N-CSRS

UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

FORM N-CSR

CERTIFIED SHAREHOLDER REPORT OF REGISTERED MANAGEMENT

INVESTMENT COMPANIES

Investment Company Act file number 811-05309

Nuveen Investment Funds, Inc.

(Exact name of registrant as specified in charter)

Nuveen Investments

333 West Wacker Drive Chicago, IL 60606

(Address of principal executive offices) (Zip code)

Kevin J. McCarthy

Nuveen Investments

333 West Wacker Drive Chicago, IL 60606

(Name and address of agent for service)

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

Date of fiscal year end: October 31

Date of reporting period: April 30, 2012

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 Index Funds

For investors seeking the potential for long-term capital appreciation.

Semi-Annual Report

April 30, 2012

	Share Class / Ticker Symbol
Fund Name	Class A	Class B	Class C	Class R3	Class I
Nuveen Equity Index Fund	FAEIX	FAEQX	FCEIX	FADSX	FEIIX
Nuveen Mid Cap Index Fund	FDXAX	—	FDXCX	FMCYX	FIMEX
Nuveen Small Cap Index Fund	FMDAX	—	FPXCX	ARSCX	ASETX

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Table of Contents

Chairman’s Letter to Shareholders	4
Portfolio Managers’ Comments	5
Fund Performance and Expense Ratios	8
Holding Summaries	12
Expense Examples	13
Portfolios of Investments	14
Statement of Assets and Liabilities	83
Statement of Operations	84
Statement of Changes in Net Assets	85
Financial Highlights	86
Notes to Financial Statements	92
Glossary of Terms Used in this Report	106
Additional Fund Information	107

Chairman’s

Letter to Shareholders

Dear Shareholders,

Investors have many reasons to remain cautious. The challenges in the Euro area are casting a shadow over global economies and financial markets. The political support for addressing fiscal issues is eroding as the economic and social impacts become more visible. At the same time, member nations appear unwilling to provide adequate financial support or to surrender sufficient sovereignty to strengthen the banks or unify the Euro area financial system. The gains made in reducing deficits, and the hard-won progress on winning popular acceptance of the need for economic austerity, are at risk. To their credit, European political leaders press on to find compromise solutions, but there is increasing concern that time will begin to run out.

In the U.S., strong corporate earnings have enabled the equity markets to withstand much of the downward pressures coming from weakening job creation, slower economic growth and political uncertainty. The Fed remains committed to low interest rates but has refrained from predicting another program of quantitative easing unless economic growth were to weaken significantly or the threat of recession appears on the horizon. Pre-election maneuvering has added to the already highly partisan atmosphere in the Congress. The end of the Bush-era tax cuts and implementation of the spending restrictions of the Budget Control Act of 2011, both scheduled to take place at year-end, loom closer.

During the last year, U.S. based investors have experienced a sharp decline and a strong recovery in the equity markets. The experienced investment teams at Nuveen keep their eye on a longer time horizon and use their practiced investment disciplines to negotiate through market peaks and valleys to achieve long-term goals for investors. Experienced professionals pursue investments that will weather short-term volatility and at the same time, seek opportunities that are created by markets that overreact to negative developments. Monitoring this process is an important consideration for the Fund Board as it oversees your Nuveen funds on your behalf.

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

Sincerely,

Robert P. Bremner

Chairman of the Board

June 20, 2012

4 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.

These Funds feature portfolio management by Nuveen Asset Management, LLC, an affiliate of Nuveen Investments. Walt French and David Friar are the portfolio managers for the Funds. Walt has 38 years of investment experience and has managed the Nuveen Equity Index Fund since 1999. David has 14 years of investment experience and has managed the Nuveen Equity Index Fund since 2000. Walt and Dave have managed the Nuveen Mid Cap Index Fund and the Nuveen Small Cap Index Fund since 2001. On the following pages, the portfolio management team examines the Funds’ performance for the six-month period ended April 30, 2012.

Nuveen Equity Index Fund

How did the Fund perform during the six-month period ended April 30, 2012?

The tables in the Fund Performance and Expense Ratios section of this report provide Class A Share total returns for the Fund for the six-month, one-year, five-year and ten-year periods ended April 30, 2012. The Fund’s Class A Shares at net asset value (NAV) underperformed the S&P 500^® Index, but performed in-line with the Lipper S&P 500^® Index Objective Funds Classification Average over the six-month period.

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

The Fund is invested to replicate the return of the S&P 500^® Index as closely as possible, with consideration given to turnover costs and fees. We believe the Fund’s objective can best be achieved by investing in approximately 90% to 100% of the issues included in the S&P 500^® Index, depending on the size of the Fund. During this reporting period, we held essentially all of the issues found in the index. In addition, we aggressively tracked and implemented the occasional changes to index member names, as well as changes to the relative weights in the index.

The Fund performed very similarly to the index during the reporting period. The three best performing sectors in the index were consumer discretionary, information technology and financials. The three lowest performing sectors were energy, utilities and materials. Also during the period, we continued to invest in S&P 500^® Index futures to convert cash into the equivalent of an S&P 500^® Index holding in order to manage cash flow activity and minimize tracking error to the Fund’s benchmark index.

Nuveen Investments 5

Nuveen Mid Cap Index Fund

How did the Fund perform during the six-month period ended April 30, 2012?

The tables in the Fund Performance and Expense Ratios section of this report provide Class A Share total returns for the Fund for the six-month, one-year, five-year and ten-year periods ended April 30, 2012. The Fund’s Class A Shares at net asset value (NAV) underperformed the S&P MidCap 400^® Index, but outperformed the Lipper Mid-Cap Core Funds Classification Average over the six-month period.

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

The Fund is invested to replicate the return of the S&P MidCap 400^® Index as closely as possible, with consideration given to turnover costs and fees. We believe the Fund’s objective can best be achieved by investing in approximately 90% to 100% of the issues included in the S&P MidCap 400^® Index, depending on the size of the Fund. During this reporting period, we held essentially all of the issues found in the index. In addition, we aggressively tracked and implemented the occasional changes to index member names, as well as changes to the relative weights in the index.

The Fund performed very similarly to the index during the reporting period. The three best performing sectors in the index were industrials, telecommunications and materials. The three lowest performing sectors were energy, utilities and consumer staples. Also during the period, we continued to invest in S&P MidCap 400^® Index futures to convert cash into the equivalent of an S&P MidCap 400^® Index holding in order to manage cash flow activity and minimize tracking error to the Fund’s benchmark index.

Nuveen Small Cap Index Fund

How did the Fund perform during the six-month period ended April 30, 2012?

The tables in the Fund Performance and Expense Ratios section of this report provide Class A Share total returns for the Fund for the six-month, one-year, five-year and ten-year periods ended April 30, 2012. The Fund’s Class A Shares at net asset value (NAV) underperformed the Russell 2000^® Index, but outperformed the Lipper Small-Cap Core Funds Classification Average over the six-month period.

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

The Fund is invested to replicate the return of the Russell 2000^® Index as closely as possible, with consideration given to turnover costs and fees. We believe the Fund’s objective can best be achieved by investing in approximately 90% to 100% of the issues included in the Russell 2000^® Index, depending on the size of the Fund. During this reporting period, we held essentially all of the issues found in the index. In addition, we aggressively tracked and implemented the occasional changes to index member names,

6 Nuveen Investments

as well as changes to the relative weights in the index. Russell’s practice is to withhold major changes for a mid-summer rebalancing, which did not take place during this reporting period.

The Fund performed very similarly to the index during the reporting period. The three best performing sectors in the index were financials, consumer discretionary and health care. The three lowest performing sectors were utilities, energy and telecommunications. Also during the period, we continued to invest in Russell 2000^® Index futures to convert cash into the equivalent of a Russell 2000^® Index holding in order to manage cash flow activity and minimize tracking error to the Fund’s benchmark index.

Risk Considerations

Mutual fund investing involves risk; principal loss is possible. The Funds’ investment in common stocks involves the risk of decline due to adverse company or industry news or a general economic decline. The use of derivatives involves substantial financial risk and transaction costs. In addition, each Fund may fail to match index performance. Small- and mid-cap stocks are subject to greater price volatility and liquidity risks.

Nuveen Investments 7

Fund Performance and Expense Ratios

The Fund Performance and Expense Ratios for each Fund are shown on the following three pages.

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. 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 Fund shares.

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

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.

Comparative index and Lipper return information is provided for the Funds’ Class A Shares at net asset value (NAV) only.

The expense ratios shown reflect the Funds’ total operating expenses (before fee waivers or expense reimbursements, if any) as shown in the Funds’ most recent prospectus. The expense ratios include management fees and other fees and expenses.

8 Nuveen Investments

Nuveen Equity Index Fund

Refer to the first page of this Fund Performance and Expense Ratios Section for further explanation of the information included within this page.

Fund Performance

Average Annual Total Returns as of April 30, 2012*

	Cumulative		Average Annual
	6-Month		1-Year		5-Year		10-Year
Class A Shares		12.42%		4.15%		0.53%		4.18%
S&P 500® Index**		12.77%		4.76%		1.01%		4.71%
Lipper S&P 500® Index Objective Funds Classification Average**		12.43%		4.13%		0.47%		4.17%
Class B Shares w/o CDSC***		12.00%		3.36%		-0.22%		3.40%
Class B Shares w/CDSC***		7.00%		-1.38%		-0.38%		3.40%
Class C Shares		12.02%		3.34%		-0.22%		3.40%
Class R3 Shares		12.26%		3.85%		0.28%		3.97%
Class I Shares		12.56%		4.37%		0.78%		4.44%

Average Annual Total Returns as of March 31, 2012 (Most Recent Calendar Quarter)*

	Cumulative		Average Annual
	6-Month		1-Year		5-Year		10-Year
Class A Shares		25.54%		7.87%		1.54%		3.59%
Class B Shares w/o CDSC***		25.04%		7.07%		0.77%		2.82%
Class B Shares w/CDSC***		20.04%		2.16%		0.61%		2.82%
Class C Shares		25.03%		7.07%		0.77%		2.82%
Class R3 Shares		25.37%		7.66%		1.29%		3.39%
Class I Shares		25.70%		8.19%		1.79%		3.86%

Class A Shares have no sales charge and are available only through fee-based programs and certain retirement plans. 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 twelve months, 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.

Expense Ratios as of Most Recent Prospectus

	Gross Expense Ratios		Net Expense Ratios
Class A Shares		0.68%		0.61%
Class B Shares		1.43%		1.36%
Class C Shares		1.43%		1.36%
Class R3 Shares		0.93%		0.86%
Class I Shares		0.43%		0.36%

The Fund’s adviser has contractually agreed to waive fees and/or reimburse other Fund expenses through February 28, 2013, so that total annual Fund operating expenses, after fee waivers and/or expense reimbursements and excluding acquired Fund fees and expenses, do not exceed 0.62%, 1.37%, 1.37%, 0.87% and 0.37% for Class A, Class B, Class C, Class R3 and Class I Shares, respectively. Fee waivers and/or expense reimbursements will not be terminated prior to that time without with approval of the Fund’s Board of Directors.

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

** Refer to the Glossary of Terms Used in this Report for definitions. Indexes and Lipper averages are not available for direct investment.

*** Class B Shares are available only upon the exchange of Class B Shares from another Nuveen mutual fund or for purposes of dividend reinvestment, but Class B Shares are not available for new accounts or for additional investment into existing accounts.

Nuveen Investments 9

Fund Performance and Expense Ratios(continued)

Nuveen Mid Cap Index Fund

Refer to the first page of this Fund Performance and Expense Ratios Section for further explanation of the information included within this page.

Fund Performance

Average Annual Total Returns as of April 30, 2012*

	Cumulative		Average Annual
	6-Month		1-Year		5-Year		10-Year
Class A Shares		12.13%		-1.43%		3.64%		7.11%
S&P MidCap 400® Index**		12.48%		-0.94%		4.11%		7.72%
Lipper Mid-Cap Core Funds Classification Average**		11.18%		-2.71%		1.83%		6.28%
Class C Shares		11.68%		-2.16%		2.85%		6.30%
Class R3 Shares		11.96%		-1.64%		3.38%		6.89%
Class I Shares		12.30%		-1.16%		3.90%		7.37%

Average Annual Total Returns as of March 31, 2012 (Most Recent Calendar Quarter)*

	Cumulative		Average Annual
	6-Month		1-Year		5-Year		10-Year
Class A Shares		27.85%		1.64%		4.31%		7.09%
Class C Shares		27.37%		0.81%		3.54%		6.28%
Class R3 Shares		27.63%		1.38%		4.05%		6.86%
Class I Shares		27.88%		1.82%		4.56%		7.34%

Class A Shares have no sales charge and are available only through fee-based programs and certain retirement plans. Class C Shares have a 1% CDSC for redemptions within less than twelve months, 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.

Expense Ratios as of Most Recent Prospectus

	Gross Expense Ratios		Net Expense Ratios
Class A Shares		0.93%		0.76%
Class C Shares		1.68%		1.51%
Class R3 Shares		1.18%		1.01%
Class I Shares		0.68%		0.51%

The Fund’s adviser has contractually agreed to waive fees and/or reimburse other Fund expenses through February 28, 2013, so that total annual Fund operating expenses, after fee waivers and/or expense reimbursements and excluding acquired Fund fees and expenses, do not exceed 0.75%, 1.50%, 1.00% and 0.50% for Class A, Class C, Class R3 and Class I Shares, respectively. Fee waivers and/or expense reimbursements will not be terminated prior to that time without with approval of the Fund’s Board of Directors.

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

** Refer to the Glossary of Terms Used in this Report for definitions. Indexes and Lipper averages are not available for direct investment.

10 Nuveen Investments

Nuveen Small Cap Index Fund

Refer to the first page of this Fund Performance and Expense Ratios Section for further explanation of the information included within this page.

Fund Performance

Average Annual Total Returns as of April 30, 2012*
	Cumulative		Average Annual
	6-Month		1-Year		5-Year		10-Year
Class A Shares		10.76%		-4.76%		1.10%		5.44%
Russell 2000® Index**		11.02%		-4.25%		1.45%		6.19%
Lipper Small-Cap Core Funds Classification Average**		10.58%		-3.64%		1.46%		6.43%
Class C Shares		10.28%		-5.47%		0.33%		4.62%
Class R3 Shares		10.54%		-5.04%		0.82%		5.18%
Class I Shares		10.83%		-4.59%		1.33%		5.68%

Average Annual Total Returns as of March 31, 2012 (Most Recent Calendar Quarter)*

	Cumulative		Average Annual
	6-Month		1-Year		5-Year		10-Year
Class A Shares		29.50%		-0.74%		1.76%		5.65%
Class C Shares		29.05%		-1.49%		1.01%		4.84%
Class R3 Shares		29.30%		-1.01%		1.50%		5.40%
Class I Shares		29.63%		-0.48%		2.01%		5.89%

Class A Shares have no sales charge and are available only through fee-based programs and certain retirement plans. Class C Shares have a 1% CDSC for redemptions within less than twelve months, 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.

Expense Ratios as of Most Recent Prospectus

	Gross Expense Ratios		Net Expense Ratios
Class A Shares		1.14%		0.89%
Class C Shares		1.89%		1.64%
Class R3 Shares		1.39%		1.14%
Class I Shares		0.89%		0.64%

The Fund’s adviser has contractually agreed to waive fees and/or reimburse other Fund expenses through February 28, 2013, so that total annual Fund operating expenses, after fee waivers and/or expense reimbursements and excluding acquired Fund fees and expenses, do not exceed 0.83%, 1.58%, 1.08% and 0.58% for Class A, Class C, Class R3 and Class I Shares, respectively. Fee waivers and/or expense reimbursements will not be terminated prior to that time without with approval of the Fund’s Board of Directors.

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

** Refer to the Glossary of Terms Used in this Report for definitions. Indexes and Lipper averages are not available for direct investment.

Nuveen Investments 11

Holding Summariesas of April 30, 2012

This data relates to the securities held in each Fund’s portfolio of investments. It should not be construed as a measure of performance for the Fund itself.

Nuveen Equity Index Fund

Portfolio Allocation¹

Nuveen Mid Cap Index Fund

Portfolio Allocation¹

Nuveen Small Cap Index Fund

Portfolio Allocation¹

Portfolio Composition1
Information Technology	19.7%
Financials	14.1%
Health Care	11.0%
Consumer Discretionary	10.9%
Energy	10.9%
Consumer Staples	10.5%
Industrials	10.2%
Short-Term Investments	3.2%
Other	9.5%

Portfolio Composition1
Financials	19.8%
Industrials	15.7%
Information Technology	15.0%
Consumer Discretionary	12.2%
Health Care	9.5%
Materials	6.0%
Energy	5.4%
Short-Term Investments	7.8%
Other	8.6%

Portfolio Composition1
Financials	22.0%
Information Technology	15.9%
Industrials	14.9%
Consumer Discretionary	13.3%
Health Care	12.0%
Energy	6.2%
Short-Term Investments	4.2%
Other3	11.5%

Top Five Common Stock Holdings2
Apple, Inc.	4.3%
Exxon Mobil Corporation	3.3%
International Business Machines Corporation (IBM)	1.9%
Microsoft Corporation	1.9%
Chevron	1.7%

Top Five Common Stock Holdings2
Regeneron Pharmaceuticals	0.9%
Monster Worldwide	0.8%
Kansas City Southern	0.7%
Macerich – REIT	0.7%
Vertex Pharmaceuticals	0.7%

Top Five Common Stock Holdings2
American Campus Communities – REIT	0.3%
Kilroy Realty – REIT	0.3%
Clean Harbors	0.3%
Extra Space Storage – REIT	0.3%
BioMed Realty Trust – REIT	0.3%

1 As a percentage of total investments (excluding investments in derivatives and investments purchased with collateral from securities lending) as of April 30, 2012. Holdings are subject to change.

2 As a percentage of total common stocks as of April 30, 2012. Holdings are subject to change.

3 The percentage of “Other” includes rights and warrants held as of the end of the reporting period. Holdings are subject to change.

4 Rounds to less than 0.1%.

12 Nuveen Investments

Expense Examples

As a shareholder of one or more of the Funds, you incur two types of costs: (1) transaction costs, including up-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. The Examples below are intended to help you understand your ongoing costs (in dollars) of investing in the Funds and to compare these costs with the ongoing costs of investing in other mutual funds.

The Examples below are 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 respective Fund’s actual expense ratio and an assumed rate of return of 5% per year before expenses, which is not the Fund’s actual return. The hypothetical account values and expenses may not be used to estimate the actual ending account balance or 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 transaction costs. 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 transaction costs were included, your costs would have been higher.

Nuveen Equity Index Fund

											Hypothetical Performance
	Actual Performance										(5% annualized 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 (11/01/11)	$	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 (4/30/12)	$	1,124.20	$	1,120.00	$	1,120.20	$	1,122.60	$	1,125.60	$	1,021.78	$	1,018.05	$	1,018.05	$	1,020.54	$	1,023.02
Expenses Incurred During Period	$	3.27	$	7.22	$	7.22	$	4.59	$	1.96	$	3.12	$	6.87	$	6.87	$	4.37	$	1.86

For each class of the Fund, expenses are equal to the Fund’s annualized net expense ratio of .62%, 1.37%, 1.37%, .87% and ..37% for Classes A, B, C, R3 and I, respectively, multiplied by the average account value over the period, multiplied by 182/366 (to reflect the one-half year period).

Nuveen Mid Cap Index Fund

									Hypothetical Performance
	Actual Performance								(5% annualized return before expenses)
	A Shares		C Shares		R3 Shares		I Shares		A Shares		C Shares		R3 Shares		I Shares
Beginning Account Value (11/01/11)	$	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 (4/30/12)	$	1,121.30	$	1,116.80	$	1,119.60	$	1,123.00	$	1,021.18	$	1,017.45	$	1,019.94	$	1,022.43
Expenses Incurred During Period	$	3.90	$	7.84	$	5.22	$	2.59	$	3.72	$	7.47	$	4.97	$	2.46

For each class of the Fund, expenses are equal to the Fund’s annualized net expense ratio of .74%, 1.49%, .99% and .49% for Classes A, C, R3 and I, respectively, multiplied by the average account value over the period, multiplied by 182/366 (to reflect the one-half year period).

Nuveen Small Cap Index Fund

									Hypothetical Performance
	Actual Performance								(5% annualized return before expenses)
	A Shares		C Shares		R3 Shares		I Shares		A Shares		C Shares		R3 Shares		I Shares
Beginning Account Value (11/01/11)	$	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 (4/30/12)	$	1,107.60	$	1,102.80	$	1,105.40	$	1,108.30	$	1,020.74	$	1,017.01	$	1,019.49	$	1,021.98
Expenses Incurred During Period	$	4.35	$	8.26	$	5.65	$	3.04	$	4.17	$	7.92	$	5.42	$	2.92

For each class of the Fund, expenses are equal to the Fund’s annualized net expense ratio of .83%, 1.58%, 1.08% and .58% for Classes A, C, R3 and I, respectively, multiplied by the average account value over the period, multiplied by 182/366 (to reflect the one-half year period).

Nuveen Investments 13

Portfolio of Investments (Unaudited)

Nuveen Equity Index Fund

April 30, 2012

Shares		Description (1)	Value
		COMMON STOCKS – 96.9%
		Consumer Discretionary – 10.9%
	5,053	Abercrombie & Fitch Co., Class A	$	253,509
	21,386	Amazon.com, Inc., (2)		4,959,413
	7,443	Apollo Group, Inc., (2)		262,142
	3,009	AutoNation Inc., (2), (3)		104,051
	1,622	AutoZone, Inc., (2)		642,572
	14,855	Bed Bath and Beyond Inc., (2), (3)		1,045,643
	17,252	Best Buy Co., Inc.		380,752
	3,980	Big Lots, Inc., (2)		145,827
	3,759	BorgWarner Inc., (2), (3)		297,111
	10,913	Cablevision Systems Corporation		161,731
	13,737	CarMax, Inc., (2)		424,061
	26,602	Carnival, ADR, (3)		864,299
	40,662	CBS Corporation, Class B		1,356,078
	1,361	Chipotle Mexican Grill, (2), (3)		563,658
	17,156	Coach, Inc.		1,255,133
	160,182	Comcast Corporation, Class A		4,858,320
	15,418	D.R. Horton, Inc.		252,084
	7,749	Darden Restaurants, (3)		388,070
	3,739	Devry, Inc.		120,209
	41,478	DIRECTV Group, Inc., (2)		2,043,621
	15,536	Discovery Communications, Class A, (2), (3)		845,469
	3,657	Dollar Tree Stores Inc., (2)		371,771
	5,573	Expedia, Inc., (3)		237,577
	7,300	Family Dollar Stores, Inc.		493,115
	228,455	Ford Motor		2,576,972
	2,605	Fossil Inc., (3)		340,395
	8,444	GameStop, Class A, (2), (3)		192,185
	14,604	Gannett Company Inc.		201,827
	20,395	Gap, Inc.		581,258
	9,518	Genuine Parts Company		616,576
	14,980	Goodyear Tire & Rubber, (2)		164,480
	17,219	H & R Block, (3)		253,119
	13,660	Harley-Davidson, (3)		714,828
	4,239	Harman International Industries Inc.		210,170
	6,824	Hasbro, Inc.		250,714
	90,621	Home Depot, Inc.		4,693,262
	17,927	International Game Technology		279,303
	27,110	Interpublic Group Companies, Inc.		320,169
	8,401	J.C. Penney, (3)		302,940
	41,261	Johnson Controls, Inc.		1,319,114
	14,898	Kohl’s, (3)		746,837
	8,970	Leggett and Platt, (3)		195,277
	9,454	Lennar Corporation, Class A		262,254
	14,561	Limited Brands, (3)		723,682

14 Nuveen Investments

Shares		Description (1)	Value
		Consumer Discretionary (continued)
	74,240	Lowe’s Companies, Inc.	$	2,336,333
	24,679	Macy’s, Inc.		1,012,333
	15,760	Marriott International, Class A, (3)		616,058
	19,907	Mattel, Inc.		668,875
	60,150	McDonald’s Corporation		5,861,618
	18,288	McGraw-Hill, (3)		899,221
	2,853	NetFlix, (2), (3)		228,639
	17,018	Newell Rubbermaid Inc.		309,728
	128,914	News Corporation, Class A		2,526,714
	21,805	Nike, Inc., Class B		2,439,325
	9,510	Nordstrom, Inc.		531,229
	16,217	Omnicom Group, (3)		832,094
	8,253	O’Reilly Automotive Inc., (2)		870,361
	2,979	Priceline.com, (2), (3)		2,266,483
	19,801	Pulte Group, (2), (3)		194,842
	3,791	Ralph Lauren, (3)		653,076
	13,857	Ross Stores, Inc.		853,453
	5,718	Scripps Networks Interactive, Class A, (3)		287,158
	2,262	Sears Holdings, (2), (3)		121,650
	43,040	Staples, (3)		662,816
	45,501	Starbucks		2,610,847
	11,296	Starwood Hotels & Resorts Worldwide		668,723
	39,481	Target Corporation		2,287,529
	8,027	Tiffany & Co.		549,528
	18,760	Time Warner Cable, Class A		1,509,242
	58,836	Time Warner Inc.		2,204,024
	44,340	TJX Companies, Inc.		1,849,421
	5,911	TripAdvisor, (3)		221,722
	6,527	Urban Outfitters, (2), (3)		189,022
	5,262	VF Corporation		800,087
	32,463	Viacom Inc., Class B		1,505,959
	105,610	Walt Disney, (3)		4,552,847
	110	Washington Post, Class B, (3)		41,599
	4,638	Whirlpool Corporation		296,925
	8,972	Wyndham Worldwide Corporation		451,650
	4,656	Wynn Resorts Ltd		621,110
	28,190	YUM! Brands, Inc.		2,050,259
		Total Consumer Discretionary		83,854,078
		Consumer Staples – 10.5%
	120,437	Altria Group, Inc.		3,879,276
	39,268	Archer-Daniels-Midland Company		1,210,632
	25,324	Avon Products, Inc.		546,998
	9,139	Beam Inc.		518,912
	5,860	Brown-Forman Corporation		506,011
	10,543	Campbell Soup, (3)		356,670

Nuveen Investments 15

Portfolio of Investments (Unaudited)

Nuveen Equity Index Fund (continued)

April 30, 2012

Shares		Description (1)	Value
		Consumer Staples (continued)
	7,755	Clorox Company	$	543,626
	18,343	Coca Cola Enterprises Inc.		552,491
	133,516	Coca-Cola Company		10,189,941
	28,453	Colgate-Palmolive Company		2,815,140
	24,367	ConAgra Foods, Inc.		629,156
	10,235	Constellation Brands, Inc., Class A, (2)		221,076
	25,502	Costco Wholesale Corporation		2,248,511
	76,517	CVS Caremark Corporation		3,414,189
	10,798	Dean Foods Company, (2)		132,599
	12,603	Dr. Pepper Snapple Group		511,430
	13,132	Estee Lauder Companies Inc., Class A		858,176
	37,825	General Mills, Inc.		1,471,014
	18,825	H.J. Heinz Company		1,003,561
	8,998	Hershey Foods Corporation		602,956
	8,107	Hormel Foods Corporation		235,589
	6,692	JM Smucker Company		532,884
	14,567	Kellogg, (3)		736,653
	23,167	Kimberly-Clark Corporation		1,817,914
	103,859	Kraft Foods Inc.		4,140,858
	36,291	Kroger Co.		844,492
	7,936	Lorillard Inc.		1,073,661
	7,799	McCormick, (3)		436,042
	11,967	Mead Johnson Nutrition Company, Class A Shares		1,023,897
	9,261	Molson Coors Brewing Company, Class B		385,072
	91,889	PepsiCo		6,064,674
	101,375	Philip Morris International		9,074,076
	161,737	Procter & Gamble Company		10,292,943
	19,674	Reynolds American, (3)		803,289
	19,981	Safeway, (3)		406,214
	34,728	Sara Lee Corporation		765,405
	34,678	Sysco, (3)		1,002,194
	17,173	Tyson Foods, Inc., Class A		313,407
	52,277	Walgreen, (3)		1,832,832
	102,674	Wal-Mart Stores, Inc.		6,048,525
	9,573	Whole Foods Market, (3)		795,229
		Total Consumer Staples		80,838,215
		Energy – 10.9%
	12,922	Alpha Natural Resources, (2), (3)		208,432
	29,274	Anadarko Petroleum Corporation		2,143,150
	22,578	Apache Corporation		2,166,133
	25,658	Baker Hughes Incorporated		1,131,774
	12,682	Cabot Oil & Gas Corporation		445,645
	38,755	Chesapeake Energy Corporation		714,642
	117,071	Chevron, (3)		12,475,086
	75,383	ConocoPhillips		5,399,684

16 Nuveen Investments

Shares		Description (1)	Value
		Energy (continued)
	13,334	CONSOL Energy Inc.	$	443,222
	14,414	Cameron International, (2), (3)		738,718
	23,353	Denbury Resources Inc., (2)		444,641
	23,744	Devon Energy Corporation		1,658,518
	4,086	Diamond Offshore Drilling, Inc.		280,095
	45,335	El Paso Corporation		1,345,089
	15,805	EOG Resources, Inc.		1,735,547
	9,071	EQT Corporation		451,917
	277,489	Exxon Mobil Corporation		23,958,400
	14,008	FMC Technologies, (2), (3)		658,376
	54,092	Halliburton Company		1,851,028
	6,298	Helmerich & Payne Inc.		323,654
	17,519	Hess Corporation		913,441
	41,368	Marathon Oil Corporation		1,213,737
	21,636	Marathon Petroleum Corporation		900,274
	11,376	Murphy Oil Corporation		625,339
	16,905	Nabors Industries, (2)		281,468
	24,915	National-Oilwell Varco Inc.		1,887,560
	7,788	Newfield Exploration Company, (2)		279,589
	14,708	Noble Corporation, (2)		559,786
	10,320	Noble Energy, Inc.		1,024,982
	47,721	Occidental Petroleum Corporation		4,353,110
	15,924	Peabody Energy Corporation		495,396
	7,086	Pioneer Natural Resources, (3)		820,701
	10,402	QEP Resources, (3)		320,486
	9,195	Range Resources Corporation		612,939
	7,360	Rowan Companies Inc.		254,141
	78,897	Schlumberger Limited		5,849,424
	20,420	Southwestern Energy, (2), (3)		644,864
	38,231	Spectra Energy Corporation		1,175,221
	6,275	Sunoco, Inc.		309,295
	8,414	Tesoro Corporation, (2)		195,626
	32,903	Valero Energy Corporation		812,704
	34,648	Williams Companies, Inc.		1,179,071
	11,549	WPX Energy, (2), (3)		202,916
		Total Energy		83,485,821
		Financials – 14.1%
	19,800	Ace Limited		1,504,206
	27,441	AFLAC Incorporated		1,235,943
	29,707	Allstate Corporation		990,134
	59,403	American Express Company		3,576,655
	31,676	American International Group, (2)		1,077,934
	24,026	American Tower – REIT		1,575,625
	13,301	Ameriprise Financial, Inc.		721,047
	19,005	AON PLC		984,459

Nuveen Investments 17

Portfolio of Investments (Unaudited)

Nuveen Equity Index Fund (continued)

April 30, 2012

Shares		Description (1)	Value
		Financials (continued)
	7,519	Apartment Investment & Management, Class A – REIT	$	204,141
	5,736	Assurant, (3)		231,390
	5,886	AvalonBay Communities – REIT, (3)		855,824
	631,863	Bank of America		5,124,409
	71,286	Bank of New York Mellon		1,685,914
	40,980	BB&T, (3)		1,312,999
	103,349	Berkshire Hathaway, Class B, (2)		8,314,427
	5,612	BlackRock Inc.		1,075,147
	9,151	Boston Properties – REIT, (3)		990,596
	27,022	Capital One Financial		1,499,181
	18,699	CBRE Group Inc., (2)		351,728
	63,458	Charles Schwab		907,449
	16,445	Chubb Corporation		1,201,636
	9,899	Cincinnati Financial, (3)		352,602
	171,871	Citigroup Inc.		5,678,618
	3,903	CME Group, Inc.		1,037,495
	11,334	Comerica Incorporated		362,915
	32,311	Discover Financial Services		1,095,343
	14,925	E*Trade Group Inc., (2)		158,653
	17,437	Equity Residential Properties Trust – REIT, (3)		1,071,329
	5,428	Federated Investors Inc.		119,850
	54,069	Fifth Third Bancorp.		769,402
	15,496	First Horizon National, (3)		142,253
	8,556	Franklin Resources, Inc.		1,073,864
	28,860	Genworth Financial, Class A, (2)		173,449
	28,941	Goldman Sachs Group		3,332,556
	26,203	Hartford Financial Services Group, (3)		538,472
	26,633	HCP – REIT		1,103,938
	8,504	Health Care – REIT, (3)		481,837
	41,517	Host Hotels & Resorts – REIT, (3)		690,843
	31,009	Hudson City Bancorp, Inc.		218,924
	50,795	Huntington Bancshares, (3)		339,819
	4,271	Intercontinental Exchange, (2)		568,214
	27,362	Invesco LTD		679,672
	223,372	JP Morgan Chase & Co.		9,600,529
	56,016	KeyCorp.		450,369
	24,856	Kimco Realty – REIT, (3)		482,455
	7,312	Legg Mason		190,624
	11,646	Leucadia National, (3)		289,520
	17,733	Lincoln National Corporation		439,246
	17,950	Loews Corporation		738,284
	6,704	M&T Bank, (3)		578,354
	31,624	Marsh & McLennan Companies, Inc.		1,057,823
	62,174	MetLife, Inc.		2,240,129
	11,484	Moody’s, (3)		470,270

18 Nuveen Investments

Shares		Description (1)	Value
		Financials (continued)
	87,243	Morgan Stanley	$	1,507,559
	7,741	NASDAQ Stock Market, Inc., (2)		190,196
	15,402	New York Stock Exchange Euronext		396,602
	14,167	Northern Trust Corporation		674,208
	21,268	People’s United Financial, Inc.		262,447
	10,382	Plum Creek Timber – REIT, (3)		436,459
	30,927	PNC Financial Services Group, (3)		2,051,079
	18,452	Principal Financial Group, Inc.		510,567
	36,253	Progressive, (3)		772,189
	26,938	ProLogis – REIT, (3)		963,842
	27,747	Prudential Financial, Inc.		1,679,803
	8,976	Public Storage – REIT, (3)		1,285,902
	83,191	Regions Financial Corporation		560,707
	17,270	Simon Property Group – REIT, (3)		2,687,212
	29,906	SLM Corporation		443,506
	28,919	State Street Corporation		1,336,636
	31,567	SunTrust Banks, Inc.		766,447
	15,560	T. Rowe Price Group, (3)		982,069
	6,210	Torchmark Corporation		302,489
	24,265	Travelers Companies, Inc.		1,560,725
	112,186	U.S. Bancorp		3,609,024
	17,353	Unum Group		411,960
	11,838	Ventas – REIT, (3)		695,956
	10,519	Vornado Realty Trust – REIT, (3)		902,951
	310,007	Wells Fargo & Company		10,363,534
	32,030	Weyerhaeuser – REIT		652,131
	18,841	XL Capital Ltd, Class A		405,270
	10,833	Zions Bancorporation, (3)		220,885
		Total Financials		108,580,850
		Health Care – 11.0%
	91,576	Abbott Laboratories, (3)		5,683,207
	21,299	Aetna Inc.		938,008
	20,412	Agilent Technologies, Inc., (2)		860,978
	18,561	Allergan, Inc.		1,781,856
	16,346	AmerisourceBergen, (3)		608,235
	42,878	Amgen Inc.		3,049,055
	33,148	Baxter International, Inc.		1,836,731
	12,633	Becton, Dickinson and Company		991,059
	14,726	Biogen Idec Inc., (2)		1,973,431
	87,091	Boston Scientific Corporation, (2)		545,190
	99,615	Bristol-Myers Squibb Company		3,324,153
	5,043	C. R. Bard, Inc.		499,055
	21,285	Cardinal Health, Inc.		899,717
	13,576	CareFusion Corporation, (2)		351,754
	26,291	Celgene, (2), (3)		1,917,140

Nuveen Investments 19

Portfolio of Investments (Unaudited)

Nuveen Equity Index Fund (continued)

April 30, 2012

Shares		Description (1)	Value
		Health Care (continued)
	5,616	Cerner, (2), (3)	$	455,401
	16,403	CIGNA Corporation		758,311
	9,083	Coventry Health Care, Inc., (2)		272,399
	28,360	Covidien PLC		1,566,323
	5,496	DaVita Inc., (2)		486,836
	8,581	DENTSPLY International, (3)		352,336
	3,721	Edwards Lifesciences, (2)		308,731
	59,892	Eli Lilly		2,478,930
	47,034	Express Scripts		2,624,027
	16,662	Forest Laboratories, Inc., (2)		580,337
	46,829	Gilead Sciences, Inc., (2)		2,435,576
	9,683	Hospira, (2), (3)		340,067
	9,970	Humana Inc.		804,380
	2,377	Intuitive Surgical, Inc., (2)		1,374,381
	160,534	Johnson & Johnson		10,449,158
	5,723	Laboratory Corporation of America, (2), (3)		502,994
	11,128	Life Technologies, (2)		515,894
	14,953	McKesson HBOC Inc.		1,366,854
	62,038	Medtronic, Inc.		2,369,852
	179,173	Merck & Company Inc.		7,030,749
	24,596	Mylan Laboratories Inc., (2)		533,979
	5,674	Patterson Companies, Inc.		193,427
	7,178	Perkinelmer Inc.		198,113
	3,056	Perrigo, (3)		320,574
	451,882	Pfizer Inc.		10,361,654
	9,273	Quest Diagnostics Incorporated		534,959
	18,751	Saint Jude Medical Inc.		726,039
	19,121	Stryker Corporation		1,043,433
	26,506	Tenet Healthcare, (2), (3)		137,566
	22,237	Thermo Fisher Scientific, Inc., (2)		1,237,489
	62,666	UnitedHealth Group Incorporated		3,518,696
	6,616	Varian Medical Systems, (2), (3)		419,587
	5,875	Waters Corporation, (2)		494,146
	7,486	Watson Pharmaceuticals Inc., (2)		564,145
	19,709	Wellpoint Inc.		1,336,664
	10,534	Zimmer Holdings, Inc., (2)		662,905
		Total Health Care		84,616,481
		Industrials – 10.3%
	41,199	3M Co.		3,681,543
	6,184	Avery Dennison Corporation		197,764
	43,692	Boeing Company		3,355,546
	9,651	C.H. Robinson Worldwide, (3)		576,551
	38,012	Caterpillar, (3)		3,906,493
	6,771	Cintas Corporation		265,220
	4,679	Cooper Industries Inc.		292,765

20 Nuveen Investments

Shares		Description (1)	Value
		Industrials (continued)
	61,723	CSX Corporation	$	1,377,040
	11,821	Cummins Inc.		1,369,226
	33,489	Danaher, (3)		1,815,774
	24,333	Deere & Company		2,004,066
	11,291	Dover Corporation		707,494
	2,987	Dun and Bradstreet, (3)		232,329
	20,709	Eaton Corporation		997,760
	45,208	Emerson Electric, (3)		2,375,228
	7,432	Equifax Inc.		340,534
	12,465	Expeditors International of Washington, Inc.		498,600
	17,918	Fastenal Company		838,921
	18,647	FedEx Corporation		1,645,411
	3,384	Flowserve Corporation		388,923
	9,973	Fluor Corporation		575,941
	20,934	General Dynamics Corporation		1,413,045
	620,619	General Electric, (3)		12,151,720
	7,361	Goodrich Corporation		923,511
	45,471	Honeywell International Inc.		2,758,271
	28,404	Illinois Tool Works, Inc.		1,629,822
	18,351	Ingersoll Rand Company Limited, Class A		780,285
	12,916	Iron Mountain Inc.		392,259
	7,546	Jacobs Engineering Group, Inc.		330,741
	6,752	Joy Global Inc.		477,839
	5,870	L-3 Communications Holdings, Inc.		431,680
	15,597	Lockheed Martin Corporation		1,412,152
	21,033	Masco, (3)		277,215
	20,664	Norfolk Southern Corporation		1,507,026
	15,359	Northrop Grumman Corporation		971,918
	22,190	PACCAR Inc.		953,282
	7,061	Pall Corporation		420,906
	9,113	Parker Hannifin Corporation		799,119
	11,735	Pitney Bowes Inc.		201,021
	8,476	Precision Castparts Corporation		1,494,912
	12,874	Quanta Services Incorporated, (2)		284,773
	11,086	R.R. Donnelley & Sons, (3)		138,686
	19,616	Raytheon Company		1,062,010
	18,506	Republic Services, Inc.		506,509
	8,795	Robert Half International Inc.		262,091
	8,694	Rockwell Automation, (3)		672,394
	8,896	Rockwell Collins, Inc.		497,197
	6,149	Roper Industries Inc.		626,583
	3,104	Ryder System, Inc.		151,227
	3,532	Snap-on Incorporated		220,891
	45,765	Southwest Airlines, (3)		378,934
	10,221	Stanley Black & Decker, (3)		747,768

Nuveen Investments 21

Portfolio of Investments (Unaudited)

Nuveen Equity Index Fund (continued)

April 30, 2012

Shares		Description (1)	Value
		Industrials (continued)
	5,076	Stericycle, (2)	$	439,582
	16,352	Textron		435,617
	27,158	Tyco International Ltd.		1,524,379
	28,397	Union Pacific Corporation		3,192,959
	56,728	United Parcel Service, Inc., Class B		4,432,726
	53,264	United Technologies Corporation		4,348,473
	3,732	W.W. Grainger, Inc.		775,584
	27,060	Waste Management, (3)		925,452
	10,850	Xylem Inc.		302,498
		Total Industrials		78,696,186
		Information Technology – 19.7%
	35,562	Accenture, Class A, (3)		2,309,752
	28,858	Adobe Systems Incorporated, (2)		968,474
	34,414	Advanced Micro Devices, (2), (3)		253,287
	10,548	Akamai Technologies, Inc., (2)		343,865
	18,863	Altera Corporation		670,957
	10,051	Amphenol, Class A, (3)		584,365
	17,516	Analog Devices, Inc.		682,774
	54,636	Apple, Inc., (2)		31,920,537
	76,753	Applied Materials, Inc.		920,268
	13,333	Autodesk, Inc., (2)		524,920
	29,610	Automatic Data Processing, Inc.		1,646,908
	10,006	BMC Software, Inc., (2)		412,848
	28,516	Broadcom Corporation, Class A, (2)		1,043,686
	21,754	CA, (3)		574,741
	316,024	Cisco Systems, Inc.		6,367,884
	10,963	Citrix Systems, (2)		938,542
	17,760	Cognizant Technology Solutions Corporation, Class A, (2)		1,302,163
	9,116	Computer Sciences Corporation		255,795
	92,387	Corning Incorporated		1,325,753
	89,768	Dell, (2)		1,469,502
	67,541	eBay Inc., (2)		2,772,558
	21,319	Electronic Arts Inc. (EA), (2)		327,886
	119,921	EMC, (2), (3)		3,382,971
	4,673	F5 Networks, Inc., (2)		625,855
	10,191	Fidelity National Information Services		343,131
	3,482	First Solar, (2), (3)		64,069
	8,594	Fiserv, Inc., (2)		604,072
	10,235	FLIR Systems Inc.		229,878
	14,852	Google Inc., Class A, (2)		8,988,876
	6,807	Harris, (3)		309,991
	116,804	Hewlett-Packard, (3)		2,892,067
	299,336	Intel Corporation		8,501,142
	69,285	International Business Machines Corporation (IBM)		14,347,538
	17,551	Intuit, Inc.		1,017,431

22 Nuveen Investments

Shares		Description (1)	Value
		Information Technology (continued)
	10,769	Jabil Circuit	$	252,533
	14,541	JDS Uniphase, (2)		176,673
	30,922	Juniper Networks, (2)		662,658
	9,797	KLA-Tencor, (3)		510,914
	4,144	Lexmark International, Class A, (3)		124,734
	13,389	Linear Technology Corporation		437,954
	33,125	LSI Logic Corporation, (2)		266,325
	6,268	MasterCard, Inc.		2,834,828
	11,235	Microchip Technology, (3)		397,045
	55,251	Micron Technology, Inc., (2)		364,104
	440,118	Microsoft Corporation		14,092,578
	8,304	Molex, (3)		229,107
	15,495	Motorola Mobility Holdings Inc., (2)		601,516
	16,840	Motorola Solutions Inc.		859,345
	21,080	NetApp, (2), (3)		818,536
	4,085	Novellus Systems, Inc., (2)		190,974
	35,898	NVIDIA Corporation, (2)		466,674
	231,308	Oracle Corporation		6,798,142
	18,959	Paychex, (3)		587,350
	98,814	QUALCOMM, Inc.		6,308,286
	12,282	Red Hat, Inc., (2)		732,130
	16,753	SAIC, (2)		203,716
	7,995	Salesforce.com, (2), (3)		1,245,061
	14,125	SanDisk, (2)		522,766
	43,334	Symantec Corporation		715,878
	20,585	TE Connectivity Limited		750,529
	9,841	Teradata Corporation, (2)		686,705
	10,819	Teradyne Inc., (2)		186,195
	67,171	Texas Instruments Incorporated		2,145,442
	10,682	Total System Services Inc.		251,241
	9,350	VeriSign, Inc., (2)		384,379
	29,898	Visa, Class A, (3)		3,676,856
	13,743	Western Digital Corporation, (2)		533,366
	36,397	Western Union, (3)		668,977
	81,538	Xerox Corporation		634,366
	15,428	Xilinx, (3)		561,271
	72,911	Yahoo! Inc., (2)		1,133,037
		Total Information Technology		150,936,677
		Materials – 3.3%
	12,373	Air Products & Chemicals Inc.		1,057,768
	4,409	Airgas, Inc.		404,041
	62,566	Alcoa Inc.		608,767
	6,253	Allegheny Technologies, (3)		268,504
	9,925	Ball Corporation		414,468
	5,930	Bemis Company, Inc.		192,073

Nuveen Investments 23

Portfolio of Investments (Unaudited)

Nuveen Equity Index Fund (continued)

April 30, 2012

Shares		Description (1)	Value
		Materials (continued)
	3,844	CF Industries Holdings, Inc.	$	742,123
	8,408	Cliffs Natural Resources Inc.		523,482
	69,474	Dow Chemical, (3)		2,353,779
	54,314	E.I. Du Pont de Nemours, (3)		2,903,626
	8,523	Eastman Chemical Company		459,986
	14,082	Ecolab Inc.		896,883
	4,601	FMC, (3)		508,180
	55,723	Freeport-McMoRan Copper & Gold, Inc.		2,134,191
	5,157	International Flavors & Fragrances Inc.		310,503
	25,927	International Paper Company		863,628
	10,362	MeadWestvaco Corporation		329,719
	32,463	Monsanto Company		2,473,031
	14,691	Mosaic Company		775,979
	29,107	Newmont Mining Corporation		1,386,949
	18,617	Nucor Corporation		729,973
	9,655	Owens-Illinois, Inc., (2)		224,479
	9,077	PPG Industries, Inc.		955,263
	17,621	Praxair, Inc.		2,038,750
	9,788	Sealed Air Corporation		187,734
	5,355	Sherwin-Williams Company		644,099
	7,411	Sigma-Aldrich, (3)		525,440
	4,840	Titanium Metals Corporation		71,487
	8,465	United States Steel Corporation		239,813
	7,597	Vulcan Materials Company		325,228
		Total Materials		25,549,946
		Telecommunication Services – 2.8%
	348,363	AT&T Inc.		11,464,626
	37,765	CenturyLink, (3)		1,456,218
	10,780	Crown Castle International Corporation, (2)		610,256
	58,500	Frontier Communications, (3)		236,340
	17,652	Metropcs Communications Inc.		128,860
	176,110	Sprint Nextel Corporation, (2)		436,753
	166,428	Verizon Communications, (3)		6,720,363
	30,961	Windstream, (3)		348,000
		Total Telecommunication Services		21,401,416
		Utilities – 3.4%
	37,902	AES Corporation, (2)		474,533
	2,317	AGL Resources Inc.		91,359
	14,240	Ameren Corporation		466,930
	28,389	American Electric Power Company, Inc.		1,102,629
	27,733	CenterPoint Energy, Inc.		560,484
	14,814	CMS Energy Corporation		340,574
	17,219	Consolidated Edison, (3)		1,023,670
	34,529	Dominion Resources, Inc.		1,802,069
	10,281	DTE Energy, (3)		579,643

24 Nuveen Investments

Shares		Description (1)								Value
		Utilities (continued)
	78,346	Duke Energy, (3)								$	1,678,955
	19,152	Edison International									842,880
	10,354	Entergy Corporation									678,808
	50,854	Exelon Corporation									1,983,815
	24,585	FirstEnergy Corp.									1,151,070
	4,730	Integrys Energy Group, (3)									258,447
	24,840	NextEra Energy, (3)									1,598,454
	17,036	NiSource Inc.									419,937
	14,739	Northeast Utilities									541,953
	14,636	NRG Energy, (2), (3)									248,812
	3,934	ONEOK, Inc.									337,891
	13,744	Pepco Holdings, Inc., (3)									260,036
	23,860	PG&E Corporation									1,054,135
	6,619	Pinnacle West Capital Corporation									320,029
	32,629	PPL, (3)									892,403
	17,343	Progress Energy, Inc.									922,994
	29,739	Public Service Enterprise Group Incorporated									926,370
	6,971	SCANA, (3)									321,503
	14,539	Sempra Energy, (3)									941,255
	50,668	Southern Company									2,327,688
	13,096	TECO Energy, Inc.									235,990
	14,184	Wisconsin Energy, (3)									522,537
	29,409	Xcel Energy, Inc.									795,806
		Total Utilities									25,703,659
		Total Common Stocks (cost $398,202,300)									743,663,329
Shares		Description (1)								Value
		INVESTMENTS PURCHASED WITH COLLATERAL FROM SECURITIES LENDING – 11.9%
		Money Market Fund – 11.9%
	91,559,442	Mount Vernon Securities Lending Prime Portfolio, 0.276%, (4), (5)									91,559,442
		Total Investments Purchased with Collateral from Securities Lending (cost $91,559,442)									91,559,442
Shares/ Principal Amount (000)		Description (1)	Coupon			Maturity		Ratings (6)		Value
		SHORT-TERM INVESTMENTS – 3.2%
		Money Market Funds – 2.4%
	18,203,383	First American Treasury Obligations Fund, Class Z		0.000%	(4)		N/A		N/A	$	18,203,383
		U.S. Government and Agency Obligations – 0.8%
$	6,400	U.S. Treasury Bill, (7)		0.022%			9/20/12		Aaa		6,396,781
		Total Short-Term Investments (cost $24,601,237)									24,600,164
		Total Investments (cost $514,362,979) – 112.0%									859,822,935
		Other Assets Less Liabilities – (12.0)% (8)									(91,955,629)
		Net Assets – 100%								$	767,867,306

Nuveen Investments 25

Portfolio of Investments (Unaudited)

Nuveen Equity Index Fund (continued)

April 30, 2012

Investments in Derivatives at April 30, 2012:

Futures Contracts outstanding:

Type	Contract Position		Number of Contracts		Contract Expiration		Value		Unrealized Appreciation (Depreciation)
S&P 500 Index		Long		66		6/12	$	22,994,400	$	343,649

For Fund portfolio compliance purposes, the Fund’s industry classifications refer to any one or more of the industry sub-classifications used by one or more widely recognized market indexes or ratings group indexes, and/or as defined by the Fund management. This definition may not apply for purposes of this report which may combine industry sub-classifications into sectors for reporting ease.

(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 a portion of investment, is out on loan for securities lending.

(4) The rate shown is the annualized seven-day effective yield as of April 30, 2012.

(5) The Fund may loan securities representing up to one third of the fair value of its total assets (which includes collateral for securities on loan) to broker dealers, banks, and other institutions. The Fund maintains collateral equal to at least 102% of the fair value of the securities loaned. The cash collateral received by the Fund is invested in this money market fund. See Notes to Financial Statements, Footnote 1 - General Information and Significant Accounting Policies, Securities Lending for more information.

(6) Ratings: Using the highest of Standard & Poor’s Group (“Standard & Poor’s”), Moody’s Investors Service, Inc. (“Moody’s”) or Fitch, Inc. (“Fitch”) rating. Ratings below BBB by Standard & Poor’s, Baa by Moody’s or BBB by Fitch are considered to be below investment grade. Holdings designated N/R are not rated by any of these national rating agencies.

(7) Investment, or portion of investment, segregated as collateral for investments in derivatives.

(8) Other Assets Less Liabilities includes the Net Unrealized Appreciation (Depreciation) of derivative instruments as noted within Investments in Derivatives at April 30, 2012.

N/A Not applicable

ADR American Depositary Receipt

REIT Real Estate Investment Trust

See accompanying notes to financial statements.

26 Nuveen Investments

Portfolio of Investments (Unaudited)

Nuveen Mid Cap Index Fund

April 30, 2012

Shares		Description (1)	Value
		COMMON STOCKS – 92.6%
		Consumer Discretionary – 12.2%
	22,054	Aaron’s, (2)	$	599,207
	21,153	Advance Auto Parts, (3)		1,941,845
	23,422	Aeropostale, (3)		519,500
	16,674	AMC Networks, Class A Shares, (2), (3)		708,645
	56,197	American Eagle Outfitters		1,012,108
	11,115	American Greetings, Class A, (3)		177,840
	14,739	Ann, (2), (3)		408,123
	38,235	Ascena Retail Group, (2), (3)		783,053
	12,446	Bally Technologies, (2), (3)		604,253
	11,868	Barnes & Noble, (3)		246,261
	8,425	Bob Evans Farms, (3)		322,172
	22,780	Brinker International, (3)		716,887
	14,814	Carter’s, (3)		804,400
	15,847	Cheesecake Factory, (3)		499,181
	48,637	Chico’s FAS, Inc.		747,064
	28,949	Cinemark, (3)		664,669
	17,570	Collective Brands, (2), (3)		364,929
	11,223	Deckers Outdoor, (2), (3)		572,485
	28,013	Dick’s Sporting Goods, (3)		1,417,458
	20,719	DreamWorks Animation, Class A, (2), (3)		373,149
	43,865	Foot Locker		1,341,830
	41,792	Gentex, (3)		918,170
	19,375	Guess?		567,300
	28,296	Hanesbrands, (3)		798,513
	11,418	Hosting Site Network		441,877
	8,103	International Speedway, Class A		216,269
	5,693	ITT Educational Services, (2), (3)		375,852
	13,607	John Wiley and Sons, Class A		614,900
	20,920	KB HOME, (3)		181,586
	17,005	Lamar Advertising, (2), (3)		541,099
	12,329	Life Time Fitness, (2), (3)		574,038
	42,608	LKQ		1,425,238
	8,228	Matthews International, Class A, (3)		246,840
	10,989	M.D.C. Holdings, (3)		308,901
	10,782	Meredith, (3)		310,845
	16,567	Mohawk Industries, (3)		1,110,320
	35,170	New York Times, Class A, (2), (3)		221,923
	1,461	NVR, (2), (3)		1,145,336
	81,463	Office Depot, (3)		247,648
	8,621	Panera Bread, Class A, (3)		1,361,428
	32,377	PetSmart, (3)		1,886,284
	19,856	Polaris Industries		1,577,361
	19,610	PVH, (3)		1,741,368
	28,809	RadioShack, (3)		149,231

Nuveen Investments 27

Portfolio of Investments (Unaudited)

Nuveen Mid Cap Index Fund (continued)

April 30, 2012

Shares		Description (1)	Value
		Consumer Discretionary (continued)
	16,429	Regis, (3)	$	301,472
	17,200	Rent-A-Center, (3)		588,412
	45,209	Saks, (2), (3)		495,491
	7,295	Scholastic, (3)		222,862
	16,910	Scientific Games, Class A, (3)		171,806
	64,254	Service Corporation International		744,061
	24,990	Signet Jewelers, (3)		1,218,762
	19,579	Sothebys Holdings Inc.		769,846
	3,310	Strayer Education, (3)		326,631
	12,725	Thor Industries, (3)		430,487
	42,530	Toll Brothers, (3)		1,080,262
	20,685	Tractor Supply, (3)		2,035,611
	16,281	Tupperware Corporation		1,014,143
	10,661	Under Armour, Class A, (3)		1,044,032
	12,677	Vallassis Communications, (3)		253,540
	11,716	Warnaco Group, (3)		620,479
	85,962	Wendy’s/Arby’s Group, Class A		418,635
	29,838	Williams-Sonoma, (3)		1,154,432
	16,044	WMS Industries Inc.		393,238
		Total Consumer Discretionary		45,071,588
		Consumer Staples – 3.8%
	41,304	Church & Dwight, (3)		2,098,243
	22,101	Corn Products International, Inc.		1,261,083
	19,129	Energizer Holdings, (3)		1,364,472
	31,790	Flowers Foods, (3)		681,896
	37,729	Green Mountain Coffee, (3)		1,839,289
	14,173	Harris Teeter Supermarket, (3)		538,149
	5,771	Lancaster Colony, (3)		376,327
	43,987	Monster Beverage, (3)		2,857,396
	8,005	Post Holdings		238,149
	16,014	Ralcorp Holdings		1,165,979
	46,686	Smithfield Foods, (3)		978,539
	7,323	Tootsie Roll Industries, (3)		174,361
	6,731	Universal, (3)		308,482
		Total Consumer Staples		13,882,365
		Energy – 5.4%
	61,867	Arch Coal, (2)		603,822
	16,449	Atwood Oceanics		729,184
	13,626	Bill Barrett, (2), (3)		326,751
	5,758	CARBO Ceramics, (3)		484,190
	24,859	Cimarex Energy, (3)		1,718,005
	21,919	Dresser-Rand Group, (3)		1,067,017
	10,038	Dril-Quip, (3)		676,461
	20,916	Energen		1,095,580
	32,502	Forest Oil		432,927

28 Nuveen Investments

Shares		Description (1)	Value
		Energy (continued)
	30,637	Helix Energy Solutions Group, (3)	$	625,301
	60,401	HollyFrontier		1,861,559
	18,414	Northern Oil & Gas, (3)		357,784
	31,336	Oceaneering International, (3)		1,617,878
	14,893	Oil States International, (3)		1,185,185
	26,954	Patriot Coal, (2), (3)		157,142
	44,840	Patterson-UTI Energy		725,063
	37,186	Plains Exploration & Production		1,519,048
	34,322	Quicksilver Resources, (2), (3)		161,313
	18,596	SM Energy		1,229,382
	45,710	Superior Energy Services, (3)		1,230,513
	14,873	Tidewater		818,461
	12,035	Unit, (3)		508,479
	20,123	World Fuel Services, (3)		886,619
		Total Energy		20,017,664
		Financials – 19.9%
	15,533	Affiliated Managers Group, (3)		1,764,859
	17,992	Alexandria Real Estate Equities – REIT		1,347,961
	4,212	Alleghany Corporation, Term Loan, (3)		1,444,295
	21,628	American Campus Communities – REIT, (3)		961,365
	22,148	American Financial Group		862,000
	56,744	Apollo Investments		411,394
	33,051	Arthur J. Gallagher & Co.		1,241,396
	20,527	Aspen Insurance Holdings, (3)		581,325
	50,466	Associated Banc, (3)		672,712
	24,295	Astoria Financial, (3)		235,419
	23,831	BancorpSouth, (3)		321,004
	13,316	Bank of Hawaii, (3)		651,019
	44,734	BioMed Realty Trust – REIT, (3)		886,628
	21,968	BRE Properties – REIT, (3)		1,153,320
	33,679	Brown & Brown Inc.		908,323
	22,857	Camden Property Trust – REIT, (3)		1,546,733
	22,816	Cathay General Bancorp, (3)		392,892
	25,748	CBOE Holdings, (3)		680,777
	13,582	City National Corporation		723,377
	22,695	Commerce Bancshares Inc.		910,070
	20,889	Corporate Office Properties Trust – REIT, (3)		491,936
	17,776	Cullen/Frost Bankers, (3)		1,048,073
	75,138	Duke Realty – REIT, (3)		1,113,545
	43,125	East West Bancorp Inc.		981,956
	33,538	Eaton Vance, (3)		882,049
	17,309	Equity One – REIT, (3)		359,681
	10,096	Essex Property Trust – REIT, (3)		1,594,865
	15,405	Everest Reinsurance Group Ltd		1,526,636
	18,469	Federal Realty Investment Trust – REIT, (3)		1,859,090
	64,269	Fidelity National Title Group Inc., Class A		1,238,464

Nuveen Investments 29

Portfolio of Investments (Unaudited)

Nuveen Mid Cap Index Fund (continued)

April 30, 2012

Shares		Description (1)	Value
		Financials (continued)
	30,585	First American Corporation	$	512,299
	102,054	First Niagara Financial Group Inc.		912,363
	31,679	FirstMerit, (3)		532,208
	58,100	Fulton Financial, (3)		609,469
	8,387	Greenhill & Company, (3)		325,835
	24,581	Hancock Holding, (3)		791,017
	13,054	Hanover Insurance Group Inc.		526,859
	30,195	HCC Insurance Holdings Inc.		965,032
	21,077	Highwoods Properties – REIT, (3)		732,004
	14,030	Home Properties – REIT, (3)		856,532
	35,828	Hospitality Properties Trust – REIT, (3)		988,136
	15,416	International Bancshares Corporation – REIT		304,158
	54,646	Janus Capital Group, (3)		414,217
	43,610	Jefferies Group, (3)		694,707
	12,653	Jones Lang LaSalle Inc.		1,011,481
	14,533	Kemper Corporation		435,845
	33,808	Liberty Property Trust – REIT, (3)		1,232,302
	38,285	Macerich – REIT, (3)		2,357,207
	25,466	Mack-Cali Realty – REIT		731,384
	10,506	Mercury General, (3)		474,766
	35,229	MSCI Inc., Class A Shares, (3)		1,289,029
	30,681	National Retail Properties – REIT, (3)		840,046
	126,737	New York Community Bancorp, (3)		1,709,682
	75,219	Old Republic International Corporation		748,429
	30,136	OMEGA Healthcare Investors – REIT		645,212
	11,660	Potlatch – REIT		364,958
	13,701	Prosperity Bancshares, (3)		639,152
	23,692	Protective Life, (3)		693,228
	32,342	Raymond James Financial Inc.		1,184,364
	35,513	Rayonier – REIT, (3)		1,610,515
	38,689	Realty Income – REIT, (3)		1,522,025
	26,082	Regency Centers – REIT, (3)		1,172,647
	21,282	Reinsurance Group of America, (3)		1,237,335
	42,001	SEI Investments Company		848,000
	47,177	Senior Housing Properties Trust – REIT, (3)		1,041,668
	13,393	Signature Bank, (2), (3)		879,786
	25,051	SL Green Realty – REIT, (3)		2,065,204
	12,867	StanCorp Financial Group Inc.		493,835
	12,656	SVB Financial Group, (2), (3)		811,123
	229,798	Synovus Financial, (2)		482,576
	16,840	Taubman Centers – REIT, (3)		1,299,711
	45,840	TCF Financial, (3)		525,785
	18,621	Trustmark, (3)		473,904
	64,781	UDR – REIT		1,705,684
	54,410	Valley National Bancorp, (3)		685,566

30 Nuveen Investments

Shares		Description (1)	Value
		Financials (continued)
	24,824	Waddell & Reed Financial, Class A, (2)	$	793,872
	31,175	Washington Federal Inc.		546,810
	21,326	Webster Financial, (2)		484,740
	35,052	Weingarten Realty Trust – REIT, (2)		930,981
	8,145	Westamerica Bancorporation, (2)		373,611
	32,395	W.R. Berkley, (3)		1,219,996
		Total Financials		73,520,459
		Health Care – 9.6%
	55,260	Allscripts Healthcare Solutions Inc., (3)		612,281
	13,957	AmericGroup Corporation, (3)		861,984
	5,726	Bio-Rad Laboratories Inc., (3)		618,351
	14,574	Catalyst Health Solutions, (2), (3)		1,258,756
	14,180	Charles River Laboratories International, Inc.		503,815
	25,631	Community Health Systems, Inc.		623,859
	13,831	Cooper Companies, Inc.		1,219,479
	16,970	Covance, Inc., (2)		793,517
	33,853	Endo Pharmaceuticals Holdings, (2)		1,189,594
	13,119	Gen-Probe, Inc., (2)		1,069,854
	73,801	Health Management Associates Inc., (2)		531,367
	24,027	Health Net Inc., (2)		855,601
	26,030	Henry Schein, (2), (3)		1,997,542
	17,962	Hill Rom Holdings, (3)		582,867
	24,941	HMS Holdings, (2), (3)		600,080
	76,511	Hologic, (2), (3)		1,462,890
	15,969	Idexx Labs, (2), (3)		1,404,154
	14,027	Lifepoint Hospitals Inc., (2)		547,334
	25,238	Lincare Holdings, (3)		615,807
	16,897	Masimo, (3)		373,931
	14,241	MEDNAX, (2), (3)		1,000,288
	16,947	Medicis Pharmaceutical, Class A, (3)		651,951
	9,120	Mettler-Toledo International Inc.		1,635,398
	32,951	Omnicare, (3)		1,148,013
	18,431	Owens & Minor Inc., (3)		538,922
	22,087	Regeneron Pharmaceuticals, (2), (3)		2,987,488
	41,821	ResMed, (3)		1,422,332
	16,718	STERIS, (3)		525,112
	10,590	Techne		708,895
	11,820	Teleflex		740,759
	16,948	Thoratec		589,960
	15,555	United Therapeutics, (2)		680,531
	28,057	Universal Health Services, Class B		1,198,314
	25,330	VCA Antech		599,308
	61,009	Vertex Pharmaceuticals, (2)		2,347,626
	12,429	Wellcare Health Plans, (2)		760,406
		Total Health Care		35,258,366

Nuveen Investments 31

Portfolio of Investments (Unaudited)

Nuveen Mid Cap Index Fund (continued)

April 30, 2012

Shares		Description (1)	Value
		Industrials – 15.8%
	12,214	Acuity Brands, (3)	$	678,732
	33,973	AECOM Technology, (2)		749,784
	28,079	AGCO, (2), (3)		1,307,639
	20,567	Alaska Air Group, (3)		695,165
	12,146	Alexander and Bald, Inc.		621,389
	9,576	Alliant Techsystems		510,401
	46,347	Ametek Inc.		2,332,645
	30,145	BE Aerospace Inc., (2)		1,417,719
	13,595	Brinks Company		345,313
	17,923	Carlisle Companies Inc.		986,840
	14,580	CLARCOR, Inc.		700,132
	13,739	Clean Harbors, (2), (3)		937,549
	16,180	Con-Way, Inc., (3)		525,850
	30,965	Copart Inc.		817,786
	9,665	Corporate Executive Board Company		399,841
	28,872	Corrections Corporation of America		834,112
	13,982	Crane Company		617,026
	14,774	Deluxe, (3)		351,769
	43,197	Donaldson Company, Inc.		1,497,208
	8,891	Esterline Technologies Corporation, (2)		608,945
	53,593	Exelis Inc.		617,927
	45,790	Fortune Brands Home & Security, (2)		1,041,265
	12,067	FTI Consulting, (3)		438,515
	14,695	Gardner Denver		957,232
	13,546	GATX Corporation		580,717
	14,434	General Cable, (3)		424,937
	17,360	Graco Inc.		925,462
	9,975	Granite Construction Inc.		277,704
	23,359	Harsco Corporation		520,906
	13,018	HNI Corporation		313,994
	17,290	Hubbell Incorporated, Class B		1,387,350
	14,158	Huntington Ingalls Industries Inc., (2)		558,533
	24,309	IDEX Corporation		1,052,823
	27,526	ITT Industries, (3)		618,234
	26,142	J.B. Hunt Transports Serives, (3)		1,446,437
	59,622	JetBlue Airways, (3)		283,205
	31,887	Kansas City Southern, (2), (3)		2,455,937
	42,937	KBR Inc.		1,453,847
	23,132	Kennametal, (3)		976,864
	16,198	Kirby Corporation		1,075,061
	13,855	Korn Ferry International		223,758
	13,551	Landstar System, (3)		725,927
	14,752	Lennox International, (3)		640,237
	24,294	Lincoln Electric Holdings Inc.		1,190,649

32 Nuveen Investments

Shares		Description (1)	Value
		Industrials (continued)
	23,244	Manpower Inc.	$	990,194
	16,816	Miller (Herman) Inc.		328,416
	8,940	Mine Safety Appliances Company		379,592
	13,315	MSC Industrial Direct Inc., Class A		981,449
	17,174	Nordson, (3)		925,679
	26,553	Oshkosh Truck Corporation		606,205
	28,606	Pentair, (3)		1,239,784
	12,073	Regal-Beloit Corporation		816,618
	18,743	Rollins Inc.		398,289
	18,899	Shaw Group, (2)		572,073
	14,862	SPX, (3)		1,141,104
	31,848	Terex, (3)		721,039
	15,141	Thomas & Betts Corporation		1,088,789
	24,381	Timken, (2)		1,377,770
	14,682	Towers Watson & Company, Class A Shares		960,203
	23,263	Trinity Industries Inc.		688,585
	12,516	Triumph Group, (2)		786,255
	21,996	United Rentals, (2), (3)		1,026,773
	23,090	URS Corporation, (2)		953,848
	29,817	UTI Worldwide, Inc.		497,049
	6,530	Valmont Industries, Inc.		809,263
	13,863	Wabtec Corporation		1,078,264
	35,546	Waste Connections, (3)		1,145,648
	7,992	Watsco, (3)		575,024
	12,890	Werner Enterprises, (3)		304,462
	17,421	Woodward Governor, (3)		724,539
		Total Industrials		58,240,280
		Information Technology – 15.1%
	11,363	ACI Worldwide, Inc.		452,929
	22,679	Acxiom Corporation		311,383
	18,511	ADTRAN, (3)		564,956
	9,321	Advent Software, (2), (3)		251,574
	14,516	Alliance Data Systems, (2), (3)		1,865,161
	26,911	ANSYS, (2), (3)		1,804,921
	27,458	AOL, (2), (3)		687,548
	32,457	Arrow Electronics, (2), (3)		1,364,817
	130,798	Atmel, (2), (3)		1,160,178
	42,073	Avnet, (2)		1,517,994
	35,978	Broadridge Financial Solutions, Inc.		835,049
	79,468	Cadence Design Systems, (2), (3)		927,392
	28,613	Ciena, (2), (3)		424,045
	63,397	Compuware Corporation, (2)		552,822
	13,600	Concur Technologies, (3)		769,216
	33,606	Convergys, (2), (3)		449,312
	30,904	CoreLogic Inc., (2)		516,097

Nuveen Investments 33

Portfolio of Investments (Unaudited)

Nuveen Mid Cap Index Fund (continued)

April 30, 2012

Shares		Description (1)	Value
		Information Technology (continued)
	33,520	Cree, (2), (3)	$	1,035,768
	44,915	Cypress Semiconductor Corporation, (2)		696,183
	18,133	Diebold Inc.		715,347
	9,739	DST Systems Inc.		545,189
	13,534	Equinix, (2), (3)		2,222,283
	13,085	FactSet Research Systems, (3)		1,372,093
	10,452	Fair Isaac Corporation		448,391
	36,535	Fairchild Semiconductor International Inc., Class A, (2)		517,701
	27,082	Gartner, Class A, (3)		1,186,192
	22,729	Global Payments Inc.		1,055,307
	31,144	Informatica, (2), (3)		1,433,247
	43,536	Ingram Micro, Class A, (2)		847,211
	41,012	Integrated Device Technology, (2), (3)		277,651
	20,034	International Rectifier Corporation, (2)		437,342
	36,724	Intersil Holding Corporation, Class A		377,155
	11,552	Itron, (2), (3)		471,322
	24,422	Jack Henry & Associates, (3)		829,371
	34,773	Lam Research, (2), (3)		1,448,295
	24,486	Lender Processing Services Inc.		650,103
	6,540	ManTech International, Class A, (3)		205,487
	66,632	MEMC Electronic Materials, (2), (3)		239,209
	27,611	Mentor Graphics Corporation, (2)		398,979
	23,099	Micros Systems, Inc., (2)		1,312,716
	35,703	Monster Worldwide, (3)		308,117
	26,952	National Instruments, (3)		733,094
	45,915	NCR Corporation, (2)		1,079,003
	19,551	NeuStar, Inc., (2)		710,679
	34,382	Parametric Technology, (3)		741,964
	12,303	Plantronics Inc.		471,451
	51,475	Polycom, (2), (3)		683,073
	28,619	QLogic Corporation, (2)		493,678
	16,457	Quest Software Inc., (2)		382,954
	30,239	Rackspace Hosting, (2), (3)		1,756,584
	80,122	RF Micro Devices, (3)		346,928
	45,690	Riverbed Technology, (3)		901,464
	31,116	Rovi Corporation		889,918
	18,875	Semtech, (3)		514,533
	12,251	Silicon Laboratories, (3)		434,788
	54,652	Skyworks Solutions, (2)		1,483,255
	20,320	Solera Holdings Inc.		913,181
	42,288	Synopsys Inc., (2)		1,269,063
	11,936	Tech Data, (2), (3)		642,037
	105,046	Tellabs, (3)		396,023
	48,333	Tibco Software, (2)		1,590,156
	36,085	Trimble Navigation		1,953,642

34 Nuveen Investments

Shares		Description (1)	Value
		Information Technology (continued)
	22,825	ValueClick, (2), (3)	$	483,434
	30,735	VeriFone Holdings, (2), (3)		1,464,215
	45,599	Vishay Intertechnology, (3)		511,621
	11,223	Wright Express, (2)		716,252
	15,081	Zebra Technologies, Class A, (2)		584,992
		Total Information Technology		55,634,035
		Materials – 6.0%
	25,796	Albemarle Corporation		1,684,479
	19,099	AptarGroup Inc.		1,041,086
	22,714	Ashland, (3)		1,496,171
	18,290	Cabot Corporation		788,848
	12,752	Carpenter Technology, (3)		709,776
	33,529	Commercial Metals, (3)		495,559
	9,579	Compass Minerals International, (3)		732,985
	13,343	Cytec Industries, Inc.		848,215
	10,661	Domtar Corporation		932,624
	8,908	Greif Inc.		477,825
	15,271	Intrepid Potash, (2), (3)		379,484
	39,778	Louisiana-Pacific, (3)		359,991
	13,233	Martin Marietta Materials, (3)		1,096,751
	5,142	Minerals Technologies, (3)		345,028
	3,072	NewMarket, (3)		685,732
	23,221	Olin Corporation		486,712
	27,992	Packaging Corp. of America		817,086
	21,766	Reliance Steel & Aluminum Company		1,216,502
	20,476	Rock-Tenn Company		1,276,269
	38,072	RPM International, Inc.		1,011,573
	12,526	Scotts Miracle-Gro, Class A, (2)		656,362
	14,585	Sensient Technologies Corporation		541,833
	14,157	Silgan Holdings, Inc.		621,068
	29,163	Sonoco Products Company		966,170
	63,532	Steel Dynamics Inc.		811,304
	27,072	Valspar, (3)		1,384,733
	15,196	Worthington Industries, (3)		271,097
		Total Materials		22,135,263
		Telecommunication Services – 0.4%
	27,998	Telephone & Data Systems		680,071
	43,291	TW Telecom, (2)		942,878
		Total Telecommunication Services		1,622,949
		Utilities – 4.4%
	32,201	Alliant Energy		1,456,773
	40,282	Aqua America, (3)		914,804
	26,169	Atmos Energy		852,586
	12,742	Black Hills		420,613
	17,643	Cleco, (3)		719,834

Nuveen Investments 35

Portfolio of Investments (Unaudited)

Nuveen Mid Cap Index Fund (continued)

April 30, 2012

Shares		Description (1)								Value
		Utilities (continued)
	39,495	Great Plains Energy, (3)								$	806,488
	27,878	Hawaiian Electric Industries									739,882
	14,488	IDACORP, (3)									590,241
	54,635	MDU Resources Group Inc.									1,253,327
	24,095	National Fuel Gas, (3)									1,140,175
	68,454	NV Energy Inc.									1,139,759
	28,150	OGE Energy Corp.									1,518,974
	23,324	PNM Resources Inc.									437,558
	51,610	Questar Corporation									1,019,298
	32,522	UGI Corporation									948,992
	23,766	Vectren Corporation									699,909
	36,558	Westar Energy, (3)									1,048,847
	14,937	WGL Holdings Inc.									599,121
		Total Utilities									16,307,181
		Total Common Stocks (cost $280,972,155)									341,690,150
Shares		Description (1)								Value
		INVESTMENTS PURCHASED WITH COLLATERAL FROM SECURITIES LENDING – 35.7%
		Money Market Fund – 35.7%
	131,577,685	Mount Vernon Securities Lending Prime Portfolio, 0.276%, (4), (5)								$	131,577,685
		Total Investments Purchased with Collateral from Securities Lending (cost $131,577,685)									131,577,685
Shares/ Principal Amount (000)		Description (1)	Coupon			Maturity		Ratings (6)		Value
		SHORT-TERM INVESTMENTS – 7.8%
		Money Market Funds – 7.2%
	26,578,634	First American Treasury Obligations Fund, Class Z		0.000%	(4)		N/A		N/A	$	26,578,634
		U.S. Government and Agency Obligations – 0.6%
$	2,350	U.S. Treasury Bill, (7)		0.022%			9/20/12		Aaa		2,348,818
		Total Short-Term Investments (cost $28,927,835)									28,927,452
		Total Investments (cost $441,477,675) – 136.1%									502,195,287
		Other Assets Less Liabilities – (36.1)% (8)									(133,187,444)
		Net Assets – 100%								$	369,007,843

Investments in Derivatives at April 30, 2012:

Futures Contracts outstanding:

Type	Contract Position		Number of Contracts		Contract Expiration		Value		Unrealized Appreciation (Depreciation)
S&P Mid Cap 400 E-Mini Index		Long		277		6/12	$	27,411,920	$	521,631

36 Nuveen Investments

For Fund portfolio compliance purposes, the Fund’s industry classifications refer to any one or more of the industry sub-classifications used by one or more widely recognized market indexes or ratings group indexes, and/or as defined by the Fund management. This definition may not apply for purposes of this report which may combine industry sub-classifications into sectors for reporting ease.

(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 a portion of investment, is out on loan for securities lending.

(4) The rate shown is the annualized seven-day effective yield as of April 30, 2012.

(5) The Fund may loan securities representing up to one third of the fair value of its total assets (which includes collateral for securities on loan) to broker dealers, banks, and other institutions. The Fund maintains collateral equal to at least 102% of the fair value of the securities loaned. The cash collateral received by the Fund is invested in this money market fund. See Notes to Financial Statements, Footnote 1 - General Information and Significant Accounting Policies, Securities Lending for more information.

(6) Ratings: Using the highest of Standard & Poor’s Group (“Standard & Poor’s”), Moody’s Investors Service, Inc. (“Moody’s”) or Fitch, Inc. (“Fitch”) rating. Ratings below BBB by Standard & Poor’s, Baa by Moody’s or BBB by Fitch are considered to be below investment grade. Holdings designated N/R are not rated by any of these national rating agencies.

(7) Investment, or portion of investment, segregated as collateral for investments in derivatives.

(8) Other Assets Less Liabilities includes the Net Unrealized Appreciation (Depreciation) of derivative instruments as noted within Investments in Derivatives at April 30, 2012.

N/A Not applicable

REIT Real Estate Investment Trust

See accompanying notes to financial statements.

Nuveen Investments 37

Portfolio of Investments (Unaudited)

Nuveen Small Cap Index Fund

April 30, 2012

Shares		Description (1)	Value
		COMMON STOCKS – 96.2%
		Consumer Discretionary – 13.3%
	1,670	1-800-Flowers.com, Class A, (2)	$	4,977
	1,199	A.H. Belo, Class A Shares		5,288
	5,187	Aeropostale, Inc.		115,048
	1,591	AFC Enterprises, (3)		27,174
	1,138	Ambassadors Group, (3)		6,134
	4,290	American Axle and Manufacturing Holdings Inc., (2)		41,570
	2,462	American Greetings, Class A, (3)		39,392
	1,149	American Public Education, (2), (3)		39,893
	550	America’s Car-Mart, Inc., (2)		25,267
	1,856	Amerigon, (2), (3)		26,541
	2,070	Ameristar Casinos, Inc.		37,219
	3,103	Ann, (2), (3)		85,922
	1,744	Arbitron Inc.		66,359
	840	Archipelago Learning Inc., (2)		9,299
	780	Arctic Cat, Inc.		34,507
	1,876	Asbury Automotive Group, (3)		52,378
	8,072	Ascena Retail Group, (2), (3)		165,315
	926	Ascent Media Corporation, (2)		47,689
	1,865	Barnes & Noble, (3)		38,699
	4,895	Beazer Homes USA, (2), (3)		15,175
	2,448	bebe stores, inc.		20,074
	5,949	Belo, Class A, (3)		40,096
	928	Benihana, Inc.		12,797
	1,413	Big 5 Sporting Goods Corporation		11,827
	71	Biglari Holdings Inc., (2)		28,849
	1,545	BJ’s Restaurants, (2), (3)		66,729
	1,200	Black Diamond Group Inc., (2)		11,916
	766	Blue Nile, (2), (3)		23,194
	333	Blyth, (3)		29,294
	1,948	Bob Evans Farms, (3)		74,492
	756	Body Central, (2), (3)		22,960
	794	Bon-Ton Stores, (3)		4,923
	3,519	Boyd Gaming, (3)		27,061
	1,237	Bravo Brio Restaurant Group, (2), (3)		24,987
	1,148	Bridgepoint Education, (2)		24,751
	2,697	Brown Shoe, (3)		24,570
	5,721	Brunswick Corporation		150,405
	1,730	Buckle, (3)		79,891
	1,178	Buffalo Wild Wings, Inc.		98,775
	963	Build-A-Bear-Workshop, Inc.		4,343
	2,780	Cabela’s, (3)		105,112
	2,362	Caesar’s Entertainment, (3)		34,580
	4,138	Callaway Golf, (3)		25,366
	1,061	Cambium Learning Group, (2)		2,408

38 Nuveen Investments

Shares		Description (1)	Value
		Consumer Discretionary (continued)
	929	Capella Education Company	$	30,388
	830	Caribou Coffee, (3)		13,620
	810	Carrols Restaurant Group, (2)		12,215
	3,159	Carter’s, (3)		171,534
	2,708	Casual Male Retail Group Inc.		8,503
	1,660	Cato Corporation		46,198
	439	Cavco Industries, Inc.		22,652
	1,475	CBRL Group, (3)		84,842
	1,275	CEC Entertainment Inc.		48,731
	2,353	Central European Media Enterprises, (2), (3)		18,612
	7,469	Charming Shoppes, (3)		44,067
	3,710	Cheesecake Factory, (3)		116,865
	546	Cherokee Inc.		7,087
	1,676	Childrens Place Retail Stores, (3)		77,062
	2,299	Christopher & Banks Corporation		4,299
	807	Churchill Downs Inc.		47,904
	5,972	Cinemark Holdings, (3)		137,117
	963	Citi Trends, Inc., (2)		10,728
	2,014	Coinstar, (2), (3)		126,459
	4,677	Coldwater Creek Inc.		4,630
	3,954	Collective Brands, (2), (3)		82,125
	779	Columbia Sportswear, (3)		36,691
	931	Conn’s, (3)		15,222
	3,990	Cooper Tire & Rubber, (3)		59,651
	732	Core-Mark Holding Company, Inc.		28,255
	5,007	Corinthian Colleges Inc.		19,227
	5,800	Crocs, (3)		117,160
	2,242	Crown Media Holdings, (3)		3,385
	521	CSS Industries Inc.		9,977
	2,421	Cumulus Media, (3)		8,788
	9,538	Dana Holding, (2), (3)		139,446
	1,220	Delete Accumulation File		23,631
	456	Delta Apparel, (3)		6,525
	6,355	Denny’s, (2), (3)		26,310
	689	Destination Maternity Corporation		13,670
	323	Dial Global Inc., (2)		730
	237	Digital Domain Media Group I, (3)		2,015
	1,761	Digital Generation Inc		16,342
	994	DineEquity, (3)		48,289
	3,740	Dominos Pizza, (2), (3)		141,409
	694	Dorman Products, Inc.		33,159
	1,228	Drew Industries Inc., (2)		36,570
	2,025	E.W. Scripps Company, Class A		18,549
	382	Einstein Noah Restaurant Group		5,405
	1,555	Entercom Communications, (3)		9,625

Nuveen Investments 39

Portfolio of Investments (Unaudited)

Nuveen Small Cap Index Fund (continued)

April 30, 2012

Shares		Description (1)	Value
		Consumer Discretionary (continued)
	7,957	Entravision Communications Corporation	$	12,492
	1,551	Ethan Allen Interiors, (3)		35,983
	4,973	Exide Technologies		14,322
	3,551	Express, (2)		83,875
	3,330	Finish Line, Inc.		74,126
	566	Fisher Communications, Inc.		18,559
	644	Francescas Holdings, (3)		20,189
	2,379	Freds Inc.		34,067
	1,070	Fuel Systems Solutions, Inc., (2)		25,092
	2,695	Furniture Brands International, Inc.		4,258
	1,061	G-iii Apparel Group, (2), (3)		28,488
	2,289	Gaylord Entertainment, (3)		72,058
	282	Geeknet, (2)		4,103
	1,523	Genesco		114,225
	733	Global Sources		4,515
	1,468	GNC Holdings Inc A		57,340
	343	Gordmans Stores Inc.		7,285
	1,842	Grand Canyon Education Inc., (2)		32,032
	5,470	Gray Television, (3)		9,846
	1,460	Group 1 Automotive, (3)		84,505
	2,843	Harte-Hanks, (3)		23,881
	1,207	Haverty Furniture Companies Inc.		14,484
	1,984	Helen of Troy Limited, (2)		68,646
	1,083	hhgregg, (2), (3)		11,328
	1,760	Hibbett Sporting Goods, (3)		105,107
	4,028	Hillenbrand Inc.		84,346
	2,569	Hosting Site Network, Inc.		99,420
	2,714	Hot Topic, Inc.		26,597
	3,936	Hovnanian Enterprises, Class A, (3)		7,872
	4,686	Iconix Brand Group, Inc.		71,883
	2,585	Interval Leisure Group, (2)		44,669
	1,893	International Speedway, Class A		50,524
	1,527	iRobot, (3)		36,052
	1,900	Isle of Capri Casinos		11,875
	2,826	Jack in the Box Inc., Term Loan		64,207
	1,748	JAKKS Pacific, (3)		33,334
	4,235	Jamba, Inc., (2)		7,877
	310	Johnson Outdoors, Inc.		5,726
	5,196	Jones Apparel Group Inc.		58,299
	1,774	Jos. A. Bank Clothiers, Class A, (3)		84,354
	2,776	Journal Communications Inc.		11,631
	1,682	K Swiss, Inc.		6,190
	1,671	K12, (2), (3)		42,611
	4,944	KB Home, (3)		42,914
	484	Kenneth Cole Productions		7,710

40 Nuveen Investments

Shares		Description (1)	Value
		Consumer Discretionary (continued)
	1,077	Kirkland’s, (3)	$	15,767
	1,931	Knology, (3)		37,558
	3,758	Krispy Kreme Doughnuts		27,546
	3,332	La-Z Boy		50,213
	2,663	LeapFrog Enterprises, (2), (3)		24,872
	1,274	Libbey Inc.		18,180
	2,718	Life Time Fitness, (2), (3)		126,550
	596	Lifetime Brands, Inc.		6,943
	1,905	LIN TV Corporation		7,525
	1,451	Lincoln Educational Services Corporation		10,650
	2,896	Lions Gate Entertainment, (3)		35,418
	1,417	Lithia Motors, (3)		38,018
	9,068	Live Nation, (3)		82,156
	6,077	Liz Claiborne, Inc.		81,432
	1,209	Luby’s Inc.		7,399
	1,487	Lumber Liquidators, (2), (3)		43,019
	1,202	M/I Homes, Inc., (2)		15,987
	764	Mac-Gray Corporation		11,384
	1,504	Maidenform Brands Inc., (2)		34,336
	1,310	Marcus Corporation		16,388
	704	Marine Products Corporation		4,203
	1,492	Marinemax Inc.		15,905
	1,749	Martha Stewart Living Omnimedia Inc.		6,244
	1,896	Matthews International, (3)		56,880
	367	Mattress Firm Holding, (3)		14,695
	3,707	McClatchy, (3)		10,083
	2,409	MDC Holdings, (3)		67,717
	1,610	MDC Partners, Inc.		16,615
	3,307	Mens Wearhouse Inc.		122,491
	2,334	Meredith, (3)		67,289
	1,796	Meritage, (2), (3)		50,988
	2,989	Modine Manufacturing Company		23,613
	572	Monarch Casino & Resort, Inc.		5,537
	1,958	Monro Muffler Brake, (3)		80,787
	1,523	Morgans Hotel Group Company, (2)		7,554
	775	Motorcar Parts of America, Inc.		5,859
	1,111	Movado Group Inc.		31,497
	1,728	Multimedia Games, Inc.		19,630
	570	National American University Holdings Inc.		2,981
	3,543	National CineMedia, Inc.		50,629
	1,748	New York & Company Inc.		6,905
	8,813	New York Times, Class A, (2), (3)		55,610
	704	Nexstar Broadcasting Group, Inc., (2)		5,456
	1,667	Nutri System, (3)		19,304
	17,834	Office Depot, Inc., (2)		54,215

Nuveen Investments 41

Portfolio of Investments (Unaudited)

Nuveen Small Cap Index Fund (continued)

April 30, 2012

Shares		Description (1)	Value
		Consumer Discretionary (continued)
	5,524	OfficeMax Inc., (2)	$	25,687
	1,345	Orbitz Worldwide Inc., (2)		4,909
	6,123	Orient Express Hotels Limited, (2)		65,455
	886	Outdoor Channel Holdings, Inc.		6,556
	744	Overstock.com, (3)		4,486
	824	Oxford Industries Inc.		39,544
	1,363	P.F. Changs China Bistro, Inc.		54,097
	3,047	Pacific Sunwear of California, (3)		4,479
	1,199	Papa John’s International, Inc.		48,296
	824	Peets Coffee and Tea, (3)		63,300
	2,868	Penske Auto Group, (3)		75,830
	3,382	Pep Boys, (3)		50,493
	783	Perry Ellis International, (3)		14,650
	1,220	PetMed Express, (3)		16,433
	6,303	Pier 1 Imports, Inc.		108,286
	3,979	Pinnacle Entertainment Inc.		44,167
	3,095	Pool, (3)		114,236
	8,336	Quicksilver, (2), (3)		28,843
	553	R.G. Barry Corporation		7,045
	641	ReachLocal Inc., (2)		4,846
	942	Red Lions Hotels Corporation		7,856
	834	Red Robin Gourmet Burgers, (2), (3)		29,740
	3,711	Regis, (3)		68,097
	3,775	Rent-A-Center, (3)		129,143
	610	Rentrak Corporation		11,541
	4,182	Ruby Tuesday, (3)		28,438
	963	Rue21, (3)		29,227
	2,261	Ruth’s Chris Steak House, Inc.		15,646
	2,851	Ryland Group, (3)		64,176
	231	Saga Communications Inc		8,699
	7,409	Saks, (2), (3)		81,203
	1,707	Scholastic, (3)		52,149
	1,034	School Specialty Inc.		3,381
	3,738	Scientific Games, (2)		37,978
	3,178	Sealy, (3)		6,547
	3,750	Select Comfort, (2), (3)		108,300
	345	Shiloh Industries, Inc.		3,171
	882	Shoe Carnival, Inc.		17,146
	3,471	Shuffle Master, (3)		61,333
	1,915	Shutterfly, (2), (3)		59,595
	3,240	Sinclair Broadcast Group, Series A		33,307
	2,490	Six Flags Entertainment, (3)		119,296
	2,406	Skechers USA, Class A, (3)		44,920
	618	Skullcandy, (2), (3)		9,962
	440	Skyline Corporation		2,416

42 Nuveen Investments

Shares		Description (1)	Value
		Consumer Discretionary (continued)
	3,872	Smith & Wesson Holding Corporation	$	31,944
	2,585	Sonic Automotive, (3)		43,480
	3,970	Sonic Corporation		28,663
	4,340	Sothebys Holdings, (3)		170,649
	2,142	Spartan Motors, Inc.		9,318
	758	Speedway Motorsports Inc.		12,931
	1,998	Stage Stores Inc.		30,509
	1,264	Standard Motor Products Inc.		19,048
	6,824	Standard Pacific, (2), (3)		34,529
	1,764	Stein Mart, Inc.		11,325
	965	Steiner Leisure Limited, (2)		45,316
	423	Steinway Musical Instrument Inc.		10,664
	2,430	Steven Madden, (3)		105,000
	5,062	Stewart Enterprises, Class A, (3)		31,992
	1,699	Stoneridge Inc., (2)		14,645
	786	Strayer Education, (3)		77,562
	1,212	Sturm, Ruger & Company, (3)		69,169
	857	Summer Infant Inc.		4,585
	1,503	Superior Industries International Inc.		25,716
	694	Systemax, (3)		11,916
	4,491	Talbots, (3)		13,293
	458	Teavana, (3)		9,568
	3,901	Tenneco, (2), (3)		120,268
	4,043	Texas Roadhouse, (3)		69,742
	423	Tower International Inc		4,501
	1,317	Town Sports International, (2)		16,884
	1,657	True Religion Apparel, (2)		45,004
	2,769	Tuesday Morning Corporation		11,187
	894	Unifi Inc.		9,941
	965	Univeral Electronics Inc.		16,328
	1,447	Universal Technical Institute Inc.		17,364
	950	U.S. Auto Parts Network, Inc., (2)		3,439
	2,313	Vail Resorts, (3)		94,324
	2,875	Vallassis Communications, (3)		57,500
	86	Value Line, (3)		1,047
	2,629	ValueVision Media, (2), (3)		4,259
	1,272	Vera Bradley , (2), (3)		33,047
	1,595	Vitamin Shoppe, (2), (3)		75,077
	1,160	VOXX International Corp		14,720
	2,600	Warnaco Group, (3)		137,696
	950	West Marine, Inc.		11,125
	5,815	Wet Seal Inc.		19,131
	460	Weyco Group, Inc.		11,219
	142	Winmark Corporation		8,142
	1,871	Winnebago Industries, (3)		18,242

Nuveen Investments 43

Portfolio of Investments (Unaudited)

Nuveen Small Cap Index Fund (continued)

April 30, 2012

Shares		Description (1)	Value
		Consumer Discretionary (continued)
	3,188	Wolverine World Wide Inc.	$	133,737
	1,600	World Wrestling Entertainment, (3)		12,608
	1,425	Zagg, (2), (3)		18,568
	2,064	Zale Corporation		5,655
	1,365	Zumiez, Inc.		50,041
		Total Consumer Discretionary		10,669,363
		Consumer Staples – 3.4%
	205	Alico Inc.		4,662
	5,595	Alliance One International, (3)		19,806
	1,195	Andersons, (3)		60,228
	6	Arden Group, Inc.		531
	3,078	B&G Foods, (3)		68,455
	527	Boston Beer, (3)		54,450
	761	Calavo Growers, (3)		21,825
	851	Cal-Maine Foods, (3)		30,662
	2,439	Casey’s General Stores, (3)		137,438
	4,672	Central European Distribution, (3)		22,799
	2,693	Central Garden & Pet, (3)		28,788
	2,917	Chiquita Brands International Inc.		24,795
	265	Coca-Cola Bottling Company Consolidated		17,000
	668	Craft Brewers Alliance Inc.		5,144
	7,517	Darling International Inc.		123,128
	1,415	Diamond Foods, (3)		29,574
	2,305	Dole Food Company, (3)		19,546
	1,570	Elizabeth Arden, (2), (3)		61,199
	436	Farmer Brothers Company		3,968
	1,186	Female Health Company		7,128
	2,345	Fresh Del Monte Produce Inc.		54,334
	1,731	Fresh Market, (2), (3)		88,575
	160	Griffin Land & Nurseries, Inc.		3,853
	2,300	Hain Celestial Group, (2), (3)		108,790
	581	Harbinger Group		2,998
	3,157	Harris Teeter Supermarket, (3)		119,871
	787	Imperial Sugar Company		3,187
	810	Ingles Markets		14,086
	1,034	Inter Parfums		16,286
	857	J&K Snack Foods Corporation		48,043
	1,137	Lancaster Colony, (3)		74,144
	294	Lifeway Foods, Inc.		2,452
	502	Limoneira, (3)		8,439
	885	Medifast, (2), (3)		17,010
	772	MGP Ingredients Inc		3,590
	778	Nash Finch Company		19,528
	666	National Beverage Corporation		9,897
	718	Nature’s Sunshine Products, (3)		11,115

44 Nuveen Investments

Shares		Description (1)	Value
		Consumer Staples (continued)
	3,520	Nu Skin Enterprises, Inc., Class A	$	187,616
	591	Nutraceutical International Corporation, (2)		9,060
	320	Oil Dri Corporation		6,771
	1,243	Omega Protein Corporation, (2)		8,900
	1,477	Pantry, Inc.		18,847
	3,841	Pilgrim’s Pride Corporation, (2)		27,425
	3,231	Prestige Brands Holdings, (2)		54,895
	1,142	PriceSmart, Inc.		94,261
	944	Primo Water, (2), (3)		1,416
	697	Revlon, Class A, (3)		11,905
	37,864	Rite Aid Corporation		54,903
	574	Roundys Inc.		7,106
	1,328	Sanderson Farms, (3)		68,538
	716	Schiff Nutrition International Inc.		11,778
	593	Seneca Foods Corporation		13,811
	3,823	Smart Balance, (2), (3)		22,556
	3,035	Snyders-Lance, (3)		78,546
	1,419	Spartan Stores, Inc.		25,868
	1,074	Spectrum Brands, (2), (3)		37,064
	6,879	Star Scientific, (2), (3)		24,420
	604	Susser Holdings Corporation		16,121
	1,112	Synutra International, (2), (3)		6,394
	665	The Chef’s Warehouse Inc.		16,080
	1,614	Tootsie Roll Industries, (3)		38,429
	2,282	Treehouse Foods, (2), (3)		131,238
	3,107	United Natural Foods		153,144
	1,375	Universal, (3)		63,016
	387	USANA Health Sciences, (2), (3)		16,138
	2,530	Vector Group, (3)		43,896
	371	Village Super Market, Inc.		10,240
	962	WD-40 Company		43,367
	618	Weis Markets, (3)		27,563
		Total Consumer Staples		2,678,636
		Energy – 6.3%
	5,287	Abraxas Petroleum, (3)		15,755
	666	Alon USA Energy, Inc.		6,021
	1,134	Amyris, (2), (3)		3,549
	587	Apco Oil and Gas International, (3)		24,625
	1,673	Approach Resources, (2), (3)		60,027
	2,861	ATP Oil & Gas, (2), (3)		21,629
	1,549	Basic Energy Services, Inc., (2)		22,306
	3,312	Berry Petroleum, (3)		150,862
	3,033	Bill Barrett, (2), (3)		72,731
	626	Bonanza Creek Energy, (3)		13,753
	6,559	BPZ Resources, (3)		26,564

Nuveen Investments 45

Portfolio of Investments (Unaudited)

Nuveen Small Cap Index Fund (continued)

April 30, 2012

Shares		Description (1)	Value
		Energy (continued)
	2,333	Bristow Group, (3)	$	113,967
	766	C&J Energy Services, (3)		14,439
	6,130	Cal Dive International Inc., (2)		23,723
	2,513	Callon Petroleum Company Del, (2)		14,601
	3,768	CAMAC Energy, (3)		2,939
	2,501	Carrizo Oil & Gas, (2), (3)		70,128
	369	Ceres		4,974
	9,869	Cheniere Energy, (2)		180,701
	379	Clayton Williams Energy, (3)		27,872
	3,185	Clean Energy Fuels, (2), (3)		61,279
	3,917	Cloud Peak Energy, (2)		60,283
	3,060	Comstock Resources, (3)		53,764
	784	Contango Oil & Gas, (2), (3)		42,540
	1,402	Crimson Exploration, (2), (3)		7,641
	2,436	Crosstex Energy, (3)		36,296
	5,641	CVTR Energy Inc., (2)		171,261
	509	Dawson Geophysical Company		13,667
	879	Delek U.S. Holdings, (3)		14,328
	4,141	DHT Maritime, (3)		3,313
	2,208	Dril Quip, (3) .		148,797
	2,386	Endeavor International, (2), (3)		29,777
	1,860	Energy Partners, (2), (3)		30,281
	4,839	Energy XXI, (2), (3)		182,334
	1,032	Evolution Petroleum Corporation, (2)		9,123
	4,107	Exterran Holdings, Inc., (2)		55,486
	3,311	Frontline, (3)		21,687
	3,361	FX Energy, (3)		19,090
	3,730	Gastar Exploration, Limited		10,481
	1,537	Geokinetics, (3)		2,720
	1,289	GeoResources, Inc.		48,608
	382	Gevo, (3)		3,702
	1,164	Global Geophysical Services, (2), (3)		11,139
	4,134	GMX Resources, (2), (3)		5,664
	2,563	Golar LNG, (3)		94,780
	1,664	Goodrich Petroleum, (2), (3)		27,905
	1,203	Great Plains Renewable Energy, Inc.		9,612
	1,094	Gulf Island Fabrication, (3) .		30,654
	1,525	Gulfmark Offshore Inc.		73,459
	2,929	Gulfport Energy Corporation		76,769
	288	Hallador Energy Company		2,324
	2,183	Harvest Natural Resources Inc., (2)		15,019
	6,451	Heckmann, (3)		24,514
	6,811	Helix Energy Solutions Group, (2)		139,013
	8,507	Hercules Offshore, (3)		43,216
	1,985	Hornbeck Offshore Services Inc., (2)		82,636

46 Nuveen Investments

Shares		Description (1)	Value
		Energy (continued)
	1,062	Houston American Energy, (3)	$	2,453
	10,718	Hyperdynamics, (3)		10,005
	8,441	ION Geophysical Corporation		52,587
	69	Isramco, Inc.		6,403
	2,283	James River Coal, (3)		11,324
	8,016	Key Energy Services Inc.		101,483
	694	Kior, Class A, (3)		6,801
	1,412	Knightsbridge Tankers Limited		17,876
	16,554	Kodiak Oil & Gas Corporation, (2)		146,503
	1,433	L&L Energy Inc., (2)		3,224
	2,011	Lufkin Industries, (3)		154,525
	7,155	Magnum Hunter Resources, (2), (3)		44,433
	888	Matador Resources, (3)		10,283
	1,698	Matrix Service Company		23,178
	6,312	McMoran Exploration, (3)		55,546
	1,995	Miller Energy Resources, (3)		10,833
	772	Mitcham Industries, Inc.		18,343
	785	Natural Gas Services Group, (2)		10,236
	5,807	Newpark Resources, (3)		36,933
	3,399	Nordic American Tanker Shipping, (3)		49,353
	4,057	Northern Oil and Gas, (3)		78,828
	3,825	Oasis Petroleum, (3)		126,493
	1,710	Overseas Shipholding Group, (3)		20,007
	278	OYO Geospace Corporation		32,031
	451	Panhandle Oil and Gas Inc.		12,425
	7,496	Parker Drilling, (2)		38,754
	5,866	Patriot Coal, (2), (3)		34,199
	2,934	Penn Virginia, (3)		15,022
	1,509	Pertoleum Development, (3)		51,895
	3,599	Petroquest Energy, (2), (3)		21,738
	838	PHI Inc Non-Voting, (2)		22,316
	3,958	Pioneer Drilling Company		31,189
	211	Renewable Energy Group Inc.		1,914
	14,318	Rentech, Inc.		33,075
	2,966	Resolute Energy, (2), (3)		31,469
	2,676	Rex Energy, (3)		28,125
	396	Rex Stores Corporation		10,985
	376	RigNet, Inc.		6,422
	3,405	Rosetta Resources, (3)		171,169
	643	Sanchez Energy, (3)		15,586
	1,924	Scorpio Tankers, (2), (3)		13,025
	2,401	SemGroup Corporation, A Shares, (2)		76,352
	2,893	Ship Financial International Limited		40,068
	643	Solazyme, (2), (3)		7,073
	3,148	Stone Energy, (2), (3)		88,301

Nuveen Investments 47

Portfolio of Investments (Unaudited)

Nuveen Small Cap Index Fund (continued)

April 30, 2012

Shares		Description (1)	Value
		Energy (continued)
	2,725	Swift Energy Company	$	82,431
	5,672	Syntroleum, (3)		5,332
	1,056	Targa Resources, (3)		50,783
	3,384	Teekay Tankers, Class A, (3)		17,461
	1,938	Tesco Corporation, (2)		31,648
	4,935	TETRA Technologies, (2), (3)		42,984
	2,760	Triangle Petroleum, (3)		17,968
	973	Union Drilling, Inc., (2)		5,420
	4,149	Uranerz Energy, (2), (3)		7,261
	4,836	Uranium Energy, (3)		14,266
	6,000	Uranium Resources, (3)		5,220
	6,649	UR-Energy Inc		7,247
	7,456	USEC, (2), (3)		6,275
	3,286	Vaalco Energy Inc., (2)		29,804
	11,223	Vantage Drilling, (2), (3)		17,732
	1,900	Venoco Inc., (2)		21,109
	3,018	Voyager Oil & Gas, (3)		7,666
	2,240	W&T Offshore, (3)		44,285
	4,589	Warren Resources Inc., (2)		14,180
	3,146	Western Refining Inc.		59,931
	635	Westmoreland Coal Company		6,407
	2,509	Willbros Group, (3)		13,549
	4,390	World Fuel Services, (3)		193,423
	1,952	Zion Oil & Gas, (3)		4,841
		Total Energy		5,022,334
		Financials – 22.1%
	978	1st Source, (3)		22,191
	1,750	1st United Bancorp, (2), (3)		10,605
	2,736	Acadia Realty Trust – REIT, (3)		63,420
	604	AG Mortgage Investment Trust		11,959
	729	Agree Realty – REIT		16,621
	132	Alexander’s – REIT		51,431
	304	Alliance Financial Corporation		9,275
	5,830	Alterra Capital Holdings, (3)		139,512
	1,956	American Assets Trust Inc		45,986
	4,754	American Campus Communities – REIT, (3)		211,315
	1,130	American Capital Mortgage Investment, (3)		25,685
	3,823	American Equity Investment Life Holding, (3)		46,870
	671	American Safety Insurance Holdings, (2)		12,702
	1,526	Ameris Bancorp, (2), (3)		18,922
	1,181	Amerisafe, Inc., (2)		31,556
	532	Ames National, (3)		11,747
	1,549	Amtrust Financial Services, (3)		42,195
	8,607	Anworth Mortgage Asset – REIT		58,011
	1,322	Apollo Commercial Real Estate Finance – REIT		21,324
	12,588	Apollo Investment		91,263

48 Nuveen Investments

Shares		Description (1)	Value
		Financials (continued)
	1,396	Apollo Residential Mortgage – REIT	$	25,337
	1,763	Argo Group International Holdings Inc.		50,880
	413	Arlington Asset Investment Corporation		9,710
	11,401	Armour Residential – REIT, (3)		79,579
	652	Arrow Financial Corporation		15,609
	2,010	Artio Global Investors, (3)		7,276
	3,354	Ashford Hospitality Trust – REIT		28,643
	2,663	Associated Estates Realty – REIT		45,085
	5,587	Astoria Financial, (3)		54,138
	574	AV Homes Inc.		7,158
	538	Baldwin & Lyons, Class B, (3)		11,712
	411	BancFirst Corporation		17,139
	1,787	Banco Latinoamericano de Exportaciones S.A, (3)		37,259
	1,880	Bancorp, Inc., (2)		19,308
	6,068	BancorpSouth, (3)		81,736
	2,955	Bank Mutual Corporation		11,525
	370	Bank of Kentucky Financial Corporation		9,328
	341	Bank of Marin Bancorp California		12,641
	1,803	Bank of the Ozarks, (3)		55,713
	1,303	BankFinancial Corporation		8,678
	1,127	Banner Corporation		24,738
	4,768	BBCN Bancorp Inc.		52,353
	2,137	Beneficial Mutual Bancorp Inc., (2)		18,528
	1,333	Berkshire Hills Bancorp, Inc.		30,246
	4,857	BGC Partners Inc., Class A		33,853
	9,884	BioMed Realty Trust – REIT, (3)		195,901
	4,692	BlackRock Kelso Capital, (3)		45,278
	528	BofI Holdings, Inc., (2)		9,383
	4,947	Boston Private Financial Holdings, (3)		46,106
	432	Bridge Bancorp, (3)		8,415
	588	Bridge Capital Holdings, (3)		8,991
	4,147	Brookline Bancorp, (3)		37,240
	733	Bryn Mawr Bank		15,752
	1,219	Calamos Asset Management, Class A, (3)		15,749
	131	California First National Bancorp.		2,083
	493	Camden National, (3)		16,032
	1,804	Campus Crest Communities – REIT, (3)		21,017
	738	Cape Bancorp Inc.		6,007
	898	Capital Bank Corporation		2,065
	733	Capital City Bank		6,121
	189	Capital Southwest Corporation		18,091
	4,373	CapLease – REIT		18,148
	5,423	Capstead Mortgage – REIT		74,458
	1,858	Cardinal Financial, (3)		22,426
	385	Cascade Bancorp		2,191

Nuveen Investments 49

Portfolio of Investments (Unaudited)

Nuveen Small Cap Index Fund (continued)

April 30, 2012

Shares		Description (1)	Value
		Financials (continued)
	1,889	Cash America International, (3)	$	88,311
	5,053	Cathay General Bancorp.		87,013
	9,532	CBL & Associates Properties – REIT, (3)		177,581
	3,603	Cedar Shopping Centers – REIT, (3)		18,808
	776	Center Bancorp, Inc.		8,202
	1,930	Centerstate Banks of Florida, Inc.		15,517
	986	Central Pacific Financial Corporation, (2)		14,021
	222	Century Bancorp, Inc.		6,098
	399	Charter Financial Corporation		3,591
	889	Chatham Lodging Trust – REIT		11,557
	1,763	Chemical Financial Corporation		38,909
	2,067	Chesapeake Lodging Trust – REIT, (3)		37,413
	2,251	CIF, (3)		13,461
	782	Citizens & Northern, (3)		14,811
	2,436	Citizens, (3)		23,410
	979	City Holding, (3)		32,650
	550	Clifton Savings Bancorp, Inc.		5,621
	789	CNB Financial Corporation		12,971
	15,930	CNO Financial Group, (2), (3)		115,811
	2,089	Cobiz, (3)		13,056
	1,142	Cohen & Steers Inc.		40,244
	5,363	Colonial Properties Trust – REIT, (3)		119,970
	2,115	Colony Financial – REIT		35,934
	2,536	Columbia Banking Systems, (3)		51,963
	2,500	Community Bank System, (3)		70,300
	830	Community Trust Bancorp, (3)		26,519
	2,594	Compass Diversified Trust, (3)		38,080
	270	Consolidated Tomoka Land, (3)		7,938
	1,236	Coresite Realty, (3)		30,789
	5,860	Cousins Properties – REIT, (3)		46,060
	4,297	Cowen Group, Class A, (3)		10,828
	1,657	Crawford & Co		7,904
	410	Credit Acceptance Corporation		38,552
	3,430	Crexus Investment – REIT		35,981
	7,875	CubeSmart – REIT, (3)		98,910
	5,739	CVB Financial		66,400
	7,177	CYS Investments – REIT, (3)		98,540
	15,785	DCT Industrial Trust – REIT, (3)		93,605
	3,102	Delphi Financial Group, Inc.		140,893
	2,793	DFC Global, (3)		48,822
	164	Diamond Hill Investment Group, Inc.		12,446
	10,754	DiamondRock Hospitality – REIT, (3)		114,315
	1,999	Dime Community Bancshares, Inc.		27,706
	498	Donegal Group, Inc., B		6,783
	8,179	Doral Financial Group, (2)		14,968

50 Nuveen Investments

Shares		Description (1)	Value
		Financials (continued)
	1,952	Duff & Phelps Corporation, Class A, (3)	$	31,037
	3,780	Dupont Fabros Technology – REIT, (3)		102,627
	3,476	Dynex Capital – REIT, (3)		32,779
	1,076	Eagle Bancorp, Inc.		19,142
	1,738	EastGroup Properties – REIT, (3)		87,421
	1,302	Edelman Finacnial Group Inc.		11,497
	5,911	Education Realty Trust – REIT, (3)		66,617
	1,288	eHealth, (2), (3)		22,823
	296	EMC Insurance Group Inc.		5,852
	2,241	Employers Holdings, Inc.		38,814
	543	Encore Bancshares, (2), (3)		11,137
	443	Enstar Group, Limited, (2)		41,717
	375	Enterprise Bancorp, Inc.		6,034
	1,022	Enterprise Financial Services Corporation		12,356
	2,996	Entertainment Properties Trust – REIT		143,778
	948	Epoch Holding Corporation		25,596
	2,085	Equity Lifestyles Properties – REIT, (3)		145,825
	3,447	Equity One – REIT, (3)		71,629
	801	ESB Financial, (3)		10,757
	656	ESSA Bancorp Inc.		6,396
	1,350	Evercore Partners, (3)		35,681
	1,989	Excel Trust – REIT		23,848
	6,611	Extra Space Storage – REIT, (3)		200,644
	3,016	EZCORP, Inc.		80,799
	8,732	F.N.B., (3)		99,108
	902	FBL Financial Group Inc.		26,266
	3,120	FBR Capital Markets Corporation, (2)		8,268
	632	Federal Agricultural Mortgage, (3)		14,448
	7,997	FelCor Lodging Trust – REIT, (2), (3)		33,747
	346	Fidus Investment, (3)		4,692
	5,293	Fifth Street Finance, (3)		51,977
	2,461	Financial Engines, (3)		56,209
	887	Financial Institutions, (3)		15,008
	6,758	First American Corporation		113,197
	564	First Bancorp Maine		8,184
	971	First Bancorp of North Carolina, Inc.		9,729
	4,951	First Busey, (3)		22,973
	2,012	First Cash Financial Services, Inc., (2)		82,412
	6,740	First Commonwealth Financial, (3)		43,338
	1,021	First Community Bancshares, Inc.		13,671
	1,149	First Connecticut Bancorp, (3)		15,155
	624	First Defiance Financial Corporation		10,720
	3,743	First Financial Bancorp.		62,920
	2,019	First Financial Bankshares, (3)		68,323
	715	First Financial Corporation		21,450

Nuveen Investments 51

Portfolio of Investments (Unaudited)

Nuveen Small Cap Index Fund (continued)

April 30, 2012

Shares		Description (1)	Value
		Financials (continued)
	1,062	First Financial Holdings, Inc.	$	12,255
	5,564	First Industrial Realty Trust – REIT, (2)		68,660
	1,013	First Interstate BancSystem Inc., Montana		14,273
	3,543	First Marblehead Corporation		3,756
	1,648	First Merchants Corporation		20,320
	4,790	First Midwest Bancorp, Inc.		51,014
	491	First of Long Island Corporation		13,517
	651	First Pactrust Bancorp, Inc.		7,154
	3,215	First Potomac Realty Trust – REIT		39,995
	7,020	FirstMerit, (3)		117,936
	12,562	Flagstar Bancorp Inc.		10,934
	3,367	Flagstone Reinsurance Holdings SA		25,253
	2,016	Flushing Financial, (3)		26,268
	2,276	Forestar Real Estate Group, (2), (3)		35,005
	376	Fortegra Financial Corp		3,121
	879	Fox Chase Bancorp.		11,181
	803	Franklin Financial Corporation, (2), (3)		11,547
	4,537	Franklin Street Properties – REIT		45,688
	383	FX Alliance, (3)		6,645
	1,113	FXCM INC-A		12,889
	432	Gain Capital Holdings Inc		2,216
	441	GAMCO Investors Inc.		19,871
	809	German American Bancorp, (3)		15,403
	1,659	Getty Realty – REIT, (3)		26,245
	4,540	GFI Group, Inc.		14,982
	4,621	Glacier Bancorp, Inc.		68,853
	1,352	Gladstone Capital – REIT		10,830
	704	Gladstone Commercial – REIT		11,961
	1,419	Gladstone Investment Corporation		10,529
	4,724	Gleacher & Company Inc.		4,913
	8,947	Glimcher Realty Trust		88,486
	826	Global Indemnity PLC, (2)		14,876
	766	Golub Capital BDC, (3)		11,383
	2,275	Government Properties Income Trust – REIT		52,826
	653	Great Southern Bancorp, (3)		15,698
	1,801	Greenlight Capital Re, Ltd, (2)		44,845
	776	Hallmark Financial Services, Inc., (2)		5,836
	631	Hampton Roads Bankshares Inc.		1,994
	4,902	Hancock Holding, (3)		157,746
	2,023	Hanmi Financial Corporation		21,100
	753	Harleysville Group, (3)		45,135
	1,992	Harris & Harris Group, Inc.		8,028
	6,101	Hatteras Financial – REIT		177,722
	5,000	Healthcare Realty Trust – REIT, (3)		107,400
	855	Heartland Financial USA, (3)		15,835

52 Nuveen Investments

Shares		Description (1)	Value
		Financials (continued)
	3,143	Hercules Technology Growth Capital, Inc.	$	35,862
	1,339	Heritage Commerce Corporation		9,025
	1,005	Heritage Financial Corporation		13,166
	9,044	Hersha Hospitality Trust – REIT		52,003
	1,866	HFF, Class A, (2), (3)		30,490
	4,633	Highwoods Properties – REIT, (3)		160,904
	2,560	Hilltop Holdings		20,301
	1,337	Home Bancshares		38,960
	1,024	Home Federal Bancorp		10,025
	856	Home Loan Servicing Solutions, (3)		11,864
	3,086	Home Properties – REIT, (3)		188,400
	111	HomeStreet Inc.		3,876
	2,563	Horace Mann Educators Corporation		44,981
	1,417	Hudson Pacific Properties – REIT		22,431
	1,002	Hudson Valley Holding Corporation		18,367
	1,897	IberiaBank, (3)		96,880
	2,383	ICG Group Inc., (2)		22,591
	1,131	Imperial Holdings Inc		4,332
	521	Independence Holding Company		5,538
	1,378	Independent Bank, (3)		38,680
	797	Infinity Property and Casualty Corporation		42,568
	4,955	Inland Real Estate – REIT		42,613
	3,405	International Bancshares Corporation		67,181
	852	INTL FCStone Inc., (2)		18,318
	7,414	Invesco Mortgage Capital – REIT, (3)		130,783
	2,650	Investment Technology Group, (2)		27,030
	2,974	Investors Bancorp, Inc., (2)		45,919
	5,157	Investors Real Estate Trust – REIT		37,234
	5,264	iStar Financial – REIT, (2), (3)		36,427
	974	JMP Group Inc.		7,217
	274	Kansas City Life Insurance Company		8,916
	2,122	KBW, (3)		36,159
	771	Kearny Financial Corporation		7,479
	1,731	Kennedy-Wilson Holdings, (3)		24,338
	4,388	Kilroy Realty – REIT, (3)		208,211
	3,578	Kite Realty Group Trust – REIT		18,284
	6,448	Knight Trading Group, (3)		84,727
	1,229	Kohlberg Capital Corporation		7,583
	6,838	Ladenburg Thalmann Financial Services, (2), (3)		11,283
	1,462	Lakeland Bancorp, Inc.		13,363
	1,040	Lakeland Financial Corporation		27,082
	5,466	LaSalle Hotel Properties – REIT, (3)		160,755
	7,692	Lexington Corporate Properties Trust – REIT, (3)		68,459
	1,949	LTC Properties – REIT		64,863
	3,248	Maiden Holdings, Ltd		26,958

Nuveen Investments 53

Portfolio of Investments (Unaudited)

Nuveen Small Cap Index Fund (continued)

April 30, 2012

Shares		Description (1)	Value
		Financials (continued)
	1,473	Main Street Capital, (3)	$	37,724
	1,293	Mainsource Financial Group		15,115
	804	Manning and Napier Inc.		11,658
	1,844	Marketaxess		63,268
	557	Marlin Business Services Corporation		8,177
	3,497	MB Financial, Inc.		72,283
	4,952	MCG Capital Corporation		20,749
	3,422	Meadowbrook Insurance Group, Inc.		30,216
	909	Medallion Financial Corporation		9,935
	8,633	Medical Properties Trust – REIT, (3)		80,978
	715	Medley Capital Corp		8,072
	308	Merchants Bancshares, Inc.		8,279
	509	Meridian Interstate Bancorp, (2), (3)		6,821
	890	Metro Bancorp, Inc., (2)		10,297
	22,877	MFA Mortgage Investments – REIT, (3)		168,832
	12,057	MGIC Investment, (2), (3)		41,717
	2,357	Mid-America Apartment Communities – REIT, (3)		160,441
	491	Midsouth Bancorp Inc.		6,923
	1,137	Mission West Properties – REIT		9,983
	2,522	Monmouth Real Estate Investment – REIT		25,876
	4,007	Montpelier Re Holdings Limited		82,224
	3,152	MPG Office Trust – REIT, (3)		6,651
	1,542	MVC Capital Inc.		20,354
	445	National Bankshares, (3)		13,221
	2,659	National Financial Partners, (2), (3)		39,220
	1,566	National Health Investors – REIT, (3)		77,470
	443	National Interstate Corporation		10,632
	7,949	National Penn Bancshares, Inc.		73,290
	6,711	National Retail Properties – REIT, (3)		183,747
	141	National Western Life Insurance Company		19,184
	693	Navigators Group, Inc.		32,918
	2,212	NBT Bancorp, Inc.		45,457
	1,657	Nelnet Inc.		42,784
	1,697	Netspend Holdings, Inc., (2)		12,948
	468	New Mountain Finance Corp		6,323
	7,962	Newcastle Investment – REIT, (3)		56,291
	1,753	Newstar Financial, Inc., (2)		20,808
	1,390	NGP Capital Resources Company		8,465
	624	Nicholas Financial, Inc.		8,256
	987	Northfield Bancorp, (3)		13,779
	7,274	Northstar Realty Finance – REIT		41,462
	5,849	Northwest Bancshares, (3)		72,060
	858	OceanFirst Financial Corporation		12,501
	6,156	Ocwen Financial, (2), (3)		91,786
	6,086	Old National Bancorp.		78,023

54 Nuveen Investments

Shares		Description (1)	Value
		Financials (continued)
	6,528	Omega Healthcare Investors – REIT, (3)	$	139,764
	720	OmniAmerican Bancorp Inc., (2)		14,436
	712	One Liberty Properties – REIT		13,464
	1,426	OneBeacon Insurance Group Limited, Class A		20,292
	662	Oppenheimer Holdings Inc., Class A		11,294
	2,716	Oriental Financial Group Inc.		32,103
	2,749	Oritani Financial Corporation		40,740
	448	Orrstown Financial Services Inc.		3,463
	246	Pacific Capital Bancorp		11,205
	1,183	Pacific Continental Corporation		10,517
	1,944	Pacwest Bancorp.		46,306
	829	Park National, (3)		55,750
	2,059	Park Sterling Bank Inc., (2)		9,698
	1,411	Parkway Properties – REIT		13,955
	3,270	Pebblebrook Hotel Trust – REIT, (3)		78,742
	3,575	Penn Real Estate Investment Trust – REIT, (3)		50,372
	3,525	Pennantpark Investment Corporation		36,836
	233	Penns Woods Bancorp, Inc.		9,190
	1,928	PennyMac Mortgage Investment Trust – REIT		39,119
	678	Peoples Bancorp, (3)		12,468
	3,614	PHH, (3)		56,017
	7,473	Phoenix Companies, (2), (3)		15,693
	1,459	PICO Holdings, Inc.		35,031
	2,194	Pinnacle Financial Partners, Inc., (2)		40,150
	1,016	Piper Jaffray Companies		24,638
	2,237	Platinum Underwriters Holdings, (3)		81,919
	3,404	Post Properties – REIT, (3)		165,775
	2,579	Potlatch – REIT		80,723
	1,519	Presidential Life Corporation		17,590
	2,103	Primerica Inc.		55,162
	3,858	Privatebancorp, Inc.		60,686
	1,964	ProAssurance Corporation		173,009
	7,005	Prospect Capital, (3)		76,495
	3,013	Prosperity Bancshares, (3)		140,556
	3,885	Provident Financial Services Inc.		57,110
	2,444	Provident New York Bancorp.		20,627
	1,195	PS Business Parks – REIT, (3)		81,559
	624	Pzena Investments Management, Inc.		3,675
	8,552	Radian Group, (3)		26,682
	3,201	RAIT Financial Trust – REIT, (3)		15,493
	2,475	Ramco-Gershenson Properties Trust – REIT, (3)		29,799
	5,046	Redwood Trust – REIT, (3)		58,937
	1,609	Renasant Corporation		25,744
	636	Republic Bancorp, Inc.		14,965
	5,339	Resource Capital – REIT		28,831

Nuveen Investments 55

Portfolio of Investments (Unaudited)

Nuveen Small Cap Index Fund (continued)

April 30, 2012

Shares		Description (1)	Value
		Financials (continued)
	2,781	Retail Opportunity Investments, (3)	$	33,789
	1,171	RLI Corporation		80,658
	1,770	RLJ Lodging Trust – REIT		33,241
	1,799	Rockville Financial Inc.		21,066
	483	Roma Financial Corporation		4,560
	1,802	S&T Bancorp, (3)		33,733
	2,368	Sabra Health Care Real Estate Investment Trust – REIT		39,640
	1,328	Safeguard Scientifics Inc.		21,726
	731	Safety Insurance Group, Inc.		29,130
	1,547	Sandy Spring Bancorp, Inc.		27,861
	471	Saul Centers – REIT		18,845
	897	SCBT Financial, (3)		30,848
	1,286	Seabright Insurance Holdings, (3)		11,561
	4,656	Seacoast Banking Corporation of Florida		7,543
	3,470	Selective Insurance Group Inc.		60,690
	763	Sierra Bancorp.		6,989
	2,961	Signature Bank, (2), (3)		194,508
	1,113	Simmons First National, (3)		27,090
	2,344	Solar Capital Limited		48,661
	499	Solar Senior Capital Ltd		8,089
	1,108	Southside Bancshares, (3)		22,620
	1,248	Southwest Bancorp, Inc.		11,344
	1,778	Sovran Self Storage – REIT, (3)		93,701
	1,020	STAG Industrial Inc.		14,198
	5,989	Starwood Property Trust – REIT		124,990
	940	State Auto Financial Corporation		13,470
	2,031	State Bank Financial, (2), (3)		35,035
	1,476	StellarOne Corporation		18,465
	1,987	Sterling Bancorp.		18,896
	1,723	Sterling Financial, (3)		33,461
	1,168	Stewart Information Services, (3)		17,193
	3,451	Stifel Financial, (3)		125,685
	12,084	Strategic Hotels & Resorts – REIT, (2)		82,292
	629	Suffolk Bancorp.		7,473
	1,754	Summit Hotel Properties – REIT		14,663
	2,556	Sun Bancorp, Inc., (2)		7,387
	1,699	Sun Communities – REIT		74,331
	7,594	Sunstone Hotel Investors – REIT		77,459
	11,792	Susquehanna Bancshs Inc.		122,283
	2,755	SVB Financial, (2), (3)		176,568
	1,872	SWS Group Inc.		10,558
	722	SY Bancorp, (3)		16,750
	4,342	Symetra Financial Corporation		52,799
	5,520	Tanger Factory Outlet Centers – REIT, (3)		172,886
	977	Taylor Capital Group, (3)		13,600

56 Nuveen Investments

Shares		Description (1)	Value
		Financials (continued)
	2,073	Technology Investment Capital Corporation	$	19,092
	835	Tejon Ranch Company		24,933
	856	Terreno Realty – REIT		12,241
	710	Territorial Bancorp Inc.		15,421
	2,392	Texas Capital BancShares, (2), (3)		90,202
	595	THL Credit Inc.		7,497
	501	Tompkins Financial, (3)		18,963
	2,369	Tower Group, (3)		51,123
	1,565	Towne Bank, (3)		20,376
	1,737	Triangle Capital, (3)		35,105
	903	Trico Bancshares		14,845
	5,975	TrustCo Bank, (3)		32,683
	4,111	Trustmark, (3)		104,625
	13,474	Two Harbors Investment – REIT		140,938
	2,056	UMB Financial Corporation		98,791
	777	UMH Properties – REIT		9,161
	7,365	Umpqua Holdings, (3)		97,513
	1,301	Union First Market Bankshares Corporation		18,162
	3,224	United Bankshares, (3)		85,210
	2,671	United Community Banks, (2), (3)		25,134
	932	United Financial Bancorp.		14,949
	1,383	United Fire Group Inc		23,815
	762	Universal Health Realty Income Trust – REIT		30,815
	1,204	Universal Insurance Holdings Inc.		4,985
	1,077	Univest Corporation of Pennsylvania		17,340
	1,481	Urstadt Biddle Properties – REIT		28,494
	2,016	ViewPoint Financial Group		32,075
	1,504	Virginia Commerce Bancorp, Inc., (2)		11,776
	424	Virtus Investment Partners Inc., (2)		35,786
	621	Walker & Dunlop Inc		8,104
	1,658	Walter Investment Management Corporation		33,541
	985	Washington Banking, (3)		13,731
	4,236	Washington Real Estate Investment Trust – REIT, (3)		125,174
	915	Washington Trust Bancorp, (3)		21,658
	4,628	Webster Financial, (3)		105,194
	1,484	WesBanco, Inc.		30,392
	999	West Bancorp, Inc.		9,590
	1,238	West Coast Bancorp.		24,191
	1,730	Westamerica Bancorp, (3)		79,355
	4,455	Western Alliance Bancorporation, (2), (3)		39,115
	1,623	Westfield Financial Inc.		12,124
	401	Westwood Holding Group Inc.		14,749
	482	Whitestone – REIT		6,661
	3,952	Wilshire Bancorp, Inc., (2)		21,183
	1,844	Winthrop Realty Trust – REIT		19,675

Nuveen Investments 57

Portfolio of Investments (Unaudited)

Nuveen Small Cap Index Fund (continued)

April 30, 2012

Shares		Description (1)	Value
		Financials (continued)
	2,246	Wintrust Financial, (3)	$	81,148
	966	World Acceptance, (3)		64,249
	412	WSFS Financial Corporation		16,443
		Total Financials		17,697,069
		Health Care – 12.0%
	1,446	Abaxis, Inc.		51,507
	2,036	Abiomed, (3)		49,536
	2,571	Accretive Health (2), (3)		25,864
	4,394	Accuray, (3)		33,834
	3,048	Achillion Pharmaceuticals, Inc., (2), (3)		20,269
	2,536	Acorda Therapeutics, Inc., (2)		64,009
	692	Acura Pharmaceutical Inc., (2)		2,235
	588	Aegerion Pharmaceuticals Inc., (2)		7,321
	2,274	Affymax, (2), (3)		29,812
	4,529	Affymetrix, Inc., (2)		20,018
	728	Air Methods Corporation, (2)		61,232
	3,603	Akorn, Inc.		43,704
	1,421	Albany Molecular Research, (3)		4,533
	3,940	Align Technology, (2), (3)		124,937
	722	Alimera Sciences, Inc.		2,231
	6,127	Alkermes, (2), (3)		105,997
	1,573	Alliance Imaging Inc.		2,155
	5,063	Allos Therapeutics, Inc.		9,215
	528	Almost Family, Inc.		12,873
	2,891	Alnylam Pharmaceuticals, (2), (3)		32,928
	3,465	Alphatec Holdings, Inc., (2)		7,554
	1,360	AMAG Pharmaceuticals, (2), (3)		21,298
	1,893	Amedisys, (3)		27,884
	1,354	Amicus Therapeutics, Inc., (2)		6,608
	2,544	AMN Healthcare Services Inc.		17,070
	1,381	Ampio Pharmaceuticals Inc., (2)		4,267
	2,008	AmSurg, (2), (3)		57,750
	784	Anacor Pharmaceuticals, (3)		4,351
	807	Analogic Corporation		55,045
	1,605	AngioDynamics, Inc., (2)		19,870
	5,634	Antares Pharma, (3)		17,747
	1,353	Anthera Pharmaceuticals Inc., (2)		2,111
	1,483	Ardea Biosciences Inc., (2)		47,248
	10,827	Arena Pharmaceuticals, (3)		26,418
	10,122	Ariad Pharmaceuticals, (2), (3)		164,989
	3,429	ArQule Inc., (2)		24,174
	5,433	Array Biopharma, Inc., (2)		18,961
	1,754	Arthrocare Corporation		43,780
	1,256	Assisted Living Concepts, (3)		22,495
	3,623	Astex Pharmaceuticals Inc., (2)		6,376

58 Nuveen Investments

Shares		Description (1)	Value
		Health Care (continued)
	2,241	AthenaHealth, (2), (3)	$	162,360
	903	AtriCure, Inc., (2)		7,405
	102	ATRION, (3)		23,525
	3,074	Auxilium Pharmaceuticals, Inc., (2)		55,086
	8,511	Avanir Pharmaceuticals, (2), (3)		25,959
	2,014	Aveo Pharmaceuticals, (2), (3)		23,161
	8,710	AVI Biopharma, (3)		7,267
	1,529	Bacterin International Holdings, (3)		3,134
	494	BG Medicine, (2), (3)		3,275
	1,857	BioCryst Pharaceuticals, Inc., (2)		6,722
	1,976	Biolase Technology, (3)		5,138
	1,234	Biomimetic Therapeutics, Inc., (2)		3,295
	1,579	Bio-Reference Laboratories, (2), (3)		33,664
	7,040	BioSante Pharmaceuticals, (2), (3)		3,872
	2,615	Bioscrip, Inc., (2)		19,377
	318	BioSpecifics Technologies, (3)		4,691
	1,586	BioTime Inc., (2)		6,011
	3,185	Cadence Pharmaceuticals, (2), (3)		11,753
	1,891	Cambrex Corporation		12,254
	1,272	Cantel Medical Corporation		29,867
	1,769	Capital Senior Living, (3)		17,142
	1,566	CardioNet Inc., (2)		4,416
	931	Cardiovascular Systems, Inc.		9,180
	14,544	Cell Therapeutics, (3)		16,144
	3,668	Celldex Therapeutics, Inc., (2)		16,726
	271	Cempra Inc.		1,897
	3,211	Centene, (2), (3)		127,123
	4,188	Cepheid, (2), (3)		160,861
	3,479	Cerus, (3)		13,707
	3,719	Chelsea Therapeutics International, (3)		7,884
	1,278	Chemed, (3)		77,115
	333	ChemoCentryx, (3)		5,728
	729	Chindex International, Inc.		7,122
	1,821	Cleveland Biolabs, (3)		3,533
	687	Clovis Oncology, (3)		12,318
	1,578	Codexis Inc.		5,712
	4,713	Columbia Laboratories, (3)		3,440
	672	Complete Genomics, (2), (3)		1,814
	711	Computer Programs and Systems, (3)		42,368
	2,003	Conceptus, (3)		37,596
	1,819	Conmed Corporation		52,005
	2,639	Corcept Therapeutics, (3)		9,870
	517	Cornerstone Therapeutics, (2), (3)		3,050
	358	Corvel Corporation		15,569
	1,784	Cross Country Healthcare, Inc.		8,224

Nuveen Investments 59

Portfolio of Investments (Unaudited)

Nuveen Small Cap Index Fund (continued)

April 30, 2012

Shares		Description (1)	Value
		Health Care (continued)
	1,794	CryoLife Inc.	$	9,490
	3,851	Cubist Pharmaceuticals, (3)		162,820
	4,906	Curis, (3)		23,500
	1,821	Cyberonics, (2)		69,744
	622	Cynosure, Inc.		12,857
	3,282	Cytori Therapeutics, (2), (3)		7,778
	3,088	Delcath Systems, (2), (3)		8,677
	3,448	DepoMed, Inc.		20,998
	4,310	DexCom, (3)		42,195
	5,185	Durect Corporation		3,630
	1,569	DUSA Pharmaceuticals, Inc.		9,194
	6,342	Dyax Corporation, (2)		10,337
	9,844	Dynavax Technologies, (3)		49,318
	604	DynaVox Inc., Class A Shares, (2)		1,486
	1,452	Emergent BioSolutions, Inc., (2)		20,415
	1,963	Emeritus Corporation		33,764
	1,107	Endocyte Inc., (2)		7,904
	3,143	Endologix, (2), (3)		47,082
	1,048	Ensign Group Inc.		27,992
	2,459	Enzo Biochem Inc.		6,738
	2,419	Enzon Inc.		15,070
	405	Epocrates Inc., (2)		3,297
	3,152	eResearch Technology, Inc., (2)		24,901
	3,631	EXACT Sciences Corporation, (2)		39,106
	546	Exactech, Inc., (2)		8,463
	1,739	Examworks Group, (3)		20,242
	9,537	Exelixis, (2), (3)		45,778
	2,696	Five Star Quality Care Inc., (2)		9,247
	415	Fluidigm Corporation, (2)		6,478
	635	Furiex Pharmaceuticals Inc., (2)		9,125
	1,093	Genomic Health, (2), (3)		31,325
	1,965	Gentiva Health Services, (2), (3)		16,270
	8,287	Geron, (3)		13,922
	1,498	Greatbatch, Inc., (2)		34,888
	492	Greenway Medical Tech.		7,577
	1,407	GTX, (2), (3)		4,404
	1,651	Haemonetics Corporation		118,162
	5,716	Halozyme Therapeutics, (2), (3)		46,242
	2,153	Hanger Orthopedic Group Inc., (2)		50,703
	3,011	Hansen Medical, (3)		9,515
	1,480	Harvard Bioscience, Inc.		5,905
	6,112	HealthSouth, (3)		136,848
	1,164	Healthstream, Inc., (2)		26,679
	2,183	Healthways Inc.		14,561
	772	Heartware International, (3)		60,185

60 Nuveen Investments

Shares		Description (1)	Value
		Health Care (continued)
	665	Hi Tech Pharmacal Company, Inc., (2)	$	21,672
	5,446	HMS Holdings, (2), (3)		131,031
	354	Horizon Pharma, (2), (3)		1,487
	772	ICU Medical, Inc., (2)		40,522
	3,873	Idenix Pharmaceuticals Inc., (2)		33,966
	4,827	Immunogen, (2), (3)		61,544
	4,226	Immunomedics, (3)		15,171
	4,194	Impax Laboratories, (2), (3)		103,298
	5,683	Incyte Pharmaceuticals, (2), (3)		128,890
	4,270	Indevus Pharmaceuticals Inc., (4)		—
	1,229	Infinity Pharmaceuticals, (2), (3)		16,592
	1,596	Insmed Inc.		4,612
	2,954	Insulet Corporation, (2)		52,758
	1,257	Integra Lifesciences Holdings, (3)		46,798
	3,474	Intermune, (2), (3)		36,269
	1,843	Invacare Corporation		29,212
	1,052	IPC The Hospitalist Company, Inc., (2)		40,407
	1,144	IRIS International, Inc., (2)		14,964
	3,461	Ironwood Pharmacauticals, (2), (3)		45,720
	6,399	ISIS Pharmaceuticals, (3)		51,192
	2,061	ISTA Pharmaceuticals, (2), (3)		18,652
	1,419	Jazz Pharmaceuticals, (2), (3)		72,412
	548	Kensey Nash Corporation		15,580
	4,439	Keryx Biopharmaceuticals, (3)		7,014
	3,340	Kindred Healthcare Inc., (2)		32,198
	3,308	KV Pharmaceutical, Class A, (3)		3,804
	605	Landauer Inc.		31,896
	1,043	Lannett Company Inc.		4,109
	11,847	Lexicon Genetics, (3)		19,192
	1,014	LHC Group, Inc., (2)		17,958
	1,261	Ligand Pharmceuticals, Inc., (2)		17,036
	2,429	Luminex, (2), (3)		60,822
	1,830	Magellan Health Services, Inc.		81,032
	2,056	Mako Surgical, (3)		84,933
	6,352	MannKind, (2), (3)		14,292
	1,405	MAP Pharmaceuticals, (2), (3)		18,012
	3,375	Masimo, (3)		74,689
	1,806	Maxygen, Inc.		10,204
	3,062	MedAssets Inc.		38,612
	1,052	Medical Action Industries, Inc., (2)		5,807
	3,463	Medicines Company		76,498
	3,966	Medicis Pharmaceutical, (3)		152,572
	1,352	Medidata Solutions, Inc., (2)		35,030
	2,013	Medivation, Inc., (2)		162,811
	487	Medtox Scientific, Inc.		10,763

Nuveen Investments 61

Portfolio of Investments (Unaudited)

Nuveen Small Cap Index Fund (continued)

April 30, 2012

Shares		Description (1)	Value
		Health Care (continued)
	3,581	Merge Healthcare, (3)	$	15,398
	2,634	Meridian Bioscience, (3)		54,129
	2,691	Merit Medical Systems, (3)		35,575
	2,188	Metabolix, (3)		5,929
	2,719	Metropolitan Health Networks Inc.		20,338
	2,151	Mmodal Inc.		27,447
	1,804	Molina Healthcare, (2)		46,273
	2,964	Momenta Pharmaceuticals, (2), (3)		47,068
	784	MWI Veterinary Supply, Inc., (2)		74,010
	2,749	Nabi Biopharmaceuticals, (2)		4,591
	657	National Healthcare Corporation		29,959
	117	National Research Corporation		5,656
	1,864	Natus Medical, Inc.		22,815
	6,079	Navidea Biopharmaceuticals, (3)		18,966
	7,329	Nektar Therapautics, (3)		55,847
	1,489	Neogen Corporation, (3)		58,056
	3,255	NeoStem, (3)		1,172
	3,715	Neurocrine Biosciences Inc., (2)		27,602
	448	NewLink Genetics Corporation		5,215
	6,172	Novavax, (3)		8,394
	5,525	NPS Pharmaceuticals, (2), (3)		39,559
	2,715	NuVasive, Inc.		44,988
	2,868	Nxstage Medical, (2), (3)		48,756
	1,246	Nymox Pharmaceutical, (2), (3)		10,155
	1,191	Obagi Medical Products, Inc., (2)		15,626
	2,128	Omnicell, Inc., (2)		30,367
	933	OncoGenex Pharmacuetical, (2), (3)		12,129
	3,664	Oncothyreon, (3)		15,719
	4,070	Onyx Pharmaceuticals, (3)		185,226
	6,996	Opko Health, (2), (3)		33,231
	2,979	Optimer Pharmaceuticals, (2), (3)		44,089
	3,000	OraSure Technologies, Inc., (2)		34,410
	2,913	Orexigen Therapeutics, (3)		10,196
	1,160	Orthofix International NV, (2)		47,815
	1,072	Osiris Therapeutics, (2), (3)		5,692
	4,095	Owens and Minor, (3)		119,738
	2,180	Pacific Biosciences of California Inc., (2)		5,886
	571	Pacira Pharmaceuticals, Inc.		6,401
	2,370	Pain Therapeutics, (2), (3)		9,599
	1,221	Palomar Medical Technologies, Inc.		10,623
	2,326	Par Pharmaceuticals Inc., (2)		98,483
	3,782	Parexel International Corporation		101,887
	8,898	PDL Biopahrma, (3)		55,968
	5,576	Peregrine Pharmaceuticals, Inc., Reg S		2,621
	239	Pernix Therapeutics Holdings		2,055

62 Nuveen Investments

Shares		Description (1)	Value
		Health Care (continued)
	2,950	Pharmacyclics, (3)	$	81,302
	2,291	Pharmathene, (3)		3,711
	1,887	Pharmerica Corporation, (2)		22,399
	1,701	Pozen, (2), (3)		11,329
	1,885	Progenics Pharmaceuticals, Inc.		20,716
	833	Providence Service Corporation		11,712
	3,328	PSS World Medical, (2), (3)		79,639
	2,489	Quality Systems Inc.		93,089
	3,411	Questcor Pharmaceuticals, (2), (3)		153,154
	1,830	Quidel, (2), (3)		30,232
	1,960	RadNet, Inc.		6,056
	3,024	Raptor Pharmaceuticals Corporation, (2)		17,721
	4,407	Rigel Pharmaceuticals, Inc.		34,066
	1,030	Rockwell Medical Technologies, (3)		9,528
	3,544	RTI Biologics, (2), (3)		12,404
	427	Sagent Pharmaceuticals, (3)		7,682
	3,753	Salix Pharmaceuticals Limited, (2), (3)		185,398
	3,362	Sangamo Biosciences, Inc.		15,633
	3,424	Santarus, Inc.		21,811
	4,565	Savient Pharmaceuticals, (2), (3)		10,819
	2,220	SciClone Pharmaceuticals, Inc., (2)		13,298
	6,200	Seattle Genetics, (3)		122,574
	2,875	Select Medical Corporation, (2)		24,639
	7,344	Sequenom, (3)		37,601
	2,209	SIGA Technologies, (3)		7,290
	1,244	Skilled Healthcare Group Inc., (2)		9,541
	3,894	Solta Medical Inc., (2)		12,656
	2,142	Spectranetics Corporation, (2)		22,470
	3,688	Spectrum Pharmaceuticals, Inc., (2)		39,203
	2,283	STAAR Surgical Company		25,045
	2,834	Stereotaxis, (2), (3)		1,160
	3,804	Steris, (3)		119,484
	815	Sucampo Pharmaceuticals, Inc.		6,781
	1,613	Sun Healthcare Group Inc., (2)		11,662
	1,828	Sunesis Pharmaceuticals, (3)		5,027
	3,687	Sunrise Assisted Living, (2), (3)		23,154
	980	Surmodics Inc.		14,494
	2,337	Symmetry Medical, Inc.		16,616
	1,429	Synergetics USA, Inc., (2)		9,317
	1,710	Synta Pharmaceuticals Corporation, (2)		7,439
	1,771	Targacept, Inc., (2)		8,412
	1,713	Team Health Holdings Inc., (2)		36,898
	4,431	Theravance, (2), (3)		95,887
	678	Tornier N.V, (2)		16,096
	332	Transcept Pharmaceuticals, (2), (3)		2,985

Nuveen Investments 63

Portfolio of Investments (Unaudited)

Nuveen Small Cap Index Fund (continued)

April 30, 2012

Shares		Description (1)	Value
		Health Care (continued)
	1,270	Triple-S Management Corporation, Class B Shares	$	26,746
	665	Trius Therapeutics, (2), (3)		3,571
	4,148	Unilife, (2), (3)		17,753
	2,074	Universal American, (3)		19,039
	1,327	Uroplasty Inc.		4,034
	758	U.S. Physical Therapy, Inc.		18,480
	1,806	Vanda Pharmaceuticals, Inc.		8,001
	1,961	Vanguard Health Systems Inc		17,414
	1,089	Vascular Solutions, Inc., (2)		12,360
	404	Verastem Inc.		4,194
	5,473	Vical, (3)		17,076
	4,545	ViroPharma, (3)		98,854
	6,288	Vivus, (3)		152,295
	3,351	Volcano Corporation		90,980
	2,735	Wellcare Health Plans Inc., (2)		167,327
	2,151	West Pharmaceutical Services, (3)		96,580
	2,508	Wright Medical Group, (2), (3)		46,724
	2,272	Xenoport, (2), (3)		10,383
	362	Young Innovations, Inc.		12,308
	4,778	Zalicus, (2), (3)		5,017
	474	Zeltiq Aesthetics, (3)		2,948
	4,306	ZIOPHARM Oncology, (2), (3)		20,497
	1,359	Zogenix Inc., (2)		2,487
		Total Health Care		9,614,268
		Industrials – 15.0%
	5,674	A123 Systems, (2), (3)		5,787
	1,207	Aaon, (3)		24,623
	2,554	AAR Corporation		39,459
	3,407	ABM Industries, (3)		79,315
	2,748	Acacia Research, (2), (3)		112,668
	3,544	Acco Brands, (2), (3)		37,389
	2,599	Accuride Corp		18,843
	1,711	Aceto Corporation		15,399
	5,140	Active Power, (2), (3)		4,549
	4,408	Actuant, (3)		120,206
	2,783	Acuity Brands, (3)		154,651
	2,538	Aegion Corporation, (2)		46,319
	1,087	Aerovironment, (3)		26,436
	3,529	Aircastle LTD		42,877
	3,459	Ait Transport Servcies Group Inc., (2)		18,333
	429	Alamo Group Inc.		14,449
	4,604	Alaska Air Group, (3)		155,615
	1,777	Albany International, Class A		42,826
	856	Allegiant Travel, (2), (3)		50,299
	1,727	Altra Industrial Motion, (2), (3)		31,570

64 Nuveen Investments

Shares		Description (1)	Value
		Industrials (continued)
	556	AMERCO	$	55,845
	1,135	Ameresco Inc., Class A Shares, (2)		13,836
	1,177	American Ecology Corporation		25,517
	626	American Railcar Industries, (2)		16,889
	2,380	American Reprographics Co		12,995
	552	American Science & Engineering Inc.		36,051
	2,869	American Superconductor, (3)		11,849
	603	American Woodmark, (3)		10,824
	548	Ampco-Pittsburgh Corporation		10,182
	1,805	Apogee Enterprises, (3)		27,725
	2,723	Applied Industrial Technologies Inc.		107,014
	505	Argan, Inc.		7,363
	1,633	Arkansas Best Corporation		25,050
	1,282	Astecx Industries Inc., (2)		40,114
	661	Astronics Corporation		20,987
	616	AT Cross Company, Class A Shares		7,072
	1,687	Atlas Air Worldwide Holdings, (2), (3)		77,686
	6,746	Avis Budget Group Inc.		88,777
	806	AZZ, (3)		41,678
	1,047	Baltic Trading Limited		4,869
	3,499	Barnes Group, (3)		92,374
	488	Barrett Business Services, Inc.		9,662
	2,954	Beacon Roofing Supply, (3)		78,842
	3,043	Belden Inc.		105,836
	3,126	Blount International Inc.		50,547
	3,052	Brady Corporation		94,704
	3,241	Briggs & Stratton, (3)		58,662
	2,998	Brinks Company		76,149
	8,977	Broadwind Energy, (2), (3)		3,052
	2,923	Builders FirstSource, Inc., (2)		12,189
	778	CAI International, (2), (3)		16,073
	15,805	Capstone Turbine, (2), (3)		17,227
	589	Cascade Corporation		27,724
	1,626	Casella Waste Systems, Inc.		9,805
	2,532	CBIZ, (2), (3)		15,369
	818	CDI Corporation		14,511
	1,288	Celadon Group, Inc.		20,131
	3,537	Cenveo, (2), (3)		10,116
	1,600	Ceradyne Inc.		40,512
	1,887	Chart Industries, (2), (3)		144,223
	1,108	CIRCOR International Inc.		34,481
	3,240	CLARCOR, Inc.		155,585
	3,011	Clean Harbors, (2), (3)		205,471
	538	Coleman Cable Inc.		4,573
	2,912	Colfax, (3)		98,688

Nuveen Investments 65

Portfolio of Investments (Unaudited)

Nuveen Small Cap Index Fund (continued)

April 30, 2012

Shares		Description (1)	Value
		Industrials (continued)
	1,236	Columbus McKinnon Corporation NY	$	18,330
	2,435	Comfort Systems USA Inc.		25,762
	1,850	Commercial Vehicle Group Inc.		19,684
	73	CompX International Inc.		980
	542	Consolidated Graphics Inc.		21,675
	2,218	Corporate Executive Board Company		91,759
	662	Courier Corporation		6,799
	537	Covenant Transport, Inc., (2)		1,777
	696	CRA International, Inc., (2)		14,233
	1,016	Cubic Corporation		46,970
	2,983	Curtiss Wright Corporation		105,270
	1,138	Delete Accumulation File		7,488
	3,304	Deluxe, (3)		78,668
	2,265	DigitalGlobe, (2), (3)		27,792
	1,952	Dolan Media Company, (2)		15,636
	1,858	Dollas Thrifty Automotive Group Inc., (2)		150,238
	1,198	Douglas Dynamics, (3)		16,928
	677	Ducommon Inc.		7,989
	558	DXP Enterprises, Inc.		24,200
	2,263	Dycom Industries, (3)		52,932
	857	Dynamic Material Corporation		15,666
	4,020	Eagle Bulk Shipping, (2), (3)		6,593
	724	Echo Global Logistics, (2), (3)		12,330
	4,294	Emcor Group Inc.		125,900
	1,037	Encore Capital Group, Inc.		24,577
	1,192	Encore Wire		30,384
	2,941	Energy Recovery, (2), (3)		6,176
	5,128	EnergySolutions, (3)		21,589
	1,495	EnerNOC, Inc.		8,985
	3,065	EnerSys, (2)		107,122
	1,674	Ennis, (3)		26,382
	1,329	EnPro Industries Inc., (2)		55,034
	1,710	ESCO Technologies, (3)		58,824
	1,101	Essex Rental Corporation		4,327
	1,959	Esterline Technologies Corporation, (2)		134,172
	2,938	Excel Maritime Carriers, (2), (3)		5,494
	795	Exponent, Inc., (2)		38,001
	3,992	Federal Signal Corporation		20,599
	3,042	Flow International Corporation		12,503
	1,887	Forward Air Corporation		63,743
	857	Franklin Covey Company		7,962
	1,495	Franklin Electric, (3)		74,974
	768	Freightcar America Inc.		16,589
	2,702	FTI Consulting, (3)		98,191
	10,337	Fuelcell Energy Inc., (2)		12,818

66 Nuveen Investments

Shares		Description (1)	Value
		Industrials (continued)
	1,171	Fuel-Tech, Inc.	$	5,422
	2,373	Furmanite Corporation		14,855
	1,203	G&K Services, Inc.		39,531
	1,899	Genco Shipping and Trading Limited, (2)		10,160
	3,772	GenCorp, (3)		25,914
	1,602	Generac Holdings, (3)		38,576
	2,545	Genesee & Wyoming, (2), (3)		137,201
	4,168	Geo Group Inc., (2)		86,319
	1,425	GeoEye, Inc., (2)		32,661
	1,953	Gibraltar Industries Inc.		26,405
	1,013	Global Power Equipment Group, (2), (3)		25,335
	978	Gorman-Rupp, (3)		28,166
	953	GP Strategies Corporation, (2)		15,991
	633	Graham, (3)		13,977
	2,483	Granite Construction Inc.		69,127
	3,779	Great Lakes Dredge & Dock, (3)		28,002
	1,267	Greenbrier Companies Inc.		21,856
	3,064	Griffon Corporation		30,364
	1,837	H&E Equipment Services, (3)		35,454
	3,238	Hawaian Holdings, (3)		18,327
	4,265	Healthcare Services Group, (3)		90,503
	3,240	Heartland Express, (3)		44,809
	3,351	Heico, (3)		135,122
	1,143	Heidrick & Struggles International, (3)		22,289
	305	Heritage-Crystal Clean, Inc., (2)		6,451
	6,293	Hexcel, (2), (3)		172,302
	1,611	Hill International, Inc.		5,735
	2,874	HNI Corporation		69,321
	1,142	Houston Wire & Cable Company		14,035
	2,365	Hub Group, Inc.		82,775
	2,107	Hudson Global Inc.		11,462
	414	Hurco Companies, (3)		10,901
	1,427	Huron Consulting Group, (3)		50,287
	1,264	ICF International, Inc., (2)		31,524
	3,324	II VI Inc.		67,843
	1,657	Innerworkings, (2), (3)		19,072
	1,471	Insperity Inc.		40,114
	1,132	Insteel Industries, Inc.		12,871
	3,385	Interface, (3)		47,932
	2,144	Interline Brands Inc.		45,110
	349	International Shipholding, (3)		7,385
	622	Intersections, Inc.		7,483
	15,834	JetBlue Airways, (3)		75,212
	1,841	John Bean Technologies Corporation		29,438
	790	Kadant Inc., (2)		20,437

Nuveen Investments 67

Portfolio of Investments (Unaudited)

Nuveen Small Cap Index Fund (continued)

April 30, 2012

Shares		Description (1)	Value
		Industrials (continued)
	1,687	Kaman, (3)	$	57,999
	2,094	Kaydon Corporation		51,366
	1,712	Kelly Services, (3)		23,951
	1,214	Keyw Holding, (3)		11,412
	1,907	KForce Inc.		27,594
	2,013	Kimball International Inc., Class B		13,749
	3,919	Knight Transportation Inc.		64,350
	3,073	Knoll Inc.		45,450
	3,018	Korn Ferry International		48,741
	2,128	Kratos Defence & Security Solutions, (2), (3)		11,810
	224	Lawson Products, Inc.		3,261
	1,261	Layne Christensen Company, (2)		25,914
	579	LB Foster Company		15,523
	806	Lindsay Manufacturing Company		53,833
	588	LMI Aerospace, Inc.		10,755
	1,251	LSI Industries, Inc.		8,569
	1,102	Lydall Inc.		11,626
	998	Marten Transport, Ltd.		21,028
	3,639	MasTec, (2), (3)		63,282
	1,561	McGrath Rentcorp.		45,925
	6,069	Meritor, (2), (3)		39,509
	2,579	Metalico Inc.		8,356
	941	Met-Pro Corp.		9,372
	538	Michael Baker Corporation		12,121
	1,204	Middleby, (2), (3)		122,170
	720	Midwest Air Group Inc.		11,808
	3,680	Miller (Herman) Inc.		71,870
	1,744	Mine Safety Appliances Company		74,050
	946	Mistras Group, (2)		22,203
	2,361	Mobile Mini, (2), (3)		44,528
	2,917	Moog Inc., Class A Shares		123,302
	2,432	Mueller Industries Inc.		111,167
	9,990	Mueller Water Products Inc.		35,864
	732	Multi Color Corporation		15,606
	1,294	MYR Group, (2), (3)		21,636
	374	Nacco Industries Inc.		42,438
	308	National Presto Industries, (3)		22,706
	3,313	Navigant Consulting Inc., (2)		46,117
	1,268	NCI Building Systems Inc.		15,203
	428	NL Industries Inc.		6,022
	1,079	NN, Incorporated		8,535
	598	Northwest Pipe Company		12,444
	4,677	Odyssey Marine Exploration, (3)		14,218
	3,048	Old Dominion Frght Line, (3)		135,545
	178	OmegaFlex, Inc.		2,394

68 Nuveen Investments

Shares		Description (1)	Value
		Industrials (continued)
	2,375	On Assignment, Inc.	$	44,436
	3,753	Orbital Sciences, (2), (3)		47,138
	1,736	Orion Marine Group Inc., (2)		12,013
	2,249	Pacer International, Inc., (2)		13,516
	535	Park Ohio Holdings Corporation		11,551
	397	Patriot Transportation Holding, Inc., (2)		8,722
	1,328	Peerless Manufacturing, (2), (3)		17,941
	9,713	Pendrell Corporation, (2)		13,113
	1,045	Pike Electric Corporation		8,590
	1,100	Portfolio Recovery Associates, Inc., (2)		75,702
	566	Powell Industries Inc.		18,457
	1,210	PowerSecure International, Inc., (2)		6,280
	156	Preformed Line Products, (3)		9,006
	1,716	Primoris Services Corporation		24,745
	317	Proto Labs, (3)		11,761
	1,622	Quad Graphics, (3)		21,800
	961	Quality Distribution, Inc., (2)		10,734
	2,436	Quanex Building Products, (3)		44,895
	1,372	RailAmerica, Inc.		31,803
	1,161	Raven Industries, Inc.		69,904
	1,409	RBC Bearings Inc., (2)		66,054
	3,097	Republic Airways Holdings, (3)		15,764
	2,782	Resources Connection, Inc.		36,110
	585	Roadrunner Transportation System Inc., (2)		10,150
	2,533	Robbins & Myers, Inc.		123,382
	4,082	Rollins Inc.		86,743
	646	RPX Corporation, (2)		11,163
	4,353	RSC Holdings, Inc., (2)		103,253
	2,081	Rush Enterprises, Class A		37,624
	1,024	Saia, Inc., (2)		19,231
	5,828	SatCon Technology, (3)		2,448
	743	Sauer-Danfoss, Inc.		32,179
	758	Schawk Inc.		10,210
	20	Seaboard Corporation		39,808
	709	SeaCube Container Leasing Limited		13,152
	2,672	Simpson Manufacturing Company Inc.		82,912
	3,397	Skywest Inc.		30,539
	2,442	Smith AO, (3)		116,239
	972	Spirit Airline Holdings, (3)		23,347
	1,017	Standard Parking, (3)		19,384
	802	Standex International Corporation		35,336
	5,110	Steelcase Inc.		44,150
	1,058	Sterling Construction Company, Inc.		10,358
	1,287	Sun Hydraulics Corporation		32,214
	5,091	Swift Transportation Company, (2)		53,405

Nuveen Investments 69

Portfolio of Investments (Unaudited)

Nuveen Small Cap Index Fund (continued)

April 30, 2012

Shares		Description (1)	Value
		Industrials (continued)
	5,437	Swisher Hygiene, (3)	$	12,233
	2,549	Sykes Enterprises Inc.		40,402
	1,412	TAL International Group, (3)		58,330
	3,572	Taser International, Inc., (2)		16,431
	1,250	Team, Inc.		37,038
	1,690	Tecumseh Products Company, Class A		6,456
	2,360	Teledyne Technologies Inc.		152,503
	1,229	Tennant, (3)		54,445
	4,005	Tetra Tech, (2), (3)		106,934
	732	Textainer Group Holdings, (3)		25,671
	1,072	The Advisory Board, (2), (3)		97,724
	643	Thermon Group Holdings, (3)		14,287
	2,703	Titan International, (3)		78,090
	1,154	Titan Machinery, (2), (3)		41,117
	827	TMS International, Class A, (2)		9,990
	1,000	Trex Company Inc., (2)		32,000
	1,642	TriMas Corporation, (2)		36,140
	2,416	Triumph Group, (3)		151,773
	2,576	TrueBlue, (2), (3)		44,462
	2,004	Tutor Perini Corporation		30,481
	543	Twin Disc, (3)		11,908
	1,411	Ultrapetrol, (2), (3)		2,695
	910	UniFirst Corporation		55,292
	4,015	United Rentals, (2), (3)		187,420
	2,741	United Stationers, (3)		77,735
	705	UniTek Global Services, Inc., (2)		2,291
	1,254	Universal Forest Products, (3)		46,900
	353	Universal Truckload Services, Inc.		5,507
	10,409	U.S. Airways Group, (2), (3)		106,796
	4,588	USG, (3)		82,813
	4,640	Valence Technology, (3)		3,387
	1,310	Viad Corporation		23,685
	1,258	Vicor Corporation		8,768
	265	VSE Corporation		5,830
	4,400	Wabash National Corporation		36,828
	1,806	Watsco, (3)		129,942
	1,933	Watts Water Technologies, Inc.		71,173
	2,815	Werner Enterprises, (3)		66,490
	1,349	Wesco Aircraft Holdings Inc		21,301
	3,950	Woodward Governor, (3)		164,281
	708	Xerium Technologies, (2)		3,327
	658	Zipcar, (2), (3)		7,927
		Total Industrials		11,999,930
		Information Technology – 15.9%
	2,692	3D Systems, (2), (3)		79,387
	3,558	Accelrys, (2), (3)		29,282

70 Nuveen Investments

Shares		Description (1)	Value
		Information Technology (continued)
	2,512	ACI Worldwide, Inc.	$	100,128
	789	Active Network, (3)		13,255
	2,443	Actuate Corporation, (2)		17,345
	5,214	Acxiom Corporation		71,588
	4,155	ADTRAN, (3)		126,811
	2,798	Advanced Energy Industriess, (3)		33,408
	2,108	Advent Software, (2), (3)		56,895
	1,275	Aeroflex Holding, (3)		14,280
	1,105	Agilysys Inc., (2)		9,680
	943	Alpha & Omega Semiconductor Limited, (2)		9,326
	1,460	American Software, Inc.		12,089
	6,215	Amkor Technology, (3)		32,132
	616	Amtech Systems, Inc.		4,300
	4,332	Anadigics Inc.		9,574
	972	Anaren Microwave Inc.		17,535
	2,035	Ancestry.com, (3)		54,335
	653	Angie’s List		9,109
	1,862	Anixter International Inc.		127,696
	4,070	Applied Micro Circuits Corporation, (2)		22,711
	7,952	Arris Group Inc., (2)		102,819
	5,769	Aruba Networks, (3)		121,841
	5,436	Aspen Technology Inc.		107,524
	2,033	ATMI, (2), (3)		42,713
	3,895	Aviat Networks, (2)		9,932
	1,903	Avid Technology Inc., (2)		16,537
	6,817	Axcelis Technologies Inc.		9,271
	2,054	AXT, (2), (3)		10,455
	968	Badger Meter, (3)		35,758
	1,478	Bankrate, (3)		34,615
	516	Bazaarvoice, (3)		10,222
	676	Bel Fuse, Inc., Class B		12,026
	3,902	Benchmark Electronics Inc., (2)		61,964
	1,154	Black Box Corporation		26,092
	2,860	Blackbaud, (3)		88,603
	2,308	Bottomline Technologies, Inc.		54,307
	369	Brightcove		6,919
	4,381	Brightpoint Inc.		26,812
	1,449	Broadsoft, (2), (3)		62,032
	4,249	Brooks Automation Inc.		49,968
	1,402	Cabot Microelectronics, (3)		48,201
	1,686	CACI International, (3)		103,065
	2,418	Calix, (2), (3)		19,247
	1,927	Callidus Software, (2), (3)		15,262
	461	Carbonite Inc.		3,683
	2,768	Cardtronics, (2), (3)		72,964

Nuveen Investments 71

Portfolio of Investments (Unaudited)

Nuveen Small Cap Index Fund (continued)

April 30, 2012

Shares		Description (1)	Value
		Information Technology (continued)
	595	Cass Information Systems, Inc.	$	24,365
	3,112	Cavium Networks, (2), (3)		91,057
	1,481	CEVA, Inc.		32,715
	2,576	Checkpoint Systems, (3)		28,233
	4,108	Ciber, (2), (3)		17,089
	4,255	Cirrus Logic, (3)		116,502
	2,664	Cognex, (3)		107,226
	1,516	Coherent Inc., (2)		79,742
	1,545	Cohu Inc.		16,964
	428	Communication Systems Inc.		5,568
	2,830	CommVault Systems, Inc., (2)		147,358
	972	Computer Task Group, (3)		14,016
	2,049	ComScore Inc., (2)		40,816
	1,308	Comtech Telecom Corporation		40,443
	2,869	Concur Technologies, (3)		162,271
	1,894	Constant Contact Inc.		45,778
	6,759	Convergys, (2), (3)		90,368
	778	Convio Inc., (2)		12,448
	734	Cornerstone OnDemand, (2), (3)		15,253
	1,624	CoStar Group, (2), (3)		118,373
	2,324	Cray, Inc.		25,913
	2,223	CSG Systems International Inc., (2)		32,011
	425	CSR PLC, (2)		6,171
	2,206	CTS Corporation		23,670
	1,960	Cymer, (2), (3)		101,606
	2,224	Daktronics, (3)		18,103
	970	DDI Corporation		12,591
	2,642	DealerTrack Holdings, (3)		78,811
	1,426	Deltek Inc., (2)		14,887
	507	Demand Media Inc		4,213
	993	Dialogic Inc., (2)		973
	3,112	Dice Holdings, (3)		33,547
	1,629	Digi International, Inc.		15,117
	403	Digimarc Corporation, (2)		10,538
	2,398	Digital River, Inc., (2)		45,106
	2,270	Diodes Inc.		50,598
	3,629	Dot Hill Systems Corporation, (2)		4,536
	1,504	DSP Group Inc., (2)		9,836
	1,119	DTS, Inc., (2)		34,913
	575	Dynamics Research Corporation		4,134
	7,068	Earthlink, Inc.		57,392
	1,852	Ebix, (3)		37,873
	2,255	Echelon Corporation, (2)		9,832
	1,207	Electro Rent Corporation		18,805
	1,451	Electro Scientific Industries Inc.		20,691

72 Nuveen Investments

Shares		Description (1)	Value
		Information Technology (continued)
	2,999	Electronics For Imaging	$	53,532
	543	Ellie Mae Inc		7,037
	1,198	eMagin Corporation		3,726
	1,418	Emcore, (3)		6,409
	5,639	Emulex Corporation		48,947
	8,632	Entegris, (2)		76,393
	5,505	Entropic Communications, (2), (3)		23,286
	1,231	Envestnet Inc., (2)		15,400
	235	Epam Systems Inc		4,850
	2,017	EPIQ Systems, (3)		22,913
	234	ePlus, Inc.		6,940
	3,290	Euronet Worldwide, (3)		71,163
	2,107	Exar Corporation		16,687
	1,039	Exlservice Holdings, (3)		28,760
	5,917	Extreme Networks Inc., (2)		22,662
	1,310	Fabrinet, (2)		22,034
	2,294	Fair Isaac Corporation		98,413
	1,972	Falconstore Software, Inc.		6,488
	1,049	FARO Technologies, (3)		58,723
	2,486	FEI, (2), (3)		124,723
	5,759	Finisar, (2), (3)		95,139
	3,255	FormFactor Inc.		18,228
	851	Forrester Research, (3)		30,168
	374	FriendFinder Networks, (3)		408
	2,487	FSI International, (3)		12,609
	4,145	Global Cash Access Holdings, (3)		35,025
	1,440	Globecom Systems, Inc., (2)		20,419
	3,049	Glu Mobile, (3)		13,873
	1,661	GSI Group, (3)		20,048
	1,296	GSI Technology Inc., (2)		5,482
	8,089	GT Advanced Technologies, (2), (3)		52,659
	832	Guidance Software, Inc.		7,896
	568	Guidewire Software Inc.		15,461
	1,013	Hackett Group, Inc.		5,784
	7,375	Harmonic Inc.		34,810
	2,477	Heartland Payment Systems, (3)		75,474
	5,547	Jack Henry Associates, (3)		188,376
	1,967	Higher One Holdings, (2), (3)		31,020
	2,014	Hittite Microwave Corporation, (2)		107,830
	2,486	Identive Group Inc., (2)		5,121
	1,987	IGATE, (3)		38,667
	1,930	Imation Corporation, (2)		11,194
	1,833	Immersion Corporation		9,990
	354	Imperva, (3)		12,309
	6,717	Infinera, (2), (3)		48,094

Nuveen Investments 73

Portfolio of Investments (Unaudited)

Nuveen Small Cap Index Fund (continued)

April 30, 2012

Shares		Description (1)	Value
		Information Technology (continued)
	2,534	InfoSpace, Inc., (2)	$	28,203
	1,388	Inphi, (2), (3)		14,088
	2,819	Insight Enterprises, (2), (3)		57,254
	9,521	Integrated Device Technology, (2), (3)		64,457
	1,719	Integrated Silicon Solution, (2)		18,256
	916	Interactive Intelligence Group, (2)		27,169
	2,915	Interdigital, (3)		80,804
	3,815	Intermec Inc		20,296
	621	Intermolecular Inc, (2)		4,142
	3,358	Internap Network Services Corporation, (2)		23,640
	1,467	Intevac, Inc.		11,824
	2,054	Intralinks Holdings INc., (2)		9,572
	643	Invensense, (3)		10,339
	2,481	IXIA, (2), (3)		31,261
	1,552	IXYS, (2), (3)		19,338
	2,778	J2 Global, (3)		71,756
	2,718	JDA Software Group, (2)		78,496
	993	Jive Software Inc.		23,643
	2,836	Kemet Corp		24,134
	1,697	Kenexa Corporation		55,441
	942	Keynote Systems, (3)		17,333
	2,471	KIT Digital, (3)		16,753
	4,359	Kopin Corporation		15,562
	4,625	Kulicke & Soffa Industries Inc., (2)		60,588
	955	KVH Industries, Inc.		9,531
	7,568	Lattice Semiconductor Corporation		41,321
	1,053	Lecroy Corporation, (2)		10,888
	4,072	Limelight Networks Inc., (2)		11,157
	3,958	Lionbridge Technologies, Inc.		10,885
	1,207	Liquidity Services, Inc., (2)		64,369
	1,384	Littelfuse Inc.		86,735
	3,385	Liveperson, Inc.		53,754
	1,309	LogMeIn Inc., (2)		47,137
	960	LoopNet, Inc.		18,403
	702	Loral Space & Communications, Inc.		43,559
	3,178	LTX_Credence Corporation		21,928
	1,312	Manhattan Associates Inc., (2)		65,797
	1,498	ManTech International, Class A, (3)		47,067
	1,373	Marchex, Inc.		4,778
	2,229	Maximus Inc.		98,633
	1,028	Maxlinear Inc., (2)		4,986
	1,795	Maxwell Technologies, (3)		17,070
	960	Measurement Specialties, Inc.		34,301
	6,186	Mentor Graphics Corporation, (2)		89,388
	1,939	Mercury Computer Systems, (3)		25,595

74 Nuveen Investments

Shares		Description (1)	Value
		Information Technology (continued)
	693	Meru Networks Inc., (2)	$	1,968
	2,373	Methode Electronics, Inc.		20,052
	3,239	Micrel, Incorporated		35,273
	5,550	Microsemi, (3)		119,436
	513	Microstrategy Inc.		71,707
	988	Microvision, (3)		1,838
	2,152	Mindspeed Technologies, (3)		10,782
	3,375	MIPS Technologies, Inc.		22,073
	3,358	MKS Instruments, (3)		92,849
	2,813	ModusLink Global Solutions Inc.		13,924
	672	Moneygram Intl Inc		11,316
	1,925	Monolithic Power Systems, Inc.		39,886
	2,298	Monotype Imaging Holdings Inc., (2)		32,609
	2,097	MoSys, Inc.		7,549
	4,681	Motricity, (3)		4,821
	2,550	Move, (3)		22,185
	1,002	MTS Systems Corporation		48,066
	581	Multi Fineline Electronix, Inc., (2)		15,391
	1,293	Nanometrics Inc.		20,054
	429	Nci, Inc., (2)		2,128
	556	Neophotonics Corp		2,630
	2,352	Netgear, Inc., (2)		90,552
	2,400	NetScout Systems, Inc., (2)		49,656
	1,749	NetSuite Inc., (2)		77,621
	2,407	Newport, (3)		41,087
	4,111	NIC, Incorporated		46,002
	2,060	Novatel Wireless, (2)		5,953
	613	Numerex, (2), (3)		5,811
	306	NVE, (3)		15,508
	3,243	Oclaro, (2), (3)		9,307
	4,225	OCZ Technology Group, (2), (3)		24,928
	3,359	Omnivision Technologies, (3)		61,873
	1,513	Open Solutions, (2), (3)		67,676
	5,476	Openwave Systems Inc.		14,128
	1,255	Oplink Communications, Inc., (2)		19,879
	925	OPNET Technologies, Inc.		21,423
	2,807	Opnext, Inc., (2)		3,340
	1,224	OSI Systems Inc.		81,837
	7,652	Parametric Technology Corporation		165,130
	1,331	Park Electrochemical Corporation		38,399
	597	PC Connection, Inc.		4,788
	1,505	PDF Solutions, Inc.		13,274
	1,068	Pegasystems, (3)		39,719
	1,553	Perficient, Inc., (2)		18,652
	1,608	Pericom Semiconductor Corporation		12,639

Nuveen Investments 75

Portfolio of Investments (Unaudited)

Nuveen Small Cap Index Fund (continued)

April 30, 2012

Shares		Description (1)	Value
		Information Technology (continued)
	3,776	Photronics Inc., (2)	$	23,373
	2,795	Plantronics, (3)		107,104
	2,284	Plexus, (3)		73,933
	2,861	PLX Technologies Inc.		11,387
	1,778	Power Integrations Inc.		67,351
	4,374	Power One Inc, (2)		18,721
	2,034	Powerwave Technologies, (3)		2,298
	1,254	PRG-Schultz International Inc., (2)		7,925
	1,231	Procera Networks Inc., (2)		25,556
	4,021	Progress Software, (3)		93,046
	1,382	PROS Holdings, Inc., (2)		27,212
	2,672	Pulse Electronics, (3)		5,478
	422	QAD Inc A, (2)		5,212
	4,523	QLIK Technologies, (2), (3)		130,308
	14,482	Quantum Corporation		34,467
	439	Quepasa, (3)		1,668
	3,646	Quest Software, (2), (3)		84,842
	1,771	QuinStreet, Inc., (2)		18,613
	1,247	Radisys Corporation		7,918
	6,308	Rambus, (3)		32,108
	2,639	RealD Inc., (2)		31,879
	1,355	RealNetworks Inc.		12,967
	1,949	RealPage, (2), (3)		35,374
	608	Responsys Inc.		7,770
	17,740	RF Micro Devices, (3)		76,814
	858	Richardson Electronics Limited		10,819
	610	Rimage Corporation		5,545
	1,827	Rofin Sinar Technologies Inc.		46,040
	1,026	Rogers Corporation		39,286
	705	Rosetta Stone Inc.		7,374
	1,127	Rubicon Technology Inc., (2)		10,650
	2,034	Rudolph Technologies		21,967
	1,914	Saba Software, (3)		18,604
	5,173	Sanmina-SCI Corporation		46,040
	7,018	Sapient, (3)		84,005
	1,735	ScanSource, Inc.		57,186
	793	SciQuest Inc., (2)		11,776
	1,698	SeaChange International, Inc.		13,958
	4,192	Semtech, (3)		114,274
	676	ServiceSource International Inc., (2)		11,208
	3,031	ShoreTel, (3)		14,518
	2,043	Sigma Designs, (3)		11,257
	1,991	Silicon Graphics International, (2), (3)		18,795
	5,108	Silicon Image, (2)		30,648
	2,304	Smith Micro Software, Inc.		4,631

76 Nuveen Investments

Shares		Description (1)	Value
		Information Technology (continued)
	3,661	Solarwinds, Inc., (2)	$	171,738
	13,558	Sonus Networks, Inc.		38,369
	1,827	Sourcefire, (2), (3)		93,159
	3,233	Spansion Inc., Class A, (2), (3)		38,990
	542	SPS Commerce, (2), (3)		15,078
	774	SRS Labs, (3)		7,376
	1,621	SS&C Technologies Holdings Inc., (2)		38,531
	681	Stamps.com, (3)		19,769
	1,371	Standard Microsystems Corporation, (2)		36,304
	2,363	STEC Inc.		19,589
	1,942	STR Holdings Inc., (2)		7,418
	1,357	Stratasys, Inc.		69,492
	1,819	Super Micro Computer Inc., (2)		32,105
	616	Supertex Inc.		12,610
	3,116	support.com, Inc., (2)		11,311
	1,284	Sycamore Networks, Inc.		20,018
	2,779	Symmetricom Inc.		15,451
	2,067	Synaptics, Inc., (2)		63,478
	1,698	Synchronoss Technologies, (2), (3)		53,147
	1,616	SYNNEX Corporation, (2)		61,553
	989	Syntel Inc.		59,231
	4,722	Take-Two Interactive Software, (3)		66,580
	659	Tangoe Inc., (2)		13,496
	938	TechTarget Inc., (2)		6,979
	2,981	TeleCommunication Systems, (2)		5,753
	1,059	TeleNav, (2), (3)		7,169
	1,629	TeleTech Holdings, Inc.		24,679
	3,285	Tessera Technologies Inc.		51,377
	4,371	THQ, (3)		2,961
	7,660	TiVo, Inc., (2)		82,651
	1,637	TNS Inc.		33,395
	356	Travelzoo, (2), (3)		9,242
	10,550	TriQuint Semiconductor, Inc., (2)		51,484
	3,339	TTM Technologies, (2), (3)		34,492
	1,909	Tyler Technologies Inc.		76,265
	560	Ubiquiti Networks, (2), (3)		18,491
	1,660	Ultimate Software Group, (2), (3)		128,086
	1,462	Ultra Clean Holdings, Inc., (2)		10,015
	1,615	Ultratech Stepper Inc.		51,583
	2,765	Unisys, (3)		51,595
	5,696	United Online, Inc.		26,999
	2,471	Universal Display, (2), (3)		111,121
	5,056	ValueClick, Inc., (2)		107,086
	1,736	Vasco Data Security International, Inc., (2)		13,523
	2,617	Veeco Instruments, (3)		79,007

Nuveen Investments 77

Portfolio of Investments (Unaudited)

Nuveen Small Cap Index Fund (continued)

April 30, 2012

Shares		Description (1)	Value
		Information Technology (continued)
	1,361	Verint Systems Inc., (2)	$	41,157
	2,330	ViaSat, (2), (3)		112,539
	184	Viasystems Group Inc., (2)		4,101
	2,616	VirnetX Holding, (2), (3)		64,981
	972	Virtusa Corporation, (2)		14,667
	791	Vishay Precision Group, (2), (3)		11,454
	1,132	Vocus, (2), (3)		14,637
	1,578	Volterra Semiconductor, (3)		51,900
	5,323	Wave Systems, (3)		7,612
	1,868	Web.com, Inc., (2)		24,191
	2,422	Websense Inc.		50,232
	3,411	Westell Technologies Inc., Class A		7,777
	2,482	Wright Express, (2), (3)		158,401
	1,841	XO Group Inc.		17,066
	1,695	X-Rite, Inc.		9,390
	1,820	Xyratex Limited		26,426
	244	Zilow Inc, (2)		8,508
	4,266	Zix Corporation, (2)		12,071
	1,021	Zygo Corporation		20,204
		Total Information Technology		12,742,635
		Materials – 4.4%
	1,982	A Schulman, Inc.		48,777
	276	AEP Industries, Inc.		9,624
	1,074	AM Castle & Company, (3)		14,381
	1,566	AMCOL International, (3)		51,615
	1,436	American Vanguard, (3)		35,900
	1,792	Apex Silver Mines, (3)		13,386
	1,854	Balchem Corporation		53,581
	5,874	Boise, (3)		44,877
	2,563	Buckeye Technologies, (3)		83,067
	3,629	Calgon Carbon Corporation		50,225
	3,313	Century Aluminum, (3)		30,480
	412	Chase Corporation, Common Stock		6,118
	6,188	Chemtura Corporation		105,320
	1,481	Clearwater Paper, (2), (3)		48,829
	5,752	Coeur d’Alene Mines, (3)		123,956
	693	Deltic Timber, (3)		42,328
	2,858	Eagle Materials Inc.		100,659
	5,562	Ferro		28,867
	3,209	Flotek Industries, (3)		43,771
	1,199	FutureFuel, (3)		11,798
	4,332	General Moly, (3)		14,036
	2,183	Georgia Gulf, (3)		77,387
	2,803	Glatfelter, (3)		43,671
	4,050	Globe Specialty Metals Inc.		54,027

78 Nuveen Investments

Shares		Description (1)	Value
		Materials (continued)
	1,826	Gold Resource, (3)	$	49,521
	16,612	Golden Star Resources, (2), (3)		25,416
	10,269	Graphic Packaging Holding, (3)		54,939
	517	GSE Holdings Inc.		6,540
	3,176	H.B. Fuller, (3)		104,490
	376	Handy & Harman Limited		5,441
	559	Hawkins Inc		19,414
	784	Haynes International Inc.		48,898
	3,907	Headwater, (2), (3)		16,956
	17,939	Hecla Mining, (3)		76,779
	2,807	Horsehead Holding, (3)		31,523
	1,395	Innophos Holdings, Inc.		68,592
	1,523	Innospec, Inc., (2)		46,040
	5,422	Jaguar Mining, (2), (3)		14,694
	1,046	Kaiser Aluminum, (3)		54,988
	2,511	KapStone Paper and Packaging Corp., (2)		45,349
	460	KMG Chemicals, Inc.		7,930
	1,324	Koppers Holdings, (3)		51,477
	2,050	Kraton Performance Polymers, (2), (3)		53,300
	1,695	Landec Corporation		10,916
	8,490	Louisiana-Pacific Corporation		76,835
	1,179	LSB Industries Inc.		39,992
	1,312	Materion Corporation		32,420
	6,773	Mcewen Mining inc		25,670
	745	Metals USA Holdings Corporation, (2)		11,235
	5,509	Midway Gold, (3)		7,933
	1,173	Minerals Technologies, (3)		78,708
	1,923	Myers Industries, Inc.		31,787
	959	Neenah Paper, Inc.		27,389
	580	NewMarket, (3)		129,468
	1,460	Noranda Aluminum Hodlings Corporation		15,505
	5,120	Olin Corporation		107,315
	587	Olympic Steel Inc.		12,403
	1,991	OM Group Inc., (2)		48,023
	2,907	OMNOVA Solutions Inc.		22,791
	7,526	Paramount Gold and Silver, (2), (3)		18,363
	6,001	PolyOne Corporation		83,174
	822	Quaker Chemical Corporation		35,675
	1,609	Revett Minerals Inc		6,388
	1,939	RTI International Metals, Inc., (2)		47,602
	1,035	Schweitzer-Mauduit International Inc.		70,194
	2,543	Senomyx, Inc., (2)		5,569
	3,216	Sensient Technologies Corporation		119,474
	1,983	Sparetech Corporation		9,677
	520	Stepan, (3)		47,247

Nuveen Investments 79

Portfolio of Investments (Unaudited)

Nuveen Small Cap Index Fund (continued)

April 30, 2012

Shares		Description (1)	Value
		Materials (continued)
	7,405	Stillwater Mining Company, (2)	$	79,456
	4,539	SunCoke Energy, (2), (3)		69,084
	1,463	Texas Industries, (3)		49,171
	9,814	Thompson Creek Metals Company Inc., (2)		58,197
	853	TPC Group Inc., (2)		35,809
	1,533	Tredegar Corporation		26,598
	166	United States Lime & Minerals, Inc.		7,963
	456	Universal Stainless & Alloy Products, Inc.		21,158
	1,586	U.S. Energy Corporation		4,155
	756	U.S. Silca Holdings, (3)		13,699
	961	Verso Paper Corporation, (2)		1,586
	4,565	Vista Gold, (3)		13,786
	3,159	Wausau Paper Corp.		28,621
	3,453	Worthington Industries, Inc.		61,602
	1,410	Zep Inc.		20,091
	1,784	Zoltek Companies, (2), (3)		19,676
		Total Materials		3,551,372
		Telecommunication Services – 0.7%
	3,990	8X8, Inc.		16,479
	1,406	Abovenet Communications, (2)		116,937
	2,903	Alaska Communications Systems Group Inc.		7,432
	603	Atlantic Tele-Network, Inc.		20,538
	370	Boingo Wireless Inc.		3,896
	1,795	Cbeyond Inc.		11,542
	12,773	Cincinnati Bell, (3)		48,537
	2,954	Cogent Communications Group, Inc., (2)		55,328
	1,559	Consolidated Communications Holdings, Inc.		30,167
	1,386	FairPoint Communications, (3)		6,417
	2,663	General Communication, Inc.		20,239
	6,571	Globalstar, (3)		3,483
	858	Hickory Tech Corporation		8,520
	892	IDT Corporation		7,511
	1,971	inContact, (2), (3)		10,742
	2,800	Iridium Communications, (2), (3)		24,612
	3,924	Leap Wireless International, (3)		22,014
	966	Lumos Networks Corporation		8,733
	2,019	Neutral Tandem Inc., (2)		23,461
	966	NTELOS Holdings Corp		19,533
	2,226	Orbcomm, Inc., (2)		7,257
	3,356	Premiere Global Services, Inc.		30,036
	1,527	Shenandoah Telecommunications Company		17,026
	903	SureWest Communications		20,390
	2,720	TowerStream, (3)		12,485
	1,420	USA Mobility Inc.		18,344
	8,906	Vonage Holdings Corporation, (2)		18,166
		Total Telecommunication Services		589,825

80 Nuveen Investments

Shares		Description (1)	Value
		Utilities – 3.1%
	2,048	ALLETE Inc	$	84,398
	1,079	American States Water Co		39,319
	468	Artesian Resources Corporation		8,934
	7,180	Atlantic Power Corporation		102,530
	3,702	Avista Corporation		97,881
	2,533	Black Hills Corporation		83,614
	774	Cadiz, (3)		6,525
	2,683	California Water Service Group		48,589
	829	Central Vermont Public Service, (3)		29,222
	999	CH Energy Group, (3)		65,554
	614	Chesapeake Utilities Corporation		25,800
	3,854	Cleco, (3)		157,243
	552	Connecticut Water Service, Inc.		15,318
	935	Consolidated Water Company, Limited		6,704
	6,616	Dynegy Inc., (2)		2,713
	2,706	El Paso Electric, (3)		82,912
	2,685	Empire District Electric Company		55,096
	892	Genie Energy Ltd Cl B		7,421
	3,185	IDACORP, INC		129,757
	1,296	Laclede Group Inc.		51,036
	1,485	MGE Energy, Inc.		67,924
	1,001	Middlesex Water Company		18,579
	2,623	New Jersey Resources Corporation		113,419
	1,713	Northwest Natural Gas Company		78,284
	2,329	Northwestern, (3)		82,726
	1,153	Ormat Technologies, (3)		22,795
	2,316	Otter Tail Power, (3)		50,859
	4,612	Piedmont Natural Gas, (3)		140,574
	5,117	PNM Resources Inc.		95,995
	4,839	Portland General Electric, (3)		124,991
	905	SJW, (3)		21,811
	1,924	South Jersey Industries, (3)		94,757
	2,945	Southwest Gas, (3)		123,749
	3,246	UIL Holdings, (3)		111,565
	2,358	Unisource Energy Corporation		85,831
	702	Unitil Corp.		18,575
	3,291	WGL Holdings Inc.		132,000
	817	York Water Company		14,272
		Total Utilities		2,499,272
		Total Common Stocks (cost $62,200,646)		77,064,704
Shares		Description (1)	Value
		RIGHTS – 0.0%
	692	Clinical Data, Inc., (4)	$	—
	1,493	Gerber Scientific, (4)		—
		Total Rights (cost $0)		—

Nuveen Investments 81

Portfolio of Investments (Unaudited)

Nuveen Small Cap Index Fund (continued)

April 30, 2012

Shares		Description (1)								Value
		WARRANTS – 0.0%
	644	Magnum Hunter Resources Warrants, (4)								$	473
		Total Warrants (cost $0)									473
Shares		Description (1)								Value
		INVESTMENTS PURCHASED WITH COLLATERAL FROM SECURITIES LENDING – 47.0%
		Money Market Funds – 47.0%
	37,587,463	Mount Vernon Securities Lending Prime Portfolio, 0.276%, (5), (6)								$	37,587,463
		Total Investments Purchased with Collateral From Securities Lending (cost $37,587,463)									37,587,463
Shares/ Principal Amount (000)		Description (1)	Coupon			Maturity		Ratings (7)		Value
		SHORT-TERM INVESTMENTS – 4.2%
		Money Market Funds – 3.4%
	2,725,729	First American Treasury Obligations Fund		0.000%	(5)		N/A		N/A	$	2,725,729
		U.S. Government and Agency Obligations – 0.8%
$	620	U.S. Treasury Bill, (8)		0.022%			9/20/12		Aaa		619,688
		Total Short-Term Investments (cost $3,345,557)									3,345,417
		Total Investments (cost $103,133,666) – 147.4%									117,998,057
		Other Assets Less Liabilities – (47.4)% (9)									(37,970,433)
		Net Assets – 100%								$	80,027,624

Investments in Derivatives at April 30, 2012

Futures Contracts outstanding:

Type	Contract Position		Number of Contracts		Contract Expiration		Value		Unrealized Appreciation (Depreciation)
Russell 2000 Mini Index		Long		37		6/12	$	3,015,130	$	31,361

For Fund portfolio compliance purposes, the Fund’s industry classifications refer to any one or more of the industry sub-classifications used by one or more widely recognized market indexes or ratings group indexes, and/or as defined by the Fund management. This definition may not apply for purposes of this report which may combine industry sub-classifications into sectors for reporting ease.

(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, is out on loan for securities lending.

(4) Investment valued at fair value using methods determined in good faith by, or at the discretion of, the Board of Directors. For fair value measurement disclosure purposes, investment categorized as Level 3. See Notes to Financial Statements Footnote 1 – General Information and Significant Accounting Policies, Investment Valuation for more information.

(5) The rate shown is the annualized seven-day effective yield as of April 30, 2012.

(6) The Fund may loan securities representing up to one third of the fair value of its total assets (which includes collateral for securities on loan) to broker dealers, banks, and other institutions. The Fund maintains collateral equal to at least 102% of the fair value of the securities loaned. The cash collateral received by the Fund is invested in this money market fund. See Notes to Financial Statements, Footnote 1 - General Information and Significant Accounting Policies, Securities Lending for more information.

(7) Ratings: Using the highest of Standard & Poor’s Group (“Standard & Poor’s”), Moody’s Investors Service, Inc. (“Moody’s”) or Fitch, Inc. (“Fitch”) rating. Ratings below BBB by Standard & Poor’s, Baa by Moody’s or BBB by Fitch are considered to be below investment grade. Holdings designated N/R are not rated by any of these national rating agencies.

(8) Investment, or portion of investment, segregated as collateral for investments in derivatives.

(9) Other Assets Less Liabilities includes the Net Unrealized Appreciation (Depreciation) of derivative instruments as noted within Investments in Derivatives at April 30, 2012.

N/A Not applicable

See accompanying notes to financial statements.

82 Nuveen Investments

Statement of Assets & Liabilities (Unaudited)

April 30, 2012

	Equity Index			Mid Cap Index		Small Cap Index
Assets
Investments, at value (cost $422,803,537, $309,899,990, and $65,546,203, respectively)	$	768,263,493		$	370,617,602	$	80,410,594
Investments purchased with collateral from securities lending (at cost, which approximates value)		91,559,442			131,577,685		37,587,463
Cash		2,687			—		141
Receivables:
Dividends		742,692			154,872		31,001
Due from broker		19,803			26,823		16,875
From Adviser		—			—		45,604
Investments sold		—			—		1,914
Shares sold		651,798			520,072		61,902
Other assets		7,522			3,050		101
Total assets		861,247,437			502,900,104		118,155,595
Liabilities
Payables:
Collateral from securities lending program		91,559,442			131,577,685		37,587,463
Investments purchased		—			—		99,961
Shares redeemed		1,181,913			1,770,751		283,747
Variation margin on futures contracts		80,850			223,517		32,930
Accrued expenses:
Management fees		124,559			60,117		—
12b-1 distribution and service fees		47,931			61,725		13,431
Other		385,436			198,466		110,439
Total liabilities		93,380,131			133,892,261		38,127,971
Net assets	$	767,867,306		$	369,007,843	$	80,027,624
Class A Shares
Net assets	$	134,802,264		$	95,171,414	$	25,383,019
Shares outstanding		6,096,582			6,878,012		2,204,219
Net asset value and offering price per share	$	22.11		$	13.84	$	11.52
Class B Shares
Net assets	$	3,309,618			N/A		N/A
Shares outstanding		152,311			N/A		N/A
Net asset value and offering price per share	$	21.73			N/A		N/A
Class C Shares
Net assets	$	8,529,876		$	3,434,650	$	1,219,333
Shares outstanding		389,649			256,111		110,346
Net asset value and offering price per share	$	21.89		$	13.41	$	11.05
Class R3 Shares
Net assets	$	27,428,964		$	99,527,329	$	17,802,728
Shares outstanding		1,243,113			7,271,959		1,582,188
Net asset value and offering price per share	$	22.06		$	13.69	$	11.25
Class I Shares
Net assets	$	593,796,584		$	170,874,450	$	35,622,544
Shares outstanding		26,864,295			12,313,767		3,088,466
Net asset value and offering price per share	$	22.10		$	13.88	$	11.53
Net assets consist of:
Capital paid-in	$	425,532,163		$	300,203,257	$	63,850,543
Undistributed (Over-distribution of) net investment income		1,732,028			1,248,144		408,776
Accumulated net realized gain (loss)		(5,200,490	)		6,317,199		872,553
Net unrealized appreciation (depreciation)		345,803,605			61,239,243		14,895,752
Net assets	$	767,867,306		$	369,007,843	$	80,027,624
Authorized shares	$	2 billion		$	2 billion	$	2 billion
Par value per share	$	0.0001		$	0.0001	$	0.0001

N/A - Mid Cap Index and Small Cap Index do not offer Class B Shares.

See accompanying notes to financial statements.

Nuveen Investments 83

Statement of Operations (Unaudited)

Six Months Ended April 30, 2012

	Equity Index			Mid Cap Index			Small Cap Index
Investment Income
Dividend and interest income	$	7,846,099		$	2,268,481		$	610,625
Securities lending income		136,174			113,422			93,432
Total investment income		7,982,273			2,381,903			704,057
Expenses
Management fees		1,015,809			542,697			130,282
12b-1 service fees – Class A		157,513			101,288			28,147
12b-1 distribution and service fees – Class B		18,610			N/A			N/A
12b-1 distribution and service fees – Class C		41,479			16,945			6,655
12b-1 distribution and service fees – Class R3		49,315			200,362			36,834
Shareholders’ servicing agent fees and expenses		456,660			243,766			71,237
Custodian’s fees and expenses		75,960			39,917			69,444
Directors’ fees and expenses		10,415			4,809			1,237
Professional fees		33,268			11,127			2,909
Shareholders’ reports – printing and mailing expenses		33,245			33,702			15,291
Federal and state registration fees		33,387			29,857			26,646
Other expenses		20,724			15,848			57,832
Total expenses before expense reimbursement		1,946,385			1,240,318			446,514
Expense reimbursement		(325,071	)		(115,857	)		(158,066	)
Net expenses		1,621,314			1,124,461			288,448
Net investment income (loss)		6,360,959			1,257,442			415,609
Realized and Unrealized Gain (Loss)
Net realized gain (loss) from:
Investments		7,071,942			5,844,098			1,514,050
Futures contracts		3,435,676			2,801,870			779,219
Change in net unrealized appreciation (depreciation) of:
Investments		70,066,542			28,313,397			5,313,967
Futures contracts		(916,544	)		(984,639	)		(396,814	)
Net realized and unrealized gain (loss)		79,657,616			35,974,726			7,210,422
Net increase (decrease) in net assets from operations	$	86,018,575		$	37,232,168		$	7,626,031

N/A - Mid Cap Index and Small Cap Index do not offer Class B Shares.

See accompanying notes to financial statements.

84 Nuveen Investments

Statement of Changes in Net Assets (Unaudited)

	Equity Index						Mid Cap Index						Small Cap Index
	Six Months Ended 4/30/12			Year Ended 10/31/11			Six Months Ended 4/30/12			Year Ended 10/31/11			Six Months Ended 4/30/12			Year Ended 10/31/11
Operations
Net investment income (loss)	$	6,360,959		$	13,093,288		$	1,257,442		$	1,434,382		$	415,609		$	447,200
Net realized gain (loss) from:
Investments		7,071,942			58,398,975			5,844,098			13,741,841			1,514,050			4,825,288
Redemptions in-kind		—			—			—			12,782,287			—			—
Futures contracts		3,435,676			5,310,055			2,801,870			(64,670	)		779,219			122,307
Change in net unrealized appreciation (depreciation) of:
Investments		70,066,542			(3,757,384	)		28,313,397			(7,925,562	)		5,313,967			(1,255,772	)
Futures contracts		(916,544	)		(1,852,673	)		(984,639	)		652,897			(396,814	)		142,782
Net increase (decrease) in net assets from operations		86,018,575			71,192,261			37,232,168			20,621,175			7,626,031			4,281,805
Distributions to Shareholders
From net investment income:
Class A		(1,062,578	)		(1,489,537	)		(147,244	)		(255,665	)		(58,683	)		(79,811	)
Class B		(17,177	)		(24,352	)		N/A			N/A			N/A			N/A
Class C		(38,733	)		(40,098	)		—			—			—			—
Class R3(1)		(140,986	)		(139,184	)		—			(147,814	)		(3,152	)		(21,831	)
Class I(1)		(5,505,496	)		(9,731,593	)		(747,683	)		(1,447,609	)		(200,814	)		(383,837	)
From accumulated net realized gains:
Class A		(8,608,834	)		(7,600,953	)		(2,675,890	)		—			—			—
Class B		(285,612	)		(448,229	)		N/A			N/A			N/A			N/A
Class C		(609,468	)		(542,775	)		(124,428	)		—			—			—
Class R3(1)		(1,132,075	)		(993,813	)		(2,645,479	)		—			—			—
Class I(1)		(42,337,058	)		(46,368,020	)		(6,112,513	)		—			—			—
Decrease in net assets from distributions to shareholders		(59,738,017	)		(67,378,554	)		(12,453,237	)		(1,851,088	)		(262,649	)		(485,479	)
Fund Share Transactions
Proceeds from sale of shares		79,307,356			107,954,328			82,320,891			151,236,153			16,785,253			31,404,088
Proceeds from shares issued to shareholders due to reinvestment of distributions		44,648,195			47,057,562			9,328,782			994,125			162,716			265,209
		123,955,551			155,011,890			91,649,673			152,230,278			16,947,969			31,669,297
Cost of redemptions in-kind		—			—			—			(35,014,943	)		—			—
Cost of shares redeemed		(125,277,104	)		(313,869,062	)		(54,812,798	)		(97,192,823	)		(16,978,806	)		(29,056,893	)
Net increase (decrease) in net assets from Fund share transactions		(1,321,553	)		(158,857,172	)		36,836,875			20,022,512			(30,837	)		2,612,404
Net increase (decrease) in net assets		24,959,005			(155,043,465	)		61,615,806			38,792,599			7,332,545			6,408,730
Net assets at the beginning of period		742,908,301			897,951,766			307,392,037			268,599,438			72,695,079			66,286,349
Net assets at the end of period	$	767,867,306		$	742,908,301		$	369,007,843		$	307,392,037		$	80,027,624		$	72,695,079
Undistributed (Over-distribution of) net investment income at the end of period	$	1,732,028		$	2,136,039		$	1,248,144		$	885,629		$	408,776		$	255,816

N/A - Mid Cap Index and Small Cap Index do not offer Class B Shares.

   (1) - Effective January 18, 2011, Class R Shares and Class Y Shares previously offered by FAF Advisors, Inc. were renamed Class R3 Shares and Class I   Shares, respectively.

See accompanying notes to financial statements.

Nuveen Investments 85

Financial Highlights (Unaudited)

Selected data for a share outstanding throughout each period:
Class (Commencement Date)
			Investment Operations								Less Distributions
EQUITY INDEX
Year Ended October 31,	Beginning Net Asset Value		Net Invest- ment Income (Loss)(a)		Net Realized/ Unrealized Gain (Loss)			Total			Net Invest- ment Income			Capital Gains(b)			Total			Ending Net Asset Value
Class A (12/92)
2012(f)	$	21.44	$	.16	$	2.25		$	2.41		$	(.18	)	$	(1.56	)	$	(1.74	)	$	22.11
2011		21.51		.30		1.26			1.56			(.26	)		(1.37	)		(1.63	)		21.44
2010		18.86		.29		2.70			2.99			(.30	)		(.04	)		(.34	)		21.51
2009		17.61		.34		1.27			1.61			(.36	)		—			(.36	)		18.86
2008		28.67		.42		(10.57	)		(10.15	)		(.38	)		(.53	)		(.91	)		17.61
2007		25.80		.37		3.16			3.53			(.36	)		(.30	)		(.66	)		28.67
Class B (8/94)
2012(f)		21.10		.09		2.19			2.28			(.09	)		(1.56	)		(1.65	)		21.73
2011		21.19		.14		1.24			1.38			(.10	)		(1.37	)		(1.47	)		21.10
2010		18.58		.13		2.66			2.79			(.14	)		(.04	)		(.18	)		21.19
2009		17.35		.22		1.25			1.47			(.24	)		—			(.24	)		18.58
2008		28.27		.24		(10.42	)		(10.18	)		(.21	)		(.53	)		(.74	)		17.35
2007		25.47		.17		3.11			3.28			(.18	)		(.30	)		(.48	)		28.27
Class C (2/99)
2012(f)		21.24		.08		2.23			2.31			(.10	)		(1.56	)		(1.66	)		21.89
2011		21.32		.13		1.26			1.39			(.10	)		(1.37	)		(1.47	)		21.24
2010		18.70		.13		2.67			2.80			(.14	)		(.04	)		(.18	)		21.32
2009		17.46		.21		1.26			1.47			(.23	)		—			(.23	)		18.70
2008		28.45		.24		(10.48	)		(10.24	)		(.22	)		(.53	)		(.75	)		17.46
2007		25.62		.17		3.14			3.31			(.18	)		(.30	)		(.48	)		28.45
Class R3 (9/01)(e)
2012(f)		21.40		.13		2.24			2.37			(.15	)		(1.56	)		(1.71	)		22.06
2011		21.47		.25		1.26			1.51			(.21	)		(1.37	)		(1.58	)		21.40
2010		18.83		.23		2.70			2.93			(.25	)		(.04	)		(.29	)		21.47
2009		17.58		.29		1.28			1.57			(.32	)		—			(.32	)		18.83
2008		28.63		.35		(10.54	)		(10.19	)		(.33	)		(.53	)		(.86	)		17.58
2007		25.77		.29		3.17			3.46			(.30	)		(.30	)		(.60	)		28.63
Class I (2/94)(e)
2012(f)		21.43		.19		2.24			2.43			(.20	)		(1.56	)		(1.76	)		22.10
2011		21.50		.36		1.26			1.62			(.32	)		(1.37	)		(1.69	)		21.43
2010		18.86		.34		2.69			3.03			(.35	)		(.04	)		(.39	)		21.50
2009		17.61		.38		1.27			1.65			(.40	)		—			(.40	)		18.86
2008		28.66		.48		(10.56	)		(10.08	)		(.44	)		(.53	)		(.97	)		17.61
2007		25.79		.44		3.16			3.60			(.43	)		(.30	)		(.73	)		28.66

86 Nuveen Investments

			Ratios/Supplemental Data
					Ratios to Average Net Assets Before Reimbursement						Ratios to Average Net Assets After Reimbursement(d)
Total Return(c)			Ending Net Assets (000)		Expenses			Net Invest- ment Income (Loss)			Expenses			Net Invest- ment Income (Loss)			Portfolio Turnover Rate
	12.42	%	$	134,802		.71	%*		1.46	%*		.62	%*		1.55	%*		1	%
	7.41			119,172		.70			1.29			.62			1.37			2
	15.94			119,761		.79			1.23			.61			1.41			4
	9.51			115,213		.79			1.86			.62			2.03			10
	(36.35	)		114,654		.78			1.58			.62			1.74			4
	13.93			213,957		.76			1.23			.62			1.37			4
	12.00			3,310		1.46	*		.75	*		1.37	*		.84	*		1
	6.60			4,227		1.45			.55			1.37			.63			2
	15.07			7,351		1.54			.49			1.36			.67			4
	8.69			9,822		1.54			1.16			1.37			1.33			10
	(36.82	)		12,856		1.53			.83			1.37			.99			4
	13.05			31,343		1.51			.49			1.37			.63			4
	12.02			8,530		1.46	*		.72	*		1.37	*		.81	*		1
	6.61			8,261		1.45			.55			1.37			.62			2
	15.05			8,651		1.54			.48			1.36			.66			4
	8.69			8,661		1.54			1.14			1.37			1.31			10
	(36.83	)		9,784		1.53			.83			1.37			.99			4
	13.09			19,585		1.51			.48			1.37			.62			4
	12.26			27,429		.97	*		1.15	*		.87	*		1.24	*		1
	7.15			14,218		.95			1.06			.87			1.13			2
	15.63			12,979		1.04			.97			.86			1.15			4
	9.27			10,915		1.04			1.56			.87			1.73			10
	(36.51	)		9,463		1.03			1.33			.87			1.49			4
	13.65			7,230		1.01			.93			.87			1.07			4
	12.56			593,797		.46	*		1.73	*		.37	*		1.82	*		1
	7.68			597,030		.45			1.55			.37			1.63			2
	16.18			749,210		.54			1.48			.36			1.66			4
	9.78			827,145		.54			2.14			.37			2.31			10
	(36.18	)		954,582		.53			1.83			.37			1.99			4
	14.22			1,714,008		.51			1.48			.37			1.62			4

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

(b) Distributions from Capital Gains include short-term capital gains, if any.

(c) 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 returns are not annualized.

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

(e) Effective January 18, 2011, Class R Shares and Class Y Shares previously offered by FAF Advisors, Inc. were renamed Class R3 Shares and Class I Shares, respectively.

(f) For the six months ended April 30, 2012.

* Annualized.

See accompanying notes to financial statements.

Nuveen Investments 87

Financial Highlights (Unaudited)(continued)

Selected data for a share outstanding throughout each period:
Class (Commencement Date)
			Investment Operations									Less Distributions
MID CAP INDEX
Year Ended October 31,	Beginning Net Asset Value		Net Invest- ment Income (Loss)(a)			Net Realized/ Unrealized Gain (Loss)			Total			Net Invest- ment Income			Capital Gains(b)			Total			Ending Net Asset Value
Class A (11/99)
2012(f)	$	12.87	$	.05		$	1.43		$	1.48		$	(.03	)	$	(.48	)	$	(.51	)	$	13.84
2011		11.98		.05			.92			.97			(.08	)		—			(.08	)		12.87
2010		9.52		.09			2.45			2.54			(.08	)		—			(.08	)		11.98
2009		8.83		.09			1.27			1.36			(.07	)		(.60	)		(.67	)		9.52
2008		15.69		.13			(5.30	)		(5.17	)		(.10	)		(1.59	)		(1.69	)		8.83
2007		14.25		.15			2.08			2.23			(.13	)		(.66	)		(.79	)		15.69
Class C (9/01)
2012(f)		12.51		—			1.38			1.38			—			(.48	)		(.48	)		13.41
2011		11.67		(.05	)		.89			.84			—			—			—			12.51
2010		9.28		.01			2.39			2.40			(.01	)		—			(.01	)		11.67
2009		8.64		.04			1.23			1.27			(.03	)		(.60	)		(.63	)		9.28
2008		15.41		.04			(5.19	)		(5.15	)		(.03	)		(1.59	)		(1.62	)		8.64
2007		14.03		.04			2.03			2.07			(.03	)		(.66	)		(.69	)		15.41
Class R3 (11/00)(e)
2012(f)		12.73		.03			1.41			1.44			—			(.48	)		(.48	)		13.69
2011		11.86		.01			.92			.93			(.06	)		—			(.06	)		12.73
2010		9.43		.06			2.43			2.49			(.06	)		—			(.06	)		11.86
2009		8.76		.07			1.26			1.33			(.06	)		(.60	)		(.66	)		9.43
2008		15.60		.10			(5.27	)		(5.17	)		(.08	)		(1.59	)		(1.67	)		8.76
2007		14.19		.11			2.07			2.18			(.11	)		(.66	)		(.77	)		15.60
Class I (11/99)(e)
2012(f)		12.92		.06			1.44			1.50			(.06	)		(.48	)		(.54	)		13.88
2011		12.03		.08			.91			.99			(.10	)		—			(.10	)		12.92
2010		9.55		.12			2.46			2.58			(.10	)		—			(.10	)		12.03
2009		8.84		.12			1.27			1.39			(.08	)		(.60	)		(.68	)		9.55
2008		15.70		.17			(5.31	)		(5.14	)		(.13	)		(1.59	)		(1.72	)		8.84
2007		14.27		.19			2.07			2.26			(.17	)		(.66	)		(.83	)		15.70

88 Nuveen Investments

			Ratios/Supplemental Data
					Ratios to Average Net Assets Before Reimbursement						Ratios to Average Net Assets After Reimbursement(d)
Total Return(c)			Ending Net Assets (000)		Expenses			Net Invest- ment Income (Loss)			Expenses			Net Invest- ment Income (Loss)			Portfolio Turnover Rate
	12.13	%	$	95,171		.82	%*		.63	%*		.74	%*		.70	%*		4	%
	8.07			68,856		.79			.32			.75			.36			23
	26.79			36,499		.86			.70			.74			.82			8
	17.53			22,766		.92			.98			.75			1.15			18
	(36.46	)		11,374		.84			.94			.74			1.04			15
	16.32			17,868		.81			.96			.75			1.02			15
	11.68			3,435		1.56	*		(.10	)*		1.49	*		(.03	)*		4
	7.20			3,302		1.53			(.42	)		1.50			(.39	)		23
	25.86			3,100		1.61			(.05	)		1.49			.07			8
	16.68			2,766		1.67			.31			1.50			.48			18
	(36.91	)		3,101		1.58			.20			1.48			.30			15
	15.39			5,287		1.56			.22			1.50			.28			15
	11.96			99,527		1.07	*		.37	*		.99	*		.45	*		4
	7.83			65,060		1.04			.07			1.00			.11			23
	26.48			26,458		1.11			.44			.99			.56			8
	17.29			12,212		1.17			.72			1.00			.89			18
	(36.66	)		8,157		1.10			.70			1.00			.80			15
	16.01			5,913		1.06			.72			1.00			.78			15
	12.30			170,874		.56	*		.91	*		.49	*		.98	*		4
	8.23			170,174		.53			.59			.50			.63			23
	27.13			202,542		.61			.95			.49			1.07			8
	17.92			163,432		.67			1.30			.50			1.47			18
	(36.31	)		177,038		.59			1.19			.49			1.29			15
	16.52			333,784		.56			1.23			.50			1.29			15

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

(b) Distributions from Capital Gains include short-term capital gains, if any.

(c) 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 returns are not annualized.

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

(e) Effective January 18, 2011, Class R Shares and Class Y Shares previously offered by FAF Advisors, Inc. were renamed Class R3 Shares and Class I Shares, respectively.

(f) For the six months ended April 30, 2012.

* Annualized.

See accompanying notes to financial statements.

Nuveen Investments 89

Financial Highlights (Unaudited) (continued)

Selected data for a share outstanding throughout each period:
Class (Commencement Date)
			Investment Operations									Less Distributions
SMALL CAP INDEX
Year Ended October 31,	Beginning Net Asset Value		Net Invest- ment Income (Loss)(a)			Net Realized/ Unrealized Gain (Loss)			Total			Net Invest- ment Income			Capital Gains(b)			Total			Ending Net Asset Value
Class A (12/98)
2012(f)	$	10.43	$	.06		$	1.06		$	1.12		$	(.03	)	$	—		$	(.03	)	$	11.52
2011		9.89		.05			.55			.60			(.06	)		—			(.06	)		10.43
2010		7.90		.05			1.99			2.04			(.05	)		—			(.05	)		9.89
2009		8.91		.06			.27			.33			(.07	)		(1.27	)		(1.34	)		7.90
2008		15.37		.13			(4.88	)		(4.75	)		(.10	)		(1.61	)		(1.71	)		8.91
2007		16.23		.14			1.13			1.27			(.12	)		(2.01	)		(2.13	)		15.37
Class C (9/01)
2012(f)		10.02		.02			1.01			1.03			—			—			—			11.05
2011		9.52		(.03	)		.53			.50			—			—			—			10.02
2010		7.62		(.02	)		1.92			1.90			—			—			—			9.52
2009		8.66		.01			.26			.27			(.04	)		(1.27	)		(1.31	)		7.62
2008		15.02		.04			(4.76	)		(4.72	)		(.03	)		(1.61	)		(1.64	)		8.66
2007		15.92		.03			1.10			1.13			(.02	)		(2.01	)		(2.03	)		15.02
Class R3 (12/98)(e)
2012(f)		10.18		.04			1.03			1.07			—			—			—			11.25
2011		9.66		.03			.53			.56			(.04	)		—			(.04	)		10.18
2010		7.73		.03			1.94			1.97			(.04	)		—			(.04	)		9.66
2009		8.76		.04			.26			.30			(.06	)		(1.27	)		(1.33	)		7.73
2008		15.16		.10			(4.81	)		(4.71	)		(.08	)		(1.61	)		(1.69	)		8.76
2007		16.04		.11			1.11			1.22			(.09	)		(2.01	)		(2.10	)		15.16
Class I (12/98)(e)
2012(f)		10.46		.07			1.06			1.13			(.06	)		—			(.06	)		11.53
2011		9.91		.08			.55			.63			(.08	)		—			(.08	)		10.46
2010		7.91		.07			2.00			2.07			(.07	)		—			(.07	)		9.91
2009		8.92		.09			.25			.34			(.08	)		(1.27	)		(1.35	)		7.91
2008		15.37		.16			(4.88	)		(4.72	)		(.12	)		(1.61	)		(1.73	)		8.92
2007		16.23		.18			1.13			1.31			(.16	)		(2.01	)		(2.17	)		15.37

90 Nuveen Investments

			Ratios/Supplemental Data
					Ratios to Average Net Assets Before Reimbursement						Ratios to Average Net Assets After Reimbursement(d)
Total Return(c)			Ending Net Assets (000)		Expenses			Net Invest- ment Income (Loss)			Expenses			Net Invest- ment Income (Loss)			Portfolio Turnover Rate
	10.76	%	$	25,383		1.26	%*		.62	%*		.83	%*		1.05	%*		7	%
	6.03			19,406		1.17			.15			.83			.50			14
	25.91			12,667		1.49			(.15	)		.79			.55			12
	6.34			8,591		1.66			.03			.82			.87			22
	(34.15	)		6,043		1.31			.60			.82			1.09			19
	8.56			9,109		1.12			.63			.83			.92			12
	10.28			1,219		1.98	*		(.12	)*		1.58	*		.29	*		7
	5.25			1,330		1.90			(.58	)		1.58			(.26	)		14
	24.93			1,645		2.24			(.90	)		1.54			(.20	)		12
	5.60			1,380		2.41			(.67	)		1.57			.17			22
	(34.67	)		1,531		2.06			(.15	)		1.57			.34			19
	7.78			2,916		1.87			(.12	)		1.58			.17			12
	10.54			17,803		1.52	*		.36	*		1.08	*		.80	*		7
	5.79			11,824		1.44			(.12	)		1.08			.24			14
	25.55			4,795		1.74			(.40	)		1.04			.30			12
	6.08			2,512		1.91			(.29	)		1.07			.55			22
	(34.33	)		1,121		1.57			.38			1.08			.87			19
	8.34			703		1.37			.43			1.08			.71			12
	10.83			35,623		.98	*		.89	*		.58	*		1.29	*		7
	6.33			40,135		.90			.42			.58			.75			14
	26.22			47,179		1.24			.10			.54			.80			12
	6.50			43,179		1.41			.35			.57			1.19			22
	(33.95	)		54,932		1.06			.84			.57			1.33			19
	8.84			114,343		.87			.87			.58			1.16			12

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

(b) Distributions from Capital Gains include short-term capital gains, if any.

(c) 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 returns are not annualized.

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

(e) Effective January 18, 2011, Class R Shares and Class Y Shares previously offered by FAF Advisors, Inc. were renamed Class R3 Shares and Class I Shares, respectively.

(f) For the six months ended April 30, 2012.

* Annualized.

See accompanying notes to financial statements.

Nuveen Investments 91

Notes to Financial Statements (Unaudited)

1. General Information and Significant Accounting Policies

General Information

Nuveen Investment Funds, Inc. (the “Trust”), is an open-end investment company registered under the Investment Company Act of 1940, as amended. The Trust is comprised of Nuveen Equity Index Fund (“Equity Index”), Nuveen Mid Cap Index Fund (“Mid Cap Index”) and Nuveen Small Cap Index Fund (“Small Cap Index”) (each a “Fund” and collectively, the “Funds”), among others. The Trust was incorporated in the state of Maryland on August 20, 1987.

Equity Index’s investment objective is to provide investment results that correspond to the performance of the Standard & Poor’s 500^® Index (S&P 500 Index). Mid Cap Index’s investment objective is to provide investment results that correspond to the performance of the Standard & Poor’s MidCap 400^® Index (S&P MidCap 400 Index). Small Cap Index’s investment objective is to provide investment results that correspond to the performance of the Russell^® 2000 Index.

Under normal market conditions, each Fund generally invests at least 90% of its net assets (plus the amount of any borrowings for investment purposes) in common stocks included in its corresponding index. Each Fund also may invest in stock index futures contracts, options on stock indices and options on stock index futures (“derivatives”) on its corresponding index. Each Fund may make these investments to maintain the liquidity needed to meet redemption requests, to increase the level of Fund assets devoted to replicating the composition of its corresponding index and to reduce transaction costs.

Each Fund’s most recent prospectus provides further descriptions of each Fund’s investment objective, principal investment strategies and principal risks.

Significant Accounting Policies

The following is a summary of significant accounting policies followed by the Funds in the preparation of their financial statements in accordance with accounting principles generally accepted in the United States (“U.S. GAAP”).

Investment Valuation

Common stocks and other equity-type securities are valued at the last sales price on the securities exchange on which such securities are primarily traded and are generally classified as Level 1 for fair value measurement purposes. Securities primarily traded on the NASDAQ National Market (“NASDAQ”) are valued, except as indicated below, at the NASDAQ Official Closing Price and are generally classified as Level 1. However, securities traded on a securities exchange or NASDAQ for which there were no transactions on a given day or securities not listed on a securities exchange or NASDAQ are valued at the quoted bid price and are generally classified as Level 2. Prices of certain American Depositary Receipts (“ADR”) held by the Funds that trade in the United States are valued based on the last traded price, official closing price, or the most recent bid price of the underlying non-U.S.-traded stock, adjusted as appropriate for the underlying-to-ADR conversion ratio and foreign exchange rate, and from time-to-time may also be adjusted further to take into account material events that may take place after the close of the local non-U.S. market but before the close of the New York Stock Exchange. These securities generally represent a transfer from a Level 1 to a Level 2 security.

Investments in investment companies are valued at their respective net asset values on the valuation date. These investment vehicles are generally classified as Level 1.

Prices of fixed-income securities are provided by a pricing service approved by the Funds’ Board of Directors. These securities are generally classified as Level 2. The pricing service establishes a security’s fair value using methods that may include consideration of the following: yields or prices of investments of comparable quality, type of issue, coupon, maturity and rating, market quotes or indications of value from security dealers, evaluations of anticipated cash flows or collateral, general market conditions and other information and analysis, including the obligor’s credit characteristics considered relevant. In pricing certain securities, particularly less liquid and lower quality securities, the pricing service may consider information about a security, its issuer, or market activity provided by Nuveen Fund Advisors, Inc. (the “Advisor”), a wholly-owned subsidiary of Nuveen Investments, Inc. (“Nuveen”). These securities are generally classified as Level 2 or Level 3 depending on the priority of the significant inputs.

Futures contracts are valued using the closing settlement price or, in the absence of such a price, the last traded price. Futures contracts are generally classified as Level 1.

Certain securities may not be able to be priced by the pre-established pricing methods as described above. Such securities may be valued by the Funds’ Board of Directors or its designee at fair value. These securities generally include, but are not limited to, restricted securities (securities which may not be publicly sold without registration under the Securities Act of 1933, as amended) for which a pricing service is unable to provide a market price; securities whose trading has been formally suspended; debt securities that have gone into default and for which there is no current market quotation; a security whose market price is not available from a pre-established pricing source; a security with respect to which an event has occurred that is likely to materially affect the value of the security after the market has closed but before the calculation of a Fund’s net asset value (as may be the case in non-U.S. markets on which the security is primarily traded) or make it difficult or impossible to obtain a reliable market quotation; and a security whose price, as provided by the pricing service, is not deemed to reflect the security’s fair value. As a general principle, the fair value of a security would appear to be the amount that the owner might reasonably expect to receive for it in a current sale. A variety of factors may be considered in determining the fair value of such securities, which may include consideration of the following: yields or prices of investments of comparable quality, type of issue, coupon, maturity and rating, market quotes or indications of value from security

92 Nuveen Investments

dealers, evaluations of anticipated cash flows or collateral, general market conditions and other information and analysis, including the obligor’s credit characteristics considered relevant. These securities are generally classified as Level 2 or Level 3 depending on the priority of the significant inputs. Regardless of the method employed to value a particular security, all valuations are subject to review by the Funds’ Board of Directors or its designee.

Refer to Footnote 2 – Fair Value Measurements for further details on the leveling of securities held by the Funds as of the end of the reporting period.

Investment Transactions

Investment transactions are recorded on a trade date basis. Realized gains and losses from investment transactions are determined on the specific identification method, which is the same basis used for federal income tax purposes.

Investment Income

Dividend income is recorded on the ex-dividend date or, for foreign securities, when information is available. Interest income, which reflects the amortization of premiums and includes accretion of discounts for financial reporting purposes is recorded on an accrual basis. Securities lending income is comprised of fees earned from borrowers and income earned on cash collateral investments, net of lending agent fees.

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 (“RICs”). 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 are declared and distributed to shareholders annually for Mid Cap Index and Small Cap Index and quarterly for Equity Index. Dividends from net realized capital gains from investment transactions, if any, are declared and distributed to shareholders at least annually. Furthermore, capital gains are distributed only to the extent they exceed available capital loss carryforwards.

Distributions to shareholders are recorded on the ex-dividend date. The amount and timing of distributions are determined in accordance with federal income tax regulations, which may differ from U.S. GAAP.

Mid Cap Index and Small Cap Index receive substantial distributions from holdings in Real Estate Investment Trusts (“REITs”). Distributions from REITs may be characterized as ordinary income, net capital gain, or a return of capital to the REIT shareholder. The proper characterization of REIT distributions is generally not known until after the end of each calendar year. As such, the Funds must use estimates in reporting the character of their income and distributions for financial statement purposes. The actual character of distributions to Fund shareholders will be reflected on the Form 1099 received by shareholders after the end of the calendar year. Due to the nature of REIT investments, a portion of the distributions received by the Fund shareholder may represent a return of capital.

Flexible Sales Charge Program

The Funds only issue Class A Shares for purchase by certain retirement plans and by qualifying clients of investment advisers, financial planners or other financial intermediaries that charge periodic or asset-based fees for their services. Class A Shares are offered to those investors at their net asset value per share with no up-front sales charge. Equity Index will issue Class B shares upon the exchange of Class B Shares from another Nuveen mutual fund or for purposes of dividend reinvestment, but Class B Shares are not available for new accounts or for additional investment into existing accounts. Class B Shares incur a .75% annual 12b-1 distribution fee and a .25% annual 12b-1 service fee. Class B Shares are subject to a contingent deferred sales charge (“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 automatically 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 twelve months of purchase. Class R3 Shares are sold without an up-front sales charge but incur a .25% annual 12b-1 distribution and a .25% annual service fee. Class I Shares are not subject to any sales charge or 12b-1 distribution or service fees.

Futures Contracts

Each Fund is subject to equity price risk in the normal course of pursuing its investment objectives and is authorized to invest in futures contracts in an attempt to manage such risk. Upon entering into a futures contract, a Fund is required to deposit with the broker an amount of cash or liquid securities equal to a specified percentage of the contract amount. This is known as the “initial margin.” Cash held by the broker to cover initial margin requirements on open futures contracts, if any, is recognized as “Deposits with brokers for open futures contracts” on the Statement of Assets and Liabilities. Subsequent payments (“variation margin”) are made or received by a Fund each day, depending on the daily fluctuation of the value of the contract. Variation margin is recognized as a receivable or payable for “Variation margin on futures contracts” on the Statement of Assets and Liabilities, when applicable.

Nuveen Investments 93

Notes to Financial Statements (Unaudited)(continued)

During the period the futures contract is open, changes in the value of the contract are recognized as an unrealized gain or loss by “marking-to-market” on a daily basis to reflect the changes in market value of the contract, which is recognized as a component of “Change in net unrealized appreciation (depreciation) of futures contracts” 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, which is recognized as a component of “Net realized gain (loss) from futures contracts” on the Statement of Operations.

Risks of investments in futures contracts include the possible adverse movement in the price of the securities or indices underlying the contracts, the possibility that there may not be a liquid secondary market for the contracts and/or that a change in the value of the contract may not correlate with a change in the value of the underlying securities or indices.

During the six months ended April 30, 2012, Equity Index invested in S&P 500 Index futures to convert cash into the equivalent of an S&P 500 Index holding in order to manage cash flow activity and minimize tracking error to the Fund’s benchmark index. Mid Cap Index invested in S&P Mid 400 Index futures to convert cash into the equivalent of an S&P Mid 400 Index holding in order to manage cash flow activity and minimize tracking error to the Fund’s benchmark index. Small Cap Index invested in Russell 2000 Index futures to convert cash into the equivalent of a Russell 2000 Index holding in order to manage cash flow activity and minimize tracking error to the Fund’s benchmark index.

The average number of futures contracts outstanding during the six months ended April 30, 2012, were as follows:

	Equity Index		Mid Cap Index		Small Cap Index
Average number of futures contracts outstanding*		108		267		63

* The average number of outstanding contracts is calculated based on the outstanding number of contracts at the beginning of the fiscal year and at the end of each fiscal quarter within the current fiscal year.

Refer to Footnote 3 – Derivative Instruments and Hedging Activities for further details on futures contracts activity.

Market and Counterparty Credit Risk

In the normal course of business each Fund may invest in financial instruments and enter into financial transactions where risk of potential loss exists due to changes in the market (market risk) or failure of the other party to the transaction to perform (counterparty credit risk). The potential loss could exceed the value of the financial assets recorded on the financial statements. Financial assets, which potentially expose each Fund to counterparty credit risk, consist principally of cash due from counterparties on forward, option and swap transactions, when applicable. The extent of each Fund’s exposure to counterparty credit risk in respect to these financial assets approximates their carrying value as recorded on the Statement of Assets and Liabilities. Futures contracts, when applicable, expose a Fund to minimal counterparty credit risk as they are exchange traded and the exchange’s clearinghouse, which is counterparty to all exchange traded futures, guarantees the futures contracts against default.

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

Multiclass Operations and Allocations

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

Income, realized and unrealized capital gains and losses of the Funds are prorated among the classes based on the relative net assets of each class.

Securities Lending

In order to generate additional income, each Fund may lend securities representing up to one-third of the value of its total assets (which includes collateral for securities on loan) to broker-dealers, banks or other institutions. Each Fund’s policy is to receive cash collateral equal to at least 102% of the value of securities loaned, which is recognized as “Collateral from securities lending program” on the Statement of Assets and Liabilities. The adequacy of the collateral is monitored on a daily basis. If the value of the securities on loan increases, such that the level of collateralization falls below 102%, additional collateral is received from the borrower, which is recognized as “Due from broker” on the Statement of Assets and Liabilities, when applicable. As with other extensions of credit, there may be risks of delay in recovery of the securities or even loss of rights in the collateral should the borrower of the security fail financially.

94 Nuveen Investments

The Funds’ custodian serves as the securities lending agent for the Funds. Each Fund pays the custodian a fee based on the Fund’s proportional share of the custodian’s expense of operating its securities lending program. Collateral for securities on loan is invested in a money market fund, which is recognized as “Investments purchased with collateral from securities lending” on the Statement of Assets and Liabilities.

Income from securities lending, net of fees paid, is recognized on the Statement of Operations as “Securities lending income.” Securities lending fees paid by each Fund during the six months ended April 30, 2012, were as follows:

	Equity Index		Mid Cap Index		Small Cap Index
Securities lending fees paid	$	20,828	$	16,385	$	14,146

Indemnifications

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

Use of Estimates

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

2. Fair Value Measurements

Fair value is defined as the price that the Funds would receive upon selling an investment or transferring a liability in an orderly transaction to an independent buyer in the principal or most advantageous market for the investment. A three-tier hierarchy is used to maximize the use of observable market data and minimize the use of unobservable inputs and to establish classification of fair value measurements for disclosure purposes. Observable inputs reflect the assumptions market participants would use in pricing the asset or liability. Observable inputs are based on market data obtained from sources independent of the reporting entity. Unobservable inputs reflect the reporting entity’s own assumptions about the assumptions market participants would use in pricing the asset or liability. Unobservable inputs are based on the best information available in the circumstances. The three-tier hierarchy of inputs is summarized in the three broad levels listed below:

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

The inputs or methodologies used for valuing securities are not an indication of the risk associated with investing in those securities. The following is a summary of each Fund’s fair value measurements as of April 30, 2012:

Equity Index	Level 1		Level 2		Level 3		Total
Long-Term Investments:
Common Stocks	$	743,663,329	$	—	$	—	$	743,663,329
Investments Purchased with Collateral from Securities Lending		91,559,442		—		—		91,559,442
Short-Term Investments:
Money Market Funds		18,203,383		—		—		18,203,383
U.S. Government & Agency Obligations		—		6,396,781		—		6,396,781
Derivatives:
Futures Contracts*		343,649		—		—		343,649
Total	$	853,769,803	$	6,396,781	$	—	$	860,166,584

Mid Cap Index	Level 1		Level 2		Level 3		Total
Long-Term Investments:
Common Stocks	$	341,690,150	$	—	$	—	$	341,690,150
Investments Purchased with Collateral from Securities Lending		131,577,685		—		—		131,577,685
Short-Term Investments:
Money Market Funds		26,578,634		—		—		26,578,634
U.S. Government & Agency Obligations		—		2,348,818		—		2,348,818
Derivatives:
Futures Contracts*		521,631		—		—		521,631
Total	$	500,368,100	$	2,348,818	$	—	$	502,716,918

* Represents net unrealized appreciation (depreciation) as reported in the Fund’s Portfolio of Investments.

Nuveen Investments 95

Notes to Financial Statements (Unaudited)(continued)

Small Cap Index	Level 1		Level 2		Level 3			Total
Long-Term Investments:
Common Stocks	$	77,064,704	$	—	$	—		$	77,064,704
Rights		—		—		—	**		—	**
Warrants		—		—		473			473
Investments Purchased with Collateral from Securities Lending		37,587,463		—		—			37,587,463
Short-Term Investments:
Money Market Funds		2,725,729		—		—			2,725,729
U.S. Government & Agency Obligations		—		619,688		—			619,688
Derivatives:
Futures Contracts*		31,361		—		—			31,361
Total	$	117,409,257	$	619,688	$	473		$	118,029,418

* Represents net unrealized appreciation (depreciation) as reported in the Fund’s Portfolio of Investments.

** Level 3 security has a market value of zero.

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

	Mid Cap Index Level 3 Common Stocks
Balance at the beginning of period	$	—	**
Gains (losses):
Net realized gains (losses)		—
Net change in unrealized appreciation (depreciation)		—
Purchases at cost		—
Sales at proceeds		—
Net discounts (premiums)		—
Transfers in to		—
Transfers out of		—
Balance at the end of period	$	—

	Small Cap Index Level 3 Common Stocks			Small Cap Index Level 3 Rights			Small Cap Index Level 3 Warrants			Small Cap Index Level 3 Total
Balance at the beginning of period	$	2,712		$	—	**	$	524		$	3,236
Gains (losses):
Net realized gains (losses)		(90,474	)		—			—			(90,474	)
Net change in unrealized appreciation (depreciation)		90,339			—			(51	)		90,288
Purchases at cost		—			—			—			—
Sales at proceeds		(2,577	)		—			—			(2,577	)
Net discounts (premiums)		—			—			—			—
Transfers in to		—			—			—			—
Transfers out of		—			—			—			—
Balance at the end of period	$	—		$	—	**	$	473		$	473
Change in net unrealized appreciation (depreciation) during the period of Level 3 securities held as of April 30, 2012	$	—		$	—		$	(51	)	$	—

** Level 3 security has a market value of zero.

During the six months ended April 30, 2012, the Fund recognized no significant transfers to or from Level 1, Level 2 or Level 3.

3. Derivative Instruments and Hedging Activities

The Funds record derivative instruments at fair value, with changes in fair value recognized on the Statement of Operations, when applicable. Even though the Funds’ investments in derivatives may represent economic hedges, they are not considered to be hedge transactions for financial reporting purposes. For additional information on the derivative instruments in which each Fund was invested during and at the end of the reporting period, refer to the Portfolios of Investments, Financial Statements and Footnote 1 – General Information and Significant Accounting Policies.

96 Nuveen Investments

The following tables present the fair value of all derivative instruments held by the Funds as of April 30, 2012, the location of these instruments on the Statement of Assets and Liabilities and the primary underlying risk exposure.

Equity Index
		Location on the Statement of Assets and Liabilities
Underlying Risk Exposure	Derivative Instrument	Asset Derivatives			Liability Derivatives
		Location	Value		Location	Value
Equity	Futures     Contracts	Payable for variation margin on futures contracts*	$	343,649	—	$	—

Mid Cap Index
		Location on the Statement of Assets and Liabilities
Underlying Risk Exposure	Derivative Instrument	Asset Derivatives			Liability Derivatives
		Location	Value		Location	Value
Equity	Futures     Contracts	Payable for variation margin on futures contracts*	$	521,631	—	$	—

Small Cap Index
		Location on the Statement of Assets and Liabilities
Underlying Risk Exposure	Derivative Instrument	Asset Derivatives			Liability Derivatives
		Location	Value		Location	Value
Equity	Futures     Contracts	Payable for variation margin on futures contracts*	$	31,361	—	$	—

* Value represents cumulative gross unrealized appreciation (depreciation) of futures contracts as reported in the Fund’s Portfolio of Investments and not the deposits with brokers, if any, or the receivable or payable for variation margin on futures contracts presented on the Statement of Assets and Liabilities.

The following tables present the amount of net realized gain (loss) and change in net unrealized appreciation (depreciation) recognized for the six months ended April 30, 2012, on derivative instruments, as well as the primary risk exposure associated with each.

Net Realized Gain (Loss) from Futures Contracts	Equity Index		Mid Cap Index		Small Cap Index
Risk Exposure
Equity	$	3,435,676	$	2,801,870	$	779,219

Change in Net Unrealized Appreciation (Depreciation) of Futures Contracts	Equity Index		Mid Cap Index			Small Cap Index
Risk Exposure
Equity		$(916,544)	$	(984,639	)	$	(396,814	)

Nuveen Investments 97

Notes to Financial Statements (Unaudited) (continued)

4. Fund Shares

Transactions in Fund shares were as follows:

	Equity Index
	Six Months Ended 4/30/12						Year Ended 10/31/11
	Shares			Amount			Shares			Amount
Shares sold:
Class A		721,707		$	15,065,662			816,626		$	17,730,870
Class B		452			9,439			174			3,737
Class C		18,574			383,547			37,219			806,830
Class R3(1)		1,068,840			22,481,301			874,238			18,843,033
Class I(1)		1,931,775			41,367,407			3,253,969			70,569,858
Shares issued to shareholders due to reinvestment of distributions:
Class A		486,309			9,469,841			411,949			8,776,775
Class B		15,715			299,090			22,005			460,694
Class C		30,142			578,124			24,980			526,634
Class R3(1)		65,476			1,273,061			53,292			1,132,220
Class I(1)		1,696,829			33,028,079			1,697,028			36,161,240
		6,035,819			123,955,551			7,191,480			155,011,891
Shares redeemed:
Class A		(669,983	)		(14,324,364	)		(1,238,649	)		(27,109,684	)
Class B		(64,220	)		(1,355,215	)		(168,827	)		(3,677,889	)
Class C		(47,945	)		(991,656	)		(79,043	)		(1,706,016	)
Class R3(1)		(555,691	)		(11,681,460	)		(867,703	)		(18,863,985	)
Class I(1)		(4,621,325	)		(96,924,409	)		(11,941,637	)		(262,511,489	)
		(5,959,164	)		(125,277,104	)		(14,295,859	)		(313,869,063	)
Net increase (decrease)		76,655		$	(1,321,553	)		(7,104,379	)	$	(158,857,172	)
	Mid Cap Index
	Six Months Ended 4/30/12						Year Ended 10/31/11
	Shares			Amount			Shares			Amount
Shares sold:
Class A		2,297,372		$	30,006,808			3,592,756		$	47,969,185
Class C		17,634			228,213			77,394			1,029,313
Class R3(1)		2,479,439			32,355,501			4,088,313			53,833,459
Class I(1)		1,491,675			19,730,369			3,630,449			48,404,197
Shares issued to shareholders due to reinvestment of distributions:
Class A		232,338			2,749,626			18,543			243,472
Class C		9,633			110,394			—			—
Class R3(1)		226,691			2,645,480			11,361			147,814
Class I(1)		321,060			3,823,282			45,808			602,840
		7,075,842			91,649,673			11,464,624			152,230,280
Shares redeemed:
Class A		(1,001,689	)		(13,058,786	)		(1,306,952	)		(17,153,207	)
Class C		(35,124	)		(455,420	)		(79,166	)		(1,002,954	)
Class R3(1)		(546,683	)		(7,095,123	)		(1,217,533	)		(16,165,349	)
Class I(1)		(2,666,538	)		(34,203,469	)		(4,679,157	)		(62,871,313	)
Class I(1)-In-kind		—			—			(2,670,858	)		(35,014,943	)
		(4,250,034	)		(54,812,798	)		(9,953,666	)		(132,207,766	)
Net increase (decrease)		2,825,808		$	36,836,875			1,510,958		$	20,022,514

(1) Effective January 18, 2011, Class R Shares and Class Y Shares previously offered by FAF Advisors, Inc. were renamed Class R3 Shares and Class I Shares, respectively.

98 Nuveen Investments

	Small Cap Index
	Six Months Ended 4/30/12						Year Ended 10/31/11
	Shares			Amount			Shares			Amount
Shares sold:
Class A		673,100		$	7,303,292			1,149,404		$	12,460,157
Class C		6,173			67,116			24,621			265,641
Class R3(1)		585,144			6,318,597			1,009,181			10,725,448
Class I(1)		280,617			3,096,248			736,712			7,952,841
Shares issued to shareholders due to reinvestment of distributions:
Class A		5,536			58,018			7,019			77,632
Class C		—			—			—			—
Class R3(1)		308			3,152			2,020			21,831
Class I(1)		9,690			101,546			14,973			165,746
		1,560,568			16,947,969			2,943,930			31,669,296
Shares redeemed:
Class A		(335,268	)		(3,735,533	)		(576,592	)		(6,078,774	)
Class C		(28,581	)		(310,582	)		(64,662	)		(661,129	)
Class R3(1)		(165,205	)		(1,799,750	)		(345,704	)		(3,647,858	)
Class I(1)		(1,038,837	)		(11,132,941	)		(1,673,238	)		(18,669,132	)
		(1,567,891	)		(16,978,806	)		(2,660,196	)		(29,056,893	)
Net increase (decrease)		(7,323	)	$	(30,837	)		283,734		$	2,612,403

(1) Effective January 18, 2011, Class R Shares and Class Y Shares previously offered by FAF Advisors, Inc. were renamed Class R3 Shares and Class I Shares, respectively.

Class B Shares that converted to Class A Shares (reflected above as a component of Class A Shares sold and Class B Shares redeemed) during the six months ended April 30, 2012, and fiscal year ended October 31, 2011, were as follows:

Fund	Six Months Ended 4/30/12		Year Ended 10/31/11
Equity Index		48,438		115,186

5. Investment Transactions

Purchases and sales (including maturities but excluding investments purchased with collateral from securities lending, short-term investments and derivative transactions) during the six months ended April 30, 2012, were as follows:

	Equity Index		Mid Cap Index		Small Cap Index
Purchases	$	4,827,687	$	46,463,791	$	9,242,828
Sales and maturities		30,506,786		13,666,518		4,934,372

6. Income Tax Information

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

At April 30, 2012, the cost and unrealized appreciation (depreciation) of investments (excluding investments in derivatives), as determined on a federal income tax basis, were as follows:

	Equity Index			Mid Cap Index			Small Cap Index
Cost of investments	$	529,180,720		$	442,870,468		$	103,813,913
Gross unrealized:
Appreciation		388,852,464			81,427,172			24,030,603
Depreciation		(58,210,249	)		(22,102,353	)		(9,846,459	)
Net unrealized appreciation (depreciation) of investments	$	330,642,215		$	59,324,819		$	14,184,144

Nuveen Investments 99

Notes to Financial Statements (Unaudited)(continued)

Permanent differences, primarily due to tax equalization, redemption in-kind, distribution reclass and REIT adjustments, resulted in reclassifications among the Funds’ components of net assets at October 31, 2011, the Funds’ last tax year-end, as follows:

	Equity Index			Mid Cap Index			Small Cap Index
Capital paid-in	$	7,942,474		$	14,733,016		$	—
Undistributed (Over-distribution of) net investment income		(150,706	)		—			(18	)
Accumulated net realized gain (loss)		(7,791,768	)		(14,733,016	)		18

The tax components of undistributed net ordinary income and net long-term capital gains at October 31, 2011, the Funds’ last tax year end, were as follows:

	Equity Index		Mid Cap Index		Small Cap Index
Undistributed ordinary income*	$	3,408,540	$	1,291,412	$	264,307
Undistributed net long-term capital gains		51,934,511		11,190,512		—

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

The tax character of distributions paid during the Funds’ last tax year ended October 31, 2011, was designated for purposes of the dividends paid deduction as follows:

	Equity Index		Mid Cap Index		Small Cap Index
Distributions from net ordinary income*	$	14,500,272	$	1,851,088	$	485,479
Distributions from net long-term capital gains		52,878,282		—		—

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

At October 31, 2011, the Funds’ last tax year end, the following Fund 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:

	Small Cap Index
Expiration year:
October 31, 2017	$	610,815

During the Funds’ last tax year ended October 31, 2011, the following Funds utilized their capital loss carryforwards as follows:

	Mid Cap Index		Small Cap Index
Utilized capital loss carryforwards	$	250,924	$	5,034,731

7. Management Fees and Other Transactions with Affiliates

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

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

Average Daily Net Assets	Equity Index Fund-Level Fee Rate			Mid Cap Index Fund-Level Fee Rate			Small Cap Index Fund-Level Fee Rate
For the first $125 million		.1000	%		.1500	%		.1500	%
For the next $125 million		.0875	%		.1375	%		.1375	%
For the next $250 million		.0750	%		.1250	%		.1250	%
For the next $500 million		.0625	%		.1125	%		.1125	%
For the next $1 billion		.0500	%		.1000	%		.1000	%
For net assets over $2 billion		.0250	%		.0750	%		.0750	%

100 Nuveen Investments

The annual complex-level fee for each Fund, payable monthly, is determined by taking the complex-level fee rate, which is based on the aggregate amount of “eligible assets” of all Nuveen funds as set forth in the schedule below, and making, as appropriate, an upward adjustment to that rate based upon the percentage of the particular fund’s assets that are not “eligible assets.” The complex-level fee schedule for each Fund is as follows:

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

* The complex-level fee is calculated based upon the aggregate daily “eligible assets” of all Nuveen Funds. Eligible assets do not include assets attributable to investments in other Nuveen Funds or assets in excess of $2 billion added to the Nuveen Fund complex in connection with Nuveen Fund Advisors’ assumption of the management of the former First American Funds effective January 1, 2011. Eligible assets include closed-end fund assets managed by the Adviser that are attributable to financial leverage. For these purposes, financial leverage includes the closed-end funds’ use of preferred stock and borrowings and investments in the residual interest certificates (also called inverse floating rate securities) in tender option bond (TOB) trusts, including the portion of assets held by the TOB trust that has been effectively financed by the trust’s issuance of floating rate securities, subject to an agreement by the Adviser as to certain funds to limit the amount of such assets for determining eligible assets in certain circumstances. As of April 30, 2012, the complex-level fee rate for each of these Funds was as follows:

Fund	Complex-Level Fee Rate
Equity Index		.1998	%
Mid Cap Index		.1896	%
Small Cap Index		.1947	%

The management fee compensates the Adviser for overall investment advisory and administrative services and general office facilities. The Adviser is responsible for each Fund’s overall strategy and asset allocation decisions. The Adviser has entered into sub-advisory agreements with Nuveen Asset Management, LLC (the “Sub-Adviser”), a wholly-owned subsidiary of the Adviser, under which the Sub-Adviser manages the investment portfolios of the Funds. The Sub-Adviser will be compensated for its services to the Funds from the management fees paid to the Adviser.

The Adviser has agreed to waive fees and/or reimburse other Fund expenses of each Fund so that total annual Fund operating expenses, after waivers and/or expense reimbursements and excluding any acquired Fund fees and expenses, do not exceed the average daily net assets of any class of Fund shares in the amounts and for the time periods stated in the following table:

	Equity Index			Mid Cap Index			Small Cap Index
Class A Shares		.62	%		.75	%		.83	%
Class B Shares		1.37			N/A			N/A
Class C Shares		1.37			1.50			1.58
Class R3 Shares		.87			1.00			1.08
Class I Shares		.37			.50			.58
Expiration date		February 28, 2013			February 28, 2013			February 28, 2013

N/A – Mid Cap Index and Small Cap Index do not offer Class B Shares.

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

The Trust pays no compensation directly to those of its directors 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 Directors has adopted a deferred compensation plan for independent directors that enable directors 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.

Nuveen Investments 101

Notes to Financial Statements (Unaudited) (continued)

Class A Shares are offered at their net asset value per share with no up-front sales charge. During the six months ended April 30, 2012, Nuveen Securities, LLC (the “Distributor”), a wholly owned subsidiary of Nuveen, received 12b-1 service fees in Class A Shares, substantially all of which were paid to compensate financial intermediaries for providing services to shareholders relating to their investments.

During the six months ended April 30, 2012, the Distributor compensated financial intermediaries directly with commission advances at the time of purchase as follows:

	Equity Index		Mid Cap Index		Small Cap Index
Commission advances	$	2,500	$	1,982	$	633

All 12b-1 service and distribution fees collected on Class B and C Shares during the first year following a purchase were retained by the Distributor to compensate for commissions advanced to financial intermediaries. During the six months ended April 30, 2012, the Distributor retained such 12b-1 fees as follows:

	Equity Index		Mid Cap Index		Small Cap Index
12b-1 fees retained	$	20,779	$	4,543	$	4,054

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

The Distributor also collected and retained CDSC on share redemptions during the six months ended April 30, 2012, as follows:

	Equity Index		Mid Cap Index		Small Cap Index
CDSC retained	$	2,219	$	465	$	—

8. New Accounting Pronouncements

Fair Value Measurements and Disclosures

On May 12, 2011, the Financial Accounting Standards Board (“FASB”) issued Accounting Standards Update (“ASU”) No. 2011-04 (“ASU No. 2011-04”) modifying Topic 820, Fair Value Measurements and Disclosures. At the same time, the International Accounting Standards Board (“IASB”) issued International Financial Reporting Standard (“IFRS”) 13, Fair Value Measurement. The objective of the FASB and IASB is convergence of their guidance on fair value measurements and disclosures. Specifically, ASU No. 2011-04 requires reporting entities to disclose i) the amounts of any transfers between Level 1 and Level 2, and the reasons for the transfers and, ii) for Level 3 fair value measurements, a) quantitative information about significant unobservable inputs used, b) a description of the valuation processes used by the reporting entity and c) a narrative description of the sensitivity of the fair value measurement to changes in unobservable inputs if a change in those inputs might result in a significantly higher or lower fair value measurement. The effective date of ASU No. 2011-04 is for interim and annual periods beginning after December 15, 2011. At this time, management is evaluating the implications of this guidance and the impact it will have to the financial statement amounts and footnote disclosures, if any.

102 Nuveen Investments

Notes

Nuveen Investments 103

Notes

104 Nuveen Investments

Notes

Nuveen Investments 105

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 distributions and capital gains, if any) over the time period being considered.

Lipper S&P 500^® Index Objective Funds Classification Average: Represents the average annualized total return for all reporting funds in the Lipper S&P 500^® Index Objective Funds Classification. Lipper returns account for the effects of management fees and assume reinvestment of distributions but do not reflect any applicable sales charges.

Lipper Mid-Cap Core Funds Classification Average: Represents the average annualized total return for all reporting funds in the Lipper Mid-Cap Core Funds Classification. Lipper returns account for the effects of management fees and assume reinvestment of distributions but do not reflect any applicable sales charges.

Lipper Small-Cap Core Funds Classification Average: Represents the average annualized total return for all reporting funds in the Lipper Small-Cap Core Funds Classification. Lipper returns account for the effects of management fees and assume reinvestment of distributions but do not reflect any applicable sales charges.

Net Asset Value (NAV): The net market value of all securities held in a portfolio.

Net Asset Value (NAV) Per Share: The market value of one share of a mutual fund or closed-end fund. For a Fund, the NAV is calculated daily by taking the Fund’s total assets (securities, cash, and accrued earnings), subtracting the Fund’s liabilities, and dividing by the number of shares outstanding.

Russell 2000^® Index: An index that measures the performance of the small-cap segment of the U.S. equity universe. The Russell 2000 is a subset of the Russell 3000^® Index representing approximately 10% of the total market capitalization of that index. It includes approximately 2000 of the smallest securities based on a combination of their market cap and current index membership. The index returns assume reinvestment of distributions, but do not reflect any applicable sales charges or management fees.

S&P 500^® Index: An unmanaged index generally considered representative of the U.S. stock market. The index returns assume reinvestment of distributions, but do not reflect any applicable sales charges or management fees.

S&P MidCap 400^® Index: An unmanaged, market value-weighted index of 400 mid-cap companies. The index returns assume reinvestment of distributions, but do not reflect any applicable sales charges or management fees.

Tax Equalization: The practice of treating a portion of the distribution made to a redeeming shareholder, which represents his proportionate part of undistributed net investment income and capital gain as a distribution for tax purposes. Such amounts are referred to as the equalization debits (or payments) and will be considered a distribution to the shareholder of net investment income and capital gain for calculation of the Fund’s dividends paid deduction.

106 Nuveen Investments

Additional Fund Information

Fund Manager

Nuveen Fund Advisors, Inc.

333 West Wacker Drive

Chicago, IL 60606

Sub-Adviser

Nuveen Asset Management, LLC

333 West Wacker Drive

Chicago, IL 60606

Legal Counsel

Chapman and Cutler LLP

Chicago, IL

Independent Registered Public Accounting Firm*

PricewaterhouseCoopers LLP

Chicago, IL

Custodian

U.S. Bank National Association

St. Paul, MN

Transfer Agent and Shareholder Services

Boston Financial

Data Services, Inc.

Nuveen Investor Services

P.O. Box 8530

Boston, MA 02266-8530

(800) 257-8787

* The Board of Directors of the Funds, upon recommendation of the Audit Committee, engaged PricewaterhouseCoopers LLP as the Funds’ independent registered public accounting firm as of March 1, 2011. On December 30, 2011, Ernst & Young, LLP (“Ernst & Young”) completed its work on the October 31, 2011 audits and resigned as the independent registered public accounting firm of the Funds.

Ernst & Young’s report on the Funds’ financial statements for the most recent fiscal year contained no adverse opinion or disclaimer of opinion, and were not qualified or modified as to uncertainty, audit scope or accounting principles. For the most recent fiscal year and through March 1, 2011, there were no disagreements with Ernst & Young on any matter of accounting principles, financial statement disclosure or auditing scope or procedures, which disagreements, if not resolved to the satisfaction of Ernst & Young, would have caused it to make reference to the subject matter of the disagreements in connection with its reports on the Funds’ financial statements.

Quarterly Portfolio of Investments and Proxy Voting information: You may obtain (i) each Fund’s quarterly portfolio of investments, (ii) information regarding how each Fund voted proxies relating to portfolio securities held during the most recent twelve-month period ended June 30, and (iii) a description of the policies and procedures that each 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. FINRA also provides an investor brochure that includes information describing the Public Disclosure Program.

Nuveen Investments 107

Nuveen Investments:

Serving Investors for Generations

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

Focused on meeting investor needs.

Nuveen Investments provides high-quality investment services designed to help secure the longterm goals of institutional and individual investors as well as the consultants and financial advisors who serve them. Nuveen Investments markets a wide range of specialized investment solutions which provide investors access to capabilities of its high-quality boutique investment affiliates-Nuveen Asset Management, Symphony Asset Management, NWQ Investment Management Company, Santa Barbara Asset Management, Tradewinds Global Investors, Winslow Capital Management, and Gresham Investment Management. In total, Nuveen Investments managed approximately $227 billion as of March 31, 2012.

Find out how we can help you.

To learn more about how the products and services of Nuveen Investments may be able to help you meet your financial goals, talk to your financial advisor, or call us at (800) 257-8787. Please read the information provided carefully before you invest. Investors should consider the investment objective and policies, risk considerations, charges and expenses of any investment carefully. Where applicable, be sure to obtain a prospectus, which contains this and other relevant information. To obtain a prospectus, please contact your securities representative or Nuveen Investments, 333 W. Wacker Dr., Chicago, IL 60606. Please read the prospectus carefully before you invest or send money.

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

Distributed by

Nuveen Securities, LLC

333 West Wacker Drive

Chicago, IL 60606

www.nuveen.com

MSA-FIDX-0412D

Mutual Funds

Nuveen Equity Funds

For investors seeking the potential for long-term capital appreciation.

Semi-Annual Report

April 30, 2012

	Share Class / Ticker Symbol
Fund Name	Class A	Class B	Class C	Class R3	Class I
Nuveen Dividend Value Fund (formerly Nuveen Equity Income Fund)	FFEIX	FAEBX	FFECX	FEISX	FAQIX
Nuveen Large Cap Value Fund	FASKX	FATBX	FALVX	FAVSX	FSKIX
Nuveen Mid Cap Value Fund	FASEX	FAESX	FACSX	FMVSX	FSEIX
Nuveen Small Cap Value Fund	FSCAX	—	FSCVX	FSVSX	FSCCX

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

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

Table of Contents

Chairman’s Letter to Shareholders	4
Portfolio Managers’ Comments	5
Fund Performance and Expense Ratios	12
Holding Summaries	17
Expense Examples	18
Portfolios of Investments	20
Statement of Assets and Liabilities	32
Statement of Operations	33
Statement of Changes in Net Assets	34
Financial Highlights	36
Notes to Financial Statements	44
Glossary of Terms Used in this Report	54
Additional Fund Information	55

Chairman’s

Letter to Shareholders

Dear Shareholders,

Investors have many reasons to remain cautious. The challenges in the Euro area are casting a shadow over global economies and financial markets. The political support for addressing fiscal issues is eroding as the economic and social impacts become more visible. At the same time, member nations appear unwilling to provide adequate financial support or to surrender sufficient sovereignty to strengthen the banks or unify the Euro area financial system. The gains made in reducing deficits, and the hard-won progress on winning popular acceptance of the need for economic austerity, are at risk. To their credit, European political leaders press on to find compromise solutions, but there is increasing concern that time will begin to run out.

In the U.S., strong corporate earnings have enabled the equity markets to withstand much of the downward pressures coming from weakening job creation, slower economic growth and political uncertainty. The Fed remains committed to low interest rates but has refrained from predicting another program of quantitative easing unless economic growth were to weaken significantly or the threat of recession appears on the horizon. Pre-election maneuvering has added to the already highly partisan atmosphere in the Congress. The end of the Bush-era tax cuts and implementation of the spending restrictions of the Budget Control Act of 2011, both scheduled to take place at year-end, loom closer.

During the last year, U.S. based investors have experienced a sharp decline and a strong recovery in the equity markets. The experienced investment teams at Nuveen keep their eye on a longer time horizon and use their practiced investment disciplines to negotiate through market peaks and valleys to achieve long-term goals for investors. Experienced professionals pursue investments that will weather short-term volatility and at the same time, seek opportunities that are created by markets that overreact to negative developments. Monitoring this process is an important consideration for the Fund Board as it oversees your Nuveen funds on your behalf.

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

Sincerely,

Robert P. Bremner

Chairman of the Board

June 20, 2012

4 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.

These Funds feature portfolio management by Nuveen Asset Management, LLC, an affiliate of Nuveen Investments.

Effective February 29, 2012, the Nuveen Equity Income Fund’s name changed to the Nuveen Dividend Value Fund. There have been no changes in the Fund’s investment objectives or policies. Cori Johnson, CFA, Gerald Bren, CFA, and Derek Sadowsky are the portfolio managers for the Fund. Cori, who has 31 years of investment experience, assumed portfolio management responsibilities in 1996. Gerald, with 40 years of investment experience, has been a manager on this Fund since 1994. Derek, who has 14 years of investment experience, became a co-manager on the Dividend Value Fund management team in February of 2012.

Effective April 10, 2012, Cori, Gerald, and Derek were named co-portfolio managers of the Nuveen Large Cap Value Fund. Brent Mellum, CFA, and Kevin Earley, CFA, are no longer portfolio managers of the Fund. There have been no changes in the Fund’s investment objectives or policies. The Board of Directors has approved the reorganization of the Nuveen Large Cap Value Fund into the Nuveen Dividend Value Fund. In order for the reorganization to occur, it must be approved by the shareholders of Nuveen Large Cap Value Fund. A special meeting of Nuveen Large Cap Value Fund’s shareholders for the purpose of voting on the reorganization is expected to be held in early October 2012. Further information regarding the proposed reorganization will be contained in proxy materials that are expected to be sent to Nuveen Large Cap Value Fund’s shareholders in late August 2012. Shareholders are urged to read the proxy materials carefully. Free copies of the proxy materials will be available on the SEC’s web site at www.sec.gov.

Also effective April 10, 2012, Karen Bowie, CFA, and David Chalupnik, CFA, were named co-portfolio managers of the Nuveen Mid Cap Value Fund. Karen and David each have 28 years of investment experience. Brent Mellum, CFA, and Kevin Earley, CFA, are no longer portfolio managers of the Fund. There have been no changes in the Nuveen Mid Cap Value Fund’s investment objectives or policies.

Karen Bowie is also the portfolio manager for the Nuveen Small Cap Value Fund. She assumed portfolio management responsibilities for the Fund in 2006.

On the following pages, the portfolio management teams for the Funds examine key investment strategies and the Funds’ performance for the six-month period ended April 30, 2012.

Nuveen Investments 5

Nuveen Dividend Value Fund (formerly Nuveen Equity Income Fund)

How did the Fund perform during the six-month period ended April 30, 2012?

The tables in the Fund Performance and Expense Ratios section of this report provide Class A Share total returns for the Fund for the six-month, one-year, five-year and ten-year periods ended April 30, 2012. The Fund’s Class A Shares at net asset value (NAV) outperformed the Russell 1000^® Value Index and its Lipper classification average, but underperformed the S&P 500^® Index over the six-month period.

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

Over the six-month period, we continued to implement the Fund’s disciplined investment strategy. We seek to achieve consistent, long-term outperformance with lower volatility by building and managing a portfolio diversified between core and opportunistic holdings with a focus on what we believe are attractively valued companies with above average current income or dividend growth. We use an integrated, multi-perspective research and analysis approach that involves a team of portfolio managers, fundamental research analysts and quantitative analysts. The Fund’s holdings exhibit attractive valuations and identifiable catalysts that we believe will drive future stock appreciation. The Fund is also actively managed in an effort to minimize distributed capital gains and maximize after-tax returns using a typical investment horizon of at least two to three years. We adhere to portfolio guidelines to manage volatility and maintain diversification, generally selling a security if it no longer is expected to meet our dividend growth or price appreciation expectations or if we find a better alternative in the marketplace.

The Fund outperformed its Russell benchmark and Lipper average over this period, primarily as a result of favorable security selection in the information technology and consumer discretionary sectors. In information technology, the Fund’s position in Seagate Technology was a particularly strong performer. The company, a leading producer of hard drives, benefited from higher margins when floods in Thailand curtailed the production of its competitors. Consolidation in the market has since produced optimism that pricing will remain stronger and justify higher stock valuations. In addition, Microsoft showed strong gains as initial reports on its new Windows 8, which is expected by year end, showed promise as the operating system will be similar across all platforms from PCs to smart phones. Microsoft’s smart phone offerings have been laggards to date so Windows 8 success could lead to significant share gains. In consumer discretionary, Yum! Brands and Starbucks both experienced strong gains as consumer confidence improved their prospects both domestically and in Asia. Yum! Brands continued to show strong sales in China as it enhanced its position as a leading restaurant chain in the country. Starbucks rose in value as its introduction of single serve products for the Keurig coffeemakers achieved initial success, while at the same time the company announced further product ventures. Furthermore, Starbucks continued to have strong sales as new locations opened in China. Europe remained an area of weakness; however, declining raw coffee bean costs and continued gains in Asian market sales helped to offset the economic slowdown in Europe.

6 Nuveen Investments

The Fund’s performance was negatively impacted by its underweight in the financials sector as well as unfavorable stock selection in the health care and telecommunication services sectors. The financials sector carries a large weight in the benchmark, and it showed stronger performance as fears related to European financial conditions subsided somewhat during the reporting period. While Greece and Spain have fallen into recession, major financial institutions for the most part have been supported by various European Central Bank programs. Fears about failures in the financial institutions spread to U.S. based financials as well in mid 2011; however, financial stocks experienced a significant rally in their values beginning in late 2011, leading to strong performance across the sector for the six-month period. Therefore, our underweight position in this strongly performing sector reduced the Fund’s overall return. In health care, the Fund did not hold Amgen, a relatively large index position that had strong gains. This accounted for most of the Fund’s shortfall in this sector. Finally, Windstream, a regional wireline-based telecommunications company, experienced weak results during the reporting period. Investors were concerned about its acquisition of Paetec Holding Corporation, a provider of data center, business data and cloud applications, would lead to some initial dilution before merger cost savings could be realized. The Fund did not sell its position in Windstream as we believed its longer term prospects will likely be enhanced by the merger.

Nuveen Large Cap Value Fund

How did the Fund perform during the six-month period ended April 30, 2012?

The tables in the Fund Performance and Expense Ratios section of this report provide Class A Share total returns for the Fund for the six-month, one-year, five-year and ten-year periods ended April 30, 2012. The Fund’s Class A Shares at net asset value (NAV) outperformed both the Russell 1000^® Value Index and the Lipper classification average over the six-month period.

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

The Fund pursues a long-term capital appreciation strategy by investing primarily in the common stocks of companies that have market capitalizations of $5 billion or greater at the time of purchase. During this period, we continued to implement the Fund’s investment process of selecting large-cap companies that we believe are undervalued relative to other companies in the same industry or market that demonstrate improving fundamentals and that exhibit a near term catalyst that could close the gap between market value and our perception of fair value. Generally, we sold a holding if the stock price reached its target, the company’s fundamentals or competitive position significantly deteriorated or if a better alternative existed in the marketplace.

The Fund outperformed its Russell benchmark and Lipper average over this period, primarily as a result of strong issue selection in the consumer discretionary and consumer staples sectors. Within consumer discretionary, positions in Wyndham Worldwide, Comcast and CBS all contributed significantly. Wyndham, a hotel and resort company, is

Nuveen Investments 7

sensitive to economic conditions. The stock market rally which began in mid-fall 2011 was aided by a perception that consumer spending would be sustained in 2012. Comcast and CBS are both media and entertainment companies and, like Wyndham, are sensitive to consumer spending trends. These stocks bottomed in early fall 2011 and experienced a strong recovery during the market’s relief rally. Positive results in consumer staples were largely driven by strong gains in Dean Foods and Philip Morris International. Dean Foods is the largest U.S. producer of dairy products and is structured with relatively high leverage. Difficult competitive conditions improved in late 2011, leading to a strong recovery in the company’s operating income. Philip Morris is a historically profitable company with large cash flows. Because the stock pays a relatively high dividend, it was rewarded as investors searched out securities that have yields competitive with bonds. Additionally, the company’s international sales benefited from the fiscal pressures faced by various countries. Because cigarette taxes are a major revenue source for many countries, the company has been pressured to raise prices, leading to new highs for its gross margins.

The Fund’s performance was negatively impacted by unfavorable stock selection in the industrials and materials sectors. For example Fluor, an engineering and construction firm, was a relative laggard. While the company’s revenue and earnings trends were favorable, Fluor is heavily dependent on continued orders for mine developments as well as oil and gas downstream developments. As such, its stock is sensitive to growth trends in Asia, which remain at risk after an extended period of extraordinary strength. Similarly, positions in Potash Corporation of Saskatchewan and Dow Chemical lagged, again as a result of concerns that weaker growth from Asia would lead to lower commodity prices.

Nuveen Mid Cap Value Fund

How did the Fund perform during the six-month period ended April 30, 2012?

The tables in the Fund Performance and Expense Ratios section of this report provide Class A Share total returns for the Fund for the six-month, one-year, five-year and ten-year periods ended April 30, 2012. The Fund’s Class A Shares at net asset value (NAV) underperformed both the Russell Mid Cap^® Value Index and the Lipper classification average over the six-month period.

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

The Fund seeks to provide long-term capital appreciation by investing primarily in the common stocks of companies with market capitalizations at the time of purchase between approximately $350 million and $14 billion. During the period, we continued to implement the Fund’s investment process of selecting mid-cap companies that we believed were undervalued relative to other companies in the same industry or market, that demonstrated improving fundamentals, and that exhibited a near-term catalyst that could close the gap between market value and our perception of fair value. We look for companies that generate strong free cash flow, which allows them to pay down debt, increase dividends, repurchase shares or engage in merger and acquisition activities. At

8 Nuveen Investments

the same time, we identify a short- or long-term catalyst we can track and monitor over time that could potentially propel each stock to realize its value. Generally, we sold a holding if the stock price reached its target, the company’s fundamentals or competitive position significantly deteriorated or if a better alternative existed in the marketplace.

The Fund performed well in absolute terms during the period’s strongly advancing market, but still fell short of the Russell benchmark and Lipper average returns. We did experience several bright spots in terms of sector weights and stock selection. For example, the Fund’s underweight position in the utilities sector benefited relative performance. Utilities trailed in the strong market environment that was fueled by improving economic conditions in the U.S. We also experienced solid stock selection in the consumer discretionary sector. For example, we continued to see outperformance in retail from turnaround story Foot Locker, a leading athletic footwear and apparel retailer, and Macy’s, the large department store chain. Both retailers benefited from good execution as they continued to beat their competition and gain market share. In the housing industry, the Fund benefited from purchasing home builder D.R. Horton upon signs of stabilization in the housing industry. Other consumer discretionary companies that had a significant positive impact on the portfolio included hotel chain Wyndham Worldwide, toy company Mattel and recreational equipment maker Jarden. These stocks were inexpensive when we bought them based on recommendations by our fundamental analysts. As the economy began to improve, the market was willing to pay more for these fundamentally strong, attractively valued companies that were demonstrating strong execution.

The Fund’s performance was negatively impacted by our underweight position in the financial sector as well as poor stock selection in financials, technology and health care during the period. Because of improving economic conditions in the U.S., financials did outperform the overall Russell Micap^® Value Index. Therefore, the Fund’s underweight stance proved detrimental. Also, some of the more aggressive, lower quality financial companies in the benchmark outperformed some of the higher credit quality financials with stronger capital and balance sheet positions that the Fund held. In technology, Polycom was the primary source of underperformance. Shares of Polycom, a telecommunications equipment company, took a hit after the company fell short of earnings expectations for several quarters in a row. The market began to fear the company was losing market share to its largest competitor, Cisco Systems. We continued to own this stock because we believed it would perform better going forward. Not only has Polycom’s stock been attractively valued, but our fundamental work shows the company has been holding its market share and we believe it may likely experience better execution over the next six months. In health care, our position in Humana underperformed over the six-month period. As economic and employment numbers improved, concerns grew over higher levels of utilization for health care services. During the financial crisis, fewer people used health care services, leading to favorable cost trends for HMOs like Humana. With the economy improving, people are returning to doctors, putting pressure on future HMO profitability.

Nuveen Investments 9

Nuveen Small Cap Value Fund

How did the Fund perform during the six-month period ended April 30, 2012?

The tables in the Fund Performance and Expense Ratios section of this report provide Class A Share total returns for the Fund for the six-month, one-year, five-year and ten-year periods ended April 30, 2012. The Fund’s Class A Shares at net asset value (NAV) outperformed both the Russell 2000^® Value Index and the Lipper classification average over the six-month period.

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

The Fund seeks to provide long-term capital appreciation by investing primarily in the common stocks of companies with market capitalizations of less than $3 billion at the time of purchase. During the six-month period, we continued to focus on building a well-diversified portfolio of small-cap stocks from companies that we believed had strengthening balance sheets and free cash flow characteristics. We also continued to target companies with what we thought were sound business models and strong competitive advantages that might gain market share opportunistically in the current environment. We remained committed to our approach of investing in quality companies that are trading at what we believe is a discount to both intrinsic and relative value metrics.

The Fund’s outperformance during the period was primarily driven by favorable stock selection across several sectors including overweight positions in consumer discretionary and health care and underweight positions in utilities and consumer staples. The top contributors to the Fund’s performance were well distributed across a number of sectors. Within the consumer discretionary sector our strongest performers were Sally Beauty Holdings and Group 1 Automotive. Sally Beauty, the leading distributor of brand name beauty products to salon professionals, continued to benefit from solid organic sales growth, accretive acquisitions and improved liquidity. Group 1 Automotive, a leading national auto dealer franchise, benefited from the recovery of domestic auto sales. Within health care, ICU Medical, a medical technologies firm focused on vascular systems, continued to execute on its revenue goals while moving forward with an attractive new product pipeline. In the financial sector, Delphi Financial Group, a firm focused on employee benefit insurance, was acquired. This acquisition aided the Fund’s results. Additionally, Texas Capital Bancshares, a commercial lending focused regional bank, continued to demonstrate strong lending growth and credit improvement trends that surpassed many of its peers.

The Fund’s overweight positions in both the energy and technology sectors were slight detractors from our results. Another reason for underperformance was the Fund’s cash exposure of approximately 1.9% of net assets in a strongly advancing market environment. Other individual detractors included RF MicroDevices, a semiconductor firm, which experienced weaker sales from China during the period. In energy, Newpark Resources, a supplier of fluid and engineering products to the oil and gas industry, was negatively impacted by disorder in a key input cost, barite. The limited supply of barite

10 Nuveen Investments

negatively impacted the firm’s margins. PHH Mortgage, a mortgage lending servicer, was a detractor in the industrials sector. There were concerns regarding liquidity shortfalls during late 2011 as mortgage defaults coupled with upcoming debt maturities clouded the outlook for this firm.

Risk Considerations

Mutual fund investing involves risk; principal loss is possible.

Nuveen Dividend Value Fund

Equity investments such as those held by the Fund, are subject to market risk and derivatives risk; dividends are not guaranteed. Foreign investments involve additional risks, including currency fluctuation, political and economic instability, lack of liquidity and differing legal and accounting standards. These risks are magnified in emerging markets. In addition, the Fund invests in debt or fixed income securities that are subject to credit risk and interest rate risk. Below investment grade or high yield debt securities are subject to heightened credit risk, liquidity risk and potential for default.

Nuveen Large Cap Value Fund

Equity investments such as those held by the Fund, are subject to market risk, derivatives risk, value stock risk, and common stock risk. Foreign investments involve additional risks, including currency fluctuation, political and economic instability, lack of liquidity and differing legal and accounting standards. These risks are magnified in emerging markets.

Nuveen Mid Cap Value Fund

Equity investments such as those held by the Fund, are subject to market risk, derivatives risk, value stock risk, and common stock risk. Investments in mid-cap companies are subject to greater volatility. Foreign investments involve additional risks, including currency fluctuation, political and economic instability, lack of liquidity and differing legal and accounting standards. These risks are magnified in emerging markets.

Nuveen Small Cap Value Fund

Equity investments such as those held by the Fund, are subject to market risk, derivatives risk, value stock risk, and common stock risk. Investments in small-cap companies are subject to greater volatility. Foreign investments involve additional risks, including currency fluctuation, political and economic instability, lack of liquidity and differing legal and accounting standards. These risks are magnified in emerging markets.

Nuveen Investments 11

Fund Performance and Expense Ratios

The Fund Performance and Expense Ratios for each Fund are shown on the following four pages.

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. 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 Fund shares.

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

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.

Comparative index and Lipper return information is provided for the Funds’ Class A Shares at net asset value (NAV) only.

The expense ratios shown reflect the Funds’ total operating expenses (before fee waivers or expense reimbursements, if any) as shown in the Funds’ most recent prospectus. The expense ratios include management fees and other fees and expenses.

12 Nuveen Investments

Nuveen Dividend Value Fund

Refer to the first page of this Fund Performance and Expense Ratios section for further explanation of the information included within this page.

Fund Performance

Average Annual Total Returns as of April 30, 2012*

	Cumulative		Average Annual
	6-Month		1-Year		5-Year		10-Year
Class A Shares at NAV		12.56%		3.79%		2.61%		5.30%
Class A Shares at maximum Offering Price		6.06%		-2.16%		1.40%		4.68%
S&P 500® Index**		12.77%		4.76%		1.01%		4.71%
Russell 1000® Value Index**		11.62%		1.03%		-1.73%		4.83%
Lipper Equity Income Funds Classification Average**		10.34%		2.51%		0.96%		5.28%
Class B Shares w/o CDSC***		12.10%		2.96%		1.83%		4.51%
Class B Shares w/CDSC***		7.10%		-2.04%		1.65%		4.51%
Class C Shares		12.19%		3.04%		1.84%		4.51%
Class R3 Shares		12.52%		3.54%		2.34%		5.08%
Class I Shares		12.68%		4.04%		2.85%		5.56%

Average Annual Total Returns as of March 31, 2012 (Most Recent Calendar Quarter)*

	Cumulative		Average Annual
	6-Month		1-Year		5-Year		10-Year
Class A Shares at NAV		25.26%		7.16%		3.43%		4.93%
Class A Shares at maximum Offering Price		18.03%		0.97%		2.22%		4.31%
Class B Shares w/o CDSC***		24.75%		6.33%		2.65%		4.14%
Class B Shares w/CDSC***		19.75%		1.33%		2.48%		4.14%
Class C Shares		24.68%		6.33%		2.65%		4.13%
Class R3 Shares		25.15%		6.90%		3.16%		4.71%
Class I Shares		25.40%		7.39%		3.69%		5.19%

Class A Shares have a maximum 5.75% sales charge (Offering Price). 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 twelve months, 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.

Expense Ratios as of Most Recent Prospectus

	Expense Ratios
Class A Shares		1.14%
Class B Shares		1.89%
Class C Shares		1.89%
Class R3 Shares		1.39%
Class I Shares		0.89%

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

** Refer to the Glossary of Terms Used in this Report for definitions. Indexes and Lipper averages are not available for direct Investment.

*** Class B Shares are available only upon the exchange of Class B Shares from another Nuveen mutual fund or for purposes of dividend reinvestment, but Class B Shares are not available for new accounts or for additional investment into existing accounts.

Nuveen Investments 13

Fund Performance and Expense Ratios(continued)

Nuveen Large Cap Value Fund

Refer to the first page of this Fund Performance and Expense Ratios section for further explanation of the information included within this page.

Fund Performance

Average Annual Total Returns as of April 30, 2012*

	Cumulative		Average Annual
	6-Month		1-Year		5-Year		10-Year
Class A Shares at NAV		12.88%		-0.87%		-2.12%		3.21%
Class A Shares at maximum Offering Price		6.39%		-6.56%		-3.27%		2.60%
Russell 1000® Value Index**		11.62%		1.03%		-1.73%		4.83%
Lipper Large-Cap Value Funds Classification Average**		11.18%		-0.48%		-1.70%		3.97%
Class C Shares		12.42%		-1.61%		-2.85%		2.43%
Class R3 Shares		12.75%		-1.13%		-2.37%		2.99%
Class I Shares		13.02%		-0.61%		-1.87%		3.46%

Average Annual Total Returns as of March 31, 2012 (Most Recent Calendar Quarter)*

	Cumulative		Average Annual
	6-Month		1-Year		5-Year		10-Year
Class A Shares at NAV		28.57%		0.54%		-1.09%		2.86%
Class A Shares at maximum Offering Price		21.15%		-5.23%		-2.25%		2.25%
Class C Shares		28.03%		-0.19%		-1.84%		2.09%
Class R3 Shares		28.42%		0.34%		-1.34%		2.66%
Class I Shares		28.73%		0.79%		-0.85%		3.12%

Class A Shares have a maximum 5.75% sales charge (Offering Price). 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 twelve months, 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.

Expense Ratios as of Most Recent Prospectus

	Expense Ratios
Class A Shares		1.19%
Class C Shares		1.94%
Class R3 Shares		1.44%
Class I Shares		0.94%

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

** Refer to the Glossary of Terms Used in this Report for definitions. Indexes and Lipper averages are not available for direct investment.

14 Nuveen Investments

Nuveen Mid Cap Value Fund

Refer to the first page of this Fund Performance and Expense Ratios section for further explanation of the information included within this page.

Fund Performance

Average Annual Total Returns as of April 30, 2012*

	Cumulative		Average Annual
	6-Month		1-Year		5-Year		10-Year
Class A Shares at NAV		10.08%		-5.88%		-0.65%		6.31%
Class A Shares at maximum Offering Price		3.76%		-11.30%		-1.82%		5.68%
Russell Midcap® Value Index**		11.48%		-0.81%		0.50%		7.95%
Lipper Mid-Cap Value Funds Classification Average**		11.26%		-3.07%		0.00%		6.33%
Class B Shares w/o CDSC***		9.65%		-6.56%		-1.39%		5.53%
Class B Shares w/CDSC***		4.65%		-11.23%		-1.57%		5.53%
Class C Shares		9.62%		-6.58%		-1.40%		5.52%
Class R3 Shares		9.89%		-6.12%		-0.91%		6.11%
Class I Shares		10.16%		-5.67%		-0.42%		6.57%

Average Annual Total Returns as of March 31, 2012 (Most Recent Calendar Quarter)*

	Cumulative		Average Annual
	6-Month		1-Year		5-Year		10-Year
Class A Shares at NAV		25.69%		-3.02%		0.41%		6.43%
Class A Shares at maximum Offering Price		18.47%		-8.60%		-0.78%		5.80%
Class B Shares w/o CDSC***		25.16%		-3.76%		-0.33%		5.64%
Class B Shares w/CDSC***		20.16%		-8.57%		-0.52%		5.64%
Class C Shares		25.26%		-3.72%		-0.34%		5.64%
Class R3 Shares		25.51%		-3.25%		0.17%		6.23%
Class I Shares		25.79%		-2.79%		0.65%		6.69%

Class A Shares have a maximum 5.75% sales charge (Offering Price). 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 twelve months, 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.

Expense Ratios as of Most Recent Prospectus
	Expense Ratios
Class A Shares		1.32%
Class B Shares		2.07%
Class C Shares		2.07%
Class R3 Shares		1.57%
Class I Shares		1.07%

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

** Refer to the Glossary of Terms Used in this Report for definitions. Indexes and Lipper averages are not available for direct investment.

*** Class B Shares are available only upon the exchange of Class B Shares from another Nuveen mutual fund or for purposes of dividend reinvestment, but Class B Shares are not available for new accounts or for additional investment into existing accounts.

Nuveen Investments 15

Fund Performance and Expense Ratios(continued)

Nuveen Small Cap Value Fund

Refer to the first page of this Fund Performance and Expense Ratios section for further explanation of the information included within this page.

Fund Performance

Average Annual Total Returns as of April 30, 2012*

	Cumulative		Average Annual
	6-Month		1-Year		5-Year		10-Year
Class A Shares at NAV		12.83%		0.39%		1.59%		5.97%
Class A Shares at maximum Offering Price		6.34%		-5.35%		0.39%		5.35%
Russell 2000® Value Index**		11.47%		-4.06%		-0.49%		6.07%
Lipper Small-Cap Value Funds Classification Average**		11.35%		-3.78%		0.87%		6.75%
Class C Shares		12.39%		-0.36%		0.83%		5.19%
Class R3 Shares		12.69%		0.16%		1.34%		5.79%
Class I Shares		12.96%		0.61%		1.83%		6.24%

Average Annual Total Returns as of March 31, 2012 (Most Recent Calendar Quarter)*

	Cumulative		Average Annual
	6-Month		1-Year		5-Year		10-Year
Class A Shares at NAV		33.96%		3.86%		1.98%		6.45%
Class A Shares at maximum Offering Price		26.22%		-2.12%		0.78%		5.82%
Class C Shares		33.57%		3.10%		1.23%		5.66%
Class R3 Shares		33.79%		3.60%		1.74%		6.26%
Class I Shares		34.17%		4.07%		2.22%		6.71%

Class A Shares have a maximum 5.75% sales charge (Offering Price). 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 twelve months, 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.

Expense Ratios as of Most Recent Prospectus

	Expense Ratios
Class A Shares		1.54%
Class C Shares		2.29%
Class R3 Shares		1.79%
Class I Shares		1.29%

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

** Refer to the Glossary of Terms Used in this Report for definitions. Indexes and Lipper averages are not available for direct investment.

16 Nuveen Investments

Holding Summariesas of April 30, 2012

This data relates to the securities held in each Fund’s portfolio of investments. It should not be construed as a measure of performance for the Fund itself.

Nuveen Dividend Value Fund

Portfolio Allocation¹

Nuveen Large Cap Value Fund

Portfolio Allocation¹

Nuveen Mid Cap Value Fund

Portfolio Allocation¹

Nuveen Small Cap Value Fund

Portfolio Allocation¹

Portfolio Composition1
Financials	18.2%
Energy	13.3%
Health Care	13.1%
Information Technology	12.6%
Consumer Discretionary	10.8%
Industrials	10.4%
Consumer Staples	7.3%
Telecommunication Services	5.6%
Materials	5.4%
Short-Term Investments	0.4%
Other	2.9%

Portfolio Composition1
Financials	25.7%
Energy	13.4%
Health Care	12.8%
Consumer Discretionary	10.5%
Information Technology	8.7%
Consumer Staples	7.4%
Industrials	7.2%
Utilities	5.8%
Short-Term Investments	0.6%
Other	7.9%

Portfolio Composition1
Financials	26.6%
Consumer Discretionary	15.6%
Information Technology	11.9%
Industrials	10.0%
Health Care	9.6%
Utilities	8.7%
Energy	8.2%
Materials	6.5%
Short-Term Investments	0.1%
Other	2.8%

Portfolio Composition1
Financials	28.9%
Industrials	16.4%
Consumer Discretionary	13.5%
Information Technology	13.3%
Energy	6.1%
Materials	6.0%
Utilities	5.9%
Health Care	5.8%
Short-Term Investments	0.7%
Other	3.4%

Top Five Common Stock Holdings2
JP Morgan Chase & Co.	3.6%
Verizon Communications Inc.	3.0%
Chevron Corporation	3.0%
Pfizer Inc.	2.9%
Exxon Mobil Corporation	2.8%

Top Five Common Stock Holdings2
JP Morgan Chase & Co.	4.3%
Pfizer Inc.	4.1%
Wells Fargo & Company	3.3%
Intel Corporation	2.2%
Comcast Corporation	2.2%

Top Five Common Stock Holdings2
Invesco LTD	2.3%
Staples, Inc.	2.2%
American Water Works Company	2.1%
CMS Energy Corporation	2.0%
Macy’s, Inc.	2.0%

Top Five Common Stock Holdings2
Triumph Group Inc.	2.4%
Group 1 Automotive Inc.	2.0%
Atmos Energy Corporation	2.0%
Texas Capital BancShares, Inc.	1.7%
Webster Financial Corporation	1.7%

1 As a percentage of total investments (excluding investments purchased with collateral from securities lending) as of April 30, 2012. Holdings are subject to change.

2 As a percentage of total common stocks as of April 30, 2012. Holdings are subject to change.

Nuveen Investments 17

Expense Examples

As a shareholder of one or more of the Funds, you incur two types of costs: (1) transaction costs, including up-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. The Examples below are intended to help you understand your ongoing costs (in dollars) of investing in the Funds and to compare these costs with the ongoing costs of investing in other mutual funds.

The Examples below are 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 respective Fund’s actual expense ratio and an assumed rate of return of 5% per year before expenses, which is not the Fund’s actual return. The hypothetical account values and expenses may not be used to estimate the actual ending account balance or 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 transaction costs. 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 transaction costs were included, your costs would have been higher.

Nuveen Dividend Value Fund

											Hypothetical Performance
	Actual Performance											(5% annualized 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 (11/01/11)	$	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 (4/30/12)	$	1,125.60	$	1,121.00	$	1,121.90	$	1,125.20	$	1,126.80		$	1,019.05	$	1,015.32	$	1,015.32	$	1,017.80	$	1,020.29
Expenses Incurred During Period	$	6.18	$	10.13	$	10.13	$	7.50	$	4.86		$	5.87	$	9.62	$	9.62	$	7.12	$	4.62

For each class of the Fund, expenses are equal to the Fund’s annualized net expense ratio of 1.17%, 1.92%, 1.92%, 1.42% and ..92% for Classes A, B, C, R3 and I, respectively, multiplied by the average account value over the period, multiplied by 182/366 (to reflect the one-half year period).

Nuveen Large Cap Value Fund

									Hypothetical Performance
	Actual Performance									(5% annualized return before expenses)
	A Shares		C Shares		R3 Shares		I Shares			A Shares		C Shares		R3 Shares		I Shares
Beginning Account Value (11/01/11)	$	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 (4/30/12)	$	1,128.80	$	1,124.20	$	1,127.50	$	1,130.20		$	1,018.35	$	1,014.72	$	1,017.21	$	1,019.69
Expenses Incurred During Period	$	6.93	$	10.77	$	8.15	$	5.51		$	6.57	$	10.22	$	7.72	$	5.22

For each class of the Fund, expenses are equal to the Fund’s annualized net expense ratio of 1.31%, 2.04%, 1.54% and 1.04% for Classes A, C, R3 and I, respectively, multiplied by the average account value over the period, multiplied by 182/366 (to reflect the one-half year period).

Nuveen Mid Cap Value Fund

											Hypothetical Performance
	Actual Performance											(5% annualized 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 (11/01/11)	$	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 (4/30/12)	$	1,100.80	$	1,096.50	$	1,096.20	$	1,098.90	$	1,101.60		$	1,018.50	$	1,014.77	$	1,014.77	$	1,017.26	$	1,019.74
Expenses Incurred During Period	$	6.69	$	10.58	$	10.58	$	7.98	$	5.38		$	6.42	$	10.17	$	10.17	$	7.67	$	5.17

For each class of the Fund, expenses are equal to the Fund’s annualized net expense ratio of 1.28%, 2.03%, 2.03%, 1.53% and 1.03% for Classes A, B, C, R3 and I, respectively, multiplied by the average account value over the period, multiplied by 182/366 (to reflect the one-half year period).

18 Nuveen Investments

Expense Examples (continued)

Nuveen Small Cap Value Fund

									Hypothetical Performance
	Actual Performance								(5% annualized return before expenses)
	A Shares		C Shares		R3 Shares		I Shares		A Shares		C Shares		R3 Shares		I Shares
Beginning Account Value (11/01/11)	$	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 (4/30/12)	$	1,128.30	$	1,123.90	$	1,126.90	$	1,129.60	$	1,017.60	$	1,013.87	$	1,016.36	$	1,018.85
Expenses Incurred During Period	$	7.73	$	11.67	$	9.04	$	6.41	$	7.32	$	11.07	$	8.57	$	6.07

For each class of the Fund, expenses are equal to the Fund’s annualized net expense ratio of 1.46%, 2.21%, 1.71% and 1.21% for Classes A, C, R3 and I, respectively, multiplied by the average account value over the period, multiplied by 182/366 (to reflect the one-half year period).

Nuveen Investments 19

Portfolio of Investments (Unaudited)

Nuveen Dividend Value Fund

April 30, 2012

Shares		Description (1)	Value
		COMMON STOCKS – 99.7%
		Consumer Discretionary – 10.8%
	495,357	Carnival Corporation, ADR, (2)	$	16,094,149
	752,606	Cinemark Holdings Inc., (2)		17,279,834
	346,439	Hasbro, Inc.		12,728,169
	333,410	Home Depot, Inc.		17,267,304
	193,757	McDonald’s Corporation		18,881,620
	338,895	Starbucks Corporation		19,445,795
	149,027	Whirlpool Corporation, (2)		9,540,709
	282,933	YUM! Brands, Inc.		20,577,717
		Total Consumer Discretionary		131,815,297
		Consumer Staples – 7.3%
	400,947	Altria Group, Inc.		12,914,503
	292,010	ConAgra Foods, Inc.		7,539,698
	176,658	Kimberly-Clark Corporation		13,862,353
	461,548	Kraft Foods Inc.		18,401,919
	237,678	Philip Morris International		21,274,558
	437,369	Unilever PLC, ADR		15,023,625
		Total Consumer Staples		89,016,656
		Energy – 13.4%
	176,004	Anadarko Petroleum Corporation		12,885,253
	341,557	Chevron Corporation		36,396,314
	160,743	ConocoPhillips		11,514,021
	343,280	Enbridge Energy Partners LP, (2)		10,607,352
	377,892	Exterran Partners, L.P, (2)		8,442,107
	397,700	Exxon Mobil Corporation		34,337,418
	95,191	Occidental Petroleum Corporation		8,683,323
	359,916	Royal Dutch Shell PLC, Class A		25,748,391
	187,685	Schlumberger Limited		13,914,966
		Total Energy		162,529,145
		Financials – 18.2%
	412,400	AFLAC Incorporated		18,574,496
	651,157	Annaly Capital Management Inc., (2)		10,626,882
	283,743	BankUnited Inc.		6,980,078
	332,392	Capital One Financial Corporation		18,441,108
	625,468	Citigroup Inc.		20,665,463
	216,504	Community Bank System Inc., (2)		6,088,092
	548,370	Fifth Third Bancorp.		7,803,305
	45,024	Goldman Sachs Group, Inc.		5,184,514
	1,013,445	JP Morgan Chase & Co.		43,557,866
	166,130	Liberty Property Trust, (2)		6,055,439
	111,498	Mid-America Apartment Communities, (2)		7,589,669
	199,852	National Retail Properties, Inc.		5,471,948
	781,037	Old Republic International Corporation		7,771,318
	354,100	Prudential Financial, Inc.		21,437,214
	738,051	Redwood Trust Inc., (2)		8,620,436
	456,508	State Street Corporation		21,099,800
	101,264	Ventas Inc., (2)		5,953,311
		Total Financials		221,920,939

20 Nuveen Investments

Shares		Description (1)	Value
		Health Care – 13.2%
	340,612	Abbott Laboratories, (2)	$	21,138,381
	390,092	Bristol-Myers Squibb Company		13,017,370
	280,799	Covidien PLC		15,508,529
	282,652	GlaxoSmithKline PLC		13,067,002
	110,409	Humana Inc.		8,907,798
	283,493	Johnson & Johnson		18,452,559
	504,228	Merck & Company Inc.		19,785,907
	1,508,878	Pfizer Inc.		34,598,573
	275,586	UnitedHealth Group Incorporated		15,474,154
		Total Health Care		159,950,273
		Industrials – 10.4%
	132,011	3M Co.		11,796,503
	129,627	Boeing Company		9,955,354
	383,223	Emerson Electric Company, (2)		20,134,536
	124,909	General Dynamics Corporation		8,431,358
	1,326,279	General Electric Company		25,968,543
	240,752	Ingersoll Rand Company Limited, Class A		10,236,775
	395,773	Republic Services, Inc.		10,832,307
	146,548	United Parcel Service, Inc., Class B		11,451,261
	212,846	United Technologies Corporation		17,376,747
		Total Industrials		126,183,384
		Information Technology – 12.6%
	85,906	Automatic Data Processing, Inc.		4,778,092
	789,389	Intel Corporation		22,418,648
	14,665	MasterCard, Inc.		6,632,540
	505,012	Maxim Integrated Products, Inc.		14,938,255
	776,006	Microsoft Corporation		24,847,712
	450,079	Molex Inc.		10,306,809
	389,440	Oracle Corporation		11,445,642
	241,724	QUALCOMM, Inc.		15,431,660
	871,416	Seagate Technology		26,804,756
	306,895	Texas Instruments Incorporated		9,802,226
	50,407	Visa Inc., (2)		6,199,053
		Total Information Technology		153,605,393
		Materials – 5.4%
	396,120	Dow Chemical Company, (2)		13,420,546
	253,594	E.I. Du Pont de Nemours and Company, (2)		13,557,135
	287,926	Potash Corporation of Saskatchewan, (2)		12,231,096
	140,993	PPG Industries, Inc.		14,838,103
	103,445	Praxair, Inc.		11,968,587
		Total Materials		66,015,467
		Telecommunication Services – 5.6%
	420,661	CenturyLink Inc., (2)		16,220,688
	912,137	Verizon Communications Inc.		36,832,092
	1,316,285	Windstream Corporation, (2)		14,795,043
		Total Telecommunication Services		67,847,823

Nuveen Investments 21

Portfolio of Investments (Unaudited)

Nuveen Dividend Value Fund (continued)

April 30, 2012

Shares		Description (1)	Value
		Utilities – 2.8%
	561,481	CenterPoint Energy, Inc.	$	11,347,531
	417,450	PPL Corporation, (2)		11,417,255
	406,450	Westar Energy Inc., (2)		11,661,048
		Total Utilities		34,425,834
		Total Common Stocks (cost $890,183,271)		1,213,310,211
Shares		Description (1)	Value
		INVESTMENT PURCHASED WITH COLLATERAL FROM SECURITIES LENDING
		Money Market Funds – 12.8%
	156,050,266	Mount Vernon Securities Lending Prime Portfolio, Class Z, 0.276%, (3), (4)	$	156,050,266
		Total Investments Purchased with Collateral from Securities Lending (cost $156,050,266)		156,050,266
Shares		Description (1)	Value
		SHORT-TERM INVESTMENTS – 0.4%
	5,474,249	First American Treasury Obligations Fund, Class Z, 0.000%, (3)	$	5,474,249
		Total Short-Term Investments (cost $5,474,249)		5,474,249
		Total Investments (cost $1,051,707,786) – 112.9%		1,374,834,726
		Other Assets Less Liabilities – (12.9)%		(157,226,266)
		Net Assets – 100%	$	1,217,608,460

For Fund portfolio compliance purposes, the Fund’s industry classifications refer to any one or more of the industry sub-classifications used by one or more widely recognized market indexes or ratings group indexes, and/or as defined by Fund management. This definition may not apply for purposes of this report, which may combine industry sub-classifications into sectors for reporting ease.

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

(2) Investment, or a portion of investment, is out on loan for securities lending.

(3) The rate shown is the annualized seven-day effective yield as of April 30, 2012.

(4) The Fund may loan securities representing up to one third of the fair value of its total assets (which includes collateral for securities on loan) to broker dealers, banks, or other institutions. The Fund maintains collateral equal to at least 102% of the fair value of the securities loaned. The cash collateral received by the Fund is invested in this money market fund. See Notes to Financial Statements, Footnote 1 – General Information and Significant Accounting Policies, Securities Lending for more information.

ADR American Depositary Receipt.

See accompanying notes to financial statements.

22 Nuveen Investments

Portfolio of Investments (Unaudited)

Nuveen Large Cap Value Fund

April 30, 2012

Shares		Description (1)	Value
		COMMON STOCKS – 99.5%
		Consumer Discretionary – 10.5%
	61,877	Carnival Corporation, ADR	$	2,010,384
	89,595	CBS Corporation, Class B		2,987,993
	107,775	Comcast Corporation, Class A, (3)		3,268,816
	42,897	Hasbro, Inc.		1,576,036
	148,530	Interpublic Group Companies, Inc., (3)		1,754,139
	70,859	Macy’s, Inc., (3)		2,906,636
	97,592	Staples, Inc., (3)		1,502,917
		Total Consumer Discretionary		16,006,921
		Consumer Staples – 7.4%
	22,054	Coca-Cola Company		1,683,161
	39,893	Corn Products International, Inc.		2,276,295
	66,067	CVS Caremark Corporation		2,947,910
	129,782	Dean Foods Company, (2)		1,593,723
	30,609	Philip Morris International		2,739,812
		Total Consumer Staples		11,240,901
		Energy – 13.4%
	27,211	Anadarko Petroleum Corporation		1,992,117
	21,600	Chevron Corporation, (3)		2,301,696
	20,674	Devon Energy Corporation		1,444,079
	40,977	Ensco PLC		2,239,393
	66,344	Marathon Oil Corporation		1,946,533
	34,440	National-Oilwell Varco Inc.		2,609,174
	16,055	Occidental Petroleum Corporation		1,464,537
	27,574	Pioneer Natural Resources Company, (3)		3,193,621
	93,785	Williams Companies, Inc.		3,191,504
		Total Energy		20,382,654
		Financials – 25.8%
	42,657	Ace Limited		3,240,652
	49,675	Ameriprise Financial, Inc.		2,692,882
	73,503	Citigroup Inc.		2,428,539
	83,375	Fifth Third Bancorp.		1,186,426
	27,829	Goldman Sachs Group, Inc.		3,204,509
	153,272	JP Morgan Chase & Co.		6,587,631
	137,731	KeyCorp.		1,107,357
	70,856	Lincoln National Corporation, (3)		1,755,103
	65,886	Marsh & McLennan Companies, Inc.		2,203,887
	43,895	PNC Financial Services Group, Inc.		2,911,116
	52,213	Prudential Financial, Inc.		3,160,975
	54,211	State Street Corporation		2,505,632
	52,593	SunTrust Banks, Inc.		1,276,958
	149,265	Wells Fargo & Company		4,989,929
		Total Financials		39,251,596
		Health Care – 12.8%
	40,842	Agilent Technologies, Inc., (2), (3)		1,722,716
	54,984	Covidien PLC		3,036,766

Nuveen Investments 23

Portfolio of Investments (Unaudited)

Nuveen Large Cap Value Fund (continued)

April 30, 2012

Shares		Description (1)	Value
		Health Care (continued)
	17,246	Humana Inc.	$	1,391,407
	31,657	McKesson HBOC Inc.		2,893,766
	47,220	Merck & Company Inc.		1,852,913
	268,134	Pfizer Inc.		6,148,313
	44,587	UnitedHealth Group Incorporated		2,503,560
		Total Health Care		19,549,441
		Industrials – 7.3%
	15,540	Boeing Company		1,193,472
	48,036	Emerson Electric Company, (3)		2,523,811
	132,254	General Electric Company, (3)		2,589,533
	65,193	Ingersoll Rand Company Limited, Class A		2,772,006
	24,528	Republic Services, Inc.		671,331
	23,224	Tyco International Ltd.		1,303,563
		Total Industrials		11,053,716
		Information Technology – 8.6%
	116,842	Intel Corporation		3,318,313
	64,073	Maxim Integrated Products, Inc.		1,895,279
	66,761	Molex Inc.		1,528,827
	90,870	Oracle Corporation		2,670,669
	30,341	QUALCOMM, Inc.		1,936,969
	63,723	Seagate Technology		1,960,119
		Total Information Technology		13,310,176
		Materials – 3.7%
	49,557	Dow Chemical Company, (3)		1,678,991
	49,910	Potash Corporation of Saskatchewan, (3)		2,120,177
	29,360	Rock-Tenn Company		1,830,009
		Total Materials		5,629,177
		Telecommunication Services – 4.2%
	80,181	CenturyLink Inc., (3)		3,091,779
	80,320	Verizon Communications Inc., (3)		3,243,322
		Total Telecommunication Services		6,335,101
		Utilities – 5.8%
	82,383	American Water Works Company		2,820,794
	86,845	CMS Energy Corporation, (3)		1,996,567
	16,500	ONEOK, Inc.		1,417,185
	54,357	Pinnacle West Capital Corporation		2,628,163
		Total Utilities		8,862,709
		Total Common Stocks (cost $141,887,189)		151,622,392
Shares		Description (1)	Value
		INVESTMENT PURCHASED WITH COLLATERAL FROM SECURITIES LENDING
		Money Market Funds – 22.2%
	33,810,534	Mount Vernon Securities Lending Prime Portfolio, Class Z, 0.276%, (4), (5)	$	33,810,534
		Total Investments Purchased with Collateral from Securities Lending (cost $33,810,534)		33,810,534

24 Nuveen Investments

Shares		Description (1)	Value
		SHORT-TERM INVESTMENTS – 0.6%
	873,511	First American Treasury Obligations Fund, Class Z, 0.000%, (4)	$	873,511
		Total Short-Term Investments (cost $873,511)		873,511
		Total Investments (cost $176,571,234) – 122.3%		186,306,437
		Other Assets Less Liabilities – (22.3)%		(34,000,434)
		Net Assets – 100%	$	152,306,003

For Fund portfolio compliance purposes, the Fund’s industry classifications refer to any one or more of the industry sub-classifications used by one or more widely recognized market indexes or ratings group indexes, and/or as defined by Fund management. This definition may not apply for purposes of this report, which may combine industry sub-classifications into sectors for reporting ease.

(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 a portion of investment, is out on loan for securities lending.

(4) The rate shown is the annualized seven-day effective yield as of April 30, 2012.

(5) The Fund may loan securities representing up to one third of the fair value of its total assets (which includes collateral for securities on loan) to broker dealers, banks, or other institutions. The Fund maintains collateral equal to at least 102% of the fair value of the securities loaned. The cash collateral received by the Fund is invested in this money market fund. See Notes to Financial Statements, Footnote 1 – General Information and Significant Accounting Policies, Securities Lending for more information.

ADR American Depositary Receipt.

See accompanying notes to financial statements.

Nuveen Investments 25

Portfolio of Investments (Unaudited)

Nuveen Mid Cap Value Fund

April 30, 2012

Shares		Description (1)	Value
		COMMON STOCKS – 98.7%
		Consumer Discretionary – 15.4%
	82,224	Brunswick Corporation, (3)	$	2,161,669
	126,181	Cinemark Holdings Inc., (3)		2,897,116
	162,628	D.R. Horton, Inc., (3)		2,658,968
	104,776	Dana Holding Corporation, (2), (3)		1,531,825
	105,185	Foot Locker, Inc.		3,217,609
	231,883	Interpublic Group Companies, Inc., (3)		2,738,538
	70,531	Jarden Corporation		2,957,365
	97,240	Macy’s, Inc., (3)		3,988,785
	86,334	Mattel, Inc.		2,900,822
	286,332	Staples, Inc., (3)		4,409,513
	29,769	Whirlpool Corporation		1,905,811
		Total Consumer Discretionary		31,368,021
		Consumer Staples – 2.9%
	99,764	Constellation Brands, Inc., Class A, (2), (3)		2,154,902
	26,839	Lorillard Inc.		3,631,048
		Total Consumer Staples		5,785,950
		Energy – 8.1%
	21,008	Concho Resources Inc., (2)		2,251,637
	50,772	Ensco PLC		2,774,690
	21,317	Noble Energy, Inc.		2,117,204
	41,193	Oil States International Inc., (2), (3)		3,278,139
	26,365	Pioneer Natural Resources Company, (3)		3,053,594
	87,251	Williams Companies, Inc.		2,969,152
		Total Energy		16,444,416
		Financials – 26.3%
	64,707	Ameriprise Financial, Inc.		3,507,766
	66,444	Comerica Incorporated, (3)		2,127,537
	143,409	Developers Diversified Realty Corporation, (3)		2,122,453
	63,726	Discover Financial Services		2,160,311
	97,813	East West Bancorp Inc., (3)		2,227,202
	268,565	Fifth Third Bancorp.		3,821,680
	166,999	Host Hotels & Resorts Inc., (3)		2,778,863
	182,970	Invesco LTD		4,544,975
	389,425	KeyCorp.		3,130,977
	108,415	Kimco Realty Corporation, (3)		2,104,335
	135,566	Lincoln National Corporation		3,357,970
	61,556	Mack-Cali Realty Corporation		1,767,888
	103,626	Marsh & McLennan Companies, Inc.		3,466,290
	25,741	SL Green Realty Corporation, (3)		2,122,088
	263,813	SLM Corporation		3,912,347
	117,774	SunTrust Banks, Inc.		2,859,553
	114,374	Unum Group		2,715,239
	43,969	Ventas Inc., (3)		2,584,938
	94,745	Webster Financial Corporation, (3)		2,153,554
		Total Financials		53,465,966

26 Nuveen Investments

Shares		Description (1)	Value
		Health Care – 9.5%
	54,999	Aetna Inc.	$	2,422,156
	62,580	Agilent Technologies, Inc., (2), (3)		2,639,624
	72,784	AmerisourceBergen Corporation, (3)		2,708,293
	119,285	CareFusion Corporation, (2)		3,090,674
	76,720	Endo Pharmaceuticals Holdings Inc., (2)		2,695,941
	48,375	Humana Inc.		3,902,895
	74,456	Impax Laboratories Inc., (2), (3)		1,833,851
		Total Health Care		19,293,434
		Industrials – 9.8%
	58,416	Chicago Bridge & Iron Company N.V.		2,594,839
	74,991	Crane Company		3,309,353
	51,695	Dover Corporation		3,239,209
	47,694	Fluor Corporation		2,754,329
	81,354	Ingersoll Rand Company Limited, Class A		3,459,172
	89,925	Oshkosh Truck Corporation		2,052,988
	104,227	Spirit AeroSystems Holdings Inc.		2,605,675
		Total Industrials		20,015,565
		Information Techology – 11.7%
	53,916	Arrow Electronics, Inc., (2), (3)		2,267,168
	59,665	Autodesk, Inc., (2)		2,349,011
	82,690	Fidelity National Information Services, (3)		2,784,172
	103,104	International Rectifier Corporation, (2), (3)		2,250,760
	89,083	Molex Inc., (3)		2,457,800
	54,482	Plantronics Inc.		2,087,750
	207,290	Polycom Inc., (2), (3)		2,750,738
	166,358	Teradyne Inc., (2), (3)		2,863,021
	42,132	VeriFone Holdings Inc., (2), (3)		2,007,168
	52,380	Western Digital Corporation, (2)		2,032,868
		Total Information Technology		23,850,456
		Materials – 6.4%
	14,076	CF Industries Holdings, Inc.		2,717,513
	43,898	Cytec Industries, Inc.		2,790,596
	103,633	International Paper Company		3,452,015
	71,573	Packaging Corp. of America		2,089,216
	32,084	Rock-Tenn Company		1,999,796
		Total Materials		13,049,136
		Utilities – 8.6%
	123,578	American Water Works Company		4,231,311
	112,570	Calpine Corporation, (3)		2,110,688
	174,750	CMS Energy Corporation		4,017,503
	74,999	Edison International		3,300,706
	229,438	NV Energy Inc., (3)		3,820,142
		Total Utilities		17,480,350
		Total Common Stocks (cost $188,150,863)		200,753,294

Nuveen Investments 27

Portfolio of Investments (Unaudited)

Nuveen Mid Cap Value Fund (continued)

April 30, 2012

Shares		Description (1)	Value
		INVESTMENT PURCHASED WITH COLLATERAL FROM SECURITIES LENDING
		Money Market Funds – 29.3%
	59,694,980	Mount Vernon Securities Lending Prime Portfolio, Class Z, 0.276%, (4), (5)	$	59,694,980
		Total Investments Purchased with Collateral from Securities Lending (cost $59,694,980)		59,694,980
Shares		Description (1)	Value
		SHORT-TERM INVESTMENTS – 0.1%
	111,055	First American Treasury Obligations Fund, Class Z, 0.000%, (4)	$	111,055
		Total Short-Term Investments (cost $111,055)		111,055
		Total Investments (cost $247,956,898) – 128.1%		260,559,329
		Other Assets Less Liabilities – (28.1)%		(57,113,462)
		Net Assets – 100%	$	203,445,867

For Fund portfolio compliance purposes, the Fund’s industry classifications refer to any one or more of the industry sub-classifications used by one or more widely recognized market indexes or ratings group indexes, and/or as defined by Fund management. This definition may not apply for purposes of this report, which may combine industry sub-classifications into sectors for reporting ease.

(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 a portion of investment, is out on loan for securities lending.

(4) The rate shown is the annualized seven-day effective yield as of April 30, 2012.

(5) The Fund may loan securities representing up to one third of the fair value of its total assets (which includes collateral for securities on loan) to broker dealers, banks, or other institutions. The Fund maintains collateral equal to at least 102% of the fair value of the securities loaned. The cash collateral received by the Fund is invested in this money market fund. See Notes to Financial Statements, Footnote 1 – General Information and Significant Accounting Policies, Securities Lending for more information.

See accompanying notes to financial statements.

28 Nuveen Investments

Portfolio of Investments (Unaudited)

Nuveen Small Cap Value Fund

April 30, 2012

Shares		Description (1)	Value
		COMMON STOCKS – 99.6%
		Consumer Discretionary – 13.6%
	42,198	Ascena Retail Group Inc., (2), (3)	$	864,215
	127,284	Belo Corp.		857,894
	41,627	Cinemark Holdings Inc., (3)		955,756
	60,411	Cooper Tire & Rubber		903,144
	61,684	Dana Holding Corporation, (2), (3)		901,820
	21,824	Dominos Pizza Inc., (2)		825,165
	30,186	Group 1 Automotive Inc., (3)		1,747,166
	52,910	La Z Boy Inc.		797,354
	21,372	Mens Wearhouse Inc., (3)		791,619
	27,989	P.F. Changs China Bistro, Inc.		1,110,883
	50,809	Sally Beauty Holdings Inc., (2)		1,351,519
	54,188	West Marine, Inc., (3)		634,541
		Total Consumer Discretionary		11,741,076
		Consumer Staples – 2.1%
	44,265	Inter Parfums, Inc.		697,174
	59,880	Spartan Stores, Inc.		1,091,612
		Total Consumer Staples		1,788,786
		Energy – 6.1%
	39,500	Basic Energy Services, Inc., (2)		568,800
	33,000	Delek US Holdings Inc., (3)		537,900
	46,166	Matrix Service Company		630,166
	49,120	Midstates Petroleum Co Inc.		801,638
	79,090	Newpark Resources Inc., (3)		503,012
	41,193	Stone Energy Corporation, (2), (3)		1,155,464
	37,308	Swift Energy Company, (3)		1,128,567
		Total Energy		5,325,547
		Financials – 29.0%
	8,429	Affiliated Managers Group Inc., (2)		957,703
	75,518	Associated Estates Realty Corp.		1,278,520
	19,998	Bank of the Ozarks, Inc., (3)		617,938
	105,381	Brandywine Realty Trust, (3)		1,249,819
	188,957	CNO Financial Group Inc., (2), (3)		1,373,717
	45,938	Community Bank System Inc., (3)		1,291,777
	73,104	CubeSmart		918,186
	132,729	DiamondRock Hospitality Company, (3)		1,410,909
	59,014	East West Bancorp Inc., (3)		1,343,749
	26,612	EZCORP, Inc., (3)		712,935
	62,625	FirstMerit Corporation, (3)		1,052,100
	71,004	Flushing Financial Corporation, (3)		925,182
	60,596	Heartland Financial USA, Inc.		1,122,238
	63,086	Horace Mann Educators Corporation		1,107,159
	13,662	IberiaBank Corporation, (3)		697,718
	111,662	JMP Group Inc.		827,415
	31,508	Knight Trading Group Inc., (3)		414,015
	183,977	MFA Mortgage Investments, Inc.		1,357,750

Nuveen Investments 29

Portfolio of Investments (Unaudited)

Nuveen Small Cap Value Fund (continued)

April 30, 2012

Shares		Description (1)	Value
		Financials (continued)
	162,344	MGIC Investment Corporation, (2), (3)	$	561,710
	77,598	National Financial Partners Corp., (2), (3)		1,144,571
	14,404	SVB Financial Group, (2), (3)		923,152
	39,184	Texas Capital BancShares, Inc., (2), (3)		1,477,629
	62,852	Webster Financial Corporation, (3)		1,428,626
	23,021	WSFS Financial Corporation		918,768
		Total Financials		25,113,286
		Health Care – 5.8%
	10,411	AmericGroup Corporation, (2), (3)		642,983
	98,276	Bioscrip, Inc., (2)		728,225
	43,784	Hanger Orthopedic Group Inc., (2)		1,031,113
	17,374	ICU Medical, Inc., (2), (3)		911,961
	26,776	Impax Laboratories Inc., (2), (3)		659,493
	15,280	Mednax Inc., (2), (3)		1,073,267
		Total Health Care		5,047,042
		Industrials – 16.4%
	32,230	Actuant Corporation, (3)		878,912
	68,176	Altra Industrial Motion, Inc., (2), (3)		1,246,257
	21,660	Atlas Air Worldwide Holdings Inc., (2), (3)		997,443
	41,991	Emcor Group Inc.		1,231,176
	56,320	Ennis Inc., (3)		887,603
	41,512	G&K Services, Inc.		1,364,084
	37,876	General Cable Corporation, (3)		1,115,069
	43,343	GrafTech International Ltd.		508,847
	59,024	MasTec Inc., (2), (3)		1,026,427
	12,232	Regal-Beloit Corporation		827,372
	25,000	Tetra Tech, Inc., (2), (3)		667,500
	40,000	TriMas Corporation, (2)		880,400
	32,787	Triumph Group Inc., (3)		2,059,679
	31,713	TrueBlue Inc., (2), (3)		547,366
		Total Industrials		14,238,135
		Information Technology – 13.3%
	30,000	ADTRAN, Inc., (3)		915,600
	21,209	CACI International Inc., (3)		1,296,506
	60,000	Cray, Inc., (3)		669,000
	56,000	Dice Holdings Inc.		603,680
	50,645	International Rectifier Corporation, (2), (3)		1,105,580
	45,926	MKS Instruments Inc., (3)		1,269,854
	105,938	Perficient, Inc., (2), (3)		1,272,315
	28,240	Plantronics Inc., (3)		1,082,157
	60,975	PMC-Sierra, Inc., (2), (3)		431,093
	47,407	Polycom Inc., (2), (3)		629,091
	18,872	Rogers Corporation		722,609
	22,886	SYNNEX Corporation, (2)		871,728
	64,862	TTM Technologies, Inc., (2), (3)		670,024
		Total Information Technology		11,539,237

30 Nuveen Investments

Shares		Description (1)	Value
		Materials – 6.0%
	31,067	Buckeye Technologies Inc., (3)	$	1,006,881
	28,300	Kraton Performance Polymers Inc., (2), (3)		735,800
	17,222	Minerals Technologies Inc., (3)		1,155,596
	39,639	Packaging Corp. of America		1,157,062
	9,454	Rockwood Holdings Inc.		523,184
	16,446	Schnitzer Steel Industries, Inc., (3)		655,702
		Total Materials		5,234,225
		Telecommunication Services – 1.3%
	55,283	NTELOS Holdings Corp		1,117,826
		Utilities – 6.0%
	52,243	Atmos Energy Corporation		1,702,077
	46,515	El Paso Electric Company, (3)		1,425,220
	23,133	Southwest Gas Corporation, (3)		972,052
	31,109	UIL Holdings Corporation, (3)		1,069,219
		Total Utilities		5,168,568
		Total Common Stocks (cost $75,955,378)		86,313,728
Shares		Description (1)	Value
		INVESTMENT PURCHASED WITH COLLATERAL FROM SECURITIES LENDING
		Money Market Funds – 48.8%
	42,370,035	Mount Vernon Securities Lending Prime Portfolio, Class Z, 0.276%, (4), (5)	$	42,370,035
		Total Investments Purchased with Collateral from Securities Lending (cost $42,370,035)		42,370,035
Shares		Description (1)	Value
		SHORT-TERM INVESTMENTS – 0.7%
	627,525	First American Treasury Obligations Fund, Class Z, 0.000%, (4)	$	627,525
		Total Short-Term Investments (cost $627,525)		627,525
		Total Investments (cost $118,952,938) – 149.1%		129,311,288
		Other Assets Less Liabilities – (49.1)%		(42,563,396)
		Net Assets – 100%	$	86,747,892

For Fund portfolio compliance purposes, the Fund’s industry classifications refer to any one or more of the industry sub-classifications used by one or more widely recognized market indexes or ratings group indexes, and/or as defined by Fund management. This definition may not apply for purposes of this report, which may combine industry sub-classifications into sectors for reporting ease.

(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 a portion of investment, is out on loan for securities lending.

(4) The rate shown is the annualized seven-day effective yield as of April 30, 2012.

(5) The Fund may loan securities representing up to one third of the fair value of its total assets (which includes collateral for securities on loan) to broker dealers, banks, or other institutions. The Fund maintains collateral equal to at least 102% of the fair value of the securities loaned. The cash collateral received by the Fund is invested in this money market fund. See Notes to Financial Statements, Footnote 1 – General Information and Significant Accounting Policies, Securities Lending for more information.

See accompanying notes to financial statements.

Nuveen Investments 31

Statement of Assets & Liabilities (Unaudited)

April 30, 2012

	Dividend Value		Large Cap Value			Mid Cap Value			Small Cap Value
Assets
Investments, at value (cost $895,657,520, $142,760,700, $188,261,918 and $76,582,903, respectively)	$	1,218,784,460	$	152,495,903		$	200,864,349		$	86,941,253
Investments purchased with collateral from securities lending (at cost, which approximates value)		156,050,266		33,810,534			59,694,980			42,370,035
Receivables:
Dividends		1,510,550		208,936			73,094			22,838
Due from broker		21,317		4,659			6,823			5,309
Investments sold		7,770,411		2,938,384			3,880,097			—
Shares sold		1,506,965		5,290			52,900			12,510
Other assets		10,408		320			2,550			178
Total assets		1,385,654,377		189,464,026			264,574,793			129,352,123
Liabilities
Payables:
Collateral from securities lending program		156,050,266		33,810,534			59,694,980			42,370,035
Investments purchased		7,738,413		2,919,209			790,710			—
Shares redeemed		3,009,389		230,423			361,742			82,726
Accrued expenses:
Management fees		759,887		92,181			113,201			68,039
12b-1 distribution and service fees		70,588		11,274			22,668			9,307
Other		417,374		94,402			145,625			74,124
Total liabilities		168,045,917		37,158,023			61,128,926			42,604,231
Net assets	$	1,217,608,460	$	152,306,003		$	203,445,867		$	86,747,892
Class A Shares
Net assets	$	210,162,755	$	49,346,442		$	42,200,631		$	33,975,343
Shares outstanding		14,471,331		3,045,019			1,766,453			2,664,996
Net asset value per share	$	14.52	$	16.21		$	23.89		$	12.75
Offering price per share (net asset value per share plus maximum sales charge of 5.75% of offering price)	$	15.41	$	17.20		$	25.35		$	13.53
Class B Shares
Net assets	$	2,037,261		N/A		$	1,824,450			N/A
Shares outstanding		141,629		N/A			81,096			N/A
Net asset value and offering price per share	$	14.38		N/A		$	22.50			N/A
Class C Shares
Net assets	$	24,466,191	$	1,228,687		$	9,024,522		$	1,631,942
Shares outstanding		1,702,864		77,575			392,165			146,219
Net asset value and offering price per share	$	14.37	$	15.84		$	23.01		$	11.16
Class R3 Shares
Net assets	$	17,311,780	$	485,666		$	12,370,802		$	2,493,668
Shares outstanding		1,194,228		30,136			520,349			199,180
Net asset value and offering price per share	$	14.50	$	16.12		$	23.77		$	12.52
Class I Shares
Net assets	$	963,630,473	$	101,245,208		$	138,025,462		$	48,646,939
Shares outstanding		65,844,971		6,216,659			5,745,167			3,696,419
Net asset value and offering price per share	$	14.63	$	16.29		$	24.02		$	13.16
Net assets consist of:
Capital paid-in	$	866,397,424	$	225,652,622		$	245,511,159		$	109,924,106
Undistributed (Over-distribution of) net investment income		83,734		1,102,923			707,149			306,450
Accumulated net realized gain (loss)		28,000,362		(84,184,745	)		(55,374,872	)		(33,841,014	)
Net unrealized appreciation (depreciation)		323,126,940		9,735,203			12,602,431			10,358,350
Net assets	$	1,217,608,460	$	152,306,003		$	203,445,867		$	86,747,892
Authorized shares		2 billion		2 billion			2 billion			2 billion
Par value per share	$	0.0001	$	0.0001		$	0.0001		$	0.0001

N/A – Small Cap Value does not offer Class B Shares. Class B Shares of Large Cap Value converted to Class A Shares at the close of business on February 15, 2012 and are no longer available for divided reinvestment or through an exchange from other Nuveen mutual funds.

See accompanying notes to financial statements.

32 Nuveen Investments

Statement of Operations (Unaudited)

Six Months Ended April 30, 2012

	Dividend Value		Large Cap Value			Mid Cap Value			Small Cap Value
Investment Income
Dividend and Interest income from unaffiliated investments (net of foreign tax withheld of $135,631, $21,015, $517 and $ –, respectively)	$	18,761,021	$	1,942,345		$	1,923,548		$	861,959
Securities lending income		148,708		29,388			45,979			41,199
Total investment income		18,909,729		1,971,733			1,969,527			903,158
Expenses
Management fees		4,361,933		569,195			954,589			394,564
12b-1 service fees – Class A		240,044		61,605			56,977			41,182
12b-1 distribution and service fees – Class B		12,898		N/A			9,770			N/A
12b-1 distribution and service fees – Class C		107,215		5,516			44,527			7,677
12b-1 distribution and service fees – Class R3		35,489		1,679			34,731			6,152
Shareholders’ servicing agent fees and expenses		635,049		153,116			318,329			162,009
Custodian’s fees and expenses		86,878		18,771			26,150			12,976
Directors’ fees and expenses		16,443		2,298			3,115			1,409
Professional fees		35,497		357			9,531			3,651
Shareholders’ reports – printing and mailing expenses		53,048		11,995			14,171			10,274
Federal and state registration fees		38,547		28,704			30,282			27,311
Other expenses		17,685		9,442			12,767			10,489
Total expenses before expense reimbursement		5,640,726		862,678			1,514,939			677,694
Expense reimbursement		—		(2,178	)		(274,566	)		(91,943	)
Net expenses		5,640,726		860,500			1,240,373			585,751
Net investment income (loss)		13,269,003		1,111,233			729,154			317,407
Realized and Unrealized Gain (Loss)
Net realized gain (loss) from investments		29,778,587		6,503,135			9,613,308			6,745,063
Change in net unrealized appreciation (depreciation) of investments		95,429,312		11,005,895			10,130,285			3,629,062
Net realized and unrealized gain (loss)		125,207,899		17,509,030			19,743,593			10,374,125
Net increase (decrease) in net assets from operations	$	138,476,902	$	18,620,263		$	20,472,747		$	10,691,532

N/A – Small Cap Value does not offer Class B Shares. Class B Shares of Large Cap Value converted to Class A Shares at the close of business on February 15, 2012 and are no longer available for divided reinvestment or through an exchange from other Nuveen mutual funds.

See accompanying notes to financial statements.

Nuveen Investments 33

Statement of Changes in Net Assets (Unaudited)

	Dividend Value						Large Cap Value
	Six Months Ended 4/30/12			Year Ended 10/31/11			Six Months Ended 4/30/12			Year Ended 10/31/11
Operations
Net investment income (loss)	$	13,269,003		$	22,403,547		$	1,111,233		$	1,694,307
Net realized gain (loss) from:
Investments		29,778,587			5,603,569			6,503,135			19,195,878
Redemptions in-kind		—			—			—			15,436,123
Change in net unrealized appreciation (depreciation) of investments		95,429,312			38,786,442			11,005,895			(24,277,216	)
Net increase (decrease) in net assets from operations		138,476,902			66,793,558			18,620,263			12,049,092
Distributions to Shareholders
From net investment income:
Class A		(2,359,586	)		(3,311,206	)		(189,275	)		(696,738	)
Class B		(22,980	)		(30,068	)		N/A			(5,760	)
Class C		(186,243	)		(155,136	)		—			(5,506	)
Class R3(1)		(158,565	)		(74,593	)		(1,206	)		(8,973	)
Class I(1)		(12,449,183	)		(19,550,217	)		(686,230	)		(2,375,027	)
Decrease in net assets from distributions to shareholders		(15,176,557	)		(23,121,220	)		(876,711	)		(3,092,004	)
Fund Share Transactions
Proceeds from sale of shares		170,770,693			441,406,794			6,388,916			8,440,042
Proceeds from shares issued to shareholders due to reinvestment of distributions		6,932,320			9,484,764			522,996			1,788,847
		177,703,013			450,891,558			6,911,912			10,228,889
Cost of shares redeemed		(155,924,595	)		(249,150,489	)		(26,726,038	)		(74,896,322	)
Cost of redemptions in-kind		—			—			—			(132,685,046	)
Net increase (decrease) in net assets from Fund share transactions		21,778,418			201,741,069			(19,814,126	)		(197,352,479	)
Net increase (decrease) in net assets		145,078,763			245,413,407			(2,070,574	)		(188,395,391	)
Net assets at the beginning of period		1,072,529,697			827,116,290			154,376,577			342,771,968
Net assets at the end of period	$	1,217,608,460		$	1,072,529,697		$	152,306,003		$	154,376,577
Undistributed (Over-distribution of) net investment income at the end of period	$	83,734		$	1,991,288		$	1,102,923		$	868,401

N/A – Class B Shares of Large Cap Value converted to Class A Shares at the close of business on February 15, 2012 and are no longer available for dividend reinvestment or through an exchange from other Nuveen mutual funds.

(1) Effective January 18, 2011, Class R Shares and Class Y Shares previously offered by FAF Advisors, Inc. were renamed Class R3 Shares and Class I Shares, respectively.

See accompanying notes to financial statements.

34 Nuveen Investments

	Mid Cap Value						Small Cap Value
	Six Months Ended 4/30/12			Year Ended 10/31/11			Six Months Ended 4/30/12			Year Ended 10/31/11
Operations
Net investment income (loss)	$	729,154		$	1,667,039		$	317,407		$	(290,831	)
Net realized gain (loss) from:
Investments		9,613,308			42,262,542			6,745,063			10,390,805
Redemptions in-kind		—			51,352,202			—			27,495,098
Change in net unrealized appreciation (depreciation) of investments		10,130,285			(76,035,365	)		3,629,062			(17,603,366	)
Net increase (decrease) in net assets from operations		20,472,747			19,246,418			10,691,532			19,991,706
Distributions to Shareholders
From net investment income:
Class A		(256,451	)		(804,678	)		—			—
Class B		—			(9,710	)		N/A			N/A
Class C		—			(46,605	)		—			—
Class R3(1)		(47,224	)		(141,534	)		—			—
Class I(1)		(1,219,636	)		(2,981,023	)		—			—
Decrease in net assets from distributions to shareholders		(1,523,311	)		(3,983,550	)		—			—
Fund Share Transactions
Proceeds from sale of shares		16,220,374			38,984,469			12,124,973			19,212,422
Proceeds from shares issued to shareholders due to reinvestment of distributions		817,190			2,082,155			—			—
		17,037,564			41,066,624			12,124,973			19,212,422
Cost of shares redeemed		(62,623,790	)		(145,839,650	)		(20,222,181	)		(44,281,152	)
Cost of redemptions in-kind		—			(261,914,439	)		—			(127,930,138	)
Net increase (decrease) in net assets from Fund share transactions		(45,586,226	)		(366,687,465	)		(8,097,208	)		(152,998,868	)
Net increase (decrease) in net assets		(26,636,790	)		(351,424,597	)		2,594,324			(133,007,162	)
Net assets at the beginning of period		230,082,657			581,507,254			84,153,568			217,160,730
Net assets at the end of period	$	203,445,867		$	230,082,657		$	86,747,892		$	84,153,568
Undistributed (Over-distribution of) net investment income at the end of period	$	707,149		$	1,501,306		$	306,450		$	(10,957	)

N/A – Small Cap Value does not offer Class B Shares.

(1) Effective January 18, 2011, Class R Shares and Class Y Shares previously offered by FAF Advisors, Inc. were renamed Class R3 Shares and Class I Shares, respectively.

See accompanying notes to financial statements.

Nuveen Investments 35

Financial Highlights (Unaudited)

Selected data for a share outstanding throughout each period:
Class (Commencement Date)
			Investment Operations								Less Distributions
DIVIDEND VALUE
Year Ended October 31,	Beginning Net Asset Value		Net Invest- ment Income (Loss)(a)		Net Realized/ Unrealized Gain (Loss)			Total			Net Invest- ment Income			Capital Gains(b)			Total			Ending Net Asset Value
Class A (12/92)
2012(f)	$	13.05	$	.15	$	1.49		$	1.64		$	(.17	)	$	—		$	(.17	)	$	14.52
2011		12.42		.27		.63			.90			(.27	)		—			(.27	)		13.05
2010		10.76		.34		1.63			1.97			(.31	)		—			(.31	)		12.42
2009		10.09		.29		.71			1.00			(.33	)		—			(.33	)		10.76
2008		16.43		.33		(5.28	)		(4.95	)		(.29	)		(1.10	)		(1.39	)		10.09
2007		15.90		.29		1.96			2.25			(.29	)		(1.43	)		(1.72	)		16.43
Class B (8/94)
2012(f)		12.93		.10		1.47			1.57			(.12	)		—			(.12	)		14.38
2011		12.25		.17		.61			.78			(.10	)		—			(.10	)		12.93
2010		10.61		.24		1.61			1.85			(.21	)		—			(.21	)		12.25
2009		9.96		.22		.68			.90			(.25	)		—			(.25	)		10.61
2008		16.23		.22		(5.19	)		(4.97	)		(.20	)		(1.10	)		(1.30	)		9.96
2007		15.75		.17		1.94			2.11			(.20	)		(1.43	)		(1.63	)		16.23
Class C (2/99)
2012(f)		12.92		.09		1.48			1.57			(.12	)		—			(.12	)		14.37
2011		12.26		.17		.62			.79			(.13	)		—			(.13	)		12.92
2010		10.63		.26		1.60			1.86			(.23	)		—			(.23	)		12.26
2009		9.98		.21		.69			.90			(.25	)		—			(.25	)		10.63
2008		16.26		.22		(5.20	)		(4.98	)		(.20	)		(1.10	)		(1.30	)		9.98
2007		15.78		.17		1.94			2.11			(.20	)		(1.43	)		(1.63	)		16.26
Class R3 (9/01)(e)
2012(f)		13.03		.13		1.49			1.62			(.15	)		—			(.15	)		14.50
2011		12.41		.23		.63			.86			(.24	)		—			(.24	)		13.03
2010		10.76		.30		1.64			1.94			(.29	)		—			(.29	)		12.41
2009		10.08		.28		.68			.96			(.28	)		—			(.28	)		10.76
2008		16.41		.29		(5.26	)		(4.97	)		(.26	)		(1.10	)		(1.36	)		10.08
2007		15.88		.23		1.98			2.21			(.25	)		(1.43	)		(1.68	)		16.41
Class I (8/94)(e)
2012(f)		13.16		.17		1.49			1.66			(.19	)		—			(.19	)		14.63
2011		12.53		.31		.64			.95			(.32	)		—			(.32	)		13.16
2010		10.85		.37		1.65			2.02			(.34	)		—			(.34	)		12.53
2009		10.18		.32		.70			1.02			(.35	)		—			(.35	)		10.85
2008		16.55		.36		(5.30	)		(4.94	)		(.33	)		(1.10	)		(1.43	)		10.18
2007		16.00		.33		1.98			2.31			(.33	)		(1.43	)		(1.76	)		16.55

36 Nuveen Investments

			Ratios/Supplemental Data
					Ratios to Average Net Assets Before Reimbursement						Ratios to Average Net Assets After Reimbursement(d)
Total Return(c)			Ending Net Assets (000)		Expenses			Net Invest- ment Income (Loss)			Expenses			Net Invest- ment Income (Loss)			Portfolio Turnover Rate
	12.56	%	$	210,163		1.17	%*		2.14	%*		1.17	%*		2.14	%*		11	%
	7.28			176,954		1.14			2.05			1.14			2.05			33
	18.46			125,226		1.19			2.87			1.17			2.89			29
	10.32			100,059		1.19			3.00			1.19			3.00			48
	(32.51	)		100,824		1.17			2.45			1.17			2.45			32
	15.24			179,379		1.16			1.83			1.16			1.83			20
	12.10			2,037		1.92	*		1.49	*		1.92	*		1.49	*		11
	6.45			3,016		1.89			1.32			1.89			1.32			33
	17.59			5,039		1.94			2.05			1.92			2.07			29
	9.41			7,237		1.94			2.28			1.94			2.28			48
	(32.95	)		9,113		1.92			1.69			1.92			1.69			32
	14.40			16,893		1.91			1.09			1.91			1.09			20
	12.19			24,466		1.92	*		1.37	*		1.92	*		1.37	*		11
	6.42			18,714		1.89			1.31			1.89			1.31			33
	17.60			11,107		1.94			2.20			1.92			2.22			29
	9.41			4,921		1.94			2.23			1.94			2.23			48
	(32.95	)		4,625		1.92			1.69			1.92			1.69			32
	14.37			9,241		1.91			1.09			1.91			1.09			20
	12.52			17,312		1.42	*		1.86	*		1.42	*		1.86	*		11
	6.93			12,092		1.41			1.75			1.41			1.75			33
	18.16			1,204		1.41			2.48			1.39			2.50			29
	9.92			122		1.45			2.94			1.45			2.94			48
	(32.64	)		535		1.42			2.20			1.42			2.20			32
	14.98			940		1.41			1.48			1.41			1.48			20
	12.68			963,630		.92	*		2.40	*		.92	*		2.40	*		11
	7.56			861,754		.89			2.30			.89			2.31			33
	18.78			684,540		.94			3.12			.92			3.10			29
	10.51			570,690		.94			3.25			.94			3.25			48
	(32.29	)		574,162		.92			2.70			.92			2.70			32
	15.54			1,061,433		.91			2.09			.91			2.09			20

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

(b) Distributions from Capital Gains include short-term capital gains, if any.

(c) 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.

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

(e) Effective January 18, 2011, Class R Shares and Class Y Shares previously offered by FAF Advisors, Inc. were renamed Class R3 Shares and Class I Shares, respectively.

(f) For the six months ended April 30, 2012.

* Annualized.

See accompanying notes to financial statements.

Nuveen Investments 37

Financial Highlights (Unaudited) (continued)

Selected data for a share outstanding throughout each period:
Class (Commencement Date)
			Investment Operations									Less Distributions
LARGE CAP VALUE
Year Ended October 31,	Beginning Net Asset Value		Net Invest- ment Income (Loss)(a)			Net Realized/ Unrealized Gain (Loss)			Total			Net Invest- ment Income			Capital Gains(b)			Total			Ending Net Asset Value
Class A (12/87)
2012(f)	$	14.42	$	.10		$	1.75		$	1.85		$	(.06	)	$	—		$	(.06	)	$	16.21
2011		14.32		.08			.21			.29			(.19	)		—			(.19	)		14.42
2010		13.14		.09			1.27			1.36			(.18	)		—			(.18	)		14.32
2009		12.88		.18			.22			.40			(.14	)		—			(.14	)		13.14
2008		22.61		.25			(7.02	)		(6.77	)		(.16	)		(2.80	)		(2.96	)		12.88
2007		22.12		.23			2.19			2.42			(.24	)		(1.69	)		(1.93	)		22.61
Class C (2/99)
2012(f)		14.09		.04			1.71			1.75			—			—			—			15.84
2011		13.97		(.03	)		.21			.18			(.06	)		—			(.06	)		14.09
2010		12.81		(.01	)		1.22			1.21			(.05	)		—			(.05	)		13.97
2009		12.59		.09			.21			.30			(.08	)		—			(.08	)		12.81
2008		22.21		.11			(6.86	)		(6.75	)		(.07	)		(2.80	)		(2.87	)		12.59
2007		21.81		.07			2.14			2.21			(.12	)		(1.69	)		(1.81	)		22.21
Class R3 (9/01)(e)
2012(f)		14.32		.08			1.74			1.82			(.02	)		—			(.02	)		16.12
2011		14.24		.05			.21			.26			(.18	)		—			(.18	)		14.32
2010		13.09		.05			1.26			1.31			(.16	)		—			(.16	)		14.24
2009		12.85		.13			.23			.36			(.12	)		—			(.12	)		13.09
2008		22.57		.20			(6.99	)		(6.79	)		(.13	)		(2.80	)		(2.93	)		12.85
2007		22.10		.17			2.17			2.34			(.18	)		(1.69	)		(1.87	)		22.57
Class I (2/94)(e)
2012(f)		14.51		.12			1.76			1.88			(.10	)		—			(.10	)		16.29
2011		14.41		.15			.18			.33			(.23	)		—			(.23	)		14.51
2010		13.23		.12			1.27			1.39			(.21	)		—			(.21	)		14.41
2009		12.95		.21			.23			.44			(.16	)		—			(.16	)		13.23
2008		22.69		.29			(7.04	)		(6.75	)		(.19	)		(2.80	)		(2.99	)		12.95
2007		22.19		.29			2.18			2.47			(.28	)		(1.69	)		(1.97	)		22.69

38 Nuveen Investments

			Ratios/Supplemental Data
					Ratios to Average Net Assets Before Reimbursement						Ratios to Average Net Assets After Reimbursement(d)
Total Return(c)			Ending Net Assets (000)		Expenses			Net Invest- ment Income (Loss)			Expenses			Net Invest- ment Income (Loss)			Portfolio Turnover Rate
	12.88	%	$	49,346		1.32	%*		1.30	%*		1.31	%*		1.30	%*		47	%
	1.98			46,659		1.24			.56			1.24			.56			114
	10.36			52,567		1.23			.63			1.23			.63			135
	3.24			55,401		1.22			1.49			1.22			1.49			68
	(34.00	)		60,870		1.19			1.41			1.19			1.41			90
	11.60			113,223		1.17			1.05			1.17			1.05			81
	12.42			1,229		2.04	*		.54	*		2.04	*		.54	*		47
	1.28			1,094		1.99			(.19	)		1.99			(.19	)		114
	9.45			1,337		1.98			(.10	)		1.98			(.10	)		135
	2.47			2,016		1.97			.76			1.97			.76			68
	(34.46	)		2,643		1.94			.66			1.94			.66			90
	10.71			4,587		1.92			.31			1.92			.31			81
	12.75			486		1.54	*		1.08	*		1.54	*		1.08	*		47
	1.74			768		1.49			.33			1.49			.33			114
	10.04			794		1.49			.35			1.49			.35			135
	2.96			340		1.47			1.06			1.47			1.06			68
	(34.13	)		174		1.44			1.18			1.44			1.18			90
	11.25			188		1.42			.78			1.42			.78			81
	13.02			101,245		1.04	*		1.55	*		1.04	*		1.55	*		47
	2.22			104,949		.99			.96			.99			.96			114
	10.54			286,736		.98			.89			.98			.89			135
	3.54			335,589		.97			1.76			.97			1.76			68
	(33.80	)		401,006		.94			1.66			.94			1.66			90
	11.83			726,512		.92			1.30			.92			1.30			81

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

(b) Distributions from Capital Gains include short-term capital gains, if any.

(c) 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.

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

(e) Effective January 18, 2011, Class R Shares and Class Y Shares previously offered by FAF Advisors Inc. were renamed Class R3 Shares and Class I Shares, respectively.

(f) For the six months ended April 30, 2012.

* Annualized.

See accompanying notes to financial statements.

Nuveen Investments 39

Financial Highlights (Unaudited) (continued)

Selected data for a share outstanding throughout each period:
Class (Commencement Date)
			Investment Operations									Less Distributions
MID CAP VALUE
Year Ended October 31,	Beginning Net Asset Value		Net Invest- ment Income (Loss)(a)			Net Realized/ Unrealized Gain (Loss)			Total			Net Invest- ment Income			Capital Gains(b)			Total			Ending Net Asset Value
Class A (12/87)
2012(f)	$	21.83	$	.07		$	2.12		$	2.19		$	(.13	)	$	—		$	(.13	)	$	23.89
2011		22.20		.07			(.19	)		(.12	)		(.25	)		—			(.25	)		21.83
2010		18.28		.12			4.00			4.12			(.20	)		—			(.20	)		22.20
2009		16.13		.24			1.99			2.23			(.08	)		—			(.08	)		18.28
2008		27.83		.21			(9.92	)		(9.71	)		(.16	)		(1.83	)		(1.99	)		16.13
2007		26.65		.14			2.78			2.92			(.16	)		(1.58	)		(1.74	)		27.83
Class B (8/94)
2012(f)		20.52		(.02	)		2.00			1.98			—			—			—			22.50
2011		20.87		(.10	)		(.18	)		(.28	)		(.07	)		—			(.07	)		20.52
2010		17.21		(.04	)		3.78			3.74			(.08	)		—			(.08	)		20.87
2009		15.22		.13			1.87			2.00			(.01	)		—			(.01	)		17.21
2008		26.48		.03			(9.39	)		(9.36	)		(.07	)		(1.83	)		(1.90	)		15.22
2007		25.50		(.05	)		2.65			2.60			(.04	)		(1.58	)		(1.62	)		26.48
Class C (2/99)
2012(f)		20.99		(.02	)		2.04			2.02			—			—			—			23.01
2011		21.36		(.10	)		(.18	)		(.28	)		(.09	)		—			(.09	)		20.99
2010		17.61		(.04	)		3.86			3.82			(.07	)		—			(.07	)		21.36
2009		15.58		.12			1.92			2.04			(.01	)		—			(.01	)		17.61
2008		27.05		.03			(9.60	)		(9.57	)		(.07	)		(1.83	)		(1.90	)		15.58
2007		26.02		(.06	)		2.72			2.66			(.05	)		(1.58	)		(1.63	)		27.05
Class R3 (9/01)(e)
2012(f)		21.70		.04			2.10			2.14			(.07	)		—			(.07	)		23.77
2011		22.05		.01			(.19	)		(.18	)		(.17	)		—			(.17	)		21.70
2010		18.15		.06			3.99			4.05			(.15	)		—			(.15	)		22.05
2009		16.04		.19			1.98			2.17			(.06	)		—			(.06	)		18.15
2008		27.72		.15			(9.87	)		(9.72	)		(.13	)		(1.83	)		(1.96	)		16.04
2007		26.56		.06			2.78			2.84			(.10	)		(1.58	)		(1.68	)		27.72
Class I (2/94)(e)
2012(f)		21.99		.09			2.13			2.22			(.19	)		—			(.19	)		24.02
2011		22.37		.15			(.22	)		(.07	)		(.31	)		—			(.31	)		21.99
2010		18.42		.16			4.05			4.21			(.26	)		—			(.26	)		22.37
2009		16.24		.28			2.01			2.29			(.11	)		—			(.11	)		18.42
2008		27.98		.27			(9.99	)		(9.72	)		(.19	)		(1.83	)		(2.02	)		16.24
2007		26.77		.22			2.80			3.02			(.23	)		(1.58	)		(1.81	)		27.98

40 Nuveen Investments

			Ratios/Supplemental Data
					Ratios to Average Net Assets Before Reimbursement						Ratios to Average Net Assets After Reimbursement(d)
Total Return(c)			Ending Net Assets (000)		Expenses			Net Invest- ment Income (Loss)			Expenses			Net Invest- ment Income (Loss)			Portfolio Turnover Rate
	10.08	%	$	42,201		1.53	%*		.33	%*		1.28	%*		.58	%*		78	%
	(.64	)		52,334		1.33			.27			1.31			.30			123
	22.65			76,667		1.25			.58			1.25			.58			123
	13.95			130,222		1.25			1.52			1.25			1.52			106
	(37.32	)		124,275		1.23			.90			1.23			.90			93
	11.47			254,342		1.22			.58			1.22			.58			95
	9.65			1,824		2.28	*		(.44	)*		2.03	*		(.18	)*		78
	(1.35	)		2,073		2.08			(.48	)		2.06			(.45	)		123
	21.77			2,815		2.00			(.20	)		2.00			(.20	)		123
	13.13			3,481		1.98			.85			1.98			.85			106
	(37.82	)		4,133		1.98			.14			1.98			.14			93
	10.67			8,360		1.97			(.13	)		1.97			(.13	)		95
	9.62			9,025		2.29	*		(.45	)*		2.03	*		(.19	)*		78
	(1.35	)		8,957		2.08			(.48	)		2.06			(.45	)		123
	21.74			11,564		2.00			(.21	)		2.00			(.21	)		123
	13.10			12,040		2.00			.80			2.00			.80			106
	(37.80	)		13,154		1.98			.14			1.98			.14			93
	10.66			26,141		1.97			(.18	)		1.97			(.18	)		95
	9.89			12,371		1.77	*		.08	*		1.53	*		.33	*		78
	(.87	)		15,310		1.58			.03			1.56			.06			123
	22.40			20,195		1.50			.30			1.50			.30			123
	13.63			25,664		1.50			1.21			1.50			1.21			106
	(37.47	)		23,423		1.49			.64			1.49			.64			93
	11.18			29,752		1.47			.29			1.47			.29			95
	10.16			138,025		1.29	*		.56	*		1.03	*		.82	*		78
	(.42	)		151,409		1.07			.65			1.06			.65			123
	22.98			470,266		1.00			.78			1.00			.78			123
	14.24			440,968		1.00			1.76			1.00			1.76			106
	(37.17	)		415,486		.99			1.14			.99			1.14			93
	11.79			772,178		.97			.86			.97			.86			95

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

(b) Distributions from Capital Gains include short-term capital gains, if any.

(c) 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.

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

(e) Effective January 18, 2011, Class R Shares and Class Y Shares previously offered by FAF Advisors Inc. were renamed Class R3 Shares and Class I Shares, respectively.

(f) For the six months ended April 30, 2012.

* Annualized.

See accompanying notes to financial statements.

Nuveen Investments 41

Financial Highlights (Unaudited) (continued)

Selected data for a share outstanding throughout each period:
Class (Commencement Date)
			Investment Operations									Less Distributions
SMALL CAP VALUE
Year Ended October 31,	Beginning Net Asset Value		Net Invest- ment Income (Loss)(a)			Net Realized/ Unrealized Gain (Loss)			Total			Net Invest- ment Income			Capital Gains(b)			Total			Ending Net Asset Value
Class A (8/94)
2012(f)	$	11.30	$	.04		$	1.41		$	1.45		$	—		$	—		$	—		$	12.75
2011		10.26		(.05	)		1.09			1.04			—			—			—			11.30
2010		8.22		(.01	)		2.07			2.06			(.02	)		—			(.02	)		10.26
2009		8.12		.03			.15			.18			(.08	)		—			(.08	)		8.22
2008		13.52		.08			(3.97	)		(3.89	)		(.14	)		(1.37	)		(1.51	)		8.12
2007		15.38		.12			.48			.60			(.02	)		(2.44	)		(2.46	)		13.52
Class C (2/99)
2012(f)		9.93		(.01	)		1.24			1.23			—			—			—			11.16
2011		9.08		(.12	)		.97			.85			—			—			—			9.93
2010		7.31		(.07	)		1.84			1.77			—			—			—			9.08
2009		7.22		(.02	)		.13			.11			(.02	)		—			(.02	)		7.31
2008		12.19		—	*		(3.54	)		(3.54	)		(.06	)		(1.37	)		(1.43	)		7.22
2007		14.17		.02			.44			.46			—			(2.44	)		(2.44	)		12.19
Class R3 (9/01)(e)
2012(f)		11.11		.02			1.39			1.41			—			—			—			12.52
2011		10.11		(.07	)		1.07			1.00			—			—			—			11.11
2010		8.10		(.03	)		2.04			2.01			—			—			—			10.11
2009		8.00		.01			.15			.16			(.06	)		—			(.06	)		8.10
2008		13.35		.05			(3.91	)		(3.86	)		(.12	)		(1.37	)		(1.49	)		8.00
2007		15.24		.10			.47			.57			(.02	)		(2.44	)		(2.46	)		13.35
Class I (8/94)(e)
2012(f)		11.65		.05			1.46			1.51			—			—			—			13.16
2011		10.55		(.02	)		1.12			1.10			—			—			—			11.65
2010		8.45		.01			2.13			2.14			(.04	)		—			(.04	)		10.55
2009		8.36		.05			.15			.20			(.11	)		—			(.11	)		8.45
2008		13.87		.11			(4.08	)		(3.97	)		(.17	)		(1.37	)		(1.54	)		8.36
2007		15.71		.16			.49			.65			(.05	)		(2.44	)		(2.49	)		13.87

42 Nuveen Investments

			Ratios/Supplemental Data
					Ratios to Average Net Assets Before Reimbursement						Ratios to Average Net Assets After Reimbursement(d)
Total Return(c)			Ending Net Assets (000)		Expenses			Net Invest- ment Income (Loss)			Expenses			Net Invest- ment Income (Loss)			Portfolio Turnover Rate
	12.83	%	$	33,975		1.67	%***		.38	%***		1.46	%***		.59	%***		23	%
	10.14			31,814		1.48			(.41	)		1.46			(.40	)		41
	25.15			32,332		1.34			(.11	)		1.34			(.11	)		58
	2.40			29,026		1.37			.46			1.37			.46			73
	(31.75	)		28,344		1.31			.75			1.31			.75			49
	4.18			53,498		1.26			.90			1.26			.90			63
	12.39			1,632		2.42	***		(.35	)***		2.21	***		(.14	)***		23
	9.36			1,498		2.23			(1.18	)		2.21			(1.18	)		41
	24.21			1,843		2.09			(.86	)		2.09			(.86	)		58
	1.56			2,080		2.12			(.27	)		2.12			(.27	)		73
	(32.23	)		2,373		2.06			—	**		2.06			—	**		49
	3.42			4,006		2.01			.14			2.01			.14			63
	12.69			2,494		1.92	***		.14	***		1.71	***		.35	***		23
	9.89			2,246		1.73			(.66	)		1.71			(.65	)		41
	24.85			2,111		1.59			(.35	)		1.59			(.35	)		58
	2.14			2,327		1.62			.19			1.62			.19			73
	(31.90	)		2,159		1.56			.50			1.56			.50			49
	3.96			3,263		1.51			.72			1.51			.72			63
	12.96			48,647		1.42	***		.65	***		1.21	***		.86	***		23
	10.43			48,596		1.21			(.16	)		1.21			(.16	)		41
	25.43			180,875		1.09			.14			1.09			.14			58
	2.59			149,515		1.12			.72			1.12			.72			73
	(31.56	)		158,112		1.06			1.00			1.06			1.00			49
	4.45			302,683		1.01			1.15			1.01			1.15			63

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

(b) Distributions from Capital Gains include short-term capital gains, if any.

(c) 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.

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

(e) Effective January 18, 2011, Class R Shares and Class Y Shares previously offered by FAF Advisors Inc. were renamed Class R3 Shares and Class I Shares, respectively.

(f) For the six months ended April 30, 2012.

* Rounds to less than $.01 per share.

** Rounds to less than .01%.

*** Annualized.

See accompanying notes to financial statements.

Nuveen Investments 43

Notes to Financial Statements (Unaudited)

1. General Information and Significant Accounting Policies

General Information

Nuveen Investment Funds, Inc. (the “Trust”), is an open-end investment company registered under the Investment Company Act of 1940, as amended. The Trust is comprised of Nuveen Dividend Value Fund (“Dividend Value”) formerly known as Nuveen Equity Income Fund, Nuveen Large Cap Value Fund (“Large Cap Value”), Nuveen Mid Cap Value Fund (“Mid Cap Value”) and Nuveen Small Cap Value Fund (“Small Cap Value”) (each a “Fund” and collectively, the “Funds”), among others. The Trust was incorporated in the State of Maryland on August 20, 1987.

Dividend Value’s investment objective is long-term growth of capital and income. Under normal market conditions, the Fund invests at least 80% of net assets, plus the amount of any borrowings for investment purposes, in equity securities of companies Nuveen Asset Management, LLC (the “Sub-Adviser”), a wholly-owned subsidiary of Nuveen Fund Advisors, Inc. (the “Adviser”), a wholly-owned subsidiary of Nuveen Investments, Inc. (“Nuveen”), believes have the ability to pay above average dividends and finance expected growth have strong management and are trading at attractive valuations. The Fund also invests in convertible debt securities in pursuit of both long-term growth of capital and income.

Large Cap Value’s investment objective is capital appreciation, with current income as the Fund’s secondary objective. Under normal market conditions, the Fund invests at least 80% of net assets, plus the amount of any borrowings for investment purposes, in common stocks of large-capitalization companies, defined as companies that have market capitalizations of $5 billion or greater at the time of purchase.

Mid Cap Value’s investment objective is capital appreciation. Under normal market conditions, the Fund invests at least 80% of net assets, plus the amount of any borrowings for investment purposes, in common stocks of mid-capitalization companies, defined as companies that have market capitalizations at the time of purchase within the market capitalization range of the companies in the Russell MidCap ^® Index immediately after its most recent reconstitution prior to such purchase. It is expected that reconstitution of the index will occur each year at the end of June. Immediately after the most recent reconstitution, the range was $520 million to $17.9 billion.

Small Cap Value’s investment objective is capital appreciation. Under normal market conditions, the Fund invests at least 80% of its net assets, plus the amount of any borrowings for investment purposes, in common stocks of small-capitalization companies, defined as companies that have market capitalizations of less than $3 billion at the time of purchase.

Each Fund may invest up to 15% of its total assets in non-dollar denominated equity securities of foreign issuers. Each Fund may invest up to 25% of its assets, collectively, in non-dollar denominated equity securities of non-U.S. issuers and in dollar denominated equity securities of non-U.S. issuers that are either listed on a U.S. stock exchange or represented by depositary receipts that may or may not be sponsored by a domestic bank. Up to 15% of the Fund’s total assets may be invested in equity securities of emerging market issuers. Each Fund may also invest in options, futures contracts, options on futures contracts and forward foreign currency exchanges contracts (“derivatives”) to manage market or business risk, enhance its return or hedge against adverse movements in currency exchange rates.

Each Fund’s most recent prospectus provides further descriptions of each Fund’s investment objective, principal investment strategies and principal risks.

Effective at the close of business on February 15, 2012, Class B Shares of Large Cap Value were converted to Class A Shares and are no longer available for dividend reinvestment or through an exchange from other Nuveen mutual funds.

Significant Accounting Policies

The following is a summary of significant accounting policies followed by the Funds in the preparation of their financial statements in accordance with accounting principles generally accepted in the United States (“U.S. GAAP”).

Investment Valuation

Common stocks and other equity-type securities are valued at the last sales price on the securities exchange on which such securities are primarily traded and are generally classified as Level 1 for fair value measurement purposes. Securities primarily traded on the NASDAQ National Market (“NASDAQ”) are valued, except as indicated below, at the NASDAQ Official Closing Price and are generally classified as Level 1. However, securities traded on a securities exchange or NASDAQ for which there were no transactions on a given day or securities not listed on a securities exchange or NASDAQ are valued at the quoted bid price and are generally classified as Level 2. Prices of certain American Depositary Receipts (“ADR”) held by the Funds that trade in the United States are valued based on the last traded price, official closing price, or the most recent bid price of the underlying non-U.S.-traded stock, adjusted as appropriate for the underlying-to-ADR conversion ratio and foreign exchange rate, and from time-to-time may also be adjusted further to take into account material events that may take place after the close of the local non-U.S. market but before the close of the New York Stock Exchange (“NYSE”). These securities generally represent a transfer from a Level 1 to a Level 2 security. Investments in investment companies are valued at their respective net asset values on the valuation date. These investment vehicles are generally classified as Level 1.

44 Nuveen Investments

Certain securities may not be able to be priced by the pre-established pricing methods as described above. Such securities may be valued by the Funds’ Board of Directors or its designee at fair value. These securities generally include, but are not limited to, restricted securities (securities which may not be publicly sold without registration under the Securities Act of 1933, as amended) for which a pricing service is unable to provide a market price; securities whose trading has been formally suspended; debt securities that have gone into default and for which there is no current market quotation; a security whose market price is not available from a pre-established pricing source; a security with respect to which an event has occurred that is likely to materially affect the value of the security after the market has closed but before the calculation of a Fund’s net asset value (as may be the case in non-U.S. markets on which the security is primarily traded) or make it difficult or impossible to obtain a reliable market quotation; and a security whose price, as provided by the pricing service, is not deemed to reflect the security’s fair value. As a general principle, the fair value of a security would appear to be the amount that the owner might reasonably expect to receive for it in a current sale. A variety of factors may be considered in determining the fair value of such securities, which may include consideration of the following: yields or prices of investments of comparable quality, type of issue, coupon, maturity and rating, market quotes or indications of value from security dealers, evaluations of anticipated cash flows or collateral, general market conditions and other information and analysis, including the obligor’s credit characteristics considered relevant. These securities are generally classified as Level 2 or Level 3 depending on the priority of the significant inputs. Regardless of the method employed to value a particular security, all valuations are subject to review by the Funds’ Board of Directors or its designee.

Refer to Footnote 2 – Fair Value Measurements for further details on the leveling of securities held by the Funds as of the end of the reporting period.

Investment Transactions

Investment transactions are recorded on a trade date basis. Realized gains and losses from investment transactions are determined on the specific identification method, which is the same basis used for federal income tax purposes.

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. Securities lending income is comprised of fees earned from borrowers and income earned on cash collateral investments, net of lending agent fees.

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 (“RIC’s”). 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 are declared and distributed to shareholders at least annually for each Fund with the exception of Dividend Value, which declares and distributes dividends from net investment income to shareholders quarterly. Dividends from net realized capital gains from investment transactions, if any, are declared and distributed to shareholders at least annually. Furthermore, capital gains are distributed only to the extent they exceed available capital loss carryforwards.

Distributions to shareholders are recorded on the ex-dividend date. The amount and timing of distributions are determined in accordance with federal income tax regulations, which may differ from U.S. GAAP.

Small Cap Value receives substantial distributions from holdings in Real Estate Investment Trusts (“REITs”). Distributions from REITs may be characterized as ordinary income, net capital gain, or a return of capital to the REIT shareholder. The proper characterization of REIT distributions is generally not known until after the end of each calendar year. As such, Small Cap Value must use estimates in reporting the character of their income and distributions for financial reporting purposes. The actual character of distributions to Fund shareholders will be reflected on the Form 1099 received by shareholders after the end of the calendar year. Due to the nature of REIT investments, a portion of the distributions received by the Fund shareholder may represent a return of capital.

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 were 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 automatically convert to Class A Shares eight years after purchase. Class C Shares are sold without an up-front sales charge but incur a

Nuveen Investments 45

Notes to Financial Statements (Unaudited) (continued)

..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 twelve months of purchase. Class R3 Shares are sold without an up-front sales charge but incur a .25% annual 12b-1 distribution and a .25% annual service fee. Class I Shares are not subject to any sales charge or 12b-1 distribution or service fees.

Derivative Financial Instruments

Each Fund is authorized to invest in certain derivative instruments, including foreign currency exchange contracts, futures, options and swap contracts. Although the Funds are authorized to invest in such financial instruments, and may do so in the future, they did not make any such investments during the six months ended April 30, 2012.

Market and Counterparty Credit Risk

In the normal course of business each Fund may invest in financial instruments and enter into financial transactions where risk of potential loss exists due to changes in the market (market risk) or failure of the other party to the transaction to perform (counterparty credit risk). The potential loss could exceed the value of the financial assets recorded on the financial statements. Financial assets, which potentially expose each Fund to counterparty credit risk, consist principally of cash due from counterparties on forward, option and swap transactions, when applicable. The extent of each Fund’s exposure to counterparty credit risk in respect to these financial assets approximates their carrying value as recorded on the Statement of Assets and Liabilities. Futures contracts, when applicable, expose a Fund to minimal counterparty credit risk as they are exchange traded and the exchange’s clearinghouse, which is counterparty to all exchange traded futures, guarantees the futures contracts against default.

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

Multiclass Operations and Allocations

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

Realized and unrealized capital gains and losses of the Funds are prorated among the classes based on the relative net assets of each class.

Securities Lending

In order to generate additional income, each Fund may lend securities representing up to one-third of the value of its total assets (which includes collateral for securities on loan) to broker-dealers, banks, or other institutions. Each Fund’s policy is to receive cash collateral equal to at least 102% of the value of securities loaned, which is recognized as “Collateral from securities lending program” on the Statement of Assets and Liabilities. The adequacy of the collateral is monitored on a daily basis. If the value of the securities on loan increases, such that the level of collateralization falls below 102%, additional collateral is received from the borrower, which is recognized as “Due from broker” on the Statement of Assets and Liabilities, when applicable. As with other extensions of credit, there may be risks of delay in recovery of the securities or even loss of rights in the collateral should the borrower of the security fail financially.

The Funds’ custodian serves as the securities lending agent for the Funds in transactions involving the lending of portfolio securities on behalf of the Funds. Each Fund pays the custodian a fee based on the Fund’s proportional share of the custodian’s expense of operating its securities lending program. Collateral for securities on loan is invested in a money market fund, which is recognized as “Investments purchased with collateral from securities lending” on the Statement of Assets and Liabilities.

Income from securities lending, net of fees paid, is recognized on the Statement of Operations as “Securities lending income.” Securities lending fees paid by each Fund during the six months ended April 30, 2012, were as follows:

	Dividend Value		Large Cap Value		Mid Cap Value		Small Cap Value
Securities lending fees paid	$	22,398	$	4,575	$	6,922	$	5,867

Indemnifications

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

46 Nuveen Investments

Use of Estimates

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

2. Fair Value Measurements

Fair value is defined as the price that the Funds would receive upon selling an investment or transferring a liability in an orderly transaction to an independent buyer in the principal or most advantageous market for the investment. A three-tier hierarchy is used to maximize the use of observable market data and minimize the use of unobservable inputs and to establish classification of fair value measurements for disclosure purposes. Observable inputs reflect the assumptions market participants would use in pricing the asset or liability. Observable inputs are based on market data obtained from sources independent of the reporting entity. Unobservable inputs reflect the reporting entity’s own assumptions about the assumptions market participants would use in pricing the asset or liability. Unobservable inputs are based on the best information available in the circumstances. The three-tier hierarchy of inputs is summarized in the three broad levels listed below:

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

The inputs or methodologies used for valuing securities are not an indication of the risk associated with investing in those securities. The following is a summary of each Fund’s fair value measurements as of April 30, 2012:

Dividend Value	Level 1		Level 2		Level 3		Total
Long-Term Investments:
Common Stocks	$	1,213,310,211	$	—	$	—	$	1,213,310,211
Investments Purchased with Collateral from Securities Lending		156,050,266		—		—		156,050,266
Short-Term Investments:								—
Money Market Funds		5,474,249		—		—		5,474,249
Total	$	1,374,834,726	$	—	$	—	$	1,374,834,726

Large Cap Value	Level 1		Level 2		Level 3		Total
Long-Term Investments:
Common Stocks	$	151,622,392	$	—	$	—	$	151,622,392
Investments Purchased with Collateral from Securities Lending		33,810,534		—		—		33,810,534
Short-Term Investments:
Money Market Funds		873,511		—		—		873,511
Total	$	186,306,437	$	—	$	—	$	186,306,437
Mid Cap Value	Level 1		Level 2		Level 3		Total
Long-Term Investments:
Common Stocks	$	200,753,294	$	—	$	—	$	200,753,294
Investments Purchased with Collateral from Securities Lending		59,694,980		—		—		59,694,980
Short-Term Investments:
Money Market Funds		111,055		—		—		111,055
Total	$	260,559,329	$	—	$	—	$	260,559,329
Small Cap Value	Level 1		Level 2		Level 3		Total
Long-Term Investments:
Common Stocks	$	86,313,728	$	—	$	—	$	86,313,728
Investments Purchased with Collateral from Securities Lending		42,370,035		—		—		42,370,035
Short-Term Investments:
Money Market Funds		627,525		—		—		627,525
Total	$	129,311,288	$	—	$	—	$	129,311,288

During the six months ended April 30, 2012, the Funds recognized no significant transfers to or from Level 1, Level 2 or Level 3.

3. Derivative Instruments and Hedging Activities

The Funds record derivative instruments at fair value, with changes in fair value recognized on the Statement of Operations, when applicable. Even though the Funds’ investments in derivatives may represent economic hedges, they are not considered to be hedge transactions for financial reporting purposes. The Funds did not invest in derivative instruments during the six months ended April 30, 2012.

Nuveen Investments 47

Notes to Financial Statements (Unaudited) (continued)

4. Fund Shares

Transactions in Fund shares were as follows:

	Dividend Value
	Six Months Ended 4/30/12						Year Ended 10/31/11
	Shares			Amount			Shares			Amount
Shares sold:
Class A		2,783,368		$	38,475,112			6,608,005		$	87,417,806
Class B		3,096			41,018			3,490			47,078
Class C		369,614			5,000,249			709,239			9,350,202
Class R3(1)		343,180			4,756,093			1,001,768			12,618,814
Class I(1)		8,910,983			122,498,221			25,218,507			331,972,894
Shares issued to shareholders due to reinvestment of distributions:
Class A		159,456			2,194,735			232,425			3,044,340
Class B		1,622			21,911			2,171			28,844
Class C		11,985			162,795			10,006			131,048
Class R3(1)		11,512			158,565			5,904			74,585
Class I(1)		316,149			4,394,314			466,773			6,205,947
		12,910,965			177,703,013			34,258,288			450,891,558
Shares redeemed:
Class A		(2,026,205	)		(28,304,599	)		(3,368,560	)		(44,368,177	)
Class B		(96,250	)		(1,327,724	)		(183,928	)		(2,428,779	)
Class C		(127,523	)		(1,727,181	)		(176,678	)		(2,327,271	)
Class R3(1)		(88,432	)		(1,204,395	)		(176,764	)		(2,358,157	)
Class I(1)		(8,889,150	)		(123,360,696	)		(14,801,249	)		(197,668,105	)
		(11,227,560	)		(155,924,595	)		(18,707,179	)		(249,150,489	)
Net increase (decrease)		1,683,405		$	21,778,418			15,551,109		$	201,741,069
	Large Cap Value
	Six Months Ended 4/30/12						Year Ended 10/31/11
	Shares			Amount			Shares			Amount
Shares sold:
Class A		93,447		$	1,440,101			129,555		$	1,983,849
Class B		—			—			434			6,096
Class C		12,835			197,332			6,312			96,550
Class R3(1)		4,145			61,864			18,521			282,596
Class I(1)		318,955			4,689,619			408,149			6,070,951
Shares issued to shareholders due to reinvestment of distributions:
Class A		12,126			178,131			42,189			643,379
Class B		—			—			387			5,704
Class C		—			—			342			5,125
Class R3(1)		83			1,206			591			8,973
Class I(1)		23,299			343,659			73,525			1,125,666
		464,890			6,911,912			680,005			10,228,889
Shares redeemed:
Class A		(296,735	)		(4,486,247	)		(607,199	)		(9,237,406	)
Class B		(65,477	)		(977,960	)		(32,714	)		(482,834	)
Class C		(12,907	)		(190,804	)		(24,700	)		(370,567	)
Class R3(1)		(27,717	)		(425,673	)		(21,216	)		(322,006	)
Class I(1)		(1,359,148	)		(20,645,354	)		(4,021,522	)		(64,483,509	)
Class I(1)-In-kind		—			—			(9,125,519	)		(132,685,046	)
		(1,761,984	)		(26,726,038	)		(13,832,870	)		(207,581,368	)
Net increase (decrease)		(1,297,094	)	$	(19,814,126	)		(13,152,865	)	$	(197,352,479	)

(1) Effective January 18, 2011, Class R Shares and Class Y Shares previously offered by FAF Advisors, Inc. were renamed Class R3 Shares and Class I Shares, respectively.

48 Nuveen Investments

	Mid Cap Value
	Six Months Ended 4/30/12						Year Ended 10/31/11
	Shares			Amount			Shares			Amount
Shares sold:
Class A		119,321		$	2,686,954			540,631		$	12,712,823
Class B		—			—			309			6,599
Class C		7,226			161,540			20,707			482,019
Class R3(1)		84,074			1,901,929			238,587			5,504,530
Class I(1)		511,169			11,469,951			864,453			20,278,498
Shares issued to shareholders due to reinvestment of distributions:
Class A		11,313			248,544			32,132			764,424
Class B		—			—			406			9,131
Class C		—			—			1,838			42,309
Class R3(1)		2,157			47,196			5,967			141,365
Class I(1)		23,627			521,450			47,049			1,124,926
		758,887			17,037,564			1,752,079			41,066,624
Shares redeemed:
Class A		(761,153	)		(16,968,927	)		(1,628,870	)		(37,492,081	)
Class B		(19,917	)		(435,589	)		(34,585	)		(774,881	)
Class C		(41,837	)		(918,900	)		(137,168	)		(3,110,928	)
Class R3(1)		(271,488	)		(6,192,305	)		(454,863	)		(10,396,502	)
Class I(1)		(1,676,105	)		(38,108,069	)		(3,913,945	)		(94,065,258	)
Class I(1) -In-Kind		—			—			(11,137,781	)		(261,914,439	)
		(2,770,500	)		(62,623,790	)		(17,307,212	)		(407,754,089	)
Net increase (decrease)		(2,011,613	)	$	(45,586,226	)		(15,555,133	)	$	(366,687,465	)
	Small Cap Value
	Six Months Ended 4/30/12						Year Ended 10/31/11
	Shares			Amount			Shares			Amount
Shares sold:
Class A		132,819		$	1,593,036			410,931		$	4,808,143
Class C		12,892			139,481			25,221			264,358
Class R3(1)		27,627			330,080			60,254			689,608
Class I(1)		807,824			10,062,376			1,124,872			13,450,313
Shares issued to shareholders due to reinvestment of distributions:
Class A		—			—			—			—
Class C		—			—			—			—
Class R3(1)		—			—			—			—
Class I(1)		—			—			—			—
		981,162			12,124,973			1,621,278			19,212,422
Shares redeemed:
Class A		(283,462	)		(3,430,357	)		(747,673	)		(8,799,625	)
Class C		(17,525	)		(183,983	)		(77,338	)		(778,138	)
Class R3(1)		(30,588	)		(375,412	)		(66,911	)		(777,156	)
Class I(1)		(1,282,690	)		(16,232,429	)		(2,666,164	)		(33,926,233	)
Class I(1)-In-Kind		—			—			(11,425,320	)		(127,930,138	)
		(1,614,265	)		(20,222,181	)		(14,983,406	)		(172,211,290	)
Net increase (decrease)		(633,103	)	$	(8,097,208)			(13,362,128	)	$	(152,998,868	)

   (1) Effective January 18, 2011, Class R Shares and Class Y Shares previously offered by FAF Advisors, Inc. were renamed Class R3 Shares and Class I Shares, respectively.

Nuveen Investments 49

Notes to Financial Statements (Unaudited) (continued)

Class B Shares that converted to Class A Shares (recognized as a component of Class A Shares sold and Class B Shares redeemed) during the six months ended April 30, 2012, and fiscal year ended October 31, 2011, were as follows:

Fund	Six Months Ended 4/30/12		Year Ended 10/31/11
Dividend Value		89,478		111,573
Large Cap Value		6,077		23,298
Mid Cap Value		11,224		18,251

5. Investment Transactions

Purchases and sales (including maturities but excluding investments purchased with collateral from securities lending and short-term investments, where applicable) during the six months ended April 30, 2012, were as follows:

	Dividend Value		Large Cap Value		Mid Cap Value		Small Cap Value
Purchases	$	147,342,690	$	71,438,028	$	166,988,372	$	19,521,703
Sales and maturities		119,558,529		90,359,545		214,031,922		25,439,417

6. Income Tax Information

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

At April 30, 2012, the cost and unrealized appreciation (depreciation) of investments, as determined on a federal income tax basis, were as follows:

	Dividend Value			Large Cap Value			Mid Cap Value			Small Cap Value
Cost of investments	$	1,052,045,057		$	176,594,259		$	247,954,373		$	118,981,163
Gross unrealized:
Appreciation	$	329,112,181		$	14,396,573		$	15,938,178		$	14,297,660
Depreciation		(6,322,512	)		(4,684,395	)		(3,333,222	)		(3,967,535	)
Net unrealized appreciation (depreciation) of investments	$	322,789,669		$	9,712,178		$	12,604,956		$	10,330,125

Permanent differences, primarily due to the redemption-in-kind, net operating losses, tax equalization, REIT adjustments, and investments in partnerships, resulted in reclassifications among the Funds’ components of net assets at October 31, 2011, the Funds’ last tax year end, as follows:

	Dividend Value			Large Cap Value			Mid Cap Value			Small Cap Value
Capital paid-in	$	346,283		$	15,381,988		$	50,922,036		$	27,173,948
Undistributed (Over-distribution) of net investment income		(1,263,505	)		(43,799	)		(153,738	)		290,800
Accumulated net realized gain (loss)		917,222			15,338,189			(50,768,298	)		(27,464,748	)

The tax components of undistributed net ordinary income and net long-term capital gains at October 31, 2011, the Funds’ last tax year end, were as follows:

	Dividend Value		Large Cap Value		Mid Cap Value		Small Cap Value
Undistributed net ordinary income*	$	2,008,681	$	880,660	$	1,514,285	$	—
Undistributed net long-term capital gains		—		—		—		—

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

The tax character of distributions paid during the Funds’ last tax year ended October 31, 2011, was designated for purposes of the dividends paid deduction as follows:

	Dividend Value		Large Cap Value		Mid Cap Value		Small Cap Value
Distributions from net ordinary income*	$	23,121,220	$	3,092,004	$	3,983,550	$	—
Distributions from net long-term capital gains		—		—		—		—

* Net ordinary income consists of net taxable income derived from dividends, interest, net short-term capital gains and current year earnings and profits attributable to realized gains, if any.

50 Nuveen Investments

At October 31, 2011, the Funds’ last tax year end, the Funds had unused capital loss carryforwards available for federal income tax purposes to be applied against future capital gains, if any. If not applied, the carryforwards will expire as follows:

	Dividend Value		Large Cap Value		Mid Cap Value		Small Cap Value
Expiration:
October 31, 2016	$	—	$	9,777,738	$	—	$	3,444,834
October 31, 2017		1,440,955		80,887,118		64,990,706		37,113,109
Total	$	1,440,955	$	90,664,856	$	64,990,706	$	40,557,853

During the Funds’ last tax year ended October 31, 2011, the Funds utilized their capital loss carryforwards as follows:

	Dividend Value		Large Cap Value		Mid Cap Value		Small Cap Value
Utilized capital loss carryforwards	$	6,857,017	$	19,152,964	$	42,620,369	$	10,362,493

7. Management Fees and Other Transactions with Affiliates

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

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

Average Daily Net Assets	Dividend Value Fund-Level Fee Rate			Large Cap Value Fund-Level Fee Rate			Mid Cap Value Fund-Level Fee Rate			Small Cap Value Fund-Level Fee Rate
For the first $125 million		.6000	%		.5500	%		.7000	%		.7000	%
For the next $125 million		.5875			.5375			.6875			.6875
For the next $250 million		.5750			.5250			.6750			.6750
For the next $500 million		.5625			.5125			.6625			.6625
For the next $1 billion		.5500			.5000			.6500			.6500
For net assets over $2 billion		.5250			.4750			.6250			.6250

The annual complex-level fee for each Fund, payable monthly, is determined by taking the complex-level free rate, which is based on the aggregate amount of “eligible assets” of all Nuveen funds as set forth in the schedule below, and making, as appropriate, an upward adjustment to that rate based upon the percentage of the particular fund’s assets that are not “eligible assets”. The complex-level fee schedule for each Fund is as follows:

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

* The complex-level fee is calculated based upon the aggregate daily “eligible assets” of all Nuveen Funds. Eligible assets do not include assets attributable to investments in other Nuveen Funds or assets in excess of $2 billion added to the Nuveen Fund complex in connection with the Adviser’s assumption of the management of the former First American Funds effective January 1, 2011. Eligible assets include closed-end fund assets managed by the Adviser that are attributable to financial leverage. For these purposes, financial leverage includes the closed-end funds’ use of preferred stock and borrowings and investments in the residual interest certificates (also called inverse floating rate securities) in tender option bond (TOB) trusts, including the portion of assets held by a TOB trust that has been effectively financed by the trust’s issuance of floating rate securities, subject to an agreement by the Adviser as to certain funds to limit the amount of such assets for determining eligible assets in certain circumstances. As of April 30, 2012, the complex-level fee rate for each of these Funds was as follows:

Fund	Complex-Level Fee Rate
Dividend Value		.1922	%
Large Cap Value		.1998
Mid Cap Value		.1998
Small Cap Value		.1998

Nuveen Investments 51

Notes to Financial Statements (Unaudited) (continued)

The management fee compensates the Adviser for overall investment advisory and administrative services and general office facilities. The Adviser is responsible for each Fund’s overall strategy and asset allocation decisions. The Adviser has entered into sub-advisory agreements with the Sub-Adviser, under which the Sub-Adviser manages the investment portfolios of the Funds. The Sub-Adviser is compensated for its services to the Funds from the management fees paid to the Adviser.

The Adviser has agreed to waive fees and/or reimburse expenses of Mid Cap Value and Small Cap Value so that total annual Fund operating expenses, after fee waivers and/or expense reimbursements and excluding acquired Fund fees and expenses, do not exceed the percentages of the average daily net assets of any class of Fund shares in the amounts and for the time periods stated in the following table:

	Mid Cap Value			Small Cap Value
Class A Shares		1.34	%		1.50	%
Class B Shares		2.09			N/A
Class C Shares		2.09			2.25
Class R3 Shares		1.59			1.75
Class I Shares		1.09			1.25
Expiration Date		February 28, 2013			February 28, 2013

N/A Small Cap Value does not offer Class B Shares.

The Adviser has agreed to reimburse management fees across all share classes of Dividend Value and Large Cap Value through December 31, 2012, to the extent necessary to maintain Class I Share total annual operating expenses, not including any acquired fund fees and expenses, at the applicable percentage of daily net assets listed in the Maximum Expense Level row of the following table, provided that in no event will the Adviser be required to make any reimbursements that would result in an annualized net management fee of less than the applicable percentage of daily net assets listed in the Minimum Management Fee row of the following table.

	Dividend Value			Large Cap Value
Maximum Expense Level		.95	%		.78	%
Minimum Management Fee		1.06			.74

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

The Trust pays no compensation directly to those of its directors 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 Directors has adopted a deferred compensation plan for independent directors that enable directors to elect to defer receipt of all or a portion of the annual compensation they are entitled to receive from certain Nuveen-advised funds. Under the plan, deferred amounts are treated as though equal dollar amounts had been invested in shares of select Nuveen-advised funds.

During the six months ended April 30, 2012, Nuveen Securities, 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:

	Dividend Value		Large Cap Value		Mid Cap Value		Small Cap Value
Sales charges collected	$	180,806	$	9,033	$	9,286	$	7,736
Paid to financial intermediaries		157,961		7,875		8,253		6,735

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

During the six months ended April 30, 2012, the Distributor compensated financial intermediaries directly with commission advances at the time of purchase as follows:

	Dividend Value		Large Cap Value		Mid Cap Value		Small Cap Value
Commission advances	$	51,647	$	839	$	1,400	$	806

To compensate for commissions advanced to financial intermediaries, all 12b-1 service and distribution fees collected on Class B Shares and C Shares during the first year following a purchase were retained by the Distributor. During the six months ended April 30, 2012, the Distributor retained such 12b-1 fees as follows:

	Dividend Value		Large Cap Value		Mid Cap Value		Small Cap Value
12b-1 fees retained	$	37,396	$	2,367	$	8,729	$	748

52 Nuveen Investments

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

The Distributor also collected and retained CDSC on share redemptions during the six months ended April 30, 2012, as follows:

	Dividend Value		Large Cap Value		Mid Cap Value		Small Cap Value
CDSC retained	$	4,432	$	171	$	890	$	93

8. New Accounting Pronouncements

Fair Value Measurements and Disclosures

On May 12, 2011, the Financial Accounting Standards Board (“FASB”) issued Accounting Standards Update (“ASU”) No. 2011-04 (“ASU No. 2011-04”) modifying Topic 820, Fair Value Measurements and Disclosures. At the same time, the International Accounting Standards Board (“IASB”) issued International Financial Reporting Standard (“IFRS”) 13, Fair Value Measurement. The objective of the FASB and IASB is convergence of their guidance on fair value measurements and disclosures. Specifically, ASU No. 2011-04 requires reporting entities to disclose i) the amounts of any transfers between Level 1 and Level 2 and the reasons for the transfers and ii) for Level 3 fair value measurements, a) quantitative information about significant unobservable inputs used, b) a description of the valuation processes used by the reporting entity and c) a narrative description of the sensitivity of the fair value measurement to changes in unobservable inputs if a change in those inputs might result in a significantly higher or lower fair value measurement. The effective date of ASU No. 2011-04 is for interim and annual periods beginning after December 15, 2011. At this time, management is evaluating the implications of this guidance and the impact it will have to the financial statement amounts and footnote disclosures, if any.

9. Subsequent Events

Fund Reorganizations

The Board of Directors has approved the reorganization of Large Cap Value (the “Acquired Fund”) into Dividend Value (the “Acquiring Fund”). In order for the reorganization to occur, it must be approved by the shareholders of the Acquired Fund. A special meeting of the Acquired Fund’s shareholders for the purpose of voting on the reorganization is expected to be held in early October 2012. For the reorganizations, upon shareholder approval, the Acquired Fund will transfer all of its assets and liabilities to the Acquiring Fund in exchange for Acquiring Fund shares of equal value. These Acquiring Fund shares will then be distributed to the shareholders of the Acquired Fund and the Acquired Fund will be terminated. As a result of the reorganization, shareholders of the Acquired Fund will become shareholders of the Acquiring Fund. The shareholders of the Acquired Fund will receive Acquiring Fund shares with a total value equal to the total value of their Acquired Fund shares immediately prior to the closing of the reorganization. A special meeting of the Acquired Fund’s shareholders for the purpose of voting on the reorganization is expected to be held in early October 2012. If the required shareholder approvals are obtained on the meeting date, it is anticipated that the reorganization will be consummated shortly after its special shareholder meeting. Further information regarding the proposed reorganization of Large Cap Value will be contained in proxy materials that are expected to be sent to Large Cap Value’s shareholders in late August 2012.

Nuveen Investments 53

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 distributions and capital gains, if any) over the time period being considered.

Lipper Equity Income Funds Classification Average: Represents the average annualized total return for all reporting funds in the Lipper Equity Income Funds Classification. Lipper returns account for the effects of management fees and assume reinvestment of distributions but do not reflect any applicable sales charges.

Lipper Large-Cap Value Funds Classification Average: Represents the average annualized total return for all reporting funds in the Lipper Large-Cap Value Funds Classification. Lipper returns account for the effects of management fees and assume reinvestment of distributions but do not reflect any applicable sales charges.

Lipper Mid-Cap Value Funds Classification Average: Represents the average annualized total return for all reporting funds in the Lipper Mid-Cap Value Funds Classification. Lipper returns account for the effects of management fees and assume reinvestment of distributions but do not reflect any applicable sales charges.

Lipper Small-Cap Value Funds Classification Average: Represents the average annualized total return for all reporting funds in the Lipper Small-Cap Value Funds Classification. Lipper returns account for the effects of management fees and assume reinvestment of distributions but do not reflect any applicable sales charges.

Net Asset Value (NAV): The net market value of all securities held in a portfolio.

Net Asset Value (NAV) Per Share: The market value of one share of a mutual fund or closed-end fund. For a Fund, the NAV is calculated daily by taking the Fund’s total assets (securities, cash, and accrued earnings), subtracting the Fund’s liabilities, and dividing by the number of shares outstanding.

Russell 1000^® Value Index: An index that measures the performance of those Russell 1000 companies with lower price-to-book ratios and lower forecasted growth values. The index returns assume reinvestment of distributions, but do not reflect any applicable sales charges or management fees.

Russell 2000^® Value Index: An index that measures the performance of those Russell 2000 companies with lower price-to-book ratios and lower forecasted growth values. The index returns assume reinvestment of distributions, but do not reflect any applicable sales charges or management fees.

Russell Midcap^® Value Index: An index that measures the performance of the mid-cap value segment of the U.S. equity universe. It includes those Russell Midcap Index companies with lower price-to-book ratios and lower forecasted growth values. The index returns assume reinvestment of distributions, but do not reflect any applicable sales charges or management fees.

S&P 500^® Index: An unmanaged index generally considered representative of the U.S. stock market. The index returns assume reinvestment of distributions, but do not reflect any applicable sales charges or management fees.

Tax Equalization: The practice of treating a portion of the distribution made to a redeeming shareholder, which represents his proportionate part of undistributed net investment income and capital gain as a distribution for tax purposes. Such amounts are referred to as the equalization debits (or payments) and will be considered a distribution to the shareholder of net investment income and capital gain for calculation of the Fund’s dividends paid deduction.

54 Nuveen Investments

Additional Fund Information

Fund Manager

Nuveen Fund Advisors, Inc.

333 West Wacker Drive

Chicago, IL 60606

Sub-Adviser

Nuveen Asset Management, LLC

333 West Wacker Drive

Chicago, IL 60606

Legal Counsel

Chapman and Cutler LLP

Chicago, IL

Independent Registered Public Accounting Firm*

PricewaterhouseCoopers LLP

Chicago, IL

Custodian

U.S. Bank National Association

St. Paul, MN

Transfer Agent and Shareholder Services

Boston Financial

Data Services, Inc.

Nuveen Investor Services

P.O. Box 8530

Boston, MA 02266-8530

(800) 257-8787

* The Board of Directors of the Funds, upon recommendation of the Audit Committee, engaged PricewaterhouseCoopers LLP as the Funds’ independent registered public accounting firm as of March 1, 2011. On December 30, 2011, Ernst & Young, LLP (“Ernst & Young”) completed its work on the October 31, 2011 audits and resigned as the independent registered public accounting firm of the Funds.

Ernst & Young’s report on the Funds’ financial statements for the most recent fiscal year contained no adverse opinion or disclaimer of opinion, and were not qualified or modified as to uncertainty, audit scope or accounting principles. For the most recent fiscal year and through March 1, 2011, there were no disagreements with Ernst & Young on any matter of accounting principles, financial statement disclosure or auditing scope or procedures, which disagreements, if not resolved to the satisfaction of Ernst & Young, would have caused it to make reference to the subject matter of the disagreements in connection with its reports on the Funds’ financial statements.

Quarterly Portfolio of Investments and Proxy Voting information: You may obtain (i) each Fund’s quarterly portfolio of investments, (ii) information regarding how each Fund voted proxies relating to portfolio securities held during the most recent twelve-month period ended June 30, and (iii) a description of the policies and procedures that each 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. FINRA also provides an investor brochure that includes information describing the Public Disclosure Program.

Nuveen Investments 55

Nuveen Investments:

Serving Investors for Generations

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

Focused on meeting investor needs.

Nuveen Investments provides high-quality investment services designed to help secure the longterm goals of institutional and individual investors as well as the consultants and financial advisors who serve them. Nuveen Investments markets a wide range of specialized investment solutions which provide investors access to capabilities of its high-quality boutique investment affiliates-Nuveen Asset Management, Symphony Asset Management, NWQ Investment Management Company, Santa Barbara Asset Management, Tradewinds Global Investors, Winslow Capital Management, and Gresham Investment Management. In total, Nuveen Investments managed approximately $227 billion as of March 31, 2012.

Find out how we can help you.

To learn more about how the products and services of Nuveen Investments may be able to help you meet your financial goals, talk to your financial advisor, or call us at (800) 257-8787. Please read the information provided carefully before you invest. Investors should consider the investment objective and policies, risk considerations, charges and expenses of any investment carefully. Where applicable, be sure to obtain a prospectus, which contains this and other relevant information. To obtain a prospectus, please contact your securities representative or Nuveen Investments, 333 W. Wacker Dr., Chicago, IL 60606. Please read the prospectus carefully before you invest or send money.

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

Distributed by

Nuveen Securities, LLC

333 West Wacker Drive

Chicago, IL 60606

www.nuveen.com

MSA-FSTK-0412P

Mutual Funds

Nuveen Equity Funds

For investors seeking the potential for long-term capital appreciation.

Semi-Annual Report

April 30, 2012

	Share Class / Ticker Symbol
Fund Name	Class A	Class B	Class C	Class R3	Class I
Nuveen International Fund	FAIAX	FNABX	FIACX	ARQIX	FAICX
Nuveen International Select Fund	ISACX	—	ICCSX	ISRCX	ISYCX
Nuveen Quantitative Enhanced Core Equity Fund	FQCAX	—	FQCCX	—	FQCYX
Nuveen Tactical Market Opportunities Fund	NTMAX	—	NTMCX	—	FGTYX

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

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

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

Table of Contents

Chairman’s Letter to Shareholders	4
Portfolio Managers’ Comments	5
Fund Performance and Expense Ratios	15
Holding Summaries	20
Expense Examples	22
Portfolios of Investments	24
Statement of Assets and Liabilities	52
Statement of Operations	53
Statement of Changes in Net Assets	54
Financial Highlights	56
Notes to Financial Statements	64
Glossary of Terms Used in this Report	80
Additional Fund Information	81

Chairman’s

Letter to Shareholders

Dear Shareholders,

Investors have many reasons to remain cautious. The challenges in the Euro area are casting a shadow over global economies and financial markets. The political support for addressing fiscal issues is eroding as the economic and social impacts become more visible. At the same time, member nations appear unwilling to provide adequate financial support or to surrender sufficient sovereignty to strengthen the banks or unify the Euro area financial system. The gains made in reducing deficits, and the hard-won progress on winning popular acceptance of the need for economic austerity, are at risk. To their credit, European political leaders press on to find compromise solutions, but there is increasing concern that time will begin to run out.

In the U.S., strong corporate earnings have enabled the equity markets to withstand much of the downward pressures coming from weakening job creation, slower economic growth and political uncertainty. The Fed remains committed to low interest rates but has refrained from predicting another program of quantitative easing unless economic growth were to weaken significantly or the threat of recession appears on the horizon. Pre-election maneuvering has added to the already highly partisan atmosphere in the Congress. The end of the Bush-era tax cuts and implementation of the spending restrictions of the Budget Control Act of 2011, both scheduled to take place at year-end, loom closer.

During the last year, U.S. based investors have experienced a sharp decline and a strong recovery in the equity markets. The experienced investment teams at Nuveen keep their eye on a longer time horizon and use their practiced investment disciplines to negotiate through market peaks and valleys to achieve long-term goals for investors. Experienced professionals pursue investments that will weather short-term volatility and at the same time, seek opportunities that are created by markets that overreact to negative developments. Monitoring this process is an important consideration for the Fund Board as it oversees your Nuveen funds on your behalf.

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

Sincerely,

Robert P. Bremner

Chairman of the Board

June 20, 2012

4 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 International Fund is managed by a team of managers associated with three different sub-advisers: Nuveen Asset Management, LLC, an affiliate of Nuveen Investments; Altrinisic Global Advisors, LLC; and Hansberger Global Investors, Inc. The Nuveen International Select Fund is managed by a team of managers associated with four different sub-advisers: Nuveen Asset Management, LLC; Altrinsic Global Advisors, LLC; Hansberger Global Investors, Inc.; and Lazard Asset Management LLC. The Nuveen Quantitative Enhanced Core Equity Fund and the Nuveen Tactical Market Opportunities Fund are managed by a team of managers from Nuveen Asset Management, LLC. On the following pages, the portfolio management teams for the Funds examine key investment strategies and the Funds’ performance for the six-month period ended April 30, 2012.

Nuveen International Fund

How did the Fund perform during the six-month period ended April 30, 2012?

The tables in the Fund Performance and Expense Ratios section of this report provide Class A Share total returns for the Fund for the six-month, one-year, five-year and ten-year periods ended April 30, 2012. The Fund’s Class A Shares at net asset value (NAV) outperformed the MSCI EAFE Index, but underperformed the Lipper classification average over the six-month period.

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

The Fund seeks to provide long-term capital appreciation by investing primarily in equity securities of foreign issuers that trade in U.S. or foreign markets, depositary receipts representing shares of foreign issuers, and exchange-traded funds and other investment companies that provide exposure to foreign issuers. Two of the Fund’s sub-advisers, Altrinsic Global Advisors, LLC and Hansberger Global Investors, Inc., select stocks for the Fund according to the developed markets value and developed markets growth styles, respectively. At the same time, the Fund’s third sub-adviser, Nuveen Asset Management, LLC, maintains strategic oversight of the Fund, which includes allocating assets among the sub-advisers (including itself), tactically adjusting the overall portfolio balance and country emphasis using index related investments and selecting stocks in the infrastructure sector.

The Fund’s positioning, in particular its low exposure to cash for the majority of the reporting period, was generally successful given the rising markets that occurred. However, later in the period, we did raise the Fund’s cash level above the minimum necessary to accommodate ordinary transactions, and as a result became more conservative in our positioning.

Nuveen Investments 5

Equity, fixed income and currency futures contracts were used as an overlay strategy to adjust the exposures created by the Fund’s multi-manager framework so that the overall Fund had the desired exposures to key markets. Long and short futures contracts were used to implement various tactical market and hedging strategies. Our cash holdings and use of currency futures to benefit from currency price fluctuations also added value. The U.S. dollar strengthened during the reporting period. We also held positions in futures that benefited from the growing strength of the U.S. dollar against the euro, the Australian dollar and a general basket of all U.S. trading partners.

The Fund’s positioning largely reflected our long held concerns about the euro zone. We continued to be averse of the weaker euro zone nations, as we had long anticipated growing imbalances and debt problems from this incomplete union. During the period, worldwide market turbulence was driven by that region. At the beginning of the period, our underweights in Europe were helpful as enthusiasm for the European Central Bank actions of September and early October 2011 waned and the MSCI Europe Index had fallen. But a coordinated action by the European Central Bank and counterparts in the U.S., Japan, England, Canada and Switzerland boosted confidence that deleveraging by consumers and businesses would be countered by banks. Investor confidence pushed European indexes up again, taking the MSCI Europe Index up significantly over the course of the following four months. During the final six weeks of the reporting period, uncertainty prevailed and global markets declined.

In conjunction with our success from underweighting Europe we also made favorable country selections outside the region. We invested in nations such as the Philippines, Thailand, Taiwan, Indonesia and Australia. We took a short position on the Korea Composite Stock Price Index (KOSPI) and maintain concerns about Korea’s dependency on maintaining competitive exports as growth in exports may be constrained by international consumer conditions.

Japan benefited from its relative isolation from Europe, and the Nikkei Index had a strong performance. We have emphasized Japan as part of our more cautious exposure. More recently, it appears that the Bank of Japan has not stimulated domestic demand. The yen has risen further, making the country’s exports more expensive. Several major electronics manufacturers, especially in the television industry, have suffered sharp losses. Therefore, we have reduced the Fund’s exposure to Japan.

Among all these successful country and sentiment decisions, some unsuccessful decisions have to be acknowledged. We had anticipated a higher global growth rate would continue to drive commodity prices, including metals, minerals, energy and agricultural products. Since the Fund does not invest in commodities directly, we emphasized Australian, Russian and Canadian indexes as our way to profit from this demand. Our position in gold miners was unsuccessful, as the stocks underperformed the price of gold which stagnated during the period. Despite Russia’s heavy orientation to oil and the generally strong price for it, the Russian index lagged due to its exposure to other industries. Australian and Canadian index holdings were generally mixed as speculation about Chinese production levels hit metals market conditions. Materials and energy producers worldwide performed relatively poorly.

6 Nuveen Investments

Finally, we experienced very solid results in the Fund’s stock selection. These included such diversified companies as a health care provider in Spain, an energy producer in Brazil, a property company in China and a drug company in the United Kingdom. On the unsuccessful side, the Fund held Nokia Oyj, which had its dominant position in mobile phones severely disrupted by lower cost phones powered by Google’s Android software. Nokia Oyj has not yet seen sales growth from its partnership with Microsoft.

Nuveen International Select Fund

How did the Fund perform during the six-month period ended April 30, 2012?

The tables in the Fund Performance and Expense Ratios section of this report provide Class A Share total returns for the Fund for the six-month, one-year and since inception periods ended April 30, 2012. The Fund’s Class A Shares at net asset value (NAV) outperformed the MSCI All Country World Investable Market Index (ex U.S.), but underperformed the Lipper classification average over the six-month period.

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

The Fund seeks to provide long-term capital appreciation by investing primarily in equity securities of foreign issuers that trade in U.S. or foreign markets, depositary receipts representing shares of foreign issuers, and exchange-traded funds and other investment companies that provide exposure to foreign issuers. Three of the Fund’s sub-advisers, Altrinsic Global Advisors, LLC, Hansberger Global Investors, Inc., and Lazard Asset Management LLC, select stocks for the Fund according to the developed markets value, developed markets growth or emerging market styles, respectively. At the same time, the Fund’s fourth sub-adviser, Nuveen Asset Management, LLC, maintains strategic oversight of the Fund, which includes allocating assets among the sub-advisers (including itself), tactically adjusting the overall portfolio balance and country emphasis using index-related investments and selecting stocks in the infrastructure sector.

The Fund’s positioning, in particular its low exposure to cash for the majority of the reporting period, was generally successful given the rising markets that occurred. However, later in the period, we did raise the Fund’s cash level above the minimum necessary to accommodate ordinary transactions, and as a result became more conservative in our positioning.

Equity, fixed income and currency futures contracts were used as an overlay strategy to adjust the exposures created by the Fund’s multi-manager framework so that the overall Fund had the desired exposures to key markets. Long and short futures contracts were used to implement various tactical market and hedging strategies. Our cash holdings and use of currency futures to benefit from currency price fluctuations more than offset the cash drag. The U.S. dollar strengthened during the reporting period. We held positions in futures that benefited from the growing strength of the U.S. dollar against the euro, the Australian dollar and a general basket of all U.S. trading partners.

Nuveen Investments 7

The Fund’s positioning largely reflected our long held concerns about the euro zone. We continued to be averse of the weaker euro zone nations, as we had long anticipated growing imbalances and debt problems from this incomplete union. During the period, worldwide market turbulence was driven by that region. At the beginning of the period, our underweights in Europe were helpful as enthusiasm for the European Central Bank actions of September and early October 2011 waned and the MSCI Europe Index had fallen. But a coordinated action by the European Central Bank and counterparts in the U.S., Japan, England, Canada and Switzerland boosted confidence that deleveraging by consumers and businesses would be countered by banks. Investor confidence pushed European indexes up again, taking the MSCI Europe Index up significantly over the course of the following four months. During the final six weeks of the reporting period, uncertainty prevailed and global markets declined.

In conjunction with our success from underweighting Europe we also made favorable country selections outside the region. We continued to be cautious about India, consciously shorting its stock market index to offset individual securities selected from India. We also shifted our Asian emphasis to nations such as the Philippines, Thailand, Taiwan, Indonesia and Australia.

Japan benefited from its relative isolation from Europe, and the Nikkei Index had a strong performance. We have emphasized Japan as part of our more cautious exposure. More recently, it appears that the Bank of Japan has not stimulated domestic demand. The yen has risen further, making the country’s exports more expensive. Several major electronics manufacturers, especially in the television industry, have suffered sharp losses. Therefore, we have pulled back on the Fund’s exposure to Japan.

Among all these successful country and sentiment decisions, some unsuccessful decisions have to be acknowledged. We had anticipated a higher global growth rate would continue to drive commodity prices, including metals, minerals, energy and agricultural products. Since the Fund does not invest in commodities directly, we emphasized Australian, Russian and Canadian indexes as our way to profit from this demand. Our position in gold miners was unsuccessful, as the stocks underperformed the price of gold which stagnated during the period. Likewise, Russia’s heavy orientation to oil did not cause its index to participate in the generally strong price for the commodity. Australian and Canadian index holdings were generally mixed as speculation about Chinese production levels hit metals market conditions. Materials and energy producers worldwide performed relatively poorly.

We also experienced solid results from the Fund’s stock selection. Three of our Brazilian companies, Cielo, Companhia Energetica de Minas Gerais and Souza Cruz, made solid gains in a strong market, compensating for a decline in the Brazilian real during the period. The Fund had less success with its holding in YPF SA, whose properties in Argentina were seized by the government.

Finally, the Fund’s portfolio included a significant, slightly above benchmark weight in Canada. Many international funds represented in the Lipper classification average are less diversified globally, concentrating on other developed or emerging markets. As Canada

8 Nuveen Investments

lagged during this reporting period, the Fund did not match the Lipper classification average return, despite having success against the broader MSCI All Country World Investable Market Index (ex U.S.).

Nuveen Quantitative Enhanced Core Equity Fund

How did the Fund perform during the six-month period ended April 30, 2012?

The tables in the Fund Performance and Expense Ratios section of this report provide Class A Share total returns for the Fund for the six-month, one-year and since inception periods ended April 30, 2012. The Fund’s Class A Shares at net asset value (NAV) underperformed the S&P 500^® Index over the six-month period, but performed in-line with the Lipper classification average.

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

The Fund’s goal is to provide, over the long-term, a total return that exceeds the return of the S&P 500^® Index. In attempting to achieve this goal, the Fund primarily invests in the common stocks of companies that have market capitalizations at the time of purchase within the range of the companies in the S&P 500^® Index. To select specific stocks, we use proprietary models that help establish quantitative links between economic and market variables, investment factors and equity market returns. Our proprietary models analyze macroeconomic and market data and other statistics to determine what we believe will be the key drivers of performance in the current economy. We use historical analysis of these drivers to estimate equity market returns and the relative contribution to these returns from a comprehensive list of investment factors. We then evaluate each stock in the investable universe to determine its sensitivity to each factor and estimate a potential contribution for each stock. Our goal is to build an optimized portfolio that targets the highest expected returns, while using the proprietary models and processes described above to maintain as tight a control as possible on overall risk.

We continued to implement our strategy of taking conservative style shifts away from the S&P 500^® Index on various measures, positioning the Fund in the sectors and styles that we expected to perform best in the anticipated economic climate. During the reporting period, several of our style positions and sector weights added favorably to the Fund’s returns. However, in aggregate the Fund’s strategies were not successful over this period as unfavorable results among several other themes offset the areas of strength.

The Fund benefited the most from its slightly higher risk profile than its benchmark, which added to performance in the period’s strongly advancing market. As has historically been the case, the Fund was positioned a little more aggressively at the beginning of each year to capture the so-called “January effect.” Several other style positions also aided results, including emphases on stocks with lower price/earnings ratios, stocks that were not as heavily traded and stocks that were levered away from a strengthening dollar, which are typically exporters that tend to profit as the dollar weakens. The Fund was also rewarded for a shift toward companies with volatile earnings histories as those stocks generally experienced surprises to the upside as investors searched for new opportunities.

Nuveen Investments 9

Among the Fund’s sector weights, we had three successful contributors. One was an overweight to financial stocks, which performed above the benchmark weight during the period. The financial sector was one of the top performers in the S&P 500^® Index during the period. Performance was also enhanced by our overweight in health care stocks, particularly our emphasis on medical products and pharmaceuticals companies within the segment. Investors favored pharmaceuticals during the period for their higher dividends and perceived ability to grow even if broader economic growth is tepid. The Fund also experienced a slight benefit from an underweight in industrial stocks.

In terms of individual stocks, the Fund benefited from a lower than index weight in Amazon.com, which underperformed other retail oriented stocks. Amazon experienced pressure on its margins as the introduction of its low cost Kindle tablet caused concerns that the company was achieving growth at the expense of profitability. An overweight position in AT&T also helped results as the company’s subscriber growth and profitability have continued to be strong. Our purchases and sales of Hewlett-Packard were also beneficial. Finally, the Fund was rewarded for an overweight in Microsoft throughout the period. Microsoft’s stock price advanced on rising optimism for its Windows 8 software due out this fall and its potential to work across desktops, tablets and phones.

The biggest detractor from performance during the period was our emphasis on high volatility stocks. Normally in a strong market, we would expect to see higher volatility stocks outperform. However, this style was out of favor during the period as many investors sought out low volatility solutions. We also, on average, continued to emphasize smaller sized holdings within the S&P 500^® Index universe, which was a detractor during the period. Smaller sized stocks turned in slightly lower results than their larger cap counterparts. We were also unsuccessful with our shift toward the value style and subsequent underweight to growth oriented stocks during a period when growth outperformed.

Fund performance was also hindered by a strong overweight to technology and stock selection within that sector. Although the technology sector overall turned in strong results in the large-cap market, much of that outperformance was driven by Apple, the leading manufacturer of smart phones, desktop and portable computing devices. Apple continued to gain meaningful and profitable market share due to its ongoing product and geographic expansion. Unfortunately, our portfolio had an underweight position in that stock during the period. Meanwhile, we emphasized Google, which performed below the sector average.

Regarding other detrimental sector weights, our slight overweight in utilities was not a success as this sector trailed the more economically sensitive sectors. Performance was also hindered by an average underweight in consumer stocks, both in the discretionary and staples groups. Consumer discretionary, in particular, was the top performing sector in the S&P 500^® Index during the reporting period.

Throughout the period, we also invested in S&P 500^® Index futures contracts which were used to convert cash into the equivalent of an S&P 500^® Index holding. This minimized tracking error to the Fund’s benchmark index resulting from cash flow activity and tactical portfolio management positioning.

10 Nuveen Investments

At the end of the period, we positioned the Fund for slower growth in the markets by generally aligning our positions closer to the S&P 500^® Index. For example, we brought the portfolio’s beta more in-line with the benchmark and lowered our technology weighting, while still maintaining a slight overweight versus the benchmark. We are generally not as oriented toward growth stocks, which we believe will benefit results if the global growth slowdown continues. We are only using approximately three-fourths of our risk budget; therefore, the Fund’s returns are more likely to be closer in-line with the benchmark returns.

Nuveen Tactical Market Opportunities Fund

How did the Fund perform during the six-month period ended April 30, 2012?

The tables in the Fund Performance and Expense Ratios section of this report provide Class A Share total returns for the Fund for the six-month, one-year and since inception periods ended April 30, 2012. The Fund’s Class A Shares at net asset value (NAV) outperformed the Bank of America Merrill Lynch 3-Month U.S. Treasury Bill Index, but underperformed the Lipper classification average over the six-month period.

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

The Fund seeks to provide investors with the potential for a positive total return over a reasonable period of time, regardless of market conditions. Our goal is to generate these returns through asset allocation decisions rather than individual security selection by adjusting the Fund’s allocations to fixed income, equities and cash. To accomplish the Fund’s goal, we are able to invest in a variety of asset classes, long or short, throughout the world. We also may use other alternative asset classes, such as currencies and commodities, and investment tools such as the VIX (S&P 500^® Volatility Index) to take advantage of market opportunities, to further diversify the Fund or as part of our volatility management strategies. The Fund owns no individual securities except for investment grade government bonds. We focus on generating returns in the portfolio in three ways: income oriented positions, market directional positions and long and short relative value positions (spread trades) that produce returns through differential performance.

During this reporting period, the Fund’s portfolio focus was primarily on income and gross (long/short) equity exposure, implemented by spread trades as opposed to net market directional exposure. As a result, the overall risk profile of the portfolio was lower than in previous periods. Given our view that valuations in both fixed income and equity markets were stretched, we believed a lower net market directional positioning within the Fund’s portfolio was warranted. Although the Fund generated a positive return over the six-month reporting period, it would have benefited from higher net market directional exposure during the equity market’s strong advance. Strong equity market performance was also the primary factor in the Fund’s shortfall versus its Lipper classification average. Given the significant differences in strategies, designated benchmarks, and much higher realized volatility in the Lipper classification average, it becomes challenging to make direct comparisons with the Fund, especially given the Fund’s relatively conservative approach.

Nuveen Investments 11

Overall, our focus on income was the primary driver of the Fund’s outperformance of the Bank of America Merrill Lynch 3-Month U.S. Treasury Bill Index during this period. Specifically, positions in domestic high yield, municipal high yield and National Association of Real Estate Investment Trusts (NAREIT) ETFs added significantly to performance. Spread trades such as long S&P 500^® Index/short, Russell 2000^® Index and long Indian equities/short Mexican equities also contributed to outperformance of the index.

Because we continue to view the return outlook for both equities and fixed income as modest with significant downside risk, our tactical strategy remains focused on what we expect will be relatively stable income generating positions and relative value long/short positioning, with only modest directional exposure to select segments of the equity and fixed income markets. At the end of the period, long direction positions included domestic high yield, long-term investment grade corporate and higher yielding high quality government bonds (such as longer-term Australian Treasuries) and income producing equities on a global basis. The Fund’s U.S. Treasury allocations are low relative to past allocations, given the low level of yields today. Instead, we are focusing our strategy on gross exposure with matched long/short equity index positions such as long large-cap domestic equities and short small-cap domestic equities, favoring Canada over the U.S., Holland over Germany and other matched country positions. At the end of the period, the Fund had no direct commodity exposure and modest foreign exchange positioning that we believe should benefit from weakness in industrial commodity prices.

Equity, fixed income and currency futures contracts were also used as part of the management of the Fund. Long and short futures contracts were used to implement various absolute return, tactical market and hedging strategies.

Risk Considerations

Mutual fund investing involves risk; principal loss is possible.

Nuveen International Fund/Nuveen International Select Fund

Equity investments such as those held by the Fund, are subject to market risk, additional expenses risk, common stock risk, derivatives risk, small and mid cap stock risk, and multi-manager risk. Foreign investments involve additional risks, including currency fluctuation, political and economic instability, lack of liquidity and differing legal and accounting standards. These risks are magnified in emerging markets.

Nuveen Quantitative Enhanced Core Equity Fund

There is no guarantee that the fund’s proprietary quantitative strategy will be successful. Equity securities such as the common stocks held in the portfolio are subject to market risk or the risk of decline. Foreign securities involve additional risks including currency fluctuations, and economic or political instability. The use of derivative instruments such as futures contracts, involve substantial financial risks and transaction costs. The potential investment in ETFs means shareholders bear both their proportionate share of fund expenses and indirectly, the expenses of the ETFs.

12 Nuveen Investments

Nuveen Tactical Market Opportunities Fund

There is no guarantee that the fund will achieve its investment objective and the portfolio manager’s asset allocation decisions may adversely affect fund performance. The fund is exposed to the risks of the underlying derivative instruments, ETFs, U.S. Treasury bonds, foreign government bonds, commodities, and short-term securities that may be held in the portfolio. These risks include market risk, frequent trading risk, liquidity risk, interest rate risk, and credit risk. The credit risk and liquidity risk is heightened for non-investment grade or high-yield securities. The use of derivatives involves substantial financial risks and transaction costs. Commodities may be highly volatile and foreign investments are subject to additional risks including currency fluctuations, and economic or political instability. These risks are magnified in emerging markets. In addition, the fund will bear its proportionate share of any fees and expensed paid by the ETFs in which it invests.

Nuveen Investments 13

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14 Nuveen Investments

Fund Performance and Expense Ratios

The Fund Performance and Expense Ratios for each Fund are shown on the following four pages.

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. 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 Fund shares.

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

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.

Comparative index and Lipper return information is provided for the Funds’ Class A Shares at net asset value (NAV) only.

The expense ratios shown reflect the Funds’ total operating expenses (before fee waivers or expense reimbursements, if any) as shown in the Funds’ most recent prospectus. The expense ratios include management fees and other fees and expenses.

Nuveen Investments 15

Fund Performance and Expense Ratios (continued)

Nuveen International Fund

Refer to the first page of this Fund Performance and Expense Ratios section for further explanation of the information included within this page.

Fund Performance

Average Annual Total Returns as of April 30, 2012*

	Cumulative		Average Annual
	6-Month		1-Year		5-Year		10-Year
Class A Shares at NAV		5.00%		-11.21%		-3.67%		3.93%
Class A Shares at maximum Offering Price		-1.05%		-16.30%		-4.80%		3.32%
MSCI EAFE Index**		2.71%		-12.38%		-4.25%		5.89%
Lipper International Large-Cap Growth Fund Classification Average**		6.12%		-10.44%		-2.06%		5.64%
Class C Shares		4.61%		-11.90%		-4.38%		3.15%
Class R3 Shares		4.88%		-11.32%		-3.84%		3.69%
Class I Shares		5.12%		-11.15%		-3.47%		4.17%

Average Annual Total Returns as of March 31, 2012 (Most Recent Calendar Quarter)*

	Cumulative		Average Annual
	6-Month		1-Year		5-Year		10-Year
Class A Shares at NAV		15.91%		-5.37%		-2.71%		4.01%
Class A Shares at maximum Offering Price		9.28%		-10.78%		-3.86%		3.40%
Class C Shares		15.46%		-6.08%		-3.44%		3.24%
Class R3 Shares		15.91%		-5.46%		-2.87%		3.79%
Class I Shares		15.91%		-5.28%		-2.49%		4.26%

Class A Shares have a maximum 5.75% sales charge (Offering Price). 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 twelve months, 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.

Expense Ratios as of Most Recent Prospectus

	Expense Ratios
Class A Shares		1.43%
Class C Shares		2.18%
Class R3 Shares		1.68%
Class I Shares		1.18%

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

** Refer to the Glossary of Terms Used in this Report for definitions. Indexes and Lipper averages are not available for direct investment.

16 Nuveen Investments

Nuveen International Select Fund

Refer to the first page of this Fund Performance and Expense Ratios section for further explanation of the information included within this page.

Fund Performance

Average Annual Total Returns as of April 30, 2012*

		Cumulative		Average Annual
	6-Month		1-Year		5-Year		Since Inception**
Class A Shares at NAV		4.29%		-12.76%		-2.20%		-0.56%
Class A Shares at maximum Offering Price		-1.71%		-17.81%		-3.35%		-1.65%
MSCI All Country World Investable Market Index (ex U.S.)***		3.22%		-12.56%		-0.23%		-4.93%
Lipper International Large-Cap Growth Fund Classification Average***		6.12%		-10.44%		-0.58%		-2.06%
Class C Shares		4.02%		-13.36%		-2.91%		-1.29%
Class R3 Shares****		4.18%		-12.98%		-2.78%		-1.13%
Class I Shares		4.47%		-12.58%		-1.94%		-0.31%

Average Annual Total Returns as of March 31, 2012 (Most Recent Calendar Quarter)*

		Cumulative		Average Annual
	6-Month		1-Year		5-Year		Since Inception**
Class A Shares at NAV		16.10%		-7.71%		-1.05%		-0.21%
Class A Shares at maximum Offering Price		9.48%		-13.01		-.2.23%		-1.33%
Class C Shares		15.56%		-8.49%		-1.81%		-0.97%
Class R3 Shares****		15.82%		-8.04%		-1.65%		-0.81%
Class I Shares		16.15%		-7.63%		-0.83%		0.02%

Class A Shares have a maximum 5.75% sales charge (Offering Price). 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 twelve months, 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.

Expense Ratios as of Most Recent Prospectus

	Expense Ratios
Class A Shares		1.46%
Class C Shares		2.21%
Class R3 Shares		1.71%
Class I Shares		1.21%

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

** Since inception returns are from 12/21/06.

*** Refer to the Glossary of Terms Used in this Report for definitions. Indexes and Lipper averages are not available for direct investment.

**** Effective May 14, 2012, Class R3 Shares were closed to all new investments. After the close of business on June 13, 2012, the Fund liquidated all shareholder accounts invested in Class R3 Shares and distributed the proceeds of the liquidation.

Nuveen Investments 17

Fund Performance and Expense Ratios (continued)

Nuveen Quantitative Enhanced Core Equity Fund

Refer to the first page of this Fund Performance and Expense Ratios section for further explanation of the information included within this page.

Fund Performance

Average Annual Total Returns as of April 30, 2012*

		Cumulative		Average Annual
	6-Month		1-Year		Since Inception**
Class A Shares		11.61%		1.79%		0.45%
S&P 500® Index***		12.77%		4.76%		1.36%
Lipper Large Cap Core Funds Classification Average***		11.62%		2.22%		0.54%
Class C Shares		11.17%		1.02%		-0.28%
Class I Shares		11.72%		2.05%		0.71%

Average Annual Total Returns as of March 31, 2012 (Most Recent Calendar Quarter)*

		Cumulative		Average Annual
	6-Month		1-Year		Since Inception**
Class A Shares		25.00%		5.57%		0.67%
Class C Shares		24.54%		4.78%		-0.07%
Class I Shares		25.21%		5.88%		0.93%

Class A Shares have no sales charge and are available only through fee-based programs and certain retirement plans. Class C Shares have a 1% CDSC for redemptions within less than twelve months, 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.

Expense Ratios as of Most Recent Prospectus

	Gross Expense Ratios		Net Expense Ratios
Class A Shares		0.89%		0.71%
Class C Shares		1.64%		1.46%
Class I Shares		0.64%		0.46%

The fund’s investment adviser has contractually agreed to waive fees and/or reimburse other fund expenses through February 28, 2013 so that total annual fund operating expenses, after fee waivers and/or expense reimbursements and excluding any Acquired Fund Fees and Expenses, do not exceed 0.70%, 1.45%, and 0.45% for Class A, Class C and Class I shares, respectively. Fee waivers and/or expense reimbursements will not be terminated prior to that time without the approval of the fund’s board of directors.

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

** Since inception returns are from 7/31/07.

*** Refer to the Glossary of Terms Used in this Report for definitions. Indexes and Lipper averages are not available for direct investment.

18 Nuveen Investments

Nuveen Tactical Market Opportunities Fund

Refer to the first page of this Fund Performance and Expense Ratios section for further explanation of the information included within this page.

Fund Performance

Average Annual Total Returns as of April 30, 2012*

		Cumulative		Average Annual
	6-Month		1-Year		Since Inception**
Class A Shares at NAV		1.18%		3.48%		5.91%
Class A Shares at maximum Offering Price		-4.60%		-2.47%		3.26%
Bank of America Merrill Lynch 3-Month U.S. Treasury Bill Index***		0.01%		0.05%		0.10%
Lipper Flexible Portfolio Funds Classification Average***		4.82%		-1.31%		7.44%
Class C Shares		0.73%		2.66%		5.09%
Class I Shares		1.33%		3.83%		6.22%

Average Annual Total Returns as of March 31, 2012 (Most Recent Calendar Quarter)*

		Cumulative		Average Annual
	6-Month		1-Year		Since Inception**
Class A Shares at NAV		1.72%		4.74%		5.88%
Class A Shares at maximum Offering Price		-4.15%		-1.30%		3.13%
Class C Shares		1.28%		3.91%		5.07%
Class I Shares		1.88%		5.09%		6.20%

Class A Shares have a maximum 5.75% sales charge (Offering Price). 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 twelve months, 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.

Expense Ratios as of Most Recent Prospectus

	Gross Expense Ratios		Net Expense Ratios
Class A Shares		1.66%		1.42%
Class C Shares		2.41%		2.17%
Class I Shares		1.41%		1.17%

The fund’s investment adviser has contractually agreed to waive fees and/or reimburse other fund expenses through February 28, 2013 so that total annual fund operating expenses, after fee waivers and/or expense reimbursements and excluding Acquired Fund Fees and Expenses, do not exceed 1.20%, 1.95%, and 0.95% for Class A, Class C and Class I shares, respectively. Fee waivers and/or expense reimbursements will not be terminated prior to that time without the approval of the fund’s board of directors.

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

** Since inception returns for Class A, Class C and Class I Shares, and for the comparative index and Lipper classification average, are from 12/30/09. Class I Share returns are actual. The returns for Class A and Class C Shares are actual for the periods since class inception on 2/24/11; returns prior to class inception are Class I Share returns adjusted for differences in sales charges and expense, which are primarily differences in distribution and service fees.

*** Refer to the Glossary of Terms Used in this Report for definitions. Indexes and Lipper averages are not available for direct investment.

Nuveen Investments 19

Holding Summaries as of April 30, 2012

This data relates to the securities held in each Fund’s portfolio of investments. It should not be construed as a measure of performance for the Fund itself.

Nuveen International Fund

Portfolio Allocation¹

Nuveen International Select Fund

Portfolio Allocation¹

Portfolio Composition1
Financials	21.5%
Industrials	11.6%
Consumer Staples	9.8%
Materials	8.5%
Consumer Discretionary	8.3%
Energy	8.2%
Health Care	7.9%
Information Technology	5.4%
Short-Term Investments	9.9%
Other	8.9%

Portfolio Composition1
Financials	22.7%
Industrials	10.2%
Consumer Staples	9.7%
Materials	8.6%
Information Technology	8.4%
Energy	8.0%
Consumer Discretionary	6.4%
Telecommunication Services	5.7%
Short-Term Investments	12.2%
Other	8.1%

Country Allocation1
United States	20.6%
Japan	14.5%
United Kingdom	13.4%
Switzerland	9.8%
Germany	7.7%
Canada	7.1%
France	3.3%
Hong Kong	2.6%
Australia	2.5%
Other	18.5%

Top Five Common Stock Holdings2
Roche Holding	2.5%
Diageo	1.8%
Adidas	1.6%
GlaxoSmithKline	1.6%
Anglo American	1.6%

Country Allocation1
United States	21.7%
Japan	8.0%
United Kingdom	7.5%
Brazil	6.6%
Switzerland	5.6%
South Korea	4.9%
Canada	4.7%
Germany	4.2%
South Africa	3.9%
Hong Kong	2.8%
China	2.8%
Russia	2.5%
France	2.2%
Australia	2.1%
Taiwan	2.0%
Other	18.5%

Top Five Common Stock Holdings2
Roche Holding	1.4%
Banco do Brasil	1.2%
Cielo	1.2%
Redecard	1.2%
Samsung Electronics, GDR	1.1%

1 As a percentage of total investments (excluding investments in derivatives) as of April 30, 2012. Holdings are subject to change.

2 As a percentage of total common stocks as of April 30, 2012. Holdings are subject to change.

3 Rounds to less than 0.1%.

20 Nuveen Investments

Nuveen Quantitative Enhanced Core Equity Fund

Portfolio Allocation¹

Nuveen Tactical Market Opportunities Fund

Portfolio Allocation³

Portfolio Composition1
Information Technology	28.3%
Financials	15.3%
Health Care	13.8%
Energy	13.5%
Industrials	10.3%
Consumer Discretionary	7.0%
Consumer Staples	5.8%
Short-Term Investments	0.4%
Other	5.6%

Top Five Common Stock Holdings2
Apple, Inc.	4.8%
Exxon Mobil Corporation	4.3%
Chevron Corporation	2.6%
Microsoft Corporation	2.5%
International Business Machines Corporation (IBM)	2.5%

1 As a percentage of total investments (excluding investments purchased with collateral from securities lending and investments in derivatives) as of April 30, 2012. Holdings are subject to change.

2 As a percentage of total common stocks as of April 30, 2012. Holdings are subject to change.

3 As a percentage of total investments (excluding investments in derivatives) as of April 30, 2012. Holdings are subject to change.

Nuveen Investments 21

Expense Examples

As a shareholder of one or more of the Funds, you incur two types of costs: (1) transaction costs, including up-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. The Examples below are intended to help you understand your ongoing costs (in dollars) of investing in the Funds and to compare these costs with the ongoing costs of investing in other mutual funds.

The Examples below are 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 respective Fund’s actual expense ratio and an assumed rate of return of 5% per year before expenses, which is not the Fund’s actual return. The hypothetical account values and expenses may not be used to estimate the actual ending account balance or 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 transaction costs. 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 transaction costs were included, your costs would have been higher.

Nuveen International Fund

	Actual Performance								Hypothetical Performance (5% annualized return before expenses)
	A Shares		C Shares		R3 Shares		I Shares		A Shares		C Shares		R3 Shares		I Shares
Beginning Account Value (11/01/11)	$	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 (4/30/12)	$	1,050.00	$	1,046.10	$	1,048.80	$	1,051.20	$	1,017.50	$	1,013.77	$	1,016.26	$	1,018.75
Expenses Incurred During Period	$	7.54	$	11.34	$	8.81	$	6.27	$	7.42	$	11.17	$	8.67	$	6.17

For each class of the Fund, expenses are equal to the Fund’s annualized net expense ratio of 1.48%, 2.23%, 1.73% and 1.23% for Classes A, C, R3 and I, respectively, multiplied by the average account value over the period, multiplied by 182/366 (to reflect the one-half year period).

Nuveen International Select Fund

	Actual Performance								Hypothetical Performance (5% annualized return before expenses)
	A Shares		C Shares		R3 Shares		I Shares		A Shares		C Shares		R3 Shares		I Shares
Beginning Account Value (11/01/11)	$	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 (4/30/12)	$	1,042.90	$	1,040.20	$	1,041.80	$	1,044.70	$	1,017.50	$	1,013.77	$	1,016.26	$	1,018.75
Expenses Incurred During Period	$	7.52	$	11.31	$	8.78	$	6.25	$	7.42	$	11.17	$	8.67	$	6.17

For each class of the Fund, expenses are equal to the Fund’s annualized net expense ratio of 1.48%, 2.23%, 1.73% and 1.23% for Classes A, C, R3 and I, respectively, multiplied by the average account value over the period, multiplied by 182/366 (to reflect the one-half year period).

Nuveen Quantitative Enhanced Core Equity Fund

	Actual Performance						Hypothetical Performance (5% annualized return before expenses)
	A Shares		C Shares		I Shares		A Shares		C Shares		I Shares
Beginning Account Value (11/01/11)	$	1,000.00	$	1,000.00	$	1,000.00	$	1,000.00	$	1,000.00	$	1,000.00
Ending Account Value (4/30/12)	$	1,116.10	$	1,111.70	$	1,117.20	$	1,021.38	$	1,017.65	$	1,022.63
Expenses Incurred During Period	$	3.68	$	7.61	$	2.37	$	3.52	$	7.27	$	2.26

For each class of the Fund, expenses are equal to the Fund’s annualized net expense ratio of .70%, 1.45% and .45% for Classes A, C and I, respectively, multiplied by the average account value over the period, multiplied by 182/366 (to reflect the one-half year period).

22 Nuveen Investments

Nuveen Tactical Market Opportunities Fund

	Actual Performance						Hypothetical Performance (5% annualized return before expenses)
	A Shares		C Shares		I Shares		A Shares		C Shares		I Shares
Beginning Account Value (11/01/11)	$	1,000.00	$	1,000.00	$	1,000.00	$	1,000.00	$	1,000.00	$	1,000.00
Ending Account Value (4/30/12)	$	1,011.80	$	1,007.30	$	1,013.30	$	1,019.00	$	1,015.27	$	1,020.24
Expenses Incurred During Period	$	5.90	$	9.63	$	4.66	$	5.92	$	9.67	$	4.67

For each class of the Fund, expenses are equal to the Fund’s annualized net expense ratio of 1.18%, 1.93% and .93% for Classes A, C and I, respectively, multiplied by the average account value over the period, multiplied by 182/366 (to reflect the one-half year period).

Nuveen Investments 23

Portfolio of Investments (Unaudited)

Nuveen International Fund

April 30, 2012

Shares		Description (1)	Value
		COMMON STOCKS – 82.2%
		Australia – 2.5%
	7,062	APA Group	$	38,410
	16,611	Australian Infrastructure Fund		38,596
	31,112	DUET Group		59,972
	216,201	Incitec Pivot		736,634
	4,902	Macquarie Atlas Roads Group, (2)		8,453
	17,245	Newcrest Mining		472,569
	7,230	QR National		27,421
	34,357	Sydney Airport		104,173
	64,520	Transurban Group		394,620
	14,940	Woodside Petroleum		543,590
	18,494	WorleyParsons		544,372
		Total Australia		2,968,810
		Austria – 0.0%
	662	Oesterreichische Post		23,485
		Belgium – 0.8%
	13,911	Anheuser-Busch InBev		1,002,639
	281	Elia System Operator		12,022
		Total Belgium		1,014,661
		Brazil – 0.7%
	2,236	Companhia de Saneamento de Minas Gerais		52,376
	10,921	Companhia Energetica de Minas Gerais, ADR		269,421
	749	Companhia Paranaense de Energia-Copel, ADR		18,762
	1,204	CPFL Energia, ADR		33,953
	8,214	Energias do Brasil		57,269
	17,201	Itau Unibanco Holding, ADR		269,884
	1,730	Santos Brasil Participacoes		30,223
	3,883	Wilson Sons – BDR		58,057
		Total Brazil		789,945
		Canada – 7.1%
	9,785	Agrium		860,102
	14,000	Bank of Nova Scotia		776,440
	3,075	Brookfield Renewable Energy		86,132
	21,144	Cameco		467,282
	26,210	Canadian Natural Resources		910,591
	8,041	Cenovus Energy		291,815
	1,612	Emera		57,049
	9,035	Enbridge		378,476
	1,634	Enbridge		68,463
	25,960	EnCana		543,719
	6,088	Keyera		248,919
	71,770	Kinross Gold, (3)		642,977
	122,642	Lundin Mining, (2)		595,922
	57,321	Manulife Financial		783,578
	16,151	Suncor Energy		533,629

24 Nuveen Investments

Shares		Description (1)	Value
		Canada (continued)
	68,370	Talisman Energy, (3)	$	894,205
	697	TransCanada		30,654
	1,068	Veresen		16,314
	2,738	Westshore Terminals Investment		68,433
	16,217	Yamana Gold		238,390
		Total Canada		8,493,090
		Chile – 0.2%
	20,411	Aguas Andinas, Class A		13,503
	52,125	Empresa Electrica Del Norte Grande		139,430
	1,034	Empresa Nacional de Electrcidad, ADR		56,477
	395	Inversiones Aguas Metropolitanas		696
		Total Chile		210,106
		China – 1.6%
	306,000	Agile Property Holdings		399,920
	8,688	ENN Energy Holdings		30,570
	540,000	Industrial & Commercial Bank of China, Class H		360,527
	18,669	Jiangsu Expressway, Class H		18,408
	11,278	New Oriental Education & Technology Group, ADR, (2)		301,461
	42,500	Ping An Insurance		355,506
	14,500	Tencent Holdings		455,633
		Total China		1,922,025
		Czech Republic – 0.0%
	638	CEZ		25,726
		Denmark – 0.5%
	4,335	Novo Nordisk, Class B		639,428
		Finland – 0.4%
	1,075	Fortum Oyj		23,123
	119,356	Nokia Oyj		428,788
		Total Finland		451,911
		France – 3.2%
	969	Aeroports de Paris		81,526
	13,403	Alstom		478,666
	38,557	AXA		546,104
	29,351	Carrefour		589,576
	9,321	DANONE		655,774
	1,234	Eutelsat Communications		43,923
	4,606	GDF Suez		106,026
	721	Groupe Eurotunnel		6,067
	5,817	L’oreal		699,848
	1,794	Rubis		97,565
	10,657	Total SA		508,826
	2,068	Vinci		95,809
		Total France		3,909,710
		Germany – 7.6%
	18,968	Adidas		1,581,797

Nuveen Investments 25

Portfolio of Investments (Unaudited)

Nuveen International Fund (continued)

April 30, 2012

Shares		Description (1)	Value
		Germany (continued)
	34,234	Aixtron	$	626,939
	9,986	Allianz		1,112,728
	2,621	BASF		215,763
	9,045	Bayer		637,075
	5,877	BMW		558,636
	9,570	Daimler		529,070
	7,927	Deutsche Boerse		497,680
	34,594	E.ON		783,730
	621	Fraport Frankfurt Airport		40,353
	1,250	Hamburger Hafen und Logistik		41,448
	11,480	Henkel KGAA		854,017
	10,382	Siemens		961,571
	25,231	Symrise		731,421
		Total Germany		9,172,228
		Hong Kong – 2.5%
	9,981	Beijing Enterprises Holdings		55,831
	45,980	Cheung Kong Holdings		611,593
	28,156	Cheung Kong Infrastructure Holdings		167,115
	107,686	China Everbright International		51,077
	503,000	China Longyuan Power, Class H		397,413
	61,260	China Merchants Holdings International		198,181
	206,000	China Resources Land		396,672
	158,000	China Unicom		281,028
	42,724	COSCO Pacific		62,225
	74,681	Guangdong Investment		54,962
	27,478	Hong Kong & China Gas		70,265
	238,000	Li & Fung		509,212
	17,803	MTR		63,332
	13,546	NWS Holdings		20,462
	14,677	Power Assets Holdings		109,718
	30,715	Towngas China		21,773
		Total Hong Kong		3,070,859
		India – 0.4%
	883	GAIL India, GDR		33,113
	10,825	HDFC Bank, ADR		371,622
	15,164	Power Grid		32,011
		Total India		436,746
		Ireland – 1.5%
	24,532	Covidien		1,354,902
	31,859	WPP		430,953
		Total Ireland		1,785,855
		Israel – 1.1%
	17,291	NICE Systems, ADR, (2)		664,320
	13,410	Teva Pharmaceutical Industries, ADR		613,373
		Total Israel		1,277,693

26 Nuveen Investments

Shares		Description (1)	Value
		Italy – 1.6%
	15,363	Atlantia	$	232,847
	4,480	Autostrada Torino-Milano		24,254
	18,665	Hera		28,042
	12,132	IREN		8,026
	124,400	Prada, (2)		844,977
	13,599	Saipem		671,796
	9,447	Snam		44,943
	2,619	Societa Inizative Autostradalie e Servizi		16,398
	3,856	Terna-Rete Elettrica Nationale		14,343
		Total Italy		1,885,626
		Japan – 14.3%
	82,826	AMADA		566,420
	14,527	Canon		667,762
	21,100	DeNA		661,489
	3,200	FANUC		544,689
	140	INPEX		929,359
	2,908	Japan Airport Terminal		39,919
	2,221	Kamigumi		17,887
	32,900	KOMATSU		953,952
	51,584	Mitsubishi		1,126,139
	33,205	Mitsui Sumitomo Insurance Group		616,771
	5,387	Nintendo		735,450
	40,284	NKSJ Holdings		835,045
	783	Rakuten		872,833
	11,313	SECOM		538,444
	7,856	SMC		1,319,501
	12,929	Sugi Holdings		419,091
	48,195	Sumitomo Metal Mining		637,449
	317,632	Sumitomo Mitsui Trust		938,892
	59,766	Suzuki Motor		1,420,041
	13,700	TERUMO		630,605
	248,392	The Bank of Yokohama		1,210,227
	24,267	THK		487,528
	26,500	Toyota Motor		1,096,975
		Total Japan		17,266,468
		Luxembourg – 0.6%
	6,514	Millicom International Cellular		691,979
	554	SES		13,266
		Total Luxembourg		705,245
		Malaysia – 0.3%
	97,542	Sime Darby Berhad		313,965
		Mexico – 0.3%
	35,517	OHL Mexico, (2)		56,169
	10,559	Wal-Mart de Mexico, ADR		301,459
		Total Mexico		357,628

Nuveen Investments 27

Portfolio of Investments (Unaudited)

Nuveen International Fund (continued)

April 30, 2012

Shares		Description (1)	Value
		Netherlands – 1.3%
	27,452	Heineken	$	1,501,310
	944	Koninklijke Vopak		60,848
		Total Netherlands		1,562,158
		New Zealand – 0.1%
	20,933	Auckland International Airport		43,308
	28,052	Infratil		43,470
	7,960	Port of Tauranga		74,858
	1,335	Vector		2,882
		Total New Zealand		164,518
		Norway – 1.6%
	2,417	Hafslund, Class B, (3)		22,806
	177,370	Norsk Hydro, (3)		862,838
	53,549	Telenor ASA, (3)		984,345
		Total Norway		1,869,989
		Philippines – 0.1%
	46,121	International Container Terminal Services		74,283
		Poland – 0.0%
	3,818	PGE		22,860
		Portugal – 0.0%
	6,999	Brisa Auto-Estradas de Portugal		24,551
		Singapore – 0.5%
	89,478	CitySpring Infrastructure Trust		28,561
	14,408	ComfortDelGro		17,814
	445,156	Golden Agri-Resources		264,396
	53,955	Hutchison Port Holdings Trust		40,736
	11,310	Hyflux		13,115
	27,233	Parkway Life, REIT		40,712
	10,060	Singapore Airport Terminal Services		21,217
	104,357	Singapore Post		85,594
	19,718	Singapore Telecommunications		49,713
	59,514	SMRT		80,795
		Total Singapore		642,653
		South Africa – 0.8%
	55,438	MTN Group		969,141
		South Korea – 0.7%
	1,395	Hyundai Mobis		379,571
	764	Samsung Electronics, GDR		469,842
		Total South Korea		849,413
		Spain – 1.4%
	11,671	Abertis Infraestructuras		180,597
	59,182	Banco Santander		369,760
	908	Enagas		15,955
	27,434	Ferrovial		305,476
	33,937	Grifols, (2)		854,647
		Total Spain		1,726,435

28 Nuveen Investments

Shares		Description (1)	Value
		Sweden – 0.7%
	88,567	Ericsson	$	877,592
		Switzerland – 9.7%
	36,814	ABB		670,857
	10,660	Adecco		519,112
	9,894	Compagnie Financiere Richemont		611,528
	19,749	Credit Suisse Group, (2)		472,375
	488	Flughafen Zuerich, (2)		181,726
	34,319	Foster Wheeler, (2)		789,337
	10,560	Holcim		657,346
	21,659	Nestle		1,326,767
	21,435	Noble		815,816
	22,772	Novartis		1,255,703
	13,410	Roche Holding		2,449,598
	40,309	UBS, (2)		503,169
	71,869	Xstrata		1,373,393
		Total Switzerland		11,626,727
		Taiwan – 0.5%
	33,000	Hiwin Technologies		312,957
	109,200	Hon Hai Precision Industry		345,450
		Total Taiwan		658,407
		Turkey – 0.6%
	187,590	Turkiye Garanti Bankasi		690,011
		United Kingdom – 13.3%
	155,260	Aberdeen Asset Management		714,340
	40,715	Anglo American		1,564,691
	55,494	ARM Holdings		471,921
	26,169	BG Group		616,024
	14,737	BHP Billiton		472,236
	18,279	BP, ADR		793,491
	70,794	Diageo		1,781,971
	68,159	GlaxoSmithKline		1,576,270
	16,793	HSBC Holdings, ADR		758,540
	5,013	National Grid, ADR		271,153
	70,769	Prudential		866,552
	75,936	Rolls Royce Holdings		1,014,854
	21,085	Stagecoach Group		84,863
	43,331	Standard Chartered		1,059,049
	113,729	Tesco		585,736
	5,537	United Utilities Group		55,578
	35,867	Vedanta Resources		708,399
	45,108	Vodafone Group, ADR		1,255,356
	37,224	Willis Group Holdings		1,357,187
		Total United Kingdom		16,008,211
		United States – 3.7%
	13	American States Water		474

Nuveen Investments 29

Portfolio of Investments (Unaudited)

Nuveen International Fund (continued)

April 30, 2012

Shares		Description (1)	Value
		United States (continued)
	5,243	American Tower, Class A	$	343,836
	860	American Water Works		29,446
	1,043	Aqua America		23,687
	958	Atmos Energy		31,212
	59	Boardwalk Pipeline Partners		1,630
	4,351	Brookfield Infrastructure Partners		137,231
	11,765	Bunge		758,843
	705	California Water Service Group		12,768
	368	Chesapeake Utilities		15,463
	1,070	Covanta Holding		17,174
	673	Dominion Resources		35,124
	3,181	El Paso		94,380
	289	ITC Holdings		22,386
	1,588	Kinder Morgan		57,009
	529	Middlesex Water Company		9,818
	4,571	NiSource		112,675
	3,173	OGE Energy		171,215
	326	ONEOK		28,000
	8,072	Pepco Holdings		152,722
	10,316	Philip Morris International		923,385
	1,292	Piedmont Natural Gas		39,380
	462	Pinnacle West Capital		22,338
	8,802	Questar		173,840
	7,446	Schlumberger		552,046
	675	South Jersey Industries		33,244
	6,093	Spectra Energy		187,299
	1,259	Standard Parking, (2)		23,997
	667	UIL Holdings		22,925
	546	Unitil		14,447
	5,137	Waste Connections		165,566
	295	Westar Energy		8,464
	674	WGL Holdings		27,034
	4,626	Williams		157,423
		Total United States		4,406,481
		Total Common Stocks (cost $94,937,420)		98,894,640
		EXCHANGE-TRADED FUNDS – 6.9%
		United States – 6.9%
	97,640	iShares MSCI Malysia Index Fund		1,416,756
	55,000	iShares S&P Global Energy Sector Index Fund		2,160,950
	62,478	Market Vectors Agribusiness ETF		3,256,978
	31,966	Market Vectors Gold Miners ETF		1,482,903
		Total Exchange-Traded Funds (cost $9,142,530)		8,317,587
		RIGHTS – 0.0%
		Spain – 0.0%
	59,182	Banco Santander, (2), (4)		15,407
		Total Rights (cost $23,542)		15,407

30 Nuveen Investments

Shares/ Principal Amount (000)		Description (1)	Coupon			Maturity		Ratings (5)		Value
		SHORT-TERM INVESTMENTS – 9.9%
		Money Market Funds – 2.6%
	3,070,135	State Street Institutional Liquid Reserves Fund		0.210%,	(6)		N/A		N/A	$	3,070,135
		U.S. Government and Agency Obligations – 7.3%
$	2,032	U.S. Treasury Bill, (7)		0.108%			8/23/12		Aaa		2,031,309
	6,740	U.S. Treasury Bill, (7)		0.123%			9/20/12		Aaa		6,736,610
$	8,772	Total U.S. Government and Agency Obligations									8,767,919
		Total Short-Term Investments (cost $11,839,380)									11,838,054
		Total Investments (cost $115,942,872) – 99.0%									119,065,688
		Other Assets Less Liabilities – 1.0% (8)									1,220,135
		Net Assets – 100.0%								$	120,285,823

Investments in Derivatives at April 30, 2012:

Futures Contracts outstanding:

Type	Contract Position		Number of Contracts			Contract Expiration		Value			Unrealized Appreciation (Depreciation)
Amsterdam Index		Long		37			5/12	$	2,986,604		$	(21,753	)
British Pound Currency		Short		(9	)		6/12		(912,881	)		(31,875	)
CAC 40 10 Euro Index		Long		15			6/12		621,873			(50,279	)
E-Mini MSCI EAFE		Long		37			6/12		2,787,210			19,879
E-Mini MSCI Emerging Market Index		Long		68			6/12		3,465,960			(133,095	)
E-Mini MSCI Singapore Index		Long		5			5/12		275,394			1,022
FTSE 100 Index		Long		146			6/12		13,541,335			(264,559	)
FTSE/JSE Top 40		Short		(120	)		6/12		(4,720,590	)		(54,526	)
H-Shares Index		Short		(50	)		5/12		(3,548,298	)		(75,980	)
Kospi2 Index		Short		(40	)		6/12		(4,691,516	)		(74,523	)
Mexican Bolsa Index		Short		(186	)		6/12		(5,644,706	)		(245,941	)
NASDAQ 100 E-Mini		Short		(126	)		6/12		(6,852,510	)		(113,448	)
Nikkei 225 Index		Long		204			6/12		9,664,500			(210,018	)
OMXS 30 Index		Long		292			5/12		4,550,757			50,562
Russell 2000 Mini Index		Short		(70	)		6/12		(5,704,300	)		(95,795	)
S&P 500 Index		Short		(9	)		6/12		(3,135,600	)		(74,173	)
S&P/TSX 60 Index		Short		(48	)		6/12		(6,787,103	)		92,336
SGX S&P CNX Nifty		Short		(45	)		5/12		(473,985	)		(495	)
SPI 200		Long		104			6/12		11,911,768			430,297
											$	(852,364	)

For Fund portfolio compliance purposes, the Fund’s industry classifications refer to any one or more of the industry sub-classifications used by one or more widely recognized market indexes or ratings group indexes, and/or as defined by Fund management. This definition may not apply for purposes of this report which may combine industry sub-classifications into sectors for reporting ease.

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

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

(3) For fair value measurement disclosure purposes, Common Stock categorized as Level 2. See Notes to Financial Statements, Footnote 1 - General Information and Significant Accounting Policies, Investment Valuation for more information.

(4) Investments valued at fair value using methods determined in good faith by, or at the discretion of, the Board of Directors. For fair value measurement disclosure purposes, investment categorized as Level 3. See Notes to Financial Statements, Footnote 1 – General Information and Significant Accounting Policies, Investment Valuation for more information.

(5) Ratings: Using the highest of Standard & Poor’s Group (“Standard & Poor’s”), Moody’s Investors Service, Inc. (“Moody’s”) or Fitch, Inc. (“Fitch”) rating. Ratings below BBB by Standard & Poor’s, Baa by Moody’s or BBB by Fitch are considered to be below investment grade. Holdings designated N/R are not rated by any of these national rating agencies.

(6) The rate shown is the annualized seven-day effective yield as of April 30, 2012.

(7) Investment, or portion of investment, segregated as collateral for investments in derivatives.

(8) Other Assets Less Liabilities includes the net Unrealized Appreciation (Depreciation) of derivatives instruments as listed within Investments in Derivatives at April 30, 2012.

N/A Not applicable

ADR American Depositary Receipt

BDR Brazilian Depositary Receipt

ETF Exchange-Traded Fund

GDR Global Depositary Receipt

REIT Real Estate Investment Trust

See accompanying notes to financial statements.

Nuveen Investments 31

Portfolio of Investments (Unaudited)

Nuveen International Select Fund

April 30, 2012

Shares		Description (1)	Value
		COMMON STOCKS – 80.7%
		Argentina – 0.2%
	58,254	YPF Sociedad Anonima	$	849,343
		Australia – 2.1%
	26,958	APA Group		146,624
	65,472	Australian Infrastructure Fund		152,127
	36,194	BHP Billiton		1,340,672
	122,357	DUET Group		235,856
	526,564	Incitec Pivot		1,794,095
	19,379	Macquarie Atlas Roads Group, (2)		33,418
	46,365	Newcrest Mining		1,270,552
	28,505	QR National		108,111
	135,338	Sydney Airport		410,354
	253,759	Transurban Group		1,552,051
	52,956	Woodside Petroleum		1,926,796
	65,532	WorleyParsons		1,928,938
		Total Australia		10,899,594
		Austria – 0.0%
	2,608	Oesterreichische Post		92,519
		Belgium – 0.4%
	28,841	Anheuser-Busch InBev		2,078,723
	1,106	Elia System Operator		47,317
		Total Belgium		2,126,040
		Brazil – 6.5%
	412,543	Banco do Brasil		5,118,507
	163,448	Cielo		4,909,914
	44,000	Companhia de Bebidas das Americas, ADR		1,847,120
	188,800	Companhia de Concessoes Rodoviarias		1,463,927
	8,811	Companhia de Saneamento de Minas Gerais		206,390
	132,037	Companhia Energetica de Minas Gerais, ADR		3,257,353
	2,951	Companhia Paranaense de Energia-Copel, ADR		73,923
	197,200	Companhia Siderurgica Nacional, ADR		1,759,024
	4,740	CPFL Energia, ADR		133,668
	32,301	Energias do Brasil		225,208
	79,257	Itau Unibanco Holding, ADR		1,243,542
	98,900	Natura Cosmeticos		2,234,674
	288,930	Redecard		4,814,111
	6,808	Santos Brasil Participacoes		118,934
	139,095	Souza Cruz		2,161,422
	177,600	Vale – ADR		3,942,720
	15,276	Wilson Sons – BDR		228,401
		Total Brazil		33,738,838
		Canada – 4.7%
	23,839	Agrium		2,095,448
	31,306	Bank of Nova Scotia		1,736,231
	12,102	Brookfield Renewable Energy		338,981

32 Nuveen Investments

Shares		Description (1)	Value
		Canada (continued)
	74,919	Cameco	$	1,655,710
	63,880	Canadian Natural Resources		2,219,326
	19,597	Cenovus Energy		711,193
	6,355	Emera		224,903
	35,588	Enbridge		1,490,781
	6,431	Enbridge		269,453
	63,227	EnCana		1,324,256
	70,900	First Quantum Minerals		1,472,762
	23,936	Keyera		978,666
	174,780	Kinross Gold, (3)		1,565,828
	298,720	Lundin Mining, (2)		1,451,492
	128,180	Manulife Financial		1,752,221
	57,227	Suncor Energy		1,890,780
	166,600	Talisman Energy, (3)		2,178,946
	2,745	TransCanada		120,725
	4,207	Veresen		64,264
	10,776	Westshore Terminals Investment		269,332
	39,489	Yamana Gold		580,488
		Total Canada		24,391,786
		Chile – 0.4%
	80,453	Aguas Andinas, Class A		53,222
	205,439	Empresa Electrica Del Norte Grande		549,531
	4,068	Empresa Nacional de Electrcidad, ADR		222,194
	1,555	Inversiones Aguas Metropolitanas		2,741
	19,225	Sociedad Quimica y Minera de Chile, ADR		1,120,625
		Total Chile		1,948,313
		China – 2.8%
	1,416,000	Agile Property Holdings		1,850,611
	3,841,350	China Construction Bank, Class H		2,990,436
	34,168	ENN Energy Holdings		120,225
	2,490,000	Industrial & Commercial Bank of China, Class H		1,662,428
	73,429	Jiangsu Expressway, Class H		72,401
	23,400	NetEase.com, ADR, (2)		1,411,488
	51,969	New Oriental Education & Technology Group, ADR		1,389,131
	193,000	Ping An Insurance		1,614,417
	64,900	Tencent Holdings		2,039,352
	249,500	Weichai Power, Class H, (2)		1,175,362
		Total China		14,325,851
		Czech Republic – 0.0%
	2,518	CEZ		101,532
		Denmark – 0.3%
	9,694	Novo Nordisk, Class B		1,429,900
		Egypt – 0.9%
	351,485	Commercial International Bank		1,487,863
	29,908	Eastern Tobacco		450,061

Nuveen Investments 33

Portfolio of Investments (Unaudited)

Nuveen International Select Fund (continued)

April 30, 2012

Shares		Description (1)	Value
		Egypt (continued)
	18,998	Mobinil	$	613,442
	43,075	Orascom Construction Industries		1,895,079
		Total Egypt		4,446,445
		Finland – 0.2%
	4,232	Fortum Oyj		91,031
	290,719	Nokia Oyj		1,044,412
		Total Finland		1,135,443
		France – 2.2%
	3,821	Aeroports de Paris		321,477
	32,650	Alstom		1,166,041
	97,777	AXA		1,384,870
	71,494	Carrefour		1,436,107
	27,469	CFAO		1,184,629
	19,323	DANONE		1,359,460
	4,858	Eutelsat Communications		172,917
	18,135	GDF Suez		417,451
	2,836	Groupe Eurotunnel		23,864
	14,159	L’oreal		1,703,481
	7,065	Rubis		384,224
	25,953	Total SA		1,239,145
	8,153	Vinci		377,724
		Total France		11,171,390
		Germany – 4.2%
	43,064	Adidas		3,591,232
	75,970	Aixtron		1,391,265
	24,324	Allianz		2,710,394
	6,391	BASF		526,112
	20,227	Bayer		1,424,667
	12,752	BMW		1,212,137
	23,320	Daimler		1,289,227
	17,234	Deutsche Boerse		1,082,001
	89,770	E.ON		2,033,746
	2,447	Fraport Frankfurt Airport		159,007
	4,924	Hamburger Hafen und Logistik		163,273
	27,956	Henkel KGAA		2,079,696
	25,295	Siemens		2,342,799
	61,460	Symrise		1,781,662
		Total Germany		21,787,218
		Hong Kong – 2.8%
	39,342	Beijing Enterprises Holdings		220,070
	111,983	Cheung Kong Holdings		1,489,518
	110,912	Cheung Kong Infrastructure Holdings		658,297
	423,373	China Everbright International		200,810
	2,320,000	China Longyuan Power, Class H		1,832,999
	241,091	China Merchants Holdings International		779,953

34 Nuveen Investments

Shares		Description (1)	Value
		Hong Kong (continued)
	46,311	China Mobile Limited	$	2,562,851
	952,000	China Resources Land		1,833,164
	824,000	China Unicom		1,465,616
	168,294	COSCO Pacific		245,110
	294,345	Guangdong Investment		216,624
	108,118	Hong Kong & China Gas		276,473
	2,122,000	Huabao International Holdings, (4)		763,905
	516,000	Li & Fung		1,104,006
	69,995	MTR		248,995
	53,254	NWS Holdings		80,444
	57,706	Power Assets Holdings		431,383
	120,787	Towngas China		85,624
		Total Hong Kong		14,495,842
		Hungary – 0.4%
	116,758	OTP Bank		2,053,514
		India – 1.8%
	172,631	Bank of India		1,157,971
	335,945	Bharat Heavy Electricals		1,432,707
	3,482	GAIL India, GDR		130,575
	49,880	HDFC Bank, ADR		1,712,380
	17,400	Infosys Technologies, ADR		823,890
	145,073	Jindal Steel & Power		1,387,415
	59,780	Power Grid		126,196
	138,248	Punjab National Bank		2,230,200
	3,134	Tata Consultancy Services		74,132
		Total India		9,075,466
		Indonesia – 1.8%
	2,172,066	Bank of Mandiri		1,748,928
	2,732,500	Perusahaan Gas Negara		996,015
	889,300	Semen Gresik Persero		1,175,670
	419,700	Tambang Batubara Bukit Asam		842,521
	94,200	Telekomunikasi Indonesia, ADR		3,410,982
	369,519	United Tractors		1,190,118
		Total Indonesia		9,364,234
		Ireland – 0.8%
	59,750	Covidien		3,299,993
	77,597	WPP		1,049,646
		Total Ireland		4,349,639
		Israel – 0.6%
	38,666	NICE Systems, ADR, (2)		1,485,548
	29,988	Teva Pharmaceutical Industries, ADR		1,371,651
		Total Israel		2,857,199
		Italy – 1.1%
	60,543	Atlantia		917,610
	17,620	Autostrada Torino-Milano		95,393

Nuveen Investments 35

Portfolio of Investments (Unaudited)

Nuveen International Select Fund (continued)

April 30, 2012

Shares		Description (1)	Value
		Italy (continued)
	73,570	Hera	$	110,531
	47,703	IREN		31,560
	269,800	Prada, (2)		1,832,595
	48,186	Saipem		2,380,406
	37,218	Snam		177,060
	10,297	Societa Iniziative Autostradali e Servizi		64,470
	15,201	Terna-Rete Elettrica Nazionale		56,541
		Total Italy		5,666,166
		Japan – 8.0%
	201,732	AMADA		1,379,580
	31,566	Canon		1,450,992
	47,600	DeNA		1,492,270
	6,900	FANUC		1,174,486
	330	INPEX		2,190,631
	11,434	Japan Airport Terminal		156,960
	8,750	Kamigumi		70,469
	71,700	KOMATSU		2,078,977
	125,648	Mitsubishi		2,743,042
	80,885	Mitsui Sumitomo Insurance Group		1,502,411
	13,116	Nintendo		1,790,636
	98,102	NKSJ Holdings		2,033,552
	1,657	Rakuten		1,847,107
	27,552	SECOM		1,311,343
	18,535	SMC		3,113,156
	31,483	Sugi Holdings		1,020,516
	117,385	Sumitomo Metal Mining		1,552,587
	773,669	Sumitomo Mitsui Trust		2,286,897
	145,580	Suzuki Motor		3,458,984
	29,700	TERUMO		1,367,078
	605,178	The Bank of Yokohama		2,948,575
	59,106	THK		1,187,450
	75,100	Toyota Motor		3,108,786
		Total Japan		41,266,485
		Luxembourg – 0.5%
	14,567	Millicom International Cellular		1,547,444
	27,255	Oriflame Cosmetics – SDR		979,693
	2,184	SES		52,297
		Total Luxembourg		2,579,434
		Malaysia – 0.4%
	65,400	British American Tobacco		1,200,369
	237,580	Sime Darby Berhad		764,716
		Total Malaysia		1,965,085
		Mexico – 1.8%
	85,800	America Movil, Series L, ADR		2,286,570
	5,200	Desarrolladora Homex, ADR, (2)		87,412

36 Nuveen Investments

Shares		Description (1)	Value
		Mexico (continued)
	871,517	Grupo Mexico, Series B	$	2,686,284
	70,400	Grupo Televisa, ADR		1,546,688
	548,100	Kimberly-Clark de Mexico, Series A		1,117,159
	139,937	OHL Mexico, (2)		221,305
	48,655	Wal-Mart de Mexico, ADR		1,389,100
		Total Mexico		9,334,518
		Netherlands – 0.8%
	66,873	Heineken		3,657,186
	3,717	Koninklijke Vopak		239,588
		Total Netherlands		3,896,774
		New Zealand – 0.1%
	82,367	Auckland International Airport		170,409
	110,409	Infratil		171,093
	31,376	Port of Tauranga		295,063
	5,250	Vector		11,334
		Total New Zealand		647,899
		Norway – 0.8%
	9,658	Hafslund, Class B, (3)		91,130
	432,014	Norsk Hydro, (3)		2,101,586
	118,060	Telenor ASA, (3)		2,170,194
		Total Norway		4,362,910
		Philippines – 0.7%
	181,567	International Container Terminal Services		292,434
	51,300	Philippine Long Distance Telephone – ADR		3,114,936
		Total Philippines		3,407,370
		Poland – 0.0%
	15,043	PGE		90,068
		Portugal – 0.0%
	27,535	Brisa Auto-Estradas de Portugal		96,587
		Russia – 2.5%
	167,187	Gazprom OAO, ADR		1,929,338
	21,100	LUKOIL, ADR		1,294,485
	43,971	Magnit, 144A, GDR		1,104,982
	155,450	Mobile TeleSystems – ADR		3,040,602
	986,679	Sberbank		3,156,633
	408,336	TNK-BP Holding, (3)		1,213,289
	34,924	Uralkali – GDR, Class S, (3)		1,321,873
		Total Russia		13,061,202
		Singapore – 0.4%
	352,743	CitySpring Infrastructure Trust		112,593
	56,651	ComfortDelGro		70,041
	1,084,276	Golden Agri-Resources		643,994
	212,128	Hutchison Port Holdings Trust		160,157
	44,536	Hyflux		51,644
	106,631	Parkway Life, REIT		159,408

Nuveen Investments 37

Portfolio of Investments (Unaudited)

Nuveen International Select Fund (continued)

April 30, 2012

Shares		Description (1)	Value
		Singapore (continued)
	39,579	Singapore Airport Terminal Services	$	83,476
	411,439	Singapore Post		337,463
	77,590	Singapore Telecommunications		195,621
	234,186	SMRT		317,925
		Total Singapore		2,132,322
		South Africa – 3.9%
	98,397	Bidvest Group		2,327,219
	23,251	Massmart Holdings		499,816
	135,040	MTN Group		2,360,705
	390,463	Murray & Roberts Holdings		1,436,102
	73,461	Nedbank Group		1,601,640
	334,892	Pretoria Portland Cement		1,334,681
	307,020	Sanlam		1,320,762
	170,221	Shoprite Holdings		2,943,094
	94,427	Standard Bank Group		1,393,935
	46,370	Tiger Brands		1,700,097
	177,636	Truworths International		1,896,710
	73,374	Vodacom Group		1,020,375
	56,937	Woolworths Holdings		356,051
		Total South Africa		20,191,187
		South Korea – 4.9%
	19,775	Hite Jinro		428,703
	15,154	Hyundai Mobis		4,123,348
	60,550	KB Financial Group		2,062,759
	311,302	Korea Life Insurance		1,881,378
	45,360	KT&G		3,114,643
	9,751	NHN		2,208,832
	3,517	Samsung Electronics, GDR		2,162,871
	3,559	Samsung Electronics, GDR		4,377,401
	96,006	Shinhan Financial Group, ADR		3,355,591
	49,157	Woongjin Coway		1,574,590
		Total South Korea		25,290,116
		Spain – 0.9%
	46,004	Abertis Infraestructuras		711,867
	144,148	Banco Santander		900,617
	3,576	Enagas		62,838
	108,133	Ferrovial		1,204,054
	75,890	Grifols, (2)		1,911,163
		Total Spain		4,790,539
		Sweden – 0.4%
	215,723	Ericsson		2,137,556
		Switzerland – 5.5%
	90,312	ABB		1,645,745
	23,838	Adecco		1,160,843
	21,467	Compagnie Financiere Richemont		1,326,832

38 Nuveen Investments

Shares		Description (1)	Value
		Switzerland (continued)
	48,151	Credit Suisse Group, (2)	$	1,151,719
	1,924	Flughafen Zuerich		716,479
	83,583	Foster Wheeler, (2)		1,922,409
	28,206	Holcim		1,755,786
	52,749	Nestle		3,231,250
	52,210	Noble		1,987,113
	55,457	Novartis		3,058,032
	31,940	Roche Holding		5,834,465
	98,176	UBS, (2)		1,225,510
	187,649	Xstrata		3,585,912
		Total Switzerland		28,602,095
		Taiwan – 2.0%
	166,000	Hiwin Technologies		1,574,268
	928,497	Hon Hai Precision Industry		2,937,267
	125,706	HTC		1,906,554
	122,150	MediaTek		1,058,046
	927,961	Taiwan Semiconductor Manufacturing		2,757,658
		Total Taiwan		10,233,793
		Thailand – 0.8%
	34,900	Banpu Public		631,037
	670,400	CP ALL		1,667,824
	38,400	PTT Exploration and Production Public Company		221,659
	110,900	Siam Cement		1,507,519
		Total Thailand		4,028,039
		Turkey – 1.9%
	334,081	Akbank T.A.S.		1,240,260
	413,264	Koc Holding		1,534,224
	208,300	Turkcell Iletisim Hizmetleri – ADR		2,574,588
	456,910	Turkiye Garanti Bankasi		1,680,648
	1,113,250	Turkiye Is Bankasi, Class C		2,548,193
		Total Turkey		9,577,913
		United Kingdom – 7.5%
	356,008	Aberdeen Asset Management		1,637,967
	106,948	Anglo American		4,110,047
	124,092	ARM Holdings		1,055,279
	92,725	BG Group		2,182,765
	44,511	BP, ADR		1,932,223
	172,537	Diageo		4,342,966
	166,015	GlaxoSmithKline		3,839,323
	37,553	HSBC Holdings, ADR		1,696,269
	19,747	National Grid, ADR		1,068,115
	158,251	Prudential		1,937,752
	169,806	Rolls-Royce Group		2,269,389
	82,927	Stagecoach Group		333,764

Nuveen Investments 39

Portfolio of Investments (Unaudited)

Nuveen International Select Fund (continued)

April 30, 2012

Shares		Description (1)	Value
		United Kingdom (continued)
	99,552	Standard Chartered	$	2,433,141
	235,775	Tesco		1,214,307
	21,822	United Utilities Group		219,042
	105,356	Vedanta Resources		2,080,857
	109,873	Vodafone Group, ADR		3,057,766
	90,660	Willis Group Holdings		3,305,464
		Total United Kingdom		38,716,436
		United States – 2.7%
	51	American States Water		1,858
	20,666	American Tower, Class A		1,355,276
	3,388	American Water Works		116,005
	4,110	Aqua America		93,338
	3,777	Atmos Energy		123,055
	232	Boardwalk Pipeline Partners		6,410
	17,125	Brookfield Infrastructure Partners		540,122
	28,660	Bunge		1,848,570
	2,778	California Water Service Group		50,310
	1,447	Chesapeake Utilities		60,803
	4,218	Covanta Holding		67,699
	2,647	Dominion Resources		138,147
	12,522	El Paso		371,528
	1,135	ITC Holdings		87,917
	6,256	Kinder Morgan		224,590
	2,083	Middlesex Water Company		38,660
	17,995	NiSource		443,577
	12,506	OGE Energy		674,824
	1,283	ONEOK		110,197
	31,795	Pepco Holdings		601,561
	25,139	Philip Morris International		2,250,192
	5,089	Piedmont Natural Gas		155,113
	1,816	Pinnacle West Capital		87,804
	34,638	Questar		684,100
	18,140	Schlumberger		1,344,900
	2,663	South Jersey Industries		131,153
	24,001	Spectra Energy		737,791
	4,960	Standard Parking, (2)		94,538
	2,628	UIL Holdings		90,324
	2,147	Unitil		56,810
	20,237	Waste Connections		652,238
	1,161	Westar Energy		33,309
	2,656	WGL Holdings		106,532
	18,208	Williams		619,618
		Total United States		13,998,869
		Total Common Stocks (cost $391,982,326)		416,713,469

40 Nuveen Investments

Shares		Description (1)								Value
		EXCHANGE-TRADED FUNDS – 6.8%
		United States – 6.8%
	400,000	iShares MSCI Malaysia Index Fund								$	5,804,000
	190,000	iShares S&P Global Energy Sector Index Fund									7,465,100
	150,000	Market Vectors Agribusiness ETF									7,819,500
	90,000	Market Vectors Gold Miners ETF									4,175,100
	325,000	Market Vectors Russia ETF									9,733,750
		Total Exchange-Traded Funds (cost $37,063,757)									34,997,450
		RIGHTS – 0.0%
		Spain – 0.0%
	144,148	Banco Santander, (2), (4)									37,526
		Total Rights (cost $56,916)									37,526
Shares/ Principal Amount (000)		Description (1)	Coupon			Maturity		Ratings (5)		Value
		SHORT-TERM INVESTMENTS – 12.1%
		Money Market Funds – 6.3%
	32,740,867	State Street Institutional Liquid Reserves Fund		0.210%	(6)		N/A		N/A	$	32,740,867
		U.S. Government and Agency Obligations – 5.8%
$	5,025	U.S. Treasury Bill, (7)		0.108%			8/23/12		Aaa		5,023,292
	24,750	U.S. Treasury Bill, (7)		0.123%			9/20/12		Aaa		24,737,551
$	29,775	Total U.S. Government and Agency Obligations									29,760,843
		Total Short-Term Investments (cost $62,506,009)									62,501,710
		Total Investments (cost $491,609,008) – 99.6%									514,250,155
		Other Assets Less Liabilities – 0.4% (8)									1,998,753
		Net Assets – 100.0%								$	516,248,908

Nuveen Investments 41

Portfolio of Investments (Unaudited)

Nuveen International Select Fund (continued)

April 30, 2012

Investments in Derivatives at April 30, 2012:

Futures Contracts outstanding:

Type	Contract Position		Number of Contracts			Contract Expiration		Value			Unrealized Appreciation (Depreciation)
Amsterdam Index		Long		29			5/12	$	2,340,852		$	(17,049	)
Australian Dollar Currency		Short		(135	)		6/12		(13,996,800	)		(52,535	)
British Pound Currency		Short		(9	)		6/12		(912,881	)		(31,875	)
CAC 40 10 Euro Index		Long		120			6/12		4,974,982			(402,232	)
DAX Index		Short		(12	)		6/12		(2,690,414	)		43,048
Dollar Index		Long		240			6/12		18,923,522			(505,440	)
E-Mini MSCI EAFE		Long		51			6/12		3,841,830			(53,438	)
E-Mini MSCI Emerging Markets Index		Short		(169	)		6/12		(8,613,930	)		329,553
Euro FX Currency		Short		(24	)		6/12		(3,972,600	)		(64,150	)
FTSE 100 Index		Long		340			6/12		31,534,617			(616,098	)
FTSE/JSE Top 40		Short		(481	)		6/12		(18,921,699	)		(218,560	)
H-Shares Index		Long		30			5/12		2,128,979			45,237
Kospi2 Index		Short		(42	)		6/12		(4,926,092	)		(78,249	)
Mexican Bolsa Index		Short		(334	)		6/12		(10,136,193	)		(239,045	)
MSCI Taiwan Index		Long		275			5/12		7,356,250			(89,513	)
NASDAQ 100 E-Mini		Short		(432	)		6/12		(23,494,320	)		(651,456	)
Nikkei 225 Index		Long		484			6/12		22,929,500			(498,278	)
OMXS 30 Index		Long		815			5/12		12,701,598			141,123
Russell 2000 Mini Index		Short		(176	)		6/12		(14,342,240	)		(240,856	)
S&P 500 Index		Short		(19	)		6/12		(6,619,600	)		(156,589	)
S&P/TSX 60 Index		Long		198			6/12		27,996,801			(382,771	)
SET50 Index		Short		(100	)		6/12		(2,806,829	)		(55,855	)
SGX S&P CNX Nifty		Short		(130	)		5/12		(1,369,290	)		(1,430	)
SPI 200		Long		303			6/12		34,704,477			1,253,655
											$	(2,542,803	)

For Fund portfolio compliance purposes, the Fund’s industry classifications refer to any one or more of the industry sub-classifications used by one or more widely recognized market indexes or ratings group indexes, and/or as defined by Fund management. This definition may not apply for purposes of this report which may combine industry sub-classifications into sectors for reporting ease.

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

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

(3) For fair value measurement disclosure purposes, Common Stock categorized as Level 2. See Notes to Financial Statements, Footnote 1 – General Information and Significant Accounting Policies, Investment Valuation for more information.

(4) Investment valued at fair value using methods determined in good faith by, or at the discretion of, the Board of Directors. For fair value measurement disclosure purposes, investment categorized as Level 3. See Notes to Financial Statements, Footnote 1 – General Information and Significant Accounting Policies, Investment Valuation for more information.

(5) Ratings: Using the highest of Standard & Poor’s Group (“Standard & Poor’s”), Moody’s Investors Service, Inc. (“Moody’s”) or Fitch, Inc. (“Fitch”) rating. Ratings below BBB by Standard & Poor’s, Baa by Moody’s or BBB by Fitch are considered to be below investment grade. Holdings designated N/R are not rated by any of these national rating agencies.

(6) The rate shown is the annualized seven-day effective yield as of April 30, 2012.

(7) Investment, or portion of investment, segregated as collateral for investments in derivatives.

(8) Other Assets Less Liabilities includes the net Unrealized Appreciation (Depreciation) of derivatives instruments as listed within Investments in Derivatives at April 30, 2012.

N/A Not applicable

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

ADR American Depositary Receipt

BDR Brazilian Depositary Receipt

ETF Exchange-Traded Fund

GDR Global Depositary Receipt

REIT Real Estate Investment Trust

SDR Swedish Depositary Receipt

See accompanying notes to financial statements.

42 Nuveen Investments

Portfolio of Investments (Unaudited)

Nuveen Quantitative Enhanced Core Equity Fund

April 30, 2012

Shares		Description (1)	Value
		COMMON STOCKS – 94.5%
		Consumer Discretionary – 6.7%
	2,318	Amazon.com, Inc., (2)	$	537,544
	4,607	Apollo Group, Inc., (2)		162,259
	1,510	AutoNation Inc., (2), (3)		52,216
	211	AutoZone, Inc., (2)		83,590
	1,810	Bed Bath and Beyond Inc., (2), (3)		127,406
	19,573	Career Education Corporation, (2), (3)		139,555
	6,965	Comcast Corporation, Class A, (3)		211,248
	5,926	Devry, Inc.		190,521
	6,375	Education Management Corporation, (3)		79,050
	874	Family Dollar Stores, Inc.		59,039
	50,385	Ford Motor Company, (3)		568,343
	8,510	General Motors Company, (2), (3)		195,730
	10,130	Home Depot, Inc.		524,633
	3,118	Interpublic Group Companies, Inc.		36,824
	5,575	Johnson Controls, Inc.		178,233
	1,910	Kohl’s Corporation, (3)		95,748
	7,282	Lowe’s Companies, Inc.		229,165
	3,165	Macy’s, Inc., (3)		129,828
	6,130	McDonald’s Corporation		597,369
	31,725	News Corporation, Class A		621,810
	357	Nike, Inc., Class B		39,938
	3,856	Omnicom Group, Inc., (3)		197,851
	131	Priceline.com Incorporated, (2), (3)		99,667
	4,965	Signet Jewelers Limited, (3)		242,143
	2,123	Staples, Inc., (3)		32,694
	6,878	Target Corporation		398,511
	4,468	Time Warner Inc.		167,371
	519	TJX Companies, Inc., (3)		21,647
	1,389	Viacom Inc., Class B		64,436
	2,812	Walt Disney Company, (3)		121,225
		Total Consumer Discretionary		6,205,594
		Consumer Staples – 5.5%
	11,520	Altria Group, Inc.		371,059
	6,676	Archer-Daniels-Midland Company		205,821
	10,345	Coca-Cola Company		789,530
	1,127	Colgate-Palmolive Company		111,505
	4,767	Constellation Brands, Inc., Class A, (2), (3)		102,967
	224	Costco Wholesale Corporation		19,750
	4,686	CVS Caremark Corporation		209,089
	303	General Mills, Inc.		11,784
	3,569	PepsiCo, Inc.		235,554
	8,312	Philip Morris International		744,007
	20,688	Procter & Gamble Company		1,316,584
	4,824	Tyson Foods, Inc., Class A		88,038

Nuveen Investments 43

Portfolio of Investments (Unaudited)

Nuveen Quantitative Enhanced Core Equity Fund (continued)

April 30, 2012

Shares		Description (1)	Value
		Consumer Staples (continued)
	4,338	Walgreen Co., (3)	$	152,090
	13,170	Wal-Mart Stores, Inc., (3)		775,845
		Total Consumer Staples		5,133,623
		Energy – 12.8%
	3,702	Anadarko Petroleum Corporation		271,023
	4,314	Apache Corporation		413,885
	3,448	Baker Hughes Incorporated		152,091
	7,185	Chesapeake Energy Corporation		132,491
	21,124	Chevron Corporation, (3)		2,250,973
	13,603	ConocoPhillips		974,383
	7,330	Devon Energy Corporation		512,001
	3,852	El Paso Corporation		114,289
	403	EOG Resources, Inc.		44,253
	43,778	Exxon Mobil Corporation, (3)		3,779,793
	10,617	Halliburton Company		363,314
	3,904	Hess Corporation		203,555
	1,341	HollyFrontier Company		41,330
	11,965	Marathon Oil Corporation		351,053
	4,938	Marathon Petroleum Corporation		205,470
	1,529	Murphy Oil Corporation		84,049
	2,272	Nabors Industries Inc., (2)		37,829
	2,517	National-Oilwell Varco Inc.		190,688
	4,374	Newfield Exploration Company, (2)		157,027
	855	Noble Corporation, (2)		32,541
	179	Noble Energy, Inc.		17,778
	5,279	Occidental Petroleum Corporation		481,550
	3,305	Patterson-UTI Energy, Inc.		53,442
	10,119	Schlumberger Limited		750,223
	770	SeaCor Smit Inc., (2)		71,556
	1,307	Unit Corporation, (2)		55,221
	8,248	Valero Energy Corporation		203,726
		Total Energy		11,945,534
		Financials – 14.6%
	2,146	AFLAC Incorporated		96,656
	17,985	American Capital Agency Corporation, (3)		561,851
	6,020	American Capital Limited, (2)		59,779
	9,608	American Express Company		578,498
	2,692	American International Group, (2)		91,609
	578	American Tower REIT Inc.		37,905
	11,643	Annaly Capital Management Inc., (3)		190,014
	5,114	AON PLC		264,905
	78,496	Bank of America Corporation		636,603
	9,581	Bank of New York Company, Inc., (3)		226,591
	5,256	BB&T Corporation, (3)		168,402
	10,245	Berkshire Hathaway Inc., Class B, (2)		824,210

44 Nuveen Investments

Shares		Description (1)	Value
		Financials (continued)
	2,324	Brown & Brown Inc.	$	62,678
	7,983	Capital One Financial Corporation		442,897
	4,912	CIT Group Inc., (2)		185,919
	29,356	Citigroup Inc.		969,922
	9,113	Discover Financial Services		308,931
	10,483	Fifth Third Bancorp.		149,173
	1,335	First Citizens Bancshs Inc.		231,356
	3,424	First Republic Bank of San Francisco, (2)		113,095
	16,670	Genworth Financial Inc., Class A, (2)		100,187
	3,677	Goldman Sachs Group, Inc.		423,407
	3,361	Hartford Financial Services Group, Inc., (3)		69,069
	29,767	JPMorgan Chase & Co.		1,279,386
	35,606	KeyCorp.		286,272
	10,959	Loews Corporation		450,744
	637	M&T Bank Corporation, (3)		54,954
	5,773	Marsh & McLennan Companies, Inc.		193,107
	10,389	MetLife, Inc.		374,316
	11,317	Morgan Stanley, (3)		195,558
	6,052	PNC Financial Services Group, Inc.		401,369
	1,739	Prudential Financial, Inc.		105,279
	1,664	Public Storage, Inc.		238,385
	2,858	Rayonier Inc., (3)		129,610
	3,659	Reinsurance Group of America Inc., (3)		212,734
	3,220	Simon Property Group, Inc., (3)		501,032
	9,309	SLM Corporation		138,052
	1,311	SunTrust Banks, Inc.		31,831
	5,043	Unum Group		119,721
	2,812	Vornado Realty Trust, (3)		241,382
	42,561	Wells Fargo & Company		1,422,814
	20,131	Weyerhaeuser Company		409,867
		Total Financials		13,580,070
		Health Care – 13.1%
	15,584	Abbott Laboratories, (3)		967,143
	4,239	Agilent Technologies, Inc., (2), (3)		178,801
	1,487	Allergan, Inc.		142,752
	4,042	AmerisourceBergen Corporation, (3)		150,403
	8,670	Amgen Inc.		616,524
	5,510	Baxter International, Inc.		305,309
	3,391	Becton, Dickinson and Company		266,024
	1,118	Biogen Idec Inc., (2)		149,823
	1,140	Bio-Rad Laboratories Inc., (2)		123,109
	2,243	Boston Scientific Corporation, (2)		14,041
	8,812	Bristol-Myers Squibb Company		294,056
	1,479	C. R. Bard, Inc.		146,362
	9,602	Cardinal Health, Inc.		405,877

Nuveen Investments 45

Portfolio of Investments (Unaudited)

Nuveen Quantitative Enhanced Core Equity Fund (continued)

April 30, 2012

Shares		Description (1)	Value
		Health Care (continued)
	1,694	CareFusion Corporation, (2)	$	43,892
	2,294	Celgene Corporation, (2), (3)		167,278
	3,865	CIGNA Corporation		178,679
	6,064	Covidien PLC		334,915
	7,586	Eli Lilly and Company		313,985
	2,566	Endo Pharmaceuticals Holdings Inc., (2)		90,169
	7,496	Gilead Sciences, Inc., (2)		389,867
	5,243	HCA Holdings Inc., (2)		141,142
	942	Henry Schein Inc., (2), (3)		72,289
	3,473	Hill Rom Holdings Inc., (3)		112,699
	993	Hospira Inc., (2)		34,874
	25,562	Johnson & Johnson		1,663,831
	4,618	McKesson HBOC Inc.		422,131
	12,515	Medtronic, Inc.		478,073
	22,611	Merck & Company Inc.		887,256
	1,487	Mylan Laboratories Inc., (2)		32,283
	2,673	Perkinelmer Inc.		73,775
	63,882	Pfizer Inc.		1,464,814
	2,405	Saint Jude Medical Inc.		93,122
	4,117	Stryker Corporation, (3)		224,665
	6,494	Thermo Fisher Scientific, Inc., (2)		361,391
	5,081	UnitedHealth Group Incorporated		285,298
	840	Varian Medical Systems, Inc., (2), (3)		53,273
	3,158	Warner Chilcott Limited, (2)		68,687
	662	Waters Corporation, (2)		55,681
	1,585	Watson Pharmaceuticals Inc., (2)		119,446
	2,487	Wellpoint Inc.		168,668
	2,381	Zimmer Holdings, Inc., (2)		149,836
		Total Health Care		12,242,243
		Industrials – 9.7%
	5,159	3M Co.		461,008
	5,433	Air Lease Corporation, (3)		127,784
	6,431	Alliant Techsystems Inc.		342,772
	4,179	Boeing Company		320,947
	1,610	Caterpillar Inc., (3)		165,460
	7,548	Cintas Corporation, (3)		295,655
	13,842	Copart Inc., (3)		365,567
	7,832	Corrections Corporation of America		226,266
	8,776	Danaher Corporation, (3)		475,835
	7,772	Delta Air Lines, Inc., (2)		85,181
	961	Dover Corporation		60,216
	13,530	Exelis Inc.		156,001
	1,524	FedEx Corporation		134,478
	7,963	General Dynamics Corporation		537,503
	63,142	General Electric Company, (3)		1,236,320

46 Nuveen Investments

Shares		Description (1)	Value
		Industrials (continued)
	9,425	Hertz Global Holdings Inc., (2), (3)	$	145,239
	4,523	Honeywell International Inc.		274,365
	4,432	L-3 Communications Holdings, Inc.		325,929
	2,000	Lockheed Martin Corporation		181,080
	4,244	Manpower Inc.		180,794
	3,135	Navistar International Corporation		106,433
	2,835	Nielsen Holdings BV, (2)		82,839
	5,561	Northrop Grumman Corporation, (3)		351,900
	8,467	Raytheon Company		458,403
	4,369	Robert Half International Inc.		130,196
	1,373	Ryder System, Inc.		66,893
	9,289	Tyco International Ltd.		521,392
	1,684	Union Pacific Corporation		189,349
	11,627	United Continental Holdings Inc., (2)		254,864
	5,082	United Parcel Service, Inc., Class B, (3)		397,107
	4,248	United Technologies Corporation		346,807
	1,864	Verisk Analytics Inc, Class A Shares, (2)		91,243
		Total Industrials		9,095,826
		Information Technology – 26.9%
	5,881	Accenture Limited, (3)		381,971
	364	Akamai Technologies, Inc., (2)		11,866
	2,263	Amphenol Corporation, Class A, (3)		131,571
	7,199	Apple, Inc., (2)		4,205,944
	22,012	Applied Materials, Inc.		263,924
	6,253	Arrow Electronics, Inc., (2), (3)		262,939
	5,277	Automatic Data Processing, Inc.		293,507
	9,800	Avnet Inc., (2)		353,584
	20,394	AVX Group		259,004
	7,455	Booz Allen Hamilton Holding, (3)		127,481
	5,195	Broadcom Corporation, Class A, (2)		190,137
	6,958	CA Inc., (3)		183,830
	55,241	Cisco Systems, Inc.		1,113,106
	3,597	Cognizant Technology Solutions Corporation, Class A, (2)		263,732
	4,842	CoreLogic Inc., (2)		80,861
	27,129	Corning Incorporated		389,301
	22,034	Dell Inc., (2)		360,697
	1,402	Dolby Laboratories, Inc., (2)		55,000
	1,545	DST Systems Inc.		86,489
	16,184	eBay Inc., (2)		664,353
	12,466	EMC Corporation, (2), (3)		351,666
	3,398	Fidelity National Information Services		114,411
	5,504	Fiserv, Inc., (2)		386,876
	1,245	FleetCor Technologies Inc., (2)		49,240
	1,116	Global Payments Inc.		51,816
	2,349	Google Inc., Class A, (2)		1,421,685

Nuveen Investments 47

Portfolio of Investments (Unaudited)

Nuveen Quantitative Enhanced Core Equity Fund (continued)

April 30, 2012

Shares		Description (1)	Value
		Information Technology (continued)
	2,220	Harris Corporation, (3)	$	101,099
	26,547	Hewlett-Packard Company, (3)		657,304
	3,568	IAC/InterActiveCorp.		171,799
	17,534	Ingram Micro, Inc., Class A, (2)		341,212
	43,030	Intel Corporation		1,222,052
	10,525	International Business Machines Corporation (IBM)		2,179,517
	1,842	International Rectifier Corporation, (2), (3)		40,211
	10,788	Jabil Circuit Inc.		252,979
	3,910	Juniper Networks Inc., (2)		83,791
	88	KLA-Tencor Corporation		4,589
	5,242	Lexmark International, Inc., Class A, (3)		157,784
	631	MasterCard, Inc.		285,382
	70,113	Microsoft Corporation		2,245,018
	7,382	Motorola Solutions Inc.		376,703
	4,273	NCR Corporation, (2)		100,416
	640	NetApp, Inc., (2)		24,851
	34,296	Oracle Corporation		1,007,959
	5,210	QLogic Corporation, (2)		89,873
	15,181	QUALCOMM, Inc.		969,155
	19,187	SAIC, Inc., (2), (3)		233,314
	5,321	SanDisk Corporation, (2)		196,930
	1,042	Symantec Corporation		17,214
	10,046	TE Connectivity Limited		366,277
	2,688	Tech Data Corporation, (2), (3)		144,588
	12,904	Texas Instruments Incorporated, (3)		412,154
	3,296	VeriSign, Inc., (2)		135,499
	2,533	Visa Inc., (3)		311,508
	6,446	Western Digital Corporation, (2)		250,169
	4,668	Western Union Company, (3)		85,798
	28,891	Xerox Corporation		224,772
	16,789	Yahoo! Inc., (2)		260,901
	2,084	Zebra Technologies Corporation, Class A, (2)		80,838
		Total Information Technology		25,086,647
		Materials – 1.5%
	513	Cliffs Natural Resources Inc.		31,939
	3,474	Dow Chemical Company, (3)		117,699
	6,925	E.I. Du Pont de Nemours and Company, (3)		370,211
	7,147	Freeport-McMoRan Copper & Gold, Inc.		273,730
	10,111	LyondellBasell Industries NV		422,438
	1,359	Newmont Mining Corporation		64,756
	902	Praxair, Inc.		104,361
		Total Materials		1,385,134
		Telecommunication Services – 3.7%
	63,237	AT&T Inc., (3)		2,081,130
	5,929	CenturyLink Inc., (3)		228,621

48 Nuveen Investments

Shares		Description (1)							Value
		Telecommunication Services (continued)
	2,038	Telephone and Data Systems Inc.							$	49,502
	12,724	TW Telecom Inc., (2)								277,128
	21,063	Verizon Communications Inc., (3)								850,523
		Total Telecommunication Services								3,486,904
		Total Common Stocks (cost $78,569,747)								88,161,575
Shares		Description (1)							Value
		INVESTMENTS PURCHASED WITH COLLATERAL FROM SECURITIES LENDING – 22.9%
		Money Market Funds – 22.9%
	21,361,416	Mount Vernon Securities Lending Prime Portfolio, 0.276%, (4), (5)							$	21,361,416
		Total Investments Purchased with Collateral from Securities Lending (cost $21,361,416)								21,361,416
Principal Amount (000)		Description (1)	Coupon		Maturity		Ratings (6)		Value
		SHORT-TERM INVESTMENTS – 0.4%
		U.S. Government and Agency Obligations – 0.4%
$	350	U.S. Treasury Bill, (7)		0.123%		9/20/12		Aaa	$	349,824
$	350	Total Short-Term Investments (cost $349,883)								349,824
		Total Investments (cost $100,281,046) – 117.8%								109,872,815
		Other Assets Less Liabilities – (17.8)% (8)								(16,609,475)
		Net Assets – 100%							$	93,263,340

Investments in Derivatives at April 30, 2012:

Futures Contracts outstanding:

Type	Contract Position		Number of Contracts		Contract Expiration		Value		Unrealized Appreciation (Depreciation)
S&P 500 Index		Long		14		6/12	$	4,877,600	$	(12,206	)

For Fund portfolio compliance purposes, the Fund’s industry classifications refer to any one or more of the industry sub-classifications used by one or more widely recognized market indexes or ratings group indexes, and/or as defined by Fund management. This definition may not apply for purposes of this report which may combine industry sub-classifications into sectors for reporting ease.

(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 a portion of investment, is out on loan for securities lending.

(4) The rate shown is the annualized seven-day effective yield as of April 30, 2012.

(5) The Fund may loan securities representing up to one third of the fair value of its total assets (which includes collateral for securities on loan) to broker dealers, banks, and other institutions. The Fund maintains collateral equal to at least 102% of the fair value of the securities loaned. The cash collateral received by the Fund is invested in this money market fund. See Notes to Financial Statements, Footnote 1 - General Information and Significant Accounting Policies, Securities Lending for more information.

(6) Ratings: Using the highest of Standard & Poor’s Group (“Standard & Poor’s”), Moody’s Investors Service, Inc. (“Moody’s”) or Fitch, Inc. (“Fitch”) rating. Ratings below BBB by Standard & Poor’s, Baa by Moody’s or BBB by Fitch are considered to be below investment grade. Holdings designated N/R are not rated by any of these national rating agencies.

(7) Investment, or portion of investment, segregated as collateral for investments in derivatives.

(8) Other Assets Less Liabilities includes the net Unrealized Appreciation (Depreciation) of derivatives instruments as listed within Investments in Derivatives at April 30, 2012.

REIT Real Estate Investment Trust

See accompanying notes to financial statements.

Nuveen Investments 49

Portfolio of Investments (Unaudited)

Nuveen Tactical Market Opportunities Fund

April 30, 2012

Shares		Description (1)								Value
		EXCHANGE-TRADED FUNDS – 29.3%
	35,000	iShares 10+ Year Credit Bond Fund								$	2,059,050
	75,400	iShares Barclays 1-3 Credit Bond Fund									7,905,690
	5,000	iShares Barclays MBS Bond Fund									541,450
	379,000	iShares FTSE NAREIT Mortgage Plus Capped Index Fund									5,306,000
	95,500	iShares iBoxx $ High Yield Corporate Bond Fund									8,709,600
	44,000	iShares MSCI Brazil Index Fund									2,651,440
	33,000	iShares MSCI Indonesia Investable Market Index Fund									1,020,690
	66,000	iShares MSCI Malaysia Index Fund									957,660
	21,000	iShares S&P National AMT-Free Municipal Bond Fund									2,312,310
	39,000	iShares S&P Short Term National AMT-Free Municipal Bond Fund									4,161,690
	112,000	Market Vectors Emerging Markets Local Currency Bond ETF									2,959,040
	24,000	Market Vectors Gold Miners ETF									1,113,360
	55,000	Market Vectors Russia ETF									1,647,250
	86,000	Powershares Senior Loan Portfolio Fund									2,114,740
	153,000	SPDR Barclays Capital High Yield Bond ETF									6,078,690
	10,500	SPDR S&P Emerging Markets Dividend ETF									515,655
	19,000	SPDR S&P International Dividend ETF									920,170
	128,000	Utilities Select Sector SPDR Fund									4,564,480
		Total Exchange-Traded Funds (cost $54,814,826)									55,538,965
Principal Amount (000)		Description (1)	Coupon			Maturity		Ratings (2)		Value
		SOVEREIGN DEBT – 0.4%
$	750	United Mexican States		5.875%			1/15/14		Baa1	$	809,250
$	750	Total Sovereign Debt (cost $806,016)									809,250
Principal Amount (000)		Description (1)	Coupon			Maturity		Ratings (2)		Value
		U.S. GOVERNMENT AND AGENCY OBLIGATIONS – 3.5%
$	5,200	U.S. Treasury Bonds		4.500%			8/15/39		Aaa	$	6,643,811
$	5,200	Total U.S. Government and Agency Obligations (cost $5,828,593)									6,643,811
Shares/ Principal Amount (000)		Description (1)	Coupon			Maturity		Ratings (2)		Value
		SHORT-TERM INVESTMENTS – 63.5%
		Money Market Funds – 51.7%
	97,862,153	First American Treasury Obligations Fund, Class Z		0.000%	(3)		N/A		N/A	$	97,862,153
		U.S. Government and Agency Obligations – 11.8%
$	1,200	U.S. Treasury Bill, (4)		0.108%			8/23/12		Aaa		1,199,592
	15,000	U.S. Treasury Bill, (4)		0.123%			9/13/12		Aaa		14,992,965
	6,100	U.S. Treasury Bill, (4)		0.123%			9/20/12		Aaa		6,096,932
$	22,300	Total U.S. Government and Agency Obligations									22,289,489
		Total Short-Term Investments (cost $120,151,740)									120,151,642
		Total Investments (cost $181,601,175) – 96.7%									183,143,668
		Other Assets Less Liabilities – 3.3% (5)									6,155,621
		Net Assets – 100%								$	189,299,289

50 Nuveen Investments

Investments in Derivatives at April 30, 2012:

Futures Contracts outstanding:

Type	Contract Position		Number of Contracts			Contract Expiration		Value			Unrealized Appreciation (Depreciation)
Amsterdam Index		Long		48			5/12	$	3,874,514		$	(28,220	)
Australian 10-Year Bond		Long		64			6/12		6,427,074			115,112
Australian Dollar Currency		Short		(77	)		6/12		(7,983,360	)		(29,965	)
CBOE VIX Index		Long		15			5/12		276,750			(46,552	)
DAX Index		Short		(18	)		6/12		(4,035,621	)		64,572
Dollar Index		Long		90			6/12		7,096,321			(164,932	)
E-Mini MSCI Emerging Markets Index		Long		39			6/12		1,987,830			(7,239	)
Euro Bund		Short		(26	)		6/12		(4,855,770	)		1,769
Hang Seng Index		Short		(36	)		5/12		(4,858,062	)		(87,634	)
H-Shares Index		Long		67			5/12		4,754,719			101,029
Mexican Bolsa Index		Short		(92	)		6/12		(2,792,005	)		(26,917	)
Mexican Peso		Long		80			6/12		3,055,000			35,018
NASDAQ 100 E-Mini		Short		(127	)		6/12		(6,906,895	)		(142,790	)
Russell 2000 Mini Index		Short		(165	)		6/12		(13,445,850	)		(169,307	)
S&P 500 Index		Long		232			6/12		16,165,760			337,826
S&P/TSX 60 Index		Long		28			6/12		3,959,144			(26,572	)
SET50 Index		Short		(153	)		6/12		(4,294,449	)		(103,010	)
SPI 200		Long		36			6/12		4,123,304			148,949
											$	(28,863	)

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

(2) Ratings: Using the highest of Standard & Poor’s Group (“Standard & Poor’s”), Moody’s Investors Service, Inc. (“Moody’s”) or Fitch, Inc. (“Fitch”) rating. Ratings below BBB by Standard & Poor’s, Baa by Moody’s or BBB by Fitch are considered to be below investment grade. Holdings designated N/R are not rated by any of these national rating agencies.

(3) The rate shown is the annualized seven-day effective yield as of April 30, 2012.

(4) Investment, or portion of investment, segregated as collateral for investments in derivatives.

(5) Other Assets Less Liabilities includes the Unrealized Appreciation (Depreciation) of derivative instruments as listed within Investments in Derivatives at April 30, 2012.

N/A Not applicable

ETF Exchange-Traded Fund

SPDR Standard & Poor’s Depositary Receipts

See accompanying notes to financial statements.

Nuveen Investments 51

Statement of Assets & Liabilities (Unaudited)

April 30, 2012

	International			International Select			Quantitative Enhanced Core Equity			Tactical Market Opportunities
Assets
Investments, at value (cost $104,103,492, $429,102,999, $78,569,747 and $61,449,435, respectively)	$	107,227,634		$	451,748,445		$	88,161,575		$	62,992,026
Investment purchased with collateral from securities lending (at cost, which approximates value)		—			—			21,361,416			—
Short-term investments (cost $11,839,380, $62,506,009, $349,883 and $120,151,740, respectively)		11,838,054			62,501,710			349,824			120,151,642
Cash denominated in foreign currencies (cost $6,186,278, $6,945,748, $– and $3,351,034, respectively)		6,205,760			6,979,465			—			3,374,425
Receivables:
Deposits with brokers for open futures contracts		800,000			1,000,000			—			800,000
Dividends		449,049			1,622,236			101,242			—
Due from broker		—			—			3,512			—
Interest		849			5,823			—			61,831
Investments sold		1,572,160			6,068,783			6,907,441			2,022,883
Reclaims		685,515			574,314			—			—
Shares sold		63,952			28,262			—			970,341
Variation margin on futures contracts		—			346,717			—			95,608
Other assets		4,082			8,283			257			32
Total assets		128,847,055			530,884,038			116,885,267			190,468,788
Liabilities
Cash overdraft		5,785,012			6,818,864			324,107			866,554
Payables:
Collateral from securities lending program		—			—			21,361,416			—
Investments purchased		1,818,254			5,812,356			1,782,056			—
Shares redeemed		612,278			1,264,617			72,034			150,078
Variation margin on futures contracts		106,974			—			17,150			—
Accrued expenses:
Management fees		28,308			537,710			25,029			100,658
12b-1 distribution and service fees		6,079			1,448			125			14,857
Other		204,327			200,135			40,010			37,352
Total liabilities		8,561,232			14,635,130			23,621,927			1,169,499
Net assets	$	120,285,823		$	516,248,908		$	93,263,340		$	189,299,289
Class A Shares
Net assets	$	22,568,859		$	4,165,874		$	129,188		$	43,014,904
Shares outstanding		2,341,288			462,621			5,551			3,857,878
Net asset value per share	$	9.64		$	9.00		$	23.27		$	11.15
Offering price per share (net asset value per share plus maximum sales charge of 5.75% of offering price)	$	10.23		$	9.55		$	23.27	(1)	$	11.83
Class C Shares
Net assets	$	1,746,787		$	735,268		$	120,608		$	7,981,827
Shares outstanding		192,349			82,457			5,206			720,401
Net asset value and offering price per share	$	9.08		$	8.92		$	23.17		$	11.08
Class R3 Shares
Net assets	$	43,710		$	13,727			N/A			N/A
Shares outstanding		4,530			1,554			N/A			N/A
Net asset value and offering price per share	$	9.65		$	8.83			N/A			N/A
Class I Shares
Net assets	$	95,926,467		$	511,334,039		$	93,013,544		$	138,302,558
Shares outstanding		9,835,837			56,731,019			3,990,327			12,376,356
Net asset value and offering price per share	$	9.75		$	9.01		$	23.31		$	11.17
Net assets consist of:
Capital paid-in	$	123,356,415		$	514,840,709		$	79,435,129		$	187,096,839
Undistributed (Over-distribution of) net investment income		503,247			2,551,326			995,399			159,980
Accumulated net realized gain (loss)		(5,926,072	)		(21,340,920	)		3,253,249			505,449
Net unrealized appreciation (depreciation)		2,352,233			20,197,793			9,579,563			1,537,021
Net assets	$	120,285,823		$	516,248,908		$	93,263,340		$	189,299,289
Authorized shares		2 billion			2 billion			2 billion			2 billion
Par value per share	$	0.0001		$	0.0001		$	0.0001		$	0.0001

N/A – Quantitative Enhanced Core Equity and Tactical Market Opportunities do not offer Class R3 Shares.

  (1) – Quantitative Enhanced Core Equity does not have a maximum sales charge.

See accompanying notes to financial statements.

52 Nuveen Investments

Statement of Operations (Unaudited)

Six Months Ended April 30, 2012

	International			International Select			Quantitative Enhanced Core Equity			Tactical Market Opportunities
Investment Income
Dividend and interest income (net of foreign tax withheld of $129,880, $525,940, $283 and $–, respectively)	$	1,329,871		$	5,843,292		$	1,183,350		$	856,643
Securities lending income		—			—			22,659			—
Total investment income		1,329,871			5,843,292			1,206,009			856,643
Expenses
Management fees		693,483			2,710,700			244,274			449,546
12b-1 service fees – Class A		29,761			5,151			177			31,213
12b-1 distribution and service fees – Class C		9,034			3,481			567			20,214
12b-1 distribution and service fees – Class R3		78			33			N/A			N/A
Shareholders’ servicing agent fees and expenses		170,192			310,143			127,848			35,850
Custodian’s fees and expenses		193,454			319,303			30,659			8,470
Directors’ fees and expenses		1,095			7,196			1,478			1,969
Professional fees		23,119			25,718			5,677			3,727
Shareholders’ reports – printing and mailing expenses		46,827			2,292			2,306			16,734
Federal and state registration fees		29,911			28,762			22,404			44,844
Other expenses		57,600			29,908			2,242			9,760
Total expenses before expense reimbursement		1,254,554			3,442,687			437,632			622,327
Expense reimbursement		(396,787	)		(183,504	)		(217,129	)		(32,848	)
Net expenses		857,767			3,259,183			220,503			589,479
Net investment income (loss)		472,104			2,584,109			985,506			267,164
Realized and Unrealized Gain (Loss)
Net realized gain (loss) from:
Investments and foreign currency		(6,426,595	)		(14,479,335	)		3,501,667			567,071
Futures contracts		2,272,370			(2,663,838	)		783,205			(237,500	)
Change in net unrealized appreciation (depreciation) of:
Investments and foreign currency		10,351,191			36,205,687			5,559,180			695,267
Futures contracts		(2,280,353	)		(1,075,667	)		(84,028	)		207,045
Net realized and unrealized gain (loss)		3,916,613			17,986,847			9,760,024			1,231,883
Net increase (decrease) in net assets from operations	$	4,388,717		$	20,570,956		$	10,745,530		$	1,499,047

N/A – Quantitative Enhanced Core Equity and Tactical Market Opportunities do not offer Class R3 Shares.

See accompanying notes to financial statements.

Nuveen Investments 53

Statement of Changes in Net Assets (Unaudited)

	International						International Select
	Six Months Ended 4/30/12			Year Ended 10/31/11			Six Months Ended 4/30/12			Year Ended 10/31/11
Operations
Net investment income (loss)	$	472,104		$	7,452,325		$	2,584,109		$	9,342,486
Net realized gain (loss) from:
Investments and foreign currency		(6,426,595	)		79,229,286			(14,479,335	)		51,311,264
Futures contracts		2,272,370			(3,656,977	)		(2,663,838	)		(10,916,532	)
Redemptions in-kind		—			—			—			—
Change in net unrealized appreciation (depreciation) of:
Investments and foreign currency		10,351,191			(121,677,805	)		36,205,687			(93,468,555	)
Futures contracts		(2,280,353	)		8,604,468			(1,075,667	)		8,252,883
Net increase (decrease) in net assets from operations		4,388,717			(30,048,703	)		20,570,956			(35,478,454	)
Distributions to Shareholders
From net investment income:
Class A		(953,170	)		(107,500	)		(59,108	)		(33,025	)
Class B		N/A			—			N/A			N/A
Class C		(66,670	)		—			(2,770	)		(740	)
Class R3(1)		(685	)		(15	)		(125	)		—
Class I(1)		(5,063,526	)		(4,195,268	)		(7,900,833	)		(6,454,548	)
From accumulated net realized gains:
Class A		(2,889,460	)		—			(47,540	)		—
Class B		N/A			—			N/A			N/A
Class C		(265,665	)		—			(7,969	)		—
Class R3(1)		(2,164	)		—			(152	)		—
Class I(1)		(15,999,350	)		—			(6,194,924	)		—
Decrease in net assets from distributions to shareholders		(25,240,690	)		(4,302,783	)		(14,213,421	)		(6,488,313	)
Fund Share Transactions
Proceeds from sale of shares		7,501,375			9,534,322			56,043,260			100,109,897
Proceeds from shares issued to shareholders due to reinvestment of distributions		10,997,912			3,103,920			4,681,594			1,537,568
		18,499,287			12,638,242			60,724,854			101,647,465
Cost of shares redeemed		(43,899,195	)		(495,221,106	)		(134,548,170	)		(330,484,054	)
Cost of redemptions in-kind		—			—			—			—
Net increase (decrease) in net assets from Fund share transactions		(25,399,908	)		(482,582,864	)		(73,823,316	)		(228,836,589	)
Net increase (decrease) in net assets		(46,251,881	)		(516,934,350	)		(67,465,781	)		(270,803,356	)
Net assets at the beginning of period		166,537,704			683,472,054			583,714,689			854,518,045
Net assets at the end of period	$	120,285,823		$	166,537,704		$	516,248,908		$	583,714,689
Undistributed (Over-distribution of) net investment income at the end of period	$	503,247		$	6,115,194		$	2,551,326		$	7,930,053

See accompanying notes to financial statements.

54 Nuveen Investments

	Quantitative Enhanced Core Equity						Tactical Market Opportunities
	Six Months Ended 4/30/12			Year Ended 10/31/11			Six Months Ended 4/30/12			Year Ended 10/31/11
Operations
Net investment income (loss)	$	985,506		$	2,921,001		$	267,164		$	388,017
Net realized gain (loss) from:
Investments and foreign currency		3,501,667			11,480,043			567,071			778,007
Futures contracts		783,205			152,170			(237,500	)		440,455
Redemptions in-kind		—			2,329,724			—			—
Change in net unrealized appreciation (depreciation) of:
Investments and foreign currency		5,559,180			(4,839,582	)		695,267			753,994
Futures contracts		(84,028	)		71,822			207,045			(201,998	)
Net increase (decrease) in net assets from operations		10,745,530			12,115,178			1,499,047			2,158,475
Distributions to Shareholders
From net investment income:
Class A(2)		(2,808	)		(2,341	)		(47,114	)		—
Class B		N/A			N/A			N/A			N/A
Class C(2)		(1,032	)		(946	)		—			—
Class R3(1)		N/A			N/A			N/A			N/A
Class I(1)		(1,931,314	)		(2,864,205	)		(353,238	)		(154,561	)
From accumulated net realized gains:
Class A(2)		(2,645	)		—			(209,804	)		—
Class B		N/A			N/A			N/A			N/A
Class C(2)		(1,769	)		—			(23,497	)		—
Class R3(1)		N/A			N/A			N/A			N/A
Class I(1)		(1,571,914	)		—			(815,282	)		(47,469	)
Decrease in net assets from distributions to shareholders		(3,511,482	)		(2,867,492	)		(1,448,935	)		(202,030	)
Fund Share Transactions
Proceeds from sale of shares		3,604,797			9,839,732			143,608,216			33,827,603
Proceeds from shares issued to shareholders due to reinvestment of distributions		1,379,059			878,112			1,316,662			158,329
		4,983,856			10,717,844			144,924,878			33,985,932
Cost of shares redeemed		(26,960,621	)		(97,606,723	)		(8,568,510	)		(10,349,661	)
Cost of redemptions in-kind		—			(17,935,393	)		—			—
Net increase (decrease) in net assets from Fund share transactions		(21,976,765	)		(104,824,272	)		136,356,368			23,636,271
Net increase (decrease) in net assets		(14,742,717	)		(95,576,586	)		136,406,480			25,592,716
Net assets at the beginning of period		108,006,057			203,582,643			52,892,809			27,300,093
Net assets at the end of period	$	93,263,340		$	108,006,057		$	189,299,289		$	52,892,809
Undistributed (Over-distribution of) net investment income at the end of period	$	995,399		$	1,945,047		$	159,980		$	293,168

N/A – International Select does not offer Class B Shares. Quantitative Enhanced Core Equity and Tactical Market Opportunities do not offer Class B Shares and Class R3 Shares. Class B Shares of International converted to Class A Shares at the close of business on February 15, 2012 and are no longer available for dividend reinvestment or through an exchange from other Nuveen mutual funds.

   (1) – Effective January 18, 2011, Class R Shares and Class Y Shares previously offered by FAF Advisors, Inc. were renamed Class R3 Shares and Class I Shares, respectively.

   (2) – Tactical Market Opportunities did not offer Class A Shares and Class C Shares prior to February 24, 2011.

See accompanying notes to financial statements.

Nuveen Investments 55

Financial Highlights (Unaudited)

Selected data for a share outstanding throughout each period:
Class (Commencement Date)
			Investment Operations									Less Distributions
INTERNATIONAL
Year Ended October 31,	Beginning Net Asset Value		Net Invest- ment Income (Loss)(a)			Net Realized/ Unrealized Gain (Loss)			Total			Net Invest- ment Income			Capital Gains(b)			Total			Ending Net Asset Value
Class A (5/94)
2012(f)	$	11.12	$	.03		$	.30		$	.33		$	(.41	)	$	(1.40	)	$	(1.81	)	$	9.64
2011		11.62		.10			(.55	)		(.45	)		(.05	)		—			(.05	)		11.12
2010		10.78		.07			.81			.88			(.04	)		—			(.04	)		11.62
2009		8.68		.09			2.09			2.18			(.08	)		—			(.08	)		10.78
2008		17.15		.26			(7.14	)		(6.88	)		(.14	)		(1.45	)		(1.59	)		8.68
2007		14.80		.15			2.59			2.74			(.13	)		(.26	)		(.39	)		17.15
Class C (9/01)
2012(f)		10.51		(.01	)		.29			.28			(.31	)		(1.40	)		(1.71	)		9.08
2011		11.03		.01			(.53	)		(.52	)		—			—			—			10.51
2010		10.26		(.02	)		.79			.77			—			—			—			11.03
2009		8.25		.02			1.99			2.01			—			—			—			10.26
2008		16.36		.15			(6.79	)		(6.64	)		(.02	)		(1.45	)		(1.47	)		8.25
2007		14.13		.03			2.48			2.51			(.02	)		(.26	)		(.28	)		16.36
Class R3 (4/94)(e)
2012(f)		11.11		.02			.30			.32			(.38	)		(1.40	)		(1.78	)		9.65
2011		11.61		.07			(.54	)		(.47	)		(.03	)		—			(.03	)		11.11
2010		10.78		.04			.82			.86			(.03	)		—			(.03	)		11.61
2009		8.67		.07			2.11			2.18			(.07	)		—			(.07	)		10.78
2008		17.17		.19			(7.10	)		(6.91	)		(.14	)		(1.45	)		(1.59	)		8.67
2007		14.81		.10			2.61			2.71			(.09	)		(.26	)		(.35	)		17.17
Class I (4/94)(e)
2012(f)		11.25		.04			.31			.35			(.45	)		(1.40	)		(1.85	)		9.75
2011		11.78		.14			(.59	)		(.45	)		(.08	)		—			(.08	)		11.25
2010		10.92		.10			.83			.93			(.07	)		—			(.07	)		11.78
2009		8.81		.11			2.12			2.23			(.12	)		—			(.12	)		10.92
2008		17.38		.30			(7.24	)		(6.94	)		(.18	)		(1.45	)		(1.63	)		8.81
2007		14.99		.19			2.62			2.81			(.16	)		(.26	)		(.42	)		17.38

56 Nuveen Investments

			Ratios/Supplemental Data
					Ratios to Average Net Assets Before Reimbursement						Ratios to Average Net Assets After Reimbursement(d)
Total Return(c)			Ending Net Assets (000)		Expenses			Net Invest- ment Income (Loss)			Expenses			Net Invest- ment Income (Loss)			Portfolio Turnover Rate
	5.00	%	$	22,569		2.12	%*		(.08	)%*		1.48	%*		.54	%*		30	%
	(3.93	)		22,328		1.46			.84			1.46			.84			72
	8.21			26,698		1.59			.51			1.48			.62			56
	25.29			27,995		1.59			.90			1.49			1.00			231
	(43.82	)		25,342		1.54			1.87			1.49			1.92			18
	18.92			56,705		1.53			.93			1.49			.97			14
	4.61			1,747		2.84	*		(.81	)*		2.23	*		(.20	)*		30
	(4.71	)		1,987		2.21			.10			2.21			.10			72
	7.50			2,607		2.34			(.25	)		2.23			(.14	)		56
	24.36			3,269		2.34			.14			2.24			.24			231
	(44.21	)		3,232		2.29			1.15			2.24			1.20			18
	18.09			7,173		2.28			.16			2.24			.20			14
	4.88			44		2.44	*		(.29	)*		1.73	*		.43	*		30
	(4.10	)		11		1.68			.59			1.68			.59			72
	7.94			6		1.84			.27			1.73			.38			56
	25.39			5		1.84			.63			1.74			.73			231
	(43.94	)		2		1.79			1.35			1.74			1.40			18
	18.66			4		1.78			.56			1.74			.60			14
	5.12			95,926		1.82	*		.17	*		1.23	*		.76	*		30
	(3.90	)		141,264		1.21			1.17			1.21			1.17			72
	8.52			652,664		1.34			.76			1.23			.87			56
	25.68			680,309		1.34			1.15			1.24			1.25			231
	(43.68	)		658,276		1.29			2.14			1.24			2.19			18
	19.23			1,670,810		1.28			1.17			1.24			1.21			14

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

(b) Distributions from Capital Gains include short-term capital gains, if any.

(c) 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.

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

(e) Effective January 18, 2011, Class R Shares and Class Y Shares previously offered by FAF Advisors, Inc. were renamed Class R3 Shares and Class I Shares, respectively.

(f) For the six months ended April 30, 2012.

* Annualized.

See accompanying notes to financial statements.

Nuveen Investments 57

Financial Highlights (Unaudited) (continued)

Selected data for a share outstanding throughout each period:
Class (Commencement Date)
			Investment Operations									Less Distributions
INTERNATIONAL SELECT
Year Ended October 31,	Beginning Net Asset Value		Net Invest- ment Income (Loss)(a)			Net Realized/ Unrealized Gain (Loss)			Total			Net Invest- ment Income			Capital Gains(b)			Total			Ending Net Asset Value
Class A (12/06)
2012(g)	$	8.85	$	.03		$	.33		$	.36		$	(.11	)	$	(.10	)	$	(.21	)	$	9.00
2011		9.54		.09			(.72	)		(.63	)		(.06	)		—			(.06	)		8.85
2010		8.48		.06			1.02			1.08			(.02	)		—			(.02	)		9.54
2009		6.53		.07			2.00			2.07			(.12	)		—			(.12	)		8.48
2008		12.15		.15			(5.52	)		(5.37	)		(.06	)		(.19	)		(.25	)		6.53
2007(f)		10.00		.09			2.07			2.16			(.01	)		—			(.01	)		12.15
Class C (12/06)
2012(g)		8.72		—	*		.34			.34			(.04	)		(.10	)		(.14	)		8.92
2011		9.43		.02			(.72	)		(.70	)		(.01	)		—			(.01	)		8.72
2010		8.42		.01			1.00			1.01			—			—			—			9.43
2009		6.46		.03			1.97			2.00			(.04	)		—			(.04	)		8.42
2008		12.07		.09			(5.48	)		(5.39	)		(.03	)		(.19	)		(.22	)		6.46
2007(f)		10.00		.03			2.04			2.07			—			—			—			12.07
Class R3 (12/06)(e)
2012(g)		8.67		.02			.32			.34			(.08	)		(.10	)		(.18	)		8.83
2011		9.48		.10			(.91	)		(.81	)		—			—			—			8.67
2010		8.42		.05			1.01			1.06			—			—			—			9.48
2009		6.52		.09			1.94			2.03			(.13	)		—			(.13	)		8.42
2008		12.12		.08			(5.46	)		(5.38	)		(.03	)		(.19	)		(.22	)		6.52
2007(f)		10.00		.07			2.06			2.13			(.01	)		—			(.01	)		12.12
Class I (12/06)(e)
2012(g)		8.87		.04			.33			.37			(.13	)		(.10	)		(.23	)		9.01
2011		9.57		.12			(.74	)		(.62	)		(.08	)		—			(.08	)		8.87
2010		8.49		.09			1.02			1.11			(.03	)		—			(.03	)		9.57
2009		6.55		.08			2.01			2.09			(.15	)		—			(.15	)		8.49
2008		12.17		.17			(5.52	)		(5.35	)		(.08	)		(.19	)		(.27	)		6.55
2007(f)		10.00		.13			2.05			2.18			(.01	)		—			(.01	)		12.17

58 Nuveen Investments

			Ratios/Supplemental Data
					Ratios to Average Net Assets Before Reimbursement						Ratios to Average Net Assets After Reimbursement(d)
Total Return(c)			Ending Net Assets (000)		Expenses			Net Invest- ment Income (Loss)			Expenses			Net Invest- ment Income (Loss)			Portfolio Turnover Rate
	4.29	%	$	4,166		1.55	%**		.68	%**		1.48	%**		.75	%**		24	%
	(6.70	)		4,388		1.46			.96			1.46			.96			59
	12.72			5,530		1.62			.56			1.49			.69			47
	32.32			3,029		1.76			.77			1.49			1.04			64
	(45.00	)		1,904		1.70			1.31			1.49			1.52			63
	21.58			3,228		1.89	*		.55	**		1.49	*		.95	**		45
	4.02			735		2.30	**		(.06	)**		2.23	**		.01	**		24
	(7.45	)		717		2.21			.21			2.21			.21			59
	12.00			816		2.37			(.05	)		2.24			.08			47
	31.43			244		2.51			.13			2.24			.40			64
	(45.39	)		226		2.45			.71			2.24			.92			63
	20.75			287		2.64	**		(.10	)**		2.24	**		.30	**		45
	4.18			14		1.77	**		.47	**		1.73	**		.51	**		24
	(8.54	)		13		1.67			1.02			1.67			1.02			59
	12.59			7		1.87			.40			1.74			.53			47
	31.99			19		2.01			1.03			1.74			1.30			64
	(45.10	)		48		1.95			.69			1.74			.90			63
	21.27			17		2.14	**		.37	**		1.74	**		.77	**		45
	4.47			511,334		1.30	**		.91	**		1.23	**		.98	**		24
	(6.60	)		578,597		1.21			1.23			1.21			1.23			59
	13.14			848,165		1.37			.85			1.24			.98			47
	32.68			584,667		1.51			.90			1.24			1.17			64
	(44.86	)		249,805		1.45			1.51			1.24			1.72			63
	21.78			343,161		1.64	**		.96	**		1.24	**		1.36	**		45

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

(b) Distributions from Capital Gains include short-term capital gains, if any.

(c) 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.

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

(e) Effective January 18, 2011, Class R Shares and Class Y Shares previously offered by FAF Advisors, Inc. were renamed Class R3 Shares and Class I Shares, respectively.

(f) For the period December 21, 2006 (commencement of operations) through October 31, 2007.

(g) For the six months ended April 30, 2012.

* Rounds to less than $.01 per share.

** Annualized.

See accompanying notes to financial statements.

Nuveen Investments 59

Financial Highlights(Unaudited) (continued)

Selected data for a share outstanding throughout each period:
Class (Commencement Date)
			Investment Operations								Less Distributions
QUANTITATIVE ENHANCED CORE EQUITY
Year Ended October 31,	Beginning Net Asset Value		Net Invest- ment Income (Loss)(a)		Net Realized/ Unrealized Gain (Loss)			Total			Net Invest- ment Income			Capital Gains(b)			Total			Ending Net Asset Value
Class A (7/07)
2012(g)	$	21.57	$	.19	$	2.23		$	2.42		$	(.37	)	$	(.35	)	$	(.72	)	$	23.27
2011		20.50		.31		1.02			1.33			(.26	)		—			(.26	)		21.57
2010		18.01		.25		2.48			2.73			(.24	)		—			(.24	)		20.50
2009		16.56		.31		1.29			1.60			(.15	)		—			(.15	)		18.01
2008		26.90		.40		(10.21	)		(9.81	)		(.29	)		(.24	)		(.53	)		16.56
2007(f)		25.00		.06		1.91			1.97			(.07	)		—			(.07	)		26.90
Class C (7/07)
2012(g)		21.40		.11		2.21			2.32			(.20	)		(.35	)		(.55	)		23.17
2011		20.50		.12		1.06			1.18			(.28	)		—			(.28	)		21.40
2010		17.91		.08		2.51			2.59			—			—			—			20.50
2009		16.51		.24		1.24			1.48			(.08	)		—			(.08	)		17.91
2008		26.88		.23		(10.20	)		(9.97	)		(.16	)		(.24	)		(.40	)		16.51
2007(f)		25.00		.02		1.90			1.92			(.04	)		—			(.04	)		26.88
Class I (7/07)(e)
2012(g)		21.64		.22		2.22			2.44			(.42	)		(.35	)		(.77	)		23.31
2011		20.57		.37		1.03			1.40			(.33	)		—			(.33	)		21.64
2010		18.04		.29		2.51			2.80			(.27	)		—			(.27	)		20.57
2009		16.57		.35		1.29			1.64			(.17	)		—			(.17	)		18.04
2008		26.90		.44		(10.20	)		(9.76	)		(.33	)		(.24	)		(.57	)		16.57
2007(f)		25.00		.11		1.87			1.98			(.08	)		—			(.08	)		26.90

60 Nuveen Investments

			Ratios/Supplemental Data
					Ratios to Average Net Assets Before Reimbursement						Ratios to Average Net Assets After Reimbursement(d)
Total Return(c)			Ending Net Assets (000)		Expenses			Net Invest- ment Income (Loss)			Expenses			Net Invest- ment Income (Loss)			Portfolio Turnover Rate
	11.61	%	$	129		1.13	%*		1.32	%*		.70	%*		1.75	%*		92	%
	6.50			164		.86			1.25			.70			1.41			159
	15.24			253		.93			1.05			.70			1.28			142
	9.87			243		1.01			1.62			.69			1.94			75
	(37.08	)		118		1.18			1.29			.70			1.77			153
	7.89			131		1.40	*		.21	*		.70	*		.91	*		55
	11.17			121		1.91	*		.53	*		1.45	*		.99	*		92
	5.76			108		1.61			.40			1.45			.56			159
	14.46			14		1.68			.20			1.45			.43			142
	9.05			4		1.76			1.25			1.44			1.57			75
	(37.58	)		10		1.93			.51			1.45			.99			153
	7.69			15		2.15	*		(.47	)*		1.45	*		.23	*		55
	11.72			93,014		.89	*		1.57	*		.45	*		2.02	*		92
	6.79			107,734		.63			1.50			.45			1.68			159
	15.61			203,316		.68			1.27			.45			1.50			142
	10.13			146,180		.76			1.87			.44			2.19			75
	(36.93	)		89,270		.93			1.51			.45			1.99			153
	7.93			48,745		1.15	*		1.03	*		.45	*		1.73	*		55

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

(b) Distributions from Capital Gains include short-term capital gains, if any.

(c) 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 returns are not annualized.

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

(e) Effective January 18, 2011, Class Y Shares previously offered by FAF Advisors, Inc. were renamed Class I Shares.

(f) For the period July 31, 2007 (commencement of operations) through October 31, 2007.

(g) For the six months ended April 30, 2012.

* Annualized.

See accompanying notes to financial statements.

Nuveen Investments 61

Financial Highlights(Unaudited) (continued)

Selected data for a share outstanding throughout each period:
Class (Commencement Date)
			Investment Operations							Less Distributions
TACTICAL MARKET OPPORTUNITIES
Year Ended October 31,	Beginning Net Asset Value		Net Invest- ment Income (Loss)(a)			Net Realized/ Unrealized Gain (Loss)		Total		Net Invest- ment Income			Capital Gains(b)			Total			Ending Net Asset Value
Class A (2/11)
2012(h)	$	11.22	$	.01		$	.12	$	.13	$	(.03	)	$	(.17	)	$	(.20	)	$	11.15
2011(e)		10.59		.04			.59		.63		—			—			—			11.22
Class C (2/11)
2012(h)		11.17		(.03	)		.11		.08		—			(.17	)		(.17	)		11.08
2011(e)		10.59		—	*		.58		.58		—			—			—			11.17
Class I (12/09)(f)
2012(h)		11.25		.03			.12		.15		(.06	)		(.17	)		(.23	)		11.17
2011		10.62		.14			.59		.73		(.08	)		(.02	)		(.10	)		11.25
2010(g)		10.00		.02			.60		.62		—			—			—			10.62

62 Nuveen Investments

		Ratios/Supplemental Data
				Ratios to Average Net Assets Before Reimbursement						Ratios to Average Net Assets After Reimbursement(d)
Total Return(c)		Ending Net Assets (000)		Expenses			Net Invest- ment Income (Loss)			Expenses			Net Invest- ment Income (Loss)			Portfolio Turnover Rate
	1.18%	$	43,015		1.23	%**		.17	%**		1.18	%**		.22	%**		104	%
	5.95		3,558		1.67	**		.06	**		1.19	**		.54			177
	.73		7,982		1.98	**		(.59	)**		1.93	**		(.54	)**		104
	5.48		475		2.31	**		(.37	)**		1.94	**		—	***		177
	1.33		138,303		.99	**		.52	**		.93	**		.58	**		104
	6.95		48,860		1.18			1.01			.94			1.25			177
	6.20		27,300		4.14	**		(1.83	)**		.92	**		1.39	**		156

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

(b) Distributions from Capital Gains include short-term capital gains, if any.

(c) 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.

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

(e) For the period February 24, 2011 (commencement of operations) through October 31, 2011.

(f) Effective January 18, 2011, Class Y Shares previously offered by FAF Advisors, Inc. were renamed Class I Shares.

(g) For the period December 30, 2009 (commencement of operations) through October 31, 2010.

(h) For the six months ended April 30, 2012.

* Rounds to less than $.01 per share.

** Annualized.

*** Annualized ratio rounds to less than .01%.

See accompanying notes to financial statements.

Nuveen Investments 63

Notes to Financial Statements (Unaudited)

1. General Information and Significant Accounting Policies

General Information

Nuveen Investment Funds, Inc. (the “Trust”), is an open-end investment company registered under the Investment Company Act of 1940, as amended. The Trust is comprised of Nuveen International Fund (“International”), Nuveen International Select Fund (“International Select”), Nuveen Quantitative Enhanced Core Equity Fund (“Quantitative Enhanced Core Equity”) and Nuveen Tactical Market Opportunities Fund (“Tactical Market Opportunities”) (each a “Fund” and collectively, the “Funds”), among others. The Trust was incorporated in the state of Maryland on August 20, 1987.

International’s investment objective is long-term growth of capital. Under normal market conditions, the Fund invests primarily in equity securities of non-U.S. issuers that trade in U.S. or non-U.S. markets, depositary receipts representing shares of non-U.S. issuers, and exchange traded funds (“ETFs”) and other investment companies (“investment companies”) that provide exposure to non-U.S. issuers. Up to 15% of the Fund’s total assets may be invested in equity securities of emerging market issuers.

International Select’s investment objective is long-term growth of capital. Under normal market conditions, the Fund invests primarily in equity securities of non-U.S. issuers that trade in U.S. or non-U.S. markets, depositary receipts representing shares of foreign issuers, and ETFs and other investment companies that provide exposure to non-U.S. issuers.

International and International Select also may invest in options, futures contracts, options on futures contracts and forward foreign currency exchanges contracts (“derivatives”) to manage market or business risk, enhance its return or hedge against adverse movements in currency exchange rates.

Quantitative Enhanced Core Equity’s investment objective is to provide, over the long-term, a total return that exceeds the total return of the Standard & Poor’s 500 ^® Index (“S&P 500 Index”). Under normal market conditions, the Fund invests at least 80% of its net assets, plus the amount of any borrowings for investment purposes, in equity securities that have market capitalization within the same range of market capitalization of companies in the S&P 500 Index. The Fund’s investments may include common stocks of non-U.S. issuers which are listed on a U.S. stock exchange. The Fund may also buy and sell stock index futures contracts.

Tactical Market Opportunities’ investment objective is to earn a positive total return over a reasonable period of time, regardless of market conditions. Under normal market conditions, the Fund will seek to outperform the Merrill Lynch 3 Month Treasury Bill Index (the “Treasury Bill Index”) by 400 basis points, or 4%, on an annualized basis. The Fund seeks to outperform the Treasury Bill Index over a reasonable period of time, although there is no guarantee that it will be able to do so. The Fund seeks to achieve its objective by investing in U.S. international and emerging market equity and debt securities (including high yield debt securities), commodities, currencies, high quality, short-term debt securities and money market funds. The Fund also gains exposure to these asset classes by investing in ETFs and derivative instruments such as options; futures contracts, including futures on equity and commodities indices, interest rate and currency futures; options on futures contracts; interest rate caps and floors; foreign currency contracts; options on foreign currencies; interest rate, total return, currency and credit default swaps; and options on the foregoing types of swap agreements.

Each Fund’s most recent prospectus provides further descriptions of each Fund’s investment objective, principal investment strategies and principal risks.

Effective at the close of business on February 15, 2012, Class B Shares of International were converted to Class A Shares of the Fund and are no longer available for dividend reinvestment or through an exchange from other Nuveen mutual funds.

Significant Accounting Policies

The following is a summary of significant accounting policies followed by the Funds in the preparation of their financial statements in accordance with accounting principles generally accepted in the United States (“U.S. GAAP”).

Investment Valuation

Common stocks and other equity-type securities are valued at the last sales price on the securities exchange on which such securities are primarily traded and are generally classified as Level 1 for fair value measurement purposes. Securities primarily traded on the NASDAQ National Market (“NASDAQ”) are valued, except as indicated below, at the NASDAQ Official Closing Price and are generally classified as Level 1. However, securities traded on a securities exchange or NASDAQ for which there were no transactions on a given day or securities not listed on a securities exchange or NASDAQ are valued at the quoted bid price and are generally classified as Level 2. Prices of certain American Depositary Receipts (“ADR”) held by the Funds that trade in the United States are valued based on the last traded price, official closing price, or the most recent bid price of the underlying non-U.S.-traded stock, adjusted as appropriate for the underlying-to-ADR conversion ratio and foreign exchange rate, and from time-to-time may also be adjusted further to take into account material events that may take place after the close of the local non-U.S. market but before the close of the New York Stock Exchange. These securities generally represent a transfer from a Level 1 to a Level 2 security.

The ETFs in which the Funds invests are valued at the last sales price on the securities exchange on which such securities are primarily traded and are generally classified as Level 1.

Investments in investment companies are valued at their respective net asset values on the valuation date. These investment vehicles are generally classified as Level 1.

64 Nuveen Investments

Prices of fixed-income securities are provided by a pricing service approved by the Funds’ Board of Directors. These securities are generally classified as Level 2. The pricing service establishes a security’s fair value using methods that may include consideration of the following: yields or prices of investments of comparable quality, type of issue, coupon, maturity and rating, market quotes or indications of value from security dealers, evaluations of anticipated cash flows or collateral, general market conditions and other information and analysis, including the obligor’s credit characteristics considered relevant. In pricing certain securities, particularly less liquid and lower quality securities, the pricing service may consider information about a security, its issuer, or market activity provided by Nuveen Fund Advisors, Inc. (the “Adviser”), a wholly-owned subsidiary of Nuveen Investments, Inc. (“Nuveen”). These securities are generally classified as Level 2 or Level 3 depending on the priority of the significant inputs.

Futures contracts are valued using the closing settlement price or, in the absence of such a price, the last traded price. Futures contracts are generally classified as Level 1.

If significant market events occur between the time of determination of the closing price of a foreign security on an exchange and the time that the Funds’ net asset value (NAV) is determined, or if under the Funds’ procedures, the closing price of a foreign security is not deemed to be reliable, the security would be valued at fair value as determined in accordance with procedures established in good faith by the Funds’ Board of Directors. These securities are generally classified as Level 2 or Level 3 depending on the priority of the significant inputs.

Certain securities may not be able to be priced by the pre-established pricing methods as described above. Such securities may be valued by the Funds’ Board of Directors or its designee at fair value. These securities generally include, but are not limited to, restricted securities (securities which may not be publicly sold without registration under the Securities Act of 1933, as amended) for which a pricing service is unable to provide a market price; securities whose trading has been formally suspended; debt securities that have gone into default and for which there is no current market quotation; a security whose market price is not available from a pre-established pricing source; a security with respect to which an event has occurred that is likely to materially affect the value of the security after the market has closed but before the calculation of a Fund’s net asset value (as may be the case in non-U.S. markets on which the security is primarily traded) or make it difficult or impossible to obtain a reliable market quotation; and a security whose price, as provided by the pricing service, is not deemed to reflect the security’s fair value. As a general principle, the fair value of a security would appear to be the amount that the owner might reasonably expect to receive for it in a current sale. A variety of factors may be considered in determining the fair value of such securities, which may include consideration of the following: yields or prices of investments of comparable quality, type of issue, coupon, maturity and rating, market quotes or indications of value from security dealers, evaluations of anticipated cash flows or collateral, general market conditions and other information and analysis, including the obligor’s credit characteristics considered relevant. These securities are generally classified as Level 2 or Level 3 depending on the priority of the significant inputs. Regardless of the method employed to value a particular security, all valuations are subject to review by the Funds’ Board of Directors or its designee.

Refer to Footnote 2 – Fair Value Measurements for further details on the leveling of securities held by the Funds as of the end of the reporting period.

Investment Transactions

Investment transactions are recorded on a trade date basis. Realized gains and losses from investment transactions are determined on the specific identification method, which is the same basis used for federal income tax purposes.

Investment Income

Dividend income is recorded on the ex-dividend date or, for foreign securities, when information is available. Interest income, which reflects the amortization of premiums includes accretion of discounts for financial reporting purposes is recorded on an accrual basis. Securities lending income is comprised of fees earned from borrowers and income earned on cash collateral investments, net of lending agent fees.

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

Distributions to shareholders are recorded on the ex-dividend date. The amount and timing of distributions are determined in accordance with federal income tax regulations, which may differ from U.S. GAAP.

Nuveen Investments 65

Notes to Financial Statements (Unaudited)(continued)

Flexible Sales Charge Program

Class A Shares are generally sold with an up-front sales charge, with the exception of Quantitative Enhanced Core Equity, and incur a .25% annual 12b-1 service fee. Class A Share purchases of the Funds for $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. Quantitative Enhanced Core Equity only issues Class A Shares for purchase by certain retirement plans and by qualifying clients of investment advisers, financial planners or other financial intermediaries that charge periodic or asset-based fees for their services. Class A Shares of Quantitative Enhanced Core Equity are offered to those investors at their net asset value per share with no up-front sales charge. Class B Shares were 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 automatically 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 twelve months of purchase. Class R3 Shares are sold without an up-front sales charge but incur a .25% annual 12b-1 distribution and a .25% annual 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 exchange contracts, 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, assets and liabilities are translated into U.S. dollars at 4:00 p.m. Eastern Time. Investment transactions, 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 gains and losses resulting from changes in foreign currency exchange rates and changes in foreign exchange rates associated with other assets and liabilities on investments, securities sold short, foreign currency exchange contracts, futures, options purchased, options written and swap contracts, when applicable, are recognized as a component of “Net realized gain (loss) from investments and foreign currency,” on the Statement of Operations.

The unrealized gains and losses resulting from changes in foreign currency exchange rates and changes in foreign exchange rates associated with other assets and liabilities on investments are recognized as a component of “Change in net unrealized appreciation (depreciation) of investments and foreign currency,” on the Statement of Operations, when applicable. The unrealized gains and losses resulting from changes in foreign exchange rates associated with foreign currency exchange contracts, futures, options purchased, options written and swap contracts are recognized as a component of “Change in net unrealized appreciation (depreciation) of foreign currency exchange contracts, futures, options purchased, options written and swap contracts, respectively” on the Statement of Operations, when applicable.

Futures Contracts

Each Fund is subject to equity price risk, interest rate risk and foreign currency exchange rate risk in the normal course of pursuing its investment objectives and is authorized to invest in futures contracts in an attempt to manage such risk. Upon entering into a futures contract, a Fund is required to deposit with the broker an amount of cash or liquid securities equal to a specified percentage of the contract amount. This is known as the “initial margin.” Cash held by the broker to cover initial margin requirements on open futures contracts, if any, is recognized as “Deposits with brokers for open futures contracts” on the Statement of Assets and Liabilities. Subsequent payments (“variation margin”) are made or received by a Fund each day, depending on the daily fluctuation of the value of the contract. Variation margin is recognized as a receivable and/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 recognized as an unrealized gain or loss by “marking-to-market” on a daily basis to reflect the changes in market value of the contract, which is recognized as a component of “Change in net unrealized appreciation (depreciation) of futures contracts” 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, which is recognized as a component of “Net realized gain (loss) from futures contracts” on the Statement of Operations.

Risks of investments in futures contracts include the possible adverse movement in the price of the securities or indices underlying the contracts, the possibility that there may not be a liquid secondary market for the contracts and/or that a change in the value of the contract may not correlate with a change in the value of the underlying securities or indices.

66 Nuveen Investments

During the six months ended April 30, 2012, International and International Select invested in equity and currency futures contracts, which were used as an overlay strategy to adjust the exposures created by the Funds’ multi-manager framework, so that each Fund overall had the desired exposures to key markets. These Funds’ long and short futures contracts were used to implement various tactical market and hedging strategies. Quantitative Enhanced Core Equity invested in S&P 500 Index futures contracts, which were used to convert cash into the equivalent of an S&P 500 Index holding in order to minimize any tracking error to the Fund’s benchmark index resulting from cash flow activity and for tactical portfolio management positioning. Tactical Market Opportunities invested in equity, fixed income and currency futures contracts, which were used as part of the management of the Fund. This Fund’s long and short futures contracts were used to implement various absolute return, tactical market and hedging strategies.

The average number of futures contracts outstanding during the six months ended April 30, 2012, for each Fund, were as follows:

	International		International Select		Quantitative Enhanced Core Equity		Tactical Market Opportunities
Average number of futures contracts outstanding*		1,743		5,080		10		888

* The average number of outstanding contracts is calculated based on the outstanding number of contracts at the beginning of the fiscal year and at the end of each fiscal quarter within the current fiscal year.

Refer to Footnote 3 – Derivative Instruments and Hedging Activities for further details on futures contracts activity.

Market and Counterparty Credit Risk

In the normal course of business each Fund may invest in financial instruments and enter into financial transactions where risk of potential loss exists due to changes in the market (market risk) or failure of the other party to the transaction to perform (counterparty credit risk). The potential loss could exceed the value of the financial assets recorded on the financial statements. Financial assets, which potentially expose each Fund to counterparty credit risk, consist principally of cash due from counterparties on forward, option and swap transactions, when applicable. The extent of each Fund’s exposure to counterparty credit risk in respect to these financial assets approximates their carrying value as recorded on the Statement of Assets and Liabilities. Futures contracts, when applicable, expose a Fund to minimal counterparty credit risk as they are exchange traded and the exchange’s clearinghouse, which is counterparty to all exchange traded futures, guarantees the futures contracts against default.

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

Multiclass Operations and Allocations

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

Realized and unrealized capital gains and losses of the Funds are prorated among the classes based on the relative net assets of each class.

Securities Lending

In order to generate additional income, each Fund may lend securities representing up to one-third of the value of its total assets (which includes collateral for securities on loan) to broker-dealers, banks or other institutions. Each Fund’s policy is to receive cash collateral equal to at least 102% of the value of securities loaned, which is recognized as “Collateral from securities lending program” on the Statement of Assets and Liabilities. The adequacy of the collateral is monitored on a daily basis. If the value of the securities on loan increases, such that the level of collateralization falls below 102%, additional collateral is received from the borrower, which is recognized as “Due from broker” on the Statement of Assets and Liabilities, when applicable. As with other extensions of credit, there may be risks of delay in recovery of the securities or even loss of rights in the collateral should the borrower of the security fail financially.

The Funds’ custodian serves as the securities lending agent for the Funds. Each Fund pays the custodian a fee based on the Fund’s proportional share of the custodian’s expense of operating its securities lending program. Collateral for securities on loan is invested in a money market fund, which is recognized as “Investments purchased with collateral from securities lending” on the Statement of Assets and Liabilities.

Nuveen Investments 67

Notes to Financial Statements (Unaudited)(continued)

Income from securities lending, net of fees paid, is recognized on the Statement of Operations as “Securities lending income.” Securities lending fees paid by each Fund during the six months ended April 30, 2012, were as follows:

	International		International Select		Quantitative Enhanced Core Equity		Tactical Market Opportunities
Securities lending fees paid	$	—	$	—	$	3,452	$	—

Indemnifications

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

Use of Estimates

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

2. Fair Value Measurements

Fair value is defined as the price that the Funds would receive upon selling an investment or transferring a liability in an orderly transaction to an independent buyer in the principal or most advantageous market for the investment. A three-tier hierarchy is used to maximize the use of observable market data and minimize the use of unobservable inputs and to establish classification of fair value measurements for disclosure purposes. Observable inputs reflect the assumptions market participants would use in pricing the asset or liability. Observable inputs are based on market data obtained from sources independent of the reporting entity. Unobservable inputs reflect the reporting entity’s own assumptions about the assumptions market participants would use in pricing the asset or liability. Unobservable inputs are based on the best information available in the circumstances. The three-tier hierarchy of inputs is summarized in the three broad levels listed below:

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

The inputs or methodologies used for valuing securities are not an indication of the risk associated with investing in those securities. The following is a summary of each Fund’s fair value measurements as of April 30, 2012:

International	Level 1			Level 2		Level 3		Total
Long-Term Investments:
Common Stocks*	$	95,487,469		$	3,407,171	$	—	$	98,894,640
Exchange-Traded Funds		8,317,587			—		—		8,317,587
Rights		—			—		15,407		15,407
Short-Term Investments:
Money Market Funds		3,070,135			—		—		3,070,135
U.S. Government and Agency Obligations		—			8,767,919		—		8,767,919
Derivatives:
Futures Contracts**		(852,364	)		—		—		(852,364	)
Total	$	106,022,827		$	12,175,090	$	15,407	$	118,213,324

International Select	Level 1			Level 2		Level 3		Total
Long-Term Investments:
Common Stocks*	$	405,306,718		$	10,642,846	$	763,905	$	416,713,469
Exchange-Traded Funds		34,997,450			—		—		34,997,450
Rights		—			—		37,526		37,526
Short-Term Investments:
Money Market Funds		32,740,867			—		—		32,740,867
U.S. Government and Agency Obligations		—			29,760,843		—		29,760,843
Derivatives:
Futures Contracts**		(2,542,803	)		—		—		(2,542,803	)
Total	$	470,502,232		$	40,403,689	$	801,431	$	511,707,352

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

** Represents net unrealized appreciation (depreciation) as reported in the Fund’s Portfolio of Investments.

68 Nuveen Investments

Quantitative Enhanced Core Equity	Level 1			Level 2		Level 3		Total
Long-Term Investments:
Common Stocks	$	88,161,575		$	—	$	—	$	88,161,575
Investments Purchased with Collateral from Securities Lending		21,361,416			—		—		21,361,416
Short-Term Investments:
U.S. Government and Agency Obligations		—			349,824		—		349,824
Derivatives:
Futures Contracts**		(12,206	)		—		—		(12,206	)
Total	$	109,510,785		$	349,824	$	—	$	109,860,609
Tactical Market Opportunities	Level 1			Level 2		Level 3		Total
Long-Term Investments:
Exchange-Traded Funds	$	55,538,965		$	—	$	—	$	55,538,965
Sovereign Debt		—			809,250		—		809,250
U.S. Government & Agency Obligations		—			6,643,811		—		6,643,811
Short-Term Investments:
Money Market Funds		97,862,153			—		—		97,862,153
U.S. Government and Agency Obligations		—			22,289,489		—		22,289,489
Derivatives:
Futures Contracts**		(28,863	)		—		—		(28,863	)
Total	$	153,372,255		$	29,742,550	$	—	$	183,114,805

** Represents net unrealized appreciation (depreciation) as reported in the Fund’s Portfolio of Investments.

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

	International Level 3 Rights			International Select Level 3 Common Stocks			International Select Level 3 Rights			International Select Level 3 Total
Balance at the beginning of period	$	—		$	1,116,787		$	—		$	1,116,787
Gains (losses):
Net realized gains (losses)		—			—			—			—
Net change in unrealized appreciation (depreciation)		(8,135	)		96,502			(19,390	)		77,112
Purchases at cost		23,542			—			56,916			56,916
Sales at proceeds		—			—			—			—
Net discounts (premiums)		—			—			—			—
Transfers in to		—			763,905			—			763,905
Transfers out of		—			(1,213,289	)		—			(1,213,289	)
Balance at the end of period	$	15,407		$	763,905		$	37,526		$	801,431
Change in net unrealized appreciation (depreciation) during the year of Level 3 securities held as of April 30, 2012	$	(8,135	)	$	(321,476	)	$	(19,390	)	$	(340,866	)

	Quantitative Enhanced Core Equity Level 3 Common Stocks
Balance at the beginning of period	$	—	***
Gains (losses):
Net realized gains (losses)		—
Net change in unrealized appreciation (depreciation)		—
Purchases at cost		—
Sales at proceeds		—
Net discounts (premiums)		—
Transfers into		—
Transfers (out of)		—
Balance at the end of period	$	—
Change in net unrealized appreciation (depreciation) during the year of Level 3 securities held as of April 30, 2012	$	—

*** Level 3 security has a market value of zero at the beginning of the period. As of April 30, 2012, this security is no longer held in the portfolio.

During the six months ended April 30, 2012, the Funds recognized no significant transfers to or from Level 1 or Level 2. Transfers in and/or out of Level 3 are shown using end of period values.

Nuveen Investments 69

Notes to Financial Statements (Unaudited)(continued)

3. Derivative Instruments and Hedging Activities

The Funds record derivative instruments at fair value, with changes in fair value recognized on the Statement of Operations, when applicable. Even though the Funds’ investments in derivatives may represent economic hedges, they are not considered to be hedge transactions for financial reporting purposes. For additional information on the derivative instruments in which each Fund was invested during and at the end of the reporting period, refer to the Portfolios of Investments, Financial Statements and Footnote 1 – General Information and Significant Accounting Policies.

The following tables present the fair value of all derivative instruments held by the Funds as of April 30, 2012, the location of these instruments on the Statement of Assets and Liabilities, and the primary underlying risk exposure.

International
		Location on the Statement of Assets and Liabilities
Underlying Risk Exposure	Derivative Instrument	Asset Derivatives			Liability Derivatives
		Location	Value		Location	Value
Equity	Futures Contracts	Payable for variation margin on futures contracts*	$	594,096	Payable for variation margin on futures contracts*	$	(1,414,585	)
Foreign Currency Exchange Rate	Futures Contracts	—		—	Payable for variation margin on futures contracts*		(31,875	)
Total			$	594,096		$	(1,446,460	)

International Select
		Location on the Statement of Assets and Liabilities
Underlying Risk Exposure	Derivative Instrument	Asset Derivatives			Liability Derivatives
		Location	Value		Location	Value
Equity	Futures Contracts	Receivable for variation margin on futures contracts*	$	1,812,616	Receivable for variation margin on futures contracts*	$	(4,206,859	)
Foreign Currency Exchange Rate	Futures Contracts	—		—	Receivable for variation margin on futures contracts*		(148,560	)
Total			$	1,812,616		$	(4,355,419	)

Quantitative Enhanced Core Equity
		Location on the Statement of Assets and Liabilities
Underlying Risk Exposure	Derivative Instrument	Asset Derivatives			Liability Derivatives
		Location	Value		Location	Value
Equity	Futures Contracts	—	$	—	Payable for variation margin on futures contracts*	$	(12,206	)

Tactical Market Opportunities
		Location on the Statement of Assets and Liabilities
Underlying Risk Exposure	Derivative Instrument	Asset Derivatives			Liability Derivatives
		Location	Value		Location	Value
Equity	Futures Contracts	Receivable for variation margin on futures contracts*	$	654,145	Receivable for variation margin on futures contracts*	$	(803,173	)
Foreign Currency Exchange Rate	Futures Contracts	Receivable for variation margin on futures contracts*		35,018	Receivable for variation margin on futures contracts*		(29,965	)
Interest Rate	Futures Contracts	Receivable for variation margin on futures contracts*		115,112	—		—
Total			$	804,275		$	(833,138	)

* Value represents cumulative gross unrealized appreciation (depreciation) of futures contracts as reported in the Fund’s Portfolio of Investments and not the deposits with brokers, if any, or receivable or payable for variation margin on futures contracts presented on the Statement of Assets and Liabilities.

70 Nuveen Investments

The following tables present the amount of net realized gain (loss) and change in net unrealized appreciation (depreciation) recognized for the six months ended April 30, 2012, on derivative instruments, as well as the primary risk exposure associated with each.

Net Realized Gain (Loss) from Futures Contracts	International			International Select			Quantitative Enhanced Core Equity		Tactical Market Opportunities
Risk Exposure
Equity	$	2,292,204		$	(2,215,592	)	$	783,205	$	133,270
Foreign Currency Exchange Rate		(19,834	)		(448,246	)		—		(402,607	)
Interest Rate		—			—			—		31,837
Total	$	2,272,370		$	(2,663,838	)	$	783,205	$	(237,500	)

Change in Net Unrealized Appreciation (Depreciation) of Futures Contracts	International			International Select			Quantitative Enhanced Core Equity			Tactical Market Opportunities
Risk Exposure
Equity	$	(2,248,478	)	$	(1,651,329	)	$	(84,028	)	$	(181,815	)
Foreign Currency Exchange Rate		(31,875	)		575,662			—			289,601
Interest Rate		—			—			—			99,259
Total	$	(2,280,353	)	$	(1,075,667	)	$	(84,028	)	$	207,045

4. Fund Shares

Transactions in Fund shares were as follows:

	International
	Six Months Ended 4/30/12						Year Ended 10/31/11
	Shares			Amount			Shares			Amount
Shares sold:
Class A		156,589		$	1,510,097			155,847		$	1,889,675
Class B		—			—			708			7,844
Class C		6,094			56,175			9,594			107,941
Class R3 (1)		3,625			33,788			420			4,678
Class I (1)		611,892			5,901,315			610,959			7,524,184
Shares issued to shareholders due to reinvestment of distributions:
Class A		391,582			3,481,781			8,099			98,570
Class B		19,368			153,859			—			—
Class C		38,018			317,206			—			—
Class R3 (1)		321			2,849			1			15
Class I (1)		779,190			7,042,217			244,138			3,005,335
		2,006,679			18,499,287			1,029,766			12,638,242
Shares redeemed:
Class A		(215,370	)		(2,099,913	)		(452,448	)		(5,470,263	)
Class B		(113,441	)		(981,338	)		(48,241	)		(533,542	)
Class C		(40,803	)		(350,950	)		(56,942	)		(628,677	)
Class R3 (1)		(382	)		(3,444	)		(8	)		(93	)
Class I (1)		(4,112,069	)		(40,463,550	)		(43,702,675	)		(488,588,531	)
		(4,482,065	)		(43,899,195	)		(44,260,314	)		(495,221,106	)
Net increase (decrease)		(2,475,386	)	$	(25,399,908	)		(43,230,548	)	$	(482,582,864	)

   (1) Effective January 18, 2011, Class R Shares and Class Y Shares previously offered by FAF Advisors, Inc. were renamed Class R3 Shares and Class I Shares, respectively.

Nuveen Investments 71

Notes to Financial Statements (Unaudited)(continued)

	International Select
	Six Months Ended 4/30/12						Year Ended 10/31/11
	Shares			Amount			Shares			Amount
Shares sold:
Class A		21,778		$	195,165			128,323		$	1,261,455
Class C		4,783			42,465			10,355			102,343
Class R3 (1)		—			—			1,599			15,960
Class I (1)		6,408,822			55,805,630			10,212,001			98,730,139
Shares issued to shareholders due to reinvestment of distributions:
Class A		10,687			86,950			2,840			28,114
Class C		1,333			10,675			71			695
Class R3 (1)		35			277			—			—
Class I (1)		562,947			4,583,692			152,246			1,508,759
		7,010,385			60,724,854			10,507,435			101,647,465
Shares redeemed:
Class A		(65,816	)		(570,693	)		(214,539	)		(2,113,176	)
Class C		(5,834	)		(48,991	)		(14,772	)		(145,301	)
Class R3 (1)		—			—			(787	)		(7,720	)
Class I (1)		(15,477,847	)		(133,928,486	)		(33,796,114	)		(328,217,857	)
		(15,549,497	)		(134,548,170	)		(34,026,212	)		(330,484,054	)
Net increase (decrease)		(8,539,112	)	$	(73,823,316	)		(23,518,777	)	$	(228,836,589	)
	Quantitative Enhanced Core Equity
	Six Months Ended 4/30/12						Year Ended 10/31/11
	Shares			Amount			Shares			Amount
Shares sold:
Class A		371		$	8,490			2,166		$	47,265
Class C		—			—			4,938			108,004
Class I (1)		169,700			3,596,307			440,684			9,684,463
Shares issued to shareholders due to reinvestment of distributions:
Class A		232			4,850			98			2,118
Class C		136			2,801			44			946
Class I (1)		65,570			1,371,408			40,343			875,048
		236,009			4,983,856			488,273			10,717,844
Shares redeemed:
Class A		(2,663	)		(58,486	)		(7,005	)		(152,739	)
Class C		—			—			(589	)		(12,027	)
Class I (1)		(1,223,416	)		(26,902,135	)		(4,516,389	)		(97,441,957	)
Class I (1) —In-kind		—			—			(871,073	)		(17,935,393	)
		(1,226,079	)		(26,960,621	)		(5,395,056	)		(115,542,116	)
Net increase (decrease)		(990,070	)	$	(21,976,765	)		(4,906,783	)	$	(104,824,272	)

   (1) Effective January 18, 2011, Class R Shares and Class Y Shares previously offered by FAF Advisors, Inc. were renamed Class R3 Shares and Class I Shares, respectively.

72 Nuveen Investments

	Tactical Market Opportunities
	Six Months Ended 4/30/12						Year Ended 10/31/11
	Shares			Amount			Shares			Amount
Shares sold:
Class A		3,793,969		$	42,202,062			330,236		$	3,676,372
Class C		690,807			7,639,403			42,498			468,794
Class I (1)		8,419,683			93,766,751			2,709,930			29,682,437
Shares issued to shareholders due to reinvestment of distributions:
Class A		20,431			225,356			—			—
Class C		1,961			21,516			—			—
Class I (1)		96,689			1,069,790			15,144			158,329
		13,023,540			144,924,878			3,097,808			33,985,932
Shares redeemed:
Class A		(273,611	)		(3,038,463	)		(13,147	)		(145,801	)
Class C		(14,864	)		(164,602	)		—			—
Class I (1)		(482,037	)		(5,365,445	)		(954,155	)		(10,203,860	)
		(770,512	)		(8,568,510	)		(967,302	)		(10,349,661	)
Net increase (decrease)		12,253,028		$	136,356,368			2,130,506		$	23,636,271

   (1) Effective January 18, 2011, Class R Shares and Class Y Shares previously offered by FAF Advisors, Inc. were renamed Class R3 Shares and Class I Shares, respectively.

Class B Shares converted to Class A Shares (recognized as a component of Class A Shares sold and Class B Shares redeemed) during the six months ended April 30, 2012, and fiscal year ended October 31, 2011, were as follows:

Fund	Six Months Ended 4/30/12		Year Ended 10/31/11
International		110,163		23,122

5. Investment Transactions

Purchases and sales (including maturities but excluding short-term investments and derivative transactions) during the six months ended April 30, 2012, were as follows:

	International		International Select		Quantitative Enhanced Core Equity		Tactical Market Opportunities
Purchases:
Investment securities	$	36,108,683	$	118,164,631	$	86,412,694	$	58,652,686
U.S. Government and agency obligations		—		—		—		27,559,984
Sales and maturities:
Investment securities		85,423,510		221,239,765		113,098,981		19,727,414
U.S. Government and agency obligations		—		—		—		28,043,586

6. Income Tax Information

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

At April 30, 2012, the cost and unrealized appreciation (depreciation) of investments (excluding investments in derivatives), as determined on a federal income tax basis, were as follows:

	International			International Select			Quantitative Enhanced Core Equity			Tactical Market Opportunities
Cost of investments	$	116,497,762		$	497,380,109		$	101,245,768		$	181,643,982
Gross unrealized:
Appreciation	$	12,533,643		$	57,286,241		$	11,084,419		$	1,910,141
Depreciation		(9,965,717	)		(40,416,195	)		(2,457,372	)		(410,455	)
Net unrealized appreciation (depreciation) of investments	$	2,567,926		$	16,870,046		$	8,627,047		$	1,499,686

Nuveen Investments 73

Notes to Financial Statements(Unaudited)(continued)

Permanent differences, primarily due to the redemption in-kind, tax equalization, REIT adjustments, foreign currency reclassifications and investments in passive foreign investment companies, resulted in reclassifications among the Funds’ components of net assets at October 31, 2011, the Funds’ last tax year end, as follows:

	International			International Select			Quantitative Enhanced Core Equity			Tactical Market Opportunities
Capital paid-in	$	51,556,643		$	6,812,345		$	5,389,685		$	—
Undistributed (Over-distribution) of net investment income		(1,304,412	)		(1,205,020	)		(59,953	)		7,382
Accumulated net realized gain (loss)		(50,252,231	)		(5,607,325	)		(5,329,732	)		(7,382	)

The tax components of undistributed net ordinary income and net long-term capital gains at October 31, 2011, the Funds’ last tax year end, were as follows:

	International		International Select		Quantitative Enhanced Core Equity		Tactical Market Opportunities
Undistributed net ordinary income*	$	6,142,535	$	7,992,972	$	1,950,713	$	1,123,426
Undistributed net long-term capital gains		19,357,175		6,305,748		1,581,249		395,716

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

The tax character of distributions paid during the Funds’ last tax year ended October 31, 2011, was designated for purposes of the dividends paid deduction as follows:

	International		International Select		Quantitative Enhanced Core Equity		Tactical Market Opportunities
Distributions from net ordinary income*	$	4,302,783	$	6,488,314	$	2,867,492	$	202,030
Distributions from net long-term capital gains		—		—		—		—

* Net ordinary income consists of net taxable income derived from dividends, interest, net short-term capital gains and current year earnings and profits attributable to realized gains, if any.

During the Funds’ last tax year ended October 31, 2011, the following Funds utilized their capital loss carryforwards as follows:

	International		International Select		Quantitative Enhanced Core Equity
Utilized capital loss carryforwards	$	14,507,197	$	38,754,135	$	7,765,820

7. Management Fees and Other Transactions with Affiliates

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

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

Average Daily Net Assets	International			International Select			Quantitative Enhanced Core Equity			Tactical Market Opportunities
For the first $125 million		.8500	%		.8500	%		.3000	%		.6000	%
For the next $125 million		.8375			.8375			.2875			.5875
For the next $250 million		.8250			.8250			.2750			.5750
For the next $500 million		.8125			.8125			.2625			.5625
For the next $1 billion		.8000			.8000			.2500			.5500
For net assets over $2 billion		.7750			.7750			.2250			.5250

74 Nuveen Investments

The annual complex-level fee for each Fund, payable monthly, is determined by taking the complex-level fee rate, which is based on the aggregate amount of “eligible assets” of all Nuveen funds as set forth in the schedule below, and making, as appropriate, an upward adjustment to that rate based upon the percentage of the particular fund’s assets that are not “eligible assets.” The complex-level fee schedule for each Fund is as follows:

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

* The complex-level fee is calculated based upon the aggregate daily “eligible assets” of all Nuveen Funds. Eligible assets do not include assets attributable to investments in other Nuveen Funds or assets in excess of $2 billion added to the Nuveen Fund complex in connection with the Adviser’s assumption of the management of the former First American Funds effective January 1, 2011. Eligible assets include closed-end fund assets managed by the Adviser that are attributable to financial leverage. For these purposes, financial leverage includes the closed-end funds’ use of preferred stock and borrowings and investments in the residual interest certificates (also called inverse floating rate securities) in tender option bond (TOB) trusts, including the portion of assets held by the TOB trust that has been effectively financed by the trust’s issuance of floating rate securities, subject to an agreement by the Adviser as to certain funds to limit the amount of such assets for determining eligible assets in certain circumstances. As of April 30, 2012, the complex-level fee rate for each of these Funds was as follows:

Fund	Rate
International		.1998	%
International Select		.1998
Quantitative Enhanced Core Equity		.1998
Tactical Market Opportunities		.1753

The management fee compensates the Adviser for the overall investment advisory and administrative services and general office facilities. The Adviser is responsible for each Fund’s overall strategy and asset allocation decisions. The Adviser has entered into sub-advisory agreements with Nuveen Asset Management, LLC (the “Sub-Adviser”), a wholly-owned subsidiary of the Adviser, under which the Sub-Adviser manages the investment portfolios of the Funds. The Sub-Adviser will be compensated for its services to the Funds from the management fees paid to the Adviser.

The Adviser has agreed to waive fees and/or reimburse expenses of each Fund so that total annual Fund operating expenses, after fee waivers and/or expense reimbursements and excluding acquired Fund fees and expenses, do not exceed the percentage of the average daily net assets of any class of Fund shares in the amounts and for the time periods stated in the following table:

	International			International Select			Quantitative Enhanced Core Equity			Tactical Market Opportunities
Class A Shares		1.49	%		1.49	%		.70	%		1.20	%
Class C Shares		2.24			2.24			1.45			1.95
Class R3 Shares		1.74			1.74			N/A			N/A
Class I Shares		1.24			1.24			.45			.95
Expiration Date		February 29, 2013			February 29, 2013			February 29, 2013			February 29, 2013

N/A - Quantitative Enhanced Core Equity and Tactical Market Opportunities do not offer Class R3 Shares.

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

The Trust pays no compensation directly to those of its directors 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 Directors has adopted a deferred compensation plan for independent directors that enable directors 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.

Nuveen Investments 75

Notes to Financial Statements (Unaudited)(continued)

During the six months ended April, 30, 2012, Nuveen Securities, 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:

	International		International Select		Quantitative Enhanced Core Equity		Tactical Market Opportunities
Sales charges collected	$	8,743	$	4,115		N/A	$	91,331
Paid to financial intermediaries		7,637		3,594		N/A		80,006

N/A - Class A Shares of Quantitative Enhanced Core Equity are offered at their net asset value per share with no upfront sales charge.

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

During the six months ended April 30, 2012, the Distributor compensated financial intermediaries directly with commission advances at the time of purchase as follows:

	International		International Select		Quantitative Enhanced Core Equity		Tactical Market Opportunities
Commission advances	$	255	$	233	$	—	$	71,949

All 12b-1 service and distribution fees collected on Class B Shares and C Shares during the first year following a purchase were retained by the Distributor to compensate for commissions advanced to financial intermediaries. During the six months ended April 30, 2012, the Distributor retained such 12b-1 fees as follows:

	International		International Select		Quantitative Enhanced Core Equity		Tactical Market Opportunities
12b-1 fees retained	$	2,768	$	230	$	178	$	20,012

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

The Distributor also collected and retained CDSC on share redemptions during the six months ended April 30, 2012, as follows:

	International		International Select		Quantitative Enhanced Core Equity		Tactical Market Opportunities
CDSC retained	$	353	$	163	$	—	$	313

8. New Accounting Pronouncements

Fair Value Measurements and Disclosures

On May 12, 2011, the Financial Accounting Standards Board (“FASB”) issued Accounting Standards Update (“ASU”) No. 2011-04 (“ASU No. 2011-04”) modifying Topic 820, Fair Value Measurements and Disclosures. At the same time, the International Accounting Standards Board (“IASB”) issued International Financial Reporting Standard (“IFRS”) 13, Fair Value Measurement. The objective of the FASB and IASB is convergence of their guidance on fair value measurements and disclosures. Specifically, ASU No. 2011-04 requires reporting entities to disclose i) the amounts of any transfers between Level 1 and Level 2, the reasons for the transfers and ii) for Level 3 fair value measurements, a) quantitative information about significant unobservable inputs used, b) a description of the valuation processes used by the reporting entity and c) a narrative description of the sensitivity of the fair value measurement to changes in unobservable inputs if a change in those inputs might result in a significantly higher or lower fair value measurement. The effective date of ASU No. 2011-04 is for interim and annual periods beginning after December 15, 2011. At this time, management is evaluating the implications of this guidance and the impact it will have to the financial statement amounts and footnote disclosures, if any.

9. Subsequent Events

Liquidation of Class R3 Shares

Effective May 14, 2012, Class R3 Shares of International Select were closed to all new investments. After the close of business on June 13, 2012, the Fund liquidated all shareholder accounts invested in Class R3 Shares and distributed the proceeds of the liquidation.

76 Nuveen Investments

Notes

Nuveen Investments 77

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 distributions and capital gains, if any) over the time period being considered.

Bank of America Merrill Lynch 3-Month U.S. Treasury Bill Index: The Bank of America Merrill Lynch 3-Month U.S. Treasury Bill Index is an unmanaged index that is comprised of a single U.S. Treasury issue with approximately three months to final maturity, purchased at the beginning of each month and held for one full month. The index returns assume reinvestment of distributions, but do not reflect any applicable sales charges or management fees.

Beta: A measure of the variability of the change in the share price for a fund in relation to a change in the value of the fund’s market benchmark. Securities with betas higher than 1.0 have been, and are expected to be, more volatile than the benchmark; securities with betas lower than 1.0 have been, and are expected to be, less volatile than the benchmark.

Futures Contracts: Exchange-traded, standardized agreements to buy or sell specific amounts of financial instruments or physical commodities at a specified time in the future.

Lipper International Large-Cap Growth Funds Classification Average: Represents the average annualized total return for all reporting funds in the Lipper International Large-Cap Growth Funds Classification. Lipper returns account for the effects of management fees and assume reinvestment of distributions but do not reflect any applicable sales charges.

Lipper Large-Cap Core Funds Classification Average: Represents the average annualized total return for all reporting funds in the Lipper Large-Cap Core Funds Classification. Lipper returns account for the effects of management fees and assume reinvestment of distributions but do not reflect any applicable sales charges.

Lipper Flexible Portfolio Funds Classification Average: Represents the average annualized total return for all reporting funds in the Lipper Flexible Portfolio Funds Classification. Lipper returns account for the effects of management fees and assume reinvestment of distributions but do not reflect any applicable sales charges.

MSCI EAFE Index: The MSCI (Morgan Stanley Capital International) EAFE (Europe, Australasia, Far East) Index is a free float-adjusted market capitalization weighted index designed to measure developed market equity performance, excluding the U.S. and Canada. The index returns assume reinvestment of distributions, but do not reflect any applicable sales charges or management fees.

MSCI All Country World Investable Market Index (ex U.S.): The MSCI (Morgan Stanley Capital International) All Country World Investable Market Index (ex U.S.) is a free float-adjusted market capitalization weighted index that is designed to measure the equity market performance of developed and emerging markets. The index consists of 45 country indexes comprising 24 developed and 21 emerging market countries. The index returns assume reinvestment of distributions, but do not reflect any applicable sales charges or management fees.

Net Asset Value (NAV): The net market value of all securities held in a portfolio.

Net Asset Value (NAV) Per Share: The market value of one share of a mutual fund or closed-end fund. For a Fund, the NAV is calculated daily by taking the Fund’s total assets (securities, cash, and accrued earnings), subtracting the Fund’s liabilities, and dividing by the number of shares outstanding.

S&P 500^® Index: An unmanaged index generally considered representative of the U.S. stock market. The index returns assume reinvestment of distributions, but do not reflect any applicable sales charges or management fees.

Tax Equalization: The practice of treating a portion of the distribution made to a redeeming shareholder, which represents his proportionate part of undistributed net investment income and capital gain as a distribution for tax purposes. Such amounts are referred to as the equalization debits (or payments) and will be considered a distribution to the shareholder of net investment income and capital gain for calculation of the Fund’s dividends paid deduction.

78 Nuveen Investments

Additional Fund Information

Fund Manager

Nuveen Fund Advisors, Inc.

333 West Wacker Drive

Chicago, IL 60606

Sub-Advisers

Nuveen Asset Management, LLC

333 West Wacker Drive

Chicago, IL 60606

Altrinsic Global Advisors, LLC

8 Sound Shore Drive

Greenwich, CT 06830

Hansberger Global Investors, Inc.

401 East Lasolas Blvd.

Suite 1700

Fort Lauderdale, FL 33301

Lazard Asset Management

30 Rockefeller Plaza

57^th Floor

New York, NY 10112-6300

Legal Counsel

Chapman and Cutler LLP

Chicago, IL

Independent Registered Public Accounting Firm*

PricewaterhouseCoopers LLP

Chicago, IL

Custodians

U.S. Bank National Association

St. Paul, MN

State Street Bank & Trust Company

Boston, MA

Transfer Agent and Shareholder Services

Boston Financial

Data Services, Inc.

Nuveen Investor Services

P.O. Box 8530

Boston, MA 02266-8530

(800) 257-8787

* The Board of Directors of the Funds, upon recommendation of the Audit Committee, engaged PricewaterhouseCoopers LLP as the Funds’ independent registered public accounting firm as of March 1, 2011. On December 30, 2011, Ernst & Young, LLP (“Ernst & Young”) completed its work on the October 31, 2011 audits and resigned as the independent registered public accounting firm of the Funds.

Ernst & Young’s report on the Funds’ financial statements for the most recent fiscal year contained no adverse opinion or disclaimer of opinion, and were not qualified or modified as to uncertainty, audit scope or accounting principles. For the most recent fiscal year and through March 1, 2011, there were no disagreements with Ernst & Young on any matter of accounting principles, financial statement disclosure or auditing scope or procedures, which disagreements, if not resolved to the satisfaction of Ernst & Young, would have caused it to make reference to the subject matter of the disagreements in connection with its reports on the Funds’ financial statements.

Quarterly Portfolio of Investments and Proxy Voting information: You may obtain (i) each Fund’s quarterly portfolio of investments, (ii) information regarding how each Fund voted proxies relating to portfolio securities held during the most recent twelve-month period ended June 30, and (iii) a description of the policies and procedures that each 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. FINRA also provides an investor brochure that includes information describing the Public Disclosure Program.

Nuveen Investments 79

Nuveen Investments:

Serving Investors for Generations

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

Focused on meeting investor needs.

Nuveen Investments provides high-quality investment services designed to help secure the longterm goals of institutional and individual investors as well as the consultants and financial advisors who serve them. Nuveen Investments markets a wide range of specialized investment solutions which provide investors access to capabilities of its high-quality boutique investment affiliates-Nuveen Asset Management, Symphony Asset Management, NWQ Investment Management Company, Santa Barbara Asset Management, Tradewinds Global Investors, Winslow Capital Management, and Gresham Investment Management. In total, Nuveen Investments managed approximately $227 billion as of March 31, 2012.

Find out how we can help you.

To learn more about how the products and services of Nuveen Investments may be able to help you meet your financial goals, talk to your financial advisor, or call us at (800) 257-8787. Please read the information provided carefully before you invest. Investors should consider the investment objective and policies, risk considerations, charges and expenses of any investment carefully. Where applicable, be sure to obtain a prospectus, which contains this and other relevant information. To obtain a prospectus, please contact your securities representative or Nuveen Investments, 333 W. Wacker Dr., Chicago, IL 60606. Please read the prospectus carefully before you invest or send money.

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

Distributed by

Nuveen Securities, LLC

333 West Wacker Drive

Chicago, IL 60606

www.nuveen.com

MSA-FQTII-0412D

Mutual Funds

Nuveen Equity Funds

For investors seeking the potential for long-term capital appreciation.

Semi-Annual Report

April 30, 2012

	Share Class / Ticker Symbol
Fund Name	Class A	Class B	Class C	Class R3	Class I
Nuveen Large Cap Growth Opportunities Fund	FRGWX	FETBX	FAWCX	FLCYX	FIGWX
Nuveen Mid Cap Growth Opportunities Fund	FRSLX	FMQBX	FMECX	FMEYX	FISGX
Nuveen Small Cap Growth Opportunities Fund	FRMPX	FROBX	FMPCX	FMPYX	FIMPX

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

Table of Contents

Chairman’s Letter to Shareholders	4
Portfolio Managers’ Comments	5
Fund Performance and Expense Ratios	13
Holding Summaries	17
Expense Examples	18
Portfolios of Investments	19
Statement of Assets and Liabilities	28
Statement of Operations	29
Statement of Changes in Net Assets	30
Financial Highlights	32
Notes to Financial Statements	38
Glossary of Terms Used in this Report	50
Additional Fund Information	51

Chairman’s

Letter to Shareholders

Dear Shareholders,

Investors have many reasons to remain cautious. The challenges in the Euro area are casting a shadow over global economies and financial markets. The political support for addressing fiscal issues is eroding as the economic and social impacts become more visible. At the same time, member nations appear unwilling to provide adequate financial support or to surrender sufficient sovereignty to strengthen the banks or unify the Euro area financial system. The gains made in reducing deficits, and the hard-won progress on winning popular acceptance of the need for economic austerity, are at risk. To their credit, European political leaders press on to find compromise solutions, but there is increasing concern that time will begin to run out.

In the U.S., strong corporate earnings have enabled the equity markets to withstand much of the downward pressures coming from weakening job creation, slower economic growth and political uncertainty. The Fed remains committed to low interest rates but has refrained from predicting another program of quantitative easing unless economic growth were to weaken significantly or the threat of recession appears on the horizon. Pre-election maneuvering has added to the already highly partisan atmosphere in the Congress. The end of the Bush-era tax cuts and implementation of the spending restrictions of the Budget Control Act of 2011, both scheduled to take place at year-end, loom closer.

During the last year, U.S. based investors have experienced a sharp decline and a strong recovery in the equity markets. The experienced investment teams at Nuveen keep their eye on a longer time horizon and use their practiced investment disciplines to negotiate through market peaks and valleys to achieve long-term goals for investors. Experienced professionals pursue investments that will weather short-term volatility and at the same time, seek opportunities that are created by markets that overreact to negative developments. Monitoring this process is an important consideration for the Fund Board as it oversees your Nuveen funds on your behalf.

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

Sincerely,

Robert P. Bremner

Chairman of the Board

June 20, 2012

4 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.

These Funds feature portfolio management by Nuveen Asset Management, LLC, an affiliate of Nuveen Investments.

Harold (Hal) Goldstein, Scott Mullinix, CFA, and James (Jim) Diedrich, CFA, are the portfolio managers for the Nuveen Large Cap Growth Opportunities Fund. Hal, who has 30 years of investment experience, assumed portfolio management responsibilities in 2002. Scott and Jim, who have 23 and 28 years of experience, respectively, have been on the management team for the Fund since 2006.

Jim, Hal and Scott are also the portfolio managers for the Nuveen Mid Cap Growth Opportunities Fund. Jim and Scott assumed portfolio management responsibilities in 2006. Hal has been on the management team of the Fund since 2005.

Rob McDougall, CFA, and Jon Loth, CFA, are the portfolio managers for the Nuveen Small Cap Growth Opportunities Fund. Rob, who has 24 years of investment experience, assumed portfolio management responsibilities in 2004. Jon, with 18 years of investment experience, has been on the management team for the Fund since 2007.

On the following pages, the portfolio management teams for the Funds examine key investment strategies and the Funds’ performance for the six-month period ended April 30, 2012.

Nuveen Large Cap Growth Opportunities Fund

How did the Fund perform during the six-month period ended April 30, 2012?

The tables in the Fund Performance and Expense Ratios section of this report provide Class A Share total returns for the Fund for the six-month, one-year, five-year and ten-year periods ended April 30, 2012. The Fund’s Class A Shares at net asset value (NAV) outperformed its Lipper classification average, but slightly underperformed the Russell 1000^® Growth Index over the six-month period.

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

The Fund seeks to provide long-term capital appreciation by investing primarily in the common stocks of companies that have market capitalizations of $3 billion or greater at the time of purchase. We start by identifying what we believe are exceptional growth companies with open-ended growth prospects, outstanding financial characteristics and solid management teams. From that highly selective group, we invest in companies where our expectations for earnings growth exceed consensus expectations. For each Fund

Nuveen Investments 5

holding, we develop a proprietary growth thesis. When the growth thesis is validated, we hold or buy more; however, when our growth thesis is not validated, we sell the holding. Although we made individual position changes during the reporting period, our underlying investment strategy remained consistent.

During the reporting period, the Fund’s performance benefited from strong stock selection in the consumer staples and technology sectors. While the consumer staples sector was an average performer in the index, it was the best performing category for the Fund. Monster Energy and Estee Lauder were responsible for the majority of the Fund’s outperformance versus the benchmark in this sector. Monster Energy, the energy drink producer, benefited from accelerating volumes as the energy drink portion of the beverage industry gained market share. As a result, Monster saw its margins increase while international growth was strong. Estee Lauder, the global manufacturer of high end cosmetics, continued to gain from improved margins through operational cost savings. The company has reported earnings above consensus expectations over the past few years. Favorable stock selection in the technology sector was led by the Fund’s overweight position in Apple, a top large-cap technology performer. This leading manufacturer of smartphones, desktop and portable computing devices saw its stock advance dramatically during the period. Apple was able to gain meaningful and profitable market share in the computing devices market via the introduction of its new iPad, upgrades to its iPhone and continued demand for desktop and portable Mac computers. The Fund’s performance also benefited from the information technology holdings Visa and MasterCard. These stable, secular growth companies had strong results with moderate multiples of approximately 15 times earnings.

The greatest contributor toward the Fund’s shortfall versus the Russell Index was the industrials sector, where performance was hindered by a slight underweight versus the benchmark as well as stock selection. Most of the underperformance resulted from Joy Global, a highly cyclical holding tied to the energy and materials sectors. The company manufactures equipment and aftermarket parts used in the mining of coal, copper, iron ore and other mineral resources. Fears that fundamentals were going to deteriorate in these two segments led to a decline in the Joy Global stock price. Overall, the consumer discretionary sector did not enhance the Fund’s performance. Premier jeweler Tiffany & Company underperformed as its business declined due to the recessionary environment in Europe and slowing traffic into its flagship stores. Wynn Resorts was also a laggard in this sector. This developer and operator of high end resorts and casinos saw its stock price decline due to fears of lower market share in Macau. Even though the Fund underperformed in the sector overall, priceline.com performed well as the company continued to post strong earnings despite Europe’s economic slowdown. Another detractor was CARBO Ceramics in the energy sector. CARBO is one of the few companies that makes the ceramic proppant used in oil and gas drilling to enhance the recoverability of shale wells. As natural gas prices have fallen dramatically, natural gas drilling has also declined and most of CARBO’s customers have shifted to crude oil drilling. Not only has the company’s cost of doing business increased as it is forced to move equipment, but also less of its proppant product is used in crude drilling. We sold our positions in Tiffany and Wynn Resorts during the period since they did not meet our overall investment objectives. The fundamentals for Tiffany deteriorated too much as European and

6 Nuveen Investments

U.S. consumer spending declined. We agreed with the market’s concerns about Wynn Resorts and its market share declines in Macau. We also sold Joy Global based on fundamental concerns and CARBO Ceramics as our growth thesis surrounding increased shale drilling was derailed by falling natural gas prices.

During the period, we added several new positions to replace those that were sold. Given the uncertainty in the economic growth outlook, we continued to be interested in consistent, organic volume-driven growth companies. New purchases included Rackspace Hosting, a market leader in hosting cloud-based technology services for small- and mid-sized business. Rackspace’s revenues are increasing faster than expenses as the company is able to leverage the growing number of businesses switching over to cloud-based services. We also added a position in McKesson Corporation, one of the three large distributors of pharmaceuticals and supplies to the health care industry. McKesson has enhanced margins through expense management and has benefited from the secular growth trends in the pharmaceutical distribution business. Finally, we bought GNC Holdings, the operator of general nutrition stores that offer products ranging from vitamins to diet and exercise aids. GNC continues to have strong sales as it benefits from the consistent quest by American consumers to be more health conscious.

Nuveen Mid Cap Growth Opportunities Fund

How did the Fund perform during the six-month period ended April 30, 2012?

The tables in the Fund Performance and Expense Ratios section of this report provide Class A Share total returns for the Fund for the six-month, one-year, five-year and ten-year periods ended April 30, 2012. The Fund’s Class A Shares at net asset value (NAV) outperformed both the Russell Midcap^® Growth Index and the Lipper classification average over the six-month period.

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

The Fund pursues a long-term capital appreciation strategy by investing primarily in the common stocks of companies that have market capitalizations between approximately $350 million and $14 billion at the time of purchase. We start by identifying what we believe are exceptional growth companies with open-ended growth prospects, outstanding financial characteristics and solid management teams. From that highly selective group, we invest in companies where our expectations for earnings growth exceed consensus expectations. For each Fund holding, we develop a proprietary growth thesis. When the growth thesis is validated, we hold or buy more; however, when our growth thesis is not validated, we sell the holding. Although we made individual position changes during the reporting period, our underlying investment strategy remained consistent.

The Fund’s performance benefited from strong stock selection across the energy, consumer staples, technology and telecommunications services sectors. The most significant contributors in the Fund were three energy companies despite the fact that the overall energy sector significantly underperformed the market. For example, FMC

Nuveen Investments 7

Technologies, an oil services company mainly for off-shore, deep water energy companies, was a top performer. FMC benefited from strong orders for its sub-sea technologies and its position as the largest operator in that segment. The Fund had favorable results from a relatively new oil and gas exploration and production company, Cobalt International Energy. The company is focused on sub-salt formations in the deep offshore waters of the Gulf of Mexico and West Africa. Cobalt International recently experienced its first big discovery in off-shore Angola. This discovery was larger than expected, and it has more large sites yet to drill. Finally, the Fund’s position in energy services provider Core Laboratories yielded positive results during the period. Core Laboratories helps exploration and production companies in the petroleum industry to optimize their production. The company has virtually no competition in this segment, leading to strong pricing power and good earnings. While the consumer staples sector was an average performer in the index, two of the Fund’s holdings in this sector performed well. Monster Energy, the energy drink producer, benefited from accelerating volumes as the energy drink portion of the beverage industry gained market share. As a result, Monster saw its margins increase while international growth was strong. Estee Lauder, the global manufacturer of high end cosmetics, continued to gain from improved margins through operational cost savings. The company has reported earnings above consensus expectations over the past few years. The Fund still owns Monster, but it sold the Estee Lauder position because its market capitalization of approximately $20 billion became too large for mid-cap market capitalization parameters. Although technology as a sector underperformed, our stock selection within this segment was strong. The Fund benefited from the acquisition of Success Factors, a cloud-based human resources software company, by SAP for a significant premium. We also saw strong results from Rackspace Hosting, a market leader in hosting cloud-based technology services for small- and mid-sized business. Rackspace’s revenues are increasing faster than expenses as the company is able to leverage the growing number of businesses switching over to cloud-based services. In addition, the Fund benefited from owning LinkedIn, a network focused on connecting professionals. Its earnings have outpaced consensus expectations as the company has started to monetize its business. Finally, the Fund outperformed in the telecommunications services sector with its position in SBA Communications. The company, which operates wireless communication towers, showed consistent volume and made a favorable acquisition that added to earnings.

Overall, the consumer discretionary sector did not enhance Fund performance. This underperformance was led by Deckers Outdoor, the maker of the popular Ugg sheepskin boots and Teva sandals. Our growth thesis was that Deckers would broaden its product line and expand internationally with more direct consumer stores. However, the company experienced low sales due to warm winter weather and an increase in sheepskin prices. Abercrombie & Fitch underperformed as the company’s international expansion via its new flagship stores in Europe was hindered by the region’s economic crisis. Premier jeweler Tiffany & Company underperformed as its business declined due to the recessionary environment in Europe and slowing traffic into its flagship stores. Wynn Resorts was also a laggard in this sector. This developer and operator of high end resorts and casinos saw its stock price decline due to fears of lower market share in Macau. Even though the Fund underperformed in the sector overall, priceline.com performed well as

8 Nuveen Investments

the company continued to post strong earnings despite Europe’s economic slowdown. Another detractor was CARBO Ceramics from the energy sector. CARBO is one of the few companies that makes the ceramic proppant used in oil and gas drilling to enhance the recoverability of shale wells. As natural gas prices have fallen dramatically, natural gas drilling has also declined and most of CARBO’s customers have shifted to crude oil drilling. The company’s cost of doing business increased as it was forced to move equipment, and less of its proppant product was used in crude drilling. We sold Deckers Outdoor, Abercrombie & Fitch, Tiffany & Company and Wynn Resorts because they did not meet our overall investment objectives. As a result, the Fund’s weighting in the consumer discretionary sector has declined. We also sold CARBO Ceramics since our growth thesis surrounding increased shale drilling has been derailed by falling natural gas prices. Finally, we sold outperformer FMC Technologies before its earnings were released. Earnings did not meet expectations, causing the stock price to fall and underperform.

We added several new positions to replace those that were sold. We increased the Fund’s technology sector weighting. Purchases included software company Citrix Systems due to its promising new XenDesktop product, software that provides server and desktop virtualization technologies to businesses. Another addition, Amphenol, makes and supplies electrical connectors used in the auto, industrial and aerospace industries. Amphenol outperformed estimates as the company is in a secular growth industry and has gained market share by consolidating other operators. We also bought NetSuite, a cloud-based enterprise resource planning company that has shown rapid growth potential. NetSuite sells software to help small and medium sized companies run their business on the cloud instead of utilizing their own IT department.

Nuveen Small Cap Growth Opportunities Fund

How did the Fund perform during the six-month period ended April 30, 2012?

The tables in the Fund Performance and Expense Ratios section of this report provide Class A Share total returns for the Fund for the six-month, one-year, five-year and ten-year periods ended April 30, 2012. The Fund’s Class A Shares at net asset value (NAV) outperformed both the Russell 2000^® Growth Index and the Lipper classification average over the six-month period.

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

The Fund seeks to provide long-term capital appreciation by investing primarily in equity securities of companies with market capitalizations in the range of the benchmark Russell Index. The investment process we use seeks to exploit secular trends that we believe will provide above-average growth, which should mute the effects of the business cycle over the longer term. Importantly, our process also emphasizes a valuation discipline aimed at finding what we believe are attractive investment opportunities that could benefit from multiple expansion when particular investment catalysts become evident in the marketplace. The Fund’s portfolio typically features investments in high-quality companies

Nuveen Investments 9

with attractive margin profiles, generally healthy balance sheets and prospects for attractive revenue and earnings growth.

The longer term track record of the Fund remains attractive, and results for the reporting period exceeded the benchmark. Despite November volatility that was driven by continued European debt concerns coupled with the U.S. Congressional Super Committee’s failure to reach an agreement on a $1.2 trillion debt reduction package, investors began to focus increasingly on generally strong U.S. corporate earnings, signs of improvement in the labor market and potential stability in housing. Accordingly, the Fund’s outperformance over this time frame was derived from several of the more economically sensitive sectors.

Stock selection in the industrials, consumer discretionary and health care sectors contributed to the Fund’s performance. Results in industrials were led by the portfolio’s position in United Rentals, a major U.S. construction rental firm that benefited from a secular change in the industry in favor of increased rentals as a means of structural cost reduction. In addition to posting earnings results ahead of investors’ expectations, the company also announced it would acquire its biggest competitor to form the largest equipment rental organization in the U.S., which spurred a strongly positive reaction in the stock price. Performance was also driven by shares of Altra Holdings, a manufacturer of mechanical transmission and motion control products. Altra reported strong third quarter 2011 results, reaffirming the health of its early cycle business while at the same time exhibiting the acceleration in its late cycle, energy related operations. The consumer discretionary sector was also a positive contributor to the Fund’s performance, most notably in the leisure equipment and products group. Shares of Arctic Cat, a well-known manufacturer of snowmobiles and all-terrain vehicles, were exceptionally strong as new product launches in both areas amidst a lean dealer inventory environment drove expectations of revenue growth in excess of 20% for the year. Ascena Retail Group, an operator of women’s clothing and accessories stores, provided a strong earnings report for the first quarter 2012 and also signaled that it would be acquiring their competitor, Charming Shoppes. Finally, shares of Zumiez, a teen-focused clothing retailer, provided earnings results for the third quarter 2011 that were ahead of expectations, driven by contribution from new stores and strong growth in online sales. Importantly, its management also reported robust November comparable store sales growth that suggested the fourth quarter 2011 was off to a healthy start. The health care sector also contributed favorably to investment results. The share price of Salix Pharmaceuticals, a specialty pharmaceutical firm focused on gastrointestinal disorders, reacted positively due to drug development for irritable bowel syndrome and another intestinal condition common with opiate use. Finally, the Fund benefited from positions in Align Technology, a global manufacturer of clear orthodontic aligners. The company reported solid results for the first quarter 2012 that included strong growth in case shipments, healthy gross margins and a rebound in oral scanner sales.

The largest detractor to relative performance was stock selection in the information technology sector, most notably in the communications equipment and semiconductor-related groups. A significant negative impact came from the Fund’s position in Vocus, an on-demand software provider for public relations management. Despite posting solid

10 Nuveen Investments

fourth quarter 2011 results, its share price fell due to an announced increase in 2012 investment spending and a sizeable, dilutive acquisition. Weakness in the share price of Acme Packet also hindered performance. This communications equipment provider, which is focused on session board controllers sold primarily to telecommunications carriers and increasingly to large enterprises, came under pressure as management provided guidance for full year revenue growth below investor expectations. Finally, shares of OmniVision Technologies, a consumer-oriented image sensing company, lagged during this period as it became clear the firm had lost a key design decision to a Japanese competitor.

In the information technology sector, we took advantage of the current weakness in communications equipment shares due to recent reduced spending from Tier-1 carriers, a trend that we believe could reverse later in the year. The Fund’s industrial sector positioning will be influenced by our assessment of what appears to be a mid-cycle slowdown and the resulting impact on valuations in areas such as staffing and construction. We continued to find attractively valued consumer discretionary names, particularly as gasoline prices have declined from their recent highs heading into the summer driving season, and the relative performance of the group so far this year has been impressive. Moreover, it appears that both Europe and selected portions of Asia are currently experiencing a deceleration in economic activity, which is causing us to emphasize domestic exposure over the near term in these cyclical groups.

The Fund’s portfolio is currently equally weighted to its benchmark index in the health care sector with a preference for defensive, unit growth investments with lower reimbursement risks as we await the Supreme Court’s decision on the constitutionality of the Affordable Care Act and the upcoming November elections. However, our bias would be to increase the Fund’s holdings in health care as the outlook improves. Finally, it appears as though the energy sector is in the midst of a corrective phase, which could present an opportunity to gain exposure heading into the latter half of 2012. The Fund’s portfolio remains underweight in the financial services, consumer staples and materials sectors given the lack of compelling growth opportunities in light of current valuations.

Risk Considerations

Mutual fund investing involves risk; principal loss is possible.

Nuveen Large Cap Growth Opportunities Fund

Equity investments, such as those held by the Fund, are subject to market risk, active management risk, and growth stock risk. Foreign investments involve additional risks, including currency fluctuation, political and economic instability, lack of liquidity and differing legal and accounting standards. These risks are magnified in emerging markets. Diversification does not assure a profit or protect against a loss in a declining market. The use of derivatives involves additional risk and transaction costs.

Nuveen Mid Cap Growth Opportunities Fund

Equity investments are subject to market risk. Foreign investments involve additional risks, including currency fluctuation, political and economic instability, lack of liquidity and

Nuveen Investments 11

differing legal and accounting standards. These risks are magnified in emerging markets. Investments in small- and mid-cap companies are subject to greater volatility. The use of derivatives involves additional risk and transaction costs. The Fund’s ability to invest in initial public offerings (IPOs) involves a higher degree of risk than more seasoned companies.

Nuveen Small Cap Growth Opportunities Fund

Equity investments are subject to market risk. Foreign investments involve additional risks, including currency fluctuation, political and economic instability, lack of liquidity and differing legal and accounting standards. These risks are magnified in emerging markets. Investments in small- and mid-cap companies are subject to greater volatility. The use of derivatives involves additional risks and transactions costs. The Fund’s ability to invest in initial public offerings (IPOs) involves a higher degree of risk than more seasoned companies. Small cap stocks involve substantial risk.

12 Nuveen Investments

Fund Performance and Expense Ratios

The Fund Performance and Expense Ratios for each Fund are shown on the following three pages.

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. 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 Fund shares.

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

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.

Comparative index and Lipper return information is provided for the Funds’ Class A Shares at net asset value (NAV) only.

The expense ratios shown reflect the Funds’ total operating expenses (before fee waivers or expense reimbursements, if any) as shown in the Funds’ most recent prospectus. The expense ratios include management fees and other fees and expenses.

Nuveen Investments 13

Fund Performance and Expense Ratios(continued)

Nuveen Large Cap Growth Opportunities Fund

Refer to the first page of this Fund Performance and Expense Ratios section for further explanation of the information included within this page.

Fund Performance

Average Annual Total Returns as of April 30, 2012*

	Cumulative		Average Annual
	6-Month		1-Year		5-Year		10-Year
Class A Shares at NAV		13.37%		4.75%		5.39%		5.04%
Class A Shares at maximum Offering Price		6.85%		-1.26%		4.15%		4.42%
Russell 1000® Growth Index**		14.13%		7.26%		4.11%		5.16%
Lipper Large-Cap Growth Funds Classification Average**		12.89%		4.71%		2.97%		4.33%
Class B Shares w/o CDSC***		12.94%		3.90%		4.60%		4.26%
Class B Shares w/CDSC***		7.94%		-1.08%		4.43%		4.26%
Class C Shares		12.98%		3.94%		4.61%		4.25%
Class R3 Shares		13.22%		4.44%		5.12%		4.83%
Class I Shares		13.49%		4.99%		5.65%		5.30%

Average Annual Total Returns as of March 31, 2012 (Most Recent Calendar Quarter)*

	Cumulative		Average Annual
	6-Month		1-Year		5-Year		10-Year
Class A Shares at NAV		23.93%		7.98%		6.29%		4.45%
Class A Shares at maximum Offering Price		16.81%		1.78%		5.05%		3.84%
Class B Shares w/o CDSC***		23.48%		7.16%		5.50%		3.67%
Class B Shares w/CDSC***		18.48%		2.16%		5.34%		3.67%
Class C Shares		23.49%		7.18%		5.51%		3.67%
Class R3 Shares		23.78%		7.69%		6.03%		4.25%
Class I Shares		24.14%		8.26%		6.57%		4.71%

Class A Shares have a maximum 5.75% sales charge (Offering Price). 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 twelve months, which is not reflected in the one-year total return. Class R3 Shares have no sales charge and are available to only certain retirement plan clients of financial intermediaries. Class I Shares have no sales charge and may be purchased under limited circumstances or by specified classes of investors.

Expense Ratios as of Most Recent Prospectus

	Expense Ratios
Class A Shares		1.21%
Class B Shares		1.96%
Class C Shares		1.96%
Class R3 Shares		1.46%
Class I Shares		0.96%

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

** Refer to the Glossary of Terms Used in this Report for definitions. Indexes and Lipper averages are not available for direct investment.

*** Class B Shares are available only upon the exchange of Class B Shares from another Nuveen mutual fund or for purposes of dividend reinvestment, but Class B Shares are not available for new accounts or for additional investment into existing accounts.

14 Nuveen Investments

Nuveen Mid Cap Growth Opportunities Fund

Refer to the first page of this Fund Performance and Expense Ratios section for further explanation of the information included within this page.

Fund Performance

Average Annual Total Returns as of April 30, 2012*

	Cumulative		Average Annual
	6-Month		1-Year		5-Year		10-Year
Class A Shares at NAV		12.48%		0.37%		4.24%		8.18%
Class A Shares at maximum Offering Price		6.02%		-5.41%		3.02%		7.54%
Russell Midcap® Growth Index**		12.26%		0.78%		3.55%		7.50%
Lipper Multi-Cap Growth Funds Classification Average**		11.84%		1.02%		2.76%		5.54%
Class B Shares w/o CDSC***		12.07%		-0.38%		3.46%		7.37%
Class B Shares w/CDSC***		7.07%		-5.13%		3.28%		7.37%
Class C Shares		12.03%		-0.39%		3.46%		7.39%
Class R3 Shares		12.34%		0.13%		3.98%		7.97%
Class I Shares		12.60%		0.63%		4.50%		8.45%

Average Annual Total Returns as of March 31, 2012 (Most Recent Calendar Quarter)*

	Cumulative		Average Annual
	6-Month		1-Year		5-Year		10-Year
Class A Shares at NAV		25.51%		3.35%		4.95%		8.01%
Class A Shares at maximum Offering Price		18.28%		-2.59%		3.72%		7.38%
Class B Shares w/o CDSC***		25.02%		2.57%		4.17%		7.21%
Class B Shares w/CDSC***		20.02%		-2.31%		4.00%		7.21%
Class C Shares		25.01%		2.58%		4.17%		7.22%
Class R3 Shares		25.35%		3.09%		4.69%		7.81%
Class I Shares		25.64%		3.59%		5.21%		8.29%

Class A Shares have a maximum 5.75% sales charge (Offering Price). 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 twelve months, which is not reflected in the one-year total return. Class R3 Shares have no sales charge and are available to only certain retirement plan clients of financial intermediaries. Class I Shares have no sales charge and may be purchased under limited circumstances or by specified classes of investors.

Expense Ratios as of Most Recent Prospectus

	Expense Ratios
Class A Shares		1.28%
Class B Shares		2.03%
Class C Shares		2.03%
Class R3 Shares		1.53%
Class I Shares		1.03%

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

** Refer to the Glossary of Terms Used in this Report for definitions. Indexes and Lipper averages are not available for direct investment.

*** Class B Shares are available only upon the exchange of Class B Shares from another Nuveen mutual fund or for purposes of dividend reinvestment, but Class B Shares are not available for new accounts or for additional investment into existing accounts.

Nuveen Investments 15

Fund Performance and Expense Ratios(continued)

Nuveen Small Cap Growth Opportunities Fund

Refer to the first page of this Fund Performance and Expense Ratios section for further explanation of the information included within this page.

Fund Performance

Average Annual Total Returns as of April 30, 2012*

	Cumulative		Average Annual
	6-Month		1-Year		5-Year		10-Year
Class A Shares at NAV		13.39%		-2.35%		3.99%		5.91%
Class A Shares at maximum Offering Price		6.84%		-7.98%		2.77%		5.28%
Russell 2000® Growth Index**		10.58%		-4.42%		3.27%		6.06%
Lipper Small-Cap Growth Funds Classification Average**		11.70%		-4.09%		2.82%		5.91%
Class B Shares w/o CDSC***		12.93%		-3.14%		3.21%		5.11%
Class B Shares w/CDSC***		7.93%		-7.90%		3.03%		5.11%
Class C Shares		12.93%		-3.13%		3.22%		5.12%
Class R3 Shares		13.23%		-2.61%		3.73%		5.72%
Class I Shares		13.49%		-2.14%		4.24%		6.16%

Average Annual Total Returns as of March 31, 2012 (Most Recent Calendar Quarter)*

	Cumulative		Average Annual
	6-Month		1-Year		5-Year		10-Year
Class A Shares at NAV		33.31%		2.92%		4.82%		5.85%
Class A Shares at maximum Offering Price		25.65%		-3.00%		3.59%		5.23%
Class B Shares w/o CDSC***		32.81%		2.14%		4.04%		5.06%
Class B Shares w/CDSC***		27.81%		-2.86%		3.87%		5.06%
Class C Shares		32.85%		2.19%		4.04%		5.07%
Class R3 Shares		33.18%		2.66%		4.56%		5.66%
Class I Shares		33.47%		3.20%		5.08%		6.11%

Class A Shares have a maximum 5.75% sales charge (Offering Price). 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 twelve months, which is not reflected in the one-year total return. Class R3 Shares have no sales charge and are available to only certain retirement plan clients of financial intermediaries. Class I Shares have no sales charge and may be purchased under limited circumstances or by specified classes of investors.

Expense Ratios as of Most Recent Prospectus

	Gross Expense Ratios		Net Expense Ratios
Class A Shares		1.54%		1.48%
Class B Shares		2.29%		2.23%
Class C Shares		2.29%		2.23%
Class R3 Shares		1.79%		1.73%
Class I Shares		1.29%		1.23%

The Fund’s adviser has contractually agreed to waive fees and/or reimburse other Fund expenses through February 28, 2013, so that total annual Fund operating expenses, after fee waivers and/or expense reimbursements and excluding any acquired Fund fees and expenses, do not exceed 1.47%, 2.22%, 2.22%, 1.72% and 1.22% for Class A, Class B, Class C, Class R3 and Class I Shares, respectively. Fee waivers and/or expense reimbursements will not be terminated prior to that time without with approval of the Fund’s Board of Directors.

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

** Refer to the Glossary of Terms Used in this Report for definitions. Indexes and Lipper averages are not available for direct investment.

*** Class B Shares are available only upon the exchange of Class B Shares from another Nuveen mutual fund or for purposes of dividend reinvestment, but Class B Shares are not available for new accounts or for additional investment into existing accounts.

16 Nuveen Investments

Holding Summariesas of April 30, 2012

This data relates to the securities held in each Fund’s portfolio of investments. It should not be construed as a measure of performance for the Fund itself.

Nuveen Large Cap Growth Opportunities Fund

Portfolio Allocation¹

Nuveen Mid Cap Growth Opportunities Fund

Portfolio Allocation¹

Nuveen Small Cap Growth Opportunities 
Fund

Portfolio Allocation¹

Portfolio Composition1
Information Technology	36.4%
Consumer Discretionary	20.9%
Health Care	11.3%
Industrials	9.7%
Consumer Staples	7.7%
Energy	6.9%
Short-Term Investments	2.2%
Other	4.9%

Portfolio Composition1
Information Technology	23.1%
Consumer Discretionary	20.9%
Industrials	18.4%
Health Care	14.2%
Energy	8.8%
Short-Term Investments	0.7%
Other	13.9%

Portfolio Composition1
Information Technology	24.2%
Health Care	20.1%
Consumer Discretionary	17.3%
Industrials	16.8%
Energy	10.2%
Financials	6.0%
Short-Term Investments	2.8%
Other	2.6%

Top Five Common Stock Holdings2
Apple, Inc.	9.9%
MasterCard, Inc. Class A	2.9%
QUALCOMM, Inc.	2.8%
Priceline.com Incorporated	2.6%
Google Inc., Class A	2.5%

Top Five Common Stock Holdings2
Cerner Corporation	2.4%
Alexion Pharmaceuticals Inc.	2.3%
Perrigo Company	2.2%
SBA Communications Corporation	2.0%
Pioneer Natural Resources Company	2.0%

Top Five Common Stock Holdings2
Energy XXI Limited Bermuda	2.2%
Texas Roadhouse, Inc.	2.0%
Micros Systems, Inc.	1.9%
HealthSouth Corporation	1.9%
Teradyne Inc.	1.8%

1 As a percentage of total investments (excluding investments purchased with collateral from securities lending) as of April 30, 2012. Holdings are subject to change.

2 As a percentage of total common stocks as of April 30, 2012. Holdings are subject to change.

Nuveen Investments 17

Expense Examples

As a shareholder of one or more of the Funds, you incur two types of costs: (1) transaction costs, including up-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. The Examples below are intended to help you understand your ongoing costs (in dollars) of investing in the Funds and to compare these costs with the ongoing costs of investing in other mutual funds.

The Examples below are 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 respective Fund’s actual expense ratio and an assumed rate of return of 5% per year before expenses, which is not the Fund’s actual return. The hypothetical account values and expenses may not be used to estimate the actual ending account balance or 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 transaction costs. 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 transaction costs were included, your costs would have been higher.

Nuveen Large Cap Growth Opportunities Fund

	Actual Performance										Hypothetical Performance (5% annualized 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 (11/01/11)	$	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 (4/30/12)	$	1,133.70	$	1,129.40	$	1,129.80	$	1,132.20	$	1,134.90	$	1,018.60	$	1,014.87	$	1,014.87	$	1,017.35	$	1,019.84
Expenses Incurred During Period	$	6.68	$	10.64	$	10.64	$	8.01	$	5.36	$	6.32	$	10.07	$	10.07	$	7.57	$	5.07

For each class of the Fund, expenses are equal to the Fund’s annualized net expense ratio of 1.26%, 2.01%, 2.01%, 1.51% and 1.01% for Classes A, B, C, R3 and I, respectively, multiplied by the average account value over the period, multiplied by 182/366 (to reflect the one-half year period).

Nuveen Mid Cap Growth Opportunities Fund

	Actual Performance										Hypothetical Performance (5% annualized 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 (11/01/11)	$	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 (4/30/12)	$	1,124.80	$	1,120.70	$	1,120.30	$	1,123.40	$	1,126.00	$	1,018.45	$	1,014.72	$	1,014.72	$	1,017.21	$	1,019.69
Expenses Incurred During Period	$	6.82	$	10.76	$	10.75	$	8.13	$	5.50	$	6.47	$	10.22	$	10.22	$	7.72	$	5.22

For each class of the Fund, expenses are equal to the Fund’s annualized net expense ratio of 1.29%, 2.04%, 2.04%, 1.54% and 1.04% for Classes A, B, C, R3 and I, respectively, multiplied by the average account value over the period, multiplied by 182/366 (to reflect the one-half year period).

Nuveen Small Cap Growth Opportunities Fund

	Actual Performance										Hypothetical Performance (5% annualized 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 (11/01/11)	$	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 (4/30/12)	$	1,133.90	$	1,129.30	$	1,129.30	$	1,132.30	$	1,134.90	$	1,017.55	$	1,013.82	$	1,013.82	$	1,016.31	$	1,018.80
Expenses Incurred During Period	$	7.80	$	11.75	$	11.75	$	9.12	$	6.48	$	7.37	$	11.12	$	11.12	$	8.62	$	6.12

For each class of the Fund, expenses are equal to the Fund’s annualized net expense ratio of 1.47%, 2.22%, 2.22%, 1.72% and 1.22% for Classes A, B, C, R3 and I, respectively, multiplied by the average account value over the period, multiplied by 182/366 (to reflect the one-half year period).

18 Nuveen Investments

Portfolio of Investments (Unaudited)

Nuveen Large Cap Growth Opportunities Fund

April 30, 2012

Shares		Description (1)	Value
		COMMON STOCKS – 99.6%
		Consumer Discretionary – 21.3%
	63,515	Amazon.com, Inc., (2)	$	14,729,129
	107,925	BorgWarner Inc., (2), (3)		8,530,392
	16,868	Chipotle Mexican Grill, (2), (3)		6,985,882
	71,329	Coach, Inc.		5,218,430
	77,376	Dollar Tree Stores Inc., (2)		7,866,044
	37,331	Fossil Inc., (3)		4,878,042
	131,253	GNC Holdings Inc, Class A		5,126,742
	117,979	Lululemon Athletica Inc., (2), (3)		8,746,963
	111,087	PetSmart Inc., (3)		6,471,929
	20,682	Priceline.com Incorporated, (2), (3)		15,735,279
	65,530	Ralph Lauren Corporation, (3)		11,288,853
	220,280	Starbucks Corporation		12,639,666
	217,107	TJX Companies, Inc., (3)		9,055,533
	150,592	YUM! Brands, Inc.		10,952,556
		Total Consumer Discretionary		128,225,440
		Consumer Staples – 7.9%
	108,957	Costco Wholesale Corporation		9,606,739
	166,435	Estee Lauder Companies Inc., Class A		10,876,527
	74,079	Mead Johnson Nutrition Company, Class A Shares		6,338,199
	129,002	Monster Beverage Corporation, (2)		8,379,970
	146,095	Whole Foods Market, Inc., (3)		12,136,112
		Total Consumer Staples		47,337,547
		Energy – 7.1%
	105,408	Cobalt International Energy, Inc., (2), (3)		2,820,718
	55,429	Concho Resources Inc., (2)		5,940,880
	112,499	National-Oilwell Varco Inc.		8,522,924
	80,184	Occidental Petroleum Corporation		7,314,384
	81,828	Pioneer Natural Resources Company, (3)		9,477,319
	111,547	Schlumberger Limited		8,270,095
		Total Energy		42,346,320
		Financials – 3.2%
	104,700	American Express Company		6,303,987
	200,398	American Tower REIT Inc.		13,142,101
		Total Financials		19,446,088
		Health Care – 11.5%
	183,556	Agilent Technologies, Inc., (2)		7,742,392
	90,080	Alexion Pharmaceuticals Inc.		8,136,026
	116,206	Allergan, Inc.		11,155,776
	111,103	Cerner Corporation, (2), (3)		9,009,342
	128,979	Gilead Sciences, Inc., (2)		6,708,198
	74,532	Idexx Labs Inc., (2), (3)		6,553,599
	71,359	McKesson HBOC Inc.		6,522,926
	26,986	Mettler-Toledo International Inc.		4,839,130
	79,718	Perrigo Company, (3)		8,362,418
		Total Health Care		69,029,807

Nuveen Investments 19

Portfolio of Investments (Unaudited)

Nuveen Large Cap Growth Opportunities Fund (continued)

April 30, 2012

Shares		Description (1)	Value
		Industrials – 9.9%
	81,901	Boeing Company	$	6,289,997
	111,725	Cummins Inc.		12,941,107
	195,408	Danaher Corporation, (3)		10,595,022
	85,660	Graco Inc.		4,566,535
	109,196	Kansas City Southern Industries, (2), (3)		8,410,276
	47,375	Precision Castparts Corporation		8,355,529
	40,731	W.W. Grainger, Inc., (3)		8,464,716
		Total Industrials		59,623,182
		Information Technology – 37.0%
	164,555	Accenture Limited, Class A, (3)		10,687,847
	101,174	Apple, Inc., (2)		59,109,898
	48,641	Check Point Software Technology Limited, (2)		2,827,501
	54,680	Citrix Systems, (2)		4,681,155
	292,769	EMC Corporation, (2), (3)		8,259,013
	48,740	F5 Networks, Inc., (2)		6,527,748
	24,526	Google Inc., Class A, (2)		14,843,871
	65,699	International Business Machines Corporation (IBM)		13,604,949
	46,091	LinkedIn Corporation, Class A Shares, (2), (3)		4,998,569
	38,353	MasterCard, Inc., Class A		17,345,911
	77,292	NetSuite Inc., (2)		3,430,219
	261,232	QUALCOMM, Inc.		16,677,051
	77,827	Rackspace Hosting Inc., (2), (3)		4,520,970
	116,390	Red Hat, Inc., (2)		6,938,008
	38,624	Salesforce.com, Inc., (2), (3)		6,014,916
	135,001	Teradata Corporation, (2), (3)		9,420,370
	127,132	VeriFone Holdings Inc., (2), (3)		6,056,568
	89,197	Visa Inc., (3)		10,969,447
	84,754	VMware Inc., Class A, (3)		9,468,717
	169,381	Xilinx, Inc., (3)		6,162,081
		Total Information Technology		222,544,809
		Materials – 1.7%
	136,563	Monsanto Company		10,403,369
		Total Common Stocks (cost $418,390,641)		598,956,562
Shares		Description (1)	Value
		INVESTMENTS PURCHASED WITH COLLATERAL FROM SECURITIES LENDING – 29.8%
		Money Market Funds – 29.8%
	179,194,145	Mount Vernon Securities Lending Prime Portfolio, 0.276% (4), (5)	$	179,194,145
		Total Investments Purchased with Collateral from Securities Lending (cost $179,194,145)		179,194,145

20 Nuveen Investments

Shares		Description (1)	Value
		SHORT-TERM INVESTMENTS – 2.2%
		Money Market Funds – 2.2%
	13,409,991	First American Treasury Obligations Fund, Class Z, 0.000% (4)	$	13,409,991
		Total Short-Term Investments (cost $13,409,991)		13,409,991
		Total Investments (cost $610,994,777) – 131.6%		791,560,698
		Other Assets Less Liabilities – (31.6)%		(190,212,030)
		Net Assets – 100%	$	601,348,668

For Fund portfolio compliance purposes, the Fund’s industry classifications refer to any one or more of the industry sub-classifications used by one or more widely recognized market indexes or ratings group indexes, and/or as defined by Fund management. This definition may not apply for purposes of this report which may combine industry sub-classifications into sectors for reporting ease.

(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 a portion of investment, is out on loan for securities lending.

(4) The rate shown is the annualized seven-day effective yield as of April 30, 2012.

(5) The Fund may loan securities representing up to one third of the fair value of its total assets (which includes collateral for securities on loan) to broker dealers, banks, and other institutions. The Fund maintains collateral equal to at least 102% of the fair value of the securities loaned. The cash collateral received by the Fund is invested in this money market fund. See Notes to Financial Statements, Footnote 1 – General Information and Significant Accounting Policies, Securities Lending for more information.

See accompanying notes to financial statements.

Nuveen Investments 21

Portfolio of Investments (Unaudited)

Nuveen Mid Cap Growth Opportunities Fund

April 30, 2012

Shares		Description (1)	Value
		COMMON STOCKS – 98.7%
		Consumer Discretionary – 20.8%
	264,572	Bed Bath and Beyond Inc., (2), (3)	$	18,623,223
	175,009	BorgWarner Inc., (2), (3)		13,832,711
	33,942	Chipotle Mexican Grill, Class A, (2), (3)		14,057,079
	251,656	Dick’s Sporting Goods Inc.		12,733,794
	194,921	Discovery Communications inc., Class A Shares, (2), (3)		10,607,601
	199,907	Dollar Tree Stores Inc., (2)		20,322,546
	84,576	Fossil Inc., (3)		11,051,546
	471,291	GNC Holdings Inc, Class A		18,408,626
	211,531	Lululemon Athletica Inc., (2), (3)		15,682,908
	283,489	PetSmart Inc., (3)		16,516,069
	191,695	Polaris Industries Inc.		15,228,251
	25,753	Priceline.com Incorporated, (2), (3)		19,593,397
	113,653	Ralph Lauren Corporation, (3)		19,579,002
	194,607	Ross Stores, Inc.		11,985,845
	270,966	Select Comfort Corporation, (2)		7,825,498
	203,262	Ulta Salon, Cosmetics & Fragrance, Inc., (2), (3)		17,923,643
		Total Consumer Discretionary		243,971,739
		Consumer Staples – 3.0%
	306,018	Monster Beverage Corporation, (2)		19,878,929
	188,547	Whole Foods Market, Inc.		15,662,599
		Total Consumer Staples		35,541,528
		Energy – 8.8%
	298,192	Cobalt International Energy, Inc., (2)		7,979,618
	159,948	Concho Resources Inc., (2)		17,143,227
	155,037	Core Laboratories NV, (3)		21,236,968
	410,290	Midstates Petroleum Co Inc.		6,695,933
	261,925	Oasis Petroleum Inc.		8,661,860
	361,985	Oceaneering International Inc., (3)		18,689,286
	195,873	Pioneer Natural Resources Company, (3)		22,686,011
		Total Energy		103,092,903
		Financials – 4.6%
	170,471	Affiliated Managers Group Inc., (2)		19,368,915
	198,075	Digital Realty Trust Inc., (3)		14,873,452
	365,696	Discover Financial Services		12,397,094
	195,352	Marketaxess		6,702,527
		Total Financials		53,341,988
		Health Care – 14.1%
	432,477	Agilent Technologies, Inc., (2)		18,241,880
	296,360	Alexion Pharmaceuticals Inc.		26,767,235
	119,347	AthenaHealth Inc., (2), (3)		8,646,690
	170,669	Catalyst Health Soltuions Inc., (2)		14,740,682
	341,690	Cerner Corporation, (2), (3)		27,707,642
	132,660	Edwards Lifesciences Corporation, (2)		11,006,800
	213,018	Idexx Labs Inc., (2), (3)		18,730,673
	238,296	Perrigo Company, (3)		24,997,250

22 Nuveen Investments

Shares		Description (1)	Value
		Health Care (continued)
	109,320	Regeneron Pharmaceuticals, Inc., (2), (3)	$	14,786,623
		Total Health Care		165,625,475
		Industrials – 18.2%
	168,754	AGCO Corporation, (2), (3)		7,858,874
	393,859	Ametek Inc.		19,822,923
	232,475	Graco Inc.		12,393,242
	633,321	Hexcel Corporation, (2), (3)		17,340,329
	88,287	IHS Inc., (2), (3)		8,923,167
	305,393	J.B. Hunt Transports Serives Inc., (3)		16,897,395
	177,212	Kansas City Southern Industries, (2), (3)		13,648,868
	236,080	MSC Industrial Direct Inc., Class A		17,401,457
	163,253	Roper Industries Inc.		16,635,481
	462,103	Ryanair Holdings PLC, (3)		15,559,008
	152,024	TransDigm Group Inc.		19,173,267
	410,134	Verisk Analytics Inc, Class A Shares, (2)		20,076,059
	85,027	W.W. Grainger, Inc., (3)		17,670,311
	135,091	Wabtec Corporation		10,507,378
		Total Industrials		213,907,759
		Information Technology – 23.0%
	324,506	Amphenol Corporation, Class A, (3)		18,866,779
	244,103	Ansys Inc., (2), (3)		16,371,988
	358,693	ARM Holdings PLC, (3)		9,085,694
	506,175	Avago Technologies Limited		17,452,914
	120,286	Check Point Software Technology Limited, (2), (3)		6,992,225
	114,019	Citrix Systems, (2)		9,761,167
	153,687	CommVault Systems, Inc., (2), (3)		8,002,482
	298,528	Cornerstone OnDemand Inc., (2), (3)		6,203,412
	141,543	F5 Networks, Inc., (2)		18,956,854
	277,120	FleetCor Technologies Inc., (2)		10,960,096
	348,052	Fortinet Inc., (2)		9,091,118
	129,085	LinkedIn Corporation, Class A Shares, (2), (3)		13,999,268
	245,309	Micros Systems, Inc., (2)		13,940,910
	182,405	NetSuite Inc., (2)		8,095,134
	339,896	Rackspace Hosting Inc., (2), (3)		19,744,559
	318,626	Red Hat, Inc., (2)		18,993,296
	286,974	Teradata Corporation, (2)		20,025,046
	435,792	VeriFone Holdings Inc., (2), (3)		20,761,131
	611,689	Xilinx, Inc., (3)		22,253,247
		Total Information Technology		269,557,320
		Materials – 4.2%
	139,353	Agrium Inc., (3)		12,249,129
	277,968	Albemarle Corporation		18,151,310
	297,980	Ecolab Inc., (3)		18,978,346
		Total Materials		49,378,785

Nuveen Investments 23

Portfolio of Investments (Unaudited)

Nuveen Mid Cap Growth Opportunities Fund (continued)

April 30, 2012

Shares		Description (1)	Value
		Telecommunication Services – 2.0%
	439,963	SBA Communications Corporation, (2), (3)	$	23,643,612
		Total Common Stocks (cost $870,034,577)		1,158,061,109
Shares		Description (1)	Value
		INVESTMENTS PURCHASED WITH COLLATERAL FROM SECURITIES LENDING – 36.7%
		Money Market Funds – 36.7%
	430,267,245	Mount Vernon Securities Lending Prime Portfolio, 0.276% (4), (5)	$	430,267,245
		Total Investments Purchased with Collateral from Securities Lending (cost $430,267,245)		430,267,245
Shares		Description (1)	Value
		SHORT-TERM INVESTMENTS – 0.7%
		Money Market Funds – 0.7%
	7,904,946	First American Treasury Obligations Fund, Class Z, 0.000% (4)	$	7,904,649
		Total Short-Term Investments (cost $7,904,649)		7,904,649
		Total Investments (cost $1,308,206,471) – 136.1%		1,596,233,003
		Other Assets Less Liabilities – (36.1)%		(423,063,476)
		Net Assets – 100%	$	1,173,169,527

For Fund portfolio compliance purposes, the Fund’s industry classifications refer to any one or more of the industry sub-classifications used by one or more widely recognized market indexes or ratings group indexes, and/or as defined by Fund management. This definition may not apply for purposes of this report which may combine industry sub-classifications into sectors for reporting ease.

(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 a portion of investment, is out on loan for securities lending.

(4) The rate shown is the annualized seven-day effective yield as of April 30, 2012.

(5) The Fund may loan securities representing up to one third of the fair value of its total assets (which includes collateral for securities on loan) to broker dealers, banks, and other institutions. The Fund maintains collateral equal to at least 102% of the fair value of the securities loaned. The cash collateral received by the Fund is invested in this money market fund. See Notes to Financial Statements, Footnote 1 – General Information and Significant Accounting Policies, Securities Lending for more information.

See accompanying notes to financial statements.

24 Nuveen Investments

Portfolio of Investments (Unaudited)

Nuveen Small Cap Growth Opportunities Fund

April 30, 2012

Shares		Description (1)	Value
		COMMON STOCKS – 98.3%
		Consumer Discretionary – 17.5%
	49,824	Ann Inc., (2), (3)	$	1,379,627
	78,947	Ascena Retail Group Inc., (2), (3)		1,616,835
	42,679	Brunswick Corporation, (3)		1,122,031
	25,549	Coinstar Inc., (2), (3)		1,604,222
	88,565	Crocs, Inc., (3)		1,789,013
	173,492	Hhgregg Inc., (2), (3)		1,814,726
	22,075	Joseph A Bank Clothiers, Inc., (3)		1,049,666
	34,097	Mens Wearhouse Inc.		1,262,953
	58,231	Penske Auto Group, Inc., (3)		1,539,628
	34,612	Sothebys Holdings Inc., (3)		1,360,944
	54,731	Tenneco Inc., (2)		1,687,357
	117,489	Texas Roadhouse, Inc., (3)		2,026,685
		Total Consumer Discretionary		18,253,687
		Energy – 10.3%
	55,262	Basic Energy Services, Inc., (2)		795,773
	33,647	Berry Petroleum Company, (3)		1,532,621
	56,108	Carrizo Oil & Gas, Inc., (2), (3)		1,573,268
	25,984	Dril Quip Inc., (3)		1,751,062
	58,791	Energy XXI Limited Bermuda, (2), (3)		2,215,245
	74,763	Midstates Petroleum Co Inc.		1,220,132
	52,083	Oasis Petroleum Inc., (3)		1,722,385
		Total Energy		10,810,486
		Financials – 6.0%
	66,551	Evercore Partners Inc., (3)		1,758,943
	52,213	EZCORP, Inc., (3)		1,398,786
	53,197	Home Bancshares, Inc.		1,550,161
	43,927	Stifel Financial Corporation, (3)		1,599,821
		Total Financials		6,307,711
		Health Care – 20.4%
	43,237	Align Technology, Inc., (2)		1,371,045
	72,808	Alkermes Inc., (2), (3)		1,259,578
	61,048	Ariad Pharmaceuticals, Inc., (2), (3)		995,082
	16,654	AthenaHealth Inc., (2), (3)		1,206,582
	39,568	Cubist Pharmaceuticals Inc., (3)		1,672,935
	11,054	Gen-Probe, Inc., (2)		901,454
	22,076	Haemonetics Corporation		1,579,979
	86,758	HealthSouth Corporation, (3)		1,942,512
	61,290	HMS Holdings Corporation, (2), (3)		1,474,637
	23,491	ICU Medical, Inc., (2)		1,233,043
	69,577	Impax Laboratories Inc., (2), (3)		1,713,682
	24,990	Incyte Pharmaceuticals Inc., (2), (3)		566,773
	14,171	Medivation, Inc., (2)		1,146,150
	16,002	Onyx Pharmaceuticals Inc., (3)		728,251
	60,380	PSS World Medical Inc., (2), (3)		1,444,893
	33,499	Salix Pharmaceuticals Limited, (2), (3)		1,654,851

Nuveen Investments 25

Portfolio of Investments (Unaudited)

Nuveen Small Cap Growth Opportunities Fund (continued)

April 30, 2012

Shares		Description (1)	Value
		Health Care (continued)
	17,212	Vivus, Inc., (3)	$	416,875
		Total Health Care		21,308,322
		Industrials – 17.0%
	38,825	Actuant Corporation, (3)		1,058,758
	29,106	Acuity Brands Inc., (3)		1,617,420
	89,059	Altra Industrial Motion, Inc., (2)		1,627,999
	166,817	CBIZ Inc., (2), (3)		1,012,579
	52,684	ESCO Technologies Inc., (3)		1,812,330
	55,521	General Cable Corporation, (3)		1,634,538
	100,509	Interface, Inc., (3)		1,423,207
	78,752	MasTec Inc., (2), (3)		1,369,497
	121,580	Orbital Sciences Corporation, (2), (3)		1,527,045
	59,749	Tetra Tech, Inc., (2)		1,595,298
	75,665	TrueBlue Inc., (2), (3)		1,305,978
	42,124	Woodward Governor Company		1,751,937
		Total Industrials		17,736,586
		Information Technology – 24.5%
	52,056	Acme Packet, Inc., (3)		1,461,212
	44,838	ADTRAN, Inc., (3)		1,368,456
	66,106	Advent Software Inc., (2), (3)		1,784,201
	65,201	Fabrinet, (2)		1,096,681
	63,799	International Rectifier Corporation, (2), (3)		1,392,732
	114,231	IXIA, (2)		1,439,311
	118,396	JDS Uniphase Corporation, (2)		1,438,511
	46,397	Kenexa Corporation		1,515,790
	34,655	Micros Systems, Inc., (2)		1,969,444
	51,820	MKS Instruments Inc.		1,432,823
	55,677	National Instruments Corporation, (3)		1,514,414
	110,574	Perficient, Inc., (2)		1,327,994
	170,811	Photronics Inc., (2)		1,057,320
	44,174	Plantronics Inc.		1,692,748
	116,846	Polycom Inc., (2), (3)		1,550,546
	63,433	Semtech Corporation, (3)		1,729,184
	108,343	Teradyne Inc., (2), (3)		1,864,583
	591,081	Video Propulsion Inc., (4)		—
		Total Information Technology		25,635,950
		Materials – 2.6%
	46,076	H.B. Fuller Company		1,515,900
	31,254	Schnitzer Steel Industries, Inc., (3)		1,246,097
		Total Materials		2,761,997
		Total Common Stocks (cost $90,058,224)		102,814,739

26 Nuveen Investments

Shares		Description (1)	Value
		INVESTMENTS PURCHASED WITH COLLATERAL FROM SECURITIES LENDING – 46.3%
		Money Market Funds – 46.3%
	48,365,957	Mount Vernon Securities Lending Prime Portfolio, 0.276% (5), (6)	$	48,365,957
		Total Investments Purchased with Collateral from Securities Lending (cost $48,365,957)		48,365,957
Shares		Description (1)	Value
		SHORT-TERM INVESTMENTS – 2.8%
		Money Market Funds – 2.8%
	2,957,008	First American Treasury Obligations Fund, Class Z, 0.000% (5)	$	2,957,008
		Total Short-Term Investments (cost $2,957,008)		2,957,008
		Total Investments (cost $141,381,189) – 147.4%		154,137,704
		Other Assets Less Liabilities – (47.4)%		(49,599,850)
		Net Assets – 100%	$	104,537,854

For Fund portfolio compliance purposes, the Fund’s industry classifications refer to any one or more of the industry sub-classifications used by one or more widely recognized market indexes or ratings group indexes, and/or as defined by Fund management. This definition may not apply for purposes of this report which may combine industry sub-classifications into sectors for reporting ease.

(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 a portion of investment, is out on loan for securities lending.

(4) Investment valued at fair value using methods determined in good faith by, or at the discretion of, the Board of Directors. For fair value measurement disclosure purposes, investment categorized as Level 3. See Notes to Financial Statements Footnote 1 – General Information and Significant Accounting Policies, Investment Valuation for more information.

(5) The rate shown is the annualized seven-day effective yield as of April 30, 2012.

(6) The Fund may loan securities representing up to one third of the fair value of its total assets (which includes collateral for securities on loan) to broker dealers, banks, and other institutions. The Fund maintains collateral equal to at least 102% of the fair value of the securities loaned. The cash collateral received by the Fund is invested in this money market fund. See Notes to Financial Statements, Footnote 1 – General Information and Significant Accounting Policies, Securities Lending for more information.

See accompanying notes to financial statements.

Nuveen Investments 27

Statement of Assets & Liabilities (Unaudited)

April 30, 2012

	Large Cap Growth Opportunities			Mid Cap Growth Opportunities			Small Cap Growth Opportunities
Assets
Investments, at value (cost $431,800,632, $877,939,226 and $93,015,232, respectively)	$	612,366,553		$	1,165,965,758		$	105,771,747
Investments purchased with collateral from securities lending (at cost, which approximates value)		179,194,145			430,267,245			48,365,957
Receivables:
Dividends		221,265			316,882			11,510
Due from broker		24,150			59,127			14,550
Investments sold		—			27,441,059			2,867,116
Shares sold		1,418,954			1,225,672			27,893
Other assets		5,364			10,709			205
Total assets		793,230,431			1,625,286,452			157,058,978
Liabilities
Payables:
Collateral from securities lending program		179,194,145			430,267,245			48,365,957
Investments purchased		10,538,483			18,512,323			3,616,214
Shares redeemed		1,566,221			1,898,425			373,328
Accrued expenses:
Management fees		335,025			784,124			80,427
12b-1 distribution and service fees		38,117			98,830			11,434
Other		209,772			555,978			73,764
Total liabilities		191,881,763			452,116,925			52,521,124
Net assets	$	601,348,668		$	1,173,169,527		$	104,537,854
Class A Shares
Net assets	$	124,119,102		$	320,189,066		$	39,597,779
Shares outstanding		3,456,870			7,178,880			1,738,200
Net asset value per share	$	35.91		$	44.60		$	22.78
Offering price per share (net asset value per share plus maximum sales charge of 5.75% of offering price)	$	38.10		$	47.32		$	24.17
Class B Shares
Net assets	$	1,908,976		$	3,422,537		$	1,081,988
Shares outstanding		58,988			89,245			55,037
Net asset value and offering price per share	$	32.36		$	38.35		$	19.66
Class C Shares
Net assets	$	11,184,843		$	17,604,356		$	1,730,126
Shares outstanding		337,637			436,566			83,876
Net asset value and offering price per share	$	33.13		$	40.32		$	20.63
Class R3 Shares
Net assets	$	8,366,987		$	41,878,980		$	2,618,279
Shares outstanding		237,267			961,049			117,227
Net asset value and offering price per share	$	35.26		$	43.58		$	22.34
Class I Shares
Net assets	$	455,768,760		$	790,074,588		$	59,509,682
Shares outstanding		12,189,213			16,351,018			2,413,651
Net asset value and offering price per share	$	37.39		$	48.32		$	24.66
Net assets consist of:
Capital paid-in	$	419,821,738		$	848,413,082		$	85,343,534
Undistributed (Over-distribution of) net investment income		(251,565	)		(1,811,120	)		(463,117	)
Accumulated net realized gain (loss)		1,212,574			38,541,033			6,900,922
Net unrealized appreciation (depreciation)		180,565,921			288,026,532			12,756,515
Net assets	$	601,348,668		$	1,173,169,527		$	104,537,854
Authorized shares		2 billion			2 billion			2 billion
Par value per share	$	0.0001		$	0.0001		$	0.0001

See accompanying notes to financial statements.

28 Nuveen Investments

Statement of Operations (Unaudited)

Six Months Ended April 30, 2012

	Large Cap Growth Opportunities			Mid Cap Growth Opportunities			Small Cap Growth Opportunities
Investment Income
Dividend and interest income (net of foreign tax withheld of $–, $23,278 and $–, respectively)	$	2,393,364		$	3,714,058		$	163,742
Securities lending income		339,837			662,507			85,781
Total investment income		2,733,201			4,376,565			249,523
Expenses
Management fees		2,286,475			4,698,003			519,989
12b-1 service fees – Class A		123,810			368,508			47,104
12b-1 distribution and service fees – Class B		10,679			18,520			6,372
12b-1 distribution and service fees – Class C		46,697			76,723			8,036
12b-1 distribution and service fees – Class R3		15,114			92,319			6,149
Shareholders’ servicing agent fees and expenses		412,785			812,457			231,379
Custodian’s fees and expenses		50,679			92,116			15,384
Directors’ fees and expenses		7,905			15,300			1,611
Professional fees		18,945			38,805			4,636
Shareholders’ reports – printing and mailing expenses		26,202			49,078			10,303
Federal and state registration fees		34,990			39,166			29,610
Other expenses		15,486			21,519			10,812
Total expenses before expense reimbursement		3,049,767			6,322,514			891,385
Expense reimbursement		(79,586	)		(153,348	)		(189,435	)
Net expenses		2,970,181			6,169,166			701,950
Net investment income (loss)		(236,980	)		(1,792,601	)		(452,427	)
Realized and Unrealized Gain (Loss)
Net realized gain (loss) from investments		4,097,388			38,745,479			8,263,632
Change in net unrealized appreciation (depreciation) of investments		67,938,196			93,210,672			5,197,241
Net realized and unrealized gain (loss)		72,035,584			131,956,151			13,460,873
Net increase (decrease) in net assets from operations	$	71,798,604		$	130,163,550		$	13,008,446

See accompanying notes to financial statements.

Nuveen Investments 29

Statement of Changes in Net Assets (Unaudited)

	Large Cap Growth Opportunities						Mid Cap Growth Opportunities						Small Cap Growth Opportunities
	Six Months Ended 4/30/12			Year Ended 10/31/11			Six Months Ended 4/30/12			Year Ended 10/31/11			Six Months Ended 4/30/12			Year Ended 10/31/11
Operations
Net investment income (loss)	$	(236,980	)	$	(1,299,396	)	$	(1,792,601	)	$	(3,745,607	)	$	(452,427	)	$	(1,334,376	)
Net realized gain (loss) from:
Investments and foreign currency		4,097,388			60,485,177			38,745,479			138,057,126			8,263,632			16,904,730
Futures contracts		—			—			—			—			—			662,007
Redemptions in-kind		—			29,395,704			—			97,107,318			—			10,195,953
Change in net unrealized appreciation (depreciation) of investments and foreign currency		67,938,196			(34,390,022	)		93,210,672			(91,117,542	)		5,197,241			(9,343,473	)
Net increase (decrease) in net assets from operations		71,798,604			54,191,463			130,163,550			140,301,295			13,008,446			17,084,841
Distributions to Shareholders
From accumulated net realized gains:
Class A		(3,267,944	)		—			(10,990,297	)		—			(522,866	)		—
Class B		(86,687	)		—			(172,338	)		—			(21,854	)		—
Class C		(329,271	)		—			(618,790	)		—			(24,581	)		—
Class R3(1)		(146,968	)		—			(1,376,941	)		—			(34,697	)		—
Class I(1)		(14,243,083	)		—			(25,461,450	)		—			(807,347	)		—
Decrease in net assets from distributions to shareholders		(18,073,953	)		—			(38,619,816	)		—			(1,411,345	)		—
Fund Share Transactions
Proceeds from sale of shares		110,116,460			117,946,299			151,510,603			279,657,651			7,722,437			29,550,383
Proceeds from shares issued to shareholders due to reinvestment of distributions		10,225,671			—			30,318,777			—			833,300			—
		120,342,131			117,946,299			181,829,380			279,657,651			8,555,737			29,550,383
Cost of shares redeemed		(106,885,988	)		(172,879,927	)		(171,454,261	)		(348,970,454	)		(21,031,437	)		(81,538,615	)
Cost of redemptions in-kind		—			(86,539,024	)		—			(320,656,806	)		—			(46,264,595	)
Net increase (decrease) in net assets from Fund share transactions		13,456,143			(141,472,652	)		10,375,119			(389,969,609	)		(12,475,700	)		(98,252,827	)
Net increase (decrease) in net assets		67,180,794			(87,281,189	)		101,918,853			(249,668,314	)		(878,599	)		(81,167,986	)
Net assets at the beginning of period		534,167,874			621,449,063			1,071,250,674			1,320,918,988			105,416,453			186,584,439
Net assets at the end of period	$	601,348,668		$	534,167,874		$	1,173,169,527		$	1,071,250,674		$	104,537,854		$	105,416,453
Undistributed (Over-distribution of) net investment income at the end of period	$	(251,565	)	$	(14,585	)	$	(1,811,120	)	$	(18,519	)	$	(463,117	)	$	(10,690	)

(1) Effective January 18, 2011, Class R Shares and Class Y Shares previously offered by FAF Advisors, Inc. were renamed Class R3 Shares and Class I Shares, respectively.

See accompanying notes to financial statements.

30 Nuveen Investments

Financial Highlights (Unaudited)

Nuveen Investments 31

Financial Highlights (Unaudited)

Selected data for a share outstanding throughout each period:
Class (Commencement Date)
			Investment Operations									Less Distributions
LARGE CAP GROWTH OPPORTUNITIES
Year Ended October 31,	Beginning Net Asset Value		Net Invest- ment Income (Loss)(a)			Net Realized/ Unrealized Gain (Loss)			Total			Net Invest- ment Income			Capital Gains(b)			Total			Ending Net Asset Value
Class A (1/95)
2012(f)	$	32.92	$	(.05	)	$	4.20		$	4.15		$	—		$	(1.16	)	$	(1.16	)	$	35.91
2011		30.24		(.15	)		2.83			2.68			—			—			—			32.92
2010		24.23		(.09	)		6.15			6.06			(.05	)		—			(.05	)		30.24
2009		21.52		.05			2.68			2.73			(.02	)		—			(.02	)		24.23
2008		36.27		.02			(11.65	)		(11.63	)		—			(3.12	)		(3.12	)		21.52
2007		29.58		(.05	)		7.08			7.03			—			(.34	)		(.34	)		36.27
Class B (3/99)
2012(f)		29.90		(.14	)		3.76			3.62			—			(1.16	)		(1.16	)		32.36
2011		27.68		(.36	)		2.58			2.22			—			—			—			29.90
2010		22.31		(.26	)		5.63			5.37			—			—			—			27.68
2009		19.93		(.09	)		2.47			2.38			—			—			—			22.31
2008		34.08		(.19	)		(10.84	)		(11.03	)		—			(3.12	)		(3.12	)		19.93
2007		28.01		(.27	)		6.68			6.41			—			(.34	)		(.34	)		34.08
Class C (9/01)
2012(f)		30.57		(.16	)		3.88			3.72			—			(1.16	)		(1.16	)		33.13
2011		28.30		(.37	)		2.64			2.27			—			—			—			30.57
2010		22.81		(.27	)		5.76			5.49			—			—			—			28.30
2009		20.38		(.10	)		2.53			2.43			—			—			—			22.81
2008		34.77		(.19	)		(11.08	)		(11.27	)		—			(3.12	)		(3.12	)		20.38
2007		28.58		(.28	)		6.81			6.53			—			(.34	)		(.34	)		34.77
Class R3 (11/00)(e)
2012(f)		32.39		(.10	)		4.13			4.03			—			(1.16	)		(1.16	)		35.26
2011		29.83		(.23	)		2.79			2.56			—			—			—			32.39
2010		23.92		(.16	)		6.07			5.91			—			—			—			29.83
2009		21.26		(.01	)		2.67			2.66			—			—			—			23.92
2008		35.97		(.05	)		(11.54	)		(11.59	)		—			(3.12	)		(3.12	)		21.26
2007		29.41		(.12	)		7.02			6.90			—			(.34	)		(.34	)		35.97
Class I (12/92)(e)
2012(f)		34.19		—	**		4.36			4.36			—			(1.16	)		(1.16	)		37.39
2011		31.33		(.06	)		2.92			2.86			—			—			—			34.19
2010		25.09		(.03	)		6.38			6.35			(.11	)		—			(.11	)		31.33
2009		22.31		.11			2.77			2.88			(.10	)		—			(.10	)		25.09
2008		37.42		.10			(12.07	)		(11.97	)		(.02	)		(3.12	)		(3.14	)		22.31
2007		30.48		.03			7.30			7.33			(.05	)		(.34	)		(.39	)		37.42

32 Nuveen Investments

			Ratios/Supplemental Data
					Ratios to Average Net Assets Before Reimbursement						Ratios to Average Net Assets After Reimbursement(d)
Total Return(c)			Ending Net Assets (000)		Expenses			Net Invest- ment Income (Loss)			Expenses			Net Invest- ment Income (Loss)			Portfolio Turnover Rate
	13.37	%	$	124,119		1.29	%*		(.33	)%*		1.26	%*		(.30	)%*		40	%
	8.86			84,875		1.20			(.46	)		1.20			(.46	)		88
	25.03			66,409		1.21			(.36	)		1.20			(.35	)		106
	12.73			56,963		1.22			.24			1.22			.24			112
	(34.81	)		53,430		1.20			.07			1.20			.07			92
	24.01			96,514		1.19			(.15	)		1.19			(.15	)		102
	12.94			1,909		2.02	*		(.99	)*		2.01	*		(.97	)*		40
	8.02			2,411		1.95			(1.19	)		1.95			(1.19	)		88
	24.07			3,473		1.96			(1.07	)		1.95			(1.06	)		106
	11.94			4,749		1.97			(.48	)		1.97			(.48	)		112
	(35.33	)		5,907		1.95			(.68	)		1.95			(.68	)		92
	23.13			11,955		1.94			(.90	)		1.94			(.90	)		102
	12.98			11,185		2.04	*		(1.08	)*		2.01	*		(1.05	)*		40
	8.02			7,832		1.95			(1.21	)		1.95			(1.21	)		88
	24.07			4,220		1.96			(1.09	)		1.95			(1.08	)		106
	11.92			4,509		1.97			(.51	)		1.97			(.51	)		112
	(35.31	)		4,368		1.95			(.68	)		1.95			(.68	)		92
	23.09			8,506		1.94			(.90	)		1.94			(.90	)		102
	13.22			8,367		1.54	*		(.64	)*		1.51	*		(.61	)*		40
	8.58			3,431		1.45			(.72	)		1.45			(.72	)		88
	24.71			742		1.46			(.60	)		1.45			(.59	)		106
	12.51			667		1.47			(.05	)		1.47			(.05	)		112
	(35.00	)		454		1.45			(.18	)		1.45			(.18	)		92
	23.70			566		1.44			(.39	)		1.44			(.39	)		102
	13.49			455,769		1.03	*		(.03	)*		1.01	*		(.01	)*		40
	9.13			435,619		.95			(.17	)		.95			(.17	)		88
	25.34			546,605		.96			(.11	)		.95			(.10	)		106
	13.02			482,222		.97			.48			.97			.48			112
	(34.65	)		417,337		.95			.32			.95			.32			92
	24.32			749,865		.94			.11			.94			.11			102

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

(b) Distributions from Capital Gains include short-term capital gains, if any.

(c) 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.

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

(e) Effective January 18, 2011, Class R Shares and Class Y Shares previously offered by FAF Advisors, Inc. were renamed Class R3 Shares and Class I Shares, respectively.

(f) For the six months ended April 30, 2012.

* Annualized.

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

See accompanying notes to financial statements.

Nuveen Investments 33

Financial Highlights (Unaudited) (continued)

Selected data for a share outstanding throughout each period:
Class (Commencement Date)
			Investment Operations									Less Distributions
MID CAP GROWTH OPPORTUNITIES
Year Ended October 31,	Beginning Net Asset Value		Net Invest- ment Income (Loss)(a)			Net Realized/ Unrealized Gain (Loss)			Total			Net Invest- ment Income		Capital Gains(b)			Total			Ending Net Asset Value
Class A (1/95)
2012(f)	$	41.36	$	(.10	)	$	4.93		$	4.83		$	—	$	(1.59	)	$	(1.59	)	$	44.60
2011		37.26		(.22	)		4.32			4.10			—		—			—			41.36
2010		28.83		(.18	)		8.61			8.43			—		—			—			37.26
2009		23.88		(.08	)		5.03			4.95			—		—			—			28.83
2008		46.57		(.16	)		(17.86	)		(18.02	)		—		(4.67	)		(4.67	)		23.88
2007		41.43		(.24	)		9.19			8.95			—		(3.81	)		(3.81	)		46.57
Class B (3/99)
2012(f)		35.93		(.21	)		4.22			4.01			—		(1.59	)		(1.59	)		38.35
2011		32.62		(.46	)		3.77			3.31			—		—			—			35.93
2010		25.43		(.37	)		7.56			7.19			—		—			—			32.62
2009		21.22		(.23	)		4.44			4.21			—		—			—			25.43
2008		42.21		(.38	)		(15.94	)		(16.32	)		—		(4.67	)		(4.67	)		21.22
2007		38.15		(.51	)		8.38			7.87			—		(3.81	)		(3.81	)		42.21
Class C (9/01)
2012(f)		37.70		(.23	)		4.44			4.21			—		(1.59	)		(1.59	)		40.32
2011		34.21		(.49	)		3.98			3.49			—		—			—			37.70
2010		26.67		(.39	)		7.93			7.54			—		—			—			34.21
2009		22.26		(.24	)		4.65			4.41			—		—			—			26.67
2008		44.03		(.40	)		(16.70	)		(17.10	)		—		(4.67	)		(4.67	)		22.26
2007		39.65		(.53	)		8.72			8.19			—		(3.81	)		(3.81	)		44.03
Class R3 (12/00)(e)
2012(f)		40.50		(.15	)		4.82			4.67			—		(1.59	)		(1.59	)		43.58
2011		36.58		(.31	)		4.23			3.92			—		—			—			40.50
2010		28.37		(.26	)		8.47			8.21			—		—			—			36.58
2009		23.56		(.14	)		4.95			4.81			—		—			—			28.37
2008		46.11		(.24	)		(17.64	)		(17.88	)		—		(4.67	)		(4.67	)		23.56
2007		41.15		(.34	)		9.11			8.77			—		(3.81	)		(3.81	)		46.11
Class I (12/89)(e)
2012(f)		44.62		(.05	)		5.34			5.29			—		(1.59	)		(1.59	)		48.32
2011		40.09		(.10	)		4.63			4.53			—		—			—			44.62
2010		30.94		(.11	)		9.26			9.15			—		—			—			40.09
2009		25.57		(.02	)		5.39			5.37			—		—			—			30.94
2008		49.40		(.07	)		(19.09	)		(19.16	)		—		(4.67	)		(4.67	)		25.57
2007		43.62		(.14	)		9.73			9.59			—		(3.81	)		(3.81	)		49.40

34 Nuveen Investments

			Ratios/Supplemental Data
					Ratios to Average Net Assets Before Reimbursement						Ratios to Average Net Assets After Reimbursement(d)
Total Return(c)			Ending Net Assets (000)		Expenses			Net Invest- ment Income (Loss)			Expenses			Net Invest- ment Income (Loss)			Portfolio Turnover Rate
	12.48	%	$	320,189		1.32	%*		(.51	)%*		1.29	%*		(.48	)%*		59	%
	11.00			289,038		1.26			(.53	)		1.26			(.53	)		114
	29.24			275,040		1.23			(.57	)		1.23			(.57	)		114
	20.73			231,743		1.23			(.33	)		1.23			(.33	)		123
	(42.75	)		209,052		1.22			(.43	)		1.22			(.43	)		113
	23.36			425,995		1.21			(.56	)		1.21			(.56	)		96
	12.07			3,423		2.06	*		(1.23	)*		2.04	*		(1.20	)*		59
	10.15			4,127		2.01			(1.26	)		2.01			(1.26	)		114
	28.27			5,490		1.98			(1.31	)		1.98			(1.31	)		114
	19.84			6,762		1.98			(1.06	)		1.98			(1.06	)		123
	(43.18	)		7,241		1.97			(1.18	)		1.97			(1.18	)		113
	22.47			15,820		1.96			(1.31	)		1.96			(1.31	)		96
	12.03			17,604		2.07	*		(1.27	)*		2.04	*		(1.24	)*		59
	10.20			14,314		2.01			(1.28	)		2.01			(1.28	)		114
	28.27			13,564		1.98			(1.32	)		1.98			(1.32	)		114
	19.81			12,894		1.98			(1.07	)		1.98			(1.07	)		123
	(43.16	)		13,011		1.97			(1.18	)		1.97			(1.18	)		113
	22.42			28,891		1.96			(1.31	)		1.96			(1.31	)		96
	12.34			41,879		1.57	*		(.77	)*		1.54	*		(.74	)*		59
	10.72			34,929		1.51			(.77	)		1.51			(.77	)		114
	28.94			33,772		1.48			(.82	)		1.48			(.82	)		114
	20.42			26,822		1.48			(.59	)		1.48			(.59	)		123
	(42.88	)		21,246		1.47			(.69	)		1.47			(.69	)		113
	23.06			29,490		1.46			(.81	)		1.46			(.81	)		96
	12.60			790,075		1.07	*		(.25	)*		1.04	*		(.23	)*		59
	11.30			728,843		1.01			(.21	)		1.01			(.21	)		114
	29.57			993,053		.98			(.31	)		.98			(.31	)		114
	21.00			907,825		.98			(.09	)		.98			(.09	)		123
	(42.59	)		732,559		.97			(.18	)		.97			(.18	)		113
	23.68			1,478,374		.96			(.31	)		.96			(.31	)		96

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

(b) Distributions from Capital Gains include short-term capital gains, if any.

(c) 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.

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

(e) Effective January 18, 2011, Class R Shares and Class Y Shares previously offered by FAF Advisors, Inc. were renamed Class R3 Shares and Class I Shares, respectively.

(f) For the six months ended April 30, 2012.

* Annualized.

See accompanying notes to financial statements.

Nuveen Investments 35

Financial Highlights (Unaudited) (continued)

Selected data for a share outstanding throughout each period:
Class (Commencement Date)
			Investment Operations									Less Distributions
SMALL CAP GROWTH OPPORTUNITIES
Year Ended October 31,	Beginning Net Asset Value		Net Invest- ment Income (Loss)(a)			Net Realized/ Unrealized Gain (Loss)			Total			Net Invest- ment Income		Capital Gains(b)			Total			Ending Net Asset Value
Class A (8/95)
2012(f)	$	20.41	$	(.11	)	$	2.78		$	2.67		$	—	$	(.30	)	$	(.30	)	$	22.78
2011		19.04		(.24	)		1.61			1.37			—		—			—			20.41
2010		14.55		(.18	)		4.67			4.49			—		—			—			19.04
2009		11.96		(.11	)		2.70			2.59			—		—			—			14.55
2008		21.65		(.14	)		(7.97	)		(8.11	)		—		(1.58	)		(1.58	)		11.96
2007		20.49		(.19	)		2.67			2.48			—		(1.32	)		(1.32	)		21.65
Class B (3/99)
2012(f)		17.72		(.16	)		2.40			2.24			—		(.30	)		(.30	)		19.66
2011		16.66		(.35	)		1.41			1.06			—		—			—			17.72
2010		12.82		(.27	)		4.11			3.84			—		—			—			16.66
2009		10.62		(.18	)		2.38			2.20			—		—			—			12.82
2008		19.56		(.23	)		(7.13	)		(7.36	)		—		(1.58	)		(1.58	)		10.62
2007		18.76		(.31	)		2.43			2.12			—		(1.32	)		(1.32	)		19.56
Class C (9/01)
2012(f)		18.58		(.17	)		2.52			2.35			—		(.30	)		(.30	)		20.63
2011		17.46		(.36	)		1.48			1.12			—		—			—			18.58
2010		13.44		(.28	)		4.30			4.02			—		—			—			17.46
2009		11.13		(.19	)		2.50			2.31			—		—			—			13.44
2008		20.41		(.24	)		(7.46	)		(7.70	)		—		(1.58	)		(1.58	)		11.13
2007		19.53		(.33	)		2.53			2.20			—		(1.32	)		(1.32	)		20.41
Class R3 (12/00)(e)
2012(f)		20.04		(.13	)		2.73			2.60			—		(.30	)		(.30	)		22.34
2011		18.74		(.29	)		1.59			1.30			—		—			—			20.04
2010		14.36		(.22	)		4.60			4.38			—		—			—			18.74
2009		11.83		(.16	)		2.69			2.53			—		—			—			14.36
2008		21.49		(.17	)		(7.91	)		(8.08	)		—		(1.58	)		(1.58	)		11.83
2007		20.39		(.24	)		2.66			2.42			—		(1.32	)		(1.32	)		21.49
Class I (8/95)(e)
2012(f)		22.04		(.09	)		3.01			2.92			—		(.30	)		(.30	)		24.66
2011		20.51		(.19	)		1.72			1.53			—		—			—			22.04
2010		15.63		(.15	)		5.03			4.88			—		—			—			20.51
2009		12.81		(.09	)		2.91			2.82			—		—			—			15.63
2008		23.03		(.10	)		(8.54	)		(8.64	)		—		(1.58	)		(1.58	)		12.81
2007		21.66		(.15	)		2.84			2.69			—		(1.32	)		(1.32	)		23.03

36 Nuveen Investments

			Ratios/Supplemental Data
					Ratios to Average Net Assets Before Reimbursement						Ratios to Average Net Assets After Reimbursement(d)
Total Return(c)			Ending Net Assets (000)		Expenses			Net Invest- ment Income (Loss)			Expenses			Net Invest- ment Income (Loss)			Portfolio Turnover Rate
	13.39	%	$	39,598		1.84	%*		(1.36	)%*		1.47	%*		(.99	)%*		54	%
	7.20			36,188		1.54			(1.19	)		1.47			(1.12	)		118
	30.86			39,501		1.68			(1.26	)		1.47			(1.05	)		142
	21.66			30,202		1.79			(1.21	)		1.47			(.89	)		169
	(40.07	)		29,022		1.63			(.99	)		1.46			(.82	)		138
	12.81			149,231		1.59			(1.01	)		1.47			(.89	)		118
	12.93			1,082		2.56	*		(2.08	)*		2.22	*		(1.74	)*		54
	6.36			1,482		2.31			(1.95	)		2.22			(1.86	)		118
	29.95			2,088		2.43			(2.00	)		2.22			(1.79	)		142
	20.72			2,025		2.54			(1.96	)		2.22			(1.64	)		169
	(40.55	)		1,978		2.38			(1.74	)		2.21			(1.57	)		138
	12.03			4,467		2.34			(1.77	)		2.22			(1.65	)		118
	12.93			1,730		2.59	*		(2.11	)*		2.22	*		(1.74	)*		54
	6.41			1,546		2.29			(1.94	)		2.22			(1.87	)		118
	29.91			1,596		2.43			(2.01	)		2.22			(1.80	)		142
	20.75			1,341		2.54			(1.98	)		2.22			(1.66	)		169
	(40.53	)		1,104		2.38			(1.73	)		2.21			(1.56	)		138
	11.96			2,295		2.34			(1.76	)		2.22			(1.64	)		118
	13.23			2,618		2.09	*		(1.61	)*		1.72	*		(1.24	)*		54
	6.94			2,334		1.79			(1.44	)		1.72			(1.37	)		118
	30.50			2,185		1.93			(1.52	)		1.72			(1.31	)		142
	21.39			1,469		2.04			(1.56	)		1.72			(1.24	)		169
	(40.24	)		433		1.89			(1.21	)		1.72			(1.04	)		138
	12.56			522		1.84			(1.29	)		1.72			(1.17	)		118
	13.49			59,510		1.58	*		(1.10	)*		1.22	*		(.74	)*		54
	7.46			63,866		1.31			(.94	)		1.22			(.84	)		118
	31.22			141,215		1.43			(1.01	)		1.22			(.80	)		142
	22.01			103,423		1.54			(.99	)		1.22			(.67	)		169
	(39.97	)		75,355		1.39			(.73	)		1.22			(.56	)		138
	13.10			154,456		1.34			(.76	)		1.22			(.64	)		118

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

(b) Distributions from Capital Gains include short-term capital gains, if any.

(c) 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.

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

(e) Effective January 18, 2011, Class R Shares and Class Y Shares previously offered by FAF Advisors, Inc. were renamed Class R3 Shares and Class I Shares, respectively.

(f) For the six months ended April 30, 2012.

* Annualized.

See accompanying notes to financial statements.

Nuveen Investments 37

Notes to Financial Statements (Unaudited)

1. General Information and Significant Accounting Policies

General Information

Nuveen Investment Funds, Inc. (the “Trust”), is an open-end investment company registered under the Investment Company Act of 1940, as amended. The Trust is comprised of Nuveen Large Cap Growth Opportunities Fund (“Large Cap Growth Opportunities”), Nuveen Mid Cap Growth Opportunities Fund (“Mid Cap Growth Opportunities”) and Nuveen Small Cap Growth Opportunities Fund (“Small Cap Growth Opportunities”), (each a “Fund” and collectively, the “Funds”), among others. The Trust was incorporated in the State of Maryland on August 20, 1987.

Large Cap Growth Opportunities’ investment objective is long-term growth of capital. Under normal market conditions, the Fund invests at least 80% of its net assets, plus the amount of any borrowings for investment purposes, in common stocks of large-capitalization companies, defined as companies that have market capitalizations of $5 billion or greater at the time of purchase.

Mid Cap Growth Opportunities’ investment objective is capital appreciation. Under normal market conditions, the Fund invests at least 80% of its net assets, plus the amount of any borrowings for investment purposes, in common stocks of mid-capitalization companies, defined as companies that have market capitalizations at the time of purchase within the market capitalization range of the companies in the Russell Midcap^® Index immediately after its most recent reconstitution prior to such purchase. It is expected that reconstitution of the index will occur each year at the end of June. Immediately after the most recent reconstitution, the range was $520 million to $17.9 billion. Under certain market conditions, the Fund may frequently invest in companies at the time of their initial public offering.

Small Cap Growth Opportunities’ investment objective is growth of capital. Under normal market conditions, the Fund invests at least 80% of its net assets, plus the amount of any borrowings for investment purposes, in common stocks of small-capitalization companies, defined as companies that have market capitalizations of less than $3 billion at the time of purchase. Under certain market conditions, the Fund may frequently invest in companies at the time of their initial public offering.

Each Fund may invest up to 15% of its total assets in non-dollar denominated equity securities of non-U.S. issuers. Each Fund may invest up to 25% of its assets, collectively, in non-dollar denominated equity securities of non-U.S. issuers and in dollar-denominated equity securities of non-U.S. issuers that are either listed on a U.S. stock exchange or represented by depositary receipts that may or may not be sponsored by a domestic bank. Up to 15% of each Fund’s total assets may be invested in equity securities of emerging market issuers. Each Fund may invest in options, futures contracts, options on futures contracts and forward foreign currency exchanges contracts (“derivatives”) to manage market or business risk, enhance its return, or hedge against adverse movements in currency exchange rates.

Each Fund’s most recent prospectus provides further descriptions of each Fund’s investment objective, principal investment strategies and principal risks.

Significant Accounting Policies

The following is a summary of significant accounting policies followed by the Funds in the preparation of their financial statements in accordance with accounting principles generally accepted in the United States (“U.S. GAAP”).

Investment Valuation

Common stocks and other equity-type securities are valued at the last sales price on the securities exchange on which such securities are primarily traded and are generally classified as Level 1 for fair value measurement purposes. Securities primarily traded on the NASDAQ National Market (“NASDAQ”) are valued, except as indicated below, at the NASDAQ Official Closing Price and are generally classified as Level 1. However, securities traded on a securities exchange or NASDAQ for which there were no transactions on a given day or securities not listed on a securities exchange or NASDAQ are valued at the quoted bid price and are generally classified as Level 2. Prices of certain American Depositary Receipts (“ADR”) held by the Funds that trade in only limited volume in the United States are valued based on the last traded price, official closing price, or the most recent bid price of the underlying non-U.S.-traded stock, adjusted as appropriate for the underlying-to-ADR conversion ratio and foreign exchange rate, and from time-to-time may also be adjusted further to take into account material events that may take place after the close of the local non-U.S. market but before the close of the New York Stock Exchange. These securities generally represent a transfer from a Level 1 to a Level 2 security.

Investments in investment companies are valued at their respective net asset values on the valuation date. These investment vehicles are generally classified as Level 1.

Certain securities may not be able to be priced by the pre-established pricing methods as described above. Such securities may be valued by the Funds’ Board of Directors or its designee at fair value. These securities generally include, but are not limited to, restricted securities (securities which may not be publicly sold without registration under the Securities Act of 1933, as amended) for which a pricing service is unable to provide a market price; securities whose trading has been formally suspended; debt securities that have gone into default and for which there is no current market quotation; a security whose market price is not available from a pre-established pricing source; a security with respect to which an event has occurred that is likely to materially affect the value of the security after the market has closed but before the calculation of a Fund’s net asset value (as may be the case in non-U.S. markets on which the security is primarily traded) or make it difficult or impossible to obtain a reliable market quotation; and a security whose

38 Nuveen Investments

price, as provided by the pricing service, is not deemed to reflect the security’s fair value. As a general principle, the fair value of a security would appear to be the amount that the owner might reasonably expect to receive for it in a current sale. A variety of factors may be considered in determining the fair value of such securities, which may include consideration of the following: yields or prices of investments of comparable quality, type of issue, coupon, maturity and rating, market quotes or indications of value from security dealers, evaluations of anticipated cash flows or collateral, general market conditions and other information and analysis, including the obligor’s credit characteristics considered relevant. These securities are generally classified as Level 2 or Level 3 depending on the priority of the significant inputs. Regardless of the method employed to value a particular security, all valuations are subject to review by the Funds’ Board of Directors or its designee.

Refer to Footnote 2 – Fair Value Measurements for further details on the leveling of securities held by the Funds as of the end of the reporting period.

Investment Transactions

Investment transactions are recorded on a trade date basis. Realized gains and losses from investment transactions are determined on the specific identification method, which is the same basis used for federal income tax purposes.

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. Securities lending income is comprised of fees earned from borrowers and income earned on cash collateral investments, net of lending agent fees.

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 (“RICs”). 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 gains from investment transactions, if any, are declared and distributed to shareholders at least annually. Furthermore, capital gains are distributed only to the extent they exceed available capital loss carryforwards.

Distributions to shareholders are recorded on the ex-dividend date. The amount and timing of distributions are determined in accordance with federal income tax regulations, which may differ from U.S. GAAP.

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 were 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 automatically 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 twelve months of purchase. Class R3 Shares are sold without an upfront sales charge but incur a .25% annual 12b-1 distribution and a .25% annual 12b-1 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 exchange contracts, 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, assets and liabilities are translated into U.S. dollars at 4:00 p.m. Eastern Time. Investment transactions, 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

Nuveen Investments 39

Notes to Financial Statements (Unaudited) (continued)

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 gains and losses resulting from changes in foreign currency exchange rates and changes in foreign exchange rates associated with other assets and liabilities on investments and derivatives are recognized as a component of “Net realized gain (loss) from investments and foreign currency,” on the Statement of Operations, when applicable.

The unrealized gains and losses resulting from changes in foreign currency exchange rates and changes in foreign exchange rates associated with other assets and liabilities on investments are recognized as a component of “Change in net unrealized appreciation (depreciation) of investments and foreign currency,” on the Statement of Operations, when applicable.

Futures Contracts

Each Fund is subject to equity price risk, interest rate risk and foreign currency exchange rate risk in the normal course of pursuing its investment objectives and is authorized to invest in futures contracts in an attempt to manage such risk. Upon entering into a futures contract, a Fund is required to deposit with the broker an amount of cash or liquid securities equal to a specified percentage of the contract amount. This is known as the “initial margin.” Cash held by the broker to cover initial margin requirements on open futures contracts, if any, is recognized as “Deposits with brokers for open futures contracts” on the Statement of Assets and Liabilities. Subsequent payments (“variation margin”) are made or received by a Fund each day, depending on the daily fluctuation of the value of the contract. Variation margin is recognized as a receivable and/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 recognized as an unrealized gain or loss by “marking-to-market” on a daily basis to reflect the changes in market value of the contract, which is recognized as a component of “Change in net unrealized appreciation (depreciation) of futures contracts” 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, which is recognized as a component of “Net realized gain (loss) from futures contracts” on the Statement of Operations.

Risks of investments in futures contracts include the possible adverse movement in the price of the securities or indices underlying the contracts, the possibility that there may not be a liquid secondary market for the contracts and/or that a change in the value of the contract may not correlate with a change in the value of the underlying securities or indices.

During the six months ended April 30, 2012, none of the Funds invested in future contracts.

Market and Counterparty Credit Risk

In the normal course of business each Fund may invest in financial instruments and enter into financial transactions where risk of potential loss exists due to changes in the market (market risk) or failure of the other party to the transaction to perform (counterparty credit risk). The potential loss could exceed the value of the financial assets recorded on the financial statements. Financial assets, which potentially expose each Fund to counterparty credit risk, consist principally of cash due from counterparties on forward, option and swap transactions, when applicable. The extent of each Fund’s exposure to counterparty credit risk in respect to these financial assets approximates their carrying value as recorded on the Statement of Assets and Liabilities. Futures contracts, when applicable, expose a Fund to minimal counterparty credit risk as they are exchange traded and the exchange’s clearinghouse, which is counterparty to all exchange traded futures, guarantees the futures contracts against default.

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

Multiclass Operations and Allocations

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

Realized and unrealized capital gains and losses of the Funds are prorated among the classes based on the relative net assets of each class.

Securities Lending

In order to generate additional income, each Fund may lend securities representing up to one-third of the value of its total assets (which includes collateral for securities on loan) to broker-dealers, banks or other institutions. Each Fund’s policy is to receive cash collateral equal to at least 102% of the value of securities loaned, which is recognized as “Collateral from securities lending program” on the Statement of

40 Nuveen Investments

Assets and Liabilities. The adequacy of the collateral is monitored on a daily basis. If the value of the securities on loan increases, such that the level of collateralization falls below 102%, additional collateral is received from the borrower, which is recognized as “Due from broker” on the Statement of Assets and Liabilities, when applicable. As with other extensions of credit, there may be risks of delay in recovery of the securities or even loss of rights in the collateral should the borrower of the security fail financially.

The Funds’ custodian serves as the securities lending agent for the Funds. Each Fund pays the custodian a fee based on the Fund’s proportional share of the custodian’s expense of operating its securities lending program. Collateral for securities on loan is invested in a money market fund, which is recognized as “Investments purchased with collateral from securities lending” on the Statement of Assets and Liabilities.

Income from securities lending, net of fees paid, is recognized on the Statement of Operations as “Securities lending income.” Securities lending fees paid by each Fund during the six months ended April 30, 2012, were as follows:

	Large Cap Growth Opportunities		Mid Cap Growth Opportunities		Small Cap Growth Opportunities
Securities lending fees paid	$	64,225	$	114,248	$	12,214

Indemnifications

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

Use of Estimates

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

2. Fair Value Measurements

Fair value is defined as the price that the Funds would receive upon selling an investment or transferring a liability in an orderly transaction to an independent buyer in the principal or most advantageous market for the investment. A three-tier hierarchy is used to maximize the use of observable market data and minimize the use of unobservable inputs and to establish classification of fair value measurements for disclosure purposes. Observable inputs reflect the assumptions market participants would use in pricing the asset or liability. Observable inputs are based on market data obtained from sources independent of the reporting entity. Unobservable inputs reflect the reporting entity’s own assumptions about the assumptions market participants would use in pricing the asset or liability. Unobservable inputs are based on the best information available in the circumstances. The three-tier hierarchy of inputs is 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 41

Notes to Financial Statements (Unaudited) (continued)

The inputs or methodologies used for valuing securities are not an indication of the risk associated with investing in those securities. The following is a summary of each Fund’s fair value measurements as of April 30, 2012:

Large Cap Growth Opportunities	Level 1		Level 2		Level 3			Total
Long-Term Investments:
Common Stocks	$	598,956,562	$	—	$	—		$	598,956,562
Investments Purchased with Collateral from Securities Lending		179,194,145		—		—			179,194,145
Short-Term Investments:
Money Market Funds		13,409,991		—		—			13,409,991
Total	$	791,560,698	$	—	$	—		$	791,560,698
Mid Cap Growth Opportunities	Level 1		Level 2		Level 3			Total
Long-Term Investments:
Common Stocks	$	1,158,061,109	$	—	$	—		$	1,158,061,109
Investments Purchased with Collateral from Securities Lending		430,267,245		—		—			430,267,245
Short-Term Investments:
Money Market Funds		7,904,649		—		—			7,904,649
Total	$	1,596,233,003	$	—	$	—		$	1,596,233,003
Small Cap Growth Opportunities	Level 1		Level 2		Level 3			Total
Long-Term Investments:
Common Stocks	$	102,814,739	$	—	$	—	*	$	102,814,739
Investments Purchased with Collateral from Securities Lending		48,365,957		—		—			48,365,957
Short-Term Investments:
Money Market Funds		2,957,008		—		—			2,957,008
Total	$	154,137,704	$	—	$	—	*	$	154,137,704

* Level 3 security has a market value of zero.

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

	Small Cap Growth Opportunities Level 3 Common Stocks
Balance at the beginning of period	$	—	*
Gains (losses):
Net realized gains (losses)		—
Net change in unrealized appreciation (depreciation)		—
Purchases at cost		—
Sales at proceeds		—
Net discounts (premiums)		—
Transfers in to		—
Transfers out of		—
Balance at the end of period	$	—	*
Change in net unrealized appreciation (depreciation) during the period of Level 3 securities held as of April 30, 2012	$	—

* Level 3 security has a market value of zero.

During the six months ended April 30, 2012, the Funds recognized no significant transfers to or from Level 1, Level 2 or Level 3.

3. Derivative Instruments and Hedging Activities

The Funds record derivative instruments at fair value, with changes in fair value recognized on the Statement of Operations, when applicable. Even though the Funds’ investments in derivatives may represent economic hedges, they are not considered to be hedge transactions for financial reporting purposes. The Funds did not invest in derivative instruments during the six months ended April 30, 2012.

42 Nuveen Investments

4. Fund Shares

Transactions in Fund shares were as follows:

	Large Cap Growth Opportunities
	Six Months Ended 4/30/12						Year Ended 10/31/11
	Shares			Amount			Shares			Amount
Shares sold:
Class A		1,102,045		$	37,238,868			1,030,651		$	34,137,022
Class B		1,007			32,387			5,871			178,105
Class C		93,472			2,853,921			136,693			4,197,857
Class R3(1)		165,814			5,271,859			97,634			3,261,354
Class I(1)		1,909,463			64,719,425			2,239,175			76,171,961
Shares issued to shareholders due to reinvestment of distributions:
Class A		105,705			3,128,856			—			—
Class B		3,203			85,704			—			—
Class C		8,270			226,508			—			—
Class R3(1)		5,050			146,968			—			—
Class I(1)		215,508			6,637,635			—			—
		3,609,537			120,342,131			3,510,024			117,946,299
Shares redeemed:
Class A		(329,445	)		(11,001,713	)		(648,075	)		(21,533,002	)
Class B		(25,838	)		(791,302	)		(50,698	)		(1,544,574	)
Class C		(20,258	)		(609,990	)		(29,628	)		(911,615	)
Class R3(1)		(39,526	)		(1,321,783	)		(16,584	)		(534,485	)
Class I(1)		(2,678,643	)		(93,161,200	)		(4,263,570	)		(148,356,251	)
Class I(1) – In-Kind		—			—			(2,678,398	)		(86,539,024	)
		(3,093,710	)		(106,885,988	)		(7,686,953	)		(259,418,951	)
Net increase (decrease)		515,827		$	13,456,143			(4,176,929	)	$	(141,472,652	)
	Mid Cap Growth Opportunities
	Six Months Ended 4/30/12						Year Ended 10/31/11
	Shares			Amount			Shares			Amount
Shares sold:
Class A		982,553		$	40,378,347			1,758,690		$	73,910,507
Class B		642			21,551			1,906			68,527
Class C		79,109			2,964,037			70,600			2,674,150
Class R3(1)		322,572			13,053,105			514,920			21,199,623
Class I(1)		2,140,913			95,093,563			3,994,324			181,804,844
Shares issued to shareholders due to reinvestment of distributions:
Class A		293,603			10,810,445			—			—
Class B		5,239			166,355			—			—
Class C		16,012			534,474			—			—
Class R3(1)		38,238			1,376,941			—			—
Class I(1)		437,404			17,430,562			—			—
		4,316,285			181,829,380			6,340,440			279,657,651
Shares redeemed:
Class A		(1,084,867	)		(44,830,816	)		(2,152,411	)		(91,460,035	)
Class B		(31,489	)		(1,133,747	)		(55,374	)		(2,033,061	)
Class C		(38,264	)		(1,416,211	)		(87,325	)		(3,307,929	)
Class R3(1)		(262,168	)		(10,545,995	)		(575,859	)		(23,989,967	)
Class I(1)		(2,563,024	)		(113,527,492	)		(5,002,958	)		(228,179,462	)
Class I(1) – In-Kind		—			—			(7,424,395	)		(320,656,806	)
		(3,979,812	)		(171,454,261	)		(15,298,322	)		(669,627,260	)
Net increase (decrease)		336,473		$	10,375,119			(8,957,882	)	$	(389,969,609	)

(1) Effective January 18, 2011, Class R Shares and Class Y Shares previously offered by FAF Advisor, Inc. were renamed Class R3 Shares and Class I Shares, respectively.

Nuveen Investments 43

Notes to Financial Statements (Unaudited) (continued)

	Small Cap Growth Opportunities
	Six Months Ended 4/30/12						Year Ended 10/31/11
	Shares			Amount			Shares			Amount
Shares sold:
Class A		113,177		$	2,494,188			281,619		$	6,049,377
Class B		1			21			2,154			39,844
Class C		5,191			105,232			13,293			264,550
Class R3(1)		25,903			552,913			61,642			1,261,846
Class I(1)		194,556			4,570,083			950,540			21,934,766
Shares issued to shareholders due to reinvestment of distributions:
Class A		25,561			492,295			—			—
Class B		1,301			21,675			—			—
Class C		1,334			23,323			—			—
Class R3(1)		1,836			34,697			—			—
Class I(1)		12,551			261,310			—			—
		381,411			8,555,737			1,309,248			29,550,383
Shares redeemed:
Class A		(173,539	)		(3,776,821	)		(583,516	)		(12,808,551	)
Class B		(29,884	)		(565,370	)		(43,903	)		(811,714	)
Class C		(5,861	)		(110,078	)		(21,496	)		(428,292	)
Class R3(1)		(26,984	)		(570,810	)		(61,745	)		(1,292,506	)
Class I(1)		(691,452	)		(16,008,358	)		(2,956,187	)		(66,197,552	)
Class I(1) – In-Kind		—			—			(1,983,052	)		(46,264,595	)
		(927,720	)		(21,031,437	)		(5,649,899	)		(127,803,210	)
Net increase (decrease)		(546,309	)	$	(12,475,700	)		(4,340,651	)	$	(98,252,827	)

(1) Effective January 18, 2011, Class R Shares and Class Y Shares previously offered by FAF Advisor, Inc. were renamed Class R3 Shares and Class I Shares, respectively.

Class B Shares that converted to Class A Shares (recognized as a component of Class A Shares sold and Class B Shares redeemed) during the six months ended April 30, 2012 and fiscal year ended October 31, 2011, were as follows:

Fund	Six Months Ended 4/30/12		Year Ended 10/31/11
Large Cap Growth Opportunities		24,754		29,920
Mid Cap Growth Opportunities		16,358		28,096
Small Cap Growth Opportunities		23,194		33,211

5. Investment Transactions

Purchases and sales (including maturities but excluding investments purchased with collateral from securities lending and short-term investments) during the six months ended April 30, 2012, were as follows:

	Large Cap Growth Opportunities		Mid Cap Growth Opportunities		Small Cap Growth Opportunities
Purchases	$	218,102,917	$	640,879,414	$	55,691,450
Sales and maturities		222,148,670		681,753,032		69,231,263

6. Income Tax Information

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

44 Nuveen Investments

At April 30, 2012, the cost and unrealized appreciation (depreciation) of investments, as determined on a federal income tax basis, were as follows:

	Large Cap Growth Opportunities			Mid Cap Growth Opportunities			Small Cap Growth Opportunities
Cost of investments	$	613,987,259		$	1,308,536,875		$	142,752,960
Gross unrealized:
Appreciation	$	181,541,853		$	291,804,216		$	16,236,386
Depreciation		(3,968,414	)		(4,108,088	)		(4,851,642	)
Net unrealized appreciation (depreciation) of investments	$	177,573,439		$	287,696,128		$	11,384,744

Permanent differences, primarily due to redemptions in-kind, net operating losses, tax equalization, Real Estate Investment Trust (“REITs”) adjustments, and investments in partnerships, resulted in reclassifications among the Funds’ components of net assets at October 31, 2011, the Funds’ last year tax end, as follows:

	Large Cap Growth Opportunities			Mid Cap Growth Opportunities			Small Cap Growth Opportunities
Capital paid-in	$	30,262,272		$	100,365,222		$	8,631,450
Undistributed (Over-distribution) of net investment income		1,297,287			3,741,336			1,333,259
Accumulated net realized gain (loss)		(31,559,559	)		(104,106,558	)		(9,964,709	)

The tax components of undistributed net ordinary income and net long-term capital gains at October 31, 2011, the Funds’ last tax year end, were as follows:

	Large Cap Growth Opportunities		Mid Cap Growth Opportunities		Small Cap Growth Opportunities
Undistributed net ordinary income*	$	—	$	—	$	—
Undistributed net long-term capital gains		18,181,621		38,745,775		1,420,407

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

The tax character of distributions paid during the Funds’ last tax year ended October 31, 2011, was designated for purposes of the dividends paid deduction as follows:

	Large Cap Growth Opportunities		Mid Cap Growth Opportunities		Small Cap Growth Opportunities
Distributions from net ordinary income*	$	—	$	—	$	—
Distributions from net long-term capital gains		—		—		—

* Net ordinary income consists of net taxable income derived from dividends, interest, net short-term capital gains and current year earnings and profits attributable to realized gains, if any.

During the Funds’ last tax year ended October 31, 2011, the Funds utilized their capital loss carryforwards as follows:

	Large Cap Growth Opportunities		Mid Cap Growth Opportunities		Small Cap Growth Opportunities
Utilized capital loss carryforwards	$	42,227,234	$	91,798,557	$	16,280,987

7. Management Fees and Other Transactions with Affiliates

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

Nuveen Investments 45

Notes to Financial Statements (Unaudited) (continued)

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

Average Daily Net Assets	Large Cap Growth Opportunities Fund-Level Fee Rate			Mid Cap Growth Opportunities Fund-Level Fee Rate			Small Cap Growth Opportunities Fund-Level Fee Rate
For the first $125 million		.6500	%		.7000	%		.8000	%
For the next $125 million		.6375			.6875			.7875
For the next $250 million		.6250			.6750			.7750
For the next $500 million		.6125			.6625			.7625
For the next $1 billion		.6000			.6500			.7500
For net assets over $2 billion		.5750			.6250			.7250

The annual complex-level fee for each Fund, payable monthly, is determined by taking the complex-level fee rate, which is based on the aggregate amount of “eligible assets” of all Nuveen funds as set forth in the schedule below, and making, as appropriate, an upward adjustment to that rate based upon the percentage of the particular fund’s assets that are not “eligible assets.” The complex-level fee schedule is as follows:

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

* The complex-level fee is calculated based upon the aggregate daily “eligible assets” of all Nuveen Funds. Eligible assets do not include assets attributable to investments in other Nuveen Funds or assets in excess of $2 billion added to the Nuveen Fund complex in connection with Adviser’s assumption of the management of the former First American Funds effective January 1, 2011. Eligible assets include closed-end fund assets managed by the Adviser that are attributable to financial leverage. For these purposes, financial leverage includes the closed-end funds’ use of preferred stock and borrowings and investments in the residual interest certificates (also called inverse floating rate securities) in tender option bond (TOB) trusts, including the portion of assets held by the TOB trust that has been effectively financed by the trust’s issuance of floating rate securities, subject to an agreement by the Adviser as to certain funds to limit the amount of such assets for determining eligible assets in certain circumstances. As of April 30, 2012, the complex-level fee rate for each Fund was as follows:

Fund	Complex-Level Fee Rate
Large Cap Growth Opportunities		.1951	%
Mid Cap Growth Opportunities		.1951
Small Cap Growth Opportunities		.1998

The management fee compensates the Adviser for overall investment advisory and administrative services and general office facilities. The Adviser is responsible for each Fund’s overall strategy and asset allocation decisions. The Adviser has entered into sub-advisory agreements with Nuveen Asset Management, LLC (the “Sub-Adviser”), a wholly-owned subsidiary of the Adviser, under which the Sub-Adviser manages the investment portfolios of the Funds. The Sub-Adviser will be compensated for its services to the Funds from the management fees paid to the Adviser.

The Adviser has agreed to waive fees and/or reimburse other Fund expenses of Small Cap Growth Opportunities so that total annual Fund operating expenses, after fee waivers and/or expense reimbursements and excluding any acquired Fund fees and expenses, do not exceed the percentages of the average daily net assets of any class of Fund shares in the amounts and for the time period stated in the following table:

	Small Cap Growth Opportunities
Class A Shares		1.47	%
Class B Shares		2.22
Class C Shares		2.22
Class R3 Shares		1.72
Class I Shares		1.22
Expiration date		February 28, 2013

46 Nuveen Investments

The Adviser has agreed to reimburse management fees across all share classes of Large Cap Growth Opportunities and Mid Cap Growth Opportunities through December 31, 2012, to the extent necessary to maintain Class I Share total annual operating expenses, not including any acquired Fund fees and expenses, at the applicable percentage of daily net assets listed in the Maximum Expense Level row of the following table, provided that in no event will the Adviser be required to make any reimbursements that would result in an annualized net management fee of less than the applicable percentage of daily net assets listed in the Minimum Management Fee row of the following table.

	Large Cap Growth Opportunities			Mid Cap Growth Opportunities
Maximum Expense Level		.98	%		.99	%
Minimum Management Fee		.80			.84

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

The Trust pays no compensation directly to those of its directors 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 Directors has adopted a deferred compensation plan for independent directors that enable directors to elect to defer receipt of all or a portion of the annual compensation they are entitled to receive from certain Nuveen-advised funds. Under the plan, deferred amounts are treated as though equal dollar amounts had been invested in shares of select Nuveen-advised funds.

During the six months ended April 30, 2012, Nuveen Securities, LLC (the “Distributor”), a wholly-owned subsidiary fo Nuveen, collected sales charges on purchases of Class A Shares, the majority of which were paid out as concessions to financial intermediaries as follows:

	Large Cap Growth Opportunities		Mid Cap Growth Opportunities		Small Cap Growth Opportunities
Sales charges collected	$	74,857	$	71,789	$	19,009
Paid to financial intermediaries		67,106		62,810		16,589

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

During the six months ended April 30, 2012, the Distributor compensated financial intermediaries directly with commission advances at the time of purchase as follows:

	Large Cap Growth Opportunities		Mid Cap Growth Opportunities		Small Cap Growth Opportunities
Commission advances	$	40,852	$	28,322	$	1,028

To compensate for commissions advanced to financial intermediaries, all 12b-1 service and distribution fees collected on Class B Shares and C Shares during the first year following a purchase were retained by the Distributor. During the six months ended April 30, 2012, the Distributor retained such 12b-1 fees as follows:

	Large Cap Growth Opportunities		Mid Cap Growth Opportunities		Small Cap Growth Opportunities
12b-1 fees retained	$	35,447	$	33,360	$	6,168

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

The Distributor also collected and retained CDSC on share redemptions during the six months ended April 30, 2012, as follows:

	Large Cap Growth Opportunities		Mid Cap Growth Opportunities		Small Cap Growth Opportunities
CDSC retained	$	1,977	$	4,756	$	108

Nuveen Investments 47

Notes to Financial Statements (Unaudited) (continued)

8. New Accounting Pronouncements

Fair Value Measurements and Disclosures

On May 12, 2011, the Financial Accounting Standards Board (“FASB”) issued Accounting Standards Update (“ASU”) No. 2011-04 (“ASU No. 2011-04”) modifying Topic 820, Fair Value Measurements and Disclosures. At the same time, the International Accounting Standards Board (“IASB”) issued International Financial Reporting Standard (“IFRS”) 13, Fair Value Measurement. The objective of the FASB and IASB is convergence of their guidance on fair value measurements and disclosures. Specifically, ASU No. 2011-04 requires reporting entities to disclose i) the amounts of any transfers between Level 1 and Level 2 and the reasons for the transfers and ii) for Level 3 fair value measurements, a) quantitative information about significant unobservable inputs used, b) a description of the valuation processes used by the reporting entity and c) a narrative description of the sensitivity of the fair value measurement to changes in unobservable inputs if a change in those inputs might result in a significantly higher or lower fair value measurement. The effective date of ASU No. 2011-04 is for interim and annual periods beginning after December 15, 2011. At this time, management is evaluating the implications of this guidance and the impact it will have to the financial statement amounts and footnote disclosures, if any.

48 Nuveen Investments

Notes

Nuveen Investments 49

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 distributions and capital gains, if any) over the time period being considered.

Lipper Large-Cap Growth Funds Classification Average: Represents the average annualized total return for all reporting funds in the Lipper Large-Cap Growth Funds Classification. Lipper returns account for the effects of management fees and assume reinvestment of distributions but do not reflect any applicable sales charges.

Lipper Multi-Cap Growth Funds Classification Average: Represents the average annualized total return for all reporting funds in the Lipper Multi-Cap Growth Funds Classification. Lipper returns account for the effects of management fees and assume reinvestment of distributions but do not reflect any applicable sales charges.

Lipper Small-Cap Growth Funds Classification Average: Represents the average annualized total return for all reporting funds in the Lipper Small-Cap Growth Funds Classification. Lipper returns account for the effects of management fees and assume reinvestment of distributions but do not reflect any applicable sales charges.

Net Asset Value (NAV): The net market value of all securities held in a portfolio.

Net Asset Value (NAV) Per Share: The market value of one share of a mutual fund or closed-end fund. For a Fund, the NAV is calculated daily by taking the Fund’s total assets (securities, cash, and accrued earnings), subtracting the Fund’s liabilities, and dividing by the number of shares outstanding.

Russell 1000^® Growth Index: An index that measures the performance of those Russell 1000 companies with higher price-to-book ratios and higher forecasted growth values. The index returns assume reinvestment of distributions, but do not reflect any applicable sales charges or management fees.

Russell 2000^® Growth Index: An index that measures the performance of those Russell 2000 companies with higher price-to-book ratios and higher forecasted growth values. The index returns assume reinvestment of distributions, but do not reflect any applicable sales charges or management fees.

Russell Midcap^® Growth Index: An index that measures the performance of the mid-cap growth segment of the U.S. equity universe. It includes those Russell Midcap Index companies with higher price-to-book ratios and higher forecasted growth values. The index returns assume reinvestment of distributions, but do not reflect any applicable sales charges or management fees.

Tax Equalization: The practice of treating a portion of the distribution made to a redeeming shareholder, which represents his proportionate part of undistributed net investment income and capital gain as a distribution for tax purposes. Such amounts are referred to as the equalization debits (or payments) and will be considered a distribution to the shareholder of net investment income and capital gain for calculation of the Fund’s dividends paid deduction.

50 Nuveen Investments

Additional Fund Information

Fund Manager

Nuveen Fund Advisors, Inc.

333 West Wacker Drive

Chicago, IL 60606

Sub-Adviser

Nuveen Asset Management, LLC

333 West Wacker Drive

Chicago, IL 60606

Legal Counsel

Chapman and Cutler LLP

Chicago, IL

Independent Registered Public Accounting Firm*

PricewaterhouseCoopers

Chicago, IL

Custodian

U.S. Bank National Association

St. Paul, MN

Transfer Agent and Shareholder Services

Boston Financial

Data Services, Inc.

Nuveen Investor Services

P.O. Box 8530

Boston, MA 02266-8530

(800) 257-8787

* The Board of Directors of the Funds, upon recommendation of the Audit Committee, engaged PricewaterhouseCoopers LLP as the Funds’ independent registered public accounting firm as of March 1, 2011. On December 30, 2011, Ernst & Young, LLP (“Ernst & Young”) completed its work on the October 31, 2011 audits and resigned as the independent registered public accounting firm of the Funds.

Ernst & Young’s report on the Funds’ financial statements for the most recent fiscal year contained no adverse opinion or disclaimer of opinion, and were not qualified or modified as to uncertainty, audit scope or accounting principles. For the most recent fiscal year and through March 1, 2011, there were no disagreements with Ernst & Young on any matter of accounting principles, financial statement disclosure or auditing scope or procedures, which disagreements, if not resolved to the satisfaction of Ernst & Young, would have caused it to make reference to the subject matter of the disagreements in connection with its reports on the Funds’ financial statements.

Quarterly Portfolio of Investments and Proxy Voting information: You may obtain (i) each Fund’s quarterly portfolio of investments, (ii) information regarding how each Fund voted proxies relating to portfolio securities held during the most recent twelve-month period ended June 30, and (iii) a description of the policies and procedures that each 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. FINRA also provides an investor brochure that includes information describing the Public Disclosure Program.

Nuveen Investments 51

Nuveen Investments:

Serving Investors for Generations

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

Focused on meeting investor needs.

Nuveen Investments provides high-quality investment services designed to help secure the longterm goals of institutional and individual investors as well as the consultants and financial advisors who serve them. Nuveen Investments markets a wide range of specialized investment solutions which provide investors access to capabilities of its high-quality boutique investment affiliates-Nuveen Asset Management, Symphony Asset Management, NWQ Investment Management Company, Santa Barbara Asset Management, Tradewinds Global Investors, Winslow Capital Management, and Gresham Investment Management. In total, Nuveen Investments managed approximately $227 billion as of March 31, 2012.

Find out how we can help you.

To learn more about how the products and services of Nuveen Investments may be able to help you meet your financial goals, talk to your financial advisor, or call us at (800) 257-8787. Please read the information provided carefully before you invest. Investors should consider the investment objective and policies, risk considerations, charges and expenses of any investment carefully. Where applicable, be sure to obtain a prospectus, which contains this and other relevant information. To obtain a prospectus, please contact your securities representative or Nuveen Investments, 333 W. Wacker Dr., Chicago, IL 60606. Please read the prospectus carefully before you invest or send money.

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

Distributed by

Nuveen Securities, LLC

333 West Wacker Drive

Chicago, IL 60606

www.nuveen.com

MSA-FCGO-0412P

Mutual Funds

Nuveen Equity Funds

For investors seeking the potential for long-term capital appreciation.

Semi-Annual Report

April 30, 2012

	Share Class / Ticker Symbol
Fund Name	Class A	Class B	Class C	Class R3	Class I
Nuveen Large Cap Select Fund	FLRAX	—	FLYCX	FLSSX	FLRYX
Nuveen Mid Cap Select Fund	FATAX	—	FTACX	—	FATCX
Nuveen Small Cap Select Fund	EMGRX	ARSBX	FHMCX	ASEIX	ARSTX

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

Table of Contents

Chairman’s Letter to Shareholders	4
Portfolio Managers’ Comments	5
Fund Performance and Expense Ratios	12
Holding Summaries	16
Expense Examples	17
Portfolios of Investments	18
Statement of Assets and Liabilities	28
Statement of Operations	29
Statement of Changes in Net Assets	30
Financial Highlights	31
Notes to Financial Statements	38
Glossary of Terms Used in this Report	50
Additional Fund Information	51

Chairman’s

Letter to Shareholders

Dear Shareholders,

Investors have many reasons to remain cautious. The challenges in the Euro area are casting a shadow over global economies and financial markets. The political support for addressing fiscal issues is eroding as the economic and social impacts become more visible. At the same time, member nations appear unwilling to provide adequate financial support or to surrender sufficient sovereignty to strengthen the banks or unify the Euro area financial system. The gains made in reducing deficits, and the hard-won progress on winning popular acceptance of the need for economic austerity, are at risk. To their credit, European political leaders press on to find compromise solutions, but there is increasing concern that time will begin to run out.

In the U.S., strong corporate earnings have enabled the equity markets to withstand much of the downward pressures coming from weakening job creation, slower economic growth and political uncertainty. The Fed remains committed to low interest rates but has refrained from predicting another program of quantitative easing unless economic growth were to weaken significantly or the threat of recession appears on the horizon. Pre-election maneuvering has added to the already highly partisan atmosphere in the Congress. The end of the Bush-era tax cuts and implementation of the spending restrictions of the Budget Control Act of 2011, both scheduled to take place at year-end, loom closer.

During the last year, U.S. based investors have experienced a sharp decline and a strong recovery in the equity markets. The experienced investment teams at Nuveen keep their eye on a longer time horizon and use their practiced investment disciplines to negotiate through market peaks and valleys to achieve long-term goals for investors. Experienced professionals pursue investments that will weather short-term volatility and at the same time, seek opportunities that are created by markets that overreact to negative developments. Monitoring this process is an important consideration for the Fund Board as it oversees your Nuveen funds on your behalf.

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

Sincerely,

Robert P. Bremner

Chairman of the Board

June 20, 2012

4 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.

These Funds feature portfolio management by Nuveen Asset Management, LLC, an affiliate of Nuveen Investments.

David Chalupnik, CFA, and Tony Burger, CFA, are the portfolio managers for the Nuveen Large Cap Select Fund. David, who has 28 years of investment experience, assumed portfolio management responsibilities in 2003. Tony has 18 years of investment experience, and joined the management team for the Fund in 2004.

Tony and Scott Tonneson, CFA, are the portfolio managers for the Nuveen Mid Cap Select Fund. Tony assumed portfolio management responsibilities in 2005. Scott, who has 18 years of investment experience, joined the management team for the Fund in 2012.

Allen Steinkopf, CFA, and Mark Traster, CFA, are the portfolio managers for the Nuveen Small Cap Select Fund. Allen, who has 19 years of investment experience, assumed portfolio management responsibilities in 2004. Mark, with 20 years of investment experience, joined the management team for the Fund in 2008.

On the following pages, the portfolio management teams for the Funds examine key investment strategies and the Funds’ performance for the six-month period ended April 30, 2012.

Nuveen Large Cap Select Fund

How did the Fund perform during the six-month period ended April 30, 2012?

The tables in the Fund Performance and Expense Ratios section of this report provide Class A Share total returns for the Fund for the six-month, one-year, five-year and since inception periods ended April 30, 2012. The Fund’s Class A Shares at net asset value (NAV) outperformed both the S&P 500^® Index and the Lipper classification average over the six-month period.

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

The Fund pursues a long-term capital appreciation strategy by investing primarily in the common stocks of companies that have market capitalizations of $3 billion or greater at the time of purchase. During the reporting period, we continued to utilize our deep, rigorous research approach to find and invest in stocks that we believed had strong and/or improving fundamentals, attractive valuations and a catalyst for future positive relative price performance. We also continued to shift the portfolio to areas of the market that our research suggested were particularly attractive. Throughout this time frame, the portfolio

Nuveen Investments 5

was shifted toward cyclical stocks and sectors that appeared to have further margin expansion capacity while still selling at attractive valuations. Stocks that we sold generally faced an expected or actual deterioration in their fundamental earnings outlook, the realization or removal of the expected catalyst or excessive valuation.

The stock market made strong advances during the reporting period. The Fund was well positioned in both sector weightings and stock selection. As U.S. economic data continued to improve, the more economically sensitive sectors of the market outperformed. The Fund benefited from its overweight positions in three of these outperforming cyclical sectors: technology, financials and consumer discretionary. Stocks in these sectors had generally been selling at lower valuations and were revalued higher during the reporting period. The financial sector was further aided by reduced financial risk from Europe. At the same time, the Fund’s lower weights in economically stable areas also proved beneficial to relative performance. This included our underweight position in utilities, which lagged the overall market.

Stock selection was also strong in the technology sector, where the Fund was rewarded for its significant overweight position in Apple, the leading manufacturer of smartphones, desktop and portable computing devices. Apple’s stock advanced dramatically during the period as the introduction of its new iPad and upgrades to its iPhone allowed it to gain meaningful and profitable market share in the computing devices market. Another of the Fund’s technology standouts was a direct beneficiary of Apple’s strength. QUALCOMM, the largest global manufacturer of mobile phone chipsets, outperformed due to the increasing demand for smartphones. Before period end, we sold the QUALCOMM position based on its valuation to secure the gains. We also sold some of the Fund’s Apple position to realize profits. However, at period end, the Fund still maintained an overweight position in Apple versus the S&P 500^® Index.

The Fund also benefited from an overweight position in the financials sector. Financials rebounded significantly during this time frame as U.S. economic growth and employment began to improve while the housing market began to stabilize. Equally important, the European Central Bank took meaningful steps to avert a systemic financial crisis by injecting massive amounts of liquidity into its banking system through a long-term refinancing operation. This move calmed the market’s fears about the financing ability of Europe’s banks and had a positive impact on U.S. banks as well, including several of our large, diversified financials. For example, Wells Fargo was a significant positive contributor to performance, benefiting from its substantial exposure to mortgage origination, good operating trends, strong credit quality and positive earnings trends. Two other financial holdings, JPMorgan Chase and Fifth Third Bancorp, also benefited from the improved U.S. economy and reduced risk in Europe.

Fund performance in consumer discretionary was aided by our holdings in the recreational products, retail and housing industries. Boat and marine engine manufacturer Brunswick turned in strong results, propelled by better economic conditions and increased consumer spending. On the retail side, the Fund continued to see outperformance from turnaround story Foot Locker, a leading athletic footwear and apparel retailer, and Macy’s, the large department store chain. Both retailers benefited from good execution as they continued to beat their competition and gain market share.

6 Nuveen Investments

In the housing industry, the Fund was rewarded for its position in home builder D.R. Horton. After buying the stock on signs of stabilization in housing, it performed exceptionally well. We sold the Fund’s position in D.R. Horton during the period since it attained our valuation target.

The health care sector was a detractor from performance. Holdings in health maintenance organizations (HMOs) fell short of expectations. As economic and employment numbers improved, concerns grew over higher levels of utilization which may pressure future HMO profitability. The Fund’s positive results from a position in the strongly performing United Healthcare were more than offset by our holding in Humana, which was down for the quarter.

Toward the end of the reporting period, improvement in U.S. economic numbers started to slow and European problems resurfaced again. Therefore, we have reduced cyclicality quite a bit in the Fund’s portfolio by lowering its technology exposure to an underweight while reducing its overweight positions in consumer discretionary, industrials and financials. The consumer staples sector remains the Fund’s largest underweight followed by utilities and then technology. Meanwhile, we have moved to a health care overweight, which could help reduce cyclicality in the portfolio.

Nuveen Mid Cap Select Fund

How did the Fund perform during the six-month period ended April 30, 2012?

The tables in the Fund Performance and Expense Ratios section of this report provide Class A Share total returns for the Fund for the six-month, one-year, five-year and ten-year periods ended April 30, 2012. The Fund’s Class A Shares at net asset value (NAV) outperformed both the Russell Midcap^® Index and the Lipper classification average over the six-month period.

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

The Fund seeks to provide long-term capital appreciation by investing primarily in the common stocks of companies with market capitalizations at the time of purchase between approximately $350 million and $14 billion. During the reporting period, we continued to implement our “best of the best” investment approach. We started by using a combination of fundamental and quantitative analysis to identify mid-sized companies that we believed had strong fundamentals, attractive valuations and a catalyst for future positive relative performance. We further narrowed down our investable universe by identifying only those stocks that were held in other funds within our firm. We then combined a subset of those stocks into a portfolio that had risk tolerances within our acceptable limits. Generally, stocks we sold faced an expected or actual deterioration in their fundamental earnings outlook, the realization or removal of the expected catalyst or excessive valuation.

Toward the end of 2011, we saw multiple signs that the economic recovery was better than had been anticipated throughout the summer months. As the market advanced over

Nuveen Investments 7

the reporting period, the Fund benefited from its emphasis on early cyclical sectors such as consumer discretionary, particularly in the retail industry. Within this sector, the Fund was rewarded for holding companies like Foot Locker, Ascena Retail Group and Wyndham Worldwide. In retail, turnaround story Foot Locker, a leading athletic footwear and apparel retailer, benefited from good execution as it continued to beat its competition and gain market share. Also, Ascena Retail Group, a specialty retailer of girl’s and women’s apparel, showed strong earnings as it experienced improving same store and e-commerce sales. In addition, hotel and resort chain Wyndham Worldwide had a positive impact on the portfolio as its stock price increased after we purchased the holding. As the economy improved, the market was willing to pay more for this fundamentally strong, attractively valued company that was demonstrating strong execution.

Another bright spot was the stock selection within the smallest quintile of the benchmark’s market-cap range. Share prices for Coinstar and Athenahealth, Inc. both rose during the period. The Fund continued to overweight the small-cap area with success.

The Fund also benefited from the quantitative influence in its portfolio construction process. Our focus on the most attractively ranked stocks according to our proprietary quantitative model and our underweight to the most unattractively ranked stocks paid off well for the Fund. Finally, underweight positions in the less economically sensitive sectors such as consumer staples, health care, telecommunication services and utilities aided results.

The Fund’s overweight in Humana and AmerisourceBergen generally hurt performance during the period. As economic and employment numbers improved, concerns grew over higher levels of utilization which may pressure future HMO profitability. In the case of pharmaceutical distributor AmerisourceBergen, the company continued to execute well. However, the less economically sensitive health care services sector did not keep pace with the market rally.

Stock selection in the oil services industry also hindered performance as several energy holdings were negatively impacted by a slowdown in international drilling. Detractors included Parker Drilling, a provider of equipment and drilling solutions to the energy industry, and Newpark Resources, a diversified supplier of products and services to oil and gas exploration and production companies. In telecommunications, equipment provider Polycom had lower share prices after the company did not meet earnings expectations and the market feared it was losing market share to its largest competitor.

Despite the market rally, the Fund was also negatively impacted by our overweight in higher beta stocks, which was not a strong segment over the past six months. Higher beta names that hindered performance included Vocus, an online software-as-a-service company. Although the company is in a growing marketplace and has a solid offering, its share prices declined due to lower guidance in conjunction with its announcement of a strategic acquisition. Also, share prices of engineering and construction firm MasTec fell after orders for its equipment declined, leading investors to question the company’s growth prospects.

Toward the end of the reporting period, improvement in U.S. economic numbers started to slow and European problems resurfaced again. Therefore, we have reduced cyclicality

8 Nuveen Investments

quite a bit in the Fund’s portfolio by lowering its beta as market risks have increased in the near term. We reduced the Fund’s large overweight in consumer discretionary to a slight underweight, while we added to the health care and telecommunications sectors. At the end of the period, the Fund was overweight in health care and neutral in telecomm.

Nuveen Small Cap Select Fund

How did the Fund perform during the six-month period ended April 30, 2012?

The tables in the Fund Performance and Expense Ratios section of this report provide Class A Share total returns for the Fund for the six-month, one-year, five-year and ten-year periods ended April 30, 2012. The Fund’s Class A Shares at net asset value (NAV) outperformed both the Russell 2000^® Index and the Lipper classification average over the six-month period.

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

The Fund seeks to provide long-term capital appreciation by investing primarily in the common stocks of companies with market capitalizations of less than $2.5 billion at the time of purchase. During this period, we continued to execute on our strategy of investing in well run, small-cap companies we believe offer good value in order to generate competitive returns for the Fund. We also continued to keep the Fund well diversified, with its sector weightings very close to the weights in the Russell 2000^® Index.

Over the reporting period, the Fund experienced broad based outperformance, surpassing the index in every sector except for technology. In particular, the Fund benefited from strong stock selection in the consumer discretionary, health care, financials, industrials and energy sectors. Consumer discretionary was the top-performing sector led by teen retailer Zumiez. After the market sold off Zumiez to an extremely low valuation in the summer of 2011, we took advantage and built a large position in the Fund’s portfolio. The company was able to overcome the general sluggishness in retail as its unique brand of merchandise continued to be well received by its teen customer base. Zumiez made a strong contribution to the Fund’s returns given its operating performance and double-digit same store sales growth. We also benefited from owning hotel company Gaylord Entertainment, which specializes in group bookings for large properties in Nashville, Orlando, Washington D.C. and Dallas. Similar to Zumiez, Gaylord Entertainment was sold off last summer due to economic growth concerns. However, since that time, Gaylord’s stock price has increased significantly as travel and entertainment bookings are improving and the company’s profitability and efficiency improved. Elsewhere in consumer discretionary, performance was aided by our position in boat and marine engine manufacturer Brunswick. Although retail boat sales have not recovered to the highs reached in 2007, Brunswick has been able to successfully adjust its business to current volumes. The company has seen improved operating performance and a return to profitability while retail boat sales are starting to increase.

Favorable stock selection in health care was led by ZOLL Medical, which designs and manufactures cardiac resuscitation devices. We bought the stock when the price was low

Nuveen Investments 9

due to concerns that its new LifeVest product would not receive full reimbursement from insurance companies. Since that time, ZOLL Medical continued to post strong operating performance and these concerns were resolved. This resulted in its acquisition by a Japanese company for a significant premium. Align Technology, a medical device designer and manufacturer, was another positive contributor in health care. We purchased shares of this company, a pioneer and leader in the invisible orthodontics market, after a price decline. Share prices made substantial gains during the period. Also, the Fund’s position in Salix Pharmaceuticals was a significant contributor. Salix Pharmaceuticals’ new drug for irritable bowel syndrome has shown positive results, and strong demand is anticipated for this drug.

Outperformance in financials was driven almost exclusively by the Fund’s position in Delphi Financial Group, a strong franchise in employer’s compensation and life insurance. We purchased Delphi in 2008 when the share price declined due to fears about its investment portfolio. The company managed its business effectively and performed well throughout the financial crisis. It was acquired by a Japanese financial company for a significant premium in late 2011.

In industrials, United Rentals share prices increased significantly over this period. The company rents light and heavy equipment to customers in the manufacturing and construction industries. The rental business has been stimulated by the slow economy as companies, reluctant to make more costly capital equipment purchases, have rented instead. This positive secular trend along with a recent merger with its largest competitor has propelled the stock price.

The Fund’s energy performance was solid with particularly strong results from Energy XXI, an oil exploration and production company that acquires, develops and improves production at existing sites in the Gulf of Mexico. In 2009, Energy XXI made a strategic acquisition of oil producing properties from Exxon Mobil and immediately started to improve their production profiles. Since that time, the company has benefited from improved revenue streams and commodity prices.

Technology was the only sector where the Fund underperformed. RF Micro Devices, a designer and manufacturer of semiconductor components used in wireless and broadband communications, detracted from performance. RF Micro Devices has traditionally been a large supplier to companies such as Nokia and Research in Motion, both of which are under pressure and experiencing declining volumes. However, we believed that demand from Korean and Chinese handset manufacturers would offset this declining demand. In reality, demand has fallen more rapidly than we predicted from both the traditional and Asian manufacturers. Therefore, we have exited the Fund’s position in the company. Shares prices of Vocus, an online software-as-a-service company specializing in public relations and online marketing, also declined during the period. Although the company is in a growing marketplace and has a solid offering, its share prices decreased upon the announcement of a strategic acquisition of an online e-mail marketing company. The company plans to dramatically expand its sales and marketing spending to drive the growth of its product, which will collapse its operating margins for at least 12 to 18 months. After talking to management about future plans, we actually bought more of Vocus on price weakness as we believe its stock price will recover.

10 Nuveen Investments

Toward the end of the reporting period, improvement in U.S. economic numbers started to slow and European problems resurfaced again. Therefore, we are focused on company valuations in light of ongoing volatility. We are also closely watching the sustainability of company growth.

Risk Considerations

Mutual fund investing involves risk; principal loss is possible.

Nuveen Large Cap Select Fund

Equity investments, such as those held by the Fund, are subject to market risk, derivatives risk, and common stock risk. Foreign investments involve additional risks including currency fluctuations, political and economic instability, and lack of liquidity. These risks are magnified in emerging markets.

Nuveen Mid Cap Select Fund

Equity investments, such as those held by the Fund, are subject to market risk, derivatives risk, and common stock risk. Mid-cap stocks are subject to greater volatility. Foreign investments involve additional risks including currency fluctuations, political and economic instability, and lack of liquidity. These risks are magnified in emerging markets.

Nuveen Small Cap Select Fund

Equity investments, such as those held by the Fund, are subject to market risk, derivatives risk, IPO risk, and common stock risk. Small-cap stocks are subject to greater volatility and liquidity risks. Foreign investments involve additional risks including currency fluctuations, political and economic instability, and lack of liquidity. These risks are magnified in emerging markets.

Nuveen Investments 11

Fund Performance and Expense Ratios

The Fund Performance and Expense Ratios for each Fund are shown on the following three pages.

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. 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 Fund shares.

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

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.

Comparative index and Lipper return information is provided for the Funds’ Class A Shares at net asset value (NAV) only.

The expense ratios shown reflect the Funds’ total operating expenses (before fee waivers or expense reimbursements, if any) as shown in the Funds’ most recent prospectus. The expense ratios include management fees and other fees and expenses.

12 Nuveen Investments

Nuveen Large Cap Select Fund

Refer to the first page of this Fund Performance and Expense Ratios section for further explanation of the information included within this page.

Fund Performance

Average Annual Total Returns as of April 30, 2012*

	Cumulative		Average Annual
	6-Month		1-Year		5-Year		Since Inception**
Class A Shares at NAV		15.09%		-0.30%		-0.14%		6.25%
Class A Shares at maximum Offering Price		8.43%		-6.05%		-1.31%		5.57%
S&P 500® Index***		12.77%		4.76%		1.01%		7.59%
Lipper Large-Cap Core Funds Classification Average***		11.62%		2.22%		0.37%		6.94%
Class C Shares		14.63%		-1.08%		-0.94%		5.41%
Class R3 Shares		14.93%		-0.60%		-0.38%		5.99%
Class I Shares		15.21%		-0.11%		0.10%		6.51%

Average Annual Total Returns as of March 31, 2012 (Most Recent Calendar Quarter)*

	Cumulative		Average Annual
	6-Month		1-Year		5-Year		Since Inception**
Class A Shares at NAV		30.90%		1.57%		0.88%		6.39%
Class A Shares at maximum Offering Price		23.41%		-4.29%		-0.30%		5.71%
Class C Shares		30.38%		0.86%		0.07%		5.56%
Class R3 Shares		30.77%		1.36%		0.64%		6.14%
Class I Shares		31.15%		1.90%		1.14%		6.66%

Class A Shares have a maximum 5.75% sales charge (Offering Price). 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 twelve months, 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.

Expense Ratios as of Most Recent Prospectus

	Expense Ratios
Class A Shares		1.19%
Class C Shares		1.94%
Class R3 Shares		1.44%
Class I Shares		0.94%

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

** Since inception returns are from 1/31/03.

*** Refer to the Glossary of Terms Used in this Report for definitions. Indexes and Lipper averages are not available for direct investment.

Nuveen Investments 13

Fund Performance and Expense Ratios(continued)

Nuveen Mid Cap Select Fund

Refer to the first page of this Fund Performance and Expense Ratios section for further explanation of the information included within this page.

Fund Performance

Average Annual Total Returns as of April 30, 2012*

	Cumulative		Average Annual
	6-Month		1-Year		5-Year		10-Year
Class A Shares at NAV		11.92%		-3.37%		0.44%		3.56%
Class A Shares at maximum Offering Price		5.47%		-8.93%		-0.75%		2.95%
Russell Midcap® Index**		11.87%		-0.03%		2.19%		8.03%
Lipper Mid-Cap Growth Funds Classification Average**		11.27%		-1.85%		3.39%		6.31%
Class C Shares		11.49%		-4.15%		-0.33%		2.79%
Class I Shares		12.11%		-3.14%		0.69%		3.83%

Average Annual Total Returns as of March 31, 2012 (Most Recent Calendar Quarter)*

	Cumulative		Average Annual
	6-Month		1-Year		5-Year		10-Year
Class A Shares at NAV		28.85%		-0.19%		1.36%		2.51%
Class A Shares at maximum Offering Price		21.40%		-5.96%		0.17%		1.91%
Class C Shares		28.24%		-1.01%		0.60%		1.73%
Class I Shares		28.97%		0.00%		1.59%		2.77%

Class A Shares have a maximum 5.75% sales charge (Offering Price). 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 twelve months, 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.

Expense Ratios as of Most Recent Prospectus

	Gross Expense Ratios		Net Expense Ratios
Class A Shares		1.84%		1.41%
Class C Shares		2.59%		2.16%
Class I Shares		1.59%		1.16%

The investment adviser has contractually agreed to waive fees and/or reimburse expenses through February 28, 2013, so that total annual Fund operating expenses, after waivers and excluding any acquired Fund fees and expenses, do not exceed 1.41%, 2.16% and 1.16%, for Class A, Class C and Class I Shares, respectively. Fee waivers and/or expense reimbursements will not be terminated prior to that time without the approval of the Fund’s Board of Directors.

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

** Refer to the Glossary of Terms Used in this Report for definitions. Indexes and Lipper averages are not available for direct investment.

14 Nuveen Investments

Nuveen Small Cap Select Fund

Refer to the first page of this Fund Performance and Expense Ratios section for further explanation of the information included within this page.

Fund Performance

Average Annual Total Returns as of April 30, 2012*

	Cumulative		Average Annual
	6-Month		1-Year		5-Year		10-Year
Class A Shares at NAV		13.43%		-3.55%		1.75%		6.55%
Class A Shares at maximum Offering Price		6.90%		-9.08%		0.54%		5.92%
Russell 2000® Index**		11.02%		-4.25%		1.45%		6.19%
Lipper Small-Cap Core Funds Classification Average**		10.58%		-3.64%		1.46%		6.43%
Class B Shares w/o CDSC***		13.00%		-4.25%		0.98%		5.75%
Class B Shares w/CDSC***		8.00%		-8.89%		0.80%		5.75%
Class C Shares		13.01%		-4.23%		1.00%		5.76%
Class R3 Shares		13.36%		-3.77%		1.51%		6.35%
Class I Shares		13.60%		-3.32%		2.00%		6.81%

Average Annual Total Returns as of March 31, 2012 (Most Recent Calendar Quarter)*

	Cumulative		Average Annual
	6-Month		1-Year		5-Year		10-Year
Class A Shares at NAV		36.38%		2.77%		2.84%		6.94%
Class A Shares at maximum Offering Price		28.55%		-3.12%		1.62%		6.30%
Class B Shares w/o CDSC***		36.05%		2.07%		2.08%		6.14%
Class B Shares w/CDSC***		31.05%		-2.87%		1.90%		6.14%
Class C Shares		35.84%		1.96%		2.07%		6.14%
Class R3 Shares		36.36%		2.54%		2.59%		6.74%
Class I Shares		36.62%		3.00%		3.10%		7.20%

Class A Shares have a maximum 5.75% sales charge (Offering Price). 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 twelve months, 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.

Expense Ratios as of Most Recent Prospectus

	Expense Ratios
Class A Shares		1.32%
Class B Shares		2.07%
Class C Shares		2.07%
Class R3 Shares		1.57%
Class I Shares		1.07%

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

** Refer to the Glossary of Terms Used in this Report for definitions. Indexes and Lipper averages are not available for direct investment.

*** Class B Shares are available only upon the exchange of Class B Shares from another Nuveen mutual fund or for purposes of dividend reinvestment, but Class B shares are not available for new accounts or for additional investment into existing accounts.

Nuveen Investments 15

Holding Summaries as of April 30, 2012

This data relates to the securities held in each Fund’s portfolio of investments. It should not be construed as a measure of performance for the Fund itself.

Nuveen Large Cap Select Fund

Portfolio Allocation¹

Nuveen Mid Cap Select Fund

Portfolio Allocation¹

Nuveen Small Cap Select Fund

Portfolio Allocation¹

Portfolio Composition1
Consumer Discretionary	18.1%
Information Technology	16.7%
Financials	16.0%
Health Care	14.4%
Energy	12.3%
Industrials	8.2%
Consumer Staples	5.2%
Short-Term Investments	1.1%
Other	8.0%

Portfolio Composition1
Consumer Discretionary	21.1%
Financials	21.1%
Information Technology	13.4%
Health Care	11.8%
Industrials	11.5%
Materials	7.2%
Short-Term Investments	1.5%
Other	12.4%

Portfolio Composition1
Financials	20.2%
Industrials	16.9%
Information Technology	16.4%
Consumer Discretionary	14.0%
Health Care	12.8%
Energy	6.7%
Materials	5.2%
Short-Term Investments	2.1%
Other	5.7%

Top Five Common Stock Holdings2
Apple, Inc.	5.7%
Wells Fargo & Company	3.1%
JPMorgan Chase & Co.	2.9%
Pfizer Inc.	2.9%
Chevron Corporation	2.6%

Top Five Common Stock Holdings2
Agilent Technologies, Inc.	1.9%
Fifth Third Bancorp.	1.8%
Jarden Corporation	1.8%
Polaris Industries Inc.	1.8%
Ingersoll Rand Company Limited, Class A	1.7%

Top Five Common Stock Holdings2
Umpqua Holdings Corporation	2.1%
Waddell & Reed Financial, Inc., Class A	1.8%
Newport Corporation	1.8%
Euronet Worldwide, Inc.	1.7%
Brunswick Corporation	1.7%

1 As a percentage of total investments (excluding investments purchased with collateral from securities lending) as of April 30, 2012. Holdings are subject to change.

2 As a percentage of total common stocks as of April 30, 2012. Holdings are subject to change.

16 Nuveen Investments

Expense Examples

As a shareholder of one or more of the Funds, you incur two types of costs: (1) transaction costs, including up-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. The Examples below are intended to help you understand your ongoing costs (in dollars) of investing in the Funds and to compare these costs with the ongoing costs of investing in other mutual funds.

The Examples below are 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 respective Fund’s actual expense ratio and an assumed rate of return of 5% per year before expenses, which is not the Fund’s actual return. The hypothetical account values and expenses may not be used to estimate the actual ending account balance or 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 transaction costs. 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 transaction costs were included, your costs would have been higher.

Nuveen Large Cap Select Fund

	Actual Performance								Hypothetical Performance (5% annualized return before expenses)
	A Shares		C Shares		R3 Shares		I Shares		A Shares		C Shares		R3 Shares		I Shares
Beginning Account Value (11/01/11)	$	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 (4/30/12)	$	1,150.90	$	1,146.30	$	1,149.30	$	1,152.10	$	1,017.16	$	1,013.43	$	1,015.91	$	1,018.40
Expenses Incurred During Period	$	8.29	$	12.27	$	9.62	$	6.96	$	7.77	$	11.51	$	9.02	$	6.52

For each class of the Fund, expenses are equal to the Fund’s annualized net expense ratio of 1.55%, 2.30%, 1.80% and 1.30% for Classes A, C, R3 and I, respectively, multiplied by the average account value over the period, multiplied by 182/366 (to reflect the one-half year period).

Nuveen Mid Cap Select Fund

	Actual Performance						Hypothetical Performance (5% annualized return before expenses)
	A Shares		C Shares		I Shares		A Shares		C Shares		I Shares
Beginning Account Value (11/01/11)	$	1,000.00	$	1,000.00	$	1,000.00	$	1,000.00	$	1,000.00	$	1,000.00
Ending Account Value (4/30/12)	$	1,119.20	$	1,114.90	$	1,121.10	$	1,017.85	$	1,014.12	$	1,019.10
Expenses Incurred During Period	$	7.43	$	11.36	$	6.12	$	7.07	$	10.82	$	5.82

For each class of the Fund, expenses are equal to the Fund’s annualized net expense ratio of 1.41%, 2.16% and 1.16% for Classes A, C and I, respectively, multiplied by the average account value over the period, multiplied by 182/366 (to reflect the one-half year period).

Nuveen Small Cap Select Fund

	Actual Performance										Hypothetical Performance (5% annualized 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 (11/01/11)	$	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 (4/30/12)	$	1,134.30	$	1,130.00	$	1,130.10	$	1,133.60	$	1,136.03	$	1,018.45	$	1,014.72	$	1,014.72	$	1,017.21	$	1,019.69
Expenses Incurred During Period	$	6.85	$	10.80	$	10.80	$	8.17	$	5.52	$	6.47	$	10.22	$	10.22	$	7.72	$	5.22

For each class of the Fund, expenses are equal to the Fund’s annualized net expense ratio of 1.29%, 2.04%, 2.04%, 1.54% and 1.04% for Classes A, B, C, R3 and I, respectively, multiplied by the average account value over the period, multiplied by 182/366 (to reflect the one-half year period).

Nuveen Investments 17

Portfolio of Investments (Unaudited)

Nuveen Large Cap Select Fund

April 30, 2012

Shares		Description (1)	Value
		COMMON STOCKS – 99.5%
		Consumer Discretionary – 18.3%
	8,174	Bed Bath and Beyond Inc., (2), (3)	$	575,368
	16,134	Brunswick Corporation, (2)		424,163
	31,443	Dana Holding Corporation, (2), (3)		459,697
	16,313	Foot Locker, Inc.		499,015
	19,680	Home Depot, Inc.		1,019,227
	45,399	Interpublic Group Companies, Inc., (2)		536,162
	20,011	Jarden Corporation		839,061
	23,152	Macy’s, Inc., (2)		949,695
	5,245	Polaris Industries Inc.		416,663
	789	priceline.com Incorporated, (2), (3)		600,287
	43,053	Staples, Inc., (2)		663,016
	9,560	Starbucks Corporation		548,553
	10,346	Whirlpool Corporation		662,351
		Total Consumer Discretionary		8,193,258
		Consumer Staples – 5.2%
	25,441	CVS Caremark Corporation		1,135,177
	12,639	Dr. Pepper Snapple Group		512,891
	17,660	Kraft Foods Inc.		704,104
		Total Consumer Staples		2,352,172
		Energy – 12.4%
	6,142	Anadarko Petroleum Corporation		449,656
	10,894	Chevron Corporation, (2)		1,160,865
	9,032	Exxon Mobil Corporation, (2)		779,823
	17,847	Marathon Oil Corporation		523,631
	9,124	Occidental Petroleum Corporation		832,291
	6,360	Pioneer Natural Resources Company, (2)		736,615
	14,427	Schlumberger Limited		1,069,618
		Total Energy		5,552,499
		Financials – 16.1%
	14,375	AFLAC Incorporated		647,450
	14,633	Capital One Financial Corporation		811,839
	29,076	Citigroup Inc.		960,671
	30,338	JPMorgan Chase & Co.		1,303,927
	10,886	PNC Financial Services Group, Inc., (2)		721,960
	14,064	Prudential Financial, Inc.		851,435
	36,385	SLM Corporation		539,590
	41,840	Wells Fargo & Company, (2)		1,398,711
		Total Financials		7,235,583
		Health Care – 14.5%
	16,129	Agilent Technologies, Inc., (2), (3)		680,321
	6,589	Allergan, Inc.		632,544
	21,885	CareFusion Corporation, (3)		567,040
	8,507	Covidien PLC		469,842
	9,621	Gilead Sciences, Inc., (3)		500,388

18 Nuveen Investments

Shares		Description (1)	Value
		Health Care (continued)
	5,225	Humana Inc.	$	421,553
	9,234	McKesson HBOC Inc.		844,080
	4,281	Perrigo Company, (2)		449,077
	55,653	Pfizer Inc.		1,276,123
	12,069	UnitedHealth Group Incorporated		677,674
		Total Health Care		6,518,642
		Industrials – 8.2%
	9,350	Boeing Company		718,080
	12,805	Dover Corporation		802,361
	15,673	Emerson Electric Company, (2)		823,459
	17,268	General Electric Company, (2)		338,107
	13,539	Ingersoll Rand Company Limited, Class A		575,678
	19,441	Oshkosh Truck Corporation, (2)		443,838
		Total Industrials		3,701,523
		Information Technology – 16.9%
	4,396	Apple, Inc., (3)		2,568,319
	12,919	Autodesk, Inc., (3)		508,621
	32,140	EMC Corporation, (2), (3)		906,669
	1,248	Google Inc., Class A, (3)		755,327
	33,760	Intel Corporation		958,784
	1,427	MasterCard, Class A		645,389
	16,511	Molex Inc.		378,102
	8,348	VeriFone Holdings Inc., (2), (3)		397,699
	4,030	VMware Inc., (2)		450,232
		Total Information Technology		7,569,142
		Materials – 3.8%
	2,733	CF Industries Holdings, Inc.		527,633
	13,151	LyondellBasell Industries NV		549,449
	21,601	Packaging Corporation of America		630,533
		Total Materials		1,707,615
		Telecommunication Services – 2.7%
	24,594	AT&T Inc.		809,389
	10,320	Verizon Communications Inc., (2)		416,722
		Total Telecommunication Services		1,226,111
		Utilities – 1.4%
	14,193	Edison International		624,634
		Total Common Stocks (cost $39,826,211)		44,681,179
Shares		Description (1)	Value
		INVESTMENTS PURCHASED WITH COLLATERAL FROM SECURITIES LENDING – 28.0%
		Money Market Funds – 28.0%
	12,566,136	Mount Vernon Securities Lending Prim Portfolio, 0.276%, (4), (5)	$	12,566,136
		Total Investments Purchased with Collateral from Securities Lending (cost $12,566,136)		12,566,136

Nuveen Investments 19

Portfolio of Investments (Unaudited)

Nuveen Large Cap Select Fund (continued)

April 30, 2012

Shares		Description (1)	Value
		SHORT-TERM INVESTMENTS – 1.2%
		Money Market Funds – 1.2%
	511,952	First American Treasury Obligations Fund, Class Z, 0.000%, (4)	$	511,952
		Total Short-Term Investments (cost $511,952)		511,952
		Total Investments (cost $52,904,299) – 128.7%		57,759,267
		Other Assets Less Liabilities – (28.7)%		(12,872,420)
		Net Assets – 100%	$	44,886,847

For Fund portfolio compliance purposes, the Fund’s industry classifications refer to any one or more of the industry sub-classifications used by one or more widely recognized market indexes or ratings group indexes, and/or as defined by Fund management. This definition may not apply for purposes of this report which may combine industry sub-classifications into sectors for reporting ease.

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

(2) Investment, or a portion of investment, is out on loan for securities lending.

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

(4) The rate shown is the annualized seven-day effective yield as of April 30, 2012.

(5) The Fund may loan securities representing up to one third of the fair value of its total assets (which includes collateral for securities on loan) to broker dealers, banks, and other institutions. The Fund maintains collateral equal to at least 102% of the fair value of the securities loaned. The cash collateral received by the Fund is invested in this money market fund. See Notes to Financial Statements, Footnote 1 – General Information and Significant Accounting Policies, Securities Lending for more information.

20 Nuveen Investments

Portfolio of Investments (Unaudited)

Nuveen Mid Cap Select Fund

April 30, 2012

Shares		Description (1)	Value
		COMMON STOCKS – 100.3%
		Consumer Discretionary – 21.5%
	19,888	Ascena Retail Group Inc., (2), (3)	$	407,306
	5,142	Bed Bath and Beyond Inc., (3)		361,945
	3,668	BorgWarner Inc., (3)		289,919
	8,154	Brunswick Corporation, (2)		214,369
	15,075	Cinemark Holdings Inc., (2)		346,122
	7,232	Coinstar Inc., (2), (3)		454,097
	25,170	Dana Holding Corporation, (2), (3)		367,985
	4,934	Dollar Tree Stores Inc., (3)		501,590
	16,235	Foot Locker, Inc.		496,629
	12,362	Jarden Corporation		518,339
	10,910	Macy’s, Inc.		447,528
	9,222	Mattel, Inc.		309,859
	6,508	Polaris Industries Inc.		516,996
	13,632	Sally Beauty Holdings Inc., (3)		362,611
	5,494	Sothebys Holdings Inc., (2)		216,024
	24,977	Staples, Inc.		384,646
		Total Consumer Discretionary		6,195,965
		Consumer Staples – 3.5%
	11,208	Constellation Brands, Inc., Class A, (2), (3)		242,093
	5,936	Monster Beverage Corporation, (3)		385,603
	21,192	Spartan Stores, Inc.		386,330
		Total Consumer Staples		1,014,026
		Energy – 4.1%
	14,222	Basic Energy Services, Inc., (3)		204,797
	4,589	Concho Resources Inc., (3)		491,849
	10,299	Marathon Oil Corporation		302,173
	38,309	Parker Drilling Company, (3)		198,058
		Total Energy		1,196,877
		Financials – 21.5%
	6,557	AFLAC Incorporated		295,327
	6,149	American Tower REIT Inc.		403,251
	7,977	Capital One Financial Corporation		442,564
	34,740	CNO Financial Group Inc., (2), (3)		252,560
	5,182	Digital Realty Trust Inc. (2)		389,116
	5,428	Discover Financial Services		184,009
	9,516	EZCORP, Inc.		254,934
	37,517	Fifth Third Bancorp.		533,867
	32,512	KeyCorp.		261,396
	19,769	Knight Trading Group Inc., (2)		259,765
	12,998	Lincoln National Corporation		321,960
	43,820	MFA Mortgage Investments, Inc.		323,392
	11,787	National Retail Properties, Inc., (2)		322,728
	7,006	Prudential Financial, Inc.		424,143
	5,795	PS Business Parks Inc., (2)		395,509

Nuveen Investments 21

Portfolio of Investments (Unaudited)

Nuveen Mid Cap Select Fund (continued)

April 30, 2012

Shares		Description (1)	Value
		Financials (continued)
	31,153	SLM Corporation	$	461,999
	13,765	Unum Group		326,781
	14,957	Webster Financial Corporation, (2)		339,973
		Total Financials		6,193,274
		Health Care – 12.0%
	4,106	Aetna Inc.		180,828
	12,921	Agilent Technologies, Inc., (3)		545,008
	5,472	Alexion Pharmaceuticals Inc.		494,231
	12,717	AmerisourceBergen Corporation, (2)		473,200
	3,858	Haemonetics Corporation		276,117
	5,711	Humana Inc.		460,763
	6,342	ICU Medical, Inc., (2), (3)		332,892
	2,927	Idexx Labs Inc., (2), (3)		257,371
	4,710	McKesson HBOC Inc.		430,541
		Total Health Care		3,450,951
		Industrials – 11.7%
	15,596	Actuant Corporation, (2)		425,303
	9,081	Ametek Inc.		457,047
	4,968	Crane Company		219,238
	5,607	Dover Corporation		351,335
	7,792	G&K Services, Inc., (2)		256,045
	7,923	General Cable Corporation, (2)		233,253
	11,848	Ingersoll Rand Company Limited, Class A		503,777
	3,318	Roper Industries Inc.		338,104
	2,120	TransDigm Group Inc.		267,374
	6,483	Verisk Analytics Inc, Class A Shares, (3)		317,343
		Total Industrials		3,368,819
		Information Technology – 13.7%
	12,215	Autodesk, Inc., (3)		480,905
	4,117	CommVault Systems, Inc., (3)		214,372
	3,593	F5 Networks, Inc., (3)		481,210
	42,323	Integrated Device Technology, Inc., (2), (3)		286,527
	11,144	Maxim Integrated Products, Inc.		329,640
	9,052	Molex Inc., (2)		249,745
	41,623	Photronics Inc., (2), (3)		257,646
	5,893	Plantronics Inc., (2)		225,820
	31,568	Polycom Inc., (3)		418,907
	6,212	Red Hat, Inc., (3)		370,297
	6,659	VeriFone Holdings Inc., (2), (3)		317,235
	7,961	Western Digital Corporation, (3)		308,966
		Total Information Technology		3,941,270
		Materials – 7.3%
	6,334	Albemarle Corporation		413,610
	1,564	CF Industries Holdings, Inc.		301,946
	5,961	Ecolab Inc., (2)		379,656

22 Nuveen Investments

Shares		Description (1)	Value
		Materials (continued)
	4,544	Minerals Technologies Inc., (2)	$	304,902
	11,420	Packaging Corporation of America		333,350
	3,635	PPG Industries, Inc.		382,547
		Total Materials		2,116,011
		Telecommunication Services – 0.5%
	7,850	NTELOS Holdings Corp		158,727
		Utilities – 4.5%
	13,217	CenterPoint Energy, Inc.		267,116
	15,718	CMS Energy Corporation, (2)		361,357
	11,595	El Paso Electric Company, (2)		355,270
	6,355	Pinnacle West Capital Corporation		307,264
		Total Utilities		1,291,007
		Total Common Stocks (cost $26,331,668)		28,926,927
Shares		Description (1)	Value
		INVESTMENTS PURCHASED WITH COLLATERAL FROM SECURITIES LENDING – 27.9%
		Money Market Funds – 27.9%
	8,043,707	Mount Vernon Securities Lending Prim Portfolio, 0.276%, (4), (5)	$	8,043,707
		Total Investments Purchased with Collateral from Securities Lending (cost $8,043,707)		8,043,707
Shares		Description (1)	Value
		SHORT-TERM INVESTMENTS – 1.4%
		Money Market Funds – 1.4%
	426,552	First American Treasury Obligations Fund, Class Z, 0.000%, (4)	$	426,552
		Total Short-Term Investments (cost $426,552)		426,552
		Total Investments (cost $34,801,927) – 129.6%		37,397,186
		Other Assets Less Liabilities – (29.6)%		(8,550,023)
		Net Assets – 100%	$	28,847,163

For Fund portfolio compliance purposes, the Fund’s industry classifications refer to any one or more of the industry sub-classifications used by one or more widely recognized market indexes or ratings group indexes, and/or as defined by Fund management. This definition may not apply for purposes of this report which may combine industry sub-classifications into sectors for reporting ease.

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

(2) Investment, or a portion of investment, is out on loan for securities lending.

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

(4) The rate shown is the annualized seven-day effective yield as of April 30, 2012.

(5) The Fund may loan securities representing up to one third of the fair value of its total assets (which includes collateral for securities on loan) to broker dealers, banks, and other institutions. The Fund maintains collateral equal to at least 102% of the fair value of the securities loaned. The cash collateral received by the Fund is invested in this money market fund. See Notes to Financial Statements, Footnote 1 – General Information and Significant Accounting Policies, Securities Lending for more information.

Nuveen Investments 23

Portfolio of Investments (Unaudited)

Nuveen Small Cap Select Fund

April 30, 2012

Shares		Description (1)	Value
		COMMON STOCKS – 98.6%
		Consumer Discretionary – 14.1%
	106,940	Ann Inc., (2), (3)	$	2,961,169
	232,163	Ascena Retail Group Inc., (2), (3)		4,754,698
	243,425	Bravo Brio Restaurant Group, (2), (3)		4,917,185
	305,089	Brunswick Corporation, (2)		8,020,790
	64,585	Coinstar Inc., (2), (3)		4,055,292
	74,413	Columbia Sportswear Company, (2)		3,504,852
	87,951	G III Apparel Group, Limited, (2), (3)		2,361,484
	224,508	Gaylord Entertainment Company, (2)		7,067,512
	148,456	Life Time Fitness Inc., (2), (3)		6,912,111
	15,349	Panera Bread Company, Class A, (3)		2,423,914
	99,942	Pool Corporation, (2)		3,688,859
	247,641	ReachLocal Inc., (2), (3)		1,872,166
	700,213	Ruby Tuesday, Inc., (2)		4,761,448
	327,239	Texas Roadhouse, Inc., (2)		5,644,873
	68,051	Warnaco Group, Inc., (2)		3,603,981
	71,416	Zumiez, Inc., (2)		2,618,111
		Total Consumer Discretionary		69,168,445
		Consumer Staples – 3.7%
	119,118	Hain Celestial Group Inc., (2), (3)		5,634,281
	1,146,114	Smart Balance Inc., (2), (3)		6,762,073
	89,699	The Chef’s Warehouse Inc.		2,168,922
	58,104	Treehouse Foods Inc., (2), (3)		3,341,561
		Total Consumer Staples		17,906,837
		Energy – 6.7%
	131,763	Atwood Oceanics Inc.		5,841,054
	166,264	Carrizo Oil & Gas, Inc., (2), (3)		4,662,043
	187,730	Energy XXI Limited Bermuda, (2), (3)		7,073,666
	391,715	Goodrich Petroleum Corporation, (2), (3)		6,569,061
	317,225	Key Energy Services Inc., (2)		4,016,069
	941,086	Parker Drilling Company, (2), (3)		4,865,415
		Total Energy		33,027,308
		Financials – 20.4%
	486,424	Associated Banc-Corp.		6,484,032
	120,456	Bank of the Ozarks, Inc., (2)		3,722,090
	511,481	Calamos Asset Management, Inc. Class A		6,608,335
	324,302	Cardinal Financial Corporation, (2)		3,914,325
	104,535	EastGroup Properties Inc. – REIT, (2)		5,258,111
	241,720	Evercore Partners Inc., Class A		6,388,660
	138,620	Home Bancshares, Inc.		4,039,387
	329,663	Invesco Mortgage Capital Inc. – REIT, (2)		5,815,255
	296,518	Knight Trading Group Inc., Class A, (2)		3,896,247
	578,222	Maiden Holdings, Ltd		4,799,243
	333,765	MFA Mortgage Investments, Inc. – REIT		2,463,186
	285,577	MGIC Investment Corporation, (2), (3)		988,096

24 Nuveen Investments

Shares		Description (1)	Value
		Financials (continued)
	236,193	National Retail Properties, Inc. – REIT, (2)	$	6,466,964
	180,695	Platinum Underwriters Holdings Limited, (2)		6,617,051
	80,716	PS Business Parks Inc. – REIT, (2)		5,508,867
	139,797	Stifel Financial Corporation, (2)		5,091,407
	213,766	Terreno Realty Corporation – REIT, (2)		3,056,854
	778,832	Umpqua Holdings Corporation, (2)		10,311,736
	271,658	Waddell & Reed Financial, Inc., Class A, (2)		8,687,623
		Total Financials		100,117,469
		Health Care – 12.9%
	173,272	Align Technology, Inc., (2), (3)		5,494,455
	39,808	Alkermes Inc., (2), (3)		688,678
	71,251	Ariad Pharmaceuticals, Inc., (2), (3)		1,161,391
	333,896	Cadence Pharmaceuticals, Inc., (2), (3)		1,232,076
	26,410	Cepheid, Inc., (2), (3)		1,014,408
	25,694	Cubist Pharmaceuticals Inc., (2)		1,086,342
	179,868	Endologix, Inc., (2), (3)		2,694,423
	189,156	HealthSouth Corporation, (2)		4,235,203
	53,434	ICU Medical, Inc., (2), (3)		2,804,751
	36,421	Immunogen, Inc., (2), (3)		464,368
	35,817	Incyte Pharmaceuticals Inc., (2), (3)		812,330
	148,041	Integra Lifesciences Holdings Corporation, (2)		5,511,566
	86,215	Mednax Inc., (2), (3)		6,055,742
	13,176	Medivation, Inc., (2), (3)		1,065,675
	447,276	Merit Medical Systems, Inc., (2)		5,912,989
	26,271	Onyx Pharmaceuticals Inc., (2)		1,195,593
	97,147	Salix Pharmaceuticals Limited, (2), (3)		4,799,062
	43,198	Seattle Genetics, Inc., (2)		854,024
	115,218	Sirona Dental Systems, Inc., (3)		5,819,661
	71,202	Theravance Inc., (2), (3)		1,540,811
	156,499	Thoratec Corporation		5,447,730
	138,914	U.S. Physical Therapy, Inc.		3,386,723
		Total Health Care		63,278,001
		Industrials – 17.0%
	175,254	Actuant Corporation, Class A, (2)		4,779,177
	90,286	Acuity Brands Inc., (2)		5,017,193
	100,131	Allegiant Travel Company, (2), (3)		5,883,698
	362,088	Altra Industrial Motion, Inc., (2), (3)		6,618,969
	570,319	CBIZ Inc., (2), (3)		3,461,836
	189,554	Con-Way, Inc.		6,160,505
	175,615	ESCO Technologies Inc., (2)		6,041,156
	219,645	General Cable Corporation		6,466,349
	379,659	MasTec Inc., (2), (3)		6,602,270
	271,803	MYR Group Inc., (2), (3)		4,544,546
	561,887	Orbital Sciences Corporation, (2), (3)		7,057,301
	77,065	Regal-Beloit Corporation		5,212,677

Nuveen Investments 25

Portfolio of Investments (Unaudited)

Nuveen Small Cap Select Fund (continued)

April 30, 2012

Shares		Description (1)	Value
		Industrials (continued)
	110,326	Robbins & Myers, Inc.	$	5,373,979
	162,224	Sykes Enterprises Inc., (2)		2,571,250
	300,043	TrueBlue Inc., (2), (3)		5,178,742
	59,099	United Rentals Inc., (2), (3)		2,758,741
		Total Industrials		83,728,389
		Information Technology – 16.5%
	82,409	ADTRAN, Inc., (2)		2,515,123
	979,793	Brocade Communications Systems Inc., (3)		5,428,053
	86,603	Cavium Networks Inc., (2), (3)		2,534,004
	36,365	CommVault Systems, Inc., (2), (3)		1,893,526
	378,300	Euronet Worldwide, Inc., (2)		8,182,629
	245,058	Finisar Corporation, (2), (3)		4,048,358
	54,928	Global Payments Inc.		2,550,307
	1,173,518	Integrated Device Technology, Inc., (2), (3)		7,944,717
	355,548	International Rectifier Corporation, (3)		7,761,613
	289,660	Keynote Systems, Inc.		5,329,744
	505,475	Newport Corporation, (2)		8,628,458
	380,869	Polycom Inc., (2), (3)		5,054,132
	288,150	Progress Software Corporation, (2)		6,667,791
	341,001	RF Micro Devices, Inc., (2)		1,476,534
	138,702	Semtech Corporation, (2)		3,781,017
	1,187,788	Smith Micro Software, Inc.		2,387,454
	371,176	Vocus, Inc., (2), (3)		4,799,306
		Total Information Technology		80,982,766
		Materials – 5.2%
	154,189	Buckeye Technologies Inc., (2)		4,997,265
	187,964	Kraton Performance Polymers Inc., (2), (3)		4,887,064
	86,310	Minerals Technologies Inc., (2)		5,791,401
	78,886	Rock-Tenn Company		4,916,964
	124,639	Schnitzer Steel Industries, Inc., (2)		4,969,354
		Total Materials		25,562,048
		Telecommunication Services – 1.1%
	842,800	Cbeyond Inc.		5,419,204
		Utilities – 1.0%
	154,736	Atmos Energy Corporation		5,041,299
		Total Common Stocks (cost $433,369,514)		484,231,766
Shares		Description (1)	Value
		INVESTMENTS PURCHASED WITH COLLATERAL FROM SECURITIES LENDING – 48.1%
		Money Market Funds – 48.1%
	236,418,881	Mount Vernon Securities Lending Prim Portfolio, 0.276%, (4), (5)	$	236,418,881
		Total Investments Purchased with Collateral from Securities Lending (cost $236,418,881)		236,418,881

26 Nuveen Investments

Shares		Description (1)	Value
		SHORT-TERM INVESTMENTS – 2.1%
		Money Market Funds – 2.1%
	10,414,426	First American Treasury Obligations Fund, Class Z, 0.000%, (4)	$	10,414,426
		Total Short-Term Investments (cost $10,414,426)		10,414,426
		Total Investments (cost $680,202,821) – 148.8%		731,065,073
		Other Assets Less Liabilities – (48.8)%		(239,791,012)
		Net Assets – 100%	$	491,274,061

For Fund portfolio compliance purposes, the Fund’s industry classifications refer to any one or more of the industry sub-classifications used by one or more widely recognized market indexes or ratings group indexes, and/or as defined by Fund management. This definition may not apply for purposes of this report which may combine industry sub-classifications into sectors for reporting ease.

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

(2) Investment, or a portion of investment, is out on loan for securities lending.

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

(4) The rate shown is the annualized seven-day effective yield as of April 30, 2012.

(5) The Fund may loan securities representing up to one third of the fair value of its total assets (which includes collateral for securities on loan) to broker dealers, banks, and other institutions. The Fund maintains collateral equal to at least 102% of the fair value of the securities loaned. The cash collateral received by the Fund is invested in this money market fund. See Notes to Financial Statements, Footnote 1 – General Information and Significant Accounting Policies, Securities Lending for more information.

REIT Real Estate Investment Trust

Nuveen Investments 27

Statement of Assets & Liabilities (Unaudited)

April 30, 2012

	Large Cap Select			Mid Cap Select			Small Cap Select
Assets
Investments, at value (cost $40,338,163, $26,758,220 and $443,783,940, respectively)	$	45,193,131		$	29,353,479		$	494,646,192
Investment purchased with collateral from securities lending (at cost, which approximates value)		12,566,136			8,043,707			236,418,881
Cash		—			—			436,779
Receivables:
Dividends		18,069			10,360			202,043
Due from broker		1,832			1,300			44,242
Investments sold		847,080			1,155,704			3,587,462
Shares sold		295			1,200			402,811
Other assets		158			54			6,075
Total assets		58,626,701			38,565,804			735,744,485
Liabilities
Payables:
Collateral from securities lending program		12,566,136			8,043,707			236,418,881
Investments purchased		1,083,042			1,052,592			5,158,984
Shares redeemed		44,100			551,098			2,055,184
Accrued expenses:
Management fees		27,908			11,572			316,352
12b-1 distribution and service fees		846			3,857			55,501
Other		17,822			55,815			465,522
Total liabilities		13,739,854			9,718,641			244,470,424
Net assets	$	44,886,847		$	28,847,163		$	491,274,061
Class A Shares
Net assets	$	3,208,497		$	11,969,461		$	168,958,083
Shares outstanding		237,747			1,128,371			12,278,863
Net asset value per share	$	13.50		$	10.61		$	13.76
Offering price per share (net asset value per share plus maximum sales charge of 5.75% of offering price)	$	14.32		$	11.26		$	14.60
Class B Shares
Net assets		N/A			N/A		$	2,561,508
Shares outstanding		N/A			N/A			239,511
Net asset value and offering price per share		N/A			N/A		$	10.69
Class C Shares
Net assets	$	183,616		$	1,789,937		$	12,510,232
Shares outstanding		14,286			184,464			1,014,639
Net asset value and offering price per share	$	12.85		$	9.70		$	12.33
Class R3 Shares
Net assets	$	99,972			N/A		$	19,745,821
Shares outstanding		7,505			N/A			1,473,997
Net asset value and offering price per share	$	13.32			N/A		$	13.40
Class I Shares
Net assets	$	41,394,762		$	15,087,765		$	287,498,417
Shares outstanding		3,047,806			1,358,489			19,123,549
Net asset value and offering price per share	$	13.58		$	11.11		$	15.03
Net assets consist of:
Capital paid-in	$	111,942,193		$	46,779,519		$	388,408,142
Undistributed (Over-distribution of) net investment income		15,660			22,414			(1,160,048	)
Accumulated net realized gain (loss)		(71,925,974	)		(20,550,029	)		53,163,715
Net unrealized appreciation (depreciation)		4,854,968			2,595,259			50,862,252
Net assets	$	44,886,847		$	28,847,163		$	491,274,061
Authorized shares		2 billion			2 billion			2 billion
Par value per share	$	0.0001		$	0.0001		$	0.0001

N/A - Large Cap Select does not offer Class B Shares and Mid Cap Select does not offer Class R3 Shares. Class B Shares of Mid Cap Select converted to Class A Shares at the close of business on February 15, 2012 and are no longer available for dividend reinvestment or through an exchange from other Nuveen mutual funds.

See accompanying notes to financial statements.

28 Nuveen Investments

Statement of Operations (Unaudited)

Six Months Ended April 30, 2012

	Large Cap Select			Mid Cap Select			Small Cap Select
Investment Income
Dividend and interest income (net of foreign tax withheld of $429, $288 and $–, respectively)	$	383,688		$	208,438		$	1,889,708
Securities lending income		11,346			15,294			399,955
Total investment income		395,034			223,732			2,289,663
Expenses
Management fees		181,346			129,171			2,535,998
12b-1 service fees – Class A		3,688			16,143			321,232
12b-1 distribution and service fees – Class B		N/A			N/A			13,800
12b-1 distribution and service fees – Class C		913			8,801			66,947
12b-1 distribution and service fees – Class R3		280			N/A			49,084
Shareholders’ servicing agent fees and expenses		72,669			73,222			477,163
Custodian’s fees and expenses		19,697			8,829			54,342
Directors’ fees and expenses		797			562			8,057
Professional fees		3,213			1,594			22,304
Shareholders’ reports – printing and mailing expenses		1,047			3,283			64,312
Federal and state registration fees		25,620			22,115			37,412
Other expenses		10,157			9,767			17,082
Total expenses before expense reimbursement		319,427			273,487			3,667,733
Expense reimbursement		(37	)		(82,250	)		(232,695	)
Net expenses		319,390			191,237			3,435,038
Net investment income (loss)		75,644			32,495			(1,145,375	)
Realized and Unrealized Gain (Loss)
Net realized gain (loss) from:
Investments		4,482,750			2,984,949			54,574,347
Futures contracts		—			—			1,762,906
Change in net unrealized appreciation (depreciation) of investments		1,983,750			199,036			24,566,721
Net realized and unrealized gain (loss)		6,466,500			3,183,985			80,903,974
Net increase (decrease) in net assets from operations	$	6,542,144		$	3,216,480		$	79,758,599

N/A - Large Cap Select does not offer Class B Shares and Mid Cap Select does not offer Class R3 Shares. Class B Shares of Mid Cap Select converted to Class A Shares at the close of business on February 15, 2012 and are no longer available for dividend reinvestment or through an exchange from other Nuveen mutual funds.

See accompanying notes to financial statements.

Nuveen Investments 29

Statement of Changes in Net Assets (Unaudited)

	Large Cap Select						Mid Cap Select						Small Cap Select
	Year Ended 4/30/12			Year Ended 10/31/11			Year Ended 4/30/12			Year Ended 10/31/11			Year Ended 4/30/12			Year Ended 10/31/11
Operations
Net investment income (loss)	$	75,644		$	58,871		$	32,495		$	(148,459	)	$	(1,145,375	)	$	(4,233,152	)
Net realized gain (loss) from:
Investments		4,482,750			17,580,711			2,984,949			3,660,893			54,574,347			112,701,639
Futures contracts		—			—			—			253,183			1,762,906			—
Redemptions in-kind		—			3,119,565			—			—			—			14,572,758
Change in net unrealized appreciation (depreciation) of investments		1,983,750			(16,096,080	)		199,036			(2,658,745	)		24,566,721			(67,223,592	)
Net increase (decrease) in net assets from operations		6,542,144			4,663,067			3,216,480			1,106,872			79,758,599			55,817,653
Distributions to Shareholders
From net investment income:
Class A		—			—			—			—			—			—
Class B		N/A			N/A			N/A			—			—			—
Class C		—			—			—			—			—			—
Class R3(1)		—			—			N/A			N/A			—			—
Class I(1)		(49,038	)		(150,204	)		—			—			—			—
From accumulated net realized gains:
Class A		—			—			—			—			(6,635,048	)		—
Class B		N/A			N/A			N/A			—			(85,210	)		—
Class C		—			—			—			—			(355,957	)		—
Class R3(1)		—			—			N/A			N/A			(488,508	)		—
Class I(1)		—			—			—			—			(5,892,281	)		—
Decrease in net assets from distributions to shareholders		(49,038	)		(150,204	)		—			—			(13,457,004	)		—
Fund Share Transactions
Proceeds from sale of shares		2,340,856			4,582,330			1,634,113			2,536,394			71,159,220			188,172,315
Proceeds from shares issued to shareholders due to reinvestment of distributions		22,258			73,066			—			—			12,262,794			—
		2,363,114			4,655,396			1,634,113			2,536,394			83,422,014			188,172,315
Cost of shares redeemed		(25,516,323	)		(66,857,732	)		(6,054,206	)		(12,697,979	)		(245,345,699	)		(386,973,091	)
Cost of redemptions in-kind		—			(15,345,963	)		—			—			—			(49,354,066	)
Net increase (decrease) in net assets from Fund share transactions		(23,153,209	)		(77,548,299	)		(4,420,093	)		(10,161,585	)		(161,923,685	)		(248,154,842	)
Net increase (decrease) in net assets		(16,660,103	)		(73,035,436	)		(1,203,613	)		(9,054,713	)		(95,622,090	)		(192,337,189	)
Net assets at the beginning of period		61,546,950			134,582,386			30,050,776			39,105,489			586,896,151			779,233,340
Net assets at the end of period	$	44,886,847		$	61,546,950		$	28,847,163		$	30,050,776		$	491,274,061		$	586,896,151
Undistributed (Over-distribution of) net investment income at the end of period	$	15,660		$	(10,946	)	$	22,414		$	(10,081	)	$	(1,160,048	)	$	(14,674	)

N/A - Large Cap Select does not offer Class B Shares and Mid Cap Select does not offer Class R3 Shares. Class B Shares of MidCap Select converted to Class A Shares at the close of business on February 15, 2012 and are no longer available for dividend reinvestment or through an exchange from other Nuveen mutual funds.

   (1) - Effective January 18, 2011, Class R Shares and Class Y Shares previously offered by FAF Advisors, Inc. were renamed Class R3 Shares and Class I Shares, respectively.

See accompanying notes to financial statements.

30 Nuveen Investments

Financial Highlights (Unaudited)

Nuveen Investments 31

Financial Highlights (Unaudited)

Selected data for a share outstanding throughout each period:
Class (Commencement Date)
			Investment Operations									Less Distributions
LARGE CAP SELECT
Year Ended October 31,	Beginning Net Asset Value		Net Invest- ment Income (Loss)(a)			Net Realized/ Unrealized Gain (Loss)			Total			Net Invest- ment Income			Capital Gains(b)			Total			Ending Net Asset Value
Class A (1/03)
2012(f)	$	11.73	$	—	*	$	1.77		$	1.77		$	—		$	—		$	—		$	13.50
2011		11.65		(.02	)		.10			.08			—			—			—			11.73
2010		9.80		(.01	)		1.92			1.91			(.06	)		—			(.06	)		11.65
2009		8.83		.04			.97			1.01			(.04	)		—			(.04	)		9.80
2008		17.05		.06			(6.04	)		(5.98	)		(.04	)		(2.20	)		(2.24	)		8.83
2007		15.18		.03			2.12			2.15			(.03	)		(.25	)		(.28	)		17.05
Class C (1/03)
2012(f)		11.21		(.04	)		1.68			1.64			—			—			—			12.85
2011		11.22		(.11	)		.10			(.01	)		—			—			—			11.21
2010		9.46		(.08	)		1.84			1.76			—			—			—			11.22
2009		8.56		(.02	)		.93			.91			(.01	)		—			(.01	)		9.46
2008		16.69		(.03	)		(5.90	)		(5.93	)		—			(2.20	)		(2.20	)		8.56
2007		14.95		(.09	)		2.08			1.99			—			(.25	)		(.25	)		16.69
Class R3 (1/03)(e)
2012(f)		11.59		(.01	)		1.74			1.73			—			—			—			13.32
2011		11.54		(.05	)		.10			.05			—			—			—			11.59
2010		9.74		(.03	)		1.89			1.86			(.06	)		—			(.06	)		11.54
2009		8.78		.01			.98			.99			(.03	)		—			(.03	)		9.74
2008		16.97		.03			(6.00	)		(5.97	)		(.02	)		(2.20	)		(2.22	)		8.78
2007		15.12		—	*		2.11			2.11			(.01	)		(.25	)		(.26	)		16.97
Class I (1/03)(e)
2012(f)		11.80		.02			1.77			1.79			(.01	)		—			(.01	)		13.58
2011		11.71		.01			.10			.11			(.02	)		—			(.02	)		11.80
2010		9.85		.02			1.92			1.94			(.08	)		—			(.08	)		11.71
2009		8.87		.07			.96			1.03			(.05	)		—			(.05	)		9.85
2008		17.10		.09			(6.05	)		(5.96	)		(.07	)		(2.20	)		(2.27	)		8.87
2007		15.22		.07			2.13			2.20			(.07	)		(.25	)		(.32	)		17.10

32 Nuveen Investments

			Ratios/Supplemental Data
					Ratios to Average Net Assets Before Reimbursement						Ratios to Average Net Assets After Reimbursement(d)
Total Return(c)			Ending Net Assets (000)		Expenses			Net Invest- ment Income (Loss)			Expenses			Net Invest- ment Income (Loss)			Portfolio Turnover Rate
	15.09	%	$	3,208		1.55	%**		.03	%**		1.55	%**		.03	%**		67	%
	.69			2,938		1.20			(.18	)		1.20			(.18	)		139
	19.49			3,487		1.32			(.06	)		1.32			(.06	)		140
	11.54			3,292		1.29			.52			1.29			.52			185
	(39.81	)		3,608		1.21			.49			1.21			.49			210
	14.36			7,998		1.19			.20			1.19			.20			138
	14.63			184		2.30	**		(.71	)**		2.30	**		(.71	)**		67
	(.09	)		183		1.95			(.90	)		1.95			(.90	)		139
	18.60			175		2.07			(.79	)		2.07			(.79	)		140
	10.64			186		2.05			(.23	)		2.05			(.23	)		185
	(40.38	)		180		1.96			(.26	)		1.96			(.26	)		210
	13.45			325		1.94			(.57	)		1.94			(.57	)		138
	14.93			100		1.80	**		(.19	)**		1.80	**		(.19	)**		67
	.43			112		1.45			(.42	)		1.45			(.42	)		139
	19.11			117		1.58			(.32	)		1.58			(.32	)		140
	11.31			66		1.56			.12			1.56			.12			185
	(39.94	)		20		1.46			.24			1.46			.24			210
	14.09			37		1.44			.02			1.44			.02			138
	15.21			41,395		1.30	**		.34	**		1.30	**		.34	**		67
	.89			58,314		.95			.07			.95			.07			139
	19.75			130,803		1.07			.21			1.07			.21			140
	11.81			147,231		1.04			.82			1.04			.82			185
	(39.63	)		207,904		.96			.74			.96			.74			210
	14.65			449,201		.94			.45			.94			.45			138

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

(b) Distributions from Capital Gains include short-term capital gains, if any.

(c) 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.

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

(e) Effective January 18, 2011, Class R Shares and Class Y Shares previously offered by FAF Advisors, Inc. were renamed Class R3 Shares and Class I Shares, respectively.

(f) For the six month ended April 30, 2012.

* Rounds to less than $.01 per share.

** Annualized.

See accompanying notes to financial statements.

Nuveen Investments 33

Financial Highlights (Unaudited) (continued)

Selected data for a share outstanding throughout each period:
Class (Commencement Date)
			Investment Operations									Less Distributions
MID CAP SELECT (g)
Year Ended October 31,	Beginning Net Asset Value		Net Invest- ment Income (Loss)(a)			Net Realized/ Unrealized Gain (Loss)			Total			Net Invest- ment Income			Capital Gains(b)		Total			Ending Net Asset Value
Class A (4/94)
2012(f)	$	9.48	$	.01		$	1.12		$	1.13		$	—		$	—	$	—		$	10.61
2011		9.31		(.05	)		.22			.17			—			—		—			9.48
2010		7.65		(.02	)		1.70			1.68			(.02	)		—		(.02	)		9.31
2009		7.00		.03			.62			.65			—			—		—			7.65
2008		10.64		(.01	)		(3.63	)		(3.64	)		—			—		—			7.00
2007		9.57		(.02	)		1.09			1.07			—			—		—			10.64
Class C (2/00)
2012(f)		8.70		(.03	)		1.03			1.00			—			—		—			9.70
2011		8.61		(.11	)		.20			.09			—			—		—			8.70
2010		7.12		(.08	)		1.57			1.49			—			—		—			8.61
2009		6.56		(.01	)		.57			.56			—			—		—			7.12
2008		10.04		(.08	)		(3.40	)		(3.48	)		—			—		—			6.56
2007		9.09		(.09	)		1.04			.95			—			—		—			10.04
Class I (4/94)(e)
2012(f)		9.91		.02			1.18			1.20			—			—		—			11.11
2011		9.71		(.02	)		.22			.20			—			—		—			9.91
2010		7.98		—	*		1.77			1.77			(.04	)		—		(.04	)		9.71
2009		7.31		.06			.64			.70			(.03	)		—		(.03	)		7.98
2008		11.09		.01			(3.79	)		(3.78	)		—			—		—			7.31
2007		9.95		—	*		1.15			1.15			(.01	)		—		(.01	)		11.09

34 Nuveen Investments

			Ratios/Supplemental Data
					Ratios to Average Net Assets Before Reimbursement						Ratios to Average Net Assets After Reimbursement(d)
Total Return(c)			Ending Net Assets (000)		Expenses			Net Invest- ment Income (Loss)			Expenses			Net Invest- ment Income (Loss)			Portfolio Turnover Rate
	11.92	%	$	11,969		1.98	%**		(.45	)%**		1.41	%**		.12	%**		125	%
	1.83			10,829		1.97			(1.04	)		1.41			(.48	)		148
	22.03			12,402		1.98			(.84	)		1.41			(.27	)		154
	9.32			12,487		1.92			(.02	)		1.41			.49			186
	(34.21	)		12,848		1.60			(.32	)		1.41			(.13	)		170
	11.18			21,817		1.49			(.28	)		1.41			(.20	)		151
	11.49			1,790		2.73	**		(1.18	)**		2.16	**		(.60	)**		125
	1.05			1,771		2.71			(1.78	)		2.16			(1.22	)		148
	20.93			2,332		2.73			(1.60	)		2.16			(1.03	)		154
	8.54			2,526		2.67			(.75	)		2.16			(.24	)		186
	(34.66	)		3,068		2.35			(1.07	)		2.16			(.88	)		170
	10.45			5,190		2.24			(1.04	)		2.16			(.96	)		151
	12.11			15,088		1.73	**		(.17	)**		1.16	**		.40	**		125
	2.06			16,646		1.71			(.77	)		1.16			(.23	)		148
	22.26			23,076		1.73			(.60	)		1.16			(.03	)		154
	9.62			27,030		1.67			.30			1.16			.81			186
	(34.08	)		40,409		1.35			(.07	)		1.16			.12			170
	11.62			79,574		1.24			(.06	)		1.16			.02			151

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

(b) Distributions from Capital Gains include short-term capital gains, if any.

(c) 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.

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

(e) Effective January 18, 2011, Class Y Shares previously offered by FAF Advisors, Inc. were renamed Class I Shares.

(f) For the six months ended April 30, 2012.

(g) The financial highlights for the period from November 1, 2006 through May 3, 2009 are those of Small-Mid Cap Core Fund, which changed its principal investment strategies and changed its name to Mid Cap Select Fund on May 4, 2009.

* Rounds to less than $.01 per share.

** Annualized.

See accompanying notes to financial statements.

Nuveen Investments 35

Financial Highlights (Unaudited) (continued)

Selected data for a share outstanding throughout each period:
Class (Commencement Date)
			Investment Operations									Less Distributions
SMALL CAP SELECT
Year Ended October 31,	Beginning Net Asset Value		Net Invest- ment Income (Loss)(a)			Net Realized/ Unrealized Gain (Loss)			Total			Net Invest- ment Income			Capital Gains(b)			Total			Ending Net Asset Value
Class A (5/92)
2012(f)	$	12.44	$	(.03	)	$	1.65		$	1.62		$	—		$	(.30	)	$	(.30	)	$	13.76
2011		11.72		(.09	)		.81			.72			—			—			—			12.44
2010		9.53		(.05	)		2.24			2.19			—			—			—			11.72
2009		8.27		(.01	)		1.27			1.26			—			—			—			9.53
2008		14.06		(.02	)		(4.92	)		(4.94	)		—			(.85	)		(.85	)		8.27
2007		15.12		(.02	)		1.04			1.02			—			(2.08	)		(2.08	)		14.06
Class B (3/95)
2012(f)		9.77		(.06	)		1.28			1.22			—			(.30	)		(.30	)		10.69
2011		9.27		(.15	)		.65			.50			—			—			—			9.77
2010		7.60		(.10	)		1.77			1.67			—			—			—			9.27
2009		6.64		(.05	)		1.01			.96			—			—			—			7.60
2008		11.56		(.08	)		(3.99	)		(4.07	)		—			(.85	)		(.85	)		6.64
2007		12.88		(.11	)		.87			.76			—			(2.08	)		(2.08	)		11.56
Class C (9/01)
2012(f)		11.22		(.07	)		1.48			1.41			—			(.30	)		(.30	)		12.33
2011		10.65		(.17	)		.74			.57			—			—			—			11.22
2010		8.73		(.12	)		2.04			1.92			—			—			—			10.65
2009		7.63		(.06	)		1.16			1.10			—			—			—			8.73
2008		13.13		(.09	)		(4.56	)		(4.65	)		—			(.85	)		(.85	)		7.63
2007		14.36		(.12	)		.97			.85			—			(2.08	)		(2.08	)		13.13
Class R3 (1/94)(e)
2012(f)		12.13		(.05	)		1.62			1.57			—			(.30	)		(.30	)		13.40
2011		11.46		(.12	)		.79			.67			—			—			—			12.13
2010		9.34		(.08	)		2.20			2.12			—			—			—			11.46
2009		8.12		(.03	)		1.25			1.22			—			—			—			9.34
2008		13.86		(.04	)		(4.85	)		(4.89	)		—			(.85	)		(.85	)		8.12
2007		14.98		(.05	)		1.01			.96			—			(2.08	)		(2.08	)		13.86
Class I (5/92)(e)
2012(f)		13.54		(.02	)		1.81			1.79			—			(.30	)		(.30	)		15.03
2011		12.73		(.06	)		.87			.81			—			—			—			13.54
2010		10.33		(.03	)		2.44			2.41			(.01	)		—			(.01	)		12.73
2009		8.94		.02			1.37			1.39			—			—			—			10.33
2008		15.10		.01			(5.31	)		(5.30	)		(.01	)		(.85	)		(.86	)		8.94
2007		16.06		.01			1.11			1.12			—			(2.08	)		(2.08	)		15.10

36 Nuveen Investments

			Ratios/Supplemental Data
					Ratios to Average Net Assets Before Reimbursement						Ratios to Average Net Assets After Reimbursement(d)
Total Return(c)			Ending Net Assets (000)		Expenses			Net Invest- ment Income (Loss)			Expenses			Net Invest- ment Income (Loss)			Portfolio Turnover Rate
	13.43	%	$	168,958		1.36	%*		(.59	)%*		1.29	%*		(.51	)%*		36	%
	6.14			275,994		1.34			(.74	)		1.30			(.70	)		69
	22.98			339,826		1.25			(.49	)		1.24			(.48	)		88
	15.24			295,348		1.26			(.09	)		1.26			(.09	)		99
	(37.00	)		166,698		1.26			(.15	)		1.26			(.15	)		92
	7.35			238,129		1.23			(.22	)		1.23			(.22	)		97
	13.00			2,562		2.12	*		(1.31	)*		2.04	*		(1.23	)*		36
	5.39			2,866		2.09			(1.51	)		2.05			(1.45	)		69
	21.97			3,925		2.00			(1.23	)		1.99			(1.22	)		88
	14.46			5,511		2.01			(.80	)		2.01			(.80	)		99
	(37.52	)		6,249		2.01			(.90	)		2.01			(.90	)		92
	6.51			13,720		1.98			(.97	)		1.98			(.97	)		97
	13.01			12,510		2.12	*		(1.31	)*		2.04	*		(1.23	)*		36
	5.35			14,009		2.09			(1.50	)		2.05			(1.45	)		69
	21.99			17,393		2.00			(1.24	)		1.99			(1.23	)		88
	14.42			16,938		2.01			(.80	)		2.01			(.80	)		99
	(37.44	)		17,062		2.01			(.90	)		2.01			(.90	)		92
	6.46			34,505		1.98			(.95	)		1.98			(.95	)		97
	13.36			19,746		1.62	*		(.81	)*		1.54	*		(.73	)*		36
	5.85			20,044		1.60			(1.00	)		1.55			(.95	)		69
	22.70			18,047		1.50			(.72	)		1.49			(.71	)		88
	15.02			24,701		1.51			(.31	)		1.51			(.31	)		99
	(37.19	)		23,069		1.51			(.40	)		1.51			(.40	)		92
	6.99			38,181		1.48			(.43	)		1.48			(.43	)		97
	13.60			287,498		1.12	*		(.31	)*		1.04	*		(.23	)*		36
	6.36			273,983		1.09			(.49	)		1.05			(.45	)		69
	23.30			400,042		1.00			(.24	)		.99			(.23	)		88
	15.55			322,658		1.01			.19			1.01			.19			99
	(36.86	)		289,685		1.01			.10			1.01			.10			92
	7.58			691,488		.98			.03			.98			.03			97

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

(b) Distributions from Capital Gains include short-term capital gains, if any.

(c) 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.

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

(e) Effective January 18, 2011, Class R Shares and Class Y Shares previously offered by FAF Advisors, Inc. were renamed Class R3 Shares and Class I Shares, respectively.

(f) For the six months ended April 30, 2012.

* Annualized.

See accompanying notes to financial statements.

Nuveen Investments 37

Notes to Financial Statements (Unaudited)

1. General Information and Significant Accounting Policies

General Information

Nuveen Investment Funds, Inc. (the “Trust”), is an open-end investment company registered under the Investment Company Act of 1940, as amended. The Trust is comprised of Nuveen Large Cap Select Fund (“Large Cap Select”), Nuveen Mid Cap Select Fund (“Mid Cap Select”), and Nuveen Small Cap Select Fund (“Small Cap Select”), (each a “Fund” and collectively, the “Funds”), among others. The Trust was incorporated in the state of Maryland on August 20, 1987.

Large Cap Select’s investment objective is capital appreciation. Under normal market conditions, the Fund invests at least 80% of net assets, plus the amount of any borrowings for investment purposes, in common stocks of large-capitalization companies, defined as companies that have market capitalizations of $5 billion or greater at the time of purchase.

Mid Cap Select’s investment objective is long-term growth of capital. Under normal market conditions, the Fund invests at least 80% of net assets, plus the amount of any borrowings for investment purposes, in common stocks of mid-capitalization companies, defined as companies that have market capitalizations at the time of purchase within the market capitalization range of the companies in the Russell Midcap^® Index immediately after its most recent reconstitution prior to such purchase. It is expected that reconstitution of the index will occur each year at the end of June. Immediately after the most recent reconstitution, the range was $520 million to $17.9 billion.

Small Cap Select’s investment objective is capital appreciation. Under normal market conditions, the Fund invests at least 80% of net assets, plus the amount of any borrowings for investment purposes, in common stocks of small-capitalization companies, defined as companies that have market capitalizations of less than $3 billion at the time of purchase.

Each Fund may invest up to 15% of its total assets in non-dollar denominated equity securities of non-U.S. issuers. Each Fund may invest up to 25% of its assets, collectively, in non-dollar denominated equity securities of non-U.S. issuers and in dollar-denominated equity securities of non-U.S. issuers that are either listed on a U.S. stock exchange or represented by depositary receipts that may or may not be sponsored by a domestic bank. Up to 15% of each Fund’s total assets may be invested in equity securities of emerging market issuers. Each Fund also may invest in options, futures contracts, options on futures contracts and forward foreign currency exchanges contracts (“derivatives”) to manage market or business risk, enhance its return or hedge against adverse movements in currency exchange rates.

Each Fund’s most recent prospectus provides further descriptions of each Fund’s investment objective, principal investment strategies and principal risks.

Effective at the close of business on February 15, 2012, Class B Shares of Mid Cap Select were converted to Class A Shares and are no longer available for dividend reinvestment or through an exchange from other Nuveen mutual funds.

Significant Accounting Policies

The following is a summary of significant accounting policies followed by the Funds in the preparation of their financial statements in accordance with accounting principles generally accepted in the United States (“U.S. GAAP”).

Investment Valuation

Common stocks and other equity-type securities are valued at the last sales price on the securities exchange on which such securities are primarily traded and are generally classified as Level 1 for fair value measurement purposes. Securities primarily traded on the NASDAQ National Market (“NASDAQ”) are valued, except as indicated below, at the NASDAQ Official Closing Price and are generally classified as Level 1. However, securities traded on a securities exchange or NASDAQ for which there were no transactions on a given day or securities not listed on a securities exchange or NASDAQ are valued at the quoted bid price and are generally classified as Level 2.

Investments in investment companies are valued at their respective net asset values on the valuation date. These investment vehicles are generally classified as Level 1.

Futures contracts are valued using the closing settlement price or, in the absence of such a price, the last traded price. Futures contracts are generally classified as Level 1.

Certain securities may not be able to be priced by the pre-established pricing methods as described above. Such securities may be valued by the Funds’ Board of Directors or its designee at fair value. These securities generally include, but are not limited to, restricted securities (securities which may not be publicly sold without registration under the Securities Act of 1933, as amended) for which a pricing service is unable to provide a market price; securities whose trading has been formally suspended; debt securities that have gone into default and for which there is no current market quotation; a security whose market price is not available from a pre-established pricing source; a security with respect to which an event has occurred that is likely to materially affect the value of the security after the market has closed but before the calculation of a Fund’s net asset value (as may be the case in non-U.S. markets on which the security is primarily traded) or make it difficult or impossible to obtain a reliable market quotation; and a security whose price, as provided by the pricing service, is not deemed to reflect the security’s fair value. As a general principle, the fair value of a security would appear to be the amount that the owner might reasonably expect to receive for it in a current sale. A variety of factors

38 Nuveen Investments

may be considered in determining the fair value of such securities, which may include consideration of the following: yields or prices of investments of comparable quality, type of issue, coupon, maturity and rating, market quotes or indications of value from security dealers, evaluations of anticipated cash flows or collateral, general market conditions and other information and analysis, including the obligor’s credit characteristics considered relevant. These securities are generally classified as Level 2 or Level 3 depending on the priority of the significant inputs. Regardless of the method employed to value a particular security, all valuations are subject to review by the Funds’ Board of Directors or its designee.

Refer to Footnote 2 – Fair Value Measurements for further details on the leveling of securities held by the Funds as of the end of the reporting period.

Investment Transactions

Investment transactions are recorded on a trade date basis. Realized gains and losses from investment transactions are determined on the specific identification method, which is the same basis used for federal income tax purposes.

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. Securities lending income is comprised of fees earned from borrowers and income earned on cash collateral investments, net of lending agent fees.

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

Distributions to shareholders are recorded on the ex-dividend date. The amount and timing of distributions are determined in accordance with federal income tax regulations, which may differ from U.S. GAAP.

Small Cap Select receives substantial distributions from holdings in Real Estate Investment Trusts (“REITs”). Distributions from REITs may be characterized as ordinary income, net capital gain, or a return of capital to the REIT shareholder. The proper characterization of REIT distributions is generally not known until after the end of each calendar year. As such, Small Cap Select must use estimates in reporting the character of their income and distributions for financial reporting purposes. The actual character of distributions to Fund shareholders will be reflected on the Form 1099 received by shareholders after the end of the calendar year. Due to the nature of REIT investments, a portion of the distributions received by the Fund shareholder may represent a return of capital.

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 were 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 automatically 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 twelve months of purchase. Class R3 Shares are sold without an up-front sales charge but incur a .25% annual 12b-1 distribution and a .25% annual 12b-1 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 exchange contracts, 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.

Nuveen Investments 39

Notes to Financial Statements (Unaudited) (continued)

The books and records of the Funds are maintained in U.S. dollars. Foreign currencies, assets and liabilities are translated into U.S. dollars at 4:00 p.m. Eastern Time. Investment transactions, 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 gains and losses resulting from changes in foreign currency exchange rates and changes in foreign exchange rates associated with other assets and liabilities on investments and derivatives are recognized as a component of “Net realized gain (loss) from investments and foreign currency,” on the Statement of Operations, when applicable.

The unrealized gains and losses resulting from changes in foreign currency exchange rates and changes in foreign exchange rates associated with other assets and liabilities on investments are recognized as a component of “Change in net unrealized appreciation (depreciation) of investments and foreign currency,” on the Statement of Operations, when applicable.

Futures Contracts

Each Fund is subject to equity price risk in the normal course of pursuing its investment objectives and is authorized to invest in futures contracts in an attempt to manage such risk. Upon entering into a futures contract, a Fund is required to deposit with the broker an amount of cash or liquid securities equal to a specified percentage of the contract amount. This is known as the “initial margin.” Cash held by the broker to cover initial margin requirements on open futures contracts, if any, is recognized as “Deposits with brokers for open futures contracts” on the Statement of Assets and Liabilities. Subsequent payments (“variation margin”) are made or received by a Fund each day, depending on the daily fluctuation of the value of the contract. Variation margin is recognized as a receivable and/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 recognized as an unrealized gain or loss by “marking-to-market” on a daily basis to reflect the changes in market value of the contract, which is recognized as a component of “Change in net unrealized appreciation (depreciation) of futures contracts” 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, which is recognized as a component of “Net realized gain (loss) from futures contracts” on the Statement of Operations.

Risks of investments in futures contracts include the possible adverse movement in the price of the securities or indices underlying the contracts, the possibility that there may not be a liquid secondary market for the contracts and/or that a change in the value of the contract may not correlate with a change in the value of the underlying securities or indices.

During the six months ended April 30, 2012, Small Cap Select invested in long equity futures contracts as part of the management of the Fund. These long futures contracts were used to manage cash flow activity and implement various tactical market and hedging strategies.

The average number of futures contracts outstanding during the six months ended April 30, 2012, were as follows:

	Small Cap Select
Average number of futures contracts outstanding*		—

* The average number of outstanding contracts is calculated based on the outstanding number of contracts at the beginning of the fiscal year and at the end of each fiscal quarter within the current fiscal year.

Refer to Footnote 3 – Derivative Instruments and Hedging Activities for further details on futures contracts activity.

Market and Counterparty Credit Risk

In the normal course of business each Fund may invest in financial instruments and enter into financial transactions where risk of potential loss exists due to changes in the market (market risk) or failure of the other party to the transaction to perform (counterparty credit risk). The potential loss could exceed the value of the financial assets recorded on the financial statements. Financial assets, which potentially expose each Fund to counterparty credit risk, consist principally of cash due from counterparties on forward, option and swap transactions, when applicable. The extent of each Fund’s exposure to counterparty credit risk in respect to these financial assets approximates their carrying value as recorded on the Statement of Assets and Liabilities. Futures contracts, when applicable, expose a Fund to minimal counterparty credit risk as they are exchange traded and the exchange’s clearinghouse, which is counterparty to all exchange traded futures, guarantees the futures contracts against default.

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

40 Nuveen Investments

Multiclass Operations and Allocations

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

Realized and unrealized capital gains and losses of the Funds are prorated among the classes based on the relative net assets of each class.

Securities Lending

In order to generate additional income, each Fund may lend securities representing up to one-third of the value of its total assets (which includes collateral for securities on loan) to broker-dealers, banks or other institutions. Each Fund’s policy is to receive cash collateral equal to at least 102% of the value of securities loaned, which is recognized as “Collateral from securities lending program” on the Statement of Assets and Liabilities. The adequacy of the collateral is monitored on a daily basis. If the value of the securities on loan increases, such that the level of collateralization falls below 102%, additional collateral is received from the borrower, which is recognized as “Due from broker” on the Statement of Assets and Liabilities, when applicable. As with other extensions of credit, there may be risks of delay in recovery of the securities or even loss of rights in the collateral should the borrower of the security fail financially.

The Funds’ custodian serves as the securities lending agent for the Funds. Each Fund pays the custodian a fee based on the Fund’s proportional share of the custodian’s expense of operating its securities lending program. Collateral for securities on loan is invested in a money market fund, which is recognized as “Investments purchased with collateral from securities lending” on the Statement of Assets and Liabilities.

Income from securities lending, net of fees paid, is recognized on the Statement of Operations as “Securities lending income.” Securities lending fees paid by each Fund during the six months ended April 30, 2012, were as follows:

	Large Cap Select		Mid Cap Select		Small Cap Select
Securities lending fees paid	$	1,744	$	2,843	$	63,344

Indemnifications

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

Use of Estimates

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

2. Fair Value Measurements

Fair value is defined as the price that the Funds would receive upon selling an investment or transferring a liability in an orderly transaction to an independent buyer in the principal or most advantageous market for the investment. A three-tier hierarchy is used to maximize the use of observable market data and minimize the use of unobservable inputs and to establish classification of fair value measurements for disclosure purposes. Observable inputs reflect the assumptions market participants would use in pricing the asset or liability. Observable inputs are based on market data obtained from sources independent of the reporting entity. Unobservable inputs reflect the reporting entity’s own assumptions about the assumptions market participants would use in pricing the asset or liability. Unobservable inputs are based on the best information available in the circumstances. The three-tier hierarchy of inputs is 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 41

Notes to Financial Statements (Unaudited) (continued)

The inputs or methodologies used for valuing securities are not an indication of the risk associated with investing in those securities. The following is a summary of each Fund’s fair value measurements as of April 30, 2012:

Large Cap Select	Level 1		Level 2		Level 3		Total
Long-Term Investments:
Common Stocks	$	44,681,179	$	—	$	—	$	44,681,179
Investments Purchased with Collateral from Securities Lending		12,566,136		—		—		12,566,136
Short-Term Investments:
Money Market Funds		511,952		—		—		511,952
Total	$	57,759,267	$	—	$	—	$	57,759,267
Mid Cap Select	Level 1		Level 2		Level 3		Total
Long-Term Investments:
Common Stocks	$	28,926,927	$	—	$	—	$	28,926,927
Investments Purchased with Collateral from Securities Lending		8,043,707		—		—		8,043,707
Short-Term Investments:
Money Market Funds		426,552		—		—		426,552
Total	$	37,397,186	$	—	$	—	$	37,397,186
Small Cap Select	Level 1		Level 2		Level 3		Total
Long-Term Investments:
Common Stocks	$	484,231,766	$	—	$	—	$	484,231,766
Investments Purchased with Collateral from Securities Lending		236,418,881		—		—		236,418,881
Short-Term Investments:
Money Market Funds		10,414,426		—		—		10,414,426
Total	$	731,065,073	$	—	$	—	$	731,065,073

During the six months ended April 30, 2012, the Funds recognized no transfers to or from Level 1, Level 2 or Level 3.

3. Derivative Instruments and Hedging Activities

The Funds record derivative instruments at fair value, with changes in fair value recognized on the Statement of Operations, when applicable. Even though the Funds’ investments in derivatives may represent economic hedges, they are not considered to be hedge transactions for financial reporting purposes. For additional information on the derivative instruments in which each Fund was invested during and at the end of the reporting period, refer to the Portfolios of Investments, Financial Statements and Footnote 1 – General Information and Significant Accounting Policies.

The following table presents the amount of net realized gain (loss) recognized for the six months ended April 30, 2012, on derivative instruments, as well as the primary risk exposure associated with each.

Net Realized Gain (Loss) from Futures Contracts	Small Cap Select
Risk Exposure
Equity	$	1,762,906

42 Nuveen Investments

4. Fund Shares

Transactions in Fund shares were as follows:

	Large Cap Select
	Six Months Ended 4/30/12						Year Ended 10/31/11
	Shares			Amount			Shares			Amount
Shares sold:
Class A		20,449		$	267,823			48,975			630,342
Class C		102			1,126			3,506			44,297
Class R3 (1)		504			6,159			929			11,842
Class I (1)		177,000			2,065,748			317,616			3,895,849
Shares issued to shareholders due to reinvestment of distributions:
Class A		—			—			—			—
Class C		—			—			—			—
Class R3 (1)		—			—			—			—
Class I (1)		1,891			22,258			5,718			73,066
		199,946			2,363,114			376,744			4,655,396
Shares redeemed:
Class A		(33,237	)		(407,945	)		(97,791	)		(1,234,341	)
Class C		(2,181	)		(26,483	)		(2,802	)		(33,700	)
Class R3 (1)		(2,655	)		(34,618	)		(1,428	)		(18,315	)
Class I (1)		(2,071,810	)		(25,047,277	)		(5,270,687	)		(65,571,376	)
Class I (1) – In-Kind		—			—			(1,284,181	)		(15,345,963	)
		(2,109,883	)		(25,516,323	)		(6,656,889	)		(82,203,695	)
Net increase (decrease)		(1,909,937	)	$	(23,153,209	)		(6,280,145	)		(77,548,299	)
	Mid Cap Select
	Six Months Ended 4/30/12						Year Ended 10/31/11
	Shares			Amount			Shares			Amount
Shares sold:
Class A		98,407		$	998,102			100,917			1,030,004
Class B		—			—			1,214			10,402
Class C		3,716			32,634			6,959			64,006
Class I (1)		59,427			603,377			136,645			1,431,982
Shares issued to shareholders due to reinvestment of distributions:
Class A		—			—			—			—
Class B		—			—			—			—
Class C		—			—			—			—
Class I (1)		—			—			—			—
		161,550			1,634,113			245,735			2,536,394
Shares redeemed:
Class A		(112,730	)		(1,119,141	)		(290,360	)		(2,916,390	)
Class B		(100,888	)		(862,888	)		(64,355	)		(547,919	)
Class C		(22,792	)		(210,011	)		(74,184	)		(677,927	)
Class I (1)		(380,609	)		(3,862,166	)		(833,219	)		(8,555,743	)
		(617,019	)		(6,054,206	)		(1,262,118	)		(12,697,979	)
Net increase (decrease)		(455,469	)	$	(4,420,093	)		(1,016,383	)		(10,161,585	)

(1) Effective January 18, 2011, Class R Shares and Class Y Shares previously offered by FAF Advisors, Inc. were renamed Class R3 Shares and Class I Shares, respectively.

Nuveen Investments 43

Notes to Financial Statements (Unaudited) (continued)

	Small Cap Select
	Six Months Ended 4/30/12						Year Ended 10/30/11
	Shares			Amount			Shares			Amount
Shares sold:
Class A		2,265,544		$	29,884,511			9,066,714		$	118,699,201
Class B		55			510			829			8,923
Class C		17,283			204,865			44,237			520,442
Class R3 (1)		202,950			2,613,678			732,709			9,445,253
Class I (1)		2,697,265			38,455,656			4,213,928			59,498,496
Shares issued to shareholders due to reinvestment of distributions:
Class A		555,167			6,578,724			—			—
Class B		8,774			81,068			—			—
Class C		31,588			336,407			—			—
Class R3 (1)		42,049			485,669			—			—
Class I (1)		369,469			4,780,926			—			—
		6,190,144			83,422,014			14,058,417			188,172,315
Shares redeemed:
Class A		(12,734,645	)		(176,341,872	)		(15,876,132	)		(207,042,276	)
Class B		(62,653	)		(652,706	)		(130,715	)		(1,343,789	)
Class C		(283,313	)		(3,344,540	)		(428,685	)		(4,846,091	)
Class R3 (1)		(423,590	)		(5,291,908	)		(655,473	)		(8,328,827	)
Class I (1)		(4,176,714	)		(59,714,673	)		(11,942,604	)		(165,412,108	)
Class I (1) – In-Kind		—			—			(3,470,750	)		(49,354,066	)
		(17,680,915	)		(245,345,699	)		(32,504,359	)		(436,327,157	)
Net increase (decrease)		(11,490,771	)	$	(161,923,685	)		(18,445,942	)	$	(248,154,842	)

(1) Effective January 18, 2011, Class R Shares and Class Y Shares previously offered by FAF Advisors, Inc. were renamed Class R3 Shares and Class I Shares, respectively.

Class B Shares that converted to Class A Shares (recognized as a component of Class A Shares sold and Class B Shares redeemed) during the six months ended April 30, 2012 and fiscal year ended October 31, 2011, were as follows:

Fund	Six Months Ended 4/30/12		Year Ended 10/31/11
Mid Cap Select		178,360		42,682
Small Cap Select		36,811		68,111

5. Investment Transactions

Purchases and sales (including maturities but excluding investments purchased with collateral from securities lending, short-term investments and derivative transactions, where applicable) during the six months ended April 30, 2012, were as follows:

	Large Cap Select		Mid Cap Select		Small Cap Select
Purchases	$	33,163,378	$	36,053,058	$	198,503,788
Sales and maturities		56,541,754		39,897,793		356,550,482

6. Income Tax Information

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

At April 30, 2012, the cost and unrealized appreciation (depreciation) of investments (excluding investments in derivatives, where applicable), as determined on a federal income tax basis, were as follows:

	Large Cap Select			Mid Cap Select			Small Cap Select
Cost of investments	$	53,396,873		$	34,808,884		$	683,508,375
Gross unrealized:
Appreciation	$	5,365,056		$	3,049,314		$	76,864,986
Depreciation		(1,002,662	)		(461,012	)		(29,308,288	)
Net unrealized appreciation (depreciation) of investments	$	4,362,394		$	2,588,302		$	47,556,698

44 Nuveen Investments

Permanent differences, primarily due to the expiration of capital loss carryforwards, net operating losses, tax equalization, REIT adjustments and redemptions in-kind, resulted in reclassifications among the Funds’ components of net assets at October 31, 2011, the Funds’ last tax year end, as follows:

	Large Cap Select			Mid Cap Select			Small Cap Select
Capital paid-in	$	3,048,972		$	(552,956	)	$	13,968,508
Undistributed (Over-distribution) of net investment income		14,242			147,799			4,230,625
Accumulated net realized gain (loss)		(3,063,214	)		406,275			(18,199,133	)

The tax components of undistributed net ordinary income and net long-term capital gains at October 31, 2011, the Funds’ last tax year end, were as follows:

	Large Cap Select		Mid Cap Select		Small Cap Select
Undistributed net ordinary income*	$	—	$	—	$	—
Undistributed net long-term capital gains		—		—		13,467,301

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

The tax character of distributions paid during the Funds’ last tax year ended October 31, 2011, was designated for purposes of the dividends paid deduction as follows:

	Large Cap Select		Mid Cap Select		Small Cap Select
Distributions from net ordinary income*	$	150,204	$	—	$	—
Distributions from net long-term capital gains		—		—		—

* Net ordinary income consists of net taxable income derived from dividends, interest, net short-term capital gains and current year earnings and profits attributable to realized gains, if any.

At October 31, 2011, the Funds’ last tax year end, the following Funds had unused capital loss carryforwards available for federal income tax purposes to be applied against future capital gains, if any. If not applied, the carryforwards will expire as follows:

	Large Cap Select		Mid Cap Select
Expiration:
October 31, 2016	$	21,600,658	$	7,819,829
October 31, 2017		54,315,490		15,708,192
Total	$	75,916,148	$	23,528,021

At October 31, 2011, the Funds’ last tax year end, $405,157 of Mid Cap Select’s capital loss carryforward expired.

During the Funds’ last tax year ended October 31, 2011, the Funds utilized their capital loss carryforwards as follows:

	Large Cap Select		Mid Cap Select		Small Cap Select
Utilized capital loss carryforwards	$	18,067,551	$	3,915,028	$	92,018,632

7. Management Fees and Other Transactions with Affiliates

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

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

Average Daily Net Assets	Large Cap Select Fund-Level Fee Rate			Mid Cap Select Fund-Level Fee Rate			Small Cap Select Fund-Level Fee Rate
For the first $125 million		.5500	%		.7000	%		.7000	%
For the next $125 million		.5375			.6875			.6875
For the next $250 million		.5250			.6750			.6750
For the next $500 million		.5125			.6625			.6625
For the next $1 billion		.5000			.6500			.6500
For net assets over $2 billion		.4750			.6250			.6250

Nuveen Investments 45

Notes to Financial Statements (Unaudited) (continued)

The annual complex-level fee for each Fund, payable monthly, is determined by taking the complex-level fee rate, which is based on the aggregate amount of “eligible assets” of all Nuveen funds as set forth in the schedule below, and making, as appropriate, an upward adjustment to that rate based upon the percentage of the particular fund’s assets that are not “eligible assets.” The complex-level fee schedule for each Fund is as follows:

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

* The complex-level fee is calculated based upon the aggregate daily “eligible assets” of all Nuveen Funds. Eligible assets do not include assets attributable to investments in other Nuveen Funds or assets in excess of $2 billion added to the Nuveen Fund complex in connection with the Adviser’s assumption of the management of the former First American Funds effective January 1, 2011. Eligible assets include closed-end fund assets managed by the Adviser that are attributable to financial leverage. For these purposes, financial leverage includes the closed-end funds’ use of preferred stock and borrowings and investments in the residual interest certificates (also called inverse floating rate securities) in tender option bond (TOB) trusts, including the portion of assets held by the TOB trust that has been effectively financed by the trust’s issuance of floating rate securities, subject to an agreement by the Adviser as to certain funds to limit the amount of such assets for determining eligible assets in certain circumstances. As of April 30, 2012, the complex-level fee rate for each of these Funds was as follows:

Fund	Complex-Level Fee Rate
Large Cap Select		.1998	%
Mid Cap Select		.1998
Small Cap Select		.1998

The management fee compensates the Adviser for overall investment advisory and administrative services and general office facilities. The Adviser is responsible for each Fund’s overall strategy and asset allocation decisions. The Adviser has entered into sub-advisory agreements with Nuveen Asset Management, LLC (the “Sub-Adviser”), a wholly-owned subsidiary of the Adviser, under which the Sub-Adviser manages the investment portfolios of the Funds. The Sub-Adviser will be compensated for its services to the Funds from the management fees paid to the Adviser.

The Adviser has agreed to waive fees and/or reimburse expenses of Mid Cap Select so that total annual Fund operating expenses, after fee waivers and/or expense reimbursements and excluding acquired Fund fees and expenses, do not exceed the percentages of the average daily net assets of any class of Fund shares in the amounts and for the time periods stated in the following table:

	Mid Cap Select
Class A Shares		1.41	%
Class C Shares		2.16
Class I Shares		1.16
Expiration Date		February 28, 2013

The Adviser has agreed to reimburse management fees across all share classes of Large Cap Select and Small Cap Select through December 31, 2012, to the extent necessary to maintain Class I Share total annual operating expenses, not including any acquired fund fees and expenses, at the applicable percentage of daily net assets listed in the Maximum Expense Level row of the following table, provided that in no event will the Adviser be required to make any reimbursements that would result in an annualized net management fee of less than the applicable percentage of daily net assets listed in the Minimum Management Fee row of the following table.

	Large Cap Select			Small Cap Select
Maximum Expense Level		1.13	%		1.00	%
Minimum Management Fee		.75			.80

The Adviser may also 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.

46 Nuveen Investments

The Trust pays no compensation directly to those of its directors 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 Directors has adopted a deferred compensation plan for independent directors that enable directors to elect to defer receipt of all or a portion of the annual compensation they are entitled to receive from certain Nuveen-advised funds. Under the plan, deferred amounts are treated as though equal dollar amounts had been invested in shares of select Nuveen-advised funds.

During the six months ended April 30, 2012, Nuveen Securities, 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:

	Large Cap Select		Mid Cap Select		Small Cap Select
Sales charges collected	$	1,629	$	4,652	$	20,831
Paid to financial intermediaries		1,423		4,066		18,209

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

During the six months ended April 30, 2012, the Distributor compensated financial intermediaries directly with commission advances at the time of purchase as follows:

	Large Cap Select		Mid Cap Select		Small Cap Select
Commission advances	$	—	$	307	$	1,532

To compensate for commissions advanced to financial intermediaries, all 12b-1 service and distribution fees collected on Class B Shares and Class C Shares during the first year following a purchase were retained by the Distributor. During the six months ended April 30, 2012, the Distributor retained such 12b-1 fees as follows:

	Large Cap Select		Mid Cap Select		Small Cap Select
12b-1 fees retained	$	—	$	2,124	$	14,231

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

The Distributor also collected and retained CDSC on share redemptions during the six months ended April 30, 2012, as follows:

	Large Cap Select		Mid Cap Select		Small Cap Select
CDSC retained	$	—	$	349	$	1,281

8. New Accounting Pronouncements

Fair Value Measurements and Disclosures

On May 12, 2011, the Financial Accounting Standards Board (“FASB”) issued Accounting Standards Update (“ASU”) No. 2011-04 (“ASU No. 2011-04”) modifying Topic 820, Fair Value Measurements and Disclosures. At the same time, the International Accounting Standards Board (“IASB”) issued International Financial Reporting Standard (“IFRS”) 13, Fair Value Measurement. The objective of the FASB and IASB is convergence of their guidance on fair value measurements and disclosures. Specifically, ASU No. 2011-04 requires reporting entities to disclose i) the amounts of any transfers between Level 1 and Level 2 and the reasons for the transfers and ii) for Level 3 fair value measurements, a) quantitative information about significant unobservable inputs used, b) a description of the valuation processes used by the reporting entity and c) a narrative description of the sensitivity of the fair value measurement to changes in unobservable inputs if a change in those inputs might result in a significantly higher or lower fair value measurement. The effective date of ASU No. 2011-04 is for interim and annual periods beginning after December 15, 2011. At this time, management is evaluating the implications of this guidance and the impact it will have to the financial statement amounts and footnote disclosures, if any.

Nuveen Investments 47

Notes

48 Nuveen Investments

Notes

Nuveen Investments 49

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 distributions and capital gains, if any) over the time period being considered.

Beta: A measure of the variability of the change in the share price for a fund in relation to a change in the value of the fund’s market benchmark. Securities with betas higher than 1.0 have been, and are expected to be, more volatile than the benchmark; securities with betas lower than 1.0 have been, and are expected to be, less volatile than the benchmark.

Lipper Large-Cap Core Funds Classification Average: Represents the average annualized total return for all reporting funds in the Lipper Large-Cap Core Funds Classification. Lipper returns account for the effects of management fees and assume reinvestment of distributions but do not reflect any applicable sales charges.

Lipper Mid-Cap Growth Funds Classification Average: Represents the average annualized total return for all reporting funds in the Lipper Mid-Cap Growth Funds Classification. Lipper returns account for the effects of management fees and assume reinvestment of distributions but do not reflect any applicable sales charges.

Lipper Small-Cap Core Funds Classification Average: Represents the average annualized total return for all reporting funds in the Lipper Small-Cap Core Funds Classification. Lipper returns account for the effects of management fees and assume reinvestment of distributions but do not reflect any applicable sales charges.

Net Asset Value (NAV): The net market value of all securities held in a portfolio.

Net Asset Value (NAV) Per Share: The market value of one share of a mutual fund or closed-end fund. For a Fund, the NAV is calculated daily by taking the Fund’s total assets (securities, cash, and accrued earnings), subtracting the Fund’s liabilities, and dividing by the number of shares outstanding.

Russell 2000^® Index: An index that measures the performance of the small-cap segment of the U.S. equity universe. The Russell 2000 is a subset of the Russell 3000^® Index representing approximately 10% of the total market capitalization of that index. It includes approximately 2,000 of the smallest securities based on a combination of their market cap and current index membership. The index returns assume reinvestment of distributions, but do not reflect any applicable sales charges or management fees.

Russell MidCap^® Index: An index that measures the performance of the mid-cap segment of the U.S. equity universe. The Russell Midcap 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 Russell Midcap represents approximately 31% of the total market capitalization of the Russell 1000 companies. The index returns assume reinvestment of distributions, but do not reflect any applicable sales charges or management fees.

S&P 500^® Index: An unmanaged index generally considered representative of the U.S. stock market. The index returns assume reinvestment of distributions, but do not reflect any applicable sales charges or management fees.

Tax Equalization: The practice of treating a portion of the distribution made to a redeeming shareholder, which represents his proportionate part of undistributed net investment income and capital gain as a distribution for tax purposes. Such amounts are referred to as the equalization debits (or payments) and will be considered a distribution to the shareholder of net investment income and capital gain for calculation of the Fund’s dividends paid deduction.

50 Nuveen Investments

Additional Fund Information

Fund Manager

Nuveen Fund Advisors, Inc.

333 West Wacker Drive

Chicago, IL 60606

Sub-Adviser

Nuveen Asset Management, LLC

333 West Wacker Drive

Chicago, IL 60606

Legal Counsel

Chapman and Cutler LLP

Chicago, IL

Independent Registered Public Accounting Firm*

PricewaterhouseCoopers LLP

Chicago, IL

Custodian

U.S. Bank National Association

St. Paul, MN

Transfer Agent and Shareholder Services

Boston Financial

Data Services, Inc.

Nuveen Investor Services

P.O. Box 8530

Boston, MA 02266-8530

(800) 257-8787

* The Board of Directors of the Funds, upon recommendation of the Audit Committee, engaged PricewaterhouseCoopers LLP as the Funds’ independent registered public accounting firm as of March 1, 2011. On December 30, 2011, Ernst & Young, LLP (“Ernst & Young”) completed its work on the October 31, 2011 audits and resigned as the independent registered public accounting firm of the Funds.

   Ernst & Young’s report on the Funds’ financial statements for the most recent fiscal year contained no adverse opinion or disclaimer of opinion, and were not qualified or modified as to uncertainty, audit scope or accounting principles. For the most recent fiscal year and through March 1, 2011, there were no disagreements with Ernst & Young on any matter of accounting principles, financial statement disclosure or auditing scope or procedures, which disagreements, if not resolved to the satisfaction of Ernst & Young, would have caused it to make reference to the subject matter of the disagreements in connection with its reports on the Funds’ financial statements.

Quarterly Portfolio of Investments and Proxy Voting information: You may obtain (i) each Fund’s quarterly portfolio of investments, (ii) information regarding how each Fund voted proxies relating to portfolio securities held during the most recent twelve-month period ended June 30, and (iii) a description of the policies and procedures that each 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. FINRA also provides an investor brochure that includes information describing the Public Disclosure Program.

Nuveen Investments 51

Nuveen Investments:

Serving Investors for Generations

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

Focused on meeting investor needs.

Nuveen Investments provides high-quality investment services designed to help secure the longterm goals of institutional and individual investors as well as the consultants and financial advisors who serve them. Nuveen Investments markets a wide range of specialized investment solutions which provide investors access to capabilities of its high-quality boutique investment affiliates-Nuveen Asset Management, Symphony Asset Management, NWQ Investment Management Company, Santa Barbara Asset Management, Tradewinds Global Investors, Winslow Capital Management, and Gresham Investment Management. In total, Nuveen Investments managed approximately $227 billion as of March 31, 2012.

Find out how we can help you.

To learn more about how the products and services of Nuveen Investments may be able to help you meet your financial goals, talk to your financial advisor, or call us at (800) 257-8787. Please read the information provided carefully before you invest. Investors should consider the investment objective and policies, risk considerations, charges and expenses of any investment carefully. Where applicable, be sure to obtain a prospectus, which contains this and other relevant information. To obtain a prospectus, please contact your securities representative or Nuveen Investments, 333 W. Wacker Dr., Chicago, IL 60606. Please read the prospectus carefully before you invest or send money.

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

Distributed by

Nuveen Securities, LLC

333 West Wacker Drive

Chicago, IL 60606

www.nuveen.com

MSA-FSLCT-0412P

Item 2. Code of Ethics.

Not applicable to this filing.

Item 3. Audit Committee Financial Expert.

Not applicable to this filing.

Item 4. Principal Accountant Fees and Services.

Not applicable to this filing.

Item 5. Audit Committee of Listed Registrants.

Not applicable to this registrant.

Item 6. Schedule of Investments.

(a) See Portfolio of Investments in Item 1.

(b) Not applicable.

Item 7. Disclosure of Proxy Voting Policies and Procedures for Closed-End Management Investment Companies.

Not applicable to this registrant.

Item 8. Portfolio Managers of Closed-End Management Investment Companies.

Not applicable to this registrant.

Item 9. Purchases of Equity Securities by Closed-End Management Investment Company and Affiliated Purchasers.

Not applicable to this registrant.

Item 10. Submission of Matters to a Vote of Security Holders.

There have been no material changes to the procedures by which shareholders may recommend nominees to the registrant’s Board implemented after the registrant last provided disclosure in response to this item.

Item 11. Controls and Procedures.

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

(b) There were no changes in the registrant’s internal control over financial reporting (as defined in Rule 30a-3(d) under the 1940 Act (17 CFR 270.30a-3(d)) that occurred during the second fiscal quarter of the period covered by this report that has materially affected, or is reasonably likely to materially affect, the registrant’s internal control over financial reporting.

Item 12. Exhibits.

File the exhibits listed below as part of this Form.

(a)(1) Any code of ethics, or amendment thereto, that is the subject of the disclosure required by Item 2, to the extent that the registrant intends to satisfy the Item 2 requirements through filing of an exhibit: Not applicable to this filing.

(a)(2) A separate certification for each principal executive officer and principal financial officer of the registrant as required by Rule 30a-2(a) under the 1940 Act (17 CFR 270.30a-2(a)) in the exact form set forth below: See EX-99.CERT attached hereto.

(a)(3) Any written solicitation to purchase securities under Rule 23c-1 under the 1940 Act (17 CFR 270.23c-1) sent or given during the period covered by the report by or on behalf of the registrant to 10 or more persons: Not applicable to this registrant.

(b) If the report is filed under Section 13(a) or 15(d) of the Exchange Act, provide the certifications required by Rule 30a-2(b) under the 1940 Act (17 CFR 270.30a-2(b)), Rule 13a-14(b) or Rule 15d-14(b) under the Exchange Act (17 CFR 240.13a-14(b) or 240.15d-14(b)), and Section 1350 of Chapter 63 of Title 18 of the United States Code (18 U.S.C. 1350) as an Exhibit. A certification furnished pursuant to this paragraph will not be deemed “filed” for purposes of Section 18 of the Exchange Act (15 U.S.C. 78r), or otherwise subject to the liability of that section. Such certification will not be deemed to be incorporated by reference into any filing under the Securities Act of 1933 or the Exchange Act, except to the extent that the registration specifically incorporates it by reference: See EX-99.906 CERT attached hereto.

SIGNATURES

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

(Registrant) Nuveen Investment Funds, Inc.

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

Date: July 9, 2012

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: July 9, 2012

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

Date: July 9, 2012

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 Funds, Inc.;

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: July 9, 2012

/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 Funds, Inc.;

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: July 9, 2012

/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 Funds, Inc. (the “Registrant”), certify that, to the best of each such officer’s knowledge and belief:

1. The Form N-CSR of the Registrant for the period ended April 30, 2012 (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 Registrant.

Date: July 9, 2012

/S/ GIFFORD R. ZIMMERMAN

Chief Administrative Officer

(principal executive officer)

/S/ STEPHEN D. FOY

Vice President and Controller

(principal financial officer)