N-CSR

UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

FORM N-CSR

CERTIFIED SHAREHOLDER REPORT OF REGISTERED MANAGEMENT

INVESTMENT COMPANIES

Investment Company Act file number 811-05309

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: October 31, 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.

Annual Report

October 31, 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	9
Holding Summaries	16
Expense Examples	19
Report of Independent Registered Public Accounting Firm	20
Portfolios of Investments	21
Statement of Assets and Liabilities	98
Statement of Operations	99
Statement of Changes in Net Assets	100
Financial Highlights	102
Notes to Financial Statements	108
Trustees and Officers	118
Annual Investment Management Agreement Approval Process	122
Glossary of Terms Used in this Report	130
Additional Fund Information	131

Chairman’s

Letter to Shareholders

Dear Shareholders,

Investors have many reasons to remain cautious. The challenges in the Euro area continue to cast 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. Despite strong action by the European Central Bank, member nations appear unwilling to surrender sufficient sovereignty to unify the Euro area financial system or strengthen its banks. 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 is running out.

In the U.S., the extended period of increasing corporate earnings that enabled the equity markets to withstand the downward pressures coming from weakening job creation and slower economic growth appears to be coming to an end. The Fed remains committed to low interest rates and announced a third phase of quantitative easing (QE3) scheduled to continue until mid-2015. The recent election results have removed a major element of uncertainty in the U.S. political picture, but it remains to be seen whether the outcome will reduce the highly partisan atmosphere in Congress and enable progress on the many pressing fiscal and budgetary issues that must be resolved in the coming months.

During the last twelve months, U.S. investors have experienced a solid recovery in the domestic equity markets with increasing volatility as the “fiscal cliff” approaches. 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 Fund 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

December 20, 2012

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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 managed the Nuveen Equity Index Fund since 1999 and David 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 economic and equity market conditions and the Funds’ performance for the twelve-month period ended October 31, 2012.

What factors affected the U.S. economy and the equity market environments during the twelve-month reporting period ended October 31, 2012?

During this period, the U.S. economy’s progress toward recovery from recession continued at a moderate pace. In the third quarter 2012, the U.S. economy, as measured by the U.S. gross domestic product (GDP), grew at an annualized rate of 2.7%, up from 1.3% in the second quarter, marking 13 consecutive quarters of positive growth. The Consumer Price Index (CPI) rose 2.2% year-over-year as of October 2012, while the core CPI (which excludes food and energy) increased 2.0% during the period, staying just within the Fed’s unofficial objective of 2.0% or lower for this inflation measure. As of November 2012, (subsequent to the reporting period), the national unemployment rate was 7.7%, the lowest unemployment rate since December 2008 and below the 8.7% level recorded in November 2011. The slight decrease in unemployment from 7.9% in October 2012 was primarily due to workers who are no longer counted as part of the workforce. The housing market, long a major weak spot in the economic recovery, showed signs of a turnaround as existing home sales and residential construction indicators improved and home prices rose modestly. According to the S&P/Case-Shiller Index of 20 major metropolitan areas, the average home price rose 3.0% for the twelve months ended September 2012 (the most recent data available at the time this report was prepared). This marked the largest annual percentage gain for the Index since July 2010, although housing prices continued to be off approximately 30% from their mid-2006 peak.

The Federal Reserve (Fed) maintained its efforts to improve the overall economic environment by continuing to hold the benchmark fed funds rate at the record low level of zero to 0.25% set in December 2008. Subsequent to the reporting period, the central bank decided during its December 2012 meeting to keep the fed funds rate at “exceptionally low levels” until either the unemployment rate reaches 6.5% or expected inflation goes above 2.5%. The Fed also affirmed its decision, announced in September 2012, to purchase $40 billion of mortgage-backed securities each month in an effort to stimulate the housing market. In addition to this new, open-ended stimulus program, the

Nuveen Investments 5

Fed plans to continue its program to extend the average maturity of its holdings of U.S. Treasury securities through the end of December 2012. The goals of these actions, which together will increase the Fed’s holdings of longer term securities by approximately $85 billion a month through the end of the year, are to put downward pressure on longer term interest rates, make broader financial conditions more accommodative and support a stronger economic recovery as well as continued progress toward the Fed’s mandates of maximum employment and price stability. However, the outlook for the U.S. economy remained clouded by uncertainty regarding the impending fiscal cliff, the combination of tax increases and spending cuts scheduled to take effect beginning in January 2013, and the potential impact on the economy.

Domestic and international equity markets were buffeted by concerns about the tepid U.S. economic recovery, the seemingly unending European debt crisis and a broader slowdown in global growth, particularly in China. In addition to the bold monetary policy moves made by the Fed, the European Central Bank (ECB) pledged to do “whatever it takes” to preserve the euro. The ECB unveiled the Outright Monetary Transactions plan, a conditional yet unlimited bond purchase program designed to ensure that financing is available to European governments who are willing to agree to certain fiscal and structural measures.

As these combined actions helped reduce fears, U.S. and overseas equity markets surprised many investors by rallying steadily later in the period. Broad U.S. stock market indexes approached their all-time highs, posting strong double-digit returns for the period as a whole. Large-cap U.S. stocks led the market with a 15.21% one-year return as measured by the S&P 500^® Index, reaching a level not seen since May of 2008. Domestic small- and mid-cap stocks also produced strong returns of 12.08% and 12.15% during the fiscal year period, as measured by the Russell 2000^® and the Russell Midcap^® Indexes, respectively. Across all market cap segments, the best-performing areas of the U.S. equity market during the year included the health care, financial and consumer discretionary sectors. Energy was the biggest laggard across the board, while technology stocks also underperformed, particularly in the smaller capitalization ranges. Meanwhile, the steps taken in Europe to reduce financial risk helped overseas markets recover some of their losses from the summer months. Developed markets fared better than emerging markets, posting a twelve-month return of 5.15% according to the MSCI EAFE Index, which tracks the performance of stocks from markets in Europe, Australasia and the Far East. Emerging markets never fully recovered after their dramatic sell-off in 2011, ending the fiscal year period with a 2.63% return, as measured by the MSCI Emerging Markets Index.

Nuveen Equity Index Fund

How did the Fund perform during the twelve-month period ended October 31, 2012?

The tables in the Fund Performance and Expense Ratios section of this report provide total return performance information for the Fund’s Class A Shares total returns for the Fund for the one-year, five-year and ten-year periods ended October 31, 2012. The Fund’s Class A Shares at net asset value (NAV) performed in-line with the Lipper S&P 500^® Index Objective Funds Classification Average, but underperformed the S&P 500^® Index over the twelve-month period.

6 Nuveen Investments

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 top performing sectors in the index were telecommunications, health care and financials, which all advanced significantly. The three lowest performing sectors were energy, materials and utilities. 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. These contracts are used as a means to efficiently gain exposure to a broad base of equity securities. Due to generally higher equity prices during the period, the derivative positions added mildly to performance.

Nuveen Mid Cap Index Fund

How did the Fund perform during the twelve-month period ended October 31, 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 one-year, five-year and ten-year periods ended October 31, 2012. The Fund’s Class A Shares at net asset value (NAV) outperformed the Lipper Mid-Cap Core Funds Classification Average, but underperformed the S&P MidCap 400^® Index over the twelve-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 the fiscal year 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 top performing sectors in the index were telecommunications, health care and consumer discretionary, each advancing significantly. The three lowest performing sectors were energy, technology 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. These contracts are used as a means to efficiently gain

Nuveen Investments 7

exposure to a broad base of equity securities. Due to generally higher equity prices during the period, the derivative positions added mildly to performance.

Nuveen Small Cap Index Fund

How did the Fund perform during the twelve-month period ended October 31, 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 one-year, five-year and ten-year periods ended October 31, 2012. The Fund’s Class A Shares at net asset value (NAV) outperformed the Lipper Small-Cap Core Funds Classification Average, but underperformed the Russell 2000^® Index over the twelve-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 the fiscal year 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 top performing sectors in the index were financials, consumer discretionary and health care, which all advanced significantly. The three lowest performing sectors were energy, technology 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. These contracts are used as a means to efficiently gain exposure to a broad base of equity securities. Due to generally higher equity prices during the period, the derivative positions added mildly to performance.

Risk Considerations

Mutual fund investing involves risk; principal loss is possible. The Funds’ investments in common stocks involve 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.

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Fund Performance and Expense Ratios

The Fund Performance and Expense Ratios for each Fund are shown on the following six 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 and/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 9

Fund Performance and Expense Ratios(continued)

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 October 31, 2012

	Average Annual
	1-Year		5-Year		10-Year
Class A Shares		14.51%		-0.12%		6.35%
S&P 500® Index*		15.21%		0.36%		6.91%
Lipper S&P 500® Index Objective Funds Classification Average*		14.53%		-0.17%		6.38%
Class B Shares w/o CDSC		13.69%		-0.86%		5.56%
Class B Shares w/CDSC		8.69%		-1.02%		5.56%
Class C Shares		13.70%		-0.86%		5.56%
Class R3 Shares		14.26%		-0.36%		6.13%
Class I Shares		14.85%		0.13%		6.62%

Average Annual Total Returns as of September 30, 2012 (Most Recent Calendar Quarter)

	Average Annual
	1-Year		5-Year		10-Year
Class A Shares		29.46%		0.57%		7.45%
Class B Shares w/o CDSC		28.46%		-0.18%		6.65%
Class B Shares w/CDSC		23.46%		-0.35%		6.65%
Class C Shares		28.49%		-0.18%		6.65%
Class R3 Shares		29.14%		0.33%		7.23%
Class I Shares		29.79%		0.82%		7.72%

Class A Shares have no sales charge and are available only through fee-based programs and certain retirement plans. Class B Shares have a contingent deferred sales charge (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 the approval of the Fund’s Board of Directors.

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

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Growth of an Assumed $10,000 Investment as of October 31, 2012 – Class A Shares

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

Nuveen Investments 11

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 October 31, 2012

	Average Annual
	1-Year		5-Year		10-Year
Class A Shares		11.48%		2.67%		9.59%
S&P MidCap 400® Index*		12.11%		3.12%		10.21%
Lipper Mid-Cap Core Funds Classification Average*		10.32%		0.43%		8.61%
Class C Shares		10.60%		1.90%		8.77%
Class R3 Shares		11.14%		2.41%		9.35%
Class I Shares		11.80%		2.93%		9.86%

Average Annual Total Returns as of September 30, 2012 (Most Recent Calendar Quarter)

	Average Annual
	1-Year		5-Year		10-Year
Class A Shares		27.85%		3.38%		10.14%
Class C Shares		26.89%		2.61%		9.31%
Class R3 Shares		27.44%		3.12%		9.90%
Class I Shares		28.06%		3.63%		10.41%

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% contingent deferred sales charge (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 the approval of the Fund’s Board of Directors.

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

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Growth of an Assumed $10,000 Investment as of October 31, 2012 – Class A Shares

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

Nuveen Investments 13

Fund Performance and Expense Ratios(continued)

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 October 31, 2012
	Average Annual
	1-Year		5-Year		10-Year
Class A Shares		11.44%		0.82%		8.93%
Russell 2000® Index*		12.08%		1.19%		9.58%
Lipper Small-Cap Core Funds Classification Average*		10.44%		0.96%		9.26%
Class C Shares		10.58%		0.06%		8.07%
Class R3 Shares		11.13%		0.56%		8.64%
Class I Shares		11.79%		1.08%		9.17%

Average Annual Total Returns as of September 30, 2012 (Most Recent Calendar Quarter)

	Average Annual
	1-Year		5-Year		10-Year
Class A Shares		31.27%		1.85%		9.50%
Class C Shares		30.20%		1.07%		8.65%
Class R3 Shares		30.77%		1.57%		9.22%
Class I Shares		31.51%		2.10%		9.74%

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% contingent deferred sales charge (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 the approval of the Fund’s Board of Directors.

* 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

Growth of an Assumed $10,000 Investment as of October 31, 2012 – Class A Shares

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

Nuveen Investments 15

Holding Summariesas of October 31, 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

Fund Allocation1
Common Stocks	98.3%
Warrants2	0.0%
Short-Term Investments	2.0%
Other3	(0.3)%

Portfolio Composition1
Oil, Gas & Consumable Fuels	9.3%
Pharmaceuticals	6.2%
Computers & Peripherals	5.3%
Insurance	3.8%
IT Services	3.8%
Media	3.5%
Software	3.5%
Diversified Financial Services	3.2%
Commercial Banks	2.8%
Diversified Telecommunication Services	2.8%
Beverages	2.4%
Industrial Conglomerates	2.4%
Food & Staples Retailing	2.4%
Aerospace & Defense	2.3%
Chemicals	2.3%
Household Products	2.2%
Specialty Retail	2.1%
Electric Utilities	2.1%
Internet Software & Services	2.1%
Real Estate Investment Trust	2.0%
Health Care Providers & Services	2.0%
Machinery	1.9%
Capital Markets	1.9%
Semiconductors & Equipment	1.9%
Tobacco	1.9%
Energy Equipment & Services	1.8%
Communications Equipment	1.8%
Hotels, Restaurants & Leisure	1.8%
Short-Term Investments	2.0%
Other4	16.5%

Top Five Common Stock Holdings1
Apple, Inc.	4.3%
Exxon Mobil Corporation	3.3%
International Business Machines Corporation (IBM)	1.7%
Microsoft Corporation	1.7%
Chevron Corporation	1.7%

1 As a percentage of net assets. Holdings are subject to change.

2 Rounds to less than 0.1%.

3 Other assets less liabilities, which includes investments purchased with collateral from securities lending and investments in derivatives as presented in the Fund’s Portfolio of Investments.

4 Other assets less liabilities, which includes warrants, investments purchased with collateral from securities lending and investments in derivatives as presented in the Fund’s Portfolio of Investments and all industries less than 1.8% of net assets.

16 Nuveen Investments

Nuveen Mid Cap Index Fund

Fund Allocation1
Common Stocks	92.7%
Short-Term Investments	7.0%
Other2	0.3%

Portfolio Composition1
Real Estate Investment Trust	8.8%
Machinery	4.9%
Insurance	4.3%
Specialty Retail	4.2%
Software	4.0%
Commercial Banks	3.7%
IT Services	3.2%
Health Care Providers & Services	3.0%
Oil, Gas & Consumable Fuels	2.9%
Chemicals	2.8%
Energy Equipment & Services	2.6%
Health Care Equipment & Supplies	2.5%
Capital Markets	2.2%
Electric Utilities	2.1%
Household Durables	2.0%
Biotechnology	1.9%
Electronic Equipment & Instruments	1.9%
Food Products	1.8%
Textiles, Apparel & Luxury Goods	1.7%
Road & Rail	1.7%
Commercial Services & Supplies	1.7%
Internet Software & Services	1.7%
Semiconductors & Equipment	1.7%
Electrical Equipment	1.6%
Metals & Mining	1.6%
Containers & Packaging	1.5%
Hotels, Restaurants & Leisure	1.4%
Gas Utilities	1.4%
Short-Term Investments	7.0%
Other3	18.2%

Top Five Common Stock Holdings1
Regeneron Pharmaceuticals, Inc.	0.9%
Vertex Pharmaceuticals, Inc.	0.8%
Kansas City Southern Industries	0.7%
Equinix Inc.	0.7%
Ametek Inc.	0.7%

1 As a percentage of net assets. Holdings are subject to change.

2 Other assets less liabilities, which includes investments purchased with collateral from securities lending and investments in derivatives as presented in the Fund’s Portfolio of Investments.

3 Other assets less liabilities, which includes investments purchased with collateral from securities lending and investments in derivatives as presented in the Fund’s Portfolio of Investments and all industries less than 1.4% of net assets.

Nuveen Investments 17

Holding Summaries (continued) as of October 31, 2012

Nuveen Small Cap Index Fund

Fund Allocation1
Common Stocks	91.3%
Exchange-Traded Funds2	0.0%
Common Stock Rights2	0.0%
Warrants2	0.0%
Short-Term Investments	8.0%
Other3	0.7%

Portfolio Composition1
Real Estate Investment Trust	7.3%
Commercial Banks	6.0%
Oil, Gas & Consumable Fuels	3.7%
Software	3.6%
Biotechnology	3.4%
Specialty Retail	3.3%
Semiconductors & Equipment	3.1%
Machinery	3.0%
Health Care Equipment & Supplies	2.9%
Hotels, Restaurants & Leisure	2.9%
Health Care Providers & Services	2.6%
Insurance	2.4%
Commercial Services & Supplies	2.3%
Capital Markets	2.2%
Internet Software & Services	2.2%
Electronic Equipment & Instruments	2.1%
Chemicals	1.9%
IT Services	1.8%
Communications Equipment	1.8%
Energy Equipment & Services	1.7%
Pharmaceuticals	1.6%
Thrifts & Mortgage Finance	1.6%
Aerospace & Defense	1.5%
Metals & Mining	1.5%
Food Products	1.5%
Electric Utilities	1.4%
Textiles, Apparel & Luxury Goods	1.4%
Road & Rail	1.2%
Professional Services	1.1%
Electrical Equipment	1.1%
Media	1.1%
Household Durables	1.1%
Short-Term Investments	8.0%
Other4	15.7%

Top Five Common Stock Holdings1
Ocwen Financial Corporation	0.3%
Two Harbors Investment Corporation	0.3%
Pharmacyclics, Inc.	0.3%
Genesee & Wyoming Inc.	0.3%
Starwood Hotels & Resorts Worldwide, Inc.	0.2%

1 As a percentage of net assets. Holdings are subject to change.

2 Rounds to less than 0.1%.

3 Other assets less liabilities, which includes investments purchased with collateral from securities lending and investments in derivatives as presented in the Fund’s Portfolio of Investments.

4 Other assets less liabilities, which includes exchange-traded funds, common stock rights, warrants, investments purchased with collateral from securities lending and investments in derivatives as presented in the Fund’s Portfolio of Investments and all industries less than 1.1% of net assets.

18 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 through the end of 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 (5/01/12)	$	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 (10/31/12)	$	1,018.60	$	1,015.10	$	1,015.00	$	1,017.90	$	1,020.30	$	1,022.02	$	1,018.25	$	1,018.25	$	1,020.76	$	1,023.28
Expenses Incurred During Period	$	3.15	$	6.94	$	6.94	$	4.41	$	1.88	$	3.15	$	6.95	$	6.95	$	4.42	$	1.88

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 184/365 (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 (5/01/12)	$	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 (10/31/12)	$	994.20	$	990.30	$	992.70	$	995.60	$	1,021.42	$	1,017.65	$	1,020.16	$	1,022.67
Expenses Incurred During Period	$	3.71	$	7.45	$	4.96	$	2.46	$	3.76	$	7.56	$	5.03	$	2.49

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 184/365 (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 (5/01/12)	$	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 (10/31/12)	$	1,006.10	$	1,002.70	$	1,005.30	$	1,008.70	$	1,021.01	$	1,017.24	$	1,019.76	$	1,022.27
Expenses Incurred During Period	$	4.13	$	7.90	$	5.39	$	2.88	$	4.17	$	7.96	$	5.43	$	2.90

For each class of the Fund, expenses are equal to the Fund’s annualized net expense ratio of .82%, 1.57%, 1.07% and .57% for Classes A, C, R3 and I, respectively, multiplied by the average account value over the period, multiplied by 184/365 (to reflect the one-half year period).

Nuveen Investments 19

Report of

Independent Registered Public Accounting Firm

To the Board of Directors and Shareholders of

Nuveen Investment Funds Inc.:

In our opinion, the accompanying statement of assets and liabilities, including the portfolios of investments, and the related statements of operations, of changes in net assets and the financial highlights present fairly, in all material respects, the financial position of Nuveen Equity Index Fund, Nuveen Mid Cap Index Fund and Nuveen Small Cap Index Fund (the “Funds”) at October 31, 2012, the results of each of their operations for the year ended, and the change in each of their net assets and the financial highlights for the year then ended, in conformity with accounting principles generally accepted in the United States of America. These financial statements and financial highlights (hereafter referred to as “financial statements”) are the responsibility of the Funds’ management; our responsibility is to express an opinion on these financial statements based on our audits. We conducted our audits of these financial statements in accordance with the standards of the Public Company Accounting Oversight Board (United States). Those standards require that we plan and perform the audit to obtain reasonable assurance about whether the financial statements are free of material misstatement. An audit includes examining, on a test basis, evidence supporting the amounts and disclosures in the financial statements, assessing the accounting principles used and significant estimates made by management, and evaluating the overall financial statement presentation. We believe that our audits, which included confirmation of securities at October 31, 2012 by correspondence with the custodian and brokers, provides a reasonable basis for our opinion. The financial statements of the Funds for the years ended October 31, 2011 and prior were audited by other independent auditors whose report dated December 28, 2011 expressed an unqualified opinion on those statements.

PRICEWATERHOUSECOOPERS LLP

Chicago, IL

December 28, 2012

20 Nuveen Investments

Portfolio of Investments

Nuveen Equity Index Fund

October 31, 2012

Shares		Description (1)	Value
		COMMON STOCKS – 98.3%
		Aerospace & Defense – 2.3%
	42,881	Boeing Company	$	3,020,538
	20,644	General Dynamics Corporation		1,405,444
	44,606	Honeywell International Inc.		2,731,671
	5,073	L-3 Communications Holdings, Inc.		374,387
	15,239	Lockheed Martin Corporation		1,427,437
	14,397	Northrop Grumman Corporation		988,930
	8,318	Precision Castparts Corporation		1,439,596
	19,082	Raytheon Company		1,079,278
	8,303	Rockwell Collins, Inc.		444,875
	16,352	Textron Inc., (2)		412,234
	52,172	United Technologies Corporation		4,077,764
		Total Aerospace & Defense		17,402,154
		Air Freight & Logistics – 0.8%
	9,651	C.H. Robinson Worldwide, Inc.		582,245
	12,209	Expeditors International of Washington, Inc.		446,971
	18,054	FedEx Corporation		1,660,787
	48,289	United Parcel Service, Inc., Class B		3,537,169
		Total Air Freight & Logistics		6,227,172
		Airlines – 0.0%
	43,091	Southwest Airlines Co.		380,063
		Auto Components – 0.2%
	3,759	BorgWarner Inc., (3)		247,417
	14,980	Goodyear Tire & Rubber Company, (3)		170,922
	38,939	Johnson Controls, Inc.		1,002,679
		Total Auto Components		1,421,018
		Automobiles – 0.4%
	220,616	Ford Motor Company		2,462,075
	13,660	Harley-Davidson, Inc.		638,742
		Total Automobiles		3,100,817
		Beverages – 2.4%
	9,022	Beam Inc.		501,262
	8,536	Brown-Forman Corporation		546,816
	17,176	Coca-Cola Enterprises Inc.		540,013
	239,799	Coca-Cola Company		8,915,727
	9,220	Constellation Brands, Inc., Class A, (3)		325,835
	12,127	Dr. Pepper Snapple Group		519,642
	8,998	Molson Coors Brewing Company, Class B		388,174
	5,591	Monster Beverage Corporation, (3)		249,750
	89,531	PepsiCo, Inc.		6,199,126
		Total Beverages		18,186,345
		Biotechnology – 1.6%
	10,500	Alexion Pharmaceuticals Inc., (2), (3)		948,990
	42,878	Amgen Inc.		3,710,877
	14,726	Biogen Idec Inc., (3)		2,035,428

Nuveen Investments 21

Portfolio of Investments

Nuveen Equity Index Fund (continued)

October 31, 2012

Shares		Description (1)	Value
		Biotechnology (continued)
	26,291	Celgene Corporation, (3)	$	1,927,656
	45,171	Gilead Sciences, Inc., (3)		3,033,684
		Total Biotechnology		11,656,635
		Building Products – 0.0%
	21,033	Masco Corporation, (2)		317,388
		Capital Markets – 1.9%
	12,738	Ameriprise Financial, Inc.		743,517
	68,279	Bank of New York Company, Inc.		1,687,174
	5,740	BlackRock Inc.		1,088,763
	63,458	Charles Schwab Corporation		861,760
	14,925	E*Trade Group Inc., (3)		124,773
	5,428	Federated Investors Inc.		126,147
	8,556	Franklin Resources, Inc.		1,093,457
	28,159	Goldman Sachs Group, Inc.		3,446,380
	27,362	Invesco LTD		665,444
	7,312	Legg Mason, Inc.		186,310
	80,240	Morgan Stanley		1,394,571
	13,805	Northern Trust Corporation		659,603
	28,919	State Street Corporation		1,288,920
	15,560	T. Rowe Price Group Inc.		1,010,466
		Total Capital Markets		14,377,285
		Chemicals – 2.3%
	12,104	Air Products & Chemicals Inc.		938,423
	4,409	Airgas, Inc.		392,269
	3,844	CF Industries Holdings, Inc.		788,750
	69,474	Dow Chemical Company, (2)		2,035,588
	53,643	E.I. Du Pont de Nemours and Company, (2)		2,388,186
	8,523	Eastman Chemical Company		504,903
	14,082	Ecolab Inc.		980,107
	9,202	FMC Corporation		492,491
	4,640	International Flavors & Fragrances Inc.		299,837
	14,338	LyondellBasell Industries NV		765,506
	30,538	Monsanto Company		2,628,406
	14,691	Mosaic Company		768,927
	9,077	PPG Industries, Inc.		1,062,735
	17,098	Praxair, Inc.		1,815,979
	5,355	Sherwin-Williams Company		763,516
	6,949	Sigma-Aldrich Corporation, (2)		487,403
		Total Chemicals		17,113,026
		Commercial Banks – 2.8%
	39,994	BB&T Corporation, (2)		1,157,826
	11,334	Comerica Incorporated		337,867
	54,069	Fifth Third Bancorp.		785,623
	15,496	First Horizon National Corporation, (2)		144,268
	50,795	Huntington Bancshares Inc., (2)		324,580

22 Nuveen Investments

Shares		Description (1)	Value
		Commercial Banks (continued)
	54,563	KeyCorp., (2)	$	459,420
	6,704	M&T Bank Corporation		697,886
	30,271	PNC Financial Services Group, Inc.		1,761,469
	83,191	Regions Financial Corporation		542,405
	31,567	SunTrust Banks, Inc., (2)		858,622
	108,436	U.S. Bancorp		3,601,160
	299,076	Wells Fargo & Company		10,075,870
	10,833	Zions Bancorporation		232,585
		Total Commercial Banks		20,979,581
		Commercial Services & Supplies – 0.5%
	13,579	ADT Corporation		563,664
	6,184	Avery Dennison Corporation		200,238
	6,771	Cintas Corporation		283,096
	9,800	Iron Mountain Inc.		339,080
	2,926	Pitney Bowes Inc., (2)		42,017
	10,320	R.R. Donnelley & Sons Company, (2)		103,406
	18,015	Republic Services, Inc.		510,725
	4,870	Stericycle Inc., (3)		461,481
	27,158	Tyco International Ltd.		729,735
	26,486	Waste Management, Inc., (2)		867,152
		Total Commercial Services & Supplies		4,100,594
		Communications Equipment – 1.8%
	306,664	Cisco Systems, Inc.		5,256,221
	4,673	F5 Networks, Inc., (3)		385,429
	6,807	Harris Corporation		311,624
	14,541	JDS Uniphase Corporation, (3)		140,902
	30,922	Juniper Networks Inc., (2), (3)		512,378
	16,840	Motorola Solutions Inc.		870,291
	98,814	QUALCOMM, Inc.		5,788,030
		Total Communications Equipment		13,264,875
		Computers & Peripherals – 5.3%
	53,944	Apple, Inc.		32,102,074
	85,107	Dell Inc., (2)		785,538
	119,921	EMC Corporation, (3)		2,928,471
	113,197	Hewlett-Packard Company, (2)		1,567,778
	21,080	NetApp, Inc., (3)		567,052
	14,125	SanDisk Corporation, (3)		589,860
	22,252	Seagate Technology, (2)		607,925
	13,743	Western Digital Corporation		470,423
		Total Computers & Peripherals		39,619,121
		Construction & Engineering – 0.2%
	9,682	Fluor Corporation		540,740
	7,386	Jacobs Engineering Group, Inc., (2), (3)		285,026
	12,230	Quanta Services Incorporated, (3)		317,124
		Total Construction & Engineering		1,142,890

Nuveen Investments 23

Portfolio of Investments

Nuveen Equity Index Fund (continued)

October 31, 2012

Shares		Description (1)	Value
		Construction Materials – 0.0%
	7,597	Vulcan Materials Company, (2)	$	349,234
		Consumer Finance – 0.9%
	57,321	American Express Company		3,208,256
	29,116	Capital One Financial Corporation		1,751,910
	32,311	Discover Financial Services		1,324,751
	28,031	SLM Corporation		492,785
		Total Consumer Finance		6,777,702
		Containers & Packaging – 0.1%
	9,925	Ball Corporation, (2)		425,088
	3,602	Bemis Company, Inc.		119,046
	9,655	Owens-Illinois, Inc., (3)		188,176
	9,788	Sealed Air Corporation		158,761
		Total Containers & Packaging		891,071
		Distributors – 0.1%
	9,518	Genuine Parts Company, (2)		595,636
		Diversified Consumer Services – 0.1%
	5,776	Apollo Group, Inc., (3)		115,982
	15,709	H&R Block Inc., (2)		278,049
		Total Diversified Consumer Services		394,031
		Diversified Financial Services – 3.2%
	616,928	Bank of America Corporation		5,749,769
	167,855	Citigroup Inc.		6,276,098
	19,515	CME Group, Inc., (2)		1,091,474
	4,271	Intercontinental Exchange, Inc., (3)		559,501
	217,919	JPMorgan Chase & Co.		9,082,864
	11,646	Leucadia National Corporation		264,364
	11,484	Moody’s Corporation, (2)		553,069
	7,741	NASDAQ Stock Market, Inc.		184,313
	14,541	New York Stock Exchange Euronext		360,035
		Total Diversified Financial Services		24,121,487
		Diversified Telecommunication Services – 2.8%
	335,636	AT&T Inc.		11,609,649
	35,564	CenturyLink Inc., (2)		1,364,946
	57,158	Frontier Communications Corporation, (2)		269,786
	166,428	Verizon Communications Inc., (2)		7,429,346
	30,961	Windstream Corporation, (2)		295,368
		Total Diversified Telecommunication Services		20,969,095
		Electric Utilities – 2.1%
	27,726	American Electric Power Company, Inc.		1,232,143
	40,292	Duke Energy Corporation, (2)		2,646,781
	19,152	Edison International		898,995
	10,142	Entergy Corporation		736,106
	48,797	Exelon Corporation, (2)		1,745,957
	24,585	FirstEnergy Corp.		1,124,026
	24,840	NextEra Energy Inc., (2)		1,740,290

24 Nuveen Investments

Shares		Description (1)	Value
		Electric Utilities (continued)
	14,739	Northeast Utilities, (2)	$	579,243
	13,744	Pepco Holdings, Inc., (2)		273,093
	6,619	Pinnacle West Capital Corporation		350,608
	32,629	PPL Corporation, (2)		965,166
	49,947	Southern Company		2,339,517
	29,409	Xcel Energy, Inc.		830,804
		Total Electric Utilities		15,462,729
		Electrical Equipment – 0.5%
	5,000	Cooper Industries Inc.		374,700
	41,997	Emerson Electric Company		2,033,915
	8,694	Rockwell Automation, Inc.		617,796
	6,149	Roper Industries Inc.		671,286
		Total Electrical Equipment		3,697,697
		Electronic Equipment & Instruments – 0.4%
	10,051	Amphenol Corporation, Class A, (2)		604,367
	86,877	Corning Incorporated		1,020,805
	9,704	FLIR Systems Inc.		188,549
	10,769	Jabil Circuit Inc.		186,734
	8,304	Molex Inc., (2)		215,655
	20,585	TE Connectivity Limited		662,425
		Total Electronic Equipment & Instruments		2,878,535
		Energy Equipment & Services – 1.8%
	25,658	Baker Hughes Incorporated		1,076,866
	14,414	Cooper Cameron Corporation, (3)		729,925
	4,086	Diamond Offshore Drilling, Inc.		282,915
	10,470	Ensco PLC, (2)		605,375
	14,008	FMC Technologies Inc., (3)		572,927
	54,092	Halliburton Company		1,746,631
	6,298	Helmerich & Payne Inc.		301,044
	16,905	Nabors Industries Inc., (3)		228,048
	24,915	National-Oilwell Varco Inc.		1,836,236
	14,708	Noble Corporation		555,080
	7,360	Rowan Companies Inc., (3)		233,386
	76,643	Schlumberger Limited		5,328,988
		Total Energy Equipment & Services		13,497,421
		Food & Staples Retailing – 2.4%
	24,750	Costco Wholesale Corporation		2,436,143
	73,361	CVS Caremark Corporation, (2)		3,403,950
	31,086	Kroger Co., (2)		783,989
	13,762	Safeway Inc., (2)		224,458
	33,533	Sysco Corporation, (2)		1,041,870
	49,389	Walgreen Co.		1,739,974
	98,785	Wal-Mart Stores, Inc.		7,410,851
	9,573	Whole Foods Market, Inc., (2)		906,850
		Total Food & Staples Retailing		17,948,085

Nuveen Investments 25

Portfolio of Investments

Nuveen Equity Index Fund (continued)

October 31, 2012

Shares		Description (1)	Value
		Food Products – 1.7%
	37,699	Archer-Daniels-Midland Company	$	1,011,841
	10,131	Campbell Soup Company, (2)		357,320
	23,779	ConAgra Foods, Inc.		662,007
	10,798	Dean Foods Company, (2), (3)		181,838
	37,057	General Mills, Inc.		1,485,245
	18,313	H.J. Heinz Company		1,053,181
	8,707	Hershey Foods Corporation		599,477
	7,849	Hormel Foods Corporation		231,781
	6,489	JM Smucker Company		555,718
	14,119	Kellogg Company		738,706
	33,832	Kraft Foods Inc.		1,538,679
	7,799	McCormick & Company, Incorporated		480,574
	11,967	Mead Johnson Nutrition Company, Class A Shares		737,885
	101,497	Mondelez International Inc.		2,693,730
	16,531	Tyson Foods, Inc., Class A		277,886
		Total Food Products		12,605,868
		Gas Utilities – 0.1%
	2,317	AGL Resources Inc.		94,603
	7,868	ONEOK, Inc.		372,156
		Total Gas Utilities		466,759
		Health Care Equipment & Supplies – 1.7%
	31,520	Baxter International, Inc.		1,974,098
	11,604	Becton, Dickinson and Company, (2)		878,191
	81,822	Boston Scientific Corporation, (3)		420,565
	4,805	C.R. Bard, Inc.		462,193
	12,704	CareFusion Corporation, (3)		337,418
	27,775	Covidien PLC		1,526,236
	8,581	DENTSPLY International Inc.		316,124
	3,961	Edwards Lifesciences Corporation, (2), (3)		343,934
	2,377	Intuitive Surgical, Inc., (3)		1,288,857
	59,570	Medtronic, Inc.		2,476,921
	17,965	Saint Jude Medical Inc.		687,341
	18,536	Stryker Corporation		974,994
	6,616	Varian Medical Systems, Inc., (2), (3)		441,684
	10,084	Zimmer Holdings, Inc.		647,494
		Total Health Care Equipment & Supplies		12,776,050
		Health Care Providers & Services – 2.0%
	19,888	Aetna Inc.		869,106
	15,928	AmerisourceBergen Corporation, (2)		628,200
	19,812	Cardinal Health, Inc.		814,868
	16,403	CIGNA Corporation		836,553
	8,179	Coventry Health Care, Inc.		356,932
	5,382	Davita Inc., (3)		605,583
	46,779	Express Scripts, Holding Company, (3)		2,878,780
	9,342	Humana Inc.		693,830

26 Nuveen Investments

Shares		Description (1)	Value
		Health Care Providers & Services (continued)
	5,541	Laboratory Corporation of America Holdings, (2), (3)	$	469,489
	13,475	McKesson HBOC Inc.		1,257,352
	5,674	Patterson Companies, Inc.		189,512
	9,082	Quest Diagnostics Incorporated		524,213
	6,626	Tenet Healthcare Corporation, (2), (3)		156,385
	59,390	UnitedHealth Group Incorporated		3,325,840
	18,939	Wellpoint Inc.		1,160,582
		Total Health Care Providers & Services		14,767,225
		Health Care Technology – 0.1%
	5,616	Cerner Corporation, (2), (3)		427,883
		Hotels, Restaurants & Leisure – 1.8%
	25,942	Carnival Corporation, ADR, (2)		982,683
	1,361	Chipotle Mexican Grill, (2), (3)		346,415
	7,749	Darden Restaurants, Inc., (2)		407,752
	15,489	International Game Technology		198,879
	15,159	Marriott International, Inc., Class A, (2)		553,000
	58,176	McDonald’s Corporation		5,049,677
	43,450	Starbucks Corporation		1,994,355
	11,296	Starwood Hotels & Resorts Worldwide, Inc., (2)		585,698
	8,972	Wyndham Worldwide Corporation		452,189
	4,546	Wynn Resorts Ltd		550,339
	28,190	YUM! Brands, Inc.		1,976,401
		Total Hotels, Restaurants & Leisure		13,097,388
		Household Durables – 0.3%
	15,418	D.R. Horton, Inc.		323,161
	4,239	Harman International Industries Inc.		177,741
	8,024	Leggett and Platt Inc., (2)		212,877
	9,454	Lennar Corporation, Class A, (2)		354,241
	17,018	Newell Rubbermaid Inc.		351,252
	19,801	Pulte Corporation, (3)		343,349
	4,422	Whirlpool Corporation		431,941
		Total Household Durables		2,194,562
		Household Products – 2.2%
	7,446	Clorox Company		538,346
	27,321	Colgate-Palmolive Company		2,867,612
	22,447	Kimberly-Clark Corporation		1,873,202
	156,840	Procter & Gamble Company, (2)		10,859,602
		Total Household Products		16,138,762
		Independent Power Producers & Energy Traders – 0.1%
	37,902	AES Corporation, (3)		396,076
	14,636	NRG Energy Inc.		315,552
		Total Independent Power Producers & Energy Traders		711,628
		Industrial Conglomerates – 2.4%
	39,721	3M Co.		3,479,560
	33,489	Danaher Corporation		1,732,386

Nuveen Investments 27

Portfolio of Investments

Nuveen Equity Index Fund (continued)

October 31, 2012

Shares		Description (1)	Value
		Industrial Conglomerates (continued)
	606,546	General Electric Company	$	12,773,859
		Total Industrial Conglomerates		17,985,805
		Insurance – 3.8%
	19,388	ACE Limited		1,524,866
	26,771	AFLAC Incorporated		1,332,660
	28,128	Allstate Corporation		1,124,557
	60,995	American International Group, (3)		2,130,555
	18,687	Aon PLC		1,008,164
	4,909	Assurant Inc.		185,609
	100,673	Berkshire Hathaway Inc., Class B, (3)		8,693,114
	15,454	Chubb Corporation		1,189,649
	9,899	Cincinnati Financial Corporation		394,376
	28,860	Genworth Financial Inc., Class A, (3)		172,006
	25,238	Hartford Financial Services Group, Inc., (2)		547,917
	16,339	Lincoln National Corporation, (2)		405,044
	17,950	Loews Corporation		758,926
	31,234	Marsh & McLennan Companies, Inc.		1,062,893
	60,798	MetLife, Inc.		2,157,721
	18,452	Principal Financial Group, Inc.		508,168
	34,903	Progressive Corporation, (2)		778,337
	26,849	Prudential Financial, Inc.		1,531,735
	5,636	Torchmark Corporation		285,125
	22,271	Travelers Companies, Inc.		1,579,905
	16,363	Unum Group		331,842
	17,844	XL Capital Ltd, Class A		441,461
		Total Insurance		28,144,630
		Internet & Catalog Retail – 1.0%
	20,632	Amazon.com, Inc., (2), (3)		4,803,542
	5,573	Expedia, Inc.		329,643
	2,853	Netflix.com Inc., (2), (3)		225,644
	2,979	Priceline.com Incorporated, (3)		1,709,261
	5,911	TripAdvisor Inc., (3)		179,044
		Total Internet & Catalog Retail		7,247,134
		Internet Software & Services – 2.1%
	10,548	Akamai Technologies, Inc., (3)		400,719
	67,541	eBay Inc., (3)		3,261,555
	14,864	Google Inc., Class A, (3)		10,104,101
	9,350	VeriSign, Inc., (3)		346,605
	69,766	Yahoo! Inc., (3)		1,172,766
		Total Internet Software & Services		15,285,746
		IT Services – 3.8%
	35,562	Accenture Limited		2,397,234
	27,999	Automatic Data Processing, Inc.		1,618,062
	17,431	Cognizant Technology Solutions Corporation, Class A, (3)		1,161,776
	9,116	Computer Sciences Corporation		277,582

28 Nuveen Investments

Shares		Description (1)	Value
		IT Services (continued)
	10,191	Fidelity National Information Services	$	334,978
	7,814	Fiserv, Inc., (2), (3)		585,581
	65,733	International Business Machines Corporation (IBM)		12,787,040
	6,268	MasterCard, Inc.		2,889,109
	18,471	Paychex, Inc.		599,015
	15,839	SAIC, Inc.		174,071
	9,841	Teradata Corporation, (3)		672,239
	10,682	Total System Services Inc.		240,238
	28,506	Visa Inc.		3,955,493
	35,090	Western Union Company		445,643
		Total IT Services		28,138,061
		Leisure Equipment & Products – 0.1%
	6,824	Hasbro, Inc.		245,596
	19,907	Mattel, Inc.		732,179
		Total Leisure Equipment & Products		977,775
		Life Sciences Tools & Services – 0.4%
	20,412	Agilent Technologies, Inc.		734,628
	11,128	Life Technologies Corporation, (3)		544,270
	7,178	PerkinElmer Inc., (2)		222,016
	21,026	Thermo Fisher Scientific, Inc.		1,283,848
	5,087	Waters Corporation, (3)		416,167
		Total Life Sciences Tools & Services		3,200,929
		Machinery – 1.9%
	37,345	Caterpillar Inc.		3,167,229
	11,003	Cummins Inc.		1,029,661
	22,770	Deere & Company, (2)		1,945,469
	10,513	Dover Corporation		612,067
	19,332	Eaton Corporation, (2)		912,857
	2,934	Flowserve Corporation		397,528
	27,327	Illinois Tool Works, Inc.		1,675,965
	18,351	Ingersoll Rand Company Limited, Class A		863,048
	6,060	Joy Global Inc.		378,447
	22,190	PACCAR Inc., (2)		961,715
	6,629	Pall Corporation		417,362
	8,647	Parker Hannifin Corporation		680,173
	6,516	Pentair Limited		275,236
	3,532	Snap-on Incorporated		273,130
	9,800	Stanley Black & Decker Inc.		679,140
	10,850	Xylem Inc.		263,221
		Total Machinery		14,532,248
		Media – 3.5%
	10,913	Cablevision Systems Corporation		190,104
	38,752	CBS Corporation, Class B		1,255,565
	154,347	Comcast Corporation, Class A		5,789,556
	38,099	DIRECTV Group, Inc., (3)		1,947,240

Nuveen Investments 29

Portfolio of Investments

Nuveen Equity Index Fund (continued)

October 31, 2012

Shares		Description (1)	Value
		Media (continued)
	14,992	Discovery Communications Inc., Class A Shares, (2), (3)	$	884,828
	14,604	Gannett Company Inc.		246,808
	27,110	Interpublic Group Companies, Inc.		273,811
	16,011	McGraw-Hill Companies, Inc.		885,088
	120,606	News Corporation, Class A, (2)		2,884,896
	15,606	Omnicom Group, Inc.		747,683
	5,307	Scripps Networks Interactive, Class A Shares, (2)		322,241
	18,760	Time Warner Cable, Class A		1,859,304
	54,950	Time Warner Inc., (2)		2,387,609
	30,216	Viacom Inc., Class B		1,549,174
	102,321	Walt Disney Company, (2)		5,020,891
	110	Washington Post Company, (2)		36,686
		Total Media		26,281,484
		Metals & Mining – 0.8%
	61,066	Alcoa Inc.		523,336
	6,132	Allegheny Technologies, Inc.		161,578
	8,206	Cliffs Natural Resources Inc., (2)		297,632
	54,334	Freeport-McMoRan Copper & Gold, Inc.		2,112,506
	28,508	Newmont Mining Corporation		1,555,111
	18,617	Nucor Corporation		747,100
	4,840	Titanium Metals Corporation, (2)		56,676
	8,465	United States Steel Corporation, (2)		172,601
		Total Metals & Mining		5,626,540
		Multiline Retail – 0.8%
	3,980	Big Lots, Inc., (3)		115,937
	7,314	Dollar Tree Stores Inc., (3)		291,609
	6,683	Family Dollar Stores, Inc.		440,811
	8,401	J.C. Penney Company, Inc., (2)		201,708
	13,726	Kohl’s Corporation		731,321
	23,651	Macy’s, Inc.		900,394
	9,169	Nordstrom, Inc.		520,524
	37,852	Target Corporation		2,413,065
		Total Multiline Retail		5,615,369
		Multi-Utilities – 1.3%
	14,240	Ameren Corporation		468,211
	27,733	CenterPoint Energy, Inc., (2)		600,974
	14,814	CMS Energy Corporation		360,276
	17,219	Consolidated Edison, Inc.		1,039,683
	32,717	Dominion Resources, Inc.		1,726,803
	10,281	DTE Energy Company		638,450
	4,730	Integrys Energy Group, Inc.		255,609
	17,036	NiSource Inc.		433,907
	23,860	PG&E Corporation		1,014,527
	28,960	Public Service Enterprise Group Incorporated		927,878
	6,971	Scana Corporation, (2)		342,137

30 Nuveen Investments

Shares		Description (1)	Value
		Multi-Utilities (continued)
	14,539	Sempra Energy	$	1,014,095
	13,096	TECO Energy, Inc.		234,026
	14,184	Wisconsin Energy Corporation		545,658
		Total Multi-Utilities		9,602,234
		Office Electronics – 0.1%
	77,153	Xerox Corporation		496,865
		Oil, Gas & Consumable Fuels – 9.3%
	28,599	Anadarko Petroleum Corporation		1,967,897
	22,374	Apache Corporation		1,851,449
	12,682	Cabot Oil & Gas Corporation		595,800
	37,916	Chesapeake Energy Corporation		768,178
	112,958	Chevron Corporation		12,449,101
	72,391	ConocoPhillips		4,187,819
	13,027	CONSOL Energy Inc.		458,029
	23,353	Denbury Resources Inc., (3)		358,001
	23,151	Devon Energy Corporation		1,347,620
	15,434	EOG Resources, Inc.		1,797,907
	8,563	EQT Corporation		519,175
	267,695	Exxon Mobil Corporation		24,405,757
	17,405	Hess Corporation		909,585
	29,518	Kinder Morgan, Inc.		1,024,570
	40,377	Marathon Oil Corporation		1,213,733
	21,636	Marathon Petroleum Corporation		1,188,465
	11,115	Murphy Oil Corporation		666,900
	7,717	Newfield Exploration Company, (2), (3)		209,285
	10,177	Noble Energy, Inc.		966,917
	46,430	Occidental Petroleum Corporation		3,666,113
	15,594	Peabody Energy Corporation		435,073
	37,691	Phillips 66		1,777,508
	7,086	Pioneer Natural Resources Company, (2)		748,636
	10,212	QEP Resources Inc.		296,148
	9,195	Range Resources Corporation		600,985
	19,929	Southwestern Energy Company, (2), (3)		691,536
	38,231	Spectra Energy Corporation		1,103,729
	8,414	Tesoro Corporation		317,292
	32,903	Valero Energy Corporation		957,477
	34,648	Williams Companies, Inc.		1,212,334
	11,549	WPX Energy Inc., (2), (3)		195,640
		Total Oil, Gas & Consumable Fuels		68,888,659
		Paper & Forest Products – 0.2%
	25,021	International Paper Company		896,502
	9,866	MeadWestvaco Corporation		292,922
		Total Paper & Forest Products		1,189,424
		Personal Products – 0.2%
	24,720	Avon Products, Inc., (2)		382,913

Nuveen Investments 31

Portfolio of Investments

Nuveen Equity Index Fund (continued)

October 31, 2012

Shares		Description (1)	Value
		Personal Products (continued)
	12,907	Estee Lauder Companies Inc., Class A	$	795,329
		Total Personal Products		1,178,242
		Pharmaceuticals – 6.2%
	91,576	Abbott Laboratories		6,000,060
	18,561	Allergan, Inc.		1,669,005
	99,615	Bristol-Myers Squibb Company		3,312,199
	58,458	Eli Lilly and Company		2,842,813
	15,210	Forest Laboratories, Inc., (3)		512,729
	9,454	Hospira Inc., (3)		290,143
	157,220	Johnson & Johnson, (2)		11,134,320
	174,119	Merck & Company Inc.		7,945,050
	24,596	Mylan Laboratories Inc., (2), (3)		623,263
	3,056	Perrigo Company		351,471
	428,670	Pfizer Inc.		10,661,023
	7,486	Watson Pharmaceuticals Inc., (3)		643,422
		Total Pharmaceuticals		45,985,498
		Professional Services – 0.1%
	2,987	Dun and Bradstreet Inc., (2)		242,066
	7,432	Equifax Inc.		371,897
	8,795	Robert Half International Inc.		236,498
		Total Professional Services		850,461
		Real Estate Investment Trust – 2.0%
	24,026	American Tower REIT Inc.		1,808,918
	7,519	Apartment Investment & Management Company, Class A, (2)		200,682
	5,886	AvalonBay Communities, Inc., (2)		797,906
	9,151	Boston Properties, Inc.		972,751
	17,437	Equity Residential		1,001,058
	26,633	Health Care Property Investors Inc.		1,179,842
	8,504	Health Care REIT, Inc.		505,393
	41,517	Host Hotels & Resorts Inc., (2)		600,336
	24,856	Kimco Realty Corporation, (2)		485,189
	9,244	Plum Creek Timber Company		405,812
	26,938	Prologis Inc.		923,704
	8,365	Public Storage, Inc.		1,159,640
	17,270	Simon Property Group, Inc.		2,628,667
	11,838	Ventas Inc., (2)		748,990
	10,519	Vornado Realty Trust		843,729
	32,030	Weyerhaeuser Company		886,911
		Total Real Estate Investment Trust		15,149,528
		Real Estate Management & Development – 0.0%
	18,699	CBRE Group Inc., (3)		336,956
		Road & Rail – 0.8%
	59,489	CSX Corporation		1,217,740
	18,648	Norfolk Southern Corporation		1,144,055
	3,104	Ryder System, Inc.		140,052

32 Nuveen Investments

Shares		Description (1)	Value
		Road & Rail (continued)
	27,261	Union Pacific Corporation	$	3,353,921
		Total Road & Rail		5,855,768
		Semiconductors & Equipment – 1.9%
	34,414	Advanced Micro Devices, Inc., (2), (3)		70,549
	18,863	Altera Corporation		574,944
	17,516	Analog Devices, Inc.		685,051
	73,374	Applied Materials, Inc.		777,764
	28,516	Broadcom Corporation, Class A, (3)		899,252
	3,482	First Solar Inc., (2), (3)		84,647
	288,007	Intel Corporation		6,228,151
	9,797	KLA-Tencor Corporation		455,756
	8,059	Lam Research Corporation, (3)		285,289
	13,389	Linear Technology Corporation		418,540
	33,125	LSI Logic Corporation, (3)		226,906
	11,235	Microchip Technology Incorporated		352,217
	58,259	Micron Technology, Inc., (3)		316,055
	35,898	NVIDIA Corporation		429,699
	10,819	Teradyne Inc., (2), (3)		158,174
	65,722	Texas Instruments Incorporated		1,846,131
	15,428	Xilinx, Inc.		505,421
		Total Semiconductors & Equipment		14,314,546
		Software – 3.5%
	28,402	Adobe Systems Incorporated, (2), (3)		965,668
	13,333	Autodesk, Inc., (2), (3)		424,523
	9,222	BMC Software, Inc., (3)		375,335
	20,259	CA Inc.		456,233
	10,963	Citrix Systems, (3)		677,623
	18,197	Electronic Arts Inc., (3)		224,733
	16,842	Intuit, Inc.		1,000,752
	428,019	Microsoft Corporation		12,213,522
	222,150	Oracle Corporation		6,897,758
	12,282	Red Hat, Inc., (3)		603,906
	7,995	Salesforce.com, Inc., (2), (3)		1,167,110
	41,260	Symantec Corporation, (3)		750,519
		Total Software		25,757,682
		Specialty Retail – 2.1%
	3,638	Abercrombie & Fitch Co., Class A, (2)		111,250
	3,009	AutoNation Inc., (2), (3)		133,600
	1,622	AutoZone, Inc., (2), (3)		608,250
	13,308	Bed Bath and Beyond Inc., (2), (3)		767,605
	15,868	Best Buy Co., Inc., (2)		241,352
	13,737	CarMax, Inc., (2), (3)		463,624
	7,459	GameStop Corporation, (2)		170,289
	19,045	Gap, Inc.		680,287
	88,237	Home Depot, Inc.		5,415,987

Nuveen Investments 33

Portfolio of Investments

Nuveen Equity Index Fund (continued)

October 31, 2012

Shares		Description (1)	Value
		Specialty Retail (continued)
	14,549	Limited Brands, Inc., (2)	$	696,752
	67,363	Lowe’s Companies, Inc.		2,181,214
	8,253	O’Reilly Automotive Inc., (3)		707,117
	12,936	Ross Stores, Inc.		788,449
	39,452	Staples, Inc., (2)		454,290
	7,254	Tiffany & Co.		458,598
	42,416	TJX Companies, Inc.		1,765,778
	6,383	Urban Outfitters, Inc., (2), (3)		228,256
		Total Specialty Retail		15,872,698
		Textiles, Apparel & Luxury Goods – 0.6%
	16,452	Coach, Inc., (2)		922,135
	2,605	Fossil Inc., (3)		226,896
	20,992	Nike, Inc., Class B		1,918,249
	3,791	Ralph Lauren Corporation		582,639
	5,262	VF Corporation		823,398
		Total Textiles, Apparel & Luxury Goods		4,473,317
		Thrifts & Mortgage Finance – 0.1%
	31,009	Hudson City Bancorp, Inc.		263,111
	20,354	People’s United Financial, Inc.		244,859
		Total Thrifts & Mortgage Finance		507,970
		Tobacco – 1.9%
	116,487	Altria Group, Inc.		3,704,287
	7,686	Lorillard Inc.		891,653
	97,638	Philip Morris International		8,646,821
	18,977	Reynolds American Inc., (2)		790,202
		Total Tobacco		14,032,963
		Trading Companies & Distributors – 0.2%
	17,918	Fastenal Company		800,935
	3,732	W.W. Grainger, Inc.		751,662
		Total Trading Companies & Distributors		1,552,597
		Wireless Telecommunication Services – 0.3%
	14,425	Crown Castle International Corporation, (2), (3)		962,869
	17,652	Metropcs Communications Inc., (3)		180,227
	176,110	Sprint Nextel Corporation, (3)		975,649
		Total Wireless Telecommunication Services		2,118,745
		Total Common Stocks (cost $387,644,302)		731,257,686
Shares		Description (1)	Value
		WARRANTS – 0.0%
	29,014	Kinder Morgan Inc., Uncovered Equity Options Warrant, (2)	$	111,704
		Total Warrants (cost $51,956)		111,704

34 Nuveen Investments

Shares		Description (1)								Value
		INVESTMENTS PURCHASED WITH COLLATERAL FROM SECURITIES LENDING – 12.7%
		Money Market Fund – 12.7%
	94,369,055	Mount Vernon Securities Lending Prime Portfolio, 0.295%, (4), (5)								$	94,369,055
		Total Investments Purchased with Collateral from Securities Lending (cost $94,369,055)									94,369,055
Shares/ Principal Amount (000)		Description (1)	Coupon			Maturity		Ratings (6)		Value
		SHORT-TERM INVESTMENTS – 2.0%
		Money Market Funds – 1.6%
	11,818,183	First American Treasury Obligations Fund, Class Z		0.004%	(4)		N/A		N/A	$	11,818,183
		U.S. Government and Agency Obligations – 0.4%
$	3,400	U.S. Treasury Bills, (7)		0.000%			2/21/13		N/R		3,398,759
		Total Short-Term Investments (cost $15,217,020)									15,216,942
		Total Investments (cost $497,282,333) – 113.0%									840,955,387
		Other Assets Less Liabilities – (13.0)% (8)									(96,685,652)
		Net Assets – 100%								$	744,269,735

Investments in Derivatives at October 31, 2012

Futures Contracts outstanding:

Type	Contract Position		Number of Contracts		Contract Expiration		Notional Value		Unrealized Appreciation (Depreciation)
S&P 500 Index		Long		38		12/12	$	13,364,600	$	(415,303	)

For Fund portfolio compliance purposes, the Fund’s industry classifications refer to any one or more of the industry subclassifications 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) Investment, or a portion of investment, is out on loan for securities lending. The total value of securities out on loan at the end of the reporting period was $91,027,521.

(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 the end of the reporting period.

(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 (not covered by the report of independent registered public accounting firm): 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 Unrealized Appreciation (Depreciation) of derivative instruments as noted within Investments in Derivatives at the end of the reporting period.

N/A Not applicable.

N/R Not rated.

ADR American Depositary Receipt.

REIT Real Estate Investment Trust

See accompanying notes to financial statements.

Nuveen Investments 35

Portfolio of Investments

Nuveen Mid Cap Index Fund

October 31, 2012

Shares		Description (1)	Value
		COMMON STOCKS – 92.7%
		Aerospace & Defense – 1.3%
	10,467	Alliant Techsystems Inc.	$	599,654
	32,824	BE Aerospace Inc., (2), (3)		1,480,034
	9,734	Esterline Technologies Corporation, (2)		562,528
	58,946	Exelis Inc.		651,943
	15,624	Huntington Ingalls Industries Inc., (2)		662,145
	15,739	Triumph Group Inc.		1,029,645
		Total Aerospace & Defense		4,985,949
		Air Freight & Logistics – 0.1%
	32,472	UTI Worldwide, Inc.		451,036
		Airlines – 0.3%
	22,419	Alaska Air Group, Inc., (2)		857,303
	72,121	JetBlue Airways Corporation, (2), (3)		381,520
		Total Airlines		1,238,823
		Auto Components – 0.2%
	45,558	Gentex Corporation, (3)		784,509
		Automobiles – 0.1%
	13,135	Thor Industries, Inc.		499,524
		Biotechnology – 1.9%
	24,640	Regeneron Pharmaceuticals, Inc., (2), (3)		3,506,259
	16,960	United Therapeutics Corporation, (2)		774,563
	66,673	Vertex Pharmaceuticals Inc., (2)		3,216,306
		Total Biotechnology		7,497,128
		Building Products – 0.6%
	50,427	Fortune Brands Home & Security, (2)		1,434,144
	16,100	Lennox International Inc., (3)		805,805
		Total Building Products		2,239,949
		Capital Markets – 2.2%
	16,224	Affiliated Managers Group Inc., (2)		2,052,336
	63,319	Apollo Investment Corporation		503,386
	36,507	Eaton Vance Corporation, (3)		1,027,307
	9,181	Greenhill & Co., Inc., (3)		438,117
	59,547	Janus Capital Group Inc., (3)		506,150
	47,486	Jefferies Group, Inc.		676,201
	35,267	Raymond James Financial Inc.		1,345,083
	45,469	SEI Investments Company		994,862
	27,273	Waddell & Reed Financial, Inc., Class A, (3)		909,009
		Total Capital Markets		8,452,451
		Chemicals – 2.8%
	28,174	Albemarle Corporation		1,552,669
	24,788	Ashland Inc., (3)		1,763,666
	20,028	Cabot Corporation		716,201
	14,526	Cytec Industries, Inc.		999,679
	16,648	Interpid Potash Inc., (2)		361,761
	5,606	Minerals Technologies Inc., (3)		401,726

36 Nuveen Investments

Shares		Description (1)	Value
		Chemicals (continued)
	3,346	NewMarket Corporation	$	907,803
	25,302	Olin Corporation		524,763
	41,548	RPM International, Inc.		1,107,670
	13,701	Scotts Miracle Gro Company, (3)		586,540
	15,770	Sensient Technologies Corporation		573,713
	28,814	Valspar Corporation		1,614,448
		Total Chemicals		11,110,639
		Commercial Banks – 3.7%
	54,948	Associated Banc-Corp., (3)		708,280
	25,955	BancorpSouth Inc.		367,263
	14,023	Bank of Hawaii Corporation		619,256
	24,865	Cathay General Bancorp.		439,862
	14,817	City National Corporation		757,149
	24,470	Commerce Bancshares Inc.		931,818
	19,352	Cullen/Frost Bankers, Inc.		1,070,166
	45,673	East West Bancorp Inc.		972,378
	111,405	First Niagara Financial Group Inc.		922,433
	34,640	FirstMerit Corporation, (3)		480,111
	63,430	Fulton Financial Corporation		616,540
	26,779	Hancock Holding Company		845,949
	16,782	International Bancshares Corporation		304,593
	14,159	Prosperity Bancshares, Inc.		592,696
	14,586	Signature Bank, (2)		1,039,107
	13,967	SVB Financial Group, (2)		790,393
	248,478	Synovus Financial Corp., (3)		608,771
	51,233	TCF Financial Corporation		586,106
	20,459	Trustmark Corporation, (3)		480,173
	62,311	Valley National Bancorp., (3)		606,909
	23,316	Webster Financial Corporation		512,952
	8,802	Westamerica Bancorp., (3)		388,344
		Total Commercial Banks		14,641,249
		Commercial Services & Supplies – 1.7%
	14,930	Brinks Company		392,808
	14,985	Clean Harbors, Inc., (2), (3)		874,375
	32,865	Copart Inc., (2)		946,183
	31,580	Corrections Corporation of America		1,062,667
	16,108	Deluxe Corporation, (3)		507,563
	14,384	HNI Corporation, (3)		395,848
	18,602	Herman Miller Inc.		360,693
	9,792	Mine Safety Appliances Company		377,971
	20,404	Rollins Inc.		462,559
	38,881	Waste Connections Inc.		1,276,463
		Total Commercial Services & Supplies		6,657,130
		Communications Equipment – 0.9%
	20,127	ADTRAN, Inc., (3)		339,945

Nuveen Investments 37

Portfolio of Investments

Nuveen Mid Cap Index Fund (continued)

October 31, 2012

Shares		Description (1)	Value
		Communications Equipment (continued)
	31,322	Ciena Corporation, (2), (3)	$	388,706
	10,551	Interdigital Inc., (3)		401,888
	13,428	Plantronics Inc.		435,604
	56,321	Polycom Inc., (2)		564,336
	50,079	Riverbed Technology, Inc., (2)		924,959
	115,685	Tellabs Inc.		337,800
		Total Communications Equipment		3,393,238
		Computers & Peripherals – 0.6%
	19,898	Diebold Inc.		591,966
	18,077	Lexmark International, Inc., Class A, (3)		384,317
	50,133	NCR Corporation, (2), (3)		1,066,830
	30,784	QLogic Corporation, (2)		288,754
		Total Computers & Peripherals		2,331,867
		Construction & Engineering – 1.0%
	35,668	AECOM Technology Corporation, (2)		765,792
	10,988	Granite Construction Inc.		331,947
	46,882	KBR Inc.		1,306,133
	20,823	Shaw Group Inc., (2)		911,839
	23,923	URS Corporation		800,942
		Total Construction & Engineering		4,116,653
		Construction Materials – 0.3%
	14,413	Martin Marietta Materials, (3)		1,186,334
		Containers & Packaging – 1.5%
	20,878	AptarGroup Inc.		1,070,624
	9,701	Greif Inc.		407,054
	30,972	Packaging Corp. of America		1,092,382
	22,327	Rock-Tenn Company		1,634,113
	15,308	Silgan Holdings, Inc.		662,989
	31,672	Sonoco Products Company		985,949
		Total Containers & Packaging		5,853,111
		Distributors – 0.5%
	93,140	LKQ Corporation, (2)		1,945,695
		Diversified Consumer Services – 0.8%
	18,341	Devry, Inc., (3)		481,635
	5,718	ITT Educational Services, Inc., (2), (3)		122,880
	8,907	Matthews International Corporation		256,254
	18,183	Regis Corporation, (3)		302,929
	68,580	Service Corporation International		962,863
	21,399	Sothebys Holdings Inc., (3)		666,151
	3,747	Strayer Education Inc., (3)		215,303
		Total Diversified Consumer Services		3,008,015
		Diversified Financial Services – 0.5%
	27,490	CBOE Holdings Inc., (3)		810,680
	38,396	MSCI Inc., Class A Shares, (2)		1,034,388
		Total Diversified Financial Services		1,845,068

38 Nuveen Investments

Shares		Description (1)	Value
		Diversified Telecommunication Services – 0.3%
	47,449	TW Telecom Inc., (2)	$	1,208,526
		Electric Utilities – 2.1%
	19,245	Cleco Corporation		830,422
	48,337	Great Plains Energy Incorporated		1,084,682
	30,517	Hawaiian Electric Industries		789,780
	15,826	IDACORP, INC		707,739
	74,553	NV Energy Inc.		1,417,253
	30,821	OGE Energy Corp.		1,774,673
	25,163	PNM Resources Inc.		557,612
	39,861	Westar Energy Inc.		1,183,872
		Total Electric Utilities		8,346,033
		Electrical Equipment – 1.6%
	13,376	Acuity Brands Inc.		865,427
	76,165	Ametek Inc., (3)		2,707,666
	15,721	General Cable Corporation, (2)		448,520
	18,710	Hubbell Incorporated, Class B		1,566,401
	13,153	Regal-Beloit Corporation		857,313
		Total Electrical Equipment		6,445,327
		Electronic Equipment & Instruments – 1.9%
	35,308	Arrow Electronics, Inc., (2)		1,243,901
	45,823	Avnet Inc., (2)		1,312,829
	48,123	Ingram Micro, Inc., Class A, (2)		731,470
	12,622	Itron Inc., (2)		518,259
	29,370	National Instruments Corporation		691,957
	12,594	Tech Data Corporation, (2)		558,040
	39,516	Trimble Navigation Limited, (2)		1,864,365
	46,909	Vishay Intertechnology Inc., (2)		388,407
		Total Electronic Equipment & Instruments		7,309,228
		Energy Equipment & Services – 2.6%
	17,964	Atwood Oceanics Inc., (2), (3)		858,679
	6,271	Carbo Ceramics Inc., (3)		463,740
	23,894	Dresser Rand Group, Inc., (2), (3)		1,231,258
	10,918	Dril Quip Inc., (2), (3)		756,181
	33,371	Helix Energy Solutions Group, (2)		576,985
	34,213	Oceaneering International Inc.		1,790,366
	16,876	Oil States International Inc., (2)		1,233,636
	49,317	Patterson-UTI Energy, Inc., (3)		797,949
	49,765	Superior Energy Services, Inc., (2)		1,011,722
	16,190	Tidewater Inc.		769,187
	13,193	Unit Corporation, (2)		532,338
		Total Energy Equipment & Services		10,022,041
		Food & Staples Retailing – 0.2%
	15,322	Harris Teeter Supermarkets Incorporated, (3)		573,809
	67,051	SUPERVALU INC., (3)		208,529
		Total Food & Staples Retailing		782,338

Nuveen Investments 39

Portfolio of Investments

Nuveen Mid Cap Index Fund (continued)

October 31, 2012

Shares		Description (1)	Value
		Food Products – 1.8%
	35,634	Flowers Foods Inc.	$	701,633
	41,222	Green Mountain Coffee Inc., (2), (3)		995,924
	37,494	Hillshire Brands Company		975,219
	24,110	Ingredion Inc.		1,481,801
	6,208	Lancaster Colony Corporation, (3)		451,818
	8,694	Post Holdings Inc., (2)		274,296
	17,441	Ralcorp Holdings Inc., (2)		1,259,066
	43,280	Smithfield Foods, Inc., (2), (3)		885,942
	8,010	Tootsie Roll Industries Inc., (3)		213,467
		Total Food Products		7,239,166
		Gas Utilities – 1.4%
	28,441	Atmos Energy Corporation		1,023,023
	26,288	National Fuel Gas Company, (3)		1,385,378
	56,293	Questar Corporation		1,139,370
	35,489	UGI Corporation		1,145,940
	16,262	WGL Holdings Inc.		646,740
		Total Gas Utilities		5,340,451
		Health Care Equipment & Supplies – 2.5%
	14,960	Cooper Companies, Inc.		1,435,861
	19,603	Hill-Rom Holdings Inc.		550,648
	83,580	Hologic Inc., (2)		1,723,420
	17,387	Idexx Labs Inc., (2), (3)		1,672,629
	18,112	Masimo Corporation, (2), (3)		397,921
	45,096	ResMed Inc., (3)		1,801,134
	18,260	Steris Corporation, (3)		650,239
	12,892	Teleflex Inc., (3)		876,011
	18,533	Thoratec Corporation, (2)		661,628
		Total Health Care Equipment & Supplies		9,769,491
		Health Care Providers & Services – 3.0%
	15,322	AmericGroup Corporation, (2)		1,399,511
	28,719	Community Health Systems, Inc., (2)		787,475
	80,976	Health Management Associates Inc., (2)		591,125
	26,310	Health Net Inc., (2), (3)		566,191
	28,388	Henry Schein Inc., (2)		2,094,467
	27,155	HMS Holdings Corporation, (2), (3)		627,009
	15,454	Lifepoint Hospitals Inc., (2)		546,144
	15,542	Medax Inc., (2)		1,072,087
	35,689	Omnicare, Inc.		1,232,341
	20,069	Owens and Minor Inc., (3)		571,364
	30,585	Universal Health Services, Inc., Class B		1,265,913
	27,642	VCA Antech, Inc., (2)		541,230
	13,612	Wellcare Health Plans Inc., (2)		647,931
		Total Health Care Providers & Services		11,942,788
		Health Care Technology – 0.2%
	54,448	Allscripts Healthcare Solutions Inc., (2)		703,468

40 Nuveen Investments

Shares		Description (1)	Value
		Hotels, Restaurants & Leisure – 1.4%
	13,616	Bally Technologies, Inc., (2)	$	679,711
	9,206	Bob Evans Farms		350,472
	23,814	Brinker International Inc.		733,471
	17,061	Cheesecake Factory Inc., (3)		564,037
	8,768	International Speedway Corporation		223,584
	13,542	Life Time Fitness Inc., (2), (3)		607,900
	9,393	Panera Bread Company, (2)		1,584,036
	18,465	Scientific Games Corporation, (2)		151,967
	93,704	The Wendy’s Company		400,116
	17,400	WMS Industries Inc., (2)		285,882
		Total Hotels, Restaurants & Leisure		5,581,176
		Household Durables – 2.0%
	20,728	Jarden Corporation		1,032,254
	22,785	KB Home, (3)		364,104
	11,975	MDC Holdings Inc.		457,924
	18,084	Mohawk Industries Inc., (2)		1,509,471
	1,600	NVR Inc., (2), (3)		1,445,984
	18,903	Tempur Pedic International Inc., (2), (3)		499,795
	46,349	Toll Brothers Inc., (2), (3)		1,529,980
	17,663	Tupperware Corporation		1,043,883
		Total Household Durables		7,883,395
		Household Products – 0.9%
	43,740	Church & Dwight Company Inc., (3)		2,220,242
	20,657	Energizer Holdings Inc.		1,507,341
		Total Household Products		3,727,583
		Industrial Conglomerates – 0.3%
	19,625	Carlisle Companies Inc.		1,090,169
		Insurance – 4.3%
	4,600	Alleghany Corporation, Term Loan, (2)		1,598,960
	23,874	American Financial Group Inc.		926,311
	36,907	Arthur J. Gallagher & Co.		1,307,984
	22,593	Aspen Insurance Holdings Limited, (3)		730,884
	36,663	Brown & Brown Inc.		936,740
	16,585	Everest Reinsurance Group Ltd		1,841,764
	70,384	Fidelity National Title Group Inc., Class A		1,506,921
	33,536	First American Corporation		762,944
	14,227	Hanover Insurance Group Inc.		513,737
	31,968	HCC Insurance Holdings Inc.		1,139,340
	15,659	Kemper Corporation		485,429
	11,443	Mercury General Corporation		463,785
	81,961	Old Republic International Corporation, (3)		809,775
	25,590	Protective Life Corporation		698,607
	23,189	Reinsurance Group of America Inc.		1,227,162
	14,019	StanCorp Financial Group Inc.		481,553
	35,395	WR Berkley Corporation		1,376,512
		Total Insurance		16,808,408

Nuveen Investments 41

Portfolio of Investments

Nuveen Mid Cap Index Fund (continued)

October 31, 2012

Shares		Description (1)	Value
		Internet & Catalog Retail – 0.2%
	12,380	Hosting Site Network, Inc.	$	644,008
		Internet Software & Services – 1.7%
	29,540	AOL Inc., (2), (3)		1,014,108
	15,188	Equinix Inc., (2), (3)		2,740,067
	38,303	Monster Worldwide Inc., (2), (3)		238,245
	33,732	Rackspace Hosting Inc., (2), (3)		2,148,391
	25,083	ValueClick, Inc., (2), (3)		418,134
		Total Internet Software & Services		6,558,945
		IT Services – 3.2%
	24,263	Acxiom Corporation, (2)		442,800
	15,908	Alliance Data Systems Corporation, (2), (3)		2,275,639
	39,455	Broadridge Financial Solutions, Inc.		905,492
	36,858	Convergys Corporation		619,583
	33,742	CoreLogic Inc., (2)		803,060
	10,792	DST Systems Inc.		615,576
	29,467	Gartner Inc., (2)		1,367,563
	24,817	Global Payments Inc.		1,060,927
	27,581	Henry Jack and Associates Inc.		1,048,078
	26,698	Lender Processing Services Inc.		643,689
	7,346	ManTech International Corporation, Class A, (3)		168,738
	21,132	Neustar, Inc., (2)		773,220
	34,003	VeriFone Holdings Inc., (2)		1,007,849
	12,277	Wright Express Corporation, (2), (3)		905,797
		Total IT Services		12,638,011
		Leisure Equipment & Products – 0.5%
	21,696	Polaris Industries Inc., (3)		1,833,312
		Life Sciences Tools & Services – 1.1%
	6,246	Bio-Rad Laboratories Inc., (2)		633,032
	15,478	Charles River Laboratories International, Inc., (2)		577,639
	17,518	Covance, Inc., (2)		853,302
	9,845	Mettler-Toledo International Inc., (2)		1,667,448
	11,563	Techne Corporation		778,884
		Total Life Sciences Tools & Services		4,510,305
		Machinery – 4.9%
	30,711	AGCO Corporation, (2)		1,397,658
	15,872	CLARCOR, Inc.		718,049
	15,606	Crane Company		655,140
	47,044	Donaldson Company, Inc.		1,518,110
	15,819	Gardner Denver, Inc.		1,096,731
	19,095	Graco Inc., (3)		917,706
	25,441	Harsco Corporation		508,566
	26,542	IDEX Corporation		1,128,831
	29,157	ITT Industries, Inc.		606,466
	25,287	Kennametal Inc.		895,666
	26,441	Lincoln Electric Holdings Inc.		1,146,746

42 Nuveen Investments

Shares		Description (1)	Value
		Machinery (continued)
	17,879	Nordson Corporation	$	1,055,397
	28,950	Oshkosh Truck Corporation, (2)		867,921
	16,001	SPX Corporation		1,097,509
	34,875	Terex Corporation, (2)		786,431
	26,519	Timken Company		1,047,235
	25,354	Trinity Industries Inc.		793,073
	7,128	Valmont Industries, Inc.		962,993
	15,193	Wabtec Corporation		1,244,307
	19,003	Woodward Governor Company		636,601
		Total Machinery		19,081,136
		Marine – 0.3%
	17,651	Kirby Corporation, (2)		1,014,579
	13,330	Matson Incorporated		283,263
		Total Marine		1,297,842
		Media – 1.2%
	18,130	AMC Networks Inc., Class A Shares, (2)		847,034
	31,716	Cinemark Holdings Inc., (3)		783,068
	22,568	Dreamworks Animation SKG Inc., (2), (3)		459,710
	14,754	John Wiley and Sons Inc., Class A		640,029
	18,557	Lamar Advertising Company, (2), (3)		728,362
	11,632	Meredith Corporation, (3)		389,323
	38,349	New York Times, Class A, (2)		313,695
	7,956	Scholastic Corporation		262,468
	13,507	Valassis Communications Inc., (3)		351,452
		Total Media		4,775,141
		Metals & Mining – 1.6%
	13,891	Carpenter Technology Inc.		675,242
	36,633	Commercial Metals Company		504,070
	10,448	Compass Minerals International, Inc., (3)		823,825
	23,735	Reliance Steel & Aluminum Company, (3)		1,289,760
	19,409	Royal Gold, Inc.		1,709,545
	69,208	Steel Dynamics Inc.		875,481
	16,791	Worthington Industries, Inc., (3)		363,021
		Total Metals & Mining		6,240,944
		Multiline Retail – 0.1%
	33,038	Saks Inc., (2), (3)		339,631
		Multi-Utilities - 1.1%
	35,052	Alliant Energy Corporation, (3)		1,566,824
	13,928	Black Hills Corporation		498,205
	59,652	MDU Resources Group Inc.		1,296,238
	25,902	Vectren Corporation		765,922
		Total Multi-Utilities		4,127,189
		Office Electronics – 0.1%
	16,381	Zebra Technologies Corporation, Class A, (2)		588,569

Nuveen Investments 43

Portfolio of Investments

Nuveen Mid Cap Index Fund (continued)

October 31, 2012

Shares		Description (1)	Value
		Oil, Gas & Consumable Fuels – 2.9%
	70,014	Alpha Natural Resources Inc., (2), (3)	$	600,020
	67,049	Arch Coal Inc., (3)		533,710
	15,198	Bill Barrett Corporation, (2)		348,186
	27,079	Cimarex Energy Company		1,548,377
	22,785	Energen Corporation		1,062,920
	37,204	Forest Oil Corporation, (2), (3)		282,006
	65,328	HollyFrontier Company, (3)		2,523,621
	20,063	Northern Oil and Gas Inc., (2), (3)		304,155
	40,720	Plains Exploration & Production Company, (2)		1,452,075
	38,302	Quicksilver Resources Inc., (2), (3)		148,229
	16,710	Rosetta Resources, Inc., (2)		769,328
	20,266	SM Energy Company		1,092,743
	22,172	World Fuel Services Corporation, (3)		769,368
		Total Oil, Gas & Consumable Fuels		11,434,738
		Paper & Forest Products – 0.4%
	11,417	Domtar Corporation		910,506
	43,443	Louisiana-Pacific Corporation, (2)		685,965
		Total Paper & Forest Products		1,596,471
		Pharmaceuticals – 0.5%
	37,021	Endo Pharmaceuticals Holdings Inc., (2)		1,061,022
	18,794	Medicis Pharmaceutical Corporation		815,848
		Total Pharmaceuticals		1,876,870
		Professional Services – 0.7%
	10,586	Corporate Executive Board Company		475,947
	13,261	FTI Consulting Inc., (2)		344,256
	25,333	Manpower Inc.		961,134
	15,727	Towers Watson & Company, Class A Shares		844,697
		Total Professional Services		2,626,034
		Real Estate Investment Trust – 8.8%
	19,612	Alexandria Real Estate Equities Inc., (3)		1,381,273
	29,238	American Campus Communities Inc.		1,324,774
	48,699	BioMed Realty Trust Inc., (3)		931,125
	24,229	BRE Properties, Inc., (3)		1,171,472
	25,362	Camden Property Trust		1,664,508
	22,757	Corporate Office Properties, (3)		567,787
	84,171	Duke Realty Corporation, (3)		1,218,796
	18,852	Equity One Inc.		394,007
	11,124	Essex Property Trust Inc., (3)		1,668,600
	20,191	Federal Realty Investment Trust, (3)		2,177,196
	23,352	Highwoods Properties, Inc.		753,102
	15,372	Home Properties New York, Inc.		934,464
	39,030	Hospitality Properties Trust		902,374
	37,066	Liberty Property Trust, (3)		1,301,758
	41,875	Macerich Company		2,386,875
	27,741	Mack Cali Realty Corporation		720,989

44 Nuveen Investments

Shares		Description (1)	Value
		Real Estate Investment Trust (continued)
	33,807	National Retail Properties, Inc., (3)	$	1,071,006
	33,422	Omega Healthcare Investors Inc., (3)		766,701
	12,741	Potlatch Corporation, (3)		490,274
	38,452	Rayonier Inc., (3)		1,884,533
	42,143	Realty Income Corporation, (3)		1,654,956
	28,408	Regency Centers Corporation, (3)		1,364,152
	55,178	Senior Housing Properties Trust		1,212,812
	28,315	SL Green Realty Corporation, (3)		2,132,120
	19,611	Taubman Centers Inc.		1,540,444
	79,117	UDR Inc.		1,920,170
	38,285	Weingarten Realty Trust, (3)		1,033,695
		Total Real Estate Investment Trust		34,569,963
		Real Estate Management & Development – 0.4%
	13,330	Alexander & Baldwin Inc., (2)		385,637
	13,819	Jones Lang LaSalle Inc.		1,074,289
		Total Real Estate Management & Development		1,459,926
		Road & Rail – 1.7%
	17,631	Con Way, Inc., (3)		513,238
	10,234	Genesee & Wyoming Inc., (2)		741,658
	28,480	J.B. Hunt Transports Serives Inc., (3)		1,671,776
	34,745	Kansas City Southern Industries		2,795,583
	14,831	Landstar System		751,190
	14,019	Werner Enterprises, Inc., (3)		324,680
		Total Road & Rail		6,798,125
		Semiconductors & Equipment – 1.7%
	140,188	Atmel Corporation, (2)		653,977
	36,527	Cree, Inc., (2), (3)		1,107,864
	43,443	Cypress Semiconductor Corporation, (2)		430,520
	40,210	Fairchild Semiconductor International Inc., Class A, (2)		472,870
	44,944	Integrated Device Technology, Inc., (2), (3)		244,495
	21,857	International Rectifier Corporation, (2), (3)		338,565
	40,260	Intersil Holding Corporation, Class A		283,833
	72,914	MEMC Electronic Materials, (2)		183,743
	87,865	RF Micro Devices, Inc., (2)		387,485
	20,166	Semtech Corporation, (2), (3)		503,545
	13,545	Silicon Laboratories Inc., (2)		547,489
	59,911	Skyworks Solutions Inc., (2)		1,401,917
		Total Semiconductors & Equipment		6,556,303
		Software – 4.0%
	12,559	ACI Worldwide, Inc., (2), (3)		491,057
	10,082	Advent Software Inc., (2), (3)		218,779
	29,425	Ansys Inc., (2), (3)		2,085,644
	86,759	Cadence Design Systems, Inc., (2), (3)		1,098,369
	68,804	Compuware Corporation, (2)		595,843
	14,880	Concur Technologies, Inc., (3)		985,502

Nuveen Investments 45

Portfolio of Investments

Nuveen Mid Cap Index Fund (continued)

October 31, 2012

Shares		Description (1)	Value
		Software (continued)
	14,189	FactSet Research Systems Inc., (3)	$	1,284,814
	10,831	Fair Isaac Corporation		504,725
	34,198	Informatica Corporation, (2)		928,134
	29,466	Mentor Graphics Corporation, (2)		457,312
	25,380	Micros Systems, Inc., (2)		1,151,998
	37,720	Parametric Technology Corporation, (2)		761,190
	35,056	Rovi Corporation, (2)		474,308
	17,374	Solarwinds, Inc., (2)		878,951
	21,951	Solera Holdings Inc.		1,027,526
	46,465	Synopsys Inc., (2)		1,496,173
	52,108	Tibco Software Inc., (2)		1,313,643
		Total Software		15,753,968
		Specialty Retail – 4.2%
	24,023	Aaron Rents Inc.		740,629
	23,223	Advance Auto Parts, Inc.		1,647,440
	25,672	Aeropostale, Inc., (2)		306,780
	56,866	American Eagle Outfitters, Inc.		1,186,793
	15,412	Ann Inc., (2), (3)		541,886
	42,802	Ascena Retail Group Inc., (2)		847,480
	12,930	Barnes & Noble Inc., (2), (3)		217,741
	13,839	Cabela’s Incorporated, (2)		620,126
	52,971	Chico’s FAS, Inc.		985,261
	29,854	Dick’s Sporting Goods Inc., (3)		1,492,700
	47,882	Foot Locker, Inc.		1,604,047
	20,463	Guess Inc., (3)		507,073
	89,660	Office Depot, Inc., (2), (3)		222,357
	18,768	Rent-A-Center Inc.		625,537
	26,738	Signet Jewelers Limited		1,383,959
	22,761	Tractor Supply Company		2,190,519
	29,568	Williams-Sonoma Inc.		1,366,929
		Total Specialty Retail		16,487,257
		Textiles, Apparel & Luxury Goods – 1.7%
	16,099	Carter’s Inc., (3)		870,312
	12,156	Deckers Outdoor Corporation, (2), (3)		348,026
	30,819	Hanesbrands Inc., (2), (3)		1,031,512
	22,237	PVH Corporation		2,445,848
	22,738	Under Armour, Inc., (2), (3)		1,188,288
	12,964	Warnaco Group, Inc., (2)		914,999
		Total Textiles, Apparel & Luxury Goods		6,798,985
		Thrifts & Mortgage Finance – 0.7%
	26,434	Astoria Financial Corporation, (3)		265,133
	138,366	New York Community Bancorp Inc., (3)		1,917,753
	33,761	Washington Federal Inc.		566,510
		Total Thrifts & Mortgage Finance		2,749,396

46 Nuveen Investments

Shares		Description (1)								Value
		Tobacco – 0.1%
	7,291	Universal Corporation, (3)								$	361,342
		Trading Companies & Distributors – 0.9%
	14,785	GATX Corporation									612,986
	14,592	MSC Industrial Direct Inc., Class A, (3)									1,088,563
	27,395	United Rentals Inc., (2)									1,113,881
	9,237	Watsco Inc., (3)									631,349
		Total Trading Companies & Distributors									3,446,779
		Water Utilities – 0.3%
	43,941	Aqua America Inc., (3)									1,115,662
		Wireless Telecommunication Services – 0.2%
	30,516	Telephone and Data Systems Inc.									758,933
		Total Common Stocks (cost $310,650,668)									363,463,741
Shares		Description (1)								Value
		INVESTMENTS PURCHASED WITH COLLATERAL FROM SECURITIES LENDING – 23.8%
		Money Market Fund – 23.8%
	93,435,950	Mount Vernon Securities Lending Prime Portfolio, 0.295%, (4), (5)								$	93,435,950
		Total Investments Purchased with Collateral from Securities Lending (cost $93,435,950)									93,435,950
Shares/ Principal Amount (000)		Description (1)	Coupon			Maturity		Ratings (6)		Value
		SHORT-TERM INVESTMENTS – 7.0%
		Money Market Funds – 6.4%
	24,874,414	First American Treasury Obligations Fund, Class Z		0.004%	(4)		N/A		N/A	$	24,874,414
		U.S. Government and Agency Obligations – 0.6%
$	2,350	U.S. Treasury Bills, (7)		0.000%			2/21/13		N/R		2,349,142
		Total Short-Term Investments (cost $27,223,610)									27,223,556
		Total Investments (cost $431,310,228) – 123.5%									484,123,247
		Other Assets Less Liabilities – (23.5)% (8)									(92,204,154)
		Net Assets – 100%								$	391,919,093

Investments in Derivatives at October 31, 2012

Futures Contracts outstanding:

Type	Contract Position		Number of Contracts		Contract Expiration		Notional Value		Unrealized Appreciation (Depreciation)
S&P MidCap 400 E-Mini Index		Long		279		12/12	$	27,288,990	$	(750,125	)

Nuveen Investments 47

Portfolio of Investments

Nuveen Mid Cap Index Fund (continued)

October 31, 2012

For Fund portfolio compliance purposes, the Fund’s industry classifications refer to any one or more of the industry subclassifications 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. The total value of securities out on loan at the end of the reporting period was $90,363,659.

(4) The rate shown is the annualized seven-day effective yield as of the end of the reporting period.

(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 (not covered by the report of independent registered public accounting firm): 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 Unrealized Appreciation (Depreciation) of derivative instruments as noted within Investments in Derivatives at the end of the reporting period.

N/A Not applicable.

N/R Not rated.

See accompanying notes to financial statements.

48 Nuveen Investments

Portfolio of Investments

Nuveen Small Cap Index Fund

October 31, 2012

Shares		Description (1)	Value
		COMMON STOCKS – 91.3%
		Aerospace & Defense – 1.5%
	2,632	AAR Corporation	$	39,717
	1,087	AeroVironment, Inc., (2)		23,903
	583	American Science & Engineering Inc.		37,067
	2,112	API Technologies Corporation, (2)		5,576
	789	Astronics Corporation, (2)		18,313
	103	Astronics Corporation, Class B, (2)		2,351
	1,600	Ceradyne, Inc.		55,936
	434	CPI Aerostructures, Inc., (2)		4,778
	1,039	Cubic Corporation		50,703
	3,064	Curtiss-Wright Corporation		94,586
	2,362	DigitalGlobe Inc., (2), (3)		61,270
	2,002	Esterline Technologies Corporation, (2)		115,696
	3,899	GenCorp Inc., (2), (3)		34,389
	1,033	GeoEye, Inc., (2)		32,405
	3,441	Heico Corporation, (3)		132,926
	6,504	Hexcel Corporation, (2)		166,242
	1,623	KEYW Holding Corporation, (2)		19,703
	2,621	Kratos Defense & Security Solutions Inc., (2), (3)		14,442
	588	LMI Aerospace, Inc., (2)		11,807
	2,917	Moog Inc., Class A Shares, (2)		107,958
	308	National Presto Industries Inc., (3)		22,900
	3,852	Orbital Sciences Corporation, (2), (3)		51,617
	164	SIFCO Industries, Incorporated		2,747
	691	Sypris Solutions, Inc.		4,353
	3,572	Taser International, Inc., (2)		27,897
	2,374	Teledyne Technologies Inc., (2)		152,007
		Total Aerospace & Defense		1,291,289
		Air Freight & Logistics – 0.4%
	3,459	Air Transport Services Group Inc., (2)		13,317
	1,725	Atlas Air Worldwide Holdings Inc., (2), (3)		94,858
	965	Echo Global Logistics, Inc., (2)		16,222
	1,887	Forward Air Corporation		62,969
	2,365	Hub Group, Inc., (2)		73,339
	2,249	Pacer International, Inc., (2)		8,051
	566	Park Ohio Holdings Corporation, (2)		12,520
	1,152	XPO Logistics, Incorporated, (2), (3)		15,817
		Total Air Freight & Logistics		297,093
		Airlines – 0.7%
	4,604	Alaska Air Group, Inc., (2)		176,057
	906	Allegiant Travel Company, (2)		65,902
	3,238	Hawaiian Holdings Inc., (2), (3)		19,201
	15,339	JetBlue Airways Corporation, (2), (3)		81,143
	3,097	Republic Airways Holdings, Inc., (2)		14,463
	3,397	SkyWest Inc.		37,197

Nuveen Investments 49

Portfolio of Investments

Nuveen Small Cap Index Fund (continued)

October 31, 2012

Shares		Description (1)	Value
		Airlines (continued)
	2,716	Spirit Airline Holdings, (2)	$	47,666
	10,602	US Airways Group Inc., (2), (3)		129,132
		Total Airlines		570,761
		Auto Components – 0.8%
	4,355	American Axle and Manufacturing Holdings Inc., (2)		47,339
	4,070	Cooper Tire & Rubber, (3)		81,929
	9,645	Dana Holding Corporation		126,928
	1,599	Dorman Products, Inc., (2), (3)		48,849
	1,257	Drew Industries Inc., (2)		39,809
	5,112	Exide Technologies, (2)		15,592
	1,208	Federal-Mogul Corporation, Class A Shares, (2)		9,108
	1,070	Fuel Systems Solutions, Inc., (2)		17,409
	1,929	Gentherm Inc., (2), (3)		23,187
	3,051	Modine Manufacturing Company, (2)		20,747
	380	Shiloh Industries, Inc., (2)		4,324
	2,646	Spartan Motors, Inc.		12,436
	1,296	Standard Motor Products Inc.		24,339
	1,829	Stoneridge Inc., (2)		9,090
	1,503	Superior Industries International Inc.		25,686
	3,964	Tenneco Inc., (2)		121,100
	423	Tower International Inc., (2)		2,995
		Total Auto Components		630,867
		Automobiles – 0.0%
	1,908	Winnebago Industries Inc., (2)		24,041
		Beverages – 0.1%
	527	Boston Beer Company, (2), (3)		56,695
	4,672	Central European Distribution Corporation, (2)		12,054
	265	Coca-Cola Bottling Company Consolidated		18,216
	668	Craft Brewers Alliance Inc., (2)		5,063
	666	National Beverage Corporation, (2)		9,903
		Total Beverages		101,931
		Biotechnology – 3.4%
	3,886	Achillion Pharmaceuticals, Inc., (2)		36,684
	2,619	Acorda Therapeutics, Inc., (2)		62,725
	1,632	Aegerion Pharmaceuticals Inc., (2), (3)		36,687
	2,359	Affymax, Inc., (2)		53,762
	1,599	Agenus Inc., (2)		7,148
	7,996	Alkermes Inc., (2), (3)		148,166
	3,027	Alnylam Pharmaceuticals, Inc., (2)		48,947
	1,360	AMAG Pharmaceuticals, Inc., (2)		21,053
	1,969	Amicus Therapeutics, Inc., (2)		9,983
	784	Anacor Pharmaceuticals Inc., (2), (3)		4,508
	14,168	Arena Pharmaceuticals, Inc., (2), (3)		112,069
	3,979	ArQule Inc., (2)		9,987
	5,822	Array Biopharma, Inc., (2)		24,103

50 Nuveen Investments

Shares		Description (1)	Value
		Biotechnology (continued)
	6,080	Astex Pharmaceuticals Inc., (2)	$	14,470
	2,542	Aveo Pharmaceuticals Inc., (2), (3)		19,395
	3,211	BioCryst Pharaceuticals, Inc., (2)		9,344
	318	BioSpecifics Technologies Corporation, (2)		5,088
	1,991	BioTime Inc., (2), (3)		7,586
	3,835	Celldex Therapeutics, Inc., (2)		21,131
	4,285	Cepheid, Inc., (2), (3)		129,878
	354	ChemoCentryx Inc., (2)		3,997
	892	Clovis Oncology Inc., (2), (3)		19,240
	1,709	Codexis Inc., (2)		4,443
	1,157	Coronado Biosciences Inc., (2)		6,132
	4,136	Cubist Pharmaceuticals Inc., (2), (3)		177,434
	5,161	Curis, Inc., (3)		19,663
	3,569	Cytori Therapeutics, Inc., (2), (3)		13,170
	10,057	Dendreon Corporation, (2), (3)		38,217
	2,832	Discovery Labs, Inc., (2)		6,825
	565	Durata Therapeutics Inc., (2)		4,497
	1,569	DUSA Pharmaceuticals, Inc.		10,763
	6,452	Dyax Corporation, (2)		19,356
	11,373	Dynavax Technologies Corporation, (2)		47,084
	1,691	Emergent BioSolutions, Inc., (2)		22,473
	2,758	Enzon Inc., (2)		18,120
	4,160	EXACT Sciences Corporation, (2)		39,354
	11,977	Exelixis, Inc., (2), (3)		56,891
	1,093	Genomic Health, Inc., (2), (3)		34,156
	8,626	Geron Corporation, (2), (3)		11,473
	1,727	GTX, Inc., (2)		6,925
	5,860	Halozyme Therapeutics, Inc., (2)		30,999
	231	Hyperion Therapeutics Inc., (2)		2,562
	5,887	Idenix Pharmaceuticals Inc., (2)		20,958
	3,340	ImmunoCellular Therapeutics, Ltd, (2)		5,979
	5,451	ImmunoGen, Inc., (2), (3)		60,397
	4,226	Immunomedics, Inc., (2), (3)		13,988
	1,579	Infinity Pharmaceuticals, Inc., (2)		35,354
	4,271	Intermune, Inc., (2), (3)		33,954
	4,909	Ironwood Pharmacauticals Inc., (2), (3)		57,092
	6,542	ISIS Pharmaceuticals, Inc., (2), (3)		56,588
	4,650	Keryx Biopharmaceuticals, Inc., (2), (3)		11,579
	13,815	Lexicon Genetics, Inc., (2)		28,597
	1,261	Ligand Pharmceuticals, Inc., (2)		19,445
	7,366	MannKind Corporation, (2), (3)		13,922
	1,806	Maxygen, Inc., (2)		4,407
	993	Merrimack Pharmaceuticals, Inc., (2), (3)		6,137
	3,059	Momenta Pharmaceuticals, Inc., (2), (3)		38,788

Nuveen Investments 51

Portfolio of Investments

Nuveen Small Cap Index Fund (continued)

October 31, 2012

Shares		Description (1)	Value
		Biotechnology (continued)
	4,330	Neurocrine Biosciences Inc., (2)	$	31,739
	828	NewLink Genetics Corporation, (2), (3)		11,418
	7,568	Novavax, Inc., (2)		15,893
	5,626	NPS Pharmaceuticals, Inc., (2)		51,984
	933	OncoGeneX Pharmacuetical Inc., (2)		11,569
	3,731	Oncothyreon Inc., (2), (3)		18,953
	6,996	Opko Health Inc., (2), (3)		29,943
	3,940	Orexigen Therapeutics, Inc., (2)		21,000
	1,072	Osiris Therapeutics, Inc., (2), (3)		11,256
	9,135	PDL Biopahrma Inc., (3)		68,056
	3,553	Pharmacyclics, Inc., (2), (3)		216,982
	1,974	Progenics Pharmaceuticals, Inc., (2)		5,626
	3,190	Raptor Pharmaceuticals Corporation, (2), (3)		14,834
	2,014	Repligen Corporation, (2)		10,271
	5,572	Rigel Pharmaceuticals, Inc., (2)		49,647
	3,435	Sangamo Biosciences, Inc., (2)		19,099
	6,200	Seattle Genetics, Inc., (2), (3)		155,992
	2,296	SIGA Technologies, Inc., (2), (3)		6,658
	3,887	Spectrum Pharmaceuticals, Inc., (2), (3)		43,379
	1,828	Sunesis Pharmaceuticals, Inc., (2)		7,879
	682	Synageva BioPharma Corporation, (2), (3)		28,835
	2,684	Synergy Pharmaceuticals Inc., (2)		10,629
	2,425	Synta Pharmaceuticals Corporation, (2), (3)		19,085
	1,771	Targacept, Inc., (2)		7,226
	299	Tesaro Inc., (2)		4,862
	4,128	Theravance Inc., (2), (3)		92,921
	2,937	Threshold Pharmaceuticals, Inc., (2), (3)		12,071
	1,623	Trius Therapeutics, Inc., (2)		8,894
	1,806	Vanda Pharmaceuticals, Inc., (2)		6,122
	404	Verastem Inc., (2), (3)		3,208
	5,473	Vical, Inc., (2), (3)		18,663
	5,320	XOMA Ltd., (2), (3)		14,577
	4,306	ZIOPHARM Oncology, Inc., (2), (3)		20,281
		Total Biotechnology		2,833,225
		Building Products – 0.9%
	1,207	AAON, Inc.		25,323
	1,317	Ameresco Inc., Class A Shares, (2)		14,566
	603	American Woodmark Company		13,869
	1,848	Apogee Enterprises, Inc.		37,644
	2,923	Builders FirstSource, Inc., (2)		16,106
	1,994	Gibraltar Industries Inc., (2)		24,845
	3,064	Griffon Corporation		31,100
	1,132	Insteel Industries, Inc.		13,131
	1,268	NCI Building Systems Inc., (2)		14,214
	506	Nortek Inc., (2)		30,112

52 Nuveen Investments

Shares		Description (1)	Value
		Building Products (continued)
	258	Patrick Industries, Inc., (2)	$	4,559
	1,276	PGT, Inc., (2)		5,512
	2,436	Quanex Building Products Corporation		48,160
	2,672	Simpson Manufacturing Company Inc.		81,389
	2,543	A.O. Smith Corporation		154,538
	1,000	Trex Company Inc., (2)		34,940
	1,287	Universal Forest Products Inc.		49,550
	4,838	USG Corporation, (2), (3)		129,223
		Total Building Products		728,781
		Capital Markets – 2.2%
	13,251	Apollo Investment Corporation		105,345
	719	Arlington Asset Investment Corporation		15,998
	2,010	Artio Global Investors Inc.		4,784
	6,429	BGC Partners Inc., Class A		30,088
	4,804	Blackrock Kelso Capital Corporation, (3)		48,088
	1,257	Calamos Asset Management, Inc. Class A, (3)		13,576
	195	Capital Southwest Corporation		21,011
	419	CIFC Corporation, (2)		2,828
	1,206	Cohen & Steers Inc., (3)		33,756
	5,714	Cowen Group, Inc, Class A, (2), (3)		14,514
	175	Diamond Hill Investment Group, Inc., (2)		13,472
	2,037	Duff & Phelps Corporation, Class A		25,320
	1,040	Epoch Holding Corporation		22,797
	1,868	Evercore Partners Inc., (3)		52,117
	2,620	FBR Capital Markets Corporation, (2)		7,808
	616	Fidus Investment Corporation		10,349
	5,947	Fifth Street Finance Corporation		64,882
	3,026	Financial Engines Inc., (3)		72,654
	1,540	FXCM Inc, Class A Shares		13,860
	441	GAMCO Investors Inc.		21,609
	4,540	GFI Group, Inc.		14,346
	1,352	Gladstone Capital Corporation, (3)		12,033
	1,704	Gladstone Investment Corporation		12,610
	1,031	Golub Capital BDC Inc., (3)		16,115
	1,898	Greenhill & Co Inc.		90,573
	1,261	GSV Capital Corporation, (2)		9,823
	1,992	Harris & Harris Group, Inc., (2)		6,833
	3,453	Hercules Technology Growth Capital, Inc.		37,292
	2,131	HFF Inc., Class A Shares, (2), (3)		29,685
	511	Horizon Technology Finance Corporation		8,334
	2,383	ICG Group Inc., (2)		24,974
	899	INTL FCStone Inc., (2), (3)		16,658
	2,650	Investment Technology Group, (2)		22,366
	1,045	JMP Group Inc.		5,789
	2,269	KBW Inc., (3)		36,871

Nuveen Investments 53

Portfolio of Investments

Nuveen Small Cap Index Fund (continued)

October 31, 2012

Shares		Description (1)	Value
		Capital Markets (continued)
	1,422	KCAP Financial Incorporated, (3)	$	12,898
	11,873	Knight Trading Group Inc., (2), (3)		31,226
	6,838	Ladenburg Thalmann Financial Services Inc., (2)		8,889
	1,827	Main Street Capital Corporation, (3)		54,865
	887	Manning & Napier Inc., (3)		11,540
	5,014	MCG Capital Corporation		23,365
	1,168	Medallion Financial Corporation		14,612
	1,433	Medley Capital Corporation		20,635
	1,542	MVC Capital Inc.		19,059
	778	New Mountain Finance Corporation		11,662
	1,390	NGP Capital Resources Company		10,189
	662	Oppenheimer Holdings Inc., Class A		10,777
	4,281	PennantPark Investment Corporation		47,091
	1,068	Piper Jaffray Companies, (2)		28,676
	9,694	Prospect Capital Corporation, (3)		114,777
	624	Pzena Investments Management, Inc.		3,519
	1,357	Safeguard Scientifics Inc., (2)		21,508
	2,526	Solar Capital Limited		57,593
	620	Solar Senior Capital Limited		10,887
	3,506	Stifel Financial Corporation, (2)		111,140
	1,872	SWS Group Inc., (2)		10,652
	375	TCP Capital Corporation		5,749
	2,696	Technology Investment Capital Corporation		27,984
	983	THL Credit Inc.		14,027
	1,781	Triangle Capital Corporation, (3)		46,359
	424	Virtus Investment Partners Inc., (2)		40,704
	2,335	Walter Investment Management Corporation, (2), (3)		112,851
	435	Westwood Holding Group Inc.		16,887
	3,825	WisdomTree Investments Inc., (2)		24,518
		Total Capital Markets		1,863,797
		Chemicals – 1.9%
	1,982	A Schulman, Inc., (3)		50,858
	588	ADA-ES, Inc., (2)		11,460
	1,818	American Vanguard Corp.		64,957
	1,304	Arabian American Development Company, (2), (3)		11,136
	1,912	Balchem Corporation		66,595
	3,718	Calgon Carbon Corporation, (2)		46,066
	412	Chase Corporation, Common Stock		7,593
	6,444	Chemtura Corporation, (2)		102,653
	5,654	Ferro Corporation, (2)		14,870
	3,231	Flotek Industries Inc., (2), (3)		35,896
	1,260	FutureFuel Corporation		14,855
	2,237	Georgia Gulf Corporation		79,167
	517	GSE Holdings Inc., (2)		4,115
	3,259	H.B. Fuller Company, (3)		99,074

54 Nuveen Investments

Shares		Description (1)	Value
		Chemicals (continued)
	598	Hawkins Inc	$	23,382
	1,424	Innophos Holdings, Inc.		67,854
	1,523	Innospec, Inc., (2)		49,315
	509	KMG Chemicals, Inc., (3)		8,694
	1,356	Koppers Holdings Inc.		48,409
	2,106	Kraton Performance Polymers Inc., (2)		45,953
	1,695	Landec Corporation, (2)		18,340
	1,225	LSB Industries Inc., (2)		49,331
	1,173	Minerals Technologies Inc., (3)		84,057
	5,230	Olin Corporation		108,470
	2,115	OM Group Inc., (2)		42,786
	3,017	OMNOVA Solutions Inc., (2)		23,653
	6,001	PolyOne Corporation		113,599
	845	Quaker Chemical Corporation		44,777
	3,216	Sensient Technologies Corporation		116,998
	1,983	Sparetech Corporation, (2)		16,974
	548	Stepan Company		52,498
	853	TPC Group Inc., (2), (3)		38,368
	1,577	Tredegar Corporation		26,762
	1,410	Zep, Inc.		20,205
	1,784	Zoltek Companies, Inc., (2)		12,220
		Total Chemicals		1,621,940
		Commercial Banks – 6.0%
	978	1st Source Corporation		21,721
	1,951	1st United Bancorp Inc., (2)		11,726
	483	Access National Corporation, (3)		6,371
	304	Alliance Financial Corporation		13,765
	511	American National Bankshares, Inc.		10,726
	1,526	Ameris Bancorp., (2), (3)		16,282
	532	Ames National Corporation		10,523
	665	Arrow Financial Corporation, (3)		16,226
	411	BancFirst Corporation		18,068
	1,846	Banco Latinoamericano de Exportaciones S.A.		41,535
	1,880	Bancorp, Inc., (2)		21,376
	6,068	BancorpSouth Inc.		85,862
	370	Bank of Kentucky Financial Corporation		9,302
	341	Bank of Marin Bancorp California		12,730
	1,907	Bank of the Ozarks, Inc.		62,435
	1,256	Banner Corporation		36,411
	254	Bar Harbor Bankshares		9,007
	5,093	BBCN Bancorp Inc., (2)		60,759
	280	Berkshire Bancorp, Inc.		2,330
	5,104	Boston Private Financial Holdings Inc., (3)		47,059
	561	Bridge Bancorp Inc., (2)		11,220
	588	Bridge Capital Holdings		8,791

Nuveen Investments 55

Portfolio of Investments

Nuveen Small Cap Index Fund (continued)

October 31, 2012

Shares		Description (1)	Value
		Commercial Banks (continued)
	733	Bryn Mawr Bank	$	16,595
	536	BSB Bancorp Inc., (2)		6,909
	209	C & F Financial, Inc.		8,203
	493	Camden National Corporation		17,206
	733	Capital City Bank, (2)		7,440
	1,909	Cardinal Financial Corporation		30,487
	385	Cascade Bancorp., (2)		1,917
	5,141	Cathay General Bancorp.		90,944
	776	Center Bancorp, Inc.		8,839
	1,930	Centerstate Banks of Florida, Inc.		16,733
	1,412	Central Pacific Financial Corporation, (2)		20,290
	222	Century Bancorp, Inc.		7,262
	1,763	Chemical Financial Corporation		41,466
	782	Citizens & Northern Corporation		14,522
	2,615	Citizens Republic Bancorp., (2)		47,436
	979	City Holding Company, (3)		34,382
	812	CNB Financial Corporation		13,950
	2,278	Cobiz, Inc.		16,242
	2,591	Columbia Banking Systems Inc.		45,887
	2,500	Community Bank System Inc.		68,975
	912	Community Trust Bancorp, Inc.		30,935
	178	Crescent Financial Corporation, (2)		771
	5,739	CVB Financial		62,096
	1,195	Eagle Bancorp, Inc., (2)		24,928
	375	Enterprise Bancorp, Inc.		6,401
	1,165	Enterprise Financial Services Corporation		16,310
	9,114	F.N.B. Corporation PA		97,793
	1,227	Farmers National Banc Corporation, (3)		7,595
	629	Fidelity Southern Corporation, (2)		6,160
	903	Financial Institutions, Inc.		17,193
	564	First Bancorp Maine		9,295
	971	First Bancorp of North Carolina, Inc.		10,147
	4,591	First Bancorp of Puerto Rico, (2)		19,466
	4,951	First Busey Corporation		23,369
	1,465	First California Financial Group, Inc., (2)		9,889
	6,872	First Commonwealth Financial Corporation, (3)		45,012
	1,157	First Community Bancshares, Inc.		17,332
	1,149	First Connecticut Bancorp.		15,730
	3,822	First Financial Bancorp.		60,005
	2,019	First Financial Bankshares, Inc., (3)		73,148
	715	First Financial Corporation		21,872
	1,061	First Interstate BancSystem Inc.		15,947
	1,869	First Merchants Corporation		27,493
	4,895	First Midwest Bancorp, Inc.		60,551
	491	First of Long Island Corporation		14,725

56 Nuveen Investments

Shares		Description (1)	Value
		Commercial Banks (continued)
	7,162	FirstMerit Corporation, (3)	$	99,265
	653	FNB United Corporation, (2), (3)		7,816
	809	German American Bancorp, Inc.		18,243
	4,698	Glacier Bancorp, Inc.		68,121
	653	Great Southern Bancorp.		18,526
	801	Green Bankshares, (4)		—
	4,974	Guaranty Bancorp., (2)		9,102
	4,982	Hancock Holding Company		157,381
	2,023	Hanmi Financial Corporation, (2)		25,105
	948	Heartland Financial USA, Inc., (3)		27,208
	1,339	Heritage Commerce Coporation, (2)		8,824
	1,005	Heritage Financial Corporation		13,899
	1,312	Heritage Oaks Bancorp, (2)		7,137
	1,440	Home Bancshares, Inc.		49,882
	1,383	HomeTrust Bancshares Inc., (2)		18,878
	283	Horizon Bancorp.		8,207
	1,002	Hudson Valley Holding Corporation		16,142
	1,897	IBERIABANK Corporation		94,452
	1,378	Independent Bank Corporation, (3)		40,665
	3,478	International Bancshares Corporation		63,126
	2,974	Investors Bancorp, Inc.		53,502
	1,935	Lakeland Bancorp, Inc.		19,215
	1,040	Lakeland Financial Corporation		27,758
	1,293	Mainsource Financial Group		16,188
	3,570	MB Financial, Inc.		72,328
	562	Mercantile Bank Corporation, (3)		9,290
	333	Merchants Bancshares, Inc.		9,750
	890	Metro Bancorp, Inc., (2)		11,552
	1,033	Metrocorp Bancshares, Inc., (2)		10,475
	350	Middleburg Financial Corporation		5,901
	545	Midsouth Bancorp Inc.		8,448
	444	MidWestOne Financial Group Inc.		8,969
	445	National Bankshares, Inc.		14,018
	8,065	National Penn Bancshares, Inc.		72,020
	2,212	NBT Bancorp, Inc.		47,049
	422	Northrim Bancorp, Inc.		9,508
	6,548	Old National Bancorp.		80,344
	720	OmniAmerican Bancorp Inc., (2)		16,481
	2,716	Oriental Financial Group Inc., (3)		31,994
	273	Pacific Capital Bancorp., (2)		12,533
	1,183	Pacific Continental Corporation		10,990
	697	Pacific Mercantile Bancorp., (2)		4,997
	1,982	Pacwest Bancorp.		44,595
	829	Park National Corporation, (3)		55,170
	2,911	Park Sterling Bank Inc., (2)		14,555
	579	Peapack Gladstone Financial Corporation		8,969

Nuveen Investments 57

Portfolio of Investments

Nuveen Small Cap Index Fund (continued)

October 31, 2012

Shares		Description (1)	Value
		Commercial Banks (continued)
	250	Penns Woods Bancorp, Inc.	$	10,133
	697	Peoples Bancorp, Inc.		14,846
	2,260	Pinnacle Financial Partners, Inc., (2)		44,183
	767	Preferred Bank Los Angeles, (2)		10,899
	3,944	PrivateBancorp, Inc.		63,735
	3,100	Prosperity Bancshares, Inc.		129,766
	1,609	Renasant Corporation, (3)		29,622
	636	Republic Bancorp, Inc.		13,750
	1,888	S&T Bancorp, Inc., (3)		33,172
	1,547	Sandy Spring Bancorp, Inc.		29,579
	984	SCBT Financial Corporation		39,045
	4,656	Seacoast Banking Corporation of Florida, (2)		7,450
	763	Sierra Bancorp.		8,584
	1,113	Simmons First National Corporation		27,703
	1,109	Southside Bancshares, Inc.		22,635
	1,248	Southwest Bancorp, Inc., (2)		13,466
	2,031	State Bank Financial Corporation		30,810
	1,476	StellarOne Corporation		20,251
	1,987	Sterling Bancorp		18,976
	1,748	Sterling Financial Corporation		37,162
	629	Suffolk Bancorp., (2)		9,448
	2,556	Sun Bancorp, Inc., (2)		7,898
	12,268	Susquehanna Bancshares Inc.		127,219
	722	S.Y. Bancorp, Inc.		17,025
	1,064	Taylor Capital Group, Inc., (2), (3)		19,876
	2,622	Texas Capital Bancshares, Inc., (2), (3)		124,466
	681	Tompkins Financial Corporation, (3)		27,567
	1,720	Towne Bank		26,780
	1,043	TriCo Bancshares		17,522
	4,229	Trustmark Corporation, (3)		99,255
	2,109	UMB Financial Corporation, (3)		93,914
	7,365	Umpqua Holdings Corporation, (3)		89,043
	1,301	Union First Market Bankshares Corporation		20,426
	3,283	United Bankshares, Inc., (3)		78,234
	2,725	United Community Banks, Inc., (2), (3)		23,708
	1,077	Univest Corporation of Pennsylvania		18,223
	1,751	Virginia Commerce Bancorp, Inc., (2)		16,039
	985	Washington Banking Company		13,465
	915	Washington Trust Bancorp, Inc., (3)		24,696
	4,711	Webster Financial Corporation		103,642
	1,484	WesBanco, Inc.		32,648
	999	West Bancorp, Inc.		10,899
	1,238	West Coast Bancorp.		27,261
	1,730	Westamerica Bancorp., (3)		76,328
	4,567	Western Alliance Bancorporation, (2), (3)		46,857

58 Nuveen Investments

Shares		Description (1)	Value
		Commercial Banks (continued)
	4,038	Wilshire Bancorp, Inc., (2), (3)	$	26,287
	2,371	Wintrust Financial Corporation, (3)		87,608
		Total Commercial Banks		5,044,752
		Commercial Services & Supplies – 2.3%
	3,510	ABM Industries Inc.		66,690
	7,379	Acco Brands Corporation, (2), (3)		53,424
	1,168	Acorn Energy Inc., (3)		9,940
	1,177	American Ecology Corporation		27,930
	2,380	American Reprographics Co, (2)		9,115
	1,036	Asset Acceptance Capital Corporation, (2)		6,610
	722	Asta Funding, Inc.		6,772
	616	AT Cross Company, Class A Shares, (2)		5,834
	3,086	Brinks Company		81,193
	2,444	Casella Waste Systems, Inc., (2)		11,194
	469	CECO Environmental Corporation		4,151
	3,537	Cenveo Inc., (2)		7,109
	73	CompX International Inc.		1,024
	542	Consolidated Graphics Inc., (2)		15,994
	662	Courier Corporation		7,977
	3,304	Deluxe Corporation		104,109
	1,431	Encore Capital Group, Inc., (2)		41,499
	5,128	EnergySolutions Inc., (2)		14,666
	1,610	EnerNOC, Inc., (2)		19,835
	1,674	Ennis Inc.		25,612
	1,203	G&K Services, Inc.		38,797
	4,168	Geo Group Inc., (2)		115,537
	4,265	Healthcare Services Group, Inc., (3)		101,934
	502	Heritage-Crystal Clean, Inc., (2)		8,885
	3,809	Herman Miller Inc.		73,857
	2,974	HNI Corporation, (3)		81,844
	2,074	Innerworkings, Inc., (2), (3)		29,907
	3,825	Interface, Inc.		54,736
	622	Intersections, Inc.		5,778
	2,128	Kimball International Inc., Class B		25,408
	3,130	Knoll Inc.		45,041
	1,617	McGrath Rentcorp.		42,462
	2,579	Metalico Inc., (2)		5,493
	1,802	Mine Safety Appliances Company		69,557
	2,496	Mobile Mini, Inc., (2), (3)		43,480
	881	Multi Color Corporation		20,016
	428	NL Industries Inc.		4,353
	587	Performant Financial Corporation, (2)		5,794
	1,100	Porfolio Recovery Associates, Inc., (2)		115,115
	1,622	Quad Graphics Inc., (3)		29,731
	758	Schawk Inc.		9,354

Nuveen Investments 59

Portfolio of Investments

Nuveen Small Cap Index Fund (continued)

October 31, 2012

Shares		Description (1)	Value
		Commercial Services & Supplies (continued)
	1,017	Standard Parking Corporation, (2), (3)	$	23,238
	5,110	Steelcase Inc.		51,151
	7,356	Swisher Hygiene Inc., (2), (3)		10,887
	2,549	Sykes Enterprises Inc., (2)		34,717
	1,300	Team, Inc., (2)		42,614
	4,005	Tetra Tech, Inc., (2), (3)		103,890
	827	TMS International Corporation, Class A Shares, (2)		8,667
	1,138	TRC Companies, (2)		8,205
	910	UniFirst Corporation		63,309
	2,741	United Stationers, Inc.		79,544
	1,310	Viad Corporation		27,785
		Total Commercial Services & Supplies		1,901,764
		Communications Equipment – 1.8%
	4,155	ADTRAN, Inc., (3)		70,178
	176	Ambient Corporation, (2), (3)		676
	972	Anaren Microwave Inc., (2)		17,525
	7,386	Arris Group Inc., (2)		101,484
	7,303	Aruba Networks, Inc., (2), (3)		132,696
	4,002	Aviat Networks Inc., (2)		9,125
	749	Aware Inc., (2)		4,561
	676	Bel Fuse, Inc., Class B		11,195
	1,154	Black Box Corporation		25,296
	1,875	CalAmp Corporation, (2)		16,650
	2,564	Calix Inc., (2)		17,051
	6,475	Ciena Corporation, (2), (3)		80,355
	1,308	Comtech Telecom Corporation, (3)		32,922
	1,683	Digi International, Inc., (2)		15,854
	5,669	Emulex Corporation, (2)		39,456
	6,149	Extreme Networks Inc., (2)		20,046
	5,962	Finisar Corporation, (2), (3)		68,682
	1,505	Globecom Systems, Inc., (2)		16,329
	7,679	Harmonic Inc., (2)		33,327
	7,166	Infinera Corporation, (2), (3)		35,257
	2,915	Interdigital Inc., (3)		111,032
	2,754	Ixia, (2), (3)		38,584
	955	KVH Industries, Inc., (2)		13,198
	717	Loral Space & Communications, Inc., (2)		56,399
	2,481	Netgear, Inc., (2), (3)		88,100
	653	Numerex Corporation, (2)		7,496
	4,772	Oclaro Inc., (2), (3)		9,401
	1,255	Oplink Communications, Inc., (2)		18,649
	4,955	Parkervision, Inc., (2), (3)		7,730
	1,206	PC Tel, Inc.		7,863
	2,795	Plantronics Inc., (3)		90,670
	1,258	Procera Networks Inc., (2)		28,494

60 Nuveen Investments

Shares		Description (1)	Value
		Communications Equipment (continued)
	3,149	ShoreTel, Inc., (2)	$	13,950
	13,893	Sonus Networks, Inc., (2)		25,841
	1,284	Sycamore Networks, Inc., (2)		7,422
	2,779	Symmetricom Inc., (2)		17,091
	23,916	Tellabs Inc.		69,835
	1,082	Telular Corporation		10,809
	352	Tessco Technologies Inc.		7,322
	684	Ubiquiti Networks Inc., (2), (3)		8,071
	2,450	ViaSat, Inc., (2), (3)		95,158
	3,411	Westell Technologies Inc., Class A, (2)		6,958
		Total Communications Equipment		1,488,738
		Computers & Peripherals – 0.7%
	3,057	3D Systems Corporation, (2), (3)		132,980
	1,949	Avid Technology Inc., (2)		11,441
	2,418	Cray, Inc., (2)		29,427
	996	Datalink Corporation, (2)		8,107
	3,031	Electronics For Imaging, (2)		52,618
	2,018	Imation Corporation, (2)		9,222
	1,833	Immersion Corporation, (2)		7,919
	3,917	Intermec Inc, (2)		26,557
	1,519	Intevac, Inc., (2)		7,595
	4,397	OCZ Technology Group Inc., (2), (3)		5,936
	6,364	QLogic Corporation, (2)		59,694
	15,301	Quantum Corporation, (2), (3)		16,066
	2,086	Silicon Graphics International Corporation, (2), (3)		16,104
	2,363	STEC Inc., (2)		13,871
	1,390	Stratasys, Inc., (2)		92,671
	1,902	Super Micro Computer Inc., (2), (3)		15,045
	2,200	Synaptics, Inc., (2)		50,952
		Total Computers & Peripherals		556,205
		Construction & Engineering – 0.8%
	2,563	Aegion Corporation, (2)		47,339
	643	Argan, Inc., (2)		11,439
	2,435	Comfort Systems USA Inc.		26,542
	2,263	Dycom Industries Inc., (2)		32,225
	4,358	Emcor Group Inc.		140,153
	2,432	Furmanite Corporation, (2)		12,282
	2,483	Granite Construction Inc.		75,011
	3,861	Great Lakes Dredge & Dock Corporation		30,695
	1,261	Layne Christensen Company, (2)		28,108
	3,806	MasTec Inc., (2), (3)		85,863
	566	Michael Baker Corporation		12,797
	1,339	MYR Group Inc., (2)		28,360
	598	Northwest Pipe Company, (2)		13,742
	1,736	Orion Marine Group Inc., (2)		11,614

Nuveen Investments 61

Portfolio of Investments

Nuveen Small Cap Index Fund (continued)

October 31, 2012

Shares		Description (1)	Value
		Construction & Engineering (continued)
	1,124	Pike Electric Corporation, (2)	$	10,240
	1,954	Primoris Services Corporation		27,297
	1,058	Sterling Construction Company, Inc., (2)		9,416
	2,332	Tutor Perini Corporation, (2)		23,646
		Total Construction & Engineering		626,769
		Construction Materials – 0.3%
	3,193	Eagle Materials Inc.		169,133
	3,989	Headwater Inc., (2)		28,681
	1,463	Texas Industries Inc., (3)		63,099
	166	United States Lime & Minerals, Inc., (2)		7,272
		Total Construction Materials		268,185
		Consumer Finance – 0.5%
	1,889	Cash America International, Inc., (3)		73,841
	462	Credit Acceptance Corporation, (2)		37,722
	2,793	DFC Global Corporation, (2), (3)		47,062
	3,016	EZCORP, Inc., (2)		59,295
	1,959	First Cash Financial Services, Inc., (2)		87,489
	3,543	First Marblehead Corporation, (2)		3,330
	1,567	Green Dot Corporation, Class A Shares, (2), (3)		15,968
	1,657	Nelnet, Inc.		40,447
	2,028	NetSpend Holdings, Inc., (2), (3)		21,720
	624	Nicholas Financial, Inc.		8,118
	315	Regional Management Corporation, (2)		5,506
	718	World Acceptance Corporation, (3), (2)		47,934
		Total Consumer Finance		448,432
		Containers & Packaging – 0.2%
	276	AEP Industries, Inc., (2)		17,645
	6,563	Boise Inc., (2)		55,064
	10,937	Graphic Packaging Holding Company, (2)		64,747
	2,188	Myers Industries, Inc.		32,448
	358	UFP Technologies, Inc.		5,943
		Total Containers & Packaging		175,847
		Distributors – 0.2%
	1,191	Audiovox Corporation, (2)		7,408
	732	Core-Mark Holding Company, Inc.		35,041
	3,095	Pool Corporation, (3)		130,361
	460	Weyco Group, Inc.		10,801
		Total Distributors		183,611
		Diversified Consumer Services – 1.0%
	1,149	American Public Education Inc., (2), (3)		41,858
	926	Ascent Media Corporation, (2)		55,051
	1,148	Bridgepoint Education Inc., (2)		11,480
	929	Capella Education Company, (2)		29,003
	3,380	Career Education Corporation, (2)		11,492
	1,035	Carriage Services Inc.		11,002

62 Nuveen Investments

Shares		Description (1)	Value
		Diversified Consumer Services (continued)
	2,044	Coinstar Inc., (2), (3)	$	95,945
	349	Collectors Universe, Inc.		4,188
	5,113	Corinthian Colleges Inc., (2)		13,958
	1,741	Education Management Corporation, (2), (3)		5,536
	2,610	Grand Canyon Education Inc., (2)		56,794
	3,817	Hillenbrand Inc.		78,134
	1,743	K12, Inc., (2), (3)		35,679
	1,490	Lincoln Educational Services Corporation		5,528
	764	Mac-Gray Corporation		9,932
	1,896	Matthews International Corporation		54,548
	660	National American University Holdings Inc.		2,706
	3,711	Regis Corporation, (3)		61,825
	4,340	Sothebys Holdings, Inc., (3)		135,104
	965	Steiner Leisure Limited, (2)		42,383
	5,062	Stewart Enterprises Class A		39,332
	786	Strayer Education Inc., (3)		45,164
	1,447	Universal Technical Institute Inc.		18,551
		Total Diversified Consumer Services		865,193
		Diversified Financial Services – 0.3%
	131	California First National Bancorp.		2,393
	432	Gain Capital Holdings Inc.		1,987
	2,384	MarketAxess		74,476
	557	Marlin Business Services Corporation		12,583
	554	MicroFinancial Incorporated		4,366
	1,753	Newstar Financial, Inc., (2)		21,913
	3,699	PHH Corporation, (2)		76,976
	1,459	PICO Holdings, Inc., (2)		32,302
	784	Resource America Inc.		5,300
		Total Diversified Financial Services		232,296
		Diversified Telecommunication Services – 0.5%
	4,617	8x8, Inc., (2)		30,241
	603	Atlantic Tele-Network, Inc.		24,988
	1,795	Cbeyond Inc., (2)		13,750
	12,773	Cincinnati Bell Inc., (2)		66,547
	2,954	Cogent Communications Group, Inc., (2)		64,131
	2,495	Consolidated Communications Holdings, Inc., (3)		38,523
	1,386	FairPoint Communications Inc., (2), (3)		10,173
	2,663	General Communication, Inc., (2)		23,275
	670	Hawaiian Telcom Holdco Inc., (2)		11,437
	858	Hickory Tech Corporation		9,138
	988	IDT Corporation		9,999
	2,254	inContact, Inc., (2)		12,983
	3,247	Iridium Communications Inc., (2), (3)		23,995
	966	Lumos Networks Corporation		7,602
	2,019	Neutral Tandem Inc., (2)		9,328

Nuveen Investments 63

Portfolio of Investments

Nuveen Small Cap Index Fund (continued)

October 31, 2012

Shares		Description (1)	Value
		Diversified Telecommunication Services (continued)
	2,335	ORBCOMM, Inc., (2)	$	8,173
	3,356	Premiere Global Services, Inc., (2)		28,526
	795	Primus Telecommunications Group Inc., (2), (3)		11,631
	3,101	TowerStream Corporation, (2), (3)		10,916
	985	VocalTec Communications Limited		20,045
	10,393	Vonage Holdings Corporation, (2)		23,592
		Total Diversified Telecommunication Services		458,993
		Electric Utilities – 1.4%
	2,490	ALLETE, Inc.		103,634
	3,980	Cleco Corporation		171,737
	2,706	El Paso Electric Company		91,977
	2,685	Empire District Electric Company		58,291
	3,185	IDACORP, Inc.		142,433
	1,485	MGE Energy, Inc.		78,170
	2,316	Otter Tail Power Corporation		55,885
	5,117	PNM Resources Inc., (3)		113,393
	4,839	Portland General Electric Company		132,589
	3,246	UIL Holdings Corporation, (3)		117,408
	898	Unitil Corp.		23,878
	2,627	UNS Energy Corporation		112,015
		Total Electric Utilities		1,201,410
		Electrical Equipment – 1.1%
	6,993	A123 Systems Inc., (2), (3)		1,006
	2,783	Acuity Brands Inc., (3)		180,060
	2,869	American Superconductor Corporation, (2), (3)		10,300
	1,650	AZZ Incorporated		65,076
	3,043	Belden Inc.		108,939
	3,204	Brady Corporation		98,555
	19,496	Capstone Turbine Corporation, (2)		19,496
	568	Coleman Cable Inc.		5,390
	1,225	Encore Wire Corporation		37,804
	3,132	EnerSys, (2)		107,991
	518	Enphase Energy Incorporated, (2)		1,901
	1,531	Franklin Electric Company, Inc.		88,706
	10,337	Fuelcell Energy Inc., (2)		9,619
	1,616	Generac Holdings Inc., (2)		54,944
	1,123	Global Power Equipment Group Inc.		18,979
	3,433	II-VI Inc., (2)		56,679
	1,251	LSI Industries, Inc., (3)		8,482
	566	Powell Industries Inc., (2)		22,515
	156	Preformed Line Products Company		8,404
	961	Thermon Group Holdings Inc., (2)		23,871
	1,258	Vicor Corporation, (2)		8,026
		Total Electrical Equipment		936,743

64 Nuveen Investments

Shares		Description (1)	Value
		Electronic Equipment & Instruments – 2.1%
	1,275	Aeroflex Holding Corporation, (2)	$	8,109
	1,105	Agilysys Inc., (2)		9,028
	1,862	Anixter International Inc., (2), (3)		109,150
	395	Audience Incorporated		2,972
	968	Badger Meter Inc., (3)		41,469
	3,902	Benchmark Electronics Inc., (2)		57,828
	2,640	Checkpoint Systems Inc.		21,437
	2,798	Cognex Corporation, (3)		102,015
	1,516	Coherent Inc., (2)		69,205
	2,206	CTS Corporation		18,266
	2,358	Daktronics Inc.		20,680
	1,222	DTS, Inc., (2)		25,638
	2,479	Echelon Corporation, (2)		8,205
	1,207	Electro Rent Corporation		18,974
	1,497	Electro Scientific Industries Inc.		15,988
	1,440	Fabrinet, (2), (3)		13,867
	1,105	FARO Technologies, Inc., (2)		44,421
	2,486	FEI Company, (3)		136,854
	1,905	GSI Group, Inc., (2)		14,802
	2,900	Insight Enterprises Inc., (2)		46,893
	2,378	InvenSense Incorporated, (2), (3)		26,634
	2,931	Kemet Corporation, (2)		13,307
	683	Key Tronic Corporation, (2)		7,752
	1,415	Littelfuse Inc.		75,844
	1,902	Maxwell Technologies, Inc., (2)		12,382
	986	Measurement Specialties, Inc., (2)		32,153
	2,021	Mercury Computer Systems Inc., (2)		16,562
	169	Mesa Laboratories, Inc.		8,242
	2,373	Methode Electronics, Inc.		24,015
	1,049	MTS Systems Corporation		52,880
	581	Multi Fineline Electronix, Inc., (2)		12,282
	1,468	Neonode Incorporated, (2)		5,564
	2,495	Newport Corporation, (2)		26,996
	1,296	OSI Systems Inc., (2)		102,708
	1,331	Park Electrochemical Corporation		33,035
	597	PC Connection, Inc., (2)		6,143
	2,284	Plexus Corporation, (2)		61,462
	4,374	Power One Inc, (2)		17,627
	1,494	Radisys Corporation, (2)		4,243
	2,872	RealD Inc., (2), (3)		26,853
	858	Richardson Electronics Limited		9,996
	1,864	Rofin Sinar Technologies Inc., (2)		33,943
	1,026	Rogers Corporation, (2)		40,435
	5,322	Sanmina-SCI Corporation		47,313
	1,801	ScanSource, Inc., (2)		52,679

Nuveen Investments 65

Portfolio of Investments

Nuveen Small Cap Index Fund (continued)

October 31, 2012

Shares		Description (1)	Value
		Electronic Equipment & Instruments (continued)
	1,717	SYNNEX Corporation, (2), (3)	$	55,614
	3,472	TTM Technologies, Inc., (2), (3)		31,248
	2,594	Universal Display Corporation, (2), (3)		85,031
	252	Viasystems Group, Inc., (2)		3,858
	791	Vishay Precision Group Inc., (2)		10,323
	1,064	Zygo Corporation, (2)		19,812
		Total Electronic Equipment & Instruments		1,742,737
		Energy Equipment & Services – 1.7%
	2,015	Basic Energy Services, Inc., (2), (3)		20,936
	561	Bolt Technology Corporation		8,078
	2,333	Bristow Group Inc.		116,463
	2,912	C&J Energy Services Inc., (2)		56,435
	6,277	Cal Dive International Inc., (2), (3)		7,909
	518	Dawson Geophysical Company, (2)		12,375
	2,624	Dril Quip Inc., (2), (3)		181,738
	4,234	Exterran Holdings, Inc., (2)		84,595
	963	Forbes Energy Services Limited, (2)		2,754
	1,448	Forum Energy Technologies Incorporated, (2)		32,305
	832	Geospace Technologies Corporation, (2)		53,855
	1,268	Global Geophysical Services Inc., (2)		5,858
	1,094	Gulf Island Fabrication, Inc., (3)		25,961
	1,752	Gulfmark Offshore Inc.		56,625
	8,737	Heckmann Corporation, (2), (3)		30,580
	6,899	Helix Energy Solutions Group, (2)		119,284
	10,349	Hercules Offshore Inc., (2)		49,261
	2,306	Hornbeck Offshore Services Inc., (2)		79,880
	8,617	ION Geophysical Corporation, (2)		55,666
	9,862	Key Energy Services Inc., (2)		64,497
	2,194	Lufkin Industries Inc., (3)		109,722
	1,698	Matrix Service Company, (2)		17,812
	830	Mitcham Industries, Inc., (2)		11,247
	804	Natural Gas Services Group, (2)		12,751
	5,870	Newpark Resources Inc., (2), (3)		39,857
	7,680	Parker Drilling Company, (2)		33,254
	851	PHI Inc, (2)		26,628
	4,041	Pioneer Energy Services Corporation, (2)		26,671
	805	RigNet, Inc., (2)		14,949
	1,981	Tesco Corporation, (2)		17,453
	5,066	TETRA Technologies, (2)		27,103
	951	TGC Industries Inc.		6,999
	973	Union Drilling, Inc., (2)		6,315
	12,505	Vantage Drilling Company, (2), (3)		23,009
	2,541	Willbros Group Inc., (2)		12,985
		Total Energy Equipment & Services		1,451,810

66 Nuveen Investments

Shares		Description (1)	Value
		Food & Staples Retailing – 1.0%
	1,195	Andersons, Inc.	$	46,940
	6	Arden Group, Inc.		591
	2,439	Casey’s General Stores, Inc.		125,730
	2,884	Harris Teeter Supermarkets Incorporated, (3)		108,006
	810	Ingles Markets, Inc.		13,122
	778	Nash Finch Company		14,961
	466	Natural Grocers by Vitamin Cottage Incorporated, (2), (3)		9,450
	1,477	Pantry, Inc., (2)		19,592
	1,142	PriceSmart, Inc., (3)		94,775
	43,097	Rite Aid Corporation, (2)		49,993
	1,305	Roundy’s Inc.		6,838
	1,419	Spartan Stores, Inc.		20,377
	13,861	SUPERVALU INC., (2), (3)		43,108
	731	Susser Holdings Corporation, (2)		26,272
	719	The Chef’s Warehouse Inc., (2), (3)		11,101
	3,107	United Natural Foods Inc., (2)		165,417
	550	Village Super Market, Inc.		20,169
	618	Weis Markets Inc.		25,437
		Total Food & Staples Retailing		801,879
		Food Products – 1.5%
	205	Alico Inc.		6,435
	326	Annie’s Incorporated, (2)		12,877
	3,191	B&G Foods Inc.		96,592
	761	Calavo Growers, Inc., (3)		17,967
	944	Cal-Maine Foods, Inc., (3)		40,715
	3,001	Chiquita Brands International Inc., (2)		21,637
	7,680	Darling International Inc., (2)		126,950
	1,415	Diamond Foods Inc., (3)		26,206
	2,305	Dole Food Company Inc., (2), (3)		29,020
	436	Farmer Brothers Company, (2)		4,242
	2,345	Fresh Del Monte Produce Inc.		59,024
	160	Griffin Land & Nurseries, Inc.		4,152
	2,406	Hain Celestial Group Inc., (2), (3)		139,067
	853	Inventure Group, (2)		5,084
	966	J&K Snack Foods Corporation		55,323
	519	John B. Sanfillippo & Son, Inc.		8,730
	1,137	Lancaster Colony Corporation, (3)		82,751
	294	Lifeway Foods, Inc.		2,752
	502	Limoneira Company		11,280
	1,243	Omega Protein Corporation, (2)		8,092
	3,940	Pilgrim’s Pride Corporation, (2), (3)		22,182
	1,803	Post Holdings Inc., (2)		56,885
	1,500	Sanderson Farms Inc.		67,935
	593	Seneca Foods Corporation, (2)		16,951
	3,852	Smart Balance Inc., (2), (3)		45,839

Nuveen Investments 67

Portfolio of Investments

Nuveen Small Cap Index Fund (continued)

October 31, 2012

Shares		Description (1)	Value
		Food Products (continued)
	3,035	Snyders Lance Inc.	$	76,907
	1,614	Tootsie Roll Industries Inc., (3)		43,013
	2,282	Treehouse Foods Inc., (2), (3)		122,201
	794	Westway Group, Inc., (2)		5,010
		Total Food Products		1,215,819
		Gas Utilities – 1.0%
	614	Chesapeake Utilities Corporation		28,840
	444	Delta Natural Gas Company, Inc.		8,729
	1,458	Laclede Group Inc.		60,711
	2,623	New Jersey Resources Corporation		116,619
	1,713	Northwest Natural Gas Company, (3)		79,706
	4,612	Piedmont Natural Gas Company, (3)		146,984
	1,924	South Jersey Industries Inc.		97,335
	3,012	Southwest Gas Corporation, (3)		130,932
	3,291	WGL Holdings Inc.		130,883
		Total Gas Utilities		800,739
		Health Care Equipment & Supplies – 2.9%
	1,446	Abaxis, Inc., (2)		53,184
	2,183	Abiomed, Inc., (2), (3)		43,267
	4,657	Accuray, Inc., (2), (3)		32,413
	4,692	Align Technology, Inc., (2), (3)		124,713
	3,571	Alphatec Holdings, Inc., (2)		6,142
	807	Analogic Corporation		59,444
	1,605	AngioDynamics, Inc., (2)		17,222
	769	Anika Therapeutics, Inc., (2)		8,620
	6,987	Antares Pharma Inc., (2), (3)		26,620
	1,806	Arthrocare Corporation, (2)		54,324
	952	AtriCure, Inc., (2)		6,112
	102	Atrion Corporation		20,730
	1,385	Cantel Medical Corporation		36,024
	1,095	Cardiovascular Systems, Inc., (3)		12,790
	3,553	Cerus Corporation, (2), (3)		11,050
	2,049	Conceptus Inc., (2), (3)		38,603
	1,819	Conmed Corporation		50,314
	1,794	CryoLife Inc.		11,105
	1,821	Cyberonics, (2)		84,221
	622	Cynosure, Inc., (2)		16,383
	605	Derma Sciences Inc., (2)		6,830
	4,477	DexCom, Inc., (2), (3)		58,649
	3,613	Endologix, Inc., (2)		48,631
	1,655	EnteroMedics, Inc., (2)		4,982
	546	Exactech, Inc., (2)		9,118
	626	Globus Medical Inc, Class A, (2), (3)		10,742
	1,498	Greatbatch, Inc., (2)		32,926
	1,651	Haemonetics Corporation, (2)		134,887

68 Nuveen Investments

Shares		Description (1)	Value
		Health Care Equipment & Supplies (continued)
	3,582	Hansen Medical, Inc., (2), (3)	$	8,131
	924	Heartware International Inc., (2), (3)		77,598
	772	ICU Medical, Inc., (2), (3)		45,803
	3,121	Insulet Corporation, (2)		66,196
	1,273	Integra Lifesciences Holdings Corporation, (2), (3)		48,692
	2,078	Invacare Corporation		28,365
	1,144	IRIS International, Inc., (2)		22,297
	2,361	Mako Surgical Corporation, (2), (3)		35,769
	3,375	Masimo Corporation, (2), (3)		74,149
	2,694	Meridian Bioscience, Inc., (3)		53,207
	2,746	Merit Medical Systems, Inc., (2)		39,652
	1,924	Natus Medical, Inc., (2)		21,741
	6,302	Navidea Biopharmaceuticals Incorporated, (2), (3)		17,646
	1,489	Neogen Corporation, (2), (3)		63,714
	2,820	NuVasive, Inc., (2)		40,664
	3,215	Nxstage Medical, Inc., (2)		36,008
	3,541	OraSure Technologies, Inc., (2)		32,081
	1,223	Orthofix International NV, (2)		48,504
	1,275	Palomar Medical Technologies, Inc., (2)		11,003
	855	PhotoMedex, Inc., (2), (3)		11,380
	1,830	Quidel Corporation, (2), (3)		32,080
	692	Rochester Medical Corporation, (2)		7,259
	1,362	Rockwell Medical Technologies, Inc., (3)		9,793
	3,647	RTI Biologics Inc., (2)		14,807
	4,475	Solta Medical Inc., (2)		13,201
	2,239	Spectranetics Corporation, (2)		32,600
	2,371	STAAR Surgical Company, (2)		15,269
	3,804	Steris Corporation, (3)		135,460
	980	Surmodics Inc., (2)		17,620
	2,395	Symmetry Medical, Inc., (2)		21,938
	987	Tornier, Inc., (2)		16,878
	5,249	Unilife Corporation, (2), (3)		14,382
	214	Utah Medical Products, Inc.		7,280
	1,089	Vascular Solutions, Inc., (2)		16,411
	3,481	Volcano Corporation, (2), (3)		99,626
	2,212	West Pharmaceutical Services Inc.		119,160
	2,568	Wright Medical Group, Inc., (2), (3)		52,182
	362	Young Innovations, Inc.		12,362
	1,106	Zeltiq Aesthetics Inc, (2), (3)		6,437
		Total Health Care Equipment & Supplies		2,447,391
		Health Care Providers & Services – 2.6%
	1,503	Acadia Healthcare Company Inc., (2)		30,917
	3,679	Accretive Health Inc., (2), (3)		43,375
	838	Air Methods Corporation, (2)		91,870
	528	Almost Family, Inc., (2)		10,945

Nuveen Investments 69

Portfolio of Investments

Nuveen Small Cap Index Fund (continued)

October 31, 2012

Shares		Description (1)	Value
		Health Care Providers & Services (continued)
	1,967	Amedisys, Inc., (2), (3)	$	21,716
	2,667	AMN Healthcare Services Inc., (2)		26,457
	2,008	AmSurg Corporation, (2)		57,268
	1,256	Assisted Living Concepts Inc.		9,935
	1,606	Bio-Reference Laboratories, Inc., (2), (3)		44,583
	2,868	Bioscrip, Inc., (2)		26,414
	1,838	Capital Senior Living Corporation, (2), (3)		29,555
	3,361	Centene Corporation, (2)		127,651
	1,278	Chemed Corporation		85,946
	754	Chindex International, Inc., (2)		7,819
	358	Corvel Corporation, (2)		15,226
	1,784	Cross Country Healthcare, Inc., (2)		7,850
	2,006	Emeritus Corporation, (2)		45,035
	1,048	Ensign Group Inc.		30,560
	1,910	ExamWorks Group Inc., (2)		26,778
	2,780	Five Star Quality Care Inc., (2)		14,623
	1,989	Gentiva Health Services, Inc., (2)		18,697
	2,229	Hanger Orthopedic Group Inc., (2)		56,505
	6,217	HealthSouth Corporation, (2), (3)		137,582
	2,183	Healthways Inc., (2)		21,241
	5,614	HMS Holdings Corporation, (2), (3)		129,627
	1,052	IPC The Hospitalist Company, Inc., (2), (3)		36,283
	3,455	Kindred Healthcare Inc., (2)		33,859
	605	Landauer Inc.		35,060
	1,014	LHC Group, Inc., (2)		17,765
	1,830	Magellan Health Services, Inc., (2)		91,775
	2,883	Metropolitan Health Networks Inc., (2)		31,511
	1,956	Molina Healthcare Inc., (2)		49,037
	784	MWI Veterinary Supply, Inc., (2)		82,336
	657	National Healthcare Corporation		31,286
	164	National Research Corporation		8,312
	4,095	Owens and Minor Inc., (3)		116,585
	654	PDI Inc., (2)		4,480
	1,887	Pharmerica Corporation, (2)		23,059
	833	Providence Service Corporation, (2)		8,497
	3,328	PSS World Medical Inc., (2), (3)		95,247
	2,875	Select Medical Corporation, (2)		30,446
	1,244	Skilled Healthcare Group Inc., (2)		9,666
	1,668	Sun Healthcare Group Inc., (2)		14,111
	3,800	Sunrise Assisted Living Inc., (2)		54,682
	1,854	Team Health Holdings Inc., (2)		49,335
	1,270	Triple-S Management Corporation, Class B Shares, (2)		22,911
	2,453	Universal American Corporation, (2)		22,175
	758	U.S. Physical Therapy, Inc.		20,239
	2,076	Vanguard Health Systems Inc., (2)		20,096
	2,814	Wellcare Health Plans Inc., (2)		133,946
		Total Health Care Providers & Services		2,160,874

70 Nuveen Investments

Shares		Description (1)	Value
		Health Care Technology – 0.6%
	2,341	AthenaHealth Inc., (2), (3)	$	150,503
	711	Computer Programs and Systems, Inc.		34,704
	1,217	Epocrates Inc., (2)		11,902
	516	Greenway Medical Technologies, Inc., (2)		8,560
	1,276	Healthstream, Inc., (2)		32,589
	3,809	MedAssets Inc., (2)		67,534
	1,452	Medidata Solutions, Inc., (2)		61,013
	233	Mediware Information Systems, Inc., (2)		5,112
	3,854	Merge Healthcare Incorporated, (2), (3)		13,142
	2,194	Omnicell, Inc., (2)		31,989
	2,582	Quality Systems Inc., (3)		45,056
	438	Vocera Communications Incorporated, (2)		11,778
		Total Health Care Technology		473,882
		Hotels, Restaurants & Leisure – 2.9%
	1,591	AFC Enterprises, Inc., (2)		40,284
	2,153	Ameristar Casinos, Inc.		39,292
	71	Biglari Holdings Inc., (2)		25,106
	1,545	BJ’s Restaurants, Inc., (2), (3)		51,062
	1,201	Bloomin’ Brands, (2)		16,418
	935	Bluegreen Corporation, (2)		5,545
	1,948	Bob Evans Farms		74,160
	3,630	Boyd Gaming Corporation, (2)		22,397
	1,276	Bravo Brio Restaurant Group, (2)		16,843
	1,178	Buffalo Wild Wings, Inc., (2), (3)		89,469
	2,362	Caesar’s Entertainment Corporation, (2), (3)		13,676
	1,378	Caribou Coffee Company, Inc., (2), (3)		16,495
	996	Carrols Restaurant Group, Inc., (2)		6,394
	1,257	CBRL Group Inc., (3)		80,008
	1,275	CEC Entertainment Inc.		39,525
	3,710	Cheesecake Factory Inc., (3)		122,653
	850	Churchill Downs Inc.		55,531
	439	Chuy’s Holdings Inc., (2)		10,725
	378	Del Friscos Restaurant Group, (2)		5,594
	6,355	Denny’s Corporation, (2)		29,233
	994	DineEquity Inc., (2), (3)		62,324
	3,740	Dominos Pizza Inc., (2)		151,919
	382	Einstein Noah Restaurant Group		5,894
	1,055	Fiesta Restaurant Group, (2)		13,947
	205	Frisch’s Restaurants Inc.		3,665
	433	Ignite Restaurant Group, Incorporated, (2)		4,962
	2,585	Interval Leisure Group Inc.		49,270
	1,893	International Speedway Corporation		48,272
	1,900	Isle of Capri Casinos, (2)		11,552
	2,826	Jack in the Box Inc., (2)		73,504
	4,398	Jamba, Inc., (2)		9,632

Nuveen Investments 71

Portfolio of Investments

Nuveen Small Cap Index Fund (continued)

October 31, 2012

Shares		Description (1)	Value
		Hotels, Restaurants & Leisure (continued)
	3,886	Krispy Kreme Doughnuts Inc., (2)	$	28,873
	2,800	Life Time Fitness Inc., (2), (3)		125,692
	1,209	Luby’s Inc., (2)		7,726
	1,310	Marcus Corporation		14,279
	1,737	Marriott Vacations World, (2)		68,334
	572	Monarch Casino & Resort, Inc., (2)		5,217
	1,523	Morgans Hotel Group Company, (2)		9,823
	1,476	MTR Gaming Group, Inc., (2)		5,151
	1,788	Multimedia Games, Inc., (2)		28,429
	174	Nathan’s Famous, Inc., (2)		4,822
	6,324	Orient Express Hotels Limited, (2)		74,181
	1,199	Papa John’s International, Inc., (2), (3)		63,931
	4,084	Pinnacle Entertainment Inc., (2)		52,112
	1,678	Premier Exhibitions, Inc., (2)		4,598
	942	Red Lions Hotels Corporation, (2)		6,208
	925	Red Robin Gourmet Burgers, Inc., (2)		30,895
	4,182	Ruby Tuesday, Inc., (2), (3)		30,194
	2,261	Ruth’s Chris Steak House, Inc., (2)		15,036
	2,028	Ryman Hospitalities Properties		79,112
	3,738	Scientific Games Corporation, (2)		30,764
	3,588	Shuffle Master Inc., (2), (3)		50,698
	2,490	Six Flags Entertainment Corporation		142,204
	3,970	Sonic Corporation, (2), (3)		39,581
	758	Speedway Motorsports Inc.		12,355
	4,043	Texas Roadhouse, Inc., (3)		65,820
	1,515	Town Sports International, (2)		19,089
	2,313	Vail Resorts, Inc.		131,332
	3,597	WMS Industries Inc., (2)		59,099
		Total Hotels, Restaurants & Leisure		2,400,906
		Household Durables – 1.1%
	2,067	American Greetings Corporation, (3)		35,490
	857	Bassett Furniture, Inc.		9,830
	1,608	Beazer Homes USA, Inc., (2), (3)		26,516
	666	Blyth Inc., (3)		15,211
	439	Cavco Industries, Inc., (2)		21,221
	636	CSS Industries Inc.		12,784
	1,581	Ethan Allen Interiors Inc., (3)		46,497
	294	Flexsteel Industries, Inc.		5,918
	2,071	Helen of Troy Limited, (2)		62,586
	705	Hooker Furniture Corporation		9,616
	6,517	Hovnanian Enterprises Inc., (2), (3)		28,023
	1,794	iRobot Corporation, (2), (3)		32,238
	5,037	KB Home, (3)		80,491
	3,378	La-Z-Boy Inc.		54,791
	1,340	Libbey Inc., (2)		24,053

72 Nuveen Investments

Shares		Description (1)	Value
		Household Durables (continued)
	631	Lifetime Brands, Inc.	$	7,004
	1,397	M/I Homes, Inc., (2)		31,083
	2,497	MDC Holdings Inc.		95,485
	1,999	Meritage Corporation, (2)		73,923
	374	Nacco Industries Inc.		18,939
	2,913	Ryland Group Inc., (3)		98,663
	3,278	Sealy Corporation, (2), (3)		7,310
	1,056	Skullcandy Inc., (2), (3)		12,788
	7,556	Standard Pacific Corporation, (2), (3)		52,136
	1,182	Univeral Electronics Inc., (2)		20,283
	1,664	Zagg Inc., (2)		11,948
		Total Household Durables		894,827
		Household Products – 0.2%
	2,693	Central Garden & Pet Company, (2)		30,350
	2,690	Harbinger Group Inc., (2)		23,538
	320	Oil-Dri Corporation		7,168
	376	Orchids Paper Products Company		7,215
	1,500	Spectrum Brands Inc.		68,235
	962	WD-40 Company		46,041
		Total Household Products		182,547
		Independent Power Producers & Energy Traders – 0.3%
	1,591	American DG Energy Inc.		4,009
	7,427	Atlantic Power Corporation		111,554
	988	Genie Energy Limited, Class B Shares		6,926
	50,474	GenOn Energy Inc., (2)		129,718
	1,153	Ormat Technologies Inc.		21,942
		Total Independent Power Producers & Energy Traders		274,149
		Industrial Conglomerates – 0.2%
	2,366	Raven Industries, Inc.		64,568
	20	Seaboard Corproation		45,627
	824	Standex International Corporation		38,102
		Total Industrial Conglomerates		148,297
		Insurance – 2.4%
	5,830	Alterra Capital Holdings Limited		142,427
	3,914	American Equity Investment Life Holding Company, (3)		45,050
	671	American Safety Insurance Holdings, (2)		11,313
	1,181	Amerisafe, Inc., (2)		31,001
	1,703	Amtrust Financial Services, Inc., (3)		41,213
	1,763	Argo Group International Holdings Inc.		60,647
	538	Baldwin & Lyons, Class B		13,100
	2,542	Citizens Inc., (2)		25,903
	14,764	CNO Financial Group Inc., (3)		141,439
	1,657	Crawford & Co		9,130
	498	Donegal Group, Inc., Class B		6,454
	434	Eastern Insurance Holdings, Inc.		7,300

Nuveen Investments 73

Portfolio of Investments

Nuveen Small Cap Index Fund (continued)

October 31, 2012

Shares		Description (1)	Value
		Insurance (continued)
	1,288	eHealth, Inc., (2)	$	27,950
	296	EMC Insurance Group Inc.		6,624
	2,241	Employers Holdings, Inc.		40,898
	552	Enstar Group, Limited, (2)		55,200
	902	FBL Financial Group Inc.		30,785
	6,758	First American Corporation, (3)		153,745
	3,367	Flagstone Reinsurance Holdings SA		29,764
	376	Fortegra Financial Corp, (2)		3,339
	826	Global Indemnity PLC, (2)		18,321
	1,801	Greenlight Capital Re, Ltd, (2)		46,016
	931	Hallmark Financial Services, Inc., (2)		7,104
	2,560	Hilltop Holdings Inc., (2)		34,790
	468	Homeowners Choice Inc.		10,390
	2,563	Horace Mann Educators Corporation		49,235
	521	Independence Holding Company		4,554
	797	Infinity Property and Casualty Corporation		45,517
	80	Investors Title Company		5,248
	274	Kansas City Life Insurance Company		9,957
	3,248	Maiden Holdings, Ltd		27,446
	3,422	Meadowbrook Insurance Group, Inc.		19,232
	3,271	Montpelier Re Holdings Limited		74,808
	2,659	National Financial Partners Corp., (2), (3)		48,793
	443	National Interstate Corporation		11,496
	143	National Western Life Insurance Company		20,073
	693	Navigators Group, Inc., (2)		36,784
	1,426	OneBeacon Insurance Group Limited, Class A		19,251
	396	Phoenix Companies Inc., (2)		11,935
	2,142	Platinum Underwriters Holdings Limited		95,105
	1,519	Presidential Life Corporation		21,236
	3,073	Primerica Inc.		86,843
	1,272	RLI Corporation, (3)		86,725
	731	Safety Insurance Group, Inc.		33,882
	1,286	Seabright Insurance Holdings Inc.		14,107
	3,470	Selective Insurance Group Inc.		64,160
	940	State Auto Financial Corporation		15,172
	1,168	Stewart Information Services Corporation, (3)		27,238
	5,056	Symetra Financial Corporation		60,419
	2,369	Tower Group Inc., (3)		42,689
	1,383	United Fire Group Inc.		32,874
	1,204	Universal Insurance Holdings Inc.		4,756
		Total Insurance		1,969,438
		Internet & Catalog Retail – 0.4%
	1,670	1-800-Flowers, (2)		6,062
	901	Blue Nile Inc., (2), (3)		34,031
	299	CafePress, Incorporated, (2)		1,773

74 Nuveen Investments

Shares		Description (1)	Value
		Internet & Catalog Retail (continued)
	282	Geeknet Inc., (2)	$	5,124
	2,542	Hosting Site Network, Inc.		132,235
	229	Kayak Software Corporation, (2)		7,587
	1,667	Nutri System Inc.		16,053
	1,503	Orbitz Worldwide Inc., (2)		3,712
	744	Overstock.com, Inc., (2), (3)		11,220
	1,220	PetMed Express, Inc., (3)		13,298
	2,336	Shutterfly, Inc., (2), (3)		70,687
	950	U.S. Auto Parts Network, Inc., (2)		2,841
	1,442	Vitacost.com, Inc., (2)		9,229
		Total Internet & Catalog Retail		313,852
		Internet Software & Services – 2.2%
	2,536	Active Network Inc., (2), (3)		22,469
	1,890	Ancestry.com Inc., (2), (3)		59,724
	2,323	Angie’s List, (2)		26,575
	3,017	Bankrate Inc., (2), (3)		32,372
	678	Bazaarvoice Inc., (2), (3)		8,651
	2,534	Blucora Inc., (2)		44,472
	369	Brightcove Inc., (2)		4,657
	736	Carbonite Inc., (2), (3)		5,689
	2,276	ComScore Inc., (2)		32,251
	1,987	Constant Contact Inc., (2)		24,520
	2,198	Cornerstone OnDemand Inc., (2)		61,522
	1,831	CoStar Group, Inc., (2)		151,790
	2,772	DealerTrack Holdings, Inc., (2)		75,759
	1,956	Demand Media Inc., (2)		16,685
	426	Demandware Incorporated, (2)		12,648
	3,112	Dice Holdings Inc., (3)		27,479
	2,398	Digital River, Inc., (2)		34,387
	306	E2open Inc., (2)		5,355
	7,068	Earthlink, Inc.		44,811
	1,231	Envestnet Inc., (2)		17,209
	637	ExactTarget Inc., (2)		14,855
	3,358	Internap Network Services Corporation, (2)		23,002
	2,381	Intralinks Holdings INc., (2)		13,310
	3,391	IPass, Inc., (2)		6,579
	2,778	J2 Global Inc., (3)		83,451
	1,026	Keynote Systems, Inc.		14,662
	3,944	KIT Digital Inc., (2), (3)		10,964
	4,072	Limelight Networks Inc., (2)		8,592
	1,539	Liquidity Services, Inc., (2), (3)		63,453
	3,594	Liveperson, Inc., (2)		56,390
	1,442	LogMeIn Inc., (2), (3)		35,589
	1,480	Marchex, Inc.		6,053
	1,440	Market Leader, Inc., (2)		9,792

Nuveen Investments 75

Portfolio of Investments

Nuveen Small Cap Index Fund (continued)

October 31, 2012

Shares		Description (1)	Value
		Internet Software & Services (continued)
	1,208	MeetMe Incorporated, (2), (3)	$	5,110
	745	Millennial Media Incorporated, (2), (3)		11,942
	7,918	Monster Worldwide Inc., (2), (3)		49,250
	2,550	Move, Inc., (2)		21,140
	4,111	NIC, Incorporated, (2)		58,787
	1,513	Open Solutions Inc., (2)		71,066
	2,086	Perficient, Inc., (2)		23,718
	2,135	QuinStreet, Inc., (2)		13,066
	1,355	RealNetworks Inc., (2)		10,257
	2,333	Responsys Inc., (2)		20,857
	1,947	Saba Software, Inc., (2)		19,626
	1,167	SciQuest Inc., (2)		17,715
	750	Spark Networks, Incorporated		4,920
	809	SPS Commerce Inc., (2), (3)		29,326
	925	Stamps.com Inc., (2)		25,456
	3,181	Support.com, Inc., (2)		14,760
	440	Synacor Inc., (2)		2,411
	938	TechTarget Inc., (2)		4,484
	466	Travelzoo Inc., (2)		8,318
	5,696	United Online, Inc.		30,531
	5,667	Unwired Planet Inc,, (2)		7,990
	4,907	ValueClick, Inc., (2)		81,800
	2,281	VistaPrint N.V., (2), (3)		69,502
	1,348	Vocus, Inc., (2), (3)		23,927
	2,290	Web.com, Inc., (2), (3)		36,136
	3,309	WebMD Health Corporation, Class A, (2), (3)		49,337
	1,841	XO Group, Incorporated, (2)		14,820
	550	Yelp Incorporated, (2)		13,255
	4,266	Zix Corporation, (2)		12,371
		Total Internet Software & Services		1,807,595
		IT Services – 1.8%
	5,214	Acxiom Corporation, (2)		95,156
	1,482	CACI International Inc., (2), (3)		74,737
	2,882	Cardtronics Inc., (2)		81,878
	595	Cass Information Systems, Inc.		24,972
	4,757	Ciber, Inc., (2)		14,842
	972	Computer Task Group, Inc., (2)		18,128
	7,619	Convergys Corporation		128,075
	2,223	CSG Systems International Inc., (2)		45,816
	317	EPAM Systems Inc., (2)		5,700
	3,290	Euronet Worldwide, Inc., (2), (3)		66,754
	1,526	Exlservice Holdings, Inc., (2), (3)		45,231
	851	Forrester Research, Inc., (3)		24,628
	4,295	Global Cash Access Holdings, Inc., (2)		30,280
	1,604	Hackett Group, Inc.		6,240

76 Nuveen Investments

Shares		Description (1)	Value
		IT Services (continued)
	2,477	Heartland Payment Systems Inc.	$	64,600
	2,100	Higher One Holdings Incn, (2)		26,523
	2,099	iGATE Corporation, (2)		33,689
	1,449	Innodata Isogen, Inc., (2)		5,202
	3,958	Lionbridge Technologies, Inc., (2)		12,547
	1,498	ManTech International Corporation, Class A, (3)		34,409
	664	Mattersight Corporation, (2)		3,672
	2,229	Maximus Inc.		122,996
	2,813	ModusLink Global Solutions Inc., (2)		8,242
	1,402	Moneygram International Inc., (2)		21,787
	1,367	PRG-Schultz International Inc., (2)		10,690
	8,044	Sapient Corporation, (2), (3)		82,692
	3,242	ServiceSource International Inc., (2)		29,210
	989	Syntel Inc.		58,954
	1,629	TeleTech Holdings, Inc., (2)		27,432
	1,637	TNS Inc., (2)		23,442
	2,862	Unisys Corporation		48,797
	1,216	Virtusa Corporation, (2)		20,867
	2,482	Wright Express Corporation, (2), (3)		183,122
		Total IT Services		1,481,310
		Leisure Equipment & Products – 0.4%
	826	Arctic Cat, Inc., (2)		29,959
	1,370	Black Diamond Group Inc., (2)		13,015
	5,833	Brunswick Corporation, (3)		137,600
	4,246	Callaway Golf Company, (3)		23,183
	1,700	JAKKS Pacific Inc., (3)		21,947
	369	Johnson Outdoors, Inc., (2)		7,199
	3,296	LeapFrog Enterprises Inc., (2)		29,137
	704	Marine Products Corporation		4,175
	4,238	Smith & Wesson Holding Corporation, (2), (3)		40,685
	450	Steinway Musical Instrument Inc., (2)		10,863
	1,250	Sturm, Ruger & Company, (3)		59,038
		Total Leisure Equipment & Products		376,801
		Life Sciences Tools & Services – 0.3%
	4,612	Affymetrix, Inc., (2), (3)		14,620
	703	BG Medicine Inc., (2)		1,617
	1,891	Cambrex Corporation, (2)		22,843
	1,588	Fluidigm Corporation, (2)		23,963
	516	Furiex Pharmaceuticals Inc., (2)		9,892
	1,618	Harvard Bioscience, Inc., (2)		6,504
	2,723	Luminex Corporation, (2)		43,786
	2,422	Pacific Biosciences of California, Inc., (2), (3)		3,149
	3,911	Parexel International Corporation, (2)		120,029
	7,481	Sequenom, Inc., (2), (3)		23,266
		Total Life Sciences Tools & Services		269,669

Nuveen Investments 77

Portfolio of Investments

Nuveen Small Cap Index Fund (continued)

October 31, 2012

Shares		Description (1)	Value
		Machinery – 3.0%
	3,091	Accuride Corporation, (2)	$	8,253
	4,760	Actuant Corporation, (3)		134,422
	467	Alamo Group Inc.		15,645
	1,804	Albany International Corporation, Class A		39,634
	1,760	Altra Industrial Motion, Inc., (3)		31,715
	626	American Railcar Industries, (2)		18,392
	548	Ampco-Pittsburgh Corporation		9,678
	1,311	Astecx Industries Inc., (2)		37,757
	3,543	Barnes Group Inc., (2)		81,064
	3,197	Blount International Inc., (2)		42,296
	3,241	Briggs & Stratton Corporation		64,010
	602	Cascade Corporation		39,124
	1,952	Chart Industries, Inc., (2), (3)		138,182
	1,137	CIRCOR International Inc.		39,215
	3,240	CLARCOR, Inc.		146,578
	1,267	Columbus McKinnon Corporation, (2)		18,967
	1,850	Commercial Vehicle Group Inc., (2)		14,042
	1,446	Douglas Dynamics Inc.		21,965
	881	Dynamic Material Corporation		11,823
	406	Eastern Company		6,496
	2,941	Energy Recovery, Inc., (2)		8,735
	1,329	EnPro Industries Inc., (2)		48,588
	1,710	ESCO Technologies Inc.		64,022
	4,062	Federal Signal Corporation, (2)		23,438
	3,126	Flow International Corporation, (2)		10,378
	768	Freightcar America Inc.		14,784
	978	Gorman-Rupp Company, (3)		26,406
	650	Graham Corporation		11,681
	1,492	Greenbrier Companies Inc., (3)		25,976
	762	Hardinge, Inc.		7,910
	414	Hurco Companies, Inc., (2), (3)		9,514
	374	Hyster-Yale Materials Handling Inc., Class A, (5)		15,364
	374	Hyster-Yale Materials Handling Inc., Class B, (3)		15,364
	1,890	John Bean Technologies Corporation		29,144
	790	Kadant Inc., (2)		19,189
	2,094	Kaydon Corporation		46,822
	579	LB Foster Company		19,113
	830	Lindsay Manufacturing Company		63,387
	1,102	Lydall Inc.		14,227
	6,302	Meritor Inc., (2), (3)		27,855
	941	Met-Pro Corp.		8,544
	1,222	Middleby Corporation, (2), (3)		152,689
	720	Midwest Air Group Inc.		11,052
	1,295	Mueller Industries Inc.		56,721
	10,232	Mueller Water Products Inc.		53,309

78 Nuveen Investments

Shares		Description (1)	Value
		Machinery (continued)
	1,111	NN, Incorporated, (2)	$	9,199
	178	OmegaFlex, Inc., (2)		2,225
	1,356	Peerless Manufacturing Company, (2)		8,814
	327	Proto Labs Incorporated, (2), (3)		11,347
	1,449	RBC Bearings Inc., (2)		71,957
	1,881	Rexnord Corporation, (2)		34,084
	2,533	Robbins & Myers, Inc.		150,156
	762	Sauer-Danfoss, Inc.		30,526
	1,349	Sun Hydraulics Corporation		35,937
	1,229	Tennant Company, (3)		45,989
	3,118	Titan International Inc., (3)		65,416
	2,104	TriMas Corporation, (2)		52,768
	556	Twin Disc, Inc.		8,429
	4,462	Wabash National Corporation, (2)		28,155
	1,933	Watts Water Technologies, Inc.		77,765
	4,515	Woodward Governor Company, (3)		151,253
		Total Machinery		2,487,490
		Marine – 0.0%
	2,040	Genco Shipping and Trading Limited, (2)		6,202
	349	International Shipholding Corp.		5,835
	1,155	Rand Logistics, Inc., (2)		7,484
		Total Marine		19,521
		Media – 1.1%
	1,744	Arbitron Inc.		63,412
	288	Beasley Broadcast Group, Inc.		1,400
	6,109	Belo Corp.		45,695
	1,157	Carmike Cinemas, Inc., (2)		15,758
	2,397	Central European Media Enterprises Limited, (2)		12,848
	2,242	Crown Media Holdings, Inc., (2)		3,901
	4,038	Cumulus Media, Inc., (2), (3)		9,933
	64	Daily Journal Corporation, (2)		6,049
	323	Dial Global Inc., (2)		788
	1,800	Digital Generation Inc., (2), (3)		16,740
	2,025	E.W. Scripps Company, Class A, (2)		21,485
	1,596	Entercom Communications Corporation, (2), (3)		10,390
	3,385	Entravision Communications Corporation, (2)		4,570
	579	Fisher Communications, Inc.		14,614
	1,232	Global Sources, Limited, (2)		7,047
	2,843	Harte-Hanks Inc.		15,836
	2,806	Journal Communications Inc., (2)		15,742
	1,990	LIN TV Corporation, (2)		11,164
	5,540	Lions Gate Entertainment Corporation, Equity, (2)		92,407
	9,068	Live Nation Inc., (2), (3)		82,972
	1,749	Martha Stewart Living Omnimedia Inc., (2)		5,055
	3,785	McClatchy Company, (3)		10,787

Nuveen Investments 79

Portfolio of Investments

Nuveen Small Cap Index Fund (continued)

October 31, 2012

Shares		Description (1)	Value
		Media (continued)
	1,610	MDC Partners, Inc.	$	18,209
	2,334	Meredith Corporation, (3)		78,119
	3,662	National CineMedia, Inc.		56,615
	8,813	New York Times, Class A, (2), (3)		72,090
	739	Nexstar Broadcasting Group, Inc., (2)		8,033
	886	Outdoor Channel Holdings, Inc., (2)		6,432
	641	ReachLocal Inc., (2), (3)		7,910
	1,093	Reading International Inc., A, (2)		6,613
	610	Rentrak Corporation, (2)		10,364
	231	Saga Communications Inc Class A Shares, (2)		9,799
	661	Salem Communications Corporation		3,940
	1,707	Scholastic Corporation, (3)		56,314
	3,292	Sinclair Broadcast Group, Series A		41,479
	2,598	Valassis Communications Inc., (3)		67,600
	86	Value Line, Inc., (3)		857
	1,600	World Wrestling Entertainment Inc.		12,944
		Total Media		925,911
		Metals & Mining – 1.5%
	7,220	AK Steel Holding Corporation		36,389
	1,074	AM Castle & Company, (2), (3)		13,049
	1,648	AMCOL International Corp.		52,044
	2,124	Apex Silver Mines Limited, (2), (3)		9,282
	3,361	Century Aluminum Company, (2)		24,031
	5,752	Coeur d’Alene Mines Corporation, (2), (3)		177,794
	4,332	General Moly, Inc., (2), (3)		16,028
	4,050	Globe Specialty Metals Inc.		60,872
	3,418	Gold Reserve Inc., Class A, (2), (3)		11,074
	1,950	Gold Resource Corp., (3)		32,604
	16,612	Golden Star Resources Ltd, (2), (3)		33,224
	376	Handy & Harman Limited, (2)		5,591
	802	Haynes International Inc.		40,645
	18,633	Hecla Mining Company, (3)		122,605
	2,861	Horsehead Holding Corp., (2)		25,892
	1,260	Kaiser Aluminum Corporation		76,331
	1,312	Materion Corporation		27,486
	12,877	McEwen Mining Inc., (2)		62,582
	745	Metals USA Holdings Corporation		10,862
	8,311	Midway Gold Corporation, (2), (3)		14,129
	2,176	Noranda Aluminum Hodlings Corporation		13,339
	587	Olympic Steel Inc.		10,566
	8,529	Paramount Gold and Silver Corporation, (2), (3)		22,687
	1,609	Revett Minerals Incorporated, (2)		5,760
	1,979	RTI International Metals, Inc., (2)		45,101
	1,648	Schnitzer Steel Industries, Inc.		46,984
	7,559	Stillwater Mining Company, (2)		78,689

80 Nuveen Investments

Shares		Description (1)	Value
		Metals & Mining (continued)
	4,539	SunCoke Energy Inc., (2)	$	72,942
	3,510	United States Antimony Corporation, (2), (3)		7,160
	456	Universal Stainless & Alloy Products, Inc., (2)		15,686
	756	U.S. Silica Holdings Inc., (2), (3)		9,677
	4,033	Vista Gold Corporation, (2), (3)		13,430
	3,453	Worthington Industries, Inc.		74,654
		Total Metals & Mining		1,269,189
		Multiline Retail – 0.2%
	827	Bon-Ton Stores, Inc.		10,156
	2,379	Freds Inc.		32,235
	553	Gordmans Stores Inc., (2)		8,328
	7,409	Saks Inc., (2), (3)		76,165
	2,769	Tuesday Morning Corporation, (2)		16,531
		Total Multiline Retail		143,415
		Multi-Utilities – 0.4%
	3,831	Avista Corporation		97,384
	2,880	Black Hills Corporation		103,018
	999	CH Energy Group Inc.		64,965
	2,376	Northwestern Corporation, (3)		85,085
		Total Multi-Utilities		350,452
		Oil, Gas & Consumable Fuels – 3.7%
	5,391	Abraxas Petroleum Corporation, (2), (3)		11,159
	138	Adams Resources and Energy, Incorporated		4,198
	666	Alon USA Energy, Inc.		8,745
	1,976	Amyris Inc., (2), (3)		5,078
	597	Apco Oil and Gas International Inc., (2)		7,588
	2,174	Approach Resources Inc., (2), (3)		53,546
	13,862	Arch Coal Inc., (3)		110,342
	3,420	Berry Petroleum Company, (3)		131,704
	3,142	Bill Barrett Corporation, (2), (3)		71,983
	626	Bonanza Creek Energy Inc., (2), (3)		15,506
	6,829	BPZ Resources, Inc., (2), (3)		19,668
	2,575	Callon Petroleum Company, (2)		14,729
	2,585	Carrizo Oil & Gas, Inc., (2)		69,330
	369	Ceres Inc., (2)		1,945
	385	Clayton Williams Energy, (2), (3)		16,305
	4,315	Clean Energy Fuels Corporation, (2), (3)		49,407
	3,917	Cloud Peak Energy Inc., (2)		82,649
	3,143	Comstock Resources Inc., (2), (3)		53,808
	833	Contango Oil & Gas Company, (2)		40,950
	1,402	Crimson Exploration Inc., (2)		5,075
	2,436	Crosstex Energy, Inc.		33,324
	1,066	CVTR Energy Inc., (2)		39,176
	1,111	Delek US Holdings Inc., (3)		28,608
	1,048	Emerald Oil Inc., (2)		5,659

Nuveen Investments 81

Portfolio of Investments

Nuveen Small Cap Index Fund (continued)

October 31, 2012

Shares		Description (1)	Value
		Oil, Gas & Consumable Fuels (continued)
	3,043	Endeavour International Corporation, (2), (3)	$	22,092
	5,151	Energy XXI Limited Bermuda, (3)		170,498
	1,860	EPL Oil & Gas Inc., (2)		40,250
	1,080	Evolution Petroleum Corporation, (2)		8,856
	7,692	Forest Oil Corporation, (2), (3)		58,305
	3,368	Frontline Limited, (2), (3)		10,677
	3,456	FX Energy, Inc., (2)		16,692
	1,535	GasLog Limited, (3)		17,714
	3,852	Gastar Exploration Limited, (2)		4,314
	1,995	Gevo Inc., (2)		4,030
	1,697	Goodrich Petroleum Corporation, (2), (3)		20,924
	1,629	Green Plains Renewable Energy, Inc., (2)		12,592
	3,634	Gulfport Energy Corporation, (2)		120,576
	7,274	Halcon Resources Corporation, (2)		47,063
	428	Hallador Energy Company, (2)		4,194
	2,441	Harvest Natural Resources Inc., (2)		21,310
	69	Isramco, Inc., (2)		6,950
	1,724	Kior Inc., Class A Shares, (2)		11,378
	1,595	Knightsbridge Tankers Limited		10,160
	17,211	Kodiak Oil & Gas Corporation, (2), (3)		159,030
	9,622	Magnum Hunter Resources Corporation, (2), (3)		36,756
	888	Matador Resources Company, (2)		7,841
	6,627	McMoran Exploration Corporation, (2), (3)		79,060
	1,568	Midstates Petroleum Company Incorporated, (2)		9,675
	1,995	Miller Energy Resources Inc., (2), (3)		9,017
	3,399	Nordic American Tanker Shipping Ltd, (3)		28,552
	4,148	Northern Oil and Gas Inc., (2), (3)		62,884
	5,218	Oasis Petroleum Inc., (2), (3)		153,253
	1,710	Overseas Shipholding Group Inc., (3)		1,915
	451	Panhandle Oil and Gas Inc.		12,213
	1,954	PDC Energy Inc., (2), (3)		59,148
	3,600	Penn Virginia Corporation		16,272
	3,695	Petroquest Energy Inc., (2)		22,540
	7,670	Quicksilver Resources Inc., (2)		29,683
	211	Renewable Energy Group Inc., (2)		1,040
	14,925	Rentech, Inc., (2)		38,507
	3,152	Resolute Energy Corporation, (2), (3)		27,990
	2,819	Rex Energy Inc., (2), (3)		37,324
	396	Rex Stores Corporation, (2)		6,974
	3,455	Rosetta Resources, Inc., (2)		159,068
	756	Sanchez Energy Corporation, (2)		13,653
	1,329	Saratoga Resources Inc., (2)		6,592
	2,458	Scorpio Tankers Inc., (2)		13,396
	2,604	SemGroup Corporation, A Shares, (2)		100,619
	3,180	Ship Financial International Limited		48,908

82 Nuveen Investments

Shares		Description (1)	Value
		Oil, Gas & Consumable Fuels (continued)
	2,137	Solazyme Inc., (2)	$	17,310
	3,230	Stone Energy Corporation, (2), (3)		76,196
	2,798	Swift Energy Company, (2)		46,755
	2,555	Synergy Resources Corporation, (2)		10,859
	1,894	Targa Resources Corporation		96,461
	4,114	Teekay Tankers Limited, Class A Shares, (3)		14,152
	2,890	Triangle Petroleum Corporation, (2), (3)		18,467
	4,309	Uranerz Energy Corporation, (2), (3)		7,153
	5,535	Uranium Energy Corporation, (2), (3)		13,063
	3,777	VAALCO Energy Inc., (2)		30,858
	2,268	W&T Offshore Inc., (3)		38,443
	4,683	Warren Resources Inc., (2)		13,347
	3,522	Western Refining Inc.		87,592
	710	Westmoreland Coal Company, (2)		7,299
	1,620	ZaZa Energy Corporation, (2)		2,349
		Total Oil, Gas & Consumable Fuels		3,111,271
		Paper & Forest Products – 0.7%
	2,573	Buckeye Technologies Inc.		67,413
	1,527	Clearwater Paper Corporation, (2)		60,378
	711	Deltic Timber Corporation, (3)		48,248
	2,803	Glatfelter, (3)		49,921
	2,639	KapStone Paper and Packaging Corp., (2)		57,979
	8,981	Louisiana-Pacific Corporation, (2), (3)		141,810
	1,034	Neenah Paper, Inc.		26,781
	5,290	Resolute Forest Products, (2), (3)		64,538
	2,070	Schweitzer-Mauduit International Inc.		72,512
	3,159	Wausau Paper Corp.		26,125
		Total Paper & Forest Products		615,705
		Personal Products – 0.3%
	1,645	Elizabeth Arden, Inc., (2), (3)		77,611
	1,250	Female Health Company		8,750
	1,034	Inter Parfums, Inc.		18,881
	905	Medifast, Inc., (2)		23,096
	718	Nature’s Sunshine Products, (3)		12,342
	591	Nutraceutical International Corporation, (2)		9,373
	3,231	Prestige Brands Holdings Inc., (2)		56,187
	738	Revlon Inc., (2)		11,365
	872	Schiff Nutrition International Inc.		29,508
	1,112	Synutra International Inc., (2)		4,659
	387	USANA Health Sciences, Inc., (2), (3)		16,695
		Total Personal Products		268,467
		Pharmaceuticals – 1.6%
	791	Acura Pharmaceutical Inc., (2)		1,194
	3,714	Akorn, Inc., (2)		44,605
	1,678	Ampio Pharmaceuticals Inc., (2), (3)		6,712

Nuveen Investments 83

Portfolio of Investments

Nuveen Small Cap Index Fund (continued)

October 31, 2012

Shares		Description (1)	Value
		Pharmaceuticals (continued)
	3,160	Auxilium Pharmaceuticals, Inc., (2)	$	64,717
	8,861	Avanir Pharmaceuticals, (2), (3)		25,342
	1,390	BioDelivery Sciences, Inc., (2)		7,103
	3,928	Cadence Pharmaceuticals, Inc., (2), (3)		13,905
	271	Cempra Inc., (2)		1,818
	3,166	Corcept Therapeutics, Inc., (2)		7,915
	561	Cornerstone Therapeutics Inc., (2)		2,743
	776	Cumberland Pharmaceuticals Inc., (2)		4,555
	3,639	DepoMed, Inc., (2)		20,560
	1,934	Endocyte Inc., (2)		18,508
	699	Hi-Tech Pharmacal Company, Inc., (2), (3)		21,914
	2,314	Horizon Pharma Inc., (2)		5,970
	4,376	Impax Laboratories Inc., (2), (3)		92,990
	4,270	Indevus Pharmaceuticals Inc., (4)		—
	2,713	Jazz Pharmaceuticals, Inc., (2), (3)		145,769
	1,043	Lannett Company Inc., (2)		4,600
	1,838	MAP Pharmaceuticals, Inc., (2), (3)		28,342
	3,601	Medicines Company, (2)		78,934
	3,753	Medicis Pharmaceutical Corporation, (3)		162,918
	7,329	Nektar Therapautics, (2), (3)		65,961
	1,191	Obagi Medical Products, Inc., (2)		14,685
	1,687	Omeros Corporation, (2), (3)		15,858
	3,073	Optimer Pharmaceuticals, Inc., (2)		29,316
	1,204	Pacira Pharmaceuticals, Inc., (2), (3)		19,120
	2,370	Pain Therapeutics, Inc., (2), (3)		11,068
	594	Pernix Therapeutics Holdings, Incorporated, (2)		4,681
	1,737	Pozen Inc., (2)		10,405
	3,510	Questcor Pharmaceuticals Inc., (3)		89,435
	1,109	Repros Therapeutics, Inc., (2), (3)		15,992
	612	Sagent Pharmaceuticals Inc., (2)		9,229
	3,575	Santarus, Inc., (2)		32,640
	3,709	SciClone Pharmaceuticals, Inc., (2), (3)		20,437
	815	Sucampo Pharmaceuticals, Inc., (2)		4,067
	220	Supernus Pharmaceuticals Incorporated, (2)		2,523
	824	Transcept Pharmaceuticals Inc., (2)		4,194
	816	Ventrus Biosciences Inc., (2)		2,562
	4,545	ViroPharma, Inc., (2), (3)		114,761
	6,511	Vivus, Inc., (2), (3)		97,014
	2,807	Xenoport, Inc., (2)		23,102
	3,562	Zogenix Inc., (2), (3)		8,691
		Total Pharmaceuticals		1,356,855
		Professional Services – 1.1%
	3,245	Acacia Research, (2)		84,273
	488	Barrett Business Services, Inc.		14,557
	2,532	CBIZ Inc., (2), (3)		13,977

84 Nuveen Investments

Shares		Description (1)	Value
		Professional Services (continued)
	895	CDI Corporation	$	15,385
	2,218	Corporate Executive Board Company		99,721
	696	CRA International, Inc., (2)		11,651
	1,952	Dolan Media Company, (2)		9,038
	795	Exponent, Inc., (2)		43,709
	904	Franklin Covey Company, (2)		10,866
	2,702	FTI Consulting Inc., (2)		70,144
	953	GP Strategies Corporation, (2)		18,345
	1,175	Heidrick & Struggles International, Inc.		13,912
	1,611	Hill International, Inc., (2)		5,461
	2,172	Hudson Global Inc., (2)		8,775
	1,498	Huron Consulting Group, Inc., (2), (3)		43,217
	1,264	ICF International, Inc., (2)		23,194
	1,471	Insperity Inc.		38,408
	1,712	Kelly Services, Inc., (3)		22,752
	1,907	Kforce Inc., (2)		21,263
	3,123	Korn Ferry International, (2)		41,817
	1,021	Mistras Group Inc., (2)		22,554
	3,313	Navigant Consulting Inc., (2)		34,422
	4,782	Odyssey Marine Exploration Inc., (2), (3)		13,820
	2,804	On Assignment, Inc., (2)		53,500
	10,113	Pendrell Corporation, (2)		12,034
	2,782	Resources Connection, Inc.		34,330
	1,381	RPX Corporation, (2)		14,542
	2,242	The Advisory Board Company, (2), (3)		106,495
	2,638	TrueBlue Inc., (2), (3)		34,426
	265	VSE Corporation		6,267
	425	WageWorks, Incorporated, (2)		8,241
		Total Professional Services		951,096
		Real Estate Investment Trust – 7.3%
	3,011	Acadia Realty Trust, (3)		77,322
	10,349	Adams Resources & Energy, Incorporated		116,633
	1,483	AG Mortgage Investment Trust Inc.		35,518
	729	Agree Realty Corporation		18,400
	137	Alexander’s Inc., (3)		60,823
	2,159	American Assets Trust Inc		58,660
	2,368	American Capital Mortgage Investment Corporation, (3)		59,034
	267	AmREIT Inc., Class B Shares		4,349
	8,959	Anworth Mortgage Asset Corporation		55,008
	1,530	Apollo Commercial Real Estate Finance, Inc.		25,872
	1,396	Apollo Residential Mortgage Inc.		30,949
	502	Ares Commercial Real Estate Corporation, (3)		8,474
	19,438	Armour Residential REIT Inc.		139,954
	3,485	Ashford Hospitality Trust Inc.		29,936
	3,234	Associated Estates Realty Corp.		48,478

Nuveen Investments 85

Portfolio of Investments

Nuveen Small Cap Index Fund (continued)

October 31, 2012

Shares		Description (1)	Value
		Real Estate Investment Trust (continued)
	2,286	Campus Crest Communities Inc.	$	25,352
	4,373	CapLease Inc.		22,433
	6,445	Capstead Mortgage Corporation		79,402
	3,915	Cedar Shopping Centers Inc.		20,710
	889	Chatham Lodging Trust		11,513
	2,588	Chesapeake Lodging Trust		48,784
	5,742	Colonial Properties Trust, (3)		124,199
	2,557	Colony Financial Inc., (3)		51,166
	1,342	Coresite Realty Corporation		30,504
	5,860	Cousins Properties, Inc.		49,283
	4,374	Crexus Investment Corporation		49,208
	8,045	CubeSmart, (3)		105,550
	10,844	CYS Investments Inc.		145,526
	16,131	DCT Industrial Trust Inc., (3)		104,045
	12,280	DiamondRock Hospitality Company, (3)		104,134
	4,005	Dupont Fabros Technology Inc., (3)		85,947
	3,549	Dynex Capital, Inc.		35,206
	1,860	EastGroup Properties Inc., (3)		96,832
	7,385	Education Realty Trust Inc., (3)		77,764
	3,057	Entertainment Properties Trust		135,884
	3,582	Equity One Inc., (3)		74,864
	2,198	Excel Trust Inc.		27,035
	8,112	FelCor Lodging Trust Inc., (2)		35,693
	6,424	First Industrial Realty Trust, Inc., (2), (3)		85,760
	3,329	First Potomac Realty Trust		39,648
	4,734	Franklin Street Properties Corporation		54,015
	1,659	Getty Realty Corporation, (3)		30,376
	1,119	Gladstone Commercial Corporation, (3)		20,623
	9,107	Glimcher Realty Trust		97,172
	2,803	Government Properties Income Trust, (3)		62,199
	2,998	Gramercy Capital Corporation, (2)		8,724
	78	Gyrodyne Company of America, Inc., (2)		8,329
	5,697	Healthcare Realty Trust, Inc.		133,823
	11,231	Hersha Hospitality Trust, (3)		51,326
	4,827	Highwoods Properties, Inc.		155,671
	2,341	Hudson Pacific Properties Inc., (3)		44,409
	4,955	Inland Real Estate Corporation		40,482
	7,537	Invesco Mortgage Capital Inc.		161,518
	5,594	Investors Real Estate Trust		47,101
	5,510	iStar Financial Inc., (2)		48,102
	4,282	Kite Realty Group Trust		23,423
	5,592	LaSalle Hotel Properties, (3)		133,872
	8,631	Lexington Corporate Properties Trust, (3)		81,908
	1,986	LTC Properties Inc., (3)		65,558
	8,854	Medical Properties Trust Inc., (3)		101,644

86 Nuveen Investments

Shares		Description (1)	Value
		Real Estate Investment Trust (continued)
	1,189	Mission West Properties Inc.	$	9,845
	2,627	Monmouth Real Estate Investment Corporation		29,160
	1,566	National Health Investors Inc.		83,640
	3,239	New York Mortgage Trust, Inc.		22,187
	8,710	Northstar Realty Finance Corporation, (3)		57,225
	6,909	Omega Healthcare Investors Inc., (3)		158,492
	759	One Liberty Properties Inc.		14,338
	1,411	Parkway Properties Inc.		19,429
	3,751	Pebblebrook Hotel Trust		79,596
	3,654	Penn Real Estate Investment Trust		60,401
	3,849	PennyMac Mortgage Investment Trust		97,919
	2,614	Potlatch Corporation, (3)		100,587
	1,195	PS Business Parks Inc., (3)		76,635
	3,258	RAIT Investment Trust, (3)		18,180
	3,000	Ramco-Gershenson Properties Trust, (3)		38,880
	5,162	Redwood Trust Inc., (3)		80,476
	6,503	Resource Capital Corporation		38,108
	3,095	Retail Opportunity Investments Corporation, (3)		39,183
	6,968	RLJ Lodging Trust		124,170
	1,446	Rouse Properties Inc., (3)		21,777
	2,419	Sabra Health Care Real Estate Investment Trust Inc.		53,750
	494	Saul Centers Inc., (3)		21,375
	601	Select Income REIT		14,851
	1,893	Sovran Self Storage Inc.		109,415
	2,034	STAG Industrial Inc.		35,229
	8,839	Starwood Property Trust Inc.		202,590
	12,084	Strategic Hotels & Resorts Inc., (2)		66,341
	2,783	Summit Hotel Properties Inc.		22,988
	1,941	Sun Communities Inc., (3)		81,483
	8,938	Sunstone Hotel Investors Inc., (2), (3)		88,307
	856	Terreno Realty Corporation		13,063
	18,251	Two Harbors Investment Corporation		217,713
	860	UMH Properties Inc.		9,039
	762	Universal Health Realty Income Trust, (3)		37,673
	1,481	Urstadt Biddle Properties Inc.		28,050
	4,236	Washington Real Estate Investment Trust, (3)		108,908
	1,220	Western Asset Mortgage Capital Corporation		26,169
	905	Whitestone Real Estate Investment Trust		12,190
	1,905	Winthrop Realty Trust, Inc.		20,841
		Total Real Estate Investment Trust		6,146,330
		Real Estate Management & Development – 0.2%
	645	AV Homes Inc., (2)		9,482
	270	Consolidated-Tomoka Land Company		8,861
	2,276	Forestar Real Estate Group Inc., (2)		36,439
	2,819	Kennedy-Wilson Holdings Inc.		40,030

Nuveen Investments 87

Portfolio of Investments

Nuveen Small Cap Index Fund (continued)

October 31, 2012

Shares		Description (1)	Value
		Real Estate Management & Development (continued)
	835	Tejon Ranch Company, (2)	$	25,000
	2,103	Thomas Properties Group, Inc.		11,230
	244	Zillow Inc, (2), (3)		9,116
		Total Real Estate Management & Development		140,158
		Road & Rail – 1.2%
	565	AMERCO, (2)		65,280
	1,663	Arkansas Best Corporation		13,387
	6,932	Avis Budget Group Inc., (2)		114,586
	1,288	Celadon Group, Inc.		22,025
	1,858	Dollas Thrifty Automotive Group Inc., (2)		143,066
	2,897	Genesee & Wyoming Inc., (2), (3)		209,946
	3,240	Heartland Express, Inc., (3)		45,198
	3,919	Knight Transportation Inc.		59,255
	998	Marten Transport, Ltd.		18,463
	4,572	Old Dominion Frght Line, (2)		153,345
	397	Patriot Transportation Holding, Inc., (2)		11,116
	1,396	Quality Distribution, Inc., (2)		12,006
	838	Roadrunner Transportation System Inc., (2)		14,606
	1,046	Saia, Inc., (2)		23,640
	5,157	Swift Transportation Company, (2)		50,281
	353	Universal Truckload Services, Inc., (2)		5,592
	2,815	Werner Enterprises, Inc.		65,195
	1,755	Zipcar Inc, (2), (3)		11,004
		Total Road & Rail		1,037,991
		Semiconductors & Equipment – 3.1%
	2,798	Advanced Energy Industriess Inc., (2)		33,044
	1,122	Alpha & Omega Semiconductor Limited, (2)		9,559
	6,032	Amkor Technology Inc., (2), (3)		26,058
	4,600	Anadigics Inc., (2)		6,716
	4,070	Applied Micro Circuits Corporation, (2)		23,606
	2,033	ATMI Inc., (2)		40,152
	7,029	Axcelis Technologies Inc., (2)		6,442
	2,110	AXT Inc., (2)		6,773
	4,249	Brooks Automation Inc.		30,678
	1,539	Cabot Microelectronics Corporation, (2)		45,862
	3,247	Cavium Networks Inc., (2), (3)		107,735
	1,516	CEVA, Inc., (2)		22,967
	4,213	Cirrus Logic, Inc., (2)		171,722
	1,545	Cohu Inc.		13,596
	425	CSR PLC		9,673
	1,960	Cymer, Inc., (2), (3)		156,192
	2,319	Diodes Inc., (2)		35,156
	1,504	DSP Group Inc., (2)		8,272
	8,965	Entegris Inc., (2)		73,603
	5,747	Entropic Communications Inc., (2), (3)		27,643

88 Nuveen Investments

Shares		Description (1)	Value
		Semiconductors & Equipment (continued)
	2,107	Exar Corporation, (2)	$	18,015
	3,933	First Solar Inc., (2), (3)		95,611
	3,255	FormFactor Inc., (2)		14,843
	1,296	GSI Technology Inc., (2)		7,245
	8,089	GT Advanced Technologies, Inc., (2), (3)		35,106
	2,014	Hittite Microwave Corporation, (2), (3)		114,073
	1,527	Inphi Corporation, (2)		12,781
	9,521	Integrated Device Technology, Inc., (2), (3)		51,794
	1,783	Integrated Silicon Solution, (2)		15,245
	904	Intermolecular Inc, (2)		6,337
	4,518	International Rectifier Corporation, (2), (3)		69,984
	8,323	Intersil Holding Corporation, Class A		58,677
	1,552	IXYS Corporation		14,775
	4,359	Kopin Corporation, (2)		16,390
	7,568	Lattice Semiconductor Corporation, (2)		29,364
	3,178	LTX-Credence Corporation, (2)		17,701
	396	M/A-COM Technology Solutions Holdings Incorporated, (2)		4,946
	3,818	Mattson Technology, Inc., (2), (3)		3,427
	1,447	Maxlinear Inc., (2)		8,219
	15,074	MEMC Electronic Materials, (2)		37,986
	3,239	Micrel, Incorporated		31,386
	5,802	Microsemi Corporation, (2)		111,398
	2,360	Mindspeed Technologies, Inc., (2)		8,048
	3,375	MIPS Technologies, Inc., (2)		23,591
	3,432	MKS Instruments Inc., (3)		81,098
	1,925	Monolithic Power Systems, Inc., (2)		37,403
	2,097	MoSys, Inc., (2)		8,472
	1,533	Nanometrics Inc., (2)		21,094
	1,277	NeoPhotonics Corporation, (2)		6,704
	306	NVE Corporation, (2), (3)		15,851
	3,423	Omnivision Technologies, Inc., (2), (3)		48,949
	1,576	PDF Solutions, Inc., (2)		20,866
	413	Peregrine Semiconductor Corporation, (2)		7,314
	1,608	Pericom Semiconductor Corporation, (2)		12,430
	3,943	Photronics Inc., (2), (3)		19,281
	2,861	PLX Technologies Inc., (2)		12,388
	1,778	Power Integrations Inc.		52,593
	2,876	Quicklogic Corporation, (2), (3)		7,535
	7,210	Rambus Inc., (2), (3)		34,896
	18,164	RF Micro Devices, Inc., (2)		80,103
	1,127	Rubicon Technology Inc., (2)		9,794
	2,099	Rudolph Technologies, (2)		19,961
	4,192	Semtech Corporation, (2), (3)		104,674
	2,043	Sigma Designs, Inc., (2)		12,135
	5,437	Silicon Image, Inc., (2)		23,923

Nuveen Investments 89

Portfolio of Investments

Nuveen Small Cap Index Fund (continued)

October 31, 2012

Shares		Description (1)	Value
		Semiconductors & Equipment (continued)
	3,233	Spansion Inc., Class A, (2)	$	35,854
	1,942	STR Holdings Inc., (2)		4,175
	2,597	SunPower Corporation, (2), (3)		11,193
	616	Supertex Inc., (2)		11,772
	3,390	Tessera Technologies Inc.		48,036
	11,006	TriQuint Semiconductor, Inc., (2)		51,728
	1,521	Ultra Clean Holdings, Inc., (2)		7,042
	1,711	Ultratech Stepper Inc., (2)		52,887
	2,538	Veeco Instruments Inc., (2), (3)		77,917
	1,578	Volterra Semiconductor Corporation, (2)		28,672
		Total Semiconductors & Equipment		2,629,131
		Software – 3.6%
	3,558	Accelrys, Inc., (2)		31,844
	2,597	ACI Worldwide, Inc., (2), (3)		101,543
	3,218	Actuate Corporation, (2)		17,152
	2,108	Advent Software Inc., (2)		45,744
	1,531	American Software, Inc.		12,539
	6,111	Aspen Technology Inc.		151,431
	522	AVG Technologies NV		5,476
	2,948	Blackbaud, Inc.		70,074
	2,308	Bottomline Technologies, Inc., (2)		54,007
	1,795	Broadsoft Inc., (2), (3)		68,605
	2,264	Callidus Software, Inc., (2), (3)		10,505
	2,917	CommVault Systems, Inc., (2), (3)		182,225
	14,306	Comverse Technology, Inc., (2)		94,277
	464	Digimarc Corporation		9,113
	1,852	Ebix, Inc., (3)		40,355
	1,643	Ellie Mae Incorporated, (2)		41,075
	604	Eloqua Inc., (2)		14,091
	506	Envivio, Incorporated, (2)		1,088
	2,017	EPIQ Systems, Inc.		24,628
	259	ePlus, Inc., (2)		9,264
	408	Exa Corporation, (2)		5,043
	2,294	Fair Isaac Corporation		106,900
	2,067	Falconstore Software, Inc., (2)		4,589
	3,531	Glu Mobile, Inc., (2), (3)		11,193
	934	Guidance Software, Inc., (2)		11,376
	1,265	Guidewire Software Incorporated, (2)		38,760
	636	Imperva Incorporated, (2), (3)		20,053
	507	Infoblox, Incorporated, (2)		8,421
	916	Interactive Intelligence Group, (2)		29,046
	2,780	JDA Software Group, (2)		106,029
	1,057	Jive Software Inc., (2)		11,838
	1,786	Kenexa Corporation		82,085
	1,312	Manhattan Associates Inc., (2)		78,720

90 Nuveen Investments

Shares		Description (1)	Value
		Software (continued)
	6,186	Mentor Graphics Corporation, (2)	$	96,007
	556	Microstrategy Inc., (2)		52,525
	2,390	Monotype Imaging Holdings Inc., (2)		36,591
	2,400	NetScout Systems, Inc., (2)		59,352
	976	OPNET Technologies, Inc., (3)		41,412
	7,809	Parametric Technology Corporation, (2)		157,586
	1,122	Pegasystems, Inc.		26,333
	864	Pervasive Software, Inc., (2)		7,413
	4,021	Progress Software Corporation, (2)		79,294
	413	Proofpoint, Incorporated, (2), (3)		5,456
	1,427	PROS Holdings, Inc., (2)		27,584
	422	QAD, Inc., Class A, (2)		5,161
	5,575	QLIK Technologies Inc., (2)		102,636
	2,341	RealPage Inc., (2), (3)		51,104
	705	Rosetta Stone Inc., (2)		8,256
	891	Sapiens International Corporation N.V.		3,074
	1,866	SeaChange International, Inc., (2)		16,887
	1,931	Sourcefire Inc., (2), (3)		82,627
	2,213	SS&C Technologies Holdings Inc., (2)		53,178
	1,805	Synchronoss Technologies, Inc., (2), (3)		36,984
	5,106	Take-Two Interactive Software, Inc., (2)		56,932
	1,948	Tangoe Inc., (2)		25,168
	1,059	TeleNav Inc., (2)		7,455
	8,144	TiVo, Inc., (2)		82,662
	1,909	Tyler Technologies Inc., (2)		91,269
	1,739	Ultimate Software Group, Inc., (2), (3)		176,265
	1,840	Vasco Data Security International, Inc., (2)		13,027
	1,424	Verint Systems Inc., (2)		38,832
	2,741	VirnetX Holding Corporation, (2), (3)		82,367
	2,422	Websense Inc., (2)		32,019
		Total Software		3,054,545
		Specialty Retail – 3.3%
	5,307	Aeropostale, Inc., (2)		63,419
	550	America’s Car-Mart, Inc., (2)		23,023
	3,187	Ann Inc., (2), (3)		112,055
	1,876	Asbury Automotive Group, Inc., (2), (3)		59,507
	1,865	Barnes & Noble Inc., (3)		31,407
	2,448	bebe stores, inc.		9,914
	1,413	Big 5 Sporting Goods Corporation		12,618
	1,057	Body Central Corporation, (2)		10,559
	2,799	Brown Shoe Inc., (3)		44,168
	1,812	Buckle Inc., (3)		81,848
	3,047	Cabela’s Incorporated, (2)		136,536
	2,708	Casual Male Retail Group Inc., (2)		10,453
	1,769	Cato Corporation		50,204

Nuveen Investments 91

Portfolio of Investments

Nuveen Small Cap Index Fund (continued)

October 31, 2012

Shares		Description (1)	Value
		Specialty Retail (continued)
	1,620	Children’s Place Retail Stores Inc., (2), (3)	$	94,657
	963	Citi Trends, Inc., (2)		11,826
	1,019	Conn’s, Inc., (2), (3)		25,811
	872	Destination Maternity Corporation		16,533
	5,842	Express Inc., (2)		65,021
	3,330	Finish Line, Inc.		69,281
	722	Five Below, Incorporated, (2)		23,927
	2,272	Francesca’s Holdings Corporation, (2), (3)		67,092
	1,599	Genesco Inc., (2)		91,623
	1,460	Group 1 Automotive Inc., (3)		90,535
	1,207	Haverty Furniture Companies Inc.		18,117
	1,083	hhgregg Inc., (2), (3)		6,541
	1,760	Hibbett Sporting Goods, Inc., (2), (3)		95,022
	2,714	Hot Topic, Inc.		23,340
	1,774	Jos. A. Bank Clothiers, Inc., (2), (3)		83,005
	1,077	Kirkland’s, Inc., (2)		10,328
	1,417	Lithia Motors Inc.		48,461
	1,799	Lumber Liquidators Inc., (2), (3)		100,420
	1,492	MarineMax Inc., (2)		12,279
	719	Mattress Firm Holding Corporation, (2), (3)		23,015
	3,307	Men’s Wearhouse Inc., (3)		108,437
	2,017	Monro Muffler Brake, Inc., (3)		68,417
	1,748	New York & Company Inc., (2)		5,891
	18,535	Office Depot, Inc., (2), (3)		45,967
	5,656	OfficeMax Inc.		41,572
	124	Orchard Supply Hardware Stores Corporation, (2), (3)		1,540
	2,868	Penske Auto Group, Inc.		87,761
	3,382	Pep Boys – Manny, Moe & Jack		33,786
	331	Perfumania Holdings, Inc., (2)		1,883
	6,343	Pier 1 Imports, Inc.		129,397
	6,493	RadioShack Corporation, (3)		14,544
	3,775	Rent-A-Center Inc., (3)		125,821
	1,011	rue21, Inc., (2)		30,441
	3,750	Select Comfort Corporation, (2)		104,363
	932	Shoe Carnival, Inc.		21,790
	2,633	Sonic Automotive Inc., (3)		51,080
	1,998	Stage Stores Inc.		48,951
	1,764	Stein Mart, Inc.		13,865
	694	Systemax Inc., (2)		7,592
	572	Teavana Holdings Inc., (2)		6,035
	600	Tilly’s Inc, Class A Shares, (2)		9,684
	1,923	Vitamin Shoppe Inc., (2), (3)		110,073
	950	West Marine, Inc., (2)		9,823
	5,815	Wet Seal Inc., (2)		16,631
	142	Winmark Corporation		7,566
	1,431	Zumiez, Inc., (2), (3)		36,219
		Total Specialty Retail		2,761,674

92 Nuveen Investments

Shares		Description (1)	Value
		Textiles, Apparel & Luxury Goods – 1.4%
	546	Cherokee Inc.	$	7,868
	779	Columbia Sportswear Company, (3)		43,936
	5,873	Crocs, Inc., (2)		74,000
	570	Culp, Inc.		7,205
	456	Delta Apparel Inc., (2)		6,904
	7,100	Fifth & Pacific Companies Inc., (2)		77,958
	1,084	G-III Apparel Group, Limited, (2), (3)		40,065
	4,686	Iconix Brand Group, Inc., (2)		86,738
	5,362	Jones Apparel Group Inc.		63,325
	1,682	K Swiss, Inc.		3,835
	1,504	Maidenform Brands Inc., (2)		28,140
	1,149	Movado Group Inc.		36,412
	914	Oxford Industries Inc.		50,709
	783	Perry Ellis International, Inc., (2)		16,161
	8,525	Quicksilver Inc., (2)		27,280
	572	R.G. Barry Corporation		8,717
	2,472	Skechers USA Inc., (2)		41,035
	2,564	Steven Madden Limited, (2)		110,047
	1,685	True Religion Apparel, Inc.		43,220
	1,409	Tumi Holdings Inc., (2)		31,562
	918	Unifi Inc., (2)		12,880
	1,315	Vera Bradley Inc., (2), (3)		39,200
	2,680	Warnaco Group, Inc., (2)		189,154
	3,188	Wolverine World Wide Inc., (3)		133,482
		Total Textiles, Apparel & Luxury Goods		1,179,833
		Thrifts & Mortgage Finance – 1.6%
	5,587	Astoria Financial Corporation, (3)		56,038
	2,955	Bank Mutual Corporation		13,327
	1,303	BankFinancial Corporation		10,463
	2,137	Beneficial Mutual Bancorp Inc., (2)		20,259
	1,612	Berkshire Hills Bancorp, Inc.		37,850
	648	BOFL Holdings, Inc., (2)		18,222
	4,147	Brookline Bancorp, Inc.		35,167
	738	Cape Bancorp Inc.		6,539
	399	Charter Financial Corporation		3,898
	550	Clifton Savings Bancorp, Inc.		6,083
	1,999	Dime Community Bancshares, Inc.		28,986
	8,390	Doral Financial Group, (2)		7,970
	801	ESB Financial Corporation, (3)		10,805
	656	ESSA Bancorp Inc.		6,612
	1,458	Everbank Financial Corporation, (3)		22,220
	632	Federal Agricultural Mortgage Corporation		17,803
	624	First Defiance Financial Corporation		11,045
	226	First Federal Bancshares of Arkansas, Inc., (2)		2,271
	1,062	First Financial Holdings, Inc.		14,974

Nuveen Investments 93

Portfolio of Investments

Nuveen Small Cap Index Fund (continued)

October 31, 2012

Shares		Description (1)	Value
		Thrifts & Mortgage Finance (continued)
	1,046	First Financial Northwest Inc., (2)	$	8,263
	693	First Pactrust Bancorp, Inc.		8,150
	2,016	Flushing Financial Corporation, (3)		31,349
	879	Fox Chase Bancorp.		13,677
	803	Franklin Financial Corporation, (2)		13,836
	567	Heritage Financial Group		7,586
	83	Hingham Institution for Savings		5,640
	447	Home Bancorp Inc., (2)		8,453
	1,024	Home Federal Bancorp, Inc.		11,694
	1,894	Home Loan Servicing Solutions Limited, (3)		36,744
	284	HomeStreet Inc., (2)		12,718
	592	Kaiser Federal Financial Group Inc., (2)		9,135
	771	Kearny Financial Corporation		7,286
	509	Meridian Interstate Bancorp, Inc., (2)		8,597
	12,310	MGIC Investment Corporation, (2)		21,173
	273	NASB Financial, Inc.		6,252
	1,251	Nationstar Mortgage Holdings, Incorporated, (2), (3)		45,199
	987	Northfield Bancorp Inc.		16,029
	6,258	Northwest Bancshares Inc.		74,470
	858	OceanFirst Financial Corporation		11,961
	7,018	Ocwen Financial Corporation, (2), (3)		270,684
	2,749	Oritani Financial Corporation		42,005
	398	Peoples Federal Bancshares, Inc.		6,786
	635	Provident Financial Holdings, Inc.		9,379
	3,885	Provident Financial Services Inc., (3)		58,275
	2,583	Provident New York Bancorp.		23,583
	8,705	Radian Group Inc., (3)		40,826
	1,799	Rockville Financial Inc., (2)		23,909
	483	Roma Financial Corporation		4,255
	691	SI Financial Group, Inc.		7,601
	710	Territorial Bancorp Inc.		16,046
	394	Tree.com Inc., (2)		5,693
	5,975	TrustCo Bank Corporation NY		33,341
	932	United Financial Bancorp.		14,325
	2,016	ViewPoint Financial Group		41,933
	621	Walker & Dunlop Inc., (2)		10,315
	478	Waterstone Financial Inc., (2)		2,581
	1,623	Westfield Financial Inc.		11,832
	497	WSFS Financial Corporation		21,050
		Total Thrifts & Mortgage Finance		1,333,163
		Tobacco – 0.2%
	5,708	Alliance One International, Inc., (2)		17,352
	9,516	Star Scientific, Inc., (2), (3)		28,833
	1,375	Universal Corporation, (3)		68,145
	3,414	Vector Group Ltd.		56,194
		Total Tobacco		170,524

94 Nuveen Investments

Shares		Description (1)	Value
		Trading Companies & Distributors – 0.9%
	1,752	Aceto Corporation	$	17,555
	3,836	Aircastle LTD		42,695
	2,723	Applied Industrial Technologies Inc., (3)		110,527
	3,061	Beacon Roofing Supply Company, (2), (3)		98,993
	1,577	Bluelinx Holdings Inc., (2)		3,327
	838	CAI International Inc., (2)		18,570
	574	DXP Enterprises, Inc., (2)		28,258
	978	Edgen Group Incorporated, (2)		7,443
	1,875	H&E Equipment Services, Inc., (2)		28,538
	1,142	Houston Wire & Cable Company		12,642
	1,723	Kaman Corporation		64,096
	2,081	Rush Enterprises, Class A, (2)		39,539
	709	SeaCube Container Leasing Limited		13,131
	1,908	TAL International Group Inc., (3)		65,139
	904	Textainer Group Holdings Limited		27,301
	1,154	Titan Machinery, Inc., (2), (3)		27,292
	1,920	Watsco Inc., (3)		131,232
	355	Willis Lease Finance Corporation, (2)		5,048
		Total Trading Companies & Distributors		741,326
		Transportation Infrastructure – 0.0%
	1,349	Wesco Aircraft Holdings Inc., (2)		18,009
		Water Utilities – 0.2%
	1,182	American States Water Co		52,032
	487	Artesian Resources Corporation		11,206
	847	Cadiz, Inc., (2), (3)		7,284
	2,683	California Water Service Group		49,421
	566	Connecticut Water Service, Inc.		17,337
	935	Consolidated Water Company, Limited		7,340
	1,001	Middlesex Water Company		19,359
	905	SJW Corp.		21,937
	817	York Water Company		14,191
		Total Water Utilities		200,107
		Wireless Telecommunication Services – 0.1%
	1,032	Boingo Wireless, Inc., (2)		7,554
	3,697	Leap Wireless International, Inc., (2), (3)		19,742
	966	nTelos Holdings Corporation		14,732
	1,557	Shenandoah Telecommunications Company		24,476
	1,420	USA Mobility Inc.		15,691
		Total Wireless Telecommunication Services		82,195
		Total Common Stocks (cost $63,519,443)		76,561,543
Shares		Description (1)	Value
		EXCHANGE-TRADED FUNDS – 0.0%
	558	Firsthand Technology Value Fund, Incorporated	$	10,011
		Total Exchange-Traded Funds (cost $10,046)		10,011

Nuveen Investments 95

Portfolio of Investments

Nuveen Small Cap Index Fund (continued)

October 31, 2012

Shares		Description (1)								Value
		COMMON STOCK RIGHTS – 0.0%
	5,063	Allos Threapeutics CVR, (4)								$	—
	692	Clinical Data, Inc., (4)									—
	1493	Gerber Scientific, (4)									—
		Total Common Stock Rights (cost $0)									—
Shares		Description (1)								Value
		WARRANTS – 0.0%
	644	Magnum Hunter Resources Corporation Warrants, (4)								$	10
		Total Warrants (cost $0)									10
Shares		Description (1)								Value
		INVESTMENTS PURCHASED WITH COLLATERAL FROM SECURITIES LENDING – 30.7%
		Money Market Fund – 30.7%
	25,733,390	Mount Vernon Securities Lending Prime Portfolio, 0.295%, (6), (7)								$	25,733,390
		Total Investments Purchased with Collateral from Securities Lending (cost $25,733,390)									25,733,390
Shares/ Principal Amount (000)		Description (1)	Coupon			Maturity		Ratings (8)		Value
		SHORT-TERM INVESTMENTS – 8.0%
		Money Market Funds – 7.2%
	6,055,479	First American Treasury Obligations Fund, Class Z		0.004%	(6)		N/A		N/A	$	6,055,479
		U.S. Government and Agency Obligations – 0.8%
$	620	U.S. Treasury Bills, (9)		0.000%			2/21/13		N/R		619,774
		Total Short-Term Investments (cost $6,675,267)									6,675,253
		Total Investments (cost $95,938,146) – 130.0%									108,980,207
		Other Assets Less Liabilities – (30.0)% (10)									(25,162,783)
		Net Assets – 100%								$	83,817,424

Investments in Derivatives at October 31, 2012

Futures Contracts outstanding:

Type	Contract Position		Number of Contracts		Contract Expiration		Notional Value		Unrealized Appreciation (Depreciation)
Russell 2000 Mini Index		Long		81		12/12	$	6,612,030	$	(253,265	)

96 Nuveen Investments

For Fund portfolio compliance purposes, the Fund’s industry classifications refer to any one or more of the industry subclassifications 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. The total value of securities out on loan at the end of the reporting period was $24,548,515.

(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) 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.

(6) The rate shown is the annualized seven-day effective yield as of the end of the reporting period.

(7) 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.

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

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

(10) Other Assets Less Liabilities includes the Unrealized Appreciation (Depreciation) of derivative instruments as noted within Investments in Derivatives at the end of the reporting period.

N/A Not applicable.

N/R Not rated.

REIT Real Estate Investment Trust

See accompanying notes to financial statements.

Nuveen Investments 97

Statement of Assets & Liabilities

October 31, 2012

	Equity Index		Mid Cap Index		Small Cap Index
Assets
Investments, at value (cost $402,913,278, $337,874,278, and $70,204,756, respectively)	$	746,586,332	$	390,687,297	$	83,246,817
Investments purchased with collateral from securities lending (at cost, which approximates value)		94,369,055		93,435,950		25,733,390
Cash		230,689		239,527		132,363
Receivables:
Dividends		867,615		164,261		31,674
Due from broker		16,179		32,087		18,363
Investments sold		—		—		32,009
Reclaims		815		—		—
Shares sold		849,737		2,469,299		767,736
Variation margin on futures contracts		—		142,290		35,640
Other assets		9,346		4,153		56
Total assets		842,929,768		487,174,864		109,998,048
Liabilities
Payables:
Collateral from securities lending program		94,369,055		93,435,950		25,733,390
Investments purchased		—		—		210,405
Shares redeemed		3,801,130		1,462,151		118,144
Variation margin on futures contracts		10,870		—		—
Accrued expenses:
Management fees		262,676		92,245		4,926
Directors fees		13,918		6,506		677
12b-1 distribution and service fees		54,901		75,853		15,875
Other		147,483		183,066		97,207
Total liabilities		98,660,033		95,255,771		26,180,624
Net assets	$	744,269,735	$	391,919,093	$	83,817,424
Class A Shares
Net assets	$	143,663,503	$	104,466,783	$	28,639,545
Shares outstanding		6,426,750		7,593,197		2,470,259
Net asset value and offering price per share	$	22.35	$	13.76	$	11.59
Class B Shares
Net assets	$	2,611,155		N/A		N/A
Shares outstanding		118,874		N/A		N/A
Net asset value and offering price per share	$	21.97		N/A		N/A
Class C Shares
Net assets	$	8,094,987	$	5,290,443	$	1,246,415
Shares outstanding		365,792		398,275		112,459
Net asset value and offering price per share	$	22.13	$	13.28	$	11.08
Class R3 Shares
Net assets	$	33,685,317	$	113,834,356	$	20,198,039
Shares outstanding		1,510,040		8,375,853		1,785,205
Net asset value and offering price per share	$	22.31	$	13.59	$	11.31
Class I Shares
Net assets	$	556,214,773	$	168,327,511	$	33,733,425
Shares outstanding		24,889,416		12,192,645		2,901,317
Net asset value and offering price per share	$	22.35	$	13.81	$	11.63
Net assets consist of:
Capital paid-in	$	395,354,440	$	324,889,590	$	67,303,984
Undistributed (Over-distribution of) net investment income		1,668,887		2,251,442		493,288
Accumulated net realized gain (loss)		3,988,657		12,715,167		3,231,356
Net unrealized appreciation (depreciation)		343,257,751		52,062,894		12,788,796
Net assets	$	744,269,735	$	391,919,093	$	83,817,424
Authorized shares per share class	$	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.

98 Nuveen Investments

Statement of Operations

Year Ended October 31, 2012

	Equity Index			Mid Cap Index			Small Cap Index
Investment Income
Dividend and interest income	$	16,024,090		$	4,673,924		$	995,280
Securities lending income, net		246,714			321,429			213,084
Total investment income		16,270,804			4,995,353			1,208,364
Expenses
Management fees		2,062,485			1,160,956			269,776
12b-1 service fees – Class A		333,032			229,762			62,312
12b-1 distribution and service fees – Class B		32,762			N/A			N/A
12b-1 distribution and service fees – Class C		82,583			40,193			12,759
12b-1 distribution and service fees – Class R3		127,510			466,134			83,519
Shareholder servicing agent fees and expenses		753,798			465,502			125,756
Custodian’s fees and expenses		151,222			85,796			142,575
Directors fees and expenses		21,528			10,310			2,408
Professional fees		68,885			28,890			10,804
Shareholder reporting expenses		88,780			86,462			37,424
Federal and state registration fees		66,444			64,516			51,475
Other expenses		66,477			39,092			148,740
Total expenses before expense reimbursement		3,855,506			2,677,613			947,548
Expense reimbursement		(527,292	)		(208,407	)		(339,342	)
Net expenses		3,328,214			2,469,206			608,206
Net investment income (loss)		12,942,590			2,526,147			600,158
Realized and Unrealized Gain (Loss)
Net realized gain (loss) from:
Investments		16,407,263			11,219,823			3,352,368
Futures contracts		4,945,104			4,173,352			1,249,190
Change in net unrealized appreciation (depreciation) of:
Investments		68,394,043			20,950,190			3,790,158
Futures contracts		(1,675,496	)		(2,256,395	)		(681,440	)
Net realized and unrealized gain (loss)		88,070,914			34,086,970			7,710,276
Net increase (decrease) in net assets from operations	$	101,013,504		$	36,613,117		$	8,310,434

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

See accompanying notes to financial statements.

Nuveen Investments 99

Statement of Changes in Net Assets

	Equity Index						Mid Cap Index						Small Cap Index
	Year Ended 10/31/12			Year Ended 10/31/11			Year Ended 10/31/12			Year Ended 10/31/11			Year Ended 10/31/12			Year Ended 10/31/11
Operations
Net investment income (loss)	$	12,942,590		$	13,093,288		$	2,526,147		$	1,434,382		$	600,158		$	447,200
Net realized gain (loss) from:
Investments		16,407,263			58,398,975			11,219,823			13,741,841			3,352,368			4,825,288
Redemptions in-kind		—			—			—			12,782,287			—			—
Futures contracts		4,945,104			5,310,055			4,173,352			(64,670	)		1,249,190			122,307
Change in net unrealized appreciation (depreciation) of:
Investments		68,394,043			(3,757,384	)		20,950,190			(7,925,562	)		3,790,158			(1,255,772	)
Futures contracts		(1,675,496	)		(1,852,673	)		(2,256,395	)		652,897			(681,440	)		142,782
Net increase (decrease) in net assets from operations		101,013,504			71,192,261			36,613,117			20,621,175			8,310,434			4,281,805
Distributions to Shareholders
From net investment income:
Class A		(2,153,086	)		(1,489,537	)		(147,244	)		(255,665	)		(58,683	)		(79,811	)
Class B		(28,382	)		(24,352	)		N/A			N/A			N/A			N/A
Class C		(71,530	)		(40,098	)		—			—			—			—
Class R3		(344,372	)		(139,184	)		—			(147,814	)		(3,152	)		(21,831	)
Class I		(10,616,129	)		(9,731,593	)		(846,639	)		(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		(1,132,075	)		(993,813	)		(2,645,479	)		—			—			—
Class I		(42,337,058	)		(46,368,020	)		(6,112,513	)		—			—			—
Decrease in net assets from distributions to shareholders		(66,186,546	)		(67,378,554	)		(12,552,193	)		(1,851,088	)		(262,649	)		(485,479	)
Fund Share Transactions
Proceeds from sale of shares		134,469,795			107,954,328			159,926,037			151,236,153			31,082,624			31,404,088
Proceeds from shares issued to shareholders due to reinvestment of distributions		49,279,398			47,057,562			9,375,784			994,125			162,716			265,209
		183,749,193			155,011,890			169,301,821			152,230,278			31,245,340			31,669,297
Cost of redemptions in-kind		—			—			—			(35,014,943	)		—			—
Cost of shares redeemed		(217,214,717	)		(313,869,062	)		(108,835,689	)		(97,192,823	)		(28,170,780	)		(29,056,893	)
Net increase (decrease) in net assets from Fund share transactions		(33,465,524	)		(158,857,172	)		60,466,132			20,022,512			3,074,560			2,612,404
Net increase (decrease) in net assets		1,361,434			(155,043,465	)		84,527,056			38,792,599			11,122,345			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	$	744,269,735		$	742,908,301		$	391,919,093		$	307,392,037		$	83,817,424		$	72,695,079
Undistributed (Over-distribution of) net investment income at the end of period	$	1,668,887		$	2,136,039		$	2,251,442		$	885,629		$	493,288		$	255,816

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

See accompanying notes to financial statements.

100 Nuveen Investments

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Nuveen Investments 101

Financial Highlights

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	$	21.44	$	.34	$	2.48		$	2.82		$	(.35	)	$	(1.56	)	$	(1.91	)	$	22.35
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
Class B (8/94)
2012		21.10		.18		2.43			2.61			(.18	)		(1.56	)		(1.74	)		21.97
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
Class C (2/99)
2012		21.24		.17		2.46			2.63			(.18	)		(1.56	)		(1.74	)		22.13
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
Class R3 (9/01)
2012		21.40		.28		2.48			2.76			(.29	)		(1.56	)		(1.85	)		22.31
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
Class I (2/94)
2012		21.43		.39		2.49			2.88			(.40	)		(1.56	)		(1.96	)		22.35
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

102 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
	14.51	%	$	143,664		.69	%		1.49	%		.62	%		1.56	%		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
	13.69			2,611		1.44			.76			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
	13.70			8,095		1.44			.75			1.37			.82			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
	14.26			33,685		.94			1.22			.87			1.28			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
	14.85			556,215		.44			1.75			.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

(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.

See accompanying notes to financial statements.

Nuveen Investments 103

Financial Highlights (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	$	12.87	$	.09		$	1.31		$	1.40		$	(.03	)	$	(.48	)	$	(.51	)	$	13.76
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
Class C (9/01)
2012		12.51		(.01	)		1.26			1.25			—			(.48	)		(.48	)		13.28
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
Class R3 (11/00)
2012		12.73		.06			1.28			1.34			—			(.48	)		(.48	)		13.59
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
Class I (11/99)
2012		12.92		.12			1.32			1.44			(.07	)		(.48	)		(.55	)		13.81
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

104 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
	11.48	%	$	104,467		.80	%		.61	%		.74	%		.67	%		7	%
	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
	10.60			5,290		1.55			(.13	)		1.49			(.07	)		7
	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
	11.14			113,834		1.05			.36			.99			.42			7
	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
	11.80			168,328		.55			.87			.49			.93			7
	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

(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.

See accompanying notes to financial statements.

Nuveen Investments 105

Financial Highlights (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	$	10.43	$	.08		$	1.11		$	1.19		$	(.03	)	$	—		$	(.03	)	$	11.59
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
Class C (9/01)
2012		10.02		—			1.06			1.06			—			—			—			11.08
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
Class R3 (12/98)
2012		10.18		.05			1.08			1.13			—			—			—			11.31
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
Class I (12/98)
2012		10.46		.11			1.12			1.23			(.06	)		—			(.06	)		11.63
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

106 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
	11.44	%	$	28,640		1.27	%		.28	%		.83	%		.72	%		20	%
	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
	10.58			1,246		2.00			(.46	)		1.58			(.03	)		20
	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
	11.13			20,198		1.52			.02			1.08			.47			20
	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
	11.79			33,733		1.00			.55			.58			.97			20
	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

(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.

See accompanying notes to financial statements.

Nuveen Investments 107

Notes to Financial Statements

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”), as diversified 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 (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.

The Funds’ 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 (“NYSE”). These securities may 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. Futures contracts are valued using the closing settlement price or, in the absence of such a price, the last traded price. 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 “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.

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

108 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 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. 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 109

Notes to Financial Statements (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, 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 fiscal year ended October 31, 2012, each Fund continued to invest in index futures contracts to convert cash into the equivalent of its corresponding index holding in order to manage cash flow activity and minimize tracking error to the Fund’s benchmark index. Index futures contracts are used as a means to efficiently gain exposure to a broad base of equity securities.

The average number of futures contracts outstanding during the fiscal year ended October 31, 2012, were as follows:

	Equity Index		Mid Cap Index		Small Cap Index
Average number of futures contracts outstanding*		86		270		68

* 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.

110 Nuveen Investments

Income from securities lending, net of fees paid, is recognized on the Statement of Operations as “Securities lending income, net.” Securities lending fees paid by each Fund during the fiscal year ended October 31, 2012, were as follows:

	Equity Index		Mid Cap Index		Small Cap Index
Securities lending fees paid	$	34,236	$	47,689	$	32,164

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 following is a three-tiered hierarchy of valuation input levels.

Level 1 –	Inputs are unadjusted and prices are determined using quoted prices in active markets for identical securities.
Level 2 –	Prices are determined using other significant observable inputs (including quoted prices for similar securities, interest rates, prepayment speeds, credit risk, etc.).
Level 3 –	Prices are determined using 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 risks associated with investing in those securities. The following is a summary of each Fund’s fair value measurements as of the end of the reporting period:

Equity Index	Level 1			Level 2		Level 3		Total
Long-Term Investments*:
Common Stocks	$	731,257,686		$	—	$	—	$	731,257,686
Warrants		111,704			—		—		111,704
Investments Purchased with Collateral from Securities Lending		94,369,055			—		—		94,369,055
Short-Term Investments:
Money Market Funds		11,818,183			—		—		11,818,183
U.S. Government & Agency Obligations		—			3,398,759		—		3,398,759
Derivatives:
Futures Contracts**		(415,303	)		—		—		(415,303	)
Total	$	837,141,325		$	3,398,759	$	—	$	840,540,084

Mid Cap Index	Level 1			Level 2		Level 3		Total
Long-Term Investments*:
Common Stocks	$	363,463,741		$	—	$	—	$	363,463,741
Investments Purchased with Collateral from Securities Lending		93,435,950			—		—		93,435,950
Short-Term Investments:
Money Market Funds		24,874,414			—		—		24,874,414
U.S. Government & Agency Obligations		—			2,349,142		—		2,349,142
Derivatives:
Futures Contracts**		(750,125	)		—		—		(750,125	)
Total	$	481,023,980		$	2,349,142	$	—	$	483,373,122

* Refer to the Fund’s Portfolio of Investments for industry classifications and Common Stocks classified as Level 2, where applicable.

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

Nuveen Investments 111

Notes to Financial Statements (continued)

Small Cap Index	Level 1			Level 2		Level 3			Total
Long-Term Investments*:
Common Stocks	$	76,546,179		$	15,364	$	—	***	$	76,561,543
Exchange-Traded Funds		10,011			—		—			10,011
Rights		—			—		—	***		—	***
Warrants		—			—		10			10
Investments Purchased with Collateral from Securities Lending		25,733,390			—		—			25,733,390
Short-Term Investments:
Money Market Funds		6,055,479			—		—			6,055,479
U.S. Government & Agency Obligations		—			619,774		—			619,774
Derivatives:
Futures Contracts**		(253,265	)		—		—			(253,265	)
Total	$	108,091,794		$	635,138	$	10		$	108,726,942

* Refer to the Fund’s Portfolio of Investments for industry classifications and Common Stocks classified as Level 2, where applicable.

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

*** Level 3 securities have a market value of zero. Refer to the Fund’s Portfolio of Investments for securities classified as Level 3.

The Nuveen funds’ Board of Directors/Trustees is responsible for the valuation process and has delegated the oversight of the daily valuation process to the Adviser’s Valuation Committee. The Valuation Committee, pursuant to the valuation policies and procedures adopted by the Board of Directors/Trustees, is responsible for making fair value determinations, evaluating the effectiveness of the funds’ pricing policies, and reporting to the Board of Directors/Trustees. The Valuation Committee is aided in its efforts by the Adviser’s dedicated Securities Valuation Team, which is responsible for administering the daily valuation process and applying fair value methodologies as approved by the Valuation Committee. When determining the reliability of independent pricing services for investments owned by the funds, the Valuation Committee, among other things, conducts due diligence reviews of the pricing services and monitors the quality of security prices received through various testing reports conducted by the Securities Valuation Team.

The Valuation Committee will consider pricing methodologies it deems relevant and appropriate when making fair value determinations. Examples of possible methodologies include, but are not limited to, multiple of earnings; discount from market of a similar freely traded security; discounted cash-flow analysis; book value or a multiple thereof; risk premium/yield analysis; yield to maturity; and/or fundamental investment analysis. The Valuation Committee will also consider factors it deems relevant and appropriate in light of the facts and circumstances. Examples of possible factors include, but are not limited to, the type of security; the issuer’s financial statements; the purchase price of the security; the discount from market value of unrestricted securities of the same class at the time of purchase; analysts’ research and observations from financial institutions; information regarding any transactions or offers with respect to the security; the existence of merger proposals or tender offers affecting the security; the price and extent of public trading in similar securities of the issuer or comparable companies; and the existence of a shelf registration for restricted securities.

For each portfolio security that has been fair valued pursuant to the policies adopted by the Board of Directors/Trustees, the fair value price is compared against the last available and next available market quotations. The Valuation Committee reviews the results of such testing and fair valuation occurrences are reported to the Board of Directors/Trustees.

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 October 31, 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	Receivable for variation margin on futures contracts	$	—	Payable for variation margin on futures contracts*	$	(415,303	)

* 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.

112 Nuveen Investments

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	Receivable for variation margin on futures contracts	$	—	Payable for variation margin on futures contracts*	$	(750,125	)

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	Receivable for variation margin on futures contracts	$	—	Payable for variation margin on futures contracts*	$	(253,265	)

* 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 fiscal year ended October 31, 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	$	4,945,104	$	4,173,352	$	1,249,190

Change in Net Unrealized Appreciation (Depreciation) of Futures Contracts	Equity Index		Mid Cap Index			Small Cap Index
Risk Exposure
Equity		$(1,675,496)	$	(2,256,395	)	$	(681,440	)

4. Fund Shares

Transactions in Fund shares were as follows:

	Equity Index
	Year Ended 10/31/12						Year Ended 10/31/11
	Shares			Amount			Shares			Amount
Shares sold:
Class A		1,565,578		$	32,573,077			816,626		$	17,730,870
Class B		1,923			40,697			174			3,737
Class C		32,367			681,241			37,219			806,830
Class R3		1,686,774			34,626,244			874,238			18,843,033
Class I		3,126,028			66,548,536			3,253,969			70,569,858
Shares issued to shareholders due to reinvestment of distributions:
Class A		534,372			10,534,883			411,949			8,776,775
Class B		16,221			310,099			22,005			460,694
Class C		31,469			607,252			24,980			526,634
Class R3		74,656			1,476,448			53,292			1,132,220
Class I		1,846,960			36,350,716			1,697,028			36,161,240
		8,916,348			183,749,193			7,191,480			155,011,891
Shares redeemed:
Class A		(1,231,749	)		(25,949,515	)		(1,238,649	)		(27,109,684	)
Class B		(99,634	)		(2,107,732	)		(168,827	)		(3,677,889	)
Class C		(86,922	)		(1,829,888	)		(79,043	)		(1,706,016	)
Class R3		(915,878	)		(18,254,601	)		(867,703	)		(18,863,985	)
Class I		(7,940,588	)		(169,072,981	)		(11,941,637	)		(262,511,489	)
		(10,274,771	)		(217,214,717	)		(14,295,859	)		(313,869,063	)
Net increase (decrease)		(1,358,423	)	$	(33,465,524	)		(7,104,379	)	$	(158,857,172	)

Nuveen Investments 113

Notes to Financial Statements (continued)

	Mid Cap Index
	Year Ended 10/31/12						Year Ended 10/31/11
	Shares			Amount			Shares			Amount
Shares sold:
Class A		4,786,260		$	61,327,454			3,592,756		$	47,969,185
Class C		184,279			2,337,668			77,394			1,029,313
Class R3		4,393,557			56,768,086			4,088,313			53,833,459
Class I		2,969,633			39,492,829			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		226,691			2,645,480			11,361			147,814
Class I		324,664			3,870,284			45,808			602,840
		13,127,055			169,301,821			11,464,624			152,230,280
Shares redeemed:
Class A		(2,775,392	)		(35,406,321	)		(1,306,952	)		(17,153,207	)
Class C		(59,605	)		(772,002	)		(79,166	)		(1,002,954	)
Class R3		(1,356,907	)		(17,055,217	)		(1,217,533	)		(16,165,349	)
Class I		(4,269,222	)		(55,602,149	)		(4,679,157	)		(62,871,313	)
Class I – In-kind		—			—			(2,670,858	)		(35,014,943	)
		(8,461,126	)		(108,835,689	)		(9,953,666	)		(132,207,766	)
Net increase (decrease)		4,665,929		$	60,466,132			1,510,958		$	20,022,514

	Small Cap Index
	Year Ended 10/31/12						Year Ended 10/31/11
	Shares			Amount			Shares			Amount
Shares sold:
Class A		1,247,414		$	13,644,265			1,149,404		$	12,460,157
Class C		12,089			129,838			24,621			265,641
Class R3		1,082,989			11,770,605			1,009,181			10,725,448
Class I		494,689			5,537,916			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		308			3,152			2,020			21,831
Class I		9,689			101,546			14,973			165,746
		2,852,714			31,245,340			2,943,930			31,669,296
Shares redeemed:
Class A		(643,542	)		(7,181,134	)		(576,592	)		(6,078,774	)
Class C		(32,384	)		(351,107	)		(64,662	)		(661,129	)
Class R3		(460,033	)		(4,983,290	)		(345,704	)		(3,647,858	)
Class I		(1,440,057	)		(15,655,249	)		(1,673,238	)		(18,669,132	)
		(2,576,016	)		(28,170,780	)		(2,660,196	)		(29,056,893	)
Net increase (decrease)		276,698		$	3,074,560			283,734		$	2,612,403

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

Fund	Year Ended 10/31/12		Year Ended 10/31/11
Equity Index		119,955		115,186

5. Investment Transactions

Purchases and sales (excluding investments purchased with collateral from securities lending, short-term investments and derivative transactions) during the fiscal year ended October 31, 2012, were as follows:

	Equity Index		Mid Cap Index		Small Cap Index
Purchases	$	10,607,126	$	85,684,344	$	16,829,739
Sales		55,374,596		24,001,959		12,926,922

114 Nuveen Investments

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 October 31, 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	$	511,588,774		$	432,680,524		$	96,265,450
Gross unrealized:
Appreciation	$	384,241,312		$	79,993,249		$	22,447,687
Depreciation		(54,874,699	)		(28,550,526	)		(9,732,930	)
Net unrealized appreciation (depreciation) of investments	$	329,366,613		$	51,442,723		$	12,714,757

Permanent differences, primarily due to tax equalization, distribution reclass and REIT adjustments, resulted in reclassifications among the Funds’ components of net assets at October 31, 2012, the Funds’ tax year-end, as follows:

	Equity Index			Mid Cap Index			Small Cap Index
Capital paid-in	$	1,851,845		$	515,690		$	49,523
Undistributed (Over-distribution of) net investment income		(196,243	)		(166,451	)		(100,037	)
Accumulated net realized gain (loss)		(1,655,602	)		(349,239	)		50,514

The tax components of undistributed net ordinary income and net long-term capital gains at October 31, 2012, the Funds’ tax year end, were as follows:

	Equity Index		Mid Cap Index		Small Cap Index
Undistributed net ordinary income*	$	3,112,246	$	3,844,283	$	523,884
Undistributed net long-term capital gains		16,461,320		11,757,407		3,283,290

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

The tax character of distributions paid during the Funds’ tax years ended October 31, 2012 and October 31, 2011, was designated for purposes of the dividends paid deduction as follows:

2012	Equity Index		Mid Cap Index		Small Cap Index
Distributions from net ordinary income*	$	14,462,592	$	1,386,875	$	262,649
Distributions from net long-term capital gains		51,723,954		11,165,318		—
2011	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.

During the Funds’ tax year ended October 31, 2012, the following Fund utilized its capital loss carryforwards as follows:

	Small Cap Index
Utilized capital loss carryforwards	$	621,911

On December 22, 2010, the Regulated Investment Company Modernization Act of 2010 (the “Act”) was enacted, which changed various technical rules governing the tax treatment of RICs. The changes are generally effective for taxable years beginning after the date of enactment. One of the more prominent changes addresses capital loss carryforwards. Under the Act, each Fund will be permitted to carry forward capital losses incurred in taxable years beginning after the date of enactment for an unlimited period. However, any losses incurred during those future taxable years will be required to be utilized prior to the losses incurred in pre-enactment taxable years, which carry an expiration date. As a result of this ordering rule, pre-enactment capital loss carryforwards may be more likely to expire unused. Additionally, post-enactment capital loss carryforwards will retain their character as either short-term or long-term capital losses rather than being considered all short-term as permitted under previous regulation.

Nuveen Investments 115

Notes to Financial Statements (continued)

The Act also contains several provisions aimed at preserving the character of distributions made by a fiscal year RIC during the portion of its taxable year ending after October 31 or December 31, reducing the circumstances under which a RIC might be required to file amended Forms 1099 to restate previously reported distributions.

During the Funds’ tax year ended October 31, 2012, there were no post-enactment capital losses generated by any of the Funds.

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

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

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 certain 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 October 31, 2012, the complex-level fee rate for each Fund was as follows:

Fund	Complex-Level Fee Rate
Equity Index		.1998	%
Mid Cap Index		.1878
Small Cap Index		.1936

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.

116 Nuveen Investments

The Adviser has contractually agreed to waive fees and/or reimburse 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.

Class A Shares are offered at their net asset value per share with no up-front sales charge. During the fiscal year ended October 31, 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 fiscal year ended October 31, 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 (Unaudited)	$	4,913	$	5,595	$	1,223

To compensate for commissions advanced to financial intermediaries, 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. During the fiscal year ended October 31, 2012, the Distributor retained such 12b-1 fees as follows:

	Equity Index		Mid Cap Index		Small Cap Index
12b-1 fees retained (Unaudited)	$	37,670	$	7,536	$	4,025

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

The Distributor also collected and retained CDSC on share redemptions during the fiscal year ended October 31, 2012, as follows:

	Equity Index		Mid Cap Index		Small Cap Index
CDSC retained (Unaudited)	$	2,679	$	608	$	—

8. New Accounting Pronouncements

Financial Accounting Standards Board (“FASB”) Balance Sheet (Topic 210): Disclosures about Offsetting Assets and Liabilities

In December 2011, the FASB issued Accounting Standards Update (“ASU”) No. 2011-11 (“ASU No. 2011-11”) to enhance disclosures about financial instruments and derivative instruments that are subject to offsetting (“netting”) on the Statement of Assets and Liabilities. This information will enable users of the entity’s financial statements to evaluate the effect or potential effect of netting arrangements on the entity’s financial position. ASU No. 2011-11 is effective prospectively during interim or annual periods beginning on or after January 1, 2013. At this time, management is evaluating the implications of this guidance and the impact it will have to the financial statements amounts and footnote disclosures, if any.

Nuveen Investments 117

Trustees and Officers (Unaudited)

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

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

Name, Birthdate and Address	Position(s) Held with the Funds	Year First Elected or Appointed (1)	Principal Occupation(s) Including other Directorships During Past 5 Years	Number of Portfolios in Fund Complex Overseen by Trustee
Independent Trustees:
Robert P. Bremner 8/22/40 333 W. Wacker Drive Chicago, IL 60606	Chairman of the Board and Trustee	1996	Private Investor and Management Consultant; Treasurer and Director, Humanities Council of Washington, D.C.; Board Member, Independent Directors Council affiliated with the Investment Company Institute.	217
Jack B. Evans 10/22/48 333 W. Wacker Drive Chicago, IL 60606	Trustee	1999	President, The Hall-Perrine Foundation, a private philanthropic corporation (since 1996); Director and Chairman, United Fire Group, a publicly held company; member of the Board of Regents for the State of Iowa University System; Director, Source Media Group; Life Trustee of Coe College and the Iowa College Foundation; formerly, Director, Alliant Energy; formerly, Director, Federal Reserve Bank of Chicago; formerly, President and Chief Operating Officer, SCI Financial Group, Inc., a regional financial services firm.	217
William C. Hunter 3/6/48 333 W. Wacker Drive Chicago, IL 60606	Trustee	2004	Dean Emeritus (since June 30, 2012), formerly, Dean, Tippie College of Business, University of Iowa (2006-2012); Director (since 2004) of Xerox Corporation; Director (since 2005), and President (since July 2012) Beta Gamma Sigma, Inc., The International Honor Society; Director of Wellmark, Inc. (since 2009); formerly, Dean and Distinguished Professor of Finance, School of Business at the University of Connecticut (2003-2006); previously, Senior Vice President and Director of Research at the Federal Reserve Bank of Chicago (1995-2003); formerly, Director (1997-2007), Credit Research Center at George Washington University.	217
David J. Kundert 10/28/42 333 W. Wacker Drive Chicago, IL 60606	Trustee	2005	Director, Northwestern Mutual Wealth Management Company; retired (since 2004) as Chairman, JPMorgan Fleming Asset Management, President and CEO, Banc One Investment Advisors Corporation, and President, One Group Mutual Funds; prior thereto, Executive Vice President, Banc One Corporation and Chairman and CEO, Banc One Investment Management Group; Member, Board of Regents, Luther College; member of the Wisconsin Bar Association; member of Board of Directors, Friends of Boerner Botanical Gardens; member of Board of Directors and Chair of Investment Committee, Greater Milwaukee Foundation.	217
William J. Schneider 9/24/44 333 W. Wacker Drive Chicago, IL 60606	Trustee	1996	Chairman of Miller-Valentine Partners Ltd., a real estate investment company; formerly, Senior Partner and Chief Operating Officer (retired 2004) of Miller-Valentine Group; member, University of Dayton Business School Advisory Council; member, Mid-America Health System Board; formerly, member and chair, Dayton Philharmonic Orchestra Association; formerly, member, Business Advisory Council, Cleveland Federal Reserve Bank.	217
Judith M. Stockdale 12/29/47 333 W. Wacker Drive Chicago, IL 60606	Trustee	1997	Executive Director, Gaylord and Dorothy Donnelley Foundation (since 1994); prior thereto, Executive Director, Great Lakes Protection Fund (1990-1994).	217
Carole E. Stone 6/28/47 333 W. Wacker Drive Chicago, IL 60606	Trustee	2007	Director, Chicago Board Options Exchange (since 2006); Director, C2 Options Exchange, Incorporated (since 2009); formerly, Commissioner, New York State Commission on Public Authority Reform (2005-2010); formerly, Chair, New York Racing Association Oversight Board (2005-2007).	217

118 Nuveen Investments

Name, Birthdate and Address	Position(s) Held with the Funds	Year First Elected or Appointed (1)	Principal Occupation(s) During Past Five Years	Number of Portfolios in Fund Complex Overseen by Trustee
Virginia L. Stringer 8/16/44 333 West Wacker Drive Chicago, IL 60606	Trustee	2011	Board Member, Mutual Fund Directors Forum; former governance consultant and non-profit board member; former Owner and President, Strategic Management Resources, Inc. a management consulting firm; former Member, Governing Board, Investment Company Institute’s Independent Directors Council; previously, held several executive positions in general management, marketing and human resources at IBM and The Pillsbury Company; Independent Director, First American Fund Complex (1987-2010) and Chair (1997-2010).	217
Terence J. Toth 9/29/59 333 W. Wacker Drive Chicago, IL 60606	Trustee	2008	Director, Legal & General Investment Management America, Inc. (since 2008); Managing Partner, Promus Capital (since 2008); formerly, CEO and President, Northern Trust Global Investments (2004-2007); Executive Vice President, Quantitative Management & Securities Lending (2000-2004); prior thereto, various positions with Northern Trust Company (since 1994); member: Chicago Fellowship Board (since 2005), Catalyst Schools of Chicago Board (since 2008); Mather Foundation Board (since 2012) and a member of its investment committee; formerly, member: Northern Trust Mutual Funds Board (2005-2007), Northern Trust Global Investments Board (2004-2007), Northern Trust Japan Board (2004-2007), Northern Trust Securities Inc. Board (2003-2007) and Northern Trust Hong Kong Board (1997-2004).	217
Interested Trustee:
John P. Amboian (2) 6/14/61 333 W. Wacker Drive Chicago, IL 60606	Trustee	2008	Chief Executive Officer and Chairman (since 2007) and Director (since 1999) of Nuveen Investments, Inc., formerly, President (1999-2007); Chief Executive Officer (since 2007) of Nuveen Investments Advisers Inc.; Director (since 1998) formerly, Chief Executive Officer (2007-2010) of Nuveen Fund Advisors, Inc.	217
Name, Birthdate and Address	Position(s) Held with the Funds	Year First Elected or Appointed (3)	Principal Occupation(s) During Past 5 Years	Number of Portfolios in Fund Complex Overseen by Officer
Officers of the Funds:
Gifford R. Zimmerman 9/9/56 333 W. Wacker Drive Chicago, IL 60606	Chief Administrative Officer	1988	Managing Director (since 2002), Assistant Secretary of Nuveen Securities, LLC; Managing Director (since 2004) and Assistant Secretary (since 1994) of Nuveen Investments, Inc.; Managing Director (since 2002), Assistant Secretary (since 1997) and Co-General Counsel (since 2011) of Nuveen Fund Advisors, Inc.; Managing Director, Assistant Secretary and Associate General Counsel of Nuveen Asset Management, LLC (since 2011); Managing Director, Associate General Counsel and Assistant Secretary of Symphony Asset Management LLC (since 2003); Vice President and Assistant Secretary of NWQ Investment Management Company, LLC (since 2002), Nuveen Investments Advisers Inc. (since 2002), Santa Barbara Asset Management, LLC (since 2006) and of Winslow Capital Management, LLC, (since 2010); Chief Administrative Officer and Chief Compliance Officer (since 2006) of Nuveen Commodities Asset Management, LLC; Chartered Financial Analyst.	217
Margo L. Cook 4/11/64 333 W. Wacker Drive Chicago, IL 60606	Vice President	2009	Executive Vice President (since 2008) of Nuveen Investments, Inc. and of Nuveen Fund Advisors, Inc. (since 2011); Managing Director – Investment Services of Nuveen Commodities Asset Management, LLC (since August 2011) previously, Head of Institutional Asset Management (2007-2008) of Bear Stearns Asset Management; Head of Institutional Asset Management (1986-2007) of Bank of NY Mellon; Chartered Financial Analyst.	217

Nuveen Investments 119

Trustees and Officers (Unaudited)(continued)

Name, Birthdate and Address	Position(s) Held with the Funds	Year First Elected or Appointed (3)	Principal Occupation(s) During Past 5 Years	Number of Portfolios in Fund Complex Overseen by Officer
Lorna C. Ferguson 10/24/45 333 W. Wacker Drive Chicago, IL 60606	Vice President	1998	Managing Director (since 2005) of Nuveen Fund Advisors, Inc. and Nuveen Securities, LLC (since 2004).	217
Stephen D. Foy 5/31/54 333 W. Wacker Drive Chicago, IL 60606	Vice President and Controller	1998	Senior Vice President (since 2010), formerly, Vice President (2005-2010) and Funds Controller of Nuveen Securities, LLC; Vice President of Nuveen Fund Advisors, Inc.; Chief Financial Officer of Nuveen Commodities Asset Management, LLC (since 2010); Certified Public Accountant.	217
Scott S. Grace 8/20/70 333 W. Wacker Drive Chicago, IL 60606	Vice President and Treasurer	2009	Managing Director, Corporate Finance & Development, Treasurer (since 2009) of Nuveen Securities, LLC; Managing Director and Treasurer (since 2009) of Nuveen Fund Advisors, Inc., Nuveen Investments Advisers, Inc., Nuveen Investments Holdings Inc. and (since 2011) Nuveen Asset Management, LLC; Vice President and Treasurer of NWQ Investment Management Company, LLC, Tradewinds Global Investors, LLC, Symphony Asset Management LLC and Winslow Capital Management, LLC.; Vice President of Santa Barbara Asset Management, LLC; formerly, Treasurer (2006-2009), Senior Vice President (2008-2009), previously, Vice President (2006-2008) of Janus Capital Group, Inc.; formerly, Senior Associate in Morgan Stanley’s Global Financial Services Group (2000-2003); Chartered Accountant Designation.	217
Walter M. Kelly 2/24/70 333 W. Wacker Drive Chicago, IL 60606	Chief Compliance Officer and Vice President	2003	Senior Vice President (since 2008) and Assistant Secretary (since 2003) of Nuveen Fund Advisors, Inc; Senior Vice President (since 2008) of Nuveen Investments Holdings, Inc; formerly, Senior Vice President (2008-2011) of Nuveen Securities, LLC.	217
Tina M. Lazar 8/27/61 333 W. Wacker Drive Chicago, IL 60606	Vice President	2002	Senior Vice President (since 2010), formerly, Vice President (2005-2010) of Nuveen Fund Advisors, Inc.	217
Name, Birthdate and Address	Position(s) Held with the Funds	Year First Elected or Appointed (3)	Principal Occupation(s) Including other Directorships During Past 5 Years	Number of Portfolios in Fund Complex Overseen by Officer
Kevin J. McCarthy 3/26/66 333 W. Wacker Drive Chicago, IL 60606	Vice President and Secretary	2007	Managing Director and Assistant Secretary (since 2008), formerly, Vice President (2007-2008), Nuveen Securities, LLC; Managing Director (since 2008), Assistant Secretary (since 2007) and Co-General Counsel (since 2011) of Nuveen Fund Advisors, Inc.; Managing Director, Assistant Secretary and Associate General Counsel (since 2011) of Nuveen Asset Management, LLC; Managing Director (since 2008), and Assistant Secretary, Nuveen Investment Holdings, Inc.; Vice President (since 2007) and Assistant Secretary of Nuveen Investments Advisers Inc., NWQ Investment Management Company, LLC, Tradewinds Global Investors LLC, NWQ Holdings, LLC, Symphony Asset Management LLC, Santa Barbara Asset Management, LLC, and of Winslow Capital Management, LLC. (since 2010); Vice President and Secretary (since 2010) of Nuveen Commodities Asset Management, LLC; prior thereto, Partner, Bell, Boyd & Lloyd LLP (1997-2007).	217
Kathleen L. Prudhomme 3/30/53 901 Marquette Avenue Minneapolis, MN 55402	Vice President and Assistant Secretary	2011	Managing Director, Assistant Secretary and Co-General Counsel (since 2011) of Nuveen Fund Advisors, Inc.; Managing Director, Assistant Secretary and Associate General Counsel (since 2011) of Nuveen Asset Management, LLC; Managing Director and Assistant Secretary (since 2011) of Nuveen Securities, LLC; formerly, Deputy General Counsel, FAF Advisors, Inc. (2004-2010).	217

120 Nuveen Investments

Name, Birthdate and Address	Position(s) Held with the Funds	Year First Elected or Appointed (3)	Principal Occupation(s) Including other Directorships During Past 5 Years	Number of Portfolios in Fund Complex Overseen by Officer
Jeffery M. Wilson 3/13/56 333 West Wacker Drive Chicago, IL 60606	Vice President	2011	Senior Vice President of Nuveen Securities, LLC (since 2011); formerly, Senior Vice President of FAF Advisors, Inc. (2000-2010).	100

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

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

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

Nuveen Investments 121

Annual Investment Management Agreement Approval Process

(Unaudited)

The Board of Directors (each, a “Board” and each Director, a “Board Member”) of the Funds, including the Board Members who are not parties to the Funds’ advisory or sub-advisory agreements or “interested persons” of any such parties (the “Independent Board Members”), is responsible for approving the advisory agreements (each, an “Investment Management Agreement”) between each Fund and Nuveen Fund Advisors, Inc. (the “Advisor”) and the sub-advisory agreements (each, a “Sub-Advisory Agreement”) between the Advisor and Nuveen Asset Management, LLC (the “Sub-Advisor”) (the Investment Management Agreements and the Sub-Advisory Agreements are referred to collectively as the “Advisory Agreements”) and their periodic continuation. Pursuant to the Investment Company Act of 1940, as amended (the “1940 Act”), the Board is required to consider the continuation of the Advisory Agreements on an annual basis. Accordingly, at an in-person meeting held on May 21-23, 2012 (the “May Meeting”), the Board, including a majority of the Independent Board Members, considered and approved the continuation of the Advisory Agreements for the Funds for an additional one-year period.

In preparation for its considerations at the May Meeting, the Board requested and received extensive materials prepared in connection with the review of the Advisory Agreements. The materials provided a broad range of information regarding the Funds, the Advisor and the Sub-Advisor (the Advisor and the Sub-Advisor are collectively, the “Fund Advisers” and each, a “Fund Adviser”). As described in more detail below, the information provided included, among other things, a review of Fund performance, including Fund investment performance assessments against peer groups and appropriate benchmarks, a comparison of Fund fees and expenses relative to peers, a description and assessment of shareholder service levels for the Funds, a summary of the performance of certain service providers, a review of product initiatives and shareholder communications and an analysis of the Advisor’s profitability with comparisons to comparable peers in the managed fund business. As part of its annual review, the Board also held a separate meeting on April 18-19, 2012, to review the Funds’ investment performance and consider an analysis provided by the Advisor of the Sub-Advisor which generally evaluated the Sub-Advisor’s investment team, investment mandate, organizational structure and history, investment philosophy and process, performance of the applicable Fund, and significant changes to the foregoing. As a result of its review of the materials and discussions, the Board presented the Advisor with questions and the Advisor responded.

The materials and information prepared in connection with the annual review of the Advisory Agreements supplement the information and analysis provided to the Board during the year. In this regard, throughout the year, the Board, acting directly or through its committees, regularly reviews the performance and various services provided by the Advisor and the Sub-Advisor. The Board meets at least quarterly as well as at other times as the need arises. At its quarterly meetings, the Board reviews reports by the Advisor which include, among other things, Fund performance, a review of the investment teams and reports on compliance, regulatory matters and risk management. The Board also meets with key investment personnel managing the Fund portfolios during the year. In October 2011, the Board also created two new standing committees (the Open-end Fund Committee and the Closed-end Fund Committee) to assist the full Board in monitoring and gaining a deeper insight into the distinctive issues and business practices of open-end and closed-end funds.

In addition, the Board continues its program of seeking to have the Board Members or a subset thereof visit each sub-advisor to the Nuveen funds at least once over a multiple year rotation, meeting with key investment and business personnel. Further, an ad hoc committee of the Board visited the then-current transfer agents of the Nuveen funds in 2011 and the audit committee of the Board visited the various pricing agents for the Nuveen funds in January 2012.

The Board considers factors and information that are relevant to its annual consideration of the renewal of the Advisory Agreements at the meetings held throughout the year. Accordingly, the Board considers the information provided and knowledge gained at these meetings when performing its annual review of the Advisory Agreements. The Independent Board Members are assisted throughout the process by independent legal counsel who provided materials describing applicable law and the duties of directors or trustees in reviewing advisory contracts and met with the Independent Board Members in executive sessions without management present. In addition, it is important to recognize that the management arrangements for the Nuveen funds are the result of many years of review and discussion between the Independent Board Members and fund management and that the Board Members’ conclusions may be based, in part, on their consideration of fee arrangements and other factors developed in previous years.

The Board considered all factors it believed relevant with respect to each Fund, including among other factors: (a) the nature, extent and quality of the services provided by the Fund Advisers, (b) the investment performance of the Fund and Fund Advisers, (c) the advisory fees and costs of the services to be provided to the Fund and the profitability of the Fund Advisers, (d) the extent of any economies of scale, (e) any benefits derived by the Fund Advisers from the relationship with the Fund and (f) other factors. Each Board Member may have accorded different weight to the various factors in reaching his or her conclusions with respect to a Fund’s Advisory Agreements. The Independent Board Members did not identify any single factor as all important or controlling. The Independent Board Members’ considerations were instead based on a comprehensive consideration of all the information presented. The principal factors considered by the Board and its conclusions are described below.

A. Nature, Extent and Quality of Services

In considering renewal of the Advisory Agreements, the Independent Board Members considered the nature, extent and quality of the Fund Adviser’s services, including advisory services and the resulting Fund performance and administrative services. The Independent Board Members further considered the overall reputation and capabilities of the Advisor and its affiliates, the commitment of the Advisor to provide high quality service to the Funds, their overall confidence in the Advisor’s integrity and the Advisor’s

122 Nuveen Investments

responsiveness to questions and concerns raised by them. The Independent Board Members reviewed materials outlining, among other things, the Fund Adviser’s organization and business; the types of services that the Fund Adviser or its affiliates provide to the Funds; the performance record of the applicable Fund (as described in further detail below); and any initiatives Nuveen had taken for the applicable fund product line.

In considering advisory services, the Board recognized that the Advisor provides various oversight, administrative, compliance and other services for the Funds and the Sub-Advisor generally provides the portfolio investment management services to the Funds. In reviewing the portfolio management services provided to each Fund, the Board reviewed the materials provided by the Nuveen Investment Services Oversight Team analyzing, among other things, the Sub-Advisor’s investment team and changes thereto, organization and history, assets under management, Fund objectives and mandate, the investment team’s philosophy and strategies in managing the Fund, developments affecting the Sub-Advisor or Fund and Fund performance. The Independent Board Members also reviewed portfolio manager compensation arrangements to evaluate each Fund Adviser’s ability to attract and retain high quality investment personnel, preserve stability, and reward performance but not provide an inappropriate incentive to take undue risks. In addition, the Board considered the Advisor’s execution of its oversight responsibilities over the Sub-Advisor. Given the importance of compliance, the Independent Board Members also considered Nuveen’s compliance program, including the report of the chief compliance officer regarding the Funds’ compliance policies and procedures; the resources dedicated to compliance; and the record of compliance with the policies and procedures.

In addition to advisory services, the Board considered the quality and extent of administrative and other non-investment advisory services the Advisor and its affiliates provide to the Funds, including product management, investment services (such as oversight of investment policies and procedures, risk management, and pricing), fund administration, oversight of service providers, shareholder services and communications, administration of Board relations, regulatory and portfolio compliance and legal support. The Board further recognized Nuveen’s additional investments in personnel, including in compliance and risk management. In reviewing the services provided, the Board also reviewed materials describing various notable initiatives and projects the Advisor performed in connection with the open-end fund product line. These initiatives included efforts to eliminate product overlap through mergers or liquidations; commencement of various new funds; elimination of insurance mandates for various funds; updates in investment policies or guidelines for several funds; and reductions in management fees and expense caps for certain funds.

Based on their review, the Independent Board Members found that, overall, the nature, extent and quality of services provided to the respective Funds under each applicable Advisory Agreement were satisfactory.

B. The Investment Performance of the Funds and Fund Advisers

The Board, including the Independent Board Members, reviewed and considered the performance history of each Fund over various time periods. The Board reviewed, among other things, each Fund’s historic investment performance as well as information comparing the Fund’s performance information with that of other funds (the “Performance Peer Group”) based on data compiled by Nuveen that was provided by an independent provider of mutual fund data and with recognized and/or customized benchmarks (i.e., benchmarks derived from multiple recognized benchmarks).

The Board reviewed reports, including a comprehensive analysis of the Funds’ performance and the applicable investment team. In this regard, the Board reviewed each Fund’s total return information compared to the returns of its Performance Peer Group and recognized and/or customized benchmarks for the quarter, one-, three- and five-year periods ending December 31, 2011, as well as performance information reflecting the first quarter of 2012.

In reviewing performance comparison information, the Independent Board Members recognized that the usefulness of the comparisons of the performance of certain funds with the performance of their respective Performance Peer Group may be limited because the Performance Peer Group may not adequately represent the objectives and strategies of the applicable funds or may be limited in size or number. The Independent Board Members also noted that the investment experience of a particular shareholder in the Nuveen funds will vary depending on when such shareholder invests in the applicable fund, the class held (if multiple classes are offered in a fund) and the performance of the fund (or respective class) during that shareholder’s investment period. In addition, although the performance below reflects the performance results for the time periods ending as of the most recent calendar year end (unless otherwise indicated), the Board also recognized that selecting a different ending time period may derive different results. Furthermore, while the Board is cognizant of the relevant performance of a fund’s peer set and/or benchmark(s), the Board evaluated fund performance in light of the respective fund’s investment objectives, investment parameters and guidelines and recognized that the objectives, investment parameters and guidelines of peers and/or benchmarks may differ to some extent, thereby resulting in differences in performance results. Nevertheless, with respect to any Nuveen funds that the Board considers to have underperformed their peers and/or benchmarks from time to time, the Board monitors such funds closely and considers any steps necessary or appropriate to address such issues.

In considering the results of the comparisons for the Funds, the Independent Board Members observed, among other things, that the Nuveen Mid Cap Index Fund and the Nuveen Equity Index Fund (the “Equity Index Fund”) had each demonstrated generally favorable performance in comparison to peers, performing in the first or second quartile over various periods, while the Nuveen Small Cap Index Fund had satisfactory performance compared to its peers, performing in the third quartile over various periods.

Nuveen Investments 123

Annual Investment Management Agreement Approval Process

(Unaudited) (continued)

Based on their review, the Independent Board Members determined that each Fund’s investment performance had been satisfactory.

C. Fees, Expenses and Profitability

1. Fees and Expenses

The Board evaluated the management fees and expenses of each Fund reviewing, among other things, such Fund’s gross management fees, net management fees and net expense ratios in absolute terms as well as compared to the fee and expenses of a comparable universe of funds provided by an independent fund data provider (the “Peer Universe”) and to a more focused subset of funds in the Peer Universe (the “Peer Group”) and any expense limitations.

The Independent Board Members further reviewed the methodology regarding the construction of the applicable Peer Universe and Peer Group. In reviewing the comparisons of fee and expense information, the Independent Board Members took into account that in certain instances various factors such as: the limited size and particular composition of the Peer Universe or Peer Group (including the inclusion of other Nuveen funds in the peer set); expense anomalies; changes in the funds comprising the Peer Universe or Peer Group from year to year; levels of reimbursement or fee waivers; and the timing of information used may impact the comparative data, thereby limiting somewhat the ability to make a meaningful comparison with peers.

In reviewing the fee schedule for a Fund, the Independent Board Members also considered the fund-level and complex-wide breakpoint schedules (described in further detail below) and any fee waivers and reimbursements provided by Nuveen. In reviewing fees and expenses, the Board considered the expenses and fees to be higher if they were over 10 basis points higher, slightly higher if they were approximately 6 to 10 basis points higher, in line if they were within approximately 5 basis points higher than the peer average and below if they were below the peer average of the Peer Group. In reviewing the reports, the Board noted that the overwhelming majority of the Nuveen funds were at, close to or below their Peer Group or Peer Universe (if no separate Peer Group) average based on the net total expense ratio.

The Independent Board Members observed that the Equity Index Fund had a net expense ratio higher than its peer average, but a net management fee in line with its peer average, while each of the other Funds had net management fees and a net expense ratio (including fee waivers and expense reimbursements, if any) below their respective peer averages.

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

2. Comparisons with the Fees of Other Clients

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

In considering the fees of the Sub-Advisor, the Independent Board Members also considered the pricing schedule or fees that the Sub-Advisor charges for similar investment management services for other Nuveen funds, funds of other sponsors (if any), and other clients (such as retail and/or institutional managed accounts).

3. Profitability of Fund Advisers

In conjunction with their review of fees, the Independent Board Members also considered the profitability of Nuveen for its advisory activities and its financial condition. The Independent Board Members reviewed the revenues and expenses of Nuveen’s advisory activities for the last two calendar years, the allocation methodology used in preparing the profitability data and an analysis of the key drivers behind the changes in revenues and expenses that impacted profitability in 2011. The Independent Board Members noted this information supplemented the profitability information requested and received during the year to help keep them apprised of developments affecting profitability (such as changes in fee waivers and expense reimbursement commitments). In this regard, the Independent Board Members noted that they have an Independent Board Member serve as a point person to review and keep them apprised of changes to the profitability analysis and/or methodologies during the year. The Independent Board Members also considered Nuveen’s revenues for advisory activities, expenses, and profit margin compared to that of various unaffiliated management firms with comparable assets under management (based on asset size and asset composition).

124 Nuveen Investments

In reviewing profitability, the Independent Board Members recognized the Advisor’s continued investment in its business to enhance its services, including capital improvements to investment technology, updated compliance systems, and additional personnel in compliance, risk management, and product development as well as its ability to allocate resources to various areas of the Advisor as the need arises. In addition, in evaluating profitability, the Independent Board Members also recognized the subjective nature of determining profitability which may be affected by numerous factors including the allocation of expenses. Further, the Independent Board Members recognized the difficulties in making comparisons as the profitability of other advisers generally is not publicly available and the profitability information that is available for certain advisers or management firms may not be representative of the industry and may be affected by, among other things, the adviser’s particular business mix, capital costs, types of funds managed and expense allocations. Notwithstanding the foregoing, the Independent Board Members reviewed Nuveen’s methodology and assumptions for allocating expenses across product lines to determine profitability. In reviewing profitability, the Independent Board Members recognized Nuveen’s investment in its fund business. Based on their review, the Independent Board Members concluded that the Advisor’s level of profitability for its advisory activities was reasonable in light of the services provided.

With respect to sub-advisers affiliated with Nuveen, including the Sub-Advisor, the Independent Board Members reviewed the sub-adviser’s revenues, expenses and profitability margins (pre- and post-tax) for its advisory activities and the methodology used for allocating expenses among the internal sub-advisers. Based on their review, the Independent Board Members were satisfied that the Sub-Advisor’s level of profitability was reasonable in light of the services provided.

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

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

With respect to economies of scale, the Independent Board Members have recognized the potential benefits resulting from the costs of a fund being spread over a larger asset base, although economies of scale are difficult to measure and predict with precision, particularly on a fund-by-fund basis. One method to help ensure the shareholders share in these benefits is to include breakpoints in the advisory fee schedule. Generally, management fees for funds in the Nuveen complex are comprised of a fund-level component and a complex-level component, subject to certain exceptions. Accordingly, the Independent Board Members reviewed and considered the applicable fund-level breakpoints in the advisory fee schedules that reduce advisory fees as asset levels increase.

In addition to fund-level advisory fee breakpoints, the Board also considered the Funds’ complex-wide fee arrangement. Pursuant to the complex-wide fee arrangement, the fees of the funds in the Nuveen complex are generally reduced as the assets in the fund complex reach certain levels. The complex-wide fee arrangement seeks to provide the benefits of economies of scale to fund shareholders when total fund complex assets increase, even if assets of a particular fund are unchanged or have decreased. The approach reflects the notion that some of Nuveen’s costs are attributable to services provided to all its funds in the complex and therefore all funds benefit if these costs are spread over a larger asset base. In addition, with the acquisition of the funds previously advised by FAF Advisors, Inc., the Board noted that a portion of such funds’ assets at the time of acquisition were deemed eligible to be included in the complex-wide fee calculation in order to deliver fee savings to shareholders in the combined complex and such funds were subject to differing complex-level fee rates.

Based on their review, the Independent Board Members concluded that the breakpoint schedules and complex-wide fee arrangement were acceptable and reflect economies of scale to be shared with shareholders when assets under management increase.

E. Indirect Benefits

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

In addition to the above, the Independent Board Members considered whether the Fund Advisers received any benefits from soft dollar arrangements whereby a portion of the commissions paid by a Fund for brokerage may be used to acquire research that may be useful to the Fund Adviser in managing the assets of the Funds and other clients. The Independent Board Members recognized that each Fund Adviser has the authority to pay a higher commission in return for brokerage and research services if it determines in good faith that the commission paid is reasonable in relation to the value of the brokerage and research services provided and may benefit from such soft dollar arrangements. Similarly, the Board recognized that the research received pursuant to soft dollar arrangements by a Fund Adviser may also benefit a Fund and shareholders to the extent the research enhances the ability of the Fund Adviser to manage the Fund. The Independent Board Members noted that the Fund Advisers’ profitability may be somewhat lower if they did not receive the research services pursuant to the soft dollar arrangements and had to acquire such services directly.

Nuveen Investments 125

Annual Investment Management Agreement Approval Process

(Unaudited) (continued)

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

F. Other Considerations

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

126 Nuveen Investments

Notes

Nuveen Investments 127

Notes

128 Nuveen Investments

Notes

Nuveen Investments 129

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.

Gross Domestic Product (GDP): The total market value of all final goods and services produced in a country/region in a given year, equal to total consumer, investment and government spending, plus the value of exports, minus the value of imports.

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.

130 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

Distribution Information: The Funds hereby designate their percentages of dividends paid from net ordinary income as dividends qualifying for the 70% dividends received deduction (“DRD”) for corporations and their percentages as qualified dividend income (“QDI”) for individuals under Section 1 (h)(11) of the Internal Revenue Code as shown in the accompanying table. The actual qualified dividend income distributions will be reported to shareholders on Form 1099-DIV which will be sent to shareholders shortly after calendar year end.

Fund	% of DRD			% of QDI
Nuveen Equity Index		100	%		100	%
Nuveen Mid Cap Index		100	%		100	%
Nuveen Small Cap Index		100	%		100	%

Long Term Capital Gain Distributions: The following Funds designate as a long term capital gain dividend, pursuant to Internal Revenue Code Section 852(b)(3), the amounts shown in the accompanying table or, if greater, the amount necessary to reduce earnings and profits of the Funds related to net capital gain to zero for the tax year ended October 31, 2012:

Fund	Long Term Capital Gain Dividend
Nuveen Equity Index Fund	$	53,316,650
Nuveen Mid Cap Index Fund		11,653,500

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 131

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 $220 billion as of September 30, 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

MAN-FIDX-1012D

Mutual Funds

Nuveen Equity Funds

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

Annual Report

October 31, 2012

	Share Class / Ticker Symbol
Fund Name	Class A	Class B	Class C	Class R3	Class I
Nuveen Dividend Value Fund	FFEIX	FAEBX	FFECX	FEISX	FAQIX
Nuveen Mid Cap Value Fund	FASEX	FAESX	FACSX	FMVSX	FSEIX
Nuveen Small Cap Value Fund	FSCAX	—	FSCVX	FSVSX	FSCCX

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Table of Contents

Chairman’s Letter to Shareholders	4
Portfolio Managers’ Comments	5
Fund Performance and Expense Ratios	15
Holding Summaries	22
Expense Examples	24
Shareholder Meeting Report	25
Report of Independent Registered Public Accounting Firm	26
Portfolios of Investments	27
Statement of Assets and Liabilities	39
Statement of Operations	40
Statement of Changes in Net Assets	41
Financial Highlights	44
Notes to Financial Statements	50
Trustees and Officers	61
Annual Investment Management Agreement Approval Process	65
Glossary of Terms Used in this Report	70
Additional Fund Information	71

Chairman’s

Letter to Shareholders

Dear Shareholders,

Investors have many reasons to remain cautious. The challenges in the Euro area continue to cast 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. Despite strong action by the European Central Bank, member nations appear unwilling to surrender sufficient sovereignty to unify the Euro area financial system or strengthen its banks. 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 is running out.

In the U.S., the extended period of increasing corporate earnings that enabled the equity markets to withstand the downward pressures coming from weakening job creation and slower economic growth appears to be coming to an end. The Fed remains committed to low interest rates and announced a third phase of quantitative easing (QE3) scheduled to continue until mid-2015. The recent election results have removed a major element of uncertainty in the U.S. political picture, but it remains to be seen whether the outcome will reduce the highly partisan atmosphere in Congress and enable progress on the many pressing fiscal and budgetary issues that must be resolved in the coming months.

During the last twelve months, U.S. investors have experienced a solid recovery in the domestic equity markets with increasing volatility as the “fiscal cliff” approaches. 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 Fund 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

December 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. During the Fund’s fiscal year, Gerald announced that he will retire from Nuveen Asset Management on December 31, 2012. Derek, who has 14 years of investment experience, became a co-manager on the Nuveen Dividend Value Fund management team in February of 2012. In addition, the Board of Directors and shareholders of the Nuveen Large Cap Value Fund approved the reorganization of that Fund into the Nuveen Dividend Value Fund, which became effective after the close of business on October 12, 2012.

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. 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 economic and equity market conditions, key investment strategies and the Funds’ performance for the twelve-month period ended October 31, 2012.

What factors affected the U.S. economy and the equity market environments during the twelve-month reporting period ended October 31, 2012?

During this period, the U.S. economy’s progress toward recovery from recession continued at a moderate pace. In the third quarter 2012, the U.S. economy, as measured by the U.S. gross domestic product (GDP), grew at an annualized rate of 2.7%, up from 1.3% in the second quarter, marking 13 consecutive quarters of positive growth. The Consumer Price Index (CPI) rose 2.2% year-over-year as of October 2012, while the core CPI (which excludes food and energy) increased 2.0% during the period, staying just within the Fed’s unofficial objective of 2.0% or lower for this inflation measure. As of November 2012, (subsequent to this reporting period), the national unemployment rate was 7.7%, the lowest unemployment rate since December 2008 and below the 8.7% level recorded in November 2011. The slight decrease in unemployment rate from 7.9% in October 2012

Nuveen Investments 5

was primarily due to workers who are no longer counted as part of the workforce. The housing market, long a major weak spot in the economic recovery, showed signs of a turnaround as existing home sales and residential construction indicators improved and home prices rose modestly. According to the S&P/Case-Shiller Index of 20 major metropolitan areas, the average home price rose 3.0% for the twelve months ended September 2012 (the most recent data available at the time this report was prepared). This marked the largest annual percentage gain for the index since July 2010, although housing prices continued to be off approximately 30% from their mid-2006 peak.

The Federal Reserve (Fed) maintained its efforts to improve the overall economic environment by continuing to hold the benchmark fed funds rate at the record low level of zero to 0.25% set in December 2008. Subsequent to the reporting period, the central bank decided during its December 2012 meeting to keep the fed funds rate at “exceptionally low levels” until either the unemployment rate reaches 6.5% or expected inflation goes above 2.5%. The Fed also affirmed its decision, announced in September 2012, to purchase $40 billion of mortgage-backed securities each month in an effort to stimulate the housing market. In addition to this new, open-ended stimulus program, the Fed plans to continue its program to extend the average maturity of its holdings of U.S. Treasury securities through the end of December 2012. The goals of these actions, which together will increase the Fed’s holdings of longer term securities by approximately $85 billion a month through the end of the year, are to put downward pressure on longer term interest rates, make broader financial conditions more accommodative and support a stronger economic recovery as well as continued progress toward the Fed’s mandates of maximum employment and price stability. However, the outlook for the U.S. economy remained clouded by uncertainty regarding the impending “fiscal cliff”, the combination of tax increases and spending cuts scheduled to take effect beginning in January 2013, and the potential impact on the economy.

Domestic and international equity markets were buffeted by concerns about the tepid U.S. economic recovery, the seemingly unending European debt crisis and a broader slowdown in global growth, particularly in China. In addition to the bold monetary policy moves made by the Fed, the European Central Bank (ECB) pledged to do “whatever it takes” to preserve the euro. The ECB unveiled the Outright Monetary Transactions plan, a conditional yet unlimited bond purchase program designed to ensure that financing is available to European governments who are willing to agree to certain fiscal and structural measures.

As these combined actions helped reduce fears, U.S. and overseas equity markets surprised many investors by rallying steadily later in the period. Broad U.S. stock market indexes approached their all-time highs, posting strong double-digit returns for the period as a whole. Large-cap U.S. stocks led the market with a 15.21% one-year return as measured by the S&P 500^® Index, reaching a level not seen since May of 2008. Domestic small- and mid-cap stocks also produced strong returns of 12.08% and 12.15% during the fiscal year period, as measured by the Russell 2000^® and the Russell Midcap^® Indexes, respectively. Across all market cap segments, the best-performing areas of the U.S. equity market during the year included the health care, financial and consumer discretionary sectors. Energy was the biggest laggard across the board, while technology stocks also underperformed, particularly in the smaller capitalization ranges. Meanwhile, the steps

6 Nuveen Investments

taken in Europe to reduce financial risk helped overseas markets recover some of their losses from the summer months. Developed markets fared better than emerging markets, posting a 12-month return of 5.15% according to the MSCI EAFE Index, which tracks the performance of stocks from markets in Europe, Australasia and the Far East. Emerging markets never fully recovered after their dramatic sell-off in 2011, ending the fiscal year period with a 2.63% return, as measured by the MSCI Emerging Markets Index.

Nuveen Dividend Value Fund

How did the Fund perform during the twelve-month period ended October 31, 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 one-year, five-year and ten-year periods ended October 31, 2012. The Fund’s Class A Shares at net asset value (NAV) outperformed the Lipper classification average, but underperformed the Russell 1000^® Value Index and S&P 500^® Index during the twelve-month period. Effective February 29, 2012, the Fund’s primary benchmark, the S&P 500^® Index, was changed to the Russell 1000^® Value Index to better reflect the Fund’s value-oriented approach and focus on dividend paying companies. There have been no changes in the way the Fund is managed.

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

During the reporting 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’s performance was enhanced by stock selection in information technology and consumer staples and an underweight in utilities. In technology, Seagate Technology, a maker of hard disk drives, benefited from increased industry consolidation and supply outages at a competitor due to flooding in Thailand. We anticipate industry dynamics to remain positive as only two major competitors remain, down from five just two years ago, which could drive valuations higher. MasterCard, Inc. continued to perform well as demand for paperless transactions continued to grow, leading to strong earnings growth. We expect this favorable trend to continue as 85% of the world still conducts transactions via cash. The Fund also benefited from not owning companies with direct exposure to the personal computer market, such as Dell Inc. and Hewlett-Packard Co., which continued to

Nuveen Investments 7

see a secular decline as tablets and ultrabooks increased their market share. In consumer staples, the Fund’s results were positively impacted by our holding in Kimberly-Clark Corporation, a household products company. Kimberly-Clark benefited from demand for diapers in the emerging markets and incontinence products in the aging developed markets. Fund performance also benefited from our position in Philip Morris International, the global tobacco company, which continued to benefit from emerging market demand for tobacco products. Finally, the Fund’s underweight position in utilities added to performance as these companies have been expensive as compared to historical metrics and lagged the overall market’s performance.

The Fund underperformed the Russell 1000^® Value Index and S&P 500^® Index over this period primarily due to unfavorable security selection in the telecommunications, industrial, health care and material sectors. In telecommunications, the Fund’s position in wireline cable provider Windstream Corporation was particularly weak. The company reported continued revenue and earnings declines as it lost market share to wireless competitors and investors grew concerned that long-term cash generation would not be supportive of its dividend. However, we continued to own Windstream as we believed that reduced capital requirements in 2013 would allow the company to maintain adequate liquidity. In industrial, the Fund’s holdings in Emerson Electric Company and United Technologies Corporation contributed negatively to performance. Emerson, an electrical equipment manufacturer, was hindered by slowing growth in emerging markets and a lack of developed market growth due to the economic crisis in Europe. We continue to own Emerson as we believe long-term growth prospects in emerging markets are still in place and European weakness is likely near the bottom. United Technologies, an aerospace and defense company, was negatively impacted by several factors: slowing construction in China which affected its Otis elevator business; a slowdown in aerospace parts demand, especially from Europe; and the overhang from leverage incurred in the Goodrich acquisition. We also continued to hold onto United Technologies as we believe the Goodrich acquisition will result in significant synergies and more stable earnings going forward, resulting in a higher valuation. Health care performance was negatively impacted by our stock selection in pharmaceutical companies as the Fund did not hold a large enough position in Merck & Company, Inc., which benefited from a strong pipeline and its new management’s focus on unlocking shareholder value. In addition, health maintenance organization Humana Inc. fell short of expectations. The company faced medical cost increases as more people are getting back to work and using health care services. We sold the Fund’s position in Humana during the fiscal year. Finally in materials, the Fund’s positions in Potash Corporation of Saskatchewan and E.I. DuPont de Nemours and Company were detrimental to relative results. Potash, a global fertilizer company, was negatively impacted by lackluster demand for fertilizer products globally, which pressured pricing. Also across the materials sector, the higher beta chemical companies outperformed the more diversified firms during the fiscal year. This trend negatively impacted DuPont as its more diversified portfolio did not provide the same type of leverage, leading the company to underperform the sector. Although we sold the Fund’s position in Potash, we continued to own DuPont as we view its shares as attractively valued given the growth potential of its agricultural seed and chemical businesses. In addition, we believe the pending sale of the company’s performance coatings business could improve future operating margins.

8 Nuveen Investments

Nuveen Mid Cap Value Fund

How did the Fund perform during the twelve-month period ended October 31, 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 one-year, five-year and ten-year periods ended October 31, 2012. The Fund’s Class A Shares at net asset value (NAV) underperformed both the Russell Midcap^® Value Index and the Lipper classification average during the twelve-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 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 fell short of the Russell benchmark and Lipper average returns primarily due to stock selection in the technology and health care sectors. However, elsewhere in the portfolio, we did experience several bright spots in terms of sector weights and stock selection. The best-performing area in the Fund was utilities, both in terms of stock selection and an underweight position, as utilities underperformed the broad benchmark during the fiscal year period. The Fund benefited from strong performance by American Water Works Company, one of only two public water utilities in the U.S. with a presence in more than 30 states and two Canadian provinces. As water became a more valuable asset, the company experienced strong earnings growth for a utility as it grew and made operations more efficient through acquisitions. We eventually sold American Water Works because it hit our price target during the period. Also, NV Energy Inc., a Nevada-based electric utility, performed well for the Fund. NV Energy beat earnings expectations as it benefited from strong cash generation and limited near-term regulatory risk. Another electric utility outperformer was restructuring story Edison International, which had been under pressure for some time due to its ownership of several older coal-fired power plants subject to onerous EPA regulations. During the period, Edison filed bankruptcy for the assets, effectively removing these money-losing operations from its balance sheet. Edison is left with a pure regulated utility, which was the catalyst for its strong stock advance. Performance was also aided by our security selection in the housing-related area of the consumer discretionary sector. Two of the Fund’s standouts included appliance

Nuveen Investments 9

manufacturer Whirlpool Corporation and home builder D.R. Horton, Inc. Both companies benefited as a number of positive housing indicators were released as the period progressed. We continue to own Whirlpool and D.R. Horton.

Technology was the Fund’s worst-performing sector as several hardware and software holdings turned in negative relative results. On the hardware side, telecommunications equipment provider Polycom Inc. saw its share price fall after the company did not meet earnings expectations. Investors began to fear the company was losing market share to various other competitors that offer less expensive options. In terms of software, shares of electronics payment provider VeriFone Holdings Inc. underperformed after its revenue growth in the summer quarter did not hit expectations. The company is experiencing increased competition from mobile payment providers, which is negatively impacting growth expectations. While mobile payments are a small piece of the electronics payment industry, they are becoming more visible and growing. We sold the Fund’s positions in both Polycom and VeriFone during the period. The health care sector also detracted from relative results as the Fund’s holdings in health maintenance organizations (HMOs) and specialty pharmaceuticals did not meet expectations. In particular, HMO Humana underperformed because of medical cost increases as more people are getting back to work and using health care services. We sold the Fund’s position in Humana during the fiscal year. Also, some of the Fund’s specialty pharmaceutical holdings such as Warner Chilcott and Endo Pharmaceuticals Holdings Inc. declined during the period due to the lack of catalysts. Although both Warner and Endo still generate a significant amount of cash, they have older drugs with low visibility to their pipelines. We had anticipated that both firms would be acquired by competitors during the period. Although Warner hired an investment banker, the company found no buyers and instead instituted a significant share buyback. Therefore we sold the Fund’s position, but continued to hold the Endo position. Detractors outweighed contributors in the financial sector. The Fund experienced strong performance from its holdings in capital markets and diversified financial names, which were aided by good core operating results. However, our underweight position in the strongly performing sector, along with a few select laggards, caused the Fund to underperform. More specifically, our underexposure to the insurance sector was detrimental as well as exposure to Unum Group, a diversified insurance firm. Low interest rates and concerns regarding product sales detracted from Unum’s performance. In addition, large regional bank Comerica Incorporated faced continued credit pressures and concerns regarding the timing of recovery for its key Michigan and California markets.

Nuveen Small Cap Value Fund

How did the Fund perform during the twelve-month period ended October 31, 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 one-year, five-year and ten-year periods ended October 31, 2012. The Fund’s Class A Shares at net asset value (NAV) outperformed the Lipper classification average, but underperformed the Russell 2000^® Value Index during the twelve-month period.

10 Nuveen Investments

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 reporting period, we continued to focus on building a well-diversified portfolio of small-cap stocks from companies with strengthening balance sheets and free cash flow characteristics. We also continued to target companies with sound business models and strong competitive advantages that we believe can gain market share opportunistically in the current environment. We remained committed to our approach of investing in quality companies that are trading at a discount to both intrinsic and relative value metrics.

The overall market backdrop for the small-cap asset class was favorable during the reporting period. The strongest performing segments of the market included those areas with the greatest exposure to the strengthening domestic economy. The Fund outperformed its Lipper peers due to strong stock selection in the health care, construction & engineering, consumer discretionary, and financial sectors. In health care, the Fund was rewarded for its position in ICU Medical, Inc. a medical technology firm focused on products used in vascular systems. The company continued to exceed performance expectations as a result of new product launches with solid operational execution. We eliminated the Fund’s position in ICU Medical in September 2012 as its stock price exceeded our target while lacking any near-term catalysts to warrant continued ownership. The Fund also benefited from ownership of Hanger Orthopedic Group Inc., the leading orthopedic and prosthetic service provider. After facing difficulties in 2011, the company exceeded operating milestones this year through solid execution in conjunction with accretive acquisition metrics. In the construction & engineering sector, Fund results were aided by Emcor Group Inc., a specialty construction and facility services company with 90% domestic market exposure. The firm demonstrated positive operating leverage in a moderately improving commercial construction environment, highlighting the earnings power potential of its business model that came in above market expectations. In consumer discretionary, leading distributor of brand name beauty products to salon professionals Sally Beauty Holdings Inc. continued to deliver strong revenue and profit results through the successful growth of its platform across diverse customers and geographies. We eliminated the Fund’s position in Sally Beauty as the stock achieved our valuation and catalyst milestones. Group 1 Automotive Inc., a leading U.S. auto dealership owner with current expansion into the United Kingdom, is another consumer discretionary holding that performed well. The company continued to benefit from the improvement in domestic light vehicle sales while increasing its large exposure to Toyota Motor and luxury brands. In the financial sector, Heartland Financial USA Inc., a regional bank with primary market exposure in Middle America, outperformed during the fiscal period. The company benefited from better-than-expected credit and operating metrics throughout the year as well as the further catalysts of improving funding costs. Heartland Financial also continued to grow both its small business and mortgage portfolios and remains one of the Fund’s top five common stock holdings.

Nuveen Investments 11

Stock selection within the technology and energy sectors were the primary drags on the Fund’s performance. In the technology sector, a global provider of radio frequency components RF Micro Devices was negatively impacted by a slowdown of phone sales in China. Based on our concerns regarding the company’s positioning in an increasingly competitive market, we eliminated this position from the Fund. International Rectifier Corporation was also detrimental to the Fund’s performance during the period. This power management semiconductor manufacturer, which serves a broad array of end markets and applications, was also negatively impacted by China’s economic slowdown in its industrial and appliance end markets. We continued to hold International Rectifier as the company has taken steps to reduce its manufacturing footprint and improve working capital management due to the prolonged downturn in the semiconductor environment. In the energy segment, Fund performance was hindered by Midstates Petroleum Company Incorporated, a producer of oil and natural gas with operations primarily located in central Louisiana and Oklahoma. The company, which went public in March 2012, was weighed down by lower-than-expected growth as a newly minted public company combined with a large post-IPO acquisition. We continued to own this attractively valued investment based on our confidence in the management team’s ability to demonstrate improved and more consistent operating performance going forward. Swift Energy Company, an oil and natural gas producer based primarily in Texas and Louisiana, did not perform as hoped for the Fund. The company had difficulty achieving production milestones from its oil properties after reducing spending on natural gas projects in response to an oversupplied natural gas market. Due to the lack of a positive catalyst, we eliminated Swift Energy from the Fund.

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 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.

12 Nuveen Investments

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 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 six 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 and/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 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 October 31, 2012

	Average Annual
	1-Year		5-Year		10-Year
Class A Shares at NAV		14.31%		1.58%		7.66%
Class A Shares at maximum Offering Price		7.71%		0.39%		7.02%
Russell 1000® Value Index*		16.89%		-1.00%		7.34%
S&P 500® Index*		15.21%		0.36%		6.91%
S&P 500® Dividend Only Stocks Index*		15.22%		0.02%		6.48%
Lipper Equity Income Funds Classification Average*		13.18%		0.65%		7.58%
Class B Shares w/o CDSC		13.51%		0.83%		6.86%
Class B Shares w/CDSC		8.51%		0.66%		6.86%
Class C Shares		13.29%		0.79%		6.83%
Class R3 Shares		14.13%		1.32%		7.42%
Class I Shares		14.65%		1.85%		7.93%

Average Annual Total Returns as of September 30, 2012 (Most Recent Calendar Quarter)

	Average Annual
	1-Year		5-Year		10-Year
Class A Shares at NAV		27.55%		1.98%		8.37%
Class A Shares at maximum Offering Price		20.19%		0.78%		7.74%
Class B Shares w/o CDSC		26.58%		1.22%		7.56%
Class B Shares w/CDSC		21.58%		1.04%		7.56%
Class C Shares		26.51%		1.22%		7.55%
Class R3 Shares		27.20%		1.70%		8.13%
Class I Shares		27.84%		2.24%		8.64%

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%

* 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

Growth of an Assumed $10,000 Investment as of October 31, 2012 – Class A Shares

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

Nuveen Investments 17

Fund Performance and Expense Ratios(continued)

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 October 31, 2012

	Average Annual
	1-Year		5-Year		10-Year
Class A Shares at NAV		7.03%		-1.41%		8.05%
Class A Shares at maximum Offering Price		0.88%		-2.57%		7.41%
Russell Midcap® Value Index*		14.99%		1.68%		10.63%
Lipper Mid-Cap Value Funds Classification Average*		12.60%		0.76%		9.06%
Class B Shares w/o CDSC		6.19%		-2.14%		7.25%
Class B Shares w/CDSC		1.19%		-2.32%		7.25%
Class C Shares		6.19%		-2.15%		7.24%
Class R3 Shares		6.70%		-1.66%		7.83%
Class I Shares		7.23%		-1.18%		8.31%

Average Annual Total Returns as of September 30, 2012 (Most Recent Calendar Quarter)

	Average Annual
	1-Year		5-Year		10-Year
Class A Shares at NAV		22.87%		-0.80%		8.59%
Class A Shares at maximum Offering Price		15.81%		-1.97%		7.95%
Class B Shares w/o CDSC		21.92%		-1.54%		7.79%
Class B Shares w/CDSC		16.92%		-1.72%		7.79%
Class C Shares		21.98%		-1.54%		7.78%
Class R3 Shares		22.54%		-1.05%		8.37%
Class I Shares		23.12%		-0.57%		8.86%

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%

* 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

Growth of an Assumed $10,000 Investment as of October 31, 2012 – Class A Shares

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

Nuveen Investments 19

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 October 31, 2012

	Average Annual
	1-Year		5-Year		10-Year
Class A Shares at NAV		11.77%		1.49%		9.18%
Class A Shares at maximum Offering Price		5.34%		0.30%		8.54%
Russell 2000® Value Index*		14.47%		0.87%		9.38%
Lipper Small-Cap Value Funds Classification Average*		11.69%		1.57%		9.83%
Class C Shares		10.98%		0.74%		8.37%
Class R3 Shares		11.52%		1.25%		8.97%
Class I Shares		12.02%		1.73%		9.44%

Average Annual Total Returns as of September 30, 2012 (Most Recent Calendar Quarter)

	Average Annual
	1-Year		5-Year		10-Year
Class A Shares at NAV		33.54%		2.28%		9.34%
Class A Shares at maximum Offering Price		25.83%		1.07%		8.69%
Class C Shares		32.74%		1.54%		8.53%
Class R3 Shares		33.26%		2.04%		9.13%
Class I Shares		33.97%		2.53%		9.60%

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%

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

20 Nuveen Investments

Growth of an Assumed $10,000 Investment as of October 31, 2012 – Class A Shares

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

Nuveen Investments 21

Holding Summariesas of October 31, 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

Fund Allocation1
Common Stocks	98.7%
Short-Term Investments	1.3%
Other2,3	(0.0)%

Nuveen Mid Cap Value Fund

Fund Allocation1
Common Stocks	99.6%
Short-Term Investments	0.7%
Other2	(0.3)%

Portfolio Composition1
Oil, Gas & Consumable Fuels	13.3%
Pharmaceuticals	10.2%
Diversified Financial Services	6.4%
Diversified Telecommunication Services	5.4%
Commercial Banks	4.3%
Hotels, Restaurants & Leisure	4.1%
Chemicals	3.9%
Insurance	3.7%
Real Estate Investment Trust	3.5%
Food Products	3.4%
Industrial Conglomerates	3.1%
Semiconductors & Equipment	2.8%
Electric Utilities	2.7%
Aerospace & Defense	2.6%
Tobacco	2.6%
Specialty Retail	2.5%
Consumer Finance	2.4%
Machinery	2.3%
Short-Term Investments	1.3%
Other4	19.5%

Portfolio Composition1
Commercial Banks	8.4%
Real Estate Investment Trust	7.3%
Machinery	7.2%
Oil, Gas & Consumable Fuels	6.2%
Consumer Finance	4.9%
Insurance	4.1%
Specialty Retail	4.1%
Electric Utilities	4.0%
Household Durables	3.8%
Media	3.4%
Chemicals	3.3%
Capital Markets	3.3%
Semiconductors & Equipment	2.9%
Health Care Equipment & Supplies	2.8%
Independent Power Producers & Energy Traders	2.6%
Communications Equipment	2.5%
Energy Equipment & Services	2.4%
Hotels, Restaurants & Leisure	2.4%
Leisure Equipment & Products	2.1%
Software	2.0%
Short-Term Investments	0.7%
Other5	19.6%

Top Five Common Stock Holdings1
Pfizer Inc.	3.1%
Chevron Corporation	3.0%
Verizon Communications Inc.	3.0%
Exxon Mobil Corporation	2.6%
Citigroup Inc.	2.5%

Top Five Common Stock Holdings1
SLM Corporation	2.8%
Eaton Corporation	2.1%
NV Energy Inc.	2.1%
Invesco LTD	2.1%
Discover Financial Services	2.1%

1 As a percentage of net assets. Holdings are subject to change.

2 Other assets less liabilities, which includes investments purchased with collateral from securities lending as presented in the Fund’s Portfolio of Investments.

3 Rounds to less than (0.1)%.

4 Other assets less liabilities, which includes investments purchased with collateral from securities lending as presented in the Fund’s Portfolio of Investments and all industries less than 2.3% of net assets.

5 Other assets less liabilities, which includes investments purchased with collateral from securities lending as presented in the Fund’s Portfolio of Investments and all industries less than 2.0% of net assets.

22 Nuveen Investments

Nuveen Small Cap Value Fund

Fund Allocation1
Common Stocks	98.4%
Short-Term Investments	1.4%
Other2	0.2%

Portfolio Composition1
Commercial Banks	10.8%
Real Estate Investment Trust	6.8%
Insurance	6.1%
Oil, Gas & Consumable Fuels	4.3%
Specialty Retail	4.3%
Construction & Engineering	4.0%
Thrifts & Mortgage Finance	3.9%
Machinery	3.9%
Capital Markets	3.5%
Health Care Providers & Services	3.5%
Semiconductors & Equipment	3.1%
Commercial Services & Supplies	3.0%
Chemicals	2.9%
Electronic Equipment & Instruments	2.9%
Auto Components	2.8%
Energy Equipment & Services	2.8%
Electric Utilities	2.1%
Aerospace & Defense	2.1%
Gas Utilities	2.1%
Communications Equipment	2.0%
Internet Software & Services	1.9%
Short-Term Investments	1.4%
Other3	19.8%

Top Five Common Stock Holdings1
CNO Financial Group Inc.	2.1%
Triumph Group Inc.	2.1%
Heartland Financial USA, Inc.	2.1%
Texas Capital BancShares, Inc.	1.9%
Emcor Group Inc.	1.9%

1 As a percentage of net assets. Holdings are subject to change.

2 Other assets less liabilities, which includes investments purchased with collateral from securities lending as presented in the Fund’s Portfolio of Investments.

3 Other assets less liabilities, which includes investments purchased with collateral from securities lending as presented in the Fund’s Portfolio of Investments and all industries less than 1.9% of net assets.

Nuveen Investments 23

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 through the end of 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 (5/01/12)	$	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 (10/31/12)	$	1,015.50	$	1,012.60	$	1,009.80	$	1,014.30	$	1,017.40		$	1,019.36	$	1,015.63	$	1,015.58	$	1,018.10	$	1,020.61
Expenses Incurred During Period	$	5.83	$	9.56	$	9.60	$	7.09	$	4.56		$	5.84	$	9.58	$	9.63	$	7.10	$	4.57

For each class of the Fund, expenses are equal to the Fund’s annualized net expense ratio of 1.15%, 1.89%, 1.90%, 1.40% and ..90% for Classes A, B, C, R3 and I, respectively, multiplied by the average account value over the period, multiplied by 184/366 (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 (5/01/12)	$	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 (10/31/12)	$	972.30	$	968.40	$	968.70	$	971.00	$	973.40		$	1,018.75	$	1,014.98	$	1,014.98	$	1,017.50	$	1,020.01
Expenses Incurred During Period	$	6.30	$	9.99	$	10.00	$	7.53	$	5.06		$	6.44	$	10.23	$	10.23	$	7.71	$	5.18

For each class of the Fund, expenses are equal to the Fund’s annualized net expense ratio of 1.27%, 2.02%, 2.02%, 1.52% and 1.02% for Classes A, B, C, R3 and I, respectively, multiplied by the average account value over the period, multiplied by 184/366 (to reflect the one-half year period).

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 (5/01/12)	$	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 (10/31/12)	$	990.60	$	987.50	$	989.60	$	991.60	$	1,017.80	$	1,014.03	$	1,016.54	$	1,019.05
Expenses Incurred During Period	$	7.31	$	11.04	$	8.55	$	6.06	$	7.41	$	11.19	$	8.67	$	6.14

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 184/366 (to reflect the one-half year period).

24 Nuveen Investments

Shareholder Meeting Report

A special meeting of shareholders was held in the offices of Nuveen Investments on October 5, 2012; at this meeting the shareholders were asked to approve an Agreement and Plan of Reorganization.

	Large Cap Value Fund
To approve an Agreement and Plan of Reorganization
For		5,275,857
Against		60,641
Abstain		33,116
Total		5,369,614

Nuveen Investments 25

Report of

Independent Registered Public Accounting Firm

To the Board of Directors and Shareholders of

Nuveen Investment Funds Inc.:

In our opinion, the accompanying statement of assets and liabilities, including the portfolios of investments, and the related statements of operations, of changes in net assets and the financial highlights present fairly, in all material respects, the financial position of Nuveen Dividend Value Fund (formerly Nuveen Equity Income Fund), Nuveen Mid Cap Value Fund and Nuveen Small Cap Value Fund (the “Funds”) at October 31, 2012, the results of each of their operations for the year then ended, and the change in each of their net assets and the financial highlights for the year then ended, in conformity with accounting principles generally accepted in the United States of America. These financial statements and financial highlights (hereafter referred to as “financial statements”) are the responsibility of the Funds’ management; our responsibility is to express an opinion on these financial statements based on our audits. We conducted our audits of these financial statements in accordance with the standards of the Public Company Accounting Oversight Board (United States). Those standards require that we plan and perform the audit to obtain reasonable assurance about whether the financial statements are free of material misstatement. An audit includes examining, on a test basis, evidence supporting the amounts and disclosures in the financial statements, assessing the accounting principles used and significant estimates made by management, and evaluating the overall financial statement presentation. We believe that our audits, which included confirmation of securities at October 31, 2012 by correspondence with the custodian and brokers, provides a reasonable basis for our opinion. The financial statements of the Funds for the years ended October 31, 2011 and prior were audited by other independent auditors whose report dated December 28, 2011 expressed an unqualified opinion on those statements.

PRICEWATERHOUSECOOPERS LLP

Chicago, IL

December 28, 2012

26 Nuveen Investments

Portfolio of Investments

Nuveen Dividend Value Fund

October 31, 2012

Shares		Description (1)	Value
		COMMON STOCKS – 98.7%
		Aerospace & Defense – 2.6%
	147,485	Boeing Company	$	10,388,843
	140,826	General Dynamics Corporation		9,587,434
	217,450	United Technologies Corporation		16,995,892
		Total Aerospace & Defense		36,972,169
		Air Freight & Logistics – 0.8%
	149,718	United Parcel Service, Inc., Class B		10,966,844
		Capital Markets – 1.7%
	518,900	State Street Corporation		23,127,373
		Chemicals – 3.9%
	452,697	Dow Chemical Company, (2)		13,264,022
	278,463	E.I. Du Pont de Nemours and Company, (2)		12,397,173
	144,042	PPG Industries, Inc.		16,864,437
	113,432	Praxair, Inc.		12,047,613
		Total Chemicals		54,573,245
		Commercial Banks – 4.3%
	289,882	BankUnited Inc.		6,873,102
	221,188	Community Bank System Inc.		6,102,577
	960,721	Fifth Third Bancorp.		13,959,276
	136,572	PNC Financial Services Group, Inc.		7,947,125
	545,218	SunTrust Banks, Inc., (2)		14,829,930
	266,410	Wintrust Financial Corporation, (2)		9,843,850
		Total Commercial Banks		59,555,860
		Communications Equipment – 1.0%
	232,768	QUALCOMM, Inc.		13,634,386
		Computers & Peripherals – 0.9%
	439,468	Seagate Technology		12,006,266
		Consumer Finance – 2.4%
	377,241	Capital One Financial Corporation		22,698,591
	608,679	SLM Corporation		10,700,577
		Total Consumer Finance		33,399,168
		Diversified Financial Services – 6.4%
	3,675,084	Bank of America Corporation		34,251,783
	935,638	Citigroup Inc.		34,983,505
	481,255	JPMorgan Chase & Co.		20,058,708
		Total Diversified Financial Services		89,293,996
		Diversified Telecommunication Services – 5.4%
	507,435	CenturyLink Inc., (2)		19,475,355
	931,867	Verizon Communications Inc.		41,598,543
	1,556,538	Windstream Corporation, (2)		14,849,373
		Total Diversified Telecommunication Services		75,923,271
		Electric Utilities – 2.7%
	192,679	Pinnacle West Capital Corporation		10,206,207
	468,556	PPL Corporation, (2)		13,859,886
	457,748	Westar Energy Inc.		13,595,116
		Total Electric Utilities		37,661,209

Nuveen Investments 27

Portfolio of Investments

Nuveen Dividend Value Fund (continued)

October 31, 2012

Shares		Description (1)	Value
		Electrical Equipment – 0.8%
	229,849	Emerson Electric Company	$	11,131,587
		Electronic Equipment & Instruments – 0.8%
	524,490	Molex Inc.		11,245,066
		Energy Equipment & Services – 1.7%
	386,068	Exterran Partners, L.P, (2)		8,678,809
	221,871	Schlumberger Limited		15,426,691
		Total Energy Equipment & Services		24,105,500
		Food Products – 3.4%
	298,327	ConAgra Foods, Inc.		8,305,424
	157,178	Kraft Foods Inc.		7,148,455
	523,163	Mondelez International Inc.		13,884,746
	505,741	Unilever PLC, ADR		18,555,637
		Total Food Products		47,894,262
		Health Care Equipment & Supplies – 1.1%
	289,896	Covidien PLC		15,929,785
		Health Care Providers & Services – 1.3%
	319,246	UnitedHealth Group Incorporated		17,877,776
		Hotels, Restaurants & Leisure – 4.1%
	506,073	Carnival Corporation, ADR, (2)		19,170,045
	139,680	McDonald’s Corporation		12,124,224
	279,270	Starbucks Corporation		12,818,493
	193,104	YUM! Brands, Inc.		13,538,521
		Total Hotels, Restaurants & Leisure		57,651,283
		Household Durables – 1.2%
	175,742	Whirlpool Corporation		17,166,479
		Household Products – 1.1%
	180,479	Kimberly-Clark Corporation		15,060,973
		Industrial Conglomerates – 3.1%
	134,867	3M Co.		11,814,349
	1,504,021	General Electric Company		31,674,682
		Total Industrial Conglomerates		43,489,031
		Insurance – 3.7%
	421,320	AFLAC Incorporated		20,973,310
	797,934	Old Republic International Corporation, (2)		7,883,588
	412,340	Prudential Financial, Inc.		23,523,997
		Total Insurance		52,380,895
		IT Services – 1.0%
	14,983	MasterCard, Inc.		6,906,114
	51,498	Visa Inc.		7,145,862
		Total IT Services		14,051,976
		Leisure Equipment & Products – 1.0%
	395,491	Hasbro, Inc.		14,233,721
		Machinery – 2.3%
	358,137	Eaton Corporation, (2)		16,911,229
	309,114	Ingersoll Rand Company Limited, Class A		14,537,631
		Total Machinery		31,448,860

28 Nuveen Investments

Shares		Description (1)	Value
		Media – 1.5%
	861,949	Cinemark Holdings Inc., (2)	$	21,281,521
		Metals & Mining – 1.0%
	546,893	Allegheny Technologies, Inc.		14,410,631
		Multi-Utilities – 1.1%
	573,627	CenterPoint Energy, Inc.		12,430,497
	120,714	CMS Energy Corporation		2,935,764
		Total Multi-Utilities		15,366,261
		Oil, Gas & Consumable Fuels – 13.3%
	337,981	Anadarko Petroleum Corporation		23,256,473
	384,994	Chevron Corporation		42,430,189
	164,220	ConocoPhillips		9,500,127
	174,605	Devon Energy Corporation		10,163,757
	409,022	Enbridge Energy Partners LP, (2)		12,270,660
	406,302	Exxon Mobil Corporation		37,042,553
	380,674	Marathon Oil Corporation		11,443,060
	202,068	Occidental Petroleum Corporation		15,955,289
	82,110	Phillips 66		3,872,308
	292,570	Royal Dutch Shell PLC, Class A		20,035,194
		Total Oil, Gas & Consumable Fuels		185,969,610
		Pharmaceuticals – 10.2%
	347,979	Abbott Laboratories		22,799,584
	398,531	Bristol-Myers Squibb Company		13,251,156
	352,643	GlaxoSmithKline PLC		15,833,671
	289,625	Johnson & Johnson, (2)		20,511,243
	569,429	Merck & Company Inc.		25,983,045
	1,751,657	Pfizer Inc.		43,563,710
		Total Pharmaceuticals		141,942,409
		Real Estate Investment Trust – 3.5%
	550,646	Annaly Capital Management Inc., (2)		8,887,426
	181,297	Liberty Property Trust		6,367,151
	113,910	Mid-America Apartment Communities		7,371,116
	229,519	National Retail Properties, Inc.		7,271,162
	754,017	Redwood Trust Inc., (2)		11,755,125
	103,454	Ventas Inc., (2)		6,545,535
		Total Real Estate Investment Trust		48,197,515
		Semiconductors & Equipment – 2.8%
	919,654	Intel Corporation		19,887,518
	505,758	Maxim Integrated Products, Inc.		13,920,989
	207,493	Texas Instruments Incorporated		5,828,478
		Total Semiconductors & Equipment		39,636,985
		Software – 1.2%
	589,664	Microsoft Corporation		16,826,062
		Specialty Retail – 2.5%
	906,460	Best Buy Co., Inc., (2)		13,787,257
	340,621	Home Depot, Inc., (2)		20,907,317
		Total Specialty Retail		34,694,574

Nuveen Investments 29

Portfolio of Investments

Nuveen Dividend Value Fund (continued)

October 31, 2012

Shares		Description (1)	Value
		Tobacco – 2.6%
	409,621	Altria Group, Inc.	$	13,025,947
	269,624	Philip Morris International		23,877,900
		Total Tobacco		36,903,847
		Wireless Telecommunication Services – 0.3%
	147,823	Vodafone Group PLC, Sponsored ADR, (2)		4,023,741
		Total Common Stocks (cost $1,064,947,304)		1,380,034,137
Shares		Description (1)	Value
		INVESTMENTS PURCHASED WITH COLLATERAL FROM SECURITIES LENDING
		Money Market Funds – 13.0%
	182,078,171	Mount Vernon Securities Lending Prime Portfolio, 0.295%, (3), (4)	$	182,078,171
		Total Investments Purchased with Collateral from Securities Lending (cost $182,078,171)		182,078,171
Shares		Description (1)	Value
		SHORT-TERM INVESTMENTS – 1.3%
	18,052,273	First American Treasury Obligations Fund, Class Z, 0.004%, (3)	$	18,052,273
		Total Short-Term Investments (cost $18,052,273)		18,052,273
		Total Investments (cost $1,265,077,748) – 113.0%		1,580,164,581
		Other Assets Less Liabilities – (13.0)%		(182,103,606)
		Net Assets – 100%	$	1,398,060,975

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. The total value of securities out on loan at the end of the reporting period was $176,150,012.

(3) The rate shown is the annualized seven-day effective yield as of the end of the reporting period.

(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, 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.

ADR American Depositary Receipt.

See accompanying notes to financial statements.

30 Nuveen Investments

Portfolio of Investments

Nuveen Mid Cap Value Fund

October 31, 2012

Shares		Description (1)	Value
		COMMON STOCKS – 99.6%
		Auto Components – 1.1%
	132,258	Dana Holding Corporation, (2)	$	1,740,515
		Capital Markets – 3.3%
	34,048	Ameriprise Financial, Inc.		1,987,382
	136,450	Invesco LTD		3,318,464
		Total Capital Markets		5,305,846
		Chemicals – 3.3%
	13,498	CF Industries Holdings, Inc.		2,769,655
	37,427	Cytec Industries, Inc.		2,575,726
		Total Chemicals		5,345,381
		Commercial Banks – 8.4%
	117,334	East West Bancorp Inc.		2,498,041
	207,542	Fifth Third Bancorp.		3,015,585
	115,729	SunTrust Banks, Inc., (2)		3,147,829
	113,298	Webster Financial Corporation		2,492,556
	65,705	Wintrust Financial Corporation, (2)		2,427,800
		Total Commercial Banks		13,581,811
		Commercial Services & Supplies – 1.1%
	68,680	Tetra Tech, Inc., (2), (3)		1,781,559
		Communications Equipment – 2.5%
	42,930	Motorola Solutions Inc.		2,218,622
	53,536	Plantronics Inc., (2)		1,736,708
		Total Communications Equipment		3,955,330
		Computers & Peripherals – 1.6%
	85,107	Diebold Inc.		2,531,933
		Consumer Finance – 4.9%
	80,715	Discover Financial Services		3,309,315
	259,231	SLM Corporation		4,557,281
		Total Consumer Finance		7,866,596
		Containers & Packaging – 1.9%
	41,833	Rock-Tenn Company		3,061,757
		Diversified Consumer Services – 1.2%
	42,768	Coinstar Inc., (2), (3)		2,007,530
		Electric Utilities – 4.0%
	67,391	Edison International		3,163,334
	175,322	NV Energy Inc.		3,332,871
		Total Electric Utilities		6,496,205
		Electrical Equipment – 1.5%
	83,541	General Cable Corporation, (3)		2,383,425
		Energy Equipment & Services – 2.4%
	34,661	Cooper Cameron Corporation, (3)		1,755,233
	28,969	Oil States International Inc., (3)		2,117,634
		Total Energy Equipment & Services		3,872,867
		Food Products – 1.8%
	169,100	Tyson Foods, Inc., Class A		2,842,571

Nuveen Investments 31

Portfolio of Investments

Nuveen Mid Cap Value Fund (continued)

October 31, 2012

Shares		Description (1)	Value
		Health Care Equipment & Supplies – 2.8%
	88,887	CareFusion Corporation, (3)	$	2,360,839
	56,676	Saint Jude Medical Inc.		2,168,424
		Total Health Care Equipment & Supplies		4,529,263
		Hotels, Restaurants & Leisure – 2.4%
	144,223	International Game Technology		1,851,823
	188,540	MGM Resorts International Inc., (3)		1,943,847
		Total Hotels, Restaurants & Leisure		3,795,670
		Household Durables – 3.8%
	93,966	D.R. Horton, Inc.		1,969,527
	34,338	Jarden Corporation		1,710,032
	25,052	Whirlpool Corporation		2,447,079
		Total Household Durables		6,126,638
		Independent Power Producers & Energy Traders – 2.6%
	129,246	Calpine Corporation, (3)		2,274,730
	87,297	NRG Energy Inc., (2)		1,882,123
		Total Independent Power Producers & Energy Traders		4,156,853
		Insurance – 4.1%
	269,961	CNO Financial Group Inc., (2)		2,586,226
	50,291	Marsh & McLennan Companies, Inc.		1,711,403
	112,388	Unum Group		2,279,229
		Total Insurance		6,576,858
		Leisure Equipment & Products – 2.1%
	70,096	Brunswick Corporation, (2)		1,653,565
	48,163	Hasbro, Inc., (2)		1,733,386
		Total Leisure Equipment & Products		3,386,951
		Life Sciences Tools & Services – 1.2%
	54,094	Agilent Technologies, Inc., (2)		1,946,843
		Machinery – 7.2%
	62,459	Crane Company		2,622,029
	35,790	Dover Corporation		2,083,694
	72,525	Eaton Corporation, (2)		3,424,631
	47,058	Ingersoll Rand Company Limited, Class A		2,213,138
	19,404	SPX Corporation		1,330,920
		Total Machinery		11,674,412
		Media – 3.4%
	72,360	Cinemark Holdings Inc., (2)		1,786,568
	145,823	Interpublic Group Companies, Inc.		1,472,812
	19,492	Liberty Media Corporation, Liberty Capital Class A Tracking Stock, (3)		2,176,672
		Total Media		5,436,052
		Metals & Mining – 1.3%
	77,470	Allegheny Technologies, Inc.		2,041,335
		Multiline Retail – 1.1%
	48,424	Macy’s, Inc.		1,843,502
		Multi-Utilities – 1.1%
	74,371	CMS Energy Corporation		1,808,703

32 Nuveen Investments

Shares		Description (1)	Value
		Oil, Gas & Consumable Fuels – 6.2%
	63,729	Bill Barrett Corporation, (2), (3)	$	1,460,031
	46,048	Cobalt International Energy, Inc., (3)		958,259
	15,188	Concho Resources Inc., (3)		1,307,991
	15,827	Noble Energy, Inc.		1,503,723
	22,081	Pioneer Natural Resources Company, (2)		2,332,858
	67,505	Plains Exploration & Production Company, (3)		2,407,228
		Total Oil, Gas & Consumable Fuels		9,970,090
		Personal Products – 1.2%
	39,632	Nu Skin Enterprises, Inc., Class A, (2)		1,875,783
		Pharmaceuticals – 1.7%
	47,020	Endo Pharmaceuticals Holdings Inc., (3)		1,347,593
	63,475	Impax Laboratories Inc., (2), (3)		1,348,844
		Total Pharmaceuticals		2,696,437
		Professional Services – 0.9%
	110,868	TrueBlue Inc., (3)		1,446,827
		Real Estate Investment Trust – 7.3%
	140,918	Developers Diversified Realty Corporation, (2)		2,164,500
	164,099	Host Hotels & Resorts Inc., (2)		2,372,872
	106,532	Kimco Realty Corporation, (2)		2,079,505
	60,487	Mack-Cali Realty Corporation		1,572,057
	205,539	MFA Mortgage Investments, Inc.		1,679,254
	25,294	SL Green Realty Corporation, (2)		1,904,638
		Total Real Estate Investment Trust		11,772,826
		Road & Rail – 1.2%
	204,141	Swift Transportation Company, (3)		1,990,375
		Semiconductors & Equipment – 2.9%
	80,999	Maxim Integrated Products, Inc.		2,229,497
	95,077	Semtech Corporation, (2), (3)		2,374,073
		Total Semiconductors & Equipment		4,603,570
		Software – 2.0%
	40,586	BMC Software, Inc., (3)		1,651,850
	47,376	Synopsys Inc., (3)		1,525,507
		Total Software		3,177,357
		Specialty Retail – 4.1%
	92,695	Best Buy Co., Inc., (2)		1,409,890
	61,150	Foot Locker, Inc.		2,048,525
	269,978	Staples, Inc., (2)		3,108,797
		Total Specialty Retail		6,567,212
		Total Common Stocks (cost $154,930,883)		160,196,883
Shares		Description (1)	Value
		INVESTMENTS PURCHASED WITH COLLATERAL FROM SECURITIES LENDING
		Money Market Funds – 28.2%
	45,404,778	Mount Vernon Securities Lending Prime Portfolio, 0.295%, (4), (5)	$	45,404,778
		Total Investments Purchased with Collateral from Securities Lending (cost $45,404,778)		45,404,778

Nuveen Investments 33

Portfolio of Investments

Nuveen Mid Cap Value Fund (continued)

October 31, 2012

Shares		Description (1)	Value
		SHORT-TERM INVESTMENTS – 0.7%
	1,122,625	First American Treasury Obligations Fund, Class Z, 0.004%, (4)	$	1,122,625
		Total Short-Term Investments (cost $1,122,625)		1,122,625
		Total Investments (cost $201,458,286) – 128.5%		206,724,286
		Other Assets Less Liabilities – (28.5)%		(45,816,468)
		Net Assets – 100%	$	160,907,818

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. The total value of securities out on loan at the end of the reporting period was $43,874,279.

(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 the end of the reporting period.

(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.

34 Nuveen Investments

Portfolio of Investments

Nuveen Small Cap Value Fund

October 31, 2012

Shares		Description (1)	Value
		COMMON STOCKS – 98.4%
		Aerospace & Defense – 2.1%
	24,828	Triumph Group Inc.	$	1,624,248
		Air Freight & Logistics – 1.3%
	18,441	Atlas Air Worldwide Holdings Inc., (2), (3)		1,014,071
		Auto Components – 2.8%
	60,411	Cooper Tire & Rubber, (2)		1,216,073
	75,684	Dana Holding Corporation, (2)		996,001
		Total Auto Components		2,212,074
		Capital Markets – 3.5%
	93,121	JMP Group Inc.		515,890
	64,101	Manning & Napier Inc., (2)		833,954
	56,483	New Mountain Finance Corporation		846,680
	47,429	Pennantpark Investment Corporation		521,719
		Total Capital Markets		2,718,243
		Chemicals – 2.9%
	28,300	Kraton Performance Polymers Inc., (3)		617,506
	17,222	Minerals Technologies Inc., (2)		1,234,129
	9,454	Rockwood Holdings Inc.		433,939
		Total Chemicals		2,285,574
		Commercial Banks – 10.8%
	28,452	Community Bank System Inc.		784,991
	59,014	East West Bancorp Inc.		1,256,408
	55,596	Heartland Financial USA, Inc., (2)		1,595,605
	49,651	Renasant Corporation, (2)		914,075
	16,904	SVB Financial Group, (3)		956,597
	31,672	Texas Capital BancShares, Inc., (2), (3)		1,503,470
	62,852	Webster Financial Corporation		1,382,744
		Total Commercial Banks		8,393,890
		Commercial Services & Supplies – 3.0%
	110,000	Acco Brands Corporation, (3)		796,400
	35,000	Ennis Inc.		535,500
	31,892	G&K Services, Inc.		1,028,517
		Total Commercial Services & Supplies		2,360,417
		Communications Equipment – 2.0%
	25,000	ADTRAN, Inc., (2)		422,250
	69,259	Infinera Corporation, (2), (3)		340,754
	24,950	Plantronics Inc., (2)		809,378
		Total Communications Equipment		1,572,382
		Computers & Peripherals – 1.1%
	68,000	Cray, Inc., (3)		827,560
		Construction & Engineering – 4.0%
	45,143	Emcor Group Inc.		1,451,799
	46,000	MasTec Inc., (2), (3)		1,037,760
	28,967	MYR Group Inc., (3)		613,521
		Total Construction & Engineering		3,103,080

Nuveen Investments 35

Portfolio of Investments

Nuveen Small Cap Value Fund (continued)

October 31, 2012

Shares		Description (1)	Value
		Containers & Packaging – 0.5%
	10,893	Packaging Corp. of America	$	384,196
		Diversified Financial Services – 1.1%
	40,499	PHH Corporation, (3)		842,784
		Electric Utilities – 2.1%
	24,923	El Paso Electric Company		847,133
	22,351	UIL Holdings Corporation, (2)		808,436
		Total Electric Utilities		1,655,569
		Electrical Equipment – 1.4%
	37,876	General Cable Corporation, (3)		1,080,602
		Electronic Equipment & Instruments – 2.9%
	9,315	Rogers Corporation, (3)		367,104
	34,686	SYNNEX Corporation, (2), (3)		1,123,480
	84,261	TTM Technologies, Inc., (2), (3)		758,349
		Total Electronic Equipment & Instruments		2,248,933
		Energy Equipment & Services – 2.8%
	51,896	Basic Energy Services, Inc., (2)		539,199
	73,755	Matrix Service Company, (3)		773,690
	55,150	Patterson-UTI Energy, Inc., (2)		892,327
		Total Energy Equipment & Services		2,205,216
		Food & Staples Retailing – 1.2%
	66,059	Spartan Stores, Inc., (2)		948,607
		Gas Utilities – 2.1%
	21,891	Atmos Energy Corporation		787,419
	19,066	Southwest Gas Corporation		828,799
		Total Gas Utilities		1,616,218
		Health Care Equipment & Supplies – 1.0%
	27,367	Conmed Corporation		756,971
		Health Care Providers & Services – 3.5%
	61,897	Bioscrip, Inc., (3)		570,071
	33,784	Hanger Orthopedic Group Inc., (3)		856,424
	18,280	Medax Inc., (3)		1,260,954
		Total Health Care Providers & Services		2,687,449
		Hotels, Restaurants & Leisure – 1.1%
	21,824	Dominos Pizza Inc., (2)		886,491
		Household Durables – 1.6%
	74,770	La Z Boy Inc.		1,212,769
		Insurance – 6.1%
	16,849	Alterra Capital Holdings Limited		411,621
	173,957	CNO Financial Group Inc., (2)		1,666,508
	63,086	Horace Mann Educators Corporation		1,211,882
	77,598	National Financial Partners Corp., (2), (3)		1,423,923
		Total Insurance		4,713,934
		Internet Software & Services – 1.9%
	56,000	Dice Holdings Inc., (2), (3)		494,480
	87,790	Perficient, Inc., (3)		998,172
		Total Internet Software & Services		1,492,652

36 Nuveen Investments

Shares		Description (1)	Value
		IT Services – 0.8%
	12,842	CACI International Inc., (2), (3)	$	647,622
		Machinery – 3.9%
	32,230	Actuant Corporation, (2)		910,175
	61,176	Altra Industrial Motion, Inc., (2)		1,102,392
	40,000	TriMas Corporation, (3)		1,003,200
		Total Machinery		3,015,767
		Media – 1.5%
	154,997	Belo Corp.		1,159,378
		Metals & Mining – 0.6%
	16,446	Schnitzer Steel Industries, Inc., (2)		468,875
		Oil, Gas & Consumable Fuels – 4.3%
	27,171	Bill Barrett Corporation, (2), (3)		622,488
	31,931	Delek US Holdings Inc.		822,223
	76,120	Midstates Petroleum Company Incorporated, (3)		469,660
	40,381	Rex Energy Inc., (2), (3)		534,644
	39,091	Stone Energy Corporation, (3)		922,157
		Total Oil, Gas & Consumable Fuels		3,371,172
		Paper & Forest Products – 1.1%
	31,067	Buckeye Technologies Inc.		813,955
		Personal Products – 1.0%
	44,265	Inter Parfums, Inc.		808,279
		Pharmaceuticals – 0.7%
	26,776	Impax Laboratories Inc., (2), (3)		568,990
		Professional Services – 1.0%
	57,937	TrueBlue Inc., (3)		756,078
		Real Estate Investment Trust – 6.8%
	75,518	Associated Estates Realty Corp.		1,132,015
	105,381	Brandywine Realty Trust, (2)		1,222,420
	73,104	CubeSmart, (2)		959,124
	132,729	DiamondRock Hospitality Company, (2)		1,125,542
	99,473	MFA Mortgage Investments, Inc.		812,694
		Total Real Estate Investment Trust		5,251,795
		Road & Rail – 0.8%
	34,413	Celadon Group, Inc.		588,462
		Semiconductors & Equipment – 3.1%
	167,710	Integrated Device Technology, Inc., (2), (3)		912,342
	44,435	International Rectifier Corporation, (2), (3)		688,298
	34,226	MKS Instruments Inc., (2)		808,760
		Total Semiconductors & Equipment		2,409,400
		Specialty Retail – 4.3%
	40,000	Finish Line, Inc.		832,200
	19,000	Group 1 Automotive Inc., (2)		1,178,190
	21,372	Mens Wearhouse Inc.		700,788
	62,121	West Marine, Inc., (2), (3)		642,331
		Total Specialty Retail		3,353,509

Nuveen Investments 37

Portfolio of Investments

Nuveen Small Cap Value Fund (continued)

October 31, 2012

Shares		Description (1)	Value
		Textiles, Apparel & Luxury Goods – 0.7%
	27,500	Perry Ellis International, Inc., (3)	$	567,601
		Thrifts & Mortgage Finance – 3.9%
	73,225	Everbank Financial Corporation, (2)		1,115,950
	71,004	Flushing Financial Corporation, (2)		1,104,113
	18,925	WSFS Financial Corporation		801,569
		Total Thrifts & Mortgage Finance		3,021,632
		Wireless Telecommunication Services – 1.1%
	55,283	NTELOS Holdings Corporation		843,067
		Total Common Stocks (cost $69,288,100)		76,489,512
Shares		Description (1)	Value
		INVESTMENTS PURCHASED WITH COLLATERAL FROM SECURITIES LENDING
		Money Market Funds – 34.3%
	26,608,251	Mount Vernon Securities Lending Prime Portfolio, 0.295%, (4), (5)	$	26,608,251
		Total Investments Purchased with Collateral from Securities Lending (cost $26,608,251)		26,608,251
Shares		Description (1)	Value
		SHORT-TERM INVESTMENTS – 1.4%
	1,064,268	First American Treasury Obligations Fund, Class Z, 0.004%, (4)	$	1,064,268
		Total Short-Term Investments (cost $1,064,268)		1,064,268
		Total Investments (cost $96,960,619) – 134.1%		104,162,031
		Other Assets Less Liabilities – (34.1)%		(26,490,202)
		Net Assets – 100%	$	77,671,829

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. The total value of securities out on loan at the end of the reporting period was $25,732,099.

(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 the end of the reporting period.

(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.

38 Nuveen Investments

Statement of Assets & Liabilities

October 31, 2012

	Dividend Value			Mid Cap Value			Small Cap Value
Assets
Investments, at value (cost $1,082,999,577, $156,053,508 and $70,352,368, respectively)	$	1,398,086,410		$	161,319,508		$	77,553,780
Investments purchased with collateral from securities lending (at cost, which approximates value)		182,078,171			45,404,778			26,608,251
Cash		—			32,354			14,768
Receivables:
Dividends		1,772,896			69,426			26,099
Due from broker		37,430			6,756			3,681
Investments sold		—			—			380,543
Shares sold		2,388,499			147,816			55,450
Other assets		13,970			2,732			31
Total assets		1,584,377,376			206,983,370			104,642,603
Liabilities
Cash overdraft		417,304			—			—
Payables:
Collateral from securities lending program		182,078,171			45,404,778			26,608,251
Investments purchased		—			—			130,324
Shares redeemed		2,269,684			465,808			107,091
Accrued expenses:
Directors fees		22,615			3,753			653
Management fees		900,447			72,844			74,029
12b-1 distribution and service fees		94,170			20,268			9,163
Other		534,010			108,101			41,263
Total liabilities		186,316,401			46,075,552			26,970,774
Net assets	$	1,398,060,975		$	160,907,818		$	77,671,829
Class A Shares
Net assets	$	273,317,195		$	35,632,952		$	32,207,982
Shares outstanding		18,716,491			1,534,885			2,549,804
Net asset value per share	$	14.60		$	23.22		$	12.63
Offering price per share (net asset value per share plus maximum sales charge of 5.75% of offering price)	$	15.49		$	24.64		$	13.40
Class B Shares
Net assets	$	1,524,961		$	1,568,499			N/A
Shares outstanding		105,422			71,992			N/A
Net asset value and offering price per share	$	14.47		$	21.79			N/A
Class C Shares
Net assets	$	29,234,394		$	7,854,558		$	1,366,517
Shares outstanding		2,026,966			352,450			124,037
Net asset value and offering price per share	$	14.42		$	22.29		$	11.02
Class R3 Shares
Net assets	$	21,649,117		$	9,575,534		$	2,653,118
Shares outstanding		1,485,051			414,861			214,155
Net asset value and offering price per share	$	14.58		$	23.08		$	12.39
Class I Shares
Net assets	$	1,072,335,308		$	106,276,275		$	41,444,212
Shares outstanding		72,858,562			4,562,892			3,174,350
Net asset value and offering price per share	$	14.72		$	23.29		$	13.06
Net assets consist of:
Capital paid-in	$	1,079,160,291		$	210,022,917		$	102,060,297
Undistributed (Over-distribution of) net investment income		(39,460	)		1,691,252			362,724
Accumulated net realized gain (loss)		3,853,311			(56,072,351	)		(31,952,604	)
Net unrealized appreciation (depreciation)		315,086,833			5,266,000			7,201,412
Net assets	$	1,398,060,975		$	160,907,818		$	77,671,829
Authorized shares per class		2 billion			2 billion			2 billion
Par value per share	$	0.0001		$	0.0001		$	0.0001

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

See accompanying notes to financial statements.

Nuveen Investments 39

Statement of Operations

Year Ended October 31, 2012

	Dividend Value		Mid Cap Value			Small Cap Value
Investment Income
Dividend and interest income (net of foreign tax withheld of $283,929, $517 and $ –, respectively)	$	37,010,204	$	3,953,551		$	1,500,954
Securities lending income, net		310,793		84,028			63,541
Total investment income		37,320,997		4,037,579			1,564,495
Expenses
Management fees		9,085,008		1,754,941			756,864
12b-1 service fees – Class A		518,426		104,179			81,707
12b-1 distribution and service fees – Class B		21,229		17,998			N/A
12b-1 distribution and service fees – Class C		239,263		85,681			14,717
12b-1 distribution and service fees – Class R3		81,368		61,265			12,320
Shareholders servicing agent fees and expenses		1,080,455		488,306			239,191
Custodian’s fees and expenses		190,814		43,911			25,704
Directors fees and expenses		33,769		5,745			2,572
Professional fees		85,268		22,309			11,908
Shareholder reporting expenses		131,053		45,118			27,652
Federal and state registration fees		94,327		59,229			53,269
Reorganization expense		77,000		—			—
Other expenses		38,428		15,537			9,383
Total expenses before expense reimbursement		11,676,408		2,704,219			1,235,287
Expense reimbursement		—		(426,012	)		(108,555	)
Net expenses		11,676,408		2,278,207			1,126,732
Net investment income (loss)		25,644,589		1,759,372			437,763
Realized and Unrealized Gain (Loss)
Net realized gain (loss) from investments		40,955,240		9,505,619			8,773,503
Change in net unrealized appreciation (depreciation) of investments		87,692,871		3,105,284			524,575
Net realized and unrealized gain (loss)		128,648,111		12,610,903			9,298,078
Net increase (decrease) in net assets from operations	$	154,292,700	$	14,370,275		$	9,735,841

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

See accompanying notes to financial statements.

40 Nuveen Investments

Statement of Changes in Net Assets

	Dividend Value
	Year Ended 10/31/12			Year Ended 10/31/11
Operations
Net investment income (loss)	$	25,644,589		$	22,403,547
Net realized gain (loss) from:
Investments		40,955,240			5,603,569
Redemptions in-kind		—			—
Change in net unrealized appreciation (depreciation) of investments		87,692,871			38,786,442
Net increase (decrease) in net assets from operations		154,292,700			66,793,558
Distributions to Shareholders
From net investment income:
Class A		(4,532,612	)		(3,311,206	)
Class B		(33,355	)		(30,068	)
Class C		(350,680	)		(155,136	)
Class R3		(321,277	)		(74,593	)
Class I		(23,257,909	)		(19,550,217	)
Decrease in net assets from distributions to shareholders		(28,495,833	)		(23,121,220	)
Fund Share Transactions
Fund reorganization		137,390,211			—
Proceeds from sale of shares		329,723,796			441,406,794
Proceeds from shares issued to shareholders due to reinvestment of distributions		13,538,292			9,484,764
		480,652,299			450,891,558
Cost of shares redeemed		(280,917,888	)		(249,150,489	)
Cost of redemptions in-kind		—			—
Net increase (decrease) in net assets from Fund share transactions		199,734,411			201,741,069
Net increase (decrease) in net assets		325,531,278			245,413,407
Net assets at the beginning of period		1,072,529,697			827,116,290
Net assets at the end of period	$	1,398,060,975		$	1,072,529,697
Undistributed (Over-distribution of) net investment income at the end of period	$	(39,460	)	$	1,991,288

See accompanying notes to financial statements.

Nuveen Investments 41

Statement of Changes in Net Assets (continued)

	Mid Cap Value						Small Cap Value
	Year Ended 10/31/12			Year Ended 10/31/11			Year Ended 10/31/12			Year Ended 10/31/11
Operations
Net investment income (loss)	$	1,759,372		$	1,667,039		$	437,763		$	(290,831	)
Net realized gain (loss) from:
Investments		9,505,619			42,262,542			8,773,503			10,390,805
Redemptions in-kind		—			51,352,202			—			27,495,098
Change in net unrealized appreciation (depreciation) of investments		3,105,284			(76,035,365	)		524,575			(17,603,366	)
Net increase (decrease) in net assets from operations		14,370,275			19,246,418			9,735,841			19,991,706
Distributions to Shareholders
From net investment income:
Class A		(268,737	)		(804,678	)		—			—
Class B		—			(9,710	)		N/A			N/A
Class C		—			(46,605	)		—			—
Class R3		(47,224	)		(141,534	)		—			—
Class I		(1,688,085	)		(2,981,023	)		—			—
Decrease in net assets from distributions to shareholders		(2,004,046	)		(3,983,550	)		—			—
Fund Share Transactions
Fund reorganization		—			—			—			—
Proceeds from sale of shares		22,235,804			38,984,469			16,610,022			19,212,422
Proceeds from shares issued to shareholders due to reinvestment of distributions		1,045,228			2,082,155			—			—
		23,281,032			41,066,624			16,610,022			19,212,422
Cost of shares redeemed		(104,822,100	)		(145,839,650	)		(32,827,602	)		(44,281,152	)
Cost of redemptions in-kind		—			(261,914,439	)		—			(127,930,138	)
Net increase (decrease) in net assets from Fund share transactions		(81,541,068	)		(366,687,465	)		(16,217,580	)		(152,998,868	)
Net increase (decrease) in net assets		(69,174,839	)		(351,424,597	)		(6,481,739	)		(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	$	160,907,818		$	230,082,657		$	77,671,829		$	84,153,568
Undistributed (Over-distribution of) net investment income at the end of period	$	1,691,252		$	1,501,306		$	362,724		$	(10,957	)

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

See accompanying notes to financial statements.

42 Nuveen Investments

[THIS PAGE INTENTIONALLY LEFT BLANK]

Nuveen Investments 43

Financial Highlights

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	$	13.05	$	.27	$	1.59		$	1.86		$	(.31	)	$	—		$	(.31	)	$	14.60
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
Class B (8/94)
2012		12.93		.18		1.57			1.75			(.21	)		—			(.21	)		14.47
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
Class C (2/99)
2012		12.92		.17		1.54			1.71			(.21	)		—			(.21	)		14.42
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
Class R3 (9/01)
2012		13.03		.24		1.59			1.83			(.28	)		—			(.28	)		14.58
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
Class I (8/94)
2012		13.16		.31		1.60			1.91			(.35	)		—			(.35	)		14.72
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

44 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
	14.31	%	$	273,317		1.16	%		1.95	%		1.16	%		1.95	%		24	%
	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
	13.51			1,525		1.91			1.33			1.91			1.33			24
	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
	13.29			29,234		1.91			1.21			1.91			1.21			24
	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
	14.13			21,649		1.41			1.70			1.41			1.70			24
	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
	14.65			1,072,335		.91			2.23			.91			2.23			24
	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

(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.

See accompanying notes to financial statements.

Nuveen Investments 45

Financial Highlights(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	$	21.83	$	.18		$	1.35		$	1.53		$	(.14	)	$	—		$	(.14	)	$	23.22
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
Class B (8/94)
2012		20.52		.01			1.26			1.27			—			—			—			21.79
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
Class C (2/99)
2012		20.99		.01			1.29			1.30			—			—			—			22.29
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
Class R3 (9/01)
2012		21.70		.12			1.33			1.45			(.07	)		—			(.07	)		23.08
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
Class I (2/94)
2012		21.99		.24			1.33			1.57			(.27	)		—			(.27	)		23.29
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

46 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
	7.03	%	$	35,633		1.49	%		.58	%		1.28	%		.79	%		140	%
	(.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
	6.19			1,568		2.24			(.18	)		2.02			.04			140
	(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
	6.19			7,855		2.24			(.17	)		2.02			.05			140
	(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
	6.70			9,576		1.74			.31			1.53			.52			140
	(.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
	7.23			106,276		1.24			.82			1.03			1.03			140
	(.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

(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.

See accompanying notes to financial statements.

Nuveen Investments 47

Financial Highlights(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	$	11.30	$	.05		$	1.28		$	1.33		$	—		$	—		$	—		$	12.63
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
Class C (2/99)
2012		9.93		(.04	)		1.13			1.09			—			—			—			11.02
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
Class R3 (9/01)
2012		11.11		.02			1.26			1.28			—			—			—			12.39
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
Class I (8/94)
2012		11.65		.08			1.33			1.41			—			—			—			13.06
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

48 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
	11.77	%	$	32,208		1.58	%		.26	%		1.46	%		.39	%		46	%
	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
	10.98			1,367		2.34			(.47	)		2.21			(.34	)		46
	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
	11.52			2,653		1.83			.01			1.71			.14			46
	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
	12.02			41,444		1.34			.53			1.21			.66			46
	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

(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.

* Rounds to less than $.01 per share.

** Rounds to less than .01%.

See accompanying notes to financial statements.

Nuveen Investments 49

Notes to Financial Statements

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 Mid Cap Value Fund (“Mid Cap Value”) and Nuveen Small Cap Value Fund (“Small Cap Value”) (each a “Fund” and collectively, the “Funds”), as diversified 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 its net assets, plus the amount of any borrowings for investment purposes, in equity securities of companies that, in the opinion of 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”), have the ability to pay above average dividends and finance expected growth, have strong management and are trading at attractive valuations. The Fund will attempt to maintain a dividend that will grow over time. As a result, higher-yielding equity securities will generally represent the core holdings of the Fund. However, the Fund also may invest in lower-yielding, higher-growth equity securities if the Sub-Adviser believes they will help balance the portfolio. The Fund’s equity securities include common stocks, convertible preferred stocks, and corporate debt securities that are convertible into common stocks. All such equity securities will provide current income at the time of purchase. The Fund invests in convertible debt securities in pursuit of both long-term growth of capital and income. The securities’ conversion features provide long-term growth potential, while interest payments on the securities provide income. The Fund may invest in convertible debt securities without regard to their ratings, and therefore may hold convertible debt securities which are rated lower than investment grade. Effective February 29, 2012, the Fund changes its name from Nuveen Equity Income Fund.

Mid 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 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. In selecting stocks, the Sub-Adviser invests in companies that it believes are undervalued relative to other companies in the same industry or market, exhibit good or improving fundamentals, and exhibit an identifiable catalyst that could close the gap between market value and fair value over the next one to two years.

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. In selecting stocks, the Sub-Adviser invests in companies that it believes meet at least two of the following criteria:

• Undervalued relative to other companies in the same industry or market;

• Good or improving fundamentals; and

• An identifiable catalyst that could close the gap between market value and fair value over the next one to two years.

Each Fund may invest up to 15% of its total assets in non-dollar denominated equity securities of non-U.S. issuers. In addition, 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 utilize options, futures contracts, options on futures contracts and forward foreign currency exchange contracts (“derivatives”). Each Fund may use these derivatives to manage market or business risk, enhance each Fund’s return, or hedge against adverse movements in currency exchange rates.

The Funds’ 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,

50 Nuveen Investments

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 may 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 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.

The Funds may receive 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. 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.

Nuveen Investments 51

Notes to Financial Statements (continued)

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 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 derivative instruments, and may do so in the future, they did not make any such investments during the fiscal year ended October 31, 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. 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, net.” Securities lending fees paid by each Fund during the fiscal year ended October 31, 2012, were as follows:

	Dividend Value		Mid Cap Value		Small Cap Value
Securities lending fees paid	$	39,782	$	10,965	$	8,140

52 Nuveen Investments

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 following is a summary of the three-tiered hierarchy of valuation input levels.

Level 1 –	Inputs are unadjusted and prices are determined using quoted prices in active markets for identical securities.
Level 2 –	Prices are determined using other significant observable inputs, (including quoted prices for similar securities, interest rates, prepayment speeds, credit risk, etc.).
Level 3 –	Prices are determined using 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 risks associated with investing in those securities. The following is a summary of each Fund’s fair value measurements as of the end of the reporting period:

Dividend Value	Level 1		Level 2		Level 3		Total
Long-Term Investments*:
Common Stocks	$	1,380,034,137	$	—	$	—	$	1,380,034,137
Investments Purchased with Collateral from Securities Lending		182,078,171		—		—		182,078,171
Short-Term Investments:
Money Market Funds		18,052,273		—		—		18,052,273
Total	$	1,580,164,581	$	—	$	—	$	1,580,164,581
Mid Cap Value	Level 1		Level 2		Level 3		Total
Long-Term Investments*:
Common Stocks	$	160,196,883	$	—	$	—	$	160,196,883
Investments Purchased with Collateral from Securities Lending		45,404,778		—		—		45,404,778
Short-Term Investments:
Money Market Funds		1,122,625		—		—		1,122,625
Total	$	206,724,286	$	—	$	—	$	206,724,286
Small Cap Value	Level 1		Level 2		Level 3		Total
Long-Term Investments*:
Common Stocks	$	76,489,512	$	—	$	—	$	76,489,512
Investments Purchased with Collateral from Securities Lending		26,608,251		—		—		26,608,251
Short-Term Investments:
Money Market Funds		1,064,268		—		—		1,064,268
Total	$	104,162,031	$	—	$	—	$	104,162,031

* Refer to the Fund’s Portfolio of Investments for industry classifications.

The Nuveen funds’ Board of Directors/Trustees is responsible for the valuation process and has delegated the oversight of the daily valuation process to the Adviser’s Valuation Committee. The Valuation Committee, pursuant to the valuation policies and procedures adopted by the Board of Directors/Trustees, is responsible for making fair value determinations, evaluating the effectiveness of the funds’ pricing policies, and reporting to the Board of Directors/Trustees. The Valuation Committee is aided in its efforts by the Adviser’s dedicated Securities Valuation Team, which is responsible for administering the daily valuation process and applying fair value methodologies as approved by the Valuation Committee. When determining the reliability of independent pricing services for

Nuveen Investments 53

Notes to Financial Statements (continued)

investments owned by the funds, the Valuation Committee, among other things, conducts due diligence reviews of the pricing services and monitors the quality of security prices received through various testing reports conducted by the Securities Valuation Team.

The Valuation Committee will consider pricing methodologies it deems relevant and appropriate when making fair value determinations. Examples of possible methodologies include, but are not limited to, multiple of earnings; discount from market of a similar freely traded security; discounted cash-flow analysis; book value or a multiple thereof; risk premium/yield analysis; yield to maturity; and/or fundamental investment analysis. The Valuation Committee will also consider factors it deems relevant and appropriate in light of the facts and circumstances. Examples of possible factors include, but are not limited to, the type of security; the issuer’s financial statements; the purchase price of the security; the discount from market value of unrestricted securities of the same class at the time of purchase; analysts’ research and observations from financial institutions; information regarding any transactions or offers with respect to the security; the existence of merger proposals or tender offers affecting the security; the price and extent of public trading in similar securities of the issuer or comparable companies; and the existence of a shelf registration for restricted securities.

For each portfolio security that has been fair valued pursuant to the policies adopted by the Board of Directors/Trustees, the fair value price is compared against the last available and next available market quotations. The Valuation Committee reviews the results of such testing and fair valuation occurrences are reported to the Board of Directors/Trustees.

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 fiscal year ended October 31, 2012.

4. Fund Shares

Transactions in Fund shares were as follows:

	Dividend Value
	Year Ended 10/31/12						Year Ended 10/31/11
	Shares			Amount			Shares			Amount
Shares issued from reorganization(1):
Class A		2,866,093		$	46,725,301			—		$	—
Class C		72,150			1,152,063			—			—
Class R3		21,533			349,365			—			—
Class I		5,445,884			89,163,482			—			—
Shares sold:
Class A		5,674,770			75,791,170			6,608,005			87,417,806
Class B		8,550			118,690			3,490			47,078
Class C		746,162			10,170,847			709,239			9,350,202
Class R3		756,797			10,690,622			1,001,768			12,618,814
Class I		17,004,678			232,952,467			25,218,507			331,972,894
Shares issued to shareholders due to reinvestment of distributions:
Class A		299,861			4,205,570			232,425			3,044,340
Class B		2,305			31,580			2,171			28,844
Class C		22,044			305,305			10,006			131,048
Class R3		22,759			319,502			5,904			74,585
Class I		612,741			8,676,335			466,773			6,205,947
		33,556,327			480,652,299			34,258,288			450,891,558
Shares redeemed:
Class A		(3,678,945	)		(50,796,593	)		(3,368,560	)		(44,368,177	)
Class B		(138,594	)		(1,919,513	)		(183,928	)		(2,428,779	)
Class C		(262,178	)		(3,631,206	)		(176,678	)		(2,327,271	)
Class R3		(244,006	)		(3,402,933	)		(176,764	)		(2,358,157	)
Class I		(15,711,730	)		(221,167,643	)		(14,801,249	)		(197,668,105	)
		(20,035,453	)		(280,917,888	)		(18,707,179	)		(249,150,489	)
Net increase (decrease)		13,520,874		$	199,734,411			15,551,109		$	201,741,069

(1) Refer to Footnote 8 – Fund Reorganization for further details.

54 Nuveen Investments

	Mid Cap Value
	Year Ended 10/31/12						Year Ended 10/31/11
	Shares			Amount			Shares			Amount
Shares sold:
Class A		175,883		$	3,966,504			540,631		$	12,712,823
Class B		—			—			309			6,599
Class C		12,581			251,535			20,707			482,019
Class R3		122,017			2,606,675			238,587			5,504,530
Class I		689,001			15,411,090			864,453			20,278,498
Shares issued to shareholders due to reinvestment of distributions:
Class A		11,855			260,482			32,132			764,424
Class B		—			—			406			9,131
Class C		—			—			1,838			42,309
Class R3		2,157			47,196			5,967			141,365
Class I		33,419			737,550			47,049			1,124,926
		1,046,913			23,281,032			1,752,079			41,066,624
Shares redeemed:
Class A		(1,049,825	)		(23,506,293	)		(1,628,870	)		(37,492,081	)
Class B		(29,021	)		(631,933	)		(34,585	)		(774,881	)
Class C		(86,907	)		(1,881,579	)		(137,168	)		(3,110,928	)
Class R3		(414,919	)		(9,311,285	)		(454,863	)		(10,396,502	)
Class I		(3,046,004	)		(69,491,010	)		(3,913,945	)		(94,065,258	)
Class I-In-Kind		—			—			(11,137,781	)		(261,914,439	)
		(4,626,676	)		(104,822,100	)		(17,307,212	)		(407,754,089	)
Net increase (decrease)		(3,579,763	)	$	(81,541,068	)		(15,555,133	)	$	(366,687,465	)

	Small Cap Value
	Year Ended 10/31/12						Year Ended 10/31/11
	Shares			Amount			Shares			Amount
Shares sold:
Class A		198,937		$	2,422,979			410,931		$	4,808,143
Class C		26,365			284,629			25,221			264,358
Class R3		68,411			810,255			60,254			689,608
Class I		1,054,781			13,092,159			1,124,872			13,450,313
Shares issued to shareholders due to reinvestment of distributions:
Class A		—			—			—			—
Class C		—			—			—			—
Class R3		—			—			—			—
Class I		—			—			—			—
		1,348,494			16,610,022			1,621,278			19,212,422
Shares redeemed:
Class A		(464,772	)		(5,674,047	)		(747,673	)		(8,799,625	)
Class C		(53,180	)		(558,580	)		(77,338	)		(778,138	)
Class R3		(56,397	)		(678,920	)		(66,911	)		(777,156	)
Class I		(2,051,716	)		(25,916,055	)		(2,666,164	)		(33,926,233	)
Class I-In-Kind		—			—			(11,425,320	)		(127,930,138	)
		(2,626,065	)		(32,827,602	)		(14,983,406	)		(172,211,290	)
Net increase (decrease)		(1,277,571	)	$	(16,217,580	)		(13,362,128	)	$	(152,998,868	)

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 fiscal year ended October 31, 2012, and fiscal year ended October 31, 2011, were as follows:

Fund	Year Ended 10/31/12		Year Ended 10/31/11
Dividend Value		113,604		111,573
Mid Cap Value		23,767		18,251

Nuveen Investments 55

Notes to Financial Statements (continued)

5. Investment Transactions

Purchases and sales (excluding investments purchased with collateral from securities lending and short-term investments) during the fiscal year ended October 31, 2012, were as follows:

	Dividend Value		Mid Cap Value		Small Cap Value
Purchases	$	472,956,039	$	272,703,297	$	38,120,027
Sales		280,250,574		353,035,765		51,947,477

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 October 31, 2012, the cost and unrealized appreciation (depreciation) of investments, as determined on a federal income tax basis, were as follows:

	Dividend Value			Mid Cap Value			Small Cap Value
Cost of investments	$	1,266,078,027		$	202,159,547		$	96,960,622
Gross unrealized:
Appreciation	$	328,968,804		$	13,029,677		$	11,602,987
Depreciation		(14,882,250	)		(8,464,938	)		(4,401,578	)
Net unrealized appreciation (depreciation) of investments	$	314,086,554		$	4,564,739		$	7,201,409

Permanent differences, primarily due to the federal taxes paid, tax equalization, REIT adjustments, investments in partnerships, nondeductible reorganization expense, reorganization adjustments and distribution character reclassifications, resulted in reclassifications among the Funds’ components of net assets at October 31, 2012, the Funds’ tax year end, as follows:

	Dividend Value			Mid Cap Value			Small Cap Value
Capital paid-in	$	34,503,208		$	155,170		$	204,112
Undistributed (Over-distribution of) net investment income		820,496			434,619			(64,081	)
Accumulated net realized gain (loss)		(35,323,704	)		(589,789	)		(140,031	)

The tax components of undistributed net ordinary income and net long-term capital gains at October 31, 2012, the Funds’ tax year end, were as follows:

	Dividend Value		Mid Cap Value		Small Cap Value
Undistributed net ordinary income*	$	—	$	1,705,871	$	373,682
Undistributed net long-term capital gains		37,679,223		—		—

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

The tax character of distributions paid during the Funds’ tax years ended October 31, 2012 and October 31, 2011, was designated for purposes of the dividends paid deduction as follows:

2012	Dividend Value		Mid Cap Value		Small Cap Value
Distributions from net ordinary income*	$	27,602,132	$	2,004,046	$	—
Distributions from net long-term capital gains		893,701		—		—

2011	Dividend Value		Mid Cap Value		Small Cap Value
Distributions from net ordinary income*	$	23,121,220	$	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.

56 Nuveen Investments

At October 31, 2012, the Funds’ tax year end, the Funds had unused capital loss carryforwards available for federal income tax purposes to be applied against future capital gains, if any. If not applied, the carryforwards will expire as follows:

	Dividend* Value		Mid Cap Value		Small Cap Value
Expiration:
October 31, 2016	$	32,868,293	$	—	$	—
October 31, 2017		—		55,371,090		31,952,601
Total	$	32,868,293	$	55,371,090	$	31,952,601

* A portion of Dividend Value’s capital loss carryforward is subject to an annual limitation under the Internal Revenue Code and related regulations.

During the Funds’ tax year ended October 31, 2012, the Funds utilized their capital loss carryforwards as follows:

	Dividend Value		Mid Cap Value		Small Cap Value
Utilized capital loss carryforwards	$	1,501,503	$	10,167,842	$	8,837,587

On December 22, 2010, the Regulated Investment Company Modernization Act of 2010 (the “Act”) was enacted, which changed various technical rules governing the tax treatment of RICs. The changes are generally effective for taxable years beginning after the date of enactment. One of the more prominent changes addresses capital loss carryforwards. Under the Act, each Fund will be permitted to carry forward capital losses incurred in taxable years beginning after the date of enactment for an unlimited period. However, any losses incurred during those future taxable years will be required to be utilized prior to the losses incurred in pre-enactment taxable years, which carry an expiration date. As a result of this ordering rule, pre-enactment capital loss carryforwards may be more likely to expire unused. Additionally, post-enactment capital loss carryforwards will retain their character as either short-term or long-term capital losses rather than being considered all short-term as permitted under previous regulation.

The Act also contains several provisions aimed at preserving the character of distributions made by a fiscal year RIC during the portion of its taxable year ending after October 31 or December 31, reducing the circumstances under which a RIC might be required to file amended Forms 1099 to restate previously reported distributions.

During the Funds’ tax year ended October 31, 2012, there were no post-enactment capital losses generated by any of the Funds.

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			Mid Cap Value Fund-Level Fee Rate			Small Cap Value Fund-Level Fee Rate
For the first $125 million		.6000	%		.7000	%		.7000	%
For the next $125 million		.5875			.6875			.6875
For the next $250 million		.5750			.6750			.6750
For the next $500 million		.5625			.6625			.6625
For the next $1 billion		.5500			.6500			.6500
For net assets over $2 billion		.5250			.6250			.6250

Nuveen Investments 57

Notes to Financial Statements (continued)

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 certain 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 October 31, 2012, the complex-level fee rate for each Fund was as follows:

Fund	Complex-Level Fee Rate
Dividend Value		.1881	%
Mid Cap Value		.1998
Small Cap Value		.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 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 contractually 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 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
Maximum Expense Level		.95	%
Minimum Management Fee		.78

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.

58 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 fiscal year ended October 31, 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		Mid Cap Value		Small Cap Value
Sales charges collected (Unaudited)	$	391,945	$	14,637	$	16,525
Paid to financial intermediaries (Unaudited)		344,452		12,918		14,392

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

During the fiscal year ended October 31, 2012, the Distributor compensated financial intermediaries directly with commission advances at the time of purchase as follows:

	Dividend Value		Mid Cap Value		Small Cap Value
Commission advances (Unaudited)	$	100,265	$	2,016	$	1,710

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 fiscal year ended October 31, 2012, the Distributor retained such 12b-1 fees as follows:

	Dividend Value		Mid Cap Value		Small Cap Value
12b-1 fees retained (Unaudited)	$	94,835	$	16,015	$	1,526

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

The Distributor also collected and retained CDSC on share redemptions during the fiscal year ended October 31, 2012, as follows:

	Dividend Value		Mid Cap Value		Small Cap Value
CDSC retained (Unaudited)	$	9,522	$	1,115	$	505

8. Fund Reorganization

During the current fiscal period, the Nuveen Large Cap Value Fund (“Large Cap Value” or the “Acquired Fund”) was reorganized (the “Reorganization”) into Dividend Value (the “Acquiring Fund”).

The Adviser proposed the Reorganization of the Acquired Fund into the Acquiring Fund, as well as a number of other fund reorganizations between funds with similar investment objectives and policies, as part of an initiative to eliminate certain redundancies among the products it offers and in an effort to achieve certain operating efficiencies. The Acquired Fund’s Board of Directors determined that the Reorganization was in the best interest of the Acquired Fund and that the interests of existing shareholders will not be diluted as a result of the Reorganization.

A special meeting of the Acquired Fund’s shareholders was held on October 5, 2012, for the purpose of voting on the Reorganization, at which time, the Reorganization was approved. The Reorganization was consummated at the close of business on October 12, 2012.

Upon consummation of the Reorganization, the Acquired Fund transferred all of its assets and liabilities to the Acquiring Fund in exchange for the Acquiring Fund’s shares of equal value. The Acquiring Fund’s shares were then distributed to the Acquired Fund’s shareholders and the Acquired Fund was terminated. As a result of the Reorganization, the Acquired Fund’s shareholders became shareholders of the Acquiring Fund and the Acquired Fund’s shareholders received the Acquiring Fund’s shares with a total value equal to the total value of its Acquired Fund’s shares immediately prior to the closing of the Reorganization.

The Reorganization was structured to qualify as a tax-free reorganization under the Internal Revenue Code for federal income tax purposes, and the Acquired Fund’s shareholders will recognize no gain or loss for federal income tax purposes as a result of the Reorganization. Prior to the closing of the Reorganization, the Acquired Fund distributed all of its net investment income and capital gains, if any. Such a distribution may be taxable to the Acquired Fund’s shareholders for federal income tax purposes.

Nuveen Investments 59

Notes to Financial Statements (continued)

The cost, fair value and net unrealized appreciation (depreciation) of the investments of the Acquired Fund as of the date of its Reorganization was as follows:

	Large Cap Value
Cost of investments	$	163,215,402
Fair value of investments		157,563,613
Unrealized appreciation (depreciation) of investments		(5,651,789	)

For financial reporting purposes, assets received and shares issued by the Acquiring Fund were recorded at fair value; however, the cost basis of the investments received from the Acquired Fund were carried forward to align ongoing reporting of the Acquiring Fund’s realized and unrealized gains and losses with amounts distributable to shareholders for tax purposes.

For accounting and performance reporting purposes, the Acquiring Fund is the survivor. The shares outstanding, net assets and net asset value (“NAV”) per share immediately before and after the Reorganization are as follows:

Acquired Fund – Prior to Reorganization	Shares Outstanding		Net Assets		NAV per Share
Large Cap Value(2)
Class A Shares		2,866,094	$	46,725,301	$	16.30
Class C Shares		72,150		1,152,063		15.97
Class R3 Shares		21,533		349,364		16.22
Class I Shares		5,445,884		89,163,482		16.37
Acquiring Fund – Prior to Reorganization	Shares Outstanding		Net Assets		NAV per Share
Dividend Value
Class A Shares		15,582,917	$	228,310,628	$	14.65
Class C Shares		1,938,407		28,106,396		14.50
Class R3 Shares		1,432,885		20,958,169		14.63
Class I Shares		66,975,748		988,773,332		14.76
Acquiring Fund – Post Reorganization	Shares Outstanding		Net Assets		NAV per Share
Dividend Value
Class A Shares		18,772,077	$	275,035,929	$	14.65
Class C Shares		2,017,861		29,258,459		14.50
Class R3 Shares		1,456,771		21,307,533		14.63
Class I Shares		73,015,311		1,077,936,814		14.76

(2) Large Cap Value did not offer Class B Shares.

The beginning of the current fiscal period for the Acquired Funds was November 1, 2011.

Assuming the Reorganization had been completed on November 1, 2011, the beginning of the Acquiring Fund’s current fiscal period, the pro forma results of operations for the fiscal year ended October 31, 2012, are as follows:

	Dividend Value
Net investment income (loss)	$	25,602,759
Net realized and unrealized gains (losses)		147,630,483
Change in net assets resulting from operations		173,233,242

Because the combined investment portfolios for the Reorganization have been managed as a single integrated portfolio since the Reorganization was completed, it is not practicable to separate the amounts of revenue and earnings of the Acquired Fund that have been included in the Statement of Operations since the Reorganization was consummated.

In connection with the Reorganization, the Acquiring Fund has established a reserve for certain associated costs and expenses. Such amounts are included as a component of “Accrued other expenses” on the Statement of Assets and Liabilities and “Reorganization expense” on the Statement of Operations.

9. New Accounting Pronouncements

Financial Accounting Standards Board (“FASB”) Balance Sheet (Topic 210): Disclosures about Offsetting Assets and Liabilities

In December 2011, the FASB issued Accounting Standards Update (“ASU”) No. 2011-11 (“ASU No. 2011-11”) to enhance disclosures about financial instruments and derivative instruments that are subject to offsetting (“netting”) on the Statement of Assets and Liabilities. This information will enable users of the entity’s financial statements to evaluate the effect or potential effect of netting arrangements on the entity’s financial position. ASU No. 2011-11 is effective prospectively during interim or annual periods beginning on or after January 1, 2013. At this time, management is evaluating the implications of this guidance and the impact it will have to the financial statements amounts and footnote disclosures, if any.

60 Nuveen Investments

Trustees and Officers (Unaudited)

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

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

Name, Birthdate and Address	Position(s) Held with the Funds	Year First Elected or Appointed (1)	Principal Occupation(s) Including other Directorships During Past 5 Years	Number of Portfolios in Fund Complex Overseen by Trustee
Independent Trustees:
Robert P. Bremner 8/22/40 333 W. Wacker Drive Chicago, IL 60606	Chairman of the Board and Trustee	1996	Private Investor and Management Consultant; Treasurer and Director, Humanities Council of Washington, D.C.; Board Member, Independent Directors Council affiliated with the Investment Company Institute.	217
Jack B. Evans 10/22/48 333 W. Wacker Drive Chicago, IL 60606	Trustee	1999	President, The Hall-Perrine Foundation, a private philanthropic corporation (since 1996); Director and Chairman, United Fire Group, a publicly held company; member of the Board of Regents for the State of Iowa University System; Director, Source Media Group; Life Trustee of Coe College and the Iowa College Foundation; formerly, Director, Alliant Energy; formerly, Director, Federal Reserve Bank of Chicago; formerly, President and Chief Operating Officer, SCI Financial Group, Inc., a regional financial services firm.	217
William C. Hunter 3/6/48 333 W. Wacker Drive Chicago, IL 60606	Trustee	2004	Dean Emeritus (since June 30, 2012), formerly, Dean, Tippie College of Business, University of Iowa (2006-2012); Director (since 2004) of Xerox Corporation; Director (since 2005), and President (since July 2012) Beta Gamma Sigma, Inc., The International Honor Society; Director of Wellmark, Inc. (since 2009); formerly, Dean and Distinguished Professor of Finance, School of Business at the University of Connecticut (2003-2006); previously, Senior Vice President and Director of Research at the Federal Reserve Bank of Chicago (1995-2003); formerly, Director (1997-2007), Credit Research Center at George Washington University.	217
David J. Kundert 10/28/42 333 W. Wacker Drive Chicago, IL 60606	Trustee	2005	Director, Northwestern Mutual Wealth Management Company; retired (since 2004) as Chairman, JPMorgan Fleming Asset Management, President and CEO, Banc One Investment Advisors Corporation, and President, One Group Mutual Funds; prior thereto, Executive Vice President, Banc One Corporation and Chairman and CEO, Banc One Investment Management Group; Member, Board of Regents, Luther College; member of the Wisconsin Bar Association; member of Board of Directors, Friends of Boerner Botanical Gardens; member of Board of Directors and Chair of Investment Committee, Greater Milwaukee Foundation.	217
William J. Schneider 9/24/44 333 W. Wacker Drive Chicago, IL 60606	Trustee	1996	Chairman of Miller-Valentine Partners Ltd., a real estate investment company; formerly, Senior Partner and Chief Operating Officer (retired 2004) of Miller-Valentine Group; member, University of Dayton Business School Advisory Council; member, Mid-America Health System Board; formerly, member and chair, Dayton Philharmonic Orchestra Association; formerly, member, Business Advisory Council, Cleveland Federal Reserve Bank.	217
Judith M. Stockdale 12/29/47 333 W. Wacker Drive Chicago, IL 60606	Trustee	1997	Executive Director, Gaylord and Dorothy Donnelley Foundation (since 1994); prior thereto, Executive Director, Great Lakes Protection Fund (1990-1994).	217
Carole E. Stone 6/28/47 333 W. Wacker Drive Chicago, IL 60606	Trustee	2007	Director, Chicago Board Options Exchange (since 2006); Director, C2 Options Exchange, Incorporated (since 2009); formerly, Commissioner, New York State Commission on Public Authority Reform (2005-2010); formerly, Chair, New York Racing Association Oversight Board (2005-2007).	217

Nuveen Investments 61

Trustees and Officers (Unaudited) (continued)

Name, Birthdate and Address	Position(s) Held with the Funds	Year First Elected or Appointed (1)	Principal Occupation(s) During Past Five Years	Number of Portfolios in Fund Complex Overseen by Trustee
Virginia L. Stringer 8/16/44 333 West Wacker Drive Chicago, IL 60606	Trustee	2011	Board Member, Mutual Fund Directors Forum; former governance consultant and non-profit board member; former Owner and President, Strategic Management Resources, Inc. a management consulting firm; former Member, Governing Board, Investment Company Institute’s Independent Directors Council; previously, held several executive positions in general management, marketing and human resources at IBM and The Pillsbury Company; Independent Director, First American Fund Complex (1987-2010) and Chair (1997-2010).	217
Terence J. Toth 9/29/59 333 W. Wacker Drive Chicago, IL 60606	Trustee	2008	Director, Legal & General Investment Management America, Inc. (since 2008); Managing Partner, Promus Capital (since 2008); formerly, CEO and President, Northern Trust Global Investments (2004-2007); Executive Vice President, Quantitative Management & Securities Lending (2000-2004); prior thereto, various positions with Northern Trust Company (since 1994); member: Chicago Fellowship Board (since 2005), Catalyst Schools of Chicago Board (since 2008); Mather Foundation Board (since 2012) and a member of its investment committee; formerly, member: Northern Trust Mutual Funds Board (2005-2007), Northern Trust Global Investments Board (2004-2007), Northern Trust Japan Board (2004-2007), Northern Trust Securities Inc. Board (2003-2007) and Northern Trust Hong Kong Board (1997-2004).	217
Interested Trustee:
John P. Amboian (2) 6/14/61 333 W. Wacker Drive Chicago, IL 60606	Trustee	2008	Chief Executive Officer and Chairman (since 2007) and Director (since 1999) of Nuveen Investments, Inc., formerly, President (1999-2007); Chief Executive Officer (since 2007) of Nuveen Investments Advisers Inc.; Director (since 1998) formerly, Chief Executive Officer (2007-2010) of Nuveen Fund Advisors, Inc.	217
Name, Birthdate and Address	Position(s) Held with the Funds	Year First Elected or Appointed (3)	Principal Occupation(s) During Past 5 Years	Number of Portfolios in Fund Complex Overseen by Officer
Officers of the Funds:
Gifford R. Zimmerman 9/9/56 333 W. Wacker Drive Chicago, IL 60606	Chief Administrative Officer	1988	Managing Director (since 2002), Assistant Secretary of Nuveen Securities, LLC; Managing Director (since 2004) and Assistant Secretary (since 1994) of Nuveen Investments, Inc.; Managing Director (since 2002), Assistant Secretary (since 1997) and Co-General Counsel (since 2011) of Nuveen Fund Advisors, Inc.; Managing Director, Assistant Secretary and Associate General Counsel of Nuveen Asset Management, LLC (since 2011); Managing Director, Associate General Counsel and Assistant Secretary of Symphony Asset Management LLC (since 2003); Vice President and Assistant Secretary of NWQ Investment Management Company, LLC (since 2002), Nuveen Investments Advisers Inc. (since 2002), Santa Barbara Asset Management, LLC (since 2006) and of Winslow Capital Management, LLC, (since 2010); Chief Administrative Officer and Chief Compliance Officer (since 2006) of Nuveen Commodities Asset Management, LLC; Chartered Financial Analyst.	217
Margo L. Cook 4/11/64 333 W. Wacker Drive Chicago, IL 60606	Vice President	2009	Executive Vice President (since 2008) of Nuveen Investments, Inc. and of Nuveen Fund Advisors, Inc. (since 2011); Managing Director – Investment Services of Nuveen Commodities Asset Management, LLC (since August 2011) previously, Head of Institutional Asset Management (2007-2008) of Bear Stearns Asset Management; Head of Institutional Asset Management (1986-2007) of Bank of NY Mellon; Chartered Financial Analyst.	217

62 Nuveen Investments

Name, Birthdate and Address	Position(s) Held with the Funds	Year First Elected or Appointed (3)	Principal Occupation(s) During Past 5 Years	Number of Portfolios in Fund Complex Overseen by Officer
Lorna C. Ferguson 10/24/45 333 W. Wacker Drive Chicago, IL 60606	Vice President	1998	Managing Director (since 2005) of Nuveen Fund Advisors, Inc. and Nuveen Securities, LLC (since 2004).	217
Stephen D. Foy 5/31/54 333 W. Wacker Drive Chicago, IL 60606	Vice President and Controller	1998	Senior Vice President (since 2010), formerly, Vice President (2005-2010) and Funds Controller of Nuveen Securities, LLC; Vice President of Nuveen Fund Advisors, Inc.; Chief Financial Officer of Nuveen Commodities Asset Management, LLC (since 2010); Certified Public Accountant.	217
Scott S. Grace 8/20/70 333 W. Wacker Drive Chicago, IL 60606	Vice President and Treasurer	2009	Managing Director, Corporate Finance & Development, Treasurer (since 2009) of Nuveen Securities, LLC; Managing Director and Treasurer (since 2009) of Nuveen Fund Advisors, Inc., Nuveen Investments Advisers, Inc., Nuveen Investments Holdings Inc. and (since 2011) Nuveen Asset Management, LLC; Vice President and Treasurer of NWQ Investment Management Company, LLC, Tradewinds Global Investors, LLC, Symphony Asset Management LLC and Winslow Capital Management, LLC.; Vice President of Santa Barbara Asset Management, LLC; formerly, Treasurer (2006-2009), Senior Vice President (2008-2009), previously, Vice President (2006-2008) of Janus Capital Group, Inc.; formerly, Senior Associate in Morgan Stanley’s Global Financial Services Group (2000-2003); Chartered Accountant Designation.	217
Walter M. Kelly 2/24/70 333 W. Wacker Drive Chicago, IL 60606	Chief Compliance Officer and Vice President	2003	Senior Vice President (since 2008) and Assistant Secretary (since 2003) of Nuveen Fund Advisors, Inc; Senior Vice President (since 2008) of Nuveen Investments Holdings, Inc; formerly, Senior Vice President (2008-2011) of Nuveen Securities, LLC.	217
Tina M. Lazar 8/27/61 333 W. Wacker Drive Chicago, IL 60606	Vice President	2002	Senior Vice President (since 2010), formerly, Vice President (2005-2010) of Nuveen Fund Advisors, Inc.	217
Name, Birthdate and Address	Position(s) Held with the Funds	Year First Elected or Appointed (3)	Principal Occupation(s) Including other Directorships During Past 5 Years	Number of Portfolios in Fund Complex Overseen by Officer
Kevin J. McCarthy 3/26/66 333 W. Wacker Drive Chicago, IL 60606	Vice President and Secretary	2007	Managing Director and Assistant Secretary (since 2008), formerly, Vice President (2007-2008), Nuveen Securities, LLC; Managing Director (since 2008), Assistant Secretary (since 2007) and Co-General Counsel (since 2011) of Nuveen Fund Advisors, Inc.; Managing Director, Assistant Secretary and Associate General Counsel (since 2011) of Nuveen Asset Management, LLC; Managing Director (since 2008), and Assistant Secretary, Nuveen Investment Holdings, Inc.; Vice President (since 2007) and Assistant Secretary of Nuveen Investments Advisers Inc., NWQ Investment Management Company, LLC, Tradewinds Global Investors LLC, NWQ Holdings, LLC, Symphony Asset Management LLC, Santa Barbara Asset Management, LLC, and of Winslow Capital Management, LLC. (since 2010); Vice President and Secretary (since 2010) of Nuveen Commodities Asset Management, LLC; prior thereto, Partner, Bell, Boyd & Lloyd LLP (1997-2007).	217
Kathleen L. Prudhomme 3/30/53 901 Marquette Avenue Minneapolis, MN 55402	Vice President and Assistant Secretary	2011	Managing Director, Assistant Secretary and Co-General Counsel (since 2011) of Nuveen Fund Advisors, Inc.; Managing Director, Assistant Secretary and Associate General Counsel (since 2011) of Nuveen Asset Management, LLC; Managing Director and Assistant Secretary (since 2011) of Nuveen Securities, LLC; formerly, Deputy General Counsel, FAF Advisors, Inc. (2004-2010).	217

Nuveen Investments 63

Trustees and Officers (Unaudited) (continued)

Name, Birthdate and Address	Position(s) Held with the Funds	Year First Elected or Appointed (3)	Principal Occupation(s) Including other Directorships During Past 5 Years	Number of Portfolios in Fund Complex Overseen by Officer
Jeffery M. Wilson 3/13/56 333 West Wacker Drive Chicago, IL 60606	Vice President	2011	Senior Vice President of Nuveen Securities, LLC (since 2011); formerly, Senior Vice President of FAF Advisors, Inc. (2000-2010).	100

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

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

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

64 Nuveen Investments

Annual Investment Management Agreement Approval Process

(Unaudited)

The Board of Directors (each, a “Board” and each Director, a “Board Member”) of the Funds, including the Board Members who are not parties to the Funds’ advisory or sub-advisory agreements or “interested persons” of any such parties (the “Independent Board Members”), is responsible for approving the advisory agreements (each, an “Investment Management Agreement”) between each Fund and Nuveen Fund Advisors, Inc. (the “Advisor”) and the sub-advisory agreements (each, a “Sub-Advisory Agreement”) between the Advisor and Nuveen Asset Management, LLC (the “Sub-Advisor”) (the Investment Management Agreements and the Sub-Advisory Agreements are referred to collectively as the “Advisory Agreements”) and their periodic continuation. Pursuant to the Investment Company Act of 1940, as amended (the “1940 Act”), the Board is required to consider the continuation of the Advisory Agreements on an annual basis. Accordingly, at an in-person meeting held on May 21-23, 2012 (the “May Meeting”), the Board, including a majority of the Independent Board Members, considered and approved the continuation of the Advisory Agreements for the Funds for an additional one-year period.

In preparation for its considerations at the May Meeting, the Board requested and received extensive materials prepared in connection with the review of the Advisory Agreements. The materials provided a broad range of information regarding the Funds, the Advisor and the Sub-Advisor (the Advisor and the Sub-Advisor are collectively, the “Fund Advisers” and each, a “Fund Adviser”). As described in more detail below, the information provided included, among other things, a review of Fund performance, including Fund investment performance assessments against peer groups and appropriate benchmarks, a comparison of Fund fees and expenses relative to peers, a description and assessment of shareholder service levels for the Funds, a summary of the performance of certain service providers, a review of product initiatives and shareholder communications and an analysis of the Advisor’s profitability with comparisons to comparable peers in the managed fund business. As part of its annual review, the Board also held a separate meeting on April 18-19, 2012, to review the Funds’ investment performance and consider an analysis provided by the Advisor of the Sub-Advisor which generally evaluated the Sub-Advisor’s investment team, investment mandate, organizational structure and history, investment philosophy and process, performance of the applicable Fund, and significant changes to the foregoing. As a result of its review of the materials and discussions, the Board presented the Advisor with questions and the Advisor responded.

The materials and information prepared in connection with the annual review of the Advisory Agreements supplement the information and analysis provided to the Board during the year. In this regard, throughout the year, the Board, acting directly or through its committees, regularly reviews the performance and various services provided by the Advisor and the Sub-Advisor. The Board meets at least quarterly as well as at other times as the need arises. At its quarterly meetings, the Board reviews reports by the Advisor which include, among other things, Fund performance, a review of the investment teams and reports on compliance, regulatory matters and risk management. The Board also meets with key investment personnel managing the Fund portfolios during the year. In October 2011, the Board also created two new standing committees (the Open-end Fund Committee and the Closed-end Fund Committee) to assist the full Board in monitoring and gaining a deeper insight into the distinctive issues and business practices of open-end and closed-end funds.

In addition, the Board continues its program of seeking to have the Board Members or a subset thereof visit each sub-advisor to the Nuveen funds at least once over a multiple year rotation, meeting with key investment and business personnel. Further, an ad hoc committee of the Board visited the then-current transfer agents of the Nuveen funds in 2011 and the audit committee of the Board visited the various pricing agents for the Nuveen funds in January 2012.

The Board considers factors and information that are relevant to its annual consideration of the renewal of the Advisory Agreements at the meetings held throughout the year. Accordingly, the Board considers the information provided and knowledge gained at these meetings when performing its annual review of the Advisory Agreements. The Independent Board Members are assisted throughout the process by independent legal counsel who provided materials describing applicable law and the duties of directors or trustees in reviewing advisory contracts and met with the Independent Board Members in executive sessions without management present. In addition, it is important to recognize that the management arrangements for the Nuveen funds are the result of many years of review and discussion between the Independent Board Members and fund management and that the Board Members’ conclusions may be based, in part, on their consideration of fee arrangements and other factors developed in previous years.

The Board considered all factors it believed relevant with respect to each Fund, including among other factors: (a) the nature, extent and quality of the services provided by the Fund Advisers, (b) the investment performance of the Fund and Fund Advisers, (c) the advisory fees and costs of the services to be provided to the Fund and the profitability of the Fund Advisers, (d) the extent of any economies of scale, (e) any benefits derived by the Fund Advisers from the relationship with the Fund and (f) other factors. Each Board Member may have accorded different weight to the various factors in reaching his or her conclusions with respect to a Fund’s Advisory Agreements. The Independent Board Members did not identify any single factor as all important or controlling. The Independent Board Members’ considerations were instead based on a comprehensive consideration of all the information presented. The principal factors considered by the Board and its conclusions are described below.

A. Nature, Extent and Quality of Services

In considering renewal of the Advisory Agreements, the Independent Board Members considered the nature, extent and quality of the Fund Adviser’s services, including advisory services and the resulting Fund performance and administrative services. The Independent Board Members further considered the overall reputation and capabilities of the Advisor and its affiliates, the commitment of the Advisor to provide high quality service to the Funds, their overall confidence in the Advisor’s integrity and the Advisor’s

Nuveen Investments 65

Annual Investment Management Agreement Approval Process

(Unaudited) (continued)

responsiveness to questions and concerns raised by them. The Independent Board Members reviewed materials outlining, among other things, the Fund Adviser’s organization and business; the types of services that the Fund Adviser or its affiliates provide to the Funds; the performance record of the applicable Fund (as described in further detail below); and any initiatives Nuveen had taken for the applicable fund product line.

In considering advisory services, the Board recognized that the Advisor provides various oversight, administrative, compliance and other services for the Funds and the Sub-Advisor generally provides the portfolio investment management services to the Funds. In reviewing the portfolio management services provided to each Fund, the Board reviewed the materials provided by the Nuveen Investment Services Oversight Team analyzing, among other things, the Sub-Advisor’s investment team and changes thereto, organization and history, assets under management, Fund objectives and mandate, the investment team’s philosophy and strategies in managing the Fund, developments affecting the Sub-Advisor or Fund and Fund performance. The Independent Board Members also reviewed portfolio manager compensation arrangements to evaluate each Fund Adviser’s ability to attract and retain high quality investment personnel, preserve stability, and reward performance but not provide an inappropriate incentive to take undue risks. In addition, the Board considered the Advisor’s execution of its oversight responsibilities over the Sub-Advisor. Given the importance of compliance, the Independent Board Members also considered Nuveen’s compliance program, including the report of the chief compliance officer regarding the Funds’ compliance policies and procedures; the resources dedicated to compliance; and the record of compliance with the policies and procedures.

In addition to advisory services, the Board considered the quality and extent of administrative and other non-investment advisory services the Advisor and its affiliates provide to the Funds, including product management, investment services (such as oversight of investment policies and procedures, risk management, and pricing), fund administration, oversight of service providers, shareholder services and communications, administration of Board relations, regulatory and portfolio compliance and legal support. The Board further recognized Nuveen’s additional investments in personnel, including in compliance and risk management. In reviewing the services provided, the Board also reviewed materials describing various notable initiatives and projects the Advisor performed in connection with the open-end fund product line. These initiatives included efforts to eliminate product overlap through mergers or liquidations; commencement of various new funds; elimination of insurance mandates for various funds; updates in investment policies or guidelines for several funds; and reductions in management fees and expense caps for certain funds.

Based on their review, the Independent Board Members found that, overall, the nature, extent and quality of services provided to the respective Funds under each applicable Advisory Agreement were satisfactory.

B. The Investment Performance of the Funds and Fund Advisers

The Board, including the Independent Board Members, reviewed and considered the performance history of each Fund over various time periods. The Board reviewed, among other things, each Fund’s historic investment performance as well as information comparing the Fund’s performance information with that of other funds (the “Performance Peer Group”) based on data compiled by Nuveen that was provided by an independent provider of mutual fund data and with recognized and/or customized benchmarks (i.e., benchmarks derived from multiple recognized benchmarks).

The Board reviewed reports, including a comprehensive analysis of the Funds’ performance and the applicable investment team. In this regard, the Board reviewed each Fund’s total return information compared to the returns of its Performance Peer Group and recognized and/or customized benchmarks for the quarter, one-, three- and five-year periods ending December 31, 2011, as well as performance information reflecting the first quarter of 2012.

In reviewing performance comparison information, the Independent Board Members recognized that the usefulness of the comparisons of the performance of certain funds with the performance of their respective Performance Peer Group may be limited because the Performance Peer Group may not adequately represent the objectives and strategies of the applicable funds or may be limited in size or number. The Independent Board Members also noted that the investment experience of a particular shareholder in the Nuveen funds will vary depending on when such shareholder invests in the applicable fund, the class held (if multiple classes are offered in a fund) and the performance of the fund (or respective class) during that shareholder’s investment period. In addition, although the performance below reflects the performance results for the time periods ending as of the most recent calendar year end (unless otherwise indicated), the Board also recognized that selecting a different ending time period may derive different results. Furthermore, while the Board is cognizant of the relevant performance of a fund’s peer set and/or benchmark(s), the Board evaluated fund performance in light of the respective fund’s investment objectives, investment parameters and guidelines and recognized that the objectives, investment parameters and guidelines of peers and/or benchmarks may differ to some extent, thereby resulting in differences in performance results. Nevertheless, with respect to any Nuveen funds that the Board considers to have underperformed their peers and/or benchmarks from time to time, the Board monitors such funds closely and considers any steps necessary or appropriate to address such issues.

In considering the results of the comparisons for the Funds, the Independent Board Members observed, among other things, that the Nuveen Dividend Value Fund (the “Dividend Value Fund”) and the Nuveen Small Cap Value Fund (the “Small Cap Value Fund”) had satisfactory performance compared to their respective peers, performing in the second or third quartile over various periods (except the Small Cap Value Fund performed in the first quartile for the one-year period). In addition, the Independent Board Members noted that the Nuveen Mid Cap Value Fund (the “Mid Cap Value Fund”) lagged its peers and/or benchmarks over various periods. With

66 Nuveen Investments

respect to the Nuveen funds that have shown periods of underperformance, the Board considered the factors affecting performance and was satisfied with the process followed in seeking to address any performance issues in light of the fund’s investment strategy. In this regard, the Board noted, in particular, the portfolio management team changes for the Mid Cap Value Fund.

Based on their review, the Independent Board Members determined that, except as noted above, each Fund’s investment performance had been satisfactory.

C. Fees, Expenses and Profitability

1. Fees and Expenses

The Board evaluated the management fees and expenses of each Fund reviewing, among other things, such Fund’s gross management fees, net management fees and net expense ratios in absolute terms as well as compared to the fee and expenses of a comparable universe of funds provided by an independent fund data provider (the “Peer Universe”) and to a more focused subset of funds in the Peer Universe (the “Peer Group”) and any expense limitations.

The Independent Board Members further reviewed the methodology regarding the construction of the applicable Peer Universe and Peer Group. In reviewing the comparisons of fee and expense information, the Independent Board Members took into account that in certain instances various factors such as: the limited size and particular composition of the Peer Universe or Peer Group (including the inclusion of other Nuveen funds in the peer set); expense anomalies; changes in the funds comprising the Peer Universe or Peer Group from year to year; levels of reimbursement or fee waivers; and the timing of information used may impact the comparative data, thereby limiting somewhat the ability to make a meaningful comparison with peers.

In reviewing the fee schedule for a Fund, the Independent Board Members also considered the fund-level and complex-wide breakpoint schedules (described in further detail below) and any fee waivers and reimbursements provided by Nuveen. In reviewing fees and expenses, the Board considered the expenses and fees to be higher if they were over 10 basis points higher, slightly higher if they were approximately 6 to 10 basis points higher, in line if they were within approximately 5 basis points higher than the peer average and below if they were below the peer average of the Peer Group. In reviewing the reports, the Board noted that the overwhelming majority of the Nuveen funds were at, close to or below their Peer Group or Peer Universe (if no separate Peer Group) average based on the net total expense ratio.

The Independent Board Members observed that the Mid Cap Value Fund had net management fees higher than its peer average, but a net expense ratio in line with its peer average, while the Small Cap Value Fund had a net expense ratio slightly higher than its peer average, but a net management fee in line with its peer average. Finally, the Independent Board Members observed that the Dividend Value Fund had net management fees and a net expense ratio (including fee waivers and expense reimbursements, if any) below or in line with its peer averages.

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

2. Comparisons with the Fees of Other Clients

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

In considering the fees of the Sub-Advisor, the Independent Board Members also considered the pricing schedule or fees that the Sub-Advisor charges for similar investment management services for other Nuveen funds, funds of other sponsors (if any), and other clients (such as retail and/or institutional managed accounts).

3. Profitability of Fund Advisers

In conjunction with their review of fees, the Independent Board Members also considered the profitability of Nuveen for its advisory activities and its financial condition. The Independent Board Members reviewed the revenues and expenses of Nuveen’s advisory activities for the last two calendar years, the allocation methodology used in preparing the profitability data and an analysis of the key drivers behind the changes in revenues and expenses that impacted profitability in 2011. The Independent Board Members noted this information supplemented the profitability information requested and received during the year to help keep them apprised of developments affecting profitability (such as changes in fee waivers and expense reimbursement

Nuveen Investments 67

Annual Investment Management Agreement Approval Process

(Unaudited) (continued)

commitments). In this regard, the Independent Board Members noted that they have an Independent Board Member serve as a point person to review and keep them apprised of changes to the profitability analysis and/or methodologies during the year. The Independent Board Members also considered Nuveen’s revenues for advisory activities, expenses, and profit margin compared to that of various unaffiliated management firms with comparable assets under management (based on asset size and asset composition).

In reviewing profitability, the Independent Board Members recognized the Advisor’s continued investment in its business to enhance its services, including capital improvements to investment technology, updated compliance systems, and additional personnel in compliance, risk management, and product development as well as its ability to allocate resources to various areas of the Advisor as the need arises. In addition, in evaluating profitability, the Independent Board Members also recognized the subjective nature of determining profitability which may be affected by numerous factors including the allocation of expenses. Further, the Independent Board Members recognized the difficulties in making comparisons as the profitability of other advisers generally is not publicly available and the profitability information that is available for certain advisers or management firms may not be representative of the industry and may be affected by, among other things, the adviser’s particular business mix, capital costs, types of funds managed and expense allocations. Notwithstanding the foregoing, the Independent Board Members reviewed Nuveen’s methodology and assumptions for allocating expenses across product lines to determine profitability. In reviewing profitability, the Independent Board Members recognized Nuveen’s investment in its fund business. Based on their review, the Independent Board Members concluded that the Advisor’s level of profitability for its advisory activities was reasonable in light of the services provided.

With respect to sub-advisers affiliated with Nuveen, including the Sub-Advisor, the Independent Board Members reviewed the sub-adviser’s revenues, expenses and profitability margins (pre- and post-tax) for its advisory activities and the methodology used for allocating expenses among the internal sub-advisers. Based on their review, the Independent Board Members were satisfied that the Sub-Advisor’s level of profitability was reasonable in light of the services provided.

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

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

With respect to economies of scale, the Independent Board Members have recognized the potential benefits resulting from the costs of a fund being spread over a larger asset base, although economies of scale are difficult to measure and predict with precision, particularly on a fund-by-fund basis. One method to help ensure the shareholders share in these benefits is to include breakpoints in the advisory fee schedule. Generally, management fees for funds in the Nuveen complex are comprised of a fund-level component and a complex-level component, subject to certain exceptions. Accordingly, the Independent Board Members reviewed and considered the applicable fund-level breakpoints in the advisory fee schedules that reduce advisory fees as asset levels increase.

In addition to fund-level advisory fee breakpoints, the Board also considered the Funds’ complex-wide fee arrangement. Pursuant to the complex-wide fee arrangement, the fees of the funds in the Nuveen complex are generally reduced as the assets in the fund complex reach certain levels. The complex-wide fee arrangement seeks to provide the benefits of economies of scale to fund shareholders when total fund complex assets increase, even if assets of a particular fund are unchanged or have decreased. The approach reflects the notion that some of Nuveen’s costs are attributable to services provided to all its funds in the complex and therefore all funds benefit if these costs are spread over a larger asset base. In addition, with the acquisition of the funds previously advised by FAF Advisors, Inc., the Board noted that a portion of such funds’ assets at the time of acquisition were deemed eligible to be included in the complex-wide fee calculation in order to deliver fee savings to shareholders in the combined complex and such funds were subject to differing complex-level fee rates.

Based on their review, the Independent Board Members concluded that the breakpoint schedules and complex-wide fee arrangement were acceptable and reflect economies of scale to be shared with shareholders when assets under management increase.

E. Indirect Benefits

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

In addition to the above, the Independent Board Members considered whether the Fund Advisers received any benefits from soft dollar arrangements whereby a portion of the commissions paid by a Fund for brokerage may be used to acquire research that may be useful to the Fund Adviser in managing the assets of the Funds and other clients. The Independent Board Members recognized that

68 Nuveen Investments

each Fund Adviser has the authority to pay a higher commission in return for brokerage and research services if it determines in good faith that the commission paid is reasonable in relation to the value of the brokerage and research services provided and may benefit from such soft dollar arrangements. Similarly, the Board recognized that the research received pursuant to soft dollar arrangements by a Fund Adviser may also benefit a Fund and shareholders to the extent the research enhances the ability of the Fund Adviser to manage the Fund. The Independent Board Members noted that the Fund Advisers’ profitability may be somewhat lower if they did not receive the research services pursuant to the soft dollar arrangements and had to acquire such services directly.

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

F. Other Considerations

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

Nuveen Investments 69

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.

Gross Domestic Product (GDP): The total market value of all final goods and services produced in a country/region in a given year, equal to total consumer, investment and government spending, plus the value of exports, minus the value of imports.

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 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.

S&P 500^® Dividend Only Stocks Index: An unmanaged index that includes only the S&P 500^® Index stocks that pay dividends. The index returns assume reinvestment of dividends, but do not reflect any applicable sales charges.

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.

70 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

Distribution Information: The following Funds hereby designate their percentages of dividends paid from net ordinary income as dividends qualifying for the 70% dividends received deduction (“DRD”) for corporations and their percentages as qualified dividend income (“QDI”) for individuals under Section 1 (h)(11) of the Internal Revenue Code as shown in the accompanying table. The actual qualified dividend income distributions will be reported to shareholders on Form 1099-DIV which will be sent to shareholders shortly after calendar year end.

Fund	% of DRD			% of QDI
Nuveen Dividend Value Fund		100	%		100	%
Nuveen Mid Cap Value Fund		100	%		100	%

Long-Term Capital Gain Distributions: Nuveen Dividend Value Fund designated as a long-term capital gain dividend, pursuant to the Internal Revenue Code Section 852(b)(3), $1,274,094, or, if greater, the amount necessary to reduce earnings and profits of the Fund related to net capital gain to zero for the tax year ended October 31, 2012.

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 71

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 $220 billion as of September 30, 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

MAN-FSTK-1012P

Mutual Funds

Nuveen Equity Funds

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

Annual Report

October 31, 2012

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

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Table of Contents

Chairman’s Letter to Shareholders	4
Portfolio Managers’ Comments	5
Fund Performance and Expense Ratios	15
Holding Summaries	24
Expense Examples	27
Report of Independent Registered Public Accounting Firm	29
Portfolios of Investments	30
Statement of Assets and Liabilities	60
Statement of Operations	61
Statement of Changes in Net Assets	62
Financial Highlights	64
Notes to Financial Statements	72
Trustees and Officers	86
Annual Investment Management Agreement Approval Process	90
Glossary of Terms Used in this Report	98
Additional Fund Information	99

Chairman’s

Letter to Shareholders

Dear Shareholders,

Investors have many reasons to remain cautious. The challenges in the Euro area continue to cast 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. Despite strong action by the European Central Bank, member nations appear unwilling to surrender sufficient sovereignty to unify the Euro area financial system or strengthen its banks. 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 is running out.

In the U.S., the extended period of increasing corporate earnings that enabled the equity markets to withstand the downward pressures coming from weakening job creation and slower economic growth appears to be coming to an end. The Fed remains committed to low interest rates and announced a third phase of quantitative easing (QE3) scheduled to continue until mid-2015. The recent election results have removed a major element of uncertainty in the U.S. political picture, but it remains to be seen whether the outcome will reduce the highly partisan atmosphere in Congress and enable progress on the many pressing fiscal and budgetary issues that must be resolved in the coming months.

During the last twelve months, U.S. investors have experienced a solid recovery in the domestic equity markets with increasing volatility as the “fiscal cliff” approaches. 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 Fund 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

December 20, 2012

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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.

The portfolio management teams for the Funds examine economic and equity market conditions, key investment strategies and the Funds’ performance for the twelve-month period ended October 31, 2012.

What factors affected the world economy and the domestic and international equity market environments during the twelve-month reporting period ended October 31, 2012?

During this period, the U.S. economy’s progress toward recovery from recession continued at a moderate pace. In the third quarter 2012, the U.S. economy, as measured by the U.S. gross domestic product (GDP), grew at an annualized rate of 2.7%, up from 1.3% in the second quarter, marking 13 consecutive quarters of positive growth. The Consumer Price Index (CPI) rose 2.2% year-over-year as of October 2012, while the core CPI (which excludes food and energy) increased 2.0% during the period, staying just within the Fed’s unofficial objective of 2.0% or lower for this inflation measure. As of November 2012, (subsequent to this reporting period), the national unemployment rate was 7.7%, the lowest unemployment rate since December 2008 and below the 8.7% level recorded in November 2011. The slight decrease in unemployment from 7.9% in October 2012 was primarily due to workers who are no longer counted as part of the workforce. The housing market, long a major weak spot in the economic recovery, showed signs of a turnaround as existing home sales and residential construction indicators improved and home prices rose modestly. According to the S&P/Case-Shiller Index of 20 major metropolitan areas, the average home price rose 3.0% for the twelve months ended September 2012 (the most recent data available at the time this report was prepared). This marked the largest annual percentage gain for the index since July 2010, although housing prices continued to be off approximately 30% from their mid-2006 peak.

The Federal Reserve (Fed) maintained its efforts to improve the overall economic environment by continuing to hold the benchmark fed funds rate at the record low level of zero to 0.25% set in December 2008. Subsequent to the reporting period, the central bank decided during its December 2012 meeting to keep the fed funds rate at

Nuveen Investments 5

“exceptionally low levels” until either the unemployment rate reaches 6.5% or expected inflation goes above 2.5%. The Fed also affirmed its decision, announced in September 2012, to purchase $40 billion of mortgage-backed securities each month in an effort to stimulate the housing market. In addition to this new, open-ended stimulus program, the Fed plans to continue its program to extend the average maturity of its holdings of U.S. Treasury securities through the end of December 2012. The goals of these actions, which together will increase the Fed’s holdings of longer term securities by approximately $85 billion a month through the end of the year, are to put downward pressure on longer term interest rates, make broader financial conditions more accommodative and support a stronger economic recovery as well as continued progress toward the Fed’s mandates of maximum employment and price stability. However, the outlook for the U.S. economy remained clouded by uncertainty regarding the impending fiscal cliff, the combination of tax increases and spending cuts scheduled to take effect beginning in January 2013, and the potential impact on the economy.

Domestic and international equity markets were buffeted by concerns about the tepid U.S. economic recovery, the seemingly unending European debt crisis and a broader slowdown in global growth, particularly in China. In addition to the bold monetary policy moves made by the Fed, the European Central Bank (ECB) pledged to do “whatever it takes” to preserve the euro. The ECB unveiled the Outright Monetary Transactions plan, a conditional yet unlimited bond purchase program designed to ensure that financing is available to European governments who are willing to agree to certain fiscal and structural measures.

As these combined actions helped reduce fears, U.S. and overseas equity markets surprised many investors by rallying steadily later in the period. Broad U.S. stock market indexes approached their all-time highs, posting strong double-digit returns for the period as a whole. Large-cap U.S. stocks led the market with a 15.21% one-year return as measured by the S&P 500^® Index, reaching a level not seen since May of 2008. Domestic small- and mid-cap stocks also produced strong returns of 12.08% and 12.15% during the fiscal year period, as measured by the Russell 2000^® and the Russell MidCap^® Indexes, respectively. Across all market cap segments, the best-performing areas of the U.S. equity market during the year included the health care, financial and consumer discretionary sectors. Energy was the biggest laggard across the board, while technology stocks also underperformed, particularly in the smaller capitalization ranges.

Meanwhile, the steps taken in Europe to reduce financial risk helped overseas markets recover some of their losses from the summer months. Developed markets fared better than emerging markets, posting a twelve-month return of 5.15% according to the MSCI EAFE Index, which tracks the performance of stocks from markets in Europe, Australasia and the Far East. Emerging markets never fully recovered after their dramatic sell-off in 2011, ending the fiscal year period with a 2.63% return, as measured by the MSCI Emerging Markets Index.

Nuveen International Fund

How did the Fund perform during the twelve-month period ended October 31, 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 one-year, five-year and ten-year periods

6 Nuveen Investments

ended October 31, 2012. The Fund’s Class A Shares at net asset value (NAV) underperformed the MSCI EAFE Index and the Lipper classification average over the twelve-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 the 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. The Fund’s third sub-adviser, Nuveen Asset Management, LLC, selects stocks for the Fund in the infrastructure sector, and also maintains strategic oversight of the Fund (subject to the supervision of the Fund’s investment adviser, Nuveen Fund Advisors, Inc.) by allocating assets among the sub-advisers (including itself) and tactically adjusting the overall portfolio balance and country emphasis using index related investments.

The most significant boost to performance during the reporting period resulted from individual security selection by two of the Fund’s sub-advisers: Altrinsic Global Advisors and Hansberger Global Investors. Both of the managers beat their respective benchmarks in their portion of the Fund’s portfolio. In terms of individual outperformers, the Fund benefited from its ownership in Brazilian electrical utility CEMIG (Companhia Energética de Minas Gerais). The Fund booked its gain and began selling portions of its position in CEMIG over concern that government regulatory changes would hurt the company’s profits. Dutch brewing company Heineken, with steady growth in Western Europe and rapid growth in the Americas, was also a solid contributor to the portfolio. Additionally, Canadian fertilizer producer Agrium helped the Fund’s performance. Agrium’s revenues are heavily concentrated in the United States, where high food prices justified strong demand. However, these successes were partially offset by several underperforming stocks. For example, New Oriental — an educational services company that provides language and test prep courses in China — took a large hit when it announced that the U.S. Securities and Exchange Commission (SEC) was looking into its accounting practices. New Oriental’s stock price did not completely recover following news that the SEC had approved its accounting. Also detracting was Finnish technology company Nokia, which was surpassed as the top seller of mobile phones by Samsung. Nokia also failed to gain much consumer acceptance of new lines with Microsoft’s phone software.

During the period, the Fund’s regional and country specific weightings were a wash, as the positives and negatives offset each other. The Fund’s overall country positioning included a significant underweight to Europe, particularly the Southern eurozone nations, and a modest overweight in both North and South America. The Fund’s underweight in Europe was based on the region’s ongoing difficulties with debt overhang and the European Central Bank’s efforts to resolve them. However, European stocks performed better than anticipated during the fiscal year. While an underweight to Spain benefited results, the Fund’s underweight in France had more of a neutral effect and its underweight

Nuveen Investments 7

in Germany hindered. Germany’s stock performance was relatively strong as money flowed into the country’s markets. Meanwhile in the Americas, the Fund was successfully positioned with an emphasis in Brazil as stock selection, as mentioned above, was strong in the country. In Asia, the Fund benefited from its selective overweight in Hong Kong and underweight to Japan during the period. In Japan, the Fund’s exposure was pulled back as the Bank of Japan has not actively tried to take actions to stimulate domestic demand; Japanese stocks subsequently produced negative returns overall for the one-year period. Finally, the Fund’s overweight position in Russia was not successful. For quite some time, the Fund favored Russia, a major exporter of both natural gas and oil, due to the thesis that energy will continue to be in high demand as developing economies grow. While Russian stocks were trading at remarkably low price-to-earnings multiples, the country’s stock market did not perform well this year.

Fund performance benefited from its currency exposures, which were offset by its increasingly conservative cash policy during the period. On the positive side, the use of futures to take advantage of currency price fluctuations was additive to the Fund’s performance. The Fund particularly benefited from foreign currency futures it held that reflected a positive outlook on the U.S. dollar and negative outlooks on the Australian dollar and euro. However midway through the period, the Fund had been positioned more conservatively by raising its cash level above the minimum necessary to accommodate ordinary transactions. This higher cash exposure of around 5% generally hindered the Fund’s performance given the rising markets that occurred in the second half of the year.

In addition to those mentioned above, the Fund continued to use other equity and currency futures contracts as an overlay strategy to adjust the exposures created by its multi-manager framework so that the overall Fund had the desired exposures to key markets. Long and short futures contracts were used to manage country and style exposures and implement various tactical market and hedging strategies. These contracts are used as a means to efficiently gain exposure to a broad base of securities. During the period, these positions had a negative impact on the Fund’s performance.

Nuveen International Select Fund

How did the Fund perform during the twelve-month period ended October 31, 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 one-year, five-year and since inception periods ended October 31, 2012. The Fund’s Class A Shares at net asset value (NAV) underperformed the MSCI All Country World Investable Market Index (ex U.S.) and the Lipper classification average over the twelve-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 the 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,

8 Nuveen Investments

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. The Fund’s fourth sub-adviser, Nuveen Asset Management, LLC, selects stocks for the Fund in the infrastructure sector, and also maintains strategic oversight of the Fund (subject to the supervision of the Fund’s investment adviser, Nuveen Fund Advisors, Inc.) by allocating assets among the sub-advisers (including itself) and tactically adjusting the overall portfolio balance and country emphasis using index related investments.

The most significant boost to performance during the reporting period resulted from individual security selection by three of the Fund’s sub-advisers: Altrinsic Global Advisors, Hansberger Global Investors and Lazard Asset Management. Each of the three managers beat their respective benchmarks in their portion of the Fund’s portfolio. In terms of individual outperformers, the Fund benefited from its ownership in Brazilian electrical utility CEMIG (Companhia Energética de Minas Gerais). The Fund booked its gain and began selling portions of the Fund’s position in CEMIG over concern that government regulatory changes would hurt the company’s profits. Shoprite Holdings, a major supermarket chain in South Africa, also advanced due to steady earnings growth, while the communications firm Telekomunikasi Indonesia notched solid earnings growth on steadily rising revenues. However, these successes were partially offset by generally weak performance in the financial sector, including: Banco do Brasil, the largest Brazilian and Latin American bank in terms of assets; Punjab National Bank, the third largest bank in India; and Shinhan Financial Group, a Korean financial services firm. Another significant financial holding that detracted from performance was Willis Group, the U.K.-based global insurance broker and re-insurer, whose earnings growth has disappointed.

During the period, the Fund’s regional and country specific weightings were a wash, as the positives and negatives offset each other. The Fund’s overall country positioning included a significant underweight to Europe, particularly the Southern eurozone nations; a modest overweight in both North and South America; and a notable overweight in developing Asia, excluding Japan. The Fund’s underweight in Europe was based on the region’s ongoing difficulties with debt overhang and the European Central Bank’s efforts to resolve them. However, European stocks performed better than anticipated during the fiscal year. While an underweight to Spain benefited results, the Fund’s underweight in France had more of a neutral effect and its underweight in Germany hindered. Germany’s stock performance was relatively strong as money flowed into the country’s markets. Also, the Fund’s emphasis on Brazil was successful as stock selection, as mentioned above, was strong in the country. In Asia, the Fund benefited from its selective overweight in Hong Kong and underweight to Japan during the period. In Japan, the Fund’s exposure was pulled back as the Bank of Japan has not actively tried to take actions to stimulate domestic demand; Japanese stocks subsequently produced negative returns overall for the one-year period. Meanwhile, the Fund’s emphasis on developing markets such as the Philippines, Thailand, Taiwan and Indonesia neither helped nor hindered performance as the export-oriented nature of this region caused it to be disproportionately hurt by the European slowdown. Finally, the Fund’s overweight position in Russia was not successful. For quite some time, the Fund favored Russia, a major exporter of both natural gas and oil, due to the thesis that energy will continue to be in high demand as developing

Nuveen Investments 9

economies grow. While Russian stocks were trading at remarkably low price-to-earnings multiples, the country’s stock market did not perform well this year.

Fund performance benefited from its currency exposures, which were offset by its increasingly conservative cash policy during the period. On the positive side, the use of futures to take advantage of currency price fluctuations was additive to the Fund’s performance. The Fund particularly benefited from foreign currency futures it held that reflected a positive outlook on the U.S. dollar and negative outlooks on the Australian dollar and euro. However midway through the period, the Fund had been positioned more conservatively by raising its cash level above the minimum necessary to accommodate ordinary transactions. This higher cash exposure of around 5% generally hindered the Fund’s performance given the rising markets that occurred in the second half of the year.

In addition to those mentioned above, the Fund continued to use other equity and currency futures contracts as an overlay strategy to adjust the exposures created by its multi-manager framework so that the overall Fund had the desired exposures to key markets. Long and short futures contracts were used to manage country and style exposures and implement various tactical market and hedging strategies. These contracts are used as a means to efficiently gain exposure to a broad base of securities. During the period, these positions had a negative impact on the Fund’s performance.

Nuveen Quantitative Enhanced Core Equity Fund

How did the Fund perform during the twelve-month period ended October 31, 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 one-year, five-year and since-inception periods ended October 31, 2012. The Fund’s Class A Shares at net asset value (NAV) underperformed the S&P 500^® Index and the Lipper classification average over the twelve-month period.

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 high expected returns, while using the proprietary models and processes described above to maintain as tight a control as possible on overall risk.

10 Nuveen Investments

During the fiscal year, we continued to take conservative 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. While several of our sector weights and style positions benefited the Fund’s returns, in aggregate, our strategies were not successful over the twelve-month period.

Among the Fund’s sector positions, our emphases on both financials and health care did aid results as these were two of the top performing segments in the S&P 500^® Index. Not only did the Fund benefit from a significant overweight in financials, but also from our industry positioning within the sector. At the beginning of the fiscal year, our models led us to emphasize real estate investment trusts (REITs), which was the strongest performing area in the financial segment through mid-year. However in the summer months, we began to see indications that the sector was overvalued; therefore, we successfully shifted out of REITs and into large-cap banks. A stock specific example that benefited the Fund was an overweight for most of the period in American Capital Agency, an out-of-index REIT name that outpaced the strongly performing financial sector. We sold the Fund’s American Capital position in a well-timed move toward the end of the period.

Our overweight in the health care sector was also a strong positive, especially our emphasis on pharmaceuticals, equipment and medical services within the segment. Health care names, which mostly tracked the index throughout the fiscal year, produced solid gains in the final two months. Investors particularly favored pharmaceuticals during the period for their higher dividends and perceived ability to grow even if broader economic growth was tepid. Our models led us to overweight pharmaceutical giant Pfizer, which proved successful for the Fund.

Regarding styles, one of the Fund’s more beneficial strategies was our emphasis on stocks with higher earnings variability. In a period with generally positive earnings surprises, these stocks tended to post the strongest numbers. Also, our models led us to tilt the portfolio toward our earnings yield measure, emphasizing stocks with lower price-to-earnings ratios and higher book-to-price ratios. Throughout the fiscal year, these stocks tended to ratchet up more during the quarterly earnings cycles.

However, several sectors detracted from the Fund’s performance during the period, offsetting the above-mentioned areas of strength. In particular, the Fund was held back by its significant overweight in technology and stock selection within that sector. While several stocks in the technology sector experienced very strong results during the period, notably Apple, the sector as a whole underperformed the S&P 500^® Index. Technology saw steep declines after Apple hit its high in late September, switching from being one of the most successful sectors to a laggard in the final six weeks of the fiscal year. Unfortunately, our portfolio emphasized holdings such as Google and HP, which performed below even the sector average. Google was hurt by flat earnings during the period, while HP saw a significant drop in personal computer sales as consumers rapidly switched to mobile devices and tablets. The energy sector, the worst performing area of the S&P 500^® Index, was also an area of weakness for the Fund. Our models led us to overemphasize the energy resources industry within the sector, which sharply underperformed in May before recapturing some of the losses later in the period. In addition, the Fund’s slight overweight in utilities was not a success as this sector trailed

Nuveen Investments 11

during the period. Utilities were relatively flat throughout the year, missing both the springtime run-up in the broad index, and its reversal by late May. However, the sector declined during August, well before concerns about eliminating the tax preference for dividends became more realistic.

In aggregate, four of our style approaches hindered performance during the quarter, which also weighed negatively on results. For example, on average we held slightly more volatile stocks in the Fund over the period based on relatively low and declining volatility readings and an improvement in consumer sentiment. Although higher volatility stocks have historically outperformed in a strongly advancing market, this style was out of favor during the period as many investors sought out steadier, lower volatility names. Second, we had believed we might see some rotation within the market based on the economy’s lackluster growth rate; therefore, we emphasized contrarian names in the Fund, while avoiding momentum stocks that had recently performed well. This style tilt did not benefit the Fund as momentum stocks continued to outperform. Additionally, our tilt toward companies at the smaller end of the S&P 500^® Index capitalization range was a drag on results earlier in the period. Large-cap stocks were the top-performing capitalization segment, beating out their smaller sized counterparts over the fiscal year. Finally, the Fund’s underweight to financially levered names, those with high debt/equity ratios, was also not successful. These lower quality companies tended to outperform over the period as they took advantage of low interest rates to refinance or reissue debt.

Throughout the fiscal year, we also continued to invest 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 manage cash flow activity, minimize tracking error to the Fund’s benchmark index and for tactical portfolio management positioning. These contracts are used as a means to efficiently gain exposure to a broad base of equity securities. Due to generally higher equity prices during the period, these positions added marginally to performance.

Nuveen Tactical Market Opportunities Fund

How did the Fund perform during the twelve-month period ended October 31, 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 one-year and since-inception periods ended October 31, 2012. The Fund’s Class A Shares at net asset value (NAV) outperformed the BofA Merrill Lynch 3-Month U.S. Treasury Bill Index, but underperformed the Lipper classification average over the twelve-month period.

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

The Fund is an absolute return product designed to generate returns through tactical asset allocation positions that seeks to outperform the BofA Merrill Lynch 3-month U.S. Treasury Bill Index by 400 basis points over a reasonable period of time. 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

12 Nuveen Investments

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. 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 long/short equity 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 unattractive, we believed a lower net market directional positioning within the Fund’s portfolio was warranted. Although the Fund generated a positive return over the twelve-month reporting period, it would have benefited if we had maintained a higher net long equity 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.

Overall, our focus on income was the primary driver of the Fund’s outperformance relative to the BofA Merrill Lynch 3-Month U.S. Treasury Bill Index during this period. Specifically, positions in domestic high yield, emerging market local currency bonds and National Association of Real Estate Investment Trusts (NAREIT) exchange-traded funds (ETFs) added significantly to returns. In addition to these ETFs, long positions in Australian 10-year bond futures and 30-year U.S. Treasuries were additive to performance. Spread trades such as long S&P 500^® Index/short Russell 2000^® Index, long Indian equities/short Mexican equities, long Australian equities/short Nasdaq and long Canadian equities/short Russell 2000^® Index also contributed to the Fund’s outperformance of the index.

The primary detractors from performance included spread trades such as long Malaysian and emerging markets equities/short Thailand equities, long Brazilian equities/short Mexican equities and long China H Shares Index/short Hang Seng Index. In addition to these spread trades, we held a long position in VIX futures as a hedge against negative market events. While a long position in VIX futures can be very effective when negative market events occur, they can also reduce performance in a less volatile environment like we experienced during this period.

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 reporting period, the Fund’s income positions included domestic high yield, emerging market local currency bonds and income producing equities on a global basis. We also held long positions in Australian 3-year and 10-year government bond futures relative to short positions in 5-year and 10-year U.S. Treasuries in order to capture the spread between the much higher-yielding Australian bonds and U.S. Treasuries. At period end, the Fund also had modest commodity and foreign exchange exposure.

In addition to those mentioned above, we continued to use other equity, interest rate and currency futures contracts as part of the management strategy for the Fund. Long and

Nuveen Investments 13

short futures contracts were used to implement various absolute return, tactical market and hedging strategies. These contracts are used as a means to efficiently manage exposure to a broad base of securities. During the period, these positions contributed meaningfully to favorable performance. During the period, we also bought and sold equity call options to generate return.

Effective December 14, 2012, subsequent to the close of this reporting period, the Fund’s investment policies were updated to allow the Fund to invest directly in equity and debt securities in order to create custom baskets of securities designed to track the performance of a particular securities index within certain parameters. The Fund may now gain exposure to its asset classes (i) by investing in derivative instruments and ETFs, (ii) by creating custom baskets of securities, and (iii) by investing directly in U.S. Treasury obligations, non-U.S. government obligations that have an investment grade rating from at least one rating agency and money market funds.

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 Funds, are subject to market risk, additional expenses risk, common stock 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. The use of derivatives involves substantial financial risks and transaction costs. 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 Fund’s portfolio are subject to market risk or the risk of decline. Foreign securities involve additional risks, including currency fluctuations, political and economic instability. The use of derivatives involves substantial financial risks and transaction costs. The Fund’s potential investment in other investment companies means shareholders bear their proportionate share of Fund expenses and indirectly, the expenses of other investment companies.

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 Fund’s 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 expenses paid by the ETFs in which it invests.

14 Nuveen Investments

Fund Performance and Expense Ratios

The Fund Performance and Expense Ratios for each Fund are shown on the following eight 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 and/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 October 31, 2012

	Average Annual
	1-Year		5-Year		10-Year
Class A Shares at NAV		3.91%		-5.31%		5.96%
Class A Shares at maximum Offering Price		-2.08%		-6.43%		5.33%
MSCI EAFE Index*		5.15%		-5.35%		8.21%
Lipper International Large-Cap Growth Funds Classification Average*		6.78%		-4.94%		7.79%
Class C Shares		3.11%		-6.03%		5.16%
Class R3 Shares		3.69%		-5.48%		5.69%
Class I Shares		4.15%		-5.12%		6.19%

Average Annual Total Returns as of September 30, 2012 (Most Recent Calendar Quarter)

	Average Annual
	1-Year		5-Year		10-Year
Class A Shares at NAV		12.59%		-4.74%		6.40%
Class A Shares at maximum Offering Price		6.16%		-5.86%		5.77%
Class C Shares		11.70%		-5.46%		5.61%
Class R3 Shares		12.36%		-4.92%		6.16%
Class I Shares		12.64%		-4.54%		6.65%

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%

* 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

Growth of an Assumed $10,000 Investment as of October 31, 2012 – Class A Shares

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

Nuveen Investments 17

Fund Performance and Expense Ratios (continued)

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 October 31, 2012

	Average Annual
	1-Year		5-Year		Since Inception*
Class A Shares at NAV		3.83%		-4.49%		-0.59%
Class A Shares at maximum Offering Price		-2.14%		-5.61%		-1.59%
MSCI All Country World Investable Market Index (ex U.S.)**		4.55%		-4.40%		0.01%
Lipper International Multi-Cap Growth Funds Classification Average**		6.36%		-5.36%		-1.13%
Class C Shares		3.09%		-5.20%		-1.33%
Class I Shares		4.12%		-4.25%		-0.34%

Average Annual Total Returns as of September 30, 2012 (Most Recent Calendar Quarter)

	Average Annual
	1-Year		5-Year		Since Inception*
Class A Shares at NAV		13.31%		-3.51%		-0.61%
Class A Shares at maximum Offering Price		6.85%		-4.64%		-1.63%
Class C Shares		12.51%		-4.21%		-1.35%
Class I Shares		13.61%		-3.26%		-0.36%

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

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

* 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.

18 Nuveen Investments

Growth of an Assumed $10,000 Investment as of October 31, 2012 – Class A Shares

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

Nuveen Investments 19

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 October 31, 2012

	Average Annual
	1-Year		5-Year		Since Inception*
Class A Shares		12.18%		-0.98%		0.51%
S&P 500® Index**		15.21%		0.36%		1.64%
Lipper Large-Cap Core Funds Classification Average**		13.16%		-0.63%		0.71%
Class C Shares		11.31%		-1.71%		-0.23%
Class I Shares		12.44%		-0.73%		0.76%

Average Annual Total Returns as of September 30, 2012 (Most Recent Calendar Quarter)

	Average Annual
	1-Year		5-Year		Since Inception*
Class A Shares		27.39%		-0.21%		0.98%
Class C Shares		26.45%		-0.94%		0.23%
Class I Shares		27.71%		0.04%		1.23%

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 waivers and/or expense reimbursements and excluding any acquired fund fees and expenses, do not exceed 0.70%, 1.45%, and 0.45%, respectively, for Class A, Class C and Class I Shares. Fee waivers and/or expense reimbursements will not be terminated prior to that time without with approval of the Fund’s Board of Directors.

* 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.

20 Nuveen Investments

Growth of an Assumed $10,000 Investment as of October 31, 2012 – Class A Shares

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

Nuveen Investments 21

Fund Performance and Expense Ratios (continued)

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 October 31, 2012

	Average Annual
	1-Year		Since Inception*
Class A Shares at NAV		2.45%		5.30%
Class A Shares at maximum Offering Price		-3.41%		3.12%
BofA Merrill Lynch 3-Month Treasury Bill Index**		0.08%		0.11%
Lipper Flexible Portfolio Funds Classification Average**		6.31%		6.63%
Class C Shares		1.55%		4.46%
Class I Shares		2.69%		5.58%

Average Annual Total Returns as of September 30, 2012 (Most Recent Calendar Quarter)

	Average Annual
	1-Year		Since Inception*
Class A Shares at NAV		3.46%		5.43%
Class A Shares at maximum Offering Price		-2.51%		3.19%
Class C Shares		2.65%		4.64%
Class I Shares		3.80%		5.76%

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 any 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 with approval of the Fund’s Board of Directors.

* Since inception returns 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.

22 Nuveen Investments

Growth of an Assumed $10,000 Investment as of October 31, 2012 – Class A Shares

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

Nuveen Investments 23

Holding Summaries as of October 31, 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

Fund Allocation¹

Common Stocks	79.3%
Exchange-Traded Funds	9.5%
Short-Term Investments	10.5%
Other2	0.7%

Nuveen International Select Fund

Fund Allocation¹

Common Stocks	83.1%
Exchange-Traded Funds	9.4%
Short-Term Investments	7.2%
Other2	0.3%

Portfolio Composition1
Oil, Gas & Consumable Fuels	7.0%
Commercial Banks	5.7%
Pharmaceuticals	5.6%
Insurance	5.2%
Metals & Mining	5.0%
Beverages	3.8%
Textiles, Apparel & Luxury Goods	2.8%
Automobiles	2.7%
Machinery	2.7%
Wireless Telecommunication Services	2.5%
Food Products	2.5%
Transportation Infrastructure	2.1%
Capital Markets	2.0%
Chemicals	1.9%
Energy Equipment & Services	1.8%
Industrial Conglomerates	1.6%
Multi-Utilities	1.6%
Semiconductors & Equipment	1.5%
Health Care Equipment & Supplies	1.3%
Electric Utilities	1.3%
Diversified Telecommunication Services	1.3%
Exchange-Traded Funds	9.5%
Short-Term Investments	10.5%
Other5	18.1%

Portfolio Composition1
Commercial Banks	11.4%
Oil, Gas & Consumable Fuels	7.1%
Metals & Mining	4.9%
Wireless Telecommunication Services	4.7%
Insurance	4.1%
Pharmaceuticals	3.4%
Semiconductors & Equipment	2.8%
Beverages	2.7%
Machinery	2.3%
Transportation Infrastructure	2.3%
Food Products	2.0%
Automobiles	1.9%
Industrial Conglomerates	1.9%
Chemicals	1.8%
Food & Staples Retailing	1.7%
Diversified Telecommunication Services	1.6%
Tobacco	1.5%
Textiles, Apparel & Luxury Goods	1.4%
Internet Software & Services	1.4%
Multi-Utilities	1.4%
Exchange-Traded Funds	9.4%
Short-Term Investments	7.2%
Other5	20.0%

Country Allocation1
United States	14.4%
United Kingdom	13.9%
Japan	11.6%
Switzerland	9.2%
Germany	7.2%
Canada	6.3%
France	3.5%
Hong Kong	2.7%
Australia	2.7%
Short-Term Investments3	10.5%
Other4	18.0%

Top Five Common Stock Holdings1
Roche Holding	1.8%
Diageo	1.5%
Nestle	1.4%
Adidas	1.4%
Standard Chartered	1.1%

Country Allocation1
United States	13.5%
United Kingdom	8.4%
Japan	7.4%
Switzerland	5.8%
South Korea	5.2%
Canada	4.9%
Germany	4.6%
Brazil	4.5%
South Africa	3.9%
Hong Kong	3.6%
China	3.4%
Russia	2.6%
France	2.4%
Turkey	2.2%
Australia	2.2%
Short-Term Investments3	7.2%
Other4	18.2%

Top Five Common Stock Holdings1
Roche Holding	1.1%
China Construction Bank, Class H	1.0%
Banco do Brasil	1.0%
Diageo	1.0%
Nestle	0.9%

1 As a percentage of net assets. Holdings are subject to change.

2 Other assets less liabilities.

3 Denominated in U.S. Dollars.

4 Includes other assets less liabilities and all countries less than 2.2% of net assets for Nuveen International Select Fund and all countries less than 2.7% of net assets for Nuveen International Fund.

5 Includes other assets less liabilities and all industries less than 1.4% of net assets for Nuveen International Select Fund and all industries less than 1.3% of net assets for Nuveen International Fund.

24 Nuveen Investments

Nuveen Quantitative Enhanced Core Equity Fund

Fund Allocation¹

Common Stocks	93.5%
Warrants2	0.0%
Short-Term Investments	6.6%
Other3	(0.1)%

Portfolio Composition1
Oil, Gas & Consumable Fuels	8.3%
Pharmaceuticals	8.0%
Insurance	8.0%
IT Services	6.1%
Computers & Peripherals	5.2%
Diversified Telecommunication Services	4.2%
Software	3.3%
Industrial Conglomerates	3.0%
Aerospace & Defense	2.8%
Communications Equipment	2.6%
Diversified Financial Services	2.6%
Tobacco	2.6%
Media	2.6%
Real Estate Investment Trust	2.4%
Commercial Banks	2.3%
Health Care Equipment & Supplies	2.3%
Capital Markets	2.1%
Health Care Providers & Services	2.1%
Internet Software & Services	1.9%
Energy Equipment & Services	1.8%
Beverages	1.6%
Electronic Equipment & Instruments	1.5%
Household Products	1.5%
Short-Term Investments	6.6%
Other4	14.6%

Top Five Common Stock Holdings1
Apple, Inc.	4.2%
Exxon Mobil Corporation	3.9%
AT&T Inc.	2.6%
Chevron Corporation	2.5%
Microsoft Corporation	2.2%

1 As a percentage of net assets. Holdings are subject to change.

2 Rounds to 0.0%.

3 Other assets less liabilities, which includes investments purchased with collateral from securities lending as presented in the Fund’s Portfolio of Investments.

4 Other assets less liabilities, which includes investments purchased with collateral from securities lending as presented in the Fund’s Portfolio of Investments and all industries less than 1.5% of net assets.

Nuveen Investments 25

Holding Summaries (continued)

Nuveen Tactical Market Opportunities Fund

Fund Allocation¹

Exchange Traded Funds	15.6%
Sovereign Debt	2.9%
U.S. Government & Agency Obligations	2.0%
Short-Term Investments	77.9%
Other2	1.6%

Portfolio Allocations^3,4

Long Fixed Income	36.6%
Short Fixed Income	-30.1%
Net Fixed Income	6.5%
Long Equity	17.7%
Short Equity	-14.5%
Net Equity	3.2%
Long Commodity / Currency	3.7%
Short Commodity / Currency	-1.4%
Net Commodity / Currency	2.3%

Total Exposure⁵

Total Net Exposure	12.0%
Total Gross Exposure	104.0%

Top 5 Long Positions^4,6

Australian 3-Year Bond Future	14.1%
Australian 10-Year Bond Future	7.5%
S&P 500 E-Mini Future	6.2%
Market Vectors Emerging Markets Local Currency Bond ETF	3.9%
Dollar Index Future	3.2%

Top 5 Short Position^4,6

U.S. Treasury 10-Year Note Future	-14.5%
U.S. Treasury 5-Year Note Future	-9.3%
Russell 2000 Mini Index Future	-6.7%
Euro-Schatz Future	-6.3%
DAX Index Future	-2.6%

1 Fund Allocation reports the percentage breakdown of the Fund’s cash investments as shown in the Fund’s Portfolio of Investments. Each category is computed as a percentage of the Fund’s net assets.

2 Other assets less liabilities.

3 Portfolio Allocations reflects the investment exposure of the Fund by asset class investment category, including both cash positions and futures (derivative) positions. The table reflects the market value of long-term cash investments and the notional value of both long and short futures contracts as presented in the Fund’s portfolio of investments as a percentage of total investments.

4 Percentages are calculated based upon the total market value of investments as presented in the Fund’s portfolio of investments.

5 Net exposure provides an indication of the Fund’s directional exposure to the market at period end and reflects the value of the portfolio’s long positions minus the short positions across asset class investment categories. This is an indication of the Fund’s sensitivity to market movements. Gross exposure provides an indication of the total gross value of the Fund’s market investment exposure reflecting a summation of the absolute value of all long and short positions in the portfolio across asset class investment categories. This is an indication of the scale of the Fund’s total investment positions regardless of direction.

6 The top 5 long and short positions reflect the market value of long-term cash investments and the notional value of futures contracts as presented in the Fund’s portfolio of investments as a percentage of total investments.

26 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 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 (5/01/12)	$	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 (10/31/12)	$	989.60	$	985.70	$	988.60	$	990.80	$	1,017.69	$	1,013.96	$	1,016.43	$	1,018.95
Expenses Incurred During Period	$	7.47	$	11.16	$	8.72	$	6.22	$	7.58	$	11.32	$	8.84	$	6.31

For each class of the Fund, expenses are equal to the Fund’s annualized net expense ratio of 1.49%, 2.23%, 1.74% and 1.24% for Classes A, C, R3 and I, respectively, multiplied by the average account value over the period, multiplied by 184/365 (to reflect the one-half year period).

Nuveen International 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 (5/01/12)	$	1,000.00	$	1,000.00	$	1,000.00	$	1,000.00	$	1,000.00	$	1,000.00
Ending Account Value (10/31/12)	$	995.60	$	991.00	$	996.70	$	1,017.69	$	1,013.96	$	1,018.95
Expenses Incurred During Period	$	7.49	$	11.19	$	6.24	$	7.58	$	11.32	$	6.31

For each class of the Fund, expenses are equal to the Fund’s annualized net expense ratio of 1.49%, 2.23% and 1.24% for Classes A, C and I, respectively, multiplied by the average account value over the period, multiplied by 184/365 (to reflect the one-half year period).

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 (5/01/12)	$	1,000.00	$	1,000.00	$	1,000.00	$	1,000.00	$	1,000.00	$	1,000.00
Ending Account Value (10/31/12)	$	1,005.20	$	1,001.30	$	1,006.40	$	1,021.68	$	1,017.90	$	1,022.94
Expenses Incurred During Period	$	3.54	$	7.31	$	2.28	$	3.57	$	7.37	$	2.29

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 184/365 (to reflect the one-half year period).

Nuveen Investments 27

Expense Examples (continued)

Nuveen Tactical Market Opportunities Fund¹

	Actual Performance						Hypothetical Performance (5% annualized return before expenses)
	A Shares		C Shares		I Shares		A Shares		C Shares		I Shares
Beginning Account Value (5/01/12)	$	1,000.00	$	1,000.00	$	1,000.00	$	1,000.00	$	1,000.00	$	1,000.00
Ending Account Value (10/31/12)	$	1,012.60	$	1,008.10	$	1,013.40	$	1,019.31	$	1,015.53	$	1,020.59
Expenses Incurred During Period	$	5.94	$	9.72	$	4.67	$	5.96	$	9.75	$	4.69

For each class of the Fund, expenses are equal to the Fund’s annualized net expense ratio of 1.17%, 1.92% and .92% for Classes A, C and I, respectively, multiplied by the average account value over the period, multiplied by 184/365 (to reflect the one-half year period).

1 In addition to the fees and expenses which the Fund bears directly, the Fund indirectly bears a pro rata share of the fees and expenses of other funds in which the Fund invests. These underlying fees and expenses are not reflected in the expense ratios. Because these other funds have varied expenses and fee levels and the Fund may own different proportions at different times, the amount of fees and expenses incurred indirectly by the Fund will vary.

28 Nuveen Investments

Report of

Independent Registered Public Accounting Firm

To the Board of Directors and Shareholders of

Nuveen Investment Funds, Inc.:

In our opinion, the accompanying statement of assets and liabilities, including the portfolios of investments, and the related statements of operations, of changes in net assets and the financial highlights present fairly, in all material respects, the financial position of Nuveen International Fund, Nuveen International Select Fund, Nuveen Quantitative Enhanced Core Equity Fund and Nuveen Tactical Market Opportunities Fund (the “Funds”) at October 31, 2012, the results of each of their operations for the year ended, and the change in each of their net assets and the financial highlights for the year then ended, in conformity with accounting principles generally accepted in the United States of America. These financial statements and financial highlights (hereafter referred to as “financial statements”) are the responsibility of the Funds’ management; our responsibility is to express an opinion on these financial statements based on our audits. We conducted our audits of these financial statements in accordance with the standards of the Public Company Accounting Oversight Board (United States). Those standards require that we plan and perform the audit to obtain reasonable assurance about whether the financial statements are free of material misstatement. An audit includes examining, on a test basis, evidence supporting the amounts and disclosures in the financial statements, assessing the accounting principles used and significant estimates made by management, and evaluating the overall financial statement presentation. We believe that our audits, which included confirmation of securities at October 31, 2012 by correspondence with the custodian and brokers, provides a reasonable basis for our opinion. The financial statements of the Funds for the years ended October 31, 2011 and prior were audited by other independent auditors whose report dated December 28, 2011 expressed an unqualified opinion on those statements.

PRICEWATERHOUSECOOPERS LLP

Chicago, IL

December 28, 2012

Nuveen Investments 29

Portfolio of Investments

Nuveen International Fund

October 31, 2012

Shares		Description (1)	Value
		COMMON STOCKS – 79.3%
		Australia – 2.7%
	7,170	APA Group	$	38,405
	12,324	Australian Infrastructure Fund		37,995
	18,444	DUET Group		40,015
	190,631	Incitec Pivot		625,318
	7,306	Macquarie Atlas Roads Group, (2)		11,717
	19,641	Newcrest Mining		538,867
	19,646	SP AusNet		21,617
	34,130	Spark Infrastructure Group		59,875
	47,002	Sydney Airport		165,400
	44,186	Transurban Group		278,874
	12,184	Woodside Petroleum		435,080
	15,874	WorleyParsons		406,514
		Total Australia		2,659,677
		Austria – 0.0%
	238	Oesterreichische Post		9,168
		Belgium – 0.8%
	9,314	Anheuser-Busch InBev		778,782
	266	Elia System Operator		10,869
		Total Belgium		789,651
		Brazil – 0.6%
	389	Companhia de Saneamento Basico do Estado de Sao Paulo, ADR		32,680
	1,826	Companhia de Saneamento de Minas Gerais		43,100
	931	Companhia Paranaense de Energia-Copel, ADR		13,742
	2,972	Energias do Brasil		18,584
	19,992	Itau Unibanco Holding, ADR		291,483
	1,789	Santos Brasil Participacoes		25,720
	2,821	Transmissora Alianca de Energia Eletrica SA		93,059
	3,249	Wilson Sons, BDR		45,111
		Total Brazil		563,479
		Canada – 6.3%
	6,415	Agrium		677,039
	411	ATCO, Class I		30,366
	10,849	Bank of Nova Scotia		589,969
	1,276	Brookfield Renewable Energy		37,817
	23,569	Cameco		456,060
	17,180	Canadian Natural Resources		517,765
	1,194	Canadian Utilities, Class A		80,098
	5,281	Cenovus Energy		186,283
	51	Emera		1,782
	10,679	Enbridge		424,704
	7	Enbridge, Inc.		279
	17,010	EnCana		383,204
	1,369	Fortis		46,289
	799	Gibson Energy		18,368

30 Nuveen Investments

Shares		Description (1)	Value
		Canada (continued)
	226	Keyera	$	10,970
	47,010	Kinross Gold		466,923
	80,372	Lundin Mining, (2)		418,457
	46,559	Manulife Financial		576,400
	14,860	Suncor Energy		499,593
	44,820	Talisman Energy		507,997
	1,351	TransCanada		61,106
	1,184	Veresen		15,281
	56	Westshore Terminals Investment		1,588
	10,617	Yamana Gold		214,570
		Total Canada		6,222,908
		Chile – 0.1%
	27,084	Aguas Andinas, Class A		18,232
	26,230	Empresa Electrica Del Norte Grande		64,115
	347	Empresa Nacional de Electricidad, ADR		16,611
		Total Chile		98,958
		China – 1.6%
	292,000	Agile Property Holdings		331,936
	6,766	ENN Energy Holdings		28,155
	595,000	Industrial & Commercial Bank of China, Class H		393,849
	40,706	Jiangsu Expressway, Class H		35,086
	55,500	Ping An Insurance		439,700
	10,000	Tencent Holdings		353,546
		Total China		1,582,272
		Czech Republic – 0.0%
	279	CEZ AS		10,287
		Denmark – 0.6%
	3,734	Novo Nordisk, Class B		601,751
		France – 3.5%
	1,041	Aeroports de Paris		80,485
	8,783	Alstom		299,969
	47,549	AXA		755,896
	19,231	Carrefour		464,623
	2,910	DANONE		178,876
	9,113	Groupe Eurotunnel		69,288
	3,807	L’Oreal		484,905
	5,361	Pernod Ricard SA		576,944
	977	Rubis		59,594
	6,987	Total SA		351,560
	3,650	Vinci		161,537
		Total France		3,483,677
		Germany – 7.2%
	15,733	Adidas		1,340,380
	29,700	Aixtron		391,114
	3,996	Allianz		495,460

Nuveen Investments 31

Portfolio of Investments

Nuveen International Fund (continued)

October 31, 2012

Shares		Description (1)	Value
		Germany (continued)
	9,249	Bayer	$	805,475
	11,290	Daimler		527,170
	16,320	Deutsche Boerse		883,351
	20,882	E.ON		474,468
	2,755	Fraport Frankfurt Airport		161,546
	1,073	Hamburger Hafen und Logistik		26,056
	7,520	Henkel KGAA		600,512
	7,662	Siemens		770,053
	16,531	Symrise		594,265
		Total Germany		7,069,850
		Hong Kong – 2.7%
	3,748	Beijing Enterprises Holdings		24,205
	123,000	Belle International Holdings		229,175
	30,990	Cheung Kong Holdings		457,849
	43,802	Cheung Kong Infrastructure Holdings		256,593
	204,652	China Everbright International		105,362
	508,000	China Longyuan Power, Class H		331,017
	39,227	China Merchants Holdings International		130,081
	176,000	China Resources Land		401,959
	246,000	China Unicom		401,850
	4,925	CLP Holdings		42,005
	22,301	COSCO Pacific		32,919
	29,024	Guangdong Investment		23,743
	41,552	Hong Kong & China Gas		110,447
	13,084	MTR Corp.		51,154
	13,367	NWS Holdings		20,180
	1,800	Power Assets Holdings		15,306
	42,334	Sinopec Kantons Holdings		31,573
		Total Hong Kong		2,665,418
		India – 0.4%
	865	GAIL India, GDR		35,240
	9,653	HDFC Bank, ADR		360,926
	15,164	Power Grid		32,135
		Total India		428,301
		Ireland – 1.1%
	14,552	Covidien		799,632
	20,869	WPP		269,252
		Total Ireland		1,068,884
		Israel – 1.0%
	15,683	NICE Systems, ADR, (2)		522,244
	12,338	Teva Pharmaceutical Industries, ADR		498,702
		Total Israel		1,020,946
		Italy – 1.7%
	5,886	Atlantia		97,118
	17,558	Eni		403,038

32 Nuveen Investments

Shares		Description (1)	Value
		Italy (continued)
	10,426	Hera	$	17,568
	92,200	Prada		751,871
	8,346	Saipem		374,938
		Total Italy		1,644,533
		Japan – 11.6%
	55,590	AMADA		282,024
	18,230	Canon		588,713
	203	CyberAgent		405,847
	96	INPEX		547,163
	4,195	Japan Airport Terminal		45,613
	6,386	Kamigumi		51,517
	30,300	KOMATSU		634,619
	42,675	Mitsubishi		761,767
	21,938	Mitsui Sumitomo Insurance Group		371,817
	3,648	Nintendo		469,766
	26,498	NKSJ Holdings		482,959
	71,600	Rakuten		643,978
	6,660	SMC		1,049,515
	13,100	Softbank		414,678
	8,625	Sugi Holdings		311,701
	209,558	Sumitomo Mitsui Trust		635,263
	39,290	Suzuki Motor		889,845
	11,700	TERUMO		504,171
	184,590	The Bank of Yokohama		848,610
	25,688	THK Co. Ltd.		427,007
	24,770	Tokyo Gas		131,250
	22,900	Toyota Motor		879,225
		Total Japan		11,377,048
		Luxembourg – 0.5%
	6,166	Millicom International Cellular		532,666
	168	SES		4,649
		Total Luxembourg		537,315
		Malaysia – 0.2%
	14	Petronas Gas Berhad		90
	64,050	Sime Darby Berhad		205,650
		Total Malaysia		205,740
		Mexico – 0.0%
	404	Grupo Aeroportuario del Sureste, ADR		39,014
		Netherlands – 1.2%
	14,782	Heineken		911,325
	3,876	Koninklijke Vopak		269,831
		Total Netherlands		1,181,156
		New Zealand – 0.2%
	43,709	Auckland International Airport		96,516
	4,800	Infratil		8,922

Nuveen Investments 33

Portfolio of Investments

Nuveen International Fund (continued)

October 31, 2012

Shares		Description (1)	Value
		New Zealand (continued)
	7,320	Port of Tauranga	$	77,959
	1,335	Vector		2,986
		Total New Zealand		186,383
		Norway – 1.3%
	2,633	Hafslund, Class B		21,244
	81,410	Norsk Hydro		366,547
	44,023	Telenor ASA		865,588
		Total Norway		1,253,379
		Philippines – 0.2%
	80,867	International Container Terminal Services		139,375
	28,023	Manila Water		19,727
	218,321	Metro Pacific Investments		21,941
		Total Philippines		181,043
		Poland – 0.0%
	2,291	PGE SA		12,414
		Singapore – 1.7%
	89,477	CitySpring Infrastructure Trust		32,642
	18,386	ComfortDelGro		25,473
	660,249	Golden Agri-Resources		338,298
	28,330	Hyflux		31,354
	52,000	Oversea-Chinese Banking		387,933
	29,145	Parkway Life, REIT		48,742
	134,540	SembCorp Industries		600,014
	16,463	Singapore Airport Terminal Services		37,655
	91,225	Singapore Post		85,257
	31,063	SMRT Corp. Ltd.		44,183
		Total Singapore		1,631,551
		South Africa – 0.7%
	36,328	MTN Group		655,028
		South Korea – 0.9%
	1,932	Hyundai Motor		397,702
	754	Samsung Electronics, GDR, (3)		452,842
		Total South Korea		850,544
		Spain – 0.8%
	5,815	Abertis Infraestructuras		87,581
	21,332	Grifols, (2)		739,896
		Total Spain		827,477
		Sweden – 0.7%
	75,687	Ericsson		665,252
		Switzerland – 9.2%
	33,871	ABB Ltd. REG		610,282
	10,710	Compagnie Financiere Richemont		694,603
	26,978	Credit Suisse Group		625,422
	117	Flughafen Zuerich		50,064
	22,489	Foster Wheeler, (2)		500,830

34 Nuveen Investments

Shares		Description (1)	Value
		Switzerland (continued)
	8,921	Holcim	$	608,751
	22,132	Nestle		1,404,490
	14,045	Noble		530,058
	14,912	Novartis		897,474
	9,121	Roche Holding		1,754,076
	33,159	UBS		497,047
	52,826	Xstrata		834,669
		Total Switzerland		9,007,766
		Taiwan – 0.7%
	41,650	Hiwin Technologies		268,043
	134,620	Hon Hai Precision Industry		408,756
		Total Taiwan		676,799
		Turkey – 0.3%
	57,330	Turkiye Garanti Bankasi		273,777
		United Kingdom – 13.9%
	160,689	Aberdeen Asset Management		841,473
	30,787	Anglo American		945,466
	3,217	Aon		173,557
	54,826	ARM Holdings		588,366
	29,822	BG Group		552,241
	13,559	BHP Billiton		434,447
	11,979	BP, ADR		513,779
	20,737	Centrica		108,459
	52,398	Diageo		1,497,521
	40,729	GlaxoSmithKline		911,304
	15,451	HSBC Holdings, ADR		762,661
	5,662	National Grid, ADR		322,791
	9,331	Pennon Group		107,966
	71,514	Prudential		979,225
	9,140	Reckitt Benckiser Group		553,117
	56,127	Rolls Royce Holdings		773,969
	7,060	Serco Group		64,542
	3,117	Severn Trent		80,783
	4,204	Stagecoach Group		18,616
	45,477	Standard Chartered		1,074,049
	40,166	Vedanta Resources		735,040
	29,558	Vodafone Group, ADR		804,569
	24,394	Willis Group Holdings		821,346
		Total United Kingdom		13,665,287
		United States – 4.9%
	5,055	American Tower, Class A		380,591
	2,772	American Water Works		101,843
	708	Aqua America		17,976
	1,735	Atmos Energy		62,408
	151	Boardwalk Pipeline Partners		4,027

Nuveen Investments 35

Portfolio of Investments

Nuveen International Fund (continued)

October 31, 2012

Shares		Description (1)	Value
		United States (continued)
	1,998	Brookfield Infrastructure Partners	$	68,631
	7,705	Bunge		547,286
	676	California Water Service Group		12,452
	5,229	CMS Energy		127,169
	4,014	Covanta Holding		72,975
	1,113	Crown Castle International, (2)		74,293
	589	Digital Realty Trust		36,182
	2,375	Dominion Resources		125,353
	132	Duke Energy		8,671
	300	Edison International		14,082
	513	Enbridge Energy Partners		15,390
	1,983	Enterprise Products Partners		104,524
	272	ITC Holdings		21,657
	9,992	Kinder Morgan		346,822
	335	Kinder Morgan Management		25,045
	488	Middlesex Water Company		9,438
	1,321	MPLX, (2)		35,997
	1,490	NextEra Energy		104,389
	4,621	NiSource		117,697
	1,993	Northeast Utilities		78,325
	269	Northwest Natural Gas		12,517
	172	OGE Energy		9,904
	157	Oiltanking Partners		5,501
	214	PG&E		9,099
	6,766	Philip Morris International		599,197
	760	Piedmont Natural Gas		24,221
	396	Pinnacle West Capital		20,976
	277	Portland General Electric		7,590
	5,091	Questar		103,042
	121	SBA Communications, Class A, (2)		8,062
	6,806	Schlumberger		473,221
	390	Sempra Energy		27,203
	78	SJW Corp.		1,891
	263	South Jersey Industries		13,305
	1,628	Southwest Gas		70,769
	8,450	Spectra Energy		243,952
	597	Standard Parking, (2)		13,641
	741	UIL Holdings		26,802
	4,289	Unitil		114,045
	2,467	Waste Connections		80,992
	2,340	Westar Energy		69,498
	879	Western Gas Partners		44,811
	1,864	WGL Holdings		74,131
	3,739	Williams		130,828
	2,928	Wisconsin Energy		112,640

36 Nuveen Investments

Shares		Description (1)(7)							Value
		United States (continued)
	948	Xcel Energy							$	26,782
		Total United States								4,837,843
		Total Common Stocks (cost $72,739,506)								77,984,576
		EXCHANGE-TRADED FUNDS – 9.5%
		United States – 9.5%
	2,568	iShares MSCI EAFE Index Fund								137,568
	237,640	iShares MSCI Malaysia Index Fund								3,559,847
	55,000	iShares S&P Global Energy Sector Index Fund								2,140,600
	31,478	Market Vectors Agribusiness ETF								1,614,192
	6,766	Market Vectors Gold Miners ETF								357,583
	40,000	Utilities Select Sector SPDR Fund								1,474,800
	843	Vanguard MSCI Emerging Markets ETF								34,976
		Total Exchange-Traded Funds (cost $9,517,717)								9,319,566
Shares/ Principal Amount (000)		Description (1)	Coupon		Maturity		Ratings (4)		Value
		SHORT-TERM INVESTMENTS – 10.5%
		Money Market Funds – 6.0%
	5,910,363	State Street Institutional Liquid Reserves Fund		0.190%, (5)		N/A		N/A	$	5,910,362
		U.S. Government and Agency Obligations – 4.5%
$	700	U.S. Treasury Bills, (6)		0.113%		2/07/13		Aaa		699,786
	3,740	U.S. Treasury Bills, (6)		0.118%		2/21/13		Aaa		3,738,635
$	4,440	Total U.S. Government and Agency Obligations								4,438,421
		Total Short-Term Investments (cost $10,348,863)								10,348,783
		Total Investments (cost $92,606,086) – 99.3%								97,652,924
		Other Assets Less Liabilities – 0.7% (8)								665,983
		Net Assets – 100.0%							$	98,318,907

Nuveen Investments 37

Portfolio of Investments

Nuveen International Fund (continued)

October 31, 2012

Investments in Derivatives at October 31, 2012

Futures Contracts outstanding:

Type	Contract Position		Number of Contracts			Contract Expiration		Notional* Value			Unrealized Appreciation (Depreciation)
Amsterdam Index		Long		33			11/12	$	2,818,721		$	(26,183	)
British Pound Currency		Short		(9	)		12/12		(907,144	)		(1,725	)
DAX Index		Short		(2	)		12/12		(471,213	)		3,396
E-Mini MSCI Singapore Index		Long		5			11/12		282,177			(1,422	)
FTSE 100 Index		Long		100			12/12		9,301,725			(131,773	)
FTSE JSE Top 40		Short		(93	)		12/12		(3,557,439	)		(88,061	)
H-Shares Index		Short		(43	)		11/12		(2,942,568	)		18,642
ISE 30		Short		(444	)		12/12		(2,239,197	)		(48,704	)
Kospi2 Index		Short		(26	)		12/12		(2,986,567	)		64,834
Mexican Bolsa Index		Short		(31	)		12/12		(986,962	)		(17,800	)
NASDAQ 100		Short		(54	)		12/12		(2,851,740	)		222,264
Nikkei 225 Index		Long		99			12/12		4,422,825			81,226
OMXS 30 Index		Long		258			11/12		4,088,076			(84,212	)
S&P 500 Index		Long		3			12/12		1,055,100			(15,912	)
S&P TSX 60 Index		Short		(5	)		12/12		(710,889	)		3,616
SGX S&P CNX Nifty		Short		(115	)		11/12		(1,297,085	)		28,292
SPI 200		Long		37			12/12		4,324,745			106,424
											$	112,902

* Total Notional Value of Long and Short positions were $26,293,369 and $18,950,804, respectively.

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

(5) The rate shown is the annualized seven-day effective yield at the end of the reporting period.

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

(7) A copy of the most recent financial statements for the exchange-traded funds in which the Fund invests can be obtained directly from the Securities and Exchange Commission on its website at http://www.sec.gov.

(8) Other Assets Less Liabilities includes the Unrealized Appreciation (Depreciation) of derivatives instruments as listed within Investments in Derivatives at October 31, 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.

38 Nuveen Investments

Portfolio of Investments

Nuveen International Select Fund

October 31, 2012

Shares		Description (1)	Value
		COMMON STOCKS – 83.1%
		Argentina – 0.1%
	45,954	YPF Sociedad Anonima	$	513,306
		Australia – 2.2%
	28,294	APA Group		151,553
	48,618	Australian Infrastructure Fund		149,890
	32,379	BHP Billiton		1,151,183
	72,755	DUET Group		157,845
	591,544	Incitec Pivot		1,940,415
	28,822	Macquarie Atlas Roads Group, (2)		46,225
	47,721	Newcrest Mining		1,309,264
	77,503	SP AusNet		85,279
	134,680	Spark Infrastructure Group		236,271
	185,456	Sydney Airport		652,621
	174,316	Transurban Group		1,100,174
	40,376	Woodside Petroleum		1,441,790
	45,925	WorleyParsons		1,176,085
		Total Australia		9,598,595
		Austria – 0.0%
	944	Oesterreichische Post		36,364
		Belgium – 0.4%
	17,780	Anheuser-Busch InBev		1,486,660
	1,049	Elia System Operator		42,863
		Total Belgium		1,529,523
		Brazil – 4.5%
	392,743	Banco do Brasil		4,190,316
	124,248	Cielo		3,074,007
	42,300	Companhia de Bebidas das Americas, ADR		1,725,417
	200,500	Companhia de Concessoes Rodoviarias		1,763,093
	1,536	Companhia de Saneamento Basico do Estado de Sao Paulo, ADR		129,039
	7,204	Companhia de Saneamento de Minas Gerais		170,040
	4,487	Companhia Energetica de Minas Gerais, ADR		53,799
	3,672	Companhia Paranaense de Energia-Copel, ADR		54,199
	87,500	Companhia Siderurgica Nacional, ADR		476,000
	11,728	Energias do Brasil		73,334
	90,028	Itau Unibanco Holding, ADR		1,312,608
	65,600	Natura Cosmeticos		1,748,967
	7,056	Santos Brasil Participacoes		101,443
	103,995	Souza Cruz		1,356,868
	11,128	Transmissora Alianca de Energia Eletrica SA		367,089
	160,400	Vale, ADR		2,938,528
	12,818	Wilson Sons, BDR		177,971
		Total Brazil		19,712,718
		Canada – 4.9%
	19,909	Agrium		2,101,196
	1,628	ATCO, Class I		120,280

Nuveen Investments 39

Portfolio of Investments

Nuveen International Select Fund (continued)

October 31, 2012

Shares		Description (1)	Value
		Canada (continued)
	25,621	Bank of Nova Scotia	$	1,393,270
	5,029	Brookfield Renewable Energy		149,045
	77,130	Cameco		1,492,466
	53,310	Canadian Natural Resources		1,606,639
	4,715	Canadian Utilities, Class A		316,300
	16,387	Cenovus Energy		578,037
	201	Emera		7,024
	42,144	Enbridge		1,676,067
	28	Enbridge		1,114
	52,787	EnCana		1,189,194
	38,800	First Quantum Minerals		872,150
	5,404	Fortis		182,721
	3,152	Gibson Energy		72,460
	892	Keyera		43,298
	145,880	Kinross Gold		1,448,941
	249,400	Lundin Mining, (2)		1,298,503
	114,670	Manulife Financial		1,419,615
	45,700	Pacific Rubiales Energy		1,074,837
	51,195	Suncor Energy		1,721,176
	139,080	Talisman Energy		1,576,356
	5,330	TransCanada		241,076
	4,669	Veresen		60,259
	231	Westshore Terminals Investment		6,550
	32,949	Yamana Gold		665,899
		Total Canada		21,314,473
		Chile – 0.1%
	106,837	Aguas Andinas, Class A		71,918
	103,493	Empresa Electrica Del Norte Grande		252,973
	1,370	Empresa Nacional de Electrcidad, ADR		65,582
		Total Chile		390,473
		China – 3.4%
	1,304,000	Agile Property Holdings		1,482,344
	13,300	Baidu, ADR, (2)		1,418,046
	6,005,350	China Construction Bank, Class H		4,525,293
	26,693	ENN Energy Holdings		111,077
	2,617,000	Industrial & Commercial Bank of China, Class H		1,732,274
	160,589	Jiangsu Expressway, Class H		138,416
	19,500	NetEase.com, ADR, (2)		1,053,000
	243,000	Ping An Insurance		1,925,175
	44,200	Tencent Holdings		1,562,674
	237,600	Weichai Power, Class H		841,558
	15,600	Wynn Macau		44,183
		Total China		14,834,040
		Czech Republic – 0.0%
	1,099	CEZ		40,519

40 Nuveen Investments

Shares		Description (1)	Value
		Denmark – 0.3%
	8,052	Novo Nordisk, Class B	$	1,297,615
		Egypt – 0.7%
	187,516	Commercial International Bank		1,162,676
	10,883	Eastern Tobacco		163,641
	35,475	Orascom Construction Industries, (2)		1,498,568
		Total Egypt		2,824,885
		France – 2.4%
	4,112	Aeroports de Paris		317,919
	27,250	Alstom		930,679
	114,144	AXA		1,814,569
	59,674	Carrefour		1,441,730
	9,030	DANONE		555,070
	35,958	Groupe Eurotunnel SA		273,395
	11,809	L’Oreal		1,504,135
	12,987	Pernod Ricard SA		1,397,644
	3,856	Rubis		235,202
	21,683	Total SA		1,091,007
	14,407	Vinci		637,608
		Total France		10,198,958
		Germany – 4.6%
	36,803	Adidas		3,135,448
	67,963	Aixtron		894,992
	12,404	Allianz		1,537,960
	20,139	Bayer		1,753,862
	35,040	Daimler		1,636,142
	50,642	Deutsche Boerse		2,741,095
	65,314	E.ON		1,484,024
	10,872	Fraport Frankfurt Airport		637,507
	4,232	Hamburger Hafen und Logistik		102,767
	23,336	Henkel KGAA		1,863,504
	23,775	Siemens		2,389,456
	51,300	Symrise		1,844,159
		Total Germany		20,020,916
		Hong Kong – 3.6%
	14,800	Beijing Enterprises Holdings		95,579
	540,000	Belle International Holdings		1,006,135
	96,983	Cheung Kong Holdings		1,432,836
	172,836	Cheung Kong Infrastructure Holdings		1,012,478
	807,343	China Everbright International		415,649
	2,203,000	China Longyuan Power, Class H		1,435,494
	154,776	China Merchants Holdings International		513,254
	48,611	China Mobile Limited		2,692,563
	782,000	China Resources Land		1,785,976
	1,068,000	China Unicom		1,744,618
	19,436	CLP Holdings		165,769
	655,000	CNOOC Limited		1,360,701

Nuveen Investments 41

Portfolio of Investments

Nuveen International Select Fund (continued)

October 31, 2012

Shares		Description (1)	Value
		Hong Kong (continued)
	87,994	COSCO Pacific	$	129,890
	114,505	Guangdong Investment		93,672
	163,960	Hong Kong & China Gas		435,813
	1,741,000	Huabao International Holdings		869,371
	51,614	MTR Corp.		201,793
	52,554	NWS Holdings		79,339
	7,104	Power Assets Holdings		60,407
	167,047	Sinopec Kantons Holdings		124,584
		Total Hong Kong		15,655,921
		Hungary – 0.4%
	96,558	OTP Bank		1,832,734
		India – 2.0%
	137,031	Bank of India		704,323
	276,445	Bharat Heavy Electricals		1,155,216
	3,414	GAIL India, GDR		139,086
	42,457	HDFC Bank, ADR		1,587,467
	12,400	Infosys Technologies – ADR		538,408
	159,442	Jindal Steel & Power		1,151,023
	59,780	Power Grid		126,683
	124,207	Punjab National Bank		1,704,888
	56,061	Tata Consultancy Services		1,370,913
		Total India		8,478,007
		Indonesia – 1.9%
	2,355,066	Bank of Mandiri		2,022,831
	698,300	Semen Gresik Persero		1,083,256
	287,700	Tambang Batubara Bukit Asam		479,250
	78,200	Telekomunikasi Indonesia – ADR		3,178,830
	739,019	United Tractors		1,623,458
		Total Indonesia		8,387,625
		Ireland – 0.8%
	45,160	Covidien		2,481,542
	64,757	WPP PLC		835,497
		Total Ireland		3,317,039
		Israel – 0.5%
	34,591	NICE Systems, ADR, (2)		1,151,880
	26,827	Teva Pharmaceutical Industries, ADR		1,084,347
		Total Israel		2,236,227
		Italy – 1.0%
	23,218	Atlantia		383,095
	51,825	Eni		1,189,627
	41,085	Hera		69,228
	187,500	Prada		1,529,022
	23,301	Saipem		1,046,781
		Total Italy		4,217,753

42 Nuveen Investments

Shares		Description (1)	Value
		Japan – 7.4%
	172,732	AMADA	$	876,318
	42,600	Canon		1,375,708
	550	CyberAgent		1,099,587
	297	INPEX		1,692,785
	16,549	Japan Airport Terminal		179,939
	25,193	Kamigumi		203,235
	64,100	KOMATSU		1,342,543
	132,487	Mitsubishi		2,364,950
	68,085	Mitsui Sumitomo Insurance Group		1,153,940
	11,316	Nintendo		1,457,203
	82,302	NKSJ Holdings		1,500,055
	141,700	Rakuten		1,274,466
	18,794	SMC Corp.		2,961,650
	35,300	Softbank		1,117,413
	26,783	Sugi Holdings		967,919
	650,669	Sumitomo Mitsui Trust		1,972,465
	121,980	Suzuki Motor		2,762,619
	23,500	TERUMO		1,012,652
	572,931	The Bank of Yokohama		2,633,918
	79,762	THK Co. LTD		1,325,870
	97,741	Tokyo Gas		517,906
	59,800	Toyota Motor		2,295,966
		Total Japan		32,089,107
		Luxembourg – 0.4%
	13,032	Millicom International Cellular		1,125,803
	21,755	Oriflame Cosmetics, SDR		600,215
	662	SES		18,319
		Total Luxembourg		1,744,337
		Malaysia – 0.4%
	52,700	British American Tobacco		1,094,139
	56	Petronas Gas Berhad		360
	198,780	Sime Darby Berhad		638,236
		Total Malaysia		1,732,735
		Mexico – 1.3%
	71,000	America Movil, Series L, ADR		1,795,590
	1,595	Grupo Aeroportuario del Sureste, ADR		154,029
	493,017	Grupo Mexico, Series B		1,581,389
	55,900	Grupo Televisa, ADR		1,263,340
	437,100	Kimberly-Clark de Mexico, Series A		1,059,535
		Total Mexico		5,853,883
		Netherlands – 0.9%
	45,873	Heineken		2,828,118
	15,298	Koninklijke Vopak		1,064,983
		Total Netherlands		3,893,101

Nuveen Investments 43

Portfolio of Investments

Nuveen International Select Fund (continued)

October 31, 2012

Shares		Description (1)	Value
		New Zealand – 0.2%
	172,417	Auckland International Airport	$	380,723
	18,947	Infratil		35,215
	28,877	Port of Tauranga		307,543
	5,250	Vector		11,744
		Total New Zealand		735,225
		Norway – 0.8%
	10,469	Hafslund, Class B		84,467
	252,624	Norsk Hydro		1,137,435
	107,213	Telenor ASA		2,108,042
		Total Norway		3,329,944
		Philippines – 0.8%
	319,101	International Container Terminal Services		549,974
	110,370	Manila Water		77,697
	860,808	Metro Pacific Investments		86,509
	42,600	Philippine Long Distance Telephone, ADR		2,706,378
		Total Philippines		3,420,558
		Poland – 0.0%
	9,037	PGE SA		48,969
		Russia – 2.6%
	164,693	Gazprom OAO, ADR, (2)		1,504,471
	16,500	LUKOIL, ADR		997,425
	30,771	Magnit, GDR, (2), (3)		875,346
	132,550	Mobile TeleSystems, ADR		2,271,907
	1,356,308	Sberbank		3,973,982
	326,236	TNK-BP Holding, (3)		667,127
	23,624	Uralkali, GDR, Class S		925,588
		Total Russia		11,215,846
		Singapore – 1.1%
	352,743	CitySpring Infrastructure Trust		128,686
	72,508	ComfortDelGro		100,458
	2,049,087	Golden Agri-Resources		1,049,909
	111,784	Hyflux		123,716
	140,000	Oversea-Chinese Banking		1,044,434
	114,969	Parkway Life, REIT		192,275
	348,484	SembCorp Industries		1,554,151
	64,958	Singapore Airport Terminal Services		148,576
	359,856	Singapore Post		336,314
	122,549	SMRT Corp. Ltd.		174,309
		Total Singapore		4,852,828
		South Africa – 3.9%
	81,397	Bidvest Group		1,942,774
	112,730	MTN Group		2,032,628
	309,063	Murray & Roberts Holdings		800,223
	60,761	Nedbank Group		1,254,365
	261,492	Pretoria Portland Cement		874,288

44 Nuveen Investments

Shares		Description (1)	Value
		South Africa (continued)
	255,520	Sanlam	$	1,141,355
	140,721	Shoprite Holdings		2,893,734
	79,221	Standard Bank Group		978,635
	38,170	Tiger Brands		1,213,248
	147,236	Truworths International		1,603,003
	82,449	Vodacom Group		1,039,331
	150,339	Woolworths Holdings		1,133,960
		Total South Africa		16,907,544
		South Korea – 5.2%
	1,145	Hite Jinro		33,859
	8,395	Hyundai Mobis		2,139,932
	8,488	Hyundai Motor		1,747,255
	66,380	KB Financial Group		2,258,113
	258,002	Korea Life Insurance		1,819,215
	28,796	KT&G		2,194,157
	8,151	NHN Corp.		1,887,152
	3,062	Samsung Electronics		3,677,994
	3,276	Samsung Electronics, GDR, (3)		1,967,522
	91,666	Shinhan Financial Group, ADR		3,147,709
	43,557	Woongjin Coway		1,585,561
		Total South Korea		22,458,469
		Spain – 0.4%
	22,952	Abertis Infraestructuras		345,685
	44,020	Grifols, (2)		1,526,824
		Total Spain		1,872,509
		Sweden – 0.5%
	234,863	Ericsson		2,064,333
		Switzerland – 5.8%
	88,864	ABB Ltd. Reg		1,601,136
	22,363	Compagnie Financiere Richemont		1,450,365
	61,628	Credit Suisse Group		1,428,700
	465	Flughafen Zuerich		198,972
	69,783	Foster Wheeler, (2)		1,554,067
	22,418	Holcim		1,529,758
	63,108	Nestle		4,004,813
	43,580	Noble		1,644,709
	46,277	Novartis		2,785,167
	24,929	Roche Holding		4,794,141
	102,896	UBS		1,542,390
	154,281	Xstrata		2,437,693
		Total Switzerland		24,971,911
		Taiwan – 2.1%
	164,850	Hiwin Technologies		1,060,909
	981,947	Hon Hai Precision Industry		2,981,556
	104,706	HTC		756,282
	95,150	MediaTek		1,056,951
	1,085,961	Taiwan Semiconductor Manufacturing		3,297,382
		Total Taiwan		9,153,080

Nuveen Investments 45

Portfolio of Investments

Nuveen International Select Fund (continued)

October 31, 2012

Shares		Description (1)	Value
		Thailand – 0.8%
	774,800	CP ALL, (3)	$	1,004,839
	186,200	PTT Exploration and Production Public Company, (3)		1,008,457
	110,000	Siam Cement		1,492,985
		Total Thailand		3,506,281
		Turkey – 2.2%
	342,169	Akbank T.A.S.		1,649,282
	341,027	Koc Holding		1,601,924
	170,200	Turkcell Iletisim Hizmetleri, ADR, (2)		2,585,338
	177,900	Turkiye Garanti Bankasi		849,553
	878,255	Turkiye Is Bankasi, Class C		2,988,762
		Total Turkey		9,674,859
		United Kingdom – 8.4%
	361,544	Aberdeen Asset Management		1,893,282
	92,013	Anglo American		2,825,709
	9,982	Aon		538,529
	128,781	ARM Holdings		1,382,016
	97,023	BG Group		1,796,664
	37,171	BP, ADR		1,594,264
	81,826	Centrica		427,967
	144,363	Diageo		4,125,855
	126,385	GlaxoSmithKline		2,827,841
	33,595	HSBC Holdings, ADR		1,658,249
	22,340	National Grid, ADR		1,273,603
	36,881	Pennon Group		426,738
	157,663	Prudential		2,158,843
	20,901	Reckitt Benckiser Group		1,264,847
	138,756	Rolls-Royce Group		1,913,389
	27,861	Serco Group		254,704
	12,298	Severn Trent		318,728
	16,590	Stagecoach Group		73,463
	119,487	Standard Chartered		2,821,973
	108,817	Vedanta Resources		1,991,358
	91,723	Vodafone Group, ADR		2,496,700
	75,700	Willis Group Holdings		2,548,819
		Total United Kingdom		36,613,541
		United States – 4.1%
	19,951	American Tower, Class A		1,502,111
	10,941	American Water Works		401,972
	2,791	Aqua America		70,863
	6,847	Atmos Energy		246,287
	595	Boardwalk Pipeline Partners		15,869
	7,888	Brookfield Infrastructure Partners		270,953
	23,910	Bunge		1,698,327
	2,672	California Water Service Group		49,218
	20,631	CMS Energy		501,746

46 Nuveen Investments

Shares		Description (1)	Value
		United States (continued)
	15,836	Covanta Holding	$	287,898
	4,394	Crown Castle International, (2)		293,300
	2,325	Digital Realty Trust Inc		142,825
	9,372	Dominion Resources		494,654
	519	Duke Energy		34,093
	1,185	Edison International		55,624
	2,025	Enbridge Energy Partners		60,750
	7,830	Enterprise Products Partners		412,719
	1,072	ITC Holdings		85,353
	39,430	Kinder Morgan		1,368,615
	1,323	Kinder Morgan Management		98,815
	1,928	Middlesex Water Company		37,288
	5,216	MPLX, (2)		142,136
	5,881	NextEra Energy		412,023
	18,236	NiSource		464,471
	7,864	Northeast Utilities		309,055
	1,060	Northwest Natural Gas		49,322
	680	OGE Energy		39,154
	622	Oiltanking Partners		21,795
	846	PG&E		35,972
	20,999	Philip Morris International		1,859,671
	2,997	Piedmont Natural Gas		95,514
	1,564	Pinnacle West Capital		82,845
	1,095	Portland General Electric		30,003
	20,086	Questar		406,541
	477	SBA Communications, Class A, (2)		31,783
	21,120	Schlumberger		1,468,474
	1,542	Sempra Energy		107,555
	308	SJW Corp		7,466
	1,037	South Jersey Industries		52,462
	6,424	Southwest Gas		279,251
	33,335	Spectra Energy		962,381
	2,356	Standard Parking, (2)		53,835
	2,926	UIL Holdings		105,833
	16,914	Unitil		449,743
	9,738	Waste Connections		319,699
	9,234	Westar Energy		274,250
	3,465	Western Gas Partners		176,646
	7,358	WGL Holdings		292,628
	14,745	Williams		515,928
	11,555	Wisconsin Energy Corp		444,521
	3,741	Xcel Energy		105,683
		Total United States		17,725,920
		Total Common Stocks (cost $335,838,158)		360,302,671

Nuveen Investments 47

Portfolio of Investments

Nuveen International Select Fund (continued)

October 31, 2012

Shares		Description (1)(7)							Value
		EXCHANGE-TRADED FUNDS – 9.4%
		United States – 9.4%
	7,730	iShares MSCI EAFE Index Fund							$	414,096
	1,020,000	iShares MSCI Malaysia Index Fund								15,279,600
	190,000	iShares S&P Global Energy Sector Index Fund								7,394,800
	75,000	Market Vectors Agribusiness ETF								3,846,000
	45,000	Market Vectors Gold Miners ETF								2,378,250
	325,000	Market Vectors Russia ETF								9,048,000
	60,000	Utilities Select Sector SPDR Fund								2,212,200
	2,910	Vanguard MSCI Emerging Markets ETF								120,736
		Total Exchange-Traded Funds (cost $41,868,920)								40,693,682
Shares/ Principal Amount (000)		Description (1)	Coupon		Maturity		Ratings (4)		Value
		SHORT-TERM INVESTMENTS – 7.2%
		Money Market Funds – 4.0%
	17,339,361	State Street Institutional Liquid Reserves Fund		0.190%, (5)		N/A		N/A	$	17,339,361
		U.S. Government and Agency Obligations – 3.2%
$	2,500	U.S. Treasury Bills, (6)		0.113%		2/07/13		Aaa		2,499,235
	11,250	U.S. Treasury Bills, (6)		0.118%		2/21/13		Aaa		11,245,894
$	13,750	Total U.S. Government and Agency Obligations								13,745,129
		Total Short-Term Investments (cost $31,084,783)								31,084,490
		Total Investments (cost $408,791,861) – 99.7%								432,080,843
		Other Assets Less Liabilities – 0.3% (8)								1,247,475
		Net Assets – 100.0%							$	433,328,318

48 Nuveen Investments

Investments in Derivatives at October 31, 2012

Futures Contracts outstanding:

Type	Contract Position		Number of Contracts			Contract Expiration		Notional* Value			Unrealized Appreciation (Depreciation)
Amsterdam Index		Long		55			11/12	$	4,697,869		$	(43,639	)
British Pound Currency		Short		(9	)		12/12		(907,144	)		(1,725	)
DAX Index		Short		(35	)		12/12		(8,246,222	)		79,069
Dollar Index		Long		240			12/12		19,196,882			146,762
Euro FX Currency		Short		(24	)		12/12		(3,890,100	)		(18,850	)
FTSE 100 Index		Long		411			12/12		38,230,090			(541,582	)
FTSE JSE Top 40		Short		(481	)		12/12		(18,399,228	)		(455,446	)
H-Shares Index		Long		45			11/12		3,079,432			(16,038	)
Kospi2 Index		Short		(42	)		12/12		(4,824,454	)		104,731
Mexican Bolsa Index		Short		(169	)		12/12		(5,380,535	)		(97,036	)
MSCI Taiwan Index		Long		237			11/12		6,060,090			(59,764	)
NASDAQ 100		Short		(373	)		12/12		(19,698,130	)		1,535,268
Nikkei 225 Index		Long		304			12/12		13,581,200			249,432
OMXS 30 Index		Long		735			11/12		11,646,263			(239,906	)
Russell 2000 Mini Index		Short		(137	)		12/12		(11,183,310	)		487,926
S&P 500 Index		Short		(26	)		12/12		(9,144,200	)		283,946
S&P TSX 60 Index		Long		159			12/12		22,606,258			(116,486	)
SET50 Index		Short		(100	)		12/12		(2,871,452	)		12,450
SGX S&P CNX Nifty		Short		(435	)		11/12		(4,906,365	)		107,010
SPI 200		Long		149			12/12		17,415,866			428,568
ISE 30		Short		(1,970	)		12/12		(9,926,932	)		(216,099	)
								$	37,135,878		$	1,628,591

* Total Notional Value of Long and Short positions were $136,513,950 and $99,378,072, respectively.

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

(5) The rate shown is the annualized seven-day effective yield at the end of the reporting period.

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

(7) A copy of the most recent financial statements for the exchange-traded funds in which the Fund invests can be obtained directly from the Securities and Exchange Commission on its website at http://www.sec.gov.

(8) Other Assets Less Liabilities includes the Unrealized Appreciation (Depreciation) of derivatives instruments as listed within Investments in Derivatives at October 31, 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

SDR Swedish Depositary Receipt

See accompanying notes to financial statements.

Nuveen Investments 49

Portfolio of Investments

Nuveen Quantitative Enhanced Core Equity Fund

October 31, 2012

Shares		Description (1)	Value
		COMMON STOCKS – 93.5%
		Aerospace & Defense – 2.8%
	12,635	Exelis Inc.	$	139,743
	7,963	General Dynamics Corporation		542,121
	7,172	Honeywell International Inc.		439,213
	2,000	Lockheed Martin Corporation		187,340
	2,776	Northrop Grumman Corporation, (2)		190,683
	4,705	Raytheon Company		266,115
	4,248	United Technologies Corporation		332,024
		Total Aerospace & Defense		2,097,239
		Air Freight & Logistics – 0.3%
	3,101	United Parcel Service, Inc., Class B		227,148
		Auto Components – 0.4%
	13,037	Johnson Controls, Inc.		335,703
		Beverages – 1.6%
	20,690	Coca-Cola Company		769,254
	5,825	PepsiCo, Inc.		403,323
		Total Beverages		1,172,577
		Biotechnology – 0.6%
	5,380	Amgen Inc.		465,612
		Capital Markets – 2.1%
	1,270	Ameriprise Financial, Inc.		74,130
	27,619	Ares Capital Corporation		482,228
	435	BlackRock Inc.		82,511
	342	Franklin Resources, Inc.		43,708
	2,065	Goldman Sachs Group, Inc.		252,735
	21,879	Invesco LTD		532,097
	1,950	Morgan Stanley		33,891
	899	State Street Corporation		40,068
	314	T. Rowe Price Group Inc.		20,391
		Total Capital Markets		1,561,759
		Chemicals – 1.1%
	1,961	Air Products & Chemicals Inc.		152,036
	1,138	Cabot Corporation		40,695
	6,944	Dow Chemical Company, (2)		203,459
	6,696	E.I. Du Pont de Nemours and Company, (2)		298,106
	276	Monsanto Company		23,755
	902	Praxair, Inc.		95,801
		Total Chemicals		813,852
		Commercial Banks – 2.3%
	5,256	BB&T Corporation, (2)		152,161
	5,872	First Niagara Financial Group Inc.		48,620
	637	M&T Bank Corporation		66,312
	4,885	PNC Financial Services Group, Inc.		284,258
	35,077	Wells Fargo & Company		1,181,744
		Total Commercial Banks		1,733,095

50 Nuveen Investments

Shares		Description (1)	Value
		Commercial Services & Supplies – 0.7%
	2,277	ADT Corporation	$	94,518
	1,897	Cintas Corporation		79,314
	13,038	Tyco International Ltd.		350,331
		Total Commercial Services & Supplies		524,163
		Communications Equipment – 2.6%
	50,261	Cisco Systems, Inc.		861,474
	3,636	Harris Corporation		166,456
	2,558	Polycom Inc., (3)		25,631
	15,181	QUALCOMM, Inc.		889,227
		Total Communications Equipment		1,942,788
		Computers & Peripherals – 5.2%
	5,303	Apple, Inc.		3,155,815
	17,374	Dell Inc.		160,362
	12,197	EMC Corporation, (3)		297,851
	17,849	Hewlett-Packard Company, (2)		247,209
		Total Computers & Peripherals		3,861,237
		Consumer Finance – 0.4%
	4,597	American Express Company		257,294
	318	Discover Financial Services		13,038
		Total Consumer Finance		270,332
		Diversified Financial Services – 2.6%
	47,571	Bank of America Corporation		443,362
	6,198	CME Group, Inc., (2)		346,654
	26,711	JPMorgan Chase & Co.		1,113,314
	1,476	New York Stock Exchange Euronext, (2)		36,546
		Total Diversified Financial Services		1,939,876
		Diversified Telecommunication Services – 4.2%
	56,146	AT&T Inc., (2)		1,942,090
	26,900	Verizon Communications Inc., (2)		1,200,816
		Total Diversified Telecommunication Services		3,142,906
		Electric Utilities – 1.2%
	5,179	Duke Energy Corporation, (2)		340,209
	11,826	Exelon Corporation		423,134
	2,325	Pinnacle West Capital Corporation		123,155
		Total Electric Utilities		886,498
		Electrical Equipment – 0.5%
	6,477	Emerson Electric Company		313,681
	566	Roper Industries Inc., (2)		61,790
		Total Electrical Equipment		375,471
		Electronic Equipment & Instruments – 1.5%
	3,949	Amphenol Corporation, Class A, (2)		237,453
	37,896	AVX Group		372,897
	28,933	Corning Incorporated		339,963
	6,067	FLIR Systems Inc.		117,882
	2,718	Ingram Micro, Inc., Class A, (3)		41,314

Nuveen Investments 51

Portfolio of Investments

Nuveen Quantitative Enhanced Core Equity Fund (continued)

October 31, 2012

Shares		Description (1)	Value
		Electronic Equipment & Instruments (continued)
	2,548	Jabil Circuit Inc.	$	44,182
		Total Electronic Equipment & Instruments		1,153,691
		Energy Equipment & Services – 1.8%
	3,448	Baker Hughes Incorporated		144,713
	2,162	Ensco PLC, (2)		125,007
	7,455	Halliburton Company		240,722
	2,517	National-Oilwell Varco Inc.		185,503
	303	Noble Corporation, (3)		11,435
	9,517	Schlumberger Limited		661,717
		Total Energy Equipment & Services		1,369,097
		Food & Staples Retailing – 1.3%
	224	Costco Wholesale Corporation		22,048
	4,686	CVS Caremark Corporation, (2)		217,430
	2,520	Walgreen Co.		88,780
	8,296	Wal-Mart Stores, Inc.		622,366
		Total Food & Staples Retailing		950,624
		Food Products – 0.7%
	7,740	Archer-Daniels-Midland Company		207,742
	2,413	ConAgra Foods, Inc.		67,178
	303	General Mills, Inc.		12,144
	1,751	Kraft Foods Inc.		79,635
	5,253	Mondelez International Inc.		139,415
		Total Food Products		506,114
		Health Care Equipment & Supplies – 2.3%
	6,316	Baxter International, Inc.		395,571
	5,496	Covidien PLC		302,005
	12,515	Medtronic, Inc.		520,374
	3,248	Saint Jude Medical Inc.		124,268
	4,117	Stryker Corporation		216,554
	2,147	Zimmer Holdings, Inc.		137,859
		Total Health Care Equipment & Supplies		1,696,631
		Health Care Providers & Services – 2.1%
	5,382	Aetna Inc., (2)		235,193
	5,307	Cardinal Health, Inc.		218,277
	852	CIGNA Corporation		43,452
	7,072	HCA Holdings Inc., (3)		200,916
	947	Humana Inc.		70,334
	1,367	McKesson HBOC Inc.		127,555
	2,085	Patterson Companies, Inc.		69,639
	6,027	UnitedHealth Group Incorporated		337,512
	4,001	Wellpoint Inc., (2)		245,181
		Total Health Care Providers & Services		1,548,059
		Hotels, Restaurants & Leisure – 0.6%
	785	Carnival Corporation, ADR		29,736

52 Nuveen Investments

Shares		Description (1)	Value
		Hotels, Restaurants & Leisure (continued)
	4,628	McDonald’s Corporation, (2)	$	401,710
		Total Hotels, Restaurants & Leisure		431,446
		Household Durables – 0.4%
	7,619	Garmin Limited, (2)		289,446
		Household Products – 1.5%
	15,917	Procter & Gamble Company, (2)		1,102,093
		Industrial Conglomerates – 3.0%
	5,094	3M Co.		446,234
	6,063	Danaher Corporation, (2)		313,639
	70,150	General Electric Company		1,477,359
		Total Industrial Conglomerates		2,237,232
		Insurance – 8.0%
	5,680	Ace Limited		446,732
	10,923	AFLAC Incorporated		543,747
	7,753	American International Group, (3)		270,812
	2,898	American National Insurance Company, (2)		211,728
	656	AON PLC		35,391
	10,245	Berkshire Hathaway Inc., Class B, (3)		884,656
	3,559	CNA Financial Corporation		104,563
	3,266	Lincoln National Corporation, (2)		80,964
	10,796	Loews Corporation		456,455
	5,773	Marsh & McLennan Companies, Inc.		196,455
	2,359	Mercury General Corporation		95,610
	14,497	MetLife, Inc.		514,499
	20,346	Principal Financial Group, Inc.		560,329
	5,480	Protective Life Corporation		149,604
	10,327	Prudential Financial, Inc.		589,155
	3,659	Reinsurance Group of America Inc.		193,634
	3,360	Travelers Companies, Inc.		238,358
	17,936	Unum Group		363,742
		Total Insurance		5,936,434
		Internet & Catalog Retail – 0.4%
	1,155	Amazon.com, Inc., (2), (3)		268,907
		Internet Software & Services – 1.9%
	6,675	eBay Inc., (3)		322,336
	1,557	Google Inc., Class A, (3)		1,058,402
	378	Yahoo! Inc., (3)		6,354
		Total Internet Software & Services		1,387,092
		IT Services – 6.1%
	8,000	Accenture Limited		539,280
	13,042	Automatic Data Processing, Inc., (2)		753,697
	8,961	Broadridge Financial Solutions, Inc.		205,655
	1,052	Cognizant Technology Solutions Corporation, Class A, (3)		70,116
	6,690	Fidelity National Information Services		219,900
	2,016	Fiserv, Inc., (2), (3)		151,079

Nuveen Investments 53

Portfolio of Investments

Nuveen Quantitative Enhanced Core Equity Fund (continued)

October 31, 2012

Shares		Description (1)	Value
		IT Services (continued)
	14,332	Genpact Limited, (2)	$	252,387
	7,653	International Business Machines Corporation (IBM), (2)		1,488,738
	17,525	Paychex, Inc.		568,336
	6,032	SAIC, Inc.		66,292
	6,695	Total System Services Inc.		150,571
	3,339	Western Union Company		42,405
		Total IT Services		4,508,456
		Leisure Equipment & Products – 0.1%
	1,890	Mattel, Inc.		69,514
		Life Sciences Tools & Services – 0.8%
	5,076	Agilent Technologies, Inc., (2)		182,685
	2,274	PerkinElmer Inc., (2)		70,335
	6,244	Thermo Fisher Scientific, Inc.		381,259
		Total Life Sciences Tools & Services		634,279
		Machinery – 0.4%
	1,610	Caterpillar Inc.		136,544
	2,186	Dover Corporation		127,269
	563	Eaton Corporation, (2)		26,585
	948	Timken Company		37,437
		Total Machinery		327,835
		Media – 2.6%
	19,171	Comcast Corporation, Class A		719,104
	6,366	Interpublic Group Companies, Inc.		64,297
	1,625	McGraw-Hill Companies, Inc.		89,830
	6,744	News Corporation, Class A, (2)		161,316
	4,342	Omnicom Group, Inc.		208,025
	2,503	Thomson Corporation		70,735
	3,498	Time Warner Inc., (2)		151,988
	1,389	Viacom Inc., Class B		71,214
	7,614	Walt Disney Company, (2)		373,619
		Total Media		1,910,128
		Metals & Mining – 0.6%
	1,378	Reliance Steel & Aluminum Company		74,881
	9,917	Southern Copper Corporation		377,838
		Total Metals & Mining		452,719
		Multiline Retail – 0.4%
	4,364	Target Corporation		278,205
		Multi-Utilities – 0.4%
	2,446	DTE Energy Company		151,897
	5,430	Public Service Enterprise Group Incorporated		173,977
		Total Multi-Utilities		325,874
		Office Electronics – 0.3%
	33,440	Xerox Corporation		215,354
		Oil, Gas & Consumable Fuels – 8.3%
	16,796	Chevron Corporation		1,851,087

54 Nuveen Investments

Shares		Description (1)	Value
		Oil, Gas & Consumable Fuels (continued)
	10,329	ConocoPhillips	$	597,533
	32,214	Exxon Mobil Corporation		2,936,950
	3,906	Marathon Oil Corporation		117,414
	3,409	Marathon Petroleum Corporation		187,256
	5,851	Occidental Petroleum Corporation		461,995
	1,078	Phillips 66		50,838
		Total Oil, Gas & Consumable Fuels		6,203,073
		Pharmaceuticals – 8.0%
	15,584	Abbott Laboratories		1,021,064
	11,150	Bristol-Myers Squibb Company		370,738
	11,897	Eli Lilly and Company		578,551
	19,112	Johnson & Johnson, (2)		1,353,512
	22,611	Merck & Company Inc., (2)		1,031,740
	63,882	Pfizer Inc.		1,588,745
		Total Pharmaceuticals		5,944,350
		Professional Services – 0.3%
	4,580	Equifax Inc.		229,183
		Real Estate Investment Trust – 2.4%
	28,536	Annaly Capital Management Inc., (2)		460,571
	11,894	CommonWealth REIT		163,067
	17,279	Hatteras Financial Corp.		471,198
	3,252	Hospitality Properties Trust		75,186
	78,774	MFA Mortgage Investments, Inc.		643,584
		Total Real Estate Investment Trust		1,813,606
		Road & Rail – 0.2%
	1,373	Ryder System, Inc.		61,950
	460	Union Pacific Corporation		56,594
		Total Road & Rail		118,544
		Semiconductors & Equipment – 0.7%
	22,619	Intel Corporation		489,136
		Software – 3.3%
	8,959	CA Inc.		201,757
	56,359	Microsoft Corporation		1,608,204
	20,909	Oracle Corporation		649,224
		Total Software		2,459,185
		Specialty Retail – 1.1%
	10,060	Home Depot, Inc.		617,483
	6,176	Lowe’s Companies, Inc.		199,979
	96	TJX Companies, Inc.		3,996
		Total Specialty Retail		821,458
		Thrifts & Mortgage Finance – 0.5%
	24,688	New York Community Bancorp Inc.		342,176
		Tobacco – 2.6%
	19,103	Altria Group, Inc.		607,475
	8,312	Philip Morris International		736,111

Nuveen Investments 55

Portfolio of Investments

Nuveen Quantitative Enhanced Core Equity Fund (continued)

October 31, 2012

Shares		Description (1)							Value
		Tobacco (continued)
	13,747	Reynolds American Inc., (2)							$	572,425
		Total Tobacco								1,916,011
		Wireless Telecommunication Services – 0.3%
	5,763	Telephone and Data Systems Inc.								143,326
	1,348	United States Cellular Corporation, (3)								49,864
		Total Wireless Telecommunication Services								193,190
		Total Common Stocks (cost $61,370,588)								69,479,398
Shares		Description (1)							Value
		WARRANTS – 0.0%
	2,465	Kinder Morgan Inc., Uncovered Equity Options Warrant							$	9,490
		Total Warrants (cost $4,696)								9,490
Shares		Description (1)							Value
		INVESTMENTS PURCHASED WITH COLLATERAL FROM SECURITIES LENDING – 20.3%
		Money Market Funds – 20.3%
	15,103,105	Mount Vernon Securities Lending Prime Portfolio, 0.295%, (4), (5)							$	15,103,105
		Total Investments Purchased with Collateral from Securities Lending (cost $15,103,105)								15,103,105
Shares/ Principal Amount (000)		Description (1)	Coupon		Maturity		Ratings (6)		Value
		SHORT-TERM INVESTMENTS – 6.6%
		Money Market Funds – 5.9%
	4,415,617	First American Treasury Obligations Fund, Class Z		0.004%, (4)		N/A		N/A	$	4,415,617
		U.S. Government and Agency Obligations – 0.7%
$	500	U.S. Treasury Bills (7)		0.018%		2/21/13		Aaa		499,817
		Total Short-Term Investments (cost $4,915,422)								4,915,434
		Total Investments (cost $81,393,811) – 120.4%								89,507,427
		Other Assets Less Liabilities – (20.4)% (8)								(15,138,377)
		Net Assets – 100%							$	74,369,050

Investments in Derivatives at October 31, 2012

Futures Contracts outstanding:

Type	Contract Position		Number of Contracts		Contract Expiration		Notional Value		Unrealized Appreciation (Depreciation)
S&P 500 Index		Long		12		12/12	$	4,220,400	$	(115,198	)

56 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 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. The total value of securities out on loan at the end of the reporting period was $14,586,883.

(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 at the end of the reporting period.

(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 (not covered by the report of independent registered public accounting firm): 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 Unrealized Appreciation (Depreciation) of derivatives instruments as listed within Investments in Derivatives at October 31, 2012.

NA Not Applicable.

ADR American Depositary Receipt

REIT Real Estate Investment Trust

See accompanying notes to financial statements.

Nuveen Investments 57

Portfolio of Investments

Nuveen Tactical Market Opportunities Fund

October 31, 2012

Shares			Description (1)(7)							Value
			EXCHANGE-TRADED FUNDS – 15.6%
	377,000		iShares FTSE NAREIT Mortgage Plus Capped Index Fund							$	5,572,060
	42,000		iShares MSCI Brazil Index Fund								2,239,440
	132,000		iShares MSCI Malaysia Index Fund								1,977,360
	35,000		iShares S&P GSCI Commodity-Indexed Trust, (8)								1,135,400
	39,000		iShares S&P Short Term National AMT-Free Municipal Bond Fund								4,162,860
	392,000		Market Vectors Emerging Markets Local Currency Bond ETF								10,486,000
	51,000		Market Vectors Gold Miners ETF								2,695,350
	100,000		Market Vectors Russia ETF								2,784,000
	4,000		PowerShares DB Gold Fund, (8)								236,680
	86,000		PowerShares Senior Loan Portfolio Fund								2,136,240
	14,000		SPDR S&P 500 ETF								1,976,520
	109,000		SPDR Barclays Capital High Yield Bond ETF								4,395,970
	27,500		SPDR S&P Emerging Markets Dividend ETF								1,191,025
	30,000		SPDR S&P International Dividend ETF								1,361,700
			Total Exchange-Traded Funds (cost $41,135,700)								42,350,605
Principal Amount (000) (2)			Description (1)	Coupon		Maturity		Ratings (3)		Value
			SOVEREIGN DEBT – 2.9%
			Mexico – 2.9%
	750		United Mexican States		5.875%		1/15/14		Baa1	$	793,125
	810	MXN	Mexican Bonos		7.750%		11/13/42		A–		7,056,662
			Total Sovereign Debt (cost $7,889,290)								7,849,787
Principal Amount (000)			Description (1)	Coupon		Maturity		Ratings (3)		Value
			U.S. GOVERNMENT AND AGENCY OBLIGATIONS – 2.0%
$	4,000		U.S. Treasury Bonds		4.500%		8/15/39		Aaa	$	5,364,376
$	4,000		Total U.S. Government and Agency Obligations (cost $4,297,802)								5,364,376
Shares/ Principal Amount (000)			Description (1)	Coupon		Maturity		Ratings (3)		Value
			SHORT-TERM INVESTMENTS – 77.9%
			Money Market Funds – 58.1%
	157,150,939		First American Treasury Obligations Fund, Class Z		0.004%, (4)		N/A		N/A	$	157,150,939
			U.S. Government and Agency Obligations – 19.8%
$	1,000		U.S. Treasury Bills, (5)		0.113%		2/07/13		Aaa		999,694
	6,600		U.S. Treasury Bills, (5)		0.118%		2/21/13		Aaa		6,597,591
	30,000		U.S. Treasury Bills, (5)		0.138%		4/11/13		Aaa		29,981,550
	16,000		U.S. Treasury Bills, (5)		0.143%		4/25/13		Aaa		15,988,736
$	53,600		Total U.S. Government and Agency Obligations								53,567,571
			Total Short-Term Investments (cost $210,717,216)								210,718,510
			Total Investments (cost $264,040,008) – 98.4%								266,283,278
			Other Assets Less Liabilities – 1.6% (6)								4,221,905
			Net Assets – 100%							$	270,505,183

58 Nuveen Investments

Investments in Derivatives at October 31, 2012

Futures Contracts outstanding:

Type	Contract Position		Number of Contracts			Contract Expiration		Notional* Value			Unrealized Appreciation (Depreciation)
Amsterdam Index		Long		48			11/12	$	4,099,959		$	(38,084	)
Australian 3-Year Bond		Long		372			12/12		37,638,674			108,338
Australian 10-Year Bond		Long		198			12/12		19,927,637			545,045
Australian Dollar Currency		Short		(35	)		12/12		(3,619,000	)		41,505
DAX Index		Short		(29	)		12/12		(6,832,584	)		83,073
Dollar Index		Long		105			12/12		8,398,636			64,208
E-Mini MSCI Emerging Markets Index		Long		81			12/12		4,009,500			(135,444	)
Euro-Schatz		Short		(116	)		12/12		(16,644,027	)		18,910
FTSE 100 Index		Long		12			12/12		1,116,207			(15,813	)
Hang Seng Index		Short		(36	)		11/12		(5,033,929	)		(24,828	)
H-Shares Index		Long		67			11/12		4,584,932			(8,559	)
Mexican Bolsa Index		Short		(92	)		12/12		(2,929,048	)		(52,824	)
NASDAQ 100 E-Mini		Short		(28	)		12/12		(1,478,680	)		115,248
OMXS 30 Index		Long		150			11/12		2,376,788			(48,961	)
Russell 2000 Mini Index		Short		(220	)		12/12		(17,958,600	)		824,185
S&P 500 E-Mini		Long		236			12/12		16,600,240			(548,080	)
SET50 Index		Short		(153	)		12/12		(4,393,321	)		19,048
U.S. Treasury 5-Year Note		Short		(200	)		12/12		(24,850,000	)		39,197
U.S. Treasury 10-Year Note		Short		(291	)		12/12		(38,712,094	)		(237,203	)
								$	(23,698,710	)	$	748,961

* Total Notional Value of Long and Short positions were $98,752,573 and $122,451,283, respectively.

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

(2) Principal Amount (000) denominated in U.S. Dollars, unless otherwise noted.

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

(4) The rate shown is the annualized seven-day effective yield at the end of the reporting period.

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

(6) Other Assets Less Liabilities includes the Unrealized Appreciation (Depreciation) of derivative instruments as listed within Investments in Derivatives at October 31, 2012.

(7) A copy of the most recent financial statements for the exchange-traded funds in which the Fund invests can be obtained directly from the Securities and Exchange Commission on its website at http://www.sec.gov.

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

N/A Not applicable.

ETF Exchange-Traded Fund

MXN Mexican Peso

SPDR Standard & Poor’s Depositary Receipts

See accompanying notes to financial statements.

Nuveen Investments 59

Statement of Assets & Liabilities

October 31, 2012

	International			International Select			Quantitative Enhanced Core Equity			Tactical Market Opportunities
Assets
Long-term investments, at value (cost $82,257,223, $377,707,078, $61,375,284 and $53,322,792, respectively)	$	87,304,142		$	400,996,353		$	69,488,888		$	55,564,768
Investment purchased with collateral from securities lending (at cost, which approximates value)		—			—			15,103,105			—
Short-term investments (cost $10,348,863, $31,084,783, $4,915,422 and $210,717,216, respectively)		10,348,783			31,084,490			4,915,434			210,718,510
Cash denominated in foreign currencies (cost $6,594,748, $5,667,215, $– and $848,505, respectively)		6,690,273			5,704,917			—			849,689
Cash		—			—			3,099			—
Receivables:
Deposits with brokers for open futures contracts		800,000			1,000,000			—			800,000
Dividends		153,029			618,985			125,873			—
Due from broker		16			9,222			—			—
Interest		1,188			2,866			2,545			228,244
Investments sold		215,933			1,095,146			—			2,683,730
Reclaims		220,824			499,408			391			—
Shares sold		66,372			270,499			8,177			1,353,942
Variation margin on futures contracts		87,000			694,552			—			436,019
Other assets		3,506			6,858			32			53
Total assets		105,891,066			441,983,296			89,647,544			272,634,955
Liabilities
Cash overdraft		6,708,064			5,522,619			—			1,114,970
Payables:
Collateral from securities lending program		—			—			15,103,105			—
Investments purchased		105,112			1,314,920			—			—
Shares redeemed		278,527			399,180			129,210			185,054
Variation margin on futures contracts		226,745			772,624			2,400			483,239
Accrued expenses:
Management fees		90,526			401,350			25,301			225,270
Directors fees		4,044			9,221			651			1,884
12b-1 distribution and service fees		5,942			1,412			135			25,237
Other		153,199			233,652			17,692			94,118
Total liabilities		7,572,159			8,654,978			15,278,494			2,129,772
Net assets	$	98,318,907		$	433,328,318		$	74,369,050		$	270,505,183
Class A Shares
Net assets	$	21,009,445		$	4,060,142		$	151,042		$	59,751,441
Shares outstanding		2,202,096			452,975			6,457			5,294,022
Net asset value per share	$	9.54		$	8.96		$	23.39		$	11.29
Offering price per share (net asset value per share plus maximum sales charge of 5.75% of offering price)	$	10.12		$	9.51		$	23.39	(1)	$	11.98
Class C Shares
Net assets	$	1,675,167		$	644,183		$	120,401		$	15,044,740
Shares outstanding		187,082			72,848			5,190			1,346,768
Net asset value and offering price per share	$	8.95		$	8.84		$	23.20		$	11.17
Class R3 Shares
Net assets	$	42,373			N/A			N/A			N/A
Shares outstanding		4,443			N/A			N/A			N/A
Net asset value and offering price per share	$	9.54			N/A			N/A			N/A
Class I Shares
Net assets	$	75,591,922		$	428,623,993		$	74,097,607		$	195,709,002
Shares outstanding		7,821,632			47,715,116			3,158,655			17,283,105
Net asset value and offering price per share	$	9.66		$	8.98		$	23.46		$	11.32
Net assets consist of:
Capital paid-in	$	103,641,500		$	437,645,898		$	60,341,398		$	265,652,227
Undistributed (Over-distribution of) net investment income		941,794			5,495,973			1,736,962			1,440,593
Accumulated net realized gain (loss)		(11,504,805	)		(34,745,537	)		4,292,272			419,824
Net unrealized appreciation (depreciation)		5,240,418			24,931,984			7,998,418			2,992,539
Net assets	$	98,318,907		$	433,328,318		$	74,369,050		$	270,505,183
Authorized shares – per class		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. After the close of business on June 13, 2012 International Select liquidated all of its Class R3 Shares.

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

See accompanying notes to financial statements.

60 Nuveen Investments

Statement of Operations

Year Ended October 31, 2012

	International			International Select			Quantitative Enhanced Core Equity			Tactical Market Opportunities
Investment Income
Dividend and interest income (net of foreign tax withheld of $266,251, $1,243,144, $1,183 and $7,648, respectively)	$	2,577,310		$	11,926,441		$	2,117,062		$	2,371,790
Securities lending income, net		—			—			39,344			—
Total investment income		2,577,310			11,926,441			2,156,406			2,371,790
Expenses
Management fees		1,243,565			5,075,844			453,074			1,357,529
12b-1 service fees – Class A		53,238			10,118			343			97,281
12b-1 distribution and service fees – Class B(1)		2,524			N/A			N/A			N/A
12b-1 distribution and service fees – Class C		17,250			6,834			1,164			79,873
12b-1 distribution and service fees – Class R3(2)		181			39			N/A			N/A
Shareholder servicing agent fees and expenses		230,291			426,095			159,082			114,440
Custodian’s fees and expenses		298,828			621,872			34,614			35,177
Directors fees and expenses		2,735			13,634			2,712			5,098
Professional fees		35,110			51,242			14,236			14,633
Shareholder reporting expenses		90,377			4,013			1,240			44,984
Federal and state registration fees		57,551			56,893			43,027			81,851
Other expenses		78,390			75,353			8,676			8,104
Total expenses before expense reimbursement		2,110,040			6,341,937			718,168			1,838,970
Expense reimbursement		(568,337	)		(239,458	)		(309,007	)		(28,783	)
Net expenses		1,541,703			6,102,479			409,161			1,810,187
Net investment income (loss)		1,035,607			5,823,962			1,747,245			561,603
Realized and Unrealized Gain (Loss)
Net realized gain (loss) from:
Investments and foreign currency		(10,013,310	)		(22,623,577	)		4,607,241			1,911,060
Futures contracts		487,259			(8,168,446	)		763,216			(557,828	)
Options written		—			—			—			60
Change in net unrealized appreciation (depreciation) of:
Investments and foreign currency		12,274,110			36,768,484			4,085,174			1,372,961
Futures contracts		(1,315,087	)		3,095,727			(187,020	)		984,869
Net realized and unrealized gain (loss)		1,432,972			9,072,188			9,268,611			3,711,122
Net increase (decrease) in net assets from operations	$	2,468,579		$	14,896,150		$	11,015,856		$	4,272,725

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.

   (1) – 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.

   (2) – After the close of business on June 13, 2012, International Select liquidated all of its Class R3 Shares.

See accompanying notes to financial statements.

Nuveen Investments 61

Statement of Changes in Net Assets

	International						International Select
	Year Ended 10/31/12			Year Ended 10/31/11			Year Ended 10/31/12			Year Ended 10/31/11
Operations
Net investment income (loss)	$	1,035,607		$	7,452,325		$	5,823,962		$	9,342,486
Net realized gain (loss) from:
Investments and foreign currency		(10,013,310	)		79,229,286			(22,623,577	)		51,311,264
Futures contracts		487,259			(3,656,977	)		(8,168,446	)		(10,916,532	)
Options written		—			—			—			—
Redemptions in-kind		—			—			—			—
Change in net unrealized appreciation (depreciation) of:
Investments and foreign currency		12,274,110			(121,677,805	)		36,768,484			(93,468,555	)
Futures contracts		(1,315,087	)		8,604,468			3,095,727			8,252,883
Net increase (decrease) in net assets from operations		2,468,579			(30,048,703	)		14,896,150			(35,478,454	)
Distributions to Shareholders
From net investment income:
Class A		(953,197	)		(107,500	)		(50,326	)		(33,025	)
Class B(1)		—			—			N/A			N/A
Class C		(66,672	)		—			(2,770	)		(740	)
Class R3(1)		(685	)		(15	)		—			—
Class I		(5,063,626	)		(4,195,268	)		(7,900,958	)		(6,454,548	)
From accumulated net realized gains:
Class A		(2,889,331	)		—			(47,541	)		—
Class B(1)		—			—			N/A			N/A
Class C		(265,665	)		—			(7,969	)		—
Class R3(1)		(2,164	)		—			—			—
Class I		(15,999,350	)		—			(6,195,076	)		—
Decrease in net assets from distributions to shareholders		(25,240,690	)		(4,302,783	)		(14,204,640	)		(6,488,313	)
Fund Share Transactions
Proceeds from sale of shares		11,030,054			9,534,322			75,494,059			100,109,897
Proceeds from shares issued to shareholders due to reinvestment of distributions		10,998,041			3,103,920			4,681,594			1,537,568
		22,028,095			12,638,242			80,175,653			101,647,465
Cost of shares redeemed		(67,474,781	)		(495,221,106	)		(231,253,534	)		(330,484,054	)
Cost of redemptions in-kind		—			—			—			—
Net increase (decrease) in net assets from Fund share transactions		(45,446,686	)		(482,582,864	)		(151,077,881	)		(228,836,589	)
Net increase (decrease) in net assets		(68,218,797	)		(516,934,350	)		(150,386,371	)		(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	$	98,318,907		$	166,537,704		$	433,328,318		$	583,714,689
Undistributed (Over-distribution of) net investment income at the end of period	$	941,794		$	6,115,194		$	5,495,973		$	7,930,053

See accompanying notes to financial statements.

62 Nuveen Investments

	Quantitative Enhanced Core Equity						Tactical Market Opportunities
	Year Ended 10/31/12			Year Ended 10/31/11			Year Ended 10/31/12			Year Ended 10/31/11
Operations
Net investment income (loss)	$	1,747,245		$	2,921,001		$	561,603		$	388,017
Net realized gain (loss) from:
Investments and foreign currency		4,607,241			11,480,043			1,911,060			778,007
Futures contracts		763,216			152,170			(557,828	)		440,455
Options written		—			—			60			—
Redemptions in-kind		—			2,329,724			—			—
Change in net unrealized appreciation (depreciation) of:
Investments and foreign currency		4,085,174			(4,839,582	)		1,372,961			753,994
Futures contracts		(187,020	)		71,822			984,869			(201,998	)
Net increase (decrease) in net assets from operations		11,015,856			12,115,178			4,272,725			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		N/A			N/A			N/A			N/A
Class I		(1,931,314	)		(2,864,205	)		(353,238	)		(154,561	)
From accumulated net realized gains:
Class A(2)		(2,646	)		—			(209,804	)		—
Class B		N/A			N/A			N/A			N/A
Class C(2)		(1,768	)		—			(23,497	)		—
Class R3		N/A			N/A			N/A			N/A
Class I		(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		3,709,154			9,839,732			254,776,661			33,827,603
Proceeds from shares issued to shareholders due to reinvestment of distributions		1,379,059			878,112			1,316,662			158,329
		5,088,213			10,717,844			256,093,323			33,985,932
Cost of shares redeemed		(46,229,594	)		(97,606,723	)		(41,304,739	)		(10,349,661	)
Cost of redemptions in-kind		—			(17,935,393	)		—			—
Net increase (decrease) in net assets from Fund share transactions		(41,141,381	)		(104,824,272	)		214,788,584			23,636,271
Net increase (decrease) in net assets		(33,637,007	)		(95,576,586	)		217,612,374			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	$	74,369,050		$	108,006,057		$	270,505,183		$	52,892,809
Undistributed (Over-distribution of) net investment income at the end of period	$	1,736,962		$	1,945,047		$	1,440,593		$	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.

   (1) – 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. After the close of business on June 13, 2012, International Select liquidated all of its Class R3 Shares.

   (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 63

Financial Highlights

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	$	11.12	$	.07		$	.16		$	.23		$	(.41	)	$	(1.40	)	$	(1.81	)	$	9.54
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
Class C (9/01)
2012		10.51		(.01	)		.16			.15			(.31	)		(1.40	)		(1.71	)		8.95
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
Class R3 (4/94)
2012		11.11		.05			.16			.21			(.38	)		(1.40	)		(1.78	)		9.54
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
Class I (4/94)
2012		11.25		.09			.17			.26			(.45	)		(1.40	)		(1.85	)		9.66
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

64 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
	3.91	%	$	21,009		1.96	%		.21	%		1.48	%		.69	%		57	%
	(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
	3.11			1,675		2.71			(.53	)		2.23			(.06	)		57
	(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
	3.69			42		2.23			.03			1.73			.53			57
	(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
	4.15			75,592		1.71			.45			1.23			.93			57
	(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

(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.

See accompanying notes to financial statements.

Nuveen Investments 65

Financial Highlights (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	$	8.85	$	.08	$	.24		$	.32		$	(.11	)	$	(.10	)	$	(.21	)	$	8.96
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
Class C (12/06)
2012		8.72		.02		.24			.26			(.04	)		(.10	)		(.14	)		8.84
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
Class I (12/06)
2012		8.87		.10		.24			.34			(.13	)		(.10	)		(.23	)		8.98
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

66 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
	3.83	%	$	4,060		1.53	%		.88	%		1.48	%		.93	%		49	%
	(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
	3.09			644		2.28			.15			2.23			.20			49
	(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
	4.12			428,624		1.28			1.14			1.23			1.18			49
	(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

(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.

See accompanying notes to financial statements.

Nuveen Investments 67

Financial Highlights (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	$	21.57	$	.38	$	2.16		$	2.54		$	(.37	)	$	(.35	)	$	(.72	)	$	23.39
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
Class C (7/07)
2012		21.40		.20		2.15			2.35			(.20	)		(.35	)		(.55	)		23.20
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
Class I (7/07)
2012		21.64		.44		2.15			2.59			(.42	)		(.35	)		(.77	)		23.46
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

68 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
	12.18	%	$	151		1.03	%		1.34	%		.70	%		1.66	%		137	%
	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
	11.31			120		1.79			.56			1.45			.90			137
	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
	12.44			74,098		.79			1.59			.45			1.93			137
	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

(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.

See accompanying notes to financial statements.

Nuveen Investments 69

Financial Highlights (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	$	11.22	$	.02		$	.25	$	.27	$	(.03	)	$	(.17	)	$	(.20	)	$	11.29
2011(e)		10.59		.04			.59		.63		—			—			—			11.22
Class C (2/11)
2012		11.17		(.07	)		.24		.17		—			(.17	)		(.17	)		11.17
2011(e)		10.59		—	*		.58		.58		—			—			—			11.17
Class I (12/09)
2012		11.25		.05			.25		.30		(.06	)		(.17	)		(.23	)		11.32
2011		10.62		.14			.59		.73		(.08	)		(.02	)		(.10	)		11.25
2010(f)		10.00		.02			.60		.62		—			—			—			10.62

70 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(g)			Net Invest- ment Income (Loss)			Expenses(g)			Net Invest- ment Income (Loss)			Portfolio Turnover Rate
	2.45%	$	59,751		1.19	%		.13	%		1.18	%		.14	%		189	%
	5.95		3,558		1.67	**		.06	**		1.19	**		54	**		177
	1.55		15,045		1.93			(.65	)		1.93			(.65	)		189
	5.48		475		2.31	**		(.37	)**		1.94	**		—	***		177
	2.69		195,709		.94			.41			.93			.43			189
	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) For the period December 30, 2009 (commencement of operations) through October 31, 2010.

(g) In addition to the fees and expenses which the Fund bears directly; the Fund indirectly bears a pro rata share of the fees and expenses of the exchange-traded funds in which the Fund invests. These exchange-traded fund fees and expenses are not reflected in the expense ratios. Because the exchange-traded funds have varied expenses and fee levels and the Fund may own different proportions at different times, the amount of fees and expenses incurred indirectly by the Fund will vary.

* Rounds to less than $.01 per share.

** Annualized.

*** Annualized ratio rounds to less than .01%.

See accompanying notes to financial statements.

Nuveen Investments 71

Notes to Financial Statements

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”), as diversified 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. 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.

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. Effective June 6, 2012, Class R3 Shares of the Fund 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.

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 invest in exchange-traded funds in order to reduce cash balances in the fund and increase the level of fund assets exposed to common stocks. The Fund may also buy and sell stock index futures contracts to manage market or business risk or enhance the Fund’s return.

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 across the following asset classes: 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 gains exposure to these asset classes by investing in derivative instruments and ETFs, except that the Fund invests directly in U.S. Treasury obligations, non-U.S. government obligations that have an investment grade rating from at least one rating agency and money market funds.

Tactical Market Opportunities will use derivative instruments such as options; futures contracts, including futures on equity and commodities indices, interest rate futures 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. Derivatives may be entered into on established exchanges, either in the U.S. or in non-U.S. countries, or through privately negotiated transactions referred to as over-the-counter derivatives. In using derivatives, the Fund may take both long positions (the values of which move in the same direction as the prices of the underlying investment, pool of investments, index or currency) and short positions (the values of which move in the opposite direction from the price of the underlying investment, pool of investments, index or currency).

Investment Policy Changes

Effective December 14, 2012, Tactical Market Opportunities’ investment policies were updated to allow the Fund to invest directly in equity and debt securities in order to create custom baskets of securities. Tactical Market Opportunities may now gain exposure to the aforementioned asset classes (i) by investing in derivative instruments and ETFs (ii) by creating custom baskets of equity and debt securities, where each basket is designed to track the performance of a particular securities index (such as an industry, sector, country or region index) within certain parameters, and (iii) by investing directly in U.S. Treasury obligations, non-U.S. government obligations that have an investment grade rating from at least one rating agency and money market funds.

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

72 Nuveen Investments

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 may 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.

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.

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) are 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.

The value of exchange-traded options are based on the mean of the closing bid and ask prices. Futures contracts are valued using the closing settlement price or, in the absence of such a price, the last traded price. Exchange-traded options and futures contracts are generally classified as Level 1. Options traded in the over-the counter market are valued using an evaluated mean price and are generally classified as Level 2.

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.

Nuveen Investments 73

Notes to Financial Statements (continued)

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 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, 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 incurred 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 converted 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, 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.

74 Nuveen Investments

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 may be 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 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, 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 fiscal year ended October 31, 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 manage country and style exposures and 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, interest rate and foreign 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. All of the Funds used futures contracts as a means to efficiently gain exposure to a broad base of securities.

The average number of futures contracts outstanding during the fiscal year ended October 31, 2012, for each Fund, were as follows:

	International		International Select		Quantitative Enhanced Core Equity		Tactical Market Opportunities
Average number of futures contracts outstanding*		1,512		5,138		8		1,312

* 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.

Options Transactions

Each Fund may be 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 purchase and write (sell) call and put options on securities, futures, swaps (“swaptions”) or currencies in an attempt to manage such risk. The purchase of options and/or swaptions involves the risk of loss of all or a part of the cash paid for the options (the premium). The market risk associated with purchasing options and/or swaptions is limited to the premium paid. The counterparty credit risk of purchasing options and/or swaptions, however, needs also to take into account the current value of the option, as this is the performance expected from the counterparty. When a Fund purchases an option and/or swaption, an amount equal to the premium paid (the premium plus commission) is recognized as a component of “Options and/or Swaptions purchased, at value” on the Statement of Assets and Liabilities. When a Fund writes an option and swaption, an amount equal to the net premium received (the premium less commission) is recognized as a component of “Options and/or Swaptions written, at value” on the Statement of Assets and Liabilities and is subsequently adjusted to reflect the current value of the written option and/or swaption until the option and/or swaption is exercised or expires or the Fund enters into a closing purchase transaction. The changes in the value of options and/or swaptions purchased during the fiscal period are recognized as a component

Nuveen Investments 75

Notes to Financial Statements (continued)

of “Change in net unrealized appreciation (depreciation) of Options and/or Swaptions purchased” on the Statement of Operations. The changes in the value of options and/or swaptions written during the fiscal period are recognized as a component of “Change in net unrealized appreciation (depreciation) of Options and/or Swaptions written” on the Statement of Operations. When an option and/or swaption is exercised or expires or the Fund enters into a closing purchase transaction, the difference between the net premium received and any amount paid at expiration or on executing a closing purchase transaction, including commission, is recognized as a component of “Net realized gain (loss) from Options and/or Swaptions purchased and/or written” on the Statement of Operations. The Fund, as a writer of an option and/or swaption has no control over whether the underlying instrument may be sold (called) or purchased (put) and as a result bears the risk of an unfavorable change in the market value of the instrument underlying the written option and/or swaption. There is also the risk the Fund may not be able to enter into a closing transaction because of an illiquid market.

During the fiscal year ended October 31, 2012, Tactical Market Opportunities wrote equity call options on the S&P 500 Index to generate return.

The average number of written options contracts outstanding during the fiscal year ended October 31, 2012, was as follows:

	Tactical Market Opportunities
Average number of written options contracts outstanding*		—	**

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

** The Fund was not invested in written option contracts at the beginning or end of the current fiscal period.

Refer to Footnote 3 – Derivative Instruments and Hedging Activities and Footnote 5 – Investment Transactions for further details on options contract 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, except Tactical Market Opportunities, 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.

76 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, net.” Securities lending fees paid by each Fund during the fiscal year ended October 31, 2012, were as follows:

	International		International Select		Quantitative Enhanced Core Equity
Securities lending fees paid	$	—	$	—	$	5,203

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 following is a summary of the three-tiered hierarchy of valuation input levels.

Level 1 –	Inputs are unadjusted and prices are determined using quoted prices in active markets for identical securities.
Level 2 –	Prices are determined using other significant observable inputs (including quoted prices for similar securities, interest rates, prepayment speeds, credit risk, etc.).
Level 3 –	Prices are determined using 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 risks associated with investing in those securities. The following is a summary of each Fund’s fair value measurements as of the end of the reporting period:

International	Level 1		Level 2		Level 3		Total
Long-Term Investments*:
Common Stocks	$	77,531,734	$	452,842	$	—	$	77,984,576
Exchange-Traded Funds		9,319,566		—		—		9,319,566
Short-Term Investments:
Money Market Funds		5,910,362		—		—		5,910,362
U.S. Government and Agency Obligations		—		4,438,421		—		4,438,421
Derivatives:
Futures Contracts**		112,902		—		—		112,902
Total	$	92,874,563	$	4,891,263	$	—	$	97,765,826
International Select	Level 1		Level 2		Level 3		Total
Long-Term Investments*:
Common Stocks	$	354,779,380	$	5,523,291	$	—	$	360,302,671
Exchange-Traded Funds		40,693,682		—		—		40,693,682
Short-Term Investments:
Money Market Funds		17,339,361		—		—		17,339,361
U.S. Government and Agency Obligations		—		13,745,129		—		13,745,129
Derivatives:
Futures Contracts**		1,628,591		—		—		1,628,591
Total	$	414,441,014	$	19,268,420	$	—	$	433,709,434

Nuveen Investments 77

Notes to Financial Statements (continued)

Quantitative Enhanced Core Equity	Level 1			Level 2		Level 3		Total
Long-Term Investments*:
Common Stocks	$	69,479,398		$	—	$	—	$	69,479,398
Warrants		9,490			—		—		9,490
Investments Purchased with Collateral from Securities Lending		15,103,105			—		—		15,103,105
Short-Term Investments:
Money Market Funds		4,415,617			—		—		4,415,617
U.S. Government and Agency Obligations		—			499,817		—		499,817
Derivatives:
Futures Contracts**		(115,198	)		—		—		(115,198	)
Total	$	88,892,412		$	499,817	$	—	$	89,392,229

* Refer to the Fund’s Portfolio of Investments for country classifications, industry classifications and breakdown of Common Stocks classified as Level 2, where applicable.

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

Tactical Market Opportunities	Level 1		Level 2		Level 3		Total
Long-Term Investments:
Exchange-Traded Funds	$	42,350,605	$	—	$	—	$	42,350,605
Sovereign Debt		—		7,849,787		—		7,849,787
U.S. Government & Agency Obligations		—		5,364,376		—		5,364,376
Short-Term Investments:
Money Market Funds		157,150,939		—		—		157,150,939
U.S. Government and Agency Obligations		—		53,567,571		—		53,567,571
Derivatives:
Futures Contracts*		748,961		—		—		748,961
Total	$	200,250,505	$	66,781,734	$	—	$	267,032,239

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

The Nuveen funds’ Board of Directors/Trustees is responsible for the valuation process and has delegated the oversight of the daily valuation process to the Adviser’s Valuation Committee. The Valuation Committee, pursuant to the valuation policies and procedures adopted by the Board of Directors/Trustees, is responsible for making fair value determinations, evaluating the effectiveness of the funds’ pricing policies, and reporting to the Board of Directors/Trustees. The Valuation Committee is aided in its efforts by the Adviser’s dedicated Securities Valuation Team, which is responsible for administering the daily valuation process and applying fair value methodologies as approved by the Valuation Committee. When determining the reliability of independent pricing services for investments owned by the funds, the Valuation Committee, among other things, conducts due diligence reviews of the pricing services and monitors the quality of security prices received through various testing reports conducted by the Securities Valuation Team.

The Valuation Committee will consider pricing methodologies it deems relevant and appropriate when making fair value determinations. Examples of possible methodologies include, but are not limited to, multiple of earnings; discount from market of a similar freely traded security; discounted cash-flow analysis; book value or a multiple thereof; risk premium/yield analysis; yield to maturity; and/or fundamental investment analysis. The Valuation Committee will also consider factors it deems relevant and appropriate in light of the facts and circumstances. Examples of possible factors include, but are not limited to, the type of security; the issuer’s financial statements; the purchase price of the security; the discount from market value of unrestricted securities of the same class at the time of purchase; analysts’ research and observations from financial institutions; information regarding any transactions or offers with respect to the security; the existence of merger proposals or tender offers affecting the security; the price and extent of public trading in similar securities of the issuer or comparable companies; and the existence of a shelf registration for restricted securities.

For each portfolio security that has been fair valued pursuant to the policies adopted by the Board of Directors/Trustees, the fair value price is compared against the last available and next available market quotations. The Valuation Committee reviews the results of such testing and fair valuation occurrences are reported to the Board of Directors/Trustees.

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 October 31, 2012, the location of these instruments on the Statement of Assets and Liabilities, and the primary underlying risk exposure.

78 Nuveen Investments

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	Deposits with brokers for open futures contracts and Receivable for variation margin on futures contracts*	$	528,694	Payable for variation margin on futures contracts*	$	(414,067	)
Foreign Currency Exchange Rate	Futures Contracts	—		—	Payable for variation margin on futures contracts*		(1,725	)
Total			$	528,694		$	(415,792	)

* 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 the payable for variation margin presented on the Statement of Assets and Liabilities.

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	Deposits with brokers for open futures contracts and Receivable for variation margin on futures contracts*	$	3,435,162	Payable for variation margin on futures contracts*	$	(1,785,996	)
Foreign Currency Exchange Rate	Futures Contracts	—		—	Deposits with brokers for open futures contracts and Payable for variation margin on futures contracts*		(20,575	)
Total			$	3,435,162		$	(1,806,571	)

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*	$	(115,198	)

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	Deposits with brokers for open futures contracts and Receivable for variation margin on futures contracts*	$	1,105,762	Payable for variation margin on futures contracts*	$	(872,593	)
Foreign Currency Exchange Rate	Futures Contracts	Deposits with brokers for open futures contracts and Receivable for variation margin on futures contracts*		41,505	—		—
Interest Rate	Futures Contracts	Deposits with brokers for open futures contracts and Receivable for variation margin on futures contracts*		711,490	Payable for variation margin on futures contracts*		(237,203	)
Total			$	1,858,757			(1,109,796	)

* 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 the payable for variation margin 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 fiscal year ended October 31, 2012, on derivative instruments, as well as the primary risk exposure associated with each.

Nuveen Investments 79

Notes to Financial Statements (continued)

Net Realized Gain (Loss) from Futures Contracts	International			International Select			Quantitative Enhanced Core Equity		Tactical Market Opportunities
Risk Exposure
Equity	$	532,386		$	(8,010,340	)	$	763,216	$	(1,255,462	)
Foreign Currency Exchange Rate		(45,127	)		(158,106	)		—		(44,134	)
Interest Rate		—			—			—		741,768
Total	$	487,259		$	(8,168,446	)	$	763,216	$	(557,828	)

Net Realized Gain (Loss) from Options Written	Tactical Market Opportunities
Risk Exposure
Equity	$	60

Change in Net Unrealized Appreciation (Depreciation) of Futures Contracts	International			International Select		Quantitative Enhanced Core Equity			Tactical Market Opportunities
Risk Exposure
Equity	$	(1,313,362	)	$	2,392,080	$	(187,020	)	$	200,382
Foreign Currency Exchange Rate		(1,725	)		703,647		—			326,053
Interest Rate		—			—		—			458,434
Total	$	(1,315,087	)	$	3,095,727	$	(187,020	)	$	984,869

4. Fund Shares

Transactions in Fund shares were as follows:

	International
	Year Ended 10/31/12						Year Ended 10/31/11
	Shares			Amount			Shares			Amount
Shares sold:
Class A		281,592		$	2,691,205			155,847		$	1,889,675
Class B (1)		—			—			708			7,844
Class C		12,987			116,739			9,594			107,941
Class R3		3,799			35,390			420			4,678
Class I		858,075			8,186,720			610,959			7,524,184
Shares issued to shareholders due to reinvestment of distributions:
Class A		391,596			3,481,910			8,099			98,570
Class B (1)		19,368			153,859			—			—
Class C		38,018			317,206			—			—
Class R3		321			2,849			1			15
Class I		779,190			7,042,217			244,138			3,005,335
		2,384,946			22,028,095			1,029,766			12,638,242
Shares redeemed:
Class A		(479,579	)		(4,550,634	)		(452,448	)		(5,470,263	)
Class B (1)		(113,441	)		(981,338	)		(48,241	)		(533,542	)
Class C		(52,963	)		(455,926	)		(56,942	)		(628,677	)
Class R3		(643	)		(5,799	)		(8	)		(93	)
Class I		(6,372,457	)		(61,481,084	)		(43,702,675	)		(488,588,531	)
		(7,019,083	)		(67,474,781	)		(44,260,314	)		(495,221,106	)
Net increase (decrease)		(4,634,137	)	$	(45,446,686	)		(43,230,548	)	$	(482,582,864	)

   (1) 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.

80 Nuveen Investments

	International Select
	Year Ended 10/31/12						Year Ended 10/31/11
	Shares			Amount			Shares			Amount
Shares sold:
Class A		66,016		$	563,315			128,323		$	1,261,455
Class C		7,481			64,823			10,355			102,343
Class R3 (2)		—			—			1,599			15,960
Class I		8,648,794			74,865,921			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 (2)		35			277			—			—
Class I		562,947			4,583,692			152,246			1,508,759
		9,297,293			80,175,653			10,507,435			101,647,465
Shares redeemed:
Class A		(119,700	)		(1,027,486	)		(214,539	)		(2,113,176	)
Class C		(18,141	)		(155,798	)		(14,772	)		(145,301	)
Class R3 (2)		(1,554	)		(12,245	)		(787	)		(7,720	)
Class I		(26,733,722	)		(230,058,005	)		(33,796,114	)		(328,217,857	)
		(26,873,117	)		(231,253,534	)		(34,026,212	)		(330,484,054	)
Net increase (decrease)		(17,575,824	)	$	(151,077,881	)		(23,518,777	)	$	(228,836,589	)

   (2) After the close of business on June 13, 2012, International Select liquidated all of its Class R3 Shares.

	Quantitative Enhanced Core Equity
	Year Ended 10/31/12						Year Ended 10/31/11
	Shares			Amount			Shares			Amount
Shares sold:
Class A		1,743		$	39,831			2,166		$	47,265
Class C		—			—			4,938			108,004
Class I		172,921			3,669,323			440,684			9,684,463
Shares issued to shareholders due to reinvestment of distributions:
Class A		233			4,850			98			2,118
Class C		136			2,801			44			946
Class I		65,570			1,371,408			40,343			875,048
		240,603			5,088,213			488,273			10,717,844
Shares redeemed:
Class A		(3,130	)		(68,825	)		(7,005	)		(152,739	)
Class C		(16	)		(385	)		(589	)		(12,027	)
Class I		(2,058,309	)		(46,160,384	)		(4,516,389	)		(97,441,957	)
Class I —In-kind		—			—			(871,073	)		(17,935,393	)
		(2,061,455	)		(46,229,594	)		(5,395,056	)		(115,542,116	)
Net increase (decrease)		(1,820,852	)	$	(41,141,381	)		(4,906,783	)	$	(104,824,272	)

	Tactical Market Opportunities
	Year Ended 10/31/12						Year Ended 10/31/11
	Shares			Amount			Shares			Amount
Shares sold:
Class A		6,181,689		$	69,086,517			330,236		$	3,676,372
Class C		1,365,581			15,153,881			42,498			468,794
Class I		15,233,105			170,536,263			2,709,930			29,682,437
Shares issued to shareholders due to reinvestment of distributions:
Class A		20,431			225,355			—			—
Class C		1,961			21,516			—			—
Class I		96,689			1,069,791			15,144			158,329
		22,899,456			256,093,323			3,097,808			33,985,932
Shares redeemed:
Class A		(1,225,187	)		(13,763,850	)		(13,147	)		(145,801	)
Class C		(63,271	)		(694,273	)		—			—
Class I		(2,388,710	)		(26,846,616	)		(954,155	)		(10,203,860	)
		(3,677,168	)		(41,304,739	)		(967,302	)		(10,349,661	)
Net increase (decrease)		19,222,288		$	214,788,584			2,130,506		$	23,636,271

Nuveen Investments 81

Notes to Financial Statements(continued)

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

Fund	Year Ended 10/31/12		Year Ended 10/31/11
International		15,542		23,122

5. Investment Transactions

Purchases and sales (including maturities but excluding short-term investments and derivative transactions) during the fiscal year ended October 31, 2012, were as follows:

	International		International Select		Quantitative Enhanced Core Equity		Tactical Market Opportunities
Purchases:
Investment securities	$	60,795,850	$	217,311,521	$	118,425,049	$	102,969,346
U.S. Government and agency obligations		—		—		—		35,757,250
Sales and maturities:
Investment securities		128,443,543		363,591,853		163,338,975		73,850,841
U.S. Government and agency obligations		—		—		—		35,865,793

Transactions in options written for Tactical Market Opportunities during the fiscal year ended October 31, 2012, were as follows:

	Tactical Market Opportunities
	Number of Contracts			Premiums Received
Outstanding, beginning of period		—		$	—
Options written		1			104
Options terminated in closing purchase transactions		(1	)		(104	)
Options expired		—			—
Outstanding, end of period		—		$	—

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 October 31, 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	$	94,795,081		$	416,858,301		$	81,665,391		$	264,178,085
Gross unrealized:
Appreciation	$	11,205,723		$	52,082,583		$	9,372,311		$	2,809,937
Depreciation		(8,347,879	)		(36,860,041	)		(1,530,275	)		(704,744	)
Net unrealized appreciation (depreciation) of investments	$	2,857,844		$	15,222,542		$	7,842,036		$	2,105,193

Permanent differences, primarily due to the foreign currency reclassifications, federal taxes paid, investments in partnerships, dividend reallocation adjustments, distribution character reclassifications and investments in passive foreign investment companies, resulted in reclassifications among the Funds’ components of net assets at October 31, 2012, the Funds’ tax year end, as follows:

	International			International Select			Quantitative Enhanced Core Equity			Tactical Market Opportunities
Capital paid-in	$	331,869		$	59,754		$	66,737		$	123,173
Undistributed (Over-distribution) of net investment income		(124,832	)		(303,989	)		(20,176	)		986,172
Accumulated net realized gain (loss)		(207,037	)		244,235			(46,561	)		(1,109,345	)

82 Nuveen Investments

The tax components of undistributed net ordinary income and net long-term capital gains at October 31, 2012, the Funds’ tax year end, were as follows:

	International		International Select		Quantitative Enhanced Core Equity		Tactical Market Opportunities
Undistributed net ordinary income*	$	986,964	$	5,694,041	$	5,834,572	$	2,043,810
Undistributed net long-term capital gains		—		—		356,711		145,581

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

The tax character of distributions paid during the Funds’ tax years ended October 31, 2012 and October 31, 2011, was designated for purposes of the dividends paid deduction as follows:

2012	International		International Select		Quantitative Enhanced Core Equity		Tactical Market Opportunities
Distributions from net ordinary income*	$	6,084,051	$	7,954,055	$	1,935,154	$	1,164,302
Distributions from net long-term capital gains**		19,156,639		6,250,585		1,576,328		284,633

2011	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.

** The Fund hereby designates as a long-term capital gain dividend, pursuant to the Internal Revenue Code Section 852 (b)(3), the amount necessary to reduce earnings and profits of the Fund related to net capital gain to zero for the tax year ended October 31, 2012.

On December 22, 2010, the Regulated Investment Company Modernization Act of 2010 (the “Act”) was enacted, which changed various technical rules governing the tax treatment of RICs. The changes are generally effective for taxable years beginning after the date of enactment. One of the more prominent changes addresses capital loss carryforwards. Under the Act, each Fund will be permitted to carry forward capital losses incurred in taxable years beginning after the date of enactment for an unlimited period. However, any losses incurred during those future taxable years will be required to be utilized prior to the losses incurred in pre-enactment taxable years, which carry an expiration date. As a result of this ordering rule, pre-enactment capital loss carryforwards may be more likely to expire unused. Additionally, post-enactment capital loss carryforwards will retain their character as either short-term or long-term capital losses rather than being considered all short-term as permitted under previous regulation.

The Act also contains several provisions aimed at preserving the character of distributions made by a fiscal year RIC during the portion of its taxable year ending after October 31 or December 31, reducing the circumstances under which a RIC might be required to file amended Forms 1099 to restate previously reported distributions.

Capital losses incurred that will be carried forward under the provisions of the Act are as follows:

	International		International Select
Post-enactment losses:
Short-term	$	4,561,218	$	11,164,583
Long-term		4,627,227		13,554,005

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 Fund-Level Fee Rate			International Select Fund-Level Fee Rate			Quantitative Enhanced Core Equity Fund-Level Fee Rate			Tactical Market Opportunities Fund-Level Fee Rate
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

Nuveen Investments 83

Notes to Financial Statements (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 October 31, 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		.1713

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, a wholly-owned subsidiary of the Adviser, under which the Nuveen Assets Management, LLC manages the investment portfolios of the Funds. In addition to Nuveen Asset Management, LLC, Altrinsic Global Advisors, LLC (“Altrinsic”) and Hansberger Global Investors, Inc. (“HGI”) serve as sub-advisers for International, and Altrinsic, HGI and Lazard Asset Management LLC (“Lazard”) serve as sub-advisers for International Select. Nuveen Asset Management, Altrinsic, HIG and Lazard are collectively the “Sub-Advisers.” The Sub-Advisers will be compensated for their services to the Funds from the management fees paid to the Adviser.

The Adviser has contractually 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			N/A			N/A			N/A
Class I Shares		1.24			1.24			.45			.95
Expiration Date		February 28, 2013			February 28, 2013			February 28, 2013			February 28, 2013

N/A - International Select, 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.

84 Nuveen Investments

During the fiscal year ended October 31, 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 (Unaudited)	$	15,113	$	4,563		N/A	$	232,532
Paid to financial intermediaries (Unaudited)	$	13,208	$	3,989		N/A	$	204,625

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 fiscal year ended October 31, 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 (Unaudited)	$	740	$	596	$	—	$	142,549

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 fiscal year ended October 31, 2012, the Distributor retained such 12b-1 fees as follows:

	International		International Select		Quantitative Enhanced Core Equity		Tactical Market Opportunities
12b-1 fees retained (Unaudited)	$	4,037	$	508	$	179	$	75,122

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

The Distributor also collected and retained CDSC on share redemptions during the fiscal year ended October 31, 2012, as follows:

	International		International Select		Quantitative Enhanced Core Equity		Tactical Market Opportunities
CDSC retained (Unaudited)	$	677	$	163	$	—	$	1,781

8. New Accounting Pronouncements

Financial Accounting Standards Board (“FASB”) Balance Sheet (Topic 210): Disclosures about Offsetting Assets and Liabilities

In December 2011, the FASB issued Accounting Standards Update (“ASU”) No. 2011-11 (“ASU No. 2011-11”) to enhance disclosures about financial instruments and derivative instruments that are subject to offsetting (“netting”) on the Statement of Assets and Liabilities. This information will enable users of the entity’s financial statements to evaluate the effect or potential effect of netting arrangements on the entity’s financial position. ASU No. 2011-11 is effective prospectively during interim or annual periods beginning on or after January 1, 2013. At this time, management is evaluating the implications of this guidance and the impact it will have to the financial statements amounts and footnote disclosures, if any.

Nuveen Investments 85

Trustees and Officers (Unaudited)

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

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

Name, Birthdate and Address	Position(s) Held with the Funds	Year First Elected or Appointed (1)	Principal Occupation(s) Including other Directorships During Past 5 Years	Number of Portfolios in Fund Complex Overseen by Trustee
Independent Trustees:
Robert P. Bremner 8/22/40 333 W. Wacker Drive Chicago, IL 60606	Chairman of the Board and Trustee	1996	Private Investor and Management Consultant; Treasurer and Director, Humanities Council of Washington, D.C.; Board Member, Independent Directors Council affiliated with the Investment Company Institute.	217
Jack B. Evans 10/22/48 333 W. Wacker Drive Chicago, IL 60606	Trustee	1999	President, The Hall-Perrine Foundation, a private philanthropic corporation (since 1996); Director and Chairman, United Fire Group, a publicly held company; member of the Board of Regents for the State of Iowa University System; Director, Source Media Group; Life Trustee of Coe College and the Iowa College Foundation; formerly, Director, Alliant Energy; formerly, Director, Federal Reserve Bank of Chicago; formerly, President and Chief Operating Officer, SCI Financial Group, Inc., a regional financial services firm.	217
William C. Hunter 3/6/48 333 W. Wacker Drive Chicago, IL 60606	Trustee	2004	Dean Emeritus (since June 30, 2012), formerly, Dean, Tippie College of Business, University of Iowa (2006-2012); Director (since 2004) of Xerox Corporation; Director (since 2005), and President (since July 2012) Beta Gamma Sigma, Inc., The International Honor Society; Director of Wellmark, Inc. (since 2009); formerly, Dean and Distinguished Professor of Finance, School of Business at the University of Connecticut (2003-2006); previously, Senior Vice President and Director of Research at the Federal Reserve Bank of Chicago (1995-2003); formerly, Director (1997-2007), Credit Research Center at George Washington University.	217
David J. Kundert 10/28/42 333 W. Wacker Drive Chicago, IL 60606	Trustee	2005	Director, Northwestern Mutual Wealth Management Company; retired (since 2004) as Chairman, JPMorgan Fleming Asset Management, President and CEO, Banc One Investment Advisors Corporation, and President, One Group Mutual Funds; prior thereto, Executive Vice President, Banc One Corporation and Chairman and CEO, Banc One Investment Management Group; Member, Board of Regents, Luther College; member of the Wisconsin Bar Association; member of Board of Directors, Friends of Boerner Botanical Gardens; member of Board of Directors and Chair of Investment Committee, Greater Milwaukee Foundation.	217
William J. Schneider 9/24/44 333 W. Wacker Drive Chicago, IL 60606	Trustee	1996	Chairman of Miller-Valentine Partners Ltd., a real estate investment company; formerly, Senior Partner and Chief Operating Officer (retired 2004) of Miller-Valentine Group; member, University of Dayton Business School Advisory Council; member, Mid-America Health System Board; formerly, member and chair, Dayton Philharmonic Orchestra Association; formerly, member, Business Advisory Council, Cleveland Federal Reserve Bank.	217
Judith M. Stockdale 12/29/47 333 W. Wacker Drive Chicago, IL 60606	Trustee	1997	Executive Director, Gaylord and Dorothy Donnelley Foundation (since 1994); prior thereto, Executive Director, Great Lakes Protection Fund (1990-1994).	217
Carole E. Stone 6/28/47 333 W. Wacker Drive Chicago, IL 60606	Trustee	2007	Director, Chicago Board Options Exchange (since 2006); Director, C2 Options Exchange, Incorporated (since 2009); formerly, Commissioner, New York State Commission on Public Authority Reform (2005-2010); formerly, Chair, New York Racing Association Oversight Board (2005-2007).	217

86 Nuveen Investments

Name, Birthdate and Address	Position(s) Held with the Funds	Year First Elected or Appointed (1)	Principal Occupation(s) During Past Five Years	Number of Portfolios in Fund Complex Overseen by Trustee
Virginia L. Stringer 8/16/44 333 West Wacker Drive Chicago, IL 60606	Trustee	2011	Board Member, Mutual Fund Directors Forum; former governance consultant and non-profit board member; former Owner and President, Strategic Management Resources, Inc. a management consulting firm; former Member, Governing Board, Investment Company Institute’s Independent Directors Council; previously, held several executive positions in general management, marketing and human resources at IBM and The Pillsbury Company; Independent Director, First American Fund Complex (1987-2010) and Chair (1997-2010).	217
Terence J. Toth 9/29/59 333 W. Wacker Drive Chicago, IL 60606	Trustee	2008	Director, Legal & General Investment Management America, Inc. (since 2008); Managing Partner, Promus Capital (since 2008); formerly, CEO and President, Northern Trust Global Investments (2004-2007); Executive Vice President, Quantitative Management & Securities Lending (2000-2004); prior thereto, various positions with Northern Trust Company (since 1994); member: Chicago Fellowship Board (since 2005), Catalyst Schools of Chicago Board (since 2008); Mather Foundation Board (since 2012) and a member of its investment committee; formerly, member: Northern Trust Mutual Funds Board (2005-2007), Northern Trust Global Investments Board (2004-2007), Northern Trust Japan Board (2004-2007), Northern Trust Securities Inc. Board (2003-2007) and Northern Trust Hong Kong Board (1997-2004).	217
Interested Trustee:
John P. Amboian (2) 6/14/61 333 W. Wacker Drive Chicago, IL 60606	Trustee	2008	Chief Executive Officer and Chairman (since 2007) and Director (since 1999) of Nuveen Investments, Inc., formerly, President (1999-2007); Chief Executive Officer (since 2007) of Nuveen Investments Advisers Inc.; Director (since 1998) formerly, Chief Executive Officer (2007-2010) of Nuveen Fund Advisors, Inc.	217
Name, Birthdate and Address	Position(s) Held with the Funds	Year First Elected or Appointed (3)	Principal Occupation(s) During Past 5 Years	Number of Portfolios in Fund Complex Overseen by Officer
Officers of the Funds:
Gifford R. Zimmerman 9/9/56 333 W. Wacker Drive Chicago, IL 60606	Chief Administrative Officer	1988	Managing Director (since 2002), Assistant Secretary of Nuveen Securities, LLC; Managing Director (since 2004) and Assistant Secretary (since 1994) of Nuveen Investments, Inc.; Managing Director (since 2002), Assistant Secretary (since 1997) and Co-General Counsel (since 2011) of Nuveen Fund Advisors, Inc.; Managing Director, Assistant Secretary and Associate General Counsel of Nuveen Asset Management, LLC (since 2011); Managing Director, Associate General Counsel and Assistant Secretary of Symphony Asset Management LLC (since 2003); Vice President and Assistant Secretary of NWQ Investment Management Company, LLC (since 2002), Nuveen Investments Advisers Inc. (since 2002), Santa Barbara Asset Management, LLC (since 2006) and of Winslow Capital Management, LLC, (since 2010); Chief Administrative Officer and Chief Compliance Officer (since 2006) of Nuveen Commodities Asset Management, LLC; Chartered Financial Analyst.	217
Margo L. Cook 4/11/64 333 W. Wacker Drive Chicago, IL 60606	Vice President	2009	Executive Vice President (since 2008) of Nuveen Investments, Inc. and of Nuveen Fund Advisors, Inc. (since 2011); Managing Director – Investment Services of Nuveen Commodities Asset Management, LLC (since August 2011) previously, Head of Institutional Asset Management (2007-2008) of Bear Stearns Asset Management; Head of Institutional Asset Management (1986-2007) of Bank of NY Mellon; Chartered Financial Analyst.	217

Nuveen Investments 87

Trustees and Officers (Unaudited) (continued)

Name, Birthdate and Address	Position(s) Held with the Funds	Year First Elected or Appointed (3)	Principal Occupation(s) During Past 5 Years	Number of Portfolios in Fund Complex Overseen by Officer
Lorna C. Ferguson 10/24/45 333 W. Wacker Drive Chicago, IL 60606	Vice President	1998	Managing Director (since 2005) of Nuveen Fund Advisors, Inc. and Nuveen Securities, LLC (since 2004).	217
Stephen D. Foy 5/31/54 333 W. Wacker Drive Chicago, IL 60606	Vice President and Controller	1998	Senior Vice President (since 2010), formerly, Vice President (2005-2010) and Funds Controller of Nuveen Securities, LLC; Vice President of Nuveen Fund Advisors, Inc.; Chief Financial Officer of Nuveen Commodities Asset Management, LLC (since 2010); Certified Public Accountant.	217
Scott S. Grace 8/20/70 333 W. Wacker Drive Chicago, IL 60606	Vice President and Treasurer	2009	Managing Director, Corporate Finance & Development, Treasurer (since 2009) of Nuveen Securities, LLC; Managing Director and Treasurer (since 2009) of Nuveen Fund Advisors, Inc., Nuveen Investments Advisers, Inc., Nuveen Investments Holdings Inc. and (since 2011) Nuveen Asset Management, LLC; Vice President and Treasurer of NWQ Investment Management Company, LLC, Tradewinds Global Investors, LLC, Symphony Asset Management LLC and Winslow Capital Management, LLC.; Vice President of Santa Barbara Asset Management, LLC; formerly, Treasurer (2006-2009), Senior Vice President (2008-2009), previously, Vice President (2006-2008) of Janus Capital Group, Inc.; formerly, Senior Associate in Morgan Stanley’s Global Financial Services Group (2000-2003); Chartered Accountant Designation.	217
Walter M. Kelly 2/24/70 333 W. Wacker Drive Chicago, IL 60606	Chief Compliance Officer and Vice President	2003	Senior Vice President (since 2008) and Assistant Secretary (since 2003) of Nuveen Fund Advisors, Inc; Senior Vice President (since 2008) of Nuveen Investments Holdings, Inc; formerly, Senior Vice President (2008-2011) of Nuveen Securities, LLC.	217
Tina M. Lazar 8/27/61 333 W. Wacker Drive Chicago, IL 60606	Vice President	2002	Senior Vice President (since 2010), formerly, Vice President (2005-2010) of Nuveen Fund Advisors, Inc.	217
Name, Birthdate and Address	Position(s) Held with the Funds	Year First Elected or Appointed (3)	Principal Occupation(s) Including other Directorships During Past 5 Years	Number of Portfolios in Fund Complex Overseen by Officer
Kevin J. McCarthy 3/26/66 333 W. Wacker Drive Chicago, IL 60606	Vice President and Secretary	2007	Managing Director and Assistant Secretary (since 2008), formerly, Vice President (2007-2008), Nuveen Securities, LLC; Managing Director (since 2008), Assistant Secretary (since 2007) and Co-General Counsel (since 2011) of Nuveen Fund Advisors, Inc.; Managing Director, Assistant Secretary and Associate General Counsel (since 2011) of Nuveen Asset Management, LLC; Managing Director (since 2008), and Assistant Secretary, Nuveen Investment Holdings, Inc.; Vice President (since 2007) and Assistant Secretary of Nuveen Investments Advisers Inc., NWQ Investment Management Company, LLC, Tradewinds Global Investors LLC, NWQ Holdings, LLC, Symphony Asset Management LLC, Santa Barbara Asset Management, LLC, and of Winslow Capital Management, LLC. (since 2010); Vice President and Secretary (since 2010) of Nuveen Commodities Asset Management, LLC; prior thereto, Partner, Bell, Boyd & Lloyd LLP (1997-2007).	217
Kathleen L. Prudhomme 3/30/53 901 Marquette Avenue Minneapolis, MN 55402	Vice President and Assistant Secretary	2011	Managing Director, Assistant Secretary and Co-General Counsel (since 2011) of Nuveen Fund Advisors, Inc.; Managing Director, Assistant Secretary and Associate General Counsel (since 2011) of Nuveen Asset Management, LLC; Managing Director and Assistant Secretary (since 2011) of Nuveen Securities, LLC; formerly, Deputy General Counsel, FAF Advisors, Inc. (2004-2010).	217

88 Nuveen Investments

Name, Birthdate and Address	Position(s) Held with the Funds	Year First Elected or Appointed (3)	Principal Occupation(s) Including other Directorships During Past 5 Years	Number of Portfolios in Fund Complex Overseen by Officer
Jeffery M. Wilson 3/13/56 333 West Wacker Drive Chicago, IL 60606	Vice President	2011	Senior Vice President of Nuveen Securities, LLC (since 2011); formerly, Senior Vice President of FAF Advisors, Inc. (2000-2010).	100

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

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

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

Nuveen Investments 89

Annual Investment Management Agreement Approval Process

(Unaudited)

The Board of Directors (each, a “Board” and each Director, a “Board Member”) of the Funds, including the Board Members who are not parties to the Funds’ advisory or sub-advisory agreements or “interested persons” of any such parties (the “Independent Board Members”), is responsible for approving the advisory agreements (each, an “Investment Management Agreement”) between each Fund and Nuveen Fund Advisors, Inc. (the “Advisor”) and the sub-advisory agreements (each, a “Sub-Advisory Agreement”) between (a) the Advisor and Nuveen Asset Management, LLC (“Nuveen Asset Management”), on behalf of each Fund, (b) the Advisor and Altrinsic Global Advisors, LLC (“Altrinsic”), on behalf of the Nuveen International Fund (the “International Fund”) and Nuveen International Select Fund (the “International Select Fund”), (c) the Advisor and Hansberger Global Investors, Inc. (“HGI”), on behalf of the International Fund and the International Select Fund, and (d) the Advisor and Lazard Asset Management LLC (“Lazard”), on behalf of the International Select Fund, and their periodic continuation. Nuveen Asset Management, Altrinsic, HGI and Lazard are each a “Sub-Advisor” and they are referred to collectively as the “Sub-Advisors.” Each Investment Management Agreement and Sub-Advisory Agreement is an “Advisory Agreement” and they are referred to collectively as the “Advisory Agreements.” Pursuant to the Investment Company Act of 1940, as amended (the “1940 Act”), the Board is required to consider the continuation of the Advisory Agreements on an annual basis. Accordingly, at an in-person meeting held on May 21-23, 2012 (the “May Meeting”), the Board, including a majority of the Independent Board Members, considered and approved the continuation of the Advisory Agreements for the Funds for an additional one-year period.

In preparation for its considerations at the May Meeting, the Board requested and received extensive materials prepared in connection with the review of the Advisory Agreements. The materials provided a broad range of information regarding the Funds, the Advisor and the Sub-Advisors (the Advisor and the Sub-Advisors are collectively, the “Fund Advisers” and each, a “Fund Adviser”). As described in more detail below, the information provided included, among other things, a review of Fund performance, including Fund investment performance assessments against peer groups and appropriate benchmarks, a comparison of Fund fees and expenses relative to peers, a description and assessment of shareholder service levels for the Funds, a summary of the performance of certain service providers, a review of product initiatives and shareholder communications and an analysis of the Advisor’s profitability with comparisons to comparable peers in the managed fund business. As part of its annual review, the Board also held a separate meeting on April 18-19, 2012, to review the Funds’ investment performance and consider an analysis provided by the Advisor of each Sub-Advisor which generally evaluated the respective Sub-Advisor’s investment team, investment mandate, organizational structure and history, investment philosophy and process, performance of the applicable Fund(s), and significant changes to the foregoing. As a result of its review of the materials and discussions, the Board presented the Advisor with questions and the Advisor responded.

The materials and information prepared in connection with the annual review of the Advisory Agreements supplement the information and analysis provided to the Board during the year. In this regard, throughout the year, the Board, acting directly or through its committees, regularly reviews the performance and various services provided by the Advisor and the Sub-Advisors. The Board meets at least quarterly as well as at other times as the need arises. At its quarterly meetings, the Board reviews reports by the Advisor which include, among other things, Fund performance, a review of the investment teams and reports on compliance, regulatory matters and risk management. The Board also meets with key investment personnel managing the Fund portfolios during the year. In October 2011, the Board also created two new standing committees (the Open-end Fund Committee and the Closed-end Fund Committee) to assist the full Board in monitoring and gaining a deeper insight into the distinctive issues and business practices of open-end and closed-end funds.

In addition, the Board continues its program of seeking to have the Board Members or a subset thereof visit each sub-advisor to the Nuveen funds at least once over a multiple year rotation, meeting with key investment and business personnel. Further, an ad hoc committee of the Board visited the then-current transfer agents of the Nuveen funds in 2011 and the audit committee of the Board visited the various pricing agents for the Nuveen funds in January 2012.

The Board considers factors and information that are relevant to its annual consideration of the renewal of the Advisory Agreements at the meetings held throughout the year. Accordingly, the Board considers the information provided and knowledge gained at these meetings when performing its annual review of the Advisory Agreements. The Independent Board Members are assisted throughout the process by independent legal counsel who provided materials describing applicable law and the duties of directors or trustees in reviewing advisory contracts and met with the Independent Board Members in executive sessions without management present. In addition, it is important to recognize that the management arrangements for the Nuveen funds are the result of many years of review and discussion between the Independent Board Members and fund management and that the Board Members’ conclusions may be based, in part, on their consideration of fee arrangements and other factors developed in previous years.

The Board considered all factors it believed relevant with respect to each Fund, including among other factors: (a) the nature, extent and quality of the services provided by the Fund Advisers, (b) the investment performance of the Fund and Fund Advisers, (c) the advisory fees and costs of the services to be provided to the Fund and the profitability of the Fund Advisers, (d) the extent of any economies of scale, (e) any benefits derived by the Fund Advisers from the relationship with the Fund and (f) other factors. Each Board Member may have accorded different weight to the various factors in reaching his or her conclusions with respect to a Fund’s Advisory Agreements. The Independent Board Members did not identify any single factor as all important or controlling. The Independent Board Members’ considerations were instead based on a comprehensive consideration of all the information presented. The principal factors considered by the Board and its conclusions are described below.

90 Nuveen Investments

A. Nature, Extent and Quality of Services

In considering renewal of the Advisory Agreements, the Independent Board Members considered the nature, extent and quality of the Fund Adviser’s services, including advisory services and the resulting Fund performance and administrative services. The Independent Board Members further considered the overall reputation and capabilities of the Advisor and its affiliates, the commitment of the Advisor to provide high quality service to the applicable Funds, their overall confidence in the Advisor’s integrity and the Advisor’s responsiveness to questions and concerns raised by them. The Independent Board Members reviewed materials outlining, among other things, the Fund Adviser’s organization and business; the types of services that the Fund Adviser or its affiliates provide to the Funds; the performance record of the applicable Fund (as described in further detail below); and any initiatives Nuveen had taken for the applicable fund product line.

In considering advisory services, the Board recognized that the Advisor provides various oversight, administrative, compliance and other services for the Funds and the Sub-Advisors generally provide the portfolio investment management services to the applicable Funds. In reviewing the portfolio management services provided to each Fund, the Board reviewed the materials provided by the Nuveen Investment Services Oversight Team analyzing, among other things, each applicable Sub-Advisor’s investment team and changes thereto, organization and history, assets under management, Fund objectives and mandate, each investment team’s philosophy and strategies in managing the Fund, developments affecting the Sub-Advisor(s) or Fund and Fund performance. The Independent Board Members also reviewed portfolio manager compensation arrangements to evaluate each Fund Adviser’s ability to attract and retain high quality investment personnel, preserve stability, and reward performance but not provide an inappropriate incentive to take undue risks. In addition, the Board considered the Advisor’s execution of its oversight responsibilities over the Sub-Advisors. Given the importance of compliance, the Independent Board Members also considered Nuveen’s compliance program, including the report of the chief compliance officer regarding the Funds’ compliance policies and procedures; the resources dedicated to compliance; and the record of compliance with the policies and procedures.

In addition to advisory services, the Board considered the quality and extent of administrative and other non-investment advisory services the Advisor and its affiliates provide to the Funds, including product management, investment services (such as oversight of investment policies and procedures, risk management, and pricing), fund administration, oversight of service providers, shareholder services and communications, administration of Board relations, regulatory and portfolio compliance and legal support. The Board further recognized Nuveen’s additional investments in personnel, including in compliance and risk management. In reviewing the services provided, the Board also reviewed materials describing various notable initiatives and projects the Advisor performed in connection with the open-end fund product line. These initiatives included efforts to eliminate product overlap through mergers or liquidations; commencement of various new funds; elimination of insurance mandates for various funds; updates in investment policies or guidelines for several funds; and reductions in management fees and expense caps for certain funds.

Based on their review, the Independent Board Members found that, overall, the nature, extent and quality of services provided to the respective Funds under each applicable Advisory Agreement were satisfactory.

B. The Investment Performance of the Funds and Fund Advisers

The Board, including the Independent Board Members, reviewed and considered the performance history of each Fund over various time periods. The Board reviewed, among other things, each Fund’s historic investment performance as well as information comparing the Fund’s performance information with that of other funds (the “Performance Peer Group”) based on data compiled by Nuveen that was provided by an independent provider of mutual fund data and with recognized and/or customized benchmarks (i.e., benchmarks derived from multiple recognized benchmarks).

The Board reviewed reports, including a comprehensive analysis of the Funds’ performance and the applicable investment team. In this regard, the Board reviewed each Fund’s total return information compared to the returns of its Performance Peer Group and recognized and/or customized benchmarks for the quarter, one-, three- and five-year periods ending December 31, 2011, as well as performance information reflecting the first quarter of 2012 (or for the periods available for the Funds which did not exist for part of the foregoing time frame).

In reviewing performance comparison information, the Independent Board Members recognized that the usefulness of the comparisons of the performance of certain funds with the performance of their respective Performance Peer Group may be limited because the Performance Peer Group may not adequately represent the objectives and strategies of the applicable funds or may be limited in size or number. The Independent Board Members also noted that the investment experience of a particular shareholder in the Nuveen funds will vary depending on when such shareholder invests in the applicable fund, the class held (if multiple classes are offered in a fund) and the performance of the fund (or respective class) during that shareholder’s investment period. In addition, although the performance below reflects the performance results for the time periods ending as of the most recent calendar year end (unless otherwise indicated), the Board also recognized that selecting a different ending time period may derive different results. Furthermore, while the Board is cognizant of the relevant performance of a fund’s peer set and/or benchmark(s), the Board evaluated fund performance in light of the respective fund’s investment objectives, investment parameters and guidelines and recognized that the objectives, investment parameters and guidelines of peers and/or benchmarks may differ to some extent, thereby resulting in differences in performance results. Nevertheless, with respect to any Nuveen funds that the Board considers to have underperformed their peers and/or benchmarks from time to time, the Board monitors such funds closely and considers any steps necessary or appropriate to address such issues.

Nuveen Investments 91

Annual Investment Management Agreement Approval Process

(Unaudited) (continued)

In considering the results of the comparisons for the Funds, the Independent Board Members observed, among other things, that the Nuveen Quantitative Enhanced Core Equity Fund (the “Quantitative Enhanced Core Equity Fund”) and the International Select Fund had satisfactory performance compared to their respective peers, performing in the second or third quartile over various periods. They observed that the International Fund also had satisfactory performance, noting that although such Fund was in the fourth quartile for the three-year period, it was in the third quartile for the five-year period and the second quartile for the more recent one-year period. Finally, the Independent Board Members observed that the Nuveen Tactical Market Opportunities Fund (the “Tactical Market Opportunities Fund”) was relatively new with a shorter performance history available, thereby limiting the ability to make a meaningful assessment of performance.

Based on their review, the Independent Board Members determined that each Fund’s investment performance had been satisfactory.

C. Fees, Expenses and Profitability

1. Fees and Expenses

The Board evaluated the management fees and expenses of each Fund reviewing, among other things, such Fund’s gross management fees, net management fees and net expense ratios in absolute terms as well as compared to the fee and expenses of a comparable universe of funds provided by an independent fund data provider (the “Peer Universe”) and to a more focused subset of funds in the Peer Universe (the “Peer Group”) and any expense limitations.

The Independent Board Members further reviewed the methodology regarding the construction of the applicable Peer Universe and Peer Group. In reviewing the comparisons of fee and expense information, the Independent Board Members took into account that in certain instances various factors such as: the limited size and particular composition of the Peer Universe or Peer Group (including the inclusion of other Nuveen funds in the peer set); expense anomalies; changes in the funds comprising the Peer Universe or Peer Group from year to year; levels of reimbursement or fee waivers; and the timing of information used may impact the comparative data, thereby limiting somewhat the ability to make a meaningful comparison with peers.

In reviewing the fee schedule for a Fund, the Independent Board Members also considered the fund-level and complex-wide breakpoint schedules (described in further detail below) and any fee waivers and reimbursements provided by Nuveen. In reviewing fees and expenses, the Board considered the expenses and fees to be higher if they were over 10 basis points higher, slightly higher if they were approximately 6 to 10 basis points higher, in line if they were within approximately 5 basis points higher than the peer average and below if they were below the peer average of the Peer Group. In reviewing the reports, the Board noted that the overwhelming majority of the Nuveen funds were at, close to or below their Peer Group or Peer Universe (if no separate Peer Group) average based on the net total expense ratio.

The Independent Board Members observed that the International Fund and the International Select Fund had higher net management fees than their respective peer average and a slightly higher net expense ratio compared to their respective peer average, although the Board recognized the extension of the expense caps on these two Funds. In addition, they observed that the Quantitative Enhanced Core Equity Fund and the Tactical Market Opportunities Fund had net management fees and net expense ratios (including fee waivers and expense reimbursements, if any) below their respective peer averages.

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

2. Comparisons with the Fees of Other Clients

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

In considering the fees of the Sub-Advisors, the Independent Board Members also considered the pricing schedule or fees that the Sub-Advisors charge for similar investment management services for other Nuveen funds (if any), funds of other sponsors (if any), and other clients (such as retail and/or institutional managed accounts), as applicable. The Independent Board Members noted that with respect to Altrinsic, HGI and Lazard (the Sub-Advisors that are unaffiliated with Nuveen), the respective sub-advisory fees were the result of arm’s-length negotiations.

92 Nuveen Investments

3. Profitability of Fund Advisers

In conjunction with their review of fees, the Independent Board Members also considered the profitability of Nuveen for its advisory activities and its financial condition. The Independent Board Members reviewed the revenues and expenses of Nuveen’s advisory activities for the last two calendar years, the allocation methodology used in preparing the profitability data and an analysis of the key drivers behind the changes in revenues and expenses that impacted profitability in 2011. The Independent Board Members noted this information supplemented the profitability information requested and received during the year to help keep them apprised of developments affecting profitability (such as changes in fee waivers and expense reimbursement commitments). In this regard, the Independent Board Members noted that they have an Independent Board Member serve as a point person to review and keep them apprised of changes to the profitability analysis and/or methodologies during the year. The Independent Board Members also considered Nuveen’s revenues for advisory activities, expenses, and profit margin compared to that of various unaffiliated management firms with comparable assets under management (based on asset size and asset composition).

In reviewing profitability, the Independent Board Members recognized the Advisor’s continued investment in its business to enhance its services, including capital improvements to investment technology, updated compliance systems, and additional personnel in compliance, risk management, and product development as well as its ability to allocate resources to various areas of the Advisor as the need arises. In addition, in evaluating profitability, the Independent Board Members also recognized the subjective nature of determining profitability which may be affected by numerous factors including the allocation of expenses. Further, the Independent Board Members recognized the difficulties in making comparisons as the profitability of other advisers generally is not publicly available and the profitability information that is available for certain advisers or management firms may not be representative of the industry and may be affected by, among other things, the adviser’s particular business mix, capital costs, types of funds managed and expense allocations. Notwithstanding the foregoing, the Independent Board Members reviewed Nuveen’s methodology and assumptions for allocating expenses across product lines to determine profitability. In reviewing profitability, the Independent Board Members recognized Nuveen’s investment in its fund business. Based on their review, the Independent Board Members concluded that the Advisor’s level of profitability for its advisory activities was reasonable in light of the services provided.

With respect to sub-advisers affiliated with Nuveen, including Nuveen Asset Management, the Independent Board Members reviewed the sub-adviser’s revenues, expenses and profitability margins (pre- and post-tax) for its advisory activities and the methodology used for allocating expenses among the internal sub-advisers. Similarly, with respect to Altrinsic, HGI and Lazard (the Sub-Advisors that are unaffiliated with Nuveen), the Independent Board Members also considered the Sub-Advisor’s revenues, expenses and profitability margins (pre- and post-tax) for its advisory activities with the applicable Fund(s). Based on their review, the Independent Board Members were satisfied that each Sub-Advisor’s level of profitability was reasonable in light of the services provided.

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

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

With respect to economies of scale, the Independent Board Members have recognized the potential benefits resulting from the costs of a fund being spread over a larger asset base, although economies of scale are difficult to measure and predict with precision, particularly on a fund-by-fund basis. One method to help ensure the shareholders share in these benefits is to include breakpoints in the advisory fee schedule. Generally, management fees for funds in the Nuveen complex are comprised of a fund-level component and a complex-level component, subject to certain exceptions. Accordingly, the Independent Board Members reviewed and considered the applicable fund-level breakpoints in the advisory fee schedules that reduce advisory fees as asset levels increase.

In addition to fund-level advisory fee breakpoints, the Board also considered the Funds’ complex-wide fee arrangement. Pursuant to the complex-wide fee arrangement, the fees of the funds in the Nuveen complex are generally reduced as the assets in the fund complex reach certain levels. The complex-wide fee arrangement seeks to provide the benefits of economies of scale to fund shareholders when total fund complex assets increase, even if assets of a particular fund are unchanged or have decreased. The approach reflects the notion that some of Nuveen’s costs are attributable to services provided to all its funds in the complex and therefore all funds benefit if these costs are spread over a larger asset base. In addition, with the acquisition of the funds previously advised by FAF Advisors, Inc., the Board noted that a portion of such funds’ assets at the time of acquisition were deemed eligible to be included in the complex-wide fee calculation in order to deliver fee savings to shareholders in the combined complex and such funds were subject to differing complex-level fee rates.

Based on their review, the Independent Board Members concluded that the breakpoint schedules and complex-wide fee arrangement were acceptable and reflect economies of scale to be shared with shareholders when assets under management increase.

Nuveen Investments 93

Annual Investment Management Agreement Approval Process

(Unaudited) (continued)

E. Indirect Benefits

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

In addition to the above, the Independent Board Members considered whether the Fund Advisers received any benefits from soft dollar arrangements whereby a portion of the commissions paid by a Fund for brokerage may be used to acquire research that may be useful to the Fund Adviser in managing the assets of the Funds and other clients. The Independent Board Members recognized that the Advisor and Nuveen Asset Management have the authority to pay a higher commission in return for brokerage and research services if they determine in good faith that the commission paid is reasonable in relation to the value of the brokerage and research services provided and may benefit from such soft dollar arrangements. In addition, the Independent Board Members considered that Altrinsic, HGI and Lazard may benefit from their soft dollar arrangements pursuant to which they receive research from brokers that execute the applicable Funds’ portfolio transactions. Similarly, the Board recognized that the research received pursuant to soft dollar arrangements by a Fund Adviser may also benefit a Fund and shareholders to the extent the research enhances the ability of the Fund Adviser to manage the Fund. The Independent Board Members noted that the Fund Advisers’ profitability may be somewhat lower if they did not receive the research services pursuant to the soft dollar arrangements and had to acquire such services directly.

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

F. Other Considerations

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

94 Nuveen Investments

Notes

Nuveen Investments 95

Notes

96 Nuveen Investments

Notes

Nuveen Investments 97

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.

Gross Domestic Product (GDP): The total market value of all final goods and services produced in a country/region in a given year, equal to total consumer, investment and government spending, plus the value of exports, minus the value of imports.

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 International Multi-Cap Growth Funds Classification Average: Represents the average annualized returns for all reporting funds in the Lipper International 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 charge.

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.

98 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

Distribution Information: The Funds hereby designate their percentages of dividends paid from net ordinary income as dividends qualifying for the 70% dividends received deduction (“DRD”) for corporation and their percentages as qualified dividend income (“QDI”) for individuals under Section 1 (h)(11) of the Internal Revenue Code as shown in the accompanying table. The actual qualified dividend income distributions will be reported to shareholders on Form 1099-DIV, which will be sent to shareholders shortly after calendar year end.

Fund	% of DRD		% of QDI
Nuveen International Fund		8.11%		100%
Nuveen International Select Fund		5.98%		100%
Nuveen Quantitative Enhanced Core Equity Fund		86.95%		88.38%
Nuveen Tactical Market Opportunities Fund		0.00%		0.83%

Foreign Taxes: Nuveen International Fund and Nuveen International Select Fund paid qualifying foreign taxes of $222,135 and $1,131,492, respectively, and earned $1,951,987 and $10,525,578 of foreign source income, respectively, during the fiscal year ended October 31, 2012. Pursuant to Section 853 of the Internal Revenue Code, Nuveen International Fund and Nuveen International Select Fund hereby designate $0.02 and $0.02 per share as foreign taxes paid, respectively, and $0.19 and $0.22 per share as income earned from foreign sources, respectively, for the fiscal year ended October 31, 2012. The actual foreign tax credit distribution will be reported to shareholders on Form 1099-DIV, which will be sent to shareholders shortly after calendar year end.

Quarterly Portfolio of Investments and Proxy Voting information: You may obtain (i) each Fund’s quarterly portfolio of investments, (ii) information regarding how 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 99

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 $220 billion as of September 30, 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

MAN-FQTII-1012D

Mutual Funds

Nuveen Equity Funds

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

Annual Report

October 31, 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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Table of Contents

Chairman’s Letter to Shareholders	4
Portfolio Managers’ Comments	5
Fund Performance and Expense Ratios	15
Holding Summaries	22
Expense Examples	24
Report of Independent Registered Public Accounting Firm	25
Portfolios of Investments	26
Statement of Assets and Liabilities	37
Statement of Operations	38
Statement of Changes in Net Assets	39
Financial Highlights	40
Notes to Financial Statements	46
Trustees and Officers	57
Annual Investment Management Agreement Approval Process	61
Glossary of Terms Used in this Report	66
Additional Fund Information	67

Chairman’s

Letter to Shareholders

Dear Shareholders,

Investors have many reasons to remain cautious. The challenges in the Euro area continue to cast 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. Despite strong action by the European Central Bank, member nations appear unwilling to surrender sufficient sovereignty to unify the Euro area financial system or strengthen its banks. 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 is running out.

In the U.S., the extended period of increasing corporate earnings that enabled the equity markets to withstand the downward pressures coming from weakening job creation and slower economic growth appears to be coming to an end. The Fed remains committed to low interest rates and announced a third phase of quantitative easing (QE3) scheduled to continue until mid-2015. The recent election results have removed a major element of uncertainty in the U.S. political picture, but it remains to be seen whether the outcome will reduce the highly partisan atmosphere in Congress and enable progress on the many pressing fiscal and budgetary issues that must be resolved in the coming months.

During the last twelve months, U.S. investors have experienced a solid recovery in the domestic equity markets with increasing volatility as the “fiscal cliff” approaches. 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 Fund 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

December 20, 2012

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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 economic and equity market conditions, key investment strategies and the Funds’ performance for the twelve-month period ended October 31, 2012.

What factors affected the U.S. economy and the equity market environments during the twelve-month reporting period ended October 31, 2012?

During this period, the U.S. economy’s progress toward recovery from recession continued at a moderate pace. In the third quarter 2012, the U.S. economy, as measured by the U.S. gross domestic product (GDP), grew at an annualized rate of 2.7%, up from 1.3% in the second quarter, marking 13 consecutive quarters of positive growth. The Consumer Price Index (CPI) rose 2.2% year-over-year as of October 2012, while the core CPI (which excludes food and energy) increased 2.0% during the period, staying just within the Fed’s unofficial objective of 2.0% or lower for this inflation measure. As of November 2012 (subsequent to this reporting period), the national unemployment rate was 7.7%, the lowest unemployment rate since December 2008 and below the 8.7% level recorded in November 2011. The slight decrease in unemployment rate from 7.9% in October 2012 was primarily due to workers who are no longer counted as part of the workforce. The housing market, long a major weak spot in the economic recovery, showed signs of a turnaround as existing home sales and residential construction indicators improved and home prices rose modestly. According to the S&P/Case-Shiller Index of 20 major metropolitan areas, the average home price rose 3.0% for the twelve months ended September 2012 (the most recent data available at the time this report was

Nuveen Investments 5

prepared). This marked the largest annual percentage gain for the index since July 2010, although housing prices continued to be off approximately 30% from their mid-2006 peak.

The Federal Reserve (Fed) maintained its efforts to improve the overall economic environment by continuing to hold the benchmark fed funds rate at the record low level of zero to 0.25% set in December 2008. Subsequent to the reporting period, the central bank decided during its December 2012 meeting to keep the fed funds rate at “exceptionally low levels” until either the unemployment rate reaches 6.5% or expected inflation goes above 2.5%. The Fed also affirmed its decision, announced in September 2012, to purchase $40 billion of mortgage-backed securities each month in an effort to stimulate the housing market. In addition to this new, open-ended stimulus program, the Fed plans to continue its program to extend the average maturity of its holdings of U.S. Treasury securities through the end of December 2012. The goals of these actions, which together will increase the Fed’s holdings of longer term securities by approximately $85 billion a month through the end of the year, are to put downward pressure on longer term interest rates, make broader financial conditions more accommodative and support a stronger economic recovery as well as continued progress toward the Fed’s mandates of maximum employment and price stability. However, the outlook for the U.S. economy remained clouded by uncertainty regarding the impending “fiscal cliff”, the combination of tax increases and spending cuts scheduled to take effect beginning in January 2013, and the potential impact on the economy.

Domestic and international equity markets were buffeted by concerns about the tepid U.S. economic recovery, the seemingly unending European debt crisis and a broader slowdown in global growth, particularly in China. In addition to the bold monetary policy moves made by the Fed, the European Central Bank (ECB) pledged to do “whatever it takes” to preserve the euro. The ECB unveiled the Outright Monetary Transactions plan, a conditional yet unlimited bond purchase program designed to ensure that financing is available to European governments who are willing to agree to certain fiscal and structural measures.

As these combined actions helped reduce fears, U.S. and overseas equity markets surprised many investors by rallying steadily later in the period. Broad U.S. stock market indexes approached their all-time highs, posting strong double-digit returns for the period as a whole. Large-cap U.S. stocks led the market with a 15.21% one-year return as measured by the S&P 500^® Index, reaching a level not seen since May of 2008. Domestic small- and mid-cap stocks also produced strong returns of 12.08% and 12.15% during the fiscal year period, as measured by the Russell 2000^® and the Russell MidCap^® Indexes, respectively. Across all market cap segments, the best-performing areas of the U.S. equity market during the year included the health care, financial and consumer discretionary sectors. Energy was the biggest laggard across the board, while technology stocks also underperformed, particularly in the smaller capitalization ranges. Meanwhile, the steps taken in Europe to reduce financial risk helped overseas markets recover some of their losses from the summer months. Developed markets fared better than emerging markets, posting a 12-month return of 5.15% according to the MSCI EAFE Index, which tracks the performance of stocks from markets in Europe, Australasia and the Far East. Emerging

6 Nuveen Investments

markets never fully recovered after their dramatic sell-off in 2011, ending the fiscal year period with a 2.63% return, as measured by the MSCI Emerging Markets Index.

Nuveen Large Cap Growth Opportunities Fund

How did the Fund perform during the twelve-month period ended October 31, 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 one-year, five-year and ten-year periods ended October 31, 2012. The Fund’s Class A Shares at net asset value (NAV) underperformed both the Russell 1000^® Growth Index and the Lipper classification average during the twelve-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 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 technology, consumer staples, health care and financial sectors. Technology was the top-performing area in the Fund, led by the outstanding return of Apple, Inc., our largest holding. Apple’s product and geographic expansion allowed the company to gain meaningful and profitable market share in the computing devices market. Also, Visa Inc. and MasterCard Inc. rebounded from regulatory and cyclical issues. As these concerns subsided, investors refocused on favorable trends as global demand for paperless transactions continued to grow. With the majority of global transactions still being conducted with cash, we expect this secular growth driver to continue. The Fund was also rewarded for its ownership in two smaller, cloud computing-related companies: Rackspace Hosting Inc. and NetSuite Inc. Both firms produced strong revenue and earnings growth this year as companies shifted from on-premise hardware and software to the more economic, off-premise “cloud” technology. Rackspace is a market leader in hosting cloud-based technology services for small- and mid-sized business, while NetSuite sells application software to help companies run their business on the cloud. In consumer staples, the Fund was aided by several holdings that were well positioned from a secular standpoint and effectively executing on their opportunities. For example, Whole Foods Market, Inc., the leading retailer of natural and organic foods, continued to gain market share in the organic food retailing industry with plenty of growth potential going forward. We also saw strong results from TJX Companies, Inc., a leading retailer of

Nuveen Investments 7

discount apparel and home fashions through stores such as T.J. Maxx and Marshalls. The company benefited from improving merchandising initiatives, more value-seeking consumers and some missteps by a large, traditional retail competitor. Restaurant company YUM! Brands, Inc., owner of Pizza Hut, KFC and Taco Bell, gained as its U.S. business remained stable and it effectively managed a softer economy in China. PetSmart Inc., the largest specialty retailer of pet products and services, reported strong earnings as it continued to enhance its merchandising initiatives and it bought back stock from shareholders. In health care, performance was enhanced by two fast-growing biotechnology and pharmaceutical holdings: Alexion Pharmaceuticals Inc. and Gilead Sciences, Inc. Alexion, which focuses on the discovery and development of biologics that target rare diseases, benefited as its leading product showed efficacy in treating a broader array of rare conditions. Gilead Sciences outperformed based on favorable data from its Hepatitis C clinical trials, along with its strong core HIV franchise. Finally, performance benefited from American Tower REIT Inc., a real estate investment trust (REIT) in the financial sector. This leading owner and operator of towers for the wireless and broadcast industries continued to benefit from the proliferation of smart phones and tablets and the resulting demand for mobile internet access.

The Fund’s stock picks in the industrials and consumer discretionary sectors were the greatest contributors to its shortfall versus the Russell benchmark and peers. Industrials company Joy Global, a manufacturer of equipment and aftermarket parts used in mining, underperformed due to its significant exposure to emerging market GDP growth and commodity prices. We sold Joy Global due to our negative outlook for these trends. Also Cummins Inc., a worldwide leader in high performance, environmentally friendly engines, was hurt by the same dynamics. We continued to hold Cummins as the company is gaining market share in the high horsepower engine market, which we believe will help it rebound when cyclical pressures subside. Two other aerospace-related names, Boeing Company and Precision Castparts Corporation, also hindered results as the most economically sensitive areas of the market fell short. Underperformance in consumer discretionary was relatively widespread, as investors moved away from more internationally-exposed companies and toward domestic-oriented names, particularly in the media and housing-related industries. Our consumer discretionary holdings, while not making any major missteps, were tilted toward better growth in international markets, including: high-end resort developer and operator Wynn Resorts; automotive industry parts supplier BorgWarner; premier jeweler Tiffany & Company; and luxury clothing and accessories companies Ralph Lauren and Coach, Inc. We sold Wynn Resorts because of market share losses in Macau and BorgWarner due to its exposure to European auto production and sales. We also sold Tiffany & Company and Coach due to slowdowns in their businesses. However, we reduced our Ralph Lauren position because we wanted to retain some exposure to long-term winners in retail. The Fund also suffered in the consumer discretionary sector from a lack of exposure to several stellar performers in the index, most notably Home Depot Inc. and media companies Comcast Corporation and Time Warner Inc. During the period, we made purchases to increase the Fund’s domestic exposure. Within media, we repurchased Discovery Communications Inc. and bought Walt Disney Company and DIRECTV in response to better advertising trends. We also added AutoZone Inc., a dominant player in the U.S. automotive parts business. We

8 Nuveen Investments

believe its outlook is favorable based on three factors: the average age of cars in North America is at an all-time high; its commercial business selling parts to small repair shops is growing; and the company is redeploying capital to significant share buybacks. We also purchased eBay Inc., which is once again gaining share in the e-commerce world after making significant investments to improve the user experience for sellers and buyers. Its PayPal business also continues to grow rapidly as it benefits from the secular trend away from cash as a payment vehicle. Within industrials, we added transportation companies J.B. Hunt Transport Services Inc. and Kansas City Southern Industries, which we believe will benefit from an increase in intermodal shipping. We also made several additional sales based on the deterioration of our growth thesis or fundamental trends. We sold Dollar Tree Stores Inc. as its comparable-store sales decelerated below what we believe to be a healthy pace and Monster Beverage Corporation as the energy drink category began to be scrutinized for product safety. We also sold Mead Johnson Nutrition Company after increased competition led to a loss of market share in China’s baby formula market.

Nuveen Mid Cap Growth Opportunities Fund

How did the Fund perform during the twelve-month period ended October 31, 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 one-year, five-year and ten-year periods ended October 31, 2012. The Fund’s Class A Shares at net asset value (NAV) outperformed the Lipper classification average and underperformed the Russell Midcap^® Growth Index during the twelve-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 in the technology, consumer staples and telecommunications services sectors. Although the technology sector was an underperformer in the index, the Fund experienced widespread success with our stock picks in the segment. Most of the Fund’s top tech winners were cloud computing-related, which proved beneficial as companies continued to shift from on-premise hardware and software to the more economic, off-premise cloud technology.

Nuveen Investments 9

For example, the Fund owned Success Factors, a cloud-based human resources software company, which was bought out by SAP for a significant premium during in the period. We also briefly held a similar company, Taleo Corporation, which was bought out by Oracle Corporation. The Fund still owns another human resources software company, Cornerstone OnDemand Inc., which performed well during the period. Cornerstone experienced strong bookings growth as consolidation in the talent management industry improved the company’s competitive positioning. The Fund was also rewarded for its ownership in two smaller cloud computing-related companies, Rackspace Hosting Inc. and NetSuite Inc. Both companies produced strong revenue and earnings growth during the period. Rackspace is a market leader in hosting cloud-based technology services for small- and mid-sized business, while NetSuite sells application software to help companies run their business on the cloud. In addition, the Fund benefited from ownership in Equinix Inc., which manages the data centers where cloud companies operate. After Equinix outlined plans to become a REIT (Real Estate Investment Trust), we sold this stock as we believed its valuation was not likely to move higher. Finally, FleetCor Technologies Inc., a provider of customized payment solutions for small fleet operators in the U.S. and overseas, benefited from international expansion which helped it gain profitable market share. While these holdings benefited relative performance, the Fund was hurt by our increasingly overweight position in technology during the period, as this sector was the second worst performer in the index. In the consumer staples area, the Fund was aided by several holdings that were well positioned from a secular standpoint and effectively executed based on their opportunities. For example, Whole Foods Market, Inc., the leading retailer of natural and organic foods, continued to gain market share in the organic food retailing industry with plenty of growth potential going forward. Also, Estee Lauder Companies Inc., 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. We sold the Fund’s Estee Lauder position because its market capitalization of approximately $20 billion became too large for our mid-cap parameters. The most significant contributor to the Fund’s relative performance versus the index was a staples sector company we no longer hold, Green Mountain Coffee Roasters Inc., which fell dramatically during the fiscal year. In addition, the telecommunications services sector position in SBA Communications Corporation outperformed for the Fund. The company, which owns and operates wireless communication towers, showed consistent volume and made a favorable acquisition that added to earnings. SBA Communications continued to benefit from the proliferation of smart phones and tablets and the resulting demand for mobile internet access.

The Fund’s stock selection in the consumer discretionary and energy sectors were the greatest contributors to its shortfall versus the Russell benchmark. In consumer discretionary, 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’s expansion plans were thwarted by a significant increase in sheepskin prices combined with lower sales due to last winter’s warm weather. Also, premier jeweler Tiffany & Company underperformed as its business fluctuated from strong sales to a broad-based slowdown across the U.S., Europe and China. Likewise, we

10 Nuveen Investments

believed that watch, purse and accessory company Fossil Inc. was well positioned to grow sales and earnings globally through multi-channel distribution. However, the company reported revenue earlier in the year that was lower than management had guided, driven by a dramatic slowdown in Europe and South Korea. We sold Deckers, Tiffany and Fossil as all three of these holdings did not validate our growth theses. As a result, the Fund’s weighting in the consumer discretionary sector declined. In the energy sector, the worst-performing area of the index, the Fund’s main detractor was CARBO Ceramics. The company makes the ceramic proppant used in oil and gas drilling to enhance the recoverability of shale wells. As natural gas prices fell dramatically, natural gas drilling also declined and most of CARBO’s customers shifted to crude oil drilling. Not only was the company forced to move equipment, but also less of its product is used in crude drilling. We sold CARBO Ceramics since it was not consistent with our growth thesis surrounding increased shale drilling.

During the period, we shifted some of the Fund’s sector weights through the sales and purchases of several stocks. For example, we decreased the Fund’s energy weighting through the sale of the above-mentioned CARBO Ceramics along with FMC Technologies. FMC Technologies, which sells oil services products for deep sea drilling, had been a strong performer for the Fund. After we noticed many of its competitors were falling short of earnings expectations at mid-year, we anticipated FMC would as well. We sold FMC before its earnings were released and the stock did drop after the company’s earnings disappointed. Meanwhile, the Fund’s technology weight increased as we continued to favor new technology themes with our recent purchases. In addition to cloud computing, we also continued to emphasize the theme of internet security in our portfolio. For example, we purchased Palo Alto Networks Inc., a pioneer in next generation firewall protection. Health care-related technology and biotechnology also became larger parts of the Fund’s portfolio during the period. These segments continued to benefit from high growth rates, stimulative spending by the U.S. government and the fact that they are not macroeconomic driven. For example, we added AthenaHealth Inc., a cloud-based health care technology company, which focuses on helping physicians with electronic medical records, practice management and patient communication.

Nuveen Small Cap Growth Opportunities Fund

How did the Fund perform during the twelve-month period ended October 31, 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 one-year, five-year and ten-year periods ended October 31, 2012. The Fund’s Class A Shares at net asset value (NAV) underperformed both the Russell 2000^® Growth Index and the Lipper classification average during the twelve-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 2000^® Growth Index. The investment process we employ seeks to exploit secular trends

Nuveen Investments 11

that we believe will provide an investment tailwind to 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 attractive investment opportunities that should benefit from multiple expansion when particular investment catalysts become evident in the marketplace. The Fund’s portfolio typically features investments in high-quality companies with attractive or improving margin profiles, generally healthy balance sheets and prospects for above-average revenue and earnings growth.

The longer term track record of the Fund remains attractive even though the results for fiscal year 2012 trailed those of the benchmarks. As the world’s developed economies continued to have debt-related issues, European growth moderated considerably and growth in the Asian nations, most notably China, decelerated as well. Toward the end of the reporting period, U.S. markets remained squarely focused on Congress’ attempt to navigate the “fiscal cliff” of expiring tax cuts and scheduled fiscal spending reductions slated for January 2013. Given the uncertainties related to consumer spending and corporate expenditures on capital equipment, the Fund’s relative underperformance during the fiscal year was most notable among the information technology and consumer discretionary sectors.

Stock selection in the industrials sector was the most positive contributor to the Fund’s relative performance during the fiscal year. Results in this area were led by the portfolio’s position in United Rentals Inc., 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 above investors’ expectations, the company also announced that it would acquire its biggest competitor to form the largest equipment rental organization in the U.S., which spurred a positive reaction in its stock price. Performance was also driven by a pair of companies with exposure to efficiency-driven capital expenditures by domestic utilities. ESCO Technologies Inc., an established smart grid leader with more than 15 million advanced metering infrastructure units placed among 400 utilities, was selected by SoCalGas to deploy its advanced metering infrastructure (AMI) solution to more than six million customers, which sent share prices higher. Additionally, the Fund held shares of MYR Group Inc., an electrical contractor specializing in transmission and distribution lines, which is a beneficiary of the secular trend in favor of improving the efficiency of the electrical grid as outlined in the Energy Policy Act of 2005. The Fund’s health care holdings also contributed positively to relative performance during the reporting period. Shares of AthenaHealth Inc., an internet-based health care information technology company focused on revenue cycle management and electronic medical records, rallied strongly on news that it had secured a major competitive win with a large publically-traded hospital company. Separately, shares of Salix Pharmaceuticals Limited, 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.

The largest detractor to the Fund’s relative performance during the reporting period was stock selection in the information technology sector, most notably in the telecommunications equipment area. In late 2011 and through most of 2012, Tier-1 U.S.

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service providers reduced capital expenditures, significantly impacting share prices of three of the Fund’s equipment holdings: Acme Packet, the leading provider of session border controllers that enable equipment for voice-over-internet protocol; ADTRAN, Inc., a telecommunications equipment manufacturer with a concentration in network access equipment; and Fabrinet, an outsourced manufacturer of optical components. While we sold shares of Acme Packet on the basis of increasing pressure from larger competitors, the Fund continued to hold positions in the latter two names based on prospects for improved spending in 2013 among large carriers for their equipment categories. Selected consumer discretionary names also weighed on the Fund’s relative performance during the reporting period. Share prices of Hhgregg Inc., a fast-growing retailer of appliances and electronics, fell significantly in July 2012 as the company reduced its earnings guidance due to disappointing sales of larger-sized, high-definition TV offerings to online alternatives. This compromised our investment thesis, resulting in the sale of the position. Portfolio returns were also negatively impacted by our position in Crocs, Inc., the wholesaler and retailer of casual footwear. The company’s growth slowed in 2012 due to its European exposure and disappointing sell-through of recently introduced cold weather footwear. However, given the attractive valuation of the stock and the company’s growth profile, we continued to maintain the Fund’s position in Crocs.

While overall U.S. economic data has been mixed, we believe recent upticks in consumer spending, rising home prices and improved vehicle sales suggest reasons for optimism, particularly relative to international markets where economic deceleration is clearly evident. We are maintaining a balanced cyclical posture in the Fund’s portfolio, but believe that there could be opportunities among consumer discretionary groups such as specialty retail and restaurants that are unit growth stories and well positioned to deal with rising input costs. We are mindful that factors such as gas prices, food inflation and the government’s efforts to grapple with the fiscal cliff will be instrumental to improving consumer sentiment. The Federal Reserve’s announcement of a third round of monetary stimulus could provide support for the energy and information technology groups, two sectors that have outperformed following the prior two rounds of quantitative easing.

In the technology sector, the duration of the current contractionary cycle for manufacturers of semiconductors and semi-related equipment has lasted longer than historical norms and inventories appear lean. Accordingly, we are increasingly seeking out opportunities to invest in companies with strong fundamentals and attractive valuations in areas away from personal computer-related markets such as tablets, notebooks and wireless devices. Despite the poor stock price performance among many telecommunication equipment manufacturers over the past year, we are becoming more constructive on the group’s prospects given AT&T’s recently announced spending plans.

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,

Nuveen Investments 13

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 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.

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Fund Performance and Expense Ratios

The Fund Performance and Expense Ratios for each Fund are shown on the following six 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 and/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 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 October 31, 2012

	Average Annual
	1-Year		5-Year		10-Year
Class A Shares at NAV		7.66%		1.49%		6.68%
Class A Shares at maximum Offering Price		1.46%		0.30%		6.05%
Russell 1000® Growth Index*		13.02%		1.95%		7.15%
Lipper Multi-Cap Growth Funds Classification Average*		9.36%		-0.58%		7.54%
Class B Shares w/o CDSC		7.00%		0.75%		5.90%
Class B Shares w/CDSC		2.00%		0.58%		5.90%
Class C Shares		6.88%		0.73%		5.88%
Class R3 Shares		7.40%		1.24%		6.46%
Class I Shares		7.94%		1.75%		6.95%

Average Annual Total Returns as of September 30, 2012 (Most Recent Calendar Quarter)

	Average Annual
	1-Year		5-Year		10-Year
Class A Shares at NAV		22.32%		2.89%		7.99%
Class A Shares at maximum Offering Price		15.29%		1.68%		7.36%
Class B Shares w/o CDSC		21.54%		2.14%		7.20%
Class B Shares w/CDSC		16.54%		1.97%		7.20%
Class C Shares		21.41%		2.13%		7.19%
Class R3 Shares		22.03%		2.64%		7.77%
Class I Shares		22.65%		3.15%		8.27%

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%

* 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

Growth of an Assumed $10,000 Investment as of October 31, 2012 – Class A Shares

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

Nuveen Investments 17

Fund Performance and Expense Ratios(continued)

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 October 31, 2012

	Average Annual
	1-Year		5-Year		10-Year
Class A Shares at NAV		6.88%		1.17%		9.90%
Class A Shares at maximum Offering Price		0.74%		-0.02%		9.25%
Russell Midcap® Growth Index*		9.09%		1.55%		10.03%
Lipper Mid-Cap Growth Funds Classification Average*		6.78%		0.00%		8.41%
Class B Shares w/o CDSC		6.08%		0.41%		9.08%
Class B Shares w/CDSC		1.08%		0.24%		9.08%
Class C Shares		6.06%		0.41%		9.08%
Class R3 Shares		6.59%		0.92%		9.67%
Class I Shares		7.13%		1.42%		10.18%

Average Annual Total Returns as of September 30, 2012 (Most Recent Calendar Quarter)

	Average Annual
	1-Year		5-Year		10-Year
Class A Shares at NAV		25.22%		2.17%		10.98%
Class A Shares at maximum Offering Price		18.02%		0.96%		10.33%
Class B Shares w/o CDSC		24.26%		1.40%		10.16%
Class B Shares w/CDSC		19.26%		1.23%		10.16%
Class C Shares		24.26%		1.40%		10.16%
Class R3 Shares		24.88%		1.91%		10.76%
Class I Shares		25.51%		2.41%		11.27%

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%

* 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

Growth of an Assumed $10,000 Investment as of October 31, 2012 – Class A Shares

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

Nuveen Investments 19

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 October 31, 2012

	Average Annual
	1-Year		5-Year		10-Year
Class A Shares at NAV		5.73%		1.57%		8.95%
Class A Shares at maximum Offering Price		-0.37%		0.38%		8.31%
Russell 2000® Growth Index*		9.70%		1.41%		9.66%
Lipper Small-Cap Growth Funds Classification Average*		9.08%		0.48%		8.76%
Class B Shares w/o CDSC		4.95%		0.81%		8.14%
Class B Shares w/CDSC		-0.05%		0.63%		8.14%
Class C Shares		4.93%		0.82%		8.15%
Class R3 Shares		5.48%		1.32%		8.75%
Class I Shares		5.99%		1.83%		9.22%

Average Annual Total Returns as of September 30, 2012 (Most Recent Calendar Quarter)

	Average Annual
	1-Year		5-Year		10-Year
Class A Shares at NAV		30.22%		3.70%		10.42%
Class A Shares at maximum Offering Price		22.73%		2.48%		9.76%
Class B Shares w/o CDSC		29.24%		2.92%		9.59%
Class B Shares w/CDSC		24.24%		2.74%		9.59%
Class C Shares		29.26%		2.93%		9.60%
Class R3 Shares		29.96%		3.45%		10.21%
Class I Shares		30.56%		3.96%		10.69%

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 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 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 1.47%, 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.

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

20 Nuveen Investments

Growth of an Assumed $10,000 Investment as of October 31, 2012 – Class A Shares

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

Nuveen Investments 21

Holding Summariesas of October 31, 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

Fund Allocation1
Common Stocks	100.0%
Short-Term Investments	1.6%
Other2	(1.6)%

Nuveen Mid Cap Growth Opportunities Fund

Fund Allocation1
Common Stocks	98.3%
Short-Term Investments	1.6%
Other2	0.1%

Portfolio Composition1
IT Services	13.7%
Computers & Peripherals	10.9%
Internet Software & Services	8.0%
Specialty Retail	6.2%
Media	4.5%
Internet & Catalog Retail	4.5%
Food & Staples Retailing	4.3%
Health Care Providers & Services	3.9%
Pharmaceuticals	3.1%
Biotechnology	3.0%
Road & Rail	2.9%
Hotels, Restaurants & Leisure	2.9%
Textiles, Apparel & Luxury Goods	2.7%
Real Estate Investment Trust	2.6%
Health Care Equipment & Supplies	2.5%
Machinery	2.4%
Energy Equipment & Services	2.4%
Software	2.3%
Beverages	2.2%
Short-Term Investments	1.6%
Other3	13.4%

Portfolio Composition1
Specialty Retail	12.7%
Software	7.1%
Biotechnology	5.4%
Machinery	4.9%
Electronic Equipment & Instruments	3.8%
Media	3.8%
Textiles, Apparel & Luxury Goods	3.6%
IT Services	3.5%
Electrical Equipment	3.4%
Internet Software & Services	3.3%
Chemicals	3.2%
Road & Rail	3.1%
Energy Equipment & Services	3.0%
Capital Markets	2.9%
Oil, Gas & Consumable Fuels	2.7%
Hotels, Restaurants & Leisure	2.7%
Health Care Equipment & Supplies	2.6%
Health Care Technology	2.6%
Trading Companies & Distributors	2.5%
Wireless Telecommunication Services	2.2%
Food & Staples Retailing	2.2%
Short-Term Investments	1.6%
Other3	17.2%

Top Five Common Stock Holdings1
Apple, Inc.	10.3%
International Business Machines Corporation (IBM)	4.8%
Google Inc., Class A	3.5%
MasterCard, Inc. Class A	3.1%
Amazon.com, Inc.	2.7%

Top Five Common Stock Holdings1
SBA Communications Corporation	2.2%
Cerner Corporation	2.0%
TransDigm Group Inc.	1.9%
PetSmart Inc.	1.9%
Starwood Hotels & Resorts Worldwide, Inc.	1.9%

1 As a percentage of net assets. Holdings are subject to change.

2 Other assets less liabilities, which includes investments purchased with collateral from securities lending as presented in the Fund’s Portfolio of Investments.

3 Other assets less liabilities, which includes investments purchased with collateral from securities lending as presented in the Fund’s Portfolio of Investments and all industries less than 2.2% of net assets.

22 Nuveen Investments

Nuveen Small Cap Growth Opportunities 
Fund

Fund Allocation1
Common Stocks	96.3%
Short-Term Investments	4.0%
Other2	(0.3)%

Portfolio Composition1
Specialty Retail	6.9%
Internet Software & Services	6.8%
Health Care Equipment & Supplies	6.8%
Biotechnology	6.2%
Communications Equipment	5.8%
Health Care Providers & Services	4.6%
Commercial Banks	4.4%
Software	4.2%
Oil, Gas & Consumable Fuels	4.2%
Semiconductors & Equipment	3.6%
Electronic Equipment & Instruments	3.4%
Hotels, Restaurants & Leisure	3.4%
Electrical Equipment	3.2%
Construction & Engineering	3.1%
Commercial Services & Supplies	3.1%
Machinery	3.0%
Capital Markets	2.8%
Energy Equipment & Services	2.7%
Chemicals	2.7%
Airlines	2.0%
Short-Term Investments	4.0%
Other3	13.1%

Top Five Common Stock Holdings1
Semtech Corporation	2.1%
Ascena Retail Group Inc.	2.1%
Alaska Air Group, Inc.	2.0%
Energy XXI Limited Bermuda	1.9%
Brunswick Corporation	1.9%

1 As a percentage of net assets. Holdings are subject to change.

2 Other assets less liabilities, which includes investments purchased with collateral from securities lending as presented in the Fund’s Portfolio of Investments.

3 Other assets less liabilities, which includes investments purchased with collateral from securities lending as presented in the Fund’s Portfolio of Investments and all industries less than 2.0% of net assets.

Nuveen Investments 23

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 through the end of 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 (5/01/12)	$	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 (10/31/12)	$	949.60	$	947.50	$	946.00	$	948.70	$	951.10	$	1,019.05	$	1,015.28	$	1,015.28	$	1,017.80	$	1,020.31
Expenses Incurred During Period	$	5.93	$	9.59	$	9.59	$	7.15	$	4.71	$	6.14	$	9.93	$	9.93	$	7.41	$	4.88

For each class of the Fund, expenses are equal to the Fund’s annualized net expense ratio of 1.21%, 1.96%, 1.96%, 1.46% and 0.96% for Classes A, B, C, R3 and I, respectively, multiplied by the average account value over the period, multiplied by 184/366 (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 (5/01/12)	$	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 (10/31/12)	$	950.20	$	946.50	$	946.70	$	948.80	$	951.40	$	1,018.80	$	1,015.03	$	1,015.03	$	1,017.55	$	1,022.06
Expenses Incurred During Period	$	6.18	$	9.83	$	9.84	$	7.40	$	4.95	$	6.39	$	10.18	$	10.18	$	7.66	$	5.13

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 184/366 (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 (5/01/12)	$	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 (10/31/12)	$	932.40	$	929.30	$	929.20	$	931.50	$	933.90	$	1,017.75	$	1,013.98	$	1,013.98	$	1,016.49	$	1,019.00
Expenses Incurred During Period	$	7.14	$	10.77	$	10.77	$	8.35	$	5.93	$	7.46	$	11.24	$	11.24	$	8.72	$	6.19

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 184/366 (to reflect the one-half year period).

24 Nuveen Investments

Report of

Independent Registered Public Accounting Firm

To the Board of Directors and Shareholders of

Nuveen Investment Funds, Inc.:

In our opinion, the accompanying statement of assets and liabilities, including the portfolios of investments, and the related statements of operations, of changes in net assets and the financial highlights present fairly, in all material respects, the financial position Nuveen Large Cap Growth Opportunities Fund, Nuveen Mid Cap Growth Opportunities Fund and Nuveen Small Cap Growth Opportunities Fund (the “Funds”) at October 31, 2012, the results of each of their operations for the year ended, and the change in each of their net assets and the financial highlights for the year then ended, in conformity with accounting principles generally accepted in the United States of America. These financial statements and financial highlights (hereafter referred to as “financial statements”) are the responsibility of the Funds’ management; our responsibility is to express an opinion on these financial statements based on our audits. We conducted our audits of these financial statements in accordance with the standards of the Public Company Accounting Oversight Board (United States). Those standards require that we plan and perform the audit to obtain reasonable assurance about whether the financial statements are free of material misstatement. An audit includes examining, on a test basis, evidence supporting the amounts and disclosures in the financial statements, assessing the accounting principles used and significant estimates made by management, and evaluating the overall financial statement presentation. We believe that our audits, which included confirmation of securities at October 31, 2012 by correspondence with the custodian and brokers, provides a reasonable basis for our opinion. The financial statements of the Funds for the years ended October 31, 2011 and prior were audited by other independent auditors whose report dated December 28, 2011 expressed an unqualified opinion on those statements.

PRICEWATERHOUSECOOPERS LLP

Chicago, IL

December 28, 2012

Nuveen Investments 25

Portfolio of Investments

Nuveen Large Cap Growth Opportunities Fund

October 31, 2012

Shares		Description (1)	Value
		COMMON STOCKS – 100.0%
		Aerospace & Defense – 1.8%
	71,903	Boeing Company	$	5,064,847
	29,470	Precision Castparts Corporation		5,100,373
		Total Aerospace & Defense		10,165,220
		Beverages – 2.2%
	338,479	Coca-Cola Company		12,584,649
		Biotechnology – 3.0%
	75,143	Alexion Pharmaceuticals Inc., (2)		6,791,424
	153,668	Gilead Sciences, Inc., (2)		10,320,343
		Total Biotechnology		17,111,767
		Chemicals – 1.6%
	109,444	Monsanto Company		9,419,845
		Communications Equipment – 1.9%
	187,911	QUALCOMM, Inc.		11,006,887
		Computers & Peripherals – 10.9%
	99,198	Apple, Inc.		59,032,730
	142,614	EMC Corporation, (2)		3,482,634
		Total Computers & Peripherals		62,515,364
		Consumer Finance – 1.3%
	132,321	American Express Company		7,406,006
		Energy Equipment & Services – 2.4%
	100,857	National-Oilwell Varco Inc.		7,433,161
	88,374	Schlumberger Limited		6,144,644
		Total Energy Equipment & Services		13,577,805
		Food & Staples Retailing – 4.3%
	109,668	Costco Wholesale Corporation		10,794,621
	147,027	Whole Foods Market, Inc., (3)		13,927,868
		Total Food & Staples Retailing		24,722,489
		Health Care Equipment & Supplies – 2.5%
	81,224	Idexx Labs Inc., (2), (3)		7,813,749
	11,826	Intuitive Surgical, Inc., (2)		6,412,294
		Total Health Care Equipment & Supplies		14,226,043
		Health Care Providers & Services – 3.9%
	226,903	Express Scripts, Holding Company, (2)		13,963,611
	90,922	McKesson HBOC Inc.		8,483,932
		Total Health Care Providers & Services		22,447,543
		Health Care Technology – 1.2%
	92,966	Cerner Corporation, (2), (3)		7,083,080
		Hotels, Restaurants & Leisure – 2.9%
	162,178	Starbucks Corporation		7,443,970
	132,183	YUM! Brands, Inc.		9,267,350
		Total Hotels, Restaurants & Leisure		16,711,320
		Industrial Conglomerates – 1.8%
	196,655	Danaher Corporation, (3)		10,172,963

26 Nuveen Investments

Shares		Description (1)	Value
		Internet & Catalog Retail – 4.5%
	66,944	Amazon.com, Inc., (2), (3)	$	15,585,902
	17,985	priceline.com Incorporated, (2)		10,319,253
		Total Internet & Catalog Retail		25,905,155
		Internet Software & Services – 8.0%
	250,500	eBay Inc., (2)		12,096,645
	103,999	Facebook Inc., Class A Shares, (2)		2,195,939
	29,628	Google Inc., Class A, (2)		20,140,226
	46,385	LinkedIn Corporation, Class A Shares, (2), (3)		4,959,948
	105,082	Rackspace Hosting Inc., (2), (3)		6,692,673
		Total Internet Software & Services		46,085,431
		IT Services – 13.7%
	165,605	Accenture Limited, Class A		11,163,433
	142,140	International Business Machines Corporation (IBM), (3)		27,650,494
	38,598	MasterCard, Inc., Class A		17,790,976
	97,778	Teradata Corporation, (2)		6,679,215
	110,213	Visa Inc., Class A, (3)		15,293,156
		Total IT Services		78,577,274
		Life Sciences Tools & Services – 1.1%
	36,271	Mettler-Toledo International Inc., (2)		6,143,219
		Machinery – 2.4%
	93,769	Cummins Inc.		8,774,903
	102,513	Graco Inc., (3)		4,926,775
		Total Machinery		13,701,678
		Media – 4.5%
	142,693	DirecTV, (2)		7,293,039
	101,965	Discovery Communications Inc., Class A Shares, (2)		6,017,974
	2,036,653	Sirius XM Radio Inc., (2), (3)		5,702,628
	143,783	Walt Disney Company, (3)		7,055,432
		Total Media		26,069,073
		Oil, Gas & Consumable Fuels – 1.5%
	82,694	Pioneer Natural Resources Company, (3)		8,736,621
		Personal Products – 1.4%
	134,512	Estee Lauder Companies Inc., Class A		8,288,629
		Pharmaceuticals – 3.1%
	123,622	Allergan, Inc.		11,116,090
	56,611	Perrigo Company, (3)		6,510,831
		Total Pharmaceuticals		17,626,921
		Real Estate Investment Trust – 2.6%
	201,679	American Tower REIT Inc.		15,184,412
		Road & Rail – 2.9%
	112,362	J.B. Hunt Transports Serives Inc., (3)		6,595,649
	125,736	Kansas City Southern Industries		10,116,719
		Total Road & Rail		16,712,368
		Software – 2.3%
	86,126	NetSuite Inc., (2), (3)		5,469,862

Nuveen Investments 27

Portfolio of Investments

Nuveen Large Cap Growth Opportunities Fund (continued)

October 31, 2012

Shares		Description (1)	Value
		Software (continued)
	53,249	Salesforce.com, Inc., (2), (3)	$	7,773,289
		Total Software		13,243,151
		Specialty Retail – 6.2%
	23,921	AutoZone, Inc., (2), (3)		8,970,375
	152,819	GNC Holdings Inc., Class A, (3)		5,909,511
	130,322	PetSmart Inc.		8,652,078
	226,255	TJX Companies, Inc.		9,418,996
	31,648	Ulta Salon, Cosmetics & Fragrance, Inc., (2)		2,918,579
		Total Specialty Retail		35,869,539
		Textiles, Apparel & Luxury Goods – 2.7%
	78,730	Lululemon Athletica Inc., (2), (3)		5,433,157
	66,676	Michael Kors Holdings Limited, (2)		3,646,511
	43,432	Ralph Lauren Corporation, Class A		6,675,064
		Total Textiles, Apparel & Luxury Goods		15,754,732
		Trading Companies & Distributors – 1.4%
	40,992	W.W. Grainger, Inc.		8,256,199
		Total Common Stocks (cost $427,905,261)		575,305,383
Shares		Description (1)	Value
		INVESTMENTS PURCHASED WITH COLLATERAL FROM SECURITIES LENDING – 22.5%
		Money Market Funds – 22.5%
	129,448,489	Mount Vernon Securities Lending Prime Portfolio, 0.295%, (4), (5)	$	129,448,489
		Total Investments Purchased with Collateral from Securities Lending (cost $129,448,489)		129,448,489
Shares		Description (1)	Value
		SHORT-TERM INVESTMENTS – 1.6%
		Money Market Funds – 1.6%
	9,005,514	First American Treasury Obligations Fund, Class Z, 0.004%, (4)	$	9,005,514
		Total Short-Term Investments (cost $9,005,514)		9,005,514
		Total Investments (cost $566,359,264) – 124.1%		713,759,386
		Other Assets Less Liabilities – (24.1)%		(138,494,643)
		Net Assets – 100%	$	575,264,743

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. The total value of securities out on loan at the end of the reporting period was $125,911,957.

(4) The rate shown is the annualized seven-day effective yield as of the end of the reporting period.

(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.

28 Nuveen Investments

Portfolio of Investments

Nuveen Mid Cap Growth Opportunities Fund

October 31, 2012

Shares		Description (1)	Value
		COMMON STOCKS – 98.3%
		Aerospace & Defense – 1.9%
	161,906	TransDigm Group Inc., (2)	$	21,567,498
		Biotechnology – 5.4%
	228,592	Alexion Pharmaceuticals Inc., (2), (3)		20,660,145
	256,852	Medivation, Inc., (2), (3)		13,130,274
	128,651	Onyx Pharmaceuticals Inc., (2), (3)		10,081,092
	111,575	Regeneron Pharmaceuticals, Inc., (2), (3)		15,877,123
		Total Biotechnology		59,748,634
		Capital Markets – 2.9%
	151,603	Affiliated Managers Group Inc., (2)		19,177,780
	193,748	T. Rowe Price Group Inc.		12,581,995
		Total Capital Markets		31,759,775
		Chemicals – 3.2%
	187,236	Airgas, Inc.		16,658,387
	342,823	FMC Corporation		18,347,887
		Total Chemicals		35,006,274
		Communications Equipment – 0.6%
	125,585	Palo Alto Networks, Inc., (2), (3)		6,904,663
		Computers & Peripherals – 0.6%
	285,920	Fusion-io Inc., (2), (3)		6,747,712
		Consumer Finance – 1.1%
	297,496	Discover Financial Services		12,197,336
		Electrical Equipment – 3.4%
	493,703	Ametek Inc., (3)		17,551,142
	181,207	Roper Industries Inc., (3)		19,782,368
		Total Electrical Equipment		37,333,510
		Electronic Equipment & Instruments – 3.8%
	342,745	Amphenol Corporation, Class A, (3)		20,609,257
	186,246	IPG Photonics Corporation, (2), (3)		9,885,938
	256,041	Trimble Navigation Limited, (2)		12,080,014
		Total Electronic Equipment & Instruments		42,575,209
		Energy Equipment & Services – 3.0%
	155,037	Core Laboratories NV		16,071,135
	336,244	Oceaneering International Inc.		17,595,649
		Total Energy Equipment & Services		33,666,784
		Food & Staples Retailing – 2.2%
	172,385	Fresh Market Inc., (2)		9,775,953
	151,189	Whole Foods Market, Inc.		14,322,134
		Total Food & Staples Retailing		24,098,087
		Food Products – 0.7%
	137,230	Hain Celestial Group Inc., (2), (3)		7,931,894
		Health Care Equipment & Supplies – 2.6%
	119,368	Idexx Labs Inc., (2), (3)		11,483,202
	436,244	ResMed Inc., (3)		17,423,585
		Total Health Care Equipment & Supplies		28,906,787

Nuveen Investments 29

Portfolio of Investments

Nuveen Mid Cap Growth Opportunities Fund (continued)

October 31, 2012

Shares		Description (1)	Value
		Health Care Providers & Services – 1.1%
	259,788	Catamaran Corporation, (2)	$	12,251,602
		Health Care Technology – 2.6%
	104,811	AthenaHealth Inc., (2), (3)		6,738,299
	287,314	Cerner Corporation, (2), (3)		21,890,454
		Total Health Care Technology		28,628,753
		Hotels, Restaurants & Leisure – 2.7%
	56,605	Panera Bread Company, Class A, (2)		9,545,867
	400,702	Starwood Hotels & Resorts Worldwide, Inc., (3)		20,776,399
		Total Hotels, Restaurants & Leisure		30,322,266
		Internet & Catalog Retail – 0.8%
	14,875	priceline.com Incorporated, (2)		8,534,829
		Internet Software & Services – 3.3%
	315,212	Cornerstone OnDemand Inc., (2)		8,822,784
	129,085	LinkedIn Corporation, Class A Shares, (2), (3)		13,803,059
	214,409	Rackspace Hosting Inc., (2), (3)		13,655,709
		Total Internet Software & Services		36,281,552
		IT Services – 3.5%
	215,598	FleetCor Technologies Inc., (2), (3)		10,221,501
	286,974	Teradata Corporation, (2)		19,603,194
	129,626	Wright Express Corporation, (2), (3)		9,563,806
		Total IT Services		39,388,501
		Leisure Equipment & Products – 1.4%
	180,884	Polaris Industries Inc., (3)		15,284,698
		Machinery – 4.9%
	115,832	Flowserve Corporation		15,694,078
	216,587	Graco Inc., (3)		10,409,171
	198,602	Nordson Corporation		11,723,476
	205,486	Wabtec Corporation		16,829,303
		Total Machinery		54,656,028
		Media – 3.8%
	194,335	Discovery Communications inc., Class A Shares, (2)		11,469,652
	221,986	Scripps Networks Interactive, Class A Shares, (3)		13,478,990
	6,146,315	Sirius XM Radio Inc., (2), (3)		17,209,682
		Total Media		42,158,324
		Metals & Mining – 1.0%
	231,984	Carpenter Technology Inc.		11,276,742
		Multiline Retail – 0.9%
	262,062	Dollar Tree Stores Inc., (2)		10,448,412
		Oil, Gas & Consumable Fuels – 2.7%
	587,068	Cobalt International Energy, Inc., (2)		12,216,885
	171,788	Pioneer Natural Resources Company, (3)		18,149,402
		Total Oil, Gas & Consumable Fuels		30,366,287
		Pharmaceuticals – 1.4%
	136,983	Perrigo Company, (3)		15,754,415

30 Nuveen Investments

Shares		Description (1)	Value
		Professional Services – 1.4%
	302,070	Verisk Analytics Inc, Class A Shares, (2)	$	15,405,570
		Real Estate Investment Trust – 1.5%
	269,904	Digital Realty Trust Inc., (3)		16,580,203
		Real Estate Management & Development – 0.9%
	254,959	Zillow Inc, Class A, (2), (3)		9,525,268
		Road & Rail – 3.1%
	325,214	J.B. Hunt Transports Serives Inc., (3)		19,090,062
	190,911	Kansas City Southern Industries		15,360,699
		Total Road & Rail		34,450,761
		Semiconductors & Equipment – 1.8%
	426,053	ARM Holdings PLC, (3)		13,782,815
	74,818	Mellanox Technologies, Limited, (2), (3)		5,758,741
		Total Semiconductors & Equipment		19,541,556
		Software – 7.1%
	244,103	Ansys Inc., (2), (3)		17,302,021
	125,790	CommVault Systems, Inc., (2), (3)		7,858,101
	253,670	Micros Systems, Inc., (2)		11,514,081
	155,897	NetSuite Inc., (2), (3)		9,901,018
	318,626	Red Hat, Inc., (2)		15,666,840
	317,858	ServiceNow Inc., (2), (3)		9,742,348
	240,379	Splunk Inc., (2), (3)		6,742,631
		Total Software		78,727,040
		Specialty Retail – 12.7%
	51,952	AutoZone, Inc., (2), (3)		19,482,000
	251,585	Bed Bath and Beyond Inc., (2), (3)		14,511,423
	334,322	Dick’s Sporting Goods Inc., (3)		16,716,100
	534,761	GNC Holdings Inc., Class A, (3)		20,679,208
	323,281	PetSmart Inc.		21,462,626
	261,376	Ross Stores, Inc.		15,930,867
	203,262	Ulta Salon, Cosmetics & Fragrance, Inc., (2)		18,744,822
	367,935	Urban Outfitters, Inc., (2), (3)		13,157,356
		Total Specialty Retail		140,684,402
		Textiles, Apparel & Luxury Goods – 3.6%
	92,840	Lululemon Athletica Inc., (2), (3)		6,406,888
	224,095	Michael Kors Holdings Limited, (2)		12,255,756
	79,873	Ralph Lauren Corporation, Class A		12,275,681
	175,402	Under Armour, Inc., Class A, (2), (3)		9,166,509
		Total Textiles, Apparel & Luxury Goods		40,104,834
		Trading Companies & Distributors – 2.5%
	236,080	MSC Industrial Direct Inc., Class A, (3)		17,611,567
	52,695	W.W. Grainger, Inc.		10,613,300
		Total Trading Companies & Distributors		28,224,867
		Wireless Telecommunication Services – 2.2%
	362,036	SBA Communications Corporation, (2), (3)		24,122,459
		Total Common Stocks (cost $897,943,092)		1,091,163,532

Nuveen Investments 31

Portfolio of Investments

Nuveen Mid Cap Growth Opportunities Fund (continued)

October 31, 2012

Shares		Description (1)	Value
		INVESTMENTS PURCHASED WITH COLLATERAL FROM SECURITIES LENDING – 39.4%
		Money Market Funds – 39.4%
	437,237,097	Mount Vernon Securities Lending Prime Portfolio, 0.295%, (4), (5)	$	437,237,097
		Total Investments Purchased with Collateral from Securities Lending (cost $437,237,097)		437,237,097
Shares		Description (1)	Value
		SHORT-TERM INVESTMENTS – 1.6%
		Money Market Funds – 1.6%
	18,568,578	First American Treasury Obligations Fund, Class Z, 0.004%, (4)	$	18,568,578
		Total Short-Term Investments (cost $18,568,578)		18,568,578
		Total Investments (cost $1,353,748,767) – 139.3%		1,546,969,207
		Other Assets Less Liabilities – (39.3)%		(436,662,780)
		Net Assets – 100%	$	1,110,306,427

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. The total value of securities out on loan at the end of the reporting period was $423,911,686.

(4) The rate shown is the annualized seven-day effective yield as of the end of the reporting period.

(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.

32 Nuveen Investments

Portfolio of Investments

Nuveen Small Cap Growth Opportunities Fund

October 31, 2012

Shares		Description (1)	Value
		COMMON STOCKS – 96.3%
		Aerospace & Defense – 1.3%
	84,187	Orbital Sciences Corporation, (2), (3)	$	1,128,106
		Air Freight & Logistics – 1.6%
	40,915	Forward Air Corporation		1,365,334
		Airlines – 2.0%
	46,694	Alaska Air Group, Inc., (2)		1,785,579
		Biotechnology – 6.2%
	66,933	Alkermes Inc., (2), (3)		1,240,268
	20,124	Cepheid, Inc., (2), (3)		609,958
	29,973	Cubist Pharmaceuticals Inc., (2), (3)		1,285,842
	37,240	Immunogen, Inc., (2), (3)		412,619
	38,076	Incyte Pharmaceuticals Inc., (2), (3)		607,693
	11,134	Pharmacyclics, Inc., (2), (3)		679,953
	26,732	Theravance Inc., (2), (3)		601,737
		Total Biotechnology		5,438,070
		Capital Markets – 2.8%
	43,538	Evercore Partners Inc., Class A, (3)		1,214,710
	40,895	Stifel Financial Corporation, (2), (3)		1,296,372
		Total Capital Markets		2,511,082
		Chemicals – 2.7%
	45,639	H.B. Fuller Company, (3)		1,387,426
	45,207	Kraton Performance Polymers Inc., (2)		986,417
		Total Chemicals		2,373,843
		Commercial Banks – 4.4%
	69,484	Cathay General Bancorp.		1,229,172
	62,539	East West Bancorp Inc.		1,331,455
	38,067	Home Bancshares, Inc.		1,318,641
		Total Commercial Banks		3,879,268
		Commercial Services & Supplies – 3.1%
	88,220	Interface, Inc.		1,262,428
	56,134	Tetra Tech, Inc., (2), (3)		1,456,116
		Total Commercial Services & Supplies		2,718,544
		Communications Equipment – 5.8%
	85,614	ADTRAN, Inc., (3)		1,446,020
	68,546	Aruba Networks, Inc., (2), (3)		1,245,481
	81,187	IXIA, (2), (3)		1,137,430
	39,359	Plantronics Inc., (3)		1,276,806
		Total Communications Equipment		5,105,737
		Construction & Engineering – 3.1%
	70,135	MasTec Inc., (2), (3)		1,582,246
	55,991	MYR Group Inc., (2)		1,185,889
		Total Construction & Engineering		2,768,135
		Consumer Discretionary – 1.6%
	30,906	Penske Auto Group, Inc., (3)		945,724
	26,604	Texas Roadhouse, Inc., (3)		433,113
		Total Consumer Discretionary		1,378,837

Nuveen Investments 33

Portfolio of Investments

Nuveen Small Cap Growth Opportunities Fund (continued)

October 31, 2012

Shares		Description (1)	Value
		Electrical Equipment – 3.2%
	23,221	Acuity Brands Inc., (3)	$	1,502,399
	45,813	General Cable Corporation, (2)		1,307,045
		Total Electrical Equipment		2,809,444
		Electronic Equipment & Instruments – 3.4%
	75,205	Fabrinet, (2), (3)		724,224
	20,252	IPG Photonics Corporation, (2), (3)		1,074,976
	51,172	National Instruments Corporation		1,205,612
		Total Electronic Equipment & Instruments		3,004,812
		Energy Equipment & Services – 2.7%
	20,072	Dril Quip Inc., (2), (3)		1,390,187
	19,810	Lufkin Industries Inc., (3)		990,698
		Total Energy Equipment & Services		2,380,885
		Food Products – 1.6%
	26,728	Treehouse Foods Inc., (2)		1,431,284
		Health Care Equipment & Supplies – 6.8%
	44,475	Align Technology, Inc., (2), (3)		1,182,146
	19,847	Haemonetics Corporation, (2)		1,621,500
	13,756	ICU Medical, Inc., (2), (3)		816,143
	91,195	NuVasive, Inc., (2), (3)		1,315,032
	91,067	Nxstage Medical, Inc., (2)		1,019,950
		Total Health Care Equipment & Supplies		5,954,771
		Health Care Providers & Services – 4.6%
	67,759	HealthSouth Corporation, (2), (3)		1,499,507
	62,523	HMS Holdings Corporation, (2), (3)		1,443,656
	33,556	IPC The Hospitalist Company, Inc., (2), (3)		1,157,346
		Total Health Care Providers & Services		4,100,509
		Hotels, Restaurants & Leisure – 3.4%
	78,290	Bravo Brio Restaurant Group, (2)		1,033,428
	12,795	Buffalo Wild Wings, Inc., (2), (3)		971,780
	82,227	Caribou Coffee Company, Inc., (2)		984,257
		Total Hotels, Restaurants & Leisure		2,989,465
		Internet Software & Services – 6.8%
	90,770	Brightcove Inc., (2), (3)		1,145,517
	81,166	Constant Contact Inc., (2)		1,001,588
	56,789	DealerTrack Holdings, Inc., (2)		1,552,043
	56,546	ExactTarget Inc., (2)		1,318,653
	84,171	Perficient, Inc., (2)		957,024
		Total Internet Software & Services		5,974,825
		Leisure Equipment & Products – 1.9%
	69,554	Brunswick Corporation, (3)		1,640,779
		Machinery – 3.0%
	38,900	Actuant Corporation, Class A		1,098,536
	42,586	ESCO Technologies Inc.		1,594,420
		Total Machinery		2,692,956

34 Nuveen Investments

Shares		Description (1)	Value
		Oil, Gas & Consumable Fuels – 4.2%
	50,480	Energy XXI Limited Bermuda, (3)	$	1,670,888
	114,011	Midstates Petroleum Company Incorporated, (2)		703,448
	45,053	Oasis Petroleum Inc., (2), (3)		1,323,207
		Total Oil, Gas & Consumable Fuels		3,697,543
		Pharmaceuticals – 1.6%
	54,358	Impax Laboratories Inc., (2), (3)		1,155,108
	15,811	Vivus, Inc., (2), (3)		235,584
		Total Pharmaceuticals		1,390,692
		Professional Services – 1.2%
	83,909	TrueBlue Inc., (2), (3)		1,095,012
		Road & Rail – 1.6%
	142,965	Swift Transportation Company, Class A, (2)		1,393,909
		Semiconductors & Equipment – 3.6%
	74,603	Semtech Corporation, (2), (3)		1,862,837
	32,633	Silicon Laboratories Inc., (2)		1,319,026
		Total Semiconductors & Equipment		3,181,863
		Software – 4.2%
	61,935	Advent Software Inc., (2), (3)		1,343,990
	57,990	Fortinet Inc., (2)		1,123,266
	28,024	Micros Systems, Inc., (2)		1,272,009
	591,081	VideoPropulsion Inc., (2), (4)		—
		Total Software		3,739,265
		Specialty Retail – 6.9%
	40,662	Ann Inc., (2), (3)		1,429,676
	92,898	Ascena Retail Group Inc., (2)		1,839,380
	47,222	Mens Wearhouse Inc.		1,548,409
	48,590	Zumiez, Inc., (2), (3)		1,229,814
		Total Specialty Retail		6,047,279
		Textiles, Apparel & Luxury Goods – 1.0%
	67,400	Crocs, Inc., (2)		849,241
		Total Common Stocks (cost $78,594,200)		84,827,069
Shares		Description (1)	Value
		INVESTMENTS PURCHASED WITH COLLATERAL FROM SECURITIES LENDING – 37.0%
		Money Market Funds – 37.0%
	32,580,502	Mount Vernon Securities Lending Prime Portfolio, 0.295%, (5), (6)	$	32,580,502
		Total Investments Purchased with Collateral from Securities Lending (cost $32,580,502)		32,580,502
Shares		Description (1)	Value
		SHORT-TERM INVESTMENTS – 4.0%
		Money Market Funds – 4.0%
	3,524,585	First American Treasury Obligations Fund, Class Z, 0.004%, (5)	$	3,524,585
		Total Short-Term Investments (cost $3,524,585)		3,524,585
		Total Investments (cost $114,699,287) – 137.3%		120,932,156
		Other Assets Less Liabilities – (37.3)%		(32,865,486)
		Net Assets – 100%	$	88,066,670

Nuveen Investments 35

Portfolio of Investments

Nuveen Small Cap Growth Opportunities Fund (continued)

October 31, 2012

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. The total value of securities out on loan at the end of the reporting period was $30,825,010.

(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 the end of the reporting period.

(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.

36 Nuveen Investments

Statement of Assets & Liabilities

October 31, 2012

	Large Cap Growth Opportunities			Mid Cap Growth Opportunities			Small Cap Growth Opportunities
Assets
Investments, at value (cost $436,910,775, $916,511,670 and $82,118,785, respectively)	$	584,310,897		$	1,109,732,110		$	88,351,654
Investments purchased with collateral from securities lending (at cost, which approximates value)		129,448,489			437,237,097			32,580,502
Cash		20,024			661,841			1,977
Receivables:
Dividends		263,783			2,257,339			10,612
Due from broker		17,296			118,646			7,342
Interest		26			77			—
Investments sold		14,730,130			—			223,892
Shares sold		1,231,972			1,359,646			50,010
Other assets		6,904			13,618			21
Total assets		730,029,521			1,551,380,374			121,226,010
Liabilities
Payables:
Collateral from securities lending program		129,448,489			437,237,097			32,580,502
Investments purchased		23,611,128			—			166,852
Shares redeemed		1,133,613			2,571,919			269,867
Accrued expenses:
Directors fees		10,430			20,406			777
12b-1 distribution and service fees		44,414			101,604			10,902
Management fees		346,792			766,525			79,970
Other		169,912			376,396			50,470
Total liabilities		154,764,778			441,073,947			33,159,340
Net assets	$	575,264,743		$	1,110,306,427		$	88,066,670
Class A Shares
Net assets	$	134,788,159		$	306,507,436		$	35,306,313
Shares outstanding		3,953,525			7,232,867			1,661,324
Net asset value per share	$	34.09		$	42.38		$	21.25
Offering price per share (net asset value per share plus maximum sales charge of 5.75% of offering price)	$	36.17		$	44.97		$	22.55
Class B Shares
Net assets	$	1,480,840		$	2,576,272		$	687,129
Shares outstanding		48,312			70,972			37,609
Net asset value and offering price per share	$	30.65		$	36.30		$	18.27
Class C Shares
Net assets	$	11,193,454		$	17,873,880		$	1,568,048
Shares outstanding		357,191			468,265			81,791
Net asset value and offering price per share	$	31.34		$	38.17		$	19.17
Class R3 Shares
Net assets	$	9,658,169		$	38,869,148		$	2,394,540
Shares outstanding		288,790			939,989			115,063
Net asset value and offering price per share	$	33.44		$	41.35		$	20.81
Class I Shares
Net assets	$	418,144,121		$	744,479,691		$	48,110,640
Shares outstanding		11,762,159			16,195,687			2,088,995
Net asset value and offering price per share	$	35.55		$	45.97		$	23.03
Net assets consist of:
Capital paid-in	$	423,276,266		$	843,542,091		$	76,010,393
Undistributed (Over-distribution of) net investment income		(1,108,090	)		(2,317,581	)		(10,690	)
Accumulated net realized gain (loss)		5,696,445			75,861,477			5,834,098
Net unrealized appreciation (depreciation)		147,400,122			193,220,440			6,232,869
Net assets	$	575,264,743		$	1,110,306,427		$	88,066,670
Authorized shares – per class		2 billion			2 billion			2 billion
Par value per share	$	0.0001		$	0.0001		$	0.0001

See accompanying notes to financial statements.

Nuveen Investments 37

Statement of Operations

Year Ended October 31, 2012

	Large Cap Growth Opportunities			Mid Cap Growth Opportunities			Small Cap Growth Opportunities
Investment Income
Dividend and interest income	$	4,466,381		$	8,652,424		$	360,434
Securities lending income, net		450,450			1,148,683			141,493
Total investment income		4,916,831			9,801,107			501,927
Expenses
Management fees		4,702,191			9,614,483			997,228
12b-1 service fees – Class A		283,170			756,831			93,790
12b-1 distribution and service fees – Class B		18,905			33,040			10,515
12b-1 distribution and service fees – Class C		102,167			164,638			16,189
12b-1 distribution and service fees – Class R3		37,298			192,925			12,466
Shareholders servicing agent fees and expenses		697,816			1,482,231			322,999
Custodian’s fees and expenses		100,282			179,400			26,741
Directors fees and expenses		16,418			31,878			3,011
Professional fees		44,752			84,449			13,505
Shareholder reporting expenses		67,636			115,634			28,976
Federal and state registration fees		70,191			76,103			59,456
Other expenses		27,029			50,732			10,889
Total expenses before expense reimbursement		6,167,855			12,782,344			1,595,765
Expense reimbursement		(157,519	)		(303,377	)		(246,288	)
Net expenses		6,010,336			12,478,967			1,349,477
Net investment income (loss)		(1,093,505	)		(2,677,860	)		(847,550	)
Realized and Unrealized Gain (Loss)
Net realized gain (loss) from investments		8,688,927			76,780,307			8,329,187
Change in net unrealized appreciation (depreciation) of investments		34,772,397			(1,595,420	)		(1,326,405	)
Net realized and unrealized gain (loss)		43,461,324			75,184,887			7,002,782
Net increase (decrease) in net assets from operations	$	42,367,819		$	72,507,027		$	6,155,232

See accompanying notes to financial statements.

38 Nuveen Investments

Statement of Changes in Net Assets

	Large Cap Growth Opportunities						Mid Cap Growth Opportunities						Small Cap Growth Opportunities
	Year Ended 10/31/12			Year Ended 10/31/11			Year Ended 10/31/12			Year Ended 10/31/11			Year Ended 10/31/12			Year Ended 10/31/11
Operations
Net investment income (loss)	$	(1,093,505	)	$	(1,299,396	)	$	(2,677,860	)	$	(3,745,607	)	$	(847,550	)	$	(1,334,376	)
Net realized gain (loss) from:
Investments and foreign currency		8,688,927			60,485,177			76,780,307			138,057,126			8,329,187			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		34,772,397			(34,390,022	)		(1,595,420	)		(91,117,542	)		(1,326,405	)		(9,343,473	)
Net increase (decrease) in net assets from operations		42,367,819			54,191,463			72,507,027			140,301,295			6,155,232			17,084,841
Distributions to Shareholders
From net investment income:
Class A		—			—			—			—			—			—
Class B		—			—			—			—			—			—
Class C		—			—			—			—			—			—
Class R3		—			—			—			—			—			—
Class I		—			—			—			—			—			—
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		(146,968	)		—			(1,376,941	)		—			(34,697	)		—
Class I		(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		199,910,231			117,946,299			270,597,132			279,657,651			12,033,060			29,550,383
Proceeds from shares issued to shareholders due to reinvestment of distributions		10,225,671			—			30,318,778			—			833,300			—
		210,135,902			117,946,299			300,915,910			279,657,651			12,866,360			29,550,383
Cost of shares redeemed		(193,332,899	)		(172,879,927	)		(295,747,368	)		(348,970,454	)		(34,960,030	)		(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		16,803,003			(141,472,652	)		5,168,542			(389,969,609	)		(22,093,670	)		(98,252,827	)
Net increase (decrease) in net assets		41,096,869			(87,281,189	)		39,055,753			(249,668,314	)		(17,349,783	)		(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	$	575,264,743		$	534,167,874		$	1,110,306,427		$	1,071,250,674		$	88,066,670		$	105,416,453
Undistributed (Over-distribution of) net investment income at the end of period	$	(1,108,090	)	$	(14,585	)	$	(2,317,581	)	$	(18,519	)	$	(10,690	)	$	(10,690	)

See accompanying notes to financial statements.

Nuveen Investments 39

Financial Highlights

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	$	32.92	$	(.13	)	$	2.46		$	2.33		$	—		$	(1.16	)	$	(1.16	)	$	34.09
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
Class B (3/99)
2012		29.90		(.33	)		2.24			1.91			—			(1.16	)		(1.16	)		30.65
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
Class C (9/01)
2012		30.57		(.35	)		2.28			1.93			—			(1.16	)		(1.16	)		31.34
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
Class R3 (11/00)
2012		32.39		(.22	)		2.43			2.21			—			(1.16	)		(1.16	)		33.44
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
Class I (12/92)
2012		34.19		(.04	)		2.56			2.52			—			(1.16	)		(1.16	)		35.55
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

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
	7.66	%	$	134,788		1.26	%		(.42	)%		1.23	%		(.39	)%		73	%
	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
	7.00			1,481		2.00			(1.10	)		1.98			(1.07	)		73
	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
	6.88			11,193		2.01			(1.16	)		1.98			(1.14	)		73
	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
	7.40			9,658		1.51			(.70	)		1.48			(.67	)		73
	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
	7.94			418,144		1.01			(.13	)		.98			(.11	)		73
	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

(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.

See accompanying notes to financial statements.

Nuveen Investments 41

Financial Highlights(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	$	41.36	$	(.16	)	$	2.77		$	2.61		$	—	$	(1.59	)	$	(1.59	)	$	42.38
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
Class B (3/99)
2012		35.93		(.42	)		2.38			1.96			—		(1.59	)		(1.59	)		36.30
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
Class C (9/01)
2012		37.70		(.43	)		2.49			2.06			—		(1.59	)		(1.59	)		38.17
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
Class R3 (12/00)
2012		40.50		(.27	)		2.71			2.44			—		(1.59	)		(1.59	)		41.35
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
Class I (12/89)
2012		44.62		(.06	)		3.00			2.94			—		(1.59	)		(1.59	)		45.97
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

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
	6.88	%	$	306,507		1.30	%		(.42	)%		1.27	%		(.39	)%		113	%
	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
	6.08			2,576		2.05			(1.18	)		2.02			(1.15	)		113
	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
	6.06			17,874		2.05			(1.16	)		2.02			(1.13	)		113
	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
	6.59			38,869		1.55			(.67	)		1.52			(.64	)		113
	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
	7.13			744,480		1.05			(.17	)		1.02			(.14	)		113
	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

(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.

See accompanying notes to financial statements.

Nuveen Investments 43

Financial Highlights(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	$	20.41	$	(.21	)	$	1.35		$	1.14		$	—	$	(.30	)	$	(.30	)	$	21.25
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
Class B (3/99)
2012		17.72		(.32	)		1.17			.85			—		(.30	)		(.30	)		18.27
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
Class C (9/01)
2012		18.58		(.34	)		1.23			.89			—		(.30	)		(.30	)		19.17
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
Class R3 (12/00)
2012		20.04		(.26	)		1.33			1.07			—		(.30	)		(.30	)		20.81
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
Class I (8/95)
2012		22.04		(.17	)		1.46			1.29			—		(.30	)		(.30	)		23.03
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

44 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
	5.73	%	$	35,306		1.72	%		(1.21	)%		1.47	%		(.97	)%		118	%
	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
	4.95			687		2.47			(1.97	)		2.22			(1.72	)		118
	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
	4.93			1,568		2.46			(1.96	)		2.22			(1.72	)		118
	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
	5.48			2,395		1.96			(1.46	)		1.72			(1.22	)		118
	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
	5.99			48,111		1.47			(.96	)		1.22			(.72	)		118
	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

(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.

See accompanying notes to financial statements.

Nuveen Investments 45

Notes to Financial Statements

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”), as diversified 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. In addition, 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 utilize options, futures contracts, options on futures contracts and forward foreign currency exchanges contracts (“derivatives”). Each Fund may use these derivatives to manage market or business risk, enhance each Fund’s return, or hedge against adverse movements in currency exchange rates.

The Funds’ 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 (“NYSE”). These securities may 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. Futures contracts are valued using the closing settlement price or, in the absence of such a price, the last traded price. 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

46 Nuveen Investments

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 (“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 47

Notes to Financial Statements (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, 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 fiscal year ended October 31, 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

48 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, net” Securities lending fees paid by each Fund during the fiscal year ended October 31, 2012, were as follows:

	Large Cap Growth Opportunities		Mid Cap Growth Opportunities		Small Cap Growth Opportunities
Securities lending fees paid	$	75,809	$	184,129	$	20,323

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 following is a summary of the three-tiered hierarchy of valuation input levels.

Level 1 –	Inputs are unadjusted and prices are determined using quoted prices in active markets for identical securities.
Level 2 –	Prices are determined using other significant observable inputs (including quoted prices for similar securities, interest rates, prepayment speeds, credit risk, etc.).
Level 3 –	Prices are determined using significant unobservable inputs (including management’s assumptions in determining the fair value of investments).

Nuveen Investments 49

Notes to Financial Statements (continued)

The inputs or methodologies used for valuing securities are not an indication of the risks associated with investing in those securities. The following is a summary of each Fund’s fair value measurements as of the end of the reporting period:

Large Cap Growth Opportunities	Level 1		Level 2		Level 3			Total
Long-Term Investments*:
Common Stocks	$	575,305,383	$	—	$	—		$	575,305,383
Investments Purchased with Collateral from Securities Lending		129,448,489		—		—			129,448,489
Short-Term Investments:
Money Market Funds		9,005,514		—		—			9,005,514
Total	$	713,759,386	$	—	$	—		$	713,759,386
Mid Cap Growth Opportunities	Level 1		Level 2		Level 3			Total
Long-Term Investments*:
Common Stocks	$	1,091,163,532	$	—	$	—		$	1,091,163,532
Investments Purchased with Collateral from Securities Lending		437,237,097		—		—			437,237,097
Short-Term Investments:
Money Market Funds		18,568,578		—		—			18,568,578
Total	$	1,546,969,207	$	—	$	—		$	1,546,969,207
Small Cap Growth Opportunities	Level 1		Level 2		Level 3			Total
Long-Term Investments*:
Common Stocks	$	84,827,069	$	—	$	—	**	$	84,827,069
Investments Purchased with Collateral from Securities Lending		32,580,502		—		—			32,580,502
Short-Term Investments:
Money Market Funds		3,524,585		—		—			3,524,585
Total	$	120,932,156	$	—	$	—	**	$	120,932,156

* Refer to the Fund’s Portfolio of Investments for industry classifications.

** Level 3 security has a market value of zero. Refer to the Fund’s Portfolio of Investments for security classified as Level 3.

The Nuveen funds’ Board of Directors/Trustees is responsible for the valuation process and has delegated the oversight of the daily valuation process to the Adviser’s Valuation Committee. The Valuation Committee, pursuant to the valuation policies and procedures adopted by the Board of Directors/Trustees, is responsible for making fair value determinations, evaluating the effectiveness of the funds’ pricing policies, and reporting to the Board of Directors/Trustees. The Valuation Committee is aided in its efforts by the Adviser’s dedicated Securities Valuation Team, which is responsible for administering the daily valuation process and applying fair value methodologies as approved by the Valuation Committee. When determining the reliability of independent pricing services for investments owned by the funds, the Valuation Committee, among other things, conducts due diligence reviews of the pricing services and monitors the quality of security prices received through various testing reports conducted by the Securities Valuation Team.

The Valuation Committee will consider pricing methodologies it deems relevant and appropriate when making fair value determinations. Examples of possible methodologies include, but are not limited to, multiple of earnings; discount from market of a similar freely traded security; discounted cash-flow analysis; book value or a multiple thereof; risk premium/yield analysis; yield to maturity; and/or fundamental investment analysis. The Valuation Committee will also consider factors it deems relevant and appropriate in light of the facts and circumstances. Examples of possible factors include, but are not limited to, the type of security; the issuer’s financial statements; the purchase price of the security; the discount from market value of unrestricted securities of the same class at the time of purchase; analysts’ research and observations from financial institutions; information regarding any transactions or offers with respect to the security; the existence of merger proposals or tender offers affecting the security; the price and extent of public trading in similar securities of the issuer or comparable companies; and the existence of a shelf registration for restricted securities.

For each portfolio security that has been fair valued pursuant to the policies adopted by the Board of Directors/Trustees, the fair value price is compared against the last available and next available market quotations. The Valuation Committee reviews the results of such testing and fair valuation occurrences are reported to the Board of Directors/Trustees.

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 fiscal year ended October 31, 2012.

50 Nuveen Investments

4. Fund Shares

Transactions in Fund shares were as follows:

	Large Cap Growth Opportunities
	Year Ended 10/31/12						Year Ended 10/31/11
	Shares			Amount			Shares			Amount
Shares sold:
Class A		1,977,056		$	67,022,340			1,030,651		$	34,137,022
Class B		2,060			64,799			5,871			178,105
Class C		144,538			4,470,537			136,693			4,197,857
Class R3		243,928			7,858,765			97,634			3,261,354
Class I		3,476,160			120,493,790			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		5,050			146,968			—			—
Class I		215,508			6,637,635			—			—
		6,181,478			210,135,902			3,510,024			117,946,299
Shares redeemed:
Class A		(707,801	)		(23,866,671	)		(648,075	)		(21,533,002	)
Class B		(37,567	)		(1,150,978	)		(50,698	)		(1,544,574	)
Class C		(51,770	)		(1,610,482	)		(29,628	)		(911,615	)
Class R3		(66,117	)		(2,157,862	)		(16,584	)		(534,485	)
Class I		(4,672,394	)		(164,546,906	)		(4,263,570	)		(148,356,251	)
Class I – In-Kind		—			—			(2,678,398	)		(86,539,024	)
		(5,535,649	)		(193,332,899	)		(7,686,953	)		(259,418,951	)
Net increase (decrease)		645,829		$	16,803,003			(4,176,929	)	$	(141,472,652	)
	Mid Cap Growth Opportunities
	Year Ended 10/31/12						Year Ended 10/31/11
	Shares			Amount			Shares			Amount
Shares sold:
Class A		1,876,175		$	78,271,691			1,758,690		$	73,910,507
Class B		1,177			41,138			1,906			68,527
Class C		137,723			5,238,734			70,600			2,674,150
Class R3		536,070			21,615,530			514,920			21,199,623
Class I		3,677,764			165,430,039			3,994,324			181,804,844
Shares issued to shareholders due to reinvestment of distributions:
Class A		293,603			10,810,446			—			—
Class B		5,239			166,355			—			—
Class C		16,012			534,474			—			—
Class R3		38,238			1,376,941			—			—
Class I		437,404			17,430,562			—			—
		7,019,405			300,915,910			6,340,440			279,657,651
Shares redeemed:
Class A		(1,924,502	)		(80,454,417	)		(2,152,411	)		(91,460,035	)
Class B		(50,297	)		(1,825,565	)		(55,374	)		(2,033,061	)
Class C		(65,179	)		(2,450,815	)		(87,325	)		(3,307,929	)
Class R3		(496,726	)		(20,010,287	)		(575,859	)		(23,989,967	)
Class I		(4,255,206	)		(191,006,284	)		(5,002,958	)		(228,179,462	)
Class I – In-Kind		—			—			(7,424,395	)		(320,656,806	)
		(6,791,910	)		(295,747,368	)		(15,298,322	)		(669,627,260	)
Net increase (decrease)		227,495		$	5,168,542			(8,957,882	)	$	(389,969,609	)

Nuveen Investments 51

Notes to Financial Statements (continued)

	Small Cap Growth Opportunities
	Year Ended 10/31/12						Year Ended 10/31/11
	Shares			Amount			Shares			Amount
Shares sold:
Class A		181,562		$	3,953,207			281,619		$	6,049,377
Class B		271			4,858			2,154			39,844
Class C		10,821			213,237			13,293			264,550
Class R3		40,793			861,003			61,642			1,261,846
Class I		301,530			7,000,755			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		1,836			34,697			—			—
Class I		12,551			261,310			—			—
		577,560			12,866,360			1,309,248			29,550,383
Shares redeemed:
Class A		(318,800	)		(6,900,577	)		(583,516	)		(12,808,551	)
Class B		(47,582	)		(893,732	)		(43,903	)		(811,714	)
Class C		(13,576	)		(259,174	)		(21,496	)		(428,292	)
Class R3		(44,038	)		(923,620	)		(61,745	)		(1,292,506	)
Class I		(1,123,082	)		(25,982,927	)		(2,956,187	)		(66,197,552	)
Class I – In-Kind		—			—			(1,983,052	)		(46,264,595	)
		(1,547,078	)		(34,960,030	)		(5,649,899	)		(127,803,210	)
Net increase (decrease)		(969,518	)	$	(22,093,670	)		(4,340,651	)	$	(98,252,827	)

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 fiscal year ended October 31, 2012 and fiscal year ended October 31, 2011, were as follows:

Fund	Year Ended 10/31/12		Year Ended 10/31/11
Large Cap Growth Opportunities		50,367		29,920
Mid Cap Growth Opportunities		36,727		28,096
Small Cap Growth Opportunities		54,323		33,211

5. Investment Transactions

Purchases and sales (excluding investments purchased with collateral from securities lending and short-term investments) during the fiscal year ended October 31, 2012, were as follows:

	Large Cap Growth Opportunities		Mid Cap Growth Opportunities		Small Cap Growth Opportunities
Purchases	$	414,309,438	$	1,239,320,946	$	114,285,082
Sales		411,032,393		1,290,155,589		139,171,862

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.

52 Nuveen Investments

At October 31, 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	$	567,286,128		$	1,355,238,083		$	115,848,219
Gross unrealized:
Appreciation	$	149,137,863		$	210,133,760		$	10,201,395
Depreciation		(2,664,605	)		(18,402,636	)		(5,117,458	)
Net unrealized appreciation (depreciation) of investments	$	146,473,258		$	191,731,124		$	5,083,937

Permanent differences, primarily due to net operating losses, tax equalization, real estate investment trust (“REIT”) adjustments and investments in partnerships, resulted in reclassifications among the Funds’ components of net assets at October 31, 2012, the Funds’ tax year end, as follows:

	Large Cap Growth Opportunities			Mid Cap Growth Opportunities			Small Cap Growth Opportunities
Capital paid-in	$	107,668		$	335,586		$	284,829
Undistributed (Over-distribution of) net investment income		—			378,798			847,550
Accumulated net realized gain (loss)		(107,668	)		(714,384	)		(1,132,379	)

The tax components of undistributed net ordinary income and net long-term capital gains at October 31, 2012, the Funds’ tax year end, were as follows:

	Large Cap Growth Opportunities		Mid Cap Growth Opportunities		Small Cap Growth Opportunities
Undistributed net ordinary income*	$	—	$	—	$	1,926,567
Undistributed net long-term capital gains		6,623,309		77,350,795		5,056,464

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

The tax character of distributions paid during the Funds’ tax years ended October 31, 2012 and October 31, 2011, was designated for purposes of the dividends paid deduction as follows:

2012	Large Cap Growth Opportunities		Mid Cap Growth Opportunities		Small Cap Growth Opportunities
Distributions from net ordinary income*	$	—	$	—	$	—
Distributions from net long-term capital gains		18,073,953		38,619,816		1,411,345

2011	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.

On December 22, 2010, the Regulated Investment Company Modernization Act of 2010 (the “Act”) was enacted, which changed various technical rules governing the tax treatment of RICs. The changes are generally effective for taxable years beginning after the date of enactment. One of the more prominent changes addresses capital loss carryforwards. Under the Act, each Fund will be permitted to carry forward capital losses incurred in taxable years beginning after the date of enactment for an unlimited period. However, any losses incurred during those future taxable years will be required to be utilized prior to the losses incurred in pre-enactment taxable years, which carry an expiration date. As a result of this ordering rule, pre-enactment capital loss carryforwards may be more likely to expire unused. Additionally, post-enactment capital loss carryforwards will retain their character as either short-term or long-term capital losses rather than being considered all short-term as permitted under previous regulation.

The Act also contains several provisions aimed at preserving the character of distributions made by a fiscal year RIC during the portion of its taxable year ending after October 31 or December 31, reducing the circumstances under which a RIC might be required to file amended Forms 1099 to restate previously reported distributions.

Nuveen Investments 53

Notes to Financial Statements (continued)

During the Funds’ tax year ended October 31, 2012, there were no post-enactment capital losses generated by any of the Funds.

The Funds have elected to defer losses incurred from November 1, 2011 through October 31, 2012, the Funds’ tax year end, in accordance with federal income tax rules. These losses are treated as having arisen on the first day of the following fiscal year. The following Funds have elected to defer losses as follows:

	Large Cap Growth Opportunities		Mid Cap Growth Opportunities
Post-October capital losses	$	—	$	—
Late-Year ordinary losses		1,088,806		2,289,884

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 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 calculated according to the following schedule:

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 October 31, 2012, the complex-level fee rate for each Fund was as follows:

Fund	Complex-Level Fee Rate
Large Cap Growth Opportunities		.1958	%
Mid Cap Growth Opportunities		.1962
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.

54 Nuveen Investments

The Adviser has contractually agreed to waive fees and/or reimburse 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

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 fiscal year ended October 31, 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 Growth Opportunities		Mid Cap Growth Opportunities		Small Cap Growth Opportunities
Sales charges collected (Unaudited)	$	137,319	$	142,215	$	31,623
Paid to financial intermediaries (Unaudited)		121,611		126,067		27,649

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

During the fiscal year ended October 31, 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 (Unaudited)	$	54,175	$	59,241	$	1,846

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 fiscal year ended October 31, 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 (Unaudited)	$	68,966	$	71,394	$	10,329

Nuveen Investments 55

Notes to Financial Statements (continued)

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

The Distributor also collected and retained CDSC on share redemptions during the fiscal year ended October 31, 2012, as follows:

	Large Cap Growth Opportunities		Mid Cap Growth Opportunities		Small Cap Growth Opportunities
CDSC retained (Unaudited)	$	3,640	$	6,120	$	352

8. New Accounting Pronouncements

Financial Accounting Standards Board (“FASB”) Balance Sheet (Topic 210): Disclosures about Offsetting Assets and Liabilities

In December 2011, the FASB issued Accounting Standards Update (“ASU”) No. 2011-11 (“ASU No. 2011-11”) to enhance disclosures about financial instruments and derivative instruments that are subject to offsetting (“netting”) on the Statement of Assets and Liabilities. This information will enable users of the entity’s financial statements to evaluate the effect or potential effect of netting arrangements on the entity’s financial position. ASU No. 2011-11 is effective prospectively during interim or annual periods beginning on or after January 1, 2013. At this time, management is evaluating the implications of this guidance and the impact it will have to the financial statements amounts and footnote disclosures, if any.

56 Nuveen Investments

Trustees and Officers (Unaudited)

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

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

Name, Birthdate and Address	Position(s) Held with the Funds	Year First Elected or Appointed (1)	Principal Occupation(s) Including other Directorships During Past 5 Years	Number of Portfolios in Fund Complex Overseen by Trustee
Independent Trustees:
Robert P. Bremner 8/22/40 333 W. Wacker Drive Chicago, IL 60606	Chairman of the Board and Trustee	1996	Private Investor and Management Consultant; Treasurer and Director, Humanities Council of Washington, D.C.; Board Member, Independent Directors Council affiliated with the Investment Company Institute.	217
Jack B. Evans 10/22/48 333 W. Wacker Drive Chicago, IL 60606	Trustee	1999	President, The Hall-Perrine Foundation, a private philanthropic corporation (since 1996); Director and Chairman, United Fire Group, a publicly held company; member of the Board of Regents for the State of Iowa University System; Director, Source Media Group; Life Trustee of Coe College and the Iowa College Foundation; formerly, Director, Alliant Energy; formerly, Director, Federal Reserve Bank of Chicago; formerly, President and Chief Operating Officer, SCI Financial Group, Inc., a regional financial services firm.	217
William C. Hunter 3/6/48 333 W. Wacker Drive Chicago, IL 60606	Trustee	2004	Dean Emeritus (since June 30, 2012), formerly, Dean, Tippie College of Business, University of Iowa (2006-2012); Director (since 2004) of Xerox Corporation; Director (since 2005), and President (since July 2012) Beta Gamma Sigma, Inc., The International Honor Society; Director of Wellmark, Inc. (since 2009); formerly, Dean and Distinguished Professor of Finance, School of Business at the University of Connecticut (2003-2006); previously, Senior Vice President and Director of Research at the Federal Reserve Bank of Chicago (1995-2003); formerly, Director (1997-2007), Credit Research Center at George Washington University.	217
David J. Kundert 10/28/42 333 W. Wacker Drive Chicago, IL 60606	Trustee	2005	Director, Northwestern Mutual Wealth Management Company; retired (since 2004) as Chairman, JPMorgan Fleming Asset Management, President and CEO, Banc One Investment Advisors Corporation, and President, One Group Mutual Funds; prior thereto, Executive Vice President, Banc One Corporation and Chairman and CEO, Banc One Investment Management Group; Member, Board of Regents, Luther College; member of the Wisconsin Bar Association; member of Board of Directors, Friends of Boerner Botanical Gardens; member of Board of Directors and Chair of Investment Committee, Greater Milwaukee Foundation.	217
William J. Schneider 9/24/44 333 W. Wacker Drive Chicago, IL 60606	Trustee	1996	Chairman of Miller-Valentine Partners Ltd., a real estate investment company; formerly, Senior Partner and Chief Operating Officer (retired 2004) of Miller-Valentine Group; member, University of Dayton Business School Advisory Council; member, Mid-America Health System Board; formerly, member and chair, Dayton Philharmonic Orchestra Association; formerly, member, Business Advisory Council, Cleveland Federal Reserve Bank.	217
Judith M. Stockdale 12/29/47 333 W. Wacker Drive Chicago, IL 60606	Trustee	1997	Executive Director, Gaylord and Dorothy Donnelley Foundation (since 1994); prior thereto, Executive Director, Great Lakes Protection Fund (1990-1994).	217
Carole E. Stone 6/28/47 333 W. Wacker Drive Chicago, IL 60606	Trustee	2007	Director, Chicago Board Options Exchange (since 2006); Director, C2 Options Exchange, Incorporated (since 2009); formerly, Commissioner, New York State Commission on Public Authority Reform (2005-2010); formerly, Chair, New York Racing Association Oversight Board (2005-2007).	217

Nuveen Investments 57

Trustees and Officers (Unaudited) (continued)

Name, Birthdate and Address	Position(s) Held with the Funds	Year First Elected or Appointed (1)	Principal Occupation(s) During Past Five Years	Number of Portfolios in Fund Complex Overseen by Trustee
Virginia L. Stringer 8/16/44 333 West Wacker Drive Chicago, IL 60606	Trustee	2011	Board Member, Mutual Fund Directors Forum; former governance consultant and non-profit board member; former Owner and President, Strategic Management Resources, Inc. a management consulting firm; former Member, Governing Board, Investment Company Institute’s Independent Directors Council; previously, held several executive positions in general management, marketing and human resources at IBM and The Pillsbury Company; Independent Director, First American Fund Complex (1987-2010) and Chair (1997-2010).	217
Terence J. Toth 9/29/59 333 W. Wacker Drive Chicago, IL 60606	Trustee	2008	Director, Legal & General Investment Management America, Inc. (since 2008); Managing Partner, Promus Capital (since 2008); formerly, CEO and President, Northern Trust Global Investments (2004-2007); Executive Vice President, Quantitative Management & Securities Lending (2000-2004); prior thereto, various positions with Northern Trust Company (since 1994); member: Chicago Fellowship Board (since 2005), Catalyst Schools of Chicago Board (since 2008); Mather Foundation Board (since 2012) and a member of its investment committee; formerly, member: Northern Trust Mutual Funds Board (2005-2007), Northern Trust Global Investments Board (2004-2007), Northern Trust Japan Board (2004-2007), Northern Trust Securities Inc. Board (2003-2007) and Northern Trust Hong Kong Board (1997-2004).	217
Interested Trustee:
John P. Amboian (2) 6/14/61 333 W. Wacker Drive Chicago, IL 60606	Trustee	2008	Chief Executive Officer and Chairman (since 2007) and Director (since 1999) of Nuveen Investments, Inc., formerly, President (1999-2007); Chief Executive Officer (since 2007) of Nuveen Investments Advisers Inc.; Director (since 1998) formerly, Chief Executive Officer (2007-2010) of Nuveen Fund Advisors, Inc.	217
Name, Birthdate and Address	Position(s) Held with the Funds	Year First Elected or Appointed (3)	Principal Occupation(s) During Past 5 Years	Number of Portfolios in Fund Complex Overseen by Officer
Officers of the Funds:
Gifford R. Zimmerman 9/9/56 333 W. Wacker Drive Chicago, IL 60606	Chief Administrative Officer	1988	Managing Director (since 2002), Assistant Secretary of Nuveen Securities, LLC; Managing Director (since 2004) and Assistant Secretary (since 1994) of Nuveen Investments, Inc.; Managing Director (since 2002), Assistant Secretary (since 1997) and Co-General Counsel (since 2011) of Nuveen Fund Advisors, Inc.; Managing Director, Assistant Secretary and Associate General Counsel of Nuveen Asset Management, LLC (since 2011); Managing Director, Associate General Counsel and Assistant Secretary of Symphony Asset Management LLC (since 2003); Vice President and Assistant Secretary of NWQ Investment Management Company, LLC (since 2002), Nuveen Investments Advisers Inc. (since 2002), Santa Barbara Asset Management, LLC (since 2006) and of Winslow Capital Management, LLC, (since 2010); Chief Administrative Officer and Chief Compliance Officer (since 2006) of Nuveen Commodities Asset Management, LLC; Chartered Financial Analyst.	217
Margo L. Cook 4/11/64 333 W. Wacker Drive Chicago, IL 60606	Vice President	2009	Executive Vice President (since 2008) of Nuveen Investments, Inc. and of Nuveen Fund Advisors, Inc. (since 2011); Managing Director – Investment Services of Nuveen Commodities Asset Management, LLC (since August 2011) previously, Head of Institutional Asset Management (2007-2008) of Bear Stearns Asset Management; Head of Institutional Asset Management (1986-2007) of Bank of NY Mellon; Chartered Financial Analyst.	217

58 Nuveen Investments

Name, Birthdate and Address	Position(s) Held with the Funds	Year First Elected or Appointed (3)	Principal Occupation(s) During Past 5 Years	Number of Portfolios in Fund Complex Overseen by Officer
Lorna C. Ferguson 10/24/45 333 W. Wacker Drive Chicago, IL 60606	Vice President	1998	Managing Director (since 2005) of Nuveen Fund Advisors, Inc. and Nuveen Securities, LLC (since 2004).	217
Stephen D. Foy 5/31/54 333 W. Wacker Drive Chicago, IL 60606	Vice President and Controller	1998	Senior Vice President (since 2010), formerly, Vice President (2005-2010) and Funds Controller of Nuveen Securities, LLC; Vice President of Nuveen Fund Advisors, Inc.; Chief Financial Officer of Nuveen Commodities Asset Management, LLC (since 2010); Certified Public Accountant.	217
Scott S. Grace 8/20/70 333 W. Wacker Drive Chicago, IL 60606	Vice President and Treasurer	2009	Managing Director, Corporate Finance & Development, Treasurer (since 2009) of Nuveen Securities, LLC; Managing Director and Treasurer (since 2009) of Nuveen Fund Advisors, Inc., Nuveen Investments Advisers, Inc., Nuveen Investments Holdings Inc. and (since 2011) Nuveen Asset Management, LLC; Vice President and Treasurer of NWQ Investment Management Company, LLC, Tradewinds Global Investors, LLC, Symphony Asset Management LLC and Winslow Capital Management, LLC.; Vice President of Santa Barbara Asset Management, LLC; formerly, Treasurer (2006-2009), Senior Vice President (2008-2009), previously, Vice President (2006-2008) of Janus Capital Group, Inc.; formerly, Senior Associate in Morgan Stanley’s Global Financial Services Group (2000-2003); Chartered Accountant Designation.	217
Walter M. Kelly 2/24/70 333 W. Wacker Drive Chicago, IL 60606	Chief Compliance Officer and Vice President	2003	Senior Vice President (since 2008) and Assistant Secretary (since 2003) of Nuveen Fund Advisors, Inc; Senior Vice President (since 2008) of Nuveen Investments Holdings, Inc; formerly, Senior Vice President (2008-2011) of Nuveen Securities, LLC.	217
Tina M. Lazar 8/27/61 333 W. Wacker Drive Chicago, IL 60606	Vice President	2002	Senior Vice President (since 2010), formerly, Vice President (2005-2010) of Nuveen Fund Advisors, Inc.	217
Name, Birthdate and Address	Position(s) Held with the Funds	Year First Elected or Appointed (3)	Principal Occupation(s) Including other Directorships During Past 5 Years	Number of Portfolios in Fund Complex Overseen by Officer
Kevin J. McCarthy 3/26/66 333 W. Wacker Drive Chicago, IL 60606	Vice President and Secretary	2007	Managing Director and Assistant Secretary (since 2008), formerly, Vice President (2007-2008), Nuveen Securities, LLC; Managing Director (since 2008), Assistant Secretary (since 2007) and Co-General Counsel (since 2011) of Nuveen Fund Advisors, Inc.; Managing Director, Assistant Secretary and Associate General Counsel (since 2011) of Nuveen Asset Management, LLC; Managing Director (since 2008), and Assistant Secretary, Nuveen Investment Holdings, Inc.; Vice President (since 2007) and Assistant Secretary of Nuveen Investments Advisers Inc., NWQ Investment Management Company, LLC, Tradewinds Global Investors LLC, NWQ Holdings, LLC, Symphony Asset Management LLC, Santa Barbara Asset Management, LLC, and of Winslow Capital Management, LLC. (since 2010); Vice President and Secretary (since 2010) of Nuveen Commodities Asset Management, LLC; prior thereto, Partner, Bell, Boyd & Lloyd LLP (1997-2007).	217
Kathleen L. Prudhomme 3/30/53 901 Marquette Avenue Minneapolis, MN 55402	Vice President and Assistant Secretary	2011	Managing Director, Assistant Secretary and Co-General Counsel (since 2011) of Nuveen Fund Advisors, Inc.; Managing Director, Assistant Secretary and Associate General Counsel (since 2011) of Nuveen Asset Management, LLC; Managing Director and Assistant Secretary (since 2011) of Nuveen Securities, LLC; formerly, Deputy General Counsel, FAF Advisors, Inc. (2004-2010).	217

Nuveen Investments 59

Trustees and Officers (Unaudited) (continued)

Name, Birthdate and Address	Position(s) Held with the Funds	Year First Elected or Appointed (3)	Principal Occupation(s) Including other Directorships During Past 5 Years	Number of Portfolios in Fund Complex Overseen by Officer
Jeffery M. Wilson 3/13/56 333 West Wacker Drive Chicago, IL 60606	Vice President	2011	Senior Vice President of Nuveen Securities, LLC (since 2011); formerly, Senior Vice President of FAF Advisors, Inc. (2000-2010).	100

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

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

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

60 Nuveen Investments

Annual Investment Management Agreement Approval Process

(Unaudited)

The Board of Directors (each, a “Board” and each Director, a “Board Member”) of the Funds, including the Board Members who are not parties to the Funds’ advisory or sub-advisory agreements or “interested persons” of any such parties (the “Independent Board Members”), is responsible for approving the advisory agreements (each, an “Investment Management Agreement”) between each Fund and Nuveen Fund Advisors, Inc. (the “Advisor”) and the sub-advisory agreements (each, a “Sub-Advisory Agreement”) between the Advisor and Nuveen Asset Management, LLC (the “Sub-Advisor”) (the Investment Management Agreements and the Sub-Advisory Agreements are referred to collectively as the “Advisory Agreements”) and their periodic continuation. Pursuant to the Investment Company Act of 1940, as amended (the “1940 Act”), the Board is required to consider the continuation of the Advisory Agreements on an annual basis. Accordingly, at an in-person meeting held on May 21-23, 2012 (the “May Meeting”), the Board, including a majority of the Independent Board Members, considered and approved the continuation of the Advisory Agreements for the Funds for an additional one-year period.

In preparation for its considerations at the May Meeting, the Board requested and received extensive materials prepared in connection with the review of the Advisory Agreements. The materials provided a broad range of information regarding the Funds, the Advisor and the Sub-Advisor (the Advisor and the Sub-Advisor are collectively, the “Fund Advisers” and each, a “Fund Adviser”). As described in more detail below, the information provided included, among other things, a review of Fund performance, including Fund investment performance assessments against peer groups and appropriate benchmarks, a comparison of Fund fees and expenses relative to peers, a description and assessment of shareholder service levels for the Funds, a summary of the performance of certain service providers, a review of product initiatives and shareholder communications and an analysis of the Advisor’s profitability with comparisons to comparable peers in the managed fund business. As part of its annual review, the Board also held a separate meeting on April 18-19, 2012, to review the Funds’ investment performance and consider an analysis provided by the Advisor of the Sub-Advisor which generally evaluated the Sub-Advisor’s investment team, investment mandate, organizational structure and history, investment philosophy and process, performance of the applicable Fund, and significant changes to the foregoing. As a result of its review of the materials and discussions, the Board presented the Advisor with questions and the Advisor responded.

The materials and information prepared in connection with the annual review of the Advisory Agreements supplement the information and analysis provided to the Board during the year. In this regard, throughout the year, the Board, acting directly or through its committees, regularly reviews the performance and various services provided by the Advisor and the Sub-Advisor. The Board meets at least quarterly as well as at other times as the need arises. At its quarterly meetings, the Board reviews reports by the Advisor which include, among other things, Fund performance, a review of the investment teams and reports on compliance, regulatory matters and risk management. The Board also meets with key investment personnel managing the Fund portfolios during the year. In October 2011, the Board also created two new standing committees (the Open-end Fund Committee and the Closed-end Fund Committee) to assist the full Board in monitoring and gaining a deeper insight into the distinctive issues and business practices of open-end and closed-end funds.

In addition, the Board continues its program of seeking to have the Board Members or a subset thereof visit each sub-advisor to the Nuveen funds at least once over a multiple year rotation, meeting with key investment and business personnel. Further, an ad hoc committee of the Board visited the then-current transfer agents of the Nuveen funds in 2011 and the audit committee of the Board visited the various pricing agents for the Nuveen funds in January 2012.

The Board considers factors and information that are relevant to its annual consideration of the renewal of the Advisory Agreements at the meetings held throughout the year. Accordingly, the Board considers the information provided and knowledge gained at these meetings when performing its annual review of the Advisory Agreements. The Independent Board Members are assisted throughout the process by independent legal counsel who provided materials describing applicable law and the duties of directors or trustees in reviewing advisory contracts and met with the Independent Board Members in executive sessions without management present. In addition, it is important to recognize that the management arrangements for the Nuveen funds are the result of many years of review and discussion between the Independent Board Members and fund management and that the Board Members’ conclusions may be based, in part, on their consideration of fee arrangements and other factors developed in previous years.

The Board considered all factors it believed relevant with respect to each Fund, including among other factors: (a) the nature, extent and quality of the services provided by the Fund Advisers, (b) the investment performance of the Fund and Fund Advisers, (c) the advisory fees and costs of the services to be provided to the Fund and the profitability of the Fund Advisers, (d) the extent of any economies of scale, (e) any benefits derived by the Fund Advisers from the relationship with the Fund and (f) other factors. Each Board Member may have accorded different weight to the various factors in reaching his or her conclusions with respect to a Fund’s Advisory Agreements. The Independent Board Members did not identify any single factor as all important or controlling. The Independent Board Members’ considerations were instead based on a comprehensive consideration of all the information presented. The principal factors considered by the Board and its conclusions are described below.

A. Nature, Extent and Quality of Services

In considering renewal of the Advisory Agreements, the Independent Board Members considered the nature, extent and quality of the Fund Adviser’s services, including advisory services and the resulting Fund performance and administrative services. The Independent Board Members further considered the overall reputation and capabilities of the Advisor and its affiliates, the commitment of the Advisor to provide high quality service to the Funds, their overall confidence in the Advisor’s integrity and the Advisor’s

Nuveen Investments 61

Annual Investment Management Agreement Approval Process

(Unaudited) (continued)

responsiveness to questions and concerns raised by them. The Independent Board Members reviewed materials outlining, among other things, the Fund Adviser’s organization and business; the types of services that the Fund Adviser or its affiliates provide to the Funds; the performance record of the applicable Fund (as described in further detail below); and any initiatives Nuveen had taken for the applicable fund product line.

In considering advisory services, the Board recognized that the Advisor provides various oversight, administrative, compliance and other services for the Funds and the Sub-Advisor generally provides the portfolio investment management services to the Funds. In reviewing the portfolio management services provided to each Fund, the Board reviewed the materials provided by the Nuveen Investment Services Oversight Team analyzing, among other things, the Sub-Advisor’s investment team and changes thereto, organization and history, assets under management, Fund objectives and mandate, the investment team’s philosophy and strategies in managing the Fund, developments affecting the Sub-Advisor or Fund and Fund performance. The Independent Board Members also reviewed portfolio manager compensation arrangements to evaluate each Fund Adviser’s ability to attract and retain high quality investment personnel, preserve stability, and reward performance but not provide an inappropriate incentive to take undue risks. In addition, the Board considered the Advisor’s execution of its oversight responsibilities over the Sub-Advisor. Given the importance of compliance, the Independent Board Members also considered Nuveen’s compliance program, including the report of the chief compliance officer regarding the Funds’ compliance policies and procedures; the resources dedicated to compliance; and the record of compliance with the policies and procedures.

In addition to advisory services, the Board considered the quality and extent of administrative and other non-investment advisory services the Advisor and its affiliates provide to the Funds, including product management, investment services (such as oversight of investment policies and procedures, risk management, and pricing), fund administration, oversight of service providers, shareholder services and communications, administration of Board relations, regulatory and portfolio compliance and legal support. The Board further recognized Nuveen’s additional investments in personnel, including in compliance and risk management. In reviewing the services provided, the Board also reviewed materials describing various notable initiatives and projects the Advisor performed in connection with the open-end fund product line. These initiatives included efforts to eliminate product overlap through mergers or liquidations; commencement of various new funds; elimination of insurance mandates for various funds; updates in investment policies or guidelines for several funds; and reductions in management fees and expense caps for certain funds.

Based on their review, the Independent Board Members found that, overall, the nature, extent and quality of services provided to the respective Funds under each applicable Advisory Agreement were satisfactory.

B. The Investment Performance of the Funds and Fund Advisers

The Board, including the Independent Board Members, reviewed and considered the performance history of each Fund over various time periods. The Board reviewed, among other things, each Fund’s historic investment performance as well as information comparing the Fund’s performance information with that of other funds (the “Performance Peer Group”) based on data compiled by Nuveen that was provided by an independent provider of mutual fund data and with recognized and/or customized benchmarks (i.e., benchmarks derived from multiple recognized benchmarks).

The Board reviewed reports, including a comprehensive analysis of the Funds’ performance and the applicable investment team. In this regard, the Board reviewed each Fund’s total return information compared to the returns of its Performance Peer Group and recognized and/or customized benchmarks for the quarter, one-, three- and five-year periods ending December 31, 2011, as well as performance information reflecting the first quarter of 2012.

In reviewing performance comparison information, the Independent Board Members recognized that the usefulness of the comparisons of the performance of certain funds with the performance of their respective Performance Peer Group may be limited because the Performance Peer Group may not adequately represent the objectives and strategies of the applicable funds or may be limited in size or number. The Independent Board Members also noted that the investment experience of a particular shareholder in the Nuveen funds will vary depending on when such shareholder invests in the applicable fund, the class held (if multiple classes are offered in a fund) and the performance of the fund (or respective class) during that shareholder’s investment period. In addition, although the performance below reflects the performance results for the time periods ending as of the most recent calendar year end (unless otherwise indicated), the Board also recognized that selecting a different ending time period may derive different results. Furthermore, while the Board is cognizant of the relevant performance of a fund’s peer set and/or benchmark(s), the Board evaluated fund performance in light of the respective fund’s investment objectives, investment parameters and guidelines and recognized that the objectives, investment parameters and guidelines of peers and/or benchmarks may differ to some extent, thereby resulting in differences in performance results. Nevertheless, with respect to any Nuveen funds that the Board considers to have underperformed their peers and/or benchmarks from time to time, the Board monitors such funds closely and considers any steps necessary or appropriate to address such issues.

In considering the results of the comparisons for the Funds, the Independent Board Members observed, among other things, that the Nuveen Mid Cap Growth Opportunities Fund had demonstrated generally favorable performance in comparison to peers, performing in the first or second quartile over various periods. In addition, the Independent Board Members noted that the Nuveen Large Cap Growth Opportunities Fund and the Nuveen Small Cap Growth Opportunities Fund lagged their respective peers somewhat in the short-term one-year period, but demonstrated more favorable performance in the longer three- and/or five-year periods, performing in the first or second quartile.

62 Nuveen Investments

Based on their review, the Independent Board Members determined that each Fund’s investment performance had been satisfactory.

C. Fees, Expenses and Profitability

1. Fees and Expenses

The Board evaluated the management fees and expenses of each Fund reviewing, among other things, such Fund’s gross management fees, net management fees and net expense ratios in absolute terms as well as compared to the fee and expenses of a comparable universe of funds provided by an independent fund data provider (the “Peer Universe”) and to a more focused subset of funds in the Peer Universe (the “Peer Group”) and any expense limitations.

The Independent Board Members further reviewed the methodology regarding the construction of the applicable Peer Universe and Peer Group. In reviewing the comparisons of fee and expense information, the Independent Board Members took into account that in certain instances various factors such as: the limited size and particular composition of the Peer Universe or Peer Group (including the inclusion of other Nuveen funds in the peer set); expense anomalies; changes in the funds comprising the Peer Universe or Peer Group from year to year; levels of reimbursement or fee waivers; and the timing of information used may impact the comparative data, thereby limiting somewhat the ability to make a meaningful comparison with peers.

In reviewing the fee schedule for a Fund, the Independent Board Members also considered the fund-level and complex-wide breakpoint schedules (described in further detail below) and any fee waivers and reimbursements provided by Nuveen. In reviewing fees and expenses, the Board considered the expenses and fees to be higher if they were over 10 basis points higher, slightly higher if they were approximately 6 to 10 basis points higher, in line if they were within approximately 5 basis points higher than the peer average and below if they were below the peer average of the Peer Group. In reviewing the reports, the Board noted that the overwhelming majority of the Nuveen funds were at, close to or below their Peer Group or Peer Universe (if no separate Peer Group) average based on the net total expense ratio.

The Independent Board Members observed that the Funds had slightly higher or higher net management fees than their respective peer averages, but net expense ratios below or in line with their respective peer averages.

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

2. Comparisons with the Fees of Other Clients

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

In considering the fees of the Sub-Advisor, the Independent Board Members also considered the pricing schedule or fees that the Sub-Advisor charges for similar investment management services for other Nuveen funds, funds of other sponsors (if any), and other clients (such as retail and/or institutional managed accounts).

3. Profitability of Fund Advisers

In conjunction with their review of fees, the Independent Board Members also considered the profitability of Nuveen for its advisory activities and its financial condition. The Independent Board Members reviewed the revenues and expenses of Nuveen’s advisory activities for the last two calendar years, the allocation methodology used in preparing the profitability data and an analysis of the key drivers behind the changes in revenues and expenses that impacted profitability in 2011. The Independent Board Members noted this information supplemented the profitability information requested and received during the year to help keep them apprised of developments affecting profitability (such as changes in fee waivers and expense reimbursement commitments). In this regard, the Independent Board Members noted that they have an Independent Board Member serve as a point person to review and keep them apprised of changes to the profitability analysis and/or methodologies during the year. The Independent Board Members also considered Nuveen’s revenues for advisory activities, expenses, and profit margin compared to that of various unaffiliated management firms with comparable assets under management (based on asset size and asset composition).

Nuveen Investments 63

Annual Investment Management Agreement Approval Process

(Unaudited) (continued)

In reviewing profitability, the Independent Board Members recognized the Advisor’s continued investment in its business to enhance its services, including capital improvements to investment technology, updated compliance systems, and additional personnel in compliance, risk management, and product development as well as its ability to allocate resources to various areas of the Advisor as the need arises. In addition, in evaluating profitability, the Independent Board Members also recognized the subjective nature of determining profitability which may be affected by numerous factors including the allocation of expenses. Further, the Independent Board Members recognized the difficulties in making comparisons as the profitability of other advisers generally is not publicly available and the profitability information that is available for certain advisers or management firms may not be representative of the industry and may be affected by, among other things, the adviser’s particular business mix, capital costs, types of funds managed and expense allocations. Notwithstanding the foregoing, the Independent Board Members reviewed Nuveen’s methodology and assumptions for allocating expenses across product lines to determine profitability. In reviewing profitability, the Independent Board Members recognized Nuveen’s investment in its fund business. Based on their review, the Independent Board Members concluded that the Advisor’s level of profitability for its advisory activities was reasonable in light of the services provided.

With respect to sub-advisers affiliated with Nuveen, including the Sub-Advisor, the Independent Board Members reviewed the sub-adviser’s revenues, expenses and profitability margins (pre- and post-tax) for its advisory activities and the methodology used for allocating expenses among the internal sub-advisers. Based on their review, the Independent Board Members were satisfied that the Sub-Advisor’s level of profitability was reasonable in light of the services provided.

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

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

With respect to economies of scale, the Independent Board Members have recognized the potential benefits resulting from the costs of a fund being spread over a larger asset base, although economies of scale are difficult to measure and predict with precision, particularly on a fund-by-fund basis. One method to help ensure the shareholders share in these benefits is to include breakpoints in the advisory fee schedule. Generally, management fees for funds in the Nuveen complex are comprised of a fund-level component and a complex-level component, subject to certain exceptions. Accordingly, the Independent Board Members reviewed and considered the applicable fund-level breakpoints in the advisory fee schedules that reduce advisory fees as asset levels increase.

In addition to fund-level advisory fee breakpoints, the Board also considered the Funds’ complex-wide fee arrangement. Pursuant to the complex-wide fee arrangement, the fees of the funds in the Nuveen complex are generally reduced as the assets in the fund complex reach certain levels. The complex-wide fee arrangement seeks to provide the benefits of economies of scale to fund shareholders when total fund complex assets increase, even if assets of a particular fund are unchanged or have decreased. The approach reflects the notion that some of Nuveen’s costs are attributable to services provided to all its funds in the complex and therefore all funds benefit if these costs are spread over a larger asset base. In addition, with the acquisition of the funds previously advised by FAF Advisors, Inc., the Board noted that a portion of such funds’ assets at the time of acquisition were deemed eligible to be included in the complex-wide fee calculation in order to deliver fee savings to shareholders in the combined complex and such funds were subject to differing complex-level fee rates.

Based on their review, the Independent Board Members concluded that the breakpoint schedules and complex-wide fee arrangement were acceptable and reflect economies of scale to be shared with shareholders when assets under management increase.

E. Indirect Benefits

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

In addition to the above, the Independent Board Members considered whether the Fund Advisers received any benefits from soft dollar arrangements whereby a portion of the commissions paid by a Fund for brokerage may be used to acquire research that may be useful to the Fund Adviser in managing the assets of the Funds and other clients. The Independent Board Members recognized that each Fund Adviser has the authority to pay a higher commission in return for brokerage and research services if it determines in good faith that the commission paid is reasonable in relation to the value of the brokerage and research services provided and may benefit from such soft dollar arrangements. Similarly, the Board recognized that the research received pursuant to soft dollar arrangements by a Fund Adviser may also benefit a Fund and shareholders to the extent the research enhances the ability of the Fund Adviser to manage the Fund. The Independent Board Members noted that the Fund Advisers’ profitability may be somewhat lower if they did not receive the research services pursuant to the soft dollar arrangements and had to acquire such services directly.

64 Nuveen Investments

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

F. Other Considerations

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

Nuveen Investments 65

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.

Gross Domestic Product (GDP): The total market value of all final goods and services produced in a country/region in a given year, equal to total consumer, investment and government spending, plus the value of exports, minus the value of imports.

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 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.

66 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

Long-Term Capital Gain Distributions: The following Funds designate as a long term capital gain dividend, pursuant to Internal Revenue Code Section 852(b)(3), the amounts shown in the accompanying table or, if greater, the amount necessary to reduce earnings and profits of the Funds related to net capital gain to zero for the tax year ended October 31, 2012:

Fund	Long Term Capital Gain Dividend
Nuveen Large Cap Growth Opportunities Fund	$	18,073,953
Nuveen Mid Cap Growth Opportunities Fund		38,677,494
Nuveen Small Cap Growth Opportunities Fund		1,639,107

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 67

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 $220 billion as of September 30, 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

MAN-FCGO-1012P

Mutual Funds

Nuveen Equity Funds

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

Annual Report

October 31, 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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Table of Contents

Chairman’s Letter to Shareholders	4
Portfolio Managers’ Comments	5
Fund Performance and Expense Ratios	15
Holding Summaries	22
Expense Examples	24
Report of Independent Registered Public Accounting Firm	25
Portfolios of Investments	26
Statement of Assets and Liabilities	38
Statement of Operations	39
Statement of Changes in Net Assets	40
Financial Highlights	42
Notes to Financial Statements	48
Trustees and Officers	59
Annual Investment Management Agreement Approval Process	63
Glossary of Terms Used in this Report	70
Additional Fund Information	71

Chairman’s

Letter to Shareholders

Dear Shareholders,

Investors have many reasons to remain cautious. The challenges in the Euro area continue to cast 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. Despite strong action by the European Central Bank, member nations appear unwilling to surrender sufficient sovereignty to unify the Euro area financial system or strengthen its banks. 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 is running out.

In the U.S., the extended period of increasing corporate earnings that enabled the equity markets to withstand the downward pressures coming from weakening job creation and slower economic growth appears to be coming to an end. The Fed remains committed to low interest rates and announced a third phase of quantitative easing (QE3) scheduled to continue until mid-2015. The recent election results have removed a major element of uncertainty in the U.S. political picture, but it remains to be seen whether the outcome will reduce the highly partisan atmosphere in Congress and enable progress on the many pressing fiscal and budgetary issues that must be resolved in the coming months.

During the last twelve months, U.S. investors have experienced a solid recovery in the domestic equity markets with increasing volatility as the “fiscal cliff” approaches. 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 Fund 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

December 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 economic and equity market conditions, key investment strategies and the Funds’ performance for the twelve-month period ended October 31, 2012.

What factors affected the U.S. economy and the equity market environments during the twelve-month reporting period ended October 31, 2012?

During this period, the U.S. economy’s progress toward recovery from recession continued at a moderate pace. In the third quarter 2012, the U.S. economy, as measured by the U.S. gross domestic product (GDP), grew at an annualized rate of 2.7%, up from 1.3% in the second quarter, marking 13 consecutive quarters of positive growth. The Consumer Price Index (CPI) rose 2.2% year-over-year as of October 2012, while the core CPI (which excludes food and energy) increased 2.0% during the period, staying just within the Fed’s unofficial objective of 2.0% or lower for this inflation measure. As of November 2012, (subsequent to this reporting period), the national unemployment rate was 7.7%, the lowest unemployment rate since December 2008 and below the 8.7% level recorded in November 2011. The slight decrease in unemployment rate from 7.9% in October 2012 was primarily due to workers who are no longer counted as part of the workforce. The housing market, long a major weak spot in the economic recovery, showed signs of a turnaround as existing home sales and residential construction indicators improved and home prices rose modestly. According to the S&P/Case-Shiller Index of 20 major metropolitan areas, the average home price rose 3.0% for the twelve months ended September 2012 (the most recent data available at the time this report was prepared). This

Nuveen Investments 5

marked the largest annual percentage gain for the index since July 2010, although housing prices continued to be off approximately 30% from their mid-2006 peak.

The Federal Reserve (Fed) maintained its efforts to improve the overall economic environment by continuing to hold the benchmark fed funds rate at the record low level of zero to 0.25% set in December 2008. Subsequent to the reporting period, the central bank decided during its December 2012 meeting to keep the fed funds rate at “exceptionally low levels” until either the unemployment rate reaches 6.5% or expected inflation goes above 2.5%. The Fed also affirmed its decision, announced in September 2012, to purchase $40 billion of mortgage-backed securities each month in an effort to stimulate the housing market. In addition to this new, open-ended stimulus program, the Fed plans to continue its program to extend the average maturity of its holdings of U.S. Treasury securities through the end of December 2012. The goals of these actions, which together will increase the Fed’s holdings of longer term securities by approximately $85 billion a month through the end of the year, are to put downward pressure on longer term interest rates, make broader financial conditions more accommodative and support a stronger economic recovery as well as continued progress toward the Fed’s mandates of maximum employment and price stability. However, the outlook for the U.S. economy remained clouded by uncertainty regarding the impending “fiscal cliff”, the combination of tax increases and spending cuts scheduled to take effect beginning in January 2013, and the potential impact on the economy.

Domestic and international equity markets were buffeted by concerns about the tepid U.S. economic recovery, the seemingly unending European debt crisis and a broader slowdown in global growth, particularly in China. In addition to the bold monetary policy moves made by the Fed, the European Central Bank (ECB) pledged to do “whatever it takes” to preserve the euro. The ECB unveiled the Outright Monetary Transactions plan, a conditional yet unlimited bond purchase program designed to ensure that financing is available to European governments who are willing to agree to certain fiscal and structural measures.

As these combined actions helped reduce fears, U.S. and overseas equity markets surprised many investors by rallying steadily later in the period. Broad U.S. stock market indexes approached their all-time highs, posting strong double-digit returns for the period as a whole. Large-cap U.S. stocks led the market with a 15.21% one-year return as of October 31, 2012, as measured by the S&P 500^® Index, reaching a level not seen since May of 2008. Domestic small- and mid-cap stocks also produced strong returns of 12.08% and 12.15% during the fiscal year period, as measured by the Russell 2000^® and the Russell Midcap^® Indexes, respectively. Across all market cap segments, the best-performing areas of the U.S. equity market during the year included the health care, financial and consumer discretionary sectors. Energy was the biggest laggard across the board, while technology stocks also underperformed, particularly in the smaller capitalization ranges. Meanwhile, the steps taken in Europe to reduce financial risk helped overseas markets recover some of their losses from the summer months. Developed markets fared better than emerging markets, posting a 12-month return of 5.15% according to the MSCI EAFE Index, which tracks the performance of stocks from markets in Europe, Australasia and the Far East. Emerging markets never fully recovered after their dramatic sell-off in 2011, ending the fiscal year period with a 2.63% return, as measured by the MSCI Emerging Markets Index.

6 Nuveen Investments

Nuveen Large Cap Select Fund

How did the Fund perform during the twelve-month period ended October 31, 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 one-year, five-year and since inception periods ended October 31, 2012. The Fund’s Class A Shares at net asset value (NAV) outperformed the Lipper classification average, but underperformed the S&P 500^® Index during the twelve-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 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 most of this time frame, the portfolio emphasized domestic cyclical stocks and sectors that appeared to have solid fundamentals and attractive valuations in the face of a global growth slowdown. 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 advanced overall during the reporting period and was led by the financials, consumer discretionary and telecommunications sectors. All three of these segments within the S&P 500^® Index gained more than 20% over the reporting period. Meanwhile, the more global cyclical areas such as basic materials, energy and industrials were the worst performers in the benchmark. These areas were weighed down by global growth concerns and an emerging market slowdown. The Fund’s performance versus its Lipper peers benefited from its overweight to the strongly performing financial sector as well as stock selection in financials, technology and the housing-related area of consumer discretionary. However, the Fund underperformed the S&P 500^® Index based on negative stock selection in the retail segment of consumer discretionary as well as the energy, technology software and health care sectors. The fiscal year was a difficult period for active managers in general as the market continued to be driven by macro events that positively and negatively impacted economic growth.

In financials, we were rewarded for increasing the Fund’s overweight during the period as the sector was the top performer in the S&P 500^® Index. Financials benefited as their credit quality and capital improved, the situation in Europe appeared to stabilize and the stocks continued to sell at very low valuations versus their history and the market. Bank of America Corporation, a large diversified financial company that we bought later in the period, turned in particularly strong results. The company was attractive based on recent improvements to its capital and credit, its potential for significant cost-cutting

Nuveen Investments 7

opportunities and its valuation, which was below tangible book value. Improving housing market conditions also helped propel the stock price during the period as the firm writes and owns a significant number of mortgages.

Stock selection in the technology hardware sector also provided strong performance for the Fund during the reporting period. Results benefited from our continued emphasis on companies focused on new technology such as smartphones and cloud computing and avoidance of old technology such as personal computers. In particular, Apple, Inc. performed exceptionally well and was also the Fund’s largest holding over the fiscal year. This leading manufacturer of smartphones, desktop and portable computing devices benefited from the introduction of its new iPad and the next generation iPhone. Apple’s product and geographic expansion allowed it to gain meaningful and profitable market share in the computing devices market. While the Fund remained overweight in Apple versus the S&P 500^® Index at period end, we did sell some of its shares to realize profits. In addition, the Fund’s lack of ownership in personal computer-related stocks such as Dell Inc. and Hewlett-Packard Co. was beneficial. These larger weights in the index performed poorly as PCs continued to lose market share to tablets and smartphones.

Performance was also aided by our security selection in the housing-related area of consumer discretionary. Several of the Fund’s standouts included: home improvement retailer Home Depot, Inc.; appliance manufacturer Whirlpool Corporation; and home builder D.R. Horton. These companies benefited as a number of positive housing indicators were released as the period progressed. While we continue to own Home Depot and Whirlpool, we sold the Fund’s position in D.R. Horton as it attained our valuation target during the period.

Conversely, in the retail area of consumer discretionary, we owned two turnaround companies in the Fund that did not perform well. Electronics retailer Best Buy Company Inc. had been adjusting its business to offset competition from online retailers by closing underperforming stores, reformatting existing stores, introducing new mobile stores and improving pricing. However, its stock price was not rewarded for these changes during the fiscal year. Office supply store Staples, Inc. continued to be hindered by lower demand for its products in a slow growth environment for employment and small businesses. We sold our Best Buy position during the period. We continued to hold the Fund’s shares of Staples as we believe the company’s significant free cash flow will give it the financial wherewithal to improve the company’s standing going forward.

In the energy sector, the Fund experienced widespread weakness among its holdings, which generally exhibited superior production profiles relative to the industry. Concerns surrounding global growth and lower oil prices during the year led these stocks to underperform the more stable, integrated oil companies that the Fund did not own.

Although our technology hardware names performed well, our stock selection in the technology software and services sector was detrimental to relative performance during the reporting period. Shares of electronics payment provider VeriFone Holdings Inc. fell after its revenue growth in the summer quarter did not meet expectations. The company had increased competition from mobile payment providers, which is negatively impacting growth expectations. While mobile payments are a small piece of the electronics payment

8 Nuveen Investments

industry, they are becoming more visible and growing. As a result, we sold the Fund’s position in VeriFone during the period. Also, the Fund did not own Microsoft Corporation, a large weight in the index, which performed reasonably well over this time frame with a variety of new products hitting the marketplace.

Finally, the health care sector detracted from relative results as the Fund’s holdings in health maintenance organizations (HMOs) fell short of expectations. In particular, Humana Inc. underperformed because of increased medical costs as more people are getting back to work and using health care services. We sold the Fund’s position in Humana during the fiscal year.

In the final months of the fiscal year, U.S. economic data was better than expected, including improvements in housing and employment and consumer confidence at a five-year high. It also appeared as if economic growth in China bottomed out toward the end of the reporting period and conditions there appeared to be improving. Therefore, we continued to maintain a cyclical positioning to the Fund’s portfolio with overweight positions in financials, consumer discretionary and basic materials. The Fund is underweight in the more stable areas of consumer staples, telecommunications and electric utilities.

Nuveen Mid Cap Select Fund

How did the Fund perform during the twelve-month period ended October 31, 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 one-year, five-year and ten-year periods ended October 31, 2012. The Fund’s Class A Shares at net asset value (NAV) underperformed both the Russell Midcap^® Index and the Lipper classification average during the twelve-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 $520 million and $17.9 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.

During the reporting period, the U.S. economic picture generally improved and the unemployment rate declined. As the job and housing markets showed signs of improvement, the Fund benefited from overweight positions in consumer-sensitive

Nuveen Investments 9

sectors like consumer discretionary, retail and housing while underweighting the more stable consumer areas like food products. The Fund posted strong gains from several of these consumer-related stocks including Foot Locker, Inc., Jarden Corporation and Whirlpool Corporation during the period. In the retail area, 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. Jarden, a manufacturer of a variety of outdoor products and consumer goods, advanced as consumers increased their spending on leisure items. In addition, appliance manufacturer Whirlpool performed well as positive housing market indicators increased during the reporting period.

The Fund also experienced continued success from its overweight and strong stock selection within the small-cap market segment. For example, the Fund was rewarded for its position in CNO Financial Group Inc., which develops and administers a variety of retirement and health care-related insurance products to the middle market segment. CNO Financial’s stock price advanced during the period as the company continued to make progress with restructuring efforts. Also in the small-cap space, we purchased shares of Aruba Networks Inc. at a favorable price and its stock price subsequently rose in late summer after U.S. economic data started to show more improvement. Aruba Networks, a provider of cloud computing solutions for mobile devices, benefited from the continued rapid growth in the wireless market. We sold the Fund’s position in this stock as it attained our price target.

The Fund also benefitted 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 enhanced Fund performance.

The Fund’s overweight and stock selection in the technology hardware and software sectors generally hurt relative results as these industries failed to participate fully in the market advance during the period. The market continued to move toward companies focused on new technology such as smartphones and cloud computing while avoiding old technology such as personal computers. In the telecommunications industry, equipment provider Polycom Inc. saw its share price fall after the company did not meet earnings expectations and investors feared it was losing market share to its largest competitor. Also, the timing of our ownership in Red Hat Inc. was detrimental to the Fund’s performance as the company’s growth potential did not expand after our purchase. Red Hat develops and supports cloud-based software solutions for enterprises.

Despite the market’s strong advance over the fiscal year, the Fund’s overweight position in higher beta stocks hindered results as these stocks generally underperformed. Holdings such as Vocus, Inc., an online software-as-a-service company, underperformed during the period. Although Vocus is in a growing segment, its share prices declined after it provided disappointing guidance while also announcing the strategic acquisition of iContact. Also, global financial trading firm Knight Capital Group Inc. had a stock price decline during the reporting period after a trading system malfunction.

In the final months of the fiscal year, U.S. economic data was better than expected, including improvements in housing and employment as well as consumer confidence at a five-year high. It also appeared as if economic growth in China bottomed out toward the

10 Nuveen Investments

end of the reporting period and conditions there appeared to be improving. Given the economic uncertainty in the U.S. and Europe, we are keeping the Fund’s sector weights and beta close to its Russell benchmark and allowing stock selection to drive performance.

Nuveen Small Cap Select Fund

How did the Fund perform during the twelve-month period ended October 31, 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 one-year, five-year and ten-year periods ended October 31, 2012. The Fund’s Class A Shares at net asset value (NAV) outperformed the Lipper classification average, but underperformed the Russell 2000^® Index during the twelve-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 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.

The Fund experienced widespread strength across all market sectors except for technology during the period, with particularly strong stock selection in industrials, consumer discretionary, consumer staples, health care and financials. In industrials, the share price of United Rentals Inc. made strong gains. The company rents light and heavy equipment to customers in the manufacturing and construction industries. After we purchased United Rentals at an attractive price in 2011, its business improved as companies opted to rent equipment instead of making capital equipment purchases during the uncertain economy. This positive secular trend, along with a merger with its largest competitor, propelled the stock price. We sold the Fund’s position in United Rentals as it reached our price target. The Fund also saw widespread strength in the machinery industry as a number of holdings executed well including: compressor and equipment producer Robbins & Myers, Inc.; hydraulic and electrical tools producer Actuant Corporation; utility power monitoring company ESCO Technologies Inc.; and power transmission and motion control products supplier Altra Industrial Motion, Inc. The Fund still holds its position in ESCO and Altra but sold the other positions based on valuation.

Outperformance in the consumer discretionary was led by hotel company Gaylord Entertainment Company, which runs several large properties that cater to businesses and conventions. After share prices declined in 2011 due to economic growth concerns, Gaylord’s stock price increased significantly as travel and entertainment bookings improved and the company’s profitability and efficiency increased. More recently, the company benefited from its reorganization as a REIT (Real Estate Investment Trust), which unlocked additional value for shareholders. This position was sold during the period. Also, several of the Fund’s apparel retailers performed well, including significant advances by

Nuveen Investments 11

clothing conglomerate Ascena Retail Group Inc., women’s clothing retailer Ann Inc. and teen retailer Zumiez, Inc. Each of these companies offers a unique brand that is well targeted.

In consumer staples, the Fund benefited from its exposure to the consumer trend toward natural and organic foods. Share prices of Smart Balance Inc. rose over the period as its natural and organic products were well received by consumers. The company also broadened distribution to more major grocery store chains while it successfully diversified into gluten-free products. Similarly, Hain Celestial Group Inc., a more diversified natural and organic company, also advanced due to increasing consumer demand for its products. This position was sold during the period.

Favorable stock selection in health care was mostly driven by ZOLL Medical Corporation, which designs and manufactures cardiac resuscitation devices. The company continued to post strong operating performance as it successfully rolled out new products, resulting in its acquisition by a Japanese company for a significant premium. Also, medical device company Endologix, Inc. was a solid performer as it released a new stent that was well received by the marketplace. We sold the Fund’s position in Endologix after its stock price increased significantly.

Results were mixed in the financial sector. The Fund benefited from a fairly large position in Delphi Financial Group, Inc., a firm focused on employer’s compensation and life insurance, which was acquired by a Japanese insurance company for a significant premium. Unfortunately, the gains from this holding were partially offset by the Fund’s ownership in global financial trading firm Knight Capital Group Inc., which had a stock price decline during the reporting period after a trading system malfunction.

The technology sector provided disappointing results during the reporting period, leading to the Fund’s underperformance. The Fund was positioned for a better economic backdrop with an overweight in the semiconductor and hardware industries, the two areas that dramatically underperformed. In the economically sensitive semiconductor industry, we thought stocks looked well positioned to have a strong year given their compelling valuations. However, as economies slowed in the U.S., Europe and China, RF Micro Devices, Inc. and International Rectifier Corporation were negatively impacted. RF Micro, a global provider of radio frequency components serving the leading cell phone equipment manufacturers, declined due to a slowdown of phone sales in China. Based on our concerns regarding the company’s positioning in an increasingly competitive market, we eliminated this position. International Rectifier, a power management semiconductor manufacturer that serves a broad array of end markets and applications, also declined due to the slowdown in China. However, the Fund continued to hold International Rectifier as we believe the company has taken steps to effectively manage the prolonged downturn in the semiconductor environment. Elsewhere in technology, telecommunications service providers did not spend as we expected they would, leading to weakness among the Fund’s communication equipment vendors: Polycom Inc., ADTRAN, Inc. and Finisar Corporation. We sold Polycom, ADTRAN and Finisar as we believed these companies became less competitive in their product offerings. We added and later sold a different telecomm equipment vendor, JDS Uniphase Corporation. This company participates in the optical components part of the network and benefited from a broad uptick in capital expenditures.

12 Nuveen Investments

We also utilized equity futures contracts as part of the management of the Fund. During the period, the Fund had purchased Russell 2000^® e-mini index futures to efficiently gain market exposure to a broad base of equity securities in order to manage cash flow activity and minimized tracking error to the Fund’s benchmark index. These contracts were closed during the reporting period.

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 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 six 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 and/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 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 October 31, 2012

	Average Annual
	1-Year		5-Year		Since Inception*
Class A Shares at NAV		14.41%		-1.57%		5.85%
Class A Shares at maximum Offering Price		7.79%		-2.73%		5.21%
S&P 500® Index**		15.21%		0.36%		7.42%
Lipper Large-Cap Core Funds Classification Average**		13.16%		-0.63%		6.77%
Class C Shares		13.65%		-2.34%		5.03%
Class R3 Shares		14.15%		-1.81%		5.60%
Class I Shares		14.79%		-1.31%		6.12%

Average Annual Total Returns as of September 30, 2012 (Most Recent Calendar Quarter)

	Average Annual
	1-Year		5-Year		Since Inception*
Class A Shares at NAV		31.18%		-0.95%		6.07%
Class A Shares at maximum Offering Price		23.68%		-2.11%		5.43%
Class C Shares		30.18%		-1.73%		5.25%
Class R3 Shares		30.87%		-1.18%		5.83%
Class I Shares		31.53%		-0.69%		6.34%

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%

* 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.

16 Nuveen Investments

Growth of an Assumed $10,000 Investment as of October 31, 2012 – Class A Shares

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

Nuveen Investments 17

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 October 31, 2012

	Average Annual
	1-Year		5-Year		10-Year
Class A Shares at NAV		8.65%		-0.59%		7.38%
Class A Shares at maximum Offering Price		2.39%		-1.76%		6.74%
Russell Midcap® Index*		12.15%		1.70%		10.52%
Lipper Mid-Cap Core Funds Classification Average*		10.32%		0.43%		8.61%
Class C Shares		7.93%		-1.33%		6.59%
Class I Shares		8.98%		-0.35%		7.65%

Average Annual Total Returns as of September 30, 2012 (Most Recent Calendar Quarter)

	Average Annual
	1-Year		5-Year		10-Year
Class A Shares at NAV		26.08%		0.04%		9.39%
Class A Shares at maximum Offering Price		18.80%		-1.13%		8.74%
Class C Shares		25.10%		-0.70%		8.58%
Class I Shares		26.44%		0.31%		9.66%

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 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 Fund’s investment adviser has contractually agreed to waive fees and/or reimburse 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 1.41%, 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.

* 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

Growth of an Assumed $10,000 Investment as of October 31, 2012 – Class A Shares

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

Nuveen Investments 19

Fund Performance and Expense Ratios(continued)

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 October 31, 2012

	Average Annual
	1-Year		5-Year		10-Year
Class A Shares at NAV		11.62%		1.13%		9.27%
Class A Shares at maximum Offering Price		5.19%		-0.06%		8.62%
Russell 2000® Index*		12.08%		1.19%		9.58%
Lipper Small-Cap Core Funds Classification Average*		10.44%		0.96%		9.26%
Class B Shares w/o CDSC		10.88%		0.39%		8.46%
Class B Shares w/CDSC		5.88%		0.21%		8.46%
Class C Shares		10.81%		0.38%		8.45%
Class R3 Shares		11.42%		0.89%		9.05%
Class I Shares		12.01%		1.39%		9.55%

Average Annual Total Returns as of September 30, 2012 (Most Recent Calendar Quarter)

	Average Annual
	1-Year		5-Year		10-Year
Class A Shares at NAV		34.65%		2.49%		10.39%
Class A Shares at maximum Offering Price		26.92%		1.28%		9.74%
Class B Shares w/o CDSC		33.83%		1.73%		9.56%
Class B Shares w/CDSC		28.83%		1.54%		9.56%
Class C Shares		33.70%		1.73%		9.56%
Class R3 Shares		34.49%		2.25%		10.17%
Class I Shares		35.13%		2.76%		10.66%

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 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%

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

20 Nuveen Investments

Growth of an Assumed $10,000 Investment as of October 31, 2012 – Class A Shares

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

Nuveen Investments 21

Holding Summaries as of October 31, 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

Fund Allocation¹

Common Stocks	97.5%
Short-Term Investments	3.2%
Other2	(0.7)%

Nuveen Mid Cap Select Fund

Fund Allocation¹

Common Stocks	97.5%
Short-Term Investments	3.0%
Other2	(0.5)%

Portfolio Composition1
Diversified Financial Services	8.8%
Oil, Gas & Consumable Fuels	7.6%
Pharmaceuticals	6.9%
Machinery	5.6%
Commercial Banks	4.8%
Computers & Peripherals	4.3%
Chemicals	4.1%
Energy Equipment & Services	4.0%
Consumer Finance	4.0%
Specialty Retail	3.9%
Insurance	3.0%
Household Durables	2.9%
IT Services	2.9%
Multiline Retail	2.7%
Diversified Telecommunication Services	2.5%
Internet Software & Services	2.5%
Food Products	2.2%
Health Care Equipment & Supplies	2.1%
Electrical Equipment	2.0%
Short-Term Investments	3.2%
Other3	20.0%

Portfolio Composition1
Specialty Retail	7.1%
Machinery	6.5%
Real Estate Investment Trust	6.3%
Chemicals	5.7%
Commercial Banks	5.3%
Consumer Finance	5.0%
Health Care Equipment & Supplies	4.8%
Insurance	4.6%
Software	4.5%
Oil, Gas & Consumable Fuels	4.2%
Electrical Equipment	3.5%
Semiconductors & Equipment	3.1%
Household Durables	2.7%
Biotechnology	2.6%
Electric Utilities	2.5%
Communications Equipment	2.4%
Energy Equipment & Services	2.3%
Commercial Services & Supplies	2.3%
Leisure Equipment & Products	2.0%
Gas Utilities	2.0%
Short-Term Investments	3.0%
Other3	17.6%

Top Five Common Stock Holdings1
Apple, Inc.	4.3%
Pfizer Inc.	3.4%
Citigroup Inc.	3.2%
Bank of America Corporation	2.9%
JPMorgan Chase & Co.	2.7%

Top Five Common Stock Holdings1
SLM Corporation	1.9%
Maxim Integrated Products, Inc.	1.8%
Fifth Third Bancorp.	1.7%
Eaton Corporation	1.6%
Whirlpool Corporation	1.6%

1 As a percentage of net assets. Holdings are subject to change.

2 Other assets less liabilities, which includes investments purchased with collateral from securities lending as presented in the Fund’s Portfolio of Investments.

3 Other assets less liabilities, which includes investments purchased with collateral from securities lending as presented in the Fund’s Portfolio of Investments and all industries less than 2.0% of net assets.

22 Nuveen Investments

Nuveen Small Cap Select Fund

Fund Allocation1
Common Stocks	98.4%
Short-Term Investments	1.6%
Other2	0.0%	3

Portfolio Composition1
Capital Markets	7.3%
Real Estate Investment Trust	5.6%
Health Care Equipment & Supplies	5.2%
Hotels, Restaurants & Leisure	5.0%
Commercial Banks	4.8%
Semiconductors & Equipment	4.5%
Machinery	4.0%
Oil, Gas & Consumable Fuels	3.9%
Specialty Retail	3.6%
Energy Equipment & Services	3.4%
Software	3.2%
Internet Software & Services	3.1%
Textiles, Apparel & Luxury Goods	3.1%
Construction & Engineering	2.8%
Electrical Equipment	2.8%
Biotechnology	2.8%
Insurance	2.5%
Health Care Providers & Services	2.4%
Food & Staples Retailing	2.4%
Chemicals	2.1%
Gas Utilities	2.1%
Electronic Equipment & Instruments	1.8%
Leisure Equipment & Products	1.8%
Pharmaceuticals	1.8%
Short-Term Investments	1.6%
Other4	16.4%

Top Five Common Stock Holdings1
Atmos Energy Corporation	2.1%
Brunswick Corporation	1.8%
Integrated Device Technology, Inc.	1.7%
Ascena Retail Group Inc.	1.7%
ESCO Technologies Inc.	1.7%

1 As a percentage of net assets. Holdings are subject to change.

2 Other assets less liabilities, which includes investments purchased with collateral from securities lending as presented in the Fund’s Portfolio of Investments.

3 Rounds to 0.0%.

4 Other assets less liabilities, which includes investments purchased with collateral from securities lending as presented in the Fund’s Portfolio of Investments and all industries less than 1.8% of net assets.

Nuveen Investments 23

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 (5/01/12)	$	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 (10/31/12)	$	994.10	$	991.40	$	993.20	$	996.30	$	1,018.60	$	1,014.87	$	1,017.39	$	1,019.96
Expenses Incurred During Period	$	6.58	$	10.29	$	7.79	$	5.23	$	6.67	$	10.41	$	7.88	$	5.30

For each class of the Fund, expenses are equal to the Fund’s annualized net expense ratio of 1.31%, 2.05%, 1.55% and 1.04% for Classes A, C, R3 and I, respectively, multiplied by the average account value over the period, multiplied by 184/365 (to reflect the one-half year period).

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 (5/01/12)	$	1,000.00	$	1,000.00	$	1,000.00	$	1,000.00	$	1,000.00	$	1,000.00
Ending Account Value (10/31/12)	$	970.80	$	968.00	$	972.10	$	1,018.05	$	1,014.28	$	1,019.30
Expenses Incurred During Period	$	6.99	$	10.69	$	5.75	$	7.15	$	10.94	$	5.89

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 184/365 (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 (5/01/12)	$	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 (10/31/12)	$	984.00	$	981.30	$	980.50	$	982.80	$	986.00	$	1,018.80	$	1,014.98	$	1,014.98	$	1,017.55	$	1,020.06
Expenses Incurred During Period	$	6.28	$	10.06	$	10.06	$	7.53	$	5.04	$	6.55	$	10.23	$	10.23	$	7.66	$	5.13

For each class of the Fund, expenses are equal to the Fund’s annualized net expense ratio of 1.26%, 2.02%, 2.02%, 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 184/365 (to reflect the one-half year period).

24 Nuveen Investments

Report of

Independent Registered Public Accounting Firm

To the Board of Directors and Shareholders of

Nuveen Investment Funds Inc.:

In our opinion, the accompanying statement of assets and liabilities, including the portfolios of investments, and the related statements of operations, of changes in net assets and the financial highlights present fairly, in all material respects, the financial position of Nuveen Large Cap Select Fund, Nuveen Mid Cap Select Fund and Nuveen Small Cap Select Fund (the “Funds”) at October 31, 2012, the results of each of their operations for the year then ended, and the change in each of their net assets and the financial highlights for the year then ended, in conformity with accounting principles generally accepted in the United States of America. These financial statements and financial highlights (hereafter referred to as “financial statements”) are the responsibility of the Funds’ management; our responsibility is to express an opinion on these financial statements based on our audits. We conducted our audits of these financial statements in accordance with the standards of the Public Company Accounting Oversight Board (United States). Those standards require that we plan and perform the audit to obtain reasonable assurance about whether the financial statements are free of material misstatement. An audit includes examining, on a test basis, evidence supporting the amounts and disclosures in the financial statements, assessing the accounting principles used and significant estimates made by management, and evaluating the overall financial statement presentation. We believe that our audits, which included confirmation of securities at October 31, 2012 by correspondence with the custodian and brokers, provides a reasonable basis for our opinion. The financial statements of the Funds for the years ended October 31, 2011 and prior were audited by other independent auditors whose report dated December 28, 2011 expressed an unqualified opinion on those statements.

PRICEWATERHOUSECOOPERS LLP

Chicago, IL

December 28, 2012

Nuveen Investments 25

Portfolio of Investments

Nuveen Large Cap Select Fund

October 31, 2012

Shares		Description (1)	Value
		COMMON STOCKS – 97.5%
		Aerospace & Defense – 1.7%
	9,291	Boeing Company, (2)	$	654,458
		Biotechnology – 1.7%
	9,561	Gilead Sciences, Inc., (3)		642,117
		Chemicals – 4.1%
	2,102	CF Industries Holdings, Inc.		431,309
	10,608	LyondellBasell Industries NV		566,361
	6,207	Monsanto Company		534,236
		Total Chemicals		1,531,906
		Commercial Banks – 4.8%
	27,582	Fifth Third Bancorp.		400,766
	14,995	SunTrust Banks, Inc., (2)		407,864
	29,333	Wells Fargo & Company		988,229
		Total Commercial Banks		1,796,859
		Communications Equipment – 1.5%
	11,035	Motorola Solutions Inc.		570,289
		Computers & Peripherals – 4.3%
	2,744	Apple, Inc.		1,632,954
		Consumer Finance – 4.0%
	14,542	Capital One Financial Corporation		874,992
	36,158	SLM Corporation, (2)		635,658
		Total Consumer Finance		1,510,650
		Diversified Financial Services – 8.8%
	116,393	Bank of America Corporation		1,084,783
	31,972	Citigroup Inc., (2)		1,195,433
	24,875	JPMorgan Chase & Co.		1,036,790
		Total Diversified Financial Services		3,317,006
		Diversified Telecommunication Services – 2.5%
	21,556	Verizon Communications Inc., (2)		962,260
		Electric Utilities – 1.2%
	9,706	Edison International		455,600
		Electrical Equipment – 2.0%
	15,574	Emerson Electric Company		754,249
		Energy Equipment & Services – 4.0%
	6,812	Cooper Cameron Corporation, (3)		344,960
	6,637	National-Oilwell Varco Inc.		489,147
	9,882	Schlumberger Limited		687,095
		Total Energy Equipment & Services		1,521,202
		Food & Staples Retailing – 1.5%
	12,614	CVS Caremark Corporation, (2)		585,290
		Food Products – 2.2%
	6,632	Kraft Foods Inc.		301,623
	19,895	Mondelez International Inc., Class A		528,013
		Total Food Products		829,636

26 Nuveen Investments

Shares		Description (1)	Value
		Health Care Equipment & Supplies – 2.1%
	8,454	Covidien PLC	$	464,547
	8,941	Saint Jude Medical Inc.		342,083
		Total Health Care Equipment & Supplies		806,630
		Health Care Providers & Services – 1.6%
	10,723	UnitedHealth Group Incorporated		600,488
		Household Durables – 2.9%
	10,486	Jarden Corporation		522,203
	5,981	Whirlpool Corporation, (2)		584,224
		Total Household Durables		1,106,427
		Industrial Conglomerates – 1.4%
	25,828	General Electric Company		543,938
		Insurance – 3.0%
	13,708	Allstate Corporation		548,046
	10,431	Prudential Financial, Inc.		595,089
		Total Insurance		1,143,135
		Internet & Catalog Retail – 1.2%
	760	priceline.com Incorporated, (3)		436,065
		Internet Software & Services – 2.5%
	1,389	Google Inc., Class A, (3)		944,201
		IT Services – 2.9%
	1,419	MasterCard, Inc., Class A		654,060
	6,278	Teradata Corporation, (3)		428,850
		Total IT Services		1,082,910
		Leisure Equipment & Products – 1.9%
	16,033	Brunswick Corporation, (2)		378,218
	3,998	Polaris Industries Inc., (2)		337,831
		Total Leisure Equipment & Products		716,049
		Life Sciences Tools & Services – 1.3%
	13,880	Agilent Technologies, Inc., (2)		499,541
		Machinery – 5.6%
	7,207	Dover Corporation, (2)		419,592
	15,757	Eaton Corporation, (2)		744,046
	13,456	Ingersoll Rand Company Limited, Class A		632,836
	4,431	SPX Corporation		303,922
		Total Machinery		2,100,396
		Media – 1.1%
	3,656	Liberty Media Corporation, Liberty Capital Class A Tracking Stock, (3)		408,266
		Metals & Mining – 1.4%
	13,897	Freeport-McMoRan Copper & Gold, Inc.		540,315
		Multiline Retail – 2.7%
	13,022	Macy’s, Inc.		495,748
	8,362	Target Corporation		533,077
		Total Multiline Retail		1,028,825
		Oil, Gas & Consumable Fuels – 7.6%
	12,821	Anadarko Petroleum Corporation		882,213
	22,657	Marathon Oil Corporation		681,069

Nuveen Investments 27

Portfolio of Investments

Nuveen Large Cap Select Fund (continued)

October 31, 2012

Shares		Description (1)	Value
		Oil, Gas & Consumable Fuels (continued)
	8,361	Occidental Petroleum Corporation	$	660,185
	6,049	Pioneer Natural Resources Company, (2)		639,077
		Total Oil, Gas & Consumable Fuels		2,862,544
		Paper & Forest Products – 1.1%
	11,198	International Paper Company		401,224
		Pharmaceuticals – 6.9%
	10,527	GlaxoSmithKline PLC		472,662
	18,289	Merck & Company Inc.		834,527
	51,967	Pfizer Inc.		1,292,419
		Total Pharmaceuticals		2,599,608
		Semiconductors & Equipment – 1.4%
	18,710	Maxim Integrated Products, Inc.		514,993
		Software – 0.7%
	1,861	Salesforce.com, Inc., (2), (3)		271,669
		Specialty Retail – 3.9%
	11,320	Foot Locker, Inc.		379,220
	10,706	Home Depot, Inc.		657,133
	36,449	Staples, Inc., (2)		419,710
		Total Specialty Retail		1,456,063
		Total Common Stocks (cost $33,480,333)		36,827,763
Shares		Description (1)	Value
		INVESTMENTS PURCHASED WITH COLLATERAL FROM SECURITIES LENDING – 19.0%
		Money Market Funds – 19.0%
	7,204,060	Mount Vernon Securities Lending Prime Portfolio, 0.295%, (4), (5)	$	7,204,060
		Total Investments Purchased with Collateral from Securities Lending (cost $7,204,060)		7,204,060
Shares		Description (1)	Value
		SHORT-TERM INVESTMENTS – 3.2%
		Money Market Funds – 3.2%
	1,198,235	First American Treasury Obligations Fund, Class Z, 0.004%, (4)	$	1,198,235
		Total Short-Term Investments (cost $1,198,235)		1,198,235
		Total Investments (cost $41,882,628) – 119.7%		45,230,058
		Other Assets Less Liabilities – (19.7)%		(7,451,159)
		Net Assets – 100%	$	37,778,899

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. The total value of securities out on loan at the end of the reporting period was $7,077,605.

(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 at the end of the reporting period.

(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.

28 Nuveen Investments

Portfolio of Investments

Nuveen Mid Cap Select Fund

October 31, 2012

Shares		Description (1)	Value
		COMMON STOCKS – 97.5%
		Aerospace & Defense – 0.8%
	2,976	General Dynamics Corporation	$	202,606
		Airlines – 1.1%
	6,979	Alaska Air Group, Inc., (3)		266,877
		Biotechnology – 2.6%
	2,174	Alexion Pharmaceuticals Inc., (2), (3)		196,486
	2,789	Onyx Pharmaceuticals Inc., (2), (3)		218,546
	1,677	Regeneron Pharmaceuticals, Inc., (2), (3)		238,637
		Total Biotechnology		653,669
		Capital Markets – 1.0%
	10,511	Invesco LTD		255,628
		Chemicals – 5.7%
	1,564	CF Industries Holdings, Inc.		320,917
	4,292	FMC Corporation		229,708
	5,127	LyondellBasell Industries NV		273,731
	4,544	Minerals Technologies Inc., (2)		325,623
	2,560	PPG Industries, Inc.		299,725
		Total Chemicals		1,449,704
		Commercial Banks – 5.3%
	12,659	East West Bancorp Inc.		269,510
	30,543	Fifth Third Bancorp.		443,790
	11,256	SunTrust Banks, Inc., (2)		306,163
	14,957	Webster Financial Corporation		329,054
		Total Commercial Banks		1,348,517
		Commercial Services & Supplies – 2.3%
	7,792	G&K Services, Inc., Class A		251,292
	13,039	Tetra Tech, Inc., (2), (3)		338,232
		Total Commercial Services & Supplies		589,524
		Communications Equipment – 2.4%
	5,505	Motorola Solutions Inc.		284,498
	9,718	Plantronics Inc., (2)		315,252
		Total Communications Equipment		599,750
		Computers & Peripherals – 0.7%
	5,928	Diebold Inc.		176,358
		Consumer Finance – 5.0%
	6,563	Capital One Financial Corporation		394,896
	9,469	Discover Financial Services		388,229
	27,608	SLM Corporation, (2)		485,349
		Total Consumer Finance		1,268,474
		Containers & Packaging – 0.9%
	6,342	Packaging Corp. of America		223,682
		Diversified Consumer Services – 0.6%
	3,419	Coinstar Inc., (2), (3)		160,488
		Diversified Telecommunication Services – 0.8%
	25,989	Cbeyond Inc., (3)		199,076

Nuveen Investments 29

Portfolio of Investments

Nuveen Mid Cap Select Fund (continued)

October 31, 2012

Shares		Description (1)	Value
		Electric Utilities – 2.5%
	7,782	El Paso Electric Company, (2)	$	264,510
	7,111	Pinnacle West Capital Corporation, (2)		376,670
		Total Electric Utilities		641,180
		Electrical Equipment – 3.5%
	4,750	Acuity Brands Inc.		307,325
	9,018	General Cable Corporation, (2), (3)		257,284
	2,995	Roper Industries Inc., (2)		326,964
		Total Electrical Equipment		891,573
		Electronic Equipment & Instruments – 1.0%
	4,258	Amphenol Corporation, Class A, (2)		256,034
		Energy Equipment & Services – 2.3%
	15,853	Basic Energy Services, Inc., (2), (3)		164,713
	26,415	Key Energy Services Inc., (3)		172,754
	3,477	Oil States International Inc., (3)		254,169
		Total Energy Equipment & Services		591,636
		Food & Staples Retailing – 1.1%
	7,740	Harris Teeter Supermarkets Incorporated		289,863
		Gas Utilities – 2.0%
	7,981	Atmos Energy Corporation		287,077
	4,815	Southwest Gas Corporation		209,308
		Total Gas Utilities		496,385
		Health Care Equipment & Supplies – 4.8%
	3,858	Haemonetics Corporation, (3)		315,199
	5,113	ICU Medical, Inc., (2), (3)		303,354
	2,927	Idexx Labs Inc., (2), (3)		281,577
	8,543	Saint Jude Medical Inc.		326,855
		Total Health Care Equipment & Supplies		1,226,985
		Health Care Providers & Services – 1.3%
	3,510	McKesson HBOC Inc.		327,518
		Hotels, Restaurants & Leisure – 1.1%
	1,699	Panera Bread Company, Class A, (3)		286,519
		Household Durables – 2.7%
	5,374	Jarden Corporation		267,625
	4,247	Whirlpool Corporation, (2)		414,847
		Total Household Durables		682,472
		Insurance – 4.6%
	6,222	Allstate Corporation		248,756
	30,236	CNO Financial Group Inc., (2)		289,661
	6,050	Prudential Financial, Inc.		345,153
	13,591	Unum Group		275,625
		Total Insurance		1,159,195
		Internet Software & Services – 0.5%
	10,917	Constant Contact Inc., (3)		134,716
		Leisure Equipment & Products – 2.0%
	9,761	Brunswick Corporation		230,262

30 Nuveen Investments

Shares		Description (1)	Value
		Leisure Equipment & Products (continued)
	3,279	Polaris Industries Inc., (2)	$	277,076
		Total Leisure Equipment & Products		507,338
		Life Sciences Tools & Services – 1.0%
	7,090	Agilent Technologies, Inc., (2)		255,169
		Machinery – 6.5%
	10,417	Actuant Corporation, Class A, (2)		294,176
	5,982	Crane Company		251,124
	4,910	Dover Corporation, (2)		285,860
	8,830	Eaton Corporation, (2)		416,953
	8,594	Ingersoll Rand Company Limited, Class A		404,176
		Total Machinery		1,652,289
		Media – 1.5%
	23,315	Belo Corp.		174,396
	20,793	Interpublic Group Companies, Inc.		210,009
		Total Media		384,405
		Multiline Retail – 1.3%
	8,398	Macy’s, Inc.		319,712
		Multi-Utilities – 0.9%
	11,117	CenterPoint Energy, Inc., (2)		240,905
		Oil, Gas & Consumable Fuels – 4.2%
	2,679	Concho Resources Inc., (3)		230,715
	9,050	Energy XXI Limited Bermuda, (2)		299,555
	9,294	Marathon Oil Corporation		279,378
	7,153	Plains Exploration & Production Company, (3)		255,076
		Total Oil, Gas & Consumable Fuels		1,064,724
		Personal Products – 1.5%
	8,015	Nu Skin Enterprises, Inc., Class A, (2)		379,350
		Real Estate Investment Trust – 6.3%
	3,320	Digital Realty Trust Inc.		203,948
	12,016	Invesco Mortgage Capital Inc.		257,503
	8,433	Liberty Property Trust, (2)		296,167
	35,832	MFA Mortgage Investments, Inc.		292,747
	9,446	National Retail Properties, Inc., (2)		299,249
	3,856	PS Business Parks Inc., (2)		247,285
		Total Real Estate Investment Trust		1,596,899
		Road & Rail – 1.0%
	25,714	Swift Transportation Company, Class A, (3)		250,712
		Semiconductors & Equipment – 3.1%
	61,733	Integrated Device Technology, Inc., (2), (3)		335,828
	16,210	Maxim Integrated Products, Inc.		446,180
		Total Semiconductors & Equipment		782,008
		Software – 4.5%
	8,722	BMC Software, Inc., (3)		354,985
	3,229	CommVault Systems, Inc., (3)		201,716
	7,121	Red Hat, Inc., (3)		350,140

Nuveen Investments 31

Portfolio of Investments

Nuveen Mid Cap Select Fund (continued)

October 31, 2012

Shares		Description (1)	Value
		Software (continued)
	6,944	Synopsys Inc., (3)	$	223,597
		Total Software		1,130,438
		Specialty Retail – 7.1%
	6,244	Ann Inc., (2), (3)		219,539
	13,587	Ascena Retail Group Inc., (3)		269,023
	11,959	Foot Locker, Inc.		400,626
	5,063	GNC Holdings Inc., Class A, (2)		195,785
	6,189	PetSmart Inc.		410,887
	27,616	Staples, Inc., (2)		317,997
		Total Specialty Retail		1,813,857
		Total Common Stocks (cost $23,200,417)		24,756,235
Shares		Description (1)	Value
		INVESTMENTS PURCHASED WITH COLLATERAL FROM SECURITIES LENDING – 31.4%
		Money Market Funds – 31.4%
	7,962,828	Mount Vernon Securities Lending Prime Portfolio, 0.295%, (4), (5)	$	7,962,828
		Total Investments Purchased with Collateral from Securities Lending (cost $7,962,828)		7,962,828
Shares		Description (1)	Value
		SHORT-TERM INVESTMENTS – 3.0%
		Money Market Funds – 3.0%
	752,457	First American Treasury Obligations Fund, Class Z, 0.004%, (4)	$	752,457
		Total Short-Term Investments (cost $752,457)		752,457
		Total Investments (cost $31,915,702) – 131.9%		33,471,520
		Other Assets Less Liabilities – (31.9)%		(8,093,586)
		Net Assets – 100%	$	25,377,934

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. The total value of securities out on loan at the end of the reporting period was $7,751,398.

(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 at the end of the reporting period.

(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.

32 Nuveen Investments

Portfolio of Investments

Nuveen Small Cap Select Fund

October 31, 2012

Shares		Description (1)	Value
		COMMON STOCKS – 98.4%
		Aerospace & Defense – 1.5%
	491,881	Orbital Sciences Corporation, (2), (3)	$	6,591,205
		Airlines – 1.0%
	63,190	Allegiant Travel Company, (3)		4,596,441
		Biotechnology – 2.8%
	50,283	Alkermes Inc., (2), (3)		931,744
	86,136	Arena Pharmaceuticals, Inc., (2), (3)		681,336
	108,420	Cepheid, Inc., (2), (3)		3,286,210
	58,783	Cubist Pharmaceuticals Inc., (2), (3)		2,521,791
	35,925	Immunogen, Inc., (2), (3)		398,049
	30,516	Ironwood Pharmaceuticals Inc., Class A, (2), (3)		354,901
	38,643	ISIS Pharmaceuticals, Inc., (2), (3)		334,262
	21,649	Pharmacyclics, Inc., (2), (3)		1,322,104
	37,324	Seattle Genetics, Inc., (2), (3)		939,072
	70,232	Theravance Inc., (2), (3)		1,580,922
		Total Biotechnology		12,350,391
		Capital Markets – 7.3%
	504,293	Calamos Asset Management, Inc. Class A, (2)		5,446,364
	233,923	Evercore Partners Inc., Class A		6,526,452
	330,055	Medley Capital Corporation		4,752,792
	438,413	Pennantpark Investment Corporation		4,822,543
	135,581	Stifel Financial Corporation, (2), (3)		4,297,918
	205,607	Waddell & Reed Financial, Inc., Class A, (2)		6,852,881
		Total Capital Markets		32,698,950
		Chemicals – 2.1%
	205,409	Kraton Performance Polymers Inc., (3)		4,482,024
	71,181	Minerals Technologies Inc., (2)		5,100,830
		Total Chemicals		9,582,854
		Commercial Banks – 4.8%
	363,044	Associated Banc-Corp., (2)		4,679,637
	316,249	Cardinal Financial Corporation, (2)		5,050,497
	202,332	East West Bancorp Inc.		4,307,648
	27,531	Home Bancshares, Inc.		953,674
	548,900	Umpqua Holdings Corporation, (2)		6,636,201
		Total Commercial Banks		21,627,657
		Commercial Services & Supplies – 1.3%
	265,392	Interface, Inc.		3,797,760
	160,016	Sykes Enterprises Inc., (3)		2,179,418
		Total Commercial Services & Supplies		5,977,178
		Computers & Peripherals – 0.4%
	208,153	QLogic Corporation, (3)		1,952,475
		Construction & Engineering – 2.8%
	301,529	MasTec Inc., (2), (3)		6,802,494
	273,932	MYR Group Inc., (3)		5,801,880
		Total Construction & Engineering		12,604,374

Nuveen Investments 33

Portfolio of Investments

Nuveen Small Cap Select Fund (continued)

October 31, 2012

Shares		Description (1)	Value
		Containers & Packaging – 1.2%
	76,478	Rock-Tenn Company, Class A	$	5,597,425
		Diversified Consumer Services – 0.5%
	44,621	Coinstar Inc., (2), (3)		2,094,510
		Diversified Telecommunication Services – 1.5%
	858,049	Cbeyond Inc., (3)		6,572,655
		Electrical Equipment – 2.8%
	40,085	Acuity Brands Inc.		2,593,500
	195,515	General Cable Corporation, (3)		5,578,043
	65,491	Regal-Beloit Corporation		4,268,703
		Total Electrical Equipment		12,440,246
		Electronic Equipment & Instruments – 1.8%
	534,502	Newport Corporation, (3)		5,783,312
	76,901	ScanSource, Inc., (3)		2,249,354
		Total Electronic Equipment & Instruments		8,032,666
		Energy Equipment & Services – 3.4%
	149,525	Atwood Oceanics Inc., (3)		7,147,295
	884,549	Key Energy Services Inc., (3)		5,784,950
	526,338	Parker Drilling Company, (2), (3)		2,279,044
		Total Energy Equipment & Services		15,211,289
		Food & Staples Retailing – 2.4%
	148,985	Harris Teeter Supermarkets Incorporated		5,579,488
	92,650	Natural Grocers by Vitamin Cottage Incorporated, (2), (3)		1,878,942
	203,416	The Chef’s Warehouse Inc., (2), (3)		3,140,743
		Total Food & Staples Retailing		10,599,173
		Food Products – 1.5%
	363,020	Smart Balance Inc., (2), (3)		4,319,938
	47,162	Treehouse Foods Inc., (2), (3)		2,525,525
		Total Food Products		6,845,463
		Gas Utilities – 2.1%
	261,111	Atmos Energy Corporation		9,392,163
		Health Care Equipment & Supplies – 5.2%
	148,066	Align Technology, Inc., (2), (3)		3,935,594
	36,935	ICU Medical, Inc., (2), (3)		2,191,354
	105,259	Integra Lifesciences Holdings Corporation, (2), (3)		4,026,157
	386,276	Merit Medical Systems, Inc., (3)		5,577,825
	31,793	Sirona Dental Systems, Inc., (3)		1,820,467
	167,787	Thoratec Corporation, (3)		5,989,996
		Total Health Care Equipment & Supplies		23,541,393
		Health Care Providers & Services – 2.4%
	296,800	HealthSouth Corporation, (2), (3)		6,568,184
	63,946	Mednax Inc., (3)		4,410,995
		Total Health Care Providers & Services		10,979,179
		Hotels, Restaurants & Leisure – 5.0%
	299,702	Bravo Brio Restaurant Group, (2), (3)		3,956,066
	176,409	Caribou Coffee Company, Inc., (2), (3)		2,111,616

34 Nuveen Investments

Shares		Description (1)	Value
		Hotels, Restaurants & Leisure (continued)
	164,693	Life Time Fitness Inc., (2), (3)	$	7,393,069
	10,832	Panera Bread Company, Class A, (3)		1,826,708
	519,972	Ruby Tuesday, Inc., (2), (3)		3,754,198
	212,439	Texas Roadhouse, Inc., (2)		3,458,507
		Total Hotels, Restaurants & Leisure		22,500,164
		Insurance – 2.5%
	150,147	First American Corporation		3,415,844
	657,265	Maiden Holdings, Ltd		5,553,889
	50,019	Platinum Underwriters Holdings Limited		2,220,844
		Total Insurance		11,190,577
		Internet Software & Services – 3.1%
	276,121	Keynote Systems, Inc.		3,945,769
	107,521	LogMeIn Inc., (2), (3)		2,653,618
	416,877	Vocus, Inc., (2), (3)		7,399,567
		Total Internet Software & Services		13,998,954
		IT Services – 1.3%
	281,210	Euronet Worldwide, Inc., (2), (3)		5,705,751
		Leisure Equipment & Products – 1.8%
	337,946	Brunswick Corporation, (2)		7,972,146
		Machinery – 4.0%
	212,373	Actuant Corporation, Class A		5,997,414
	256,805	Altra Industrial Motion, Inc.		4,627,626
	198,071	ESCO Technologies Inc., (2)		7,415,778
		Total Machinery		18,040,818
		Media – 0.7%
	241,177	ReachLocal Inc., (2), (3)		2,976,124
		Metals & Mining – 0.5%
	73,715	Schnitzer Steel Industries, Inc., Class A, (2)		2,101,615
		Oil, Gas & Consumable Fuels – 3.9%
	339,129	Comstock Resources Inc., (2), (3)		5,805,888
	183,145	Energy XXI Limited Bermuda, (2)		6,062,100
	439,529	Goodrich Petroleum Corporation, (2), (3)		5,419,393
		Total Oil, Gas & Consumable Fuels		17,287,381
		Paper & Forest Products – 0.9%
	148,475	Buckeye Technologies Inc.		3,890,045
		Pharmaceuticals – 1.8%
	160,352	Impax Laboratories Inc., (3)		3,407,480
	100,283	Salix Pharmaceuticals Limited, (3)		3,915,048
	40,652	Vivus, Inc., (2), (3)		605,715
		Total Pharmaceuticals		7,928,243
		Professional Services – 1.6%
	393,534	CBIZ Inc., (2), (3)		2,172,308
	377,399	TrueBlue Inc., (2), (3)		4,925,057
		Total Professional Services		7,097,365

Nuveen Investments 35

Portfolio of Investments

Nuveen Small Cap Select Fund (continued)

October 31, 2012

Shares		Description (1)	Value
		Real Estate Investment Trust – 5.6%
	55,177	EastGroup Properties Inc., (2)	$	2,872,515
	286,624	Invesco Mortgage Capital Inc.		6,142,352
	463,145	MFA Mortgage Investments, Inc.		3,783,895
	175,705	National Retail Properties, Inc., (2)		5,566,334
	67,231	PS Business Parks Inc., (2)		4,311,524
	159,575	Terreno Realty Corporation, (2)		2,435,115
		Total Real Estate Investment Trust		25,111,735
		Road & Rail – 1.3%
	208,756	Con-Way, Inc., (2)		6,076,887
		Semiconductors & Equipment – 4.5%
	1,408,613	Integrated Device Technology, Inc., (2), (3)		7,662,855
	348,261	International Rectifier Corporation, (2), (3)		5,394,563
	284,251	Semtech Corporation, (2), (3)		7,097,747
		Total Semiconductors & Equipment		20,155,165
		Software – 3.2%
	257,714	Fortinet Inc., (3)		4,991,920
	63,180	Guidewire Software Incorporated, (2), (3)		1,935,835
	72,076	Progress Software Corporation, (3)		1,421,339
	1,151,559	Smith Micro Software, Inc., (3)		1,439,449
	100,666	Synchronoss Technologies, Inc., (2), (3)		2,062,646
	197,271	Tangoe Inc., (3)		2,548,741
		Total Software		14,399,930
		Specialty Retail – 3.6%
	128,688	Ann Inc., (2), (3)		4,524,670
	374,972	Ascena Retail Group Inc., (3)		7,424,446
	164,128	Zumiez, Inc., (2), (3)		4,154,080
		Total Specialty Retail		16,103,196
		Textiles, Apparel & Luxury Goods – 3.1%
	116,433	Columbia Sportswear Company, (2)		6,566,821
	195,985	G III Apparel Group, Limited, (3)		7,243,606
		Total Textiles, Apparel & Luxury Goods		13,810,427
		Thrifts & Mortgage Finance – 1.2%
	344,477	Everbank Financial Corporation, (2)		5,249,829
		Total Common Stocks (cost $415,277,935)		440,884,039
Shares		Description (1)	Value
		INVESTMENTS PURCHASED WITH COLLATERAL FROM SECURITIES LENDING – 32.8%
		Money Market Funds – 32.8%
	146,829,843	Mount Vernon Securities Lending Prime Portfolio, 0.295%, (4), (5)	$	146,829,843
		Total Investments Purchased with Collateral from Securities Lending (cost $146,829,843)		146,829,843

36 Nuveen Investments

Shares		Description (1)	Value
		SHORT-TERM INVESTMENTS – 1.6%
		Money Market Funds – 1.6%
	7,098,142	First American Treasury Obligations Fund, Class Z, 0.004%, (4)	$	7,098,142
		Total Short-Term Investments (cost $7,098,142)		7,098,142
		Total Investments (cost $569,205,920) – 132.8%		594,812,024
		Other Assets Less Liabilities – (32.8)%		(146,952,456)
		Net Assets – 100%	$	447,859,568

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. The total value of securities out on loan at the end of the reporting period was $140,222,641.

(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 at the end of the reporting period.

(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 37

Statement of Assets & Liabilities

October 31, 2012

	Large Cap Select			Mid Cap Select			Small Cap Select
Assets
Investments, at value (cost $34,678,568, $23,952,874 and $422,376,077, respectively)	$	38,025,998		$	25,508,692		$	447,982,181
Investments purchased with collateral from securities lending (at cost, which approximates value)		7,204,060			7,962,828			146,829,843
Cash		36,158			59			91,010
Receivables:
Dividends		16,377			13,349			126,016
Due from broker		819			1,262			29,657
Investments sold		1,952,935			—			410,362
Shares sold		9,660			2,439			516,427
Other assets		84			101			6,901
Total assets		47,246,091			33,488,730			595,992,397
Liabilities
Payables:
Collateral from securities lending program		7,204,060			7,962,828			146,829,843
Investments purchased		2,003,945			—			—
Shares redeemed		222,270			95,735			688,562
Accrued expenses:
Directors fees		322			212			9,675
Management fees		24,694			16,785			299,660
12b-1 distribution and service fees		841			3,761			52,207
Other		11,060			31,475			252,882
Total liabilities		9,467,192			8,110,796			148,132,829
Net assets	$	37,778,899		$	25,377,934		$	447,859,568
Class A Shares
Net assets	$	2,923,638		$	10,862,434		$	155,623,564
Shares outstanding		217,925			1,054,488			11,490,089
Net asset value per share	$	13.42		$	10.30		$	13.54
Offering price per share (net asset value per share plus maximum sales charge of 5.75% of offering price)	$	14.24		$	10.93		$	14.37
Class B Shares
Net assets		N/A			N/A		$	2,031,571
Shares outstanding		N/A			N/A			193,728
Net asset value and offering price per share		N/A			N/A		$	10.49
Class C Shares
Net assets	$	194,760		$	1,710,252		$	10,058,196
Shares outstanding		15,299			182,183			831,919
Net asset value and offering price per share	$	12.73		$	9.39		$	12.09
Class R3 Shares
Net assets	$	106,419			N/A		$	18,386,217
Shares outstanding		8,046			N/A			1,396,142
Net asset value and offering price per share	$	13.23			N/A		$	13.17
Class I Shares
Net assets	$	34,554,082		$	12,805,248		$	261,760,020
Shares outstanding		2,555,722			1,185,800			17,666,819
Net asset value and offering price per share	$	13.52		$	10.80		$	14.82
Net assets consist of:
Capital paid-in	$	105,209,976		$	44,161,403		$	358,910,203
Undistributed (Over-distribution of) net investment income		167,190			117,145			(18,982	)
Accumulated net realized gain (loss)		(70,945,697	)		(20,456,432	)		63,362,243
Net unrealized appreciation (depreciation)		3,347,430			1,555,818			25,606,104
Net assets	$	37,778,899		$	25,377,934		$	447,859,568
Authorized shares – per class		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.

38 Nuveen Investments

Statement of Operations

Year Ended October 31, 2012

	Large Cap Select			Mid Cap Select			Small Cap Select
Investment Income
Dividend and interest income (net of foreign tax withheld of $1,865, $596 and $–, respectively)	$	743,329		$	477,508		$	4,075,307
Securities lending income, net		18,593			22,076			582,563
Total investment income		761,922			499,584			4,657,870
Expenses
Management fees		332,891			249,307			4,584,082
12b-1 service fees – Class A		7,413			27,995			521,432
12b-1 distribution and service fees – Class B(1)		N/A			2,177			24,850
12b-1 distribution and service fees – Class C		1,819			17,480			121,924
12b-1 distribution and service fees – Class R3		535			N/A			96,427
Shareholder servicing agent fees and expenses		96,830			115,248			756,271
Custodian’s fees and expenses		22,367			16,016			86,987
Directors fees and expenses		1,409			955			14,930
Professional fees		10,002			7,691			47,386
Shareholder reporting expenses		4,248			17,392			169,682
Federal and state registration fees		49,820			43,287			71,059
Other expenses		7,448			6,903			29,486
Total expenses before expense reimbursement		534,782			504,451			6,524,516
Expense reimbursement		(34	)		(135,661	)		(428,176	)
Net expenses		534,748			368,790			6,096,340
Net investment income (loss)		227,174			130,794			(1,438,470	)
Realized and Unrealized Gain (Loss)
Net realized gain (loss) from:
Investments		5,458,240			3,074,977			72,006,971
Futures contracts		—			—			1,762,906
Change in net unrealized appreciation (depreciation) of investments		476,212			(840,405	)		(482,307	)
Net realized and unrealized gain (loss)		5,934,452			2,234,572			73,287,570
Net increase (decrease) in net assets from operations	$	6,161,626		$	2,365,366		$	71,849,100

N/A - Large Cap Select does not offer Class B Shares and Mid Cap Select does not offer Class R3 Shares.

   (1)  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 39

Statement of Changes in Net Assets

	Large Cap Select						Mid Cap Select						Small Cap Select
	Year Ended 10/31/12			Year Ended 10/31/11			Year Ended 10/31/12			Year Ended 10/31/11			Year Ended 10/31/12			Year Ended 10/31/11
Operations
Net investment income (loss)	$	227,174		$	58,871		$	130,794		$	(148,459	)	$	(1,438,470	)	$	(4,233,152	)
Net realized gain (loss) from:
Investments		5,458,240			17,580,711			3,074,977			3,660,893			72,006,971			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		476,212			(16,096,080	)		(840,405	)		(2,658,745	)		(482,307	)		(67,223,592	)
Net increase (decrease) in net assets from operations		6,161,626			4,663,067			2,365,366			1,106,872			71,849,100			55,817,653
Distributions to Shareholders
From net investment income:
Class A		—			—			—			—			—			—
Class B(1)		N/A			N/A			—			—			—			—
Class C		—			—			—			—			—			—
Class R3		—			—			N/A			N/A			—			—
Class I		(49,038	)		(150,204	)		—			—			—			—
From accumulated net realized gains:
Class A		—			—			—			—			(6,635,027	)		—
Class B(1)		N/A			N/A			—			—			(85,210	)		—
Class C		—			—			—			—			(355,958	)		—
Class R3		—			—			N/A			N/A			(488,508	)		—
Class I		—			—			—			—			(5,892,281	)		—
Decrease in net assets from distributions to shareholders		(49,038	)		(150,204	)		—			—			(13,456,984	)		—
Fund Share Transactions
Proceeds from sale of shares		2,708,944			4,582,330			2,158,779			2,536,394			104,005,532			188,172,315
Proceeds from shares issued to shareholders due to reinvestment of distributions		22,258			73,066			—			—			12,262,815			—
		2,731,202			4,655,396			2,158,779			2,536,394			116,268,347			188,172,315
Cost of shares redeemed		(32,611,841	)		(66,857,732	)		(9,196,987	)		(12,697,979	)		(313,697,046	)		(386,973,091	)
Cost of redemptions in-kind		—			(15,345,963	)		—			—			—			(49,354,066	)
Net increase (decrease) in net assets from Fund share transactions		(29,880,639	)		(77,548,299	)		(7,038,208	)		(10,161,585	)		(197,428,699	)		(248,154,842	)
Net increase (decrease) in net assets		(23,768,051	)		(73,035,436	)		(4,672,842	)		(9,054,713	)		(139,036,583	)		(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	$	37,778,899		$	61,546,950		$	25,377,934		$	30,050,776		$	447,859,568		$	586,896,151
Undistributed (Over-distribution of) net investment income at the end of period	$	167,190		$	(10,946	)	$	117,145		$	(10,081	)	$	(18,982	)	$	(14,674	)

N/A - Large Cap Select does not offer Class B Shares and Mid Cap Select does not offer Class R3 Shares.

   (1)  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.

See accompanying notes to financial statements.

40 Nuveen Investments

[THIS PAGE INTENTIONALLY LEFT BLANK]

Nuveen Investments 41

Financial Highlights

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	$	11.73	$	.03		$	1.66		$	1.69		$	—		$	—		$	—		$	13.42
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
Class C (1/03)
2012		11.21		(.06	)		1.58			1.52			—			—			—			12.73
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
Class R3 (1/03)
2012		11.59		—	*		1.64			1.64			—			—			—			13.23
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
Class I (1/03)
2012		11.80		.07			1.66			1.73			(.01	)		—			(.01	)		13.52
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

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
	14.41	%	$	2,924		1.43	%		.26	%		1.43	%		.26	%		127	%
	.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
	13.65			195		2.18			(.49	)		2.18			(.49	)		127
	(.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
	14.15			106		1.68			.02			1.68			.02			127
	.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
	14.79			34,554		1.18			.54			1.18			.54			127
	.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

(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.

* Rounds to less than $.01 per share.

See accompanying notes to financial statements.

Nuveen Investments 43

Financial Highlights (continued)

Selected data for a share outstanding throughout each period:
Class (Commencement Date)
			Investment Operations									Less Distributions
MID CAP SELECT (e)
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	$	9.48	$	.04		$	.78		$	.82		$	—		$	—	$	—		$	10.30
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
Class C (2/00)
2012		8.70		(.03	)		.72			.69			—			—		—			9.39
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
Class I (4/94)
2012		9.91		.07			.82			.89			—			—		—			10.80
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

44 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
	8.65	%	$	10,862		1.90	%		(.10	)%		1.41	%		.39	%		198	%
	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
	7.93			1,710		2.65			(.83	)		2.16			(.35	)		198
	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
	8.98			12,805		1.65			.15			1.16			.64			198
	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

(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) The financial highlights for the period from November 1, 2007 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.

See accompanying notes to financial statements.

Nuveen Investments 45

Financial Highlights(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	$	12.44	$	(.05	)	$	1.45		$	1.40		$	—		$	(.30	)	$	(.30	)	$	13.54
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
Class B (3/95)
2012		9.77		(.12	)		1.14			1.02			—			(.30	)		(.30	)		10.49
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
Class C (9/01)
2012		11.22		(.13	)		1.30			1.17			—			(.30	)		(.30	)		12.09
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
Class R3 (1/94)
2012		12.13		(.08	)		1.42			1.34			—			(.30	)		(.30	)		13.17
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
Class I (5/92)
2012		13.54		(.02	)		1.60			1.58			—			(.30	)		(.30	)		14.82
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

46 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
	11.62	%	$	155,624		1.36	%		(.49	)%		1.28	%		(.41	)%		71	%
	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
	10.88			2,032		2.11			(1.21	)		2.03			(1.13	)		71
	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
	10.81			10,058		2.11			(1.21	)		2.03			(1.13	)		71
	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
	11.42			18,386		1.61			(.69	)		1.53			(.61	)		71
	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
	12.01			261,760		1.11			(.19	)		1.03			(.11	)		71
	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

(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.

See accompanying notes to financial statements.

Nuveen Investments 47

Notes to Financial Statements

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”), as diversified 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 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 Select’s 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 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 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 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.

The Funds’ 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

48 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 (“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.

The Funds may receive 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. 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 49

Notes to Financial Statements (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, 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 fiscal year ended October 31, 2012, Small Cap Select invested in equity futures contracts as part of the management of the Fund. The Fund purchased Russell 2000 E-Mini Index futures to efficiently gain market exposure to a broad base of equity securities in order to manage cash flow activity and minimized tracking error to the Fund’s benchmark index.

The average number of futures contracts outstanding during the fiscal year ended October 31, 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. The Fund was not invested in futures contracts at the beginning or end of the current fiscal period.

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.

50 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, net.” Securities lending fees paid by each Fund during the fiscal year ended October 31, 2012, were as follows:

	Large Cap Select		Mid Cap Select		Small Cap Select
Securities lending fees paid	$	2,450	$	3,634	$	90,318

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 following is a summary of the three-tiered hierarchy of valuation input levels.

Level 1 –	Inputs are unadjusted and prices are determined using quoted prices in active markets for identical securities.
Level 2 –	Prices are determined using other significant observable inputs (including quoted prices for similar securities, interest rates, prepayment speeds, credit risk, etc.).
Level 3 –	Prices are determined using significant unobservable inputs (including management’s assumptions in determining the fair value of investments).

Nuveen Investments 51

Notes to Financial Statements (continued)

The inputs or methodologies used for valuing securities are not an indication of the risks associated with investing in those securities. The following is a summary of each Fund’s fair value measurements as of the end of the reporting period:

Large Cap Select	Level 1		Level 2		Level 3		Total
Long-Term Investments*:
Common Stocks	$	36,827,763	$	—	$	—	$	36,827,763
Investments Purchased with Collateral from Securities Lending		7,204,060		—		—		7,204,060
Short-Term Investments:
Money Market Funds		1,198,235		—		—		1,198,235
Total	$	45,230,058	$	—	$	—	$	45,230,058
Mid Cap Select	Level 1		Level 2		Level 3		Total
Long-Term Investments*:
Common Stocks	$	24,756,235	$	—	$	—	$	24,756,235
Investments Purchased with Collateral from Securities Lending		7,962,828		—		—		7,962,828
Short-Term Investments:
Money Market Funds		752,457		—		—		752,457
Total	$	33,471,520	$	—	$	—	$	33,471,520
Small Cap Select	Level 1		Level 2		Level 3		Total
Long-Term Investments*:
Common Stocks	$	440,884,039	$	—	$	—	$	440,884,039
Investments Purchased with Collateral from Securities Lending		146,829,843		—		—		146,829,843
Short-Term Investments:
Money Market Funds		7,098,142		—		—		7,098,142
Total	$	594,812,024	$	—	$	—	$	594,812,024

* Refer to the Fund’s Portfolio of Investments for industry classifications.

The Nuveen funds’ Board of Directors/Trustees is responsible for the valuation process and has delegated the oversight of the daily valuation process to the Adviser’s Valuation Committee. The Valuation Committee, pursuant to the valuation policies and procedures adopted by the Board of Directors/Trustees, is responsible for making fair value determinations, evaluating the effectiveness of the funds’ pricing policies, and reporting to the Board of Directors/Trustees. The Valuation Committee is aided in its efforts by the Adviser’s dedicated Securities Valuation Team, which is responsible for administering the daily valuation process and applying fair value methodologies as approved by the Valuation Committee. When determining the reliability of independent pricing services for investments owned by the funds, the Valuation Committee, among other things, conducts due diligence reviews of the pricing services and monitors the quality of security prices received through various testing reports conducted by the Securities Valuation Team.

The Valuation Committee will consider pricing methodologies it deems relevant and appropriate when making fair value determinations. Examples of possible methodologies include, but are not limited to, multiple of earnings; discount from market of a similar freely traded security; discounted cash-flow analysis; book value or a multiple thereof; risk premium/yield analysis; yield to maturity; and/or fundamental investment analysis. The Valuation Committee will also consider factors it deems relevant and appropriate in light of the facts and circumstances. Examples of possible factors include, but are not limited to, the type of security; the issuer’s financial statements; the purchase price of the security; the discount from market value of unrestricted securities of the same class at the time of purchase; analysts’ research and observations from financial institutions; information regarding any transactions or offers with respect to the security; the existence of merger proposals or tender offers affecting the security; the price and extent of public trading in similar securities of the issuer or comparable companies; and the existence of a shelf registration for restricted securities.

For each portfolio security that has been fair valued pursuant to the policies adopted by the Board of Directors/Trustees, the fair value price is compared against the last available and next available market quotations. The Valuation Committee reviews the results of such testing and fair valuation occurrences are reported to the Board of Directors/Trustees.

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. Small Cap Select invested in derivative instruments during the fiscal year ended October 31, 2012.

52 Nuveen Investments

The following table presents the amount of net realized gain (loss) recognized for the fiscal year ended October 31, 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

4. Fund Shares

Transactions in Fund shares were as follows:

	Large Cap Select
	Year Ended 10/31/12						Year Ended 10/31/11
	Shares			Amount			Shares			Amount
Shares sold:
Class A		25,332		$	331,639			48,975			630,342
Class C		1,390			17,576			3,506			44,297
Class R3		1,045			13,038			929			11,842
Class I		197,949			2,346,691			317,616			3,895,849
Shares issued to shareholders due to reinvestment of distributions:
Class A		—			—			—			—
Class C		—			—			—			—
Class R3		—			—			—			—
Class I		1,891			22,258			5,718			73,066
		227,607			2,731,202			376,744			4,655,396
Shares redeemed:
Class A		(57,942	)		(729,523	)		(97,791	)		(1,234,341	)
Class C		(2,456	)		(29,802	)		(2,802	)		(33,700	)
Class R3		(2,655	)		(34,618	)		(1,428	)		(18,315	)
Class I		(2,584,843	)		(31,817,898	)		(5,270,687	)		(65,571,376	)
Class I– In-Kind		—			—			(1,284,181	)		(15,345,963	)
		(2,647,896	)		(32,611,841	)		(6,656,889	)		(82,203,695	)
Net increase (decrease)		(2,420,289	)	$	(29,880,639	)		(6,280,145	)		(77,548,299	)
	Mid Cap Select
	Year Ended 10/31/12						Year Ended 10/31/11
	Shares			Amount			Shares			Amount
Shares sold:
Class A		111,075		$	1,129,105			100,917			1,030,004
Class B(1)		—			—			1,214			10,402
Class C		15,425			139,843			6,959			64,006
Class I		86,341			889,831			136,645			1,431,982
Shares issued to shareholders due to reinvestment of distributions:
Class A		—			—			—			—
Class B(1)		—			—			—			—
Class C		—			—			—			—
Class I		—			—			—			—
		212,841			2,158,779			245,735			2,536,394
Shares redeemed:
Class A		(199,282	)		(2,003,131	)		(290,360	)		(2,916,390	)
Class B(1)		(100,888	)		(862,888	)		(64,355	)		(547,919	)
Class C		(36,782	)		(341,043	)		(74,184	)		(677,927	)
Class I		(580,212	)		(5,989,925	)		(833,219	)		(8,555,743	)
		(917,164	)		(9,196,987	)		(1,262,118	)		(12,697,979	)
Net increase (decrease)		(704,323	)	$	(7,038,208	)		(1,016,383	)		(10,161,585	)

(1) 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.

Nuveen Investments 53

Notes to Financial Statements (continued)

	Small Cap Select
	Year Ended 10/31/12						Year Ended 10/30/11
	Shares			Amount			Shares			Amount
Shares sold:
Class A		3,405,459		$	44,581,140			9,066,714		$	118,699,201
Class B		55			510			829			8,923
Class C		33,316			400,508			44,237			520,442
Class R3		362,918			4,572,748			732,709			9,445,253
Class I		3,848,641			54,450,626			4,213,928			59,498,496
Shares issued to shareholders due to reinvestment of distributions:
Class A		555,168			6,578,745			—			—
Class B		8,774			81,068			—			—
Class C		31,587			336,407			—			—
Class R3		42,049			485,669			—			—
Class I		369,469			4,780,926			—			—
		8,657,436			116,268,347			14,058,417			188,172,315
Shares redeemed:
Class A		(14,663,335	)		(201,595,961	)		(15,876,132	)		(207,042,276	)
Class B		(108,436	)		(1,128,129	)		(130,715	)		(1,343,789	)
Class C		(482,065	)		(5,720,510	)		(428,685	)		(4,846,091	)
Class R3		(661,413	)		(8,291,187	)		(655,473	)		(8,328,827	)
Class I		(6,784,819	)		(96,961,259	)		(11,942,604	)		(165,412,108	)
Class I – In-Kind		—			—			(3,470,750	)		(49,354,066	)
		(22,700,068	)		(313,697,046	)		(32,504,359	)		(436,327,157	)
Net increase (decrease)		(14,042,632	)	$	(197,428,699	)		(18,445,942	)	$	(248,154,842	)

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 fiscal years ended October 31, 2012 and October 31, 2011, were as follows:

Fund	Year Ended 10/31/12		Year Ended 10/31/11
Mid Cap Select		18,510		42,682
Small Cap Select		83,248		68,111

5. Investment Transactions

Purchases and sales (excluding investments purchased with collateral from securities lending, short-term investments and derivative transactions, where applicable) during the fiscal year ended October 31, 2012, were as follows:

	Large Cap Select		Mid Cap Select		Small Cap Select
Purchases	$	56,795,241	$	54,056,007	$	358,032,676
Sales		87,482,127		61,049,141		551,747,138

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 October 31, 2012, the cost and unrealized appreciation (depreciation) of investments as determined on a federal income tax basis, were as follows:

	Large Cap Select			Mid Cap Select			Small Cap Select
Cost of investments	$	42,064,233		$	31,989,489		$	572,223,814
Gross unrealized:
Appreciation	$	4,148,097		$	2,311,473		$	57,987,129
Depreciation		(982,272	)		(829,442	)		(35,398,919	)
Net unrealized appreciation (depreciation) of investments	$	3,165,825		$	1,482,031		$	22,588,210

54 Nuveen Investments

Permanent differences, primarily due to net operating losses, tax equalization and REIT adjustments, resulted in reclassifications among the Funds’ components of net assets at October 31, 2012, the Funds’ tax year end, as follows:

	Large Cap Select			Mid Cap Select			Small Cap Select
Capital paid-in	$	(4,786	)	$	—		$	5,799,953
Undistributed (Over-distribution of) net investment income		—			(3,568	)		1,434,162
Accumulated net realized gain (loss)		4,786			3,568			(7,234,115	)

The tax components of undistributed net ordinary income and net long-term capital gains at October 31, 2012, the Funds’ tax year end, were as follows:

	Large Cap Select		Mid Cap Select		Small Cap Select
Undistributed net ordinary income*	$	178,136	$	127,226	$	11,425,324
Undistributed net long-term capital gains		—		—		54,954,814

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

The tax character of distributions paid during the Funds’ tax years ended October 31, 2012 and October 31, 2011, was designated for purposes of the dividends paid deduction as follows:

2012	Large Cap Select		Mid Cap Select		Small Cap Select
Distributions from net ordinary income*	$	49,038		—	$	—
Distributions from net long-term capital gains		—		—		13,456,984

2011	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, 2012, the Funds’ 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	$	16,448,599	$	4,674,453
October 31, 2017		54,315,490		15,708,192
Total	$	70,764,089	$	20,382,645

During the Funds’ tax year ended October 31, 2012, the Funds utilized their capital loss carryforwards as follows:

	Large Cap Select		Mid Cap Select
Utilized capital loss carryforwards	$	5,144,732	$	3,145,376

On December 22, 2010, the Regulated Investment Company Modernization Act of 2010 (the “Act”) was enacted, which changed various technical rules governing the tax treatment of RICs. The changes are generally effective for taxable years beginning after the date of enactment. One of the more prominent changes addresses capital loss carryforwards. Under the Act, each Fund will be permitted to carry forward capital losses incurred in taxable years beginning after the date of enactment for an unlimited period. However, any losses incurred during those future taxable years will be required to be utilized prior to the losses incurred in pre-enactment taxable years, which carry an expiration date. As a result of this ordering rule, pre-enactment capital loss carryforwards may be more likely to expire unused. Additionally, post-enactment capital loss carryforwards will retain their character as either short-term or long-term capital losses rather than being considered all short-term as permitted under previous regulation.

The Act also contains several provisions aimed at preserving the character of distributions made by a fiscal year RIC during the portion of its taxable year ending after October 31 or December 31, reducing the circumstances under which a RIC might be required to file amended Forms 1099 to restate previously reported distributions.

Nuveen Investments 55

Notes to Financial Statements (continued)

During the Funds’ tax year ended October 31, 2012, there were no post-enactment capital losses generated by any of the Funds.

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	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

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 certain 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 October 31, 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 is compensated for its services to the Funds from the management fees paid to the Adviser.

56 Nuveen Investments

The Adviser has contractually 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.

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 fiscal year ended October 31, 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 (Unaudited)	$	2,242	$	7,845	$	35,204
Paid to financial intermediaries (Unaudited)		1,957		6,855		30,765

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

During the fiscal year ended October 31, 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 (Unaudited)	$	147	$	421	$	3,065

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 fiscal year ended October 31, 2012, the Distributor retained such 12b-1 fees as follows:

	Large Cap Select		Mid Cap Select		Small Cap Select
12b-1 fees retained (Unaudited)	$	122	$	2,721	$	25,494

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

The Distributor also collected and retained CDSC on share redemptions during the fiscal year ended October 31, 2012, as follows:

	Large Cap Select		Mid Cap Select		Small Cap Select
CDSC retained (Unaudited)	$	246	$	459	$	2,500

Nuveen Investments 57

Notes to Financial Statements (continued)

8. New Accounting Pronouncements

Financial Accounting Standards Board (“FASB”) Balance Sheet (Topic 210): Disclosures about Offsetting Assets and Liabilities

In December 2011, the FASB issued Accounting Standards Update (“ASU”) No. 2011-11 (“ASU No. 2011-11”) to enhance disclosures about financial instruments and derivative instruments that are subject to offsetting (“netting”) on the Statement of Assets and Liabilities. This information will enable users of the entity’s financial statements to evaluate the effect or potential effect of netting arrangements on the entity’s financial position. ASU No. 2011-11 is effective prospectively during interim or annual periods beginning on or after January 1, 2013. At this time, management is evaluating the implications of this guidance and the impact it will have to the financial statements amounts and footnote disclosures, if any.

58 Nuveen Investments

Trustees and Officers (Unaudited)

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

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

Name, Birthdate and Address	Position(s) Held with the Funds	Year First Elected or Appointed (1)	Principal Occupation(s) Including other Directorships During Past 5 Years	Number of Portfolios in Fund Complex Overseen by Trustee
Independent Trustees:
Robert P. Bremner 8/22/40 333 W. Wacker Drive Chicago, IL 60606	Chairman of the Board and Trustee	1996	Private Investor and Management Consultant; Treasurer and Director, Humanities Council of Washington, D.C.; Board Member, Independent Directors Council affiliated with the Investment Company Institute.	217
Jack B. Evans 10/22/48 333 W. Wacker Drive Chicago, IL 60606	Trustee	1999	President, The Hall-Perrine Foundation, a private philanthropic corporation (since 1996); Director and Chairman, United Fire Group, a publicly held company; member of the Board of Regents for the State of Iowa University System; Director, Source Media Group; Life Trustee of Coe College and the Iowa College Foundation; formerly, Director, Alliant Energy; formerly, Director, Federal Reserve Bank of Chicago; formerly, President and Chief Operating Officer, SCI Financial Group, Inc., a regional financial services firm.	217
William C. Hunter 3/6/48 333 W. Wacker Drive Chicago, IL 60606	Trustee	2004	Dean Emeritus (since June 30, 2012), formerly, Dean, Tippie College of Business, University of Iowa (2006-2012); Director (since 2004) of Xerox Corporation; Director (since 2005), and President (since July 2012) Beta Gamma Sigma, Inc., The International Honor Society; Director of Wellmark, Inc. (since 2009); formerly, Dean and Distinguished Professor of Finance, School of Business at the University of Connecticut (2003-2006); previously, Senior Vice President and Director of Research at the Federal Reserve Bank of Chicago (1995-2003); formerly, Director (1997-2007), Credit Research Center at George Washington University.	217
David J. Kundert 10/28/42 333 W. Wacker Drive Chicago, IL 60606	Trustee	2005	Director, Northwestern Mutual Wealth Management Company; retired (since 2004) as Chairman, JPMorgan Fleming Asset Management, President and CEO, Banc One Investment Advisors Corporation, and President, One Group Mutual Funds; prior thereto, Executive Vice President, Banc One Corporation and Chairman and CEO, Banc One Investment Management Group; Member, Board of Regents, Luther College; member of the Wisconsin Bar Association; member of Board of Directors, Friends of Boerner Botanical Gardens; member of Board of Directors and Chair of Investment Committee, Greater Milwaukee Foundation.	217
William J. Schneider 9/24/44 333 W. Wacker Drive Chicago, IL 60606	Trustee	1996	Chairman of Miller-Valentine Partners Ltd., a real estate investment company; formerly, Senior Partner and Chief Operating Officer (retired 2004) of Miller-Valentine Group; member, University of Dayton Business School Advisory Council; member, Mid-America Health System Board; formerly, member and chair, Dayton Philharmonic Orchestra Association; formerly, member, Business Advisory Council, Cleveland Federal Reserve Bank.	217
Judith M. Stockdale 12/29/47 333 W. Wacker Drive Chicago, IL 60606	Trustee	1997	Executive Director, Gaylord and Dorothy Donnelley Foundation (since 1994); prior thereto, Executive Director, Great Lakes Protection Fund (1990-1994).	217
Carole E. Stone 6/28/47 333 W. Wacker Drive Chicago, IL 60606	Trustee	2007	Director, Chicago Board Options Exchange (since 2006); Director, C2 Options Exchange, Incorporated (since 2009); formerly, Commissioner, New York State Commission on Public Authority Reform (2005-2010); formerly, Chair, New York Racing Association Oversight Board (2005-2007).	217

Nuveen Investments 59

Trustees and Officers (Unaudited) (continued)

Name, Birthdate and Address	Position(s) Held with the Funds	Year First Elected or Appointed (1)	Principal Occupation(s) During Past Five Years	Number of Portfolios in Fund Complex Overseen by Trustee
Virginia L. Stringer 8/16/44 333 West Wacker Drive Chicago, IL 60606	Trustee	2011	Board Member, Mutual Fund Directors Forum; former governance consultant and non-profit board member; former Owner and President, Strategic Management Resources, Inc. a management consulting firm; former Member, Governing Board, Investment Company Institute’s Independent Directors Council; previously, held several executive positions in general management, marketing and human resources at IBM and The Pillsbury Company; Independent Director, First American Fund Complex (1987-2010) and Chair (1997-2010).	217
Terence J. Toth 9/29/59 333 W. Wacker Drive Chicago, IL 60606	Trustee	2008	Director, Legal & General Investment Management America, Inc. (since 2008); Managing Partner, Promus Capital (since 2008); formerly, CEO and President, Northern Trust Global Investments (2004-2007); Executive Vice President, Quantitative Management & Securities Lending (2000-2004); prior thereto, various positions with Northern Trust Company (since 1994); member: Chicago Fellowship Board (since 2005), Catalyst Schools of Chicago Board (since 2008); Mather Foundation Board (since 2012) and a member of its investment committee; formerly, member: Northern Trust Mutual Funds Board (2005-2007), Northern Trust Global Investments Board (2004-2007), Northern Trust Japan Board (2004-2007), Northern Trust Securities Inc. Board (2003-2007) and Northern Trust Hong Kong Board (1997-2004).	217
Interested Trustee:
John P. Amboian (2) 6/14/61 333 W. Wacker Drive Chicago, IL 60606	Trustee	2008	Chief Executive Officer and Chairman (since 2007) and Director (since 1999) of Nuveen Investments, Inc., formerly, President (1999-2007); Chief Executive Officer (since 2007) of Nuveen Investments Advisers Inc.; Director (since 1998) formerly, Chief Executive Officer (2007-2010) of Nuveen Fund Advisors, Inc.	217
Name, Birthdate and Address	Position(s) Held with the Funds	Year First Elected or Appointed (3)	Principal Occupation(s) During Past 5 Years	Number of Portfolios in Fund Complex Overseen by Officer
Officers of the Funds:
Gifford R. Zimmerman 9/9/56 333 W. Wacker Drive Chicago, IL 60606	Chief Administrative Officer	1988	Managing Director (since 2002), Assistant Secretary of Nuveen Securities, LLC; Managing Director (since 2004) and Assistant Secretary (since 1994) of Nuveen Investments, Inc.; Managing Director (since 2002), Assistant Secretary (since 1997) and Co-General Counsel (since 2011) of Nuveen Fund Advisors, Inc.; Managing Director, Assistant Secretary and Associate General Counsel of Nuveen Asset Management, LLC (since 2011); Managing Director, Associate General Counsel and Assistant Secretary of Symphony Asset Management LLC (since 2003); Vice President and Assistant Secretary of NWQ Investment Management Company, LLC (since 2002), Nuveen Investments Advisers Inc. (since 2002), Santa Barbara Asset Management, LLC (since 2006) and of Winslow Capital Management, LLC, (since 2010); Chief Administrative Officer and Chief Compliance Officer (since 2006) of Nuveen Commodities Asset Management, LLC; Chartered Financial Analyst.	217
Margo L. Cook 4/11/64 333 W. Wacker Drive Chicago, IL 60606	Vice President	2009	Executive Vice President (since 2008) of Nuveen Investments, Inc. and of Nuveen Fund Advisors, Inc. (since 2011); Managing Director – Investment Services of Nuveen Commodities Asset Management, LLC (since August 2011) previously, Head of Institutional Asset Management (2007-2008) of Bear Stearns Asset Management; Head of Institutional Asset Management (1986-2007) of Bank of NY Mellon; Chartered Financial Analyst.	217

60 Nuveen Investments

Name, Birthdate and Address	Position(s) Held with the Funds	Year First Elected or Appointed (3)	Principal Occupation(s) During Past 5 Years	Number of Portfolios in Fund Complex Overseen by Officer
Lorna C. Ferguson 10/24/45 333 W. Wacker Drive Chicago, IL 60606	Vice President	1998	Managing Director (since 2005) of Nuveen Fund Advisors, Inc. and Nuveen Securities, LLC (since 2004).	217
Stephen D. Foy 5/31/54 333 W. Wacker Drive Chicago, IL 60606	Vice President and Controller	1998	Senior Vice President (since 2010), formerly, Vice President (2005-2010) and Funds Controller of Nuveen Securities, LLC; Vice President of Nuveen Fund Advisors, Inc.; Chief Financial Officer of Nuveen Commodities Asset Management, LLC (since 2010); Certified Public Accountant.	217
Scott S. Grace 8/20/70 333 W. Wacker Drive Chicago, IL 60606	Vice President and Treasurer	2009	Managing Director, Corporate Finance & Development, Treasurer (since 2009) of Nuveen Securities, LLC; Managing Director and Treasurer (since 2009) of Nuveen Fund Advisors, Inc., Nuveen Investments Advisers, Inc., Nuveen Investments Holdings Inc. and (since 2011) Nuveen Asset Management, LLC; Vice President and Treasurer of NWQ Investment Management Company, LLC, Tradewinds Global Investors, LLC, Symphony Asset Management LLC and Winslow Capital Management, LLC.; Vice President of Santa Barbara Asset Management, LLC; formerly, Treasurer (2006-2009), Senior Vice President (2008-2009), previously, Vice President (2006-2008) of Janus Capital Group, Inc.; formerly, Senior Associate in Morgan Stanley’s Global Financial Services Group (2000-2003); Chartered Accountant Designation.	217
Walter M. Kelly 2/24/70 333 W. Wacker Drive Chicago, IL 60606	Chief Compliance Officer and Vice President	2003	Senior Vice President (since 2008) and Assistant Secretary (since 2003) of Nuveen Fund Advisors, Inc; Senior Vice President (since 2008) of Nuveen Investments Holdings, Inc; formerly, Senior Vice President (2008-2011) of Nuveen Securities, LLC.	217
Tina M. Lazar 8/27/61 333 W. Wacker Drive Chicago, IL 60606	Vice President	2002	Senior Vice President (since 2010), formerly, Vice President (2005-2010) of Nuveen Fund Advisors, Inc.	217
Name, Birthdate and Address	Position(s) Held with the Funds	Year First Elected or Appointed (3)	Principal Occupation(s) Including other Directorships During Past 5 Years	Number of Portfolios in Fund Complex Overseen by Officer
Kevin J. McCarthy 3/26/66 333 W. Wacker Drive Chicago, IL 60606	Vice President and Secretary	2007	Managing Director and Assistant Secretary (since 2008), formerly, Vice President (2007-2008), Nuveen Securities, LLC; Managing Director (since 2008), Assistant Secretary (since 2007) and Co-General Counsel (since 2011) of Nuveen Fund Advisors, Inc.; Managing Director, Assistant Secretary and Associate General Counsel (since 2011) of Nuveen Asset Management, LLC; Managing Director (since 2008), and Assistant Secretary, Nuveen Investment Holdings, Inc.; Vice President (since 2007) and Assistant Secretary of Nuveen Investments Advisers Inc., NWQ Investment Management Company, LLC, Tradewinds Global Investors LLC, NWQ Holdings, LLC, Symphony Asset Management LLC, Santa Barbara Asset Management, LLC, and of Winslow Capital Management, LLC. (since 2010); Vice President and Secretary (since 2010) of Nuveen Commodities Asset Management, LLC; prior thereto, Partner, Bell, Boyd & Lloyd LLP (1997-2007).	217
Kathleen L. Prudhomme 3/30/53 901 Marquette Avenue Minneapolis, MN 55402	Vice President and Assistant Secretary	2011	Managing Director, Assistant Secretary and Co-General Counsel (since 2011) of Nuveen Fund Advisors, Inc.; Managing Director, Assistant Secretary and Associate General Counsel (since 2011) of Nuveen Asset Management, LLC; Managing Director and Assistant Secretary (since 2011) of Nuveen Securities, LLC; formerly, Deputy General Counsel, FAF Advisors, Inc. (2004-2010).	217

Nuveen Investments 61

Trustees and Officers (Unaudited) (continued)

Name, Birthdate and Address	Position(s) Held with the Funds	Year First Elected or Appointed (3)	Principal Occupation(s) Including other Directorships During Past 5 Years	Number of Portfolios in Fund Complex Overseen by Officer
Jeffery M. Wilson 3/13/56 333 West Wacker Drive Chicago, IL 60606	Vice President	2011	Senior Vice President of Nuveen Securities, LLC (since 2011); formerly, Senior Vice President of FAF Advisors, Inc. (2000-2010).	100

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

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

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

62 Nuveen Investments

Annual Investment Management Agreement Approval Process

(Unaudited)

The Board of Directors (each, a “Board” and each Director, a “Board Member”) of the Funds, including the Board Members who are not parties to the Funds’ advisory or sub-advisory agreements or “interested persons” of any such parties (the “Independent Board Members”), is responsible for approving the advisory agreements (each, an “Investment Management Agreement”) between each Fund and Nuveen Fund Advisors, Inc. (the “Advisor”) and the sub-advisory agreements (each, a “Sub-Advisory Agreement”) between the Advisor and Nuveen Asset Management, LLC (the “Sub-Advisor”) (the Investment Management Agreements and the Sub-Advisory Agreements are referred to collectively as the “Advisory Agreements”) and their periodic continuation. Pursuant to the Investment Company Act of 1940, as amended (the “1940 Act”), the Board is required to consider the continuation of the Advisory Agreements on an annual basis. Accordingly, at an in-person meeting held on May 21-23, 2012 (the “May Meeting”), the Board, including a majority of the Independent Board Members, considered and approved the continuation of the Advisory Agreements for the Funds for an additional one-year period.

In preparation for its considerations at the May Meeting, the Board requested and received extensive materials prepared in connection with the review of the Advisory Agreements. The materials provided a broad range of information regarding the Funds, the Advisor and the Sub-Advisor (the Advisor and the Sub-Advisor are collectively, the “Fund Advisers” and each, a “Fund Adviser”). As described in more detail below, the information provided included, among other things, a review of Fund performance, including Fund investment performance assessments against peer groups and appropriate benchmarks, a comparison of Fund fees and expenses relative to peers, a description and assessment of shareholder service levels for the Funds, a summary of the performance of certain service providers, a review of product initiatives and shareholder communications and an analysis of the Advisor’s profitability with comparisons to comparable peers in the managed fund business. As part of its annual review, the Board also held a separate meeting on April 18-19, 2012, to review the Funds’ investment performance and consider an analysis provided by the Advisor of the Sub-Advisor which generally evaluated the Sub-Advisor’s investment team, investment mandate, organizational structure and history, investment philosophy and process, performance of the applicable Fund, and significant changes to the foregoing. As a result of its review of the materials and discussions, the Board presented the Advisor with questions and the Advisor responded.

The materials and information prepared in connection with the annual review of the Advisory Agreements supplement the information and analysis provided to the Board during the year. In this regard, throughout the year, the Board, acting directly or through its committees, regularly reviews the performance and various services provided by the Advisor and the Sub-Advisor. The Board meets at least quarterly as well as at other times as the need arises. At its quarterly meetings, the Board reviews reports by the Advisor which include, among other things, Fund performance, a review of the investment teams and reports on compliance, regulatory matters and risk management. The Board also meets with key investment personnel managing the Fund portfolios during the year. In October 2011, the Board also created two new standing committees (the Open-end Fund Committee and the Closed-end Fund Committee) to assist the full Board in monitoring and gaining a deeper insight into the distinctive issues and business practices of open-end and closed-end funds.

In addition, the Board continues its program of seeking to have the Board Members or a subset thereof visit each sub-advisor to the Nuveen funds at least once over a multiple year rotation, meeting with key investment and business personnel. Further, an ad hoc committee of the Board visited the then-current transfer agents of the Nuveen funds in 2011 and the audit committee of the Board visited the various pricing agents for the Nuveen funds in January 2012.

The Board considers factors and information that are relevant to its annual consideration of the renewal of the Advisory Agreements at the meetings held throughout the year. Accordingly, the Board considers the information provided and knowledge gained at these meetings when performing its annual review of the Advisory Agreements. The Independent Board Members are assisted throughout the process by independent legal counsel who provided materials describing applicable law and the duties of directors or trustees in reviewing advisory contracts and met with the Independent Board Members in executive sessions without management present. In addition, it is important to recognize that the management arrangements for the Nuveen funds are the result of many years of review and discussion between the Independent Board Members and fund management and that the Board Members’ conclusions may be based, in part, on their consideration of fee arrangements and other factors developed in previous years.

The Board considered all factors it believed relevant with respect to each Fund, including among other factors: (a) the nature, extent and quality of the services provided by the Fund Advisers, (b) the investment performance of the Fund and Fund Advisers, (c) the advisory fees and costs of the services to be provided to the Fund and the profitability of the Fund Advisers, (d) the extent of any economies of scale, (e) any benefits derived by the Fund Advisers from the relationship with the Fund and (f) other factors. Each Board Member may have accorded different weight to the various factors in reaching his or her conclusions with respect to a Fund’s Advisory Agreements. The Independent Board Members did not identify any single factor as all important or controlling. The Independent Board Members’ considerations were instead based on a comprehensive consideration of all the information presented. The principal factors considered by the Board and its conclusions are described below.

A. Nature, Extent and Quality of Services

In considering renewal of the Advisory Agreements, the Independent Board Members considered the nature, extent and quality of the Fund Adviser’s services, including advisory services and the resulting Fund performance and administrative services. The Independent Board Members further considered the overall reputation and capabilities of the Advisor and its affiliates, the commitment of the Advisor to provide high quality service to the Funds, their overall confidence in the Advisor’s integrity and the Advisor’s

Nuveen Investments 63

Annual Investment Management Agreement Approval Process

(Unaudited) (continued)

responsiveness to questions and concerns raised by them. The Independent Board Members reviewed materials outlining, among other things, the Fund Adviser’s organization and business; the types of services that the Fund Adviser or its affiliates provide to the Funds; the performance record of the applicable Fund (as described in further detail below); and any initiatives Nuveen had taken for the applicable fund product line.

In considering advisory services, the Board recognized that the Advisor provides various oversight, administrative, compliance and other services for the Funds and the Sub-Advisor generally provides the portfolio investment management services to the Funds. In reviewing the portfolio management services provided to each Fund, the Board reviewed the materials provided by the Nuveen Investment Services Oversight Team analyzing, among other things, the Sub-Advisor’s investment team and changes thereto, organization and history, assets under management, Fund objectives and mandate, the investment team’s philosophy and strategies in managing the Fund, developments affecting the Sub-Advisor or Fund and Fund performance. The Independent Board Members also reviewed portfolio manager compensation arrangements to evaluate each Fund Adviser’s ability to attract and retain high quality investment personnel, preserve stability, and reward performance but not provide an inappropriate incentive to take undue risks. In addition, the Board considered the Advisor’s execution of its oversight responsibilities over the Sub-Advisor. Given the importance of compliance, the Independent Board Members also considered Nuveen’s compliance program, including the report of the chief compliance officer regarding the Funds’ compliance policies and procedures; the resources dedicated to compliance; and the record of compliance with the policies and procedures.

In addition to advisory services, the Board considered the quality and extent of administrative and other non-investment advisory services the Advisor and its affiliates provide to the Funds, including product management, investment services (such as oversight of investment policies and procedures, risk management, and pricing), fund administration, oversight of service providers, shareholder services and communications, administration of Board relations, regulatory and portfolio compliance and legal support. The Board further recognized Nuveen’s additional investments in personnel, including in compliance and risk management. In reviewing the services provided, the Board also reviewed materials describing various notable initiatives and projects the Advisor performed in connection with the open-end fund product line. These initiatives included efforts to eliminate product overlap through mergers or liquidations; commencement of various new funds; elimination of insurance mandates for various funds; updates in investment policies or guidelines for several funds; and reductions in management fees and expense caps for certain funds.

Based on their review, the Independent Board Members found that, overall, the nature, extent and quality of services provided to the respective Funds under each applicable Advisory Agreement were satisfactory.

B. The Investment Performance of the Funds and Fund Advisers

The Board, including the Independent Board Members, reviewed and considered the performance history of each Fund over various time periods. The Board reviewed, among other things, each Fund’s historic investment performance as well as information comparing the Fund’s performance information with that of other funds (the “Performance Peer Group”) based on data compiled by Nuveen that was provided by an independent provider of mutual fund data and with recognized and/or customized benchmarks (i.e., benchmarks derived from multiple recognized benchmarks).

The Board reviewed reports, including a comprehensive analysis of the Funds’ performance and the applicable investment team. In this regard, the Board reviewed each Fund’s total return information compared to the returns of its Performance Peer Group and recognized and/or customized benchmarks for the quarter, one-, three- and five-year periods ending December 31, 2011, as well as performance information reflecting the first quarter of 2012.

In reviewing performance comparison information, the Independent Board Members recognized that the usefulness of the comparisons of the performance of certain funds with the performance of their respective Performance Peer Group may be limited because the Performance Peer Group may not adequately represent the objectives and strategies of the applicable funds or may be limited in size or number. The Independent Board Members also noted that the investment experience of a particular shareholder in the Nuveen funds will vary depending on when such shareholder invests in the applicable fund, the class held (if multiple classes are offered in a fund) and the performance of the fund (or respective class) during that shareholder’s investment period. In addition, although the performance below reflects the performance results for the time periods ending as of the most recent calendar year end (unless otherwise indicated), the Board also recognized that selecting a different ending time period may derive different results. Furthermore, while the Board is cognizant of the relevant performance of a fund’s peer set and/or benchmark(s), the Board evaluated fund performance in light of the respective fund’s investment objectives, investment parameters and guidelines and recognized that the objectives, investment parameters and guidelines of peers and/or benchmarks may differ to some extent, thereby resulting in differences in performance results. Nevertheless, with respect to any Nuveen funds that the Board considers to have underperformed their peers and/or benchmarks from time to time, the Board monitors such funds closely and considers any steps necessary or appropriate to address such issues.

In considering the results of the comparisons for the Funds, the Independent Board Members observed, among other things, that the Nuveen Small Cap Select Fund had satisfactory performance compared to its peers, performing in the second or third quartile over various periods, while the Nuveen Mid Cap Select Fund (the “Mid Cap Fund”) and the Nuveen Large Cap Select Fund (the “Large Cap Fund”) lagged their respective peers and/or benchmarks over various periods (although the Large Cap Fund was in the second quartile for the three-year period and the first quartile for the first quarter of 2012). With respect to the Nuveen funds that have shown

64 Nuveen Investments

periods of underperformance, the Board considered the factors affecting performance and was satisfied with the process followed in seeking to address any performance issues in light of the fund’s investment strategy. In this regard, the Board noted, in particular, the portfolio management team changes for the Mid Cap Fund.

Based on their review, the Independent Board Members determined that, except as noted above, each Fund’s investment performance had been satisfactory.

C. Fees, Expenses and Profitability

1. Fees and Expenses

The Board evaluated the management fees and expenses of each Fund reviewing, among other things, such Fund’s gross management fees, net management fees and net expense ratios in absolute terms as well as compared to the fee and expenses of a comparable universe of funds provided by an independent fund data provider (the “Peer Universe”) and to a more focused subset of funds in the Peer Universe (the “Peer Group”) and any expense limitations.

The Independent Board Members further reviewed the methodology regarding the construction of the applicable Peer Universe and Peer Group. In reviewing the comparisons of fee and expense information, the Independent Board Members took into account that in certain instances various factors such as: the limited size and particular composition of the Peer Universe or Peer Group (including the inclusion of other Nuveen funds in the peer set); expense anomalies; changes in the funds comprising the Peer Universe or Peer Group from year to year; levels of reimbursement or fee waivers; and the timing of information used may impact the comparative data, thereby limiting somewhat the ability to make a meaningful comparison with peers.

In reviewing the fee schedule for a Fund, the Independent Board Members also considered the fund-level and complex-wide breakpoint schedules (described in further detail below) and any fee waivers and reimbursements provided by Nuveen. In reviewing fees and expenses, the Board considered the expenses and fees to be higher if they were over 10 basis points higher, slightly higher if they were approximately 6 to 10 basis points higher, in line if they were within approximately 5 basis points higher than the peer average and below if they were below the peer average of the Peer Group. In reviewing the reports, the Board noted that the overwhelming majority of the Nuveen funds were at, close to or below their Peer Group or Peer Universe (if no separate Peer Group) average based on the net total expense ratio.

The Independent Board Members observed that the Funds had net management fees and net expense ratios (including fee waivers and expense reimbursements, if any) below or in line with their respective peer averages.

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

2. Comparisons with the Fees of Other Clients

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

In considering the fees of the Sub-Advisor, the Independent Board Members also considered the pricing schedule or fees that the Sub-Advisor charges for similar investment management services for other Nuveen funds, funds of other sponsors (if any), and other clients (such as retail and/or institutional managed accounts).

3. Profitability of Fund Advisers

In conjunction with their review of fees, the Independent Board Members also considered the profitability of Nuveen for its advisory activities and its financial condition. The Independent Board Members reviewed the revenues and expenses of Nuveen’s advisory activities for the last two calendar years, the allocation methodology used in preparing the profitability data and an analysis of the key drivers behind the changes in revenues and expenses that impacted profitability in 2011. The Independent Board Members noted this information supplemented the profitability information requested and received during the year to help keep them apprised of developments affecting profitability (such as changes in fee waivers and expense reimbursement commitments). In this regard, the Independent Board Members noted that they have an Independent Board Member serve as a point person to review and keep them apprised of changes to the profitability analysis and/or methodologies during the year. The

Nuveen Investments 65

Annual Investment Management Agreement Approval Process

(Unaudited) (continued)

Independent Board Members also considered Nuveen’s revenues for advisory activities, expenses, and profit margin compared to that of various unaffiliated management firms with comparable assets under management (based on asset size and asset composition).

In reviewing profitability, the Independent Board Members recognized the Advisor’s continued investment in its business to enhance its services, including capital improvements to investment technology, updated compliance systems, and additional personnel in compliance, risk management, and product development as well as its ability to allocate resources to various areas of the Advisor as the need arises. In addition, in evaluating profitability, the Independent Board Members also recognized the subjective nature of determining profitability which may be affected by numerous factors including the allocation of expenses. Further, the Independent Board Members recognized the difficulties in making comparisons as the profitability of other advisers generally is not publicly available and the profitability information that is available for certain advisers or management firms may not be representative of the industry and may be affected by, among other things, the adviser’s particular business mix, capital costs, types of funds managed and expense allocations. Notwithstanding the foregoing, the Independent Board Members reviewed Nuveen’s methodology and assumptions for allocating expenses across product lines to determine profitability. In reviewing profitability, the Independent Board Members recognized Nuveen’s investment in its fund business. Based on their review, the Independent Board Members concluded that the Advisor’s level of profitability for its advisory activities was reasonable in light of the services provided.

With respect to sub-advisers affiliated with Nuveen, including the Sub-Advisor, the Independent Board Members reviewed the sub-adviser’s revenues, expenses and profitability margins (pre- and post-tax) for its advisory activities and the methodology used for allocating expenses among the internal sub-advisers. Based on their review, the Independent Board Members were satisfied that the Sub-Advisor’s level of profitability was reasonable in light of the services provided.

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

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

With respect to economies of scale, the Independent Board Members have recognized the potential benefits resulting from the costs of a fund being spread over a larger asset base, although economies of scale are difficult to measure and predict with precision, particularly on a fund-by-fund basis. One method to help ensure the shareholders share in these benefits is to include breakpoints in the advisory fee schedule. Generally, management fees for funds in the Nuveen complex are comprised of a fund-level component and a complex-level component, subject to certain exceptions. Accordingly, the Independent Board Members reviewed and considered the applicable fund-level breakpoints in the advisory fee schedules that reduce advisory fees as asset levels increase.

In addition to fund-level advisory fee breakpoints, the Board also considered the Funds’ complex-wide fee arrangement. Pursuant to the complex-wide fee arrangement, the fees of the funds in the Nuveen complex are generally reduced as the assets in the fund complex reach certain levels. The complex-wide fee arrangement seeks to provide the benefits of economies of scale to fund shareholders when total fund complex assets increase, even if assets of a particular fund are unchanged or have decreased. The approach reflects the notion that some of Nuveen’s costs are attributable to services provided to all its funds in the complex and therefore all funds benefit if these costs are spread over a larger asset base. In addition, with the acquisition of the funds previously advised by FAF Advisors, Inc., the Board noted that a portion of such funds’ assets at the time of acquisition were deemed eligible to be included in the complex-wide fee calculation in order to deliver fee savings to shareholders in the combined complex and such funds were subject to differing complex-level fee rates.

Based on their review, the Independent Board Members concluded that the breakpoint schedules and complex-wide fee arrangement were acceptable and reflect economies of scale to be shared with shareholders when assets under management increase.

E. Indirect Benefits

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

In addition to the above, the Independent Board Members considered whether the Fund Advisers received any benefits from soft dollar arrangements whereby a portion of the commissions paid by a Fund for brokerage may be used to acquire research that may be useful to the Fund Adviser in managing the assets of the Funds and other clients. The Independent Board Members recognized that each Fund Adviser has the authority to pay a higher commission in return for brokerage and research services if it determines in good faith that the commission paid is reasonable in relation to the value of the brokerage and research services provided and may benefit

66 Nuveen Investments

from such soft dollar arrangements. Similarly, the Board recognized that the research received pursuant to soft dollar arrangements by a Fund Adviser may also benefit a Fund and shareholders to the extent the research enhances the ability of the Fund Adviser to manage the Fund. The Independent Board Members noted that the Fund Advisers’ profitability may be somewhat lower if they did not receive the research services pursuant to the soft dollar arrangements and had to acquire such services directly.

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

F. Other Considerations

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

Nuveen Investments 67

Notes

68 Nuveen Investments

Notes

Nuveen Investments 69

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.

Gross Domestic Product (GDP): The total market value of all final goods and services produced in a country/region in a given year, equal to total consumer, investment and government spending, plus the value of exports, minus the value of imports.

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 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 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.

70 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

Distribution Information: The following Fund hereby designates its percentages of dividends paid from net ordinary income as dividends qualifying for the 70% dividends received deduction (“DRD”) for corporations and its percentages as qualified dividend income (“QDI”) for individuals under Section 1 (h)(11) of the Internal Revenue Code as shown in the accompanying table. The actual qualified dividend income distributions will be reported to shareholders on Form 1099-DIV which will be sent to shareholders shortly after calendar year end.

Fund	% of DRD			% of QDI
Nuveen Large Cap Select Fund		100	%		100	%

Long-Term Capital Gain Distributions: Nuveen Small Cap Select Fund designated as a long-term capital gain dividend, pursuant to the Internal Revenue Code Section 852(b)(3), $19,094,723, or, if greater, the amount necessary to reduce earnings and profits of the Fund related to net capital gain to zero for the tax year ended October 31, 2012.

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 71

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 $220 billion as of September 30, 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

MAN-FSLCT-1012P

ITEM 2. CODE OF ETHICS.

As of the end of the period covered by this report, the registrant has adopted a code of ethics that applies to the registrant’s principal executive officer, principal financial officer, principal accounting officer or controller, or persons performing similar functions. There were no amendments to or waivers from the code during the period covered by this report. The registrant has posted the code of ethics on its website at www.nuveen.com/mf. (To view the code, click on the Shareholder Resources drop down menu box, click on Fund Governance and then click on Code of Conduct.)

ITEM 3. AUDIT COMMITTEE FINANCIAL EXPERT.

The registrant’s Board of Trustees determined that the registrant has at least one “audit committee financial expert” (as defined in Item 3 of Form N-CSR) serving on its Audit Committee. The registrant’s audit committee financial expert is Carole E. Stone, who is “independent” for purposes of Item 3 of Form N-CSR.

Ms. Stone served for five years as Director of the New York State Division of the Budget. As part of her role as Director, Ms. Stone was actively involved in overseeing the development of the State’s operating, local assistance and capital budgets, its financial plan and related documents; overseeing the development of the State’s bond-related disclosure documents and certifying that they fairly presented the State’s financial position; reviewing audits of various State and local agencies and programs; and coordinating the State’s system of internal audit and control. Prior to serving as Director, Ms. Stone worked as a budget analyst/examiner with increasing levels of responsibility over a 30 year period, including approximately five years as Deputy Budget Director. Ms. Stone has also served as Chair of the New York State Racing Association Oversight Board, as Chair of the Public Authorities Control Board, as a Commissioner on the New York State Commission on Public Authority Reform and as a member of the Boards of Directors of several New York State public authorities. These positions have involved overseeing operations and finances of certain entities and assessing the adequacy of project/entity financing and financial reporting. Currently, Ms. Stone is on the Board of Directors of CBOE Holdings, Inc., of the Chicago Board Options Exchange, and of C2 Options Exchange. Ms. Stone’s position on the boards of these entities and as a member of both CBOE Holdings’ Audit Committee and its Finance Committee has involved, among other things, the oversight of audits, audit plans and preparation of financial statements.

ITEM 4. PRINCIPAL ACCOUNTANT FEES AND SERVICES.

The following tables show the amount of fees that PricewaterhouseCoopers LLP, the Trust’s auditor, billed to the Trust during the Trust’s last full fiscal year ending October 31, 2012 and the amount that Ernst & Young LLP, the Trust’s previous auditor, billed to the Trust during the Trust’s full fiscal year ending October 31, 2011. The Audit Committee approved in advance all audit services and non-audit services that PricewaterhouseCoopers LLP and Ernst & Young LLP Provided to the Trust, except for those non-audit services that were subject to the pre-approval exception under Rule 2-01 of Regulation S-X (the “pre-approval exception”). The preapproval exception for services provided directly to the Trust waives the pre-approval requirement for services other than audit, review or attest services if: (A) the aggregate amount of all such services provided constitutes no more than 5% of the total amount of revenues paid by the Trust during the fiscal year in which the services are provided; (B) the Trust did not recognize the services as non-audit services at the time of the engagement; and (C) the services are promptly brought to the Audit Committee’s attention, and the Committee (or its delegate) approves the services before the audit is completed.

The Audit Committee has delegated certain pre-approval responsibilities to its Chairman (or, in his absence, any other member of the Audit Committee).

SERVICES THAT THE TRUST’S AUDITOR BILLED TO THE TRUST

Fiscal Year Ended October 31, 2012	Audit Fees Billed to Funds 1		Audit-Related Fees Billed to Funds 2		Tax Fees Billed to Funds 3		All Other Fees Billed to Funds 4
Name of Series
Dividend Value Fund		16,667		0		0		0
Equity Index Fund		14,613		0		0		0
International Fund		15,193		0		48,020		0
International Select Fund		17,078		0		31,145		0
Large Cap Growth Opportunities Fund		13,850		0		0		0
Large Cap Select Fund		11,411		0		0		0
Mid Cap Growth Opportunities Fund		16,326		0		0		0
Mid Cap Index Fund		12,776		0		0		0
Mid Cap Select Fund		11,333		0		0		0
Mid Cap Value Fund		12,186		0		0		0
Quantitative Enhanced Core Equity Fund		11,643		0		0		0
Small Cap Growth Opportunities Fund		11,695		0		0		0
Small Cap Index Fund		11,552		0		0		0
Small Cap Select Fund		14,065		0		0		0
Small Cap Value Fund		11,620		0		0		0
Tactical Market Opportunities Fund		11,916		0		0		0
Total	$	213,924	$	0	$	79,165	$	0

¹  “Audit Fees” are the aggregate fees billed for professional services for the audit of the Fund’s annual financial statements and services provided in connection with statutory and regulatory filings or engagements.

²  “Audit-Related Fees” are the aggregate fees billed for assurance and related services reasonably related to the performance of the audit or review of financial statements that are not reported under “Audit Fees”. These fees include leverage offerings as well as comfort letters for seed and shelf offerings.

³  “Tax Fees” are the aggregate fees billed for professional services for tax advice, tax compliance, and tax planning. These fees include: all global withholding tax services; excise and state tax reviews; and capital gain, tax equalization and taxable basis calculations performed by the principal accountant.

⁴  “All Other Fees” are the aggregate fees billed for products and services other than “Audit Fees”, “Audit-Related Fees” and “Tax Fees”. These fees represent all “Agreed-Upon Procedures” engagements pertaining to preferred stock, commercial paper and registration statements.

	Percentage Approved Pursuant to Pre-approval Exception
	Audit Fees Billed to Funds			Audit-Related Fees Billed to Funds			Tax Fees Billed to Funds			All Other Fees Billed to Funds
Name of Series
Dividend Value Fund		0	%		0	%		0	%		0	%
Equity Index Fund		0	%		0	%		0	%		0	%
International Fund		0	%		0	%		0	%		0	%
International Select Fund		0	%		0	%		0	%		0	%
Large Cap Growth Opportunities Fund		0	%		0	%		0	%		0	%
Large Cap Select Fund		0	%		0	%		0	%		0	%
Mid Cap Growth Opportunities Fund		0	%		0	%		0	%		0	%
Mid Cap Index Fund		0	%		0	%		0	%		0	%
Mid Cap Select Fund		0	%		0	%		0	%		0	%
Mid Cap Value Fund		0	%		0	%		0	%		0	%
Quantitative Enhanced Core Equity Fund		0	%		0	%		0	%		0	%
Small Cap Growth Opportunities Fund		0	%		0	%		0	%		0	%
Small Cap Index Fund		0	%		0	%		0	%		0	%
Small Cap Select Fund		0	%		0	%		0	%		0	%
Small Cap Value Fund		0	%		0	%		0	%		0	%
Tactical Market Opportunities Fund		0	%		0	%		0	%		0	%
Fiscal Year Ended October 31, 2011	Audit Fees Billed to Funds 1			Audit-Related Fees Billed to Funds 2			Tax Fees Billed to Funds 3			All Other Fees Billed to Funds 4
Name of Series
Dividend Value Fund		21,875			0			1,056			0
Equity Index Fund		20,000			0			1,056			0
International Fund		21,875			0			2,303			0
International Select Fund		21,875			0			2,205			0
Large Cap Growth Opportunities Fund		21,875			0			1,056			0
Large Cap Select Fund		21,875			0			1,056			0
Mid Cap Growth Opportunities Fund		21,875			0			1,056			0
Mid Cap Index Fund		20,000			0			1,056			0
Mid Cap Select Fund		21,875			0			1,056			0
Mid Cap Value Fund		21,875			0			1,056			0
Quantitative Enhanced Core Equity Fund		21,875			0			1,056			0
Small Cap Growth Opportunities Fund		21,875			0			1,056			0
Small Cap Index Fund		20,000			0			1,056			0
Small Cap Select Fund		21,875			0			1,056			0
Small Cap Value Fund		21,875			0			1,056			0
Tactical Market Opportunities Fund		21,875			0			1,056			0
Total	$	344,375		$	0		$	19,292		$	0

¹  “Audit Fees” are the aggregate fees billed for professional services for the audit of the Fund’s annual financial statements and services provided in connection with statutory and regulatory filings or engagements.

²  “Audit-Related Fees” are the aggregate fees billed for assurance and related services reasonably related to the performance of the audit or review of financial statements that are not reported under “Audit Fees”. These fees include leverage offerings as well as comfort letters for seed and shelf offerings.

³  “Tax Fees” are the aggregate fees billed for professional services for tax advice, tax compliance, and tax planning. These fees include: all global withholding tax services; excise and state tax reviews; and capital gain, tax equalization and taxable basis calculations performed by the principal accountant.

⁴  “All Other Fees” are the aggregate fees billed for products and services other than “Audit Fees”, “Audit-Related Fees” and “Tax Fees”. These fees represent all “Agreed-Upon Procedures” engagements pertaining to preferred stock, commercial paper and registration statements.

	Percentage Approved Pursuant to Pre-approval Exception
	Audit Fees Billed to Funds			Audit-Related Fees Billed to Funds			Tax Fees Billed to Funds			All Other Fees Billed to Funds
Name of Series
Dividend Value Fund		0	%		0	%		0	%		0	%
Equity Index Fund		0	%		0	%		0	%		0	%
International Fund		0	%		0	%		0	%		0	%
International Select Fund		0	%		0	%		0	%		0	%
Large Cap Growth Opportunities Fund		0	%		0	%		0	%		0	%
Large Cap Select Fund		0	%		0	%		0	%		0	%
Mid Cap Growth Opportunities Fund		0	%		0	%		0	%		0	%
Mid Cap Index Fund		0	%		0	%		0	%		0	%
Mid Cap Select Fund		0	%		0	%		0	%		0	%
Mid Cap Value Fund		0	%		0	%		0	%		0	%
Quantitative Enhanced Core Equity Fund		0	%		0	%		0	%		0	%
Small Cap Growth Opportunities Fund		0	%		0	%		0	%		0	%
Small Cap Index Fund		0	%		0	%		0	%		0	%
Small Cap Select Fund		0	%		0	%		0	%		0	%
Small Cap Value Fund		0	%		0	%		0	%		0	%
Tactical Market Opportunities Fund		0	%		0	%		0	%		0	%

Fiscal Year Ended October 31, 2012	Audit-Related Fees Billed to Adviser and Affiliated Fund Service Providers			Tax Fees Billed to Adviser and Affiliated Fund Service Providers			All Other Fees Billed to Adviser and Affiliated Fund Service Providers
Nuveen Investment Funds, Inc.	$	0		$	0		$	0
	Percentage Approved Pursuant to Pre-approval Exception
	Audit-Related Fees Billed to Adviser and Affiliated Fund Service Providers			Tax Fees Billed to Adviser and Affiliated Fund Service Providers			All Other Fees Billed to Adviser and Affiliated Fund Service Providers
		0	%		0	%		0	%
Fiscal Year Ended October 31, 2011	Audit-Related Fees Billed to Adviser and Affiliated Fund Service Providers			Tax Fees Billed to Adviser and Affiliated Fund Service Providers			All Other Fees Billed to Adviser and Affiliated Fund Service Providers
Nuveen Investment Funds, Inc.	$	0		$	0		$	0
	Percentage Approved Pursuant to Pre-approval Exception
	Audit-Related Fees Billed to Adviser and Affiliated Fund Service Providers			Tax Fees Billed to Adviser and Affiliated Fund Service Providers			All Other Fees Billed to Adviser and Affiliated Fund Service Providers
		0	%		0	%		0	%

Fiscal Year Ended October 31, 2012	Total Non-Audit Fees Billed to Trust		Total Non-Audit Fees billed to Adviser and Affiliated Fund Service Providers (engagements related directly to the operations and financial reporting of the Trust)		Total Non-Audit Fees billed to Adviser and Affiliated Fund Service Providers (all other engagements)		Total
Name of Series
Dividend Value Fund		0		0		0		0
Equity Index Fund		0		0		0		0
International Fund		48,020		0		0		48,020
International Select Fund		31,145		0		0		31,145
Large Cap Growth Opportunities Fund		0		0		0		0
Large Cap Select Fund		0		0		0		0
Mid Cap Growth Opportunities Fund		0		0		0		0
Mid Cap Index Fund		0		0		0		0
Mid Cap Select Fund		0		0		0		0
Mid Cap Value Fund		0		0		0		0
Quantitative Enhanced Core Equity Fund		0		0		0		0
Small Cap Growth Opportunities Fund		0		0		0		0
Small Cap Index Fund		0		0		0		0
Small Cap Select Fund		0		0		0		0
Small Cap Value Fund		0		0		0		0
Tactical Market Opportunities Fund		0		0		0		0
Total	$	79,165	$	0	$	0	$	79,165

“Non-Audit Fees billed to Fund” for both fiscal year ends represent “Tax Fees” and “All Other Fees” billed to Funds in their respective amounts from the previous table.

Less than 50 percent of the hours expended on the principal accountant’s engagement to audit the registrant’s financial statements for the most recent fiscal year were attributed to work performed by persons other than the principal accountant’s full-time, permanent employees.

Fiscal Year Ended October 31, 2011	Total Non-Audit Fees Billed to Trust		Total Non-Audit Fees billed to Adviser and Affiliated Fund Service Providers (engagements related directly to the operations and financial reporting of the Trust)		Total Non-Audit Fees billed to Adviser and Affiliated Fund Service Providers (all other engagements)		Total
Name of Series
Dividend Value Fund		1,056		0		0		1,056
Equity Index Fund		1,056		0		0		1,056
International Fund		2,303		0		0		2,303
International Select Fund		2,205		0		0		2,205
Large Cap Growth Opportunities Fund		1,056		0		0		1,056
Large Cap Select Fund		1,056		0		0		1,056
Mid Cap Growth Opportunities Fund		1,056		0		0		1,056
Mid Cap Index Fund		1,056		0		0		1,056
Mid Cap Select Fund		1,056		0		0		1,056
Mid Cap Value Fund		1,056		0		0		1,056
Quantitative Enhanced Core Equity Fund		1,056		0		0		1,056
Small Cap Growth Opportunities Fund		1,056		0		0		1,056
Small Cap Index Fund		1,056		0		0		1,056
Small Cap Select Fund		1,056		0		0		1,056
Small Cap Value Fund		1,056		0		0		1,056
Tactical Market Opportunities Fund		1,056		0		0		1,056
Total	$	19,292	$	0	$	0	$	19,292

“Non-Audit Fees billed to Fund” for both fiscal year ends represent “Tax Fees” and “All Other Fees” billed to Funds in their respective amounts from the previous table.

Audit Committee Pre-Approval Policies and Procedures. Generally, the Audit Committee must approve (i) all non-audit services to be performed for the Trust by the Trust’s independent accountants and (ii) all audit and non-audit services to be performed by the Trust’s independent accountants for the Affiliated Fund Service Providers with respect to the operations and financial reporting of the Trust. Regarding tax and research projects conducted by the independent accountants for the Trust and Affiliated Fund Service Providers (with respect to operations and financial reports of the Trust), such engagements will be (i) pre-approved by the Audit Committee if they are expected to be for amounts greater than $10,000; (ii) reported to the Audit Committee Chairman for his verbal approval prior to engagement if they are expected to be for amounts under $10,000 but greater than $5,000; and (iii) reported to the Audit Committee at the next Audit Committee meeting if they are expected to be for an amount under $5,000.

ITEM 5. AUDIT COMMITTEE OF LISTED REGISTRANTS.

Not applicable to this registrant.

ITEM 6. SCHEDULE OF INVESTMENTS.

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 of Trustees implemented after the registrant last provided disclosure in response to this Item.

ITEM 11. CONTROLS AND PROCEDURES.

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

(b) There were no changes in the registrant’s internal control over financial reporting (as defined in Rule 30a-3(d) under the 1940 Act (17 CFR 270.30a-3(d)) that occurred during the second fiscal quarter of the period covered by this report that has materially affected, or is reasonably likely to materially affect, the registrant’s internal control over financial reporting.

ITEM 12. EXHIBITS.

File the exhibits listed below as part of this Form.

(a)(1)	Any code of ethics, or amendment thereto, that is the subject of the disclosure required by Item 2, to the extent that the registrant intends to satisfy the Item 2 requirements through filing of an exhibit: Not applicable because the code is posted on registrant’s website at www.nuveen.com/mf and there were no amendments during the period covered by this report. (To view the code, click on the Shareholder Resources drop down menu box, click on Fund Governance and then Code of Conduct.)
(a)(2)	A separate certification for each principal executive officer and principal financial officer of the registrant as required by Rule 30a-2(a) under the 1940 Act (17 CFR 270.30a-2(a)) in the exact form set forth below: See EX-99.CERT attached hereto.
(a)(3)	Any written solicitation to purchase securities under Rule 23c-1 under the 1940 Act (17 CFR 270.23c-1) sent or given during the period covered by the report by or on behalf of the registrant to 10 or more persons: Not applicable to this registrant.
(b)	If the report is filed under Section 13(a) or 15(d) of the Exchange Act, provide the certifications required by Rule 30a-2(b) under the 1940 Act (17 CFR 270.30a-2(b)), Rule 13a-14(b) or Rule 15d-14(b) under the Exchange Act (17 CFR 240.13a-14(b) or 240.15d-14(b)), and Section 1350 of Chapter 63 of Title 18 of the United States Code (18 U.S.C. 1350) as an Exhibit. A certification furnished pursuant to this paragraph will not be deemed “filed” for purposes of Section 18 of the Exchange Act (15 U.S.C. 78r), or otherwise subject to the liability of that section. Such certification will not be deemed to be incorporated by reference into any filing under the Securities Act of 1933 or the Exchange Act, except to the extent that the registration specifically incorporates it by reference: See EX-99.906 CERT attached hereto.

SIGNATURES

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

(Registrant) Nuveen Investment Funds, Inc.

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

Date: January 7, 2013

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: January 7, 2013

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

Date: January 7, 2013

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: January 7, 2013

/S/ GIFFORD R. ZIMMERMAN

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: January 7, 2013

/S/ STEPHEN D. FOY

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 “Trust”) certify that, to the best of each such officer’s knowledge and belief:

1. The Form N-CSR of the Trust for the period ended October 31, 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 Trust.

Date: January 7, 2013

/s/ Gifford R. Zimmerman

Gifford R. Zimmerman

Chief Administrative Officer

(principal executive officer)

/s/ Stephen D. Foy

Stephen D. Foy

Vice President and Controller

(principal financial officer)