wide fee arrangement (as applicable) were acceptable and reflect economies of scale to be shared with shareholders when assets under management increase.

E. Indirect Benefits

In evaluating fees, the Independent Board Members received and considered information regarding potential “fall out” or ancillary benefits the respective Fund Adviser or its affiliates may receive as a result of its relationship with each Fund. In this regard, the Independent Board Members considered, among other things, any sales charges, distribution fees and shareholder services fees received and retained by the Funds’ principal underwriter, an affiliate of NAM, which includes fees received pursuant to any 12b-1 plan. The Independent Board Members, therefore, considered the 12b-1 fees retained by Nuveen during the last calendar year.

In addition to the above, the Independent Board Members considered whether the Fund Adviser received any benefits from soft dollar arrangements whereby a portion of the commissions paid by a Fund for brokerage may be used to acquire research that may be useful to the Fund Adviser in managing the assets of the Funds and other clients. With respect to NAM, the Independent Board Members noted that NAM does not currently have any soft dollar arrangements; however, to the extent certain bona fide agency transactions that occur on markets that traditionally trade on a principal basis and riskless principal transactions are considered as generating “commissions,” NAM intends to comply with the applicable safe harbor provisions. With respect to the Sub-Adviser, the Independent Board Members considered that the Sub-Adviser may benefit from its soft dollar arrangements pursuant to which it receives research from brokers that execute the applicable Fund’s portfolio transactions. The Independent Board Members further noted that the Sub-Adviser’s profitability may be lower if it were required to pay for this research with hard dollars.

Based on their review, the Independent Board Members concluded that any indirect benefits received by a Fund Adviser as a result of its relationship with the Funds were reasonable and within acceptable parameters.

F. Other Considerations

The Independent Board Members did not identify any single factor discussed previously as all-important or controlling. The Board Members, including the Independent Board Members, unanimously concluded that the terms of the Investment Management Agreements and Sub-advisory Agreements are fair and reasonable, that the respective Fund Adviser’s fees are reasonable in light of the services provided to each Fund and that the Investment Management Agreements and the Sub-advisory Agreements be renewed.

Nuveen Investments 57

Notes

58 Nuveen Investments

Notes

Nuveen Investments 59

Trustees and Officers

The management of the Fund, including general supervision of the duties performed for the Fund by the Adviser, is the responsibility of the Board of Trustees of the Fund. The number of trustees of the Fund is currently set at nine. None of the trustees who are not “interested” persons of the Fund (referred to herein as “independent trustees”) has ever been a director or employee of, or consultant to, Nuveen or its affiliates. The names and business addresses of the trustees and officers of the Fund, their principal occupations and other affiliations during the past five years, the number of portfolios each oversees and other directorships they hold are set forth below.

The Fund’s Statement of Additional Information (“SAI”) includes more information about the trustees. To request a free copy, call Nuveen Investments at (800) 257-8787 or visit the Funds’ website at www.nuveen.com.

Name, Birthdate and Address	Position(s) Held with the Fund	Year First Elected or Appointed (1)	Principal Occupation(s) Including other Directorships During Past 5 Years	Number of Portfolios in Fund Complex Overseen by Trustee
Independent Trustees:
Robert P. Bremner 8/22/40 333 W. Wacker Drive Chicago, IL 60606	Chairman of the Board and Trustee	1997	Private Investor and Management Consultant; Treasurer and Director, Humanities Council of Washington D.C.	199
Jack B. Evans 10/22/48 333 W. Wacker Drive Chicago, IL 60606	Trustee	1999	President, The Hall-Perrine Foundation, a private philanthropic corporation (since 1996); Director and Vice Chairman, United Fire Group, a publicly held company; Member of the Board of Regents for the State of Iowa University System; Director, Gazette Companies; Life Trustee of Coe College; Director, Iowa College Foundation; Member of the Advisory Council of the Department of Finance in the Tippie College of Business, University of lowa; formerly, Director, Alliant Energy; formerly, Director, Federal Reserve Bank of Chicago; formerly, President and Chief Operating Officer, SCI Financial Group, Inc., a regional financial services firm.	199
William C. Hunter 3/6/48 333 W. Wacker Drive Chicago, IL 60606	Trustee	2004	Dean, Tippie College of Business, University of Iowa (since 2006); Director (since 2004) of Xerox Corporation; Director (since 2005), Beta Gamma Sigma International Honor Society; formerly, Dean and Distinguished Professor of Finance, School of Business at the University of Connecticut (2003-2006); previously, Senior Vice President and Director of Research at the Federal Reserve Bank of Chicago (1995-2003); Director, SS&C Technologies, Inc. (May 2005-October 2005); formerly, Director (1997-2007), Credit Research Center at George Washington University.	199
David J. Kundert 10/28/42 333 W. Wacker Drive Chicago, IL 60606	Trustee	2005	Director, Northwestern Mutual Wealth Management Company; retired (since 2004) as Chairman, JPMorgan Fleming Asset Management, President and CEO, Banc One Investment Advisors Corporation, and President, One Group Mutual Funds; prior thereto, Executive Vice President, Banc One Corporation and Chairman and CEO, Banc One Investment Management Group; Member, Board of Regents, Luther College; member of the Wisconsin Bar Association; member of Board of Directors, Friends of Boerner Botanical Gardens; member of Investment Committee, Greater Milwaukee Foundation.	199
William J. Schneider 9/24/44 333 W. Wacker Drive Chicago, IL 60606	Trustee	1997	Chairman of Miller-Valentine Partners Ltd., a real estate investment company; formerly, Senior Partner and Chief Operating Officer (retired, 2004) of Miller-Valentine Group; Member, Dayton Philharmonic Orchestra Association; formerly, Member, Business Advisory Council, Cleveland Federal Reserve Bank; formerly, Director, Dayton Development Coalition.	199
Judith M. Stockdale 12/29/47 333 W. Wacker Drive Chicago, IL 60606	Trustee	1997	Executive Director, Gaylord and Dorothy Donnelley Foundation (since 1994); prior thereto, Executive Director, Great Lakes Protection Fund (from 1990 to 1994).	199
Carole E. Stone 6/28/47 333 W. Wacker Drive Chicago, IL 60606	Trustee	2007	Director, Chicago Board Options Exchange (since 2006); Director, C2 Options Exchange, Incorporated (since 2009); Commissioner, New York State Commission on Public Authority Reform (since 2005); formerly, Chair, New York Racing Association Oversight Board (2005-2007).	199

60 Nuveen Investments

Name, Birthdate and Address	Position(s) Held with the Fund	Year First Elected or Appointed (1)	Principal Occupation(s) Including other Directorships During Past 5 Years	Number of Portfolios in Fund Complex Overseen by Trustee
Terence J. Toth 9/29/59 333 W. Wacker Drive Chicago, IL 60606	Trustee	2008	Director, Legal & General Investment Management America, Inc. (since 2008); Managing Partner, Musso Capital Management (since 2008); CEO and President, Northern Trust Investments (2004-2007); Executive Vice President, Quantitative Management & Securities Lending (2000-2004); prior thereto, various positions with Northern Trust Company (since 1994); Member: Goodman Theatre Board (since 2004); Chicago Fellowship Board (since 2005), University of Illinois Leadership Council Board (since 2007) and Catalyst Schools of Chicago Board (since 2008); formerly, Member: Northern Trust Mutual Funds Board (2005-2007), Northern Trust Investments Board (2004-2007), Northern Trust Japan Board (2004-2007), Northern Trust Securities Inc. Board (2003-2007) and Northern Trust Hong Kong Board (1997-2004).	199
Interested Trustee:
John P. Amboian (2) 6/14/61 333 W. Wacker Drive Chicago, IL 60606	Trustee	2008	Chief Executive Officer (since July 2007) and Director (since 1999) of Nuveen Investments, Inc.; Chief Executive Officer (since 2007) of Nuveen Asset Management, Nuveen Investments Advisors, Inc. formerly, President (1999-2004) of Nuveen Advisory Corp. and Nuveen Institutional Advisory Corp. (3)	199
Name, Birthdate and Address	Position(s) Held with the Fund	Year First Elected or Appointed (4)	Principal Occupation(s) During Past 5 Years	Number of Portfolios in Fund Complex Overseen by Officer
Officers of the Fund:
Gifford R. Zimmerman 9/9/56 333 W. Wacker Drive Chicago, IL 60606	Chief Administrative Officer	1988	Managing Director (since 2002), Assistant Secretary and Associate General Counsel of Nuveen Investments, LLC; Managing Director (since 2002), Associate General Counsel and Assistant Secretary, of Nuveen Asset Management (since 2002) and of Symphony Asset Management LLC (since 2003); Vice President and Assistant Secretary of NWQ Investment Management Company, LLC. (since 2002), Nuveen Investments Advisers Inc. (since 2002), Tradewinds Global Investors, LLC, and Santa Barbara Asset Management, LLC (since 2006), Nuveen HydePark Group LLC and Nuveen Investment Solutions, Inc. (since 2007); Managing Director (since 2004) and Assistant Secretary (since 1994) of Nuveen Investments, Inc.; formerly, Managing Director (2002-2004), General Counsel (1998-2004) and Assistant Secretary of Nuveen Advisory Corp. and Nuveen Institutional Advisory Corp. (3); Chartered Financial Analyst.	199
Mark J.P. Anson 6/10/59 333 W. Wacker Drive Chicago, IL 60606	Vice President	2009	President and Executive Director of Nuveen Investments, Inc. (since 2007); President of Nuveen Investments Institutional Services Group LLC (since 2007); previously, Chief Executive Officer of the British Telecom Pension Scheme (2006-2007) and Chief Investment Officer of Calpers (1999-2006); PhD, Chartered Financial Analyst, Chartered Alternative Investment Analyst, Certified Public Accountant, Certified Management Accountant and Certified Internal Auditor.	199
Nizida Arriaga 6/1/1968 333 W. Wacker Drive Chicago, IL 60606	Vice President	2009	Vice President (since 2007) of Nuveen Investments, LLC; previously, Portfolio Manager, Allstate Investments, LLC (1996-2006); Chartered Financial Analyst.	199

Nuveen Investments 61

Trustees and Officers (continued)

Name, Birthdate and Address	Position(s) Held with the Fund	Year First Elected or Appointed (4)	Principal Occupation(s) During Past 5 Years	Number of Portfolios in Fund Complex Overseen by Officer
Michael T. Atkinson 2/3/66 333 W. Wacker Drive Chicago, IL 60606	Vice President and Assistant Secretary	2000	Vice President (since 2002) of Nuveen Investments, LLC; Vice President of Nuveen Asset Management (since 2005).	199
Margo L. Cook 4/11/64 333 W. Wacker Drive Chicago, IL 60606	Vice President	2009	Executive Vice President (since Oct 2008) of Nuveen Investments, Inc.; previously, Head of Institutional Asset Management (2007-2008) of Bear Stearns Asset Management; Head of Institutional Asset Mgt (1986-2007) of Bank of NY Mellon; Chartered Financial Analyst.	199
Alan A. Brown 8/1/62 333 W. Wacker Drive Chicago, IL 60606	Vice President	2007	Executive Vice President, Mutual Funds, Nuveen Investments, LLC, (since 2005), previously, Managing Director and Chief Marketing Officer (2001-2005).	74
Name, Birthdate and Address	Position(s) Held with the Fund	Year First Elected or Appointed (4)	Principal Occupation(s) Including other Directorships During Past 5 Years	Number of Portfolios in Fund Complex Overseen by Officer
Lorna C. Ferguson 10/24/45 333 W. Wacker Drive Chicago, IL 60606	Vice President	1998	Managing Director (since 2004) of Nuveen Investments, LLC; Managing Director (since 2005) of Nuveen Asset Management; Managing Director (2004-2005) of Nuveen Advisory Corp. and Nuveen Institutional Advisory Corp. (3).	199
Stephen D. Foy 5/31/54 333 W. Wacker Drive Chicago, IL 60606	Vice President and Controller	1998	Vice President (since 1993) and Funds Controller (since 1998) of Nuveen Investments, LLC; Vice President (since 2005) of Nuveen Asset Management; Certified Public Accountant.	199
William T. Huffman 5/7/1969 333 W. Wacker Drive Chicago, IL 60606	Vice President	2009	Chief Operating Officer, Municipal Fixed Income (since 2008) of Nuveen Asset Management; previously, Chairman, President and Chief Executive Officer (2002 – 2007) of Northern Trust Global Advisors, Inc. and Chief Executive Officer (2007) of Northern Trust Global Investments Limited; CPA.	199
Walter M. Kelly 2/24/70 333 W. Wacker Drive Chicago, IL 60606	Chief Compliance Officer and Vice President	2003	Senior Vice President (since 2008), Vice President (2006- 2008) formerly, Assistant Vice President and Assistant General Counsel (2003-2006) of Nuveen Investments, LLC; Vice President (since 2006) and Assistant Secretary (since 2003) of Nuveen Asset Management.	199
David J. Lamb 3/22/63 333 W. Wacker Drive Chicago, IL 60606	Vice President	2000	Senior Vice President (since 2009), formerly, Vice President (2000-2009) of Nuveen Investments, LLC; Vice President (since 2005) of Nuveen Asset Management, Certified Public Accountant.	199
Tina M. Lazar 8/27/61 333 W. Wacker Drive Chicago, IL 60606	Vice President	2002	Senior Vice President (since 2009), formerly, Vice President of Nuveen Investments, LLC (1999-2009); Vice President of Nuveen Asset Management (since 2005).	199
Larry W. Martin 7/27/51 333 W. Wacker Drive Chicago, IL 60606	Vice President and Assistant Secretary	1988	Vice President, Assistant Secretary and Assistant General Counsel of Nuveen Investments, LLC; Vice President (since 2005) and Assistant Secretary of Nuveen Investments, Inc.; Vice President and Assistant Secretary of Nuveen Investments Advisers Inc. (since 2002), NWQ Investment Management Company, LLC (since 2002), Symphony Asset Management LLC (since 2003), Tradewinds Global Investors, LLC, Santa Barbara Asset Management, LLC (since 2006) and of Nuveen HydePark Group, LLC and Nuveen Investment Solutions, Inc. (since 2007); formerly, Vice President and Assistant Secretary of Nuveen Advisory Corp. and Nuveen Institutional Advisory Corp. (3)	199

62 Nuveen Investments

Name, Birthdate and Address	Position(s) Held with the Fund	Year First Elected or Appointed (4)	Principal Occupation(s) Including other Directorships During Past 5 Years	Number of Portfolios in Fund Complex Overseen by Officer
Kevin J. McCarthy 3/26/66 333 W. Wacker Drive Chicago, IL 60606	Vice President and Secretary	2007	Managing Director (since 2008), formerly, Vice President (2007-2008), Nuveen Investments, LLC; Managing Director (since 2008), formerly, Vice President and Assistant Secretary, Nuveen Asset Management and Nuveen Investments Holdings, Inc.; Vice President (since 2007) and Assistant Secretary, Nuveen Investment Advisers Inc., Nuveen Investment Institutional Services Group LLC, NWQ Investment Management Company, LLC, Tradewinds Global Investors LLC, NWQ Holdings, LLC, Symphony Asset Management LLC, Santa Barbara Asset Management LLC, Nuveen HydePark Group, LLC and Nuveen Investment Solutions, Inc. (since 2007); prior thereto, Partner, Bell, Boyd & Lloyd LLP (1997-2007).	199
John V. Miller 4/10/67 333 W. Wacker Drive Chicago, IL 60606	Vice President	2007	Managing Director (since 2007), formerly, Vice President (2002-2007) of Nuveen Asset Management and Nuveen Investments, LLC; Chartered Financial Analyst.	199
Gregory Mino 1/4/1971 333 W. Wacker Drive Chicago, IL 60606	Vice President	2009	Vice President of Nuveen Investments, LLC (since 2008); previously, Director (2004-2007) and Executive Director (2007-2008) of UBS Global Asset Management; previously, Vice President (2000-2003) and Director (2003-2004) of Merrill Lynch Investment Managers; Chartered Financial Analyst.	199
Christopher M. Rohrbacher 8/1/71 333 W. Wacker Drive Chicago, IL 60606	Vice President and Assistant Secretary	2008	Vice President, Nuveen Investments, LLC (since 2008); Vice President and Assistant Secretary, Nuveen Asset Management (since 2008); prior thereto, Associate, Skadden, Arps, Slate Meagher & Flom LLP (2002-2008)	199
James F. Ruane 7/3/62 333 W. Wacker Drive Chicago, IL 60606	Vice President and Assistant Secretary	2007	Vice President, Nuveen Investments (since 2007); prior thereto, Partner, Deloitte & Touche USA LLP (2005-2007), formerly, senior tax manager (2002-2005); Certified Public Accountant.	199
John S. White 5/12/67 333 W. Wacker Drive Chicago, IL 60606	Vice President	2007	Senior Vice President (since 2009), formerly, Vice President (2006-2009) of Nuveen Investments, LLC, formerly, Assistant Vice President (since 2002); Lieutenant Colonel (since 2007), United States Marine Corps Reserve, formerly, Major (since 2001).	74
Mark L. Winget 12/21/68 333 W. Wacker Drive Chicago, IL 60606	Vice President and Assistant Secretary	2008	Vice President, Nuveen Investments, LLC (since 2008); Vice President and Assistant Secretary, Nuveen Asset Management (since 2008); prior thereto, Counsel, VedderPrice P.C. (1997-2007).	199

(1) Trustees serve an indefinite term until his/her successor is elected or appointed. The year first elected or appointed represents the year in which the trustee was first elected or appointed to any fund in the Nuveen Fund Complex.

(2) Mr. Amboian is an interested trustee because of his position with Nuveen Investments, Inc. and certain of its subsidiaries, which are affiliates of the Nuveen Funds.

(3) Nuveen Advisory Corp. and Nuveen Institutional Advisory Corp. were reorganized into Nuveen Asset Management, effective January 1, 2005.

(4) Officers serve one year terms through July of each year. The year first elected or appointed represents the year in which the officer was first elected or appointed to any fund in the Nuveen Fund Complex.

Nuveen Investments 63

Glossary of Terms Used in this Report

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

Net Asset Value (NAV): A Fund’s NAV is the dollar value of one share in the Fund. It is calculated by subtracting the liabilities of the Fund from its total assets and then dividing the remainder by the number of shares outstanding. Fund NAVs are calculated at the end of each business day.

64 Nuveen Investments

Fund Information

Fund Manager

Nuveen Asset Management

333 West Wacker Drive

Chicago, IL 60606

Sub-Advisers

Nuveen HydePark Group, LLC

111 West Jackson Blvd.

Suite 1411

Chicago, IL 60604

Legal Counsel

Chapman and Cutler LLP

Chicago, IL

Independent Registered Public Accounting Firm

PricewaterhouseCoopers LLP

Chicago, IL

Custodian

State Street Bank & Trust Company

Boston, MA

Transfer Agent and Shareholder Services

Boston Financial

Data Services

Nuveen Investor Services

P.O. Box 8530

Boston, MA 02266-8530

(800) 257-8787

Distribution Information: Enhanced Core Equity and Enhanced Mid-Cap hereby designate 100% and 100%, respectively, of dividends paid from net ordinary income as dividends qualifying for the 70% dividends received deduction for corporations and 100% and 100%, respectively, as qualified dividend income for individuals under Section 1 (h)(11) of the Internal Revenue Code. The actual qualified dividend income distributions will be reported to shareholders on Form 1099-DIV which will be sent to shareholders shortly after calendar year end.

Quarterly Portfolio of Investments and Proxy Voting Information: You may obtain (i) each Fund’s quarterly portfolio of investments, (ii) information regarding how the Funds voted proxies relating to portfolio securities held during the most recent twelve-month period ended June 30, 2009, and (iii) a description of the policies and procedures that the Funds used to determine how to vote proxies relating to portfolio securities without charge, upon request, by calling Nuveen Investments at (800) 257-8787 or on Nuveen’s website at www.nuveen.com.

You may also obtain this and other Fund information directly from the Securities and Exchange Commission (“SEC”). The SEC may charge a copying fee for this information. Visit the SEC on-line at http://www.sec.gov or in person at the SEC’s Public Reference Room in Washington, D.C. Call the SEC at (202) 942-8090 for room hours and operation. You may also request Fund information by sending an e-mail request to publicinfo@sec.gov or by writing to the SEC’s Public Reference Section at 100 F Street NE, Washington, D.C. 20549.

The Financial Industry Regulatory Authority (FINRA) provides a Public Disclosure Program which supplies certain information regarding the disciplinary history of FINRA members and their associated persons in response to either telephone inquiries at (800) 289-9999 or written inquiries at www.finra.org. Financial Industry Regulatory Authority also provides an investor brochure that includes information describing the Public Disclosure Program.

Nuveen Investments 65

Nuveen Investments:

Serving Investors For Generations

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

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

We offer many different investing solutions

for our clients’ different needs.

Nuveen Investments is a global investment management firm that seeks to help secure the long-term goals of institutions and high net worth investors as well as the consultants and financial advisors who serve them. Nuveen Investments markets its growing range of specialized investment solutions under the high-quality brands of HydePark, NWQ, Nuveen, Santa Barbara, Symphony, Tradewinds and Winslow Capital. In total, the Company managed $128 billion of assets on June 30, 2009.

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

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

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

• Share prices

• Fund details

• Daily financial news

• Investor education

Distributed by

Nuveen Investments, LLC

333 West Wacker Drive

Chicago, IL 60606

www.nuveen.com

MAN-ENHCM-0609P

Mutual Funds

Nuveen Equity Funds

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

Annual Report

June 30, 2009

Nuveen U.S. Equity Completeness Fund

LIFE IS COMPLEX.

Nuveen makes things e-simple.

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

Free e-Reports right to your e-mail!

www.investordelivery.com

If you receive your Nuveen Fund dividends and statements from your financial advisor or brokerage account.

OR

www.nuveen.com/accountaccess

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

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

Chairman’s

Letter to Shareholders

Dear Shareholder,

The problems in the U.S. financial system and the slowdown in global economic activity continue to create a very difficult environment for the U.S. economy. The administration, the Federal Reserve System and Congress have initiated a variety of programs directed at restoring liquidity to the financial markets, providing financial support for critical financial institutions and stimulating economic activity. There are encouraging signs that these initiatives are beginning to have a constructive impact. It is not possible to predict whether the actions taken to date will be sufficient to restore more normal conditions in the financial markets or enable the economy to stabilize and set a course toward recovery. However, the speed and scope of the government’s actions are very encouraging and more importantly, reflect a commitment to act decisively to meet the economic challenges we face.

The performance information in the attached report reflects the impact of many forces at work in the equity and fixed-income markets. The comments by the portfolio managers describe the strategies being used to pursue your Fund’s long-term investment goals. Parts of the financial markets continue to experience serious dislocations and thorough research and strong investment disciplines have never been more important in identifying risks and opportunities. I hope you will read this information carefully.

Your Board is particularly sensitive to our shareholders’ concerns in these uncertain times. We believe that frequent and thorough communication is essential in this regard and encourage you to visit the Nuveen website: www.nuveen.com, for recent developments in all Nuveen funds. We also encourage you to communicate with your financial consultant for answers to your questions and to seek advice on your long-term investment strategy in the current market environment.

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

Sincerely,

Robert P. Bremner

Chairman of the Nuveen Fund Board

August 24, 2009

Nuveen Investments 1

Portfolio Managers’ Comments

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

The Nuveen U.S. Equity Completeness Fund features management by Nuveen HydePark Group, LLC, an affiliate of Nuveen Investments, Inc. The Fund is co-managed by David Tierney, PhD, Senior Managing Director and Chief Investment Officer of HydePark, John Gambla, CFA, and Rob Guttschow, CFA. We recently spoke with David, John and Rob about the general market conditions, key investment strategies and performance of the Fund for the twelve-month period ended June 30, 2009.

What were the general economic conditions during the reporting period?

This twelve month period was among the most volatile in the history of the capital markets. Equity markets across the globe fell as the United States economy pushed further into recession. After IndyMac’s bankruptcy filing on August 1, 2008, the U.S. Government engaged in one of the most dramatic market interventions in years and placed the Federal National Mortgage Association (Fannie Mae) and the Federal Home Loan Mortgage Corporation (Freddie Mac) into receivership. In September, Lehman Brothers, a major Wall Street broker/dealer, filed for bankruptcy protection. AIG, one of the largest insurers globally, effectively was nationalized by the US government, and Wachovia, Washington Mutual, Silver State Bank, and Ameri Bank all were seized by U.S. regulators and/or merged into stronger banks. Merrill Lynch, concerned about its own solvency, quickly negotiated a deal to be acquired by Bank of America. Goldman Sachs and Morgan Stanley converted to commercial banks signaling the end of the 100-year old independent broker/dealer model. The following months included major financial write-downs across the U.S. economy, the uncovering of the largest Ponzi scheme in history, continual declines in real U.S. Gross Domestic Product, and significant spikes in market volatility.

While the U.S. economy moved further into recession, the international capital markets experienced their own severe downturn. Economic policy responses by the U.S. Federal Reserve were followed, in part, by its counterparts at the Bank of England, the European Central Bank, and the Chinese Government.

Although the S&P 500 and the MSCI EAFE indices were down 37% and 43%, respectively, in 2008, signs of global economic stability began to emerge toward the end of the first quarter in 2009. By the end of June, the 2009 year-to-date returns of these two equity indices were 3% and 8%, respectively. In addition, emerging markets, which fell 53% in 2008, rebounded 36% during the first half of 2009.

The headlines created by the failure of such large banking institutions and Congress’s first failed attempt at bailout legislation resulted in a massive drop in consumer confidence. This drop in confidence resulted in a drop in spending, as personal consumption contracted at a -3.5% rate in the third quarter and a -3.1% in the fourth quarter.

2 Nuveen Investments

As a result, volatility in the equity markets continued throughout most of this twelve-month period. However, the second quarter of 2009 saw substantial improvements. The U.S. government has continued to implement various financial bailout/stimulus plans. The major banks have appeared to raise the necessary capital for them to survive in the current downturn, with several of them even appearing to thrive. Equity markets, as measured by the S&P 500 Index, have significantly increased from the lows experienced in March. Ten-year bond yields have come off their multi-decade lows as well.

How did the Fund perform during the past twelve-months ended June 30, 2009?

The table on page five provides performance information for the Fund for the twelve-month period ended June 30, 2009. The table also compares the Fund’s performance to a general market index. A more detailed discussion of the Fund’s relative performance is provided later in this report.

What is the Fund’s investment strategy?

The Nuveen U.S. Equity Completeness Fund is designed to serve as an investment for the Nuveen Asset Allocation Funds’ portfolios, helping them to offset or correct the style risk that may exist between those Funds’ U.S. equity benchmark and the benchmarks of the Funds’ underlying equity managers. The Nuveen U.S. Equity Completeness Fund itself does not attempt to track or outperform a particular index.

The proprietary risk-controlled HydePark wealth creation model was used to manage the U.S. Equity Completeness Fund since its inception. This model utilizes both fundamental and momentum-related criteria to create a portfolio designed to maximize the reward-to-risk ratio.

Our investment process is a combination of traditional fundamental security valuation and quantitative risk-control techniques. The philosophy that underlies our value-added process is that a stock’s price must follow the wealth creation fundamentals of the company. A stock’s weight in the portfolio is directly related to its wealth creation fundamentals. Our process has five “wealth creation” factors. Four are fundamentally oriented; two are traditional measures of revenues in excess of expenses (specifically earnings and cash flow), and two are traditional measures of the uses for those excess monies (book value and dividends). The fifth factor is a proprietary measure of stock price momentum. Importantly, the process also considers a stock’s liquidity. Due to the quantitative, model-driven process, top-down macroeconomic “themes” do not influence the model or how HydePark selects stocks for the Fund.

Nuveen Investments 3

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

The portfolio typically contains a large number of holdings with each relative weighting reflecting a five-dimensional view of that stock’s wealth creation characteristics. The portfolio is monitored daily with rebalances occurring quarterly.

How did this strategy influence performance?

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

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

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

On average, during the twelve month period, the Fund was overweighted in energy, materials, consumer discretionary, financials, telecommunication, and utility stocks and underweighted in health care, consumer staples, and information technology stocks. The largest single sector overweight was in financials where the Fund was, on average, 3.1% overweighted versus the index. The largest single underweight was, on average, information technology stocks where the Fund was 4.8% underweighted versus the index. Overall, sector weightings were a drag on the Funds relative performance versus the index.

Performance attributable to the individual stock weightings within each sector was a mild negative for the Fund during this reporting period with overweights in financials being the biggest positive contributor and underweights in health care being the biggest negative contributors.

4 Nuveen Investments

1 The Russell 3000 Index measures the performance of the 3,000 largest U.S. companies based on total market capitalization, which represents approximately 98% of the investable U.S. equity market. The index returns assume reinvestment of dividends and do not reflect any applicable sales charges. You cannot invest directly in an index.

Class I Shares – Average Annual Total Returns

As of 6/30/09

	1-Year	Since Inception (7/01/2008)
Nuveen U.S. Equity Completeness Fund
I Shares	-28.96%	-28.96%
Russell 3000 Index1	-26.56%	-26.56%

Returns quoted represent past performance which is no guarantee of future results. Investment returns and principal value will fluctuate so that when shares are redeemed, they may be worth more or less than their original cost. Current performance may be higher or lower than the performance shown. Class I Shares have no sales charge. Returns do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or the redemption of shares. For the most recent month-end performance, visit www.nuveen.com or call (800) 257-8787.

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

Nuveen Investments 5

Nuveen U.S. Equity Completeness Fund

Growth of an Assumed $10,000 Investment

The graph does not reflect the deduction of taxes that a shareholder may pay on Fund distributions or the redemption of shares.

The index comparison shows the change in value of a $10,000 investment in the Nuveen U.S. Equity Completeness Fund compared with the Russell 3000 Index. The Russell 3000 Index measures the performance of the 3,000 largest U.S. companies based on total market capitalization, which represents approximately 98% of the investable U.S. equity market. The index returns assume reinvestment of dividends and do not reflect any applicable sales charges. You cannot invest directly in an index. The Nuveen U.S. Equity Completeness Fund’s total return includes reinvestment of all dividends and distributions. The performance data quoted represents past performance, which is not indicative of future results. Current performance may be lower or higher than the performance shown.

6 Nuveen Investments

Fund Spotlight as of 6/30/09Nuveen U.S. Equity Completeness Fund

Quick Facts
NAV	$14.14
Latest Ordinary Income Distribution1	$0.0659
Inception Date	7/01/08

Returns quoted represent past performance which is no guarantee of future results. Investment returns and principal value will fluctuate so that when shares are redeemed, they may be worth more or less than their original cost. Current performance may be higher or lower than the performance shown. Returns do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or the redemption of shares.

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

Average Annual Total Returns as of 6/30/09
	NAV
1-Year	-28.96%
Since Inception	-28.96%

Top Five Common Stock Holdings2
Exxon Mobil Corporation	5.1%
AT&T Inc.	1.8%
General Electric Company	1.7%
Pfizer Inc.	1.6%
Chevron Corporation	1.5%

Portfolio Allocation²

Portfolio Statistics
Net Assets ($000)	$4,742
Number of Common Stocks	1,510

Expense Ratios
	Gross Expense Ratio	Net Expense Ratio	As of Date
	0.79%	0.79%	7/01/08

The expense ratios shown factor in Total Annual Fund Operating Expenses including management fees and other fees and expenses, and are based on an estimated $9.4 million average net asset size for the Fund’s first fiscal year.

These expense ratios may vary from the expense ratios shown elsewhere in this report.

1 Paid December 31, 2008.

2 As a percentage of total investments as of June 30, 2009. Holdings are subject to change.

Nuveen Investments 7

Fund Spotlight as of 6/30/09 Nuveen U.S. Equity Completeness Fund

Industries1
Oil, Gas & Consumable Fuels	10.0%
Pharmaceuticals	5.8%
Diversified Telecommunication Services	4.1%
Commercial Banks	3.7%
Software	3.6%
Insurance	2.9%
Electric Utilities	2.8%
Computers & Peripherals	2.8%
Media	2.7%
Specialty Retail	2.7%
Real Estate	2.5%
Biotechnology	2.5%
Health Care Equipment & Supplies	2.3%
Health Care Providers & Services	2.3%
Semiconductors & Equipment	2.2%
Capital Markets	2.1%
Aerospace & Defense	2.1%
Food & Staples Retailing	2.1%
Industrial Conglomerates	2.1%
Communications Equipment	2.0%
Food Products	2.0%
Multi-Utilities	1.9%
Hotels, Restaurants & Leisure	1.8%
Machinery	1.7%
Household Products	1.7%
Beverages	1.7%
Chemicals	1.6%
Diversified Financial Services	1.6%
Short-Term Investments	3.4%
Other	19.3%

1 As a percentage of total investments as of June 30, 2009. Holdings are subject to change.

Expense Example

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

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

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

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

	Actual Performance		Hypothetical Performance (5% return before expenses)
Beginning Account Value (1/01/09)	$	1,000.00	$	1,000.00
Ending Account Value (6/30/09)	$	1,015.80	$	1,020.83
Expenses Incurred During Period	$	3.99	$	4.00

Expenses are equal to the Fund’s annualized net expense ratio of .80% multiplied by the average account value over the period, multiplied by 181/365 (to reflect the one-half year period).

8 Nuveen Investments

Report of

Independent Registered Public Accounting Firm

To the Board of Trustees and Shareholders of

Nuveen Investment Trust:

In our opinion, the accompanying statement of assets and liabilities, including the portfolio of investments, and the related statements of operations, of changes in net assets and the financial highlights present fairly, in all material respects, the financial position of Nuveen U.S. Equity Completeness Fund (a series of the Nuveen Investment Trust, hereafter referred to as the “Fund”) at June 30, 2009, the results of its operations, the changes in its net assets and the financial highlights for the period July 1, 2008 (commencement of operations) through June 30, 2009, in conformity with accounting principles generally accepted in the United States of America. These financial statements and financial highlights (hereafter referred to as “financial statements”) are the responsibility of the Fund’s management; our responsibility is to express an opinion on these financial statements based on our audit. We conducted our audit of these financial statements in accordance with the standards of the Public Company Accounting Oversight Board (United States). Those standards require that we plan and perform the audit to obtain reasonable assurance about whether the financial statements are free of material misstatement. An audit includes examining, on a test basis, evidence supporting the amounts and disclosures in the financial statements, assessing the accounting principles used and significant estimates made by management, and evaluating the overall financial statement presentation. We believe that our audit, which included confirmation of securities at June 30, 2009 by correspondence with the custodian and brokers, provides a reasonable basis for our opinion.

PRICEWATERHOUSECOOPERS LLP

Chicago, IL

August 24, 2009

Nuveen Investments 9

Portfolio of Investments

Nuveen U.S. Equity Completeness Fund

June 30, 2009

Shares	Description (1)	Value
	COMMON STOCKS – 96.7%
	Aerospace & Defense – 2.1%
20	AAR Corporation, (2)	$	321
40	Alliant Techsystems Inc., (2)		3,294
10	Applied Signal Technology, Inc.		255
100	Argon ST, Inc., (2)		2,057
10	BE Aerospace Inc., (2)		144
190	Boeing Company		8,075
60	Ceradyne Inc., (2)		1,060
70	Curtiss Wright Corporation		2,081
10	Ducommon Inc.		188
40	GenCorp Inc., (2)		76
140	General Dynamics Corporation		7,755
90	Herley Industries, Inc., (2)		987
120	Hexcel Corporation, (2)		1,144
350	Honeywell International Inc.		10,990
140	ITT Industries, Inc.		6,230
30	L-3 Communications Holdings, Inc.		2,081
90	Lockheed Martin Corporation		7,259
10	Moog Inc., Class A Shares, (2)		258
200	Northrop Grumman Corporation		9,136
30	Precision Castparts Corporation		2,191
150	Raytheon Company		6,665
260	Spirit AeroSystems Holdings Inc., (2)		3,572
90	Stanley, Inc., (2)		2,959
30	Teledyne Technologies Inc., (2)		983
10	TransDigm Group Inc., (2)		362
80	Triumph Group Inc.		3,200
300	United Technologies Corporation		15,588
	Total Aerospace & Defense		98,911
	Air Freight & Logistics – 0.6%
10	Atlas Air Worldwide Holdings Inc., (2)		232
90	C.H. Robinson Worldwide, Inc.		4,694
50	Dynamex, Inc., (2)		770
30	Expeditors International of Washington, Inc.		1,000
120	FedEx Corporation		6,674
10	Forward Air Corporation		213
120	Hub Group, Inc., (2)		2,477
200	United Parcel Service, Inc., Class B		9,998
120	UTI Worldwide, Inc.		1,368
	Total Air Freight & Logistics		27,426
	Airlines – 0.2%
80	Alaska Air Group, Inc., (2)		1,461
30	Allegiant Travel Company, (2)		1,189
70	Delta Air Lines, Inc., (2)		405
260	Republic Airways Holdings, Inc., (2)		1,698

10 Nuveen Investments

Shares	Description (1)	Value
	Airlines (continued)
520	Southwest Airlines Co.	$	3,500
20	UAL Corporation, (2)		64
360	US Airways Group Inc., (2)		875
	Total Airlines		9,192
	Auto Components – 0.3%
90	Autoliv Inc., (2)		2,589
120	Cooper Tire & Rubber		1,190
20	Dorman Products, Inc., (2)		277
80	Drew Industries Inc., (2)		974
10	Exide Technologies, (2)		37
10	Gentex Corporation		116
160	Johnson Controls, Inc.		3,475
40	Modine Manufacturing Company		192
110	Superior Industries International Inc.		1,551
270	TRW Automotive Holdings Corporation, (2)		3,051
	Total Auto Components		13,452
	Automobiles – 0.2%
1,160	Ford Motor Company, (2)		7,041
70	Harley-Davidson, Inc.		1,135
20	Thor Industries, Inc.		367
90	Winnebago Industries Inc.		669
	Total Automobiles		9,212
	Beverages – 1.7%
40	Boston Beer Company, (2)		1,184
30	Central European Distribution Corporation, (2)		797
10	Coca Cola Bottling Company Consolidated		551
620	Coca-Cola Company		29,754
540	Coca-Cola Enterprises Inc.		8,991
40	Constellation Brands, Inc., Class A, (2)		507
320	Dr. Pepper Snapple Group, (2)		6,781
40	Hansen Natural Corporation, (2)		1,233
30	Molson Coors Brewing Company, Class B		1,270
50	National Beverage Corporation, (2)		533
130	Pepsi Bottling Group, Inc.		4,399
440	PepsiCo, Inc.		24,182
	Total Beverages		80,182
	Biotechnology – 2.5%
40	Acorda Therapeutics, Inc., (2)		1,128
100	Alexion Pharmaceuticals Inc., (2)		4,112
210	Alkermes Inc., (2)		2,272
30	Alnylam Pharmaceuticals, Inc., (2)		668
570	Amgen Inc., (2)		30,176
80	Amylin Pharmaceuticals Inc., (2)		1,080
30	Arena Pharmaceuticals, Inc., (2)		150
80	Biogen Idec Inc., (2)		3,612

Nuveen Investments 11

Portfolio of Investments

Nuveen U.S. Equity Completeness Fund (continued)

June 30, 2009

Shares	Description (1)	Value
	Biotechnology (continued)
60	Celera Corporation, (2)	$	458
60	Celgene Corporation, (2)		2,870
80	Celldex Therapeutics, Inc., (2)		626
10	Cephalon, Inc., (2)		567
60	Cepheid, Inc., (2)		565
120	Cubist Pharmaceuticals Inc., (2)		2,200
420	Dendreon Corporation, (2)		10,437
110	Emergent BioSolutions, Inc., (2)		1,576
40	Enzon Inc., (2)		315
190	Facet Biotech Corporation, (2)		1,765
60	Genzyme Corporation, (2)		3,340
350	Gilead Sciences, Inc., (2)		16,394
100	GTX, Inc., (2)		923
50	Intermune, Inc., (2)		760
190	ISIS Pharmaceuticals, Inc., (2)		3,135
70	Martek Biosciences Corporation, (2)		1,481
140	Medarex Inc., (2)		1,169
10	Medivation, Inc., (2)		224
90	Metabolix, Inc., (2)		740
80	Momenta Pharmaceuticals, Inc., (2)		962
170	Myriad Genentics Inc., (2)		6,061
42	Myriad Pharmaceuticals Inc., (2)		195
70	Onyx Pharmaceuticals Inc., (2)		1,978
100	OSI Pharmaceuticals, Inc., (2)		2,823
30	Osiris Therapeutics, Inc., (2)		403
260	PDL Biopahrma Inc.		2,054
60	Regeneron Pharmaceuticals, Inc., (2)		1,075
30	Rigel Pharmaceuticals, Inc., (2)		364
90	Seattle Genetics, Inc., (2)		875
110	Theravance Inc., (2)		1,610
20	United Therapeutics Corporation, (2)		1,667
90	Vertex Pharmaceuticals Inc., (2)		3,208
100	ZymoGenetics, Inc., (2)		460
	Total Biotechnology		116,478
	Building Products – 0.2%
80	Aaon, Inc.		1,594
10	Apogee Enterprises, Inc.		123
90	Lennox International Inc.		2,890
80	Masco Corporation		766
30	Owens Corning, (2)		383
110	Simpson Manufacturing Company Inc.		2,378
140	USG Corporation, (2)		1,410
	Total Building Products		9,544
	Capital Markets – 2.1%
80	American Capital Limited		257

12 Nuveen Investments

Shares	Description (1)	Value
	Capital Markets (continued)
60	Ameriprise Financial, Inc.	$	1,456
310	Bank of New York Company, Inc.		9,086
10	BlackRock Inc.		1,754
30	Calamos Asset Management, Inc. Class A		423
520	Charles Schwab Corporation		9,121
80	Cohen & Steers Inc.		1,196
10	Duff & Phelps Corporation, Class A		178
180	Eaton Vance Corporation		4,815
150	Federated Investors Inc.		3,614
50	Franklin Resources, Inc.		3,601
40	GFI Group, Inc.		270
110	Goldman Sachs Group, Inc.		16,218
30	Greenhill & Co Inc.		2,166
230	Hercules Technology Growth Capital, Inc.		1,923
190	Invesco LTD		3,386
50	Janus Capital Group Inc.		570
100	Knight Trading Group Inc., (2)		1,705
90	Lazard Limited		2,423
180	Legg Mason, Inc.		4,388
260	Morgan Stanley		7,413
60	Northern Trust Corporation		3,221
60	OptionsXpress Holdings Inc.		932
20	Piper Jaffray Companies, (2)		873
140	RiskMetrics Group, Inc., (2)		2,472
20	SEI Investments Company		361
100	State Street Corporation		4,720
40	Stifel Financial Corporation, (2)		1,924
70	T. Rowe Price Group Inc.		2,917
323	TD Ameritrade Holding Corporation, (2)		5,665
30	TradeStation Group, Inc., (2)		254
30	Waddell & Reed Financial, Inc., Class A		791
	Total Capital Markets		100,093
	Chemicals – 1.6%
110	Air Products & Chemicals Inc.		7,105
20	Airgas, Inc.		811
10	Albemarle Corporation		256
100	American Vanguard Corp.		1,130
20	Cabot Corporation		252
130	Calgon Carbon Corporation, (2)		1,806
30	Celanese Corporation, Series A		713
10	CF Industries Holdings, Inc.		741
10	Cytec Industries, Inc.		186
350	Dow Chemical Company		5,649
460	E.I. Du Pont de Nemours and Company		11,785
30	Eastman Chemical Company		1,137

Nuveen Investments 13

Portfolio of Investments

Nuveen U.S. Equity Completeness Fund (continued)

June 30, 2009

Shares	Description (1)	Value
	Chemicals (continued)
70	Ecolab Inc.	$	2,729
20	FMC Corporation		946
30	Gen Tek Inc., (2)		670
80	H.B. Fuller Company		1,502
390	Huntsman Corporation		1,962
90	Innophos Holdings, Inc.		1,520
40	Innospec, Inc.		430
10	Koppers Holdings Inc.		264
20	Landec Corporation, (2)		136
30	Lubrizol Corporation		1,419
110	Monsanto Company		8,177
10	Mosaic Company		443
50	NewMarket Corporation		3,367
90	Olin Corporation		1,070
30	PolyOne Corporation, (2)		81
90	PPG Industries, Inc.		3,951
80	Praxair, Inc.		5,686
40	Quaker Chemical Corporation		532
10	Rockwood Holdings Inc., (2)		146
140	RPM International, Inc.		1,966
30	Scotts Miracle Gro Company		1,052
130	Sensient Technologies Corporation		2,934
40	Sigma-Aldrich Corporation		1,982
310	Solutia Inc., (2)		1,786
20	Stepan Company		883
20	Valspar Corporation		451
30	Zoltek Companies, Inc., (2)		292
	Total Chemicals		77,948
	Commercial Banks – 3.7%
10	Arrow Financial Corporation		270
40	Associated Banc-Corp.		500
100	BancorpSouth Inc.		2,053
10	Bank of the Ozarks, Inc.		216
520	BB&T Corporation		11,430
230	Boston Private Financial Holdings Inc.		1,030
10	Bryn Mawr Bank		189
50	Capital City Bank		843
70	Cardinal Financial Corporation		548
180	Cathay General Bancorp.		1,712
30	Chemical Financial Corporation		597
90	Citizens Republic Bancorp., (2)		64
40	City Holding Company		1,214
200	Colonial BancGroup Inc.		124
130	Comerica Incorporated		2,750
10	Commerce Bancshares Inc.		318

14 Nuveen Investments

Shares	Description (1)	Value
	Commercial Banks (continued)
170	Community Bank System Inc.	$	2,475
30	Community Trust Bancorp, Inc.		803
50	Cullen/Frost Bankers, Inc.		2,306
80	CVB Financial		478
40	East West Bancorp Inc.		260
50	Enterprise Financial Services Corporation		455
200	F.N.B. Corporation PA		1,238
20	Farmers Capital Bank Corporation		503
170	Fifth Third Bancorp.		1,207
40	First Bancorp Maine		779
70	First Bancorp of North Carolina, Inc.		1,098
390	First Bancorp of Puerto Rico		1,541
230	First Commonwealth Financial Corporation		1,458
40	First Financial Bancorp.		301
30	First Financial Bankshares, Inc.		1,511
60	First Financial Corporation		1,895
223	First Horizon National Corporation, (2)		2,682
20	First Merchants Corporation		161
30	First Midwest Bancorp, Inc.		219
211	FirstMerit Corporation		3,583
40	Frontier Financial Corporation		48
160	Fulton Financial Corporation		834
20	Glacier Bancorp, Inc.		295
20	Greene County Bankshares, Inc.		90
50	Hancock Holding Company		1,625
80	Harleysville National Corporation		376
70	Home Bancshares, Inc.		1,333
20	Huntington BancShares Inc.		84
50	IberiaBank Corporation		1,971
20	Independent Bank Corporation		394
150	International Bancshares Corporation		1,547
100	Investors Bancorp, Inc., (2)		916
170	KeyCorp.		891
40	M&T Bank Corporation		2,037
100	Mainsource Financial Group		742
20	Marshall and Ilsley Corporation		96
130	MB Financial, Inc.		1,325
320	National Penn Bancshares, Inc.		1,475
100	NBT Bancorp, Inc.		2,171
30	Northfield Bancorp Inc.		349
220	Old National Bancorp.		2,160
270	Pacific Capital Bancorp.		578
50	Pacwest Bancorp.		658
30	Park National Corporation		1,694
40	Peoples Bancorp, Inc.		682

Nuveen Investments 15

Portfolio of Investments

Nuveen U.S. Equity Completeness Fund (continued)

June 30, 2009

Shares	Description (1)	Value
	Commercial Banks (continued)
40	Pinnacle Financial Partners, Inc., (2)	$	533
170	PNC Financial Services Group, Inc.		6,598
50	Popular, Inc.		110
30	Privatebancorp, Inc.		667
100	Prosperity Bancshares, Inc.		2,983
500	Regions Financial Corporation		2,020
130	S&T Bancorp, Inc.		1,581
70	Sandy Spring Bancorp, Inc.		1,029
30	Shore Bancshares, Inc.		538
60	Signature Bank, (2)		1,627
10	Simmons First National Corporation		267
10	Southside Bancshares, Inc.		229
90	Sterling Bancshares Inc.		570
340	Sterling Financial Corporation		989
230	SunTrust Banks, Inc.		3,784
260	Susquehanna Bancshares Inc.		1,271
40	SVB Financial Group, (2)		1,089
30	Synovus Financial Corp.		90
120	TCF Financial Corporation		1,604
80	Texas Capital BancShares, Inc., (2)		1,238
40	The South Financial Group Inc.		48
20	Towne Bank		280
80	Trustmark Corporation		1,546
660	U.S. Bancorp		11,827
80	UMB Financial Corporation		3,041
70	Umpqua Holdings Corporation		543
70	United Bankshares, Inc.		1,368
121	United Community Banks, Inc., (2)		724
10	Univest Corporation of Pennsylvania		203
30	Valley National Bancorp.		351
10	Washington Trust Bancorp, Inc.		178
290	Webster Financial Corporation		2,335
1,820	Wells Fargo & Company		44,153
50	WesBanco, Inc.		727
50	Westamerica Bancorp.		2,481
70	Whitney Holding Corporation		641
30	Wilmington Trust Corporation		410
50	Wintrust Financial Corporation		804
100	Yadkin Valley Financial Corporation		691
	Total Commercial Banks		174,350
	Commercial Services & Supplies – 1.0%
80	ABM Industries Inc.		1,446
70	American Ecology Corporation		1,254
30	Cenveo Inc., (2)		127
90	Cintas Corporation		2,056

16 Nuveen Investments

Shares	Description (1)	Value
	Commercial Services & Supplies (continued)
10	Corrections Corporation of America, (2)	$	170
30	Covanta Holding Corporation, (2)		509
50	Ennis Inc.		623
70	Geo Group Inc., (2)		1,301
100	GeoEye, Inc., (2)		2,356
110	Healthcare Services Group, Inc.		1,967
10	Iron Mountain Inc., (2)		288
190	Knoll Inc.		1,440
10	Miller (Herman) Inc.		153
110	Mine Safety Appliances Company		2,651
10	Mobile Mini, Inc., (2)		147
60	R.R. Donnelley & Sons Company		697
100	Republic Services, Inc.		2,441
60	Rollins Inc.		1,039
100	Standard Parking Corporation, (2)		1,629
220	Steelcase Inc.		1,280
160	Sykes Enterprises Inc., (2)		2,894
60	Team, Inc., (2)		940
90	Tetra Tech, Inc., (2)		2,579
20	Viad Corporation		344
190	Waste Connections Inc., (2)		4,923
370	Waste Management, Inc.		10,419
80	Waste Services, Inc., (2)		414
	Total Commercial Services & Supplies		46,087
	Communications Equipment – 2.0%
560	3COM Corporation, (2)		2,638
170	ADC Telecommunications Inc., (2)		1,353
160	ADTRAN, Inc.		3,435
220	Airvana Inc., (2)		1,401
30	Arris Group Inc., (2)		365
40	Avocent Corporation, (2)		558
30	BigBand Networks, Inc., (2)		155
30	Blue Coat Systems Inc., (2)		496
1,590	Cisco Systems, Inc., (2)		29,638
20	Cogo Group Inc., (2)		119
130	CommScope Inc., (2)		3,414
160	Comtech Telecom Corporation, (2)		5,101
90	DG FastChannel, (2)		1,647
10	Echostar Holding Corporation, Class A, (2)		159
10	Emulex Corporation, (2)		98
100	F5 Networks, Inc., (2)		3,459
160	Globecom Systems, Inc., (2)		1,150
10	Harris Corporation		284
10	Hughes Communications, Inc., (2)		228
310	Infinera Corporation, (2)		2,830

Nuveen Investments 17

Portfolio of Investments

Nuveen U.S. Equity Completeness Fund (continued)

June 30, 2009

Shares	Description (1)	Value
	Communications Equipment (continued)
70	Interdigital Inc., (2)	$	1,711
250	IXIA, (2)		1,685
120	Juniper Networks Inc., (2)		2,832
420	Motorola, Inc.		2,785
40	Netgear, Inc., (2)		576
240	Palm Inc., (2)		3,977
10	Plantronics Inc.		189
160	Polycom Inc., (2)		3,243
310	QUALCOMM Inc.		14,012
70	Riverbed Technology, Inc., (2)		1,623
240	ShoreTel, Inc., (2)		1,920
10	Starent Networks Corporation, (2)		244
30	Symmetricom Inc., (2)		173
30	Tekelec, (2)		505
10	ViaSat, Inc., (2)		256
	Total Communications Equipment		94,259
	Computers & Peripherals – 2.8%
150	Apple, Inc., (2)		21,365
90	Avid Technology Inc., (2)		1,207
620	Dell Inc., (2)		8,513
30	Electronics For Imaging, (2)		320
690	EMC Corporation, (2)		9,039
620	Hewlett-Packard Company		23,963
140	Immersion Corporation, (2)		692
180	Intermec Inc, (2)		2,322
350	International Business Machines Corporation (IBM)		36,547
230	Network Appliance Inc., (2)		4,536
330	QLogic Corporation, (2)		4,184
80	Rimage Corporation, (2)		1,329
40	SanDisk Corporation, (2)		588
490	Seagate Technology		5,125
40	Silicon Graphics International Corporation, (2)		182
60	Stratasys, Inc., (2)		659
320	Sun Microsystems Inc., (2)		2,950
90	Synaptics, Inc., (2)		3,479
260	Western Digital Corporation, (2)		6,890
	Total Computers & Peripherals		133,890
	Construction & Engineering – 0.4%
10	AECOM Technology Corporation, (2)		320
100	Emcor Group Inc., (2)		2,012
40	Fluor Corporation		2,052
100	Granite Construction Inc.		3,328
10	Layne Christensen Company, (2)		205
80	MasTec Inc., (2)		938
30	Michael Baker Corporation, (2)		1,271

18 Nuveen Investments

Shares	Description (1)	Value
	Construction & Engineering (continued)
10	Pike Electric Corporation, (2)	$	121
30	Shaw Group Inc., (2)		822
10	Sterling Construction Company, Inc., (2)		153
120	Tutor Perini Corporation, (2)		2,083
150	URS Corporation, (2)		7,428
	Total Construction & Engineering		20,733
	Construction Materials – 0.1%
160	Headwater Inc., (2)		538
10	Martin Marietta Materials		789
20	Texas Industries Inc.		627
50	Vulcan Materials Company		2,155
	Total Construction Materials		4,109
	Consumer Finance – 0.3%
40	Advance America Cash Advance Centers Inc		177
310	American Express Company		7,204
170	Capital One Financial Corporation		3,720
90	Credit Acceptance Corporation, (2)		1,967
70	Discover Financial Services		719
70	EZCORP, Inc., (2)		755
30	First Cash Financial Services, Inc., (2)		526
30	Nelnet Inc., (2)		408
10	World Acceptance Corporation, (2)		199
	Total Consumer Finance		15,675
	Containers & Packaging – 0.4%
30	AEP Industries, Inc., (2)		792
40	AptarGroup Inc.		1,351
40	Ball Corporation		1,806
90	Bemis Company, Inc.		2,268
20	Crown Holdings Inc., (2)		483
60	Owens-Illinois, Inc., (2)		1,681
170	Packaging Corp. of America		2,754
210	Pactiv Corporation, (2)		4,557
140	Sealed Air Corporation		2,583
120	Sonoco Products Company		2,874
	Total Containers & Packaging		21,149
	Distributors – 0.2%
60	Core-Mark Holding Company, Inc., (2)		1,564
200	Genuine Parts Company		6,712
	Total Distributors		8,276
	Diversified Consumer Services – 0.3%
20	American Public Education Inc., (2)		792
60	Apollo Group, Inc., (2)		4,267
20	Capella Education Company, (2)		1,199
130	Corinthian Colleges Inc., (2)		2,201
40	Grand Canyon Education Inc., (2)		671

Nuveen Investments 19

Portfolio of Investments

Nuveen U.S. Equity Completeness Fund (continued)

June 30, 2009

Shares	Description (1)	Value
	Diversified Consumer Services (continued)
60	H & R Block Inc.	$	1,034
30	ITT Educational Services, Inc., (2)		3,020
150	Jackson Hewitt Tax Services Inc.		939
20	K12, Inc., (2)		431
10	Regis Corporation		174
110	Sothebys Holdings Inc.		1,552
10	Universal Technical Institute Inc., (2)		149
	Total Diversified Consumer Services		16,429
	Diversified Financial Services – 1.6%
1,250	Bank of America Corporation		16,500
1,040	Citigroup Inc.		3,089
10	CME Group, Inc.		3,111
110	Financial Federal Corporation		2,261
40	Interactive Brokers Group, Inc., (2)		621
10	Intercontinental Exchange, Inc., (2)		1,142
960	JPMorgan Chase & Co.		32,746
20	Leucadia National Corporation, (2)		422
150	Marketaxess, (2)		1,430
80	Moody’s Corporation		2,108
100	MSCI Inc., Class A Shares, (2)		2,444
30	Nasdaq Stock Market, Inc., (2)		639
40	New York Stock Exchange Euronext		1,090
260	PHH Corporation, (2)		4,727
50	Portfolio Recovery Associates, Inc., (2)		1,937
	Total Diversified Financial Services		74,267
	Diversified Telecommunication Services – 4.1%
20	Alaska Communications Systems Group Inc.		146
3,510	AT&T Inc.		87,188
60	Atlantic Tele-Network, Inc.		2,357
30	Cbeyond Inc., (2)		431
210	CenturyTel, Inc.		6,447
100	CLearwire Corporation, (2)		553
200	Consolidated Communications Holdings, Inc.		2,342
60	Embarq Corporation		2,524
780	Frontier Communications Corporation		5,569
240	General Communication, Inc., (2)		1,663
100	Global Crossing Limited, (2)		918
100	Iowa Telecommunications Services, Inc.		1,251
90	NTELOS Holdings Corporation		1,658
90	Premiere Global Services, Inc., (2)		976
3,260	Qwest Communications International Inc.		13,529
70	TW Telecom Inc., (2)		719
1,910	Verizon Communications Inc.		58,694
930	Windstream Corporation		7,775
	Total Diversified Telecommunication Services		194,740

20 Nuveen Investments

Shares	Description (1)	Value
	Electric Utilities – 2.8%
20	Allegheny Energy, Inc.	$	513
310	American Electric Power Company, Inc.		8,956
90	Cleco Corporation		2,018
190	DPL Inc.		4,402
780	Duke Energy Corporation		11,380
140	Edison International		4,404
160	El Paso Electric Company, (2)		2,234
60	Entergy Corporation		4,651
350	Exelon Corporation		17,924
330	FirstEnergy Corp.		12,788
280	FPL Group, Inc.		15,921
30	Great Plains Energy Incorporated		467
80	IDACORP, INC		2,091
90	ITC Holdings Corporation		4,082
110	Northeast Utilities		2,454
140	Pepco Holdings, Inc.		1,882
70	Pinnacle West Capital Corporation		2,111
100	Portland General Electric Company		1,948
250	PPL Corporation		8,240
180	Progress Energy, Inc.		6,809
450	Southern Company		14,022
40	UIL Holdings Corporation		898
40	Unisource Energy Corporation		1,062
160	Westar Energy Inc.		3,003
	Total Electric Utilities		134,260
	Electrical Equipment – 0.8%
50	Acuity Brands Inc.		1,403
90	Ametek Inc.		3,112
40	AZZ Inc., (2)		1,376
150	Baldor Electric Company		3,569
10	Belden Inc.		167
40	Brady Corporation		1,005
360	Emerson Electric Company		11,664
40	Encore Wire Corporation		854
10	Energy Conversion Devices Inc., (2)		142
10	EnerSys, (2)		182
10	First Solar Inc., (2)		1,621
50	Franklin Electric Company, Inc.		1,296
40	General Cable Corporation, (2)		1,503
220	GrafTech International Ltd., (2)		2,488
250	GT Solar International Inc., (2)		1,330
30	II VI Inc., (2)		665
10	Regal-Beloit Corporation		397
100	Thomas & Betts Corporation, (2)		2,886

Nuveen Investments 21

Portfolio of Investments

Nuveen U.S. Equity Completeness Fund (continued)

June 30, 2009

Shares	Description (1)	Value
	Electrical Equipment (continued)
60	Woodward Governor Company	$	1,188
	Total Electrical Equipment		36,848
	Electronic Equipment & Instruments – 1.0%
30	Agilent Technologies, Inc., (2)		609
100	Agilysys Inc.		468
100	Amphenol Corporation, Class A		3,164
130	Anixter International Inc., (2)		4,887
240	Avnet Inc., (2)		5,047
20	Benchmark Electronics Inc., (2)		288
170	China Security and Surveillance Techology Inc., (2)		1,282
70	Comverge, Inc., (2)		847
500	Corning Incorporated		8,030
220	CTS Corporation		1,441
30	Daktronics Inc.		231
10	Dolby Laboratories, Inc., (2)		373
130	Electro Rent Corporation		1,234
10	FARO Technologies, Inc., (2)		155
10	FLIR Systems Inc., (2)		226
580	Jabil Circuit Inc.		4,304
220	L-1 Identity Solutions Inc., (2)		1,703
30	Methode Electronics, Inc.		211
60	MTS Systems Corporation		1,239
10	OSI Systems Inc., (2)		209
90	Plexus Corporation, (2)		1,841
110	Radisys Corporation, (2)		991
10	Rogers Corporation, (2)		202
30	ScanSource, Inc., (2)		736
10	SYNNEX Corporation, (2)		250
60	Tech Data Corporation, (2)		1,963
160	Technitrol, Inc.		1,035
190	TTM Technologies, Inc., (2)		1,512
240	Tyco Electronics, Limited		4,462
	Total Electronic Equipment & Instruments		48,940
	Energy Equipment & Services – 1.2%
150	Baker Hughes Incorporated		5,466
10	Bristow Group Inc., (2)		296
60	Bronco Drilling Company, Inc., (2)		257
30	Complete Production Services, (2)		191
30	Cooper Cameron Corporation, (2)		849
60	Dril Quip Inc., (2)		2,286
130	ENGlobal Corporation, (2)		640
20	ENSCO International Incorporated		697
60	Exterran Holdings, Inc., (2)		962
30	Global Industries, Limited, (2)		170
50	Gulfmark Offshore Inc., (2)		1,380

22 Nuveen Investments

Shares	Description (1)	Value
	Energy Equipment & Services (continued)
290	Halliburton Company	$	6,003
40	Helix Energy Solutions Group, (2)		435
20	Hercules Offshore Inc., (2)		79
10	Lufkin Industries Inc.		421
20	Matrix Service Company, (2)		230
30	Natco Group, (2)		988
200	National-Oilwell Varco Inc., (2)		6,532
10	Natural Gas Services Group, (2)		133
30	Noble Corporation		908
50	Oceaneering International Inc., (2)		2,260
60	Oil States International Inc., (2)		1,453
30	PHI Inc Non-Voting, (2)		514
50	Pride International Inc., (2)		1,253
220	Schlumberger Limited		11,904
30	SeaCor Smit Inc., (2)		2,257
80	Smith International, Inc.		2,060
30	Superior Energy Services, Inc., (2)		518
70	Superior Well Services, Inc., (2)		417
40	Tidewater Inc.		1,715
10	Transocean Inc., (2)		743
40	Weatherford International Ltd, (2)		782
10	Willbros Group Inc., (2)		125
	Total Energy Equipment & Services		54,924
	Food & Staples Retailing – 2.1%
30	Andersons, Inc.		898
10	Arden Group, Inc.		1,251
160	Costco Wholesale Corporation		7,312
610	CVS Caremark Corporation		19,441
20	Great Atlantic & Pacific Tea Company Inc., (2)		85
520	Kroger Co.		11,466
50	PriceSmart, Inc.		838
210	Safeway Inc.		4,278
170	Sysco Corporation		3,822
50	United Natural Foods Inc., (2)		1,313
10	Village Super Market, Inc.		298
270	Walgreen Co.		7,938
780	Wal-Mart Stores, Inc.		37,783
60	Weis Markets Inc.		2,011
	Total Food & Staples Retailing		98,734
	Food Products – 2.0%
20	Alico Inc.		600
240	Archer-Daniels-Midland Company		6,425
40	Bunge Limited		2,410
20	Calavo Growers, Inc.		397
150	Campbell Soup Company		4,413

Nuveen Investments 23

Portfolio of Investments

Nuveen U.S. Equity Completeness Fund (continued)

June 30, 2009

Shares	Description (1)	Value
	Food Products (continued)
490	ConAgra Foods, Inc.	$	9,339
70	Darling International Inc., (2)		462
20	Del Monte Foods Company		188
20	Diamond Foods Inc.		558
30	Farmer Brothers Company		686
100	Flowers Foods Inc.		2,184
80	Fresh Del Monte Produce Inc., (2)		1,301
220	General Mills, Inc.		12,324
220	H.J. Heinz Company		7,854
10	Hain Celestial Group Inc., (2)		156
70	Hershey Foods Corporation		2,520
30	J&K Snack Foods Corporation		1,077
50	JM Smucker Company		2,433
90	Kellogg Company		4,191
630	Kraft Foods Inc.		15,964
30	Lancaster Colony Corporation		1,322
60	Lance, Inc.		1,388
60	Ralcorp Holdings Inc., (2)		3,655
30	Sanderson Farms Inc.		1,350
690	Sara Lee Corporation		6,734
60	Smithfield Foods, Inc., (2)		838
30	Tootsie Roll Industries Inc.		681
170	Zhongpin Inc., (2)		1,761
	Total Food Products		93,211
	Gas Utilities – 0.4%
30	Atmos Energy Corporation		751
20	Energen Corporation		798
10	EQT Corporation		349
50	New Jersey Resources Corporation		1,852
70	Nicor Inc.		2,423
60	ONEOK, Inc.		1,769
100	Piedmont Natural Gas Company		2,411
60	Questar Corporation		1,864
90	South Jersey Industries Inc.		3,140
70	WGL Holdings Inc.		2,241
	Total Gas Utilities		17,598
	Health Care Equipment & Supplies – 2.3%
10	Abaxis, Inc., (2)		205
120	Abiomed, Inc., (2)		1,058
150	Accuray, Inc., (2)		1,001
110	Align Technology, Inc., (2)		1,166
80	American Medical Systems Holdings, Inc., (2)		1,264
10	AngioDynamics, Inc., (2)		133
210	Baxter International, Inc.		11,122
10	Beckman Coulter, Inc.		571

24 Nuveen Investments

Shares	Description (1)	Value
	Health Care Equipment & Supplies (continued)
80	Becton, Dickinson and Company	$	5,705
480	Boston Scientific Corporation, (2)		4,867
20	C. R. Bard, Inc.		1,489
40	Conceptus Inc., (2)		676
170	Covidien PLC		6,365
30	CryoLife Inc., (2)		166
40	Cyberonics, (2)		665
30	Cynosure, Inc., (2)		230
50	DENTSPLY International Inc.		1,526
240	DexCom, Inc., (2)		1,486
40	Edwards Lifesciences Corporation, (2)		2,721
70	ev3, Inc., (2)		750
40	Exactech, Inc., (2)		580
30	Gen-Probe, Inc., (2)		1,289
130	Greatbatch, Inc., (2)		2,939
30	Haemonetics Corporation, (2)		1,710
70	Hologic Inc., (2)		996
140	Hospira Inc., (2)		5,393
10	ICU Medical, Inc., (2)		412
30	Idexx Labs Inc., (2)		1,386
90	Immucor, Inc., (2)		1,238
60	Insulet Corporation, (2)		462
20	Integra Lifesciences Holdings Corporation, (2)		530
110	Invacare Corporation		1,942
20	Inverness Medical Innovation, (2)		712
10	IRIS International, Inc., (2)		118
30	Kinetic Concepts Inc., (2)		818
80	Masimo Corporation, (2)		1,929
60	Medical Action Industries, Inc., (2)		687
260	Medtronic, Inc.		9,071
40	Meridian Bioscience, Inc.		903
50	Merit Medical Systems, Inc., (2)		815
70	Micrus Endovascular Corporation, (2)		633
90	Neogen Corporation, (2)		2,608
50	NuVasive, Inc., (2)		2,230
100	OraSure Technologies, Inc., (2)		247
30	Quidel Corporation, (2)		437
10	ResMed Inc., (2)		407
60	Saint Jude Medical Inc., (2)		2,466
30	Somanetics Corporation, (2)		495
80	SonoSite, Inc., (2)		1,605
130	Steris Corporation		3,390
120	Stryker Corporation		4,769
20	Surmodics Inc., (2)		453
10	Synovis Life Technologies, Inc., (2)		208

Nuveen Investments 25

Portfolio of Investments

Nuveen U.S. Equity Completeness Fund (continued)

June 30, 2009

Shares	Description (1)	Value
	Health Care Equipment & Supplies (continued)
10	Teleflex Inc.	$	448
120	Thoratec Corporation, (2)		3,214
30	Varian Medical Systems, Inc., (2)		1,054
180	Volcano Corporation, (2)		2,516
10	West Pharmaceutical Services Inc.		349
30	Wright Medical Group, Inc., (2)		488
120	Zimmer Holdings, Inc., (2)		5,112
20	Zoll Medical Corporation, (2)		387
	Total Health Care Equipment & Supplies		110,612
	Health Care Providers & Services – 2.3%
100	Aetna Inc.		2,505
10	Air Methods Corporation, (2)		274
30	Almost Family, Inc., (2)		783
40	Amedisys, Inc., (2)		1,321
90	AmericGroup Corporation, (2)		2,417
80	AmerisourceBergen Corporation		1,419
40	AmSurg Corporation, (2)		858
10	Assisted Living Concepts Inc., (2)		146
30	Bio-Reference Laboratories, Inc., (2)		948
70	Brookdale Senior Living Inc.		682
90	Cardinal Health, Inc.		2,750
20	CardioNet Inc., (2)		326
70	Catalyst Health Soltuions Inc., (2)		1,746
60	Centene Corporation, (2)		1,199
30	Chemed Corporation		1,184
60	CIGNA Corporation		1,445
30	Community Health Systems Inc., (2)		758
20	Corvel Corporation, (2)		455
50	Coventry Health Care, Inc., (2)		936
20	Cross Country Healthcare, Inc., (2)		137
20	Emergency Medical Services Corporation, (2)		736
60	Emeritus Corporation, (2)		793
50	Express Scripts, Inc., (2)		3,438
50	Gentiva Health Services, Inc., (2)		823
120	Hanger Orthopedic Group Inc., (2)		1,631
520	Health Management Associates Inc., (2)		2,569
90	Health Net Inc., (2)		1,400
80	HealthSouth Corporation, (2)		1,155
120	HealthSpring, Inc., (2)		1,303
20	Healthways Inc., (2)		269
20	Henry Schein Inc., (2)		959
40	HMS Holdings Corporation, (2)		1,629
10	Humana Inc., (2)		323
20	Inventiv Health, Inc., (2)		271
10	IPC The Hospitalist Company, Inc., (2)		267

26 Nuveen Investments

Shares	Description (1)	Value
	Health Care Providers & Services (continued)
50	Laboratory Corporation of America Holdings, (2)	$	3,390
40	Landauer Inc.		2,454
70	LHC Group, Inc., (2)		1,555
40	Magellan Health Services, Inc., (2)		1,313
80	McKesson HBOC Inc.		3,520
20	Medax Inc., (2)		843
40	MedCath Corporation, (2)		470
130	Medco Health Solutions, Inc., (2)		5,929
30	Molina Healthcare Inc., (2)		718
80	MWI Veterinary Supply, Inc., (2)		2,789
100	Omnicare, Inc.		2,576
70	Owens and Minor Inc.		3,067
100	Patterson Companies, Inc., (2)		2,170
30	Pharmerica Corporation, (2)		589
90	PSS World Medical Inc., (2)		1,666
200	Psychiatric Solutions, Inc., (2)		4,548
60	Quest Diagnostics Incorporated		3,386
220	Sun Healthcare Group, Inc., (2)		1,857
150	Sunrise Assisted Living Inc., (2)		248
330	UnitedHealth Group Incorporated		8,243
10	Universal Health Services, Inc., Class B		489
40	US Physical Therapy, Inc., (2)		590
310	Wellpoint Inc., (2)		15,776
	Total Health Care Providers & Services		108,041
	Health Care Technology – 0.4%
350	Allscripts Healthcare Solutions Inc., (2)		5,551
50	AthenaHealth Inc., (2)		1,851
50	Cerner Corporation, (2)		3,115
10	Computer Programs and Systems, Inc.		383
80	Eclipsys Corporation, (2)		1,422
80	IMS Health Incorporated		1,016
120	MedAssets Inc., (2)		2,334
150	Omnicell, Inc., (2)		1,613
60	Phase Forward, Inc., (2)		907
30	Quality Systems Inc.		1,709
	Total Health Care Technology		19,901
	Hotels, Restaurants & Leisure – 1.8%
90	Ameristar Casinos, Inc.		1,713
80	Bally Technologies, Inc., (2)		2,394
140	BJ’s Restaurants, Inc., (2)		2,362
30	Boyd Gaming Corporation, (2)		255
240	Brinker International Inc.		4,087
30	Buffalo Wild Wings, Inc., (2)		976
120	California Pizza Kitchen, Inc., (2)		1,595
280	Carnival Corporation		7,216

Nuveen Investments 27

Portfolio of Investments

Nuveen U.S. Equity Completeness Fund (continued)

June 30, 2009

Shares	Description (1)	Value
	Hotels, Restaurants & Leisure (continued)
90	CBRL Group Inc.	$	2,511
100	Cheesecake Factory Inc., (2)		1,730
30	Chipotle Mexican Grill, (2)		2,400
90	Choice Hotels International, Inc.		2,395
180	CKE Restaurants		1,526
170	Darden Restaurants, Inc.		5,607
20	Dominos Pizza Inc., (2)		150
10	Einstein Noah Restaurant Group, (2)		87
30	International Game Technology		477
490	Krispy Kreme Doughnuts Inc., (2)		1,470
10	Life Time Fitness Inc., (2)		200
130	Marcus Corporation		1,368
120	Marriott International, Inc., Class A		2,658
320	McDonald’s Corporation		18,397
10	MGM Mirage Inc., (2)		64
100	Monarch Casino & Resort, Inc., (2)		730
30	P.F. Changs China Bistro, Inc., (2)		962
30	Papa John’s International, Inc., (2)		744
10	Peets Coffee and Tea Inc., (2)		252
90	Penn National Gaming, Inc., (2)		2,620
40	Pinnacle Entertainment Inc., (2)		372
10	Red Robin Gourmet Burgers, Inc., (2)		188
350	Royal Caribbean Cruises Limited		4,739
360	Ruby Tuesday, Inc., (2)		2,398
30	Scientific Games Corporation, (2)		473
10	Speedway Motorsports Inc.		138
190	Starbucks Corporation, (2)		2,639
10	Starwood Hotels & Resorts Worldwide, Inc.		222
110	Tim Hortons Inc.		2,699
50	WMS Industries Inc., (2)		1,576
120	YUM! Brands, Inc.		4,001
	Total Hotels, Restaurants & Leisure		86,391
	Household Durables – 0.6%
20	Beazer Homes USA, Inc., (2)		37
30	Cavco Industries, Inc., (2)		760
30	Centex Corporation		254
20	CSS Industries Inc.		408
170	D.R. Horton, Inc.		1,591
100	Fortune Brands Inc.		3,474
170	Hovnanian Enterprises Inc., (2)		401
40	KB Home		547
200	Leggett and Platt Inc.		3,046
200	Lennar Corporation, Class A		1,938
50	M/I Homes, Inc.		490
10	MDC Holdings Inc.		301

28 Nuveen Investments

Shares	Description (1)	Value
	Household Durables (continued)
100	Meritage Corporation, (2)	$	1,886
20	National Presto Industries Inc.		1,522
70	Newell Rubbermaid Inc.		729
10	Ryland Group Inc.		168
10	Skyline Corporation		218
430	Tempur Pedic International Inc.		5,620
120	Toll Brothers Inc., (2)		2,036
150	Tupperware Corporation		3,903
	Total Household Durables		29,329
	Household Products – 1.7%
10	Church & Dwight Company Inc.		543
100	Clorox Company		5,583
120	Colgate-Palmolive Company		8,489
10	Energizer Holdings Inc., (2)		522
280	Kimberly-Clark Corporation		14,680
1,000	Procter & Gamble Company		51,100
	Total Household Products		80,917
	Independent Power Producers & Energy Traders – 0.2%
90	AES Corporation, (2)		1,045
10	Calpine Corporation, (2)		112
100	Constellation Energy Group		2,658
350	Mirant Corporation, (2)		5,509
30	NRG Energy Inc., (2)		779
	Total Independent Power Producers & Energy Traders		10,103
	Industrial Conglomerates – 2.1%
210	3M Co.		12,621
6,960	General Electric Company		81,571
70	Otter Tail Power Corporation		1,529
50	Standex International Corporation		580
50	Tyco International Ltd.		1,299
	Total Industrial Conglomerates		97,600
	Insurance – 2.9%
10	Ace Limited		442
130	AFLAC Incorporated		4,042
10	Alleghany Corporation, Term Loan, (2)		2,710
190	Allstate Corporation		4,636
250	American Equity Investment Life Holding Company		1,395
70	American Safety Insurance Holdings, (2)		953
10	Amerisafe, Inc., (2)		156
20	Amtrust Financial Services, Inc.		228
160	Aon Corporation		6,059
20	Arch Capital Group Limited, (2)		1,172
40	Argo Group International Holdings Inc., (2)		1,129
70	Arthur J. Gallagher & Co.		1,494
100	Aspen Insurance Holdings Limited		2,234

Nuveen Investments 29

Portfolio of Investments

Nuveen U.S. Equity Completeness Fund (continued)

June 30, 2009

Shares	Description (1)	Value
	Insurance (continued)
40	Assurant Inc.	$	964
70	Axis Capital Holdings Limited		1,833
50	Baldwin & Lyons, Class B		985
20	Brown & Brown Inc.		399
190	Chubb Corporation		7,577
110	Cincinnati Financial Corporation		2,459
20	CNA Financial Corporation		309
40	Delphi Financial Group, Inc.		777
70	eHealth, Inc., (2)		1,236
10	EMC Insurance Group Inc.		208
60	Endurance Specialty Holdings, Limited		1,758
20	Enstar Group, Limited, (2)		1,177
50	Erie Indemnity Company		1,788
30	Everest Reinsurance Group Ltd		2,147
160	Fidelity National Title Group Inc., Class A		2,165
50	First American Corporation		1,296
120	First Mercury Financial Corporation		1,652
30	Hartford Financial Services Group, Inc.		356
60	HCC Insurance Holdings Inc.		1,441
40	Hilltop Holdings Inc., (2)		475
10	Horace Mann Educators Corporation		100
60	IPC Holdings Limited		1,640
10	Kansas City Life Insurance Company		269
60	Lincoln National Corporation		1,033
110	Loews Corporation		3,014
10	Markel Corporation, (2)		2,817
280	Marsh & McLennan Companies, Inc.		5,636
50	Max Capital Group Limited		923
170	Meadowbrook Insurance Group, Inc.		1,110
190	MetLife, Inc.		5,702
70	Montpelier Re Holdings Limited		930
10	Navigators Group, Inc., (2)		444
410	Old Republic International Corporation		4,039
40	PartnerRe Limited		2,598
60	Platinum Underwriters Holdings Limited		1,715
140	PMA Capital Corporation, Class A, (2)		637
60	Principal Financial Group, Inc.		1,130
40	ProAssurance Corporation, (2)		1,848
320	Progressive Corporation, (2)		4,835
10	Protective Life Corporation		114
60	Prudential Financial, Inc.		2,233
40	RenaisasnceRE Holdings, Limited		1,862
70	RLI Corporation		3,136
90	Selective Insurance Group Inc.		1,149
10	Stewart Information Services Corporation		143

30 Nuveen Investments

Shares	Description (1)	Value
	Insurance (continued)
10	Torchmark Corporation	$	370
60	Tower Group Inc.		1,487
360	Travelers Companies, Inc.		14,774
50	Unitrin, Inc.		601
410	Unum Group		6,503
70	Valdius Holdings Limited		1,539
70	WR Berkley Corporation		1,503
300	XL Capital Ltd, Class A		3,438
60	Zenith National Insurance Corp.		1,304
	Total Insurance		138,228
	Internet & Catalog Retail – 0.4%
70	1-800-Flowers, (2)		134
150	Amazon.com, Inc., (2)		12,549
30	Blue Nile Inc., (2)		1,290
30	Expedia, Inc., (2)		453
60	Liberty Media Holding Corporation Interactive, Class A, (2)		301
60	NetFlix.com Inc., (2)		2,480
50	Nutri System Inc.		725
120	Overstock.com, Inc., (2)		1,435
	Total Internet & Catalog Retail		19,367
	Internet Software & Services – 1.2%
20	Akamai Technologies, Inc., (2)		384
10	Bankrate Inc., (2)		252
40	ComScore Inc., (2)		533
40	DealerTrack Holdings, Inc., (2)		680
60	Digital River, Inc., (2)		2,179
170	Earthlink, Inc., (2)		1,260
310	eBay Inc., (2)		5,310
40	Google Inc., Class A, (2)		16,864
260	Internap Network Services Corporation, (2)		907
30	Internet Brands, Inc., (2)		210
90	j2 Global Communications, Inc., (2)		2,030
160	Mercadolibre, Inc., (2)		4,301
60	ModusLink Global Solutions Inc., (2)		412
280	NIC, Incorporated, (2)		1,896
100	Omniture, Inc., (2)		1,256
290	Perficient, Inc., (2)		2,027
240	Savvis Inc., (2)		2,750
80	Sohu.com Inc., (2)		5,026
80	The Knot, Inc., (2)		630
80	ValueClick, Inc., (2)		842
10	VeriSign, Inc., (2)		185
110	VistaPrint, Limited, (2)		4,692
240	Yahoo! Inc., (2)		3,758
	Total Internet Software & Services		58,384

Nuveen Investments 31

Portfolio of Investments

Nuveen U.S. Equity Completeness Fund (continued)

June 30, 2009

Shares	Description (1)	Value
	IT Services – 1.5%
140	Accenture Limited	$	4,684
120	Acxiom Corporation		1,060
50	Affiliated Computer Services, Inc., (2)		2,221
10	Alliance Data Systems Corporation, (2)		412
170	Automatic Data Processing, Inc.		6,025
10	Broadridge Financial Solutions, Inc.		166
50	CACI International Inc., (2)		2,136
240	Ciber, Inc., (2)		744
60	Cognizant Technology Solutions Corporation, Class A, (2)		1,602
80	Computer Sciences Corporation, (2)		3,544
20	Convergys Corporation, (2)		186
60	CSG Systems International Inc., (2)		794
30	Cybersource Corporation, (2)		459
10	DST Systems Inc., (2)		370
70	Fidelity National Information Services		1,397
90	Fiserv, Inc., (2)		4,113
50	Forrester Research, Inc., (2)		1,228
240	Gartner Inc., (2)		3,662
50	Heartland Payment Systems Inc.		479
10	Lender Processing Services Inc.		278
30	ManTech International Corporation, Class A, (2)		1,291
20	MasterCard, Inc.		3,346
50	Maximus Inc.		2,063
30	Online Resources Corporation, (2)		187
90	Paychex, Inc.		2,268
240	Perot Systems Corporation, (2)		3,439
90	SAIC, Inc., (2)		1,670
290	Sapient Corporation, (2)		1,824
120	SRA International, Inc., (2)		2,107
10	Syntel Inc.		314
120	TeleTech Holdings, Inc., (2)		1,818
50	TNS Inc., (2)		938
50	VeriFone Holdings Inc., (2)		376
120	Visa Inc.		7,471
360	Western Union Company		5,904
	Total IT Services		70,576
	Leisure Equipment & Products – 0.2%
270	Brunswick Corporation		1,166
1,370	Eastman Kodak Company		4,055
40	Hasbro, Inc.		970
30	JAKKS Pacific Inc., (2)		385
150	Mattel, Inc.		2,408
40	RC2 Corporation, (2)		529
	Total Leisure Equipment & Products		9,513

32 Nuveen Investments

Shares	Description (1)	Value
	Life Sciences Tools & Services – 0.6%
20	AMAG Pharmaceuticals Inc., (2)	$	1,093
30	Bio-Rad Laboratories Inc., (2)		2,264
30	Cambrex Corporation, (2)		124
30	Clinical Data, Inc., (2)		331
30	Dionex Corporation, (2)		1,831
20	Enzo Biochem Inc., (2)		89
130	Exelixis, Inc., (2)		633
100	Illumina Inc., (2)		3,894
60	Life Technologies Corporation, (2)		2,503
80	Luminex Corporation, (2)		1,483
20	Millipore Corporation, (2)		1,404
250	Thermo Fisher Scientific, Inc., (2)		10,193
50	Varian Inc., (2)		1,972
10	Waters Corporation, (2)		515
	Total Life Sciences Tools & Services		28,329
	Machinery – 1.7%
110	American Railcar Industries		909
50	Astecx Industries Inc., (2)		1,485
30	Badger Meter Inc.		1,230
60	Barnes Group Inc.		713
30	Blount International Inc., (2)		258
10	Bucyrus International, Inc.		286
220	Caterpillar Inc.		7,269
150	China Fire & Security Group Inc., (2)		1,826
50	CLARCOR, Inc.		1,460
20	Columbus McKinnon Corporation NY, (2)		253
40	Crane Company		892
80	Cummins Inc.		2,817
60	Danaher Corporation		3,704
110	Deere & Company		4,395
10	Donaldson Company, Inc.		346
10	Dover Corporation		331
50	Dynamic Material Corporation		964
70	Eaton Corporation		3,123
50	EnPro Industries Inc., (2)		901
60	ESCO Technologies Inc., (2)		2,688
40	Federal Signal Corporation		306
50	Gorman-Rupp Company		1,009
40	Graham Corporation		532
90	Harsco Corporation		2,547
180	Illinois Tool Works, Inc.		6,721
90	Ingersoll Rand Company Limited, Class A		1,881
10	Joy Global Inc.		357
180	Kennametal Inc.		3,452
10	Key Technology, Inc., (2)		99

Nuveen Investments 33

Portfolio of Investments

Nuveen U.S. Equity Completeness Fund (continued)

June 30, 2009

Shares	Description (1)	Value
	Machinery (continued)
60	LB Foster Company, (2)	$	1,804
30	Lincoln Electric Holdings Inc.		1,081
110	Met-Pro Corp.		1,190
60	Mueller Industries Inc.		1,248
130	Nordson Corporation		5,026
130	PACCAR Inc.		4,226
50	Parker Hannifin Corporation		2,148
90	Sun Hydraulics Corporation		1,455
60	Tecumseh Products Company, Class A, (2)		583
70	Tennant Company		1,287
20	Terex Corporation, (2)		241
50	Timken Company		854
200	Trinity Industries Inc.		2,724
60	Wabtec Corporation		1,930
120	Watts Water Technologies, Inc.		2,585
	Total Machinery		81,136
	Marine – 0.0%
10	American Commercial Lines Inc., (2)		155
160	Eagle Bulk Shipping Inc.		750
10	Kirby Corporation, (2)		318
90	TBS International Limited, Class A Shares, (2)		703
	Total Marine		1,926
	Media – 2.7%
60	Arbitron Inc.		953
360	Cablevision Systems Corporation		6,988
1,090	CBS Corporation, Class B		7,543
1,210	Comcast Corporation, Class A		17,533
230	DIRECTV Group, Inc., (2)		5,683
20	Dreamworks Animation SKG Inc., (2)		552
30	Echostar Communications Corporation, Variable Prepaid Forward, (2)		486
50	Gannett Company Inc.		179
10	Lamar Advertising Company, (2)		153
50	Liberty Global Inc, A Shares, (2)		795
210	Liberty Media Corporation, Entertainment Tracking Shares, Class A, (2)		5,618
170	Live Nation Inc., (2)		826
80	Marvel Entertainment Inc., (2)		2,847
110	McGraw-Hill Companies, Inc.		3,312
280	MediaCom Communications Corporation, (2)		1,431
70	National CineMedia, Inc.		963
100	New York Times, Class A		551
810	News Corporation, Class A		7,379
80	Omnicom Group, Inc.		2,526
20	Scripps Networks Interactive, Class A Shares		557
40	Sinclair Broadcast Group, Series A		78
180	Time Warner Cable, Class A, (2)		5,701

34 Nuveen Investments

Shares	Description (1)	Value
	Media (continued)
1,040	Time Warner Inc.	$	26,198
230	Viacom Inc., Class B, (2)		5,221
60	Virgin Media, Inc.		561
790	Walt Disney Company		18,431
10	Washington Post Company		3,522
30	World Wrestling Entertainment Inc.		377
	Total Media		126,964
	Metals & Mining – 0.8%
810	Alcoa Inc.		8,367
20	Allegheny Technologies, Inc.		699
20	AMCOL International Corp.		432
60	Brush Engineered Material, (2)		1,005
20	Cliffs Natural Resources Inc.		489
40	Compass Minerals International, Inc.		2,196
170	Freeport-McMoRan Copper & Gold, Inc.		8,519
140	Horsehead Holding Corp., (2)		1,043
160	Newmont Mining Corporation		6,539
160	Nucor Corporation		7,109
10	Reliance Steel & Aluminum Company		384
30	Schnitzer Steel Industries, Inc.		1,586
30	Southern Copper Corporation		613
30	Steel Dynamics Inc.		442
	Total Metals & Mining		39,423
	Multiline Retail – 0.7%
160	99 Cents Only Stores, (2)		2,173
30	Dollar Tree Stores Inc., (2)		1,263
100	Family Dollar Stores, Inc.		2,830
230	Federated Department Stores, Inc.		2,705
170	J.C. Penney Company, Inc.		4,881
130	Kohl’s Corporation, (2)		5,558
50	Nordstrom, Inc.		995
240	Saks Inc., (2)		1,063
20	Sears Holding Corporation, (2)		1,330
230	Target Corporation		9,078
	Total Multiline Retail		31,876
	Multi-Utilities – 1.9%
80	Alliant Energy Corporation		2,090
130	Ameren Corporation		3,236
60	Avista Corporation		1,069
10	Black Hills Corporation		230
210	CenterPoint Energy, Inc.		2,327
200	CMS Energy Corporation		2,416
340	Consolidated Edison, Inc.		12,723
310	Dominion Resources, Inc.		10,360
120	DTE Energy Company		3,840

Nuveen Investments 35

Portfolio of Investments

Nuveen U.S. Equity Completeness Fund (continued)

June 30, 2009

Shares	Description (1)	Value
	Multi-Utilities (continued)
180	Integrys Energy Group, Inc.	$	5,398
80	MDU Resources Group Inc.		1,518
300	NiSource Inc.		3,498
40	Northwestern Corporation		910
70	NSTAR		2,248
50	OGE Energy Corp.		1,416
220	PG&E Corporation		8,457
120	PNM Resources Inc.		1,285
150	Public Service Enterprise Group Incorporated		4,895
80	Scana Corporation		2,598
140	Sempra Energy		6,948
30	TECO Energy, Inc.		358
150	Vectren Corporation		3,515
60	Wisconsin Energy Corporation		2,443
290	Xcel Energy, Inc.		5,339
	Total Multi-Utilities		89,117
	Office Electronics – 0.2%
990	Xerox Corporation		6,415
110	Zebra Technologies Corporation, Class A, (2)		2,603
	Total Office Electronics		9,018
	Oil, Gas & Consumable Fuels – 10.0%
130	Alpha Natural Resources Inc., (2)		3,415
230	Anadarko Petroleum Corporation		10,440
120	Apache Corporation		8,658
60	Arena Resources Inc., (2)		1,911
30	ATP Oil & Gas Corporation, (2)		209
30	Berry Petroleum Company		558
30	Bill Barrett Corporation, (2)		824
10	BPZ Resources, Inc., (2)		49
30	Cabot Oil & Gas Corporation		919
10	Carrizo Oil & Gas, Inc., (2)		172
120	Cheniere Energy Inc., (2)		353
260	Chesapeake Energy Corporation		5,156
1,040	Chevron Corporation		68,900
30	Cimarex Energy Company		850
20	Clayton Williams Energy, (2)		377
10	CNX Gas Corporation, (2)		263
60	Comstock Resources Inc., (2)		1,983
80	Concho Resources Inc., (2)		2,295
730	ConocoPhillips		30,704
10	Contango Oil & Gas Company, (2)		425
30	Continental Resources Inc., (2)		833
10	Denbury Resources Inc., (2)		147
200	Devon Energy Corporation		10,900
60	DHT Maritime Inc.		313

36 Nuveen Investments

Shares	Description (1)	Value
	Oil, Gas & Consumable Fuels (continued)
140	El Paso Corporation	$	1,292
70	EOG Resources, Inc.		4,754
100	Exco Resources Inc., (2)		1,292
3,490	Exxon Mobil Corporation		243,986
20	Forest Oil Corporation, (2)		298
10	Foundation Coal Holding Corporation		281
10	Frontline Limited		244
10	Goodrich Petroleum Corporation, (2)		246
70	Hess Corporation		3,763
100	Knightsbridge Tankers Limited		1,364
400	Marathon Oil Corporation		12,052
50	Murphy Oil Corporation		2,716
40	Newfield Exploration Company, (2)		1,307
70	Noble Energy, Inc.		4,128
10	Nordic American Tanker Shipping Ltd		318
220	Occidental Petroleum Corporation		14,478
10	Panhandle Oil and Gas Inc.		196
150	Patriot Coal Corporation, (2)		957
60	Peabody Energy Corporation		1,810
10	Penn Virginia Corporation		164
80	Petrohawk Energy Corporation, (2)		1,784
20	Petroquest Energy Inc., (2)		74
10	Range Resources Corporation		414
10	Southern Union Company		184
60	Southwestern Energy Company, (2)		2,331
340	Spectra Energy Corporation		5,753
230	Valero Energy Corporation		3,885
60	Venoco Inc., (2)		460
20	Whiting Petroleum Corporation, (2)		703
230	Williams Companies, Inc.		3,590
10	World Fuel Services Corporation		412
180	XTO Energy, Inc.		6,865
	Total Oil, Gas & Consumable Fuels		472,755
	Paper & Forest Products – 0.3%
20	Buckeye Technologies Inc., (2)		90
10	Deltic Timber Corporation		355
260	International Paper Company		3,934
350	Louisiana-Pacific Corporation, (2)		1,197
60	MeadWestvaco Corporation		985
30	Neenah Paper, Inc.		264
60	Schweitzer-Mauduit International Inc.		1,633
170	Wausau Paper Corp.		1,142
110	Weyerhaeuser Company		3,347
	Total Paper & Forest Products		12,947

Nuveen Investments 37

Portfolio of Investments

Nuveen U.S. Equity Completeness Fund (continued)

June 30, 2009

Shares	Description (1)	Value
	Personal Products – 0.2%
280	Avon Products, Inc.	$	7,218
20	China Sky One Medical Inc., (2)		270
20	Estee Lauder Companies Inc., Class A		653
	Total Personal Products		8,141
	Pharmaceuticals – 5.8%
410	Abbott Laboratories		19,286
50	Allergan, Inc.		2,379
30	Auxilium Pharmaceuticals, Inc., (2)		941
740	Bristol-Myers Squibb Company		15,029
400	Eli Lilly and Company		13,856
310	Forest Laboratories, Inc., (2)		7,784
250	Inspire Pharmaceuticals, Inc., (2)		1,390
1,060	Johnson & Johnson		60,208
160	KV Pharmaceutical Company., Class A, (2)		514
40	Medicines Company, (2)		336
1,030	Merck & Co. Inc.		28,799
610	Mylan Laboratories Inc., (2)		7,961
110	Par Pharmaceuticals Inc., (2)		1,667
130	Perrigo Company		3,611
4,920	Pfizer Inc.		73,800
120	Pozen Inc., (2)		922
20	Salix Pharmaceuticals Limited, (2)		197
400	Schering-Plough Corporation		10,048
10	Valeant Pharmaceuticals International, (2)		257
40	ViroPharma, Inc., (2)		237
30	Watson Pharmaceuticals Inc., (2)		1,011
580	Wyeth		26,326
30	Xenoport, Inc., (2)		695
	Total Pharmaceuticals		277,254
	Professional Services – 0.5%
40	Administaff, Inc.		931
20	CoStar Group, Inc., (2)		797
30	Dun and Bradstreet Inc.		2,436
50	FTI Consulting Inc., (2)		2,536
110	Hill International, Inc., (2)		473
40	Huron Consulting Group, Inc., (2)		1,849
40	IHS Inc., (2)		1,995
60	Kelly Services, Inc.		657
80	Korn Ferry International, (2)		851
20	Manpower Inc.		847
160	Monster Worldwide Inc., (2)		1,890
230	MPS Group Inc., (2)		1,757
80	Navigant Consulting Inc., (2)		1,034
200	Odyssey Marine Exploration Inc., (2)		320
120	Resources Connection, Inc., (2)		2,060

38 Nuveen Investments

Shares	Description (1)	Value
	Professional Services (continued)
50	Robert Half International Inc.	$	1,181
190	Spherion Corporation, (2)		783
80	Watson Wyatt Worldwide, Inc.		3,002
	Total Professional Services		25,399
	Real Estate – 2.5%
50	Acadia Realty Trust		653
30	Agree Realty Corporation		550
70	Alexandria Real Estate Equities Inc.		2,505
40	AMB Property Corp.		752
40	American Campus Communities Inc.		887
590	Annaly Capital Management Inc.		8,933
160	Anworth Mortgage Asset Corporation		1,154
40	AvalonBay Communities, Inc.		2,238
130	BioMed Realty Trust Inc.		1,330
30	Boston Properties, Inc.		1,431
240	Capstead Mortgage Corporation		3,050
90	Corporate Office Properties		2,640
200	DCT Industrial Trust Inc.		816
120	DiamondRock Hospitality Company		751
60	Digital Realty Trust Inc.		2,151
140	Duke Realty Corporation		1,228
60	EastGroup Properties Inc.		1,981
60	Entertainment Properties Trust		1,236
40	Equity Lifestyles Properties Inc.		1,487
130	Equity One Inc.		1,724
130	Equity Residential		2,890
110	Extra Space Storage Inc.		919
20	Federal Realty Investment Trust		1,030
60	Franklin Street Properties Corporation		795
60	Getty Realty Corporation		1,132
110	Hatteras Financial Corp.		3,145
120	Health Care Property Investors Inc.		2,543
40	Health Care REIT, Inc.		1,364
170	Healthcare Realty Trust, Inc.		2,861
150	Highwoods Properties, Inc.		3,356
50	Home Properties New York, Inc.		1,705
570	Host Hotels & Resorts Inc.		4,782
110	Inland Real Estate Corporation		770
50	Investors Real Estate Trust		445
170	Kimco Realty Corporation		1,709
440	Lexington Corporate Properties Trust		1,496
60	Liberty Property Trust		1,382
1	Macerich Company		18
40	Mack-Cali Realty Corporation		912
680	MFA Mortgage Investments, Inc.		4,706

Nuveen Investments 39

Portfolio of Investments

Nuveen U.S. Equity Completeness Fund (continued)

June 30, 2009

Shares	Description (1)	Value
	Real Estate (continued)
30	Mid-America Apartment Communities	$	1,101
80	Mission West Properties Inc.		546
30	National Health Investors Inc.		801
110	National Retail Properties, Inc.		1,909
50	Nationwide Health Properties, Inc.		1,287
110	Omega Healthcare Investors Inc.		1,707
50	Plum Creek Timber Company		1,489
40	Post Properties, Inc.		538
60	Potlatch Corporation		1,457
260	ProLogis		2,096
30	PS Business Parks Inc.		1,453
50	Public Storage, Inc.		3,274
70	Rayonier Inc.		2,545
130	Realty Income Corporation		2,850
80	Redwood Trust Inc.		1,181
30	Regency Centers Corporation		1,047
160	Senior Housing Properties Trust		2,611
100	Simon Property Group, Inc.		5,143
30	Sovran Self Storage Inc.		738
360	Sunstone Hotel Investors Inc.		1,926
40	Tanger Factory Outlet Centers		1,297
320	UDR Inc.		3,306
60	Vornado Realty Trust		2,702
60	Washington Real Estate Investment Trust		1,342
	Total Real Estate		119,803
	Real Estate Management & Development – 0.1%
210	CB Richard Ellis Group, Inc., Class A, (2)		1,966
10	Forestar Real Estate Group Inc., (2)		119
90	St Joe Company, (2)		2,384
	Total Real Estate Management & Development		4,469
	Road & Rail – 0.7%
40	AMERCO, (2)		1,486
20	Arkansas Best Corporation		527
90	Burlington Northern Santa Fe Corporation		6,619
20	Con-Way, Inc.		706
130	CSX Corporation		4,502
20	Heartland Express, Inc.		294
10	J.B. Hunt Transports Serives Inc.		305
20	Marten Transport, Ltd., (2)		415
170	Norfolk Southern Corporation		6,404
10	Old Dominion Frght Line, (2)		336
150	Union Pacific Corporation		7,809
120	Werner Enterprises, Inc.		2,174
270	YRC Worldwide Inc., (2)		467
	Total Road & Rail		32,044

40 Nuveen Investments

Shares	Description (1)	Value
	Semiconductors & Equipment – 2.2%
50	Advanced Analogic, (2)	$	230
120	Advanced Energy Industriess Inc., (2)		1,079
70	Advanced Micro Devices, Inc., (2)		271
170	Altera Corporation		2,768
160	Anadigics Inc., (2)		670
180	Analog Devices, Inc.		4,460
250	Applied Materials, Inc.		2,743
70	Atheros Communications, Inc., (2)		1,347
450	Atmel Corporation, (2)		1,679
50	ATMI Inc., (2)		777
110	Broadcom Corporation, Class A, (2)		2,727
30	Brooks Automation Inc., (2)		134
30	Cabot Microelectronics Corporation, (2)		849
30	Cavium Networks, Inc., (2)		504
100	Cohu Inc.		898
163	CSR PLC, (2)		942
70	Cymer, Inc., (2)		2,081
60	Diodes Inc., (2)		938
20	DSP Group Inc., (2)		135
200	Fairchild Semiconductor International Inc., Class A, (2)		1,398
20	FEI Company, (2)		458
60	FormFactor Inc., (2)		1,034
30	Hittite Microwave Corporation, (2)		1,043
1,740	Intel Corporation		28,797
40	International Rectifier Corporation, (2)		592
20	Intersil Holding Corporation, Class A		251
10	KLA-Tencor Corporation		253
20	Lam Research Corporation, (2)		520
30	Marvell Technology Group Ltd., (2)		349
130	MEMC Electronic Materials, (2)		2,315
450	Micron Technology, Inc., (2)		2,277
110	Microsemi Corporation, (2)		1,518
340	Microtune, Inc., (2)		796
50	MKS Instruments Inc., (2)		660
20	Monolithic Power Systems, Inc., (2)		448
330	National Semiconductor Corporation		4,142
20	Netlogic Microsystems Inc., (2)		729
10	NVE Corporation, (2)		486
100	NVIDIA Corporation, (2)		1,129
30	Pericom Semiconductor Corporation, (2)		253
390	PMC-Sierra, Inc., (2)		3,104
70	Power Integrations Inc.		1,665
180	RF Micro Devices, Inc., (2)		677
200	Rudolph Technologies, (2)		1,104
80	Semtech Corporation, (2)		1,273

Nuveen Investments 41

Portfolio of Investments

Nuveen U.S. Equity Completeness Fund (continued)

June 30, 2009

Shares	Description (1)	Value
	Semiconductors & Equipment (continued)
20	Silicon Laboratories Inc., (2)	$	759
270	Skyworks Solutions Inc., (2)		2,641
50	Supertex Inc., (2)		1,256
40	Teradyne Inc., (2)		274
30	Tessera Technologies Inc., (2)		759
560	Texas Instruments Incorporated		11,928
220	Xilinx, Inc.		4,501
	Total Semiconductors & Equipment		104,621
	Software – 3.6%
50	ACI Worldwide, Inc., (2)		698
110	Activision Blizzard Inc., (2)		1,389
310	Adobe Systems Incorporated, (2)		8,773
30	Advent Software Inc., (2)		984
150	American Software, Inc.		864
160	ArcSight Inc., (2)		2,843
150	Ariba Inc., (2)		1,476
80	Asiainfo Holdings, Inc., (2)		1,377
90	Autodesk, Inc., (2)		1,708
50	Blackbaud, Inc.		778
50	Blackboard, Inc., (2)		1,443
50	BMC Software, Inc., (2)		1,690
20	Bottomline Technologies, Inc., (2)		180
140	CA Inc.		2,440
10	Citrix Systems, (2)		319
60	CommVault Systems, Inc., (2)		995
50	Concur Technologies, Inc., (2)		1,554
170	DemandTec Inc., (2)		1,496
80	Double-Take Software, (2)		692
20	Electronic Arts Inc. (EA), (2)		434
240	Epicor Software Corporation, (2)		1,272
50	EPIQ Systems, Inc., (2)		768
90	Fair Isaac Corporation		1,391
170	Henry Jack and Associates Inc.		3,528
310	Informatica Corporation, (2)		5,329
190	Intuit, Inc., (2)		5,350
40	Kenexa Corporation, (2)		463
170	Lawson Software, Inc., (2)		949
140	Macrovision Corporation, (2)		3,053
30	Manhattan Associates Inc., (2)		547
100	Micros Systems, Inc., (2)		2,532
2,030	Microsoft Corporation		48,253
180	Net 1 Ueps Technologies, Inc., (2)		2,446
190	NetScout Systems, Inc., (2)		1,782
130	NetSuite Inc., (2)		1,535
70	Novell Inc., (2)		317

42 Nuveen Investments

Shares	Description (1)	Value
	Software (continued)
10	Nuance Communications, Inc., (2)	$	121
970	Oracle Corporation		20,777
270	Parametric Technology Corporation, (2)		3,156
50	Pegasystems, Inc.		1,319
70	Phoenix Technologies Limited, (2)		190
50	Progress Software Corporation, (2)		1,059
50	Quest Software Inc., (2)		697
140	Red Hat, Inc., (2)		2,818
70	Solera Holdings Inc., (2)		1,778
120	Sourcefire Inc., (2)		1,487
20	SPSS Inc., (2)		667
140	Sybase, Inc., (2)		4,388
410	Symantec Corporation, (2)		6,380
150	Synopsys Inc., (2)		2,927
130	Take-Two Interactive Software, Inc., (2)		1,231
50	Taleo Corporation, (2)		914
410	Tibco Software Inc., (2)		2,940
50	TiVo, Inc., (2)		524
120	Tyler Technologies Inc., (2)		1,874
50	Ultimate Software Group, Inc., (2)		1,212
200	Vasco Data Security International, Inc., (2)		1,462
60	Websense Inc., (2)		1,070
80	Wind River Systems Inc., (2)		917
	Total Software		171,556
	Specialty Retail – 2.7%
100	Aaron Rents Inc., (2)		2,982
10	Advance Auto Parts, Inc.		415
130	Aeropostale, Inc., (2)		4,455
30	American Eagle Outfitters, Inc.		425
10	Ann Taylor Stores Corporation, (2)		80
50	Barnes & Noble Inc.		1,032
20	bebe stores, inc.		138
90	Bed Bath and Beyond Inc., (2)		2,768
130	Best Buy Co., Inc.		4,354
60	Big 5 Sporting Goods Corporation		664
260	Borders Group, Inc., (2)		957
120	Brown Shoe Inc.		869
40	Buckle Inc.		1,271
140	Cabela’s Incorporated, (2)		1,722
30	Cato Corporation		523
100	Charming Shoppes Inc., (2)		372
220	Chico’s FAS, Inc., (2)		2,141
20	Childrens Place Retail Stores Inc., (2)		529
80	Colective Brands Inc., (2)		1,166
40	Dick’s Sporting Goods Inc., (2)		688

Nuveen Investments 43

Portfolio of Investments

Nuveen U.S. Equity Completeness Fund (continued)

June 30, 2009

Shares	Description (1)	Value
	Specialty Retail (continued)
50	Dress Barn, Inc., (2)	$	715
10	DSW Inc., (2)		99
410	Foot Locker, Inc.		4,293
190	GameStop Corporation, (2)		4,182
180	Gap, Inc.		2,952
60	Group 1 Automotive Inc.		1,561
90	Guess Inc.		2,320
20	Gymboree Corporation, (2)		710
120	Haverty Furniture Companies Inc.		1,098
110	Hibbett Sporting Goods, Inc., (2)		1,980
1,060	Home Depot, Inc.		25,048
20	Hot Topic, Inc., (2)		146
30	J. Crew Group Inc., (2)		811
60	Jo Ann Stores, Inc., (2)		1,240
30	Joseph A Bank Clothiers, Inc., (2)		1,034
80	Limited Brands, Inc.		958
880	Lowe’s Companies, Inc.		17,081
200	Mens Wearhouse Inc.		3,836
20	Midas Inc., (2)		210
10	Monro Muffler Brake, Inc.		257
40	Office Depot, Inc., (2)		182
60	O’Reilly Automotive Inc., (2)		2,285
120	Penske Auto Group, Inc.		1,997
10	PetSmart Inc.		215
70	RadioShack Corporation		977
210	Rent-A-Center Inc., (2)		3,744
100	Ross Stores, Inc.		3,860
70	Signet Jewelers Limited		1,457
10	Stage Stores Inc.		111
200	Staples, Inc.		4,034
120	TJX Companies, Inc.		3,774
100	Tractor Supply Company, (2)		4,131
140	Ulta Salon, Cosmetics & Fragrance, Inc., (2)		1,556
10	Urban Outfitters, Inc., (2)		208
20	Zumiez, Inc., (2)		159
	Total Specialty Retail		126,772
	Textiles, Apparel & Luxury Goods – 0.6%
100	Coach, Inc.		2,687
10	FGX International Limited, (2)		113
150	Fossil Inc., (2)		3,611
90	G III Apparel Group, Limited, (2)		1,033
10	Hanesbrands Inc., (2)		149
190	Jones Apparel Group, Inc.		2,038
20	K Swiss, Inc.		169
150	Liz Claiborne, Inc.		431

44 Nuveen Investments

Shares	Description (1)	Value
	Textiles, Apparel & Luxury Goods (continued)
80	Nike, Inc., Class B	$	4,141
20	Oxford Industries Inc.		232
70	Phillips-Van Heusen Corporation		2,007
150	Skechers USA Inc., (2)		1,465
60	Steven Madden Limited, (2)		1,526
120	Under Armour, Inc., (2)		2,685
40	VF Corporation		2,213
110	Volcom, Inc., (2)		1,374
50	Warnaco Group, Inc., (2)		1,619
60	Weyco Group, Inc.		1,384
	Total Textiles, Apparel & Luxury Goods		28,877
	Thrifts & Mortgage Finance – 0.5%
70	Astoria Financial Corporation		600
50	Beneficial Mutual Bancorp Inc., (2)		479
50	Berkshire Hills Bancorp, Inc.		1,038
80	Clifton Savings Bancorp, Inc.		860
10	Dime Community Bancshares, Inc.		90
380	First Niagara Financial Group Inc.		4,339
310	Hudson City Bancorp, Inc.		4,119
10	Kearny Financial Corporation		113
440	New York Community Bancorp, Inc.		4,703
20	NewAlliance BancShares Inv		229
10	Northwest Bancorp, Inc.		188
10	OceanFirst Financial Corporation		119
170	People’s United Financial, Inc.		2,556
50	TFS Financial Corporation		530
180	TrustCo Bank Corporation NY		1,063
60	Viewpoint Financial Group		913
90	Washington Federal Inc.		1,169
	Total Thrifts & Mortgage Finance		23,108
	Tobacco – 1.1%
180	Alliance One International, Inc., (2)		683
900	Altria Group, Inc.		14,750
140	Lorillard Inc.		9,487
550	Philip Morris International		23,990
110	Reynolds American Inc.		4,247
	Total Tobacco		53,157
	Trading Companies & Distributors – 0.3%
300	Aircastle LTD		2,204
20	Beacon Roofing Supply Company, (2)		288
20	DXP Enterprises, Inc., (2)		228
50	Fastenal Company		1,658
20	H&E Equipment Services, Inc., (2)		186
380	RSC Holdings, Inc., (2)		2,553
90	TAL International Group Inc.		980

Nuveen Investments 45

Portfolio of Investments

Nuveen U.S. Equity Completeness Fund (continued)

June 30, 2009

Shares		Description (1)			Value
		Trading Companies & Distributors (continued)
	90	Titan Machinery, Inc., (2)			$	1,141
	40	W.W. Grainger, Inc.				3,274
	10	Watsco Inc.				488
	130	WESCO International Inc., (2)				3,254
		Total Trading Companies & Distributors				16,254
		Water Utilities – 0.2%
	50	American States Water Co				1,731
	190	Aqua America Inc.				3,400
	70	California Water Service Group				2,578
	20	SJW Corporation				453
	110	Southwest Water Company				606
		Total Water Utilities				8,768
		Wireless Telecommunication Services – 0.5%
	100	American Tower Corporation, (2)				3,152
	80	Crown Castle International Corporation, (2)				1,921
	60	iPCS Inc., (2)				897
	220	Metropcs Communications Inc., (2)				2,927
	220	NII Holdings Inc., Class B, (2)				4,194
	80	Shenandoah Telecommunications Company				1,622
	1,290	Sprint Nextel Corporation, (2)				6,204
	220	Syniverse Holdings Inc., (2)				3,526
		Total Wireless Telecommunication Services				24,443
		Total Common Stocks (cost $5,368,522)				4,588,036
Principal Amount (000)		Description (1)	Coupon	Maturity	Value
		SHORT-TERM INVESTMENTS – 3.4%
$	160	Repurchase Agreement with State Street Bank, dated 6/30/09, repurchase price $160,383, collateralized by $165,000 U.S. Treasury Bills, 0.000%, due 12/24/09, value $164,720	0.000%	7/01/09	$	160,383
		Total Short-Term Investments (cost $160,383)				160,383
		Total Investments (cost $5,528,905) – 100.1%				4,748,419
		Other Assets Less Liabilities – (0.1)%				(6,689)
		Net Assets – 100%			$	4,741,730

(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.

See accompanying notes to financial statements.

46 Nuveen Investments

Statement of Assets and Liabilities

June 30, 2009

Assets
Investments, at value (cost $5,528,905)	$	4,748,419
Receivables:
Dividends		7,017
From Adviser		13,799
Investments sold		1,290
Total assets		4,770,525
Liabilities
Accrued other expenses		28,795
Total liabilities		28,795
Net assets	$	4,741,730
Shares outstanding		335,274
Net asset value per share	$	14.14
Net Assets Consist of:
Capital paid-in	$	6,928,508
Undistributed (Over-distribution of) net investment income		60,886
Accumulated net realized gain (loss) from investments		(1,467,178	)
Net unrealized appreciation (depreciation) of investments		(780,486	)
Net assets	$	4,741,730

See accompanying notes to financial statements.

Nuveen Investments 47

Statement of Operations

Year Ended June 30, 2009

Investment Income	$	121,134
Expenses
Management fees		23,539
Shareholders’ servicing agent fees and expenses		1,645
Custodian’s fees and expenses		68,955
Trustees’ fees and expenses		146
Professional fees		28,628
Shareholders’ reports – printing and mailing expenses		21,847
Federal and state registration fees		430
Other expenses		243
Total expenses before custodian fee credit and expense reimbursement		145,433
Custodian fee credit		(118	)
Expense reimbursement		(111,220	)
Net expenses		34,095
Net investment income		87,039
Realized and Unrealized Gain (Loss)
Net realized gain (loss) from investments		(1,468,814	)
Net unrealized appreciation (depreciation) of investments		(780,486	)
Net realized and unrealized gain (loss)		(2,249,300	)
Net increase (decrease) in net assets from operations	$	(2,162,261	)

See accompanying notes to financial statements.

48 Nuveen Investments

Statement of Changes in Net Assets

Year Ended June 30, 2009

Operations
Net investment income	$	87,039
Net realized gain (loss) from investments		(1,468,814	)
Net unrealized appreciation (depreciation) of investments		(780,486	)
Net increase (decrease) in net assets from operations		(2,162,261	)
Distributions to Shareholders
From net investment income		(24,986	)
Decrease in net assets from distributions to shareholders		(24,986	)
Fund Share Transactions
Proceeds from sale of shares		7,623,977
Cost of shares redeemed		(695,000	)
Net increase (decrease) in net assets from Fund share transactions		6,928,977
Net increase (decrease) in net assets		4,741,730
Net assets at the beginning of year		—
Net assets at the end of year	$	4,741,730
Undistributed (Over-distribution of) net investment income at the end of year	$	60,886

See accompanying notes to financial statements.

Nuveen Investments 49

Notes to Financial Statements

1. General Information and Significant Accounting Policies

The Nuveen Investment Trust (the “Trust”) is an open-end management investment company registered under the Investment Company Act of 1940, as amended. The Trust is comprised of Nuveen U.S. Equity Completeness Fund, (“the Fund”), among others. The Trust was organized as a Massachusetts business trust in 1996.

The Fund’s only investors are expected to be the Nuveen Conservative Allocation Fund, Nuveen Moderate Allocation Fund and Nuveen Growth Allocation Fund (collectively, the “Allocation Funds”), which are advised by Nuveen Asset Management (the “Adviser”), a wholly-owned subsidiary of Nuveen Investments, Inc. (“Nuveen”), and sub-advised by Richards & Tierney, Inc. also a subsidiary of Nuveen.

The Fund ordinarily invests at least 80% of its net assets in U.S. equity securities in an attempt to provide capital appreciation and to enhance the risk/return profile of the U.S. equity portion of the Allocation Funds.

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

Investment Valuation

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

Investment Transactions

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

Investment Income

Dividend income is recorded on the ex-dividend date or, for foreign securities, when information is available. Interest income is recorded on an accrual basis.

Dividends and Distributions to Shareholders

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

Distributions to shareholders are recorded on the ex-dividend date. The amount and timing of distributions are determined in accordance with federal income tax regulations, which may differ from accounting principles generally accepted in the United States.

Income Taxes

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

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

Sales Charge Program

The Fund’s shares are not subject to any sales charge or 12b-1 distribution or service fees.

Derivative Financial Instruments

The Fund is authorized to invest in certain derivative financial instruments, including forwards, futures, options and swap contracts. Although the Fund is authorized to invest in such financial instruments, and may do so in the future, it did not make any such investments during the fiscal year ended June 30, 2009.

Repurchase Agreements

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

50 Nuveen Investments

Custodian Fee Credit

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

Indemnifications

Under the Trust’s organizational documents, its Officers and Trustees are indemnified against certain liabilities arising out of the performance of their duties to the Trust. In addition, in the normal course of business, the Trust enters into contracts that provide general indemnifications to other parties. The Trust’s maximum exposure under these arrangements is unknown as this would involve future claims that may be made against the Trust that have not yet occurred. However, the Trust has not had prior claims or losses pursuant to these contracts and expects the risk of loss to be remote.

Use of Estimates

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

2. Fair Value Measurements

During the current fiscal period, the Fund adopted the provisions of Statement of Financial Accounting Standards No. 157 (SFAS No. 157) “Fair Value Measurements.” SFAS No. 157 defines fair value, establishes a framework for measuring fair value in generally accepted accounting principles and expands disclosure about fair value measurements. In determining the value of the Fund’s investments various inputs are used. These inputs are summarized in the three broad levels listed below:

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

The inputs or methodology used for valuing securities are not an indication of the risk associated with investing in those securities. The following is a summary of the Fund’s fair value measurements as of June 30, 2009:

	Level 1		Level 2		Level 3		Total
Investments:
Common stocks	$	4,587,094	$	942	$	—	$	4,588,036
Short-Term investments		160,383		—		—		160,383
Total	$	4,747,477	$	942	$	—	$	4,748,419

3. Derivative Instruments and Hedging Activities

During the current fiscal period, the Fund adopted the provisions of Statement of Financial Accounting Standards No. 161 (SFAS No. 161) “Disclosures about Derivative Instruments and Hedging Activities.” This standard is intended to enhance financial statement disclosures for derivative instruments and hedging activities and enable investors to better understand: a) how and why a fund uses derivative instruments; b) how derivative instruments are accounted for; and c) how derivative instruments affect a fund’s financial position, results of operations and cash flows, if any. The Fund records derivative instruments at fair value with changes in fair value recognized on the Statement of Operations. Even though the Fund’s investments in derivatives may represent economic hedges, they are considered to be non-hedge transactions for SFAS No. 161 disclosure purposes. The Fund did not invest in derivative instruments during fiscal year ended June 30, 2009.

4. Fund Shares

Transactions in Fund shares were as follows:

	For the Year ended 6/30/09
	Shares		Amount
Shares sold	384,419		$	7,623,977
Shares redeemed	(49,145	)		(695,000	)
Net increase (decrease)	335,274		$	6,928,977

Nuveen Investments 51

Notes to Financial Statements (continued)

5. Investment Transactions

Purchases and sales (excluding short-term investments) during the fiscal year ended June 30, 2009, aggregated $9,718,005 and $2,830,109, respectively.

6. Income Tax Information

The following information is presented on an income tax basis. Differences between amounts for financial statement and federal income tax purposes are primarily due to timing differences in recognizing certain gains and losses on investment transactions. To the extent that differences arise that are permanent in nature, such amounts are reclassified within the capital accounts on the Statement of Assets and Liabilities presented in the annual report, based on their federal tax basis treatment; temporary differences do not require reclassification. Temporary and permanent differences do not impact the net asset values of the Fund.

At June 30, 2009, the cost of investments was $5,529,473.

Gross unrealized appreciation and gross unrealized depreciation of investments at June 30, 2009, were as follows:

Gross unrealized:
Appreciation	$	148,488
Depreciation		(929,542	)
Net unrealized appreciation (depreciation) of investments	$	(781,054	)

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

Undistributed net ordinary income*	$	61,028
Undistributed net long-term capital gains		244

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

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

Distributions from net ordinary income*	$	24,986
Distributions from net long-term capital gains		—

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

The Fund elected to defer net realized losses from investments incurred from November 1, 2008 through June 30, 2009, the Fund’s tax year end, (“post-October losses”) in accordance with federal income tax regulations. Post-October capital losses of $1,466,853 are treated as having arisen on the first day of the following fiscal year.

7. Management Fees and Other Transactions with Affiliates

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

The annual fund-level fee for the Fund, payable monthly, is .35%.

The annual complex-level fee, payable monthly, which is additive to the fund-level fee, for all Nuveen sponsored funds in the U.S., is based on the aggregate amount of total fund net assets managed as stated in the following table. As of June 30, 2009, the complex-level fee rate was .1970%.

52 Nuveen Investments

The complex-level fee schedule is as follows:

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

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

The management fee compensates the Adviser for overall investment advisory and administrative services and general office facilities. The Adviser has entered into a Sub-Advisory Agreement with Nuveen HydePark Group, LLC (“HydePark”), a subsidiary of Nuveen, under which HydePark manages the investment portfolio of the Fund. HydePark is compensated for its services to the Fund from the management fee paid to the Adviser.

The Adviser has committed to waive fees and reimburse expenses of the Fund through October 31, 2011, so that total annual Fund operating expenses (excluding interest expenses, taxes, fees incurred in acquiring and disposing of portfolio securities and extraordinary expenses) do not exceed .80% (1.05% after October 31, 2011) of the average daily net assets of the Fund. The Adviser may also voluntarily reimburse additional expenses from time to time. Voluntary reimbursements may be terminated at any time at the Adviser’s discretion.

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

At June 30, 2009, Nuveen owned 1,250 shares of the Fund.

8. Subsequent Events

In May 2009, the Financial Accounting Standards Board issued Statement of Financial Accounting Standards No. 165 (SFAS No. 165) “Subsequent Events.” SFAS No. 165 requires an entity to recognize in the financial statements the effects of all subsequent events that provide additional evidence about conditions that existed at the date of the balance sheet. SFAS No. 165 is intended to establish general standards of accounting and for disclosure of events that occur after the balance sheet date but before financial statements are issued or are available to be issued. SFAS No. 165 requires the disclosure of the date through which an entity has evaluated subsequent events and the basis for that date — that is, whether that date represents the date the financial statements were issued or were available to be issued. SFAS No. 165 is effective for interim and annual periods ending after June 15, 2009. The Fund has performed an evaluation of subsequent events through August 24, 2009, which is the date the financial statements were issued.

Nuveen Investments 53

Financial Highlights

Selected data for a share outstanding throughout each period:
			Investment Operations								Less Distributions
Year Ended June 30,	Beginning Net Asset Value		Net Invest- ment Income(a)		Net Realized/ Unrealized Gain (Loss)			Total			Net Invest- ment Income			Capital Gains		Total			Ending Net Asset Value		Total Return(b)
2009	$	20.00	$	.28	$	(6.07	)	$	(5.79	)	$	(.07	)	$	—	$	(.07	)	$	14.14	(28.96	)%

54 Nuveen Investments

Ratios/Supplemental Data
		Ratios to Average Net Assets Before Credit/ Reimbursement				Ratios to Average Net Assets After Reimbursement(c)				Ratios to Average Net Assets After Credit/ Reimbursement(d)
Ending Net Assets (000)		Expenses		Net Invest- ment Income (Loss)		Expenses		Net Invest- ment Income (Loss)		Expenses		Net Invest- ment Income (Loss)		Portfolio Turnover Rate
$	4,742	3.38	%	(.57	)%	.80	%	2.02	%	.79	%	2.03	%	69	%

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

(b) Total return is the combination of changes in net asset value, reinvested dividend income at net asset value and reinvested capital gains distributions at net asset value, if any. Total return is not annualized.

(c) After expense reimbursement from the Adviser.

(d) After custodian fee credit and expense reimbursement.

See accompanying notes to financial statements.

Nuveen Investments 55

Annual Investment Management Agreement Approval Process

The Investment Company Act of 1940, as amended (the “1940 Act”), provides, in substance, that each investment advisory agreement between a fund and its investment adviser (including sub-advisers) will continue in effect from year to year only if its continuance is approved at least annually by the fund’s board members, including by a vote of a majority of the board members who are not parties to the advisory agreement or “interested persons” of any parties (the “Independent Board Members”), cast in person at a meeting called for the purpose of considering such approval. In connection with such approvals, the fund’s board members must request and evaluate, and the investment adviser is required to furnish, such information as may be reasonably necessary to evaluate the terms of the advisory agreement. Accordingly, at a meeting held on May 27-29, 2009 (the “May Meeting”), the Board of Trustees (the “Board,” and each Trustee, a “Board Member”) of the Fund, including a majority of the Independent Board Members, considered and approved the continuation of the advisory and sub-advisory agreements for the Fund for an additional one-year period. These agreements include the investment advisory agreement between Nuveen Asset Management (“NAM”) and the Fund and the sub-advisory agreement between NAM and Nuveen HydePark Group, LLC (the “Sub-Adviser”). In preparation for their considerations at the May Meeting, the Board also held a separate meeting on April 21-22, 2009 (the “April Meeting”). Accordingly, the factors considered and determinations made regarding the renewals by the Independent Board Members include those made at the April Meeting.

In addition, in evaluating the advisory agreement (the “Investment Management Agreement”) and the sub-advisory agreement (the “Sub-advisory Agreement,” and the Investment Management Agreement and Sub-advisory Agreement are each an “Advisory Agreement”), the Independent Board Members reviewed a broad range of information relating to the Fund, NAM and the Sub-Adviser (NAM and the Sub-Adviser are each a “Fund Adviser”), including, fee and expense information for the Fund, certain performance information as described below, the profitability of Nuveen for its advisory activities (which includes its wholly owned subsidiaries other than Winslow Capital Management, Inc. (“Winslow Capital”), which was recently acquired in December 2008), and other information regarding the organization, personnel, and services provided by the respective Fund Adviser. The Independent Board Members also met quarterly as well as at other times as the need arose during the year and took into account the information provided at such meetings and the knowledge gained therefrom. Prior to approving the renewal of the Advisory Agreements, the Independent Board Members reviewed the foregoing information with their independent legal counsel and with management, reviewed materials from independent legal counsel describing applicable law and their duties in reviewing advisory contracts, and met with independent legal counsel in private sessions without management present. The Independent Board Members considered the legal advice provided by independent legal counsel and relied upon their knowledge of the Fund Adviser, its services and the Fund resulting from their meetings and other interactions throughout the year and their own business judgment in determining the factors to be considered in evaluating the Advisory Agreements. Each Board Member may have accorded different weight to the various factors in reaching his or her conclusions with respect to the Fund’s Advisory Agreements. The Independent Board Members did not identify any single factor as all-important or controlling. The Independent Board Members’ considerations were instead based on a comprehensive consideration of all the information presented. The principal factors considered by the Board and its conclusions are described below.

A. Nature, Extent and Quality of Services

In considering renewal of the Advisory Agreements, the Independent Board Members considered the nature, extent and quality of the Fund Adviser’s services, including advisory services and administrative services. The Independent Board Members reviewed materials outlining, among other things, the Fund Adviser’s organization and business; the types of services that the Fund Adviser or its affiliates provide and are expected to provide to the Fund; and any initiatives Nuveen had taken for the applicable fund product line.

In reviewing the services provided and the initiatives undertaken during the past year, the Independent Board Members recognized the severe market turmoil experienced in the capital markets during recent periods, including sustained periods of high volatility, credit disruption and government intervention. The Independent Board Members considered the Fund Adviser’s efforts, expertise and other actions taken to address matters as they arose that impacted the Fund. The Independent Board Members recognized the role of the Investment Services group which, among other things, monitors the various positions throughout the Nuveen fund complex to identify and address any systematic risks. In addition, the Capital Markets Committee of NAM provides a multi-departmental venue for developing new policies to mitigate any risks. The Independent Board Members further recognized NAM’s continuous review of the Nuveen funds’ investment strategies and mandates in seeking to continue to refine and improve the investment process for the funds, particularly in light of market conditions. In this regard, the Independent Board Members noted the changes recommended by NAM to various investment mandates for the Nuveen funds in seeking to take advantage of market opportunities and to improve the tools available for managing liquidity and market exposure; the establishment of a team responsible for coordinating the handling of large trades in or out of the Nuveen funds; and the ongoing monitoring of investment management processes.

As part of their review, the Independent Board Members also evaluated the background, experience and track record of the Fund Adviser’s investment personnel. In this regard, the Independent Board Members considered any changes in the personnel, and the impact on the level of services provided to the Fund, if any. The Independent Board Members also reviewed information regarding portfolio manager compensation arrangements to evaluate the Fund Adviser’s ability to attract and retain high quality investment personnel, preserve stability, and reward performance but not provide an incentive for taking undue risks.

In addition to advisory services, the Independent Board Members considered the quality of administrative services provided by NAM and its affiliates including product management, fund administration, oversight of service providers, shareholder services, administration of Board relations, regulatory and portfolio compliance and legal support. Given the importance of compliance, the Independent Board Members considered NAM’s compliance program, including the report of the chief compliance officer regarding the Fund’s compliance policies and procedures.

56 Nuveen Investments

The Independent Board Members also considered NAM’s oversight of the performance, business activities and compliance of the Sub-Adviser. In that regard, the Independent Board Members reviewed an evaluation of the Sub-Adviser from NAM. The evaluation also included information relating to the Sub-Adviser’s organization, operations, personnel, assets under management, investment philosophy, strategies and techniques in managing the Fund, developments affecting the Sub-Adviser, and an analysis of the Sub-Adviser. As described in further detail below, the Board considered certain performance information. The Board also recognized that the Sub-advisory Agreement was essentially an agreement for portfolio management services only and the Sub-Adviser was not expected to supply other significant administrative services to the Fund. As part of their oversight, the Independent Board Members also continued their program of seeking to visit each sub-adviser to the Nuveen funds at least once over a multiple year rotation, meeting with key investment and business personnel. The Independent Board Members noted that NAM recommended the renewal of the Sub-advisory Agreement and considered the basis for such recommendations and any qualifications in connection therewith.

Based on their review, the Independent Board Members found that, overall, the nature, extent and quality of services provided (and expected to be provided) to the Fund under the Investment Management Agreement or Sub-advisory Agreement, as applicable, were satisfactory.

B. Investment Performance

In considering performance, the Board noted that the Fund was recently launched and therefore its performance history was too short to be meaningful. Further, the Board recognized the unique structure of this Fund, the shares of which are intended to be offered only to other Nuveen funds (the “Investing Funds”). In this regard, the Board also reviewed the historic performance of the Investing Funds as well as compared to funds with similar investment objectives (the “Performance Peer Group”). The Independent Board Members reviewed performance information of the Investing Funds including, among other things, total return information compared with the Investing Fund’s Performance Peer Group and recognized and/or customized benchmarks for the quarter-, one-, three- and five-year periods (as applicable) ending December 31, 2008 and for the same periods (as applicable) ending March 31, 2009.

C. Fees, Expenses and Profitability

1. Fees and Expenses

The Independent Board Members reviewed the Fund’s gross management fee and net expense ratio (including fee waivers and reimbursements). In this regard, as noted above, the Independent Board Members recognized that the shares of the Fund are only intended to be offered to other Nuveen funds. Given the Fund’s unique structure, the Independent Board Members recognized that a comparable universe of unaffiliated funds (i.e., a “Peer Universe”) or a more focused subset of funds thereof (i.e., a “Peer Group”) was not available. The Independent Board Members further considered that the other Nuveen funds investing in the Fund will also be advised by NAM and sub-advised by an affiliated person of NAM. Accordingly, in evaluating the fees and expenses, the Independent Board Members also took into consideration the advisory fees paid to NAM and the affiliated sub-adviser by the Nuveen funds acquiring the Fund.

Based on their review of the fee and expense information provided, the Independent Board Members determined that the Fund’s management fees and net total expense ratio were reasonable in light of the nature, extent and quality of services provided to the Fund.

2. Comparisons with the Fees of Other Clients

The Independent Board Members further reviewed information regarding the nature of services and fee rates offered by NAM to other clients. Such clients include separately managed accounts (both retail and institutional accounts) and funds that are not offered by Nuveen but are sub-advised by one of Nuveen’s investment management teams. In evaluating the comparisons of fees, the Independent Board Members noted that the fee rates charged to the Fund and other clients vary, among other things, because of the different services involved and the additional regulatory and compliance requirements associated with registered investment companies, such as the Fund. Accordingly, the Independent Board Members considered the differences in the product types, including, but not limited to, the services provided, the structure and operations, product distribution and costs thereof, portfolio investment policies, investor profiles, account sizes and regulatory requirements. The Independent Board Members noted, in particular, that the range of services provided to the Fund (as discussed above) is much more extensive than that provided to separately managed accounts. Given the inherent differences in the products, particularly the extensive services provided to the Fund, the Independent Board Members believe such facts justify the different levels of fees.

In considering the fees of the Sub-Adviser, the Independent Board Members also considered the pricing schedule or fees that the Sub-Adviser charges for similar investment management services for other fund sponsors or clients (such as retail and/or institutional managed accounts) as applicable.

3. Profitability of Fund Advisers

In conjunction with its review of fees, the Independent Board Members also considered the profitability of Nuveen for its advisory activities (which incorporated Nuveen’s wholly-owned affiliated sub-advisers other than Winslow Capital) and its financial condition. The Independent Board Members reviewed the revenues and expenses of Nuveen’s advisory activities for the last two years, the allocation methodology used in preparing the profitability data and an analysis of the key drivers behind the changes in revenues and expenses that impacted profitability in 2008. In addition, the Independent Board Members reviewed information regarding the financial results of Nuveen for 2008 based on its Form 8-K filed on March 31, 2009. The Independent Board Members noted this

Nuveen Investments 57

Annual Investment Management Agreement Approval Process (continued)

information supplemented the profitability information requested and received during the year to help keep them apprised of developments affecting profitability (such as changes in fee waivers and expense reimbursement commitments). In this regard, the Independent Board Members noted that they had also appointed an Independent Board Member as a point person to review and keep them apprised of changes to the profitability analysis and/or methodologies during the year. The Independent Board Members also considered Nuveen’s revenues for advisory activities, expenses, and profit margin compared to that of various unaffiliated management firms with similar amounts of assets under management and relatively comparable asset composition prepared by Nuveen.

In reviewing profitability, the Independent Board Members recognized the subjective nature of determining profitability which may be affected by numerous factors including the allocation of expenses. Further, the Independent Board Members recognized the difficulties in making comparisons as the profitability of other advisers generally is not publicly available and the profitability information that is available for certain advisers or management firms may not be representative of the industry and may be affected by, among other things, the adviser’s particular business mix, capital costs, types of funds managed and expense allocations. Notwithstanding the foregoing, the Independent Board Members reviewed Nuveen’s methodology and assumptions for allocating expenses across product lines to determine profitability. In reviewing profitability, the Independent Board Members recognized Nuveen’s investment in its fund business. Based on their review, the Independent Board Members concluded that Nuveen’s level of profitability for its advisory activities was reasonable in light of the services provided.

In evaluating the reasonableness of the compensation, the Independent Board Members also considered other amounts paid to a Fund Adviser by the Fund as well as any indirect benefits (such as soft dollar arrangements, if any) the Fund Adviser and its affiliates receive, or are expected to receive, that are directly attributable to the management of the Fund, if any. See Section E below for additional information on indirect benefits the Fund Adviser may receive as a result of its relationship with the Fund. Based on their review of the overall fee arrangements of the Fund, the Independent Board Members determined that the advisory fees and expenses of the Fund were reasonable.

D. Economies of Scale and Whether Fee Levels Reflect These Economies of Scale

With respect to economies of scale, the Independent Board Members have recognized the potential benefits resulting from the costs of a fund being spread over a larger asset base, although economies of scale are difficult to measure and predict with precision, particularly on a fund-by-fund basis. One method to help ensure the shareholders share in these benefits is to include breakpoints in the advisory fee schedule. Generally, management fees for funds in the Nuveen complex, including the Fund, are comprised of a fund-level component and a complex-level component. The Independent Board Members recognized, however, that the Fund does not have fund-level breakpoints given its unique structure.

The Board also considered the Fund’s complex-wide fee arrangement. Pursuant to the complex-wide fee arrangement, the fees of the funds in the Nuveen complex generally are reduced as the assets in the fund complex reach certain levels. The complex-wide fee arrangement seeks to provide the benefits of economies of scale to fund shareholders when total fund complex assets increase, even if assets of a particular fund are unchanged or have decreased. The approach reflects the notion that some of Nuveen’s costs are attributable to services provided to all its funds in the complex and therefore all funds benefit if these costs are spread over a larger asset base. Generally, the complex-wide pricing reduces Nuveen’s revenue because total complex fund assets have consistently grown in prior years. However, due to, among other things, the recent market downturn, total fund assets declined in 2008 resulting in a smaller downward adjustment of revenues due to complex-wide pricing compared to the prior year.

Based on their review, the Independent Board Members concluded that the complex-wide fee arrangement was acceptable and reflects economies of scale to be shared with shareholders when assets under management increase and that the absence of fund-level breakpoints was acceptable.

E. Indirect Benefits

In evaluating fees, the Independent Board Members received and considered information regarding potential “fall out” or ancillary benefits the respective Fund Adviser or its affiliates may receive as a result of its relationship with the Fund. In this regard, the Independent Board Members considered whether the Fund Adviser received any benefits from soft dollar arrangements whereby a portion of the commissions paid by the Fund for brokerage may be used to acquire research that may be useful to the Fund Adviser in managing the assets of the Fund and other clients. With respect to NAM, the Independent Board Members noted that NAM does not currently have any soft dollar arrangements; however, to the extent certain bona fide agency transactions that occur on markets that traditionally trade on a principal basis and riskless principal transactions are considered as generating “commissions,” NAM intends to comply with the applicable safe harbor provisions. With respect to the Sub-Adviser, the Independent Board Members considered that the Sub-Adviser may benefit from its soft dollar arrangements pursuant to which it receives research from brokers that execute the Fund’s portfolio transactions. The Independent Board Members further noted that the Sub-Adviser’s profitability may be lower if it were required to pay for this research with hard dollars.

Based on their review, the Independent Board Members concluded that any indirect benefits received by a Fund Adviser as a result of its relationship with the Fund were reasonable and within acceptable parameters.

58 Nuveen Investments

F. Other Considerations

The Independent Board Members did not identify any single factor discussed previously as all-important or controlling. The Board Members, including the Independent Board Members, unanimously concluded that the terms of the Investment Management Agreement and Sub-advisory Agreement are fair and reasonable, that the respective Fund Adviser’s fees are reasonable in light of the services provided to the Fund and that the Investment Management Agreement and the Sub-advisory Agreement be renewed.

Nuveen Investments 59

Trustees and Officers

The management of the Fund, including general supervision of the duties performed for the Fund by the Adviser, is the responsibility of the Board of Trustees of the Fund. The number of trustees of the Fund is currently set at nine. None of the trustees who are not “interested” persons of the Fund (referred to herein as “independent trustees”) has ever been a director or employee of, or consultant to, Nuveen or its affiliates. The names and business addresses of the trustees and officers of the Fund, their principal occupations and other affiliations during the past five years, the number of portfolios each oversees and other directorships they hold are set forth below.

The Fund’s Statement of Additional Information (“SAI”) includes more information about the trustees. To request a free copy, call Nuveen Investments at (800) 257-8787 or visit the Funds’ website at www.nuveen.com.

Name, Birthdate and Address	Position(s) Held with the Fund	Year First Elected or Appointed (1)	Principal Occupation(s) Including other Directorships During Past 5 Years	Number of Portfolios in Fund Complex Overseen by Trustee
Independent Trustees:
Robert P. Bremner 8/22/40 333 W. Wacker Drive Chicago, IL 60606	Chairman of the Board and Trustee	1997	Private Investor and Management Consultant; Treasurer and Director, Humanities Council of Washington D.C.	199
Jack B. Evans 10/22/48 333 W. Wacker Drive Chicago, IL 60606	Trustee	1999	President, The Hall-Perrine Foundation, a private philanthropic corporation (since 1996); Director and Vice Chairman, United Fire Group, a publicly held company; Member of the Board of Regents for the State of Iowa University System; Director, Gazette Companies; Life Trustee of Coe College; Director, Iowa College Foundation; Member of the Advisory Council of the Department of Finance in the Tippie College of Business, University of lowa; formerly, Director, Alliant Energy; formerly, Director, Federal Reserve Bank of Chicago; formerly, President and Chief Operating Officer, SCI Financial Group, Inc., a regional financial services firm.	199
William C. Hunter 3/6/48 333 W. Wacker Drive Chicago, IL 60606	Trustee	2004	Dean, Tippie College of Business, University of Iowa (since 2006); Director (since 2004) of Xerox Corporation; Director (since 2005), Beta Gamma Sigma International Honor Society; formerly, Dean and Distinguished Professor of Finance, School of Business at the University of Connecticut (2003-2006); previously, Senior Vice President and Director of Research at the Federal Reserve Bank of Chicago (1995-2003); Director, SS&C Technologies, Inc. (May 2005-October 2005); formerly, Director (1997-2007), Credit Research Center at George Washington University.	199
David J. Kundert 10/28/42 333 W. Wacker Drive Chicago, IL 60606	Trustee	2005	Director, Northwestern Mutual Wealth Management Company; retired (since 2004) as Chairman, JPMorgan Fleming Asset Management, President and CEO, Banc One Investment Advisors Corporation, and President, One Group Mutual Funds; prior thereto, Executive Vice President, Banc One Corporation and Chairman and CEO, Banc One Investment Management Group; Member, Board of Regents, Luther College; member of the Wisconsin Bar Association; member of Board of Directors, Friends of Boerner Botanical Gardens; member of Investment Committee, Greater Milwaukee Foundation.	199
William J. Schneider 9/24/44 333 W. Wacker Drive Chicago, IL 60606	Trustee	1997	Chairman of Miller-Valentine Partners Ltd., a real estate investment company; formerly, Senior Partner and Chief Operating Officer (retired, 2004) of Miller-Valentine Group; Member, Dayton Philharmonic Orchestra Association; formerly, Member, Business Advisory Council, Cleveland Federal Reserve Bank; formerly, Director, Dayton Development Coalition.	199
Judith M. Stockdale 12/29/47 333 W. Wacker Drive Chicago, IL 60606	Trustee	1997	Executive Director, Gaylord and Dorothy Donnelley Foundation (since 1994); prior thereto, Executive Director, Great Lakes Protection Fund (from 1990 to 1994).	199
Carole E. Stone 6/28/47 333 W. Wacker Drive Chicago, IL 60606	Trustee	2007	Director, Chicago Board Options Exchange (since 2006); Director, C2 Options Exchange, Incorporated (since 2009); Commissioner, New York State Commission on Public Authority Reform (since 2005); formerly, Chair, New York Racing Association Oversight Board (2005-2007).	199

60 Nuveen Investments

Name, Birthdate and Address	Position(s) Held with the Fund	Year First Elected or Appointed (1)	Principal Occupation(s) Including other Directorships During Past 5 Years	Number of Portfolios in Fund Complex Overseen by Trustee
Terence J. Toth 9/29/59 333 W. Wacker Drive Chicago, IL 60606	Trustee	2008	Director, Legal & General Investment Management America, Inc. (since 2008); Managing Partner, Musso Capital Management (since 2008); CEO and President, Northern Trust Investments (2004-2007); Executive Vice President, Quantitative Management & Securities Lending (2000-2004); prior thereto, various positions with Northern Trust Company (since 1994); Member: Goodman Theatre Board (since 2004); Chicago Fellowship Board (since 2005), University of Illinois Leadership Council Board (since 2007) and Catalyst Schools of Chicago Board (since 2008); formerly, Member: Northern Trust Mutual Funds Board (2005-2007), Northern Trust Investments Board (2004-2007), Northern Trust Japan Board (2004-2007), Northern Trust Securities Inc. Board (2003-2007) and Northern Trust Hong Kong Board (1997-2004).	199
Interested Trustee:
John P. Amboian (2) 6/14/61 333 W. Wacker Drive Chicago, IL 60606	Trustee	2008	Chief Executive Officer (since July 2007) and Director (since 1999) of Nuveen Investments, Inc.; Chief Executive Officer (since 2007) of Nuveen Asset Management, Nuveen Investments Advisors, Inc. formerly, President (1999-2004) of Nuveen Advisory Corp. and Nuveen Institutional Advisory Corp. (3)	199
Name, Birthdate and Address	Position(s) Held with the Fund	Year First Elected or Appointed (4)	Principal Occupation(s) During Past 5 Years	Number of Portfolios in Fund Complex Overseen by Officer
Officers of the Fund:
Gifford R. Zimmerman 9/9/56 333 W. Wacker Drive Chicago, IL 60606	Chief Administrative Officer	1988	Managing Director (since 2002), Assistant Secretary and Associate General Counsel of Nuveen Investments, LLC; Managing Director (since 2002), Associate General Counsel and Assistant Secretary, of Nuveen Asset Management (since 2002) and of Symphony Asset Management LLC (since 2003); Vice President and Assistant Secretary of NWQ Investment Management Company, LLC. (since 2002), Nuveen Investments Advisers Inc. (since 2002), Tradewinds Global Investors, LLC, and Santa Barbara Asset Management, LLC (since 2006), Nuveen HydePark Group LLC and Nuveen Investment Solutions, Inc. (since 2007); Managing Director (since 2004) and Assistant Secretary (since 1994) of Nuveen Investments, Inc.; formerly, Managing Director (2002-2004), General Counsel (1998-2004) and Assistant Secretary of Nuveen Advisory Corp. and Nuveen Institutional Advisory Corp. (3); Chartered Financial Analyst.	199
Mark J.P. Anson 6/10/59 333 W. Wacker Drive Chicago, IL 60606	Vice President	2009	President and Executive Director of Nuveen Investments, Inc. (since 2007); President of Nuveen Investments Institutional Services Group LLC (since 2007); previously, Chief Executive Officer of the British Telecom Pension Scheme (2006-2007) and Chief Investment Officer of Calpers (1999-2006); PhD, Chartered Financial Analyst, Chartered Alternative Investment Analyst, Certified Public Accountant, Certified Management Accountant and Certified Internal Auditor.	199
Nizida Arriaga 6/1/1968 333 W. Wacker Drive Chicago, IL 60606	Vice President	2009	Vice President (since 2007) of Nuveen Investments, LLC; previously, Portfolio Manager, Allstate Investments, LLC (1996-2006); Chartered Financial Analyst.	199

Nuveen Investments 61

Trustees and Officers (continued)

Name, Birthdate and Address	Position(s) Held with the Fund	Year First Elected or Appointed (4)	Principal Occupation(s) During Past 5 Years	Number of Portfolios in Fund Complex Overseen by Officer
Michael T. Atkinson 2/3/66 333 W. Wacker Drive Chicago, IL 60606	Vice President and Assistant Secretary	2000	Vice President (since 2002) of Nuveen Investments, LLC; Vice President of Nuveen Asset Management (since 2005).	199
Margo L. Cook 4/11/64 333 W. Wacker Drive Chicago, IL 60606	Vice President	2009	Executive Vice President (since Oct 2008) of Nuveen Investments, Inc.; previously, Head of Institutional Asset Management (2007-2008) of Bear Stearns Asset Management; Head of Institutional Asset Mgt (1986-2007) of Bank of NY Mellon; Chartered Financial Analyst.	199
Alan A. Brown 8/1/62 333 W. Wacker Drive Chicago, IL 60606	Vice President	2007	Executive Vice President, Mutual Funds, Nuveen Investments, LLC, (since 2005), previously, Managing Director and Chief Marketing Officer (2001-2005).	74
Name, Birthdate and Address	Position(s) Held with the Fund	Year First Elected or Appointed (4)	Principal Occupation(s) Including other Directorships During Past 5 Years	Number of Portfolios in Fund Complex Overseen by Officer
Lorna C. Ferguson 10/24/45 333 W. Wacker Drive Chicago, IL 60606	Vice President	1998	Managing Director (since 2004) of Nuveen Investments, LLC; Managing Director (since 2005) of Nuveen Asset Management; Managing Director (2004-2005) of Nuveen Advisory Corp. and Nuveen Institutional Advisory Corp. (3).	199
Stephen D. Foy 5/31/54 333 W. Wacker Drive Chicago, IL 60606	Vice President and Controller	1998	Vice President (since 1993) and Funds Controller (since 1998) of Nuveen Investments, LLC; Vice President (since 2005) of Nuveen Asset Management; Certified Public Accountant.	199
William T. Huffman 5/7/1969 333 W. Wacker Drive Chicago, IL 60606	Vice President	2009	Chief Operating Officer, Municipal Fixed Income (since 2008) of Nuveen Asset Management; previously, Chairman, President and Chief Executive Officer (2002 – 2007) of Northern Trust Global Advisors, Inc. and Chief Executive Officer (2007) of Northern Trust Global Investments Limited; CPA.	199
Walter M. Kelly 2/24/70 333 W. Wacker Drive Chicago, IL 60606	Chief Compliance Officer and Vice President	2003	Senior Vice President (since 2008), Vice President (2006- 2008) formerly, Assistant Vice President and Assistant General Counsel (2003-2006) of Nuveen Investments, LLC; Vice President (since 2006) and Assistant Secretary (since 2003) of Nuveen Asset Management.	199
David J. Lamb 3/22/63 333 W. Wacker Drive Chicago, IL 60606	Vice President	2000	Senior Vice President (since 2009), formerly, Vice President (2000-2009) of Nuveen Investments, LLC; Vice President (since 2005) of Nuveen Asset Management, Certified Public Accountant.	199
Tina M. Lazar 8/27/61 333 W. Wacker Drive Chicago, IL 60606	Vice President	2002	Senior Vice President (since 2009), formerly, Vice President of Nuveen Investments, LLC (1999-2009); Vice President of Nuveen Asset Management (since 2005).	199
Larry W. Martin 7/27/51 333 W. Wacker Drive Chicago, IL 60606	Vice President and Assistant Secretary	1988	Vice President, Assistant Secretary and Assistant General Counsel of Nuveen Investments, LLC; Vice President (since 2005) and Assistant Secretary of Nuveen Investments, Inc.; Vice President and Assistant Secretary of Nuveen Investments Advisers Inc. (since 2002), NWQ Investment Management Company, LLC (since 2002), Symphony Asset Management LLC (since 2003), Tradewinds Global Investors, LLC, Santa Barbara Asset Management, LLC (since 2006) and of Nuveen HydePark Group, LLC and Nuveen Investment Solutions, Inc. (since 2007); formerly, Vice President and Assistant Secretary of Nuveen Advisory Corp. and Nuveen Institutional Advisory Corp. (3)	199

62 Nuveen Investments

Name, Birthdate and Address	Position(s) Held with the Fund	Year First Elected or Appointed (4)	Principal Occupation(s) Including other Directorships During Past 5 Years	Number of Portfolios in Fund Complex Overseen by Officer
Kevin J. McCarthy 3/26/66 333 W. Wacker Drive Chicago, IL 60606	Vice President and Secretary	2007	Managing Director (since 2008), formerly, Vice President (2007-2008), Nuveen Investments, LLC; Managing Director (since 2008), formerly, Vice President and Assistant Secretary, Nuveen Asset Management and Nuveen Investments Holdings, Inc.; Vice President (since 2007) and Assistant Secretary, Nuveen Investment Advisers Inc., Nuveen Investment Institutional Services Group LLC, NWQ Investment Management Company, LLC, Tradewinds Global Investors LLC, NWQ Holdings, LLC, Symphony Asset Management LLC, Santa Barbara Asset Management LLC, Nuveen HydePark Group, LLC and Nuveen Investment Solutions, Inc. (since 2007); prior thereto, Partner, Bell, Boyd & Lloyd LLP (1997-2007).	199
John V. Miller 4/10/67 333 W. Wacker Drive Chicago, IL 60606	Vice President	2007	Managing Director (since 2007), formerly, Vice President (2002-2007) of Nuveen Asset Management and Nuveen Investments, LLC; Chartered Financial Analyst.	199
Gregory Mino 1/4/1971 333 W. Wacker Drive Chicago, IL 60606	Vice President	2009	Vice President of Nuveen Investments, LLC (since 2008); previously, Director (2004-2007) and Executive Director (2007-2008) of UBS Global Asset Management; previously, Vice President (2000-2003) and Director (2003-2004) of Merrill Lynch Investment Managers; Chartered Financial Analyst.	199
Christopher M. Rohrbacher 8/1/71 333 W. Wacker Drive Chicago, IL 60606	Vice President and Assistant Secretary	2008	Vice President, Nuveen Investments, LLC (since 2008); Vice President and Assistant Secretary, Nuveen Asset Management (since 2008); prior thereto, Associate, Skadden, Arps, Slate Meagher & Flom LLP (2002-2008)	199
James F. Ruane 7/3/62 333 W. Wacker Drive Chicago, IL 60606	Vice President and Assistant Secretary	2007	Vice President, Nuveen Investments (since 2007); prior thereto, Partner, Deloitte & Touche USA LLP (2005-2007), formerly, senior tax manager (2002-2005); Certified Public Accountant.	199
John S. White 5/12/67 333 W. Wacker Drive Chicago, IL 60606	Vice President	2007	Senior Vice President (since 2009), formerly, Vice President (2006-2009) of Nuveen Investments, LLC, formerly, Assistant Vice President (since 2002); Lieutenant Colonel (since 2007), United States Marine Corps Reserve, formerly, Major (since 2001).	74
Mark L. Winget 12/21/68 333 W. Wacker Drive Chicago, IL 60606	Vice President and Assistant Secretary	2008	Vice President, Nuveen Investments, LLC (since 2008); Vice President and Assistant Secretary, Nuveen Asset Management (since 2008); prior thereto, Counsel, VedderPrice P.C. (1997-2007).	199

(1) Trustees serve an indefinite term until his/her successor is elected or appointed. The year first elected or appointed represents the year in which the trustee was first elected or appointed to any fund in the Nuveen Fund Complex.

(2) Mr. Amboian is an interested trustee because of his position with Nuveen Investments, Inc. and certain of its subsidiaries, which are affiliates of the Nuveen Funds.

(3) Nuveen Advisory Corp. and Nuveen Institutional Advisory Corp. were reorganized into Nuveen Asset Management, effective January 1, 2005.

(4) Officers serve one year terms through July of each year. The year first elected or appointed represents the year in which the officer was first elected or appointed to any fund in the Nuveen Fund Complex.

Nuveen Investments 63

Glossary of Terms Used in this Report

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

Net Asset Value (NAV): A Fund’s NAV is the dollar value of one share in the Fund. It is calculated by subtracting the liabilities of the Fund from its total assets and then dividing the remainder by the number of shares outstanding. Fund NAVs are calculated at the end of each business day.

64 Nuveen Investments

Fund Information

Fund Manager

Nuveen Asset Management

333 West Wacker Drive

Chicago, IL 60606

Sub-Advisers

Nuveen HydePark Group, LLC

111 West Jackson Blvd.

Suite 1411

Chicago, IL 60604

Legal Counsel

Chapman and Cutler LLP

Chicago, IL

Independent Registered

Public Accounting Firm

PricewaterhouseCoopers LLP

Chicago, IL

Custodian

State Street Bank & Trust Company

Boston, MA

Transfer Agent and Shareholder Services

Boston Financial

Data Services

Nuveen Investor Services

P.O. Box 8530

Boston, MA 02266-8530

(800) 257-8787

Distribution Information

Nuveen U.S. Equity Completeness Fund hereby designates 100% of dividends paid from net ordinary income as dividends qualifying for the 70% dividends received deduction for corporations and 100% qualified dividend income for individuals under Section 1 (h)(11) of the Internal Revenue Code. The actual qualified dividend income distributions will be reported to shareholders on Form 1099-DIV which will be sent to shareholders shortly after calendar year end.

Quarterly Portfolio of Investments and Proxy Voting Information: You may obtain (i) each Fund’s quarterly portfolio of investments, (ii) information regarding how the Funds voted proxies relating to portfolio securities held during the most recent twelve-month period ended June 30, 2009, and (iii) a description of the policies and procedures that the Funds used to determine how to vote proxies relating to portfolio securities without charge, upon request, by calling Nuveen Investments at (800) 257-8787 or on Nuveen’s website at www.nuveen.com.

You may also obtain this and other Fund information directly from the Securities and Exchange Commission (“SEC”). The SEC may charge a copying fee for this information. Visit the SEC on-line at http://www.sec.gov or in person at the SEC’s Public Reference Room in Washington, D.C. Call the SEC at (202) 942-8090 for room hours and operation. You may also request Fund information by sending an e-mail request to publicinfo@sec.gov or by writing to the SEC’s Public Reference Section at 100 F Street NE, Washington, D.C. 20549.

The Financial Industry Regulatory Authority (FINRA) provides a Public Disclosure Program which supplies certain information regarding the disciplinary history of FINRA members and their associated persons in response to either telephone inquiries at (800) 289-9999 or written inquiries at www.finra.org. Financial Industry Regulatory Authority also provides an investor brochure that includes information describing the Public Disclosure Program.

Nuveen Investments 65

Nuveen Investments:

Serving Investors For Generations

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

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

We offer many different investing solutions

for our clients’ different needs.

Nuveen Investments is a global investment management firm that seeks to help secure the long-term goals of institutions and high net worth investors as well as the consultants and financial advisors who serve them. Nuveen Investments markets its growing range of specialized investment solutions under the high-quality brands of HydePark, NWQ, Nuveen, Santa Barbara, Symphony, Tradewinds and Winslow Capital. In total, the Company managed $128 billion of assets on June 30, 2009.

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

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

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

• Share prices

• Fund details

• Daily financial news

• Investor education

Distributed by

Nuveen Investments, LLC

333 West Wacker Drive

Chicago, IL 60606

www.nuveen.com

MAN-COMP-0609P

Mutual Funds

Nuveen Equity Funds

For investors seeking long-term capital appreciation.

Annual Report

June 30, 2009

Nuveen Enhanced Core Equity Plus Fund

LIFE IS COMPLEX.

Nuveen makes things e-simple.

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

Free e-Reports right to your e-mail!

www.investordelivery.com

If you receive your Nuveen Fund dividends and statements from your financial advisor or brokerage account.

OR

www.nuveen.com/accountaccess

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

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

Chairman’s

Letter to Shareholders

Dear Shareholder,

The problems in the U.S. financial system and the slowdown in global economic activity continue to create a very difficult environment for the U.S. economy. The administration, the Federal Reserve System and Congress have initiated a variety of programs directed at restoring liquidity to the financial markets, providing financial support for critical financial institutions and stimulating economic activity. There are encouraging signs that these initiatives are beginning to have a constructive impact. It is not possible to predict whether the actions taken to date will be sufficient to restore more normal conditions in the financial markets or enable the economy to stabilize and set a course toward recovery. However, the speed and scope of the government’s actions are very encouraging and more importantly, reflect a commitment to act decisively to meet the economic challenges we face.

The performance information in the attached report reflects the impact of many forces at work in the equity and fixed-income markets. The comments by the portfolio managers describe the strategies being used to pursue your Fund’s long-term investment goals. Parts of the financial markets continue to experience serious dislocations and thorough research and strong investment disciplines have never been more important in identifying risks and opportunities. I hope you will read this information carefully.

Your Board is particularly sensitive to our shareholders’ concerns in these uncertain times. We believe that frequent and thorough communication is essential in this regard and encourage you to visit the Nuveen website: www.nuveen.com, for recent developments in all Nuveen funds. We also encourage you to communicate with your financial consultant for answers to your questions and to seek advice on your long-term investment strategy in the current market environment.

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

Sincerely,

Robert P. Bremner

Chairman of the Nuveen Fund Board

August 24, 2009

Nuveen Investments 1

Portfolio Managers’ Comments

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

The Nuveen Enhanced Core Equity Plus Fund features management by Nuveen HydePark Group, LLC, (HydePark), an affiliate of Nuveen Investments, Inc. The Fund is co-managed by David Tierney, PhD, Senior Managing Director and Chief Investment Officer of HydePark, John Gambla, CFA, and Rob Guttschow, CFA. We recently spoke with David, John and Rob about the general market environment, key investment strategies and performance of the Fund for the period from the Fund’s inception on December 29, 2008, through June 30, 2009.

What were the general economic conditions during the reporting period?

Economic conditions during this initial reporting period were extremely difficult. We entered the period in the midst of a serious economic contraction created in part by the downturn in housing prices across the U.S. The leveraged nature of home purchases combined with the wide dissemination of that mortgage debt across the financial sector resulted in large losses at many financial institutions. During the last six months of 2008, those losses almost brought the entire U.S. financial system to a grinding halt.

As a result, volatility in the equity markets continued throughout most of this reporting period. However, the second quarter of 2009 saw substantial improvements. The U.S. government continued to implement various financial bailout/stimulus plans. The major banks appeared to have raised the necessary capital for them to survive in the current downturn, with several of them even appearing to thrive. Equity markets, as measured by the S&P 500 Index, have rocketed up from the lows experienced in March. Ten-year bond yields have come off their multi-decade lows as well.

How did the Fund perform during the period since inception through June 30, 2009?

The table on page four provides performance information for the Fund (Class A Shares at net asset value) for the period since its inception on December 29, 2008, through June 30, 2009. The table also compares the Fund’s performance to the appropriate benchmark.

The Nuveen Enhanced Core Equity Plus Fund may invest in long positions of equity securities equaling up to 150% of the value of its assets, and may hold short positions in equities representing up to 50% of its assets. The proprietary risk-controlled HydePark wealth creation model was used to manage the Fund since its inception. This model utilizes both fundamental and momentum-related criteria to create a portfolio designed to maximize the reward-to-risk ratio.

Our investment process is a combination of traditional fundamental security valuation and quantitative risk-control techniques. The philosophy that underlies our value-added

2 Nuveen Investments

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

The model evaluates all the securities contained in the benchmark portfolio (S&P 500 Index) for possible inclusion in the portfolio. The process will not consider a stock for possible inclusion if it is not contained in the respective benchmark portfolio.

This process is intended to produce a well-diversified, efficient portfolio that performs within a specific, narrow tracking range (the degree of difference) versus the stated benchmark. The portfolio typically contains a large number of holdings with each relative weighting reflecting the five-dimensional view of that stock’s wealth creation characteristics: earnings, cash flow, book value, dividends and momentum. The portfolio is monitored daily with major rebalances occurring quarterly.

How did this strategy influence performance?

The Fund began investment operations on December 29, 2008. During the period from the Fund’s inception through June 30, 2009, it underperformed the S&P 500 Index.

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

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

Nuveen Investments 3

1 The Lipper Extended U.S. Large-Cap Core Funds Index is a managed index that represents the average annualized returns of all funds in the Lipper Extended U.S. Large-Cap Core Funds category. The returns assume reinvestment of dividends, but do not reflect any applicable sales charges. Index performance is for the period 12/31/08-6/30/09 as returns are available only on a calendar month basis. You cannot invest directly in an index.

2 The S&P 500 Index is an unmanaged index generally considered representative of the U.S. stock market. The index returns assume reinvestment of dividends, but do not reflect any applicable sales charges. Index performance is for the period 12/31/08-6/30/09 as returns are available only on a calendar month basis. You cannot invest directly in an index.

On average, during the reporting period, the Fund was relatively overweighted in energy, consumer staples, telecommunication, and utility stocks, with the largest overweight in energy. The Fund was underweight in materials, industrials, health care, financials, and information technology. Overall, sector weightings had a negative impact on the Fund’s performance versus the index.

Performance attributable to the individual stock holdings within each sector also was a negative for the Fund during the reporting period. The largest negative impacts came from the holdings within the financial, consumer discretionary, and health care sectors.

Class A Shares – Cumulative Total Returns

As of 6/30/09

	Since inception (12/29/2008)
Nuveen Enhanced Core Equity Plus Fund
A Shares at NAV	-1.25%
A Shares at Offer	-6.93%
Lipper Extended U.S. Large-Cap Core Funds Index1	6.97%
S&P 500 Index2	7.20%

Returns quoted represent past performance which is no guarantee of future results. Investment returns and principal value will fluctuate so that when shares are redeemed, they may be worth more or less than their original cost. Returns less than one year are cumulative. Current performance may be higher or lower than the performance shown. Class A Shares have a 5.75% maximum sales charge. Returns at NAV would be lower if sales charges were included. Returns do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or the redemption of shares. For the most recent month-end performance, visit www.nuveen.com or call (800) 257-8787.

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

4 Nuveen Investments

Nuveen Enhanced Core Equity Plus Fund

Growth of an Assumed $10,000 Investment

The graph does not reflect the deduction of taxes that a shareholder may pay on Fund distributions or the redemption of shares.

The index comparisons show the change in value of a $10,000 investment in the Class A Shares of the Nuveen Enhanced Core Equity Plus Fund compared with the corresponding indexes. The Lipper Extended U.S. Large-Cap Core Funds Index is a managed index that represents the average annualized returns of all the funds in the Lipper Extended U.S. Large-Cap Core Funds category. The S&P 500 Index is an unmanaged index generally considered to be representative of the U.S. stock market. The index returns assume reinvestment of dividends and do not reflect any initial or ongoing expenses. You cannot invest directly in an index. The Nuveen Enhanced Core Equity Plus Fund returns include reinvestment of all dividends and distributions, and the Fund’s returns at the offer price depicted in the chart reflects the initial maximum sales charge applicable to Class A Shares (5.75%) and all ongoing Fund expenses. The performance data quoted represents past performance, which is not indicative of future results. Current performance may be lower or higher than the performance shown.

Nuveen Investments 5

Fund Spotlight as of 6/30/09 Nuveen Enhanced Core Equity Plus Fund

Quick Facts
	A Shares	C Shares	R3 Shares	I Shares
NAV	$19.75	$19.67	$19.72	$19.77
Inception Date	12/29/08	12/29/08	12/29/08	12/29/08

Returns quoted represent past performance which is no guarantee of future results. Investment returns and principal value will fluctuate so that when shares are redeemed, they may be worth more or less than their original cost. Current performance may be higher or lower than the performance shown. Returns without sales charges would be lower if the sales charge were included. Returns do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or the redemption of shares. For the most recent month-end performance visit www.nuveen.com or call (800) 257-8787.

Returns reflect differences in sales charges and expenses, which are primarily differences in distribution and service fees. Fund returns assume reinvestment of dividends and capital gains. Class A Shares have a 5.75% maximum sales charge. Class A Share purchases of $1 million or more are sold at net asset value without an up-front sales charge but may be subject to a contingent deferred sales charge (CDSC), also known as a back end sales charge, if redeemed within twelve months of purchase. Class C Shares have a 1% CDSC for redemptions within less than one year, which is not reflected in the one-year total return. Class R3 shares have no sales charge and are available to only certain retirement plans. Class I Shares have no sales charge and may be purchased under limited circumstances or by specified classes of investors. Returns may reflect an expense limitation by the Fund’s investment adviser.

Cumulative Total Returns as of 6/30/09
A Shares	NAV	Offer
Since Inception	-1.25%	-6.93%
C Shares	NAV	w/CDSC
Since Inception	-1.65%	-2.63%
R3 Shares	NAV
Since Inception	-1.40%
I Shares	NAV
Since Inception	-1.15%

Top Five Common Stock Holdings3
Exxon Mobil Corporation	5.8%
AT&T Inc.	2.9%
Chevron Corporation	2.5%
Johnson & Johnson	2.5%
General Electric Company	2.2%

Fund Allocation¹

Common Stocks	103.0%
Common Stocks Sold Short	(3.6)%
Other2	0.6%

Portfolio Statistics
Net Assets ($000)	$3,458
Number of Common Stocks3	398

Expense Ratios
Share Class	Gross Expense Ratios	Net Expense Ratios	As of Date
Class A	1.72%	1.59%	12/29/08
Class C	2.47%	2.34%	12/29/08
Class R3	1.97%	1.84%	12/29/08
Class I	1.47%	1.34%	12/29/08

The expense ratios shown factor in Total Annual Fund Operating Expenses including management fees and other fees and expenses, and are based on an estimated $50 million average net asset size for the Fund’s first fiscal year. The Net Expense Ratios reflect a contractual commitment by the Fund’s investment adviser to waive fees and reimburse expenses through November 30, 2011. Absent the waiver and reimbursement, the Net Expense Ratios would be higher and total returns would be less.

These expense ratios may vary from the expense ratios elsewhere in this report.

1 As a percentage of total net assets as of June 30, 2009. Holdings are subject to change.

2 Other assets less liabilities.

3 Excluding common stocks sold short.

6 Nuveen Investments

Fund Spotlight as of 6/30/09 Nuveen Enhanced Core Equity Plus Fund

Industries1
Oil, Gas & Consumable Fuels	15.8%
Pharmaceuticals	9.0%
Diversified Telecommunication Services	5.9%
Media	4.3%
Computers & Peripherals	3.9%
Electric Utilities	3.8%
Food & Staples Retailing	3.2%
Industrial Conglomerates	3.1%
Household Products	2.8%
Multi-Utilities	2.8%
Software	2.7%
Diversified Financial Services	2.7%
Tobacco	2.6%
Aerospace & Defense	2.4%
Food Products	2.3%
Insurance	2.0%
Specialty Retail	2.0%
Commercial Banks	2.0%
Hotels, Restaurants & Leisure	1.7%
Chemicals	1.6%
Machinery	1.6%
Semiconductors & Equipment	1.6%
Beverages	1.6%
Other	18.6%

1 As a percentage of total investments (excluding common stocks sold short) as of June 30, 2009. Holdings are subject to change.

Expense Example

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

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

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

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

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

									Hypothetical Performance
	Actual Performance								(5% return before expenses)
	A Shares		C Shares		R3 Shares		I Shares		A Shares		C Shares		R3 Shares		I Shares
Beginning Account Value (1/01/09)	$	1,000.00	$	1,000.00	$	1,000.00	$	1,000.00	$	1,000.00	$	1,000.00	$	1,000.00	$	1,000.00
Ending Account Value (6/30/09)	$	953.60	$	949.80	$	952.20	$	954.60	$	1,017.85	$	1,014.03	$	1,016.51	$	1,018.99
Expenses Incurred During Period	$	6.88	$	10.49	$	8.08	$	5.67	$	7.10	$	10.84	$	8.35	$	5.86

For each class of the Fund, expenses are equal to the Fund’s annualized net expense ratio of 1.42%, 2.17%, 1.67% and 1.17% for Classes A, C, R3 and I, respectively, multiplied by the average account value over the period, multiplied by 181/365 (to reflect the one-half year period).

Nuveen Investments 7

Report of

Independent Registered Public Accounting Firm

To the Board of Trustees and Shareholders of

Nuveen Investment Trust:

In our opinion, the accompanying statement of assets and liabilities, including the portfolio of investments, and the related statements of operations, of changes in net assets and the financial highlights present fairly, in all material respects, the financial position of Nuveen Enhanced Core Equity Plus Fund (a series of the Nuveen Investment Trust, hereafter referred to as the “Fund”) at June 30, 2009, the results of its operations, the changes in its net assets and the financial highlights for the period December 29, 2008 (commencement of operations) through June 30, 2009, in conformity with accounting principles generally accepted in the United States of America. These financial statements and financial highlights (hereafter referred to as “financial statements”) are the responsibility of the Fund’s management; our responsibility is to express an opinion on these financial statements based on our audit. We conducted our audit of these financial statements in accordance with the standards of the Public Company Accounting Oversight Board (United States). Those standards require that we plan and perform the audit to obtain reasonable assurance about whether the financial statements are free of material misstatement. An audit includes examining, on a test basis, evidence supporting the amounts and disclosures in the financial statements, assessing the accounting principles used and significant estimates made by management, and evaluating the overall financial statement presentation. We believe that our audit, which included confirmation of securities at June 30, 2009 by correspondence with the custodian and brokers, provides a reasonable basis for our opinion.

PRICEWATERHOUSECOOPERS LLP

Chicago, IL

August 31, 2009

8 Nuveen Investments

Portfolio of Investments

Nuveen Enhanced Core Equity Plus Fund

June 30, 2009

Shares	Description (1)	Value
	COMMON STOCKS – 103.0%
	Aerospace & Defense – 2.4%
110	Boeing Company, (3)	$	4,675
170	General Dynamics Corporation		9,416
70	Goodrich Corporation, (3)		3,498
260	Honeywell International Inc., (3)		8,164
80	ITT Industries, Inc., (3)		3,560
50	L-3 Communications Holdings, Inc., (3)		3,469
150	Lockheed Martin Corporation, (3)		12,098
150	Northrop Grumman Corporation, (3)		6,852
20	Precision Castparts Corporation, (3)		1,461
170	Raytheon Company, (3)		7,553
60	Rockwell Collins, Inc., (3)		2,504
410	United Technologies Corporation, (3)		21,304
	Total Aerospace & Defense		84,554
	Air Freight & Logistics – 0.2%
30	C.H. Robinson Worldwide, Inc., (3)		1,565
120	FedEx Corporation, (3)		6,674
	Total Air Freight & Logistics		8,239
	Auto Components – 0.1%
210	Goodyear Tire & Rubber Company, (2), (3)		2,365
	Automobiles – 0.6%
2,940	Ford Motor Company, (2), (3)		17,846
160	Harley-Davidson, Inc.		2,594
	Total Automobiles		20,440
	Beverages – 1.6%
40	Brown-Forman Corporation, (3)		1,719
440	Coca-Cola Company, (3)		21,116
260	Coca-Cola Enterprises Inc., (3)		4,329
20	Constellation Brands, Inc., Class A, (2), (3)		254
50	Dr. Pepper Snapple Group, (2)		1,060
70	Molson Coors Brewing Company, Class B, (3)		2,963
80	Pepsi Bottling Group, Inc., (3)		2,707
390	PepsiCo, Inc., (3)		21,434
	Total Beverages		55,582
	Biotechnology – 1.6%
720	Amgen Inc., (2), (3)		38,117
70	Biogen Idec Inc., (2), (3)		3,161
40	Cephalon, Inc., (2), (3)		2,266
20	Genzyme Corporation, (2)		1,113
220	Gilead Sciences, Inc., (2), (3)		10,305
	Total Biotechnology		54,962
	Building Products – 0.0%
20	Masco Corporation, (3)		192
	Capital Markets – 0.7%
80	Ameriprise Financial, Inc., (3)		1,942
150	Bank of New York Company, Inc.		4,397

Nuveen Investments 9

Portfolio of Investments

Nuveen Enhanced Core Equity Plus Fund (continued)

June 30, 2009

Shares	Description (1)	Value
	Capital Markets (continued)
120	Charles Schwab Corporation	$	2,105
20	Federated Investors Inc., (3)		482
10	Franklin Resources, Inc., (3)		720
100	Invesco LTD, (3)		1,782
10	Janus Capital Group Inc., (3)		114
250	Morgan Stanley, (3)		7,128
110	Northern Trust Corporation		5,905
	Total Capital Markets		24,575
	Chemicals – 1.7%
40	Air Products & Chemicals Inc.		2,584
20	CF Industries Holdings, Inc.		1,483
1,730	Dow Chemical Company, (3)		27,922
430	E.I. Du Pont de Nemours and Company, (3)		11,017
60	Eastman Chemical Company		2,274
20	Ecolab Inc., (3)		780
30	International Flavors & Fragrances Inc., (3)		982
90	PPG Industries, Inc.		3,951
80	Praxair, Inc., (3)		5,686
20	Sigma-Aldrich Corporation, (3)		991
	Total Chemicals		57,670
	Commercial Banks – 2.0%
570	BB&T Corporation, (3)		12,529
70	Comerica Incorporated, (3)		1,481
30	First Horizon National Corporation, (2), (3)		366
80	Huntington BancShares Inc., (3)		334
40	M&T Bank Corporation, (3)		2,037
240	PNC Financial Services Group, Inc., (3)		9,314
120	Regions Financial Corporation, (3)		485
1,020	U.S. Bancorp, (3)		18,278
1,070	Wells Fargo & Company, (3)		25,958
	Total Commercial Banks		70,782
	Commercial Services & Supplies – 0.7%
60	Avery Dennison Corporation, (3)		1,541
70	Cintas Corporation, (3)		1,599
80	Pitney Bowes Inc., (3)		1,754
330	R.R. Donnelley & Sons Company, (3)		3,835
130	Republic Services, Inc., (3)		3,173
10	Stericycle Inc., (2), (3)		515
420	Waste Management, Inc., (3)		11,827
	Total Commercial Services & Supplies		24,244
	Communications Equipment – 0.8%
770	Cisco Systems, Inc., (2)		14,353
90	Harris Corporation		2,552
22	Harris Stratex Networks, Inc., (2)		143
220	QUALCOMM, Inc., (3)		9,944
60	Tellabs Inc., (2)		344
	Total Communications Equipment		27,336

10 Nuveen Investments

Shares	Description (1)	Value
	Computers & Peripherals – 4.0%
120	Apple, Inc., (2)	$	17,092
270	Dell Inc., (2)		3,707
450	EMC Corporation, (2), (3)		5,895
850	Hewlett-Packard Company, (3)		32,853
730	International Business Machines Corporation (IBM), (3)		76,227
70	Lexmark International, Inc., Class A, (2), (3)		1,110
30	QLogic Corporation, (2)		380
40	Teradata Corporation, (2), (3)		937
	Total Computers & Peripherals		138,201
	Construction & Engineering – 0.0%
30	Fluor Corporation, (3)		1,539
	Construction Materials – 0.0%
40	Vulcan Materials Company, (3)		1,724
	Consumer Finance – 0.3%
150	Capital One Financial Corporation, (3)		3,282
650	Discover Financial Services, (3)		6,676
	Total Consumer Finance		9,958
	Containers & Packaging – 0.2%
60	Ball Corporation, (3)		2,710
70	Bemis Company, Inc., (3)		1,764
60	Pactiv Corporation, (2), (3)		1,302
60	Sealed Air Corporation, (3)		1,107
	Total Containers & Packaging		6,883
	Distributors – 0.1%
100	Genuine Parts Company, (3)		3,356
	Diversified Consumer Services – 0.1%
30	Apollo Group, Inc., (2), (3)		2,134
150	H & R Block Inc., (3)		2,585
	Total Diversified Consumer Services		4,719
	Diversified Financial Services – 2.8%
2,890	Bank of America Corporation		38,148
1,630	JPMorgan Chase & Co., (3)		55,599
30	Leucadia National Corporation, (2), (3)		633
10	Nasdaq Stock Market, Inc., (2), (3)		213
20	New York Stock Exchange Euronext, (3)		545
	Total Diversified Financial Services		95,138
	Diversified Telecommunication Services – 6.1%
4,110	AT&T Inc.		102,089
160	CenturyTel, Inc., (3)		4,912
200	Embarq Corporation, (3)		8,412
370	Frontier Communications Corporation, (3)		2,642
2,700	Qwest Communications International Inc., (3)		11,205
2,490	Verizon Communications Inc., (3)		76,518
740	Windstream Corporation		6,186
	Total Diversified Telecommunication Services		211,964

Nuveen Investments 11

Portfolio of Investments

Nuveen Enhanced Core Equity Plus Fund (continued)

June 30, 2009

Shares	Description (1)	Value
	Electric Utilities – 3.9%
50	Allegheny Energy, Inc., (3)	$	1,283
490	American Electric Power Company, Inc., (3)		14,156
1,170	Duke Energy Corporation, (3)		17,070
230	Edison International, (3)		7,236
120	Entergy Corporation		9,302
310	Exelon Corporation, (3)		15,875
250	FirstEnergy Corp.		9,688
270	FPL Group, Inc.		15,352
230	Pepco Holdings, Inc., (3)		3,091
120	Pinnacle West Capital Corporation		3,618
200	PPL Corporation		6,592
290	Progress Energy, Inc., (3)		10,971
640	Southern Company		19,942
	Total Electric Utilities		134,176
	Electrical Equipment – 0.4%
90	Cooper Industries, Ltd., Class A, (3)		2,795
250	Emerson Electric Company, (3)		8,100
60	Rockwell Automation, Inc., (3)		1,927
	Total Electrical Equipment		12,822
	Electronic Equipment & Instruments – 1.1%
30	Agilent Technologies, Inc., (2), (3)		609
30	Amphenol Corporation, Class A, (3)		949
1,500	Corning Incorporated, (3)		24,090
10	Molex Inc., (3)		156
580	Tyco Electronics, Limited, (3)		10,782
	Total Electronic Equipment & Instruments		36,586
	Energy Equipment & Services – 1.0%
130	Baker Hughes Incorporated, (3)		4,737
150	BJ Services Company, (3)		2,045
20	Cooper Cameron Corporation, (2), (3)		566
20	Diamond Offshore Drilling, Inc., (3)		1,661
120	ENSCO International Incorporated		4,184
20	Halliburton Company		414
410	Nabors Industries Inc., (2), (3)		6,388
140	National-Oilwell Varco Inc., (2)		4,572
200	Noble Corporation		6,050
110	Rowan Companies Inc., (3)		2,125
50	Schlumberger Limited, (3)		2,706
	Total Energy Equipment & Services		35,448
	Food & Staples Retailing – 3.3%
80	Costco Wholesale Corporation		3,656
390	CVS Caremark Corporation		12,429
470	Kroger Co.		10,364
290	Safeway Inc., (3)		5,907
300	SUPERVALU INC.		3,885
310	Sysco Corporation, (3)		6,969

12 Nuveen Investments

Shares	Description (1)	Value
	Food & Staples Retailing (continued)
320	Walgreen Co., (3)	$	9,408
1,260	Wal-Mart Stores, Inc., (3)		61,034
	Total Food & Staples Retailing		113,652
	Food Products – 2.4%
390	Archer-Daniels-Midland Company		10,440
130	Campbell Soup Company, (3)		3,825
320	ConAgra Foods, Inc., (3)		6,099
100	Dean Foods Company, (2), (3)		1,919
220	General Mills, Inc.		12,324
170	H.J. Heinz Company		6,069
70	Hershey Foods Corporation, (3)		2,520
30	Hormel Foods Corporation		1,036
70	JM Smucker Company, (3)		3,406
110	Kellogg Company, (3)		5,123
960	Kraft Foods Inc.		24,326
70	McCormick & Company, Incorporated		2,277
350	Sara Lee Corporation		3,416
60	Tyson Foods, Inc., Class A, (3)		757
	Total Food Products		83,537
	Gas Utilities – 0.1%
40	Nicor Inc., (3)		1,385
80	Questar Corporation		2,485
	Total Gas Utilities		3,870
	Health Care Equipment & Supplies – 0.8%
220	Baxter International, Inc.		11,651
60	Becton, Dickinson and Company, (3)		4,279
20	C. R. Bard, Inc., (3)		1,489
190	Covidien PLC		7,114
10	DENTSPLY International Inc., (3)		305
10	Hospira Inc., (2)		385
70	Medtronic, Inc.		2,442
20	Saint Jude Medical Inc., (2), (3)		822
	Total Health Care Equipment & Supplies		28,487
	Health Care Providers & Services – 1.5%
120	Aetna Inc., (3)		3,006
80	AmerisourceBergen Corporation, (3)		1,419
110	Cardinal Health, Inc., (3)		3,361
40	CIGNA Corporation		964
60	Coventry Health Care, Inc., (2), (3)		1,123
60	Davita Inc., (2), (3)		2,968
50	Express Scripts, Inc., (2)		3,438
50	Humana Inc., (2), (3)		1,613
30	Laboratory Corporation of America Holdings, (2), (3)		2,034
100	McKesson HBOC Inc.		4,400
160	Medco Health Solutions, Inc., (2), (3)		7,298
70	Quest Diagnostics Incorporated, (3)		3,950

Nuveen Investments 13

Portfolio of Investments

Nuveen Enhanced Core Equity Plus Fund (continued)

June 30, 2009

Shares	Description (1)	Value
	Health Care Providers & Services (continued)
160	UnitedHealth Group Incorporated	$	3,997
250	Wellpoint Inc., (2)		12,723
	Total Health Care Providers & Services		52,294
	Health Care Technology – 0.0%
30	IMS Health Incorporated		381
	Hotels, Restaurants & Leisure – 1.8%
360	Carnival Corporation		9,277
90	Darden Restaurants, Inc., (3)		2,968
710	McDonald’s Corporation, (3)		40,818
50	Starwood Hotels & Resorts Worldwide, Inc., (3)		1,110
50	Wyndham Worldwide Corporation, (3)		606
180	YUM! Brands, Inc., (3)		6,001
	Total Hotels, Restaurants & Leisure		60,780
	Household Durables – 0.4%
40	Black & Decker Corporation, (3)		1,146
100	Fortune Brands Inc., (3)		3,474
80	Leggett and Platt Inc., (3)		1,218
30	Pulte Corporation, (2), (3)		265
20	Snap-on Incorporated, (3)		575
50	Stanley Works		1,692
100	Whirlpool Corporation, (3)		4,256
	Total Household Durables		12,626
	Household Products – 2.9%
60	Clorox Company, (3)		3,350
140	Colgate-Palmolive Company, (3)		9,904
240	Kimberly-Clark Corporation		12,583
1,470	Procter & Gamble Company, (3)		75,117
	Total Household Products		100,954
	Independent Power Producers & Energy Traders – 0.4%
1,180	AES Corporation, (2), (3)		13,700
40	Constellation Energy Group, (3)		1,063
180	Dynegy Inc., (2), (3)		409
	Total Independent Power Producers & Energy Traders		15,172
	Industrial Conglomerates – 3.2%
260	3M Co.		15,626
6,730	General Electric Company, (3)		78,873
500	Textron Inc., (3)		4,830
380	Tyco International Ltd.		9,872
	Total Industrial Conglomerates		109,201
	Insurance – 2.1%
20	Allstate Corporation, (3)		488
260	Aon Corporation, (3)		9,846
300	Chubb Corporation, (3)		11,964
140	Cincinnati Financial Corporation, (3)		3,129
220	Lincoln National Corporation, (3)		3,786
270	Loews Corporation		7,398
160	Marsh & McLennan Companies, Inc., (3)		3,221

14 Nuveen Investments

Shares	Description (1)	Value
	Insurance (continued)
250	MetLife, Inc.	$	7,503
20	Torchmark Corporation, (3)		741
520	Travelers Companies, Inc., (3)		21,341
130	Unum Group		2,062
120	XL Capital Ltd, Class A, (3)		1,375
	Total Insurance		72,854
	Internet & Catalog Retail – 0.1%
50	Amazon.com, Inc., (2), (3)		4,183
10	Expedia, Inc., (2), (3)		151
	Total Internet & Catalog Retail		4,334
	Internet Software & Services – 0.6%
20	eBay Inc., (2), (3)		343
50	Google Inc., Class A, (2)		21,080
	Total Internet Software & Services		21,423
	IT Services – 1.0%
80	Affiliated Computer Services, Inc., (2), (3)		3,554
250	Automatic Data Processing, Inc.		8,860
20	Cognizant Technology Solutions Corporation, Class A, (2)		534
250	Computer Sciences Corporation, (2), (3)		11,075
110	Fidelity National Information Services, (3)		2,196
50	Fiserv, Inc., (2), (3)		2,285
10	MasterCard, Inc., (3)		1,673
100	Paychex, Inc., (3)		2,520
50	Total System Services Inc.		670
	Total IT Services		33,367
	Leisure Equipment & Products – 0.2%
340	Eastman Kodak Company, (3)		1,006
90	Hasbro, Inc., (3)		2,182
240	Mattel, Inc.		3,852
	Total Leisure Equipment & Products		7,040
	Life Sciences Tools & Services – 0.2%
30	Life Technologies Corporation, (2)		1,252
10	Millipore Corporation, (2), (3)		702
20	Perkinelmer Inc., (3)		348
90	Thermo Fisher Scientific, Inc., (2), (3)		3,669
10	Waters Corporation, (2)		515
	Total Life Sciences Tools & Services		6,486
	Machinery – 1.7%
410	Caterpillar Inc., (3)		13,546
110	Cummins Inc.		3,873
50	Danaher Corporation		3,087
70	Deere & Company, (3)		2,797
120	Dover Corporation, (3)		3,971
120	Eaton Corporation, (3)		5,353
10	Flowserve Corporation, (3)		698
170	Illinois Tool Works, Inc., (3)		6,348

Nuveen Investments 15

Portfolio of Investments

Nuveen Enhanced Core Equity Plus Fund (continued)

June 30, 2009

Shares	Description (1)	Value
	Machinery (continued)
340	Ingersoll Rand Company Limited, Class A, (3)	$	7,106
170	PACCAR Inc., (3)		5,527
30	Pall Corporation		797
100	Parker Hannifin Corporation, (3)		4,296
	Total Machinery		57,399
	Media – 4.4%
1,570	CBS Corporation, Class B, (3)		10,864
1,690	Comcast Corporation, Class A		24,488
240	DIRECTV Group, Inc., (2)		5,930
220	Interpublic Group Companies, Inc., (2), (3)		1,111
110	McGraw-Hill Companies, Inc.		3,312
1,990	News Corporation, Class A		18,129
130	Omnicom Group, Inc., (3)		4,105
1,900	Time Warner Inc., (3)		47,861
820	Viacom Inc., Class B, (2), (3)		18,614
730	Walt Disney Company, (3)		17,031
	Total Media		151,445
	Metals & Mining – 0.7%
310	Alcoa Inc., (3)		3,202
40	Allegheny Technologies, Inc., (3)		1,397
60	Newmont Mining Corporation		2,452
210	Nucor Corporation, (3)		9,330
170	United States Steel Corporation, (3)		6,076
	Total Metals & Mining		22,457
	Multiline Retail – 1.0%
50	Big Lots, Inc., (2), (3)		1,052
60	Family Dollar Stores, Inc.		1,698
660	Federated Department Stores, Inc., (3)		7,762
160	J.C. Penney Company, Inc., (3)		4,594
150	Kohl’s Corporation, (2), (3)		6,413
50	Nordstrom, Inc., (3)		995
10	Sears Holding Corporation, (2)		665
270	Target Corporation		10,657
	Total Multiline Retail		33,836
	Multi-Utilities – 2.9%
270	Ameren Corporation, (3)		6,720
430	CenterPoint Energy, Inc., (3)		4,764
130	CMS Energy Corporation, (3)		1,570
290	Consolidated Edison, Inc., (3)		10,852
480	Dominion Resources, Inc., (3)		16,042
220	DTE Energy Company, (3)		7,040
60	Integrys Energy Group, Inc., (3)		1,799
260	NiSource Inc., (3)		3,032
370	PG&E Corporation, (3)		14,223
200	Public Service Enterprise Group Incorporated, (3)		6,526
110	Scana Corporation, (3)		3,572

16 Nuveen Investments

Shares	Description (1)	Value
	Multi-Utilities (continued)
180	Sempra Energy, (3)	$	8,933
190	TECO Energy, Inc., (3)		2,267
90	Wisconsin Energy Corporation, (3)		3,664
450	Xcel Energy, Inc., (3)		8,285
	Total Multi-Utilities		99,289
	Office Electronics – 0.1%
410	Xerox Corporation, (3)		2,657
	Oil, Gas & Consumable Fuels – 16.3%
390	Anadarko Petroleum Corporation, (3)		17,702
310	Apache Corporation		22,367
390	Chesapeake Energy Corporation, (3)		7,734
1,370	Chevron Corporation, (3)		90,760
1,050	ConocoPhillips		44,163
500	Devon Energy Corporation, (3)		27,250
800	El Paso Corporation, (3)		7,384
110	EOG Resources, Inc., (3)		7,471
2,960	Exxon Mobil Corporation		206,929
180	Hess Corporation		9,675
730	Marathon Oil Corporation		21,995
170	Murphy Oil Corporation, (3)		9,234
120	Noble Energy, Inc., (3)		7,076
660	Occidental Petroleum Corporation, (3)		43,435
10	Peabody Energy Corporation, (3)		302
110	Pioneer Natural Resources Company, (3)		2,805
110	Southwestern Energy Company, (2)		4,274
520	Spectra Energy Corporation, (3)		8,798
120	Sunoco, Inc., (3)		2,784
10	Tesoro Corporation, (3)		127
180	Valero Energy Corporation, (3)		3,040
450	Williams Companies, Inc.		7,025
280	XTO Energy, Inc., (3)		10,679
	Total Oil, Gas & Consumable Fuels		563,009
	Paper & Forest Products – 0.3%
540	International Paper Company		8,170
120	MeadWestvaco Corporation		1,969
	Total Paper & Forest Products		10,139
	Personal Products – 0.0%
20	Avon Products, Inc.		516
20	Estee Lauder Companies Inc., Class A, (3)		653
	Total Personal Products		1,169
	Pharmaceuticals – 9.2%
750	Abbott Laboratories		35,280
1,380	Bristol-Myers Squibb Company, (3)		28,028
200	Eli Lilly and Company, (3)		6,928
90	Forest Laboratories, Inc., (2), (3)		2,260
1,570	Johnson & Johnson		89,173
230	King Pharmaceuticals Inc., (2), (3)		2,215

Nuveen Investments 17

Portfolio of Investments

Nuveen Enhanced Core Equity Plus Fund (continued)

June 30, 2009

Shares	Description (1)	Value
	Pharmaceuticals (continued)
1,020	Merck & Co. Inc.	$	28,519
100	Mylan Laboratories Inc., (2), (3)		1,305
5,220	Pfizer Inc., (3)		78,300
200	Schering-Plough Corporation		5,024
90	Watson Pharmaceuticals Inc., (2), (3)		3,032
860	Wyeth		39,035
	Total Pharmaceuticals		319,099
	Professional Services – 0.1%
20	Dun and Bradstreet Inc.		1,624
40	Equifax Inc.		1,044
50	Robert Half International Inc., (3)		1,181
	Total Professional Services		3,849
	Real Estate – 1.2%
250	Apartment Investment & Management Company, Class A, (3)		2,213
60	AvalonBay Communities, Inc., (3)		3,356
440	Developers Diversified Realty Corporation, (3)		2,147
140	Equity Residential		3,112
190	Health Care Property Investors Inc., (3)		4,026
90	Health Care REIT, Inc., (3)		3,069
880	Host Hotels & Resorts Inc., (3)		7,383
190	Kimco Realty Corporation, (3)		1,910
40	Plum Creek Timber Company		1,191
480	ProLogis, (3)		3,869
50	Public Storage, Inc., (3)		3,274
30	Simon Property Group, Inc., (3)		1,543
50	Ventas Inc.		1,493
70	Vornado Realty Trust		3,152
	Total Real Estate		41,738
	Road & Rail – 1.1%
140	Burlington Northern Santa Fe Corporation, (3)		10,296
200	CSX Corporation		6,926
240	Norfolk Southern Corporation, (3)		9,041
10	Ryder System, Inc.		279
240	Union Pacific Corporation		12,494
	Total Road & Rail		39,036
	Semiconductors & Equipment – 1.6%
100	Altera Corporation, (3)		1,628
170	Analog Devices, Inc.		4,213
40	Broadcom Corporation, Class A, (2)		992
2,170	Intel Corporation, (3)		35,914
90	Linear Technology Corporation, (3)		2,102
50	LSI Logic Corporation, (2), (3)		228
70	Microchip Technology Incorporated, (3)		1,579
100	Micron Technology, Inc., (2), (3)		506
90	National Semiconductor Corporation, (3)		1,130
10	Novellus Systems, Inc., (2)		167

18 Nuveen Investments

Shares	Description (1)	Value
	Semiconductors & Equipment (continued)
270	Texas Instruments Incorporated, (3)	$	5,751
110	Xilinx, Inc., (3)		2,251
	Total Semiconductors & Equipment		56,461
	Software – 2.8%
60	BMC Software, Inc., (2)		2,027
140	CA Inc., (3)		2,440
130	Compuware Corporation, (2), (3)		892
100	Intuit, Inc., (2)		2,816
20	McAfee Inc., (2), (3)		844
2,320	Microsoft Corporation		55,146
1,250	Oracle Corporation, (3)		26,775
280	Symantec Corporation, (2)		4,357
	Total Software		95,297
	Specialty Retail – 2.1%
30	Abercrombie & Fitch Co., Class A, (3)		762
10	AutoNation Inc., (2), (3)		174
20	AutoZone, Inc., (2), (3)		3,022
90	Bed Bath and Beyond Inc., (2), (3)		2,768
120	Best Buy Co., Inc., (3)		4,019
30	GameStop Corporation, (2)		660
190	Gap, Inc., (3)		3,116
1,040	Home Depot, Inc., (3)		24,575
270	Limited Brands, Inc., (3)		3,232
720	Lowe’s Companies, Inc.		13,975
50	RadioShack Corporation, (3)		698
60	Sherwin-Williams Company, (3)		3,225
240	Staples, Inc., (3)		4,841
40	Tiffany & Co., (3)		1,014
170	TJX Companies, Inc.		5,348
	Total Specialty Retail		71,429
	Textiles, Apparel & Luxury Goods – 0.3%
60	Coach, Inc., (3)		1,613
120	Nike, Inc., Class B		6,214
20	Polo Ralph Lauren Corporation, (3)		1,071
50	VF Corporation		2,768
	Total Textiles, Apparel & Luxury Goods		11,666
	Thrifts & Mortgage Finance – 0.2%
290	Hudson City Bancorp, Inc.		3,854
230	People’s United Financial, Inc., (3)		3,459
	Total Thrifts & Mortgage Finance		7,313
	Tobacco – 2.7%
2,190	Altria Group, Inc., (3)		35,894
90	Lorillard Inc., (3)		6,099
1,070	Philip Morris International		46,673
140	Reynolds American Inc., (3)		5,407
	Total Tobacco		94,073

Nuveen Investments 19

Portfolio of Investments

Nuveen Enhanced Core Equity Plus Fund (continued)

June 30, 2009

Shares	Description (1)	Value
	Trading Companies & Distributors – 0.1%
20	Fastenal Company, (3)	$	663
40	W.W. Grainger, Inc., (3)		3,275
	Total Trading Companies & Distributors		3,938
	Wireless Telecommunication Services – 0.8%
5,670	Sprint Nextel Corporation, (2), (3)		27,270
	Total Common Stocks (cost $3,534,205)		3,562,482
Shares	Description (1)	Value
	Common Stocks Sold Short – (3.6)%
	Air Freight & Logistics – (0.2)%
(10)	Expeditors International of Washington, Inc.	$	(333)
(140)	United Parcel Service, Inc., Class B		(6,999)
	Total Air Freight & Logistics		(7,332)
	Airlines – (0.0)%
(40)	Southwest Airlines Co.		(269)
	Auto Components – (0.0)%
(40)	Johnson Controls, Inc.		(869)
	Biotechnology – (0.1)%
(50)	Celgene Corporation, (2)		(2,392)
	Capital Markets – (0.1)%
(190)	E*Trade Group Inc., (2)		(243)
(40)	Legg Mason, Inc.		(975)
(30)	State Street Corporation		(1,416)
(30)	T. Rowe Price Group Inc.		(1,250)
	Total Capital Markets		(3,884)
	Chemicals – (0.0)%
(10)	Monsanto Company		(743)
	Commercial Banks – (0.1)%
(250)	Fifth Third Bancorp.		(1,775)
(170)	KeyCorp.		(891)
(70)	Marshall and Ilsley Corporation		(336)
(70)	Zions Bancorporation		(809)
	Total Commercial Banks		(3,811)
	Commercial Services & Supplies – (0.0)%
(20)	Iron Mountain Inc., (2)		(575)
	Communications Equipment – (0.3)%
(50)	Ciena Corporation, (2)		(518)
(140)	JDS Uniphase Corporation, (2)		(801)
(60)	Juniper Networks Inc., (2)		(1,416)
(800)	Motorola, Inc.		(5,304)
	Total Communications Equipment		(8,039)
	Computers & Peripherals – (0.1)%
(10)	Network Appliance Inc., (2)		(197)
(100)	SanDisk Corporation, (2)		(1,469)
(170)	Sun Microsystems Inc., (2)		(1,567)
	Total Computers & Peripherals		(3,233)

20 Nuveen Investments

Shares	Description (1)	Value
	Construction & Engineering – (0.0)%
(20)	Jacobs Engineering Group, Inc., (2)	$	(842)
	Consumer Finance – (0.4)%
(300)	American Express Company		(6,972)
(500)	SLM Corporation, (2)		(5,135)
	Total Consumer Finance		(12,107)
	Containers & Packaging – (0.0)%
(10)	Owens-Illinois, Inc., (2)		(280)
	Diversified Financial Services – (0.2)%
(190)	CIT Group Inc.		(409)
(10)	CME Group, Inc.		(3,111)
(20)	Intercontinental Exchange, Inc., (2)		(2,285)
(10)	Moody’s Corporation		(264)
	Total Diversified Financial Services		(6,069)
	Health Care Equipment & Supplies – (0.2)%
(180)	Boston Scientific Corporation, (2)		(1,825)
(30)	Intuitive Surgical, Inc., (2)		(4,910)
(10)	Stryker Corporation		(397)
(10)	Varian Medical Systems, Inc., (2)		(351)
	Total Health Care Equipment & Supplies		(7,483)
	Health Care Providers & Services – (0.0)%
(300)	Tenet Healthcare Corporation, (2)		(846)
	Hotels, Restaurants & Leisure – (0.1)%
(110)	International Game Technology		(1,749)
(10)	Marriott International, Inc., Class A		(222)
(180)	Starbucks Corporation, (2)		(2,500)
	Total Hotels, Restaurants & Leisure		(4,471)
	Household Durables – (0.1)%
(50)	Centex Corporation		(423)
(30)	D.R. Horton, Inc.		(281)
(20)	Harman International Industries Inc.		(376)
(20)	KB Home		(274)
	Total Household Durables		(1,354)
	Insurance – (0.4)%
(90)	AFLAC Incorporated		(2,798)
(10)	Assurant Inc.		(241)
(200)	Genworth Financial Inc., Class A		(1,398)
(180)	Hartford Financial Services Group, Inc.		(2,137)
(20)	MBIA Inc., (2)		(87)
(180)	Principal Financial Group, Inc.		(3,391)
(50)	Progressive Corporation, (2)		(756)
(20)	Prudential Financial, Inc.		(744)
	Total Insurance		(11,552)
	Internet Software & Services – (0.4)%
(50)	Akamai Technologies, Inc., (2)		(959)
(90)	VeriSign, Inc., (2)		(1,663)
(690)	Yahoo! Inc., (2)		(10,805)
	Total Internet Software & Services		(13,427)

Nuveen Investments 21

Portfolio of Investments

Nuveen Enhanced Core Equity Plus Fund (continued)

June 30, 2009

Shares	Description (1)	Value
	IT Services – (0.0)%
(30)	Convergys Corporation, (2)	$	(278)
(10)	Western Union Company		(164)
	Total IT Services		(442)
	Machinery – (0.0)%
(110)	Manitowoc Company Inc.		(579)
	Media – (0.0)%
(140)	Gannett Company Inc.		(500)
(10)	Scripps Networks Interactive, Class A Shares		(278)
	Total Media		(778)
	Metals & Mining – (0.1)%
(70)	AK Steel Holding Corporation		(1,343)
(30)	Freeport-McMoRan Copper & Gold, Inc.		(1,503)
	Total Metals & Mining		(2,846)
	Oil, Gas & Consumable Fuels – (0.1)%
(80)	CONSOL Energy Inc.		(2,717)
(70)	Massey Energy Company		(1,368)
(10)	Range Resources Corporation		(414)
	Total Oil, Gas & Consumable Fuels		(4,499)
	Paper & Forest Products – (0.0)%
(20)	Weyerhaeuser Company		(609)
	Pharmaceuticals – (0.0)%
(10)	Allergan, Inc.		(476)
	Professional Services – (0.0)%
(70)	Monster Worldwide Inc., (2)		(827)
	Real Estate – (0.0)%
(10)	Boston Properties, Inc.		(477)
	Real Estate Management & Development – (0.0)%
(110)	CB Richard Ellis Group, Inc., Class A, (2)		(1,030)
	Semiconductors & Equipment – (0.2)%
(200)	Advanced Micro Devices, Inc., (2)		(774)
(70)	Applied Materials, Inc.		(768)
(40)	KLA-Tencor Corporation		(1,010)
(150)	MEMC Electronic Materials, (2)		(2,672)
(160)	NVIDIA Corporation, (2)		(1,806)
(100)	Teradyne Inc., (2)		(686)
	Total Semiconductors & Equipment		(7,716)
	Software – (0.4)%
(20)	Adobe Systems Incorporated, (2)		(566)
(20)	Autodesk, Inc., (2)		(380)
(10)	Citrix Systems, (2)		(319)
(400)	Electronic Arts Inc. (EA), (2)		(8,688)
(150)	Novell Inc., (2)		(680)
(60)	Salesforce.com, Inc., (2)		(2,290)
	Total Software		(12,923)
	Specialty Retail – (0.0)%
(70)	Office Depot, Inc., (2)		(319)

22 Nuveen Investments

Shares	Description (1)	Value
	Wireless Telecommunication Services – (0.1)%
(50)	American Tower Corporation, (2)	$	(1,574)
	Total Common Stocks Sold Short (proceeds $103,204)		(124,673)
	Other Assets Less Liabilities – 0.6%		19,875
	Net Assets – 100%	$	3,457,684

(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.

See accompanying notes to financial statements.

Nuveen Investments 23

Statement of Assets and Liabilities

June 30, 2009

Assets
Investments, at value (cost $3,534,205)	$	3,562,482
Cash (1)		1,293,434
Receivables:
Dividends		6,273
From Adviser		50,358
Total assets		4,912,547
Liabilities
Cash overdraft		14,396
Securities sold short, at value (proceeds $103,204)		124,673
Payable for collateral due to broker		1,293,434
Accrued expenses:
12b-1 distribution and service fees		358
Other		22,002
Total liabilities		1,454,863
Net assets	$	3,457,684
Class A Shares
Net assets	$	246,822
Shares outstanding		12,500
Net asset value per share	$	19.75
Offering price per share (net asset value per share plus maximum sales charge of 5.75% of offering price)	$	20.95
Class C Shares
Net assets	$	245,891
Shares outstanding		12,500
Net asset value and offering price per share	$	19.67
Class R3 Shares
Net assets	$	246,510
Shares outstanding		12,500
Net asset value and offering price per share	$	19.72
Class I Shares
Net assets	$	2,718,461
Shares outstanding		137,500
Net asset value and offering price per share	$	19.77
Net Assets Consist of:
Capital paid-in	$	3,498,909
Undistributed (Over-distribution of) net investment income		38,483
Accumulated net realized gain (loss) from investments		(86,516	)
Net unrealized appreciation (depreciation) of investments and securities sold short		6,808
Net assets	$	3,457,684

(1) Represents collateral held for securities lending transactions. See Footnote 1 – Enhanced Custody Program for further information.

See accompanying notes to financial statements.

24 Nuveen Investments

Statement of Operations

For the Period December 29, 2008 (commencement of operations) through June 30, 2009

Dividend and Interest Income	$	58,752
Expenses
Management fees		14,007
12b-1 service fees – Class A		294
12b-1 distribution and service fees – Class C		1,175
12b-1 distribution and service fees – Class R3		589
Dividend expense on securities sold short		677
Shareholders’ servicing agent fees and expenses		7,689
Custodian’s fees and expenses		15,070
Enhanced custody expense		476
Trustees’ fees and expenses		46
Professional fees		45,376
Shareholders’ reports – printing and mailing expenses		12,585
Federal and state registration fees		195
Other expenses		300
Total expenses before expense reimbursement		98,479
Expense reimbursement		(77,131	)
Net expenses		21,348
Net investment income		37,404
Realized and Unrealized Gain (Loss)
Net realized gain (loss) from investments and securities sold short		(86,528	)
Net unrealized appreciation (depreciation) of investments and securities sold short		6,808
Net realized and unrealized gain (loss)		(79,720	)
Net increase (decrease) in net assets from operations	$	(42,316	)

See accompanying notes to financial statements.

Nuveen Investments 25

Statement of Changes in Net Assets

For the Period December 29, 2008 (commencement of operations) through June 30, 2009

Operations
Net investment income	$	37,404
Net realized gain (loss) from investments and securities sold short		(86,528	)
Net unrealized appreciation (depreciation) of investments and securities sold short		6,808
Net increase (decrease) in net assets from operations		(42,316	)
Fund Share Transactions
Proceeds from sale of shares		3,500,000
Net increase (decrease) in net assets from Fund share transactions		3,500,000
Net increase (decrease) in net assets		3,457,684
Net assets at the beginning of period		—
Net assets at the end of period	$	3,457,684
Undistributed (Over-distribution of) net investment income at the end of period	$	38,483

See accompanying notes to financial statements.

26 Nuveen Investments

Notes to Financial Statements

1. General Information and Significant Accounting Policies

The Nuveen Investment Trust (the “Trust”) is an open-end management investment company registered under the Investment Company Act of 1940, as amended. The Trust is comprised of Nuveen Enhanced Core Equity Plus Fund (the “Fund”), among others. The Trust was organized as a Massachusetts business trust in 1996. The Fund commenced operations on December 29, 2008.

The Fund invests primarily in equity securities of companies within the S&P 500 Index in an attempt to provide long-term capital appreciation. The Fund seeks to achieve additional return by taking short positions in stocks that are expected to underperform and using the proceeds from these short positions to take additional long positions in stocks that are expected to outperform.

The Fund intends to target a net “long” market exposure of approximately 100%. The Fund’s long positions will range from between 90% and 150% of the value of the Fund’s net assets. The Fund’s short positions will range between 0% and 50% of the value of the Fund’s net assets.

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

Investment Valuation

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

Investment Transactions

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

Investment Income

Dividend income on securities purchased and dividend expense on securities sold short are recorded on the ex-dividend date. Interest income is recorded on an accrual basis.

Income Taxes

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

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

Dividends and Distributions to Shareholders

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

Distributions to shareholders are recorded on the ex-dividend date. The amount and timing of distributions are determined in accordance with federal income tax regulations, which may differ from accounting principles generally accepted in the United States.

Flexible Sales Charge Program

Class A Shares are generally sold with an up-front sales charge and incur a .25% annual 12b-1 service fee. Class A Share purchases of $1 million or more are sold at net asset value without an up-front sales charge but may be subject to a contingent deferred sales charge (“CDSC”) if redeemed within twelve months of purchase. Class C Shares are sold without an up-front sales charge but incur a .75% annual 12b-1 distribution fee and a .25% annual 12b-1 service fee. Class C Shares are subject to a CDSC of 1% if redeemed within one year of purchase. Class R3 Shares are sold without an up-front sales charge but incur a .50% annual 12b-1 distribution and service fee. Class I Shares are not subject to any sales charge or 12b-1 distribution or service fees.

Derivative Financial Instruments

The Fund is authorized to invest in certain derivative financial instruments, including forwards, futures, options and swap contracts. Although the Fund is authorized to invest in such financial instruments, and may do so in the future, it did not make any such investments during the period December 29, 2008 (commencement of operations) through June 30, 2009.

Nuveen Investments 27

Notes to Financial Statements (continued)

Enhanced Custody Program

The Fund pursues a “long/short” investment strategy, pursuant to which it sells “short” up to 50% of the value of its initial “long” portfolio and purchases additional “long” investments with some or all of the proceeds of the short sale transactions. Financing of the short sale transactions is provided in part through lending securities in the Fund’s portfolio of investments. The administration and monitoring of the collateral requirements for both the short selling and securities lending activities is performed by the Fund’s custodian through its enhanced custody program.

Short Sale Transactions – When the Fund sells a security “short,” it borrows the security from a third party and pledges cash as collateral to secure its obligation to return the security to the lender either upon closing out the “short” position or upon demand from the lender. The cash used to collateralize the borrowing is provided from lending securities in the Fund’s portfolio or from borrowing from the Fund’s custodian. Proceeds from selling short are used to finance the purchase of additional securities for the Fund’s long portfolio. The amount of collateral required to be pledged to borrow a security is determined by reference to the market value of the security borrowed. The Fund is obligated to pay the lender from whom the securities were borrowed dividends declared on the stock by the issuer and recognizes such amounts as “Dividend expense on securities sold short” on the Statement of Operations. Short sales are valued daily, and the corresponding unrealized gains or losses are included with “Net unrealized appreciation (depreciation) of investments and securities sold short” on the Statement of Operations. Liabilities for securities sold short are reported at market value in the accompanying financial statements. Short sale transactions result in off-balance sheet risk because the ultimate obligation may exceed the related amounts shown on the Statement of Assets and Liabilities. The Fund has segregated sufficient assets equal to at least the market value of the short sale obligation to preclude the obligation from being deemed a senior security of the Fund. The Fund will incur a loss if the price of the security increases between the date of the short sale and the date on which the Fund replaces the borrowed security. The Fund’s loss on a short sale is potentially unlimited because there is no upward limit on the price a borrowed security could attain. The Fund will realize a gain if the price of the security declines between those dates.

Securities Lending Transactions – In the ordinary course of business, up to 100% of the Fund’s portfolio is available to be loaned to brokers, dealers and other financial institutions. The Fund may not loan securities in excess of 33 ¹/3% of its total assets, including the value of the cash collateral received in connection with such loans. Loans are secured by cash collateral received from the borrower equal at all times to at least 100% of the market value of the loaned securities. The Fund uses the cash collateral obtained from such loans primarily to collateralize the Fund’s borrowing of securities sold short. Any amount held in excess of that required to collateralize securities borrowed in short sale transactions may be invested in liquid, high-grade, short-term instruments to enhance the earnings of the Fund. Such amounts are recognized as “Payable for collateral due to broker” on the Statement of Assets and Liabilities.

For its participation in the enhanced custody program, the Fund pays the custodian a fee based on the market value of the Fund’s outstanding short positions, and is recognized as “Enhanced custody expense” on the Statement of Operations.

Repurchase Agreements

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

Expense Allocation

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

Custodian Fee Credit

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

Indemnifications

Under the Trust’s organizational documents, its Officers and Trustees are indemnified against certain liabilities arising out of the performance of their duties to the Trust. In addition, in the normal course of business, the Trust enters into contracts that provide general indemnifications to other parties. The Trust’s maximum exposure under these arrangements is unknown as this would involve future claims that may be made against the Trust that have not yet occurred. However, the Trust has not had prior claims or losses pursuant to these contracts and expects the risk of loss to be remote.

Use of Estimates

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

28 Nuveen Investments

2. 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 June 30, 2009:

	Level 1			Level 2		Level 3		Total
Investments:
Common Stocks	$	3,562,482		$	—	$	—	$	3,562,482
Common stocks sold short		(124,673	)		—		—		(124,673	)
Total	$	3,437,809		$	—	$	—	$	3,437,809

3. Derivative Instruments and Hedging Activities

During the current fiscal period, the Fund adopted the provisions of Statement of Financial Accounting Standards No. 161 (SFAS No. 161) “Disclosures about Derivative Instruments and Hedging Activities.” This standard is intended to enhance financial statement disclosures for derivative instruments and hedging activities and enable investors to better understand: a) how and why a fund uses derivative instruments; b) how derivative instruments are accounted for; and c) how derivative instruments affect a fund’s financial position, results of operations and cash flows, if any. The Fund records derivative instruments at fair value with changes in fair value recognized on the Statement of Operations. Even though the Fund’s investments in derivatives may represent economic hedges, they are considered to be non-hedge transactions for SFAS No. 161 disclosure purposes. The Fund did not invest in derivative instruments during the period December 29, 2008 (commencement of operations) through June 30, 2009.

4. Fund Shares

Transactions in Fund shares were as follows:

	For the Period 12/29/08 (commencement of operations) through 6/30/09
	Shares	Amount
Shares sold:
Class A	12,500	$	250,000
Class C	12,500		250,000
Class R3	12,500		250,000
Class I	137,500		2,750,000
Net increase (decrease)	175,000	$	3,500,000

5. Investment Transactions

Purchases and sales (including proceeds from securities sold short but excluding short-term investments) for the period December 29, 2008 (commencement of operations) through June 30, 2009, aggregated $4,535,324 and $1,017,928, respectively.

6. Income Tax Information

The following information is presented on an income tax basis. Differences between amounts for financial statement and federal income tax purposes are primarily due to timing differences in recognizing certain gains and losses on investment transactions. To the extent that differences arise that are permanent in nature, such amounts are reclassified within the capital accounts on the Statement of Assets and Liabilities presented in the annual report, based on their federal tax basis treatment; temporary differences do not require reclassification. Temporary and permanent differences do not impact the net asset value of the Fund.

At June 30, 2009, the cost of investments (excluding proceeds received on securities sold short) was $3,534,205.

Nuveen Investments 29

Notes to Financial Statements (continued)

Gross unrealized appreciation and gross unrealized depreciation of investments (excluding proceeds received or securities sold short) at June 30, 2009, were as follows:

Gross unrealized:
Appreciation	$	228,182
Depreciation		(199,905	)
Net unrealized appreciation (depreciation) of investments	$	28,277

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

Undistributed net ordinary income*	$	38,483
Undistributed net long-term capital gains		—

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

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

For the period December 29, 2008 (commencement of operations) through June 30, 2009
Distributions from net ordinary income*	$	—
Distributions from net long-term capital gains		—

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

The Fund elected to defer net realized losses from investments incurred from December 29, 2008 (commencement of operations) through June 30, 2009, the Fund’s tax year end, (“post-October losses”) in accordance with federal income tax regulations. Post-October capital losses of $86,516 were treated as having arisen on the first day of the following fiscal year.

7. Management Fees and Other Transactions with Affiliates

The Fund’s management fee is separated into two components – a complex-level component, based on the aggregate amount of all fund assets managed by Nuveen Asset Management (the “Adviser”), a wholly owned subsidiary of Nuveen Investments, Inc. (“Nuveen”), and a specific fund-level component, based only on the amount of assets within the Fund. This pricing structure enables Nuveen fund shareholders to benefit from growth in the assets within each individual fund as well as from growth in the amount of complex-wide assets managed by the Adviser.

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

Average Daily Net Assets (1)	Fund-Level Fee Rate
For the first $125 million	.6500	%
For the next $125 million	.6325
For the next $250 million	.6250
For the next $500 million	.6125
For the next $1 billion	.6000
For net assets over $2 billion	.5850

The annual complex-level fee, payable monthly, which is additive to the fund-level fee, for all Nuveen sponsored funds in the U.S., is based on the aggregate amount of total fund net assets managed as stated in the following table. As of June 30, 2009, the complex-level fee rate was .1970%.

30 Nuveen Investments

The complex-level fee schedule is as follows:

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

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

The management fee compensates the Adviser for overall investment advisory and administrative services and general office facilities. The Adviser has entered into a Sub-Advisory Agreement with Nuveen HydePark Group, LLC (“HydePark”), a subsidiary of Nuveen, under which HydePark manages the investment portfolio of the Fund. HydePark is compensated for its services to the Fund from the management fee paid to the Adviser.

The Adviser has agreed to waive and reimburse expenses through November 30, 2011, so that total annual Fund operating expenses (excluding 12b-1 distribution and service fees, interest expenses, taxes, fees incurred in acquiring and disposing of portfolio securities, dividends on securities sold short, enhanced custody expense and extraordinary expenses) do not exceed 1.10% (1.35% after November 30, 2011) of the average daily net assets of any class of Fund shares. The Adviser may also voluntarily reimburse additional expenses from time to time. Voluntary reimbursements may be terminated at any time at the Adviser’s discretion.

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

At June 30, 2009, Nuveen owned all shares of each class of the Fund.

During the period December 29, 2008 (commencement of operations) through June 30, 2009, Nuveen Investments, LLC, a wholly owned subsidiary of Nuveen, retained all 12b-1 fees.

8. Subsequent Events

In May 2009, the Financial Accounting Standards Board issued Statement of Financial Accounting Standards No. 165 (SFAS No. 165) “Subsequent Events.” SFAS No. 165 requires an entity to recognize in the financial statements the effects of all subsequent events that provide additional evidence about conditions that existed at the date of the balance sheet. SFAS No. 165 is intended to establish general standards of accounting and for disclosure of events that occur after the balance sheet date but before financial statements are issued or are available to be issued. SFAS No. 165 requires the disclosure of the date through which an entity has evaluated subsequent events and the basis for that date — that is, whether that date represents the date the financial statements were issued or were available to be issued. SFAS No. 165 is effective for interim and annual periods ending after June 15, 2009. The Fund has performed an evaluation of subsequent events through August 31, 2009, which is the date the Trust’s form N-SAR was filed with the Securities and Exchange Commission (SEC).

Nuveen Investments 31

Financial Highlights

Selected data for a share outstanding throughout each period:
Class (Commencement Date)
			Investment Operations								Less Distributions
Year Ended June 30,	Beginning Net Asset Value		Net Invest- ment Income (Loss)(a)		Net Realized/ Unrealized Gain (Loss)			Total			Net Invest- ment Income		Capital Gains		Total		Ending Net Asset Value		Total Return(b)
Class A (12/08)
2009(e)	$	20.00	$	.20	$	(.45	)	$	(.25	)	$	—	$	—	$	—	$	19.75	(1.25	)%
Class C (12/08)
2009(e)		20.00		.13		(.46	)		(.33	)		—		—		—		19.67	(1.65	)
Class R3 (12/08)
2009(e)		20.00		.18		(.46	)		(.28	)		—		—		—		19.72	(1.40	)
Class I (12/08)
2009(e)		20.00		.23		(.46	)		(.23	)		—		—		—		19.77	(1.15	)

32 Nuveen Investments

Ratios/Supplemental Data
		Ratios to Average Net Assets Before Credit/Reimbursement				Ratios to Average Net Assets After Reimbursement(c)				Ratios to Average Net Assets After Credit/ Reimbursement(d)
Ending Net Assets (000)		Expenses(f)		Net Invest- ment Income (Loss)(f)		Expenses(f)		Net Invest- ment Income (Loss)(f)		Expenses(f)		Net Invest- ment Income (Loss)(f)		Portfolio Turnover Rate
$	247	6.10	%*	(2.53	)%*	1.42	%*	2.14	%*	1.42	%*	2.14	%*	31	%
	246	6.84	*	(3.28	)*	2.17	*	1.39	*	2.17	*	1.39	*	31
	247	6.35	*	(2.78	)*	1.67	*	1.89	*	1.67	*	1.89	*	31
	2,718	5.85	*	(2.28	)*	1.17	*	2.39	*	1.17	*	2.39	*	31

* Annualized.

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

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

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

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

(e) For the period December 29, 2008 (commencement of operations) through June 30, 2009.

(f) Each ratio includes the effect of the dividend expense on securities sold short and enhanced custody expense as follows:

	Ratio of Dividend Expense on Securities Sold Short to Average Net Assets	Ratio of Enhanced Custody Expense to Average Net Assets
Year Ended June 30:
2009(e)	.04%*	.03%*

See accompanying notes to financial statements.

Nuveen Investments 33

Notes

34 Nuveen Investments

Notes

Nuveen Investments 35

Trustees and Officers

The management of the Fund, including general supervision of the duties performed for the Fund by the Adviser, is the responsibility of the Board of Trustees of the Fund. The number of trustees of the Fund is currently set at nine. None of the trustees who are not “interested” persons of the Fund (referred to herein as “independent trustees”) has ever been a director or employee of, or consultant to, Nuveen or its affiliates. The names and business addresses of the trustees and officers of the Fund, their principal occupations and other affiliations during the past five years, the number of portfolios each oversees and other directorships they hold are set forth below.

The Fund’s Statement of Additional Information (“SAI”) includes more information about the trustees. To request a free copy, call Nuveen Investments at (800) 257-8787 or visit the Funds’ website at www.nuveen.com.

Name, Birthdate and Address	Position(s) Held with the Fund	Year First Elected or Appointed (1)	Principal Occupation(s) Including other Directorships During Past 5 Years	Number of Portfolios in Fund Complex Overseen by Trustee
Independent Trustees:
Robert P. Bremner 8/22/40 333 W. Wacker Drive Chicago, IL 60606	Chairman of the Board and Trustee	1997	Private Investor and Management Consultant; Treasurer and Director, Humanities Council of Washington D.C.	199
Jack B. Evans 10/22/48 333 W. Wacker Drive Chicago, IL 60606	Trustee	1999	President, The Hall-Perrine Foundation, a private philanthropic corporation (since 1996); Director and Vice Chairman, United Fire Group, a publicly held company; Member of the Board of Regents for the State of Iowa University System; Director, Gazette Companies; Life Trustee of Coe College; Director, Iowa College Foundation; Member of the Advisory Council of the Department of Finance in the Tippie College of Business, University of lowa; formerly, Director, Alliant Energy; formerly, Director, Federal Reserve Bank of Chicago; formerly, President and Chief Operating Officer, SCI Financial Group, Inc., a regional financial services firm.	199
William C. Hunter 3/6/48 333 W. Wacker Drive Chicago, IL 60606	Trustee	2004	Dean, Tippie College of Business, University of Iowa (since 2006); Director (since 2004) of Xerox Corporation; Director (since 2005), Beta Gamma Sigma International Honor Society; formerly, Dean and Distinguished Professor of Finance, School of Business at the University of Connecticut (2003-2006); previously, Senior Vice President and Director of Research at the Federal Reserve Bank of Chicago (1995-2003); Director, SS&C Technologies, Inc. (May 2005-October 2005); formerly, Director (1997-2007), Credit Research Center at George Washington University.	199
David J. Kundert 10/28/42 333 W. Wacker Drive Chicago, IL 60606	Trustee	2005	Director, Northwestern Mutual Wealth Management Company; retired (since 2004) as Chairman, JPMorgan Fleming Asset Management, President and CEO, Banc One Investment Advisors Corporation, and President, One Group Mutual Funds; prior thereto, Executive Vice President, Banc One Corporation and Chairman and CEO, Banc One Investment Management Group; Member, Board of Regents, Luther College; member of the Wisconsin Bar Association; member of Board of Directors, Friends of Boerner Botanical Gardens; member of Investment Committee, Greater Milwaukee Foundation.	199
William J. Schneider 9/24/44 333 W. Wacker Drive Chicago, IL 60606	Trustee	1997	Chairman of Miller-Valentine Partners Ltd., a real estate investment company; formerly, Senior Partner and Chief Operating Officer (retired, 2004) of Miller-Valentine Group; Member, Dayton Philharmonic Orchestra Association; formerly, Member, Business Advisory Council, Cleveland Federal Reserve Bank; formerly, Director, Dayton Development Coalition.	199
Judith M. Stockdale 12/29/47 333 W. Wacker Drive Chicago, IL 60606	Trustee	1997	Executive Director, Gaylord and Dorothy Donnelley Foundation (since 1994); prior thereto, Executive Director, Great Lakes Protection Fund (from 1990 to 1994).	199
Carole E. Stone 6/28/47 333 W. Wacker Drive Chicago, IL 60606	Trustee	2007	Director, Chicago Board Options Exchange (since 2006); Director, C2 Options Exchange, Incorporated (since 2009); Commissioner, New York State Commission on Public Authority Reform (since 2005); formerly, Chair, New York Racing Association Oversight Board (2005-2007).	199

36 Nuveen Investments

Name, Birthdate and Address	Position(s) Held with the Fund	Year First Elected or Appointed (1)	Principal Occupation(s) Including other Directorships During Past 5 Years	Number of Portfolios in Fund Complex Overseen by Trustee
Terence J. Toth 9/29/59 333 W. Wacker Drive Chicago, IL 60606	Trustee	2008	Director, Legal & General Investment Management America, Inc. (since 2008); Managing Partner, Musso Capital Management (since 2008); CEO and President, Northern Trust Investments (2004-2007); Executive Vice President, Quantitative Management & Securities Lending (2000-2004); prior thereto, various positions with Northern Trust Company (since 1994); Member: Goodman Theatre Board (since 2004); Chicago Fellowship Board (since 2005), University of Illinois Leadership Council Board (since 2007) and Catalyst Schools of Chicago Board (since 2008); formerly, Member: Northern Trust Mutual Funds Board (2005-2007), Northern Trust Investments Board (2004-2007), Northern Trust Japan Board (2004-2007), Northern Trust Securities Inc. Board (2003-2007) and Northern Trust Hong Kong Board (1997-2004).	199
Interested Trustee:
John P. Amboian (2) 6/14/61 333 W. Wacker Drive Chicago, IL 60606	Trustee	2008	Chief Executive Officer (since July 2007) and Director (since 1999) of Nuveen Investments, Inc.; Chief Executive Officer (since 2007) of Nuveen Asset Management, Nuveen Investments Advisors, Inc. formerly, President (1999-2004) of Nuveen Advisory Corp. and Nuveen Institutional Advisory Corp. (3)	199
Name, Birthdate and Address	Position(s) Held with the Fund	Year First Elected or Appointed (4)	Principal Occupation(s) During Past 5 Years	Number of Portfolios in Fund Complex Overseen by Officer
Officers of the Fund:
Gifford R. Zimmerman 9/9/56 333 W. Wacker Drive Chicago, IL 60606	Chief Administrative Officer	1988	Managing Director (since 2002), Assistant Secretary and Associate General Counsel of Nuveen Investments, LLC; Managing Director (since 2002), Associate General Counsel and Assistant Secretary, of Nuveen Asset Management (since 2002) and of Symphony Asset Management LLC (since 2003); Vice President and Assistant Secretary of NWQ Investment Management Company, LLC. (since 2002), Nuveen Investments Advisers Inc. (since 2002), Tradewinds Global Investors, LLC, and Santa Barbara Asset Management, LLC (since 2006), Nuveen HydePark Group LLC and Nuveen Investment Solutions, Inc. (since 2007); Managing Director (since 2004) and Assistant Secretary (since 1994) of Nuveen Investments, Inc.; formerly, Managing Director (2002-2004), General Counsel (1998-2004) and Assistant Secretary of Nuveen Advisory Corp. and Nuveen Institutional Advisory Corp. (3); Chartered Financial Analyst.	199
Mark J.P. Anson 6/10/59 333 W. Wacker Drive Chicago, IL 60606	Vice President	2009	President and Executive Director of Nuveen Investments, Inc. (since 2007); President of Nuveen Investments Institutional Services Group LLC (since 2007); previously, Chief Executive Officer of the British Telecom Pension Scheme (2006-2007) and Chief Investment Officer of Calpers (1999-2006); PhD, Chartered Financial Analyst, Chartered Alternative Investment Analyst, Certified Public Accountant, Certified Management Accountant and Certified Internal Auditor.	199
Nizida Arriaga 6/1/1968 333 W. Wacker Drive Chicago, IL 60606	Vice President	2009	Vice President (since 2007) of Nuveen Investments, LLC; previously, Portfolio Manager, Allstate Investments, LLC (1996-2006); Chartered Financial Analyst.	199

Nuveen Investments 37

Trustees and Officers (continued)

Name, Birthdate and Address	Position(s) Held with the Fund	Year First Elected or Appointed (4)	Principal Occupation(s) During Past 5 Years	Number of Portfolios in Fund Complex Overseen by Officer
Michael T. Atkinson 2/3/66 333 W. Wacker Drive Chicago, IL 60606	Vice President and Assistant Secretary	2000	Vice President (since 2002) of Nuveen Investments, LLC; Vice President of Nuveen Asset Management (since 2005).	199
Margo L. Cook 4/11/64 333 W. Wacker Drive Chicago, IL 60606	Vice President	2009	Executive Vice President (since Oct 2008) of Nuveen Investments, Inc.; previously, Head of Institutional Asset Management (2007-2008) of Bear Stearns Asset Management; Head of Institutional Asset Mgt (1986-2007) of Bank of NY Mellon; Chartered Financial Analyst.	199
Alan A. Brown 8/1/62 333 W. Wacker Drive Chicago, IL 60606	Vice President	2007	Executive Vice President, Mutual Funds, Nuveen Investments, LLC, (since 2005), previously, Managing Director and Chief Marketing Officer (2001-2005).	74
Name, Birthdate and Address	Position(s) Held with the Fund	Year First Elected or Appointed (4)	Principal Occupation(s) Including other Directorships During Past 5 Years	Number of Portfolios in Fund Complex Overseen by Officer
Lorna C. Ferguson 10/24/45 333 W. Wacker Drive Chicago, IL 60606	Vice President	1998	Managing Director (since 2004) of Nuveen Investments, LLC; Managing Director (since 2005) of Nuveen Asset Management; Managing Director (2004-2005) of Nuveen Advisory Corp. and Nuveen Institutional Advisory Corp. (3).	199
Stephen D. Foy 5/31/54 333 W. Wacker Drive Chicago, IL 60606	Vice President and Controller	1998	Vice President (since 1993) and Funds Controller (since 1998) of Nuveen Investments, LLC; Vice President (since 2005) of Nuveen Asset Management; Certified Public Accountant.	199
William T. Huffman 5/7/1969 333 W. Wacker Drive Chicago, IL 60606	Vice President	2009	Chief Operating Officer, Municipal Fixed Income (since 2008) of Nuveen Asset Management; previously, Chairman, President and Chief Executive Officer (2002 – 2007) of Northern Trust Global Advisors, Inc. and Chief Executive Officer (2007) of Northern Trust Global Investments Limited; CPA.	199
Walter M. Kelly 2/24/70 333 W. Wacker Drive Chicago, IL 60606	Chief Compliance Officer and Vice President	2003	Senior Vice President (since 2008), Vice President (2006- 2008) formerly, Assistant Vice President and Assistant General Counsel (2003-2006) of Nuveen Investments, LLC; Vice President (since 2006) and Assistant Secretary (since 2003) of Nuveen Asset Management.	199
David J. Lamb 3/22/63 333 W. Wacker Drive Chicago, IL 60606	Vice President	2000	Senior Vice President (since 2009), formerly, Vice President (2000-2009) of Nuveen Investments, LLC; Vice President (since 2005) of Nuveen Asset Management, Certified Public Accountant.	199
Tina M. Lazar 8/27/61 333 W. Wacker Drive Chicago, IL 60606	Vice President	2002	Senior Vice President (since 2009), formerly, Vice President of Nuveen Investments, LLC (1999-2009); Vice President of Nuveen Asset Management (since 2005).	199
Larry W. Martin 7/27/51 333 W. Wacker Drive Chicago, IL 60606	Vice President and Assistant Secretary	1988	Vice President, Assistant Secretary and Assistant General Counsel of Nuveen Investments, LLC; Vice President (since 2005) and Assistant Secretary of Nuveen Investments, Inc.; Vice President and Assistant Secretary of Nuveen Investments Advisers Inc. (since 2002), NWQ Investment Management Company, LLC (since 2002), Symphony Asset Management LLC (since 2003), Tradewinds Global Investors, LLC, Santa Barbara Asset Management, LLC (since 2006) and of Nuveen HydePark Group, LLC and Nuveen Investment Solutions, Inc. (since 2007); formerly, Vice President and Assistant Secretary of Nuveen Advisory Corp. and Nuveen Institutional Advisory Corp. (3)	199

38 Nuveen Investments

Name, Birthdate and Address	Position(s) Held with the Fund	Year First Elected or Appointed (4)	Principal Occupation(s) Including other Directorships During Past 5 Years	Number of Portfolios in Fund Complex Overseen by Officer
Kevin J. McCarthy 3/26/66 333 W. Wacker Drive Chicago, IL 60606	Vice President and Secretary	2007	Managing Director (since 2008), formerly, Vice President (2007-2008), Nuveen Investments, LLC; Managing Director (since 2008), formerly, Vice President and Assistant Secretary, Nuveen Asset Management and Nuveen Investments Holdings, Inc.; Vice President (since 2007) and Assistant Secretary, Nuveen Investment Advisers Inc., Nuveen Investment Institutional Services Group LLC, NWQ Investment Management Company, LLC, Tradewinds Global Investors LLC, NWQ Holdings, LLC, Symphony Asset Management LLC, Santa Barbara Asset Management LLC, Nuveen HydePark Group, LLC and Nuveen Investment Solutions, Inc. (since 2007); prior thereto, Partner, Bell, Boyd & Lloyd LLP (1997-2007).	199
John V. Miller 4/10/67 333 W. Wacker Drive Chicago, IL 60606	Vice President	2007	Managing Director (since 2007), formerly, Vice President (2002-2007) of Nuveen Asset Management and Nuveen Investments, LLC; Chartered Financial Analyst.	199
Gregory Mino 1/4/1971 333 W. Wacker Drive Chicago, IL 60606	Vice President	2009	Vice President of Nuveen Investments, LLC (since 2008); previously, Director (2004-2007) and Executive Director (2007-2008) of UBS Global Asset Management; previously, Vice President (2000-2003) and Director (2003-2004) of Merrill Lynch Investment Managers; Chartered Financial Analyst.	199
Christopher M. Rohrbacher 8/1/71 333 W. Wacker Drive Chicago, IL 60606	Vice President and Assistant Secretary	2008	Vice President, Nuveen Investments, LLC (since 2008); Vice President and Assistant Secretary, Nuveen Asset Management (since 2008); prior thereto, Associate, Skadden, Arps, Slate Meagher & Flom LLP (2002-2008)	199
James F. Ruane 7/3/62 333 W. Wacker Drive Chicago, IL 60606	Vice President and Assistant Secretary	2007	Vice President, Nuveen Investments (since 2007); prior thereto, Partner, Deloitte & Touche USA LLP (2005-2007), formerly, senior tax manager (2002-2005); Certified Public Accountant.	199
John S. White 5/12/67 333 W. Wacker Drive Chicago, IL 60606	Vice President	2007	Senior Vice President (since 2009), formerly, Vice President (2006-2009) of Nuveen Investments, LLC, formerly, Assistant Vice President (since 2002); Lieutenant Colonel (since 2007), United States Marine Corps Reserve, formerly, Major (since 2001).	74
Mark L. Winget 12/21/68 333 W. Wacker Drive Chicago, IL 60606	Vice President and Assistant Secretary	2008	Vice President, Nuveen Investments, LLC (since 2008); Vice President and Assistant Secretary, Nuveen Asset Management (since 2008); prior thereto, Counsel, VedderPrice P.C. (1997-2007).	199

(1) Trustees serve an indefinite term until his/her successor is elected or appointed. The year first elected or appointed represents the year in which the trustee was first elected or appointed to any fund in the Nuveen Fund Complex.

(2) Mr. Amboian is an interested trustee because of his position with Nuveen Investments, Inc. and certain of its subsidiaries, which are affiliates of the Nuveen Funds.

(3) Nuveen Advisory Corp. and Nuveen Institutional Advisory Corp. were reorganized into Nuveen Asset Management, effective January 1, 2005.

(4) Officers serve one year terms through July of each year. The year first elected or appointed represents the year in which the officer was first elected or appointed to any fund in the Nuveen Fund Complex.

Nuveen Investments 39

Glossary of Terms Used in this Report

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

Net Asset Value (NAV): A Fund’s NAV is the dollar value of one share in the Fund. It is calculated by subtracting the liabilities of the Fund from its total assets and then dividing the remainder by the number of shares outstanding. Fund NAVs are calculated at the end of each business day.

40 Nuveen Investments

Fund Information

Fund Manager

Nuveen Asset Management

333 West Wacker Drive

Chicago, IL 60606

Sub-Advisers

Nuveen HydePark Group, LLC

111 West Jackson Blvd.

Suite 1411

Chicago, IL 60604

Legal Counsel

Chapman and Cutler LLP

Chicago, IL

Independent Registered Public Accounting Firm

PricewaterhouseCoopers LLP

Chicago, IL

Custodian

State Street Bank & Trust Company

Boston, MA

Transfer Agent and Shareholder Services

Boston Financial

Data Services

Nuveen Investor Services

P.O. Box 8530

Boston, MA 02266-8530

(800) 257-8787

Quarterly Portfolio of Investments and Proxy Voting Information: You may obtain (i) the Fund’s quarterly portfolio of investments, (ii) information regarding how the Fund voted proxies relating to portfolio securities held during the most recent twelve-month period ended June 30, 2009, and (iii) a description of the policies and procedures that the Fund used to determine how to vote proxies relating to portfolio securities without charge, upon request, by calling Nuveen Investments at (800) 257-8787 or on Nuveen’s website at www.nuveen.com.

You may also obtain this and other Fund information directly from the Securities and Exchange Commission (“SEC”). The SEC may charge a copying fee for this information. Visit the SEC on-line at http://www.sec.gov or in person at the SEC’s Public Reference Room in Washington, D.C. Call the SEC at (202) 942-8090 for room hours and operation. You may also request Fund information by sending an e-mail request to publicinfo@sec.gov or by writing to the SEC’s Public Reference Section at 100 F Street NE, Washington, D.C. 20549.

The Financial Industry Regulatory Authority (FINRA) provides a Public Disclosure Program which supplies certain information regarding the disciplinary history of FINRA members and their associated persons in response to either telephone inquiries at (800) 289-9999 or written inquiries at www.finra.org. Financial Industry Regulatory Authority also provides an investor brochure that includes information describing the Public Disclosure Program.

Nuveen Investments 41

Nuveen Investments:

Serving Investors For Generations

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

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

We offer many different investing solutions

for our clients’ different needs.

Nuveen Investments is a global investment management firm that seeks to help secure the long-term goals of institutions and high net worth investors as well as the consultants and financial advisors who serve them. Nuveen Investments markets its growing range of specialized investment solutions under the high-quality brands of HydePark, NWQ, Nuveen, Santa Barbara, Symphony, Tradewinds and Winslow Capital. In total, the Company managed $128 billion of assets on June 30, 2009.

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

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

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

• Share prices

• Fund details

• Daily financial news

• Investor education

Distributed by

Nuveen Investments, LLC

333 West Wacker Drive

Chicago, IL 60606

www.nuveen.com

MAN-EQTYP-0609P

ITEM 2. CODE OF ETHICS.

As of the end of the period covered by this report, the registrant has adopted a code of ethics that applies to the registrant’s principal executive officer, principal financial officer, principal accounting officer or controller, or persons performing similar functions. There were no amendments to or waivers from the code during the period covered by this report. The registrant has posted the code of ethics on its website at www.nuveen.com/mf. (To view the code, click on the Shareholder Resources drop down menu box, click on Fund Governance and then click on Code of Conduct.)

ITEM 3. AUDIT COMMITTEE FINANCIAL EXPERT.

The registrant’s Board of Trustees determined that the registrant has at least one “audit committee financial expert” (as defined in Item 3 of Form N-CSR) serving on its Audit Committee. The registrant’s audit committee financial expert is Jack B. Evans, who is “independent” for purposes of Item 3 of Form N-CSR.

Mr. Evans was formerly President and Chief Operating Office of SCI Financial Group, Inc., a full service registered broker-dealer and registered investment adviser (“SCI”). As part of his role as President and Chief Operating Officer, Mr. Evans actively supervised the Chief Financial Officer (the “CFO”) and actively supervised the CFO’s preparation of financial statements and other filings with various regulatory authorities. In such capacity, Mr. Evans was actively involved in the preparation of SCI’s financial statements and the resolution of issues raised in connection therewith. Mr. Evans has also served on the audit committee of various reporting companies. At such companies, Mr. Evans was involved in the oversight of audits, audit plans, and the preparation of financial statements. Mr. Evans also formerly chaired the audit committee of the Federal Reserve Bank of Chicago.

ITEM 4. PRINCIPAL ACCOUNTANT FEES AND SERVICES.

The following tables show the amount of fees that PricewaterhouseCoopers LLP, the Trust’s auditor, billed to the Trust during the Trust’s last two full fiscal years. The Audit Committee approved in advance all audit services and non-audit services that PricewaterhouseCoopers LLP provided to the Trust, except for those non-audit services that were subject to the pre-approval exception under Rule 2-01 of Regulation S-X (the “pre-approval exception”). The pre-approval exception for services provided directly to the Trust waives the pre-approval requirement for services other than audit, review or attest services if: (A) the aggregate amount of all such services provided constitutes no more than 5% of the total amount of revenues paid by the Trust during the fiscal year in which the services are provided; (B) the Trust did not recognize the services as non-audit services at the time of the engagement; and (C) the services are promptly brought to the Audit Committee’s attention, and the Committee (or its delegate) approves the services before the audit is completed.

The Audit Committee has delegated certain pre-approval responsibilities to its Chairman (or, in his absence, any other member of the Audit Committee).

SERVICES THAT THE TRUST’S AUDITOR BILLED TO THE TRUST

Fiscal Year Ended June 30, 2009	Audit Fees Billed to Funds 1		Audit-Related Fees Billed to Funds 2		Tax Fees Billed to Funds 3		All Other Fees Billed to Funds 4
Name of Series
Moderate Allocation Fund 5		8,744		0		2,750		0
Conservative Allocation Fund 6		9,531		0		2,750		0
Enhanced Core Equity Fund		7,532		0		2,750		0
Enhanced Mid-Cap Fund		5,800		0		2,750		0
Multi-Manager Large-Cap Value Fund		28,893		0		2,750		0
Growth Allocation Fund 7		6,366		0		2,750		0
NWQ Multi-Cap Value Fund		39,692		0		2,750		0
NWQ Small-Cap Value Fund		12,474		0		2,750		0
Tradewinds Value Opportunities Fund		64,145		0		2,750		0
NWQ Large-Cap Value Fund		7,810		0		2,750		0
NWQ Small Mid/Cap Value Fund		6,007		0		2,750		0
U.S. Equity Completeness Fund 8		6,083		0		0		0
Enhanced Core Equity Plus Fund 9		5,943		0		0		0
Total	$	209,020	$	0	$	30,250	$	0

¹ “Audit Fees” are the aggregate fees billed for professional services for the audit of the Fund’s annual financial statements and services provided in connection with statutory and regulatory filings or engagements.

² “Audit Related Fees” are the aggregate fees billed for assurance and related services reasonably related to the performance of the audit or review of financial statements and are not reported under “Audit Fees.”

³ “Tax Fees” are the aggregate fees billed for professional services for tax advice, tax compliance, and tax planning.

⁴ “All Other Fees” are the aggregate fees billed for products and services other than “Audit Fees,” “Audit Related Fees,” and “Tax Fees.”

⁵ Prior to August 1, 2008, the Fund was known as Nuveen Balanced Stock and Bond Fund.

⁶ Prior to July 7, 2008, the Fund was known as Nuveen Balanced Municipal and Stock Fund.

⁷ Prior to August 1, 2008, the Fund was known as Nuveen Global Value Fund.

⁸ The Fund commenced operations on July 01, 2008.

⁹ The Fund commenced operations on December 29, 2008.

	Percentage Approved Pursuant to Pre-approval Exception
	Audit Fees Billed to Funds	Audit-Related Fees Billed to Funds	Tax Fees Billed to Funds	All Other Fees Billed to Funds
Name of Series
Moderate Allocation Fund	0	0	0	0
Conservative Allocation Fund	0	0	0	0
Enhanced Core Equity Fund	0	0	0	0
Enhanced Mid-Cap Fund	0	0	0	0
Multi-Manager Large-Cap Value Fund	0	0	0	0
Growth Allocation Fund	0	0	0	0
NWQ Multi-Cap Value Fund	0	0	0	0
NWQ Small-Cap Value Fund	0	0	0	0
Tradewinds Value Opportunities Fund	0	0	0	0
NWQ Large-Cap Value Fund	0	0	0	0
NWQ Small Mid/Cap Value Fund	0	0	0	0
U.S. Equity Completeness Fund 1	0	0	0	0
Enhanced Core Equity Plus Fund 2	0	0	0	0

¹ The Fund commenced operations on July 01, 2008.

² The Fund commenced operations on December 29, 2008.

Fiscal Year Ended June 30, 2008	Audit Fees Billed to Funds 1		Audit-Related Fees Billed to Funds 2		Tax Fees Billed to Funds 3		All Other Fees Billed to Funds 4
Name of Series
Moderate Allocation Fund 5		8,322		0		2,800		0
Conservative Allocation Fund 6		9,067		0		2,800		0
Enhanced Core Equity Fund		7,287		0		0		0
Enhanced Mid-Cap Fund		5,911		0		0		0
Multi-Manager Large-Cap Value Fund		28,346		0		2,800		0
Growth Allocation Fund 7		6,619		0		2,800		0
NWQ Multi-Cap Value Fund		53,591		0		2,800		0
NWQ Small-Cap Value Fund		13,569		0		2,800		0
Tradewinds Value Opportunities Fund		32,019		0		2,800		0
NWQ Large-Cap Value Fund		6,639		0		2,800		0
NWQ Small Mid/Cap Value Fund		6,770		0		2,800		0
U.S. Equity Completeness Fund 8		N/A		N/A		N/A		N/A
Enhanced Core Equity Plus Fund 9		N/A		N/A		N/A		N/A
Total	$	178,140	$	0	$	25,200	$	0

¹ “Audit Fees” are the aggregate fees billed for professional services for the audit of the Fund’s annual financial statements and services provided in connection with statutory and regulatory filings or engagements.

² “Audit Related Fees” are the aggregate fees billed for assurance and related services reasonably related to the performance of the audit or review of financial statements and are not reported under “Audit Fees.”

³ “Tax Fees” are the aggregate fees billed for professional services for tax advice, tax compliance, and tax planning.

⁴ “All Other Fees” are the aggregate fees billed for products and services other than “Audit Fees,” “Audit Related Fees,” and “Tax Fees.”

⁵ Prior to August 1, 2008, the Fund was known as Nuveen Balanced Stock and Bond Fund.

⁶ Prior to July 7, 2008, the Fund was known as Nuveen Balanced Municipal and Stock Fund.

⁷ Prior to August 1, 2008, the Fund was known as Nuveen Global Value Fund.

⁸ The Fund commenced operations on July 01, 2008.

⁹ The Fund commenced operations on December 29, 2008.

	Percentage Approved Pursuant to Pre-approval Exception
	Audit Fees Billed to Funds	Audit-Related Fees Billed to Funds	Tax Fees Billed to Funds	All Other Fees Billed to Funds
Name of Series
Moderate Allocation Fund	0	0	0	0
Conservative Allocation Fund	0	0	0	0
Enhanced Core Equity Fund	0	0	0	0
Enhanced Mid-Cap Fund	0	0	0	0
Multi-Manager Large-Cap Value Fund	0	0	0	0
Growth Allocation Fund	0	0	0	0
NWQ Multi-Cap Value Fund	0	0	0	0
NWQ Small-Cap Value Fund	0	0	0	0
Tradewinds Value Opportunities Fund	0	0	0	0
NWQ Large-Cap Value Fund	0	0	0	0
NWQ Small Mid/Cap Value Fund	0	0	0	0
U.S. Equity Completeness Fund 1	N/A	N/A	N/A	N/A
Enhanced Core Equity Plus Fund 2	N/A	N/A	N/A	N/A

¹ The Fund commenced operations on July 01, 2008.

² The Fund commenced operations on December 29, 2008.

SERVICES THAT THE TRUST’S AUDITOR BILLED TO THE

ADVISER AND AFFILIATED FUND SERVICE PROVIDERS

The following tables show the amount of fees billed by PricewaterhouseCoopers LLP to Nuveen Asset Management (“NAM” or the “Adviser”), and any entity controlling, controlled by or under common control with NAM that provides ongoing services to the Trust (“Affiliated Fund Service Provider”), for engagements directly related to the Trust’s operations and financial reporting, during the Trust’s last two full fiscal years.

Fiscal Year Ended June 30, 2009	Audit-Related Fees Billed to Adviser and Affiliated Fund Service Providers			Tax Fees Billed to Adviser and Affiliated Fund Service Providers			All Other Fees Billed to Adviser and Affiliated Fund Service Providers
Nuveen Investment Trust	$	0		$	0		$	0
	Percentage Approved Pursuant to Pre-approval Exception
	Audit-Related Fees Billed to Adviser and Affiliated Fund Service Providers			Tax Fees Billed to Adviser and Affiliated Fund Service Providers			All Other Fees Billed to Adviser and Affiliated Fund Service Providers
		0	%		0	%		0	%
Fiscal Year Ended June 30, 2008	Audit-Related Fees Billed to Adviser and Affiliated Fund Service Providers			Tax Fees Billed to Adviser and Affiliated Fund Service Providers			All Other Fees Billed to Adviser and Affiliated Fund Service Providers
Nuveen Investment Trust	$	0		$	0		$	0
	Percentage Approved Pursuant to Pre-approval Exception
	Audit-Related Fees Billed to Adviser and Affiliated Fund Service Providers			Tax Fees Billed to Adviser and Affiliated Fund Service Providers			All Other Fees Billed to Adviser and Affiliated Fund Service Providers
		0	%		0	%		0	%

        The tables also show the percentage of fees subject to the pre-approval exception. The pre-approval exception for services provided to the Adviser and any Affiliated Fund Service Provider (other than audit, review or attest services) waives the pre-approval requirement if: (A) the aggregate amount of all such services provided constitutes no more than 5% of the total amount of revenues paid to PricewaterhouseCoopers LLP by the Trust, the Adviser and Affiliated Fund Service Providers during the fiscal year in which the services are provided that would have to be pre-approved by the Audit Committee; (B) the Trust did not recognize the services as non-audit services at the time of the engagement; and (C) the services are promptly brought to the Audit Committee’s attention, and the Committee (or its delegate) approves the services before the Trust’s audit is completed.

NON-AUDIT SERVICES

Fiscal Year Ended June 30, 2009	Total Non-Audit Fees Billed to Trust		Total Non-Audit Fees billed to Adviser and Affiliated Fund Service Providers (engagements related directly to the operations and financial reporting of the Trust)		Total Non-Audit Fees billed to Adviser and Affiliated Fund Service Providers (all other engagements)		Total
Name of Series
Moderate Allocation Fund 1		2,750		0		0		2,750
Conservative Allocation Fund 2		2,750		0		0		2,750
Enhanced Core Equity Fund		2,750		0		0		2,750
Enhanced Mid-Cap Fund		2,750		0		0		2,750
Multi-Manager Large-Cap Value Fund		2,750		0		0		2,750
Growth Allocation Fund 3,4		3,823		0		0		3,823
NWQ Multi-Cap Value Fund		2,750		0		0		2,750
NWQ Small-Cap Value Fund		2,750		0		0		2,750
Tradewinds Value Opportunities Fund 4		5,612		0		0		5,612
NWQ Large-Cap Value Fund		2,750		0		0		2,750
NWQ Small Mid/Cap Value Fund		2,750		0		0		2,750
U.S. Equity Completeness Fund 5		0		0		0		0
Enhanced Core Equity Plus Fund 6		0		0		0		0
Total	$	34,185	$	0	$	0	$	34,185

“Total Non-Audit Fees Billed to Trust” for both fiscal year ends represent “Tax Fees” billed to Funds in their respective amounts from the previous table.

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

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

³ Prior to August 1, 2008, the Fund was known as Nuveen Global Value Fund.

⁴ The “Total Non-Audit Fees Billed to Fund” includes tax fees paid by the Fund to Ernst & Young, LLP.

⁵ The Fund commenced operations on July 01, 2008.

⁶ The Fund commenced operations on December 29, 2008.

Fiscal Year Ended June 30, 2008	Total Non-Audit Fees Billed to Trust			Total Non-Audit Fees billed to Adviser and Affiliated Fund Service Providers (engagements related directly to the operations and financial reporting of the Trust)		Total Non-Audit Fees billed to Adviser and Affiliated Fund Service Providers (all other engagements)		Total
Name of Series
Moderate Allocation Fund 1		2,800			0		0		2,800
Conservative Allocation Fund 2		2,800			0		0		2,800
Enhanced Core Equity Fund		0			0		0		0
Enhanced Mid-Cap Fund		0			0		0		0
Multi-Manager Large-Cap Value Fund		2,800			0		0		2,800
Growth Allocation Fund 3,4		5,515			0		0		5,515
NWQ Multi-Cap Value Fund		2,800			0		0		2,800
NWQ Small-Cap Value Fund		2,800			0		0		2,800
Tradewinds Value Opportunities Fund 4		5,515			0		0		5,515
NWQ Large-Cap Value Fund		2,800			0		0		2,800
NWQ Small Mid/Cap Value Fund		2,800			0		0		2,800
U.S. Equity Completeness Fund 5		N/A			N/A		N/A		N/A
Enhanced Core Equity Plus Fund 6		N/A			N/A		N/A		N/A
Total	$	30,630	7	$	0	$	0	$	30,630	7

“Total Non-Audit Fees Billed to Trust” for both fiscal year ends represent “Tax Fees” billed to Funds in their respective amounts from the previous table.

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

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

³ Prior to August 1, 2008, the Fund was known as Nuveen Global Value Fund.

⁴ The “Total Non-Audit Fees Billed to Fund” includes tax fees paid by the Fund to Ernst & Young, LLP.

⁵ The Fund commenced operations on July 01, 2008.

⁶ The Fund commenced operations on December 29, 2008.

⁷ Total has been revised from the amount reported in the 2008 N-CSR annual filing.

Audit Committee Pre-Approval Policies and Procedures. Generally, the Audit Committee must approve (i) all non-audit services to be performed for the Trust by the Trust’s independent accountants and (ii) all audit and non-audit services to be performed by the Trust’s independent accountants for the Affiliated Fund Service Providers with respect to the operations and financial reporting of the Trust. Regarding tax and research projects conducted by the independent accountants for the Trust and Affiliated Fund Service Providers (with respect to operations and financial reports of the Trust), such engagements will be (i) pre-approved by the Audit Committee if they are expected to be for amounts greater than $10,000; (ii) reported to the Audit Committee Chairman for his verbal approval prior to engagement if they are expected to be for amounts under $10,000 but greater than $5,000; and (iii) reported to the Audit Committee at the next Audit Committee meeting if they are expected to be for an amount under $5,000.

ITEM 5. AUDIT COMMITTEE OF LISTED REGISTRANTS

Not applicable to this registrant.

ITEM 6. SCHEDULE OF INVESTMENTS

See Portfolio of Investments in Item 1

ITEM 7. DISCLOSURE OF PROXY VOTING POLICIES AND PROCEDURES FOR CLOSED-END

MANAGEMENT INVESTMENT COMPANIES

Not applicable to this registrant.

ITEM 8. PORTFOLIO MANAGERS OF CLOSED-END MANAGEMENT INVESTMENT COMPANIES

Not applicable to this registrant.

ITEM 9. PURCHASES OF EQUITY SECURITIES BY CLOSED-END MANAGEMENT INVESTMENT COMPANY AND AFFILIATED PURCHASERS

Not applicable to this registrant.

ITEM 10. SUBMISSION OF MATTERS TO A VOTE OF SECURITY HOLDERS

There have been no material changes to the procedures by which shareholders may recommend nominees to the registrant’s Board of Trustees implemented after the registrant last provided disclosure in response to this Item.

ITEM 11. CONTROLS AND PROCEDURES.

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

(b) There were no changes in the registrant’s internal control over financial reporting (as defined in Rule 30a-3(d) under the 1940 Act (17 CFR 270.30a-3(d)) that occurred during the second fiscal quarter of the period covered by this report that has materially affected, or is reasonably likely to materially affect, the registrant’s internal control over financial reporting.

ITEM 12. EXHIBITS

File the exhibits listed below as part of this Form.

(a)(1)	Any code of ethics, or amendment thereto, that is the subject of the disclosure required by Item 2, to the extent that the registrant intends to satisfy the Item 2 requirements through filing of an exhibit: Not applicable because the code is posted on registrant’s website at www.nuveen.com/mf and there were no amendments during the period covered by this report. (To view the code, click on the Shareholder Resources drop down menu box, click on Fund Governance and then Code of Conduct.)
(a)(2)	A separate certification for each principal executive officer and principal financial officer of the registrant as required by Rule 30a-2(a) under the 1940 Act (17 CFR 270.30a-2(a)) in the exact form set forth below: See EX-99.CERT attached hereto.
(a)(3)	Any written solicitation to purchase securities under Rule 23c-1 under the 1940 Act (17 CFR 270.23c-1) sent or given during the period covered by the report by or on behalf of the registrant to 10 or more persons: Not applicable to this registrant.
(b)	If the report is filed under Section 13(a) or 15(d) of the Exchange Act, provide the certifications required by Rule 30a-2(b) under the 1940 Act (17 CFR 270.30a-2(b)), Rule 13a-14(b) or Rule 15d-14(b) under the Exchange Act (17 CFR 240.13a-14(b) or 240.15d-14(b)), and Section 1350 of Chapter 63 of Title 18 of the United States Code (18 U.S.C. 1350) as an Exhibit. A certification furnished pursuant to this paragraph will not be deemed “filed” for purposes of Section 18 of the Exchange Act (15 U.S.C. 78r), or otherwise subject to the liability of that section. Such certification will not be deemed to be incorporated by reference into any filing under the Securities Act of 1933 or the Exchange Act, except to the extent that the registration specifically incorporates it by reference: See EX-99.906 CERT attached hereto.

SIGNATURES

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

(Registrant) Nuveen Investment Trust

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

Date September 8, 2009

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

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

Date September 8, 2009

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

Date September 8, 2009

EX-99.CERT

EX-99.CERT

CERTIFICATIONS

I, Gifford R. Zimmerman, certify that:

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

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

3. Based on my knowledge, the financial statements, and other financial information included in this report, fairly present in all material respects the financial condition, results of operations, changes in net assets, and cash flows (if the financial statements are required to include a statement of cash flows) of the registrant as of, and for, the periods presented in this report;

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

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

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

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

d) disclosed in this report any change in the registrant’s internal control over financial reporting that occurred during the second fiscal quarter of the period covered by this report that has materially affected, or is reasonably likely to materially affect, the registrant’s internal control over financial reporting; and

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

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

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

Date: September 8, 2009

/S/ GIFFORD R. ZIMMERMAN

Chief Administrative Officer

(principal executive officer)

I, Stephen D. Foy, certify that:

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

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

3. Based on my knowledge, the financial statements, and other financial information included in this report, fairly present in all material respects the financial condition, results of operations, changes in net assets, and cash flows (if the financial statements are required to include a statement of cash flows) of the registrant as of, and for, the periods presented in this report;

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

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

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

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

d) disclosed in this report any change in the registrant’s internal control over financial reporting that occurred during the second fiscal quarter of the period covered by this report that has materially affected, or is reasonably likely to materially affect, the registrant’s internal control over financial reporting; and

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

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

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

Date: September 8, 2009

/S/ STEPHEN D. FOY

Vice President and Controller

(principal financial officer)

EX-99.906CERT

EX-99.906CERT

Certification Pursuant to 18 U.S.C. 1350, as adopted pursuant to Section 906 of the Sarbanes-Oxley Act of 2002; provided by the Chief Executive Officer and Chief Financial Officer, based on each such officer’s knowledge and belief.

The undersigned officers of Nuveen Investment Trust (the “Trust”) certify that, to the best of each such officer’s knowledge and belief:

1. The Form N-CSR of the Trust for the period ended June 30, 2009 (the “Report”) fully complies with the requirements of Section 13(a) or 15(d) of the Securities Exchange Act of 1934; and

2. The information contained in the Report fairly presents, in all material respects, the financial condition and results of operations of the Trust.

Date: September 8, 2009

/s/ Gifford R. Zimmerman

Chief Administrative Officer

(principal executive officer)

/s/ Stephen D. Foy

Vice President and Controller

(principal financial officer)