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: December

Date of reporting period: December 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 Equity Funds

For investors seeking long-term capital appreciation potential.

Annual Report

December 31, 2012

	Share Class / Ticker Symbol
Fund Name	Class A	Class B	Class C	Class R3	Class I
Nuveen Global Infrastructure Fund	FGIAX	—	FGNCX	FGNRX	FGIYX
Nuveen Real Asset Income Fund	NRIAX	—	NRICX	NRIRX	NRIIX
Nuveen Real Estate Securities Fund	FREAX	FREBX	FRLCX	FRSSX	FARCX

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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	23
Report of Independent Registered Public Accounting Firm	24
Portfolios of Investments	25
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,

Despite the global economy’s ability to muddle through the many economic headwinds of 2012, investors continue to have good reasons to remain cautious. The European Central Bank’s decisions to extend intermediate term financing to major European banks and to support sovereign debt markets have begun to show signs of a stabilized euro area financial market. The larger member states of the European Union (EU) are working diligently to strengthen the framework for a tighter financial and banking union and meaningful progress has been made by agreeing to centralize large bank regulation under the European Central Bank. However, economic conditions in the southern tier members are not improving and the pressures on their political leadership remain intense. The jury is out on whether the respective populations will support the continuing austerity measures that are needed to meet the EU fiscal targets.

In the U.S., the Fed remains committed to low interest rates into 2015 through its third program of Quantitative Easing (QE3). Inflation remains low but a growing number of economists are expressing concern about the economic distortions resulting from negative real interest rates. The highly partisan atmosphere in Congress led to a disappointingly modest solution for dealing with the end-of-year tax and spending issues. Early indications for the new Congressional term have not given much encouragement that the atmosphere for dealing with the sequestration legislation and the debt ceiling issues, let alone a more encompassing “grand bargain,” will be any better than the last Congress. Over the longer term, there are some encouraging trends for the U.S. economy: house prices are beginning to recover, banks and corporations continue to strengthen their financial positions and incentives for capital investment in the U.S. by domestic and foreign corporations are increasing due to more competitive energy and labor costs.

During 2012 U.S. investors have benefited from strong returns in the domestic equity markets and solid returns in most fixed income markets. However, many of the macroeconomic risks of 2012 remain unresolved, including negotiating through the many U.S. fiscal issues, managing the risks of another year of abnormally low U.S. interest rates, sustaining the progress being made in the euro area and reducing the potential economic impact of geopolitical issues, particularly in the Middle East. In the face of these uncertainties, the experienced investment professionals at Nuveen Investments seek out investments that are enjoying positive economic conditions. At the same time they are always on the alert for risks in markets subject to excessive optimism or for opportunities in markets experiencing undue pessimism. Monitoring this process is a critical function for the Fund Board as it oversees your Nuveen Fund on your behalf.

As always, I encourage you to communicate with 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

February 22, 2013

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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.

Ratings shown are the highest rating given by one of the following national rating agencies: Standard & Poor’s Group, Moody’s Investors Service, Inc. or Fitch, Inc. Credit ratings are subject to change. AAA, AA, A, and BBB are investment grade ratings; BB, B, CCC, CC, C and D are below investment grade ratings. Certain bonds backed by U.S. Government or agency securities are regarded as having an implied rating equal to the rating of such securities. Holdings designated N/R are not rated by these national rating agencies.

These Funds feature portfolio management by Nuveen Asset Management, LLC, an affiliate of Nuveen Investments. For the Nuveen Global Infrastructure Fund, Jay Rosenberg and John Wenker have been the managers since its inception in 2007. Effective December 1, 2012, Nuveen Asset Management added Tryg Sarsland as a co-portfolio manager to the Fund. For the Nuveen Real Asset Income Fund, Jay and John, along with portfolio manager Jeff Schmitz, CFA, have managed the Fund since its inception in 2011. For the Nuveen Real Estate Securities Fund, John assumed portfolio management responsibilities in 1999, while Jay has been on the management team of the Fund since 2005. In addition, co-portfolio manager Scott Sedlak joined the Nuveen Real Estate Securities Fund’s management team in 2011. On the following pages, the portfolio management teams for these Funds examine economic and market conditions, key investment strategies and the Funds’ performance for the twelve-month period ended December 31, 2012.

What were the general market conditions and trends over the course of the

reporting period?

During this period, the U.S. economy’s progress toward recovery from recession

continued at a moderate pace. The Federal Reserve (Fed) maintained its efforts to

improve the overall economic environment by holding the benchmark fed funds rate at

the record low level of zero to 0.25% that it established in December 2008. 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.

In the fourth quarter 2012, the U.S. economy, as measured by the U.S. gross domestic

product (GDP), decreased at an estimated annualized rate of 0.1%, down from a 3.1% increase in the third quarter. This slight decline was due to lower inventory investment, federal spending and net exports. The Consumer Price Index (CPI) rose 1.7% year-over-year as of December 2012, after a 3.0% increase in 2011. The core CPI (which excludes

Nuveen Investments 5

food and energy) increased 1.9% during the period, staying just within the Fed’s unofficial objective of 2.0% or lower for this inflation measure. As of January 2013, the national unemployment rate was 7.9%, slightly higher than the 7.8% unemployment rate for December 2012 but below the 8.3% level recorded in January 2012. The housing market continued to show signs of improvement, with the average home price in the S&P/Case-Shiller Index of 20 major metropolitan areas rising 5.5% for the twelve months ended November 2012 (most recent data available at the time this report was prepared). This was the largest year-over-year price gain since August 2006. The outlook for the U.S. economy remained clouded by uncertainty about global financial markets and the continued negotiations by Congress regarding potential spending cuts and tax policy reform.

The U.S. equity markets delivered impressive gains in 2012 despite significant market volatility and overarching economic uncertainty brought on by the European credit crisis, combined with the presidential election and its ultimate impact on the fiscal cliff. Congress averted the fiscal cliff with tax legislation, but spending cuts and entitlement reforms still need to be addressed in 2013. Asset flows continued into bonds from equities, and into passive equity strategies away from active managers. The move to fiscal austerity has reduced monetary stimulus globally with no meaningful increase in interest rates or inflationary expectations.

Nuveen Global Infrastructure Fund

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

The table in the Fund Performance and Expense Ratios section of this report provides Class A Share total returns for the Fund for the one-year, five-year and since-inception periods ended December 31, 2012. The Fund’s Class A Shares at net asset value (NAV) outperformed the S&P Global Infrastructure 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 capital appreciation and income potential by investing primarily in equity securities issued by U.S. and non-U.S. companies that typically derive the majority of their value from owned or operated infrastructure assets. During the twelve-month period, our strategy for managing the Fund remained consistent as we focused on buying global infrastructure companies that own and operate long life assets that have visible cash flows, strong balance sheets, manageable amounts of leverage and inelastic demand characteristics. We believe these types of companies will have ongoing access to capital and the best chances for producing sustainable and growing cash flow. The Fund is structured using a number of core infrastructure companies that we believe should provide long-term outperformance versus the market, combined with more opportunistic holdings that we believe are undervalued by the market in the short term. We have exposure around the globe to a mixture of holdings that represent significant value, as well as positions in companies that may prove to be more stable in a slowly growing global economy.

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Over the fiscal year period, the Fund outpaced its benchmarks as a result of strong stock selection and favorable weights in several sectors, particularly an underweight in electric utilities, technology infrastructure, water and gas utilities. The toll road sector was the only detractor of note during the period, although the waste sector and a small cash position were also slight drags on results. Additionally, the Fund’s returns benefited from the ongoing execution of one of our long-term strategies, which is to execute a great deal of caution in owning securities from regions where political, fiscal or monetary uncertainty is rampant. During the reporting period, this strategy was particularly fruitful in the electric utilities sector, as noted below.

The electric utilities sector was the strongest performing area in the Fund relative to the benchmark during the fiscal year. The Fund benefited both from a substantial underweight to electric utilities as well as favorable stock selection across the space. A great deal of the positive attribution resulted from our ongoing underweight in continental European electric utilities, based on economic sensitivity as well as heightened political and regulatory risk as Eurozone countries attempt to fix the region’s sovereign debt crisis. Electric utility stocks in countries such as Germany fell to five-year lows based on these very low power prices. As we’ve discussed since the inception of the Fund, we favor investments in stable, regulated companies with long-term contracts or concessions that are not as commodity price sensitive. We attempt to avoid exposure in companies that derive too much of their cash flows from spot market generation, or that could be significantly impacted by political and/or regulatory uncertainty. Elsewhere in the sector, results were aided by our increased exposure to U.S. regulated utilities. We took advantage of a sell-off in U.S. regulated utilities during the period and added holdings to the Fund, which benefited results as the stocks rebounded. Toward the end of the fiscal year, we continued to add to positions in the U.S. regulated segment, after several key issues that we’d been monitoring were resolved.

The Fund also continued to be rewarded for its long held positions in the technology infrastructure sector, an area not represented in the S&P Global Infrastructure Index. We own a handful of technology infrastructure holdings spread across the cell phone tower, data center and satellite industries. In particular, we saw positive results from our emphasis on cell phone tower providers, which we have invested in since the Fund’s inception. Many of these companies continued to benefit from stable, sound fundamentals and a number of favorable long-term trends in the sector, including the very strong demand from wireless customers for increasing amounts of data.

Meanwhile, the Fund’s outperformance in water infrastructure was the culmination of several favorable positions from Brazil and Hong Kong. In particular, the Fund experienced strong results from a water utility it owns from the Sao Paulo state in Brazil. The company benefited from a commitment by the state’s regulators to adopt a more formal regulatory framework similar to what exists for other Brazilian utilities. Meanwhile, several Hong Kong based water companies performed well over the fiscal year. The Chinese government’s most recent “5-year plan” continued to lay out the country’s vision for growth, but with more of a focus on environmental services given that pollution is rampant throughout the mainland. While several contracts had been awarded earlier in 2012 for development in these areas, the transition of government delayed the regulatory

Nuveen Investments 7

approval and permit process. After the government transition was completed in the final quarter of the year, the approval process accelerated and benefited companies in the water sector.

The gas utilities sector also added favorably to twelve-month returns. In particular, the Fund was rewarded for our significant underweight position to a large French company in the benchmark. This particular underweight was part of our larger decision to de-emphasize European integrated utilities due to continued economic softness and political risks. Our wariness proved correct as the company sold off dramatically after announcing that financial results would be hindered by the weak European economy and tighter restrictions surrounding its ability to raise energy prices in France. The Fund also experienced strong performance from a gas utility in Hong Kong, which benefited from a stable business environment, a benign regulatory environment and its status as a monopoly provider in the region. Additionally, the Fund saw favorable results from some of its smaller-cap U.S. gas companies that have good regulatory environments.

The toll road sector was the Fund’s greatest area of underperformance during the fiscal year. The shortfall was primarily due to our broad based European underweight, particularly in Italy and Spain as stocks rebounded from significant lows of the prior year. The toll road sector ended up being a relatively strong performing area in the benchmark. In the waste sector, which is not represented in the benchmark, one of our solid waste collection and recycling companies from the United States traded off during the fiscal year. It had raised a significant amount of capital for a potential buyout, but was outbid for those assets. Although the market sold off the stock, we remained confident in this name and it continued to be one of the larger weights in the Fund. Finally, the Fund’s results were hindered by small position in cash during a period where the market experienced a strong advance.

During the fiscal year, approximately one-third of the Fund was positioned in the United States, which is slightly higher than our historical average of around 25% U.S. exposure. This was primarily due to the Fund’s underweight to Europe, but also the result of a short-term opportunity we took advantage of in the master limited partnership (MLP) and regulated utilities marketplaces. Prior to the U.S. presidential election, MLPs and regulated utilities had been trading well above historical valuations as they were considered somewhat of a safe haven during the global financial crisis. However, these segments sold off pretty significantly after the election as concerns increased regarding potential tax increases. We used the sell-off to bolster the Fund’s position in both of those areas, and they subsequently recovered.

Nuveen Real Asset Income Fund

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

The table in the Fund Performance and Expense Ratios section of this report provides Class A Share total returns for the Fund for the one-year and since-inception periods ended December 31, 2012. The Fund’s Class A Shares at net asset value (NAV) outperformed the Barclays U.S. Corporate High Yield Index, the custom blend benchmark and the Lipper classification average over the twelve-month period.

8 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 a high level of current income and the potential for capital appreciation by investing in a global portfolio of infrastructure and commercial real estate related securities (i.e. real assets) across the capital markets. These securities include a combination of infrastructure and real estate common stock, infrastructure and real estate preferred stock, and infrastructure and real estate related debt. Our goal is to combine these securities into a portfolio that provides investors with an attractive level of income and dampens levels of risk versus the broader equity market. We continued to select securities using an investment process that screens for companies and assets across the real assets market that provide higher dividend yields. From the group of securities providing the highest yields, we focus on owning those companies and securities with the highest total return potential in the Fund. Our process places a premium on finding securities whose revenues come from tangible assets with long-term concessions, contracts or leases and are therefore capable of producing steady, predictable and recurring cash flows. The Fund’s management team employs a bottom-up, fundamental approach to security selection and portfolio construction. We look for stable companies that demonstrate consistent and growing cash flow, strong balance sheets and histories of being good stewards of shareholder capital.

Over the twelve-month reporting period, the Fund continued to generate a higher level of yield than its custom blend benchmark, while experiencing positive attribution from all five of its major segments. The Fund’s top-performing area for the year was real estate investment trust (REIT) preferreds, followed by REIT common equity, infrastructure common equity, infrastructure preferreds and high yield. Performance also benefited from several strategic asset allocation changes we made during the year, as noted below.

Both categories of real estate investment were the top-performing segments of the Fund during the one-year reporting period. In the REIT preferred portion of the Fund, strong results continued to be driven by exposure to non-rated securities. As the period progressed, we increased the Fund’s weight in REIT preferreds via additional non-rated opportunities uncovered by our research team, which proved beneficial as these securities outperformed. The Fund ended the reporting period with an overweight in the REIT preferred sector. Outperformance was quite widespread across the REIT common equity portion of the Fund, particularly from some of the more stable and mature companies in higher-yielding areas such as health care REITs, net lease, hotel REITs, community centers and industrial. We avoided some of the more cyclical segments of the real estate market. In both the REIT common equity and preferred sectors, we avoided European exposure, concentrating our holdings primarily in the United States, Singapore and Australia.

Within the infrastructure common equity sector, the Fund benefited from a significant underweight in the electric utilities sector, paired with an overweight in electric transmission. A great deal of the segment’s positive attribution resulted from our ongoing underweight to continental European electric utilities, as stocks in countries such as Germany fell to five-year lows based on low power prices. As we’ve discussed since the inception of the Fund, we like to invest in stable, regulated companies with long-term contracts or concessions that are not as commodity price sensitive. Results in infrastructure common equity were also aided by our increased exposure to U.S. regulated utilities.

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In the infrastructure preferred/hybrid space, results benefited from our research team’s careful selection of global hybrid bonds, which subsequently performed extremely well. At period end, the Fund’s infrastructure preferred portfolio was comprised almost entirely of these global hybrids.

The Fund’s high yield bond portfolio slightly outperformed the index as a number of our individual credits performed well. Fund holdings were spread across the United States, emerging markets and Europe and diversified across a number of real asset categories, with the greatest concentrations in the industrial, electric and gas utilities, and pipeline sectors. Throughout the one-year period, the high-yield segment continued to be supported by investors’ quest for yield, along with strong underlying company fundamentals, a gradually improving economy and low default rates. Performance was also aided by our focus on the higher-quality tier of the high yield market.

The Fund ended the fiscal year period with weights that were intentionally off-target due to our active asset allocation. Infrastructure common equity was at an even greater underweight versus six months ago, based on our continued lack of confidence in European shares. However, within the sector we were quite active traders as a result of a short-term opportunity in the higher-yielding master limited partnership (MLP) and regulated utilities marketplaces. Prior to the U.S. presidential election, MLPs and regulated utilities had been trading well above historical valuations as they were considered somewhat of a safe haven during the global financial crisis. However, these segments sold off significantly after the election over concerns regarding potential tax increases. We used the sell-off to bolster the Fund’s position in both of those areas, and they subsequently recovered. We typically only own MLPs if the majority of their cash flows come from guaranteed, fee-based arrangements without a lot of commodity price sensitivity.

After the high yield segment’s strong run in 2012, we decided there were better opportunities in the other asset classes. As yields continued to drop dramatically in the segment, we sold some of the Fund’s securities that dipped below the 5% yield threshold. This lowered the Fund’s high yield exposure by period end; however, we reallocated the proceeds across the other four segments.

As noted earlier, we also found a number of non-rated opportunities in the REIT preferred sector that were relatively attractive versus other options in the Fund, but the breadth of these opportunities diminished. Therefore, the Fund’s REIT preferred portfolio ended the period at a much higher weight, while also more concentrated than it was a year ago as we consolidated holdings in larger positions.

Geographically, the Fund ended the period with increased exposure to the U.S., mostly because of our ongoing underweight to the euro zone countries due to the continued political and regulatory risk. We had also reduced the Fund’s exposure to the United Kingdom, Singapore and Hong Kong as we found better opportunities in the U.S. The Fund continued to have significant exposure within Australia, primarily on the equity side. Australia still has higher interest rates and higher yields, while the market is performing very well. Our long-term target for geographic distribution remains at roughly 50% U.S. exposure and 50% non-U.S. exposure.

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Nuveen Real Estate Securities Fund

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

The table in the Fund Performance and Expense Ratios section of this report provides Class A Share total returns for the Fund for the one-year, five-year and ten-year periods ended December 31, 2012. The Fund’s Class A Shares at net asset value (NAV) outperformed the MSCI U.S. REIT 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 above average income potential and long-term capital appreciation by investing in income producing common stocks of publicly traded companies engaged in the real estate industry. During the twelve-month reporting period, we continued to implement the Fund’s strategy of investing on a relative value basis with a focus on individual stocks rather than economic or market cycles. We also continued to invest the Fund in a fairly sector neutral manner, with a goal of providing a well-diversified portfolio of public real estate stocks to our shareholders. Our sector neutral approach reduced the impact of any one property type on the performance of the Fund. Additionally, we continued to invest in a broader universe of stocks than our benchmark index to access more dynamic parts of the commercial real estate cycle.

During the reporting period, the commercial real estate market outperformed the broader U.S. equity market. Real estate investment trust (REIT) fundamentals remained positive as they continued to have access to low-cost capital, generally solid balance sheets and growing dividends as they pass through much of the income growth they experience to shareholders. However, dividend payout ratios did remain low compared to historical measures.

In the REIT market’s continued strong advance, the Fund’s relative returns once again benefited from stock selection, particularly in the community center, office, apartment and infrastructure segments. In community centers, solid stock selection across the sector led to modest outperformance. The Fund particularly benefited from overweights to “non-grocery” type anchors and subsequent underweights to two grocery focused anchors. Our underweights were predicated on the belief that the valuation spread between grocery anchors and non-grocery anchors appeared to be too great. With little to no new construction of community centers and increased demand from national mid and large box tenants, we believed there would continue to be higher occupancy and positive leasing spreads for the non-grocery anchored assets. Therefore, we expected the spread between the lower valuation non-grocery anchors and the higher valuation grocery anchors to compress. Our thesis proved correct as our positioning in the community center sector was the largest driver of positive returns relative to the benchmark.

In the office sector, our Fund’s underweight to data centers contributed positively to returns as this type of real estate underperformed. Data center companies have been affected by additional supply coming on line combined with operators commenting on softness in demand. This led to concern that potential lower lease rates would impact

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overall profitability. Our belief was that the market had not yet discounted these dynamics appropriately; therefore, the Fund’s underweight to these names relative to the index was beneficial. Also, the Fund benefited from its underweight throughout most of the period to New York City, given uncertainty surrounding employment in the financial services sector. In addition, the Fund benefited from a significant underweight to an externally advised company that experienced substantial weakness as its dividend exceeded cash flow. We tend not to own companies like this as core positions in the Fund’s portfolio.

Although the apartment sector’s returns lagged the broader REIT space, the Fund outperformed as a result of overweight positions in Sunbelt companies and underweight positions in companies with more highly leveraged balance sheets and less operational skill. In addition, the Fund benefited from its infrastructure exposure during the period, an area that is not represented in the benchmark. Within infrastructure, the Fund was rewarded for positions in cellular tower companies. These firms continued to benefit from the ongoing build-out of the nation’s wireless network, in order to keep pace with consumers’ ever-increasing demands for wireless data.

While the mall sector outperformed the overall benchmark, and our portfolio weight was generally in line, the Fund underperformed as a result of stock selection. Our Fund’s underweight position in one name was the biggest reason for the performance shortfall. During the fiscal year, one of the company’s significant shareholders published a letter he had sent to the management team requesting they sell the company to a competitor. The quoted price range for the sale was at a substantial premium to where the stock traded in the market, leading the company to rally significantly on the event. The Fund’s results were also hindered by its small position in cash during a period where the real estate market experienced a strong advance.

The Fund’s overall sector positioning was again little changed during the period. As is typical for the strategy from a management perspective, variations in the Fund were on the margin and were generated from the bottom up, affecting individual company holdings rather than making any sweeping sector changes.

Risk Considerations

Mutual fund investing involves risk; principal loss is possible. Equity investments such as those held by the Funds, are subject to market risk, call risk, derivatives risk, other investment companies risk, common stock risk, and tax risks associated with MLPs and REITs. Concentration in specific sectors may involve greater risk and volatility than more diversified investments: real estate sector involves the risk of exposure to economic downturns and changes in real estate values, rents, property taxes, interest rates and tax laws; infrastructure related securities may involve greater exposure to adverse economic, regulatory, political, legal, and other changes affecting such securities. 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. In addition, a Fund will bear its proportionate share of any fees and expenses paid by the ETFs in which it invests.

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Debt or fixed income securities, such as those held by the Nuveen Real Asset Income Fund, are subject to market risk, credit risk, interest rate risk and income risk. As interest rates rise, bond prices fall. Below investment grade or high yield debt securities are subject to liquidity risk and heightened credit risk. Preferred securities are subordinated to bonds and other debt instruments in a company’s capital structure and therefore are subject to greater credit risk. Asset-backed and mortgage-backed securities are subject to additional risks such as prepayment risk, liquidity risk, default risk and adverse economic developments.

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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 waiver 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.

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Fund Performance and Expense Ratios(continued)

Nuveen Global Infrastructure 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 December 31, 2012

		Average Annual
	1-Year		5-Year			Since Inception*
Class A Shares at NAV		15.52%		2.09	%		2.59%
Class A Shares at maximum Offering Price		8.93%		0.88	%		1.39%
S&P Global Infrastructure Index**		11.89%		-2.06	%		-1.58%
Lipper Specialty/Miscellaneous Funds Classification Average**		6.74%		-0.12	%		0.28%
Class C Shares		14.58%		N/A			13.65%
Class R3 Shares		15.36%		N/A			14.11%
Class I Shares		15.78%		2.33	%		2.83%

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 only available for purchase by eligible 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		1.59%		1.23%
Class C Shares		2.34%		1.98%
Class R3 Shares		1.84%		1.48%
Class I Shares		1.34%		0.98%

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 1.25%, 2.00%, 1.50% and 1.00%, 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.

* Since inception returns for Class A and Class I Shares, and for the comparative index and Lipper classification average, are from 12/17/07; since inception returns for Class C and Class R3 Shares are from 11/03/08.

** 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 December 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 Real Asset Income 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 December 31, 2012

	Average Annual
	1-Year		Since Inception*
Class A Shares at NAV		17.22%		15.67%
Class A Shares at maximum Offering Price		10.49%		10.51%
Barclays U.S. Corporate High Yield Index**		15.81%		15.14%
Real Asset Income Blend**		12.76%		14.10%
Lipper Global Flexible Portfolio Funds Classification Average**		10.24%		7.27%
Class C Shares		16.36%		14.81%
Class I Shares		17.50%		15.94%

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		1.71%	1.18%
Class C Shares		2.46%	1.93%
Class I Shares		1.46%	0.93%

The Fund’s investment adviser has agreed to waive fees and/or reimburse expenses through April 30, 2014 so that total annual Fund operating expenses (excluding 12b-1 distribution and/or service fees, interest expenses, taxes, acquired fund fees and expenses, fees incurred in acquiring and disposing of portfolio securities and extraordinary expenses) do not exceed 0.95% of the average daily net assets of any class of Fund shares. The expense limitation expiring April 30, 2014, may be terminated or modified prior to that date only with the approval of the Board of Directors of the Fund.

* Since inception returns are from 9/13/11.

** 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 December 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 Real Estate Securities 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 December 31, 2012

		Average Annual
	1-Year		5-Year		10-Year
Class A Shares at NAV		18.07%		7.00%		13.15%
Class A Shares at maximum Offering Price		11.31%		5.74%		12.48%
MSCI U.S. REIT Index*		17.77%		5.58%		11.58%
Lipper Real Estate Funds Classification Average*		17.73%		4.95%		10.78%
Class B Shares w/o CDSC		17.18%		6.19%		12.31%
Class B Shares w/CDSC		12.18%		6.03%		12.31%
Class C Shares		17.19%		6.21%		12.32%
Class R3 Shares		17.80%		6.74%		12.92%
Class I Shares		18.34%		7.26%		13.44%

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 only available for purchase by eligible 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		1.29%
Class B Shares		2.04%
Class C Shares		2.04%
Class R3 Shares		1.54%
Class I Shares		1.04%

* 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 December 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 December 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 Global Infrastructure Fund

Portfolio Allocation¹

Common Stocks	91.9%
Real Estate Investment Trust Common Stocks	5.6%
Preferred Stocks	0.1%
Investment Companies	0.4%
Short-Term Investments	0.5%
Other2	1.5%

Top Five Common Stock & Real Estate Investment Trust Common Stock Holdings1
American Tower REIT Inc.	5.1%
Williams Companies, Inc.	4.8%
CLP Holdings Limited	3.9%
Enbridge Inc.	3.6%
National Grid PLC, Sponsored ADR	3.6%

Nuveen Real Asset Income Fund

Portfolio Allocation¹

Common Stocks	19.8%
Real Estate Investment Trust Common Stocks	18.0%
Convertible Preferred Securities	2.2%
$25 Par (or similar) Preferred Securities	33.4%
Corporate Bonds	23.0%
Investment Companies	1.3%
Short-Term Investments	1.8%
Other2	0.5%

Nuveen Real Estate Securities Fund

Portfolio Allocation¹

Common Stocks	0.4%
Real Estate Investment Trust Common Stocks	98.2%
$25 Par (or similar) Preferred Securities	0.2%
Investment Companies	0.1%
Short-Term Investments	0.7%
Other3	0.4%

Portfolio Composition1
Transportation	20.8%
Electric Utilities	20.3%
Oil, Gas & Consumable Fuels	19.0%
Multi-Utilities	11.7%
Gas Utilities	8.2%
Water Utilities	5.8%
Specialized	5.6%
Short-Term Investments	0.5%
Other4	8.1%

Portfolio Composition1
Retail	13.4%
Electric Utilities	11.4%
Oil, Gas & Consumable Fuels	9.5%
Specialized	8.5%
Real Estate Investment Trusts	6.9%
Diversified	5.9%
Multi-Utilities	5.0%
Diversified Financial Services	4.3%
Industrials	4.2%
Office	3.9%
Health Care Providers & Services	3.8%
Transportation	3.2%
Short-Term Investments	1.8%
Other4	18.2%

Portfolio Composition1
Retail	29.6%
Specialized	24.4%
Residential	17.6%
Office	13.9%
Diversified	7.7%
Industrial	5.0%
Short-Term Investments	0.7%
Other5	1.1%

Country Allocation1
United States	40.7%
Hong Kong	10.4%
United Kingdom	7.2%
Australia	7.0%
Canada	5.6%
Singapore	3.6%
Germany	3.1%
Japan	3.0%
Short-Term Investments6	0.5%
Other7	18.9%

Top Five Common Stock & Real Estate Investment Trust Common Stock Holdings1
National Retail Properties, Inc.	3.1%
Spark Infrastructure Group	2.5%
Liberty Property Trust	2.2%
National Grid PLC, Sponsored ADR	2.2%
DUET Group	1.9%

Country Allocation1
United States	71.4%
Australia	8.7%
Philippines	3.0%
United Kingdom	2.7%
Short-Term Investments6	1.8%
Other7	12.4%

Top Five Common Stock & Real Estate Investment Trust Common Stock Holdings1
Simon Property Group, Inc.	11.8%
Boston Properties, Inc.	5.6%
Public Storage, Inc.	5.6%
Ventas Inc.	4.0%
Health Care Property Investors Inc.	3.9%

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

2 Other assets less liabilities.

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

4 Includes other assets less liabilities and all industries less than 5.6% of net assets for Nuveen Global Infrastructure Fund and all industries less than 3.2% of net assets for Nuveen Real Asset Income Fund.

5 Includes 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 5.0% of net assets.

6 Denominated in U.S. Dollars.

7 Includes other assets less liabilities and all countries less than 3.0% of net assets for Nuveen Global Infrastructure Fund and all countries less than 2.7% of net assets for Nuveen Real Asset Income Fund.

22 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 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 Global Infrastructure 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 (7/01/12)	$	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 (12/31/12)	$	1,097.70	$	1,093.30	$	1,096.80	$	1,099.20	$	1,018.95	$	1,015.18	$	1,017.65	$	1,020.16
Expenses Incurred During Period	$	6.49	$	10.42	$	7.85	$	5.22	$	6.24	$	10.03	$	7.56	$	5.03

For each class of the Fund, expenses are equal to the Fund’s annualized net expense ratio of 1.23%, 1.98%, 1.49% and 0.99% 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).

Nuveen Real Asset Income 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 (7/01/12)	$	1,000.00	$	1,000.00	$	1,000.00	$	1,000.00	$	1,000.00	$	1,000.00
Ending Account Value (12/31/12)	$	1,092.50	$	1,087.90	$	1,093.30	$	1,019.25	$	1,015.48	$	1,020.51
Expenses Incurred During Period	$	6.15	$	10.08	$	4.84	$	5.94	$	9.73	$	4.67

For each class of the Fund, expenses are equal to the Fund’s annualized net expense ratio of 1.17%, 1.92% and 0.92% for Classes A, C and I, respectively, multiplied by the average account value over the period, multiplied by 184/366 (to reflect the one-half year period).

Nuveen Real Estate Securities 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 (7/01/12)	$	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 (12/31/12)	$	1,027.20	$	1,023.30	$	1,023.70	$	1,026.20	$	1,028.30	$	1,018.80	$	1,015.03	$	1,015.03	$	1,017.55	$	1,020.06
Expenses Incurred During Period	$	6.42	$	10.22	$	10.22	$	7.69	$	5.15	$	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 Investments 23

Report of

Independent Registered

Public Accounting Firm

To the Board of Directors and Shareholders of

Nuveen Global Infrastructure Fund

Nuveen Real Asset Income Fund

Nuveen Real Estate Securities Fund

In our opinion, the accompanying statements of assets and liabilities, including the portfolios of investments, and the related statements of operations and of changes in net assets and the financial highlights present fairly, in all material respects, the financial position of Nuveen Global Infrastructure Fund, Nuveen Real Asset Income Fund, and Nuveen Real Estate Securities Fund (hereinafter referred to as the “Funds”) at December 31, 2012, the results of each of their operations for the year then ended, the changes in each of their net assets for the year ended December 31, 2012 and for the two months ended December 31, 2011 for Nuveen Global Infrastructure Fund and Nuveen Real Estate Securities Fund and for the period September 13, 2011 (commencement of operations) through December 31, 2011 for Nuveen Real Asset Income Fund and the financial highlights for the year ended December 31, 2012 and for the two months ended December 31, 2011 for Nuveen Global Infrastructure Fund and Nuveen Real Estate Securities Fund and for the period September 13, 2011 (commencement of operations) through December 31, 2011 for Nuveen Real Asset Income Fund, 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 December 31, 2012 by correspondence with the custodian and brokers, provide a reasonable basis for our opinion. The financial statements as of and for the year ended October 31, 2011 and the financial statement highlights for each of the four years in the period ended October 31, 2011 of the Nuveen Global Infrastructure Fund and Nuveen Real Estate Securities Fund were audited by other auditors whose report dated December 28, 2011 expressed an unqualified opinion on those statements, except for the reclassification of certain financial statement line items in the statement of operations, the statement of changes in net assets, and financial highlights for the year ended October 31, 2011 for the Nuveen Real Estate Securities Fund as to which the date is February 29, 2012.

PricewaterhouseCoopers LLP

Chicago, Illinois

February 28, 2013

24 Nuveen Investments

Portfolio of Investments

Nuveen Global Infrastructure Fund

December 31, 2012

Shares		Description (1)	Value
		COMMON STOCKS – 91.9%
		Air Freight & Logistics – 0.9%
	3,124,517	Singapore Post Limited	$	2,944,354
		Commercial Services & Supplies – 2.3%
	8,430,405	China Everbright International Limited		4,324,861
	309,699	Serco Group PLC		2,712,898
	29,600	Standard Parking Corporation		650,904
		Total Commercial Services & Supplies		7,688,663
		Electric Utilities – 20.3%
	19,315	Brookfield Infrastructure Partners LP		680,854
	18,708	Cez As		669,257
	944,209	Cheung Kong Infrastructure Holdings Ltd		5,832,380
	1,528,227	CLP Holdings Limited		12,839,912
	12,837	Duke Energy Corporation		819,001
	950,203	E CL SA		2,231,067
	32,494	Edison International		1,468,404
	24,745	EDP Energias do Brasil SA		150,948
	7,694	Elia System Operator SA NV		347,327
	53,527	Emera Inc		1,869,436
	9,526	Fortis Inc		327,717
	80,564	Hafslund ASA, Class B		656,660
	34,985	ITC Holdings Corporation		2,690,696
	32,720	NextEra Energy Inc.		2,263,897
	42,211	Northeast Utilities		1,649,606
	16,812	OGE Energy Corp.		946,684
	19,365	Pepco Holdings, Inc.		379,748
	38,862	Pinnacle West Capital Corporation		1,981,185
	300,563	Power Grid Corp of India Ltd		634,071
	43,406	Scottish & Southern Energy		1,009,807
	148,838	Southern Company		6,371,755
	3,241,076	Spark Infrastructure Group		5,666,321
	316,442	Transmissora Alianca de Energia Eletrica SA, WI/DD		3,369,199
	153,746	Unitil Corp.		3,985,096
	170,502	Westar Energy Inc.		4,879,767
	122,945	Xcel Energy, Inc.		3,283,861
		Total Electric Utilities		67,004,656
		Gas Utilities – 7.8%
	1,077	Atmos Energy Corporation		37,824
	3,982	Chesapeake Utilities Corporation		180,783
	1,070,001	China Resources Gas Group Limited		2,218,570
	393,848	ENN Energy Holdings Limited		1,725,798
	31,606	GAIL India Ltd, GDR		1,222,482
	848,670	Hong Kong and China Gas Company Limited		2,331,730
	9,069	Northwest Natural Gas Company		400,850
	179,036	Osaka Gas Company Limited		650,317
	242,698	Petronas Gas Berhad		1,549,204

Nuveen Investments 25

Portfolio of Investments

Nuveen Global Infrastructure Fund (continued)

December 31, 2012

Shares		Description (1)	Value
		Gas Utilities (continued)
	16,198	Piedmont Natural Gas Company	$	507,159
	206,366	Questar Corporation		4,077,792
	61,039	Southwest Gas Corporation		2,588,664
	1,520,470	Tokyo Gas Company Limited		6,947,113
	30,169	WGL Holdings Inc.		1,182,323
		Total Gas Utilities		25,620,609
		Independent Power Producers & Energy Traders – 0.3%
	12,847	Brookfield Renewable Energy Partners LP		379,456
	12,065	Endesa SA Chile		588,893
		Total Independent Power Producers & Energy Traders		968,349
		Industrial Conglomerates – 0.8%
	135,176	Beijing Enterprises Holdings		886,657
	9,937	NWS Holdings Limited		16,795
	391,957	SembCorp Industries Limited		1,709,059
		Total Industrial Conglomerates		2,612,511
		Media – 0.4%
	40,775	SES SA		1,174,357
		Multi-Utilities – 11.7%
	1,423	Alliant Energy Corporation		62,484
	356,113	CenterPoint Energy, Inc.		6,855,175
	499,418	Centrica PLC		2,725,685
	63,122	CMS Energy Corporation		1,538,914
	9,692	Dominion Resources, Inc.		502,046
	686,881	DUET Group		1,490,113
	210,192	E ON SE		3,942,389
	366,603	Hera SpA		595,103
	205,658	National Grid PLC, Sponsored ADR		11,812,996
	158,733	NiSource Inc.		3,950,864
	24,885	PG&E Corporation		999,879
	31,087	Vector Limited		70,274
	107,208	Wisconsin Energy Corporation		3,950,615
		Total Multi-Utilities		38,496,537
		Oil, Gas & Consumable Fuels – 19.0%
	8,175	AltaGas Limited		275,897
	3,125	Boardwalk Pipeline Partners, LP		77,813
	275,256	Enbridge Inc.		11,924,090
	213,456	Enterprise Products Partnership LP		10,689,876
	15,899	Gibson Energy Incorporated		384,408
	933	Kinder Morgan Energy Partners LP		74,444
	223,942	Kinder Morgan, Inc.		7,911,871
	4,691	Oiltanking Partners LP		177,601
	1,730,979	Sinopec Kantons Holdings Limited		1,146,512
	313,999	Spectra Energy Corporation		8,597,293
	58,022	TransCanada Corporation		2,745,601
	31,311	Veresen Inc.		372,383

26 Nuveen Investments

Shares		Description (1)	Value
		Oil, Gas & Consumable Fuels (continued)
	54,297	Western Gas Partners, LP	$	2,586,166
	484,796	Williams Companies, Inc.		15,872,214
		Total Oil, Gas & Consumable Fuels		62,836,169
		Road & Rail – 0.8%
	249,081	ComfortDelGro Corporation		366,430
	169,946	MTR Corporation		673,417
	1,097,612	SMRT Corporation Limited		1,517,780
		Total Road & Rail		2,557,627
		Transportation – 20.8%
	160,213	Abertis Infraestructuras SA		2,646,155
	45,594	Aeroports de Paris, WI/DD		3,530,035
	218,344	Atlantia SpA		3,964,841
	1,576,521	Auckland International Airport Limited		3,489,550
	1,443,351	China Merchants Holdings International Company Limited		4,713,611
	917,675	Cosco Pacific Limited		1,330,595
	4,283	Flughafen Zuerich AG		1,983,186
	94,604	Fraport AG		5,518,865
	339,887	Groupe Eurotunnel SA		2,641,185
	20,975	Hamburger Hafen und Logistik AG		495,656
	2,767,776	International Container Terminal Services Inc		5,000,235
	113,844	Japan Airport Terminal Company		1,175,259
	937,622	Jiangsu Expressway Company Limited		976,216
	127,970	Kamigumi Company Limited		1,021,051
	126,319	Koninklijke Vopak NV		8,929,238
	257,459	Macquarie Atlas Roads Group		448,534
	263,162	Port of Tauranga Limited, WI/DD		2,869,786
	8,608	Santos Brasil Participacoes SA		122,761
	419,760	SATS Limited		1,002,384
	1,541,955	Sydney Airport		5,431,634
	1,526,538	Transuburban Group		9,703,629
	108,954	Wilson Sons Ltd, BDR		1,702,290
		Total Transportation		68,696,696
		Water Utilities – 5.8%
	931,849	Aguas Andinas SA-A		661,258
	119,984	American Water Works Company		4,455,006
	345	California Water Service Group		6,331
	23,310	Companhia de Saneamento Basico do Estado de Sao Paulo, ADR		1,948,017
	78,084	Companhia de Saneamento de Minas Gervais Copasa MG		1,668,462
	79,235	Connecticut Water Service, Inc.		2,359,618
	1,049,747	Guangdong Investment Limited		831,428
	1,019,817	Hyflux Limited		1,079,258
	986,770	Manila Water Company		770,697
	15,292	Middlesex Water Company		299,112
	353,127	Pennon Group PLC		3,604,491
	57,628	Severn Trent PLC		1,482,884

Nuveen Investments 27

Portfolio of Investments

Nuveen Global Infrastructure Fund (continued)

December 31, 2012

Shares		Description (1)	Value
		Water Utilities (continued)
	1,949	SJW Corporation	$	51,843
		Total Water Utilities		19,218,405
		Wireless Telecommunication Services – 1.0%
	31,906	Crown Castle International Corporation, (2)		2,302,337
	15,393	SBA Communications Corporation, (2)		1,093,211
		Total Wireless Telecommunication Services		3,395,548
		Total Common Stocks (cost $278,417,669)		303,214,481
Shares		Description (1)	Value
		REAL ESTATE INVESTMENT TRUST COMMON STOCKS – 5.6%
		Specialized – 5.6%
	216,962	American Tower REIT Inc.	$	16,764,654
	1,010,637	Parkway Life Real Estate		1,785,565
		Total Real Estate Investment Trust Common Stocks (cost $14,308,224)		18,550,219
Shares		Description (1)	Value
		PREFERRED STOCKS – 0.1%
		Independent Power Producers & Energy Traders – 0.1%
	31,989	COPEL	$	491,031
		Total Preferred Stocks (cost $649,496)		491,031
Shares		Description (1)	Value
		INVESTMENT COMPANIES – 0.4%
		Gas Utilities – 0.4%
	3,378,298	Cityspring Infrastructure Trust	$	1,219,755
		Total Investment Companies (cost $1,196,576)		1,219,755
Shares		Description (1)	Value
		SHORT-TERM INVESTMENTS – 0.5%
		Money Market Funds – 0.5%
	1,721,023	State Street Institutional Liquid Reserve Fund, 0.170%, (3)	$	1,721,023
		Total Short-Term Investments (cost $1,721,023)		1,721,023
		Total Investments (cost $296,292,988) – 98.5%		325,196,509
		Other Assets Less Liabilities – 1.5%		4,908,110
		Net Assets – 100%	$	330,104,619

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

ADR American Depositary Receipt.

BDR Brazilian Depositary Receipt.

GDR Global Depositary Receipt.

REIT Real Estate Investment Trust.

WI/DD Investment, or portion of investment, purchased on a when-issued or delayed delivery basis.

See accompanying notes to financial statements.

28 Nuveen Investments

Portfolio of Investments

Nuveen Real Asset Income Fund

December 31, 2012

Shares		Description (1)	Value
		COMMON STOCKS – 19.8%
		Air Freight & Logistics – 0.4%
	207,332	Singapore Post Limited	$	195,377
		Electric Utilities – 7.0%
	1,742	Duke Energy Corporation		111,140
	1,270	EDP Energias do Brasil SA		7,747
	27	Hafslund ASA, Class B		220
	14,209	Pepco Holdings, Inc.		278,638
	8,368	Scottish & Southern Energy		194,675
	10,169	Southern Company		435,335
	593,637	Spark Infrastructure Group		1,037,846
	31,824	Transmissora Alianca de Energia Eletrica SA, WI/DD		338,834
	8,931	Unitil Corp.		231,492
	10,687	Westar Energy Inc.		305,862
		Total Electric Utilities		2,941,789
		Multi-Utilities – 5.0%
	371,900	DUET Group		806,796
	4,894	E ON SE		91,792
	13,437	Hera SpA		21,812
	16,009	National Grid PLC, Sponsored ADR		919,557
	120,767	Vector Limited		273,000
		Total Multi-Utilities		2,112,957
		Oil, Gas & Consumable Fuels – 5.2%
	24,173	Boardwalk Pipeline Partners LP		601,908
	11,922	Enbridge Energy Partners LP		332,624
	15,951	Enterprise Products Partnership LP		798,826
	245	Kinder Morgan Energy Partners LP		19,549
	27,791	Veresen Inc.		330,519
	2,586	Western Gas Partners, LP		123,171
		Total Oil, Gas & Consumable Fuels		2,206,597
		Real Estate Management & Development – 0.2%
	121,560	Ascendas India Trust		74,635
		Transportation – 2.0%
	100	Kobenhavns Lufthavne, WI/DD		35,185
	55,042	SATS Limited		131,440
	107,114	Sydney Airport		377,316
	45,231	Transuburban Group		287,516
		Total Transportation		831,457
		Total Common Stocks (cost $8,014,102)		8,362,812
Shares		Description (1)	Value
		REAL ESTATE INVESTMENT TRUST COMMON STOCKS – 18.0%
		Diversified – 5.3%
	50,365	Duke Realty Corporation	$	698,563
	26,149	Liberty Property Trust		935,350
	24,838	Select Income REIT		615,237
		Total Diversified		2,249,150

Nuveen Investments 29

Portfolio of Investments

Nuveen Real Asset Income Fund (continued)

December 31, 2012

Shares		Description (1)					Value
		Industrials – 0.8%
	190	GLP J-REIT					$	145,184
	186,463	Mapletree Logistics Trust						175,488
	400	Monmouth Real Estate Investment Corp						4,144
		Total Industrials						324,816
		Mortgage – 1.8%
	10,301	Colony Financial Inc.						200,870
	24,863	Starwood Property Trust Inc.						570,855
		Total Mortgages						771,725
		Office – 0.6%
	675	Brandywine Realty Trust						8,228
	8,728	Mack-Cali Realty Corporation						227,888
		Total Office						236,116
		Retail – 6.2%
	6,417	AmREIT Inc., Class B						110,052
	31,126	CapitaMall Trust						54,697
	7,171	Inland Real Estate Corporation						60,093
	41,752	National Retail Properties, Inc.						1,302,662
	21,208	Ramco-Gershenson Properties Trust						282,278
	30,115	Urstadt Biddle Properties Inc.						592,663
	69,511	Westfield Realty Trust						219,305
		Total Retail						2,621,750
		Specialized – 3.3%
	5,201	Health Care REIT, Inc.						318,769
	4,808	Healthcare Realty Trust, Inc.						115,440
	13,582	Omega Healthcare Investors Inc.						323,931
	179,132	Parkway Life Real Estate						316,485
	31,248	Summit Hotel Properties Inc.						296,856
	109	Universal Health Realty Income Trust						5,517
		Total Specialized						1,376,998
		Total Real Estate Investment Trust Common Stocks (cost $7,042,685)						7,580,555
Shares		Description (1)	Coupon		Ratings (2)		Value
		CONVERTIBLE PREFERRED SECURITIES – 2.2%
		Electric Utilities – 1.1%
	4,067	PPL Corporation		8.750%		N/R	$	218,520
	9,537	NextEra Energy Inc.		5.125%		BBB		239,283
		Total Electric Utilities						457,803
		Office – 0.6%
	9,769	Alexandria Real Estate Equities Inc.		7.000%		N/R		261,321
		Retail – 0.5%
	4,195	Ramco-Gershenson Properties Trust, (3)		7.250%		N/R		222,838
		Total Convertible Preferred Securities (cost $915,821)						941,962

30 Nuveen Investments

Shares		Description (1)	Coupon		Ratings (2)		Value
		$25 PAR (OR SIMILAR) PREFERRED SECURITIES – 33.4%
		Diversified – 0.6%
	5,956	Cousins Property Inc.		7.500%		N/R	$	149,019
	3,530	Cousins Property Inc.		7.750%		N/R		89,238
		Total Diversified						238,257
		Electric Utilities – 2.6%
	8,928	DTE Energy Company		5.250%		BBB–		224,986
	153,500	First Philippine Holdings Corporation		8.723%		N/R		386,695
	10,150	NextEra Energy Inc.		5.889%		BBB		508,109
		Total Electric Utilities						1,119,790
		Finance – 2.4%
	999,000	PHBS Limited		6.625%		N/R		1,010,239
		Industrials – 3.4%
	4,750	First Industrial Realty Trust, Inc., Series K		7.250%		B+		118,750
	13,503	First Industrial Realty Trust, Inc., Series J		7.250%		B+		338,520
	3,670	First Potomac Realty Trust		7.750%		N/R		94,209
	21,117	Glimcher Realty Trust		7.500%		B2		536,161
	1,330	Glimcher Realty Trust, Series G		8.125%		B2		33,476
	7,462	Monmouth Real Estate Investment Corp		7.875%		N/R		193,863
	3,687	Prologis Inc., (4)		6.750%		BB		92,212
	869	Prologis Inc.		6.750%		Baa3		21,864
		Total Industrials						1,429,055
		Office – 2.7%
	4,667	Alexandria Real Estate Equities Inc., Series B		6.450%		Baa3		122,975
	14,926	Coresite Realty Corporation, (5)		7.250%		N/R		376,284
	12,012	Corporate Office Properties Trust		7.375%		N/R		301,982
	11,508	Kilroy Realty Corporation		6.375%		Ba1		288,736
	2,287	Lexington Realty Trust		7.550%		N/R		57,198
		Total Office						1,147,175
		Real Estate – 1.9%
	32,643	Forest City Enterprises Inc.		7.375%		B		795,183
		Real Estate Investment Trusts – 6.9%
	6,007	Apollo Commercial Real Estate Finance		8.625%		N/R		157,083
	6,828	Chesapeake Lodging Trust		7.750%		N/R		180,805
	28,364	DDR Corporation		6.500%		Ba1		693,783
	3,452	Essex Property Trust		7.125%		BBB–		89,476
	17,281	Investors Real Estate Trust		7.950%		N/R		449,306
	20,764	SL Green Realty Corporation		6.500%		Ba2		521,176
	15,916	Taubman Centers Incorporated, Series J		6.500%		N/R		407,609
	16,550	Terreno Realty Corporation		7.750%		N/R		430,466
		Total Real Estate Investment Trusts						2,929,704
		Residential – 0.3%
	1,949	Post Properties, Inc., Series A, (4)		8.500%		Baa3		124,697
		Retail – 6.7%
	11,096	CBL & Associates Properties Inc.		6.625%		N/R		276,956
	3,444	CBL & Associates Properties Inc.		7.375%		N/R		86,272

Nuveen Investments 31

Portfolio of Investments

Nuveen Real Asset Income Fund (continued)

December 31, 2012

Shares		Description (1)	Coupon				Ratings (2)		Value
		Retail (continued)
	13,964	Cedar Shopping Centers Inc., Series A		7.250%				N/R	$	341,420
	4,101	Excel Trust Inc.		8.125%				N/R		106,831
	14,824	Kite Realty Group Trust		8.250%				N/R		380,236
	11,016	Penn Real Estate Investment Trust		7.375%				N/R		278,815
	6,470	Penn Real Estate Investment Trust		8.250%				N/R		170,032
	23,079	Retail Properties of America Inc., (5)		7.000%				N/R		568,897
	14,570	Urstadt Biddle Properties, Inc.		7.125%				N/R		378,674
	8,793	Weingarten Realty Trust		6.750%				Baa3		220,089
		Total Retail								2,808,222
		Specialized – 5.2%
	12,074	Hersha Hospitality Trust		8.000%				N/R		303,661
	2,236	Pebblebrook Hotel Trust		7.875%				N/R		57,935
	10,919	Pebblebrook Hotel Trust		8.000%				N/R		283,785
	36,258	Summit Hotel Properties Inc.		7.875%				N/R		924,579
	11,345	Summit Hotel Properties Inc.		9.250%				N/R		300,302
	5,606	Sunstone Hotel Investors Inc., Series A		8.000%				N/R		139,085
	6,962	Sunstone Hotel Investors Inc., Series D, (4)		8.000%				N/R		177,601
		Total Specialized								2,186,948
		Utilities – 0.7%
	100,000	RWE AG		7.000%				Baa2		176,660
	116,000	RWE AG		7.000%				Baa2		127,310
		Total Utilities								303,970
		Total $25 Par (or similar) Preferred Securities (cost $13,758,667)								14,093,240
Principal Amount (000)		Description (1)	Coupon		Maturity		Ratings (2)		Value
		CORPORATE BONDS – 23.0%
		Building Products – 0.4%
$	160	Corporativo Javer S.A. de C.V, 144A		9.875%		4/06/21		B1	$	171,200
		Commercial Services & Supplies – 2.0%
	280	ADS Waste Holdings Inc., 144A		8.250%		10/01/20		CCC+		294,000
	100	Casella Waste Systems Inc., 144A		7.750%		2/15/19		Caa1		95,000
	350	Casella Waste Systems Inc.		7.750%		2/15/19		B–		332,500
	130	EnergySolutions Inc.		10.750%		8/15/18		B		122,850
	860	Total Commercial Services & Supplies								844,350
		Diversified Financial Services – 4.3%
	615	Origin Energy Finance Limited		7.875%		6/16/71		Baa3		852,363
	800	Royal Capital BV		8.375%		N/A (6)		N/R		865,889
	98	SinOceanic II AS		10.000%		2/17/15		N/R		98,260
	1,513	Total Diversified Financial Services								1,816,512
		Diversified Telecommunication Services – 0.6%
	250	CyrusOne LP, 144A		6.375%		11/15/22		B+		260,625
		Electric Utilities – 0.7%
	61	APT Pipelines Ltd		7.510%		9/30/72		N/R		66,420
	150	TenneT Holding BV		6.655%		N/A (6)		BBB		213,338
	211	Total Electric Utilities								279,758

32 Nuveen Investments

Principal Amount (000)		Description (1)	Coupon		Maturity		Ratings (2)		Value
		Energy Equipment & Services – 0.4%
$	145	NGPL PipeCo LLC		7.119%		12/15/17		Ba3	$	158,050
		Gas Utilities – 0.8%
	125	AmeriGas Finance LLC		6.750%		5/20/20		Ba2		137,188
	209	Suburban Propane Partners LP		7.500%		10/01/18		BB–		225,197
	334	Total Gas Utilities								362,385
		Health Care Providers & Services – 3.8%
	250	Acadia Healthcare		12.875%		11/01/18		B–		302,500
	250	CHS/Community Health Systems, Inc.		8.000%		11/15/19		B		270,625
	100	HCA Holdings Inc.		6.250%		2/15/21		B–		102,500
	135	HealthSouth Corporation		7.750%		9/15/22		BB–		147,994
	250	Kindred Healthcare Inc., Term Loan		8.250%		6/01/19		B–		243,125
	275	National Mentor Holdings, 144A		12.500%		2/15/18		CCC+		281,187
	250	Tenet Healthcare Corporation, 144A, WI/DD		6.750%		2/01/20		B–		257,500
	1,510	Total Health Care Providers & Services								1,605,431
		Household Durables – 0.2%
	75	Desarrolla Homex S.A.B. de CV, 144A		9.750%		3/25/20		Ba3		81,375
		Independent Power Producers & Energy Traders – 1.3%
	158	Calpine Corporation, 144A		7.875%		1/15/23		BB		178,540
	105	Mirant Americas Generation LLC		8.500%		10/01/21		BB–		119,700
	215	NRG Energy Inc.		7.875%		5/15/21		BB		238,650
	478	Total Independent Power Producers & Energy Traders								536,890
		Information Technology – 0.6%
	225	Zayo Escrow Corporation		10.125%		7/01/20		CCC+		255,937
		Marine – 0.5%
	225	Navios Maritime Acquisition Corporation		8.625%		11/01/17		B		210,937
		Metals & Mining – 0.3%
	150	WPE International Cooperatief U.A, 144A		10.375%		9/30/20		B+		129,000
		Oil, Gas & Consumable Fuels – 4.3%
	220	Crosstex Energy Finance		8.875%		2/15/18		B+		237,600
	155	Holly Energy Partners LP, 144A		6.500%		3/01/20		BB–		165,850
	300	Niska Gas Storage US LLC		8.875%		3/15/18		B+		308,250
	250	Northern Tier Energy LLC, 144A		7.125%		11/15/20		BB–		258,750
	140	PBF Holding Company LLC, 144A		8.250%		2/15/20		BB+		150,850
	200	Sabine Pass LNG LP		7.500%		11/30/16		BB+		220,500
	200	Tesoro Logistics LP Finance Corporation, 144A		5.875%		10/01/20		BB–		207,500
	231	United Refining Inc., 144A		10.500%		2/28/18		B		250,635
	1,696	Total Oil, Gas & Consumable Fuels								1,799,935
		Real Estate Management & Development – 0.9%
	100	Kennedy-Wilson Inc, 144A		8.750%		4/01/19		BB–		106,500
	250	Kennedy-Wilson Inc, 144A		8.750%		4/01/19		BB–		266,250
	350	Total Real Estate Management & Development								372,750
		Road & Rail – 0.7%
	300	Inversiones Alsacia SA, 144A		8.000%		8/18/18		Ba2		301,664
		Transportation – 1.2%
	450	Eurogate GmbH		6.750%		N/A (6)		N/R		522,703
$	8,932	Total Corporate Bonds (cost $9,395,882)								9,709,502

Nuveen Investments 33

Portfolio of Investments

Nuveen Real Asset Income Fund (continued)

December 31, 2012

Shares		Description (1)					Value
		INVESTMENT COMPANIES – 1.3%
		Gas Utilities – 0.6%
	646,962	Cityspring Infrastructure Trust					$	233,590
		Real Estate Management & Development – 0.7%
	189,755	Starwood European Real Estate Finance Limited						314,414
		Total Investment Companies (cost $517,088)						548,004
Principal Amount (000)		Description (1)	Coupon		Maturity		Value
		SHORT-TERM INVESTMENTS – 1.8%
$	751	Repurchase Agreement with State Street Bank, dated 12/31/12, repurchase price $751,280, collateralized by $770,000 U.S. Treasury Notes, 0.625%, due 8/31/17, value $771,081		0.010%		1/02/13	$	751,279
		Total Short-Term Investments (cost $751,279)						751,279
		Total Investments (cost $40,395,524) – 99.5%						41,987,354
		Other Assets Less Liabilities – 0.5%						199,214
		Net Assets – 100%					$	42,186,568

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) 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.

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

(4) For fair value measurement disclosure purposes, $25 Par (or similar) Preferred Security classified as Level 2. See Notes to Financial Statements, Footnote 1 – General Information and Significant Accounting Policies, Investment Valuation for more information.

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

(6) Perpetual security. Maturity date is not applicable.

N/A Not applicable.

N/R Not rated.

WI/DD Investment, or portion of investment, purchased on a when-issued or delayed delivery basis.

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

ADR American Depositary Receipt.

REIT Real Estate Investment Trust.

See accompanying notes to financial statements.

34 Nuveen Investments

Portfolio of Investments

Nuveen Real Estate Securities Fund

December 31, 2012

Shares		Description (1)	Value
		COMMON STOCKS – 0.4%
		Capital Markets – 0.0%
	60,447	HFF Inc.	$	900,660
		Commercial Services & Supplies – 0.0%
	74,706	Standard Parking Corporation, (2)		1,642,785
		Health Care Providers & Services – 0.2%
	392,413	Capital Senior Living Corporation, (2)		7,334,199
		Real Estate – 0.0%
	34,331	Newcastle Investment Corporation, (3), (4)		15,106
		Real Estate Management & Development – 0.2%
	383,988	Forest City Enterprises, Inc.		6,201,406
		Total Common Stocks (cost $10,616,060)		16,094,156
Shares		Description (1)	Value
		REAL ESTATE INVESTMENT TRUST COMMON STOCKS – 98.2%
		Diversified – 7.7%
	140,486	American Assets Trust Inc	$	3,923,774
	2,904,124	Cousins Properties, Inc.		24,249,435
	2,657,509	Duke Realty Corporation, (2)		36,859,650
	2,046,246	Liberty Property Trust		73,194,219
	972,463	PS Business Parks Inc.		63,190,646
	657,960	Select Income REIT		16,297,669
	964,146	Vornado Realty Trust		77,208,812
	864,844	Washington Real Estate Investment Trust, (2)		22,615,671
		Total Diversified		317,539,876
		Industrial – 5.0%
	3,500,802	DCT Industrial Trust Inc.		22,720,205
	876,587	EastGroup Properties Inc., (2)		47,169,146
	2,123,974	First Industrial Realty Trust, Inc., (2), (3)		29,905,554
	5,346,416	Mapletree Logistics Trust		5,031,737
	2,444,166	Prologis Inc., (2)		89,187,617
	664,341	Terreno Realty Corporation		10,257,425
		Total Industrial		204,271,684
		Mortgage – 0.2%
	267,395	Starwood Property Trust Inc.		6,139,389
		Office – 13.9%
	990,814	Alexandria Real Estate Equities Inc.		68,683,226
	1,721,576	BioMed Realty Trust Inc.		33,278,064
	2,166,381	Boston Properties, Inc.		229,224,774
	37,867	Brandywine Realty Trust		461,599
	733,559	Corporate Office Properties		18,324,304
	797,696	Digital Realty Trust Inc., (2)		54,155,581
	625,172	Douglas Emmett Inc.		14,566,508
	331,071	Dupont Fabros Technology Inc.		7,998,675
	19,327	Highwoods Properties, Inc., (2)		646,488
	426,678	Kilroy Realty Corporation		20,211,737

Nuveen Investments 35

Portfolio of Investments

Nuveen Real Estate Securities Fund (continued)

December 31, 2012

Shares		Description (1)	Value
		Office (continued)
	179,193	Mack-Cali Realty Corporation	$	4,678,729
	13,121	Parkway Properties Inc.		183,563
	2,795,863	Piedmont Office Realty Trust, (2)		50,465,327
	907,867	SL Green Realty Corporation		69,588,006
		Total Office		572,466,581
		Residential – 17.6%
	1,983,457	American Campus Communities Inc.		91,496,871
	306,054	Apartment Investment & Management Company, Class A, (2)		8,281,821
	67,930	Associated Estates Realty Corp.		1,095,032
	867,745	AvalonBay Communities, Inc.		117,657,544
	1,066,410	BRE Properties, Inc.		54,205,620
	586,899	Camden Property Trust, (2)		40,032,381
	107,103	Campus Crest Communities Inc.		1,313,083
	1,082,701	Colonial Properties Trust		23,137,320
	776,211	Education Realty Trust Inc., (2)		8,258,885
	319,803	Equity Lifestyles Properties Inc.		21,519,544
	2,083,432	Equity Residential, (2)		118,068,091
	424,297	Essex Property Trust Inc.		62,223,155
	177,773	Home Properties New York, Inc.		10,899,263
	602,097	Mid-America Apartment Communities, (2)		38,985,781
	1,115,254	Post Properties, Inc.		55,706,937
	2,926,784	UDR Inc., (2)		69,598,924
		Total Residential		722,480,252
		Retail – 29.6%
	1,858,198	Acadia Realty Trust		46,603,606
	4,013	Alexander’s Inc.		1,327,500
	1,464,157	CapitaMall Trust		2,572,924
	837,529	CBL & Associates Properties Inc.		17,763,990
	4,912,711	Developers Diversified Realty Corporation, (2)		76,933,054
	633,068	Equity One Inc.		13,300,759
	487,638	Federal Realty Investment Trust		50,724,105
	2,466,416	General Growth Properties Inc., (2)		48,958,358
	2,565,566	Glimcher Realty Trust		28,452,127
	2,775,624	Kimco Realty Corporation		53,625,056
	3,547,283	Kite Realty Group Trust		19,829,312
	1,501,263	Macerich Company		87,523,633
	3,695,654	National Retail Properties, Inc., (2)		115,304,405
	1,451,913	Ramco-Gershenson Properties Trust, (2)		19,324,962
	74,809	Realty Income Corporation		3,008,070
	542,125	Regency Centers Corporation		25,544,930
	125,438	Retail Opportunity Investments Corporation, (2)		1,613,133
	442,633	Retail Properties of America Inc.		5,298,317
	282,261	Saul Centers Inc.		12,077,948
	3,070,482	Simon Property Group, Inc.		485,412,499
	291,370	Tanger Factory Outlet Centers		9,964,854

36 Nuveen Investments

Shares		Description (1)					Value
		Retail (continued)
	599,919	Taubman Centers Inc.					$	47,225,624
	1,135,114	Urstadt Biddle Properties Inc.						22,339,044
	389,439	Weingarten Realty Trust						10,425,282
	1,190,385	Westfield Group						13,146,496
		Total Retail						1,218,299,988
		Specialized – 24.2%
	283,924	American Tower REIT Inc.						21,938,807
	48,621	CubeSmart						708,408
	2,521,155	DiamondRock Hospitality Company						22,690,395
	1,181,472	Extra Space Storage Inc., (2)						42,993,766
	3,568,817	Health Care Property Investors Inc., (2)						161,239,152
	1,434,875	Health Care REIT, Inc., (2)						87,943,489
	649,926	Healthcare Realty Trust, Inc.						15,604,723
	2,488,751	Hersha Hospitality Trust						12,443,755
	4,951,257	Host Hotels & Resorts Inc.						77,586,197
	879,383	LaSalle Hotel Properties						22,327,534
	291,597	LTC Properties Inc.						10,261,298
	6,088,095	Parkway Life Real Estate						10,756,274
	1,010,747	Pebblebrook Hotel Trust						23,348,256
	1,573,772	Public Storage, Inc.						228,133,989
	270,652	RLJ Lodging Trust						5,242,529
	626,087	Sovran Self Storage Inc.						38,880,003
	902,779	Strategic Hotels & Resorts Inc., (3)						5,777,786
	2,862,045	Summit Hotel Properties Inc.						27,189,428
	971,535	Sunstone Hotel Investors Inc.						10,405,140
	53,479	Universal Health Realty Income Trust						2,706,572
	2,547,820	Ventas Inc., (2)						164,894,910
		Total Specialized						993,072,411
		Total Real Estate Investment Trust Common Stocks (cost $3,127,656,922)						4,034,270,181
Shares		Description (1)	Coupon		Ratings (5)		Value
		$25 PAR (OR SIMILAR) PREFERRED SECURITIES – 0.2%
		Specialized – 0.2%
	170,453	Summit Hotel Properties Inc., (2)		7.875%		N/R	$	4,346,551
	183,576	Summit Hotel Properties Inc.		9.250%		N/R		4,859,257
		Total $25 Par (or similar) Preferred Securities (cost $8,850,725)						9,205,808
Shares		Description (1)					Value
		INVESTMENT COMPANIES – 0.1%
		Real Estate Management & Development – 0.1%
	2,982,455	Starwood European Real Estate Finance Limited					$	4,941,770
		Total Investment Companies (cost $4,810,411)						4,941,770

Nuveen Investments 37

Portfolio of Investments

Nuveen Real Estate Securities Fund (continued)

December 31, 2012

Shares		Description (1)	Value
		INVESTMENTS PURCHASED WITH COLLATERAL FROM SECURITIES LENDING – 11.7%
		Money Market Funds – 11.7%
	479,361,362	Mount Vernon Securities Lending Prime Portfolio, 0.267% (6), (7)	$	479,361,362
		Total Investments Purchased with Collateral from Securities Lending (cost $479,361,362)		479,361,362
Shares		Description (1)	Value
		SHORT-TERM INVESTMENTS – 0.7%
		Money Market Funds – 0.7%
	28,236,918	First American Treasury Obligations Fund, Class Z, 0.000%, (6)	$	28,236,918
		Total Short-Term Investments (cost $28,236,918)		28,236,918
		Total Investments (cost $3,659,532,398) – 111.3%		4,572,110,195
		Other Assets Less Liabilities – (11.3)%		(462,453,190)
		Net Assets – 100%	$	4,109,657,005

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 the reporting period was $467,063,257.

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

(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 classified as Level 3. See Notes to Financial Statements, Footnote 1 – General Information and Significant Accounting Policies, Investment Valuation for more information.

(5) 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.

(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, or other institutions. The Fund maintains collateral equal to at least 102% of the fair value of the securities loaned. The cash collateral received by the Fund is invested in this money market fund. See Notes to Financial Statements, Footnote 1 – General Information and Significant Accounting Policies, Securities Lending for more information.

N/R Not rated.

REIT Real Estate Investment Trust.

See accompanying notes to financial statements.

38 Nuveen Investments

Statement of Assets & Liabilities

December 31, 2012

	Global Infrastructure			Real Asset Income			Real Estate Securities
Assets
Investments, at value (cost $296,292,988, $40,395,524 and $3,180,171,036, respectively)	$	325,196,509		$	41,987,354		$	4,092,748,833
Investment purchased with collateral from securities lending (at cost, which approximates value)		—			—			479,361,362
Cash		1,249			463			—
Receivables:
Dividends		815,309			188,450			13,044,695
Due from broker		—			—			50,874
Interest		991			225,282			—
Investments sold		9,375,154			654,053			45,334,771
Reclaims		78,467			4,181			—
Shares sold		2,782,614			458,941			13,975,727
Other assets		64,572			1,559			49,602
Total assets		338,314,865			43,520,283			4,644,565,864
Liabilities
Cash overdraft		—			—			—
Payables:
Collateral from securities lending program		—			—			479,361,362
Dividends		—			49			307
Investments purchased		7,157,053			1,138,303			37,360,117
Shares redeemed		663,002			139,190			13,341,350
Accrued expenses:
Management fees		224,554			17,894			2,550,513
Directors fees		2,237			180			64,876
12b-1 distribution and service fees		26,157			5,593			247,907
Other		137,243			32,506			1,982,427
Total liabilities		8,210,246			1,333,715			534,908,859
Net assets	$	330,104,619		$	42,186,568		$	4,109,657,005
Class A Shares
Net assets	$	68,762,997		$	10,364,676		$	750,073,442
Shares outstanding		7,195,233			465,478			35,681,775
Net asset value per share	$	9.56		$	22.27		$	21.02
Offering price per share (net asset value per share plus maximum sales charge of 5.75% of offering price)	$	10.14		$	23.63		$	22.30
Class B Shares
Net assets		N/A			N/A		$	1,953,071
Shares outstanding		N/A			N/A			95,111
Net asset value and offering price per share		N/A			N/A		$	20.53
Class C Shares
Net assets	$	14,291,065		$	4,478,854		$	69,934,612
Shares outstanding		1,505,623			201,217			3,397,186
Net asset value and offering price per share	$	9.49		$	22.26		$	20.59
Class R3 Shares
Net assets	$	128,210			N/A		$	72,741,892
Shares outstanding		13,249			N/A			3,417,042
Net asset value and offering price per share	$	9.68			N/A		$	21.29
Class I Shares
Net assets	$	246,922,347		$	27,343,038		$	3,214,953,988
Shares outstanding		25,800,897			1,227,718			151,200,350
Net asset value and offering price per share	$	9.57		$	22.27		$	21.26
Net assets consist of:
Capital paid-in	$	298,986,496		$	40,299,098		$	3,250,435,560
Undistributed (Over-distribution of) net investment income		(66,323	)		(49,860	)		(6,964,257	)
Accumulated net realized gain (loss)		2,281,985			345,591			(46,392,135	)
Net unrealized appreciation (depreciation)		28,902,461			1,591,739			912,577,837
Net assets	$	330,104,619		$	42,186,568		$	4,109,657,005
Authorized shares – per class		2 billion			2 billion			2 billion
Par value per share	$	0.0001		$	0.0001		$	0.0001

N/A – Global Infrastructure and Real Asset Income do not offer Class B Shares. After the close of business on May 30, 2012, Real Asset Income liquidated all of its Class R3 Shares.

See accompanying notes to financial statements.

Nuveen Investments 39

Statement of Operations

Year Ended December 31, 2012

	Global Infrastructure			Real Asset Income			Real Estate Securities
Investment Income
Dividend and interest income (net of foreign tax withheld of $697,210, $61,393 and $219,322, respectively)	$	8,974,471		$	1,704,082		$	97,324,314
Securities lending income, net		—			—			1,270,095
Total investment income		8,974,471			1,704,082			98,594,409
Expenses
Management fees		2,382,331			197,359			31,067,808
12b-1 service fees – Class A		151,571			12,960			1,878,678
12b-1 distribution and service fees – Class B		N/A			N/A			21,480
12b-1 distribution and service fees – Class C		123,087			13,248			643,736
12b-1 distribution and service fees – Class R3(1)		200			111			359,358
Shareholder servicing agent fees and expenses		209,198			15,464			5,303,602
Custodian fees and expenses		226,242			96,729			578,990
Directors fees and expenses		6,903			836			106,377
Professional fees		87,488			42,015			411,665
Shareholder reporting expenses		34,955			10,985			774,135
Federal and state registration fees		76,295			17,203			228,580
Other expenses		2,332			989			53,107
Total expenses before fee waiver/expense reimbursement		3,300,602			407,899			41,427,516
Fee waiver/expense reimbursement		(494,941	)		(145,666	)		(866,741	)
Net expenses		2,805,661			262,233			40,560,775
Net investment income (loss)		6,168,810			1,441,849			58,033,634
Realized and Unrealized Gain (Loss)
Net realized gain (loss) from investments and foreign currency		12,137,973			957,183			175,391,347
Change in net unrealized appreciation (depreciation) of investments and foreign currency		19,382,522			1,539,555			357,456,067
Net realized and unrealized gain (loss)		31,520,495			2,496,738			532,847,414
Net increase (decrease) in net assets from operations	$	37,689,305		$	3,938,587		$	590,881,048

N/A – Global Infrastructure and Real Asset Income do not offer Class B Shares.

(1) – After the close of business on May 30, 2012, Real Asset Income liquidated all of its Class R3 Shares.

See accompanying notes to financial statements.

40 Nuveen Investments

Statement of Changes in Net Assets

	Global Infrastructure									Real Asset Income
	Year Ended 12/31/12			Two Months Ended 12/31/11			Year Ended 10/31/11			Year Ended 12/31/12			Period 9/13/11 (commencement of operations) through 12/31/11
Operations
Net investment income (loss)	$	6,168,810		$	844,392		$	4,126,700		$	1,441,849		$	135,801
Net realized gain (loss) from:
Investments and foreign currency		12,137,973			(1,088,026	)		2,172,153			957,183			125,502
Redemptions in-kind		—			—			—			—			—
Change in net unrealized appreciation (depreciation) of investments and foreign currency		19,382,522			1,536,103			(5,534,812	)		1,539,555			52,184
Net increase (decrease) in net assets from operations		37,689,305			1,292,469			764,041			3,938,587			313,487
Distributions to Shareholders
From net investment income:
Class A		(1,408,692	)		(760,328	)		(1,049,188	)		(332,722	)		(581	)
Class B		N/A			N/A			N/A			N/A			N/A
Class C		(179,680	)		(74,451	)		(111,436	)		(79,376	)		(486	)
Class R3(1)		(2,208	)		(88	)		—			(602	)		(549	)
Class I		(6,163,756	)		(1,983,300	)		(1,696,981	)		(1,105,444	)		(120,712	)
From accumulated net realized gains:
Class A		(1,123,513	)		(1,267,002	)		(3,080,543	)		(180,929	)		—
Class B		N/A			N/A			N/A			N/A			N/A
Class C		(232,692	)		(263,092	)		(459,773	)		(64,049	)		—
Class R3(1)		(1,488	)		(187	)		(6	)		—			—
Class I		(4,022,345	)		(2,726,959	)		(4,486,974	)		(481,631	)		—
Decrease in net assets from distributions to shareholders		(13,134,374	)		(7,075,407	)		(10,884,901	)		(2,244,753	)		(122,328	)
Fund Share Transactions
Proceeds from sale of shares		181,543,700			13,179,987			77,226,231			30,998,443			10,000,000
Proceeds from shares issued to shareholders due to reinvestment of distributions		6,486,813			4,520,484			7,871,757			2,022,240			122,328
		188,030,513			17,700,471			85,097,988			33,020,683			10,122,328
Cost of shares redeemed		(62,020,696	)		(10,460,693	)		(50,578,994	)		(2,841,436	)		—
Cost of redemptions in-kind		—			—			—			—			—
Net increase (decrease) in net assets from Fund share transactions		126,009,817			7,239,778			34,518,994			30,179,247			10,122,328
Net increase (decrease) in net assets		150,564,748			1,456,840			24,398,134			31,873,081			10,313,487
Net assets at the beginning of period		179,539,871			178,083,031			153,684,897			10,313,487			—
Net assets at the end of period	$	330,104,619		$	179,539,871		$	178,083,031		$	42,186,568		$	10,313,487
Undistributed (Over-distribution of) net investment income at the end of period	$	(66,323	)	$	563,563		$	2,515,839		$	(49,860	)	$	15,081

N/A – Global Infrastructure and Real Asset Income do not offer Class B Shares.

(1) – After the close of business on May 30, 2012, Real Asset Income liquidated all of its Class R3 Shares.

See accompanying notes to financial statements.

Nuveen Investments 41

Statement of Changes in Net Assets(continued)

	Real Estate Securities
	Year Ended 12/31/12			Two Months Ended 12/31/11			Year Ended 10/31/11
Operations
Net investment income (loss)	$	58,033,634		$	15,321,703		$	49,529,347
Net realized gain (loss) from:
Investments and foreign currency		175,391,347			(12,717,545	)		33,359,512
Redemptions in-kind		—			—			14,782,543
Change in net unrealized appreciation (depreciation) of investments and foreign currency		357,456,067			21,729,743			167,799,657
Net increase (decrease) in net assets from operations		590,881,048			24,333,901			265,471,059
Distributions to Shareholders
From net investment income:
Class A		(15,583,128	)		(4,160,552	)		(8,735,913	)
Class B		(28,672	)		(8,875	)		(18,502	)
Class C		(860,519	)		(237,281	)		(442,822	)
Class R3		(1,318,535	)		(326,844	)		(608,594	)
Class I		(67,298,948	)		(14,450,265	)		(26,418,401	)
From accumulated net realized gains:
Class A		(23,186,752	)		(4,144,624	)		(9,657,846	)
Class B		(61,771	)		(13,097	)		(31,804	)
Class C		(2,153,298	)		(349,654	)		(839,205	)
Class R3		(2,195,554	)		(358,578	)		(832,024	)
Class I		(97,222,367	)		(12,885,490	)		(28,892,916	)
Decrease in net assets from distributions to shareholders		(209,909,544	)		(36,935,260	)		(76,478,027	)
Fund Share Transactions
Proceeds from sale of shares		1,466,271,905			152,158,707			1,446,745,719
Proceeds from shares issued to shareholders due to reinvestment of distributions		158,621,477			28,693,310			59,682,755
		1,624,893,382			180,852,017			1,506,428,474
Cost of shares redeemed		(1,023,309,961	)		(171,328,445	)		(937,711,181	)
Cost of redemptions in-kind		—			—			(48,374,872	)
Net increase (decrease) in net assets from Fund share transactions		601,583,421			9,523,572			520,342,421
Net increase (decrease) in net assets		982,554,925			(3,077,787	)		709,335,453
Net assets at the beginning of period		3,127,102,080			3,130,179,867			2,420,844,414
Net assets at the end of period	$	4,109,657,005		$	3,127,102,080		$	3,130,179,867
Undistributed (Over-distribution of) net investment income at the end of period	$	(6,964,257	)	$	12,759,121		$	16,624,130

See accompanying notes to financial statements.

42 Nuveen Investments

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Nuveen Investments 43

Financial Highlights

Selected data for a share outstanding throughout each period:
Class (Commencement Date)
			Investment Operations								Less Distributions
GLOBAL INFRASTRUCTURE
	Beginning Net Asset Value		Net Invest- ment Income (Loss)(a)		Net Realized/ Unrealized Gain (Loss)			Total			From Net Invest- ment Income			From Accum- ulated Net Realized Gains(b)			Total			Ending Net Asset Value
Class A (12/07)
Year Ended 12/31
2012	$	8.59	$	.21	$	1.12		$	1.33		$	(.20	)	$	(.16	)	$	(.36	)	$	9.56
2011(g)		8.87		.04		.03			.07			(.13	)		(.22	)		(.35	)		8.59
Year Ended 10/31
2011		9.42		.20		(.11	)		.09			(.16	)		(.48	)		(.64	)		8.87
2010		7.80		.16		1.58			1.74			(.12	)		—			(.12	)		9.42
2009		6.43		.16		1.29			1.45			(.08	)		—			(.08	)		7.80
2008(e)		10.00		.05		(3.62	)		(3.57	)		—			—			—			6.43
Class C (11/08)
Year Ended 12/31
2012		8.53		.13		1.11			1.24			(.12	)		(.16	)		(.28	)		9.49
2011(g)		8.75		.03		.03			.06			(.06	)		(.22	)		(.28	)		8.53
Year Ended 10/31
2011		9.32		.14		(.12	)		.02			(.11	)		(.48	)		(.59	)		8.75
2010		7.75		.09		1.57			1.66			(.09	)		—			(.09	)		9.32
2009(f)		6.48		.11		1.24			1.35			(.08	)		—			(.08	)		7.75
Class R3 (11/08)
Year Ended 12/31
2012		8.68		.18		1.15			1.33			(.17	)		(.16	)		(.33	)		9.68
2011(g)		8.95		.04		.02			.06			(.11	)		(.22	)		(.33	)		8.68
Year Ended 10/31
2011		9.40		.05		(.02	)		.03			—			(.48	)		(.48	)		8.95
2010		7.78		.13		1.59			1.72			(.10	)		—			(.10	)		9.40
2009(f)		6.48		.14		1.24			1.38			(.08	)		—			(.08	)		7.78
Class I (12/07)
Year Ended 12/31
2012		8.62		.23		1.13			1.36			(.25	)		(.16	)		(.41	)		9.57
2011(g)		8.92		.04		.03			.07			(.15	)		(.22	)		(.37	)		8.62
Year Ended 10/31
2011		9.46		.23		(.12	)		.11			(.17	)		(.48	)		(.65	)		8.92
2010		7.82		.18		1.59			1.77			(.13	)		—			(.13	)		9.46
2009		6.43		.17		1.30			1.47			(.08	)		—			(.08	)		7.82
2008(e)		10.00		.16		(3.73	)		(3.57	)		—			—			—			6.43

44 Nuveen Investments

			Ratios/Supplemental Data
					Ratios to Average Net Assets Before Waiver/Reimbursement						Ratios to Average Net Assets After Waiver/Reimbursement(d)
Total Return(c)			Ending Net Assets (000)		Expenses			Net Invest- ment Income (Loss)			Expenses			Net Invest- ment Income (Loss)			Portfolio Turnover Rate
	15.52	%	$	68,763		1.43	%		2.08	%		1.24	%		2.28	%		200	%
	.81			51,681		1.64	*		2.38	*		1.23	*		2.79	*		42
	.97			54,697		1.62			1.86			1.25			2.24			273
	22.56			57,594		1.88			1.30			1.25			1.93			314
	22.76			19,901		2.47			1.12			1.25			2.34			299
	(35.70	)		4,022		4.16	*		(2.11	)*		1.25	*		.80	*		304
	14.58			14,291		2.19			1.25			1.99			1.45			200
	.62			10,767		2.39	*		1.64	*		1.98	*		2.05	*		42
	.37			10,674		2.38			1.14			2.00			1.53			273
	21.62			8,103		2.63			.51			2.00			1.14			314
	21.00			3,034		3.22	*		.37	*		2.00	*		1.59	*		299
	15.36			128		1.66			1.67			1.49			1.84			200
	.68			7		1.89	*		1.94	*		1.48	*		2.38	*		42
	.36			15		2.05			(.03	)		1.50			.55			273
	22.27			8		2.13			.91			1.50			1.54			314
	21.48			6		2.72	*		.93	*		1.50	*		2.15	*		299
	15.78			246,922		1.18			2.32			.99			2.51			200
	.85			117,085		1.39	*		2.65	*		.98	*		3.06	*		42
	1.28			112,697		1.38			2.12			1.00			2.51			273
	22.92			87,980		1.63			1.50			1.00			2.13			314
	23.14			36,595		2.22			1.35			1.00			2.57			299
	(35.70	)		17,221		3.90	*		(.73	)*		.99	*		2.18	*		304

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

(b) Distributions 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 fee waiver and/or expense reimbursement from the Adviser, where applicable.

(e) For the period December 17, 2007 (commencement of operations) through October 31, 2008.

(f) For the period November 3, 2008 (commencement of operations) through October 31, 2009.

(g) For the two months ended December 31, 2011.

* Annualized.

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
REAL ASSET INCOME
Year Ended December 31,	Beginning Net Asset Value		Net Invest- ment Income (Loss)(a)		Net Realized/ Unrealized Gain (Loss)		Total		From Net Invest- ment Income			From Accum- ulated Net Realized Gains(b)			Total			Ending Net Asset Value
Class A (9/11)
2012	$	20.38	$	1.22	$	2.21	$	3.43	$	(1.13	)	$	(.41	)	$	(1.54	)	$	22.27
2011(e)		20.00		.26		.35		.61		(.23	)		—			(.23	)		20.38
Class C (9/11)
2012		20.37		1.08		2.19		3.27		(.97	)		(.41	)		(1.38	)		22.26
2011(e)		20.00		.21		.35		.56		(.19	)		—			(.19	)		20.37
Class I (9/11)
2012		20.38		1.24		2.24		3.48		(1.18	)		(.41	)		(1.59	)		22.27
2011(e)		20.00		.27		.36		.63		(.25	)		—			(.25	)		20.38

46 Nuveen Investments

			Ratios/Supplemental Data
					Ratios to Average Net Assets Before Waiver/Reimbursement						Ratios to Average Net Assets After Waiver/Reimbursement(d)
Total Return(c)			Ending Net Assets (000)		Expenses			Net Invest- ment Income (Loss)			Expenses			Net Invest- ment Income (Loss)			Portfolio Turnover Rate
	17.22	%	$	10,365		1.68	%		5.06	%		1.17	%		5.57	%		177	%
	3.06			52		2.12	*		3.34	*		1.18	*		4.28	*		65
	16.36			4,479		2.33			4.51			1.92			4.92			177
	2.82			51		2.87	*		2.59	*		1.93	*		3.53	*		65
	17.50			27,343		1.52			5.10			.92			5.70			177
	3.13			10,159		1.87	*		3.60	*		.93	*		4.54	*		65

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

(b) Distributions 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 fee waiver and/or expense reimbursement from the Adviser, where applicable.

(e) For the period September 13, 2011 (commencement of operations) through December 31, 2011.

* Annualized.

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
REAL ESTATE SECURITIES
	Beginning Net Asset Value		Net Invest- ment Income (Loss)(a)		Net Realized/ Unrealized Gain (Loss)			Total			From Net Invest- ment Income			From Accum- ulated Net Realized Gains(b)			Return of Capital			Total			Ending Net Asset Value
Class A (9/95)
Year Ended 12/31
2012	$	18.76	$	.28	$	3.07		$	3.35		$	(.43	)	$	(.66	)	$	—		$	(1.09	)	$	21.02
2011(e)		18.84		.09		.05			.14			(.11	)		(.11	)		—			(.22	)		18.76
Year Ended 10/31
2011		17.58		.29		1.43			1.72			(.22	)		(.24	)		—			(.46	)		18.84
2010		12.44		.32		5.20			5.52			(.38	)		—			—			(.38	)		17.58
2009		12.67		.41		(.16	)		.25			(.34	)		—			(.14	)		(.48	)		12.44
2008		23.99		.60		(8.78	)		(8.18	)		(.40	)		(2.74	)		—			(3.14	)		12.67
2007		26.49		.47		(.24	)		.23			(.36	)		(2.37	)		—			(2.73	)		23.99
Class B (9/95)
Year Ended 12/31
2012		18.34		.11		3.01			3.12			(.27	)		(.66	)		—			(.93	)		20.53
2011(e)		18.42		.06		.04			.10			(.07	)		(.11	)		—			(.18	)		18.34
Year Ended 10/31
2011		17.18		.14		1.42			1.56			(.11	)		(.21	)		—			(.32	)		18.42
2010		12.17		.21		5.07			5.28			(.27	)		—			—			(.27	)		17.18
2009		12.39		.36		(.19	)		.17			(.25	)		—			(.14	)		(.39	)		12.17
2008		23.53		.46		(8.60	)		(8.14	)		(.26	)		(2.74	)		—			(3.00	)		12.39
2007		26.08		.27		(.22	)		.05			(.23	)		(2.37	)		—			(2.60	)		23.53
Class C (2/00)
Year Ended 12/31
2012		18.39		.12		3.01			3.13			(.27	)		(.66	)		—			(.93	)		20.59
2011(e)		18.46		.06		.05			.11			(.07	)		(.11	)		—			(.18	)		18.39
Year Ended 10/31
2011		17.23		.14		1.41			1.55			(.08	)		(.24	)		—			(.32	)		18.46
2010		12.21		.19		5.12			5.31			(.29	)		—			—			(.29	)		17.23
2009		12.44		.34		(.17	)		.17			(.26	)		—			(.14	)		(.40	)		12.21
2008		23.62		.45		(8.63	)		(8.18	)		(.26	)		(2.74	)		—			(3.00	)		12.44
2007		26.17		.26		(.21	)		.05			(.23	)		(2.37	)		—			(2.60	)		23.62
Class R3 (9/01)
Year Ended 12/31
2012		18.99		.23		3.12			3.35			(.39	)		(.66	)		—			(1.05	)		21.29
2011(e)		19.07		.08		.05			.13			(.10	)		(.11	)		—			(.21	)		18.99
Year Ended 10/31
2011		17.79		.24		1.46			1.70			(.16	)		(.26	)		—			(.42	)		19.07
2010		12.57		.31		5.24			5.55			(.33	)		—			—			(.33	)		17.79
2009		12.79		.39		(.16	)		.23			(.31	)		—			(.14	)		(.45	)		12.57
2008		24.20		.54		(8.85	)		(8.31	)		(.36	)		(2.74	)		—			(3.10	)		12.79
2007		26.72		.38		(.21	)		.17			(.32	)		(2.37	)		—			(2.69	)		24.20
Class I (6/95)
Year Ended 12/31
2012		18.97		.35		3.09			3.44			(.49	)		(.66	)		—			(1.15	)		21.26
2011(e)		19.05		.10		.05			.15			(.12	)		(.11	)		—			(.23	)		18.97
Year Ended 10/31
2011		17.77		.34		1.45			1.79			(.24	)		(.27	)		—			(.51	)		19.05
2010		12.57		.36		5.26			5.62			(.42	)		—			—			(.42	)		17.77
2009		12.79		.47		(.19	)		.28			(.36	)		—			(.14	)		(.50	)		12.57
2008		24.18		.64		(8.84	)		(8.20	)		(.45	)		(2.74	)		—			(3.19	)		12.79
2007		26.67		.53		(.24	)		.29			(.41	)		(2.37	)		—			(2.78	)		24.18

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

(b) Distributions 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 fee waiver and/or expense reimbursement from the Adviser, where applicable.

48 Nuveen Investments

			Ratios/Supplemental Data
					Ratios to Average Net Assets Before Waiver/Reimbursement						Ratios to Average Net Assets After Waiver/Reimbursement(d)
Total Return(c)			Ending Net Assets (000)		Expenses			Net Invest- ment Income (Loss)			Expenses			Net Invest- ment Income (Loss)			Portfolio Turnover Rate
	18.07	%	$	750,073		1.28	%		1.33	%		1.26	%		1.35	%		76	%
	.72			722,221		1.31	*		2.82	*		1.28	*		2.86	*		21
	9.94			732,181		1.28			1.54			1.27			1.55			103
	44.82			686,148		1.24			2.04			1.24			2.04			133
	2.82			287,493		1.27			3.81			1.27			3.81			117
	(37.71	)		133,162		1.23			3.31			1.23			3.31			150
	.78			203,101		1.22			1.87			1.22			1.87			210
	17.18			1,953		2.03			.54			2.01			.56			76
	.55			2,233		2.06	*		2.06	*		2.03	*		2.09	*		21
	9.18			2,269		2.03			.77			2.02			.78			103
	43.66			3,005		1.99			1.42			1.99			1.42			133
	2.13			2,693		2.02			3.57			2.02			3.57			117
	(38.18	)		3,276		1.98			2.57			1.98			2.57			150
	—			7,391		1.97			1.12			1.97			1.12			210
	17.19			69,935		2.03			.57			2.01			.60			76
	.60			59,469		2.06	*		2.06	*		2.03	*		2.09	*		21
	9.13			60,812		2.04			.76			2.02			.77			103
	43.76			52,732		1.99			1.26			1.99			1.26			133
	2.09			17,632		2.02			3.26			2.02			3.26			117
	(38.19	)		11,458		1.98			2.56			1.98			2.56			150
	.03			18,403		1.97			1.06			1.97			1.06			210
	17.80			72,742		1.53			1.09			1.51			1.12			76
	.66			62,888		1.56	*		2.59	*		1.53	*		2.62	*		21
	9.68			63,335		1.54			1.30			1.52			1.31			103
	44.54			47,970		1.48			1.99			1.48			1.99			133
	2.62			46,382		1.52			3.61			1.52			3.61			117
	(37.90	)		22,813		1.48			3.01			1.48			3.01			150
	.52			18,493		1.47			1.52			1.47			1.52			210
	18.34			3,214,954		1.03			1.62			1.01			1.65			76
	.78			2,280,291		1.06	*		3.08	*		1.03	*		3.12	*		21
	10.24			2,271,583		1.04			1.79			1.02			1.80			103
	45.16			1,630,989		.99			2.29			.99			2.29			133
	3.11			660,342		1.02			4.39			1.02			4.39			117
	(37.56	)		526,386		.98			3.51			.98			3.51			150
	1.01			652,579		.97			2.12			.97			2.12			210

(e) For the two months ended December 31, 2011.

* Annualized.

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 Global Infrastructure Fund (“Global Infrastructure”), Nuveen Real Asset Income Fund (“Real Asset Income”) and Nuveen Real Estate Securities Fund (“Real Estate Securities”) (each a “Fund” and collectively, the “Funds”), as diversified funds (non-diversified for Real Estate Securities), among others. The Trust was incorporated in the State of Maryland on August 20, 1987.

On December 31, 2012, the Funds’ investment adviser converted from a Delaware corporation to a Delaware limited liability company. As a result, Nuveen Fund Advisers, Inc., a wholly-owned subsidiary of Nuveen Investments, Inc. (“Nuveen”), changed its name to Nuveen Fund Advisers, LLC (the “Adviser”). There were no changes to the identities or roles of any personnel as a result of the change.

Global Infrastructure’s investment objective is to seek 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 issued by U.S. and non-U.S. infrastructure-related companies that derive at least 50% of their revenues or profits from the ownership, development, construction, financing or operation of infrastructure assets, or have at least 50% of the fair market value of their assets invested in infrastructure assets. Under normal market conditions, the Fund will also invest at least 40% of its net assets in securities of non-U.S. issuers and, in any case, will invest at least 30% of its net assets in such issuers. Up to 25% of the Fund’s total assets may be invested in equity securities of emerging market issuers.

Equity securities in which the Fund invests include common and preferred stocks, publicly-traded units of master limited partnerships (“MLP”s), and real estate investment trusts (“REIT”s). The Fund may also invest in exchange-traded funds (“ETFs”) and other investment companies. The Fund may invest in companies of any size.

Real Asset Income’s investment objective is to seek a high level of current income. The secondary investment objective of the Fund is to seek 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 securities issued by real asset related companies that are generating income at the time of purchase. Real asset related companies are defined as: (i) companies that are in the energy, telecommunications, utilities or materials sectors; (ii) companies in the real estate or transportation industry groups; (iii) companies, if not in one of these sectors or industries, that (a) derive at least 50% of their revenues or profits from the ownership, management, operation, development, construction, financing, or sale of real assets, or (b) have at least 50% of the fair market value of their assets invested in real assets; or (iv) pooled investment vehicles that primarily invest in the foregoing companies or that are otherwise designed primarily to provide investment exposure to real assets. The categories of real assets on which the Fund will focus its investments are infrastructure and real estate.

The Fund will invest in both equity securities and debt securities, but will not invest more than 40% of its net assets in debt securities. All or a portion of the Fund’s debt securities may be rated lower than investment grade (BB/Ba or lower). Equity securities in which the Fund may invest may be of any market capitalization and include common stock, preferred securities, hybrid securities and convertible securities, as well as interests in REITs, exchange-traded notes (“ETNs”), other investment companies (including ETFs) and equity securities issued by MLPs. Debt securities in which the Fund may invest include corporate debt obligations, mortgage-backed securities (“MBS”) and debt securities issued by MLPs.

The Fund will invest in non-U.S. securities, but will limit its exposure to emerging markets to 50% of its net assets at the time of purchase.

The infrastructure assets that Global Infrastructure and Real Asset Income invest consists of the physical structures and networks upon which the operation, growth and development of a community depends, which includes water, sewer, and energy utilities; transportation and communication networks; health care facilities, government accommodations, and other public service facilities; and shipping, timber, steel, alternative energy, and other resources and services necessary for the construction and maintenance of these physical structures and networks.

Real Estate Securities’ investment objective is to provide above average current income and long-term 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 income-producing common stocks of publicly traded companies engaged in the real estate industry. These companies derive at least 50% of their revenues or profits from the ownership, construction, management, financing or sale of real estate, or have at least 50% of the fair market value of their assets invested in real estate. The majority of the Fund’s total assets will be invested in REITs. The Fund may invest up to 15% of its total assets in non-dollar denominated equity securities of non-U.S. issuers. The Fund may invest up to 25% of its assets, collectively, in non-dollar denominated equity securities of non-U.S. issuers and in dollar-denominated equity securities of non-U.S. issuers that are either listed on a U.S. stock exchange or represented by depositary receipts that may or may not be sponsored by a domestic bank. Up to 15% of the Fund’s total assets may be invested in equity securities of emerging market issuers.

Each Fund may also invest in options, futures contracts, options on futures contracts and forward foreign currency exchanges contracts (“derivatives”) to manage market or business risk, enhance its return or hedge against adverse movements in currency exchange rates.

50 Nuveen Investments

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

After the close of business on May 30, 2012, Real Asset Income liquidated all of its Class R3 Shares and distributed the proceeds to shareholders.

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.

The ETFs in which the Funds invest 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 the Adviser. 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) is determined, or if under the Funds’ procedures, the closing price of a foreign security is not deemed to be reliable, the security would be valued at fair value as determined in accordance with procedures established in good faith by the Funds’ Board of Directors. These securities are generally classified as Level 2 or Level 3 depending on the priority of the significant inputs.

Repurchase agreements are valued at contract amount plus accrued interest, which approximates market value. These securities 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 51

Notes to Financial Statements(continued)

Investment Transactions

Investment transactions are recorded on a trade date basis. Realized gains and losses from transactions are determined on the specific identification method, which is the same basis used for federal income tax purposes. Investments purchased on a when-issued/delayed delivery basis may have extended settlement periods. Any investments so purchased are subject to market fluctuation during this period. The Funds have instructed the custodian to earmark securities in the Funds’ portfolios with a current value at least equal to the amount of the when-issued/delayed delivery purchase commitments. As of December 31, 2012, Global Infrastructure and Real Asset Income had when-issued/delayed delivery purchase commitments of $88,966 and $286,627, respectively. Real Estate Securities had no such outstanding purchase commitments.

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. 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 Global Infrastructure and quarterly for Real Asset Income and Real Estate Securities. 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.

Real Asset Income and Real Estate Securities receive substantial distributions from holdings in REITs. REIT distributions received by the Funds are generally comprised of ordinary income, long-term capital gains, and a return of REIT capital. The actual character of amounts received during the period is not known until after the fiscal year-end. For the fiscal year ended December 31, 2012, the character of distributions to Real Asset Income and Real Estate Securities from the REITs was 87.89% and 75.02% ordinary income, 4.89% and 11.61% long-term capital gains, and 7.22% and 13.37% return of REIT capital, respectively.

For the fiscal years ended December 31, 2012 and December 31, 2011, the Funds applied the actual character of distributions reported by the REITs in which the Funds invest to their receipts from the REITs. If a REIT held in the portfolio of investments did not report the actual character of its distributions during the period, the Funds treated the distributions as ordinary income.

The actual character of distributions made by the Funds during the fiscal years ended December 31, 2012 and December 31, 2011, is reflected in the accompanying financial statements.

Share Classes and Sales Charges

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. Global Infrastructure and Real Asset Income do not issue Class B Shares. Real Estate Securities 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 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 forward foreign currency exchange contracts, futures and options. 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

52 Nuveen Investments

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, forward foreign currency exchange contracts, futures, options purchased and options written, when applicable, are recognized as a component of “Net realized gain (loss) from investments and foreign currency,” on the Statement of Operations.

The unrealized gains and losses resulting from changes in foreign currency exchange rates and changes in foreign exchange rates associated with other assets and liabilities on investments are recognized as a component of “Change in net unrealized appreciation (depreciation) of investments and foreign currency,” on the Statement of Operations, when applicable. The unrealized gains and losses resulting from changes in foreign exchange rates associated with forward foreign currency exchange contracts, futures, options purchased and options written are recognized as a component of “Change in net unrealized appreciation (depreciation) of forward foreign currency exchange contracts, futures, options purchased and options written exchange contracts,” respectively, on the Statement of Operations, when applicable.

Derivative Financial Instruments

Each Fund is authorized to invest in certain derivative instruments, including forward foreign currency exchange contracts, futures and options. 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 December 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, Global Infrastructure and Real Estate Securities may lend securities representing up to one-third of the value of its total assets (which includes collateral for securities on loan) to broker-dealers, banks, or other institutions. Each Fund’s policy is to receive cash collateral equal to at least 102% of the value of securities loaned, which is recognized as “Collateral from securities lending program“ on the Statement of Assets and Liabilities. The adequacy of the collateral is monitored on a daily basis. If the value of the securities on loan increases, such that the level of collateralization falls below 102%, additional collateral is received from the borrower, which is recognized as “Due from broker” on the Statement of Assets and Liabilities, when applicable. As with other extensions of credit, there may be risks of delay in recovery of the securities or even loss of rights in the collateral should the borrower of the security fail financially.

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

Nuveen Investments 53

Notes to Financial Statements(continued)

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 December 31, 2012, were as follows:

	Global Infrastructure		Real Estate Securities
Securities lending fees paid	$	—	$	127,679

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:

Global Infrastructure	Level 1		Level 2		Level 3		Total
Long-Term Investments*:
Common Stocks	$	303,214,481	$	—	$	—	$	303,214,481
Real Estate Investment Trust Common Stocks		18,550,219		—		—		18,550,219
Preferred Stocks		491,031		—		—		491,031
Investment Companies		1,219,755		—		—		1,219,755
Short-Term Investments:
Money Market Funds		1,721,023		—		—		1,721,023
Total	$	325,196,509	$	—	$	—	$	325,196,509
Real Asset Income	Level 1		Level 2		Level 3		Total
Long-Term Investments*:
Common Stocks	$	8,362,812	$	—	$	—	$	8,362,812
Real Estate Investment Trust Common Stocks		7,580,555		—		—		7,580,555
Convertible Preferred Securities		719,124		222,838		—		941,962
$25 Par (or similar) Preferred Securities		13,698,730		394,510		—		14,093,240
Corporate Bonds		—		9,709,502		—		9,709,502
Investment Companies		548,004		—		—		548,004
Short-Term Investments:
Repurchase Agreements		—		751,279		—		751,279
Total	$	30,909,225	$	11,078,129	$	—	$	41,987,354

* Refer to the Fund’s Portfolio of Investments for industry classifications and breakdown of Convertible Preferred Securities and $25 Par (or similar) Preferred Securities classified as Level 2.

54 Nuveen Investments

Real Estate Securities	Level 1		Level 2		Level 3		Total
Long-Term Investments*:
Common Stocks	$	16,079,050	$	—	$	15,106	$	16,094,156
Real Estate Investment Trust Common Stocks		4,034,270,181		—		—		4,034,270,181
$25 Par (or similar) Preferred Securities		9,205,808		—		—		9,205,808
Investment Companies		4,941,770		—		—		4,941,770
Investments Purchased with Collateral from Securities Lending		479,361,362		—		—		479,361,362
Short-Term Investments:
Money Market Funds		28,236,918		—		—		28,236,918
Total	$	4,572,095,089	$	—	$	15,106	$	4,572,110,195

* Refer to the Fund’s Portfolio of Investments for industry classifications and breakdown of Common Stocks 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 December 31, 2012.

Nuveen Investments 55

Notes to Financial Statements(continued)

4. Fund Shares

Transactions in Fund shares were as follows:

	Global Infrastructure
	Year Ended 12/31/12						Two Months Ended 12/31/11						Year Ended 10/31/11
	Shares			Amount			Shares			Amount			Shares			Amount
Shares sold:
Class A		3,478,174		$	31,964,173			175,865		$	1,527,234			2,705,342		$	24,727,760
Class C		425,964			3,895,174			54,181			463,427			480,324			4,392,766
Class R3		12,464			119,239			34			300			1,803			15,212
Class I		15,769,171			145,565,114			1,289,919			11,189,026			5,250,706			48,090,493
Shares issued to shareholders due to reinvestment of distributions:
Class A		252,591			2,409,930			223,253			1,888,705			427,643			3,809,219
Class C		39,983			378,359			33,304			276,930			52,119			459,054
Class R3		383			3,696			32			272			1			5
Class I		385,771			3,694,828			276,879			2,354,577			402,870			3,603,479
		20,364,501			188,030,513			2,053,467			17,700,471			9,320,808			85,097,988
Shares redeemed:
Class A		(2,553,265	)		(23,453,558	)		(545,510	)		(4,738,201	)		(3,083,940	)		(27,916,902	)
Class C		(223,142	)		(2,020,642	)		(43,794	)		(372,426	)		(182,499	)		(1,637,264	)
Class R3		(441	)		(3,871	)		(899	)		(7,997	)		(918	)		(8,587	)
Class I		(3,939,153	)		(36,542,625	)		(611,486	)		(5,342,069	)		(2,321,536	)		(21,016,241	)
		(6,716,001	)		(62,020,696	)		(1,201,689	)		(10,460,693	)		(5,588,893	)		(50,578,994	)
Net increase (decrease)		13,648,500		$	126,009,817			851,778		$	7,239,778			3,731,915		$	34,518,994

	Real Asset Income
	Year Ended 12/31/12						For the period 9/13/11 (commencement of operations) through 12/31/11
	Shares			Amount			Shares		Amount
Shares sold:
Class A		502,277		$	10,954,370			2,500	$	50,000
Class C		196,333			4,342,140			2,500		50,000
Class R3 (1)		—			—			2,500		50,000
Class I		726,485			15,701,933			492,500		9,850,000
Shares issued to shareholders due to reinvestment of distributions:
Class A		20,720			457,333			28		581
Class C		5,423			119,973			24		486
Class R3 (1)		28			602			27		550
Class I		65,588			1,444,332			5,935		120,711
		1,516,854			33,020,683			506,014		10,122,328
Shares redeemed:
Class A		(60,047	)		(1,334,633	)		—		—
Class C		(3,063	)		(64,284	)		—		—
Class R3 (1)		(2,555	)		(53,023	)		—		—
Class I		(62,790	)		(1,389,496	)		—		—
		(128,455	)		(2,841,436	)		—		—
Net increase (decrease)		1,388,399		$	30,179,247			506,014	$	10,122,328

(1) After the close of business on May 30, 2012, Real Asset Income liquidated all of its Class R3 Shares.

56 Nuveen Investments

	Real Estate Securities
	Year Ended 12/31/12						Two Months Ended 12/31/11						Year Ended 10/31/11
	Shares			Amount			Shares			Amount			Shares			Amount
Shares sold:
Class A – Exchanges		8,467,179		$	174,797,170			1,011,119		$	18,486,626			16,324,022		$	300,982,288
Class B		2,409			50,036			23			418			628			14,851
Class C		659,491			13,576,842			19,012			341,913			779,165			13,785,667
Class R3		1,313,731			27,304,524			162,934			2,996,919			1,776,683			33,484,435
Class I		59,538,575			1,250,543,333			7,093,789			130,332,831			58,492,947			1,098,478,478
Shares issued to shareholders due to reinvestment of distributions:
Class A		1,813,351			37,580,459			422,396			7,962,177			1,100,854			16,977,574
Class B		4,063			82,016			1,002			18,453			2,278			35,872
Class C		109,808			2,221,592			24,075			444,569			47,979			748,495
Class R3		167,407			3,510,633			35,889			684,782			86,268			1,349,471
Class I		5,494,261			115,226,777			1,027,228			19,583,329			2,660,142			40,571,343
		77,570,275			1,624,893,382			9,797,467			180,852,017			81,270,966			1,506,428,474
Shares redeemed:
Class A		(13,093,291	)		(269,917,042	)		(1,794,507	)		(32,794,551	)		(17,600,462	)		(326,048,135	)
Class B		(33,103	)		(674,461	)		(2,493	)		(44,603	)		(54,583	)		(990,017	)
Class C		(606,332	)		(12,281,609	)		(103,079	)		(1,847,251	)		(593,626	)		(10,696,935	)
Class R3		(1,375,299	)		(28,727,546	)		(208,631	)		(3,886,685	)		(1,238,584	)		(23,267,356	)
Class I		(34,038,553	)		(711,709,303	)		(7,127,954	)		(132,755,355	)		(30,942,249	)		(576,708,738	)
Class I – In-Kind		—			—			—			—			(2,759,547	)		(48,374,872	)
		(49,146,578	)		(1,023,309,961	)		(9,236,664	)		(171,328,445	)		(53,189,051	)		(986,086,053	)
Net increase (decrease)		28,423,697		$	601,583,421			560,803		$	9,523,572			28,081,915		$	520,342,421

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

Fund	Year Ended 12/31/12		Period Ended 12/31/11		Year Ended 10/31/11
Real Estate Securities		30,196		1,868		26,483

5. Investment Transactions

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

	Global Infrastructure		Real Asset Income		Real Estate Securities
Purchases	$	620,916,311	$	72,694,082	$	3,301,760,260
Sales and maturities		499,968,662		43,829,386		2,804,930,706

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

	Global Infrastructure			Real Asset Income			Real Estate Securities
Cost of investments	$	300,236,178		$	40,532,424		$	3,736,965,342
Gross unrealized:
Appreciation	$	32,531,279		$	1,681,735		$	910,665,305
Depreciation		(7,570,948	)		(226,805	)		(75,520,452	)
Net unrealized appreciation (depreciation) of investments	$	24,960,331		$	1,454,930		$	835,144,853

Nuveen Investments 57

Notes to Financial Statements(continued)

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

	Global Infrastructure			Real Asset Income			Real Estate Securities
Capital paid-in	$	(26,497	)	$	(2,264	)	$	(6,540,734	)
Undistributed (Over-distribution of) net investment income		955,640			11,354			7,332,790
Accumulated net realized gain (loss)		(929,143	)		(9,090	)		(792,056	)

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

	Global Infrastructure		Real Asset Income		Real Estate Securities
Undistributed net ordinary income*	$	5,296,729	$	380,795	$	14,974,596
Undistributed net long-term capital gains		867,285		51,836		9,159,031

* 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 periods indicated below, was designated for purposes of the dividends paid deduction as follows:

Year Ended December 31, 2012	Global Infrastructure		Real Asset Income		Real Estate Securities
Distributions from net ordinary income*	$	13,134,374	$	2,214,236	$	156,884,100
Distributions from net long-term capital gains**		—		30,517		53,025,444

Period Ended December 31, 2011	Global Infrastructure***		Real Asset Income****		Real Estate Securities***
Distributions from net ordinary income*	$	4,897,468	$	122,328	$	56,500,814
Distributions from net long-term capital gains		2,177,939		—		43,583,313

Year-Ended October 31, 2011	Global Infrastructure
Distributions from net ordinary income*	$	10,457,147
Distributions from net long-term capital gains		427,754

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

** The Fund hereby designates as 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 December 31, 2012.

*** For the two-months ended December 31, 2011.

**** For the period September 13, 2011 (commencement of operations) through December 31, 2011.

During the Funds’ tax year ended December 31, 2012, Global Infrastructure utilized $746,051 of its capital loss carryforwards.

Under the Regulated Investment Company Modernization Act of 2010, capital losses incurred by the Funds after December 31, 2010 will not be subject to expiration. During the Funds’ tax year ended December 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	Global Infrastructure Fund-Level Fee Rate			Real Asset Income Fund-Level Fee Rate			Real Estate Securities Fund-Level Fee Rate
For the first $125 million		.7500	%		.6000	%		.7000	%
For the next $125 million		.7375			.5875			.6875
For the next $250 million		.7250			.5750			.6750
For the next $500 million		.7125			.5625			.6625
For the next $1 billion		.7000			.5500			.6500
For net assets over $2 billion		.6750			.5250			.6250

58 Nuveen Investments

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

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

* The complex-level fee is calculated based upon the aggregate daily “eligible assets” of all Nuveen Funds. Eligible assets do not include assets attributable to investments in other Nuveen Funds or assets in excess of $2 billion added to the Nuveen Fund complex in connection with the Adviser’s assumption of the management of the former First American Funds effective January 1, 2011. Eligible assets include closed-end fund assets managed by the Adviser that are attributable to financial leverage. For these purposes, financial leverage includes the closed-end funds’ use of preferred stock and borrowings and 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 December 31, 2012, the complex-level fee rate for each Fund was as follows:

Fund	Complex-Level Fee Rate
Global Infrastructure		.1823	%
Real Asset Income		.1684
Real Estate Securities		.1863

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 investment 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.

The Adviser has contractually agreed to waive fees and/or reimburse other Fund expenses of Global Infrastructure 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:

	Global Infrastructure
Class A Shares		1.25	%
Class C Shares		2.00
Class R3 Shares		1.50
Class I Shares		1.00
Expiration Date		February 28, 2013

The Adviser has agreed to waive fees and/or reimburse expenses of Real Asset Income through April 30, 2014 so that total annual Fund operating expenses (excluding 12b-1 distribution and/or service fees, interest expenses, taxes, acquired fund fees and expenses, fees incurred in acquiring and disposing of portfolio securities and extraordinary expenses) for the Fund do not exceed 0.95% of the average daily net assets of any class of Fund shares. For Real Estate Securities, the Adviser agreed to reimburse management fees across all share classes 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 0.99% of daily net assets, 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 0.81% of daily net assets.

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

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

Nuveen Investments 59

Notes to Financial Statements(continued)

During the fiscal year ended December 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:

	Global Infrastructure		Real Asset Income		Real Estate Securities
Sales charges collected (Unaudited)	$	117,193	$	161,530	$	354,192
Paid to financial intermediaries (Unaudited)		103,544		140,570		314,229

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 December 31, 2012, the Distributor compensated financial intermediaries directly with commission advances at the time of purchase as follows:

	Global Infrastructure		Real Asset Income		Real Estate Securities
Commission advances (Unaudited)	$	43,759	$	38,430	$	145,913

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 December 31, 2012, the Distributor retained such 12b-1 fees as follows:

	Global Infrastructure		Real Asset Income		Real Estate Securities
12b-1 fees retained (Unaudited)	$	34,690	$	12,259	$	110,027

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 December 31, 2012, as follows:

	Global Infrastructure		Real Asset Income		Real Estate Securities
CDSC retained (Unaudited)	$	2,109	$	27	$	6,245

As of December 31, 2012, Nuveen owned 535,973 Class I Shares of Real Asset Income.

In this transaction, the Fund paid redemption proceeds by distributing a proportionate amount of securities in its portfolio. Remaining shareholders in the Fund did not recognize any capital gains from the transaction.

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.

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.	216
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.	216
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.	216
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; Regent Emeritus, Member of Investment Committee, 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; member of the Board of Directors (Milwaukee), College Possible.	216
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.	216
Judith M. Stockdale 12/29/47 333 W. Wacker Drive Chicago, IL 60606	Trustee	1997	Formerly, Executive Director (1994-2012), Gaylord and Dorothy Donnelley Foundation (since 1994); prior thereto, Executive Director, Great Lakes Protection Fund (1990-1994).	216
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).	216

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).	216
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).	216
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, LLC.	216
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, LLC; 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.	216
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.	216

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, LLC and Nuveen Securities, LLC (since 2004).	216
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, LLC; Chief Financial Officer of Nuveen Commodities Asset Management, LLC (since 2010); Certified Public Accountant.	216
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.	216
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.	216
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.	216
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).	216
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).	216

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).	101

(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 Trustees (each, a “Board” and each Trustee, a “Board Member”) of the Nuveen Global Infrastructure Fund (the “Global Infrastructure Fund”) and the Nuveen Real Estate Securities Fund (the “Real Estate Securities Fund” and together with the Global Infrastructure Fund, 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, LLC (formerly known as 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.

The Nuveen Real Asset Income Fund (the “Real Asset Income Fund”) is new. The initial advisory agreement between the Advisor and the Real Asset Income Fund and the initial sub-advisory agreement between the Advisor and the Sub-Advisor, on behalf of the Real Asset Income Fund, were approved separately at meetings of the Board of the Real Asset Income Fund held on July 25-27, 2011. The discussion of the initial approvals for the advisory and sub-advisory agreements for the Real Asset Income Fund was included in such fund’s annual report for the period ended December 31, 2011. The discussion below relates only to the renewal of the Advisory Agreements for the Funds (as defined above).

In preparation for their 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 their 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 their 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

Nuveen Investments 65

Annual Investment Management Agreement Approval Process

(Unaudited) (continued)

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 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 (or for the periods available for the Global Infrastructure Fund, 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. In this regard, the Independent Board Members noted that the Performance Peer Group of the Global Infrastructure Fund was classified as having significant differences from such Fund based on various considerations such as special fund objectives, potential investable universe and the composition of the peer set (e.g., the number and size of competing funds and number of competing managers). 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

66 Nuveen Investments

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 Real Estate Securities Fund, the Independent Board Members observed, among other things, that such Fund had demonstrated generally favorable performance in comparison to peers, performing in the first quartile for the three- and five-year periods (although it was in the third quartile for the one-year period). As noted above, the Global Infrastructure Fund had significant differences from its Performance Peer Group. Therefore, the Independent Board Members considered the performance of such Fund compared to its benchmark. In this regard, the Independent Board Members noted that the Global Infrastructure Fund outperformed its benchmark for the one- and three-year periods.

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 Global Infrastructure Fund had net management fees and a net expense ratio (including fee waivers and expense reimbursements, if any) below its peer averages. Further, they noted that the Real Estate Securities Fund had slightly higher net management fees than its peer average, but a net expense ratio in line with the peer average.

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.

Nuveen Investments 67

Annual Investment Management Agreement Approval Process

(Unaudited) (continued)

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 its 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 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.

68 Nuveen Investments

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.

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

Barclays U.S. Corporate High Yield Index: An index that covers the universe of fixed-rate, non-investment-grade corporate debt of issuers in non-emerging market countries. Eurobonds and debt issues from countries designated as emerging markets are excluded. Index returns assume reinvestment of distributions, but do not reflect any applicable sales charges or management fees.

BofA Merrill Lynch U.S. Preferred Fixed Rate Index: An index that consists of fixed rate U.S. dollar denominated preferred securities and fixed-to-floating rate securities that are callable prior to the floating rate period and are at least one year from the start of the floating rate period. Index returns assume reinvestment of distributions, but do not reflect any applicable sales charges or management fees.

BofA Merrill Lynch REIT Preferred Stock Index: An unmanaged index of investment grade Real Estate Investment Trust (REIT) preferred shares with a deal size in excess of $100 million, weighted by capitalization and considered representative of investment grade preferred real estate stock performance. Index returns assume reinvestment of distributions, but do not reflect any applicable sales charges.

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 Global Flexible Portfolio Funds Classification Average: Represents the average annualized returns for all reporting funds in the Lipper Global 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.

Lipper Real Estate Funds Classification Average: Represents the average annualized returns for all reporting funds in the Lipper Real Estate 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 Specialty/Miscellaneous Funds Classification Average: Represents the average annualized returns for all reporting funds in the Lipper Specialty/Miscellaneous Funds Classification. Lipper returns account for the effects of management fees and assume reinvestment of distributions, but do not reflect any applicable sales charge.

MSCI U.S. REIT Index: An unmanaged index that tracks the performance of real estate investment trusts. 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.

Real Asset Income Blend: A custom index comprised of a weighting of 33% Standard & Poor’s (S&P) Global Infrastructure Index, 12% BofA Merrill Lynch Preferred Fixed Rate Index, 15% MSCI U.S. REIT Index, 20% BofA Merrill Lynch REIT Preferred Stock Index and 20% Barclays U.S. Corporate High Yield Index. Index returns assume reinvestment of distributions, but do not reflect any applicable sales charges or management fees.

S&P Global Infrastructure Index: An index that provides liquid and tradable exposure to 75 companies from around the world that represent the listed infrastructure universe. To create diversified exposure across the global listed infrastructure market, the index has balanced weights across three distinct infrastructure clusters: utilities, transportation, and energy. 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. Index returns assume reinvestment of distributions, but do not include the effects of 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, LLC

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

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

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 Global Infrastructure Fund		20.00	%		56.00	%
Nuveen Real Asset Income Fund		0.00			0.00
Nuveen Real Estate Securities Fund		0.00			0.00

Foreign Taxes: Nuveen Global Infrastructure Fund paid qualifying foreign taxes of $507,878 and earned $4,867,881 foreign source income during the calendar year ended December 31, 2012. Pursuant to Section 853 of the Internal Revenue Code, the Fund hereby designates $0.01 per share as foreign taxes paid and $0.14 per share as income earned from foreign sources for the calendar year ended December 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 the Funds 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 the Funds used to determine how to vote proxies relating to portfolio securities without charge, upon request, by calling Nuveen Investments at (800) 257-8787 or on Nuveen’s website at www.nuveen.com.

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

The Financial Industry Regulatory Authority (FINRA) provides a Public Disclosure Program which supplies certain information regarding the disciplinary history of FINRA members and their associated persons in response to either telephone inquiries at (800) 289-9999 or written inquiries at www.finra.org. 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 $219 billion as of December 31, 2012.

Find out how we can help you.

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

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

Distributed by

Nuveen Securities, LLC

333 West Wacker Drive

Chicago, IL 60606

www.nuveen.com

MAN-FREGIF-1212P

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/MutualFunds/ShareholderResources/FundGovernance.aspx. (To view the code, 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 two full fiscal years. The Audit Committee approved in advance all audit services and non-audit services that PricewaterhouseCoopers LLP provided to the Trust, except for those non-audit services that were subject to the pre-approval exception under Rule 2-01 of Regulation S-X (the “pre-approval exception”). The 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 December 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
Global Infrastructure Fund		36,489		0		22,437		0
Real Estate Securities Fund		50,868		0		1,000		0
Real Asset Income Fund		35,659		0		0		0
Total	$	123,016	$	0	$	23,437	$	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 offerings related to the Fund’s common shares and leverage.

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; 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 the Fund’s use of leverage.

	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
Global Infrastructure Fund		0	%		0	%		0	%		0	%
Real Estate Securities Fund		0	%		0	%		0	%		0	%
Real Asset Income Fund		0	%		0	%		0	%		0	%
Fiscal Year Ended December 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
Global Infrastructure Fund		22,600			0			0			0
Real Estate Securities Fund		22,600			0			0			0
Real Asset Income Fund		15,950			0			0			0
Total	$	61,150		$	0		$	0		$	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 offerings related to the Fund’s common shares and leverage.

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; 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 the Fund’s use of leverage.

	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
Global Infrastructure Fund		0	%		0	%		0	%		0	%
Real Estate Securities Fund		0	%		0	%		0	%		0	%
Real Asset Income Fund		0	%		0	%		0	%		0	%

Fiscal Year Ended December 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 December 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 December 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
Global Infrastructure Fund		22,437		0		0		22,437
Real Estate Securities Fund		1,000		0		0		1,000
Real Asset Income Fund		0		0		0		0
Total	$	23,437	$	0	$	0	$	23,437

“Non-Audit Fees billed to Fund” for both fiscal year ends represent “Tax Fees” and “All Other Fees” billed to Fund 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 December 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
Global Infrastructure Fund		0		0		0		0
Real Estate Securities Fund		0		0		0		0
Real Asset Income Fund		0		0		0		0
Total	$	0	$	0	$	0	$	0

“Non-Audit Fees billed to Fund” for both fiscal year ends represent “Tax Fees” and “All Other Fees” billed to Fund 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/MutualFunds/ShareholderResources/FundGovernance.aspx and there were no amendments during the period covered by this report. (To view the code, click on 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: March 8, 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: March 8, 2013

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

Date: March 8, 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: March 8, 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: March 8, 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 December 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: March 8, 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)