Nuveen Investment Trust NCSR Certified annual shareholder report (management investment company)

UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

FORM N-CSR

CERTIFIED SHAREHOLDER REPORT OF REGISTERED MANAGEMENT

INVESTMENT COMPANIES

Investment Company Act file number 811-07619

Nuveen Investment Trust

(Exact name of registrant as specified in charter)

Nuveen Investments

333 West Wacker Drive, Chicago, IL 60606

(Address of principal executive offices) (Zip code)

Kevin J. McCarthy

Nuveen Investments

333 West Wacker Drive

Chicago, IL 60606

(Name and address of agent for service)

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

Date of fiscal year end: August 31

Date of reporting period: August 31, 2013

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.

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Mutual Funds

Nuveen Asset Allocation Funds

For investors seeking a risk-managed approach to asset allocation.

Annual Report

August 31, 2013


	Share Class / Ticker Symbol

Fund Name	Class A	Class C	Class R3	Class I
Nuveen Intelligent Risk Growth Allocation Fund	NIGAX	NIGCX	NIGRX	NIGIX
Nuveen Intelligent Risk Moderate Allocation Fund	NIDAX	NIMCX	NIMRX	NIMIX
Nuveen Intelligent Risk Conservative Allocation Fund	NICAX	NICCX	NICRX	NICIX

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

Table of Contents



Chairman’s Letter to Shareholders			4

Portfolio Managers’ Comments			5

Fund Performance and Expense Ratios			11

Holding Summaries			18

Expense Examples			21

Report of Independent Registered Public Accounting Firm			23

Portfolios of Investments			24

Statement of Assets and Liabilities			27

Statement of Operations			28

Statement of Changes in Net Assets			29

Financial Highlights			32

Notes to Financial Statements			38

Trustees and Officers			46

Annual Investment Management Agreement Approval Process			50

Glossary of Terms Used in this Report			58

Additional Fund Information			59

Chairman’s

Letter to Shareholders

LOGO

Dear Shareholders,

I am pleased to have this opportunity to introduce myself to you as the new independent chairman of the Nuveen Fund Board, effective July 1, 2013. I am honored to have been selected as chairman, with its primary responsibility to serve the interests of the Nuveen Fund shareholders. My predecessor, Robert Bremner, was the first independent director to serve as chairman of the Board and I, and my fellow Board members, plan to continue his legacy of strong independent oversight of your funds.

The global economy has hit major turning points over the last several months to a year. The developed world is gradually recovering from their financial crisis while the emerging markets appear to be struggling with the downshift of China’s growth potential. Japan is entering a new era of growth after decades of economic stagnation and many of the Eurozone nations appear to be exiting their recession. Despite the positive events, there are still potential risks. Middle East tensions, rising oil prices, defaults in Europe and fallout from the financial stress in emerging markets could all reverse the recent progress in the global economy.

On the domestic front, the U.S. economy is experiencing sustainable slow growth. Corporate fundamentals are strong as earnings per share and corporate cash are at the highest level in two decades. Unemployment is trending down and the housing market has experienced a rebound, each assisting the positive economic scenario. However, there are some issues to be watched. Interest rates are expected to increase but significant uncertainty about the timing remains. Partisan politics in Washington D.C. with their troublesome outcome add to the uncertainties that could cause problems for the economy going forward.

In the near term, governments are focused on economic recovery and the growth of their economies, which could lead to an environment of attractive investment opportunities. Over the long term, the uncertainties mentioned earlier could hinder the potential growth. Because of this, Nuveen’s investment management teams work hard to balance return and risk with a range of investment strategies. I encourage you to read the following commentary on the management of your fund.

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

Sincerely,

LOGO

William J. Schneider

Chairman of the Board

October 21, 2013


	4			Nuveen Investments

Portfolio Managers’ Comments

Nuveen Intelligent Risk Allocation Funds

These Funds feature portfolio management by Nuveen Asset Management, LLC, an affiliate of Nuveen Investments. Portfolio managers James A. Colon, CFA, and Derek B. Bloom, CFA, have managed the Funds since their inception in May 2012. Here they discuss the economic and market conditions, key investment strategies and the Funds’ performance during the twelve-month reporting period ended August 31, 2013.

What were the general market conditions and trends during the twelve-month reporting period ended August 31, 2013?

During this reporting 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 Fed also continued its monthly purchases of $40 billion of mortgage-backed securities and $45 billion of longer-term Treasury securities in an open-ended effort to bolster growth. In June 2013, Fed policymakers announced that the economic outlook had improved enough to warrant a possible “tapering” of the Central Bank’s quantitative easing programs later in 2013. However, at its September meeting (subsequent to the end of this reporting period), the Fed indicated that the recent tightening of financial conditions, if sustained, could potentially slow the pace of improvement in the economy and labor market. Consequently, the Central Bank made no changes to its highly accommodative monetary policies in September, announcing its decision to wait for additional evidence of sustained economic progress before adjusting the pace of its bond buying program.

As measured by gross domestic product (GDP), the U.S. economy grew at an estimated annualized rate of 2.5% in the second quarter of 2013, compared with 1.1% for the first quarter. The Consumer Price Index (CPI) rose 1.5% year-over-year as of August 2013, while the core CPI (which excludes food and energy) increased 1.8% during the period, staying within the Fed’s unofficial objective of 2.0% or lower for this inflation measure. Meanwhile, labor market conditions continued to slowly show signs of improvement, although unemployment remained above the Central Bank’s 6.5% target. As of August 2013, the national unemployment rate was 7.3%. The housing market, long a major weak spot in the U.S. economic recovery, continued to deliver good news as the average home price in the S&P/Case-Shiller Index of 20 major metropolitan areas rose 12.4% for the twelve months ended July 2013 (most recent data available at the time this report was prepared). The outlook for the U.S. economy, however, continued to be clouded by uncertainty about global financial markets and the outcome of the “fiscal cliff” negotiations. The tax consequences of the fiscal cliff situation, scheduled to become effective in January 2013, were averted through a last minute deal that raised payroll taxes, but left in place a number of tax breaks. Lawmakers postponed and then failed to reach a resolution on $1.2 trillion in spending cuts intended to address the federal budget deficit. As a result, automatic spending cuts (or sequestration) affecting both defense and non-defense programs (excluding Social Security and Medicaid) took effect March 1, 2013, with potential implications for U.S. economic growth over the next decade. In late March 2013, Congress passed legislation that established federal funding levels for the remainder of fiscal year 2013, which ended on September 30, 2013. On October 17, 2013 (subsequent to the end of the reporting period), Congress reached a compromise on a spending package and delayed the debt limit discussions until early 2014.

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.


Nuveen Investments			5

For the majority of the reporting period, generally improving economic data and diminished systemic risk fears were supportive of risk assets in general. The pressure to find yield continued to provide strong technical underpinnings to the market as investor flows indicated robust demand for fixed income securities, especially during the first half of the period. However, the tide quickly turned in June 2013, triggered by the Fed’s comments about the possible tapering of quantitative easing later this year, which was earlier than the market anticipated. In response, Treasury yields rose sharply, while global risk assets including equities, spread products and growth sensitive currencies sold off significantly. The common thread in the markets appeared to be a general “de-risking” by investors based on concerns about the Central Bank’s withdrawal of policy stimulus.

For much of the period, however, low interest rates and a fairly benign macro environment caused U.S. investors to move out the risk spectrum, resulting in robust flows into U.S. equity funds. Leading U.S. stock market indexes, including the S&P 500^® Index, the Dow Jones Industrial Average and the Russell 2000^® Index, each hit all time highs during the reporting period. The S&P 500^® Index gained 18.70% over the twelve-month reporting period. Sluggish global growth, muted global inflation and ongoing fiscal drag provided a backdrop for continued monetary policy actions outside the United States as well, which drove very strong equity market advances globally. In Japan, newly elected Prime Minister Shinzo Abe articulated policies designed to reinvigorate Japan’s weak economy. Widespread optimism for his strategies led to a massive rally in the Japanese equity market, which was up nearly 25% during the twelve-month reporting period, according to MSCI. Elsewhere, the European Central Bank signaled an extended period of low rates while the U.K.’s Bank of England pursued its most aggressive monetary policy to date. Returns for developed markets outside the United States were very strong, as evidenced by the MSCI EAFE Index’s advance of 19.17% for the reporting period. In emerging market countries, which are more dependent on global growth and commodity prices, stocks significantly lagged developed markets with flat returns over this period, according to the MSCI Emerging Market Index. In light of the Fed-induced summertime volatility, fixed income spread sectors outperformed U.S. Treasury securities. High yield corporate bonds, with their higher yield levels and shorter durations, held up the best with the Barclays High Yield Index returning 7.56% during the twelve-month reporting period. The overall fixed income market, as measured by the broad-based Barclays Aggregate Bond Index, showed a return of -2.47% for the reporting period. Longer term Treasuries were the period’s worst performers with 20+ year Treasuries returning -13.99% as measured by Barclays.

How did the Funds perform during the twelve-month reporting period ended August 31, 2013?

The tables in the Fund Performance and Expense Ratios section of this report provide total return performance information for the one-year and since inception periods ending August 31, 2013. Each Fund’s Class A Share total returns at net asset value (NAV) are compared with the performance of the appropriate Morningstar Index and Lipper classification average.

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

We manage each of the three risk categories of our Intelligent Risk Funds (Growth, Moderate and Conservative) using the same investment process. Our goal with each Fund is to provide investors with a stable level of risk that matches their risk tolerance through changing market conditions. Therefore, each Fund targets its own explicit daily volatility range that we believe to be appropriate for its risk category:


Fund	Daily Volatility Target (Annualized)
Nuveen Intelligent Risk Growth Allocation Fund		12% to 18%
Nuveen Intelligent Risk Moderate Allocation Fund		7% to 12%
Nuveen Intelligent Risk Conservative Allocation Fund		3.5% to 7%


	6			Nuveen Investments

To keep each Fund’s volatility within its target range, we use our proprietary risk forecasting models to forecast future volatility across asset classes, and in turn, use that information to construct a risk-targeted portfolio. Risk forecasting and portfolio construction processes attempt to limit fluctuations in each portfolio’s volatility primarily by having exposure to a variety of different asset classes and dynamically adjusting exposure to these asset classes. To gain exposure to the various asset classes, the Funds are currently invested in a diverse blend of exchange-traded funds (ETFs) with broad exposures in equities, fixed income, real estate, commodities and cash.

Each Fund’s wide ranging investable universe gives us the flexibility to reduce exposure to risky assets during periods of high volatility and increase exposure to risky assets during periods of low volatility, while maintaining a stable risk profile. This strategy offers the potential to meet each Fund’s investment objective in a range of economic environments and to capitalize on market upswings, while mitigating risk in down markets. Our goal is to proactively anticipate market volatility to potentially help protect investors from unintentionally taking on risk that is inconsistent with each Fund’s respective risk tolerance.

What was the overall volatility environment during the twelve-month reporting period?

Equity market volatility remained low for the majority of the Funds’ reporting period. While emerging market equities have experienced significant losses year-to-date in 2013, these losses tended to be spread out. Consequently, we did not see a significant spike in volatility that typically comes with a declining asset class.

However, we did see a significant increase in volatility in some commodities at several points during the Funds’ reporting period. The largest jump occurred in April when several factors converged including: an announcement by Cyprus that it was considering the sale of gold reserves; the release of a report by Goldman Sachs predicting a fall in gold prices; disappointing growth numbers reported by China; and the price of gold breaching several key technical levels. At any given time, one of these events could impact the volatility of gold; however, because they all occurred within the same month, we saw significant swings in gold volatility. While gold volatility was at 14% at the end of March, it had more than doubled to 30% by mid-April.

Although many market participants tended to think that the fixed income market’s volatility was high, we saw relatively low volatility across most fixed income asset classes. To put it in historical perspective, in November of 2011 the volatility of 20+ Year U.S. Treasuries rose above 25%. However, as of the end of this reporting period, 20+ Year U.S. Treasuries were exhibiting volatility levels of less than 15%, which was only slightly elevated from historical averages.

How did the Funds perform and what changes were made to their portfolio allocations during this reporting period?

Nuveen Intelligent Risk Growth Allocation Fund

The Fund’s Class A Shares at NAV underperformed the Morningstar Index and Lipper average for the one-year period ended August 31, 2013. During the reporting period, the Nuveen Intelligent Risk Growth Allocation Fund stayed within its target volatility range 29% of the time. However, if we were to extend the bottom of its 12% to 18% range to 10%, the Fund would have stayed in its volatility range 88% of the time. This indicates that when the Fund was outside of its target range, it was most often delivering volatility levels below its target range.

In order to keep the Fund in its volatility range during periods of very low volatility, we would have needed to concentrate nearly all of the Fund’s risk in equities. Consequently, a sell-off in equities could have a potentially devastating impact on Fund shareholders. We believe it’s prudent during periods of low volatility to target a volatility level at the bottom of the Fund’s specified range of 12% to 18%.


Nuveen Investments			7

Due to the low volatility levels in most asset classes, the Fund maintained significant exposures to equities and real assets during the reporting period and minimal exposure to fixed income. While the limited exposure to fixed income helped investors, the exposure to real assets proved to be a drag on performance. During the reporting period, the spot price of gold fell 17.54%, according to Bloomberg, and broad-based commodities were down 10.60%, as measured by the Dow Jones-UBS Commodity Index. However, developed market equities performed very well during the Fund’s reporting period. As measured by the Russell 2000^® Index, small-cap U.S. equities returned 26.27%, outperforming the 19.17% return of international developed market equities, according to the MSCI EAFE Index.

Nuveen Intelligent Risk Moderate Allocation Fund

Early in the reporting period, we targeted an allocation to long duration U.S. Treasuries near 30%. However, as volatility levels declined toward the end of 2012, we increased the Fund’s allocation to equities and real assets and sold a significant amount of its fixed income exposure. In the second quarter of 2013, real asset and equity volatility returned. Therefore, we once again increased the Fund’s exposure to long duration U.S. Treasuries and reduced its allocations to equities and real assets.

While the Fund’s allocation to fixed income varied throughout the reporting period, exposure to the asset class generally detracted from performance. During the Fund’s reporting period, 20+ year U.S. Treasuries were -13.99%, according to Barclays. However, the Fund did maintain significant exposure to developed market equities during the reporting period, which proved beneficial to investors. The Russell 2000^® Index, which measures the U.S. small-cap equity market, returned 26.27%, while international developed market equities returned 19.17%, as measured by the MSCI EAFE Index.

Nuveen Intelligent Risk Conservative Allocation Fund

The Fund’s Class A Shares at NAV underperformed the Morningstar Index and the Lipper average for the one-year period ended August 31, 2013. During the reporting period, the Nuveen Intelligent Risk Conservative Allocation Fund stayed within its target volatility range 82% of the time.

During the reporting period, we continued to reduce the Fund’s exposure to municipal fixed income and high yield fixed income in favor of U.S. Treasuries and equities. At the end of August 2012, the Fund’s target allocation to high yield fixed income was 19% and its target allocation to municipals was 31%. By the end of this reporting period, we had reduced the Fund’s target allocations to these respective segments to 2% and 19%. Conversely, we increased the Fund’s target allocation to short-duration U.S. Treasuries from 0% to 23% and its target allocation to 20+ year U.S. Treasuries from 11% to 22% during the same time frame.

The reduction in municipal fixed income generally benefited the Fund’s investors. During the reporting period, municipals fell 3.70% as measured by the Barclays Municipal Bond Index, while short-duration U.S. Treasuries were flat over the reporting period (0.15% return for the Barclays 1-3 Year U.S. Treasury Index). Reducing exposure to high yield, however, did not benefit the Fund’s investors. The Barclays High Yield Index finished the year up 7.56% while 20+ year U.S. Treasuries returned -13.99%, according to the Barclays 20+ Year Treasury Bond Index.

Due to the persistently low volatility environment, we did maintain a significant allocation to equities in the Fund. As previously discussed, allocations to developed market equities significantly benefited investors. For example, U.S. small-cap equities, as measured by the Russell 2000^® Index, returned 26.27% during the one-year reporting period. International developed market equities returned 19.17% over the Fund’s reporting period as measured by the MSCI EAFE Index.


	8			Nuveen Investments

Risk Considerations

Mutual fund investing involves risk; principal loss is possible. There is no guarantee that the Funds will achieve their investment objectives and the portfolio managers’ asset allocation decisions may adversely affect Fund performance. Each Fund is exposed to the risks of the underlying derivative instruments, ETFs, municipal bonds, corporate bonds, foreign government bonds, equity securities, commodities, real estate, asset-backed securities, mortgage-backed securities, inflation-protected securities and short-term securities that may be held in the portfolio. These risks include market risk, frequent trading risk, index methodology risk, other investment companies risk, liquidity risk, interest rate risk, and credit risk. As interest rates rise, bond prices fall. The credit risk and liquidity risk is heightened for non-investment grade or high-yield securities. The use of derivatives involves substantial financial risks and transaction costs. Commodities may be highly volatile and foreign investments are subject to additional risks including currency fluctuations, and economic or political instability. These risks are magnified in emerging markets. In addition, each Fund will bear its proportionate share of any fees and expenses paid by the ETFs in which it invests.

Dividend Information

Each Fund seeks to pay dividends at a rate that reflects the past and projected performance of the Fund. To permit Intelligent Risk Moderate Allocation and Intelligent Risk Conservative Allocation to maintain a more stable dividend, each Fund may pay dividends at a rate that may be more or less than the amount of net investment income actually earned by the Fund during the period. If the Fund has cumulatively earned more than it has paid in dividends, it will hold the excess in reserve as undistributed net investment income (UNII) as part of the Fund’s net asset value (NAV). Conversely, if the Fund has cumulatively paid in dividends more than it has earned, the excess will constitute negative UNII that will likewise be reflected in the Fund’s net asset value. Each Fund will, over time, pay all its net investment income as dividends to shareholders. As of August 31, 2013, Intelligent Risk Moderate Allocation had positive UNII balances for both tax and financial reporting purposes. The Intelligent Risk Conservative Fund had a zero UNII balance for tax purposes, and a negative UNII balance for financial reporting purposes.

Below is a table for Intelligent Risk Conservative Allocation’s distributions and total return performance for the fiscal year ended August 31, 2013. This information is intended to help you better understand whether the Fund’s earnings for the specified time period were sufficient to meet the Fund’s distributions. During the fiscal year end August 31, 2013, market fluctuations caused uneven income flows that in turn resulted in lower than expected net investment income. As a result, a portion of the distributions outlined in the table below is characterized as a return of capital. The final determination of the source and characteristics of all distributions will be made in early 2014 and reported to shareholder on Form 1099-DIV at that time.


Nuveen Investments			9

Nuveen Intelligent Risk Conservative Allocation Fund


As of August 31, 2013		Class A Shares		Class C Shares		Class R3 Shares		Class I Shares
Inception date		5/4/12		5/4/12		5/4/12		5/4/12
Year ended August 31, 2013:
Per share distribution:
From net investment income	$	0.37	$	0.23	$	0.32	$	0.40
From net realized capital gains		—		—		—		—
Return of capital		0.04		0.03		0.04		0.05
Total per share distribution	$	0.41	$	0.26	$	0.36	$	0.45
NAV	$	19.24	$	19.22	$	19.22	$	19.24
Distribution rate on NAV		2.13%		1.35%		1.87%		2.34%
Average annual total returns:
1-Year on NAV		-3.44%		-4.22%		-3.78%		-3.26%
Since inception on NAV		-1.02%		-1.79%		-1.33%		-0.80%


	10			Nuveen Investments

Fund Performance and Expense Ratios

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

Returns quoted represent past performance, which is no guarantee of future results. Current performance may be higher or lower than the performance shown. Investment returns and principal value will fluctuate so that when shares are redeemed, they may be worth more or less than their original cost. Returns without sales charges would be lower if the sales charge were included. Returns do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or the redemption of Fund shares.

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

Returns reflect differences in sales charges and expenses, which are primarily differences in distribution and service fees. Fund returns assume reinvestment of dividends and capital gains.

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

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


Nuveen Investments			11

Fund Performance and Expense Ratios (continued)

Nuveen Intelligent Risk Growth Allocation 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 August 31, 2013



	Average Annual

	1-Year		Since Inception*
Class A Shares at NAV		6.46%		5.47%
Class A Shares at maximum Offering Price		0.34%		0.86%
Morningstar Moderately Aggressive Target Risk Index**		13.82%		11.71%
Lipper Mixed-Asset Target Allocation Growth Funds Classification Average**		12.01%		10.56%

Class C Shares		5.66%		4.67%
Class R3 Shares		6.19%		5.19%
Class I Shares		6.68%		5.71%

Average Annual Total Returns as of September 30, 2013 (Most Recent Calendar Quarter)



	Average Annual

	1-Year		Since Inception*
Class A Shares at NAV		6.86%		7.30%
Class A Shares at maximum Offering Price		0.72%		2.89%
Class C Shares		6.02%		6.49%
Class R3 Shares		6.55%		7.01%
Class I Shares		7.12%		7.57%

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		6.42%		1.33%
Class C Shares		7.17%		2.08%
Class R3 Shares		6.67%		1.58%
Class I Shares		6.17%		1.08%

The Fund’s investment adviser has agreed to waive fees and/or reimburse expenses through October 31, 2014 so that total annual Fund operating expenses (excluding 12b-1 distribution and/or service fees, interest expenses, taxes, fees incurred in acquiring and disposing of portfolio securities, acquired fund fees and expenses, and extraordinary expenses) do not exceed 0.71% of the average daily net assets of any class of Fund shares. The expense limitation expiring October 31, 2014 may be terminated or modified prior to that date only with the approval of the Board of Trustees of the Fund.

*	Since inception returns are from 5/04/12.

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

***	The expense ratios include acquired fund fees and expenses of 0.40%, which reflect the fees and expenses of the exchange-traded funds in which the Fund invests.


	12			Nuveen Investments

Growth of an Assumed $10,000 Investment as of August 31, 2013 – Class A Shares

LOGO

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


Nuveen Investments			13

Fund Performance and Expense Ratios (continued)

Nuveen Intelligent Risk Moderate Allocation 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 August 31, 2013



	Average Annual

	1-Year		Since Inception*
Class A Shares at NAV		-1.87%		1.03%
Class A Shares at maximum Offering Price		-7.51%		-3.38%
Morningstar Moderate Target Risk Index**		9.59%		8.69%
Lipper Mixed-Asset Target Allocation Moderate Funds Classification Average**		8.90%		8.24%

Class C Shares		-2.62%		0.26%
Class R3 Shares		-2.13%		0.75%
Class I Shares		-1.68%		1.25%

Average Annual Total Returns as of September 30, 2013 (Most Recent Calendar Quarter)



	Average Annual

	1-Year		Since Inception*
Class A Shares at NAV		-1.50%		2.24%
Class A Shares at maximum Offering Price		-7.16%		-1.97%
Class C Shares		-2.21%		1.48%
Class R3 Shares		-1.77%		1.96%
Class I Shares		-1.26%		2.46%

Expense Ratios as of Most Recent Prospectus



	Gross Expense Ratios***		Net Expense Ratios***
Class A Shares		6.19%		1.28%
Class C Shares		6.94%		2.03%
Class R3 Shares		6.44%		1.53%
Class I Shares		5.94%		1.03%

*	Since inception returns are from 5/04/12.

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

***	The expense ratios include acquired fund fees and expenses of 0.35%, which reflect the fees and expenses of the exchange-traded funds in which the Fund invests.


	14			Nuveen Investments

Growth of an Assumed $10,000 Investment as of August 31, 2013 – Class A Shares

LOGO

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


Nuveen Investments			15

Fund Performance and Expense Ratios (continued)

Nuveen Intelligent Risk Conservative Allocation 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 August 31, 2013



	Average Annual

	1-Year		Since Inception*
Class A Shares at NAV		-3.44%		-1.02%
Class A Shares at maximum Offering Price		-8.99%		-5.34%
Morningstar Moderately Conservative Target Risk Index**		5.67%		5.67%
Lipper Mixed-Asset Target Allocation Conservative Funds Classification Average**		4.03%		4.68%

Class C Shares		-4.22%		-1.79%
Class R3 Shares		-3.78%		-1.33%
Class I Shares		-3.26%		-0.80%

Average Annual Total Returns as of September 30, 2013 (Most Recent Calendar Quarter)



	Average Annual

	1-Year		Since Inception*
Class A Shares at NAV		-2.75%		0.26%
Class A Shares at maximum Offering Price		-8.34%		-3.87%
Class C Shares		-3.53%		-0.51%
Class R3 Shares		-3.09%		-0.04%
Class I Shares		-2.56%		0.48%

Expense Ratios as of Most Recent Prospectus



	Gross Expense Ratios***		Net Expense Ratios***
Class A Shares		6.19%		1.25%
Class C Shares		6.94%		2.00%
Class R3 Shares		6.44%		1.50%
Class I Shares		5.94%		1.00%

*	Since inception returns are from 5/04/12.

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

***	The expense ratios include acquired fund fees and expenses of 0.32%, which reflect the fees and expenses of the exchange-traded funds in which the Fund invests.


	16			Nuveen Investments

Growth of an Assumed $10,000 Investment as of August 31, 2013 – Class A Shares

LOGO

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

Holding Summaries as of August 31, 2013

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.

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

Nuveen Intelligent Risk Growth Allocation Fund


Exchange-Traded Funds	Weighting¹		1-Year Total Returns²
iShares^® Barclays 20+ Year Treasury Bond Fund		3.7%		(14.08)%
iShares^® Dow Jones U.S. Real Estate Index Fund		9.9%		(1.19)%
iShares^® MSCI EAFE Index Fund		10.0%		18.55%
iShares^® Russell 1000^® Index Fund		15.1%		19.68%
iShares^® Russell 2000^® Index Fund		12.7%		26.29%
iShares^® S&P North American Natural Resources Sector Index Fund		11.4%		8.55%
PowerShares DB Commodity Index Tracking Fund		10.7%		(7.44)%
PowerShares DB Gold Fund		11.1%		(18.77)%
Vanguard FTSE Developed Markets ETF		3.6%		18.88%
Vanguard FTSE Emerging Markets ETF		10.7%		(1.77)%
Vanguard REIT ETF		0.8%		0.48%


Short-Term Investments	Weighting¹
First American Treasury Obligations Fund (Class Z)		0.5%

1	As a percentage of net assets as of the end of the reporting period. Holdings are subject to change. Percentages will not add to 100% due to the exclusion of other assets less liabilities from the table.

2	As of the end of the reporting period.


	18			Nuveen Investments

Nuveen Intelligent Risk Moderate Allocation Fund


Exchange-Traded Funds	Weighting¹			1-Year Total Returns²
iShares^® Barclays 20+ Year Treasury Bond Fund		29.5%			(14.08)%
iShares^® Barclays TIPS Bond Fund		2.5%			(7.06)%
iShares^® Dow Jones U.S. Real Estate Index Fund		1.3%			(1.19)%
iShares^® MSCI EAFE Index Fund		8.9%			18.55%
iShares^® Russell 1000^® Index Fund		11.4%			19.68%
iShares^® Russell 2000^® Index Fund		9.4%			26.29%
iShares^® S&P North American Natural Resources Sector Index Fund		2.2%			8.55%
PowerShares DB Commodity Index Tracking Fund		14.9%			(7.44)%
PowerShares DB Gold Fund		7.0%			(18.77)%
SPDR^® Barclays Capital High Yield Bond Fund		5.4%			5.65%
Vanguard FTSE Developed Markets ETF		0.4%			18.88%
Vanguard FTSE Emerging Markets ETF		6.5%			(1.77)%
Vanguard REIT ETF		0.0%	³		0.48%


Short-Term Investments	Weighting¹
First American Treasury Obligations Fund (Class Z)		0.5%

1	As a percentage of net assets as of the end of the reporting period. Holdings are subject to change. Percentages will not add to 100% due to the exclusion of other assets less liabilities from the table.

2	As of the end of the reporting period.

3	Rounds to less than 0.1%.


Nuveen Investments			19

Holding Summaries (continued) as of August 31, 2013

Nuveen Intelligent Risk Conservative Allocation Fund


Exchange-Traded Funds	Weighting¹		1-Year Total Returns²
iShares^® Barclays 1-3 Year Treasury Bond Fund		23.2%		0.02%
iShares^® Barclays 20+ Year Treasury Bond Fund		22.2%		(14.08)%
iShares^® MSCI EAFE Index Fund		3.4%		18.55%
iShares^® Russell 1000^® Index Fund		6.6%		19.68%
iShares^® Russell 2000^® Index Fund		10.0%		26.29%
iShares^® S&P National AMT-Free Municipal Bond Fund		18.8%		(4.88)%
iShares^® S&P North American Natural Resources Sector Index Fund		1.9%		8.55%
PowerShares DB Commodity Index Tracking Fund		6.0%		(7.44)%
PowerShares DB Gold Fund		3.0%		(18.77)%
SPDR^® Barclays Capital High Yield Bond Fund		1.6%		5.65%
Vanguard FTSE Emerging Markets ETF		3.2%		(1.77)%


Short-Term Investments	Weighting¹
First American Treasury Obligations Fund (Class Z)		0.1%

1	As a percentage of net assets as of the end of the reporting period. Holdings are subject to change. Percentages will not add to 100% due to the exclusion of other assets less liabilities from the table.

2	As of the end of the reporting period.


	20			Nuveen Investments

Expense Examples

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 tables 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.

In addition to the fees and expenses which the Funds bear directly; the Funds indirectly bear a pro rata share of the fees and expenses of the exchange-traded funds in which the Funds invest. Because the exchange-traded funds have varied expenses and fee levels and the Funds may own different proportions at different times, the amount of fees and expenses incurred indirectly by the Funds will vary. These exchange-traded fund fees and expenses are not included in the expenses shown in the table.


Nuveen Investments			21

Expense Examples (continued)

Nuveen Intelligent Risk Growth Allocation Fund


									Hypothetical Performance
	Actual Performance								(5% annualized return before expenses)
	A Shares		C Shares		R3 Shares		I Shares		A Shares		C Shares		R3 Shares		I Shares
Beginning Account Value (3/01/13)	$	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 (8/31/13)	$	1,000.90	$	997.20	$	999.50	$	1,001.90	$	1,020.57	$	1,016.94	$	1,019.26	$	1,021.83
Expenses Incurred During Period	$	4.64	$	8.26	$	5.95	$	3.38	$	4.69	$	8.34	$	6.01	$	3.41

For each class of the Fund, expenses are equal to the Fund’s annualized net expense ratio of .92%, 1.64%, 1.18% and .67% for Classes A, C, R3 and I, respectively, multiplied by the average account value over the period, multiplied by 184/365 (to reflect the one-half year peroid).

Nuveen Intelligent Risk Moderate Allocation Fund


									Hypothetical Performance
	Actual Performance								(5% annualized return before expenses)
	A Shares		C Shares		R3 Shares		I Shares		A Shares		C Shares		R3 Shares		I Shares
Beginning Account Value (3/01/13)	$	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 (8/31/13)	$	959.40	$	955.40	$	957.90	$	960.00	$	1,020.57	$	1,016.79	$	1,019.26	$	1,021.78
Expenses Incurred During Period	$	4.54	$	8.23	$	5.82	$	3.36	$	4.69	$	8.49	$	6.01	$	3.47

For each class of the Fund, expenses are equal to the Fund’s annualized net expense ratio of .92%, 1.67%, 1.18% and .68% for Classes A, C, R3 and I, respectively, multiplied by the average account value over the period, multiplied by 184/365 (to reflect the one-half year peroid).

Nuveen Intelligent Risk Conservative Allocation Fund


									Hypothetical Performance
	Actual Performance								(5% annualized return before expenses)
	A Shares		C Shares		R3 Shares		I Shares		A Shares		C Shares		R3 Shares		I Shares
Beginning Account Value (3/01/13)	$	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 (8/31/13)	$	947.50	$	943.80	$	945.80	$	948.20	$	1,020.57	$	1,016.79	$	1,019.26	$	1,021.78
Expenses Incurred During Period	$	4.52	$	8.18	$	5.79	$	3.34	$	4.69	$	8.49	$	6.01	$	3.47


	22			Nuveen Investments

Report of Independent Registered Public Accounting Firm

To the Board of Trustees and Shareholders of

Nuveen Investment Trust:

In our opinion, the accompanying statement of assets and liabilities, including the portfolio of investments, and the related statements of operations, of changes in net assets, and the financial highlights present fairly, in all material respects, the financial position of Nuveen Intelligent Risk Growth Allocation Fund, Nuveen Intelligent Risk Moderate Allocation Fund, and Nuveen Intelligent Risk Conservative Allocation Fund (each a series of the Nuveen Investment Trust, hereinafter referred to as the “Funds”) at August 31, 2013, the results of each of their operations for the year then ended, and the changes in each of their net assets and the financial highlights for the periods presented, 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 August 31, 2013 by correspondence with the custodian and brokers, provide a reasonable basis for our opinion.

PRICEWATERHOUSECOOPERS LLP

Chicago, IL

October 28, 2013


Nuveen Investments			23

Portfolio of Investments

Nuveen Intelligent Risk Growth Allocation Fund

August 31, 2013


Shares		Description (1), (2)	Value
		EXCHANGE-TRADED FUNDS – 99.7%

		Commodity Funds – 21.8%

	9,123	PowerShares DB Commodity Index Tracking Fund, (3)	$	243,219

	5,393	PowerShares DB Gold Fund, (3)		254,010
		Total Commodity Funds		497,229
		Equity Funds – 74.2%

	3,627	iShares^® Dow Jones U.S. Real Estate Index Fund		225,745

	3,843	iShares^® MSCI EAFE Index Fund		227,390

	3,778	iShares^® Russell 1000^® Index Fund		344,818

	2,887	iShares^® Russell 2000^® Index Fund		289,797

	6,410	iShares^® S&P North American Natural Resources Sector Index Fund		260,438

	2,189	Vanguard FTSE Developed Markets ETF		80,665

	6,473	Vanguard FTSE Emerging Markets ETF		244,162

	281	Vanguard REIT ETF		18,133
		Total Equity Funds		1,691,148
		Fixed Income Funds – 3.7%

	800	iShares^® Barclays 20+ Year Treasury Bond Fund		84,792
		Total Exchange-Traded Funds (cost $2,194,854)		2,273,169

Shares		Description (1)	Value
		SHORT-TERM INVESTMENTS – 0.5%

		Money Market Funds – 0.5%

	11,496	First American Treasury Obligations Fund, Class Z, 0.000%, (4)	$	11,496
		Total Short-Term Investments (cost $11,496)		11,496
		Total Investments (cost $2,206,350) – 100.2%		2,284,665
		Other Assets Less Liabilities – (0.2)%		(4,391)
		Net Assets – 100%	$	2,280,274


	(1)			All percentages shown in the Portfolio of Investments are based on net assets.
	(2)			A copy of the most recent financial statements for the exchange-traded funds in which the Fund invests can be obtained directly from the Securities and Exchange Commission on its website at http://www.sec.gov.
	(3)			Non-income producing; fund has not declared a dividend within the past twelve months.
	(4)			The rate shown is the annualized seven-day effective yield as of the end of the reporting period.

See accompanying notes to financial statements.


	24			Nuveen Investments

Portfolio of Investments

Nuveen Intelligent Risk Moderate Allocation Fund

August 31, 2013


Shares		Description (1), (2)	Value
		EXCHANGE-TRADED FUNDS – 99.4%

		Commodity Funds – 21.9%

	14,247	PowerShares DB Commodity Index Tracking Fund, (3)	$	379,825

	3,777	PowerShares DB Gold Fund, (3)		177,897
		Total Commodity Funds		557,722
		Equity Funds – 40.1%

	532	iShares^® Dow Jones U.S. Real Estate Index Fund		33,112

	3,830	iShares^® MSCI EAFE Index Fund		226,621

	3,180	iShares^® Russell 1000^® Index Fund		290,238

	2,400	iShares^® Russell 2000^® Index Fund		240,912

	1,376	iShares^® S&P North American Natural Resources Sector Index Fund		55,907

	280	Vanguard FTSE Developed Markets ETF		10,318

	4,413	Vanguard FTSE Emerging Markets ETF		166,458

	12	Vanguard REIT ETF		774
		Total Equity Funds		1,024,340
		Fixed Income Funds – 37.4%

	7,106	iShares^® Barclays 20+ Year Treasury Bond Fund		753,165

	577	iShares^® Barclays TIPS Bond Fund		63,897

	3,479	SPDR^® Barclays Capital High Yield Bond Fund		138,012
		Total Fixed Income Funds		955,074
		Total Exchange-Traded Funds (cost $2,516,914)		2,537,136

Shares		Description (1)	Value
		SHORT-TERM INVESTMENTS – 0.5%

		Money Market Funds – 0.5%

	11,741	First American Treasury Obligations Fund, Class Z, 0.000%, (4)	$	11,741
		Total Short-Term Investments (cost $11,741)		11,741
		Total Investments (cost $2,528,655) – 99.9%		2,548,877
		Other Assets Less Liabilities – 0.1%		2,208
		Net Assets – 100%	$	2,551,085


	(1)			All percentages shown in the Portfolio of Investments are based on net assets.
	(2)			A copy of the most recent financial statements for the exchange-traded funds in which the Fund invests can be obtained directly from the Securities and Exchange Commission on its website at http://www.sec.gov.
	(3)			Non-income producing; fund has not declared a dividend within the past twelve months.
	(4)			The rate shown is the annualized seven-day effective yield as of the end of the reporting period.

See accompanying notes to financial statements.


Nuveen Investments			25

Portfolio of Investments

Nuveen Intelligent Risk Conservative Allocation Fund

August 31, 2013


Shares		Description (1), (2)	Value
		EXCHANGE-TRADED FUNDS – 99.9%

		Commodity Funds – 9.0%

	2,917	PowerShares DB Commodity Index Tracking Fund, (3)	$	77,767

	843	PowerShares DB Gold Fund, (3)		39,705
		Total Commodity Funds		117,472
		Equity Funds – 25.1%

	744	iShares^® MSCI EAFE Index Fund		44,023

	942	iShares^® Russell 1000^® Index Fund		85,976

	1,295	iShares^® Russell 2000^® Index Fund		129,992

	618	iShares^® S&P North American Natural Resources Sector Index Fund		25,109

	1,092	Vanguard FTSE Emerging Markets ETF		41,190
		Total Equity Funds		326,290
		Fixed Income Funds – 65.8%

	3,578	iShares^® Barclays 1-3 Year Treasury Bond Fund		301,625

	2,717	iShares^® Barclays 20+ Year Treasury Bond Fund		287,975

	2,393	iShares^® S&P National AMT-Free Municipal Bond Fund		243,871

	538	SPDR^® Barclays Capital High Yield Bond Fund		21,343
		Total Fixed Income Funds		854,814
		Total Exchange-Traded Funds (cost $1,326,519)		1,298,576

Shares		Description (1)	Value
		SHORT-TERM INVESTMENTS – 0.1%

		Money Market Funds – 0.1%

	1,792	First American Treasury Obligations Fund, Class Z, 0.000%, (4)	$	1,792
		Total Short-Term Investments (cost $1,792)		1,792
		Total Investments (cost $1,328,311) – 100.0%		1,300,368
		Other Assets Less Liabilities – (0.0)%		(399)
		Net Assets – 100%	$	1,299,969


	(1)			All percentages shown in the Portfolio of Investments are based on net assets.
	(2)			A copy of the most recent financial statements for the exchange-traded funds in which the Fund invests can be obtained directly from the Securities and Exchange Commission on its website at http://www.sec.gov.
	(3)			Non-income producing; fund has not declared a dividend within the past twelve months.
	(4)			The rate shown is the annualized seven-day effective yield as of the end of the reporting period.

See accompanying notes to financial statements.


	26			Nuveen Investments

Statement of Assets and Liabilities

August 31, 2013


		Intelligent Risk Growth Allocation			Intelligent Risk Moderate Allocation			Intelligent Risk Conservative Allocation
Assets
Long-term Investments, at value (cost $2,194,854, $2,516,914 and $1,326,519, respectively)		$	2,273,169		$	2,537,136		$	1,298,576
Short-term investments, at value (cost approximates value)			11,496			11,741			1,792
Receivable for:
Reimbursement from Adviser			3,927			14,172			6,579
Investments sold			183,018			234,355			111,631
Shares sold			1,539			1,953			55
Other assets			20,846			20,838			20,840
Total assets			2,493,995			2,820,195			1,439,473
Liabilities
Payable for:
Dividends			—			—			1,402
Investment purchased			182,834			233,197			106,721
Shares redeemed			3,800			—			253
Accrued expenses:
Professional fees			19,731			19,733			19,731
Trustees fees			6			11			6
12b-1 distribution and service fees			209			457			154
Other	��		7,141			15,712			11,237
Total liabilities			213,721			269,110			139,504
Net assets		$	2,280,274		$	2,551,085		$	1,299,969
Class A Shares
Net assets		$	399,305		$	631,010		$	289,510
Shares outstanding			18,766			31,453			15,050
Net asset value per share		$	21.28		$	20.06		$	19.24
Offering price per share (net asset value per share plus maximum sales charge of 5.75% of offering price)		$	22.58		$	21.28		$	20.41
Class C Shares
Net assets		$	166,903		$	289,952		$	81,200
Shares outstanding			7,884			14,538			4,225
Net asset value and offering price per share		$	21.17		$	19.94		$	19.22
Class R3 Shares
Net assets		$	53,100		$	50,057		$	48,060
Shares outstanding			2,500			2,500			2,500
Net asset value and offering price per share		$	21.24		$	20.02		$	19.22
Class I Shares
Net assets		$	1,660,966		$	1,580,066		$	881,199
Shares outstanding			77,931			78,673			45,808
Net asset value and offering price per share		$	21.31		$	20.08		$	19.24
Net assets consist of:
Capital paid-in		$	2,232,679		$	2,619,418		$	1,358,805
Undistributed (Over-distribution of) net investment income			8,480			9,233			(1,852	)
Accumulated net realized gain (loss)			(39,200	)		(97,788	)		(29,041	)
Net unrealized appreciation (depreciation)			78,315			20,222			(27,943	)
Net assets		$	2,280,274		$	2,551,085		$	1,299,969
Authorized shares – per class			Unlimited			Unlimited			Unlimited
Par value per share		$	0.01		$	0.01		$	0.01

See accompanying notes to financial statements.


Nuveen Investments			27

Statement of Operations

Year Ended August 31, 2013


	Intelligent Risk Growth Allocation			Intelligent Risk Moderate Allocation			Intelligent Risk Conservative Allocation
Investment Income	$	26,353		$	37,509		$	30,872
Expenses
Management fees		10,192			14,257			9,437
12b-1 service fees – Class A		424			782			535
12b-1 distribution and service fees – Class C		639			1,712			632
12b-1 distribution and service fees – Class R3		264			259			253
Shareholder servicing agent fees and expenses		704			1,212			745
Custodian fees and expenses		9,596			9,735			9,743
Trustees fees and expenses		217			233			216
Professional fees		33,979			34,731			34,715
Shareholder reporting expenses		16,368			37,590			29,679
Federal and state registration fees		26,394			26,459			26,276
Other expenses		861			83			104
Total expenses before fee waiver/expense reimbursement		99,638			127,053			112,335
Fee waiver/expense reimbursement		(89,311	)		(111,707	)		(102,581	)
Net expenses		10,327			15,346			9,754
Net investment income (loss)		16,026			22,163			21,118
Realized and Unrealized Gain (Loss)
Net realized gain (loss) from investments		(25,638	)		(90,849	)		(26,121	)
Change in net unrealized appreciation (depreciation) of investments		58,357			(19,350	)		(48,394	)
Net realized and unrealized gain (loss)		32,719			(110,199	)		(74,515	)
Net increase (decrease) in net assets from operations	$	48,745		$	(88,036	)	$	(53,397	)

See accompanying notes to financial statements.


	28			Nuveen Investments

Statement of Changes in Net Assets


	Intelligent Risk Growth Allocation						Intelligent Risk Moderate Allocation
	Year Ended 8/31/13			For the Period 5/04/12 (commencement of operations) through 8/31/12			Year Ended 8/31/13			For the Period 5/04/12 (commencement of operations) through 8/31/12
Operations
Net investment income (loss)	$	16,026		$	3,127		$	22,163		$	3,100
Net realized gain (loss) from investments		(25,638	)		(14,560	)		(90,849	)		(7,863	)
Change in net unrealized appreciation (depreciation) of investments		58,357			19,958			(19,350	)		39,572
Net increase (decrease) in net assets from operations		48,745			8,525			(88,036	)		34,809
Distributions to Shareholders
From net investment income:
Class A		(436	)		—			(1,319	)		—
Class C		(189	)		—			(412	)		—
Class R3		(353	)		—			(464	)		—
Class I		(9,022	)		—			(13,123	)		—
From return of capital:
Class A		—			—			—			—
Class C		—			—			—			—
Class R3		—			—			—			—
Class I		—			—			—			—
Decrease in net assets from distributions to shareholders		(10,000	)		—			(15,318	)		—
Fund Share Transactions
Proceeds from sale of shares		1,326,303			1,000,000			3,371,884			1,070,728
Proceeds from shares issued to shareholders due to reinvestment of distributions		204			—			2,763			—
		1,326,507			1,000,000			3,374,647			1,070,728
Cost of shares redeemed		(93,503	)		—			(1,825,745	)		—
Net increase (decrease) in net assets from Fund share transactions		1,233,004			1,000,000			1,548,902			1,070,728
Net increase (decrease) in net assets		1,271,749			1,008,525			1,445,548			1,105,537
Net assets at the beginning of period		1,008,525			—			1,105,537			—
Net assets at the end of period	$	2,280,274		$	1,008,525		$	2,551,085		$	1,105,537
Undistributed (Over-distribution of) net investment income at the end of period	$	8,480		$	3,334		$	9,233		$	3,312

See accompanying notes to financial statements.


Nuveen Investments			29

Statement of Changes in Net Assets (continued)


	Intelligent Risk Conservative Allocation
	Year Ended 8/31/13			For the Period 5/04/12 (commencement of operations) through 8/31/12
Operations
Net investment income (loss)	$	21,118		$	5,721
Net realized gain (loss) from investments		(26,121	)		(3,512	)
Change in net unrealized appreciation (depreciation) of investments		(48,394	)		20,451
Net increase (decrease) in net assets from operations		(53,397	)		22,660
Distributions to Shareholders
From net investment income:
Class A		(3,661	)		(258	)
Class C		(677	)		(167	)
Class R3		(788	)		(227	)
Class I		(17,840	)		(4,868	)
From return of capital:
Class A		(481	)		—
Class C		(89	)		—
Class R3		(103	)		—
Class I		(2,342	)		—
Decrease in net assets from distributions to shareholders		(25,981	)		(5,520	)
Fund Share Transactions
Proceeds from sale of shares		363,762			1,035,000
Proceeds from shares issued to shareholders due to reinvestment of distributions		3,994			55
		367,756			1,035,055
Cost of shares redeemed		(40,604	)		—
Net increase (decrease) in net assets from Fund share transactions		327,152			1,035,055
Net increase (decrease) in net assets		247,774			1,052,195
Net assets at the beginning of period		1,052,195			—
Net assets at the end of period	$	1,299,969		$	1,052,195
Undistributed (Over-distribution of) net investment income at the end of period	$	(1,852	)	$	414

See accompanying notes to financial statements.


	30			Nuveen Investments

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Nuveen Investments			31

Financial Highlights


Selected data for a share outstanding throughout each period:

Class (Commencement Date)
			Investment Operations							Less Distributions

INTELLIGENT RISK GROWTH ALLOCATION
Year Ended August 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		Total			Ending Net Asset Value
CLASS A (5/12)
2013	$	20.16	$	.25		$	1.04	$	1.29	$	(.17	)	$	—	$	(.17	)	$	21.28
2012(d)		20.00		.05			.11		.16		—			—		—			20.16
CLASS C (5/12)
2013		20.11		.08			1.06		1.14		(.08	)		—		(.08	)		21.17
2012(d)		20.00		—	**		.11		.11		—			—		—			20.11
CLASS R3 (5/12)
2013		20.14		.18			1.06		1.24		(.14	)		—		(.14	)		21.24
2012(d)		20.00		.04			.10		.14		—			—		—			20.14
CLASS I (5/12)
2013		20.18		.27			1.07		1.34		(.21	)		—		(.21	)		21.31
2012(d)		20.00		.07			.11		.18		—			—		—			20.18


	32			Nuveen Investments





			Ratios/Supplemental Data
					Ratios to Average Net Assets Before Waiver/Reimbursement						Ratios to Average Net Assets After Waiver/Reimbursement(c)

Total Return(b)			Ending Net Assets (000)		Expenses(e)			Net Invest- ment Income (Loss)			Expenses(e)			Net Invest- ment Income (Loss)			Portfolio Turnover Rate(f)

	6.46	%	$	399		7.39	%		(5.26	)%		.93	%		1.21	%		105	%
	.80			50		7.41	*		(5.66	)*		.93	*		.82	*		25

	5.66			167		8.20			(6.12	)		1.68			.40			105
	.55			50		8.16	*		(6.41	)*		1.68	*		.07	*		25

	6.19			53		8.09			(6.05	)		1.18			.86			105
	.70			50		7.66	*		(5.91	)*		1.18	*		.57	*		25

	6.68			1,661		7.45			(5.50	)		.68			1.27			105
	.90			857		7.16	*		(5.42	)*		.68	*		1.07	*		25

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

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

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

(d)	For the period May 4, 2012 (commencement of operations) through August 31, 2012.

(e)

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

(f)	Portfolio Turnover Rate is calculated based on the lesser of long-term Purchases or Sales (as disclosed in Note 5 – Investment Transactions) divided by the average long-term market value during the period.

*	Annualized.

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

See accompanying notes to financial statements.


Nuveen Investments			33

Financial Highlights (continued)


Selected data for a share outstanding throughout each period:

Class (Commencement Date)
			Investment Operations									Less Distributions

INTELLIGENT RISK MODERATE ALLOCATION
Year Ended August 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		Total			Ending Net Asset Value
CLASS A (5/12)
2013	$	20.66	$	.24		$	(.62	)	$	(.38	)	$	(.22	)	$	—	$	(.22	)	$	20.06
2012(d)		20.00		.04			.62			.66			—			—		—			20.66
CLASS C (5/12)
2013		20.61		.06			(.60	)		(.54	)		(.13	)		—		(.13	)		19.94
2012(d)		20.00		—	**		.61			.61			—			—		—			20.61
CLASS R3 (5/12)
2013		20.64		.18			(.61	)		(.43	)		(.19	)		—		(.19	)		20.02
2012(d)		20.00		.04			.60			.64			—			—		—			20.64
CLASS I (5/12)
2013		20.68		.27			(.61	)		(.34	)		(.26	)		—		(.26	)		20.08
2012(d)		20.00		.07			.61			.68			—			—		—			20.68


	34			Nuveen Investments





			Ratios/Supplemental Data
					Ratios to Average Net Assets Before Waiver/Reimbursement						Ratios to Average Net Assets After Waiver/Reimbursement(c)
Total Return(b)			Ending Net Assets (000)		Expenses(e)			Net Invest- ment Income (Loss)			Expenses(e)			Net Invest- ment Income (Loss)			Portfolio Turnover Rate(f)

	(1.87	)%	$	631		6.75	%		(4.62	)%		.93	%		1.21	%		126	%
	3.30			98		7.40	*		(5.86	)*		.93	*		.60	*		21

	(2.62	)		290		7.78			(5.78	)		1.68			.32			126
	3.05			62		7.90	*		(6.18	)*		1.68	*		.04	*		21

	(2.13	)		50		7.09			(5.06	)		1.18			.85			126
	3.20			52		7.41	*		(5.68	)*		1.18	*		.54	*		21

	(1.68	)		1,580		6.73			(4.74	)		.68			1.32			126
	3.40			894		6.91	*		(5.20	)*		.68	*		1.03	*		21

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

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

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

(d)	For the period May 4, 2012 (commencement of operations) through August 31, 2012.

(e)

(f)	Portfolio Turnover Rate is calculated based on the lesser of long-term Purchases or Sales (as disclosed in Note 5 – Investment Transactions) divided by the average market long-term market value during the period.

*	Annualized.

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

See accompanying notes to financial statements.


Nuveen Investments			35

Financial Highlights (continued)


Selected data for a share outstanding throughout each period:

Class (Commencement Date)
			Investment Operations								Less Distributions

INTELLIGENT RISK CONSERVATIVE ALLOCATION
Year Ended August 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		Return of Capital			Total			Ending Net Asset Value
CLASS A (5/12)
2013	$	20.33	$	.27	$	(.95	)	$	(.68	)	$	(.37	)	$	—	$	(.04	)	$	(.41	)	$	19.24
2012(d)		20.00		.10		.33			.43			(.10	)		—		—			(.10	)		20.33
CLASS C (5/12)
2013		20.32		.15		(.99	)		(.84	)		(.23	)		—		(.03	)		(.26	)		19.22
2012(d)		20.00		.05		.34			.39			(.07	)		—		—			(.07	)		20.32
CLASS R3 (5/12)
2013		20.33		.28		(1.03	)		(.75	)		(.32	)		—		(.04	)		(.36	)		19.22
2012(d)		20.00		.09		.33			.42			(.09	)		—		—			(.09	)		20.33
CLASS I (5/12)
2013		20.34		.38		(1.03	)		(.65	)		(.40	)		—		(.05	)		(.45	)		19.24
2012(d)		20.00		.12		.33			.45			(.11	)		—		—			(.11	)		20.34


	36			Nuveen Investments





			Ratios/Supplemental Data
					Ratios to Average Net Assets Before Waiver/Reimbursement						Ratios to Average Net Assets After Waiver/Reimbursement(c)

Total Return(b)			Ending Net Assets (000)		Expenses(e)			Net Invest- ment Income (Loss)			Expenses(e)			Net Invest- ment Income (Loss)			Portfolio Turnover Rate(f)

	(3.44	)%	$	290		9.95	%		(7.66	)%		.93	%		1.36	%		111	%
	2.17			71		7.34	*		(4.84	)*		.93	*		1.57	*		25

	(4.22	)		81		10.04			(7.60	)		1.68			.77			111
	1.94			51		7.95	*		(5.45	)*		1.68	*		.83	*		25

	(3.78	)		48		9.32			(6.74	)		1.18			1.40			111
	2.11			51		7.46	*		(4.95	)*		1.18	*		1.33	*		25

	(3.26	)		881		8.87			(6.31	)		.68			1.89			111
	2.27			880		6.97	*		(4.47	)*		.68	*		1.82	*		25

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

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

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

(d)	For the period May 4, 2012 (commencement of operations) through August 31, 2012.

(e)

(f)	Portfolio Turnover Rate is calculated based on the lesser of long-term Purchases or Sales (as disclosed in Note 5 – Investment Transactions) divided by the average long-term market value during the period.

*	Annualized.

See accompanying notes to financial statements.


Nuveen Investments			37

Notes to Financial Statements

1. General Information and Significant Accounting Policies

General Information

The Nuveen Investment Trust (the “Trust”), is an open-end management investment company registered under the Investment Company Act of 1940, as amended. The Trust is comprised of the Nuveen Intelligent Risk Growth Allocation Fund (“Intelligent Risk Growth Allocation”), Nuveen Intelligent Risk Moderate Allocation Fund (“Intelligent Risk Moderate Allocation”) and Nuveen Intelligent Risk Conservative Allocation Fund (“Intelligent Risk Conservative Allocation”), (each a “Fund” and collectively, the “Funds”), as diversified funds, among others. The Trust was organized as a Massachusetts business trust on May 6, 1996.

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

The Adviser is responsible for each Fund’s overall investment strategy and asset allocation decisions. The Adviser has entered into sub-advisory agreements with the Nuveen Asset Management, LLC, (the “Sub-Adviser”), a subsidiary of the Adviser, under which the Sub-Adviser manages the investment portfolios of the Funds.

Each Fund’s investment objective is to seek total return. Under normal market conditions, each Fund attempts to maintain a consistent risk level through changing market conditions by investing in financial instruments whose performance is expected to correspond to a variety of different asset classes. Intelligent Risk Growth Allocation, Intelligent Risk Moderate Allocation and Intelligent Risk Conservative Allocation seek to maintain a consistent risk level by attempting to keep their daily volatility range (i.e., fluctuations in value) within 12% to 18% (annualized), 7% to 12% (annualized) and 3.5% to 7% (annualized), respectively.

Each Fund may have exposure to any asset class, including: any commodity; any currency; U.S. and foreign (including emerging markets) equity securities; U.S. and foreign (including emerging markets) real estate; U.S. and foreign (including emerging markets) corporate bonds; U.S. and foreign (including emerging markets) government bonds; asset-backed securities; mortgage-backed securities; inflation-protected securities; and municipal bonds. The equity securities to which each Fund may have exposure may be of any market capitalization. The bonds to which each Fund may have exposure may be of any maturity and of any credit quality, including high yield or “junk” bonds. There is no maximum or minimum exposure that each Fund must have to any asset class, but the Fund generally has exposure to numerous asset classes at any given time.

Each Fund may gain exposure to different asset classes through investments in exchange-traded funds (“ETFs”) and the following derivatives: options; futures contracts, including futures on various market indices, interest rates, and currencies; options on futures contracts; swap agreements, including total return swaps; and forward contracts. Derivatives may be entered into on established exchanges, either in the U.S. or in foreign countries, or through privately negotiated transactions referred to as over-the-counter (“OTC”) derivatives. Each Fund will limit its direct investments in derivatives such that it will not be subject to regulation as a commodity pool. Each Fund may also invest in cash and cash equivalent instruments, some of which may serve as margin or collateral for each Fund’s obligations under derivative transactions.

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

Significant Accounting Policies

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

Investment Transactions

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

Investment Income

Dividend income, and realized gain distributions from the ETFs are recorded on the ex-dividend date. Interest income is recorded on an accrual basis.

Professional Fees

Professional fees presented on the Statement of Operations consist of legal fees incurred in the normal course of operations, audit fees, tax consulting fees and, in some cases, workout expenditures. Workout expenditures are incurred in an attempt to protect or enhance an investment or to pursue other claims or legal actions on behalf of Fund shareholders. Should a Fund receive a refund of workout expenditures paid in a prior reporting period, such amounts will be recognized as “Legal fee refund” on the Statement Operations.

Dividends and Distributions to Shareholders

Dividends from net investment income are declared and distributed to shareholders annually for Intelligent Risk Growth Allocation and quarterly for Intelligent Risk Moderate Allocation. Dividends from net investment income are declared daily and distributed monthly


	38			Nuveen Investments

for Intelligent Risk Conservative Allocation. 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.

Share Classes and Sales Charges

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.

Indemnifications

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

Use of Estimates

The preparation of financial statements in conformity with 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. Investment Valuation and Fair Value Measurements

Investment Valuation

ETFs 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.

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

Certain securities may not be able to be priced by the pre-established pricing methods as described above. Such securities may be valued by the Funds’ Board of Trustees 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 Trustees or its designee.


Nuveen Investments			39

Notes to Financial Statements (continued)

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:


Intelligent Risk Growth Allocation	Level 1		Level 2		Level 3		Total
Long-Term Investments:
Exchange-Traded Funds	$	2,273,169	$	—	$	—	$	2,273,169
Short-Term Investments:
Money Market Funds		11,496		—		—		11,496
Total	$	2,284,665	$	—	$	—	$	2,284,665

Intelligent Risk Moderate Allocation	Level 1		Level 2		Level 3		Total
Long-Term Investments:
Exchange-Traded Funds	$	2,537,136	$	—	$	—	$	2,537,136
Short-Term Investments:
Money Market Funds		11,741		—		—		11,741
Total	$	2,548,877	$	—	$	—	$	2,548,877

Intelligent Risk Conservative Allocation	Level 1		Level 2		Level 3		Total
Long-Term Investments:
Exchange-Traded Funds	$	1,298,576	$	—	$	—	$	1,298,576
Short-Term Investments:
Money Market Funds		1,792		—		—		1,792
Total	$	1,300,368	$	—	$	—	$	1,300,368

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 a fair value determination, based on the facts and circumstances specific to the portfolio instrument. Fair value determinations generally will be derived as follows, using public or private market information:

(i)	If available, fair value determinations shall be derived by extrapolating from recent transactions or quoted prices for identical or comparable securities.

(ii)

If such information is not available, an analytical valuation methodology may be used based on other available information including, but not limited to: analyst appraisals, research reports, corporate action information, issuer financial statements and shelf registration statements. Such analytical valuation methodologies may include, but are not limited to: multiple of earnings, discount from market value 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.


	40			Nuveen Investments

The purchase price of a portfolio instrument will be used to fair value the instrument only if no other valuation methodology is available or deemed appropriate, and it is determined that the purchase price fairly reflects the instrument’s current value.

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. Portfolio Securities and Investments in Derivatives

Each Fund records 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. Although the Funds are authorized to invest in derivative instruments, and may do so in the future, they did not make any such investments during the fiscal year ended August 31, 2013.

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.

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.

4. Fund Shares

Transactions in Fund shares were as follows:


	Intelligent Risk Growth Allocation
	Year Ended 8/31/13						For the period 5/04/12 (commencement of operations) through 8/31/12
	Shares			Amount			Shares		Amount
Shares sold:
Class A		18,433		$	399,871			2,500	$	50,000
Class C		5,384			115,381			2,500		50,000
Class R3		—			—			2,500		50,000
Class I		37,621			811,051			42,500		850,000
Shares issued to shareholders due to reinvestment of distributions:
Class A		—			—			—		—
Class C		—			—			—		—
Class R3		—			—			—		—
Class I		10			204			—		—
		61,448			1,326,507			50,000		1,000,000
Shares redeemed:
Class A		(2,167	)		(46,462	)		—		—
Class C		—			—			—		—
Class R3		—			—			—		—
Class I		(2,200	)		(47,041	)		—		—
		(4,367	)		(93,503	)		—		—
Net increase (decrease)		57,081		$	1,233,004			50,000	$	1,000,000


Nuveen Investments			41

Notes to Financial Statements (continued)


	Intelligent Risk Moderate Allocation
	Year Ended 8/31/13						For the period 5/04/12 (commencement of operations) through 8/31/12
	Shares			Amount			Shares		Amount
Shares sold:
Class A		33,602		$	706,818			4,732	$	95,233
Class C		15,306			316,427			3,009		60,495
Class R3		—			—			2,500		50,000
Class I		115,253			2,348,639			43,248		865,000
Shares issued to shareholders due to reinvestment of distributions:
Class A		30			609			—		—
Class C		4			77			—		—
Class R3		—			—			—		—
Class I		102			2,077			—		—
		164,297			3,374,647			53,489		1,070,728
Shares redeemed:
Class A		(6,911	)		(140,834	)		—		—
Class C		(3,781	)		(75,279	)		—		—
Class R3		—			—			—		—
Class I		(79,930	)		(1,609,632	)		—		—
		(90,622	)		(1,825,745	)		—		—
Net increase (decrease)		73,675		$	1,548,902			53,489	$	1,070,728

	Intelligent Risk Conservative Allocation
	Year Ended 8/31/13						For the period 5/04/12 (commencement of operations) through 8/31/12
	Shares			Amount			Shares		Amount
Shares sold:
Class A		13,487		$	276,660			3,488	$	70,000
Class C		1,720			35,490			2,500		50,000
Class R3		—			—			2,500		50,000
Class I		2,521			51,612			43,252		865,000
Shares issued to shareholders due to reinvestment of distributions:
Class A		150			3,001			—		—
Class C		6			128			—		—
Class R3		—			—			—		—
Class I		43			865			3		55
		17,927			367,756			51,743		1,035,055
Shares redeemed:
Class A		(2,075	)		(40,353	)		—		—
Class C		(1	)		(29	)		—		—
Class R3		—			—			—		—
Class I		(11	)		(222	)		—		—
		(2,087	)		(40,604	)		—		—
Net increase (decrease)		15,840		$	327,152			51,743	$	1,035,055

5. Investment Transactions

Purchases and sales (excluding short-term investments) during the fiscal year ended August 31, 2013, were as follows:


	Intelligent Risk Growth Allocation		Intelligent Risk Moderate Allocation		Intelligent Risk Conservative Allocation
Purchases	$	2,599,856	$	3,835,003	$	1,664,858
Sales		1,375,266		2,289,376		1,351,228

6. Income Tax Information

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.


	42			Nuveen Investments

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.

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.

As of August 31, 2013, the cost and unrealized appreciation (depreciation) of investments, as determined on a federal income tax basis, were as follows:


	Intelligent Risk Growth Allocation			Intelligent Risk Moderate Allocation			Intelligent Risk Conservative Allocation
Cost of investments	$	2,227,671		$	2,585,512		$	1,343,950
Gross unrealized:
Appreciation	$	102,815		$	93,815		$	30,990
Depreciation		(45,821	)		(130,450	)		(74,572	)
Net unrealized appreciation (depreciation) of investments	$	56,994		$	(36,635	)	$	(43,582	)

Permanent differences, primarily due to federal taxes paid, investments in partnerships, and return of capital distributions, resulted in reclassifications among the Funds’ components of net assets as of August 31, 2013, the Funds’ tax year end, as follows:


	Intelligent Risk Growth Allocation			Intelligent Risk Moderate Allocation			Intelligent Risk Conservative Allocation
Capital paid-in	$	(118	)	$	—		$	(3,189	)
Undistributed (Over-distribution of) net investment income		(880	)		(924	)		2,597
Accumulated net realized gain (loss)		998			924			592

The tax components of undistributed net ordinary income and net long-term capital gains as of August 31, 2013, the Funds’ tax year end, were as follows:


	Intelligent Risk Growth Allocation		Intelligent Risk Moderate Allocation		Intelligent Risk Conservative Allocation
Undistributed net ordinary income¹	$	8,480	$	9,233	$	—
Undistributed net long-term capital gains		—		—		—

Undistributed ordinary income (on a tax basis) for Intelligent Risk Conservative Allocation has not been reduced for the dividends declared during the period August 1, 2013 through August 31, 2013 and paid on September 3, 2013. Net ordinary income consists of net taxable income derived from dividends, interest, and net short-term capital gains, if any.

The tax character of distributions paid during the Funds’ tax year ended August 31, 2013 and the period May 4, 2012 (commencement of operations) through August 31, 2012, was designated for purposes of the dividends paid deduction as follows:


2013	Intelligent Risk Growth Allocation		Intelligent Risk Moderate Allocation		Intelligent Risk Conservative Allocation
Distributions from net ordinary income¹	$	10,000	$	15,318	$	23,076
Distributions from net long-term capital gains		—		—		—
Return of capital		—		—		3,015

For the period May 4, 2012 (commencement of operations) through August 31, 2012	Intelligent Risk Growth Allocation		Intelligent Risk Moderate Allocation		Intelligent Risk Conservative Allocation
Distributions from net ordinary income¹	$	—	$	—	$	3,558
Distributions from net long-term capital gains		—		—		—
Return of capital		—		—		—

¹	Net ordinary income consists of net taxable income derived from dividends, interest, and net short-term capital gains, if any.

As of August 31, 2013, the Funds’ tax year end, the Funds had unused capital loss carryforwards available for federal income tax purposes to be applied against future capital gains, if any. If not applied, the carryforwards will expire as shown in the following table. The losses not subject to expiration retain the character reflected and will be utilized first by a Fund, while the losses subject to expiration are considered short-term.


	Intelligent Risk Growth Allocation		Intelligent Risk Moderate Allocation		Intelligent Risk Conservative Allocation
Not subject to expiration:
Short-term losses	$	1,054	$	442	$	222
Long-term losses		—		—		—
Total	$	1,054	$	442	$	222


Nuveen Investments			43

Notes to Financial Statements (continued)

The Funds have elected to defer late-year losses in accordance with federal income tax rules. These losses are treated as having arisen on the first day of the following fiscal year. The Funds have elected to defer losses as follows:


	Intelligent Risk Growth Allocation		Intelligent Risk Moderate Allocation		Intelligent Risk Conservative Allocation
Post-October capital losses²	$	16,825	$	40,489	$	13,180
Late-year ordinary losses³		—		—		—

²	Capital losses incurred from November 1, 2012 through August 31, 2013, the Funds’ tax year end.

³	Ordinary losses incurred from January 1, 2013 through August 31, 2013 and specified losses incurred from November 1, 2012 through August 31, 2013.

7. Management Fees and Other Transactions with Affiliates

Each Fund’s management fee compensates the Adviser for overall investment advisory and administrative services and general office facilities. The Sub-Adviser is compensated for its services to the Funds from the management fees paid to the Adviser.

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	Fund-Level Fee Rate
For the first $125 million		.6000	%
For the next $125 million		.5875
For the next $250 million		.5750
For the next $500 million		.5625
For the next $1 billion		.5500
For net assets over $2 billion		.5250

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


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

The complex-level fee is calculated based upon the aggregate daily “eligible assets” of all Nuveen Funds. Eligible assets do not include assets attributable to investments in other Nuveen Funds or assets in excess of $2 billion added to the Nuveen Fund complex in connection with the Adviser’s assumption of the management of the former First American Funds effective January 1, 2011. Eligible assets include closed-end fund assets managed by the Adviser that are attributable to certain types of leverage. For these purposes, leverage includes the closed-end funds’ use of preferred stock and borrowings and investments in the residual interest certificates (also called inverse floating rate securities) in tender option bond (TOB) trusts, including the portion of assets held by a TOB trust that has been effectively financed by the trust’s issuance of floating rate securities, subject to an agreement by the Adviser as to certain funds to limit the amount of such assets for determining eligible assets in certain circumstances. As of August 31, 2013, the complex-level fee rate for each of these Funds was .1694%.

The Adviser has contractually agreed to waive fees and/or reimburse expenses of each Fund through October 31, 2014, so that total annual Fund operating expenses (excluding 12B-1 distribution and/or service fees, interest expenses, taxes, fees incurred in acquiring and disposing of portfolio securities, acquired fund fees and expenses and extraordinary expenses), for each Fund do not exceed 0.71% of the average daily net assets of any class of Fund shares.

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


	44			Nuveen Investments

compensation they are entitled to receive from certain Nuveen-advised funds. Under the plan, deferred amounts are treated as though equal dollar amounts had been invested in shares of select Nuveen-advised funds.

During the fiscal year ended August 31, 2013, 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:


	Intelligent Risk Growth Allocation		Intelligent Risk Moderate Allocation		Intelligent Risk Conservative Allocation
Sales charges collected (Unaudited)	$	598	$	3,382	$	4,975
Paid to financial intermediaries (Unaudited)		520		3,068		4,364

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 August 31, 2013, the Distributor compensated financial intermediaries directly with commission advances at the time of purchase as follows:


	Intelligent Risk Growth Allocation		Intelligent Risk Moderate Allocation		Intelligent Risk Conservative Allocation
Commission advances (Unaudited)	$	427	$	3,715	$	355

To compensate for commissions advanced to financial intermediaries, all 12b-1 service and distribution fees collected on Class C Shares during the first year following a purchase were retained by the Distributor. During the fiscal year ended August 31, 2013, the Distributor retained such 12b-1 fees as follows:


	Intelligent Risk Growth Allocation		Intelligent Risk Moderate Allocation		Intelligent Risk Conservative Allocation
12b-1 fees retained (Unaudited)	$	530	$	1,486	$	593

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 August 31, 2013, as follows:

Intelligent Risk
Growth Allocation

Intelligent Risk
Moderate Allocation

Intelligent Risk
Conservative Allocation

CDSC retained (Unaudited)

—

As of August 31, 2013, Nuveen owned shares of the Funds as follows:


	Intelligent Risk Growth Allocation		Intelligent Risk Moderate Allocation		Intelligent Risk Conservative Allocation
Class A Shares	$	2,500	$	2,500	$	2,500
Class C Shares		2,500		2,500		2,500
Class R3 Shares		2,500		2,500		2,500
Class I Shares		42,500		42,500		42,500

8. New Accounting Pronouncements

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

In January 2013, Accounting Standards Update (“ASU”) 2013-01, Clarifying the Scope of Disclosures about Offsetting Assets and Liabilities, replaced ASU 2011-11, Disclosures about Offsetting Assets and Liabilities. ASU 2013-01 is effective for fiscal years beginning on or after January 1, 2013. ASU 2011-11 was intended to enhance disclosure requirements on the offsetting of financial assets and liabilities. ASU 2013-01 limits the scope of the new balance sheet offsetting disclosures to derivatives, repurchase agreements and securities lending transactions to the extent that they are (1) offset in the financial statements or (2) subject to an enforceable master netting arrangement or similar agreement. Management is currently evaluating the application of ASU 2013-01 and its impact to the financial statements and footnote disclosures, if any.


Nuveen Investments			45

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, Year of Birth & 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:
William J. Schneider 1944 333 W. Wacker Drive Chicago, IL 60606	Chairman of the Board and 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; owner in several other Miller-Valentine; entities; Board Member of Mid-America Health System, Tech Town, Inc., a not-for-profit community development company and WDPR Public Radio Station; formerly, member, Business Advisory Council, Cleveland Federal Reserve Bank and University of Dayton Business School Advisory Council.	211
Robert P. Bremner 1940 333 W. Wacker Drive Chicago, IL 60606	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.	211
Jack B. Evans 1948 333 W. Wacker Drive Chicago, IL 60606	Trustee	1999	President, The Hall-Perrine Foundation, a private philanthropic corporation (since 1996); Chairman, United Fire Group, a publicly held company; formerly, member and President Pro Tem of the Board of Regents for the State of Iowa University System; Director, Source Media Group; Life Trustee of Coe College; 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.	211
William C. Hunter 1948 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 Georgetown University.	211
David J. Kundert 1942 333 W. Wacker Drive Chicago, IL 60606	Trustee	2005	Formerly, Director, Northwestern Mutual Wealth Management Company; (2006-2013) 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.	211


	46			Nuveen Investments


Name, Year of Birth & 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
John K. Nelson 1962 333 West Wacker Drive Chicago, IL 60606	Trustee	2013	Senior external advisor to the financial services practice of Deloitte Consulting LLP (since 2012); Member of Board of Directors of Core12 LLC (since 2008), a private firm which develops branding, marketing and communications strategies for clients; Chairman of the Board of Trustees of Marian University (since 2010 as trustee, 2011 as Chairman); Director of The Curran Center for Catholic American Studies (since 2009) and The President’s Council, Fordham University (since 2010); formerly, Chief Executive Officer of ABN AMRO N.V. North America, and Global Head of its Financial Markets Division (2007-2008); prior senior positions held at ABN AMRO include Corporate Executive Vice President and Head of Global Markets—the Americas (2006-2007), CEO of Wholesale Banking—North America and Global Head of Foreign Exchange and Futures Markets (2001-2006), and Regional Commercial Treasurer and Senior Vice President Trading—North America (1996-2001); formerly, Trustee at St. Edmund Preparatory School in New York City.	211
Judith M. Stockdale 1947 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).	211
Carole E. Stone 1947 333 W. Wacker Drive Chicago, IL 60606	Trustee	2007	Director, Chicago Board Options Exchange (since 2006), C2 Options Exchange, Incorporated (since 2009) and CBOE Holdings, Inc. (since 2010); formerly, Commissioner, New York State Commission on Public Authority Reform (2005-2010); formerly, Chair, New York Racing Association Oversight Board (2005-2007).	211
Virginia L. Stringer 1944 333 W. 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).	211
Terence J. Toth 1959 333 W. Wacker Drive Chicago, IL 60606	Trustee	2008	Managing Partner, Promus Capital (since 2008); Director, Fulcrum IT Service LLC (since 2010), Quality Control Corporation (since 2012) and LogicMark LLC (since 2012); formerly, Director, Legal & General Investment Management America, Inc. (2008-2013); 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) and 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).	211


Nuveen Investments			47

Trustees and Officers* (Unaudited) (continued)


Name, Year of Birth & Address	Position(s) Held with the Funds	Year First Elected or Appointed (2)	Principal Occupation(s) During Past 5 Years	Number of Portfolios in Fund Complex Overseen by Officer

Officers of the Funds:
Gifford R. Zimmerman 1956 333 W. Wacker Drive Chicago, IL 60606	Chief Administrative Officer	1988	Managing Director (since 2002), and 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); Vice President and Assistant Secretary (since 2013), formerly, Chief Administrative Officer and Chief Compliance Officer (2006-2013) of Nuveen Commodities Asset Management, LLC; Chartered Financial Analyst.	211
Margo L. Cook 1964 333 W. Wacker Drive Chicago, IL 60606	Vice President	2009	Executive Vice President (since 2008) of Nuveen Investments, Inc. and of Nuveen Fund Advisors, LLC (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.	211
Lorna C. Ferguson 1945 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).	211
Stephen D. Foy 1954 333 W. Wacker Drive Chicago, IL 60606	Vice President and Controller	1998	Senior Vice President (2010-2011), formerly, Vice President (2005-2010) and Funds Controller of Nuveen Securities, LLC; Senior Vice President (since 2013), formerly, Vice President of Nuveen Fund Advisors, LLC; Chief Financial Officer of Nuveen Commodities Asset Management, LLC (since 2010); Certified Public Accountant.	211
Scott S. Grace 1970 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, LLC, 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.	211
Walter M. Kelly 1970 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, LLC; Senior Vice President (since 2008) of Nuveen Investments Holdings, Inc; formerly, Senior Vice President (2008-2011) of Nuveen Securities, LLC.	211
Tina M. Lazar 1961 333 W. Wacker Drive Chicago, IL 60606	Vice President	2002	Senior Vice President (since 2010), formerly, Vice President (2005-2010) of Nuveen Fund Advisors, LLC.	211


	48			Nuveen Investments


Name, Year of Birth & Address	Position(s) Held with the Funds	Year First Elected or Appointed (2)	Principal Occupation(s) During Past 5 Years	Number of Portfolios in Fund Complex Overseen by Officer
Kevin J. McCarthy 1966 333 W. Wacker Drive Chicago, IL 60606	Vice President and Secretary	2007	Managing Director and Assistant Secretary (since 2008), Nuveen Securities, LLC; Managing Director (since 2008), Assistant Secretary (since 2007) and Co-General Counsel (since 2011) of Nuveen Fund Advisors, LLC; 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, 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.	211
Kathleen L. Prudhomme 1953 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, LLC; 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).	211
Joel T. Slager 1978 333 West Wacker Drive Chicago, IL 60606	Vice President and Assistant Secretary	2013	Fund Tax Director for Nuveen Funds (since May, 2013); previously, Vice President of Morgan Stanley Investment Management, Inc., Assistant Treasurer of the Morgan Stanley Funds (from 2010 to 2013); Tax Director at PricewaterhouseCoopers LLP (from 2008 to 2010).	211
Jeffery M. Wilson 1956 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).	108

(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)	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.

*	Represents the Fund’s Board of Trustees as of September 1, 2013.


Nuveen Investments			49

Annual Investment Management Agreement Approval Process

(Unaudited)

The Board of Trustees (each, a “Board” and each Trustee, a “Board Member”) of the Funds, including the Board Members who are not parties to the Funds’ advisory or sub-advisory agreements or “interested persons” of any such parties (the “Independent Board Members”), is responsible for approving the advisory agreements (each, an “Investment Management Agreement”) between each Fund and Nuveen Fund Advisors, LLC (the “Adviser”) and the sub-advisory agreements (each, a “Sub-Advisory Agreement”) between the Adviser and Nuveen Asset Management, LLC (the “Sub-Adviser”) (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 20-22, 2013 (the “May Meeting”), the Board, including a majority of the Independent Board Members, considered and approved the continuation of the Advisory Agreements for the Funds for an additional one-year period.

In preparation for its considerations at the May Meeting, the Board requested and received extensive materials prepared in connection with the review of the Advisory Agreements. The materials provided a broad range of information regarding the Funds, the Adviser and the Sub-Adviser (the Adviser and the Sub-Adviser 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 Adviser’s profitability with comparisons to comparable peers in the managed fund business. As part of its annual review, the Board also held a separate meeting on April 17-18, 2013, to review the Funds’ investment performance and consider an analysis provided by the Adviser of the Sub-Adviser which generally evaluated the Sub-Adviser’s investment team, investment mandate, organizational structure and history, investment philosophy and process, performance of the applicable Fund, and significant changes to the foregoing. As a result of its review of the materials and discussions, the Board presented the Adviser with questions and the Adviser 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 Adviser and the Sub-Adviser. 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 Adviser regarding, among other things, fund performance, fund expenses, the performance of the investment teams, and compliance, regulatory and risk management matters. In addition to regular reports, the Adviser provides special reports to the Board or a committee thereof from time to time to enhance the Board’s understanding of various topics that impact some or all the Nuveen funds (such as accounting and financial statement presentations of the various forms of leverage that may be used by a closed-end fund or an update on the valuation policies and procedures), to update the Board on regulatory developments impacting the investment company industry or to update the Board on the business plans or other matters impacting the Adviser. The Board also meets with key investment personnel managing the fund portfolios during the year. In October 2011, the Board also created two 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 business practices of open-end and closed-end funds. These Committees meet prior to each quarterly Board meeting, and the Adviser provides presentations to these Committees permitting them to delve further into specific matters or initiatives impacting the respective product line.

In addition, the Board continues its program of seeking to have the Board Members or a subset thereof visit each sub-adviser to the Nuveen funds at least once over a multiple year rotation, meeting with key investment and business personnel. In this regard, the Independent Board Members visited certain of the Sub-Adviser’s investment teams in Minneapolis in September 2012, and its municipal team in November 2012. In addition, the ad hoc Securities Lending Committee of the Board met with certain service providers and the Audit Committee of the Board made a site visit to three pricing service providers.

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

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


	50			Nuveen Investments

A. Nature, Extent and Quality of Services

In considering renewal of the Advisory Agreements, the Independent Board Members considered the nature, extent and quality of the Fund Adviser’s services, including advisory services and the resulting Fund performance and administrative services. The Independent Board Members further considered the overall reputation and capabilities of the Adviser and its affiliates, the commitment of the Adviser to provide high quality service to the Funds, their overall confidence in the capability and integrity of the Adviser and its staff and the Adviser’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 applicable initiatives Nuveen had taken for the open-end fund product line.

In considering advisory services, the Board recognized that the Adviser provides various oversight, administrative, compliance and other services for the Funds and the Sub-Adviser 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-Adviser’s investment team and changes thereto, organization and history, assets under management, the investment team’s philosophy and strategies in managing the Fund, developments affecting the Sub-Adviser 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 Adviser’s execution of its oversight responsibilities over the Sub-Adviser. 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. Given the Adviser’s emphasis on business risk, the Board also appointed an Independent Board Member as a point person to review and keep the Board apprised of developments in this area during the year.

In addition to advisory services, the Board considered the quality and extent of administrative and other non-investment advisory services the Adviser 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 considered the new services and service enhancements that the Adviser has implemented since the various advisory agreements were last reviewed. In reviewing the activities of 2012, the Board recognized the Adviser’s focus on product rationalization for both closed-end and open-end funds during the year, consolidating certain Nuveen funds through mergers that were designed to improve efficiencies and economies of scale for shareholders, repositioning various Nuveen funds through updates in their investment policies and guidelines with the expectation of bringing greater value to shareholders, and liquidating certain Nuveen funds. The Board recognized the Adviser’s significant investment in technology initiatives to, among other things, create a central repository for fund and other Nuveen product data, develop a group within the Adviser designed to handle and analyze fund performance data, and implement a data system to support the risk oversight group. The Board also recognized the enhancements in the valuation group within the Adviser, including upgrading the team and process and automating certain basic systems, and in the compliance group with the addition of personnel, particularly within the testing group. With the advent of the Open-End Fund Committee and Closed-End Fund Committee, the Board also noted the enhanced support and comprehensive in-depth presentations provided by the Adviser to these committees.

In addition to the foregoing actions, the Board also considered other initiatives related to the open-end Nuveen funds including, among other things, the development of a comprehensive strategic plan and the addition of members to the product strategy team; the commencement of various new funds; the removal of redemption fees for certain funds; the establishment of a working group to enhance the Adviser’s oversight of the disclosures pertaining to Nuveen’s products and services; the acceleration of monthly holdings disclosure for certain funds; and the development of a new share class 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, considered the performance history of each Fund over various time periods. The Board reviewed reports, including an analysis of the Funds’ performance and the applicable investment team. In general, in considering a fund’s performance, the Board recognized that a fund’s performance can be reviewed through various measures including the fund’s absolute return, the fund’s return compared to the performance of other peer funds, and the fund’s performance compared to its respective benchmark. Accordingly, 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”) and with recognized and/or customized benchmarks (i.e., generally benchmarks derived from multiple recognized benchmarks) for the quarter period ending December 31, 2012 as well as performance information reflecting the first quarter of 2013. This information supplemented the fund performance information provided to the Board at each of its quarterly meetings.


Nuveen Investments			51

Annual Investment Management Agreement Approval Process

(Unaudited) (continued)

In evaluating performance, the Board recognized several factors that may impact the performance data as well as the consideration given to particular performance data. The Board recognized that the performance data reflects a snapshot of time, in this case as of the end of the most recent calendar year or quarter. The Board noted that selecting a different performance period could derive significantly different results. Further, the Board recognized that it is possible that long-term performance can be adversely affected by even one period of significant underperformance so that a single investment decision or theme has the ability to disproportionately affect long-term performance. The Independent Board Members also noted that the investment experience of a particular shareholder in the Nuveen funds will vary depending on when such shareholder invests in the applicable fund, the class held (if multiple classes are offered in a fund) and the performance of the fund (or respective class) during that shareholder’s investment period.

With respect to the comparative performance information, the Board recognized that the usefulness of comparative performance data as a frame of reference to measure a fund’s performance may be limited because the Performance Peer Group, among other things, does not adequately reflect the objectives and strategies of the fund, has a different investable universe, or the composition of the peer set may be limited in size or number as well as other factors. In this regard, the Board noted that the Adviser classified, in relevant part, the Performance Peer Groups of certain funds as having significant differences from the funds but to still be somewhat relevant, while the Performance Peer Groups of other funds were classified as having such significant differences as to be irrelevant. Accordingly, while the Board is cognizant of the relative 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 considered that the variations between the objectives and investment parameters or guidelines of the funds with their peers and/or benchmarks result in differences in performance results. The Board also noted that open-end funds offer multiple classes and the performance of the various classes of a fund should be substantially similar on a relative basis because all of the classes are invested in the same portfolio of securities and that differences in performance among classes could be principally attributed to the variations in distribution and servicing expenses of each class. In addition, with respect to any Nuveen funds for which the Board has identified performance concerns, the Board monitors such funds closely until performance improves, discusses with the Adviser the reasons for such results, considers those steps necessary or appropriate to address such issues, and reviews the results of any efforts undertaken.

In considering the performance data for the Funds, the Independent Board Members noted that the Funds were relatively new with a shorter performance history available, thereby limiting the ability to make a meaningful assessment of performance.

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 ratio in absolute terms as well as compared to the fees 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. In addition, the Board recognized that the Funds invest in other investment companies and therefore will indirectly pay a portion of the expenses incurred by the underlying funds, including their advisory fees. Accordingly, the Board also reviewed each Fund’s indirect expenses and the net total expense ratio, which included indirect expenses.

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 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.

With respect to the Funds, the Independent Board Members noted that there were no net management fees after fee waivers for the Funds for the latest fiscal year. In addition, the Independent Board Members noted that each of the Funds had a net expense ratio (including fee waivers and expense reimbursements) that was below or in line with its respective peer average. Given the Funds also invest in other funds, in considering the services provided by the Fund Advisers to the Funds and the fee arrangement, the Board also determined that the fees were for services in addition to, rather than duplicative of, the services provided under any underlying fund’s advisory contracts.

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


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2. Comparisons with the Fees of Other Clients

The Board recognized that all Nuveen funds have a sub-adviser (which, in the case of the Funds, is an affiliated sub-adviser), and therefore, the overall fund management fee can be divided into two components, the fee retained by the Adviser and the fee paid to the sub-adviser. In general terms, the fee to the Adviser reflects the administrative services it provides to support the funds, and while some administrative services may occur at the sub-adviser level, the fee generally reflects the portfolio management services provided by the sub-adviser. The Independent Board Members reviewed information regarding the nature of services provided by the Adviser, including through the Sub-Adviser, and the range of fees and average fee the Sub-Adviser assessed for such services to other clients. Such other clients include separately managed accounts (both retail and institutional accounts), 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. Many of the additional administrative services provided by the Adviser are not required for institutional clients. The Independent Board Members further noted that the management fee rates of the foreign funds advised by the Adviser may vary due to, among other things, differences in the client base, governing bodies, operational complexities and services covered by the management fee. 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.

3. Profitability of Fund Advisers

In conjunction with their review of fees, the Independent Board Members also considered the profitability of Nuveen for its advisory activities and its financial condition. The Independent Board Members reviewed the revenues and expenses of Nuveen’s advisory activities for the last two calendar years, the allocation methodology used in preparing the profitability data and an analysis of the key drivers behind the changes in revenues and expenses that impacted profitability in 2012. 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 Adviser’s continued investment in its business to enhance its services, including capital improvements to investment technology, updated compliance systems, and additional personnel. 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 and that various allocation methodologies may each be reasonable but yield different results. 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. Based on their review, the Independent Board Members concluded that the Adviser’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-Adviser, 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-Adviser’s level of profitability was reasonable in light of the services provided.

In evaluating the reasonableness of the compensation, the Independent Board Members also considered other amounts paid to a Fund Adviser by the Funds as well as 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. 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.


Nuveen Investments			53

Annual Investment Management Agreement Approval Process

(Unaudited) (continued)

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. at the end of 2010, the Board noted that a portion of such funds’ assets at the time of acquisition were deemed eligible to be included in the complex-wide fee calculation in order to deliver fee savings to shareholders in the combined complex and such funds were subject to differing complex-level fee rates.

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

E. Indirect Benefits

In evaluating fees, the Independent Board Members received and considered information regarding potential “fall out” or ancillary benefits the respective Fund Adviser or its affiliates may receive as a result of its relationship with each Fund. In this regard, the Independent Board Members considered, among other things, any sales charges, distribution fees and shareholder services fees received and retained by the Funds’ principal underwriter, an affiliate of the Adviser, 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 Funds’ portfolio transactions are determined by the Sub-Adviser. Accordingly, the Independent Board Members considered that the Sub-Adviser may benefit from its soft dollar arrangements pursuant to which it receives research from brokers that execute the Funds’ portfolio transactions. Similarly, the Board recognized that the research received pursuant to soft dollar arrangements by the Sub-Adviser may also benefit a Fund and shareholders to the extent the research enhances the ability of the Sub-Adviser to manage the Fund. The Independent Board Members noted that the Sub-Adviser’s profitability may be somewhat lower if it 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.


	54			Nuveen Investments

Notes


Nuveen Investments			55

Notes


	56			Nuveen Investments

Notes


Nuveen Investments			57

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 1-3 Year U.S. Treasury Index: An unmanaged index of public obligations of the U.S. Treasury with a remaining maturity of one to three years. Index returns assume reinvestment of distributions, but do not reflect any applicable sales charges or management fees.

Barclays 20+ Year Treasury Bond Index: Measures the performance of public obligations of the U.S. Treasury that have a remaining maturity of 20 or more years. Index returns assume reinvestment of distributions, but do not reflect any applicable sales charges or management fees.

Barclays Aggregate Bond Index: The Barclays Aggregate Bond Index is a market value weighted performance benchmark for investment-grade, fixed-rate debt issues, including government, corporate, asset-backed, and mortgage-backed securities, with maturities of at least one year. Index returns assume reinvestment of distributions, but do not include the effects of any applicable sales charges or management fees.

Barclays High Yield Index: An index that covers the universe of fixed rate, non- investment grade debt. Pay-in-kind (PIK) bonds, Eurobonds and debt issues from countries designated as emerging markets (e.g., Argentina, Brazil, Venezuela, etc. are excluded, but Canadian and global bonds (SEC registered) of issuers in non-EMG countries are included). Original issue zeroes, step-up coupon structures and 144-As are also included. Index returns assume reinvestment of distributions, but do not include the effects of any applicable sales charges or management fees.

Barclays Municipal Bond Index: An unmanaged index considered representative of the tax-exempt bond market. Index returns assume reinvestment of distributions, but do not reflect any applicable sales charges or management fees.

Dow Jones Industrial Average Index: A price-weighted index of the 30 largest, most widely held stocks traded on the New York Stock Exchange. Index returns assume reinvestment of distributions, but do not reflect any applicable sales charges or management fees.

Dow Jones-UBS Commodity Index: An unmanaged index that seeks to provide broadly diversified representation of commodity markets as an asset class. The index is made up of exchange-traded futures on physical commodities and currently represents 20 commodities. Commodity weightings are based on production and liquidity, subject to weighting restrictions applied annually such that no related group of commodities constitutes more than 33% of the index and no single commodity constitutes more than 15% or less than 2% of the index.

Lipper Mixed-Asset Target Allocation Conservative Funds Classification Average: Represents the average annualized total return for all reporting funds in the Lipper Mixed-Asset Target Allocation Conservative 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 Mixed-Asset Target Allocation Growth Funds Classification Average: Represents the average annualized total return for all reporting funds in the Lipper Mixed-Asset Target Allocation Growth Funds Classification. Lipper returns account for the effects of management fees and assume reinvestment of distributions, but do not reflect any applicable sales charges.

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

Morningstar Moderate Target Risk Index: An index that represents a portfolio of global equities, bonds, and traditional inflation hedges, such as commodities and TIPS. This portfolio is held in a static allocation of 60% equities and 40% fixed income, which is appropriate for U.S. investors who seek average exposure to equity market risk and returns.

Morningstar Moderately Aggressive Target Risk Index: An index that represents a portfolio of global equities, bonds and traditional inflation hedges such as commodities and TIPS. This portfolio is held in a static allocation appropriate for U.S. investors who seek a slightly above-average exposure to equity market risk and returns.

Morningstar Moderately Conservative Target Risk Index: An index that represents a portfolio of global equities, bonds and traditional inflation hedges such as commodities and TIPS. This portfolio is held in a static allocation appropriate for U.S. investors who seek a slightly below-average exposure to equity market risk and returns.

MSCI EAFE Index: The MSCI (Morgan Stanley Capital International) EAFE (Europe, Australasia, Far East) Index is a free float-adjusted market capitalization weighted index designed to measure developed market equity performance, excluding the U.S. and Canada. The index returns assume reinvestment of distributions, but do not reflect any applicable sales charges or management fees.

MSCI Emerging Markets Index: A free float-adjusted market capitalization index that is designed to measure equity market performance in the global emerging markets. 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.

Russell 2000^® Index: An index that measures the performance of the small-cap segment of the U.S. equity universe. The Russell 2000^® is a subset of the Russell 3000^® Index representing approximately 10% of the total market capitalization of that index. It includes approximately 2000 of the smallest

securities based on a combination of their market cap and current index membership. The index returns assume reinvestment of distributions, but do not reflect any applicable sales charges or management fees.

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


	58			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 60603

Independent Registered Public Accounting Firm

PricewaterhouseCoopers LLP

Chicago, IL 60606

Custodian

U.S. Bank National Association

Milwaukee, WI 53202

Transfer Agent and Shareholder Services

Boston Financial

Data Services, Inc.

Nuveen Investor Services

P.O. Box 8530

Boston, MA 02266-8530

(800)257-8787

Distribution Information

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


Fund	% of DRD		% of QDI
Nuveen Intelligent Risk Growth Allocation Fund		45%		100%
Nuveen Intelligent Risk Moderate Allocation Fund		26%		71%
Nuveen Intelligent Risk Conservative Allocation Fund		12%		29%

Quarterly Form N-Q Portfolio of Investments Information

Each Fund is required to file its complete schedule of portfolio holdings with the Securities and Exchange Commission (SEC) for the first and third quarters of each fiscal year on Form N-Q. You may obtain this information directly from the SEC. 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 toll-free at (800) SEC-0330 for room hours and operation.

Nuveen Funds’ Proxy Voting Information

You may obtain (i) information regarding how each fund voted proxies relating to portfolio securities held during the most recent twelve-month period ended June 30, without charge, upon request, by calling Nuveen Investments toll-free at (800) 257-8787 or on Nuveen’s website at www.nuveen.com and (ii) a description of the policies and procedures that each fund used to determine how to vote proxies relating to portfolio securities without charge, upon request, by calling Nuveen Investments toll-free at (800) 257-8787. You may also obtain this information directly from the SEC. Visit the SEC on-line at http://www.sec.gov.

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			59

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 $216 billion as of June 30, 2013.

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-INTELR-0813P

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Mutual Funds

Nuveen Equity Funds

For investors seeking a long-term capital appreciation.

Annual Report

August 31, 2013


	Share Class / Ticker Symbol

Fund Name	Class A	Class C	Class I
Nuveen Concentrated Core Fund	NCADX	NCAEX	NCAFX
Nuveen Core Dividend Fund	NCDAX	NCCDX	NCDIX
Nuveen Equity Market Neutral Fund	NMAEX	NMECX	NIMEX
Nuveen Large Cap Core Fund	NLACX	NLCDX	NLCIX
Nuveen Large Cap Core Plus Fund	NLAPX	NLPCX	NLPIX
Nuveen Large Cap Growth Fund	NLAGX	NLCGX	NLIGX

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

Table of Contents



Chairman’s Letter to Shareholders			4

Portfolio Manager’s Comments			5

Fund Performance and Expense Ratios			13

Holding Summaries			26

Expense Examples			32

Report of Independent Registered Public Accounting Firm			34

Portfolios of Investments			35

Statement of Assets and Liabilities			65

Statement of Operations			66

Statement of Changes in Net Assets			67

Financial Highlights			68

Notes to Financial Statements			80

Trustees and Officers			90

Annual Investment Management Agreement Approval Process			94

Glossary of Terms Used in this Report			98

Additional Fund Information			99

Chairman’s

Letter to Shareholders

LOGO

Dear Shareholders,

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

Sincerely,

LOGO

William J. Schneider

Chairman of the Board

October 21, 2013


	4			Nuveen Investments

Portfolio Manager’s Comments

Nuveen Concentrated Core Fund

Nuveen Core Dividend Fund

Nuveen Equity Market Neutral Fund

Nuveen Large Cap Core Fund

Nuveen Large Cap Core Plus Fund

Nuveen Large Cap Growth Fund

The Funds feature portfolio management by Nuveen Asset Management, LLC, an affiliate of Nuveen Investments. Robert C. Doll, CFA, is the portfolio manager for all of the Funds included in this report. Mr. Doll is chief equity strategist and a senior portfolio manager at Nuveen Asset Management (NAM). Here he discusses the economic and market conditions, key investment strategies and performance of the Funds for the abbreviated period from June 17, 2013 through August 31, 2013, the period of time since the commencement of their operations.

What were the general market conditions and trends over the course of this abbreviated reporting period ended August 31, 2013?

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 manager 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.


Nuveen Investments			5

with potential implications for U.S. economic growth over the next decade. In late March 2013, Congress passed legislation that established federal funding levels for the remainder of fiscal year 2013, which ended on September 30, 2013. On October 17, 2013 (subsequent to the end of the reporting period), Congress reached a compromise on a spending package and delayed the debt limit discussions until early 2014.

How did the Funds perform during this abbreviated reporting period from June 17, 2013 through August 31, 2013?

The tables in the Fund Performance and Expense Ratios section of this report provide Class A Share total returns for the Funds for the since inception period ended August 31, 2013. The Funds’ Class A Share total returns at net asset value (NAV) are compared with the performance of their corresponding market index and peer group average. A more detailed account of each Fund’s performance is provided later in this report.

What strategies were used to manage the Funds during the reporting period ended August 31, 2013? How did these strategies influence performance?

Nuveen Concentrated Core Fund

The Fund’s Class A Shares at NAV underperformed the Russell 1000^® Index and the comparative Lipper classification average during the reporting period from the Fund’s inception on June 17, 2013, through August 31, 2013.

The Fund was launched and became fully invested during the reporting period. The objective of the Fund is to seek long-term capital appreciation by investing in a highly concentrated portfolio of approximately 20 stocks of well-run companies. During the Fund’s initial invest up, the investment team selected securities using the same disciplined approach used with all of the Funds in the Large Cap Equity Series, which balances fundamental analysis with quantitative techniques. Starting with the securities found in the Russell 1000^® Index, which are primarily large-cap companies, and using a multi-factor quantitative ranking process to identify potential holdings, the investment team then applies a fundamental overlay from NAM’s 17 sector-specific analysts, using their unique industry perspectives to select holdings. The investment team seeks to invest primarily in companies that exhibit improving business fundamentals, strong management, identifiable catalysts and attractive valuations. We believe that buying such companies at reasonable prices can provide above market returns over time. We do not engage in market timing and momentum driven trading, instead we prefer to buy and hold companies that we believe can grow earnings and revenues throughout various business and market cycles.

During this abbreviated reporting period, results were mixed in technology, while the consumer discretionary and energy sectors were detractors. However, the Fund benefited from strong stock selection in the industrials sector.

The consumer discretionary sector struggled, but Time Warner Cable Company, a broadband cable systems provider aided performance results. Unfortunately, Target Corporation, the owner and operator of general merchandise stores across North America and Macy’s, Inc., the largest department store chain in the U.S. performed poorly during the reporting period.

For the industrials sector, our positions in Raytheon Company and Northrup Grumman Corporation proved particularly beneficial over this time frame. Raytheon is the leading designer and manufacturer of guided missiles, including the Tomahawk cruise missile. Global security company Northrop creates products and systems used in cyber security and computer intelligence for both government and commercial markets.


	6			Nuveen Investments

Nuveen Core Dividend Fund

The Fund’s Class A Shares at NAV outperformed the Russell 1000^® Index and the comparative Lipper classification average during the reporting period from the Fund’s inception on June 17, 2013, through August 31, 2013.

The Fund was launched and became fully invested during the reporting period. The objective of the Fund is to seek total return from dividend income and long-term capital appreciation by investing primarily in dividend paying equity securities. During the Fund’s initial invest up, the investment team selected securities using the same disciplined approach for managing all of the Funds in the Large Cap Equity Series, that balances fundamental analysis with quantitative techniques. Starting with the securities found in the Russell 1000^® Index and using a multi-factor quantitative ranking process to identify potential holdings, the investment team then applies a fundamental overlay from NAM’s 17 sector-specific analysts, using their unique industry perspectives to select holdings. The investment team seeks to invest primarily in companies that pay dividends and that exhibit improving business fundamentals, strong management, identifiable catalysts and attractive valuations and believe that buying such companies at reasonable prices can provide above market returns over time. We do not engage in market timing and momentum driven trading, instead we prefer to buy and hold companies that we believe can grow earnings and revenues throughout various business and market cycles.

During this abbreviated reporting period, strong stock selection in the industrial, technology and consumer discretionary sectors helped the Fund outperform its benchmark. However, select holdings in the energy sector were a drag on results.

In the industrials sector our positions in R.R. Donnelley & Sons Company and Pitney Bowes Inc. proved particularly beneficial. R.R. Donnelley is a provider of printing and related services. Pitney Bowes develops software, hardware and services to help companies grow their business by more effectively managing their physical and digital communications. Performance results were favorable in the technology sector. Harris Corporation a large contractor to the U.S. government and commercial markets and software development company Symantec Corporation contributed solid results. Also, in the consumer discretionary sector, electronics retailer Best Buy Company Inc. and video game retailer GameStop Corporation performed well during the reporting period.

Nuveen Equity Market Neutral Fund

The Fund’s Class A Shares at NAV outperformed the BofA/Merrill Lynch 3-Month U.S. Treasury Bill Index and its comparative Lipper classification average during the reporting period from the Fund’s inception on June 17, 2013, through August 31, 2013.

The Fund was launched and became fully invested during the reporting period. The objective of the Fund is to seek long term capital appreciation independent of the U.S. equity market’s direction by investing in long and short positions primarily of large capitalization stocks from U.S. companies. During the Fund’s initial invest up, the investment team selected securities using the same disciplined approach used with all of the Funds in the Large Cap Equity Series which balances fundamental analysis with quantitative techniques. Starting with the securities found in the Russell 1000^® Index and using a multi-factor quantitative ranking process to identify potential holdings, the investment team then applies a fundamental overlay from NAM’s 17 sector-specific analysts, using their unique industry perspectives to select holdings. We seek to invest in long positions of companies that exhibit improving business fundamentals, strong management, identifiable catalysts and attractive valuations. We believe that buying such companies at reasonable prices can provide above market returns over time. The management team will typically take long positions in companies it finds attractive and short positions in companies that it expects to underperform. The goal of this strategy is that, over time, the stock market exposure of the combined long and short positions will be minimized, producing a net return due primarily to stock selection, rather than stock market movements. Over longer periods of time, the Fund’s net exposure could fluctuate between net long 40% and net short 20%; however, under somewhat normal conditions, the Fund will carry a net long exposure slightly above zero percent (long market value versus short market value).


Nuveen Investments			7

During this abbreviated reporting period, the Fund outperformed its benchmark due to strong stock selection in the industrial, consumer discretionary and consumer staples sectors. Results were mixed in technology, while several stocks in the energy sector struggled.

In the industrials sector, the Fund’s long positions in Oshkosh Truck Corporation and Alliant Techsystems Inc. proved beneficial. Oshkosh is a designer and manufacturer of a broad variety of specialty vehicles and truck bodies used in defense, refuse hauling, fire and emergency, concrete placement and access equipment. Alliant Techsystems, the largest ammunitions maker in the world, is involved in the defense industry as well as the aerospace and sporting markets.

A number of positions in the consumer discretionary sector also performed well during the reporting period. The Fund benefited from owning long positions in leading electronics retailer Best Buy Company Inc., video game retailer GameStop Corporation as well as Lions Gate Entertainment Corporation, a North American entertainment company. Additionally, short positions in mid-range department chain operator J.C. Penney Company Inc. and homebuilder D.R. Horton Inc. proved helpful.

In the consumer staples sector, the Fund’s long position in Nu Skin Enterprises, Inc., a leading developer and marketer of anti-aging skincare products, contributed to performance.

Meanwhile, results were mixed in the technology sector where two beneficial long stocks were offset by two other weak long positions and several unsuccessful shorts. Favorable stock selection in the technology sector was led by long positions in Booz Allen Hamilton Holding Corporation and Brocade Communications Systems Inc. Booz Allen, one of America’s largest security contractors, provides its services to the defense, intelligence and civil areas of U.S. government. Brocade Communications supplies networking equipment to businesses. The two weak long holdings included semiconductor manufacturer Vishay Intertechnology Inc. and utility grade solar energy panel producer First Solar Inc. Also, short positions in Stratasys Ltd., a 3D printer for rapid prototyping and manufacturing, and Xilinx Inc., another semiconductor manufacturer, were detractors during the reporting period.

The energy sector was the Fund’s primary detractor during the reporting period, including a long position in Valero Energy Corporation and shorts in Pioneer Natural Resources Co. and Schlumberger Limited. Valero Energy engages in the refining and marketing of various transportation fuels. Pioneer Natural is a U.S.-based exploration and production (E&P) company focused on oil and natural gas and Schlumberger is a major supplier of equipment and services to companies in the E&P industry.

Nuveen Large Cap Core Fund

The Fund was launched and became fully invested during the reporting period. The objective of the Fund is to seek long term capital appreciation by investing primarily in stocks of well-run companies. During the Fund’s initial invest up, securities were selected using the same disciplined approach used with all of the Funds in the Large Cap Equity Series, which balances fundamental analysis with quantitative techniques. Starting with the securities in the Russell 1000^® Index, primarily large-cap companies, the investment team uses a multi-factor quantitative ranking process to identify potential holdings. The investment team then applies a fundamental overlay from NAM’s 17 sector-specific analysts, using their unique industry perspectives to select holdings. The investment team seeks to invest primarily in companies that exhibit improving business fundamentals, strong management, identifiable catalysts and attractive valuations. We believe that buying such companies at reasonable prices can provide above market returns over time. We do not engage in market timing and momentum driven trading, instead we prefer to buy and hold companies that we believe can grow earnings and revenues throughout various business and market cycles.


	8			Nuveen Investments

During this abbreviated reporting period, the Fund outperformed its benchmark due to strong stock selection in the industrial, technology and consumer discretionary sectors. However, select stocks within the energy sector were a drag on results.

In the industrials sector, our positions in Oshkosh Corporation, Alliant Techsystems Inc. and Pitney Bowes Inc. proved beneficial. Oshkosh is a designer and manufacturer of a broad variety of specialty vehicles and truck bodies used in defense, refuse hauling, fire and emergency, concrete placement and access equipment. Alliant Techsystems, the largest ammunitions maker in the world, is involved in the defense industry as well as the aerospace and sporting markets. Pitney Bowes develops software, hardware and services to help companies grow their business by more effectively managing their physical and digital communications.

Favorable stock selection in the technology sector was led by positions in Booz Allen Hamilton Holding Corporation and Symantec Corporation. Booz Allen, one of America’s largest security contractors, provides its services to the defense, intelligence and civil areas of U.S. government. Software company Symantec specializes in creating security programs such as Norton AntiVirus.

Meanwhile, the Fund benefited from it positions within the consumer discretionary sector owning both leading electronics retailer Best Buy Company Inc. and video game retailer GameStop Corporation.

Nuveen Large Cap Core Plus Fund

The Fund was launched and became fully invested during the reporting period. The objective of the Fund is to seek long term capital appreciation by investing in both long and short positions primarily of large capitalization stocks from U.S. companies. During the Fund’s initial invest up, the investment team selected securities using the same disciplined approach used with all of the Funds in the Large Cap Equity Series, which balances fundamental analysis with quantitative techniques. Starting with the securities in the Russell 1000^® Index, primarily large-cap companies, the investment team uses a multi-factor quantitative ranking process to identify potential holdings. The investment team then applies a fundamental overlay from NAM’s 17 sector-specific analysts, using their unique industry perspectives to select holdings. The investment team will typically take long positions in companies it finds as attractive and short positions in companies that it believes will underperform. The team expects the Fund to maintain approximately 100% net long exposure to the equity market (long market value versus short market value); however, the long and short positions will vary in size as market conditions change. We seek to invest primarily in companies that exhibit improving business fundamentals, strong management, identifiable catalysts and attractive valuations. We believe that buying such companies at reasonable prices can provide above market returns over time. We do not engage in market timing and momentum driven trading, instead we prefer to buy and hold companies that we believe can grow earnings and revenues throughout various business and market cycles.

During this abbreviated reporting period, the Fund outperformed its benchmark due to strong stock selection in the industrial and consumer discretionary sectors. Results were mixed in health care, while the energy sector detracted from performance.

In the industrials sector our positions in Oshkosh Truck Corporation, Alliant Techsystems Inc. and Pitney Bowes Inc. proved beneficial. Oshkosh is a designer and manufacturer of a broad variety of specialty vehicles and truck bodies. Alliant Techsystems, the largest ammunitions maker in the world, is involved in the defense industry. Pitney Bowes develops software, hardware and services to help companies grow their business by more effectively managing their physical and digital communications.


Nuveen Investments			9

Retail positions in the consumer discretionary sector also performed well during the reporting period. The Fund benefited from owning long positions in both leading electronics retailer Best Buy Company Inc. and video game retailer GameStop Corporation. Also, a short position in mid-range department chain operator J.C. Penney Company Inc. proved helpful.

Nuveen Large Cap Growth Fund

The Fund’s Class A Shares at NAV outperformed the Russell 1000^® Growth Index and the comparative Lipper classification average during the reporting period from the Fund’s inception on June��17, 2013, through August 31, 2013.

The Fund was launched and became fully invested during the reporting period. The objective of the Fund is to seek long term capital appreciation by investing primarily in stocks of well-run companies that exhibit above average growth potential. During the Fund’s initial invest up, the investment team selected securities using the same disciplined approach used with all of the Funds in the Large Cap Equity Series, which balances fundamental analysis with quantitative techniques. Starting with the securities in the Russell 1000^® Growth Index, primarily large cap growth oriented companies, the investment team uses a multi-factor quantitative ranking process to identify potential holdings for the Fund’s portfolio. The investment team then applies a fundamental overlay from NAM’s 17 sector-specific analysts, using their unique industry perspectives to select growth oriented holdings. The investment team seeks to invest primarily in companies that exhibit improving business fundamentals, strong management, identifiable catalysts and attractive valuations. We believe that buying such companies at reasonable prices can provide above-market returns over time. We do not engage in market timing and momentum-driven trading, instead we prefer to buy and hold companies that we believe can grow earnings and revenues throughout various business and market cycles.

During this abbreviated reporting period, the Fund benefited from strong stock selection in the industrial, consumer staples and consumer discretionary sectors. Select stocks within the technology sector and an underweight in the energy sector hindered results.

In the industrials sector, positions in Pitney Bowes Inc. and Cummins Inc. proved particularly beneficial during the reporting period. Pitney Bowes is a provider of software and hardware. Cummins manufactures, distributes and services diesel and natural gas engines, as well as other engine-related systems.

Stock selection was favorable in both of the consumer sectors. In consumer staples, the Fund’s position in Nu Skin Enterprises, Inc. helped, as did its underweight stance in the sector. Nu Skin is a leading developer and marketer of anti-aging skincare products. In consumer discretionary, the Fund produced strong results from Best Buy Company Inc. and Lions Gate Entertainment Corporation. Best Buy is a leading U.S. electronics retailer. Lions Gate is a North American entertainment company.

Meanwhile, results were mixed in the technology sector. IBM, one of world’s largest computer hardware and software development companies, benefited performance along with positive performance contribution from Booz Allen Hamilton Holding Corporation, one of America’s largest security contractors. Offsetting this performance was Oracle Corporation. Oracle develops and markets enterprise software and computer hardware products.

Risk Considerations

Nuveen Concentrated Core Fund

Mutual fund investing involves risk; principal loss is possible. There is no guarantee the Fund’s investment objectives will be achieved. The value of equity securities may decline significantly over short or extended periods of time. The Fund is non-diversified, meaning it may invest a larger portion of its assets in the securities of a limited number of issuers and may be more sensitive to any single economic, business, political or regulatory occurrence than a diversified fund. More information on these risks considerations, as well as information on other risks to which the Fund is subject, such as futures contract and large cap stock risks, are included in the Fund’s prospectus.


	10			Nuveen Investments

Nuveen Core Dividend Fund

Mutual fund investing involves risk; principal loss is possible. There is no guarantee the Fund’s investment objectives will be achieved, including income from dividends. The value of equity securities may decline significantly over short or extended periods of time. More information on these risks considerations, as well as information on other risks to which the Fund is subject, such as futures contract and large cap stock risks, are included in the Fund’s prospectus.

Nuveen Equity Market Neutral Fund

Mutual fund investing involves risk; principal loss is possible. There is no guarantee the Fund’s investment objectives will be achieved. Prices of equity securities may change significantly over short or extended periods of time. The Fund sells securities that it has borrowed but does not own (“short sales”), which is a speculative technique. The Fund will suffer a loss when the price of a security that it holds long decreases or the price of a security that it has sold short increases. Because the Fund attempts to generate returns that are primarily due to stock selection (long and short), rather than the returns of the stock market, performance will be more dependent on the portfolio manager acumen than is the case for other equity funds. Losses on short sales arise from increases in the value of the security sold short, and therefore are theoretically unlimited. Because the Fund invests in both long and short equity positions, the Fund has overall exposure to changes in value of equity securities that is far greater than its net asset value. This may magnify gains and losses and increase the volatility of the Fund’s returns. In addition, the use of short sales will increase the Fund’s expenses. More information on these risks considerations, as well as information on other risks to which the Fund is subject, such as frequent trading, futures contract and large cap stock risks, are included in the Fund’s prospectus.

Nuveen Large Cap Core Fund

Nuveen Large Cap Core Plus Fund

Mutual fund investing involves risk; principal loss is possible. There is no guarantee the Fund’s investment objectives will be achieved. Prices of equity securities may change significantly over short or extended periods of time. The Fund sells securities that it has borrowed but does not own (“short sales”), which is a speculative technique. The Fund will suffer a loss when the price of a security that it holds long decreases or the price of a security that it has sold short increases. Losses on short sales arise from increases in the value of the security sold short, and therefore are theoretically unlimited. Because the Fund invests in both long and short equity positions, the Fund has overall exposure to changes in value of equity securities that is far greater than its net asset value. This may magnify gains and losses and increase the volatility of the Fund’s returns. In addition, the use of short sales will increase the Fund’s expenses. More information on these risks considerations, as well as information on other risks to which the Fund is subject, such as frequent trading, futures contract and large cap stock risks, are included in the Fund’s prospectus.

Nuveen Large Cap Growth Fund

Mutual fund investing involves risk; principal loss is possible. There is no guarantee the Fund’s investment objectives will be achieved. The value of equity securities may decline significantly over short or extended periods of time. More information on these risks considerations, as well as information on other risks to which the Fund is subject, such as futures contract, growth stock and large cap stock risks, are included in the Fund’s prospectus.


Nuveen Investments			11

[THIS PAGE INTENTIONALLY LEFT BLANK]


	12			Nuveen Investments

Fund Performance and Expense Ratios

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

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.


Nuveen Investments			13

Fund Performance and Expense Ratios (continued)

Nuveen Concentrated Core 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

Total Returns as of August 31, 2013



	Cumulative

	Since Inception*
Class A Shares at NAV		-1.70%
Class A Shares at maximum Offering Price		-7.35%
Russell 1000^® Index**		0.53%
Lipper Large-Cap Core Funds Classification Average**		0.13%

Class C Shares		-1.85%
Class I Shares		-1.65%

Total Returns as of September 30, 2013 (Most Recent Calendar Quarter)



	Cumulative

	Since Inception*
Class A Shares at NAV		0.70%
Class A Shares at maximum Offering Price		-5.09%
Class C Shares		0.45%
Class I Shares		0.75%

Expense Ratios as of Most Recent Prospectus



	Gross Expense Ratios		Net Expense Ratios
Class A Shares		1.34%		1.25%
Class C Shares		2.09%		2.00%
Class I Shares		1.09%		1.00%

The Fund’s investment adviser has agreed to waive fees and/or reimburse expenses through July 31, 2016 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 1.00% of the average daily net assets of any class of Fund shares. The expense limitation expiring July 31, 2016 may be terminated or modified prior to that date only with the approval of the Board of Trustees of the Fund.

*	Since inception return is from 6/17/13.

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


	14			Nuveen Investments

Growth of an Assumed $10,000 Investment as of August 31, 2013 – Class A Shares

LOGO

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


Nuveen Investments			15

Fund Performance and Expense Ratios (continued)

Nuveen Core Dividend 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

Total Returns as of August 31, 2013



		Cumulative

	Since Inception*
Class A Shares at NAV		1.60%
Class A Shares at maximum Offering Price		-4.24%
Russell 1000^® Index**		0.53%
Lipper Equity Income Funds Classification Average**		-0.59%

Class C Shares		1.40%
Class I Shares		1.60%

Total Returns as of September 30, 2013 (Most Recent Calendar Quarter)



		Cumulative

	Since Inception*
Class A Shares at NAV		5.09%
Class A Shares at maximum Offering Price		-0.95%
Class C Shares		4.80%
Class I Shares		5.11%

Expense Ratios as of Most Recent Prospectus



	Gross Expense Ratios		Net Expense Ratios
Class A Shares		1.24%		1.20%
Class C Shares		1.99%		1.95%
Class I Shares		0.99%		0.95%

The Fund’s investment adviser has agreed to waive fees and/or reimburse expenses through July 31, 2016 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 July 31, 2016 may be terminated or modified prior to that date only with the approval of the Board of Trustees of the Fund.

*	Since inception return is from 6/17/13.

**	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 August 31, 2013 – Class A Shares

LOGO

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 Equity Market Neutral 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

Total Returns as of August 31, 2013



		Cumulative

	Since Inception*
Class A Shares at NAV		2.65%
Class A Shares at maximum Offering Price		-3.25%
BofA/Merrill Lynch 3-Month U.S. Treasury Bill Index**		0.02%
Lipper Equity Market Neutral Funds Classification Average**		-0.20%

Class C Shares		2.50%
Class I Shares		2.70%

Total Returns as of September 30, 2013 (Most Recent Calendar Quarter)



		Cumulative

	Since Inception*
Class A Shares at NAV		2.75%
Class A Shares at maximum Offering Price		-3.16%
Class C Shares		2.55%
Class I Shares		2.80%

Expense Ratios as of Most Recent Prospectus



	Gross Expense Ratios		Net Expense Ratios
Class A Shares		3.45%		3.31%
Class C Shares		4.20%		4.06%
Class I Shares		3.20%		3.06%

The Fund’s investment adviser has agreed to waive fees and/or reimburse expenses through July 31, 2016 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 (including prime broker fees and charges on short sales), dividend expense on securities sold short and extraordinary expenses) do not exceed 1.40% of the average daily net assets of any class of Fund shares. The expense limitation expiring July 31, 2016 may be terminated or modified prior to that date only with the approval of the Board of Trustees of the Fund.

*	Since inception returns are from 6/17/13.

**	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 August 31, 2013 – Class A Shares

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The graph does 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 Large Cap Core 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

Total Returns as of August 31, 2013



		Cumulative

	Since Inception*
Class A Shares at NAV		2.45%
Class A Shares at maximum Offering Price		-3.44%
Russell 1000^® Index**		0.53%
Lipper Large-Cap Core Funds Classification Average**		0.13%

Class C Shares		2.30%
Class I Shares		2.50%

Total Returns as of September 30, 2013 (Most Recent Calendar Quarter)



		Cumulative

	Since Inception*
Class A Shares at NAV		6.05%
Class A Shares at maximum Offering Price		-0.05%
Class C Shares		5.80%
Class I Shares		6.15%

Expense Ratios as of Most Recent Prospectus



	Gross Expense Ratio		Expense Ratios
Class A Shares		1.24%		1.20%
Class C Shares		1.99%		1.95%
Class I Shares		0.99%		0.95%

The Fund’s investment adviser has agreed to waive fees and/or reimburse expenses through July 31, 2016 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 July 31, 2016 may be terminated or modified prior to that date only with the approval of the Board of Trustees of the Fund.

*	Since inception return is from 6/17/2013.

**	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 August 31, 2013 – Class A Shares

LOGO

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


Nuveen Investments			21

Fund Performance and Expense Ratios (continued)

Nuveen Large Cap Core Plus 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

Total Returns as of August 31, 2013



	Cumulative

	Since Inception*
Class A Shares at NAV		2.70%
Class A Shares at maximum Offering Price		-3.21%
Russell 1000^® Index**		0.53%
Lipper Large-Cap Core Funds Classification Average**		0.13%

Class C Shares		2.60%
Class I Shares		2.80%

Total Returns as of September 30, 2013 (Most Recent Calendar Quarter)



	Cumulative

	Since Inception*
Class A Shares at NAV		5.70%
Class A Shares at maximum Offering Price		-0.38%
Class C Shares		5.50%
Class I Shares		5.80%

Expense Ratios as of Most Recent Prospectus



	Gross Expense Ratio		Expense Ratios
Class A Shares		2.29%		2.10%
Class C Shares		3.04%		2.85%
Class I Shares		2.04%		1.85%

The Fund’s investment adviser has agreed to waive fees and/or reimburse expenses through July 31, 2016 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 (including prime broker fees and charges on short sales), dividend expense on securities sold short and extraordinary expenses) do not exceed 1.25% of the average daily net assets of any class of Fund shares. The expense limitation expiring July 31, 2016 may be terminated or modified prior to that date only with the approval of the Board of Trustees of the Fund.

*	Since inception returns are from 6/17/13.

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


	22			Nuveen Investments

Growth of an Assumed $10,000 Investment as of August 31, 2013 – Class A Shares

LOGO

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


Nuveen Investments			23

Fund Performance and Expense Ratios (continued)

Nuveen Large Cap Growth 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

Total Returns as of August 31, 2013



	Cumulative

	Since Inception*
Class A Shares at NAV		2.95%
Class A Shares at maximum Offering Price		-2.97%
Russell 1000^® Growth Index**		1.29%
Lipper Large-Cap Growth Funds Classification Average**		2.16%

Class C Shares		2.80%
Class I Shares		3.00%

Total Returns as of September 30, 2013 (Most Recent Calendar Quarter)



		Cumulative

	Since Inception*
Class A Shares at NAV		7.50%
Class A Shares at maximum Offering Price		1.32%
Class C Shares		7.30%
Class I Shares		7.60%

Expense Ratios as of Most Recent Prospectus



	Gross Expense Ratios		Net Expense Ratios
Class A Shares		1.24%		1.20%
Class C Shares		1.99%		1.95%
Class I Shares		0.99%		0.95%

The Fund’s investment adviser has agreed to waive fees and/or reimburse expenses through July 31, 2016 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 July 31, 2016 may be terminated or modified prior to that date only with the approval of the Board of Trustees of the Fund.

*	Since inception returns are from 6/17/13.

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


	24			Nuveen Investments

Growth of an Assumed $10,000 Investment as of August 31, 2013 – Class A Shares

LOGO

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			25

Holding Summaries as of August 31, 2013

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

Nuveen Concentrated Core Fund


Portfolio Allocation¹
Common Stocks			95.0%
Other²			5.0%


Portfolio Composition¹
Aerospace & Defense			14.4%
Computers & Peripherals			9.8%
Media			9.8%
Health Care Equipment & Supplies			9.6%
Health Care Providers & Services			9.5%
Multiline Retail			9.1%
Specialty Retail			5.0%
Pharmaceuticals			4.9%
Software			4.8%
Diversified Financial Services			4.8%
Consumer Finance			4.5%
Other³			13.8%


Top Five Common Stock Holdings¹
Boeing Company			5.3%
Cardinal Health Inc.			5.1%
Direct TV			5.1%
Gap Inc.			5.0%
Western Digital Corporation			5.0%

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

2	Other assets less liabilities.

3	Includes other assets less liabilities and all industries less than 4.5% of net assets.


	26			Nuveen Investments

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

Nuveen Core Dividend Fund


Portfolio Allocation¹
Common Stocks			98.5%
Other²			1.5%


Portfolio Composition¹
Media			6.1%
Hotels, Restaurants & Leisure			5.1%
Diversified Telecommunication Services			4.9%
Pharmaceuticals			4.7%
Computers & Peripherals			4.5%
Aerospace & Defense			4.0%
Oil, Gas & Consumable Fuels			3.9%
Health Care Equipment & Supplies			3.8%
Specialty Retail			3.6%
Software			3.6%
Health Care Providers & Services			3.3%
Diversified Financial Services			3.2%
Tobacco			3.0%
Insurance			2.9%
Commercial Services & Supplies			2.8%
Communications Equipment			2.8%
Beverages			2.6%
Capital Markets			2.5%
Road & Rail			2.4%
Auto Components			2.1%
Semiconductors & Equipment			1.9%
Containers & Packaging			1.8%
Real Estate Investment Trust			1.8%
Household Durables			1.8%
Machinery			1.7%
Diversified Consumer Services			1.7%
Airlines			1.6%
IT Services			1.5%
Other³			14.4%


Top Five Common Stock Holdings¹
Microsoft Corporation			2.5%
JPMorgan Chase			2.1%
PepsiCo Inc.			1.9%
Cisco Systems Inc.			1.8%
Verizon Communications			1.7%

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

2	Other assets less liabilities.

3	Includes other assets less liabilities and all industries less than 1.5% of net assets.


Nuveen Investments			27

Holding Summaries (continued) as of August 31, 2013

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

Nuveen Equity Market Neutral Fund


Portfolio Allocation¹
Common Stocks (Long Exposure)			80.7%
Short-Term Investments			60.6%
Common Stocks Sold Short (Short Exposure)			(74.5)%
Other²			33.2%


Portfolio Composition – Common Stocks^1,5
Media			5.5%
Machinery			5.0%
Hotels, Restaurants & Leisure			4.9%
Health Care Equipment & Supplies			4.4%
Insurance			4.0%
Specialty Retail			3.7%
Aerospace & Defense			3.4%
Electronic Equipment & Instruments			3.4%
Semiconductors & Equipment			3.1%
Computers & Peripherals			2.8%
Health Care Providers & Services			2.7%
Communications Equipment			2.6%
Containers & Packaging			2.5%
Diversified Financial Services			2.4%
IT Services			1.9%
Internet Software & Services			1.9%
Construction & Engineering			1.9%
Auto Components			1.8%
Oil, Gas & Consumable Fuels			1.8%
Automobiles			1.7%
Diversified Telecommunication Services			1.7%
Household Durables			1.6%
Beverages			1.5%
Multiline Retail			1.5%
Other³			13.0%


Top Five Common Stock Holdings¹
MRC Global Inc.			1.0%
Visteon Corporation			1.0%
Western Digital Corporation			1.0%
Gannett Company Inc.			1.0%
Time Warner Cable			1.0%


Portfolio Composition – Common Stocks Sold Short¹^,5
Oil, Gas & Consumable Fuels			(6.7)%
Specialty Retail			(5.3)%
Electric Utilities			(5.2)%
Metals & Mining			(3.1)%
Multi-Utilities			(2.9)%
Food Products			(2.7)%
Multiline Retail			(2.6)%
Biotechnology			(2.6)%
IT Services			(2.4)%
Energy Equipment & Services			(2.3)%
Software			(2.2)%
Communications Equipment			(2.1)%
Computers & Peripherals			(1.8)%
Machinery			(1.8)%
Household Durables			(1.8)%
Commercial Banks			(1.8)%
Aerospace & Defense			(1.8)%
Chemicals			(1.7)%
Construction Materials			(1.5)%
Textiles, Apparel & Luxury Goods			(1.5)%
Other⁴			(20.7)%


Top Five Common Stocks Sold Short¹
Stratasys Inc.			(1.0)%
Procter & Gamble Company			(0.9)%
Tahoe Resources Inc.			(0.9)%
Tidewater Inc.			(0.9)%
Consolidated Edison Inc.			(0.9)%

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

2	Other assets less liabilities.

3	Other includes all industries less than 1.5% of net assets.

4	Other includes all industries less than (1.5)% of net assets.

5	Percentages will not total to 100%.


	28			Nuveen Investments

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

Nuveen Large Cap Core Fund


Portfolio Allocation¹
Common Stocks			98.3%
Other²			1.7%


Portfolio Composition¹
Media			7.8%
Insurance			6.6%
Aerospace & Defense			6.6%
Pharmaceuticals			5.1%
Machinery			5.0%
Computers & Peripherals			4.7%
Health Care Providers & Services			4.5%
Specialty Retail			4.5%
Communications Equipment			3.7%
Diversified Financial Services			3.7%
Software			3.6%
Health Care Equipment & Supplies			3.4%
Auto Components			3.3%
Industrial Conglomerates			3.1%
Beverages			2.5%
Semiconductors & Equipment			2.0%
Household Durables			2.0%
Containers & Packaging			1.9%
Hotels, Restaurants & Leisure			1.9%
Commercial Services & Supplies			1.9%
Multiline Retail			1.8%
Oil, Gas & Consumable Fuels			1.7%
Road & Rail			1.6%
Household Products			1.3%
Capital Markets			1.3%
Other³			14.5%


Top Five Common Stock Holdings¹
Microsoft Corporation			2.6%
JPMorgan Chase			2.0%
Pfizer Inc.			1.9%
Cisco Systems Inc.			1.7%
Apple Inc.			1.6%

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

2	Other assets less liabilities.

3	Includes other assets less liabilities and all industries less than 1.3% of net assets.


Nuveen Investments			29

Holding Summaries (continued) as of August 31, 2013

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

Nuveen Large Cap Core Plus Fund


Portfolio Allocation¹
Common Stocks (Long Exposure)			108.1%
Common Stocks Sold Short (Short Exposure)			(25.1)%
Other²			17.0%


Portfolio Composition – Common Stocks^1,5
Media			8.9%
Insurance			6.9%
Aerospace & Defense			6.7%
Pharmaceuticals			5.3%
Computers & Peripherals			5.2%
Machinery			5.1%
Health Care Providers & Services			4.5%
Diversified Consumer Services			4.3%
Communications Equipment			4.0%
Specialty Retail			4.0%
Health Care Equipment & Supplies			3.7%
Software			3.6%
Industrial Conglomerates			3.4%
Auto Components			3.2%
Oil, Gas & Consumable Fuels			3.0%
Hotels, Restaurants & Leisure			2.6%
Commercial Services & Supplies			2.5%
Beverages			2.5%
Airlines			2.3%
Semiconductors & Equipment			2.1%
Containers & Packaging			2.0%
Household Durables			1.9%
Multiline Retail			1.8%
Internet Software & Services			1.6%
Electronic Equipment & Instruments			1.5%
Other³			15.5%


Top Five Common Stock Holdings¹
Microsoft Corporation			2.6%
JPMorgan Chase			2.0%
Pfizer Inc.			1.9%
Cisco Systems Inc.			1.9%
Apple Inc.			1.8%


Portfolio Composition – Common Stocks Sold Short^1,5
Oil, Gas & Consumable Fuels			(2.8)%
Electric Utilities			(2.1)%
Biotechnology			(1.4)%
Chemicals			(1.2)%
Energy Equipment & Services			(1.1)%
Semiconductors & Equipment			(1.0)%
Commercial Banks			(0.9)%
Multi-Utilities			(0.8)%
Food Products			(0.8)%
Specialty Retail			(0.7)%
Metals & Mining			(0.7)%
Pharmaceuticals			(0.7)%
Multiline Retail			(0.7)%
Software			(0.7)%
IT Services			(0.5)%
Communications Equipment			(0.5)%
Aerospace & Defense			(0.5)%
Machinery			(0.5)%
Household Durables			(0.5)%
Household Products			(0.5)%
Computers & Peripherals			(0.5)%
Insurance			(0.4)%
Electronic Equipment & Instruments			(0.4)%
Diversified Financial Services			(0.4)%
Health Care Equipment & Supplies			(0.4)%
Other⁴			(4.4)%


Top Five Common Stocks Sold Short¹
International Business Machines Corporation (IBM)			(0.3)%
Salesforce.com, Inc.,			(0.3)%
Pioneer Natural Resources Company			(0.3)%
Air Products & Chemicals Inc.			(0.3)%
Tesla Motors Inc.			(0.3)%

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

2	Other assets less liabilities.

3	Other includes all industries less than 1.5% of net assets.

4	Other includes all industries less than (0.4)% of net assets.

5	Percentages will not total to 100%.


	30			Nuveen Investments

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

Nuveen Large Cap Growth Fund


Portfolio Allocation¹
Common Stocks			97.9%
Other²			2.1%


Portfolio Composition¹
Media			9.1%
Machinery			6.5%
Software			5.7%
Hotels, Restaurants & Leisure			4.4%
Computers & Peripherals			4.1%
Containers & Packaging			3.9%
Pharmaceuticals			3.9%
Aerospace & Defense			3.6%
Diversified Telecommunication Services			3.4%
Health Care Equipment & Supplies			3.3%
Biotechnology			3.2%
IT Services			3.2%
Specialty Retail			2.9%
Multiline Retail			2.9%
Industrial Conglomerates			2.8%
Insurance			2.8%
Health Care Providers & Services			2.5%
Auto Components			2.3%
Electrical Equipment			2.1%
Diversified Financial Services			2.0%
Diversified Consumer Services			1.8%
Road & Rail			1.8%
Household Durables			1.8%
Other³			20.0%


Top Five Common Stock Holdings¹
Microsoft Corporation			4.2%
Verizon Communications Inc.			2.4%
Apple Inc.			1.9%
Boeing Company			1.9%
Union Pacific Corporation			1.8%

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

2	Other assets less liabilities.

3	Includes other assets less liabilities and all industries less than 1.8% of net assets.


Nuveen Investments			31

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. Since the expense examples for all of the Funds’ reflect only the first 76 days of the Funds’ operations, they may not provide a meaningful understanding of the Funds’ ongoing expenses.

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

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 Concentrated Core Fund


							Hypothetical Performance
	Actual Performance						(5% annualized return before expenses)
	A Shares		C Shares		I Shares		A Shares		C Shares		I Shares
Beginning Account Value (6/17/13)	$	1,000.00	$	1,000.00	$	1,000.00	$	1,000.00	$	1,000.00	$	1,000.00
Ending Account Value (8/31/13)	$	983.00	$	981.50	$	983.50	$	1,007.89	$	1,006.31	$	1,008.39
Expenses Incurred During Period	$	2.50	$	4.06	$	2.00	$	2.53	$	4.11	$	2.03

For each class of the Fund, expenses are equal to the Fund’s annualized net expense ratio of 1.21%, 1.97% and .97% for Classes A, C and I, respectively, multiplied by the average account value over the period, multiplied by 76/365 (to reflect the 76 days in the period since commencement of operations).

Nuveen Core Dividend Fund


							Hypothetical Performance
	Actual Performance						(5% annualized return before expenses)
	A Shares		C Shares		I Shares		A Shares		C Shares		I Shares
Beginning Account Value (6/17/13)	$	1,000.00	$	1,000.00	$	1,000.00	$	1,000.00	$	1,000.00	$	1,000.00
Ending Account Value (8/31/13)	$	1,016.00	$	1,014.00	$	1,016.00	$	1,007.97	$	1,006.41	$	1,008.50
Expenses Incurred During Period	$	2.46	$	4.03	$	1.93	$	2.45	$	4.01	$	1.92

For each class of the Fund, expenses are equal to the Fund’s annualized net expense ratio of 1.17%, 1.92% and .92% for Classes A, C and I, respectively, multiplied by the average account value over the period, multiplied by 76/365 (to reflect the 76 days in the period since commencement of operations).

Nuveen Equity Marketing Neutral Fund


							Hypothetical Performance
	Actual Performance						(5% annualized return before expenses)
	A Shares		C Shares		I Shares		A Shares		C Shares		I Shares
Beginning Account Value (6/17/13)	$	1,000.00	$	1,000.00	$	1,000.00	$	1,000.00	$	1,000.00	$	1,000.00
Ending Account Value (8/31/13)	$	1,026.50	$	1,025.00	$	1,027.00	$	1,004.48	$	1,003.29	$	1,005.58
Expenses Incurred During Period	$	6.01	$	7.21	$	4.90	$	5.95	$	7.13	$	4.84

For each class of the Fund, expenses are equal to the Fund’s annualized net expense ratio of 2.85%, 3.42% and 2.32% for Classes A, C and I, respectively, multiplied by the average account value over the period, multiplied by 76/365 (to reflect the 76 days in the period since commencement of operations).


	32			Nuveen Investments

Nuveen Large Cap Core Fund


							Hypothetical Performance
	Actual Performance						(5% annualized return before expenses)
	A Shares		C Shares		I Shares		A Shares		C Shares		I Shares
Beginning Account Value (6/17/13)	$	1,000.00	$	1,000.00	$	1,000.00	$	1,000.00	$	1,000.00	$	1,000.00
Ending Account Value (8/31/13)	$	1,024.50	$	1,023.00	$	1,025.00	$	1,007.97	$	1,006.41	$	1,008.50
Expenses Incurred During Period	$	2.47	$	4.04	$	1.94	$	2.45	$	4.01	$	1.92

Nuveen Large Cap Core Plus Fund


							Hypothetical Performance
	Actual Performance						(5% annualized return before expenses)
	A Shares		C Shares		I Shares		A Shares		C Shares		I Shares
Beginning Account Value (6/17/13)	$	1,000.00	$	1,000.00	$	1,000.00	$	1,000.00	$	1,000.00	$	1,000.00
Ending Account Value (8/31/13)	$	1,027.00	$	1,026.00	$	1,028.00	$	1,006.27	$	1,004.87	$	1,006.95
Expenses Incurred During Period	$	4.20	$	5.61	$	3.50	$	4.16	$	5.55	$	3.47

For each class of the Fund, expenses are equal to the Fund’s annualized net expense ratio of 1.99%, 2.66% and 1.66% for Classes A, C and I, respectively, multiplied by the average account value over the period, multiplied by 76/365 (to reflect the 76 days in the period since commencement of operations).

Nuveen Large Cap Growth Fund


							Hypothetical Performance
	Actual Performance						(5% annualized return before expenses)
	A Shares		C Shares		I Shares		A Shares		C Shares		I Shares
Beginning Account Value (6/17/13)	$	1,000.00	$	1,000.00	$	1,000.00	$	1,000.00	$	1,000.00	$	1,000.00
Ending Account Value (8/31/13)	$	1,029.50	$	1,028.00	$	1,030.00	$	1,008.02	$	1,006.43	$	1,008.50
Expenses Incurred During Period	$	2.43	$	4.03	$	1.94	$	2.40	$	3.99	$	1.92

For each class of the Fund, expenses are equal to the Fund’s annualized net expense ratio of 1.15%, 1.91% and .92% for Classes A, C and I, respectively, multiplied by the average account value over the period, multiplied by 76/365 (to reflect the 76 days in the period since commencement of operations).


Nuveen Investments			33

Report of

Independent Registered Public Accounting Firm

The Board of Trustees and Shareholders of

Nuveen Concentrated Core Fund

Nuveen Core Dividend Fund

Nuveen Equity Market Neutral Fund

Nuveen Large Cap Core Fund

Nuveen Large Cap Core Plus Fund

Nuveen Large Cap Growth Fund

We have audited the accompanying statements of assets and liabilities, including the portfolios of investments, of Nuveen Concentrated Core Fund, Nuveen Core Dividend Fund, Nuveen Equity Market Neutral Fund, Nuveen Large Cap Core Fund, Nuveen Large Cap Core Plus Fund, and Nuveen Large Cap Growth Fund (six of the funds constituting the Nuveen Investment Trust) (the “Funds”) as of August 31, 2013, and the related statements of operations, statements of changes in net assets, and the financial highlights for the period from June 17, 2013 (commencement of operations) through August 31, 2013. These financial statements and financial highlights are the responsibility of the Funds’ management. Our responsibility is to express an opinion on these financial statements and financial highlights based on our audits.

We conducted our audits 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 and financial highlights are free of material misstatement. We were not engaged to perform an audit of the Funds’ internal control over financial reporting. Our audits included consideration of internal control over financial reporting as a basis for designing audit procedures that are appropriate in the circumstances, but not for the purpose of expressing an opinion on the effectiveness of the Funds’ internal control over financial reporting. Accordingly, we express no such opinion. An audit also includes examining, on a test basis, evidence supporting the amounts and disclosures in the financial statements and financial highlights, assessing the accounting principles used and significant estimates made by management, and evaluating the overall financial statement presentation. Our procedures included confirmation of securities owned as of August 31, 2013, by correspondence with the custodian and brokers or by other appropriate auditing procedures where replies from brokers were not received. We believe that our audits provide a reasonable basis for our opinion.

In our opinion, the financial statements and financial highlights referred to above present fairly, in all material respects, the financial positions of Nuveen Concentrated Core Fund, Nuveen Core Dividend Fund, Nuveen Equity Market Neutral Fund, Nuveen Large Cap Core Fund, Nuveen Large Cap Core Plus Fund, and Nuveen Large Cap Growth Fund at August 31, 2013, and the results of their operations, the changes in their net assets, and the financial highlights for the period from June 17, 2013 (commencement of operations) through August 31, 2013, in conformity with U.S. generally accepted accounting principles.

/s/Ernst & Young LLP

Chicago, Illinois

October 28, 2013


	34			Nuveen Investments

Portfolio of Investments

Nuveen Concentrated Core Fund

August 31, 2013


Shares		Description (1)	Value
		LONG-TERM INVESTMENTS

		COMMON STOCKS – 95.0%

		Aerospace & Defense – 14.4%

	700	Boeing Company	$	72,744

	700	Northrop Grumman Corporation		64,589

	800	Raytheon Company		60,328
		Total Aerospace & Defense		197,661
		Auto Components – 4.4%

	1,100	Delphi Automotive PLC		60,522
		Capital Markets – 4.4%

	400	Goldman Sachs Group, Inc.		60,852
		Computers & Peripherals – 9.8%

	3,000	Hewlett-Packard Company		67,020

	1,100	Western Digital Corporation		68,200
		Total Computers & Peripherals		135,220
		Consumer Finance – 4.5%

	1,300	Discover Financial Services		61,425
		Diversified Financial Services – 4.8%

	1,300	JPMorgan Chase		65,689
		Health Care Equipment & Supplies – 9.6%

	1,900	Abbott Laboratories		63,327

	700	Becton, Dickinson and Company		68,166
		Total Health Care Equipment & Supplies		131,493
		Health Care Providers & Services – 9.5%

	1,400	Cardinal Health, Inc.		70,392

	500	McKesson HBOC Inc.		60,705
		Total Health Care Providers & Services		131,097
		Media – 9.8%

	1,200	DirecTV, (2)		69,816

	600	Time Warner Cable, Class A		64,410
		Total Media		134,226
		Multiline Retail – 9.1%

	1,400	Macy’s, Inc.		62,202

	1,000	Target Corporation		63,310
		Total Multiline Retail		125,512
		Pharmaceuticals – 4.9%

	1,300	Eli Lilly and Company		66,820
		Software – 4.8%

	2,000	Microsoft Corporation		66,800
		Specialty Retail – 5.0%

	1,700	Gap, Inc.		68,748
		Total Long-Term Investments (cost $1,334,761) – 95.0%		1,306,065
		Other Assets Less Liabilities – 5.0%		68,643
		Net Assets – 100%	$	1,374,708


				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.

See accompanying notes to financial statements.


Nuveen Investments			35

Portfolio of Investments

Nuveen Core Dividend Fund

August 31, 2013


Shares		Description (1)	Value

		LONG-TERM INVESTMENTS

		COMMON STOCKS – 98.5%

		Aerospace & Defense – 4.0%

	200	Boeing Company	$	20,784

	300	Honeywell International Inc.		23,871

	100	L-3 Communications Holdings, Inc.		9,033

	200	Raytheon Company		15,082
		Total Aerospace & Defense		68,770
		Air Freight & Logistics – 1.0%

	200	United Parcel Service, Inc., Class B		17,116
		Airlines – 1.6%

	100	Copa Holdings SA		13,078

	1,100	Southwest Airlines Co.		14,091
		Total Airlines		27,169
		Auto Components – 2.1%

	300	Delphi Automotive PLC		16,506

	500	Johnson Controls, Inc.		20,265
		Total Auto Components		36,771
		Automobiles – 1.4%

	900	Ford Motor Company		14,571

	200	Thor Industries, Inc.		10,246
		Total Automobiles		24,817
		Beverages – 2.6%

	300	Dr. Pepper Snapple Group		13,428

	400	PepsiCo, Inc.		31,892
		Total Beverages		45,320
		Capital Markets – 2.5%

	100	Ameriprise Financial, Inc.		8,615

	100	Goldman Sachs Group, Inc.		15,213

	400	Waddell & Reed Financial, Inc., Class A		19,048
		Total Capital Markets		42,876
		Chemicals – 1.2%

	300	LyondellBasell Industries NV		21,045
		Commercial Banks – 0.2%

	100	Wells Fargo & Company		4,108
		Commercial Services & Supplies – 2.8%

	400	ADT Corporation		15,932

	900	Pitney Bowes Inc.		14,688

	1,000	R.R. Donnelley & Sons Company		16,680
		Total Commercial Services & Supplies		47,300
		Communications Equipment – 2.8%

	1,300	Cisco Systems, Inc.		30,303

	300	Harris Corporation		16,989
		Total Communications Equipment		47,292
		Computers & Peripherals – 4.5%

	50	Apple, Inc.		24,353

	800	Hewlett-Packard Company		17,872


	36			Nuveen Investments


Shares		Description (1)	Value

		Computers & Peripherals (continued)

	500	Lexmark International, Inc., Class A	$	17,080

	300	Western Digital Corporation		18,600
		Total Computers & Peripherals		77,905
		Containers & Packaging – 1.8%

	300	Avery Dennison Corporation		12,828

	400	Silgan Holdings, Inc.		18,872
		Total Containers & Packaging		31,700
		Diversified Consumer Services – 1.7%

	500	H & R Block Inc.		13,955

	800	Service Corporation International		14,464
		Total Diversified Consumer Services		28,419
		Diversified Financial Services – 3.2%

	700	JPMorgan Chase		35,371

	300	Moody’s Corporation		19,068
		Total Diversified Financial Services		54,439
		Diversified Telecommunication Services – 4.9%

	50	AT&T Inc.		1,692

	600	CenturyLink Inc.		19,872

	3,900	Frontier Communications Corporation		16,887

	600	Verizon Communications Inc.		28,428

	2,200	Windstream Corporation		17,754
		Total Diversified Telecommunication Services		84,633
		Electrical Equipment – 0.6%

	100	Rockwell Automation, Inc.		9,723
		Energy Equipment & Services – 1.0%

	1,200	RPC Inc.		17,136
		Food Products – 1.4%

	100	Hershey Foods Corporation		9,195

	300	Kraft Foods Inc.		15,531
		Total Food Products		24,726
		Health Care Equipment & Supplies – 3.8%

	700	Abbott Laboratories		23,331

	200	Becton, Dickinson and Company		19,476

	100	Hill Rom Holdings Inc.		3,414

	400	ResMed Inc.		18,896
		Total Health Care Equipment & Supplies		65,117
		Health Care Providers & Services – 3.3%

	300	AmerisourceBergen Corporation		17,076

	300	Cardinal Health, Inc.		15,084

	200	McKesson HBOC Inc.		24,282
		Total Health Care Providers & Services		56,442
		Hotels, Restaurants & Leisure – 5.1%

	400	Brinker International Inc.		15,996

	700	International Game Technology		13,223

	500	Six Flags Entertainment Corporation		16,505

	2,000	The Wendy's Company		15,120


Nuveen Investments			37

Portfolio of Investments

Nuveen Core Dividend Fund (continued)

August 31, 2013


Shares		Description (1)	Value
		Hotels, Restaurants & Leisure (continued)

	200	Wyndham Worldwide Corporation	$	11,872

	100	Wynn Resorts Ltd		14,104
		Total Hotels, Restaurants & Leisure		86,820
		Household Durables – 1.8%

	500	Leggett and Platt Inc.		14,460

	200	Tupperware Corporation		16,154
		Total Household Durables		30,614
		Household Products – 1.4%

	200	Energizer Holdings Inc.		19,766

	50	Procter & Gamble Company		3,895
		Total Household Products		23,661
		Industrial Conglomerates – 1.1%

	100	3M Co.		11,358

	300	General Electric Company		6,942
		Total Industrial Conglomerates		18,300
		Insurance – 2.9%

	200	Allied World Assurance Holdings		18,346

	100	PartnerRe Limited		8,715

	300	Prudential Financial, Inc.		22,464
		Total Insurance		49,525
		IT Services – 1.5%

	600	Booz Allen Hamilton Holding		12,138

	10	International Business Machines Corporation (IBM)		1,823

	800	SAIC, Inc.		12,056
		Total IT Services		26,017
		Machinery – 1.7%

	200	IDEX Corporation		11,874

	300	Ingersoll Rand Company Limited, Class A		17,742
		Total Machinery		29,616
		Media – 6.1%

	700	Gannett Company Inc.		16,863

	300	Omnicom Group, Inc.		18,195

	900	Regal Entertainment Group, Class A		16,101

	200	Time Warner Cable, Class A		21,470

	300	Time Warner Inc.		18,159

	25	Washington Post Company		14,100
		Total Media		104,888
		Metals & Mining – 1.0%

	600	Southern Copper Corporation		16,500
		Multiline Retail – 0.8%

	300	Macy’s, Inc.		13,329
		Oil, Gas & Consumable Fuels – 3.9%

	50	Chevron Corporation		6,022

	400	CVTR Energy Inc.		17,128

	300	Exxon Mobil Corporation		26,148

	800	Peabody Energy Corporation		13,760


	38			Nuveen Investments


Shares		Description (1)	Value
		Oil, Gas & Consumable Fuels (continued)

	100	Valero Energy Corporation	$	3,553
		Total Oil, Gas & Consumable Fuels		66,611
		Paper & Forest Products – 0.8%

	200	Domtar Corporation		13,200
		Personal Products – 1.0%

	200	Nu Skin Enterprises, Inc., Class A		16,742
		Pharmaceuticals – 4.7%

	600	AbbVie Inc.		25,566

	400	Eli Lilly and Company		20,560

	100	Johnson & Johnson		8,641

	900	Pfizer Inc.		25,389
		Total Pharmaceuticals		80,156
		Real Estate Investment Trust – 1.8%

	800	American Capital Agency Corporation		18,208

	400	Corrections Corporation of America		13,176
		Total Real Estate Investment Trust		31,384
		Road & Rail – 2.4%

	800	CSX Corporation		19,688

	300	Norfolk Southern Corporation		21,648
		Total Road & Rail		41,336
		Semiconductors & Equipment – 1.9%

	1,200	Marvell Technology Group Ltd.		14,532

	1,200	NVIDIA Corporation		17,700
		Total Semiconductors & Equipment		32,232
		Software – 3.6%

	1,300	Microsoft Corporation		43,418

	700	Symantec Corporation		17,927
		Total Software		61,345
		Specialty Retail – 3.6%

	300	Abercrombie & Fitch Co., Class A		10,593

	500	Best Buy Co., Inc.		18,000

	300	GameStop Corporation		15,063

	400	Gap, Inc.		16,176

	200	Staples, Inc.		2,782
		Total Specialty Retail		62,614
		Tobacco – 3.0%

	200	Altria Group, Inc.		6,776

	400	Lorillard Inc.		16,920

	100	Philip Morris International		8,344

	400	Reynolds American Inc.		19,052
		Total Tobacco		51,092
		Total Long-Term Investments (cost $1,689,157) – 98.5%		1,688,806
		Other Assets Less Liabilities – 1.5%		25,105
		Net Assets – 100%	$	1,713,911


				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.

See accompanying notes to financial statements.


Nuveen Investments			39

Portfolio of Investments

Nuveen Equity Market Neutral Fund

August 31, 2013


Shares		Description (1)	Value
		LONG-TERM INVESTMENTS


		COMMON STOCKS – 80.7%

		Aerospace & Defense – 3.4%

	1,200	Alliant Techsystems Inc.	$	116,112

	1,300	Boeing Company		135,096

	1,800	Exelis Inc.		26,478

	1,300	L-3 Communications Holdings, Inc.		117,429

	1,200	Raytheon Company		90,492
		Total Aerospace & Defense		485,607
		Airlines – 1.0%

	10,800	Southwest Airlines Co.		138,348
		Auto Components – 1.8%

	2,000	Delphi Automotive PLC		110,040

	2,000	Visteon Corporation, (2)		143,220
		Total Auto Components		253,260
		Automobiles – 1.7%

	8,300	Ford Motor Company		134,377

	2,100	Thor Industries, Inc.		107,583
		Total Automobiles		241,960
		Beverages – 1.5%

	3,000	Coca Cola Enterprises Inc.		112,200

	2,400	Dr. Pepper Snapple Group		107,424
		Total Beverages		219,624
		Biotechnology – 0.8%

	1,500	United Therapeutics Corporation, (2)		106,365
		Capital Markets – 0.6%

	1,700	Waddell & Reed Financial, Inc., Class A		80,954
		Chemicals – 1.2%

	1,100	LyondellBasell Industries NV		77,165

	1,100	WR Grace & Company, (2)		88,385
		Total Chemicals		165,550
		Commercial Services & Supplies – 0.9%

	3,200	ADT Corporation		127,456
		Communications Equipment – 2.6%

	18,200	Brocade Communications Systems Inc., (2)		134,680

	5,000	Cisco Systems, Inc.		116,550

	2,000	Harris Corporation		113,260
		Total Communications Equipment		364,490
		Computers & Peripherals – 2.8%

	5,400	Hewlett-Packard Company		120,636

	3,800	Lexmark International, Inc., Class A		129,808

	2,300	Western Digital Corporation		142,600
		Total Computers & Peripherals		393,044
		Construction & Engineering – 1.9%

	4,700	AECOM Technology Corporation, (2)		136,911

	2,700	URS Corporation		133,704
		Total Construction & Engineering		270,615


	40			Nuveen Investments


Shares		Description (1)	Value

		Containers & Packaging – 2.5%

	2,500	Avery Dennison Corporation	$	106,900

	2,100	Packaging Corp. of America		111,384

	2,900	Silgan Holdings, Inc.		136,822
		Total Containers & Packaging		355,106
		Diversified Consumer Services – 0.7%

	3,600	H & R Block Inc.		100,476
		Diversified Financial Services – 2.4%

	2,700	CBOE Holdings Inc.		123,903

	1,900	JPMorgan Chase		96,007

	1,900	Moody's Corporation		120,764
		Total Diversified Financial Services		340,674
		Diversified Telecommunication Services – 1.7%

	25,600	Frontier Communications Corporation		110,848

	15,800	Windstream Corporation		127,506
		Total Diversified Telecommunication Services		238,354
		Electrical Equipment – 0.9%

	4,100	Babcock & Wilcox Company		127,059
		Electronic Equipment & Instruments – 3.4%

	2,800	Arrow Electronics, Inc., (2)		129,976

	3,300	Avnet Inc.		127,248

	2,500	Tech Data Corporation, (2)		122,900

	7,700	Vishay Intertechnology Inc., (2)		94,325
		Total Electronic Equipment & Instruments		474,449
		Energy Equipment & Services – 0.7%

	5,000	Patterson-UTI Energy, Inc.		97,950
		Health Care Equipment & Supplies – 4.4%

	3,200	Abbott Laboratories		106,656

	1,400	Becton, Dickinson and Company		136,332

	4,000	Hill Rom Holdings Inc.		136,560

	2,900	ResMed Inc.		136,996

	2,100	Saint Jude Medical Inc.		105,861
		Total Health Care Equipment & Supplies		622,405
		Health Care Providers & Services – 2.7%

	2,400	AmerisourceBergen Corporation		136,608

	2,300	Cardinal Health, Inc.		115,644

	1,100	McKesson HBOC Inc.		133,551
		Total Health Care Providers & Services		385,803
		Hotels, Restaurants & Leisure – 4.9%

	1,700	Bally Technologies, Inc., (2)		122,621

	2,600	Brinker International Inc.		103,974

	5,600	International Game Technology		105,784

	7,200	MGM Resorts International Inc., (2)		127,368

	2,300	Wyndham Worldwide Corporation		136,528

	700	Wynn Resorts Ltd		98,728
		Total Hotels, Restaurants & Leisure		695,003


Nuveen Investments			41

Portfolio of Investments

Nuveen Equity Market Neutral Fund (continued)

August 31, 2013


Shares		Description (1)	Value

		Household Durables – 1.6%

	1,300	Tupperware Corporation	$	105,001

	900	Whirlpool Corporation		115,785
		Total Household Durables		220,786
		Household Products – 1.0%

	1,400	Energizer Holdings Inc.		138,362
		Insurance – 4.0%

	1,400	Allied World Assurance Holdings		128,422

	2,200	American Financial Group Inc.		113,366

	3,000	Aspen Insurance Holdings Limited		106,710

	1,200	PartnerRe Limited		104,580

	1,300	RenaissanceRe Holdings, Limited		113,620
		Total Insurance		566,698
		Internet Software & Services – 1.9%

	4,000	AOL Inc.		131,720

	2,900	VeriSign, Inc., (2)		139,171
		Total Internet Software & Services		270,891
		IT Services – 1.9%

	6,000	Booz Allen Hamilton Holding		121,380

	7,200	SAIC, Inc.		108,504

	1,600	Vantiv Inc., (2)		42,256
		Total IT Services		272,140
		Machinery – 5.0%

	2,300	AGCO Corporation		130,088

	1,700	Crane Company		97,597

	1,900	IDEX Corporation		112,803

	2,100	Ingersoll Rand Company Limited, Class A		124,194

	2,400	Oshkosh Truck Corporation, (2)		107,808

	1,000	Valmont Industries, Inc.		134,960
		Total Machinery		707,450
		Media – 5.5%

	2,300	DirecTV, (2)		133,814

	5,800	Gannett Company Inc.		139,722

	5,100	Liberty Media Corporation, Liberty Capital Class A Tracking Stock, (2)		127,296

	3,700	Lions Gate Entertainment Corporation		129,537

	1,300	Time Warner Cable, Class A		139,555

	200	Washington Post Company		112,800
		Total Media		782,724
		Multiline Retail – 1.5%

	3,100	Big Lots, Inc., (2)		109,802

	2,400	Macy's, Inc.		106,632
		Total Multiline Retail		216,434
		Oil, Gas & Consumable Fuels – 1.8%

	7,700	Peabody Energy Corporation		132,440

	1,900	Valero Energy Corporation		67,507

	1,000	Whiting Petroleum Corporation, (2)		50,470
		Total Oil, Gas & Consumable Fuels		250,417


	42			Nuveen Investments


Shares		Description (1)					Value

		Paper & Forest Products – 0.7%

	1,600	Domtar Corporation					$	105,600
		Personal Products – 0.9%

	1,500	Nu Skin Enterprises, Inc., Class A						125,565
		Pharmaceuticals – 0.8%

	2,200	Eli Lilly and Company						113,080
		Semiconductors & Equipment – 3.1%

	2,200	First Solar Inc., (2)						80,784

	14,800	LSI Logic Corporation						109,668

	8,700	Marvell Technology Group Ltd.						105,357

	9,400	NVIDIA Corporation						138,650
		Total Semiconductors & Equipment						434,459
		Software – 0.8%

	3,600	Microsoft Corporation						120,240
		Specialty Retail – 3.7%

	2,800	Abercrombie & Fitch Co., Class A						98,868

	3,700	Best Buy Co., Inc.						133,200

	2,300	GameStop Corporation						115,483

	3,400	Gap, Inc.						137,496

	2,700	Staples, Inc.						37,557
		Total Specialty Retail						522,604
		Thrifts & Mortgage Finance – 1.0%

	2,800	Nationstar Mortgage Holdings, Incorporated, (2)						139,160
		Trading Companies & Distributors – 1.0%

	5,500	MRC Global Inc., (2)						144,375
		Total Long-Term Investments (cost $11,289,946) – 80.7%						11,415,537

Principal Amount (000)		Description (1)	Coupon		Maturity		Value
		SHORT-TERM INVESTMENTS

		Repurchase Agreements – 60.6%

$	8,575	Repurchase Agreement with Fixed Income Clearing Corporation, dated 8/30/13, repurchase price $8,575,462, collateralized by $8,385,000 U.S. Treasury Notes, 2.250%, due 11/30/17, value $8,750,930		0.000%		9/03/13	$	8,575,462
		Total Short-Term Investments (cost $8,575,462) – 60.6%						8,575,462
		Total Investments (cost $19,865,408) – 141.3%						19,990,999

Shares		Description (1)					Value
		COMMON STOCKS SOLD SHORT – (74.5)% (3)

		Aerospace & Defense – (1.8)%

	(500)	Precision Castparts Corporation					$	(105,620)

	(1,600)	Textron Inc.						(43,104)

	(1,400)	Triumph Group Inc.						(100,758)
		Total Aerospace & Defense						(249,482)
		Beverages – (1.4)%

	(1,500)	Beam Inc.						(93,975)

	(1,800)	Constellation Brands, Inc., Class A, (2)						(97,650)
		Total Beverages						(191,625)


Nuveen Investments			43

Portfolio of Investments

Nuveen Equity Market Neutral Fund (continued)

August 31, 2013


Shares		Description (1)	Value

		Biotechnology – (2.6)%

	(6,900)	Ariad Pharmaceuticals, Inc.	$	(128,340)

	(2,100)	Medivation, Inc.		(118,713)

	(1,000)	Onyx Pharmaceuticals Inc.		(123,580)
		Total Biotechnology		(370,633)
		Capital Markets – (0.5)%

	(400)	Affiliated Managers Group Inc., (2)		(69,728)
		Chemicals – (1.7)%

	(1,700)	Eastman Chemical Company		(129,200)

	(1,600)	FMC Corporation		(106,576)
		Total Chemicals		(235,776)
		Commercial Banks – (1.8)%

	(2,400)	Bank of Hawaii Corporation		(123,600)

	(2,000)	BOK Financial Corporation		(128,180)
		Total Commercial Banks		(251,780)
		Commercial Services & Supplies – (1.4)%

	(1,800)	Clean Harbors, Inc., (2)		(102,294)

	(4,000)	Rollins Inc.		(99,000)
		Total Commercial Services		(201,294)
		Communications Equipment – (2.1)%

	(1,700)	Motorola Solutions Inc.		(95,217)

	(2,100)	Palo Alto Networks, Incorporated		(100,842)

	(1,600)	QUALCOMM, Inc.		(106,048)
		Total Communications Equipment		(302,107)
		Computers & Peripherals – (1.8)%

	(3,300)	NCR Corporation, (2)		(117,414)

	(1,300)	Stratasys, Inc., (2)		(139,451)
		Total Computers & Peripherals		(256,865)
		Diversified Financial Services – (0.8)%

	(600)	Intercontinental Exchange, Inc., (2)		(107,850)
		Construction & Engineering – (0.7)%

	(1,700)	Chicago Bridge & Iron Company N.V.		(101,711)
		Construction Materials – (1.5)%

	(1,400)	Eagle Materials Inc.		(89,824)

	(2,700)	Vulcan Materials Company		(129,060)
		Total Construction Materials		(218,884)
		Electric Utilities – (5.2)%

	(1,600)	Duke Energy Corporation		(104,960)

	(3,800)	Hawaiian Electric Industries		(95,038)

	(1,200)	NextEra Energy Inc.		(96,432)

	(2,800)	OGE Energy Corp.		(98,588)

	(6,600)	Pepco Holdings, Inc.		(125,004)

	(3,000)	Southern Company		(124,860)

	(3,300)	Xcel Energy, Inc.		(92,136)
		Total Electric Utilities		(737,018)


	44			Nuveen Investments


Shares		Description (1)	Value

		Electronic Equipment & Instruments – (1.4)%

	(1,700)	IPG Photonics Corporation	$	(91,392)

	(3,600)	National Instruments Corporation		(99,900)
		Total Electronic Equipment & Instruments		(191,292)
		Energy Equipment & Services – (2.3)%

	(1,600)	Dresser Rand Group, Inc., (2)		(97,504)

	(1,200)	Schlumberger Limited		(97,128)

	(2,400)	Tidewater Inc.		(129,504)
		Total Energy Equipment & Services		(324,136)
		Food & Staples Retailing – (0.7)%

	(2,900)	Sysco Corporation		(92,858)
		Food Products – (2.7)%

	(4,000)	Hillshire Brands Company		(129,240)

	(2,500)	Hormel Foods Corporation		(103,575)

	(4,100)	Mondelez International Inc.		(125,747)

	(900)	Smithfield Foods, Inc., (2)		(30,177)
		Total Food Products		(388,739)
		Gas Utilities – (0.7)%

	(1,900)	ONEOK, Inc.		(97,736)
		Health Care Equipment & Supplies – (1.0)%

	(5,500)	Hologic Inc., (2)		(117,370)

	(300)	Teleflex Inc.		(23,124)
		Total Health Care Equipment & Supplies		(140,494)
		Health Care Providers & Services – (0.6)%

	(3,600)	Brookdale Senior Living Inc., (2)		(90,072)
		Health Care Technology – (0.9)%

	(8,500)	Allscripts Healthcare Solutions Inc., (2)		(123,590)
		Household Durables – (1.8)%

	(7,200)	D.R. Horton, Inc.		(128,520)

	(4,100)	Toll Brothers Inc., (2)		(125,501)
		Total Household Durables		(254,021)
		Household Products – (0.9)%

	(1,700)	Procter & Gamble Company		(132,413)
		Independent Power Producers & Energy Traders – (0.6)%

	(4,600)	Calpine Corporation, (2)		(88,918)
		Internet & Catalog Retail – (0.6)%

	(300)	Amazon.com, Inc., (2)		(84,294)
		Internet Software & Services – (0.9)%

	(700)	Equinix Inc., (2)		(121,618)
		IT Services – (2.4)%

	(1,400)	Cognizant Technology Solutions Corporation, Class A, (2)		(102,620)

	(2,700)	Global Payments Inc.		(128,655)

	(1,800)	Teradata Corporation, (2)		(105,408)
		Total IT Services		(336,683)
		Machinery – (1.8)%

	(2,100)	Pentair Limited		(126,231)

	(1,500)	Stanley Black & Decker Inc.		(127,890)
		Total Machinery		(254,121)


Nuveen Investments			45

Portfolio of Investments

Nuveen Equity Market Neutral Fund (continued)

August 31, 2013


Shares		Description (1)	Value

		Metals & Mining – (3.1)%

	(2,000)	Carpenter Technology Inc.	$	(107,540)

	(900)	Freeport-McMoRan Copper & Gold, Inc.		(27,198)

	(1,000)	Nucor Corporation		(45,490)

	(4,700)	Southern Copper Corporation		(129,250)

	(7,300)	Tahoe Resources Inc., (2)		(130,670)
		Total Metals & Mining		(440,148)
		Multiline Retail – (2.6)%

	(1,600)	Family Dollar Stores, Inc.		(113,904)

	(10,300)	J.C. Penney Company, Inc., (2)		(128,544)

	(2,900)	Sears Holding Corporation, (2)		(128,296)
		Total Multiline Retail		(370,744)
		Multi-Utilities – (2.9)%

	(2,300)	Consolidated Edison, Inc.		(129,329)

	(2,200)	Dominion Resources, Inc.		(128,370)

	(3,400)	NiSource Inc.		(99,484)

	(700)	Sempra Energy		(59,094)
		Total Multi-Utilities		(416,277)
		Oil, Gas & Consumable Fuels – (6.7)%

	(4,600)	Cheniere Energy Inc.		(128,754)

	(100)	Concho Resources Inc., (2)		(9,651)

	(3,900)	CONSOL Energy Inc.		(121,797)

	(700)	Laredo Petroleum Holdings Inc.		(18,382)

	(600)	Pioneer Natural Resources Company		(104,982)

	(1,700)	Range Resources Corporation		(127,466)

	(3,000)	Southwestern Energy Company, (2)		(114,600)

	(3,900)	Spectra Energy Corporation		(129,129)

	(4,500)	Ultra Petroleum Corporation		(93,150)

	(2,900)	Williams Companies, Inc.		(105,096)
		Total Oil, Gas & Consumable Fuels		(953,007)
		Pharmaceuticals – (0.9)%

	(3,300)	Hospira Inc., (2)		(128,799)
		Professional Services – (0.7)%

	(1,500)	Verisk Analytics Inc, Class A Shares, (2)		(93,270)
		Real Estate Management & Development – (0.9)%

	(7,100)	Forest City Enterprises, Inc., (2)		(127,090)
		Road & Rail – (1.4)%

	(1,200)	Genesee & Wyoming Inc., (2)		(103,896)

	(2,300)	Old Dominion Frght Line, (2)		(99,866)
		Total Road & Rail		(203,762)
		Semiconductors & Equipment – (1.4)%

	(2,600)	Avago Technologies Limtied		(100,126)

	(2,600)	Microchip Technology Incorporated		(100,906)
		Total Semiconductors & Equipment		(201,032)
		Software – (2.2)%

	(2,200)	Micros Systems, Inc., (2)		(107,580)


	46			Nuveen Investments


Shares		Description (1)	Value

		Software (continued)

	(5,300)	Nuance Communications, Inc.	$	(101,177)

	(2,300)	ServiceNow Inc., (2)		(107,824)
		Total Software		(316,581)
		Specialty Retail – (5.3)%

	(1,400)	Bed Bath and Beyond Inc., (2)		(103,236)

	(2,700)	CarMax, Inc., (2)		(128,412)

	(1,300)	DSW Inc.		(111,917)

	(3,200)	Sally Beauty Holdings Inc., (2)		(83,616)

	(1,400)	Signet Jewelers Limited		(92,960)

	(800)	Tractor Supply Company		(97,896)

	(1,300)	Ulta Salon, Cosmetics & Fragrance, Inc., (2)		(129,012)
		Total Specialty Retail		(747,049)
		Textiles, Apparel & Luxury Goods – (1.5)%

	(800)	PVH Corporation		(103,000)

	(1,500)	Under Armour, Inc., (2)		(108,960)
		Total Textiles, Apparel & Luxury Goods		(211,960)
		Thrifts & Mortgage Finance – (0.7)%

	(8,500)	TFS Financial Corporation, (2)		(92,480)
		Tobacco – (0.2)%

	(300)	Philip Morris International		(25,032)
		Trading Companies & Distributors – (0.9)%

	(2,800)	Fastenal Company		(123,172)
		Water Utilities – (0.5)%

	(1,800)	American Water Works Company		(73,332)
		Total Common Stocks Sold Short (proceeds $10,527,132)		(10,539,473)
		Other Assets Less Liabilities – 33.2%		4,688,157
		Net Assets – 100%	$	14,139,683


				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 Fund may pledge up to 100% of its eligible long-term investments in the Portfolio of Investments as collateral for Common Stocks Sold Short. As of the end of the reporting period, cash and long-term investments with a value of $12,385,173 have been pledged as collateral for Common Stocks Sold Short.

See accompanying notes to financial statements.


Nuveen Investments			47

Portfolio of Investments

Nuveen Large Cap Core Fund

August 31, 2013


Shares		Description (1)	Value
		LONG-TERM INVESTMENTS

		COMMON STOCKS – 98.3%



		Aerospace & Defense – 6.6%

	1,200	Alliant Techsystems Inc.	$	116,112

	1,700	Boeing Company		176,664

	5,500	Exelis Inc.		80,905

	2,100	Honeywell International Inc.		167,097

	1,300	L-3 Communications Holdings, Inc.		117,429

	1,800	Raytheon Company		135,738
		Total Aerospace & Defense		793,945
		Airlines – 0.3%

	2,400	Southwest Airlines Co.		30,744
		Auto Components – 3.3%

	2,400	Delphi Automotive PLC		132,048

	3,500	Johnson Controls, Inc.		141,855

	1,700	Visteon Corporation, (2)		121,737
		Total Auto Components		395,640
		Automobiles – 0.4%

	3,100	Ford Motor Company		50,189
		Beverages – 2.5%

	2,500	Dr. Pepper Snapple Group		111,900

	2,300	PepsiCo, Inc.		183,379
		Total Beverages		295,279
		Biotechnology – 0.8%

	3,700	Myriad Genentics Inc., (2)		96,829
		Capital Markets – 1.3%

	1,000	Goldman Sachs Group, Inc.		152,130
		Chemicals – 1.2%

	2,000	LyondellBasell Industries NV		140,300
		Commercial Banks – 0.2%

	600	Wells Fargo & Company		24,648
		Commercial Services & Supplies – 1.9%

	2,800	ADT Corporation		111,524

	6,900	Pitney Bowes Inc.		112,608
		Total Commercial Services & Supplies		224,132
		Communications Equipment – 3.7%

	15,100	Brocade Communications Systems Inc., (2)		111,740

	8,900	Cisco Systems, Inc.		207,459

	2,200	Harris Corporation		124,586
		Total Communications Equipment		443,785
		Computers & Peripherals – 4.7%

	400	Apple, Inc.		194,820

	6,000	Hewlett-Packard Company		134,040

	3,200	Lexmark International, Inc., Class A		109,312

	2,100	Western Digital Corporation		130,200
		Total Computers & Peripherals		568,372
		Construction & Engineering – 0.9%

	3,600	AECOM Technology Corporation, (2)		104,868


	48			Nuveen Investments


Shares		Description (1)		Value

		Containers & Packaging – 1.9%

	2,600	Avery Dennison Corporation		$	111,176

	2,600	Silgan Holdings, Inc.			122,668
		Total Containers & Packaging			233,844
		Diversified Consumer Services – 0.9%

	4,000	H & R Block Inc.			111,640
		Diversified Financial Services – 3.7%

	800	Bank of America Corporation			11,296

	200	Berkshire Hathaway Inc., Class B, (2)			22,244

	800	Citigroup Inc.			38,664

	4,800	JPMorgan Chase			242,544

	2,000	Moody's Corporation			127,120
		Total Diversified Financial Services			441,868
		Diversified Telecommunication Services – 1.1%

	300	AT&T Inc.			10,149

	27,600	Frontier Communications Corporation			119,508
		Total Diversified Telecommunication Services			129,657
		Electronic Equipment & Instruments – 1.0%

	2,400	Tech Data Corporation, (2)			117,984
		Food & Staples Retailing – 0.6%

	700	Costco Wholesale Corporation			78,309
		Health Care Equipment & Supplies – 3.4%

	4,600	Abbott Laboratories	��		153,318

	1,400	Becton, Dickinson and Company			136,332

	2,600	ResMed Inc.			122,824
		Total Health Care Equipment & Supplies			412,474
		Health Care Providers & Services – 4.5%

	2,300	AmerisourceBergen Corporation			130,916

	2,500	Cardinal Health, Inc.			125,700

	1,200	McKesson HBOC Inc.			145,692

	1,600	Wellpoint Inc.			136,224
		Total Health Care Providers & Services			538,532
		Hotels, Restaurants & Leisure – 1.9%

	2,800	Brinker International Inc.			111,972

	800	Wynn Resorts Ltd			112,832
		Total Hotels, Restaurants & Leisure			224,804
		Household Durables – 2.0%

	1,400	Tupperware Corporation			113,078

	1,000	Whirlpool Corporation			128,650
		Total Household Durables			241,728
		Household Products – 1.3%

	1,300	Energizer Holdings Inc.			128,479

	400	Procter & Gamble Company			31,156
		Total Household Products			159,635
		Industrial Conglomerates – 3.1%

	1,500	3M Co.			170,370


Nuveen Investments			49

Portfolio of Investments

Nuveen Large Cap Core Fund (continued)

August 31, 2013


Shares		Description (1)		Value

		Industrial Conglomerates (continued)

	2,300	Danaher Corporation		$	150,696

	2,300	General Electric Company	��		53,222
		Total Industrial Conglomerates			374,288
		Insurance – 6.6%

	1,000	Ace Limited			87,720

	2,300	American Financial Group Inc.			118,519

	3,000	Aspen Insurance Holdings Limited			106,710

	900	Everest Reinsurance Group Ltd			123,255

	1,200	PartnerRe Limited			104,580

	1,900	Prudential Financial, Inc.			142,272

	1,300	RenaissanceRe Holdings, Limited			113,620
		Total Insurance			796,676
		Internet Software & Services – 0.3%

	50	Google Inc., Class A, (2)			42,345
		IT Services – 1.1%

	5,600	Booz Allen Hamilton Holding			113,288

	100	International Business Machines Corporation (IBM)			18,227
		Total IT Services			131,515
		Life Sciences Tools & Services – 1.1%

	2,800	Agilent Technologies, Inc.			130,592
		Machinery – 5.0%

	2,100	AGCO Corporation			118,776

	2,000	IDEX Corporation			118,740

	2,200	Ingersoll Rand Company Limited, Class A			130,108

	2,600	Oshkosh Truck Corporation, (2)			116,792

	900	Valmont Industries, Inc.			121,464
		Total Machinery			605,880
		Media – 7.8%

	2,000	CBS Corporation, Class B			102,200

	2,500	DirecTV, (2)			145,450

	4,600	Gannett Company Inc.			110,814

	1,700	Liberty Media Corporation, Liberty Capital Class A Tracking Stock, (2)			42,432

	2,100	Omnicom Group, Inc.			127,365

	1,300	Time Warner Cable, Class A			139,555

	2,600	Time Warner Inc.			157,378

	100	Viacom Inc., Class B			7,956

	200	Washington Post Company			112,800
		Total Media			945,950
		Multiline Retail – 1.8%

	1,300	Dillard's, Inc., Class A			99,138

	2,700	Macy's, Inc.			119,961
		Total Multiline Retail			219,099
		Oil, Gas & Consumable Fuels – 1.7%

	400	Chevron Corporation			48,172

	1,800	Exxon Mobil Corporation			156,888
		Total Oil, Gas & Consumable Fuels			205,060


	50			Nuveen Investments


Shares		Description (1)	Value

		Paper & Forest Products – 0.9%

	1,600	Domtar Corporation	$	105,600
		Personal Products – 1.0%

	1,500	Nu Skin Enterprises, Inc., Class A		125,565
		Pharmaceuticals – 5.1%

	4,000	AbbVie Inc.		170,440

	3,000	Eli Lilly and Company		154,200

	700	Johnson & Johnson		60,487

	8,200	Pfizer Inc.		231,322
		Total Pharmaceuticals		616,449
		Road & Rail – 1.6%

	5,400	CSX Corporation		132,894

	400	Union Pacific Corporation		61,416
		Total Road & Rail		194,310
		Semiconductors & Equipment – 2.0%

	9,400	Marvell Technology Group Ltd.		113,834

	8,700	NVIDIA Corporation		128,325
		Total Semiconductors & Equipment		242,159
		Software – 3.6%

	9,400	Microsoft Corporation		313,960

	4,900	Symantec Corporation		125,489
		Total Software		439,449
		Specialty Retail – 4.5%

	2,900	Abercrombie & Fitch Co., Class A		102,399

	3,700	Best Buy Co., Inc.		133,200

	2,400	GameStop Corporation		120,504

	3,100	Gap, Inc.		125,364

	4,100	Staples, Inc.		57,031
		Total Specialty Retail		538,498
		Trading Companies & Distributors – 1.0%

	4,500	MRC Global Inc., (2)		118,125
		Total Long-Term Investments (cost $11,786,148) – 98.3%		11,842,896
		Other Assets Less Liabilities – 1.7%		206,445
		Net Assets – 100%	$	12,049,341


				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.

See accompanying notes to financial statements.


Nuveen Investments			51

Portfolio of Investments

Nuveen Large Cap Core Plus Fund

August 31, 2013


Shares		Description (1)	Value

		LONG-TERM INVESTMENTS

		COMMON STOCKS – 108.1%

		Aerospace & Defense – 6.7%

	1,900	Alliant Techsystems Inc.	$	183,844

	2,800	Boeing Company		290,976

	12,500	Exelis Inc.		183,875

	3,500	Honeywell International Inc.		278,495

	2,000	L-3 Communications Holdings, Inc.		180,660

	1,700	Raytheon Company		128,197
		Total Aerospace & Defense		1,246,047
		Airlines – 2.3%

	11,300	Delta Air Lines, Inc.		222,949

	16,700	Southwest Airlines Co.		213,927
		Total Airlines		436,876
		Auto Components – 3.2%

	3,600	Delphi Automotive PLC		198,072

	5,200	Johnson Controls, Inc.		210,756

	2,600	Visteon Corporation, (2)		186,186
		Total Auto Components		595,014
		Automobiles – 0.5%

	5,300	Ford Motor Company		85,807
		Beverages – 2.5%

	3,800	Dr. Pepper Snapple Group		170,088

	3,600	PepsiCo, Inc.		287,028
		Total Beverages		457,116
		Biotechnology – 1.0%

	7,400	Myriad Genentics Inc., (2)		193,658
		Capital Markets – 1.3%

	1,600	Goldman Sachs Group, Inc.		243,408
		Chemicals – 1.1%

	3,000	LyondellBasell Industries NV		210,450
		Commercial Banks – 0.2%

	1,000	Wells Fargo & Company		41,080
		Commercial Services & Supplies – 2.5%

	5,200	ADT Corporation		207,116

	9,000	Pitney Bowes Inc.		146,880

	6,400	R.R. Donnelley & Sons Company		106,752
		Total Commercial Services & Supplies		460,748
		Communications Equipment – 4.0%

	27,200	Brocade Communications Systems Inc., (2)		201,280

	15,100	Cisco Systems, Inc.		351,981

	3,300	Harris Corporation		186,879
		Total Communications Equipment		740,140
		Computers & Peripherals – 5.2%

	700	Apple, Inc.		340,935

	9,100	Hewlett-Packard Company		203,294

	5,900	Lexmark International, Inc., Class A		201,544

	3,600	Western Digital Corporation		223,200
		Total Computers & Peripherals		968,973


	52			Nuveen Investments


Shares		Description (1)	Value

		Construction & Engineering – 1.1%

	6,900	AECOM Technology Corporation, (2)	$	200,997
		Containers & Packaging – 2.0%

	4,000	Avery Dennison Corporation		171,040

	4,300	Silgan Holdings, Inc.		202,874
		Total Containers & Packaging		373,914
		Diversified Consumer Services – 4.3%

	6,100	H & R Block Inc.		170,251

	400	Berkshire Hathaway Inc., Class B, (2)		44,488

	7,200	JPMorgan Chase		363,816

	3,400	Moody’s Corporation		216,104
		Total Diversified Financial Services		794,659
		Diversified Telecommunication Services – 1.1%

	500	AT&T Inc.		16,915

	42,400	Frontier Communications Corporation		183,592
		Total Diversified Telecommunication Services		200,507
		Electronic Equipment & Instruments – 1.4%

	1,900	Arrow Electronics, Inc., (2)		88,198

	3,700	Tech Data Corporation, (2)		181,892
		Total Electronic Equipment & Instruments		270,090
		Food & Staples Retailing – 0.8%

	1,400	Costco Wholesale Corporation		156,618
		Health Care Equipment & Supplies – 3.7%

	7,900	Abbott Laboratories		263,307

	2,300	Becton, Dickinson and Company		223,974

	4,400	ResMed Inc.		207,856
		Total Health Care Equipment & Supplies		695,137
		Health Care Providers & Services – 4.5%

	3,800	AmerisourceBergen Corporation		216,296

	3,800	Cardinal Health, Inc.		191,064

	1,900	McKesson HBOC Inc.		230,679

	2,300	Wellpoint Inc.		195,822
		Total Health Care Providers & Services		833,861
		Hotels, Restaurants & Leisure – 2.6%

	1,600	Bally Technologies, Inc., (2)		115,408

	4,200	Brinker International Inc.		167,958

	1,400	Wynn Resorts Ltd		197,456
		Total Hotels, Restaurants & Leisure		480,822
		Household Durables – 1.9%

	2,100	Tupperware Corporation		169,617

	1,400	Whirlpool Corporation		180,110
		Total Household Durables		349,727
		Household Products – 1.4%

	2,100	Energizer Holdings Inc.		207,543

	100	Procter & Gamble Company		54,523
		Total Household Products		262,066


Nuveen Investments			53

Portfolio of Investments

Nuveen Large Cap Core Plus Fund (continued)

August 31, 2013


Shares		Description (1)	Value

		Industrial Conglomerates – 3.4%

	2,600	3M Co.	$	295,308

	3,800	Danaher Corporation		248,976

	3,700	General Electric Company		85,618
		Total Industrial Conglomerates		629,902
		Insurance – 6.9%

	2,000	Ace Limited		175,440

	3,500	American Financial Group Inc.		180,355

	4,600	Aspen Insurance Holdings Limited		163,622

	1,400	Everest Reinsurance Group Ltd		191,730

	1,900	PartnerRe Limited		165,585

	3,200	Prudential Financial, Inc.		239,616

	2,000	RenaissanceRe Holdings, Limited		174,800
		Total Insurance		1,291,148
		Internet Software & Services – 1.6%

	100	Google Inc., Class A, (2)		84,690

	4,400	VeriSign, Inc., (2)		211,156
		Total Internet Software & Services		295,846
		IT Services – 1.1%

	8,500	Booz Allen Hamilton Holding		171,955

	200	International Business Machines Corporation (IBM)		36,454
		Total IT Services		208,409
		Life Sciences Tools & Services – 1.2%

	4,700	Agilent Technologies, Inc.		219,208
		Machinery – 5.1%

	3,200	AGCO Corporation		180,992

	3,100	IDEX Corporation		184,047

	3,800	Ingersoll Rand Company Limited, Class A		224,732

	4,000	Oshkosh Truck Corporation, (2)		179,680

	1,300	Valmont Industries, Inc.		175,448
		Total Machinery		944,899
		Media – 8.9%

	3,100	CBS Corporation, Class B		158,410

	4,100	DirecTV, (2)		238,538

	8,600	Gannett Company Inc.		207,174

	3,300	Omnicom Group, Inc.		200,145

	2,200	Time Warner Cable, Class A		236,170

	4,000	Time Warner Inc.		242,120

	1,900	Viacom Inc., Class B		151,164

	400	Washington Post Company		225,600
		Total Media		1,659,321
		Multiline Retail – 1.8%

	2,000	Dillard’s, Inc., Class A		152,520

	4,100	Macy’s, Inc.		182,163
		Total Multiline Retail		334,683


	54			Nuveen Investments


Shares		Description (1)	Value

		Oil, Gas & Consumable Fuels – 3.0%

	600	Chevron Corporation	$	72,258

	3,000	Exxon Mobil Corporation		261,480

	3,100	Marathon Petroleum Corporation		224,781
		Total Oil, Gas & Consumable Fuels		558,519
		Paper & Forest Products – 0.9%

	2,500	Domtar Corporation		165,000
		Personal Products – 1.1%

	2,400	Nu Skin Enterprises, Inc., Class A		200,904
		Pharmaceuticals – 5.3%

	6,700	AbbVie Inc.		285,487

	5,100	Eli Lilly and Company		262,140

	1,000	Johnson & Johnson		86,410

	12,500	Pfizer Inc.		352,625
		Total Pharmaceuticals		986,662
		Road & Rail – 0.6%

	700	Union Pacific Corporation		107,478
		Semiconductors & Equipment – 2.1%

	14,400	Marvell Technology Group Ltd.		174,384

	14,400	NVIDIA Corporation		212,400
		Total Semiconductors & Equipment		386,784
		Software – 3.6%

	14,300	Microsoft Corporation		477,620

	7,500	Symantec Corporation		192,075
		Total Software		669,695
		Specialty Retail – 4.0%

	3,800	Abercrombie & Fitch Co., Class A		134,178

	5,600	Best Buy Co., Inc.		201,600

	3,700	GameStop Corporation		185,777

	5,300	Gap, Inc.		214,332
		Total Specialty Retail		735,887
		Thrifts & Mortgage Finance – 1.1%

	4,100	Nationstar Mortgage Holdings, Incorporated, (2)		203,770
		Trading Companiess & Distributors – 1.1%

	7,700	MRC Global Inc., (2)		202,125
		Total Long-Term Investments (cost $20,036,844) – 108.1%		20,097,955

Shares		Description (1)	Value
		COMMON STOCKS SOLD SHORT – (25.1)% (3)

		Aerospace & Defense – (0.5)%

	(400)	Lockheed Martin Corporation	$	(48,968)

	(200)	Precision Castparts Corporation		(42,248)
		Total Aerospace & Defense		(91,216)
		Automobiles – (0.3)%

	(300)	Tesla Motors Inc.		(50,700)


Nuveen Investments			55

Portfolio of Investments

Nuveen Large Cap Core Plus Fund (continued)

August 31, 2013


Shares		Description (1)	Value

		Biotechnology – (1.4)%

	(400)	Alexion Pharmaceuticals Inc., (2)	$	(43,104)

	(2,500)	Ariad Pharmaceuticals, Inc.		(46,500)

	(800)	Medivation, Inc.		(45,224)

	(300)	Onyx Pharmaceuticals Inc.		(37,074)

	(200)	Regeneron Pharmaceuticals, Inc., (2)		(48,462)

	(1,000)	Theravance Inc., (2)		(35,850)

	(100)	Vertex Pharmaceuticals Inc., (2)		(7,515)
		Total Biotechnology		(263,729)
		Capital Markets – (0.1)%

	(400)	Northern Trust Corporation		(21,948)
		Chemicals – (1.2)%

	(500)	Air Products & Chemicals Inc.		(51,070)

	(700)	E.I. Du Pont de Nemours and Company		(39,634)

	(600)	Eastman Chemical Company		(45,600)

	(600)	FMC Corporation		(39,966)

	(1,100)	Mosaic Company		(45,815)
		Total Capital Markets		(222,085)
		Commercial Banks – (0.9)%

	(600)	BOK Financial Corporation		(38,454)

	(400)	M&T Bank Corporation		(45,336)

	(1,300)	U.S. Bancorp		(46,969)

	(1,400)	Rollins Inc.		(34,650)
		Total Commercial Banks		(165,409)
		Communications Equipment – (0.5)%

	(700)	Motorola Solutions Inc.		(39,207)

	(900)	Palo Alto Networks, Incorporated		(43,218)

	(200)	QUALCOMM, Inc.		(13,256)
		Total Communications Equipment		(95,681)
		Computers & Peripherals – (0.5)%

	(1,200)	NCR Corporation, (2)		(42,696)

	(400)	Stratasys, Inc., (2)		(42,908)
		Total Computers & Peripherals		(85,604)
		Construction & Engineering – (0.2)%

	(600)	Chicago Bridge & Iron Company N.V.		(35,898)
		Construction Materials – (0.4)%

	(500)	Eagle Materials Inc.		(32,080)

	(700)	Vulcan Materials Company		(33,460)
		Total Construction Materials		(65,540)
		Diversified Financial Services – (0.4)%

	(200)	Intercontinental Exchange, Inc., (2)		(35,950)

	(700)	McGraw-Hill Companies, Inc.		(40,859)
		Total Diversified Financial Services		(76,809)
		Electric Utilities – (2.1)%

	(1,000)	American Electric Power Company, Inc.		(42,800)

	(700)	Duke Energy Corporation		(45,920)


	56			Nuveen Investments


Shares		Description (1)	Value

		Electric Utilities (continued)

	(900)	Exelon Corporation	$	(27,441)

	(1,300)	FirstEnergy Corp.		(48,711)

	(600)	NextEra Energy Inc.		(48,216)

	(2,100)	Pepco Holdings, Inc.		(39,774)

	(1,400)	PPL Corporation		(42,980)

	(1,100)	Southern Company		(45,782)

	(1,500)	Xcel Energy, Inc.		(41,880)
		Total Electric Utilities		(383,504)
		Electronic Equipment & Instruments – (0.4)%

	(600)	IPG Photonics Corporation		(32,256)

	(200)	Molex Inc.		(5,804)

	(1,400)	National Instruments Corporation		(38,850)
		Total Electronic Equipment & Instruments		(76,910)
		Energy Equipment & Services – (1.1)%

	(600)	Dresser Rand Group, Inc., (2)		(36,564)

	(700)	FMC Technologies Inc., (2)		(37,541)

	(500)	Schlumberger Limited		(40,470)

	(900)	Seadrill Limited		(41,634)

	(900)	Tidewater Inc.		(48,564)
		Total Energy Equipment & Services		(204,773)
		Food & Staples Retailing – (0.3)%

	(1,500)	Sysco Corporation		(48,030)
		Food Products – (0.8)%

	(1,400)	ConAgra Foods, Inc.		(47,348)

	(800)	Kellogg Company		(48,568)

	(1,500)	Mondelez International Inc.		(46,005)
		Total Food Products		(141,921)
		Gas Utilities – (0.2)%

	(800)	ONEOK, Inc.		(41,152)
		Health Care Equipment & Supplies – (0.4)%

	(500)	Baxter International, Inc.		(34,780)

	(1,900)	Hologic Inc., (2)		(40,546)
		Total Health Care Equipment & Supplies		(75,326)
		Health Care Technology – (0.2)%

	(3,100)	Allscripts Healthcare Solutions Inc., (2)		(45,074)
		Hotels, Restaurants & Leisure – (0.2)%

	(300)	McDonald’s Corporation		(28,308)
		Household Durables – (0.5)%

	(2,500)	D.R. Horton, Inc.		(44,625)

	(1,500)	Toll Brothers Inc., (2)		(45,915)
		Total Hotels, Restaurants & Leisure		(90,540)
		Household Products – (0.5)%

	(700)	Colgate-Palmolive Company		(40,439)

	100	Procter & Gamble Company		(46,734)
		Total Household Products		(87,173)


Nuveen Investments			57

Portfolio of Investments

Nuveen Large Cap Core Plus Fund (continued)

August 31, 2013


Shares		Description (1)	Value

		Independent Power Producers & Energy Traders – (0.2)%

	(1,800)	Calpine Corporation, (2)	$	(34,794)
		Insurance – (0.4)%

	(1,100)	Loews Corporation		(48,906)

	(1,300)	Progressive Corporation		(32,591)
		Total Insurance		(81,497)
		Internet & Catalog Retail – (0.2)%

	(100)	Amazon.com, Inc., (2)		(28,098)
		Internet Software & Services – (0.2)%

	(1,100)	Facebook Inc., Class A Shares, (2)		(45,408)
		IT Services – (0.5)%

	(600)	Cognizant Technology Solutions Corporation, Class A, (2)		(43,980)

	(300)	International Business Machines Corporation (IBM)		(54,681)
		Total IT Services		(98,661)
		Leisure Equipment & Products – (0.2)%

	(1,000)	Mattel, Inc.		(40,500)
		Machinery – (0.5)%

	(800)	Pentair Limited		(48,088)

	(500)	Stanley Black & Decker Inc.		(42,630)
		Total Machinery		(90,718)
		Metals & Mining – (0.7)%

	(1,500)	Freeport-McMoRan Copper & Gold, Inc.		(45,330)

	(1,000)	Nucor Corporation		(45,490)

	(1,700)	Southern Copper Corporation		(46,750)
		Total Metals & Mining		(137,570)
		Multiline Retail – (0.7)%

	(600)	Family Dollar Stores, Inc.		(42,714)

	(3,800)	J.C. Penney Company, Inc., (2)		(47,424)

	(1,000)	Sears Holding Corporation, (2)		(44,240)
		Total Multiline Retail		(134,378)
		Multi-Utilities – (0.8)%

	(800)	Consolidated Edison, Inc.		(44,984)

	(800)	Dominion Resources, Inc.		(46,680)

	(600)	Sempra Energy		(50,652)
		Total Multi-Utilities		(142,316)
		Oil, Gas & Consumable Fuels – (2.8)%

	(1,600)	Cheniere Energy Inc.		(44,784)

	(1,500)	Cobalt International Energy, Inc., (2)		(36,600)

	(400)	Concho Resources Inc., (2)		(38,604)

	(1,500)	CONSOL Energy Inc.		(46,845)

	(500)	Exxon Mobil Corporation		(43,580)

	(3,700)	Kosmos Energy Inc.		(37,629)

	(1,700)	Laredo Petroleum Holdings Inc.		(44,642)

	(300)	Pioneer Natural Resources Company		(52,491)

	(500)	Range Resources Corporation		(37,490)

	(1,200)	Southwestern Energy Company, (2)		(45,840)


	58			Nuveen Investments


Shares		Description (1)	Value

		Oil, Gas & Consumable Fuels (continued)

	(1,400)	Spectra Energy Corporation	$	(46,354)

	(1,300)	Williams Companies, Inc.		(47,112)
		Total Oil, Gas & Consumable Fuels		(521,971)
		Pharmaceuticals – (0.7)%

	(1,200)	Hospira Inc., (2)		(46,836)

	(500)	Johnson & Johnson		(43,205)

	(1,600)	Zoetis Incorporated		(46,640)
		Total Pharmaceuticals		(136,681)
		Real Estate Investment Trust – (0.3)%

	(1,700)	Weyerhaeuser Company		(46,546)
		Real Estate Management & Development – (0.2)%

	(1,600)	Forest City Enterprises, Inc., (2)		(28,640)

	(700)	St Joe Company		(13,517)
		Total Real Estate Management & Development		(42,157)
		Road & Rail – (0.2)%

	(500)	Genesee & Wyoming Inc., (2)		(43,290)
		Semiconductors & Equipment – (1.0)%

	(800)	Analog Devices, Inc.		(37,024)

	(3,100)	Applied Materials, Inc.		(46,531)

	(5,000)	Atmel Corporation, (2)		(36,300)

	(1,000)	Avago Technologies Limtied		(38,510)

	(900)	Texas Instruments Incorporated		(34,380)
		Total Semiconductors & Equipment		(192,745)
		Software – (0.7)%

	(2,100)	Nuance Communications, Inc.		(40,089)

	(1,100)	Salesforce.com, Inc., (2)		(54,043)

	(11,800)	Zynga Inc., (2)		(33,394)
		Total Software		(127,526)
		Specialty Retail – (0.7)%

	(500)	Bed Bath and Beyond Inc., (2)		(36,870)

	(400)	CarMax, Inc., (2)		(19,024)

	(500)	DSW Inc.		(43,045)

	(400)	Ulta Salon, Cosmetics & Fragrance, Inc., (2)		(39,696)
		Total Specialty Retail		(138,635)
		Textiles, Apparel & Luxury Goods – (0.2)%

	(600)	Under Armour, Inc., (2)		(43,584)
		Thrifts & Mortgage Finance – (0.2)%

	(3,400)	TFS Financial Corporation, (2)		(36,992)
		Tobacco – (0.3)%

	(600)	Philip Morris International		(50,064)
		Trading Companies & Distributors – (0.3)%

	(1,100)	Fastenal Company		(48,389)
		Total Common Stocks Sold Short (proceeds $4,636,363)		(4,659,850)
		Other Assets Less Liabilities – 17.0%		3,159,000
		Net Assets – 100%	$	18,597,105


Nuveen Investments			59

Portfolio of Investments

Nuveen Large Cap Core Plus Fund (continued)

August 31, 2013


				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 Fund may pledge up to 100% of its eligible long-term investments in the Portfolio of Investments as collateral for Common Stocks Sold Short. As of the end of the reporting period, long-term investments with a value of $6,095,594 have been pledged as collateral for Common Stocks Sold Short.

See accompanying notes to financial statements.


	60			Nuveen Investments

Portfolio of Investments

Nuveen Large Cap Growth Fund

August 31, 2013


Shares		Description (1)	Value
		LONG-TERM INVESTMENTS

		COMMON STOCKS – 97.9%


		Aerospace & Defense – 3.6%

	2,300	Boeing Company	$	239,016

	2,700	Honeywell International Inc.		214,839
		Total Aerospace & Defense		453,855
		Airlines – 0.3%

	1,900	Delta Air Lines, Inc.		37,487
		Auto Components – 2.3%

	2,700	Delphi Automotive PLC		148,554

	1,900	Visteon Corporation, (2)		136,059
		Total Auto Components		284,613
		Automobiles – 1.2%

	9,700	Ford Motor Company		157,043
		Beverages – 1.8%

	2,600	Dr. Pepper Snapple Group		116,376

	1,400	PepsiCo, Inc.		111,622
		Total Beverages		227,998
		Biotechnology – 3.2%

	1,800	Amgen Inc.		196,092

	3,700	Myriad Genentics Inc., (2)		96,829

	1,600	United Therapeutics Corporation, (2)		113,456
		Total Biotechnology		406,377
		Capital Markets – 1.6%

	1,000	Ameriprise Financial, Inc.		86,150

	2,400	Waddell & Reed Financial, Inc., Class A		114,288
		Total Capital Markets		200,438
		Chemicals – 1.3%

	2,300	LyondellBasell Industries NV		161,345
		Commercial Services & Supplies – 1.3%

	6,900	Pitney Bowes Inc.		112,608

	3,400	R.R. Donnelley & Sons Company		56,712
		Total Commercial Services & Supplies		169,320
		Communications Equipment – 1.0%

	2,200	Harris Corporation		124,586
		Computers & Peripherals – 4.1%

	500	Apple, Inc.		243,525

	5,900	EMC Corporation		152,102

	2,200	SanDisk Corporation		121,396
		Total Computers & Peripherals		517,023
		Construction & Engineering – 1.0%

	4,100	AECOM Technology Corporation, (2)		119,433
		Consumer Finance – 1.7%

	3,000	American Express Company		215,730
		Containers & Packaging – 3.9%

	2,900	Avery Dennison Corporation		124,004

	4,000	Owens-Illinois, Inc., (2)		113,560

	2,300	Packaging Corp. of America		121,992


Nuveen Investments			61

Portfolio of Investments

Nuveen Large Cap Growth Fund (continued)

August 31, 2013


Shares		Description (1)	Value

		Containers & Packaging (continued)

	2,700	Silgan Holdings, Inc.	$	127,386
		Total Containers & Packaging		486,942
		Diversified Consumer Services – 1.8%

	4,200	H & R Block Inc.		117,222

	6,300	Service Corporation International		113,904
		Total Diversified Consumer Services		231,126
		Diversified Financial Services – 2.0%

	2,400	CBOE Holdings Inc.		110,136

	2,200	Moody’s Corporation		139,832
		Total Diversified Financial Services		249,968
		Diversified Telecommunication Services – 3.4%

	6,400	Verizon Communications Inc.		303,232

	15,800	Windstream Corporation		127,506
		Total Diversified Telecommunication Services		430,738
		Electrical Equipment – 2.1%

	2,100	Emerson Electric Company		126,777

	1,400	Rockwell Automation, Inc.		136,122
		Total Electrical Equipment		262,899
		Food Products – 1.0%

	1,400	Hershey Foods Corporation		128,730
		Health Care Equipment & Supplies – 3.3%

	1,600	Becton, Dickinson and Company		155,808

	2,700	ResMed Inc.		127,548

	2,500	Saint Jude Medical Inc.		126,025
		Total Health Care Equipment & Supplies		409,381
		Health Care Providers & Services – 2.5%

	2,500	AmerisourceBergen Corporation		142,300

	1,400	McKesson HBOC Inc.		169,974
		Total Health Care Providers & Services		312,274
		Hotels, Restaurants & Leisure – 4.4%

	900	Bally Technologies, Inc., (2)		64,917

	2,800	Brinker International Inc.		111,972

	1,900	Dominos Pizza Inc.		116,736

	6,100	International Game Technology		115,229

	1,000	Wynn Resorts Ltd		141,040
		Total Hotels, Restaurants & Leisure		549,894
		Household Durables – 1.8%

	1,400	Tupperware Corporation		113,078

	900	Whirlpool Corporation		115,785
		Total Household Durables		228,863
		Industrial Conglomerates – 2.8%

	1,900	3M Co.		215,802

	2,100	Danaher Corporation		137,592
		Total Industrial Conglomerates		353,394


	62			Nuveen Investments


Shares		Description (1)	Value

		Insurance – 2.8%

	2,300	American Financial Group Inc.	$	118,519

	2,400	Axis Capital Holdings Limited		103,176

	1,600	Travelers Companies, Inc.		127,840
		Total Insurance		349,535
		Internet Software & Services – 1.7%

	100	Google Inc., Class A, (2)		84,690

	2,700	VeriSign, Inc., (2)		129,573
		Total Internet Software & Services		214,263
		IT Services – 3.2%

	6,100	Booz Allen Hamilton Holding		123,403

	100	Gartner Inc., (2)		5,797

	200	International Business Machines Corporation (IBM)		36,454

	3,800	Lender Processing Services Inc.		121,220

	4,400	Vantiv Inc., (2)		116,204
		Total IT Services		403,078
		Life Sciences Tools & Services – 1.0%

	2,700	Agilent Technologies, Inc.		125,928
		Machinery – 6.5%

	1,900	Crane Company		109,079

	1,100	Cummins Inc.		135,520

	1,600	Dover Corporation		136,080

	2,100	IDEX Corporation		124,677

	700	Illinois Tool Works, Inc.		50,029

	2,400	Ingersoll Rand Company Limited, Class A		141,936

	900	Valmont Industries, Inc.		121,464
		Total Machinery		818,785
		Media – 9.1%

	3,100	CBS Corporation, Class B		158,410

	1,000	Comcast Corporation, Class A		42,090

	2,900	DirecTV, (2)		168,722

	1,500	Liberty Media Corporation, Liberty Capital Class A Tracking Stock, (2)		37,440

	3,500	Lions Gate Entertainment Corporation		122,535

	2,100	Omnicom Group, Inc.		127,365

	1,800	Scripps Networks Interactive, Class A Shares		132,354

	1,600	Time Warner Cable, Class A		171,760

	2,300	Viacom Inc., Class B		182,988
		Total Media		1,143,664
		Multiline Retail – 2.9%

	3,800	Big Lots, Inc., (2)		134,596

	1,300	Dillard’s, Inc., Class A		99,138

	2,900	Macy’s, Inc.		128,847
		Total Multiline Retail		362,581
		Office Electronics – 0.1%

	300	Zebra Technologies Corporation, Class A, (2)		13,680


Nuveen Investments			63

Portfolio of Investments

Nuveen Large Cap Growth Fund (continued)

August 31, 2013


Shares		Description (1)	Value

		Personal Products – 1.0%

	1,500	Nu Skin Enterprises, Inc., Class A	$	125,565
		Pharmaceuticals – 3.9%

	5,200	AbbVie Inc.		221,572

	2,700	Eli Lilly and Company		138,780

	5,800	Warner Chilcott Limited		124,410
		Total Pharmaceuticals		484,762
		Road & Rail – 1.8%

	1,500	Union Pacific Corporation		230,310
		Semiconductors & Equipment – 0.6%

	2,400	Intel Corporation		52,752

	2,600	LSI Logic Corporation		19,266
		Total Semiconductors & Equipment		72,018
		Software – 5.7%

	15,900	Microsoft Corporation		531,060

	1,400	Oracle Corporation		44,604

	5,300	Symantec Corporation		135,733
		Total Software		711,397
		Specialty Retail – 2.9%

	2,600	Abercrombie & Fitch Co., Class A		91,806

	3,600	Best Buy Co., Inc.		129,600

	3,500	Gap, Inc.		141,540
		Total Specialty Retail		362,946
		Textiles, Apparel & Luxury Goods – 0.3%

	300	Fossil Group Inc., (2)		34,842
		Trading Companies & Distributors – 1.0%

	5,000	MRC Global Inc., (2)		131,250
		Total Long-Term Investments (cost $12,145,719) – 97.9%		12,304,061
		Other Assets Less Liabilities – 2.1%		267,719
		Net Assets – 100%	$	12,571,780


				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.

See accompanying notes to financial statements.


	64			Nuveen Investments

Statement of Assets and Liabilities

August 31, 2013


	Concentrated Core			Core Dividend			Equity Market Neutral		Large Cap Core		Large Cap Core Plus		Large Cap Growth
Assets
Long-term investments, at value (cost $1,334,761, $1,689,157, $11,289,946, $11,786,148, $20,036,844 and $12,145,719, respectively)	$	1,306,065		$	1,688,806		$	11,415,537	$	11,842,896	$	20,097,955	$	12,304,061
Short-term investments, at value (cost approximates value)		—			—			8,575,462		—		—		—
Cash		6,588			4,133			—		9,000		26,336		8,739
Restricted cash⁽¹⁾		—			—			4,480,000		—		—		—
Receivable for:
Dividends		2,815			3,921			15,359		24,704		36,558		23,453
Reimbursement from Adviser		400			47			—		—		—		—
Investments sold		41,051			35,656			442,508		308,159		970,084		184,630
Shares sold		79,813			35,322			240,007		226,243		4,728,629		606,000
Total assets		1,436,732			1,767,885			25,168,873		12,411,002		25,859,562		13,126,883
Liabilities
Cash overdraft		—			—			728		—		—		—
Common stocks sold short, at value (proceeds $—, $—, $10,527,132, $—, 4,636,363 and $—, respectively)		—			—			10,539,473		—		4,659,850		—
Payable for:
Dividends on securities sold short		—			—			13,835		—		6,972		—
Investments purchased		46,324			38,170			445,493		337,654		2,566,522		531,079
Accrued expenses:
Management fees		—			—			11,867		6,464		11,318		6,487
Trustees fees		2			2			27		27		32		27
12b-1 distribution and service fees		96			160			149		163		94		157
Professional fees		10,000			10,000			10,000		10,000		10,000		10,000
Shareholder reporting expenses		5,060			5,059			5,059		5,059		5,059		5,059
Other		542			583			2,559		2,294		2,610		2,294
Total liabilities		62,024			53,974			11,029,190		361,661		7,262,457		555,103
Net assets	$	1,374,708		$	1,713,911		$	14,139,683	$	12,049,341	$	18,597,105	$	12,571,780
Class A Shares
Net assets	$	239,267		$	558,689		$	798,818	$	457,250	$	456,262	$	1,017,341
Shares outstanding		12,167			27,500			38,914		22,316		22,225		49,407
Net asset value per share	$	19.66		$	20.32		$	20.53	$	20.49	$	20.53	$	20.59
Offering price per share (net asset value per share plus maximum sales charge of 5.75% of offering price)	$	20.86		$	21.56		$	21.78	$	21.74	$	21.78	$	21.85
Class C Shares
Net assets	$	117,092		$	111,077		$	157,328	$	143,113	$	51,263	$	82,504
Shares outstanding		5,964			5,478			7,675		6,996		2,500		4,013
Net asset value and offering price per share	$	19.63		$	20.28		$	20.50	$	20.46	$	20.51	$	20.56
Class I Shares
Net assets	$	1,018,349		$	1,044,145		$	13,183,537	$	11,448,978	$	18,089,580	$	11,471,935
Shares outstanding		51,758			51,390			641,873		558,504		880,314		556,907
Net asset value and offering price per share	$	19.68		$	20.32		$	20.54	$	20.50	$	20.55	$	20.60
Net assets consist of:
Capital paid-in	$	1,400,120		$	1,696,701		$	13,866,891	$	11,781,635	$	18,271,641	$	12,251,771
Undistributed (Over-distribution of) net investment income		2,562			5,222			—		16,808		12,059		20,694
Accumulated net realized gain (loss)		722			12,339			159,542		194,150		275,781		140,973
Net unrealized appreciation (depreciation)		(28,696	)		(351	)		113,250		56,748		37,624		158,342
Net assets	$	1,374,708		$	1,713,911		$	14,139,683	$	12,049,341	$	18,597,105	$	12,571,780
Authorized shares – per class		Unlimited			Unlimited			Unlimited		Unlimited		Unlimited		Unlimited
Par value per share	$	0.01		$	0.01		$	0.01	$	0.01	$	0.01	$	0.01

(1) –

Restricted cash collateral for common stocks sold short.

See accompanying notes to financial statements.


Nuveen Investments			65

Statement of Operations

For the period June 17, 2013 (commencement of operations) through August 31, 2013


	Concentrated Core			Core Dividend			Equity Market Neutral			Large Cap Core			Large Cap Core Plus			Large Cap Growth
Dividend and Interest Income	$	4,916		$	7,865		$	31,213		$	38,669		$	56,843		$	42,479
Expenses
Management fees		1,990			2,069			31,103			17,151			32,715			17,092
12b-1 service fees – Class A		48			157			82			99			73			130
12b-1 distribution and service fees – Class C		133			123			145			163			107			121
Dividends expense on securities sold short		—			—			23,391			—			12,416			—
Shareholder servicing agent fees and expenses		104			101			147			171			157			150
Custodian fees and expenses		1,224			1,224			1,481			1,481			1,533			1,481
Trustees fees and expenses		6			6			68			67			79			66
Professional fees		10,039			10,040			10,056			10,056			10,060			10,056
Shareholder reporting expenses		5,061			5,061			5,067			5,068			5,067			5,067
Federal and state registration fees		290			332			1,963			1,686			1,957			1,697
Other expenses		1,158			974			1,026			1,025			1,026			1,026
Total expenses before fee waiver/expense reimbursement		20,053			20,087			74,529			36,967			65,190			36,886
Fee waiver/expense reimbursement		(17,518	)		(17,164	)		(17,414	)		(14,845	)		(18,536	)		(14,850	)
Net expenses		2,535			2,923			57,115			22,122			46,654			22,036
Net investment income (loss)		2,381			4,942			(25,902	)		16,547			10,189			20,443
Realized and Unrealized Gain (Loss)
Net realized gain (loss) from:
Investments		722			12,339			252,860			194,150			303,204			140,973
Securities sold short		—			—			(67,643	)		—			(25,733	)		—
Change in net unrealized appreciation (depreciation) of:
Investments		(28,696	)		(351	)		125,591			56,748			61,111			158,342
Securities sold short		—			—			(12,341	)		—			(23,487	)		—
Net realized and unrealized gain (loss)		(27,974	)		11,988			298,467			250,898			315,095			299,315
Net increase (decrease) in net assets from operations	$	(25,593	)	$	16,930		$	272,565		$	267,445		$	325,284		$	319,758

See accompanying notes to financial statements.


	66			Nuveen Investments

Statement of Changes in Net Assets


	Concentrated Core			Core Dividend			Equity Market Neutral			Large Cap Core			Large Cap Core Plus			Large Cap Growth
	For the Period 6/17/13 (commencement of operations) through 8/31/13			For the Period 6/17/13 (commencement of operations) through 8/31/13			For the Period 6/17/13 (commencement of operations) through 8/31/13			For the Period 6/17/13 (commencement of operations) through 8/31/13			For the Period 6/17/13 (commencement of operations) through 8/31/13			For the Period 6/17/13 (commencement of operations) through 8/31/13
Operations
Net investment income (loss)	$	2,381		$	4,942		$	(25,902	)	$	16,547		$	10,189		$	20,443
Net realized gain (loss) from:
Investments		722			12,339			252,860			194,150			303,204			140,973
Securities sold short		—			—			(67,643	)		—			(25,733	)		—
Change in net unrealized appreciation (depreciation) of:
Investments		(28,696	)		(351	)		125,591			56,748			61,111			158,342
Securities sold short		—			—			(12,341	)		—			(23,487	)		—
Net increase (decrease) in net assets from operations		(25,593	)		16,930			272,565			267,445			325,284			319,758
Fund Share Transactions
Proceeds from sale of shares		1,410,583			1,696,981			13,867,268			11,784,583			18,271,821			12,252,250

Cost of shares redeemed		(10,282	)		—			(150	)		(2,687	)		—			(228	)
Net increase (decrease) in net assets from Fund share transactions		1,400,301			1,696,981			13,867,118			11,781,896			18,271,821			12,252,022
Net increase (decrease) in net assets		1,374,708			1,713,911			14,139,683			12,049,341			18,597,105			12,571,780
Net assets at the beginning of period		—			—			—			—			—			—
Net assets at the end of period	$	1,374,708		$	1,713,911		$	14,139,683		$	12,049,341		$	18,597,105		$	12,571,780
Undistributed (Over-distribution of) net investment income at the end of period	$	2,562		$	5,222		$	—		$	16,808		$	12,059		$	20,694

See accompanying notes to financial statements.


Nuveen Investments			67

Financial Highlights


Selected data for a share outstanding throughout each period:

Class (Commencement Date)
			Investment Operations									Less Distributions

CONCENTRATED CORE
Year Ended August 31,	Beginning Net Asset Value		Net Invest- ment Income (Loss)(a)			Net Realized/ Unrealized Gain (Loss)			Total			From Net Invest- ment Income		From Accumulated Net Realized Gains		Total		Ending Net Asset Value
Class A (6/13)
2013(d)	$	20.00	$	.05		$	(.39	)	$	(.34	)	$	—	$	—	$	—	$	19.66
Class C (6/13)
2013(d)		20.00		—	*		(.37	)		(.37	)		—		—		—		19.63
Class I (6/13)
2013(d)		20.00		.04			(.36	)		(.32	)		—		—		—		19.68


	68			Nuveen Investments





			Ratios/Supplemental Data

					Ratios to Average Net Assets Before Waiver/Reimbursement						Ratios to Average Net Assets After Waiver/Reimbursement(c)
Total Return(b)			Ending Net Assets (000)		Expenses			Net Invest- ment Income (Loss)			Expenses			Net Invest- ment Income (Loss)			Portfolio Turnover Rate(e)

	(1.70	)%	$	239		5.78	%**		(3.28	)%**		1.21	%**		1.29	%**		24	%

	(1.85	)		117		7.21	**		(5.13	)**		1.97	**		.11	**		24

	(1.65	)		1,018		8.54	**		(6.56	)**		.97	**		1.01	**		24

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

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

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

(c)	After fee waiver and/or expense reimbursement from the Adviser.

(d)	For the period June 17, 2013 (commencement of operations) through August 31, 2013.

(e)	Portfolio Turnover Rate is calculated based on the lesser of long-term purchases or sales (as disclosed in Note 5 – Investment Transactions) divided by the average long-term market value during the period.

*	Rounds to less than $.01 per share.

**	Annualized.

See accompanying notes to financial statements.


Nuveen Investments			69

Financial Highlights (continued)


Selected data for a share outstanding throughout each period:

Class (Commencement Date)
			Investment Operations						Less Distributions

CORE DIVIDEND
Year Ended August 31,	Beginning Net Asset Value		Net Invest- ment Income (Loss)(a)		Net Realized/ Unrealized Gain (Loss)		Total		From Net Invest- ment Income		From Accumulated Net Realized Gains		Total		Ending Net Asset Value
Class A (6/13)
2013(d)	$	20.00	$	.08	$	.24	$	.32	$	—	$	—	$	—	$	20.32
Class C (6/13)
2013(d)		20.00		.04		.24		.28		—		—		—		20.28
Class I (6/13)
2013(d)		20.00		.07		.25		.32		—		—		—		20.32


	70			Nuveen Investments





			Ratios/Supplemental Data

					Ratios to Average Net Assets Before Waiver/Reimbursement						Ratios to Average Net Assets After Waiver/Reimbursement(c)
Total Return(b)			Ending Net Assets (000)		Expenses			Net Invest- ment Income (Loss)			Expenses			Net Invest- ment Income (Loss)			Portfolio Turnover Rate(e)

	1.60	%	$	559		5.29	%*		(2.26	)%*		1.17	%*		1.86	%*		29	%

	1.40			111		6.52	*		(3.70	)*		1.92	*		.90	*		29

	1.60			1,044		7.50	*		(4.86	)*		.92	*		1.72	*		29

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

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

(c)	After fee waiver and/or expense reimbursement from the Adviser.

(d)	For the period June 17, 2013 (commencement of operations) through August 31, 2013.

(e)	Portfolio Turnover Rate is calculated based on the lesser of long-term purchases or sales (as disclosed in Note 5 – Investment Transactions) divided by the average long-term market value during the period.

*	Annualized.

See accompanying notes to financial statements.


Nuveen Investments			71

Financial Highlights (continued)


Selected data for a share outstanding throughout each period:

Class (Commencement Date)
			Investment Operations							Less Distributions

EQUITY MARKET NEUTRAL
Year Ended August 31,	Beginning Net Asset Value		Net Invest- ment Income (Loss)(a)			Net Realized/ Unrealized Gain (Loss)		Total		From Net Invest- ment Income		From Accumulated Net Realized Gains		Total		Ending Net Asset Value
Class A (6/13)
2013(e)	$	20.00	$	(.04	)	$	.57	$	.53	$	—	$	—	$	—	$	20.53
Class C (6/13)
2013(e)		20.00		(.08	)		.58		.50		—		—		—		20.50
Class I (6/13)
2013(e)		20.00		(.04	)		.58		.54		—		—		—		20.54


	72			Nuveen Investments





			Ratios/Supplemental Data
					Ratios to Average Net Assets Before Waiver/Reimbursement(d)						Ratios to Average Net Assets After Waiver/Reimbursement(c)(d)
Total Return(b)			Ending Net Assets (000)		Expenses			Net Invest- ment Income (Loss)			Expenses			Net Invest- ment Income (Loss)			Portfolio Turnover Rate(f)

	2.65	%	$	799		3.00	%*		(1.10	)%*		2.85	%*		(.95	)%*		112	%

	2.50			157		3.90	*		(2.45	)*		3.42	*		(1.97	)*		112

	2.70			13,184		3.04	*		(1.77	)*		2.32	*		(1.05	)*		112

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

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

(c)	After fee waiver and/or expense reimbursement from the Adviser.

(d)	Each ratio includes the effect of dividends expense, and prime broker expense, on securities sold short as follows:

Ratios of Dividends Expense
on Securities Sold Short
and Prime Brokerage Expense
to Average Net Assets

Year Ended August 31,

Class A

Class C

Class I

2013(e)

1.23

1.04

.95

(e)	For the period June 17, 2013 (commencement of operations) through August 31, 2013.

(f)	Portfolio Turnover Rate is calculated based on the lesser of long-term purchases or sales (as disclosed in Note 5 – Investment Transactions) divided by the average long-term market value during the period.

*	Annualized.

See accompanying notes to financial statements.


Nuveen Investments			73

Financial Highlights


Selected data for a share outstanding throughout each period:

Class (Commencement Date)
			Investment Operations						Less Distributions

LARGE CAP CORE
Year Ended August 31,	Beginning Net Asset Value		Net Invest- ment Income (Loss)(a)		Net Realized/ Unrealized Gain (Loss)		Total		From Net Invest- ment Income		From Accumulated Net Realized Gains		Total		Ending Net Asset Value
Class A (6/13)
2013(d)	$	20.00	$	.04	$	.45	$	.49	$	—	$	—	$	—	$	20.49
Class C (6/13)
2013(d)		20.00		.01		.45		.46		—		—		—		20.46
Class I (6/13)
2013(d)		20.00		.03		.47		.50		—		—		—		20.50


	74			Nuveen Investments





			Ratios/Supplemental Data

					Ratios to Average Net Assets Before Waiver/Reimbursement						Ratios to Average Net Assets After Waiver/Reimbursement(c)
Total Return(b)			Ending Net Assets (000)		Expenses			Net Invest- ment Income (Loss)			Expenses			Net Invest- ment Income (Loss)			Portfolio Turnover Rate(e)

	2.45	%	$	457		1.54	%*		.53	%*		1.17	%*		.90	%*		34	%

	2.30			143		2.31	*		(.18	)*		1.92	*		.21	*		34

	2.50			11,449		1.55	*		.07	*		.92	*		.69	*		34

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

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

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

(c)	After fee waiver and/or expense reimbursement from the Adviser.

(d)	For the period June 17, 2013 (commencement of operations) through August 31, 2013.

(e)	Portfolio Turnover Rate is calculated based on the lesser of long-term purchases or sales (as disclosed in Note 5 – Investment Transactions) divided by the average long-term market value during the period.

*	Annualized.

See accompanying notes to financial statements.


Nuveen Investments			75

Financial Highlights (continued)


Selected data for a share outstanding throughout each period:

Class (Commencement Date)
			Investment Operations							Less Distributions

LARGE CAP CORE PLUS
Year Ended August 31,	Beginning Net Asset Value		Net Invest- ment Income (Loss)(a)			Net Realized/ Unrealized Gain (Loss)		Total		From Net Invest- ment Income		From Accumulated Net Realized Gains		Total		Ending Net Asset Value
Class A (6/13)
2013(e)	$	20.00	$	.03		$	.50	$	.53	$	—	$	—	$	—	$	20.53
Class C (6/13)
2013(e)		20.00		(.03	)		.54		.51		—		—		—		20.51
Class I (6/13)
2013(e)		20.00		.02			.53		.55		—		—		—		20.55


	76			Nuveen Investments





			Ratios/Supplemental Data

					Ratios to Average Net Assets Before Waiver/Reimbursement(d)						Ratios to Average Net Assets After Waiver/Reimbursement(c)(d)
Total Return(b)			Ending Net Assets (000)		Expenses			Net Invest- ment Income (Loss)			Expenses			Net Invest- ment Income (Loss)			Portfolio Turnover Rate(f)

	2.70	%	$	456		2.38	%*		.26	%*		1.99	%*		.65	%*		41	%

	2.60			51		3.31	*		(1.33	)*		2.66	*		(.67	)*		41

	2.80			18,090		2.33	*		(.30	)*		1.66	*		.37	*		41

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

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

(c)	After fee waiver and/or expense reimbursement from the Adviser.

(d)	Each ratio includes the effect of dividends expense, and prime brokerage expense, on securities sold short as follows:

Ratios of Dividend Expense
on Securities Sold Short
and Prime Brokerage Expense
to Average Net Assets

Year Ended August 31,

Class A

Class C

Class I

2013(e)

.52

.44

(e)	For the period June 17, 2013 (commencement of operations) through August 31, 2013.

(f)	Portfolio Turnover Rate is calculated based on the lesser of long-term purchases or sales (as disclosed in Note 5 – Investment Transactions) divided by the average long-term market value during the period.

*	Annualized.

See accompanying notes to financial statements.


Nuveen Investments			77

Financial Highlights (continued)


Selected data for a share outstanding throughout each period:

Class (Commencement Date)
			Investment Operations							Less Distributions

LARGE CAP GROWTH
Year Ended August 31,	Beginning Net Asset Value		Net Invest- ment Income (Loss)(a)			Net Realized/ Unrealized Gain (Loss)		Total		From Net Invest- ment Income		From Accumulated Net Realized Gains		Total		Ending Net Asset Value
Class A (6/13)
2013(d)	$	20.00	$	.05		$	.54	$	.59	$	—	$	—	$	—	$	20.59
Class C (6/13)
2013(d)		20.00		—	*		.56		.56		—		—		—		20.56
Class I (6/13)
2013(d)		20.00		.04			.56		.60		—		—		—		20.60


	78			Nuveen Investments





			Ratios/Supplemental Data
					Ratios to Average Net Assets Before Waiver/Reimbursement						Ratios to Average Net Assets After Waiver/Reimbursement(c)
Total Return(b)			Ending Net Assets (000)		Expenses			Net Invest- ment Income (Loss)			Expenses			Net Invest- ment Income (Loss)			Portfolio Turnover Rate(e)

	2.95	%	$	1,017		1.49	%**		.92	%**		1.15	%**		1.25	%**		48	%

	2.80			83		2.50	**		(.60	)**		1.91	**		(.02	)**		48

	3.00			11,472		1.55	**		.22	**		.92	**		.86	**		48

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

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

(c)	After fee waiver and/or expense reimbursement from the Adviser.

(d)	For the period June 17, 2013 (commencement of operations) through August 31, 2013.

(e)	Portfolio Turnover Rate is calculated based on the lesser of long-term purchases or sales (as disclosed in Note 5 – Investment Transactions) divided by the average long-term market value during the period.

*	Rounds to less than $.01 per share.

**	Annualized.

See accompanying notes to financial statements.


Nuveen Investments			79

Notes to Financial Statements

1. General Information and Significant Accounting Policies

General Information

The Nuveen Investment Trust (the “Trust”), is an open-end management investment company registered under the Investment Company Act of 1940, as amended. The Trust is comprised of Nuveen Concentrated Core Fund (“Concentrated Core”), Nuveen Core Dividend Fund (“Core Dividend”), Nuveen Equity Market Neutral Fund (“Equity Market Neutral”), Nuveen Large Cap Core Fund (“Large Cap Core”), Nuveen Large Cap Core Plus Fund (“Large Cap Core Plus”) and Nuveen Large Cap Growth Fund (“Large Cap Growth”) (each a “Fund” and collectively, the “Funds”), as diversified funds (non-diversified for Concentrated Core), among others. The Trust was organized as a Massachusetts business trust on May 6, 1996. The Funds commenced operations on June 17, 2013.

The Funds’ investment adviser is Nuveen Fund Advisors, LLC (the “Adviser”), a wholly-owned subsidiary of Nuveen Investments, Inc. (“Nuveen”). 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 subsidiary of the Adviser, under which the Sub-Adviser manages the investment portfolios of the Funds.

Concentrated Core’s investment objective is long-term capital appreciation. The Fund pursues its objective by investing in a portfolio of 15-30 equity securities. Substantially all of the equity securities in which the Fund invests will be included in the Fund’s benchmark index, the Russell 1000^® Index, at the time of purchase. Under normal market conditions, the Fund invests at least 80% of the sum of its net assets and the amount of any borrowings for investment purposes in equity securities. The Sub-Adviser will focus on larger capitalization companies in the Russell 1000^® Index.

Core Dividend’s investment objective is total return comprised of income from dividends and long-term capital appreciation. Under normal market conditions, the Fund invests at least 80% of the sum of its net assets and the amount of any borrowings for investment purposes in dividend paying equity securities. Substantially all of the equity securities in which the Fund invests will be, at the time of purchase, dividend paying securities included in the Fund’s benchmark index, the Russell 1000^® Index. The Sub-Adviser generally will sell a security that discontinues dividend payments, although it is not required to do so.

Equity Market Neutral’s investment objective is to provide investors with long-term capital appreciation independent of the U.S. equity market. The Fund pursues its investment objective utilizing a market neutral strategy, the goal of which is to generate absolute returns that are due primarily to stock selection, rather than the returns and direction of the stock market. The Fund implements its market neutral strategy by establishing long and short positions in a diversified portfolio of equity securities. Under normal market conditions, the Fund invests at least 80% of the sum of its net assets and the amount of any borrowings for investment purposes (including assets acquired through the Fund’s short sales) in equity securities. Substantially all of the equity securities in which the Fund takes long and short positions will be included in the Russell 1000^® Index at the time of purchase. At any time, the Fund’s net long exposure to the stock market (long market value minus short market value) could range between -20% and 40%.

Large Cap Core’s investment objective is long-term capital appreciation. Under normal market conditions, the Fund invests at least 80% of the sum of its net assets and the amount of any borrowings for investment purposes in equity securities of large-capitalization companies. Large capitalization companies are defined as companies that have market capitalizations at the time of purchase within the market capitalization range of the companies in the Russell 1000^® Index immediately after its most recent reconstitution prior to such purchase. It is expected that reconstitution of the Russell 1000^® Index will occur each year at the end of June. Immediately after the most recent reconstitution, the range was $699 million to $547.4 billion. Substantially all of the equity securities in which the Fund invests will be included in the Fund’s benchmark index, the Russell 1000^® Index, at the time of purchase.

Large Cap Core Plus’ investment objective is long-term capital appreciation. The Fund pursues its investment objective by establishing long and short positions in a diversified portfolio of equity securities. Under normal market conditions, the Fund invests at least 80% of the sum of its net assets and the amount of any borrowings for investment purposes (including assets acquired through the Fund’s short sales) in equity securities of large-capitalization companies. Large capitalization companies are defined as companies that have market capitalizations at the time of purchase within the market capitalization range of the companies in the Russell 1000^® Index immediately after its most recent reconstitution prior to such purchase. It is expected that reconstitution of the index will occur each year at the end of June. Immediately after the most recent reconstitution, the range was $699 million to $547.4 billion. Substantially all of the equity securities in which the Fund takes long and short positions will be included in the Fund’s benchmark index, the Russell 1000^® Index, at the time the position is taken. The Fund intends to maintain an approximate 100% net long exposure to the equity market (long market value minus short market value). However, the Fund’s long and short positions will vary in size as market opportunities change. The Fund’s long positions normally will range between 90% and 150% of the Fund’s net assets and the Fund’s short positions normally will range between 0% and 50% of the Fund’s net assets. However, in times of unusual or adverse market, economic, regulatory or political conditions, the Fund’s long and/or short positions may be outside of these ranges. Periods of unusual or adverse market, economic, regulatory or political conditions may exist for as long as six months and, in some cases, longer.

Large Cap Growth’s investment objective is long-term capital appreciation. Under normal market conditions, the Fund invests at least 80% of the sum of its net assets and the amount of any borrowings for investment purposes in equity securities of large-capitalization companies. Large capitalization companies are defined as companies that have market capitalizations at the time of purchase within the market capitalization range of the companies in the Russell 1000^® Index immediately after its most recent reconstitution prior to


	80			Nuveen Investments

such purchase. It is expected that reconstitution of the index will occur each year at the end of June. Immediately after the most recent reconstitution, the range was $699 million to $547.4 billion. Substantially all of the equity securities in which the Fund invests will be included in the Fund’s benchmark index, the Russell 1000^® Growth Index, at the time of purchase.

The Funds may also enter into stock index futures contracts to manage cash flows into and out of the Funds.

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

Significant Accounting Policies

Investment Transactions

Investment Income

Dividend income on investments purchased and dividend expense on securities sold short are recorded on the ex-dividend date or, for foreign securities, when information is available. Interest income is recorded on an accrual basis.

Professional Fees

Professional fees presented on the Statement of Operations consist of legal fees incurred in the normal course of operations, audit fees, tax consulting fees and, in some cases, workout expenditures. Workout expenditures are incurred in an attempt to protect or enhance an investment, or to pursue other claims or legal actions on behalf of Fund shareholders. Should a Fund receive a refund of workout expenditures paid in a prior reporting period, such amounts will be recognized as “Legal fee refund” on the Statement Operations.

Dividends and Distributions to Shareholders

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

Share Classes and Sales Charges

Multiclass Operations and Allocations

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

Indemnifications

Netting Agreements

In the ordinary course of business, the Funds may enter into transactions subject to enforceable master repurchase agreements or other similar arrangements (“netting agreements”). Generally, the right to offset in netting agreements allows each Fund to offset any exposure to a specific counterparty with any collateral received or delivered to that counterparty based on the terms of the agreements. Generally, a Fund manages its cash collateral and securities collateral on a counterparty basis. As of August 31, 2013, the Funds were not invested in any portfolio securities or derivatives, other than the repurchase agreements further described in Note 3 – Portfolio Securities and Investments in Derivatives that are subject to netting agreements.


Nuveen Investments			81

Notes to Financial Statements (continued)

Use of Estimates

2. Investment Valuation and Fair Value Measurements

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, which may represent a transfer from a Level 1 to a Level 2 security.

Repurchase agreements are valued at contract amount plus accrued interest, which approximates market value. These securities are generally classified as Level 2.

Fair Value Measurements


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).


Concentrated Core	Level 1		Level 2		Level 3		Total
Long-Term Investments*:
Common Stocks	$	1,306,065	$	—	$	—	$	1,306,065


	82			Nuveen Investments



Core Dividend	Level 1			Level 2		Level 3		Total
Long-Term Investments*:
Common Stocks	$	1,688,806		$	—	$	—	$	1,688,806

Equity Market Neutral	Level 1			Level 2		Level 3		Total
Long-Term Investments*:
Common Stocks	$	11,415,537		$	—	$	—	$	11,415,537
Short-Term Investments:
Repurchase Agreements		—			8,575,462		—		8,575,462
Common Stocks Sold Short*		(10,539,473	)		—		—		(10,539,473	)
Total	$	876,064		$	8,575,462	$	—	$	9,451,526

Large Cap Core	Level 1			Level 2		Level 3		Total
Long-Term Investments*:
Common Stocks	$	11,842,896		$	—	$	—	$	11,842,896

Large Cap Core Plus	Level 1			Level 2		Level 3		Total
Long-Term Investments*:
Common Stocks	$	20,097,955		$	—	$	—	$	20,097,955
Common Stocks Sold Short*		(4,659,850	)		—		—		(4,659,850	)
Total	$	15,438,105		$	—	$	—	$	15,438,105

Large Cap Growth	Level 1			Level 2		Level 3		Total
Long-Term Investments*:
Common Stocks	$	12,304,061		$	—	$	—	$	12,304,061

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

(i)

If available, fair value determinations shall be derived by extrapolating from recent transactions or quoted prices for identical or comparable securities.

(ii)

3. Portfolio Securities and Investments in Derivatives

Portfolio Securities

Short Sale Transactions

Equity Market Neutral and Large Cap Core Plus pursue a “long/short” investment strategy, pursuant to which they sell securities short and may purchase additional long investments with some or all of the proceeds of the short sale transactions.


Nuveen Investments			83

Notes to Financial Statements (continued)

When the Funds sell a security short, they borrow the security from a third party and segregate assets as collateral to secure their obligation to return the security to the lender either upon closing out the short position or upon demand from the lender. Proceeds from short selling may be used to finance the purchase of additional securities for each Fund’s long portfolio. The amount of collateral required to be pledged to borrow a security is determined by reference to the market value of the security borrowed. The value of the collateral required to be pledged as of the end of the reporting period is disclosed in the Fund’s Portfolio of Investments. The Funds are obligated to pay the party from whom the securities were borrowed dividends declared on the stock by the issuer and such amounts are recognized as “Dividends expense on securities sold short” on the Statement of Operations. Short sales are valued daily, and the corresponding unrealized gains and losses are recognized as “Change in net unrealized appreciation (depreciation) of securities sold short” on the Statement of Operations. Liabilities for securities sold short are reported at market value on the Statement of Assets and Liabilities. Short sale transactions result in off-balance sheet risk because the ultimate obligation may exceed the related amounts shown on the Statement of Assets and Liabilities. The Funds will incur a loss if the price of the security increases between the date of the short sale and the date on which the Funds replace the borrowed security. The Funds’ losses on short sales are potentially unlimited because there is no upward limit on the price a borrowed security could attain. The Funds will realize a gain if the price of the security declines between those dates. Gains and losses from securities sold short are recognized as “Net realized gain (loss) from securities sold short” on the Statement of Operations.

Bank of America Merrill Lynch (“BAML”) facilitates the short sales transactions for the Funds. The Funds currently pay prime brokerage fees to BAML for its services for the Funds, which are recognized as a component of “Other expenses” on the Statement of Operations.

Repurchase Agreements

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

The following table presents the repurchase agreements for the Fund that is subject to netting agreements as of the end of the reporting period, and the collateral delivered related to those repurchase agreements.


	Counterparty	Short-Term Investments, at Value		Collateral Pledged (From) Counterparty*			Net Exposure
Equity Market Neutral
Repurchase Agreements	Fixed Income Clearing Corporation	$	8,575,462	$	(8,575,462	)	$	—

*	As of August 31, 2013, the value of the collateral pledged from the counterparty exceeded the value of the repurchase agreements. Refer to the Fund’s Portfolio of Investments for details on the repurchase agreements.

Investments in Derivatives

Each Fund is authorized to invest in certain derivative instruments. 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. Although the Funds are authorized to invest in derivative instruments, and may do so in the future, they did not make any such investments during the period June 17, 2013 (commencement of operations) through August 31, 2013.

Market and Counterparty Credit Risk


	84			Nuveen Investments

4. Fund Shares

Transactions in Fund shares were as follows:


	Concentrated Core
	For the period 6/17/13 (commencement of operations) through 8/31/13
Shares sold:
Class A		12,167		$	245,588
Class C		6,456			129,995
Class I		51,758			1,035,000
		70,381			1,410,583
Shares redeemed:
Class A		—			—
Class C		(492	)		(10,282	)
Class I		—			—
		(492	)		(10,282	)
Net increase (decrease)		69,889		$	1,400,301

	Core Dividend
	For the period 6/17/13 (commencement of operations) through 8/31/13
Shares sold:
Class A		27,500		$	557,454
Class C		5,478			111,279
Class I		51,390			1,028,248
		84,368			1,696,981
Shares redeemed:
Class A		—			—
Class C		—			—
Class I		—			—
		—			—
Net increase (decrease)		84,368		$	1,696,981

	Equity Market Neutral
	For the period 6/17/13 (commencement of operations) through 8/31/13
Shares sold:
Class A		38,914		$	804,023
Class C		7,675			157,237
Class I		641,880			12,906,008
		688,469			13,867,268
Shares redeemed:
Class A		—			—
Class C		—			—
Class I		(7	)		(150	)
		(7	)		(150	)
Net increase (decrease)		688,462		$	13,867,118


Nuveen Investments			85

Notes to Financial Statements (continued)


	Large Cap Core
	For the period 6/17/13 (commencement of operations) through 8/31/13
Shares sold:
Class A		22,320		$	459,465
Class C		7,000			145,243
Class I		558,623			11,179,875
		587,943			11,784,583
Shares redeemed:
Class A		(4	)		(76	)
Class C		(4	)		(76	)
Class I		(119	)		(2,535	)
		(127	)		(2,687	)
Net increase (decrease)		587,816		$	11,781,896

	Large Cap Core Plus
	For the period 6/17/13 (commencement of operations) through 8/31/13
Shares sold:
Class A		22,225		$	462,000
Class C		2,500			50,000
Class I		880,314			17,759,821
		905,039			18,271,821
Shares redeemed:
Class A		—			—
Class C		—			—
Class I		—			—
		—			—
Net increase (decrease)		905,039		$	18,271,821

	Large Cap Growth
	For the period 6/17/13 (commencement of operations) through 8/31/13
Shares sold:
Class A		49,411		$	1,023,423
Class C		4,017			81,551
Class I		556,911			11,147,276
		610,339			12,252,250
Shares redeemed:
Class A		(4	)		(76	)
Class C		(4	)		(76	)
Class I		(4	)		(76	)
		(12	)		(228	)
Net increase (decrease)		610,327		$	12,252,022

5. Investment Transactions

Purchases and sales (excluding proceeds from securities sold short and short-term investments, where applicable) during the period June 17, 2013 (commencement of operations) through August 31, 2013, were as follows:


	Concentrated Core		Core Dividend		Equity Market Neutral		Large Cap Core		Large Cap Core Plus		Large Cap Growth
Purchases	$	1,615,288	$	2,098,769	$	16,258,043	$	15,503,999	$	26,176,846	$	17,553,912
Sales		281,249		421,913		5,220,632		3,911,651		6,442,780		5,549,166


	86			Nuveen Investments

6. Income Tax Information

As of August 31, 2013, the cost and unrealized appreciation (depreciation) of investments (excluding common stocks sold short), as determined on a federal income tax basis, were as follows:


	Concentrated Core			Core Dividend			Equity Market Neutral			Large Cap Core			Large Cap Core Plus			Large Cap Growth
Cost of investments	$	1,336,113		$	1,690,093		$	19,890,770		$	11,787,072		$	20,049,195		$	12,149,538
Gross unrealized:
Appreciation	$	19,124		$	44,992		$	426,875		$	380,027		$	555,600		$	411,423
Depreciation		(49,172	)		(46,279	)		(326,646	)		(324,203	)		(506,840	)		(256,900	)
Net unrealized appreciation (depreciation) of investments	$	(30,048	)	$	(1,287	)	$	100,229		$	55,824		$	48,760		$	154,523

Permanent differences, primarily due to nondeductible stock issuance costs, investment in short sales, and net operating losses, resulted in reclassifications among the Funds’ components of net assets as of August 31, 2013, the Funds’ tax year end, as follows:


	Concentrated Core			Core Dividend			Equity Market Neutral			Large Cap Core			Large Cap Core Plus			Large Cap Growth
Capital paid-in	$	(181	)	$	(280	)	$	(227	)	$	(261	)	$	(180	)	$	(251	)
Undistributed (Over-distribution of) net investment income		181			280			25,902			261			1,870			251
Accumulated net realized gain (loss)		—			—			(25,675	)		—			(1,690	)		—

The tax components of undistributed net ordinary income and net long-term capital gains as of August 31, 2013, the Funds’ tax year end, were as follows:


	Concentrated Core		Core Dividend		Equity Market Neutral		Large Cap Core		Large Cap Core Plus		Large Cap Growth
Undistributed net ordinary income¹	$	4,636	$	18,497	$	184,904	$	211,882	$	300,191	$	165,486
Undistributed net long-term capital gains		—		—		—		—		—		—

¹	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 period June 17, 2013 (commencement of operations) through August 31, 2013, the Funds’ tax year end, was designated for purposes of the dividends paid deduction as follows:

Concentrated

Core

Core
Dividend

Equity Market
Neutral

Large Cap
Core

Large Cap
Core Plus

Large Cap
Growth

Distributions from net ordinary income¹

—

Distributions from net long-term capital gains

—

¹	Net ordinary income consists of net taxable income derived from dividends, interest, and net short-term capital gains, if any.

During the period June 17, 2013 (commencement of operations) through August 31, 2013, the Funds’ tax year end, there were no capital losses generated.

7. Management Fees and Other Transactions with Affiliates


Nuveen Investments			87

Notes to Financial Statements (continued)

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


Average Daily Net Assets	Concentrated Core			Core Dividend			Equity Market Neutral			Large Cap Core			Large Cap Core Plus			Large Cap Growth
For the first $125 million		.6500	%		.5500	%		1.1000	%		.5500	%		1.0000	%		.5500	%
For the next $125 million		.6375			.5375			1.0875			.5375			.9875			.5375
For the next $250 million		.6250			.5250			1.0750			.5250			.9750			.5250
For the next $500 million		.6125			.5125			1.0625			.5125			.9625			.5125
For the next $1 billion		.6000			.5000			1.0500			.5000			.9500			.5000
For net assets over $2 billion		.5750			.4750			1.0250			.4750			.9250			.4750

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


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

The complex-level fee is calculated based upon the aggregate daily “eligible assets” of all Nuveen Funds. Eligible assets do not include assets attributable to investments in other Nuveen Funds or assets in excess of $2 billion added to the Nuveen Fund complex in connection with the Adviser’s assumption of the management of the former First American Funds effective January 1, 2011. Eligible assets include closed-end fund assets managed by the Adviser that are attributable to certain types of leverage. For these purposes, leverage includes the closed-end funds’ use of preferred stock and borrowings and certain investments in the residual interest certificates (also called inverse floating rate securities) in tender option bond (TOB) trusts, including the portion of assets held by a TOB trust that has been effectively financed by the trust’s issuance of floating rate securities, subject to an agreement by the Adviser as to certain funds to limit the amount of such assets for determining eligible assets in certain circumstances. As of August 31, 2013, the complex-level fee rate for each of these Funds was .1694%.

The Adviser has agreed to waive fees and/or reimburse expenses (“Expense Cap”) of each Fund 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 (including prime broker fees and charges on short sales), dividends expense on securities sold short and extraordinary expenses) do not exceed the average daily net assets of any class of Fund shares in the amounts and for the time periods stated in the following table:


Fund	Expense Cap			Expense Cap Expiration Date
Concentrated Core		1.000	%		July 31, 2016
Core Dividend		.950			July 31, 2016
Equity Market Neutral		1.400			July 31, 2016
Large Cap Core		.950			July 31, 2016
Large Cap Core Plus		1.250			July 31, 2016
Large Cap Growth		.950			July 31, 2016

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 trustees who are affiliated with the Adviser or to its officers, all of whom receive remuneration for their services to the Trust from the Adviser or its affiliates. The Board of Trustees has adopted a deferred compensation plan for independent trustees that enables trustees to elect to defer receipt of all or a portion of the annual compensation they are entitled to receive from certain Nuveen-advised funds. Under the plan, deferred amounts are treated as though equal dollar amounts had been invested in shares of select Nuveen-advised funds.

During the period June 17, 2013 (commencement of operations) through August 31, 2013, 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:


	Concentrated Core		Core Dividend		Equity Market Neutral		Large Cap Core		Large Cap Core Plus		Large Cap Growth
Sales charges collected (Unaudited)	$	5,056	$	6,765	$	4,474	$	6,944	$	—	$	14,141
Paid to financial intermediaries (Unaudited)		4,423		5,894		3,916		6,022		—		12,276


	88			Nuveen Investments

During the period June 17, 2013 (commencement of operations) through August 31, 2013, the Distributor compensated financial intermediaries directly with commission advances at the time of purchase as follows:


	Concentrated Core		Core Dividend		Equity Market Neutral		Large Cap Core		Large Cap Core Plus		Large Cap Growth
Commission advances (Unaudited)	$	800	$	100	$	100	$	277	$	—	$	263

To compensate for commissions advanced to financial intermediaries, all 12b-1 service and distribution fees collected on Class C Shares during the first year following a purchase are retained by the Distributor. During the period June 17, 2013 (commencement of operations) through August 31, 2013, the Distributor retained such 12b-1 fees as follows:


	Concentrated Core		Core Dividend		Equity Market Neutral		Large Cap Core		Large Cap Core Plus		Large Cap Growth
12b-1 fees retained (Unaudited)	$	133	$	123	$	145	$	163	$	107	$	121

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 period June 17, 2013 (commencement of operations) through August 31, 2013, as follows:


	Concentrated Core		Core Dividend		Equity Market Neutral		Large Cap Core		Large Cap Core Plus		Large Cap Growth
CDSC retained (Unaudited)	$	100	$	—	$	—	$	—	$	—	$	—

As of August 31, 2013, Nuveen owned shares of the Funds as follows:


	Concentrated Core		Core Dividend		Equity Market Neutral		Large Cap Core		Large Cap Core Plus		Large Cap Growth
Class A Shares		2,500		2,500		2,500		2,500		2,500		2,500
Class C Shares		2,500		2,500		2,500		2,500		2,500		2,500
Class I Shares		45,000		45,000		45,000		45,000		145,000		45,000


Nuveen Investments			89

Trustees and Officers* (Unaudited)


Name, Year of Birth & 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:
William J. Schneider 1944 333 W. Wacker Drive Chicago, IL 60606	Chairman of the Board and 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; owner in several other Miller-Valentine; entities; Board Member of Mid-America Health System, Tech Town, Inc., a not-for-profit community development company and WDPR Public Radio Station; formerly, member, Business Advisory Council, Cleveland Federal Reserve Bank and University of Dayton Business School Advisory Council.	211
Robert P. Bremner 1940 333 W. Wacker Drive Chicago, IL 60606	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.	211
Jack B. Evans 1948 333 W. Wacker Drive Chicago, IL 60606	Trustee	1999	President, The Hall-Perrine Foundation, a private philanthropic corporation (since 1996); Chairman, United Fire Group, a publicly held company; formerly, member and President Pro Tem of the Board of Regents for the State of Iowa University System; Director, Source Media Group; Life Trustee of Coe College; 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.	211
William C. Hunter 1948 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 Georgetown University.	211
David J. Kundert 1942 333 W. Wacker Drive Chicago, IL 60606	Trustee	2005	Formerly, Director, Northwestern Mutual Wealth Management Company; (2006-2013) 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.	211


	90			Nuveen Investments


Name, Year of Birth & 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
John K. Nelson 1962 333 West Wacker Drive Chicago, IL 60606	Trustee	2013	Senior external advisor to the financial services practice of Deloitte Consulting LLP (since 2012); Member of Board of Directors of Core12 LLC (since 2008), a private firm which develops branding, marketing and communications strategies for clients; Chairman of the Board of Trustees of Marian University (since 2010 as trustee, 2011 as Chairman); Director of The Curran Center for Catholic American Studies (since 2009) and The President’s Council, Fordham University (since 2010); formerly, Chief Executive Officer of ABN AMRO N.V. North America, and Global Head of its Financial Markets Division (2007-2008); prior senior positions held at ABN AMRO include Corporate Executive Vice President and Head of Global Markets—the Americas (2006-2007), CEO of Wholesale Banking—North America and Global Head of Foreign Exchange and Futures Markets (2001-2006), and Regional Commercial Treasurer and Senior Vice President Trading—North America (1996-2001); formerly, Trustee at St. Edmund Preparatory School in New York City.	211
Judith M. Stockdale 1947 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).	211
Carole E. Stone 1947 333 W. Wacker Drive Chicago, IL 60606	Trustee	2007	Director, Chicago Board Options Exchange (since 2006), C2 Options Exchange, Incorporated (since 2009) and CBOE Holdings, Inc. (since 2010); formerly, Commissioner, New York State Commission on Public Authority Reform (2005-2010); formerly, Chair, New York Racing Association Oversight Board (2005-2007).	211
Virginia L. Stringer 1944 333 W. 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).	211
Terence J. Toth 1959 333 W. Wacker Drive Chicago, IL 60606	Trustee	2008	Managing Partner, Promus Capital (since 2008); Director, Fulcrum IT Service LLC (since 2010), Quality Control Corporation (since 2012) and LogicMark LLC (since 2012); formerly, Director, Legal & General Investment Management America, Inc. (2008-2013); 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) and 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).	211


Nuveen Investments			91

Trustees and Officers* (Unaudited) (continued)


Name, Year of Birth & Address	Position(s) Held with the Funds	Year First Elected or Appointed (2)	Principal Occupation(s) During Past 5 Years	Number of Portfolios in Fund Complex Overseen by Officer

Officers of the Funds:
Gifford R. Zimmerman 1956 333 W. Wacker Drive Chicago, IL 60606	Chief Administrative Officer	1988	Managing Director (since 2002), and 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); Vice President and Assistant Secretary (since 2013), formerly, Chief Administrative Officer and Chief Compliance Officer (2006-2013) of Nuveen Commodities Asset Management, LLC; Chartered Financial Analyst.	211
Margo L. Cook 1964 333 W. Wacker Drive Chicago, IL 60606	Vice President	2009	Executive Vice President (since 2008) of Nuveen Investments, Inc. and of Nuveen Fund Advisors, LLC (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.	211
Lorna C. Ferguson 1945 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).	211
Stephen D. Foy 1954 333 W. Wacker Drive Chicago, IL 60606	Vice President and Controller	1998	Senior Vice President (2010-2011), formerly, Vice President (2005-2010) and Funds Controller of Nuveen Securities, LLC; Senior Vice President (since 2013), formerly, Vice President of Nuveen Fund Advisors, LLC; Chief Financial Officer of Nuveen Commodities Asset Management, LLC (since 2010); Certified Public Accountant.	211
Scott S. Grace 1970 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, LLC, 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.	211
Walter M. Kelly 1970 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, LLC; Senior Vice President (since 2008) of Nuveen Investments Holdings, Inc; formerly, Senior Vice President (2008-2011) of Nuveen Securities, LLC.	211
Tina M. Lazar 1961 333 W. Wacker Drive Chicago, IL 60606	Vice President	2002	Senior Vice President (since 2010), formerly, Vice President (2005-2010) of Nuveen Fund Advisors, LLC.	211


	92			Nuveen Investments


Name, Year of Birth & Address	Position(s) Held with the Funds	Year First Elected or Appointed (2)	Principal Occupation(s) During Past 5 Years	Number of Portfolios in Fund Complex Overseen by Officer
Kevin J. McCarthy 1966 333 W. Wacker Drive Chicago, IL 60606	Vice President and Secretary	2007	Managing Director and Assistant Secretary (since 2008), Nuveen Securities, LLC; Managing Director (since 2008), Assistant Secretary (since 2007) and Co-General Counsel (since 2011) of Nuveen Fund Advisors, LLC; 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, 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.	211
Kathleen L. Prudhomme 1953 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, LLC; 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).	211
Joel T. Slager 1978 333 West Wacker Drive Chicago, IL 60606	Vice President and Assistant Secretary	2013	Fund Tax Director for Nuveen Funds (since May, 2013); previously, Vice President of Morgan Stanley Investment Management, Inc., Assistant Treasurer of the Morgan Stanley Funds (from 2010 to 2013); Tax Director at PricewaterhouseCoopers LLP (from 2008 to 2010).	211
Jeffery M. Wilson 1956 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).	108

(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)	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.

*	Represents the Fund’s Board of Trustees as of September 1, 2013.


Nuveen Investments			93

Annual Investment Management Agreement Approval Process

(Unaudited)

The Board of Trustees (the “Board,” and each Trustee, a “Board Member”) of the Funds, including the Board Members who are not parties to the Funds’ advisory or sub-advisory agreements or “interested persons” of any such parties (the “Independent Board Members”), is responsible for approving advisory arrangements for the Funds. At a meeting held on May 20-22, 2013 (the “Meeting”), the Board Members, including the Independent Board Members, considered and approved the investment management agreements (each, an “Investment Management Agreement”) between each Fund and Nuveen Fund Advisors, LLC (the “Adviser”), and the investment sub-advisory agreements (each, a “Sub-Advisory Agreement”) between the Adviser and Nuveen Asset Management, LLC (the “Sub-Adviser”), on behalf of the respective Fund. The Sub-Adviser and the Adviser are each a “Fund Adviser.” The Investment Management Agreements and the Sub-Advisory Agreements are each hereafter an “Advisory Agreement.”

To assist the Board in its evaluation of an Advisory Agreement with a Fund Adviser at the Meeting, the Independent Board Members had received, in adequate time in advance of the Meeting or at other meetings, materials which outlined, among other things:

•

the nature, extent and quality of services expected to be provided by the Fund Adviser;

•

the organization of the Fund Adviser, including the responsibilities of various departments and key personnel;

•

the expertise and background of the Fund Adviser with respect to the respective Fund’s investment strategy;

•

certain performance-related information (as described below);

•

the profitability of Nuveen Investments, Inc. (“Nuveen”);

•

the proposed management fees of the Fund Adviser, including comparisons of such fees with the management fees of comparable funds;

•

the expected expenses of the respective Fund, including comparisons of the Fund’s expected expense ratio with the expense ratios of comparable funds; and

•

the soft dollar practices of the Fund Adviser, if any.

At the Meeting, the Adviser made a presentation to and responded to questions from the Board of each Fund. During the Meeting, the Independent Board Members also met privately with their legal counsel to review the Board’s duties under the Investment Company Act of 1940 (the “1940 Act”), the general principles of state law in reviewing and approving advisory contracts, the standards used by courts in determining whether investment company boards of directors have fulfilled their duties, factors to be considered in voting on advisory contracts and an adviser’s fiduciary duty with respect to advisory agreements and compensation. It is with this background that the Independent Board Members considered the Advisory Agreements. As outlined in more detail below, the Independent Board Members considered all factors they believed relevant with respect to the Funds, including among other factors: (a) the nature, extent and quality of the services to be provided by the Fund Advisers; (b) investment performance, as described below; (c) the advisory fees and costs of the services to be provided to the Funds and the profitability of the Fund Advisers; (d) the extent of any anticipated economies of scale; (e) any benefits expected to be derived by the Fund Advisers from their relationships with the Funds; and (f) other factors. Each Board Member may have accorded different weight to the various factors in reaching his or her conclusions with respect to a Fund’s Advisory Agreements.

A. Nature, Extent and Quality of Services

The Independent Board Members considered the nature, extent and quality of the respective Fund Adviser’s services, including advisory services and administrative services. As the Adviser and the Sub-Adviser already serve as adviser and sub-adviser, respectively, to other Nuveen funds overseen by the Board Members, the Board has a good understanding of each such Fund Adviser’s organization, operations and personnel. As the Independent Board Members meet regularly throughout the year to oversee the Nuveen funds, including funds currently advised by the Fund Advisers, the Independent Board Members have relied upon their knowledge from their meetings and any other interactions throughout the year of the respective Fund Adviser and its services in evaluating the Advisory Agreements.

At the Meeting and at other meetings, the Independent Board Members reviewed materials outlining, among other things, the respective Fund Adviser’s organization and business; the types of services that such Fund Adviser or its affiliates provide to the Nuveen funds and are expected to provide to the Funds; and the experience of the respective Fund Adviser with applicable investment strategies. Further, the Independent Board Members have evaluated the background and experience of the relevant investment personnel.

In addition to advisory services, the Independent Board Members have considered the quality and extent of administrative and other non-investment advisory services that the Adviser and its affiliates will 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 Independent Board Members also recognized that the Adviser would oversee the Sub-Adviser.

In evaluating the services of the Sub-Adviser, the Independent Board Members noted that the Sub-Adviser was generally expected to supply portfolio investment management services to the Funds. In addition, the Board Members recognized the Sub-Adviser’s experience and investment process.


	94			Nuveen Investments

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

B. Investment Performance

Each Fund was new and therefore did not have its own performance history. However, the Independent Board Members are familiar with the performance records of other Nuveen funds advised by the Adviser and sub-advised by the Sub-Adviser.

The Independent Board Members recognized that the portfolio manager who was expected to manage each Fund had previously served as the portfolio manager to a series of large cap mutual funds at another fund complex (the “Large Cap Funds”). In that regard, the Independent Board Members reviewed certain performance information relating to the Large Cap Funds, including returns and performance peer group percentile rankings for various time periods up to March 31, 2012.

C. Fees, Expenses and Profitability

1. Fees and Expenses

In evaluating the management fees and expenses that each Fund was expected to bear, the Independent Board Members considered, among other things, the Fund’s proposed management fee structure, the rationale for its proposed fee levels, and its expected expense ratio in absolute terms as well as compared with the fees and expense ratios of comparable funds. Accordingly, the Independent Board Members reviewed, among other things, the proposed gross management fees and estimated net total expense ratio for each Fund compared to the median and certain percentile rankings of the respective Fund’s peers in the Lipper category in which such Fund was anticipated to be classified (and/or a subset thereof). In this regard, they noted that the proposed management fees and total expense ratio cap for each Fund except for the Concentrated Core Fund would fall within the second or third quartile of the applicable Lipper category. With respect to the Nuveen Concentrated Core Fund, (the “Concentrated Core Fund”) the Independent Board Members noted that such Fund represented a specialized strategy falling within the broader Lipper large cap core category and that concentrated funds are typically priced at a premium compared to the overall Lipper large cap core category average. They recognized that the Fund’s management fee reflected a premium relative to the Lipper large cap core category and a subset thereof comprised of concentrated front-load funds. The Board considered such premium appropriate given the Fund’s strategy and higher excess return target.

In addition, the Independent Board Members considered the fund-level breakpoint schedule and the complex-wide breakpoint schedule (described in further detail below) and any applicable fee waivers and expense reimbursements expected to be provided. Based on their review of the fee and expense information provided, the Independent Board Members determined that each Fund’s management fees to a Fund Adviser were reasonable in light of the nature, extent and quality of services to be provided to the respective Fund.

2. Comparisons with the Fees of Other Clients

The Board recognized that, like all Nuveen funds, the Fund would have a sub-adviser (which, in the case of the Funds, would be an affiliated sub-adviser), and therefore, the overall fund management fee can be divided into two components, the fee retained by the Adviser and the fee paid to the Sub-Adviser. In general terms, the fee to the Adviser will reflect the administrative services it will provide to support the Funds, and while some administrative services may occur at the sub-adviser level, the fee will generally reflect the portfolio management services provided by the Sub-Adviser. Due to their experience with other Nuveen funds, the Independent Board Members were familiar with the nature of services provided by the Adviser, including through the Sub-Adviser, and the range of fees and average fee the Sub-Adviser has assessed for such services to other clients. Such other clients include separately managed accounts (both retail and institutional accounts), 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 have noted, at the Meeting or at other meetings, that the fee rates charged to a fund (such as the Funds) and charged to 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 have considered the differences in the product types, including, but not limited to, the services to be provided, the structure and operations, product distribution and costs thereof, portfolio investment policies, investor profiles, account sizes and regulatory requirements. The Independent Board Members have noted, in particular, that the range of services, as described above, to be provided to a fund (such as the Funds) is much more extensive than that provided to separately managed accounts. Many of the additional administrative services to be provided by the Adviser are not required for institutional clients. The Independent Board Members further noted that the management fee rates of the foreign funds advised by the Adviser may vary due to, among other things, differences in the client base, governing bodies, operational complexities and services covered by the management fee. Given the inherent differences in the various products, particularly the extensive services to be provided to the Funds, the Independent Board Members believe such facts justify the different levels of fees.

3. Profitability of Fund Advisers

In conjunction with their review of fees at the Meeting or at other meetings, the Independent Board Members have considered the profitability of Nuveen for its advisory activities and its financial condition. At the Meeting or at other meetings, the Independent Board Members reviewed the revenues and expenses of Nuveen’s advisory activities, the allocation methodology used in


Nuveen Investments			95

Annual Investment Management Agreement Approval Process

(Unaudited) (continued)

preparing the profitability data and an analysis of the key drivers behind the changes in revenues and expenses that impacted profitability. Certain Nuveen business and financial information dated April 17, 2013, certain Nuveen financial information included in a report dated April 29, 2013, and Nuveen’s 2012 consolidated financial statements had also been provided. The Independent Board Members have also considered, at the Meeting or at other meetings, 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 have recognized the Adviser’s continued investment in its business to enhance its services, including capital improvements to investment technology, updated compliance systems, and additional personnel. In addition, in evaluating profitability, the Independent Board Members have also recognized the subjective nature of determining profitability which may be affected by numerous factors, including the allocation of expenses and that various allocation methodologies may each be reasonable but yield different results. Further, the Independent Board Members have 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 have reviewed Nuveen’s methodology and assumptions for allocating expenses across product lines to determine profitability. Based on their review, the Independent Board Members concluded that the Adviser’s level of profitability for its advisory activities was reasonable in light of the services to be provided.

With respect to the Sub-Adviser, which is affiliated with Nuveen, the Independent Board Members have previously reviewed its 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-Adviser’s level of profitability was reasonable in light of the services to be provided to the Funds.

In evaluating the reasonableness of the compensation, the Independent Board Members also considered other amounts expected to be paid to a Fund Adviser by the Funds as well as indirect benefits (such as soft dollar arrangements), if any, the respective Fund Adviser and its affiliates are expected to receive that are directly attributable to the management of the Funds. 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 expected 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. The Independent Board Members therefore considered whether the Funds could be expected to benefit from any economies of scale. One method to help ensure that 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. Accordingly, the Independent Board Members received and reviewed the schedule of proposed advisory fees for each Fund, including fund-level breakpoints thereto.

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, including the Funds, are generally reduced as the assets in the fund complex reach certain levels. In evaluating the complex-wide fee arrangement, the Independent Board Members have considered that 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.

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 each Fund’s respective shareholders when assets under management increase.

E. Indirect Benefits

In evaluating fees, the Independent Board Members also considered information received at the Meeting or at other meetings regarding potential “fall out” or ancillary benefits that a Fund Adviser or its affiliates may receive as a result of its relationship with the respective Fund. In this regard, the Independent Board Members considered, among other things, any sales charges, distribution fees and shareholder services fees expected to be received and retained by the Funds’ principal underwriter, an affiliate of the Adviser, including fees to be received pursuant to any 12b-1 plan.

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


	96			Nuveen Investments

will be determined by the Sub-Adviser. Accordingly, the Independent Board Members considered that the Sub-Adviser may benefit from its soft dollar arrangements pursuant to which it receives research from brokers that execute the Funds’ portfolio transactions. Similarly, the Board recognized that the research received pursuant to soft dollar arrangements by the Sub-Adviser may also benefit a Fund and shareholders to the extent the research enhances the ability of the Sub-Adviser to manage the Fund. The Independent Board Members noted that the Sub-Adviser’s profitability may be somewhat lower if it 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 expected to be received by a Fund Adviser as a result of its relationship with the Funds were reasonable and within acceptable parameters.

F. Approval

The Independent Board Members did not identify any single factor discussed previously as all-important or controlling. The Board Members, including a majority of the Independent Board Members, concluded that the terms of the Investment Management Agreements and Sub-Advisory Agreements were fair and reasonable, that the respective Fund Adviser’s fees are reasonable in light of the services to be provided to each Fund and that the Investment Management Agreements and Sub-Advisory Agreements should be and were approved on behalf of the Funds.


Nuveen Investments			97

Glossary of Terms Used in this Report

BofA/Merrill Lynch 3-Month U.S. Treasury Bill Index: The BofA/Merrill Lynch 3-Month U.S. Treasury Bill Index is an unmanaged index that is comprised of a single U.S. Treasury issue with approximately three months to final maturity, purchased at the beginning of each month and held for one full month. The index returns assume reinvestment of distributions, but do not reflect any applicable sales charges or management fees.

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

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

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

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

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

Long Position: A security the fund owns in its portfolio.

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

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

Russell 1000^® Index: An unmanaged index, considered representative of large-cap stocks. The index returns assume reinvestment of distributions, but do not reflect any applicable sales charges or management fees.

Short Position: A security the fund does not own but has sold through the delivery of a borrowed security.


	98			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 60603

Independent Registered Public Accounting Firm

Ernst & Young LLP

Chicago, IL 60606

Custodian

State Street Bank & Trust Company

Boston, MA 02111

Transfer Agent and Shareholder Services

Boston Financial

Data Services

Nuveen Investor Services

P.O. Box 8530

Boston, MA 02266-8530

(800) 257-8787

Quarterly Form N-Q Portfolio of Investments Information

Nuveen Funds’ Proxy Voting Information


Nuveen Investments			99

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Annual Report

August 31, 2013


	Share Class / Ticker Symbol

Fund Name	Class A	Class B	Class C	Class R3	Class I
Nuveen Equity Long/Short Fund	NELAX	—	NELCX	—	NELIX
Nuveen Growth Fund	NSAGX	—	NSRCX	NBGRX	NSRGX
Nuveen Large Cap Value Fund	NNGAX	NNGBX	NNGCX	NMMTX	NNGRX

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Table of Contents



Chairman’s Letter to Shareholders			4

Portfolio Managers’ Comments			5

Fund Performance and Expense Ratios			11

Holding Summaries			18

Expense Examples			21

Report of Independent Registered Public Accounting Firm			22

Portfolios of Investments			23

Statement of Assets and Liabilities			40

Statement of Operations			41

Statement of Changes in Net Assets			42

Financial Highlights			44

Notes to Financial Statements			50

Trustees and Officers			60

Annual Investment Management Agreement Approval Process			64

Glossary of Terms Used in this Report			70

Additional Fund Information			71

Chairman’s

Letter to Shareholders

LOGO

Dear Shareholders,

On the domestic front, the U.S. economy is experiencing sustainable slow growth. Corporate fundamentals are strong as earnings per share and corporate cash are at the highest level in two decades. Unemployment is trending down and the housing market has experienced a rebound, each assisting the positive economic scenario. However, there are some issues to be watched. Interest rates are expected to increase but significant uncertainty about the timing remains. Another potential fiscal cliff in October along with a possible conflict in the Middle East both add to the uncertainties that could cause problems for the economy going forward.

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

Sincerely,

LOGO

William J. Schneider

Chairman of the Board

October 21, 2013


	4			Nuveen Investments

Portfolio Managers’ Comments

Nuveen Equity Long/Short Fund

Nuveen Growth Fund

Nuveen Large Cap Value Fund

Nuveen Equity Long/Short Fund

The Fund features portfolio management by Nuveen Asset Management, LLC an affiliate of Nuveen Investments, Robert C. Doll, CFA, Anthony R. Burger, CFA, and Scott M. Tonneson, CFA, serve as portfolio managers. Mr. Doll is chief equity strategist and a senior portfolio manager. Mr. Burger is the director of quantitative equity research and a portfolio manager and Mr. Tonneson is a co-portfolio manager and the lead fundamental research analyst for the Nuveen Large Cap Equity Series.

It should also be noted that effective August 1, 2013, the Nuveen Equity Long/Short Fund’s fiscal year end was changed to August 31st from July 31st. As a result, its report covers a one-month reporting period ended August 31, 2013.

Nuveen Growth Fund

The Fund features portfolio management by Nuveen Asset Management, LLC an affiliate of Nuveen Investments, Robert C. Doll, CFA, and Nancy Crouse, CFA, serve as portfolio managers to the Nuveen Growth Fund.

It should also be noted that effective August 1, 2013, the Nuveen Growth Fund’s fiscal year end was changed to August 31st from July 31st. As a result, its report covers a one-month reporting period ended August 31, 2013.

Nuveen Large Cap Value Fund

The Fund features portfolio management by Nuveen Asset Management, LLC an affiliate of Nuveen Investments, Robert C. Doll, CFA, serves as portfolio manager.

It should also be noted that effective July 1, 2013, the Nuveen Large Cap Value Fund’s fiscal year end was changed to August 31st from June 30th. As a result, its report covers a two-month reporting period ended August 31, 2013.

We recently spoke with the portfolio managers about economic and market conditions, key investment strategies and performance of the Funds for the abbreviated reporting periods ended August 31, 2013.

What were the general market conditions and trends over the course of these abbreviated (one and two-month) reporting periods ended August 31, 2013?


Nuveen Investments			5

How did the Funds perform during the abbreviated (one- and two-month) reporting periods ended August 31, 2013?

The tables in the Fund Performance and Expense Ratios section of this report provide Class A Share total returns for the Funds for the one-month, two-month, one-year, five-year, ten-year and/or since inception periods ended August 31, 2013. The Funds’ Class A Share total returns at net asset value (NAV) are compared with the performance of their corresponding market index and peer group averages. A more detailed account of each Fund’s performance is provided later in this report.

What strategies were used to manage the Funds during the reporting periods ended August 31, 2013? How did these strategies influence performance?

Nuveen Equity Long/Short Fund

The Fund’s Class A Shares at NAV performed in line with the Russell 1000^® Index, but underperformed the Lipper classification average during the abbreviated reporting period ending August 31, 2013.

The Nuveen Equity Long/Short Fund seeks long-term capital appreciation with low correlation to the U.S. equity market by investing in long and short positions primarily of large-capitalization stocks from U.S. companies. As a result of the Fund’s new principal investment strategies and primary benchmark, its management team made significant changes in March 2013 to transition the Fund’s portfolio to the new approach. As with all Nuveen Asset Management (NAM) equity strategies, the team employs a disciplined approach for managing the Fund that balances fundamental analysis with quantitative techniques. Starting with the securities in the Russell 1000^® Index, primarily large-cap companies, the investment team uses a multi-factor quantitative ranking process to identify potential holdings for the Fund’s portfolio. Team members then apply a fundamental overlay from NAM’s 17 sector-specific analysts, using their unique industry perspectives to select Fund holdings. The management team will typically take long positions in companies it finds attractive and short positions in companies that it expects to underperform. The team expects the Fund to maintain a net long exposure to the equity market (long market value minus short market value) that is greater than the zero percent exposure of a market neutral fund, but less than the 100% exposure provided by a fund that invests only in long


	6			Nuveen Investments

positions. The goal of this strategy is to allow the Fund to benefit from a rising market, although to a lesser extent than a “long-only” fund, while maintaining some protection in a falling market with the Fund’s short positions, which are designed to perform inversely to the market.

During this abbreviated one-month reporting period, the Fund’s short positions in the industrials sector were the most beneficial, while select holdings in the consumer discretionary and materials sectors detracted from performance. In the industrials sector, the Fund benefited from a short position in United Continental Holdings Inc., the world’s largest airline company that operates both United Airlines and United Express. Also, the Fund’s short position in Fastenal Company, the leading fastener distributor in North America, contributed to performance.

Several of the Fund’s short positions in mining-related companies in the materials sector struggled, including Tahoe Resources Inc. and Royal Gold, Inc. Tahoe Resources explores and develops mineral properties, primarily in the U.S., where the company mines for precious metals. Royal Gold also focuses on precious metals, spanning the globe for gold, silver, copper, lead and zinc.

Results were mixed in the consumer discretionary sector where two standout performers were offset by weakness in three other holdings. A long position in Lions Gate Entertainment Corporation and a short position in Sally Beauty Holdings Inc. were beneficial to performance during the reporting period. Lions Gate is a North American entertainment company that develops television programming and motion pictures. Sally Beauty is the world’s largest specialty retailer and distributor of professional beauty supplies. Unfortunately, weakness in long positions in clothing retailers Abercrombie & Fitch Co. and Gap, Inc., as well as a short position in The Goodyear Tire & Rubber Company, a leading manufacturer of tires, more than offset this strength during the reporting period. American retailer Abercrombie & Fitch focuses on casual apparel for men, women and children, particularly targeting 18-22 year olds. Gap owns and operates several brands including: Athleta, Banana Republic, Gap, Old Navy and Piperlime.

Nuveen Growth Fund

The Fund’s Class A Shares at NAV underperformed both the Russell 1000^® Growth Index and the Lipper classification average during the abbreviated one-month reporting period ended August 31, 2013.

The Nuveen Growth Fund seeks long-term capital appreciation by investing primarily in stocks of well-run companies that exhibit above average growth potential combined with stable earnings streams. As with all Nuveen Asset Management (NAM) equity strategies, the team employs a disciplined approach for managing the Fund that balances fundamental analysis with quantitative techniques. Starting with the securities in the Russell 1000^® Growth Index, primarily large cap growth oriented companies, the investment team uses a multi-factor quantitative ranking process to identify potential holdings for the Fund’s portfolio. Team members then apply a fundamental overlay from NAM’s 17 sector-specific analysts using their unique industry perspectives to select growth oriented holdings. The team seeks to invest primarily in companies that exhibit stable and consistent earnings growth, defendable competitive advantages, strong management and low dependence on capital markets. We believe that buying such companies at reasonable prices can provide above market returns over time. The investment team does not engage in market timing and momentum-driven trading; instead, they prefer to buy and hold companies they believe can increase earnings and revenues throughout varied business and market cycles.

During this abbreviated reporting period, the Fund experienced some strength in the technology and consumer sectors; however, a lack of exposure to several technology outperformers, as well as weakness in the consumer discretionary sector caused it to underperform the Russell 1000^® Growth Index. The Fund did not benefit during this short time frame from our consistent and significant underweight in Apple, Inc. relative to the stock’s fairly large presence in the Russell benchmark.


Nuveen Investments			7

In consumer staples, Nu Skin Enterprises, Inc., a leading developer and marketer of anti-aging skincare products and nutritional supplements, produced strong performance results. Meanwhile, there were mixed results in the consumer discretionary sector. Outperformer Tractor Supply Company operates stores in rural parts of the U.S., offering a comprehensive selection of farm and ranch-related supplies and products. Countering this, both Gap, Inc. and DIRECTV, detracted during the reporting period. American retailer Gap owns and operates several of the most recognizable clothing and accessory brands including Athleta, Banana Republic, Gap, Old Navy and Piperlime. DIRECTV is a provider of digital entertainment programming to residential and commercial subscribers in the U.S. and Latin America, primarily via satellite.

Nuveen Large Cap Value Fund

The Fund’s Class A Shares at NAV outperformed the Russell 1000^® Value Index and the comparative Lipper classification average over the abbreviated two-month reporting period ended August 31, 2013.

The Nuveen Large Cap Value Fund seeks long-term capital appreciation by investing primarily in large-capitalization stocks in the Russell 1000^® Value Index. Nuveen Asset Management (NAM) became the Fund’s sole sub-adviser and Robert Doll replaced the team that previously managed the Fund on June 24, 2013. In addition, the Fund’s primary benchmark changed from the S&P 500^® Index to the Russell 1000^® Value Index and its principal investment strategies were modified. The management team made significant changes to transition the Fund’s portfolio to the new approach. The team employed its disciplined approach for managing large cap equity strategies that balances fundamental analysis with quantitative techniques. The investment team identifies potential Fund holdings based on security rankings provided by NAM’s multi-factor quantitative models combined with fundamental analysis by the firm’s 17 sector-specific analysts. The investment team then uses its extensive industry insight and fundamental research to select Fund holdings from among those candidates. This is how the investment team significantly reduced the number of holdings in the Fund to fewer than 100 as of August 31, 2013. Shareholders can expect the Fund’s portfolio to continue this more concentrated approach of approximately 90-125 holdings. The team structured the Fund’s portfolio to include a broader capitalization range, shifting it from nearly all large- and mega-cap companies to include more mid-cap holdings, thereby lowering the Fund’s average weighted market capitalization. Now that the transition is complete, the Fund’s turnover going forward is expected to remain in line with or slightly below its historical average.

During this abbreviated reporting period, the Fund benefited from strong stock selection in the industrials and technology sectors, while select stocks within the energy sector were a drag on results. In industrials, positions in Oshkosh Truck Corporation, Raytheon Company and Alliant Techsystems Inc. proved beneficial. Oshkosh is a designer and manufacturer of a broad variety of specialty vehicles and truck bodies used in defense, refuse hauling, fire and emergency, concrete placement and access equipment. Raytheon is the leading designer and manufacturer of guided missiles, including the Tomahawk cruise missile, as well as other military weapons, intelligence systems and electronics. Alliant Techsystems, the largest ammunitions maker in the world, is also involved in the defense industry as well as the aerospace and sporting markets.

Favorable stock selection in the technology sector was led by positions in Harris Corporation, Lexmark International Inc. and Booz Allen Hamilton Holding Corporation. Harris is a large contractor to the U.S. government and commercial markets, providing communications systems and information technology services to defense, transportation, national intelligence and public safety customers. Lexmark is a major developer and manufacturer of printing and enterprise content management (ECM) solutions such as laser printers, inkjet printers and ECM software. Booz Allen is one of America’s largest management technology consultants to both civilian agencies and U.S. government defense and intelligence organizations.


	8			Nuveen Investments

The energy sector was the Fund’s primary detractor during the reporting period, with two underperforming holdings: Valero Energy Corporation and Phillips 66. Valero Energy refines and markets various transportation fuels and petrochemical products, as well as power production. Phillips 66, a leading U.S.-based crude oil refiner, is also involved in producing petrochemicals, natural gas liquids and power. These two holdings were sold during the reporting period.

Risk Considerations

Nuveen Equity Long/Short Fund

Mutual fund investing involves risk; principal loss is possible. There is no guarantee the Fund’s investment objectives will be achieved. Prices of equity securities may change significantly over short or extended periods of time. The Fund sells securities that it has borrowed but does not own (“short sales”), which is a speculative technique. The Fund will suffer a loss when the price of a security that it holds long decreases or the price of a security that it has sold short increases. Losses on short sales arise from increases in the value of the security sold short, and therefore are theoretically unlimited. Because the Fund invests in both long and short equity positions, the Fund has overall exposure to changes in value of equity securities that is far greater than its net asset value. This may magnify gains and losses and increase the volatility of the Fund’s returns. In addition, the use of short sales will increase the Fund’s expenses. More information on these risks considerations, as well as information on other risks to which the Fund is subject, such as frequent trading, futures contract, and large cap stock risks, are included in the Fund’s prospectus.

Nuveen Growth Fund

Mutual fund investing involves risk; principal loss is possible. There is no guarantee the Fund’s investment objectives will be achieved. The value of equity securities may decline significantly over short or extended periods of time. Non-U.S. investments involve additional risks, including currency fluctuation, political and economic instability, lack of liquidity and differing legal and accounting standards. Small-cap stocks involve substantial risk and potential increased price volatility. More information on these risks considerations, as well as information on other risks to which the Fund is subject, such as investment focus risks, are included in the Fund’s prospectus.

Nuveen Large Cap Value Fund

Mutual fund investing involves risk; principal loss is possible. The value of equity securities may decline significantly over short or extended periods of time. More information on these risk considerations, as well as information on other risks to which the Fund is subject, such as futures contract, large cap stock, and value stock risks, are described in detail in the Fund’s prospectus.


Nuveen Investments			9

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	10			Nuveen Investments

Fund Performance and Expense Ratios

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

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.


Nuveen Investments			11

Fund Performance and Expense Ratios (continued)

Nuveen Equity Long/Short 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 August 31, 2013



		Cumulative		Average Annual
	1-Month		1-Year		Since Inception*
Class A Shares at NAV		-2.78%		13.13%		11.59%
Class A Shares at maximum Offering Price		-8.36%		6.63%		10.19%
Russell 1000^® Index**		-2.76%		19.84%		17.08%
Russell 1000^® Growth Index**		-1.71%		16.43%		19.25%
Lipper Long/Short Equity Funds Classification Average**		-1.39%		8.43%		8.27%

Class C Shares		-2.82%		12.32%		10.75%
Class I Shares		-2.77%		13.41%		11.88%

Average Annual Total Returns as of September 30, 2013 (Most Recent Calendar Quarter)



		Cumulative		Average Annual
	1-Month		1-Year		Since Inception*
Class A Shares at NAV		2.54%		16.51%		11.97%
Class A Shares at maximum Offering Price		-3.35%		9.79%		10.59%
Class C Shares		2.46%		15.60%		11.12%
Class I Shares		2.54%		16.75%		12.25%

Performance prior to March 1, 2013, reflects the Fund’s performance under the management of a sub-adviser using investment strategies that differed significantly from those currently in place.

Expense Ratios as of Most Recent Prospectus



	Gross Expense Ratios		Net Expense Ratios
Class A Shares		8.83%		3.74%
Class C Shares		9.58%		4.49%
Class I Shares		9.38%		3.47%

The Fund’s investment adviser has agreed to waive fees and/or reimburse expenses through July 31, 2016 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, (including prime broker fees and charges on short sales) dividend expense on securities sold short and extraordinary expenses) do not exceed 1.40% of the average daily net assets of any class of Fund shares. The expense limitation expiring July 31, 2016 may be terminated or modified prior to that date only with the approval of the Board of Trustees of the Fund.

*	Since inception returns are from 12/30/08.

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


	12			Nuveen Investments

Growth of an Assumed $10,000 Investment as of August 31, 2013 – Class A Shares

LOGO

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


Nuveen Investments			13

Fund Performance and Expense Ratios (continued)

Nuveen Growth 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 August 31, 2013



		Cumulative		Average Annual
	1-Month		1-Year		5-Year		Since Inception*
Class A Shares at NAV		-2.53%		15.86%		4.44%		3.15%
Class A Shares at maximum Offering Price		-8.15%		9.20%		3.22%		2.33%
Russell 1000^® Growth Index**		-1.71%		16.43%		8.40%		6.58%
Lipper Large-Cap Growth Funds Classification Average**		-1.51%		16.15%		6.49%		5.16%

Class C Shares		-2.58%		15.01%		3.65%		2.37%
Class R3 Shares		-2.58%		15.50%		4.14%		2.87%
Class I Shares		-2.51%		16.14%		4.70%		3.41%

Annual Total Returns as of September 30, 2013 (Most Recent Calendar Quarter)



		Cumulative		Average Annual
	1-Month		1-Year		5-Year		Since Inception*
Class A Shares at NAV		5.19%		20.11%		7.69%		3.81%
Class A Shares at maximum Offering Price		-0.87%		13.20%		6.43%		3.00%
Class C Shares		5.18%		19.24%		6.90%		3.04%
Class R3 Shares		5.21%		19.80%		7.40%		3.53%
Class I Shares		5.22%		20.39%		7.97%		4.08%

Class A Shares have a maximum 5.75% sales charge (Offering Price). Class A Share purchases of $1 million or more are sold at net asset value without an up-front sales charge but may be subject to a contingent deferred sales charge (CDSC), also known as a back-end sales charge, if redeemed within twelve months of purchase. Class C Shares have a 1% CDSC for redemptions within less than twelve months, which is not reflected in the one-year total return. Class R3 Shares have no sales charge and are available to only certain retirement plan clients of financial intermediaries. Class I Shares have no sales charge and may be purchased under limited circumstances or by specified classes of investors.

Expense Ratios as of Most Recent Prospectus



	Gross Expense Ratios		Net Expense Ratios
Class A Shares		1.30%		1.23%
Class C Shares		2.06%		1.98%
Class R3 Shares		1.52%		1.48%
Class I Shares		1.06%		0.98%

The Fund’s investment adviser has agreed to waive fees and/or reimburse expenses through November 30, 2013 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 1.00% (1.40% after November 30, 2013) of the average daily net assets of any class of Fund shares. The expense limitation expiring November 30, 2013, may be terminated or modified prior to that date only with the approval of the Board of Trustees of the Fund. The expense limitation in effect thereafter may be terminated or modified only with the approval of shareholders of the Fund.

Since inception returns for Class A, C and I Shares, and for the comparative index and Lipper classification average, are from 3/28/06. Class A, C and I Share returns are actual. Class R3 Share returns are actual for the periods since class inception on 3/3/09; returns prior to class inception are Class I Share returns adjusted for differences in sales charges and expense, which are primarily differences in distribution and service fees.

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


	14			Nuveen Investments

Growth of an Assumed $10,000 Investment as of August 31, 2013 – Class A Shares

LOGO

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


Nuveen Investments			15

Fund Performance and Expense Ratios (continued)

Nuveen Large Cap Value Fund

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

Fund Performance

Average Annual Total Returns as of August 31, 2013



		Cumulative		Average Annual
	2-Month		1-Year		5-Year		10-Year*
Class A Shares at NAV		3.50%		23.62%		6.13%		7.63%
Class A Shares at maximum Offering Price		-2.44%		16.51%		4.88%		7.00%
Russell 1000^® Value Index**		1.40%		23.10%		6.69%		7.61%
S&P 500^® Index**		2.04%		18.70%		7.32%		7.12%
Lipper Large-Cap Value Funds Classification Average**		1.90%		22.12%		6.04%		6.69%

Class B Shares w/o CDSC		3.39%		22.67%		5.34%		6.99%
Class B Shares w/CDSC		-1.61%		18.67%		5.17%		6.99%
Class C Shares		3.36%		22.66%		5.34%		6.83%
Class R3 Shares		3.44%		23.33%		5.84%		7.33%
Class I Shares		3.52%		23.92%		6.39%		7.90%

Average Annual Total Returns as of September 30, 2013 (Most Recent Calendar Quarter)



	Cumulative	Average Annual
	2-Month	1-Year		5-Year		10-Year*
Class A Shares at NAV	-1.07%		23.55%		8.49%		8.07%
Class A Shares at maximum Offering Price	-6.75%		16.47%		7.21%		7.43%
Class B Shares w/o CDSC	-1.18%		22.69%		7.68%		7.41%
Class B Shares w/CDSC	-6.18%		18.69%		7.53%		7.41%
Class C Shares	-1.19%		22.68%		7.68%		7.25%
Class R3 Shares	-1.03%		23.26%		8.20%		7.76%
Class I Shares	-1.14%		23.94%		8.76%		8.33%

Performance prior to June 24, 2013, reflects the Fund’s performance under the management of multiple sub-advisers using investment strategies that differed significantly from those currently in place.

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		1.15%
Class B Shares		1.90%
Class C Shares		1.90%
Class R3 Shares		1.40%
Class I Shares		0.90%

The returns for Class A, B, C and I Shares are actual. The returns for Class R3 Shares are actual for the periods since class inception on 8/04/08; returns prior to class inception are Class I Share returns adjusted for differences in sales charges and expenses, which are primarily differences in distribution and service fees.

**	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 August 31, 2013 – Class A Shares

LOGO

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

Holding Summaries as of August 31, 2013

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

Nuveen Equity Long/
Short Fund


Portfolio Allocation¹
Common Stocks (Long Exposure)			157.4%
Short-Term Investments			33.7%
Common Stocks Sold Short (Short Exposure)			(87.7)%
Other²			(3.4)%


Portfolio Composition – Common Stocks^1,5
Specialty Retail			11.3%
Oil, Gas & Consumable Fuels			9.6%
Machinery			8.8%
IT Services			8.7%
Aerospace & Defense			7.7%
Health Care Providers & Services			7.4%
Electrical Equipment			6.0%
Chemicals			5.9%
Commercial Banks			5.7%
Health Care Equipment & Supplies			5.4%
Pharmaceuticals			4.6%
Media			4.2%
Insurance			4.2%
Software			4.0%
Computers & Peripherals			3.5%
Communications Equipment			3.0%
Capital Markets			2.9%
Diversified Telecommunication Services			2.7%
Semiconductors & Equipment			2.7%
Metals & Mining			2.7%
Building Products			2.5%
Diversified Financial Services			2.4%
Household Durables			2.4%
Airlines			2.3%
Energy Equipment & Services			2.2%
Consumer Finance			2.1%
Electric Utilities			2.1%
Industrial Conglomerates			1.6%
Multiline Retail			1.6%
Containers & Packaging			1.6%
Food Products			1.5%
Food & Staples Retailing			1.5%
Internet Software & Services			1.5%
Internet & Catalog Retail			1.4%
Construction & Engineering			1.4%
Tobacco			1.4%
Other³			16.9%


Portfolio Composition – Common Stocks Sold Short¹^,5
Oil, Gas & Consumable Fuels			(6.2)%
Machinery			(5.9)%
Road & Rail			(4.7)%
Commercial Services & Supplies			(4.5)%
Metals & Mining			(4.4)%
Specialty Retail			(4.0)%
Health Care Providers & Services			(3.9)%
Energy Equipment & Services			(3.1)%
Commercial Banks			(3.1)%
Real Estate Investment Trust			(2.6)%
Chemicals			(2.6)%
Aerospace & Defense			(2.4)%
Construction & Engineering			(2.4)%
Semiconductors & Equipment			(2.3)%
Multiline Retail			(2.3)%
Life Sciences Tools & Services			(2.1)%
Internet Software & Services			(2.1)%
Hotels, Restaurants & Leisure			(2.1)%
Beverages			(2.0)%
Diversified Financial Services			(2.0)%
IT Services			(1.9)%
Electric Utilities			(1.7)%
Trading Companies & Distributors			(1.6)%
Insurance			(1.5)%
Other⁴			(16.3)%


Top Five Common Stock Holdings¹
Lowe’s Companies, Inc.		3.0%
Best Buy Co., Inc.		2.7%
Microsoft Corporation		2.6%
Apple, Inc.		2.1%
Boeing Company	��	1.9%


Top Five Common Stock Sold Short¹
Carpenter Technology Inc.			(1.0)%
Navistar International Corporation			(1.0)%
Goodyear Tire & Rubber Company			(1.0)%
Gulfport Energy Corporation			(0.9)%
Valley National Bancorp.			(0.9)%

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

2	Other assets less liabilities.

3	Other includes all industries less than 1.4% of net assets.

4	Other includes all industries less than (1.5)% of net assets.

5	Percentages will not total to 100%.


	18			Nuveen Investments

Nuveen Growth Fund


Portfolio Allocation¹
Common Stocks			95.3%
Short-Term Investments			5.2%
Other²			(0.5)%


Portfolio Composition¹
IT Services			8.1%
Software			6.2%
Specialty Retail			6.1%
Health Care Equipment & Supplies			5.2%
Internet Software & Services			5.1%
Computers & Peripherals			5.0%
Food & Staples Retailing			4.7%
Biotechnology			4.5%
Aerospace & Defense			4.3%
Chemicals			4.2%
Health Care Providers & Services			4.1%
Media			4.0%
Energy Equipment & Services			3.9%
Hotels, Restaurants & Leisure			2.5%
Tobacco			2.5%
Electronic Components			2.4%
Personal Products			2.2%
Short-Term Investments			5.2%
Other³			19.8%


Top Five Common Stock Holdings¹
Google Inc., Class A			3.6%
Gilead Sciences, Inc.			2.9%
United Technologies Corporation			2.8%
Costco Wholesale Corporation			2.5%
Apple, Inc.			2.5%

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

2	Other assets less liabilities.

3	Includes other assets less liabilities and all industries less than 2.2% of total net assets.


Nuveen Investments			19

Holding Summaries (continued) as of August 31, 2013

Nuveen Large Cap Value Fund


Portfolio Allocation¹
Common Stocks			99.9%
Short-Term Investments²			—%
Other³			0.1%


Portfolio Composition¹
Insurance			9.1%
Commercial Banks			7.3%
Diversified Financial Services			6.5%
Aerospace & Defense			5.8%
Pharmaceuticals			5.5%
Oil, Gas & Consumable Fuels			5.1%
Media			4.0%
Health Care Providers & Services			3.7%
Machinery			3.7%
Computers & Peripherals			3.7%
Diversified Telecommunication Services			3.6%
Communication Equipment			3.6%
Health Care Equipment & Supplies			3.4%
Specialty Retail			3.2%
Electronic Equipment & Instruments			3.2%
Capital Markets			3.0%
Consumer Finance			2.3%
Construction & Engineering			2.2%
IT Services			2.2%
Short-Term Investments²			—%
Other⁴			18.9%


Top Five Common Stock Holdings¹
Wells Fargo & Company			3.4%
JPMorgan Chase & Co.			3.3%
Pfizer Inc.			3.3%
Citigroup Inc.			2.8%
Exxon Mobil Corporation			2.7%

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

2	Rounds to less than 0.1%.

3	Other assets less liabilities.

4	Includes other assets less liabilities and all industries less than 2.2% of net assets.


	20			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. Since the expense examples of Nuveen Equity Long/Short Fund, Nuveen Growth Fund and Nuveen Large Cap Value Fund reflect only the first 31, 31 and 62 days of the new fiscal year end reporting period, they may not provide a meaningful understanding of each Fund’s ongoing expenses.

The Examples below are based on an investment of $1,000 invested at the beginning of the period and held through the end of the period.

Nuveen Equity Long/Short Fund


							Hypothetical Performance
	Actual Performance						(5% annualized return before expenses)
	A Shares		C Shares		I Shares		A Shares		C Shares		I Shares
Beginning Account Value (8/01/13)	$	1,000.00	$	1,000.00	$	1,000.00	$	1,000.00	$	1,000.00	$	1,000.00
Ending Account Value (8/31/13)	$	972.20	$	971.80	$	972.30	$	1,001.66	$	1,001.01	$	1,001.89
Expenses Incurred During Period	$	2.55	$	3.19	$	2.33	$	2.58	$	3.24	$	2.36

For each class of the Fund, expenses are equal to the Fund’s annualized net expense ratio of 3.04%, 3.81% and 2.78% for Classes A, C and I, respectively, multiplied by the average account value over the period, multiplied by 31/365 (to reflect the first 31 days of the new fiscal year end reporting period).

Nuveen Growth Fund


									Hypothetical Performance
	Actual Performance								(5% annualized return before expenses)
	A Shares		C Shares		R3 Shares		I Shares		A Shares		C Shares		R3 Shares		I Shares
Beginning Account Value (8/01/13)	$	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 (8/31/13)	$	974.70	$	974.20	$	974.20	$	974.90	$	1,003.21	$	1,002.57	$	1,002.99	$	1,003.42
Expenses Incurred During Period	$	1.02	$	1.65	$	1.24	$	0.81	$	1.04	$	1.68	$	1.26	$	0.83

For each class of the Fund, expenses are equal to the Fund’s annualized net expense ratio of 1.22%, 1.97%, 1.48% and 0.97% for Classes A, C, R3 and I, respectively, multiplied by the average account value over the period, multiplied by 31/365 (to reflect the first 31 days of the new fiscal year end reporting period).

Nuveen Large Cap Value Fund


											Hypothetical Performance
	Actual Performance										(5% annualized return before expenses)
	A Shares		B Shares		C Shares		R3 Shares		I Shares		A Shares		B Shares		C Shares		R3 Shares		I Shares
Beginning Account Value (7/01/13)	$	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 (8/31/13)	$	1,035.00	$	1,033.90	$	1,033.60	$	1,034.40	$	1,035.20	$	1,006.37	$	1,005.10	$	1,005.10	$	1,005.95	$	1,006.79
Expenses Incurred During Period	$	2.16	$	3.45	$	3.45	$	2.59	$	1.73	$	2.13	$	3.41	$	3.41	$	2.56	$	1.70

For each class of the Fund, expenses are equal to the Fund’s annualized net expense ratio of 1.25%, 2.00%, 2.00%, 1.50% and 1.00% for Classes A, B, C, R3 and I, respectively, multiplied by the average account value over the period, multiplied by 62/365 (to reflect the first 62 days of the new fiscal year end reporting period).


Nuveen Investments			21

Report of Independent Registered Public Accounting Firm

To the Board of Trustees and Shareholders of

Nuveen Investment Trust and Nuveen Investment Trust II:

In our opinion, the accompanying statement of assets and liabilities, including the portfolio of investments, and the related statements of operations, of changes in net assets, and the financial highlights present fairly, in all material respects, the financial position of Nuveen Large Cap Value Fund (a series of the Nuveen Investment Trust), Nuveen Equity Long/Short Fund, and Nuveen Growth Fund (each a series of the Nuveen Investment Trust II) (hereinafter referred to as the “Funds”) at August 31, 2013, the results of each of their operations, the changes in each of their net assets, and the financial highlights for each of the periods presented, 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 August 31, 2013 by correspondence with the custodian and brokers, provide a reasonable basis for our opinion.

PRICEWATERHOUSECOOPERS LLP

Chicago, IL

October 28, 2013


	22			Nuveen Investments

Portfolio of Investments

Nuveen Equity Long/Short Fund

August 31, 2013


Shares		Description (1)	Value
		COMMON STOCKS – 157.4%

		Aerospace & Defense – 7.7%

	952	Boeing Company	$	98,932

	922	General Dynamics Corporation		76,757

	784	L-3 Communications Holdings, Inc.		70,819

	965	Northrop Grumman Corporation		89,041

	1,015	Rockwell Collins, Inc.		71,832
		Total Aerospace & Defense		407,381
		Airlines – 2.3%

	2,306	Delta Air Lines, Inc.		45,497

	6,016	Southwest Airlines Co.		77,065
		Total Airlines		122,562
		Auto Components – 1.3%

	3,133	Gentex Corporation		70,586
		Beverages – 0.8%

	1,002	Dr. Pepper Snapple Group		44,850
		Biotechnology – 0.8%

	1,579	Myriad Genetics Inc., (2)		41,322
		Building Products – 2.5%

	3,500	Masco Corporation		66,220

	1,604	Smith AO Corporation		67,448
		Total Building Products		133,668
		Capital Markets – 2.9%

	689	Ameriprise Financial, Inc.		59,357

	1,150	Franklin Resources, Inc.		53,084

	263	Goldman Sachs Group, Inc.		40,010
		Total Capital Markets		152,451
		Chemicals – 5.9%

	396	CF Industries Holdings, Inc.		75,375

	1,629	Dow Chemical Company		60,925

	1,277	LyondellBasell Industries NV		89,582

	1,049	W.R. Grace & Co., (2)		84,287
		Total Chemicals		310,169
		Commercial Banks – 5.7%

	4,976	Associated Banc-Corp.		79,367

	4,449	Fifth Third Bancorp.		81,372

	8,398	Regions Financial Corporation		78,941

	2,130	Zions Bancorporation		59,576
		Total Commercial Banks		299,256
		Commercial Services & Supplies – 1.0%

	3,028	R.R. Donnelley & Sons Company		50,507
		Communications Equipment – 3.0%

	4,763	Brocade Communications Systems Inc., (2)		35,246

	1,600	Cisco Systems, Inc.		37,296

	1,495	Harris Corporation		84,662
		Total Communications Equipment		157,204


Nuveen Investments			23

Portfolio of Investments

Nuveen Equity Long/Short Fund (continued)

August 31, 2013


Shares		Description (1)	Value
		Computers & Peripherals – 3.5%

	225	Apple, Inc.	$	109,586

	1,927	Hewlett-Packard Company		43,049

	1,000	Lexmark International, Inc., Class A		34,160
		Total Computers & Peripherals		186,795
		Construction & Engineering – 1.4%

	2,506	AECOM Technology Corporation, (2)		73,000
		Consumer Finance – 2.1%

	1,195	Discover Financial Services		56,464

	2,356	SLM Corporation		56,520
		Total Consumer Finance		112,984
		Containers & Packaging – 1.6%

	700	AptarGroup Inc.		41,167

	782	Packaging Corp. of America		41,477
		Total Containers & Packaging		82,644
		Diversified Financial Services – 2.4%

	1,084	CBOE Holdings Inc.		49,745

	1,516	JPMorgan Chase & Co.		76,603
		Total Diversified Financial Services		126,348
		Diversified Telecommunication Services – 2.7%

	12,534	Frontier Communications Corporation		54,272

	1,917	Verizon Communications Inc.		90,827
		Total Diversified Telecommunication Services		145,099
		Electric Utilities – 2.1%

	1,240	Edison International		56,904

	1,025	Pinnacle West Capital Corporation		55,627
		Total Electric Utilities		112,531
		Electrical Equipment – 6.0%

	1,564	Ametek Inc.		67,127

	1,554	Emerson Electric Company		93,815

	927	Rockwell Automation, Inc.		90,132

	551	Roper Industries Inc.		68,159
		Total Electrical Equipment		319,233
		Electronic Equipment & Instruments – 0.7%

	2,694	AVX Group		34,672
		Energy Equipment & Services – 2.2%

	889	Cooper Cameron Corporation, (2)		50,486

	4,224	Nabors Industries Inc.		65,050
		Total Energy Equipment & Services		115,536
		Food & Staples Retailing – 1.5%

	2,995	Safeway Inc.		77,571
		Food Products – 1.5%

	1,100	Archer-Daniels-Midland Company		38,731

	378	JM Smucker Company		40,121
		Total Food Products		78,852


	24			Nuveen Investments


Shares		Description (1)	Value
		Health Care Equipment & Supplies – 5.4%

	1,754	Abbott Laboratories	$	58,461

	6,868	Boston Scientific Corporation, (2)		72,663

	2,040	CareFusion Corporation, (2)		73,134

	1,550	Medtronic, Inc.		80,213
		Total Health Care Equipment & Supplies		284,471
		Health Care Providers & Services – 7.4%

	877	AmerisourceBergen Corporation		49,919

	917	Express Scripts, Holding Company, (2)		58,578

	451	McKesson HBOC Inc.		54,756

	523	Medax Inc., (2)		50,925

	1,100	Omnicare, Inc.		59,807

	1,428	Patterson Companies, Inc.		56,949

	689	Wellpoint Inc.		58,661
		Total Health Care Providers & Services		389,595
		Hotels, Restaurants & Leisure – 0.8%

	689	Starwood Hotels & Resorts Worldwide, Inc.		44,055
		Household Durables – 2.4%

	3,961	PulteGroup, Inc.		60,960

	501	Whirlpool Corporation		64,454
		Total Household Durables		125,414
		Household Products – 1.2%

	639	Energizer Holdings Inc.		63,152
		Independent Power Producers & Energy Traders – 1.1%

	4,637	AES Corporation		58,936
		Industrial Conglomerates – 1.6%

	1,303	Danaher Corporation		85,373
		Insurance – 4.2%

	240	Everest Reinsurance Group Ltd		32,868

	5,477	Old Republic International Corporation		77,773

	2,868	Unum Group		84,692

	750	Valdius Holdings Limited		25,958
		Total Insurance		221,291
		Internet & Catalog Retail – 1.4%

	1,575	Expedia, Inc.		73,647
		Internet Software & Services – 1.5%

	1,616	VeriSign, Inc., (2)		77,552
		IT Services – 8.7%

	690	Accenture Limited		49,853

	325	Alliance Data Systems Corporation, (2)		63,603

	2,206	CoreLogic Inc., (2)		56,694

	752	Henry Jack and Associates Inc.		37,525

	130	MasterCard, Inc.		78,790

	1,800	Total System Services Inc.		49,806

	2,369	Vantiv Inc., (2)		62,565

	3,339	Western Union Company		58,533
		Total IT Services		457,369


Nuveen Investments			25

Portfolio of Investments

Nuveen Equity Long/Short Fund (continued)

August 31, 2013


Shares		Description (1)	Value
		Leisure Equipment & Products – 1.1%

	1,291	Hasbro, Inc.	$	58,844
		Machinery – 8.8%

	1,278	Crane Company		73,370

	977	Dover Corporation		83,094

	1,052	Graco Inc.		73,103

	1,311	IDEX Corporation		77,834

	775	Nordson Corporation		51,654

	1,817	Terex Corporation, (2)		52,693

	900	Wabtec Corporation		52,668
		Total Machinery		464,416
		Media – 4.2%

	752	Comcast Corporation, Class A		31,652

	626	Liberty Global Inc., Class A Shares, (2)		48,628

	2,256	Lions Gate Entertainment Corporation, (2)		78,982

	1,604	Regal Entertainment Group, Class A		28,696

	65	Washington Post Company		36,660
		Total Media		224,618
		Metals & Mining – 2.7%

	7,696	Alcoa Inc.		59,259

	1,228	Reliance Steel & Aluminum Company		81,895
		Total Metals & Mining		141,154
		Multiline Retail – 1.6%

	752	Dillard’s, Inc., Class A		57,348

	576	Macy’s, Inc.		25,592
		Total Multiline Retail		82,940
		Multi-Utilities – 1.0%

	1,642	Ameren Corporation		55,516
		Oil, Gas & Consumable Fuels – 9.6%

	965	Apache Corporation		82,681

	1,178	CVTR Energy Inc.		50,442

	1,050	Hess Corporation		78,593

	230	HollyFrontier Company		10,230

	852	Marathon Petroleum Corporation		61,778

	3,835	Peabody Energy Corporation		65,962

	10,300	SandRidge Energy Inc., (2)		53,045

	1,358	Valero Energy Corporation		48,250

	3,148	WPX Energy Inc., (2)		58,742
		Total Oil, Gas & Consumable Fuels		509,723
		Paper & Forest Products – 1.2%

	987	Domtar Corporation		65,142
		Personal Products – 1.3%

��	1,103	Herbalife, Ltd.		67,294
		Pharmaceuticals – 4.6%

	1,400	AbbVie Inc.		59,654

	1,942	Endo Pharmaceuticals Holdings Inc., (2)		79,797


	26			Nuveen Investments


Shares		Description (1)					Value
		Pharmaceuticals (continued)

	1,504	Mylan Laboratories Inc., (2)					$	53,151

	1,737	Pfizer Inc.						49,001
		Total Pharmaceuticals						241,603
		Professional Services – 1.0%

	546	Dun and Bradstreet Inc.						54,316
		Real Estate Investment Trust – 0.7%

	526	Taubman Centers Inc.						35,458
		Semiconductors & Equipment – 2.7%

	2,243	Intel Corporation						49,301

	1,203	Maxim Integrated Products, Inc.						33,498

	4,191	NVIDIA Corporation						61,816
		Total Semiconductors & Equipment						144,615
		Software – 4.0%

	854	CA Inc.						24,980

	4,061	Microsoft Corporation						135,637

	2,024	Symantec Corporation						51,835
		Total Software						212,452
		Specialty Retail – 11.3%

	1,353	Abercrombie & Fitch Co., Class A						47,774

	3,947	Best Buy Co., Inc.						142,091

	765	GameStop Corporation						38,411

	1,564	Gap, Inc.						63,248

	1,100	Home Depot, Inc.						81,939

	3,449	Lowe’s Companies, Inc.						158,033

	952	PetSmart Inc.						67,049
		Total Specialty Retail						598,545
		Textiles, Apparel & Luxury Goods – 1.2%

	1,103	Hanesbrands Inc.						65,605
		Thrifts & Mortgage Finance – 0.5%

	501	Ocwen Financial Corporation, (2)						25,270
		Tobacco – 1.4%

	2,130	Altria Group, Inc.						72,164
		Trading Companies & Distributors – 1.2%

	2,506	MRC Global Inc., (2)						65,783
		Total Common Stocks (cost $8,302,975)						8,321,534

Principal Amount (000)		Description (1)	Coupon		Maturity		Value
		SHORT-TERM INVESTMENTS – 33.7%

$	1,780	Repurchase Agreement with State Street Bank, dated 8/30/13, repurchase price $1,780,099, collateralized by 1,820,000 U.S. Treasury Notes, 0.875%, due 2/28/17, value $1,818,535		0.000%		9/03/13	$	1,780,099
		Total Short-Term Investments (cost $1,780,099)						1,780,099
		Total Investments (cost $10,083,074) – 191.1%						10,101,633


Nuveen Investments			27

Portfolio of Investments

Nuveen Equity Long/Short Fund (continued)

August 31, 2013


Shares		Description (1)	Value
		COMMON STOCKS SOLD SHORT – (87.7)% (3)

		Aerospace & Defense – (2.4)%

	(1,228)	Hexcel Corporation, (2)	$	(43,680)

	(1,679)	Textron Inc.		(45,232)

	(551)	Triumph Group Inc.		(39,655)
		Total Aerospace & Defense		(128,567)
		Airlines – (0.7)%

	(1,353)	United Continental Holdings Inc., (2)		(38,506)
		Auto Components – (1.0)%

	(2,506)	Goodyear Tire & Rubber Company, (2)		(50,421)
		Automobiles – (0.8)%

	(1,215)	General Motors Company, (2)		(41,407)
		Beverages – (2.0)%

	(626)	Beam Inc.		(39,219)

	(576)	Brown-Forman Corporation		(38,586)

	(508)	Monster Beverage Corporation, (2)		(29,154)
		Total Beverages		(106,959)
		Building Products – (0.7)%

	(952)	Owens Corning, (2)		(35,643)
		Capital Markets – (0.7)%

	(1,817)	Charles Schwab Corporation		(37,939)
		Chemicals – (2.6)%

	(601)	Cytec Industries, Inc.		(44,943)

	(700)	Rockwood Holdings Inc.		(44,702)

	(451)	Westlake Chemical Corporation		(45,632)
		Total Chemicals		(135,277)
		Commercial Banks – (3.1)%

	(864)	Bank of Hawaii Corporation		(44,496)

	(2,444)	First Horizon National Corporation		(27,031)

	(3,070)	TCF Financial Corporation		(43,134)

	(4,838)	Valley National Bancorp.		(48,815)
		Total Commercial Banks		(163,476)
		Commercial Services & Supplies – (4.5)%

	(676)	Clean Harbors, Inc., (2)		(38,417)

	(1,165)	Copart Inc., (2)		(37,012)

	(1,248)	Iron Mountain Inc.		(32,198)

	(1,103)	Republic Services, Inc.		(35,859)

	(889)	Rollins Inc.		(22,003)

	(325)	Stericycle Inc., (2)		(36,582)

	(854)	Waste Connections Inc.		(36,175)
		Total Commercial Services & Supplies		(238,246)
		Communications Equipment – (0.3)%

	(1,353)	JDS Uniphase Corporation, (2)		(17,359)
		Computers & Peripherals – (0.9)%

	(676)	NCR Corporation, (2)		(24,052)

	(228)	Stratasys, Ltd., (2)		(24,458)
		Total Computers & Peripherals		(48,510)


	28			Nuveen Investments


Shares		Description (1)	Value
		Construction & Engineering – (2.4)%

	(714)	Chicago Bridge & Iron Company N.V.	$	(42,719)

	(1,316)	KBR Inc.		(39,296)

	(1,604)	Quanta Services Incorporated, (2)		(41,929)
		Total Construction & Engineering		(123,944)
		Containers & Packaging – (0.9)%

	(1,291)	MeadWestvaco Corporation		(46,282)
		Diversified Financial Services – (2.0)%

	(501)	CME Group, Inc.		(35,626)

	(2,080)	Interactive Brokers Group, Inc.		(34,902)

	(621)	McGraw-Hill Companies, Inc.		(36,248)
		Total Diversified Financial Services		(106,776)
		Electric Utilities – (1.7)%

	(463)	Duke Energy Corporation		(30,373)

	(812)	FirstEnergy Corp.		(30,426)

	(308)	ITC Holdings Corporation		(27,378)
		Total Electric Utilities		(88,177)
		Electronic Equipment & Instruments – (1.1)%

	(574)	Dolby Laboratories, Inc.		(18,041)

	(965)	Ingram Micro, Inc., Class A, (2)		(21,327)

	(611)	National Instruments Corporation		(16,955)
		Total Electronic Equipment & Instruments		(56,323)
		Energy Equipment & Services – (3.1)%

	(574)	Atwood Oceanics Inc., (2)		(31,960)

	(426)	Oceaneering International Inc.		(33,049)

	(777)	Seadrill Limited		(35,944)

	(601)	Tidewater Inc.		(32,430)

	(659)	Unit Corporation, (2)		(30,347)
		Total Energy Equipment & Services		(163,730)
		Food & Staples Retailing – (0.7)%

	(802)	The Fresh Market, Inc., (2)		(39,146)
		Food Products – (0.6)%

	(1,015)	Hillshire Brands Company		(32,795)
		Gas Utilities – (0.5)%

	(551)	ONEOK, Inc.		(28,343)
		Health Care Providers & Services – (3.9)%

	(1,200)	Brookdale Senior Living Inc., (2)		(30,024)

	(651)	Catamaran Corporation, (2)		(35,746)

	(218)	Davita Inc., (2)		(23,437)

	(2,058)	Health Management Associates Inc., (2)		(26,466)

	(902)	Health Net Inc., (2)		(27,222)

	(350)	Humana Inc.		(32,228)

	(764)	Tenet Healthcare Corporation, (2)		(29,834)
		Total Health Care Providers & Services		(204,957)
		Hotels, Restaurants & Leisure – (2.1)%

	(501)	Carnival Corporation		(18,081)


Nuveen Investments			29

Portfolio of Investments

Nuveen Equity Long/Short Fund (continued)

August 31, 2013


Shares		Description (1)	Value
		Hotels, Restaurants & Leisure (continued)

	(752)	Dunkin Brands Group Inc.	$	(32,404)

	(300)	McDonald’s Corporation		(28,307)

	(591)	Penn National Gaming, Inc., (2)		(31,080)
		Total Hotels, Restaurants & Leisure		(109,872)
		Household Durables – (0.8)%

	(1,300)	D.R. Horton, Inc.		(23,205)

	(513)	Tempur Pedic International Inc., (2)		(19,756)
		Total Household Durables		(42,961)
		Independent Power Producers & Energy Traders – (0.6)%

	(1,255)	NRG Energy Inc.		(32,944)
		Insurance – (1.5)%

	(95)	Alleghany Corporation, (2)		(36,774)

	(85)	Markel Corporation, (2)		(43,410)
		Total Insurance		(80,184)
		Internet & Catalog Retail – (0.3)%

	(50)	NetFlix.com Inc., (2)		(14,196)
		Internet Software & Services – (2.1)%

	(175)	Equinix Inc., (2)		(30,405)

	(2,271)	Pandora Media, Inc., (2)		(41,832)

	(1,393)	Yahoo! Inc., (2)		(37,778)
		Total Internet Software & Services		(110,015)
		IT Services – (1.9)%

	(350)	Fiserv, Inc., (2)		(33,695)

	(777)	Global Payments Inc.		(37,024)

	(183)	Visa Inc.		(31,919)
		Total IT Services		(102,638)
		Life Sciences Tools & Services – (2.1)%

	(376)	Covance, Inc., (2)		(30,471)

	(576)	Techne Corporation		(44,646)

	(355)	Waters Corporation, (2)		(35,092)
		Total Life Sciences Tools & Services		(110,209)
		Machinery – (5.9)%

	(1,729)	Harsco Corporation		(40,683)

	(891)	Joy Global Inc.		(43,766)

	(1,479)	Navistar International Corporation, (2)		(50,685)

	(782)	PACCAR Inc.		(41,923)

	(716)	Pentair Limited		(43,039)

	(615)	SPX Corporation		(45,535)

	(564)	Stanley Black & Decker Inc.		(48,087)
		Total Machinery		(313,718)
		Marine – (0.9)%

	(564)	Kirby Corporation, (2)		(45,363)
		Media – (0.7)%

	(802)	Echostar Communications Corporation		(36,058)


	30			Nuveen Investments


Shares		Description (1)	Value
		Metals & Mining – (4.4)%

	(965)	Carpenter Technology Inc.	$	(51,887)

	(1,566)	Freeport-McMoRan Copper & Gold, Inc.		(47,324)

	(1,395)	Newmont Mining Corporation		(44,319)

	(753)	Royal Gold, Inc.		(43,697)

	(2,635)	Tahoe Resources Inc., (2)		(47,167)
		Total Metals & Mining		(234,394)
		Multiline Retail – (2.3)%

	(789)	Dollar General Corporation, (2)		(42,582)

	(581)	Family Dollar Stores, Inc.		(41,361)

	(3,000)	J.C. Penney Company, Inc., (2)		(37,440)
		Total Multiline Retail		(121,383)
		Multi-Utilities – (0.5)%

	(325)	Sempra Energy		(27,437)
		Oil, Gas & Consumable Fuels – (6.2)%

	(175)	Concho Resources Inc., (2)		(16,889)

	(1,516)	CONSOL Energy Inc.		(47,345)

	(451)	Continental Resources Inc., (2)		(41,609)

	(839)	Gulfport Energy Corporation, (2)		(49,501)

	(927)	Kinder Morgan, Inc.		(35,161)

	(1,002)	Oasis Petroleum Inc., (2)		(39,278)

	(458)	Range Resources Corporation		(34,341)

	(879)	Spectra Energy Corporation		(29,104)

	(965)	Williams Companies, Inc.		(34,972)
		Total Oil, Gas & Consumable Fuels		(328,200)
		Pharmaceuticals – (0.7)%

	(877)	Forest Laboratories, Inc., (2)		(37,299)
		Real Estate Investment Trust – (2.6)%

	(396)	American Campus Communities Inc.		(13,191)

	(1,817)	Annaly Capital Management Inc.		(21,204)

	(150)	AvalonBay Communities, Inc.		(18,585)

	(752)	Duke Realty Corporation		(10,972)

	(325)	Equity Residential		(16,864)

	(303)	Macerich Company		(17,053)

	(501)	Realty Income Corporation		(19,790)

	(250)	Vornado Realty Trust		(20,324)
		Total Real Estate Investment Trust		(137,983)
		Road & Rail – (4.7)%

	(1,500)	Avis Budget Group Inc., (2)		(40,155)

	(1,027)	Con-Way, Inc.		(42,723)

	(513)	Genesee & Wyoming Inc., (2)		(44,415)

	(1,554)	Hertz Global Holdings Inc., (2)		(37,343)

	(1,065)	Old Dominion Freight Line, (2)		(46,242)

	(671)	Ryder System, Inc.		(37,314)
		Total Road & Rail		(248,192)


Nuveen Investments			31

Portfolio of Investments

Nuveen Equity Long/Short Fund (continued)

August 31, 2013


Shares		Description (1)	Value
		Semiconductors & Equipment – (2.3)%

	(8,272)	Advanced Micro Devices, Inc., (2)	$	(27,049)

	(2,140)	Applied Materials, Inc.		(32,121)

	(4,512)	Atmel Corporation, (2)		(32,757)

	(2,208)	Micron Technology, Inc., (2)		(29,963)
		Total Semiconductors & Equipment		(121,890)
		Software – (0.6)%

	(11,561)	Zynga Inc., (2)		(32,718)
		Specialty Retail – (4.0)%

	(870)	CarMax, Inc., (2)		(41,377)

	(2,307)	Chico’s FAS, Inc.		(35,989)

	(777)	Dick’s Sporting Goods Inc.		(36,061)

	(1,200)	Guess Inc.		(36,600)

	(1,378)	Sally Beauty Holdings Inc., (2)		(36,007)

	(255)	Ulta Salon, Cosmetics & Fragrance, Inc., (2)		(25,306)
		Total Specialty Retail		(211,340)
		Textiles, Apparel & Luxury Goods – (0.6)%

	(250)	PVH Corporation		(32,188)
		Thrifts & Mortgage Finance – (0.8)%

	(4,321)	Hudson City Bancorp, Inc.		(39,710)
		Trading Companies & Distributors – (1.6)%

	(940)	Fastenal Company		(41,350)

	(952)	GATX Corporation		(43,087)
		Total Trading Companies & Distributors		(84,437)
		Water Utilities – (0.2)%

	(400)	Aqua America Inc.		(12,148)
		Wireless Telecommunication Services – (0.7)%

	(5,200)	Sprint Corporation, (2)		(34,892)
		Total Common Stocks Sold Short (proceeds $4,650,090)		(4,635,152)
		Other Assets Less Liabilities – (3.4)%		(180,868)
		Net Assets – 100%	$	5,285,613


				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 Fund may pledge up to 100% of its eligible investments in the Portfolio of Investments as collateral for Common Stocks Sold Short. As of the end of the reporting period, investments with a value of $6,394,732 have been pledged as collateral for Common Stocks Sold Short.

See accompanying notes to financial statements.


	32			Nuveen Investments

Portfolio of Investments

Nuveen Growth Fund

August 31, 2013


Shares		Description (1)		Value

		COMMON STOCKS – 95.3%	��

		Aerospace & Defense – 4.3%

	2,549	Precision Castparts Corporation		$	538,451

	9,489	United Technologies Corporation			949,849
		Total Aerospace & Defense			1,488,300
		Biotechnology – 4.5%

	4,123	Celgene Corporation, (2)			577,138

	16,376	Gilead Sciences, Inc., (2)			986,982
		Total Biotechnology			1,564,120
		Capital Markets – 1.7%

	8,150	T. Rowe Price Group Inc.			571,641
		Chemicals – 4.2%

	7,643	Ecolab Inc.			698,188

	7,642	Monsanto Company			748,075
		Total Chemicals			1,446,263
		Commercial Banks – 2.0%

	17,068	Wells Fargo & Company			701,153
		Computers & Peripherals – 5.0%

	1,775	Apple, Inc.			864,514

	33,218	EMC Corporation			856,360
		Total Computers & Peripherals			1,720,874
		Electrical Equipment – 1.5%

	4,245	Roper Industries Inc.			525,107
		Electronic Components – 2.4%

	10,725	Amphenol Corporation, Class A			812,633
		Energy Equipment & Services – 3.9%

	7,176	Oceaneering International Inc.			556,714

	9,647	Schlumberger Limited			780,828
		Total Energy Equipment & Services			1,337,542
		Food & Staples Retailing – 4.7%

	7,824	Costco Wholesale Corporation			875,271

	13,071	CVS Caremark Corporation			758,772
		Total Food & Staples Retailing			1,634,043
		Health Care Equipment & Supplies – 5.2%

	9,000	Covidien PLC			534,600

	11,459	ResMed Inc.			541,323

	10,555	Stryker Corporation			706,024
		Total Health Care Equipment & Supplies			1,781,947
		Health Care Providers & Services – 4.1%

	10,510	Express Scripts, Holding Company, (2)			671,379

	6,001	McKesson HBOC Inc.			728,581
		Total Health Care Providers & Services			1,399,960
		Hotels, Restaurants & Leisure – 2.5%

	12,083	Starbucks Corporation			852,093
		Industrial Conglomerates – 2.0%

	10,444	Danaher Corporation			684,291


Nuveen Investments			33

Portfolio of Investments

Nuveen Growth Fund (continued)

August 31, 2013


Shares		Description (1)	Value
		Internet Software & Services – 5.1%

	10,700	eBay Inc., (2)	$	534,893

	1,451	Google Inc., Class A, (2)		1,228,852
		Total Internet Software & Services		1,763,745
		IT Services – 8.1%

	11,896	Accenture Limited		859,486

	2,120	Alliance Data Systems Corporation, (2)		414,884

	11,670	Gartner Inc., (2)		676,510

	4,904	Visa Inc.		855,356
		Total IT Services		2,806,236
		Leisure Equipment & Products – 2.0%

	6,160	Polaris Industries Inc.		672,734
		Life Sciences Tools & Services – 1.6%

	5,703	Waters Corporation, (2)		563,742
		Media – 4.0%

	11,251	DIRECTV, (2)		654,583

	9,384	Discovery Communications inc., Class A Shares, (2)		727,354
		Total Media		1,381,937
		Personal Products – 2.2%

	9,130	Nu Skin Enterprises, Inc., Class A		764,272
		Pharmaceuticals – 1.9%

	7,405	Allergan, Inc.		654,454
		Professional Services – 2.1%

	6,633	IHS Inc., (2)		710,726
		Road & Rail – 1.1%

	3,506	Kansas City Southern Industries		369,603
		Software – 6.2%

	7,291	Adobe Systems Incorporated, (2)		333,563

	8,600	Check Point Software Technology Limited, (2)		482,202

	7,935	Intuit, Inc.		504,111

	25,400	Oracle Corporation		809,244
		Total Software		2,129,120
		Specialized REIT – 2.1%

	10,326	American Tower REIT Inc.		717,554
		Specialty Retail – 6.1%

	13,264	Gap, Inc.		536,396

	7,397	PetSmart Inc.		520,971

	8,490	Ross Stores, Inc.		571,037

	3,874	Tractor Supply Company		474,060
		Total Specialty Retail		2,102,464
		Textiles, Apparel & Luxury Goods – 1.3%

	7,342	Nike, Inc., Class B		461,224
		Tobacco – 2.5%

	10,135	Philip Morris International		845,664
		Trading Companies & Distributors – 1.0%

	1,367	W.W. Grainger, Inc.		338,127
		Total Common Stocks (cost $24,690,169)		32,801,569


	34			Nuveen Investments

Principal
Amount (000)

Description (1)

Coupon

Maturity

Value

SHORT-TERM INVESTMENTS – 5.2%

1,802

Repurchase Agreement with Fixed Income Clearing Corporation, dated 8/30/13, repurchase price $1,801,989, collateralized by 1,765,000 U.S. Treasury Notes, 2.250%, due 11/30/17, value $1,842,026

0.000%

9/03/13

1,801,989

Total Short-Term Investments (cost $1,801,989)

1,801,989

Total Investments (cost $26,492,158) – 100.5%

34,603,558

Other Assets Less Liabilities – (0.5)%

(171,363)

Net Assets – 100%

34,432,195


				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.
	REIT			Real Estate Investment Trust.

See accompanying notes to financial statements.


Nuveen Investments			35

Portfolio of Investments

Nuveen Large Cap Value Fund

August 31, 2013


Shares		Description (1)	Value
		COMMON STOCKS – 99.9%

		Aerospace & Defense – 5.8%

	32,000	Alliant Techsystems Inc.	$	3,096,320

	228,000	Exelis Inc.		3,353,880

	39,000	L-3 Communications Holdings, Inc.		3,522,870

	43,000	Northrop Grumman Corporation		3,967,610

	57,000	Raytheon Company		4,298,370
		Total Aerospace & Defense		18,239,050
		Airlines – 0.2%

	26,000	Delta Air Lines, Inc.		512,980
		Auto Components – 0.1%

	7,200	Delphi Automotive PLC		396,144
		Automobiles – 1.6%

	301,000	Ford Motor Company		4,873,190
		Capital Markets – 3.0%

	41,000	Ameriprise Financial, Inc.		3,532,150

	39,000	Goldman Sachs Group, Inc.		5,933,070
		Total Capital Markets		9,465,220
		Chemicals – 1.5%

	18,000	CF Industries Holdings, Inc.		3,426,120

	20,000	LyondellBasell Industries NV		1,403,000
		Total Chemicals		4,829,120
		Commercial & Professional Services – 1.1%

	86,000	ADT Corporation		3,425,380
		Commercial Banks – 7.3%

	84,000	Comerica Incorporated		3,430,560

	164,000	Fifth Third Bancorp.		2,999,560

	112,785	KeyCorp.		1,316,201

	63,000	PNC Financial Services Group, Inc.		4,553,010

	257,000	Wells Fargo & Company		10,557,560
		Total Commercial Banks		22,856,891
		Commercial Services & Supplies – 0.9%

	166,000	R.R. Donnelley & Sons Company		2,768,880
		Communication Equipment – 3.6%

	340,000	Cisco Systems, Inc.		7,925,400

	59,000	Harris Corporation		3,341,170
		Total Communication Equipment		11,266,570
		Computers & Peripherals – 3.7%

	209,000	Hewlett-Packard Company		4,669,060

	93,000	Lexmark International, Inc., Class A		3,176,880

	60,000	Western Digital Corporation		3,720,000
		Total Computers & Peripherals		11,565,940
		Construction & Engineering – 2.2%

	118,000	AECOM Technology Corporation, (2)		3,437,340

	72,000	URS Corporation		3,565,440
		Total Construction & Engineering		7,002,780


	36			Nuveen Investments


Shares		Description (1)	Value
		Consumer Finance – 2.3%

	77,000	Discover Financial Services	$	3,638,250

	146,000	SLM Corporation		3,502,540
		Total Consumer Finance		7,140,790
		Containers & Packaging – 1.0%

	76,000	Avery Dennison Corporation		3,249,760
		Diversified Consumer Services – 0.5%

	52,000	Devry, Inc.		1,560,520
		Diversified Financial Services – 6.5%

	12,000	Berkshire Hathaway Inc., Class B, (2)		1,334,640

	180,000	Citigroup Inc.		8,699,400

	205,000	JPMorgan Chase & Co.		10,358,650
		Total Diversified Financial Services		20,392,690
		Diversified Telecommunication Services – 3.6%

	22,000	AT&T Inc.		744,260

	122,000	CenturyLink Inc.		4,040,640

	787,000	Frontier Communications Corporation		3,407,710

	389,000	Windstream Corporation		3,139,230
		Total Diversified Telecommunication Services		11,331,840
		Electronic Components – 0.5%

	124,000	Vishay Intertechnology Inc., (2)		1,519,000
		Electronic Equipment & Instruments – 3.2%

	74,000	Arrow Electronics, Inc., (2)		3,435,080

	85,000	Avnet Inc.		3,277,600

	68,000	Tech Data Corporation, (2)		3,342,880
		Total Electronic Equipment & Instruments		10,055,560
		Energy Equipment & Services – 0.1%

	23,000	Patterson-UTI Energy, Inc.		450,570
		Health Care Equipment & Supplies – 3.4%

	157,000	Abbott Laboratories		5,232,810

	102,000	Medtronic, Inc.		5,278,500
		Total Health Care Equipment & Supplies		10,511,310
		Health Care Providers & Services – 3.7%

	79,000	Cardinal Health, Inc.		3,972,120

	28,000	McKesson HBOC Inc.		3,399,480

	51,000	Wellpoint Inc.		4,342,140
		Total Health Care Providers & Services		11,713,740
		Household Durables – 1.1%

	26,000	Whirlpool Corporation		3,344,900
		Household Products – 0.9%

	10,000	Energizer Holdings Inc.		988,300

	22,000	Procter & Gamble Company		1,713,580
		Total Household Products		2,701,880
		Industrial Conglomerates – 0.9%

	124,000	General Electric Company		2,869,360


Nuveen Investments			37

Portfolio of Investments

Nuveen Large Cap Value Fund (continued)

August 31, 2013


Shares		Description (1)	Value
		Insurance – 9.1%

	63,000	American Financial Group Inc.	$	3,246,390

	63,000	Aspen Insurance Holdings Limited		2,240,910

	27,000	Everest Reinsurance Group Ltd		3,697,650

	65,000	Lincoln National Corporation		2,732,600

	102,000	MetLife, Inc.		4,711,380

	41,000	PartnerRe Limited		3,573,150

	40,000	Protective Life Corporation		1,671,600

	38,000	RenaisasnceRE Holdings, Limited		3,321,200

	118,000	Unum Group		3,484,540
		Total Insurance		28,679,420
		IT Services – 2.2%

	164,000	Booz Allen Hamilton Holding Corporation		3,317,720

	234,000	SAIC, Inc.		3,526,380
		Total IT Services		6,844,100
		Life Sciences Tools & Services – 1.2%
	80,000	Agilent Technologies, Inc.		3,731,200
		Machinery – 3.7%

	64,000	AGCO Corporation		3,619,840

	24,000	Crane Company		1,377,840

	58,000	Ingersoll Rand Company Limited, Class A		3,430,120

	72,000	Oshkosh Truck Corporation, (2)		3,234,240
		Total Machinery		11,662,040
		Media – 4.0%

	3,000	Charter Communications, Inc., Class A, (2)		364,260

	4,300	DIRECTV, (2)		250,174

	138,000	Gannett Company Inc.		3,324,420

	88,000	Time Warner Inc.		5,326,640

	6,000	Washington Post Company		3,384,000
		Total Media		12,649,494
		Multiline Retail – 1.5%

	32,000	Big Lots, Inc., (2)		1,133,440

	79,000	Macy’s, Inc.		3,509,970
		Total Multiline Retail		4,643,410
		Office Electronics – 0.2%

	73,410	Xerox Corporation		732,632
		Oil, Gas & Consumable Fuels – 5.1%

	7,000	Apache Corporation		599,760

	21,000	Chevron Corporation		2,529,030

	96,000	Exxon Mobil Corporation		8,367,360

	55,000	Marathon Petroleum Corporation		3,988,050

	21,000	Peabody Energy Corporation		361,200
		Total Oil, Gas & Consumable Fuels		15,845,400
		Paper & Forest Products – 1.6%

	48,000	Domtar Corporation		3,168,000

	41,000	International Paper Company		1,935,610
		Total Paper & Forest Products		5,103,610


	38			Nuveen Investments


Shares		Description (1)					Value
		Pharmaceuticals – 5.5%

	96,000	Eli Lilly and Company					$	4,934,400

	22,000	Johnson & Johnson						1,901,020

	363,000	Pfizer Inc.						10,240,230
		Total Pharmaceuticals						17,075,650
		Semiconductors & Equipment – 1.8%

	67,997	Intel Corporation						1,494,574

	258,000	Marvell Technology Group Ltd.						3,124,380

	66,096	NVIDIA Corporation						974,916
		Total Semiconductors & Equipment						5,593,870
		Software – 0.3%

	30,378	Microsoft Corporation						1,014,625
		Specialty Retail – 3.2%

	102,000	Best Buy Co., Inc.						3,672,000

	66,000	GameStop Corporation						3,313,860

	225,000	Staples, Inc.						3,129,750
		Total Specialty Retail						10,115,610
		Thrifts & Mortgage Finance – 0.8%

	119,000	Washington Federal Inc.						2,485,910
		Trading Companies & Distributors – 1.0%

	118,000	MRC Global Inc., (2)						3,097,500
		Total Common Stocks (cost $284,546,122)						313,318,536

Principal Amount (000)		Description (1)	Coupon		Maturity		Value
		SHORT-TERM INVESTMENTS – 0.0%

$	110	Repurchase Agreement with Fixed Income Clearing Corporation, dated 8/30/13, repurchase price $109,652, collateralized by $120,000 U.S. Treasury Notes, 0.625%, due 11/30/17, value $116,700		0.000%		9/03/13	$	109,652
		Total Short-Term Investments (cost $109,652)						109,652
		Total Investments (cost $284,655,774) – 99.9%						313,428,188
		Other Assets Less Liabilities – 0.1%						321,068
		Net Assets – 100%					$	313,749,256


				For Fund portfolio compliance purposes, the Fund’s industry classifications refer to any one or more of the industry sub-classifications used by one or more widely recognized market indexes or ratings group indexes, and/or as defined by the Fund management. This definition may not apply for purposes of this report, which may combine industry sub-classifications into sectors for reporting ease.
	(1)			All percentages shown in the Portfolio of Investments are based on net assets.
	(2)			Non-income producing; issuer has not declared a dividend within the past twelve months.

See accompanying notes to financial statements.


Nuveen Investments			39

Statement of Assets and Liabilities

August 31, 2013


	Equity Long/Short		Growth		Large Cap Value
Assets
Long-term investments, at value (cost $8,302,975, $24,690,169 and $284,546,122, respectively)	$	8,321,534	$	32,801,569	$	313,318,536
Short-term investments, at value (cost approximates value)		1,780,099		1,801,989		109,652
Cash		—		—		246
Receivable for:
Dividends		11,729		29,048		691,144
Reimbursement from Adviser		3,823		—		—
Investments sold		139,793		—		8,159,511
Shares sold		75,050		279,371		316,506
Other assets		2,033		1,974		80,007
Total assets		10,334,061		34,913,951		322,675,602
Liabilities
Cash overdraft		614		—		—
Common stocks sold short, at value (proceeds $4,650,090, $— and $—, respectively)		4,635,152		—		—
Payable for:
Dividends on securities sold short		4,308		—		—
Investments purchased		343,641		322,055		8,117,213
Shares redeemed		34,179		120,190		346,581
Accrued expenses:
Management fees		—		14,993		250,176
Trustees fees		6		123		80,094
12b-1 distribution and service fees		155		6,824		76,123
Other		30,393		17,571		56,159
Total liabilities		5,048,448		481,756		8,926,346
Net assets	$	5,285,613	$	34,432,195	$	313,749,256
Class A Shares
Net assets	$	390,101	$	13,956,394	$	250,051,941
Shares outstanding		13,582		557,673		9,941,094
Net asset value per share	$	28.72	$	25.03	$	25.15
Offering price per share (net asset value per share plus maximum sales charge of 5.75% of offering price)	$	30.47	$	26.56	$	26.69
Class B Shares
Net assets		N/A		N/A	$	682,690
Shares outstanding		N/A		N/A		28,007
Net asset value and offering price per share		N/A		N/A	$	24.38
Class C Shares
Net assets	$	137,932	$	4,967,049	$	17,779,903
Shares outstanding		4,998		209,137		730,771
Net asset value and offering price per share	$	27.60	$	23.75	$	24.33
Class R3 Shares
Net assets		N/A	$	53,047	$	86,774
Shares outstanding		N/A		2,125		3,434
Net asset value and offering price per share		N/A	$	24.96	$	25.27
Class I Shares
Net assets	$	4,757,580	$	15,455,705	$	45,147,948
Shares outstanding		163,470		611,716		1,785,933
Net asset value and offering price per share	$	29.10	$	25.27	$	25.28
Net assets consist of:
Capital paid-in	$	4,906,886	$	26,198,496	$	257,077,824
Undistributed (Over-distribution of) net investment income		4,622		5,889		4,329,738
Accumulated net realized gain (loss)		340,608		116,410		23,569,280
Net unrealized appreciation (depreciation)		33,497		8,111,400		28,772,414
Net assets	$	5,285,613	$	34,432,195	$	313,749,256
Authorized shares – per class		Unlimited		Unlimited		Unlimited
Par value per share	$	0.01	$	0.01	$	0.01

N/A	– Fund does not offer share class.

See accompanying notes to financial statements.


	40			Nuveen Investments

Statement of Operations


	Equity Long/Short						Growth						Large Cap Value
	One Month Ended 8/31/13			Year Ended 7/31/13			One Month Ended 8/31/13			Year Ended 7/31/13			Two Months Ended 8/31/13			Year Ended 6/30/13
Dividend and Interest Income (net of foreign tax withheld of $—, $123, $195, $290, $— and $68,353, respectively)	$	14,430		$	39,475		$	39,067		$	367,510		$	1,168,643		$	7,756,611
Expenses
Management fees		4,724			15,129			19,432			202,090			422,600			2,236,994
12b-1 service fees – Class A		78			179			2,971			32,391			122,382			675,841
12b-1 distribution and service fees – Class B		N/A			N/A			N/A			N/A			1,212			7,989
12b-1 distribution and service fees – Class C		77			574			3,830			29,821			30,516			169,651
12b-1 distribution and service fees – Class R3		N/A			N/A			23			407			78			441
Dividend expense on securities sold short		5,277			12,941			—			—			—			—
Shareholder servicing agent fees and expenses		35			227			5,429			27,517			72,123			395,096
Custodian fees and expenses		5,417			24,011			2,415			20,453			58,031			93,337
Trustees fees and expenses		4			219			87			934			4,200			9,453
Professional fees		6			68,423			106			16,652			7,922			24,387
Shareholder reporting expenses		1,966			11,007			88			16,467			17,059			85,041
Federal and state registration fees		658			66			5,022			61,979			13,042			13,060
Other expenses		832			15,036			—			4,410			1,079			15,331
Total expenses before fee waiver/expense reimbursement		19,074			147,812			39,403			413,121			750,244			3,726,621
Fee waiver/expense reimbursement		(8,547	)		(111,222	)		(4,439	)		(57,509	)		—			(41,046	)
Net expenses		10,527			36,590			34,964			355,612			750,244			3,685,575
Net investment income (loss)		3,903			2,885			4,103			11,898			418,399			4,071,036
Realized and Unrealized Gain (Loss)
Net realized gain (loss) from:
Investments and foreign currency		(4,056	)		587,782			62,762			3,429,655			22,436,703			61,341,761
Securities sold short		(26,221	)		(160,234	)		—			—			—			—
Change in net unrealized appreciation (depreciation) of:
Investments and foreign currency		(251,572	)		(36,554	)		(952,090	)		2,634,574			(9,472,034	)		(69,391	)
Securities sold short		133,049			(110,282	)		—			—			—			—
Net realized and unrealized gain (loss)		(148,800	)		280,712			(889,328	)		6,064,229			12,964,669			61,272,370
Net increase (decrease) in net assets from operations	$	(144,897	)	$	283,597		$	(885,225	)	$	6,076,127		$	13,383,068		$	65,343,406

N/A	– Fund does not offer share class.

See accompanying notes to financial statements.


Nuveen Investments			41

Statement of Changes in Net Assets


	Equity Long/Short						Growth
	One Month Ended 8/31/13		Year Ended 7/31/13		Year Ended 7/31/12		One Month Ended 8/31/13		Year Ended 7/31/13		Year Ended 7/31/12
Operations
Net investment income (loss)	$	3,903	$	2,885	$	(6,126)	$	4,103	$	11,898	$	21,744
Net realized gain (loss) from:
Investments and foreign currency		(4,056)		587,782		143,567		62,762		3,429,655		805,554
Securities sold short		(26,221)		(160,234)		(19,089)		—		—		—
Change in net unrealized appreciation (depreciation) of:
Investments and foreign currency		(251,572)		(36,554)		(58,666)		(952,090)		2,634,574		(13,147)
Securities sold short		133,049		(110,282)		(19,063)		—		—		—
Net increase (decrease) in net assets from operations		(144,897)		283,597		40,623		(885,225)		6,076,127		814,151
Distributions to Shareholders
From net investment income:
Class A		—		—		—		—		(25,479)		—
Class B		N/A		N/A		N/A		N/A		N/A		N/A
Class C		—		—		—		—		—		—
Class R3		N/A		N/A		—		—		—		—
Class I		—		—		—		—		(57,442)		(40,098)
From accumulated net realized gains:
Class A		—		(4,526)		(16,500)		—		—		—
Class B		N/A		N/A		N/A		N/A		N/A		N/A
Class C		—		(4,648)		(16,500)		—		—		—
Class R3		N/A		N/A		(16,500)		—		—		—
Class I		—		(102,136)		(16,500)		—		—		—
Decrease in net assets from distributions to shareholders		—		(111,310)		(66,000)		—		(82,921)		(40,098)
Fund Share Transactions
Proceeds from sale of shares		3,474,238		385,955		839,291		2,172,963		22,604,396		32,138,125
Proceeds from shares issued to shareholders due to reinvestment of distributions		—		111,310		—		—		64,427		29,974
		3,474,238		497,265		839,291		2,172,963		22,668,823		32,168,099
Cost of shares redeemed		(45,105)		—		(839,336)		(532,163)		(23,142,257)		(42,895,346)
Net increase (decrease) in net assets from Fund share transactions		3,429,133		497,265		(45)		1,640,800		(473,434)		(10,727,247)
Net increase (decrease) in net assets		3,284,236		669,552		(25,422)		755,575		5,519,772		(9,953,194)
Net assets at the beginning of period		2,001,377		1,331,825		1,357,247		33,676,620		28,156,848		38,110,042
Net assets at the end of period	$	5,285,613	$	2,001,377	$	1,331,825	$	34,432,195	$	33,676,620	$	28,156,848
Undistributed (Over-distribution of) net investment income at the end of period	$	4,622	$	(1,484)	$	(4,432)	$	5,889	$	(49,607)	$	21,416

N/A	– Fund does not offer share class. After the close of business on May 30, 2012, Equity Long/Short liquidated all of its Class R3 Shares.

See accompanying notes to financial statements.


	42			Nuveen Investments


	Large Cap Value
	Two Months Ended 8/31/13			Year Ended 6/30/13			Year Ended 6/30/12
Operations
Net investment income (loss)	$	418,399		$	4,071,036		$	3,987,342
Net realized gain (loss) from:
Investments and foreign currency		22,436,703			61,341,761			11,456,296
Securities sold short		—			—			—
Change in net unrealized appreciation (depreciation) of:
Investments and foreign currency		(9,472,034	)		(69,391	)		(17,674,329	)
Securities sold short		—			—			—
Net increase (decrease) in net assets from operations		13,383,068			65,343,406			(2,230,691	)
Distributions to Shareholders
From net investment income:
Class A		—			(3,566,107	)		(3,241,771	)
Class B		—			(5,388	)		(6,060	)
Class C		—			(107,843	)		(79,394	)
Class R3		—			(1,054	)		(1,708	)
Class I		—			(412,184	)		(366,885	)
From accumulated net realized gains:
Class A		—			—			—
Class B		—			—			—
Class C		—			—			—
Class R3		—			—			—
Class I		—			—			—
Decrease in net assets from distributions to shareholders		—			(4,092,576	)		(3,695,818	)
Fund Share Transactions
Proceeds from sale of shares		5,631,108			34,054,290			21,346,603
Proceeds from shares issued to shareholders due to reinvestment of distributions		—			3,454,091			3,008,329
		5,631,108			37,508,381			24,354,932
Cost of shares redeemed		(48,519,961	)		(56,020,015	)		(62,597,297	)
Net increase (decrease) in net assets from Fund share transactions		(42,888,853	)		(18,511,634	)		(38,242,365	)
Net increase (decrease) in net assets		(29,505,785	)		42,739,196			(44,168,874	)
Net assets at the beginning of period		343,255,041			300,515,845			344,684,719
Net assets at the end of period	$	313,749,256		$	343,255,041		$	300,515,845
Undistributed (Over-distribution of) net investment income at the end of period	$	4,329,738		$	3,911,901		$	3,933,280

See accompanying notes to financial statements.


Nuveen Investments			43

Financial Highlights


Selected data for a share outstanding throughout each period:

Class (Commencement Date)
			Investment Operations									Less Distributions

EQUITY LONG/SHORT
	Beginning Net Asset Value		Net Investment Income (Loss)(a)			Net Realized/ Unrealized Gain (Loss)			Total			From Net Investment Income		From Accumulated Net Realized Gains			Total			Ending Net Asset Value
Class A (12/08)
Year Ended 8/31
2013(h)	$	29.54	$	.02		$	(.84	)	$	(.82	)	$	—	$	—		$	—		$	28.72
Year Ended 7/31
2013		26.81		(.03	)		5.02			4.99			—		(2.26	)		(2.26	)		29.54
2012		27.28		(.08	)		.93			.85			—		(1.32	)		(1.32	)		26.81
2011		23.61		(.14	)		4.02			3.88			—		(.21	)		(.21	)		27.28
2010		22.20		(.08	)		1.49			1.41			—		—			—			23.61
2009(e)		20.00		(.04	)		2.24			2.20			—		—			—			22.20
Class C (12/08)
Year Ended 8/31
2013(h)		28.40		—	**		(.80	)		(.80	)		—		—			—			27.60
Year Ended 7/31
2013		26.04		(.19	)		4.81			4.62			—		(2.26	)		(2.26	)		28.40
2012		26.75		(.27	)		.88			.61			—		(1.32	)		(1.32	)		26.04
2011		23.33		(.34	)		3.97			3.63			—		(.21	)		(.21	)		26.75
2010		22.10		(.26	)		1.49			1.23			—		—			—			23.33
2009(e)		20.00		(.13	)		2.23			2.10			—		—			—			22.10
Class I (12/08)
Year Ended 8/31
2013(h)		29.93		.03			(.86	)		(.83	)		—		—			—			29.10
Year Ended 7/31
2013		27.06		.07			5.06			5.13			—		(2.26	)		(2.26	)		29.93
2012		27.45		(.04	)		.97			.93			—		(1.32	)		(1.32	)		27.06
2011		23.71		(.08	)		4.03			3.95			—		(.21	)		(.21	)		27.45
2010		22.23		(.02	)		1.50			1.48			—		—			—			23.71
2009(e)		20.00		(.01	)		2.24			2.23			—		—			—			22.23


	44			Nuveen Investments





			Ratios/Supplemental Data
					Ratios to Average Net Assets Before Waiver/Reimbursement(d)						Ratios to Average Net Assets After Waiver/Reimbursement(c)(d)
Total Return(b)			Ending Net Assets (000)		Expenses			Net Investment Income (Loss)			Expenses			Net Investment Income (Loss)			Portfolio Turnover Rate(f)


	(2.78	)%	$	390		5.42	%*		(1.73	)%*		3.04	%*		.65	%*		12	%

	20.39			326		13.43			(10.94	)		2.62			(.13	)		292
	3.75			54		7.26			(5.26	)		2.31			(.31	)		67
	16.44			341		6.54			(4.97	)		2.10			(.54	)		62
	6.35			295		5.87			(4.12	)		2.09			(.35	)		110
	11.00			277		6.57	*		(4.72	)*		2.22	*		(.36	)*		63


	(2.82	)		138		6.24	*		(2.44	)*		3.81	*		(.01	)*		12

	19.53			64		10.85			(8.13	)		3.47			(.74	)		292
	2.90			54		8.01			(6.01	)		3.06			(1.06	)		67
	15.57			334		7.28			(5.72	)		2.85			(1.28	)		62
	5.57			292		6.61			(4.86	)		2.84			(1.10	)		110
	10.50			276		7.32	*		(5.46	)*		2.97	*		(1.11	)*		63


	(2.77	)		4,758		5.07	*		(1.17	)*		2.78	*		1.11	*		12

	20.74			1,611		9.92			(7.20	)		2.46			.26			292
	4.03			1,224		7.69			(5.95	)		1.92			(.17	)		67
	16.67			343		6.29			(4.73	)		1.85			(.29	)		62
	6.66			296		5.62			(3.88	)		1.84			(.10	)		110
	11.15			278		6.32	*		(4.46	)*		1.97	*		(.11	)*		63

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

(b)

Total return is the combination of changes in net asset value without any sales charge, reinvested dividend income at net asset value and reinvested capital gains distributions at net asset value, if any. Total returns are not annualized. Performance prior to March 1, 2013, reflects the Fund’s performance under the management of a sub-adviser using investment strategies that differed significantly from those currently in place.

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

(d)	Each ratio includes the effect of the dividends expense on securities sold short and enhanced custody and prime broker expense as follows:


	Ratios of Dividends Expense on Securities Sold Short to Average Net Assets									Ratios of Enhanced Custody and Prime Broker Expense to Average Net Assets(g)
	Class A			Class C			Class I			Class A			Class C			Class I
Year Ended August 31:
2013(h)		1.42	%*		1.46	%*		1.42	%*		—	%		—	%		—	%
Year Ended July 31:
2013		.84			.89			.89			.26			.32			.32
2012		.70			.70			.58			.13			.13			.13
2011		.47			.47			.47			.15			.15			.15
2010		.33			.33			.33			.18			.18			.18
2009(e)		.50	*		.50	*		.50	*		.12	*		.12	*		.12	*

(e)	For the period December 30, 2008 (commencement of operations) through July 31, 2009.

(f)	Portfolio Turnover Rate is calculated based on the lesser of long-term purchases or sales (as disclosed in Note 5 – Investment Transactions) divided by the average long-term market value during the period.

(g)	Effective June 21, 2013 the Fund ended its enhanced custody program and began selling securities short through a prime broker.

(h)	For the one month ended August 31, 2013.

*	Annualized.

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

See accompanying notes to financial statements.


Nuveen Investments			45

Financial Highlights (continued)


Selected data for a share outstanding throughout each period:

Class (Commencement Date)
			Investment Operations									Less Distributions

GROWTH																	��
	Beginning Net Asset Value		Net Investment Income (Loss)(a)			Net Realized/ Unrealized Gain (Loss)			Total			From Net Investment Income			From Accumulated Net Realized Gains			Total			Ending Net Asset Value
Class A (3/06)
Year Ended 8/31
2013(f)	$	25.68	$	—	**	$	(.65	)	$	(.65	)	$	—		$	—		$	—		$	25.03
Year Ended 7/31
2013		21.09		.01			4.62			4.63			(.04	)		—			(.04	)		25.68
2012		20.23		(.02	)		.88			.86			—			—			—			21.09
2011		17.10		.01			3.12			3.13			—			—			—			20.23
2010		15.36		—	**		1.77			1.77			(.03	)		—			(.03	)		17.10
2009		20.09		.02			(4.75	)		(4.73	)		—			—			—			15.36
Class C (3/06)
Year Ended 8/31
2013(f)		24.38		(.01	)		(.62	)		(.63	)		—			—			—			23.75
Year Ended 7/31
2013		20.14		(.18	)		4.42			4.24			—			—			—			24.38
2012		19.46		(.16	)		.84			.68			—			—			—			20.14
2011		16.57		(.13	)		3.02			2.89			—			—			—			19.46
2010		14.97		(.13	)		1.73			1.60			—			—			—			16.57
2009		19.74		(.08	)		(4.69	)		(4.77	)		—			—			—			14.97
Class R3 (3/09)
Year Ended 8/31
2013(f)		25.62		—	**		(.66	)		(.66	)		—			—			—			24.96
Year Ended 7/31
2013		21.06		(.03	)		4.59			4.56			—			—			—			25.62
2012		20.24		(.07	)		.89			.82			—			—			—			21.06
2011		17.18		(.03	)		3.09			3.06			—			—			—			20.24
2010		15.44		(.04	)		1.78			1.74			—			—			—			17.18
2009(d)		11.80		(.01	)		3.65			3.64			—			—			—			15.44
Class I (3/06)
Year Ended 8/31
2013(f)		25.92		.01			(.66	)		(.65	)		—			—			—			25.27
Year Ended 7/31
2013		21.29		.05			4.67			4.72			(.09	)		—			(.09	)		25.92
2012		20.40		.05			.88			.93			(.04	)		—			(.04	)		21.29
2011		17.24		.06			3.14			3.20			(.04	)		—			(.04	)		20.40
2010		15.48		.04			1.79			1.83			(.07	)		—			(.07	)		17.24
2009		20.19		.07			(4.78	)		(4.71	)		—			—			—			15.48


	46			Nuveen Investments





			Ratios/Supplemental Data
					Ratios to Average Net Assets Before Waiver/Reimbursement						Ratios to Average Net Assets After Waiver/Reimbursement(c)
Total Return(b)			Ending Net Assets (000)		Expenses			Net Investment Income (Loss)			Expenses			Net Investment Income (Loss)			Portfolio Turnover Rate(e)


	(2.53	)%	$	13,956		1.37	%*		(.03	)%*		1.22	%*		.13	%*		2	%

	21.97			13,858		1.40			(.16	)		1.22			.02			67
	4.25			12,947		1.31			(.18	)		1.23			(.09	)		72
	18.30			9,599		1.19			.04			1.19			.04			43
	11.53			5,330		1.62			(.21	)		1.38			.03			47
	(23.54	)		8,686		1.82			(.25	)		1.40			.17			24


	(2.58	)		4,967		2.13	*		(.80	)*		1.97	*		(.63	)*		2

	21.05			4,143		2.18			(1.02	)		1.97			(.81	)		67
	3.49			1,799		2.07			(.91	)		1.98			(.82	)		72
	17.44			1,661		1.94			(.70	)		1.94			(.70	)		43
	10.69			2,297		2.40			(1.04	)		2.13			(.77	)		47
	(24.16	)		1,926		2.53			(.94	)		2.15			(.56	)		24


	(2.58	)		53		1.63	*		(.28	)*		1.48	*		(.13	)*		2

	21.65			54		1.63			(.28	)		1.47			(.12	)		67
	4.05			110		1.53			(.42	)		1.48			(.37	)		72
	17.81			54		1.44			(.14	)		1.44			(.14	)		43
	11.27			218		1.89			(.53	)		1.63			(.26	)		47
	30.85			196		2.29	*		(.75	)*		1.65	*		(.10	)*		24


	(2.51	)		15,456		1.12	*		.23	*		.97	*		.38	*		2

	22.26			15,621		1.16			.04			.97			.23			67
	4.59			13,301		1.07			.14			.98			.23			72
	18.55			26,796		.94			.30			.94			.30			43
	11.81			25,915		1.40			(.04	)		1.13			.24			47
	(23.37	)		22,633		1.52			.06			1.14			.44			24

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

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

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

(d)	For the period March 3, 2009 (commencement of operations) through July 31, 2009.

(e)	Portfolio Turnover Rate is calculated based on the lesser of long-term purchases or sales (as disclosed in Note 5 – Investment Transactions) divided by the average long-term market value during the period.

(f)	For the one month ended August 31, 2013.

*	Annualized.

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

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

LARGE CAP VALUE
	Beginning Net Asset Value		Net Investment Income (Loss)(a)			Net Realized/ Unrealized Gain (Loss)			Total			From Net Investment Income			From Accumulated Net Realized Gains			Total			Ending Net Asset Value
Class A (8/96)
Year Ended 8/31
2013(f)	$	24.31	$	.03		$	.81		$	.84		$	—		$	—		$	—		$	25.15
Year Ended 6/30
2013		20.03		.29			4.29			4.58			(.30	)		—			(.30	)		24.31
2012		20.25		.26			(.24	)		.02			(.24	)		—			(.24	)		20.03
2011		16.11		.21			4.15			4.36			(.22	)		—			(.22	)		20.25
2010		14.23		.16			2.02			2.18			(.30	)		—			(.30	)		16.11
2009		22.53		.29			(6.82	)		(6.53	)		(.19	)		(1.58	)		(1.77	)		14.23
Class B (8/96)
Year Ended 8/31
2013(f)		23.58		—	**		.80			.80			—			—			—			24.38
Year Ended 6/30
2013		19.44		.12			4.16			4.28			(.14	)		—			(.14	)		23.58
2012		19.65		.11			(.23	)		(.12	)		(.09	)		—			(.09	)		19.44
2011		15.65		.06			4.03			4.09			(.09	)		—			(.09	)		19.65
2010		13.84		.04			1.96			2.00			(.19	)		—			(.19	)		15.65
2009		21.90		.18			(6.63	)		(6.45	)		(.03	)		(1.58	)		(1.61	)		13.84
Class C (8/96)
Year Ended 8/31
2013(f)		23.54		—	**		.79			.79			—			—			—			24.33
Year Ended 6/30
2013		19.41		.12			4.15			4.27			(.14	)		—			(.14	)		23.54
2012		19.61		.11			(.22	)		(.11	)		(.09	)		—			(.09	)		19.41
2011		15.61		.06			4.03			4.09			(.09	)		—			(.09	)		19.61
2010		13.80		.04			1.96			2.00			(.19	)		—			(.19	)		15.61
2009		21.86		.17			(6.62	)		(6.45	)		(.03	)		(1.58	)		(1.61	)		13.80
Class R3 (8/08)
Year Ended 8/31
2013(f)		24.43		.02			.82			.84			—			—			—			25.27
Year Ended 6/30
2013		20.14		.24			4.30			4.54			(.25	)		—			(.25	)		24.43
2012		20.34		.22			(.23	)		(.01	)		(.19	)		—			(.19	)		20.14
2011		16.19		.18			4.15			4.33			(.18	)		—			(.18	)		20.34
2010		14.31		.12			2.03			2.15			(.27	)		—			(.27	)		16.19
2009(d)		22.05		.23			(6.25	)		(6.02	)		(.14	)		(1.58	)		(1.72	)		14.31
Class I (8/96)
Year Ended 8/31
2013(f)		24.42		.04			.82			.86			—			—			—			25.28
Year Ended 6/30
2013		20.12		.34			4.31			4.65			(.35	)		—			(.35	)		24.42
2012		20.34		.31			(.24	)		.07			(.29	)		—			(.29	)		20.12
2011		16.18		.26			4.17			4.43			(.27	)		—			(.27	)		20.34
2010		14.28		.21			2.03			2.24			(.34	)		—			(.34	)		16.18
2009		22.64		.33			(6.87	)		(6.54	)		(.24	)		(1.58	)		(1.82	)		14.28


	48			Nuveen Investments





			Ratios/Supplemental Data
					Ratios to Average Net Assets Before Waiver/Reimbursement						Ratios to Average Net Assets After Waiver/Reimbursement(c)
Total Return(b)			Ending Net Assets (000)		Expenses			Net Investment Income (Loss)			Expenses			Net Investment Income (Loss)			Portfolio Turnover Rate(e)


	3.50	%	$	250,052		1.25	%*		.70	%*		1.25	%*		.70	%*		42	%

	23.09			282,993		1.16			1.30			1.15			1.31			153
	.19			258,324		1.16			1.33			1.16			1.33			99
	27.15			295,093		1.22			1.07			1.18			1.11			78
	15.19			254,730		1.26			.91			1.19			.97			74
	(28.95	)		239,210		1.27			1.71			1.20			1.83			85


	3.39			683		2.00	*		(.03	)*		2.00	*		(.03	)*		42

	22.12			713		1.91			.55			1.90			.56			153
	(.56	)		926		1.91			.57			1.91			.57			99
	26.23			1,760		1.97			.31			1.93			.34			78
	14.26			2,000		2.01			.16			1.94			.23			74
	(29.46	)		3,033		2.01			.97			1.95			1.10			85


	3.36			17,780		2.00	*		(.02	)*		2.00	*		(.02	)*		42

	22.10			17,174		1.91			.54			1.90			.55			153
	(.51	)		16,644		1.91			.58			1.91			.58			99
	26.21			17,518		1.97			.32			1.93			.36			78
	14.37			15,565		2.01			.16			1.94			.22			74
	(29.52	)		15,803		2.02			.96			1.95			1.08			85


	3.44			87		1.50	*		.43	*		1.50	*		.43	*		42

	22.72			91		1.41			1.07			1.39			1.08			153
	.04			76		1.41			1.14			1.41			1.14			99
	26.80			164		1.49			.91			1.43			.97			78
	14.88			110		1.50			.66			1.44			.72			74
	(27.29	)		97		1.53	*		1.55	*		1.45	*		1.63	*		85


	3.52			45,148		1.00	*		.97	*		1.00	*		.97	*		42

	23.39			42,285		.91			1.53			.90			1.55			153
	.45			24,546		.91			1.59			.91			1.59			99
	27.46			30,150		.97			1.32			.93			1.36			78
	15.53			22,950		1.00			1.16			.94			1.22			74
	(28.83	)		16,604		1.02			1.95			.95			2.08			85

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

(b)

Total return is the combination of changes in net asset value without any sales charge, reinvested dividend income at net asset value and reinvested capital gains distributions at net asset value, if any. Total returns are not annualized. Performance prior to June 24, 2013, reflects the Fund’s performance under the management of multiple sub-advisers using investment strategies that differed significantly from those currently in place.

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

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

(e)	Portfolio Turnover Rate is calculated based on the lesser of long-term purchases or sales (as disclosed in Note 5 – Investment Transactions) divided by the average long-term market value during the period.

(f)	For the two months ended August 31, 2013.

*	Annualized.

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

See accompanying notes to financial statements.


Nuveen Investments			49

Notes to Financial Statements

1. General Information and Significant Accounting Policies

General Information

The Nuveen Investment Trust and the Nuveen Investment Trust II. (each a “Trust” and collectively, the “Trusts”), are open-end investment companies registered under the Investment Company Act of 1940, as amended. The Nuveen Investment Trust is comprised of Nuveen Large Cap Value Fund (“Large Cap Value”) and Nuveen Investment Trust II is comprised of Nuveen Equity Long/Short Fund (“Equity Long/Short”) and Nuveen Growth Fund (“Growth”) (each a “Fund” and collectively, the “Funds”), as diversified funds, among others. The Nuveen Investment Trust and Nuveen Investment Trust II were each organized as a Massachusetts business trust on May 6, 1996 and June 27, 1997, respectively.

The Funds’ investment adviser is Nuveen Fund Advisors, LLC (the “Adviser”), a wholly-owned subsidiary of Nuveen Investments, Inc. (“Nuveen”). 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 subsidiary of the Adviser, under which the Sub-Adviser manages the investment portfolios of the Funds.

Equity Long/Short’s investment objective is to seek long-term capital appreciation with low correlation to the U.S. equity market. The Fund pursues its investment objective by establishing long and short positions in a diversified portfolio of equity securities. Under normal market conditions, the Fund invests at least 80% of the sum of its net assets and the amount of any borrowings for investment purposes (including assets acquired through the Fund’s short sales) in equity securities. Substantially all of the equity securities in which the Fund takes long and short positions will be included in the Fund’s benchmark index, the Russell 1000^® Index, at the time the position is taken. As a result, the Fund will invest significantly in large capitalization companies. The Fund may use all or a portion of the proceeds of its short sales to purchase additional long positions. The Fund intends to generally maintain a net long exposure to the equity market (long market value minus short market value) that is greater than the 0% exposure which a “market neutral” fund is designed to provide, but less than 100% exposure provided by a fund that invests only in long positions. This net long exposure is expected to be at least 40% under normal market conditions. The goal is to allow the Fund to benefit from a rising market, although to a lesser extent than a “long-only” fund, while still affording some protection from a falling market because of the Fund’s short positions, which are designed to perform inversely to the market. The Fund may enter into stock index futures contracts to manage cash flows into and out of the Fund.

Growth’s investment objective is to seek long-term capital appreciation. Under normal market conditions, the Fund invests at least 80% of its net assets in equity securities of companies with market capitalizations at the time of investment comparable to companies in the Russell 1000^® Index. The Fund will not be forced to sell a stock because it has exceeded or fallen below the current market capitalization range. The Fund may invest up to 25% of its net assets in non-U.S. equity securities that are U.S. dollar-denominated.

Large Cap Value’s investment objective is to provide investors with long-term capital appreciation. Under normal market conditions, the Fund invests at least 80% of the sum of its net assets and the amount of any borrowings for investment purposes in equity securities of large-capitalization companies. Large capitalization companies are defined as companies that have market capitalizations at the time of purchase within the market capitalization range of the companies in the Russell 1000^® Index immediately after its most recent reconstitution prior to such purchase. It is expected that reconstitution of the index will occur each year at the end of June. Immediately after the most recent reconstitution, the range was $699.0 million to $547.4 billion. Substantially all of the equity securities in which the Fund invests will be included in the Fund’s benchmark index, the Russell 1000^® Value Index, at the time of purchase. The Fund may enter into stock index futures contracts to manage cash flows into and out of the Fund.

Effective August 1, 2013, Equity Long/Short’s and Growth’s fiscal year end changed from July 31st to August 31st and effective July 1, 2013, Large Cap Value’s fiscal year end changed from June 30th to August 31st. Each fiscal year end change was approved by the Funds’ Board of Trustees.

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

Significant Accounting Policies

Investment Transactions

Investment Income

Professional Fees

Professional fees presented on the Statement of Operations consist of legal fees incurred in the normal course of operations, audit fees, tax consulting fees and, in some cases, workout expenditures. Workout expenditures are incurred in an attempt to protect or enhance an investment, or to pursue other claims or legal actions on behalf of Fund shareholders. Should a Fund receive a refund of workout expenditures paid in a prior reporting period, such amounts will be recognized as “Legal fee refund” on the Statement Operations.


	50			Nuveen Investments

Dividends and Distributions to Shareholders

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

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. Large Cap Value 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 fee 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.

Multiclass Operations and Allocations

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

Indemnifications

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

Netting Agreements

In the ordinary course of business, the Funds have entered into transactions subject to enforceable master repurchase agreements, International Swaps and Derivative Association, Inc. (“ISDA”) master agreements or other similar arrangements (“netting agreements”). Generally, the right to offset in netting agreements allows each Fund to offset any exposure to a specific counterparty with any collateral received or delivered to that counterparty based on the terms of the agreements. Generally, a Fund manages its cash collateral and securities collateral on a counterparty basis. As of August 31, 2013, the Funds were not invested in any portfolio securities or derivatives, other than the repurchase agreements further described in Note 3 – Portfolio Securities and Investments in Derivatives that are subject to netting agreements.

Use of Estimates

2. Investment Valuation and Fair Value Measurements

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, which may represent a transfer from a Level 1 to a Level 2 security.


Nuveen Investments			51

Notes to Financial Statements (continued)

Investments initially valued in currencies other than the U.S. dollar are converted to the U.S. dollar using exchange rates obtained from pricing services. As a result, the net asset value (“NAV”) of the Funds’ shares may be affected by changes in the value of currencies in relation to the U.S. dollar. The value of securities traded in markets outside the United States or denominated in currencies other than the U.S. dollar may be affected significantly on a day that the NYSE is closed and an investor is not able to purchase, redeem or exchange shares. 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’ 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 Trustees. 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.

Fair Value Measurements


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).



Equity Long/Short	Level 1			Level 2		Level 3		Total
Long-Term Investments*:
Common Stocks	$	8,321,534		$	—	$	—	$	8,321,534
Short-Term Investments:
Repurchase Agreements		—			1,780,099		—		1,780,099
Common Stocks Sold Short		(4,635,152	)		—		—		(4,635,152	)
Total	$	3,686,382		$	1,780,099	$	—	$	5,466,481

Growth	Level 1			Level 2		Level 3		Total
Long-Term Investments*:
Common Stocks	$	32,801,569		$	—	$	—	$	32,801,569
Short-Term Investments:
Repurchase Agreements		—			1,801,989		—		1,801,989
Total	$	32,801,569		$	1,801,989	$	—	$	34,603,558

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


	52			Nuveen Investments



Large Cap Value	Level 1		Level 2		Level 3		Total
Long-Term Investments*:
Common Stocks	$	313,318,536	$	—	$	—	$	313,318,536
Short-Term Investments:
Repurchase Agreements		—		109,652		—		109,652
Total	$	313,318,536	$	109,652	$	—	$	313,428,188

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

(i)

If available, fair value determinations shall be derived by extrapolating from recent transactions or quoted prices for identical or comparable securities.

(ii)

3. Portfolio Securities and Investments in Derivatives

Portfolio Securities

Foreign Currency Transactions

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 their currency is worth fewer U.S. dollars; the opposite effect occurs if the U.S. dollar falls in relative value. Investments and other assets and liabilities denominated in foreign currencies are converted into U.S. dollars on a spot (i.e. cash) basis at the spot rate prevailing in the foreign currency exchange market at the time of valuation. Purchases and sales of investments and income denominated in foreign currencies are translated into U.S. dollars on the respective dates of such transactions.

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

The realized gains and losses resulting from changes in foreign currency exchange rates and changes in foreign exchange rates associated with other assets and liabilities on investments are recognized as a component of “Net realized gain (loss) from investments and foreign currency” on the Statement of Operations, when applicable.

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


Nuveen Investments			53

Notes to Financial Statements (continued)

Short Sale Transactions

Equity Long/Short pursues a “long/short” investment strategy, pursuant to which it sells securities short and may purchase additional long investments with some or all of the proceeds of the short sale transactions.

When the Fund sells a security short, it borrows the security from a third party and segregates assets as collateral to secure its obligation to return the security to the lender either upon closing out the short position or upon demand from the lender. Proceeds from short selling may be used to finance the purchase of additional securities for the Fund’s long portfolio. The amount of collateral required to be pledged to borrow a security is determined by reference to the market value of the security borrowed. The value of the collateral required to be pledged as of the end of the reporting period is disclosed in the Fund’s Portfolio of Investments. The Fund is obligated to pay the party from whom the securities were borrowed dividends declared on the stock by the issuer and recognizes such amounts as “Dividends expense on securities sold short” on the Statement of Operations. Short sales are valued daily, and the corresponding unrealized gains and losses are recognized as “Change in net unrealized appreciation (depreciation) of securities sold short” on the Statement of Operations. Liabilities for securities sold short are reported at market value on the Statement of Assets and Liabilities. Short sale transactions result in off-balance sheet risk because the ultimate obligation may exceed the related amounts shown on the Statement of Assets and Liabilities. The Fund will incur a loss if the price of the security increases between the date of the short sale and the date on which the Fund replaces the borrowed security. The Fund’s losses on short sales are potentially unlimited because there is no upward limit on the price a borrowed security could attain. The Fund will realize a gain if the price of the security declines between those dates. Gains and losses from securities sold short are recognized as “Net realized gain (loss) from securities sold short” on the Statement of Operations.

Bank of America Merrill Lynch (“BAML”) facilitates the short sales transactions for the Fund. The Fund currently pays prime brokerage fees to BAML for its services for the Fund, which are recognized as a component of “Other expenses” on the Statement of Operations.

Repurchase Agreements

The following table presents the repurchase agreements for each Fund that are subject to netting agreements as of the end of the reporting periods, and the collateral delivered related to those repurchase agreements.


	Counterparty	Short-Term Investments, at Value		Collateral Pledged (From) Counterparty*			Net Exposure
Equity Long/Short
Repurchase Agreements	State Street Bank	$	1,780,099	$	(1,780,099	)	$	—
Growth
Repurchase Agreements	Fixed Income Clearing Corporation	$	1,801,989	$	(1,801,989	)	$	—
Large Cap Value
Repurchase Agreements	Fixed Income Clearing Corporation	$	109,652	$	(109,652	)	$	—

*	As of August 31, 2013, the value of the collateral pledged from the counterparty exceeded the value of the repurchase agreements. Refer to the Fund’s Portfolio of Investments for details on the repurchase agreements.

Investments in Derivatives

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. Although the Funds are authorized to invest in derivative instruments, and may do so in the future, they did not make any such investments during the period ended August 31, 2013.

Market and Counterparty Credit Risk


	54			Nuveen Investments

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.

4. Fund Shares

Transactions in Fund shares were as follows:


	Equity Long/Short
	One Month Ended 8/31/13						Year Ended 7/31/13				Year Ended 7/31/12
	Shares			Amount			Shares		Amount		Shares			Amount
Shares sold:
Class A		3,731		$	108,812			8,850	$	256,983		—		$	—
Class C		2,741			76,812			—		—		—			—
Class R3		N/A			N/A			N/A		N/A		—			—
Class I		110,014			3,288,614			4,436		128,972		32,745			839,291
Shares issued to shareholders due to reinvestment of distributions:
Class A		—			—			186		4,526		—			—
Class C		—			—			198		4,648		—			—
Class R3		N/A			N/A			N/A		N/A		—			—
Class I		—			—			4,145		102,136		—			—
		116,486			3,474,238			17,815		497,265		32,745			839,291
Shares redeemed:
Class A		(1,190	)		(34,179	)		—		—		(10,495	)		(263,845	)
Class C		—			—			—		—		(10,441	)		(255,491	)
Class R3		N/A			N/A			N/A		N/A		(12,500	)		(320,000	)
Class I		(370	)		(10,926	)		—		—		—			—
		(1,560	)		(45,105	)		—		—		(33,436	)		(839,336	)
Net increase (decrease)		114,926		$	3,429,133			17,815	$	497,265		(691	)	$	(45	)

N/A	– After the close of business on May 30, 2012, the Fund liquidated all of its Class R3 Shares.



	Growth
	One Month Ended 8/31/13						Year Ended 7/31/13						Year Ended 7/31/12
	Shares			Amount			Shares			Amount			Shares			Amount
Shares sold:
Class A		26,613		$	677,863			547,147		$	12,091,499			1,197,292		$	24,083,883
Class C		41,496			1,003,590			104,514			2,275,099			59,166			1,180,810
Class R3		—			—			277			6,085			2,543			52,878
Class I		19,066			491,510			355,900			8,231,713			332,495			6,820,554
Shares issued to shareholders due to reinvestment of distributions:
Class A		—			—			1,083			23,208			—			—
Class C		—			—			—			—			—			—
Class R3		—			—			—			—			—			—
Class I		—			—			1,909			41,219			1,505			29,974
		87,175			2,172,963			1,010,830			22,668,823			1,593,001			32,168,099
Shares redeemed:
Class A		(8,607	)		(219,473	)		(622,316	)		(13,680,774	)		(1,057,963	)		(21,189,824	)
Class C		(2,280	)		(54,688	)		(23,903	)		(533,265	)		(55,205	)		(1,043,084	)
Class R3		—			—			(3,352	)		(75,935	)		—			—
Class I		(10,043	)		(258,002	)		(379,883	)		(8,852,283	)		(1,022,486	)		(20,662,438	)
		(20,930	)		(532,163	)		(1,029,454	)		(23,142,257	)		(2,135,654	)		(42,895,346	)
Net increase (decrease)		66,245		$	1,640,800			(18,624	)	$	(473,434	)		(542,653	)	$	(10,727,247	)


Nuveen Investments			55

Notes to Financial Statements (continued)


	Large Cap Value
	Two Months Ended 8/31/13						Year Ended 6/30/13						Year Ended 6/30/12
	Shares			Amount			Shares			Amount			Shares			Amount
Shares sold:
Class A		105,853		$	2,719,078			745,677		$	16,514,446			845,732		$	16,012,029
Class A – automatic conversion of Class B shares		1,035			25,329			589			13,065			5,440			104,726
Class B		—			—			—			—			2,445			46,371
Class C		29,995			752,332			63,149			1,376,153			115,213			2,256,357
Class R3		82			2,129			884			19,227			1,293			23,117
Class I		82,806			2,132,240			683,832			16,131,399			149,860			2,904,003
Shares issued to shareholders due to reinvestment of distributions:
Class A		—			—			142,861			2,980,083			138,807			2,606,795
Class B		—			—			249			5,054			237			4,337
Class C		—			—			4,232			85,818			3,220			58,788
Class R3		—			—			—			—			—			—
Class I		—			—			18,306			383,136			17,962			338,409
		219,771			5,631,108			1,659,779			37,508,381			1,280,209			24,354,932
Shares redeemed:
Class A		(1,808,490	)		(47,005,523	)		(2,140,156	)		(47,200,944	)		(2,672,024	)		(50,648,304	)
Class B		(1,162	)		(29,288	)		(17,025	)		(359,242	)		(39,001	)		(706,518	)
Class B – automatic conversion to Class A shares		(1,067	)		(25,329	)		(606	)		(13,065	)		(5,606	)		(104,726	)
Class C		(28,760	)		(712,751	)		(195,410	)		(4,216,545	)		(154,199	)		(2,849,604	)
Class R3		(376	)		(9,747	)		(922	)		(21,828	)		(5,592	)		(109,544	)
Class I		(28,583	)		(737,323	)		(190,188	)		(4,208,391	)		(430,615	)		(8,178,601	)
		(1,868,438	)		(48,519,961	)		(2,544,307	)		(56,020,015	)		(3,307,037	)		(62,597,297	)
Net increase (decrease)		(1,648,667	)	$	(42,888,853	)		(884,528	)	$	(18,511,634	)		(2,026,828	)	$	(38,242,365	)

5. Investment Transactions

Purchases and sales (excluding proceeds from securities sold short and short-term investments, where applicable) during the fiscal year ended August 31, 2013, were as follows:


	Equity Long/Short		Growth		Large Cap Value
Purchases	$	6,047,442	$	2,090,478	$	142,428,688
Sales		709,357		662,491		184,808,458

6. Income Tax Information

As of August 31, 2013, the cost and unrealized appreciation (depreciation) of investments (excluding common stocks sold short, where applicable), as determined on a federal income tax basis, were as follows:


	Equity Long/Short			Growth			Large Cap Value
Cost of investments	$	10,116,606		$	26,626,965		$	287,526,330
Gross unrealized:
Appreciation	$	185,403		$	8,499,882		$	32,277,541
Depreciation		(200,376	)		(523,289	)		(6,375,683	)
Net unrealized appreciation (depreciation) of investments	$	(14,973	)	$	7,976,593		$	25,901,858


	56			Nuveen Investments

Permanent differences, primarily due to foreign currency reclassifications, investment in short sales, and net operating losses, resulted in reclassifications among the Funds’ components of net assets as of August 31, 2013, the Funds’ tax year end, as follows:


	Equity Long/Short			Growth			Large Cap Value
Capital paid-in	$	1,768		$	(50,332	)	$	—
Undistributed (Over-distribution of) net investment income		2,203			51,393			(562	)
Accumulated net realized gain (loss)		(3,971	)		(1,061	)		562

The tax components of undistributed net ordinary income and net long-term capital gains as of August 31, 2013, the Funds’ tax year end, were as follows:


	Equity Long/Short		Growth		Large Cap Value
Undistributed net ordinary income¹	$	4,622	$	5,889	$	15,190,920
Undistributed net long-term capital gains		378,575		251,212		15,578,653

¹	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:


One Month ended August 31, 2013	Equity Long/Short		Growth
Distributions from net ordinary income¹	$	—	$	—
Distributions from net long-term capital gains		—		—


Two Months ended August 31, 2013	Large Cap Value
Distributions from net ordinary income¹	$	—
Distributions from net long-term capital gains		—


Year ended June 30, 2013	Large Cap Value
Distributions from net ordinary income¹	$	4,092,576
Distributions from net long-term capital gains		—


Year ended July 31, 2013	Equity Long/Short		Growth
Distributions from net ordinary income¹	$	—	$	82,921
Distributions from net long-term capital gains		111,310		—


Year ended June 30, 2012	Large Cap Value
Distributions from net ordinary income¹	$	3,695,818
Distributions from net long-term capital gains		—


Year ended July 31, 2012	Equity Long/Short		Growth
Distributions from net ordinary income¹	$	19,374	$	40,098
Distributions from net long-term capital gains		46,626		—

¹	Net ordinary income consists of net taxable income derived from dividends, interest, and net short-term capital gains, if any.

As of August 31, 2013, the Funds’ tax year end, the following Fund had unused capital loss carryforwards available for federal income tax purposes to be applied against future capital gains, if any. If not applied, the carryforwards will expire as shown in the following table. The losses not subject to expiration retain the character reflected and will be utilized first by the Fund, while the losses subject to expiration are considered short-term:


	Equity Long/Short
Not subject to expiration:
Short-term losses	$	4,436
Long-term losses		—
Total	$	4,436


Nuveen Investments			57

Notes to Financial Statements (continued)

7. Management Fees and Other Transactions with Affiliates

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


Average Daily Net Assets	Equity Long/Short Fund-Level Fee Rate			Growth Fund-Level Fee Rate			Large Cap Value Fund-Level Fee Rate
For the first $125 million		1.1000	%		.5000	%		.5500	%
For the next $125 million		1.0875			.4875			.5375
For the next $250 million		1.0750			.4750			.5250
For the next $500 million		1.0625			.4625			.5125
For the next $1 billion		1.0500			.4500			.5000
For net assets over $2 billion		1.0250			.4250			.4750

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


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

The complex-level fee is calculated based upon the aggregate daily “eligible assets” of all Nuveen Funds. Eligible assets do not include assets attributable to investments in other Nuveen Funds or assets in excess of $2 billion added to the Nuveen Fund complex in connection with the Adviser’s assumption of the management of the former First American Funds effective January 1, 2011. Eligible assets include closed-end fund assets managed by the Adviser that are attributable to certain types of leverage. For these purposes, leverage includes the closed-end funds’ use of preferred stock and borrowings and certain investments in the residual interest certificates (also called inverse floating rate securities) in tender option bond (TOB) trusts, including the portion of assets held by a TOB trust that has been effectively financed by the trust’s issuance of floating rate securities, subject to an agreement by the Adviser as to certain funds to limit the amount of such assets for determining eligible assets in certain circumstances. As of August 31, 2013, the complex-level fee rate for each of these Funds was .1694%.

The Adviser has agreed to waive fees and/or reimburse expenses (“Expense Cap”) 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 (including prime broker fees and charges on short sales), dividend expense on securities sold short and extraordinary expenses) do not exceed the average daily net assets of any class of Fund shares in the amounts and for the time periods stated in the following table.

Fund

Temporary
Expense
Cap

Temporary
Expense Cap
Expiration Date

Permanent
Expense Cap

Equity Long/Short

1.40

July 31, 2016

N/A

Growth

1.00

November 30, 2013

1.40

Large Cap Value

N/A

1.20

N/A	– Not applicable.

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.

Neither Trust pays compensation directly to those of its trustees who are affiliated with the Adviser or to its officers, all of whom receive remuneration for their services to each Trust from the Adviser or its affiliates. The Board of Trustees has adopted a deferred


	58			Nuveen Investments

compensation plan for independent trustees that enables trustees to elect to defer receipt of all or a portion of the annual compensation they are entitled to receive from certain Nuveen-advised funds. Under the plan, deferred amounts are treated as though equal dollar amounts had been invested in shares of select Nuveen-advised funds.

During the reporting periods ended August 31, 2013, 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:


	Equity Long/Short		Growth		Large Cap Value
Sales charges collected (Unaudited)	$	4,675	$	8,381	$	24,945
Paid to financial intermediaries (Unaudited)		4,100		7,362		22,041

During the reporting periods ended August 31, 2013, the Distributor compensated financial intermediaries directly with commission advances at the time of purchase as follows:


	Equity Long/Short		Growth		Large Cap Value
Commission advances (Unaudited)	$	250	$	8,369	$	2,367

To compensate for commissions advanced to financial intermediaries, all 12b-1 service and distribution fees collected on Class B Shares during the first year following a purchase, all 12b-1 distribution fees collected on Class B Shares, and all 12b-1 service and distribution fees collected on Class C Shares during the first year following a purchase are retained by the Distributor. During the reporting periods ended August 31, 2013, the Distributor retained such 12b-1 fees as follows:


	Equity Long/Short		Growth		Large Cap Value
12b-1 fees retained (Unaudited)	$	—	$	1,909	$	2,298

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 reporting periods ended August 31, 2013, as follows:


	Equity Long/Short		Growth		Large Cap Value
CDSC retained (Unaudited)	$	—	$	227	$	50

As of August 31, 2013, Nuveen owned shares of the Funds as follows:


	Equity Long/Short		Growth		Large Cap Value
Class A Shares		2,191		—		—
Class B Shares		N/A		N/A		—
Class C Shares		2,257		—		—
Class R3 Shares		N/A		2,125		2,125
Class I Shares		49,390		—		—

N/A	– Fund does not offer share class.


Nuveen Investments			59

Trustees and Officers* (Unaudited)


Name, Year of Birth & 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:
William J. Schneider 1944 333 W. Wacker Drive Chicago, IL 60606	Chairman of the Board and 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; owner in several other Miller-Valentine; entities; Board Member of Mid-America Health System, Tech Town, Inc., a not-for-profit community development company and WDPR Public Radio Station; formerly, member, Business Advisory Council, Cleveland Federal Reserve Bank and University of Dayton Business School Advisory Council.	211
Robert P. Bremner 1940 333 W. Wacker Drive Chicago, IL 60606	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.	211
Jack B. Evans 1948 333 W. Wacker Drive Chicago, IL 60606	Trustee	1999	President, The Hall-Perrine Foundation, a private philanthropic corporation (since 1996); Chairman, United Fire Group, a publicly held company; formerly, member and President Pro Tem of the Board of Regents for the State of Iowa University System; Director, Source Media Group; Life Trustee of Coe College; 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.	211
William C. Hunter 1948 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 Georgetown University.	211
David J. Kundert 1942 333 W. Wacker Drive Chicago, IL 60606	Trustee	2005	Formerly, Director, Northwestern Mutual Wealth Management Company; (2006-2013) 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.	211


	60			Nuveen Investments


Name, Year of Birth & 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
John K. Nelson 1962 333 West Wacker Drive Chicago, IL 60606	Trustee	2013	Senior external advisor to the financial services practice of Deloitte Consulting LLP (since 2012); Member of Board of Directors of Core12 LLC (since 2008), a private firm which develops branding, marketing and communications strategies for clients; Chairman of the Board of Trustees of Marian University (since 2010 as trustee, 2011 as Chairman); Director of The Curran Center for Catholic American Studies (since 2009) and The President’s Council, Fordham University (since 2010); formerly, Chief Executive Officer of ABN AMRO N.V. North America, and Global Head of its Financial Markets Division (2007-2008); prior senior positions held at ABN AMRO include Corporate Executive Vice President and Head of Global Markets—the Americas (2006-2007), CEO of Wholesale Banking—North America and Global Head of Foreign Exchange and Futures Markets (2001-2006), and Regional Commercial Treasurer and Senior Vice President Trading—North America (1996-2001); formerly, Trustee at St. Edmund Preparatory School in New York City.	211
Judith M. Stockdale 1947 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).	211
Carole E. Stone 1947 333 W. Wacker Drive Chicago, IL 60606	Trustee	2007	Director, Chicago Board Options Exchange (since 2006), C2 Options Exchange, Incorporated (since 2009) and CBOE Holdings, Inc. (since 2010); formerly, Commissioner, New York State Commission on Public Authority Reform (2005-2010); formerly, Chair, New York Racing Association Oversight Board (2005-2007).	211
Virginia L. Stringer 1944 333 W. 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).	211
Terence J. Toth 1959 333 W. Wacker Drive Chicago, IL 60606	Trustee	2008	Managing Partner, Promus Capital (since 2008); Director, Fulcrum IT Service LLC (since 2010), Quality Control Corporation (since 2012) and LogicMark LLC (since 2012); formerly, Director, Legal & General Investment Management America, Inc. (2008-2013); 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) and 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).	211


Nuveen Investments			61

Trustees and Officers* (Unaudited) (continued)


Name, Year of Birth & Address	Position(s) Held with the Funds	Year First Elected or Appointed (2)	Principal Occupation(s) During Past 5 Years	Number of Portfolios in Fund Complex Overseen by Officer

Officers of the Funds:
Gifford R. Zimmerman 1956 333 W. Wacker Drive Chicago, IL 60606	Chief Administrative Officer	1988	Managing Director (since 2002), and 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); Vice President and Assistant Secretary (since 2013), formerly, Chief Administrative Officer and Chief Compliance Officer (2006-2013) of Nuveen Commodities Asset Management, LLC; Chartered Financial Analyst.	211
Margo L. Cook 1964 333 W. Wacker Drive Chicago, IL 60606	Vice President	2009	Executive Vice President (since 2008) of Nuveen Investments, Inc. and of Nuveen Fund Advisors, LLC (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.	211
Lorna C. Ferguson 1945 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).	211
Stephen D. Foy 1954 333 W. Wacker Drive Chicago, IL 60606	Vice President and Controller	1998	Senior Vice President (2010-2011), formerly, Vice President (2005-2010) and Funds Controller of Nuveen Securities, LLC; Senior Vice President (since 2013), formerly, Vice President of Nuveen Fund Advisors, LLC; Chief Financial Officer of Nuveen Commodities Asset Management, LLC (since 2010); Certified Public Accountant.	211
Scott S. Grace 1970 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, LLC, 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.	211
Walter M. Kelly 1970 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, LLC; Senior Vice President (since 2008) of Nuveen Investments Holdings, Inc; formerly, Senior Vice President (2008-2011) of Nuveen Securities, LLC.	211
Tina M. Lazar 1961 333 W. Wacker Drive Chicago, IL 60606	Vice President	2002	Senior Vice President (since 2010), formerly, Vice President (2005-2010) of Nuveen Fund Advisors, LLC.	211


	62			Nuveen Investments


Name, Year of Birth & Address	Position(s) Held with the Funds	Year First Elected or Appointed (2)	Principal Occupation(s) During Past 5 Years	Number of Portfolios in Fund Complex Overseen by Officer
Kevin J. McCarthy 1966 333 W. Wacker Drive Chicago, IL 60606	Vice President and Secretary	2007	Managing Director and Assistant Secretary (since 2008), Nuveen Securities, LLC; Managing Director (since 2008), Assistant Secretary (since 2007) and Co-General Counsel (since 2011) of Nuveen Fund Advisors, LLC; 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, 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.	211
Kathleen L. Prudhomme 1953 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, LLC; 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).	211
Joel T. Slager 1978 333 West Wacker Drive Chicago, IL 60606	Vice President and Assistant Secretary	2013	Fund Tax Director for Nuveen Funds (since May, 2013); previously, Vice President of Morgan Stanley Investment Management, Inc., Assistant Treasurer of the Morgan Stanley Funds (from 2010 to 2013); Tax Director at PricewaterhouseCoopers LLP (from 2008 to 2010).	211
Jeffery M. Wilson 1956 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).	108

(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)	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.

*	Represents the Fund’s Board of Trustees as of September 1, 2013.


Nuveen Investments			63

Annual Investment Management Agreement Approval Process

(Unaudited)

The Board of Trustees (each, a “Board” and each Trustee, a “Board Member”) of the Funds, including the Board Members who are not parties to the Funds’ advisory or sub-advisory agreements or “interested persons” of any such parties (the “Independent Board Members”), is responsible for approving the advisory agreements (each, an “Investment Management Agreement”) between each Fund and Nuveen Fund Advisors, LLC (the “Adviser”) and the sub-advisory agreements (each, a “Sub-Advisory Agreement”) between the Adviser and Nuveen Asset Management, LLC (the “Sub-Adviser”) (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 20-22, 2013 (the “May Meeting”), the Board, including a majority of the Independent Board Members, considered and approved the continuation of the Advisory Agreements for the Funds for an additional one-year period.

In preparation for its considerations at the May Meeting, the Board requested and received extensive materials prepared in connection with the review of the Advisory Agreements. The materials provided a broad range of information regarding the Funds, the Adviser and the Sub-Adviser (the Adviser and the Sub-Adviser 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 Adviser’s profitability with comparisons to comparable peers in the managed fund business. As part of its annual review, the Board also held a separate meeting on April 17-18, 2013, to review the Funds’ investment performance and consider an analysis provided by the Adviser of the Sub-Adviser which generally evaluated the Sub-Adviser’s investment team, investment mandate, organizational structure and history, investment philosophy and process, performance of the applicable Fund, and significant changes to the foregoing. As a result of its review of the materials and discussions, the Board presented the Adviser with questions and the Adviser responded.


	64			Nuveen Investments

A. Nature, Extent and Quality of Services

B. The Investment Performance of the Funds and Fund Advisers

The Board, including the Independent Board Members, considered the performance history of each Fund over various time periods. The Board reviewed reports, including an analysis of the Funds’ performance and the applicable investment team. In general, in considering a fund’s performance, the Board recognized that a fund’s performance can be reviewed through various measures including the fund’s absolute return, the fund’s return compared to the performance of other peer funds, and the fund’s performance compared to its respective benchmark. Accordingly, 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”) and with recognized and/or customized benchmarks (i.e., generally benchmarks derived from multiple recognized benchmarks) for the quarter, one-, three- and five-year periods ending December 31, 2012 as well as performance information reflecting the first quarter of 2013 (or for such shorter periods available for the Nuveen Equity Long/Short Fund (the “Long/Short


Nuveen Investments			65

Annual Investment Management Agreement Approval Process

(Unaudited) (continued)

Fund”), which did not exist for part of the foregoing time frame). The Board, however, recognized that the changes to the sub-advisory arrangements approved at the April 2013 meeting regarding the Nuveen Large-Cap Value Fund (the “Large-Cap Value Fund”) (formerly known as the Nuveen Multi-Manager Large-Cap Value Fund) may limit the usefulness of the past performance for such Fund. This information supplemented the fund performance information provided to the Board at each of its quarterly meetings.

In considering the performance data for the Funds, the Independent Board Members noted that the Large-Cap Value Fund had satisfactory performance compared to its peers, performing in the second or third quartile over various periods. With respect to the Nuveen Growth Fund (the “Growth Fund”), the Independent Board Members observed that such Fund had lagged its peers and benchmarks over various periods. In this regard, the Growth Fund performed in the fourth quartile for the one-year period and third quartile for the three- and five-year periods and underperformed its benchmark for the one-, three- and five-year periods. Such Fund, however, outperformed its benchmark and was in the second quartile for the quarter ending March 31, 2013. In considering the performance data for the Long/Short Fund, the Independent Board Members noted that although the Fund had not been publicly offered as of December 31, 2012, it underperformed its benchmark for the one- and three-year periods. The Board, however, recognized the changes to the Fund’s investment personnel and strategies earlier this year, which limits some of the usefulness of the historic performance.

As described above, for funds with challenged performance, the Board considered and discussed the factors contributing to the results. In this regard, the Board noted certain changes to the investment personnel and sub-adviser to the Growth Fund. The Board is encouraged by these steps and will continue to monitor management’s progress on these issues in general and for the Growth Fund, in particular, as well as any further steps proposed or taken to address performance issues.

C. Fees, Expenses and Profitability

1. Fees and Expenses

The Board evaluated the management fees and expenses of each Fund (including any changes thereto) reviewing, among other things, such Fund’s gross management fees, net management fees and net expense ratio in absolute terms as well as compared to the fees 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.


	66			Nuveen Investments

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 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 Large-Cap Value Fund and the Growth Fund had net management fees and net expense ratios (including fee waivers and expense reimbursements) below or in line with their peer averages. In addition, the Independent Board Members recognized that the Long/Short Fund did not pay management fees after taking into account fee waivers and expense reimbursements and that such Fund’s total net expenses were below the peer average for the latest fiscal year. However, the Board recognized the changes in management fees and expense caps the Board approved for such Fund in February 2013.

2. Comparisons with the Fees of Other Clients

3. Profitability of Fund Advisers


Nuveen Investments			67

Annual Investment Management Agreement Approval Process

(Unaudited) (continued)

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

E. Indirect Benefits

F. Other Considerations


	68			Nuveen Investments

Notes


Nuveen Investments			69

Glossary of Terms Used in this Report

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

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

Lipper Long/Short Equity Funds Classification Average: Represents the average annualized returns for all reporting funds in the Lipper Long/Short Equity Funds Classification. Lipper returns account for the effects of management fees and assume reinvestment of dividends, but do not reflect any applicable sales charges.

Long Position: A security the fund owns in its portfolio.

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

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

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

Short Position: A security the fund does not own but has sold through the delivery of a borrowed security.

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 60603

Independent Registered Public Accounting Firm

PricewaterhouseCoopers LLP

Chicago, IL 60606

Custodian

State Street Bank & Trust Company

Boston, MA 02111

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


Fund	% of DRD		% of QDI
Nuveen Growth Fund		100%		100%
Nuveen Large Cap Value Fund		100%		100%

Quarterly Form N-Q Portfolio of Investments Information

Nuveen Funds’ Proxy Voting Information


Nuveen Investments			71

Nuveen Investments:

Serving Investors For Generations

Focused on meeting investor needs.

Find out how we can help you.

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-NEGL-0813P

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 August 31, 2013	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
Fund Name
Nuveen Concentrated Core Fund ⁽⁵⁾		10,000		0		0		0
Nuveen Core Dividend Fund ⁽⁵⁾		10,000		0		0		0
Nuveen Equity Market Neutral Fund ⁽⁵⁾		10,000		0		0		0
Nuveen Large Cap Value Fund ⁽⁶⁾		0		0		0		0
Nuveen Intelligent Risk Conservative Allocation Fund		19,730		0		6,500		0
Nuveen Intelligent Risk Growth Allocation Fund		19,730		0		6,500		0
Nuveen Intelligent Risk Moderate Allocation Fund		19,734		0		6,500		0
Nuveen Large Cap Core Fund ⁽⁵⁾		10,000		0		0		0
Nuveen Large Cap Growth Fund ⁽⁵⁾		10,000		0		0		0
Nuveen Large Cap Core Plus Fund ⁽⁵⁾		10,000		0		0		0

Total	$	119,194	$	0	$	19,500	$	0

“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.

“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.

“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.

⁵

Fund commenced on July 17, 2013. Fund audited by Ernst and Young.

⁶

Fund changed fiscal year end effective July 1, 2013.


	Percentage Approved Pursuant to Pre-approval Exception
	Audit Fees Billed			Audit-Related Fees			Tax Fees			All Other Fees
	to Funds			Billed to Funds			Billed to Funds			Billed to Funds
Fund Name
Nuveen Concentrated Core Fund		0	%		0	%		0	%		0	%
Nuveen Core Dividend Fund		0	%		0	%		0	%		0	%
Nuveen Equity Market Neutral Fund		0	%		0	%		0	%		0	%
Nuveen Large Cap Value Fund		0	%		0	%		0	%		0	%
Nuveen Intelligent Risk Conservative Allocation Fund		0	%		0	%		0	%		0	%
Nuveen Intelligent Risk Growth Allocation Fund		0	%		0	%		0	%		0	%
Nuveen Intelligent Risk Moderate Allocation Fund		0	%		0	%		0	%		0	%
Nuveen Large Cap Core Fund		0	%		0	%		0	%		0	%
Nuveen Large Cap Growth Fund		0	%		0	%		0	%		0	%
Nuveen Large Cap Core Plus Fund		0	%		0	%		0	%		0	%

Fiscal Year Ended August 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
Fund Name
Nuveen Concentrated Core Fund ⁽⁵⁾		N/A			N/A			N/A			N/A
Nuveen Core Dividend Fund ⁽⁵⁾		N/A			N/A			N/A			N/A
Nuveen Equity Market Neutral Fund ⁽⁵⁾		N/A			N/A			N/A			N/A
Nuveen Large Cap Value Fund ^{(6) (7)}		13,278			0			2,500			0
Nuveen Intelligent Risk Conservative Allocation Fund		10,475			0			0			0
Nuveen Intelligent Risk Growth Allocation Fund		10,475			0			0			0
Nuveen Intelligent Risk Moderate Allocation Fund		10,475			0			0			0
Nuveen Large Cap Core Fund ⁽⁵⁾		N/A			N/A			N/A			N/A
Nuveen Large Cap Growth Fund ⁽⁵⁾		N/A			N/A			N/A			N/A
Nuveen Large Cap Core Plus Fund ⁽⁵⁾		N/A			N/A			N/A			N/A

Total	$	44,703		$	0		$	2,500		$	0

⁴

⁵

Fund commenced on July 17, 2013. Fund audited by Ernst and Young.

⁶

Fund changed fiscal year end effective July 1, 2013.

⁷

For period ended June 30, 2013.


	Percentage Approved Pursuant to Pre-approval Exception
	Audit Fees Billed			Audit-Related Fees			Tax Fees			All Other Fees
	to Funds			Billed to Funds			Billed to Funds			Billed to Funds
Fund Name
Nuveen Concentrated Core Fund		0	%		0	%		0	%		0	%
Nuveen Core Dividend Fund		0	%		0	%		0	%		0	%
Nuveen Equity Market Neutral Fund		0	%		0	%		0	%		0	%
Nuveen Large Cap Value Fund		0	%		0	%		0	%		0	%
Nuveen Intelligent Risk Conservative Allocation Fund		0	%		0	%		0	%		0	%
Nuveen Intelligent Risk Growth Allocation Fund		0	%		0	%		0	%		0	%
Nuveen Intelligent Risk Moderate Allocation Fund		0	%		0	%		0	%		0	%
Nuveen Large Cap Core Fund		0	%		0	%		0	%		0	%
Nuveen Large Cap Growth Fund		0	%		0	%		0	%		0	%
Nuveen Large Cap Core Plus Fund		0	%		0	%		0	%		0	%

Audit-Related Fees

Tax Fees Billed to

All Other Fees

Billed to Adviser and

Adviser and

Billed to Adviser

Fiscal Year Ended August 31, 2013

Affiliated Fund
Service Providers

and Affiliated Fund
Service Providers

Nuveen Investment Trust

Percentage Approved Pursuant to Pre-approval Exception

Audit-Related Fees

Tax Fees Billed to

All Other Fees

Billed to Adviser and

Adviser and

Billed to Adviser

Affiliated Fund

and Affiliated Fund

Service Providers

Audit-Related Fees

Tax Fees Billed to

All Other Fees

Billed to Adviser and

Adviser and

Billed to Adviser

Fiscal Year Ended August 31, 2012

Affiliated Fund
Service Providers

and Affiliated Fund
Service Providers

Nuveen Investment Trust

Percentage Approved Pursuant to Pre-approval Exception

Audit-Related Fees

Tax Fees Billed to

All Other Fees

Billed to Adviser and

Adviser and

Billed to Adviser

Affiliated Fund

and Affiliated Fund

Service Providers


Fiscal Year Ended August 31, 2013	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
Fund Name
Nuveen Concentrated Core Fund ⁽¹⁾		0		0		0		0
Nuveen Core Dividend Fund ⁽¹⁾		0		0		0		0
Nuveen Equity Market Neutral Fund ⁽¹⁾		0		0		0		0
Nuveen Large Cap Value Fund ⁽²⁾		0		0		0		0
Nuveen Intelligent Risk Conservative Allocation Fund		6,500		0		0		6,500
Nuveen Intelligent Risk Growth Allocation Fund		6,500		0		0		6,500
Nuveen Intelligent Risk Moderate Allocation Fund		6,500		0		0		6,500
Nuveen Large Cap Core Fund ⁽¹⁾		0		0		0		0
Nuveen Large Cap Growth Fund ⁽¹⁾		0		0		0		0
Nuveen Large Cap Core Plus Fund ⁽¹⁾		0		0		0		0

Total	$	19,500	$	0	$	0	$	19,500

“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.

Fund commenced on July 17, 2013. Fund audited by Ernst and Young.

Fund changed fiscal year end effective July 1, 2013.

Fiscal Year Ended August 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

Fund Name

Nuveen Concentrated Core Fund ⁽¹⁾

N/A

Nuveen Core Dividend Fund ⁽¹⁾

N/A

Nuveen Equity Market Neutral Fund ⁽¹⁾

N/A

Nuveen Large Cap Value Fund ^{(2) (3)}

2,500

Nuveen Intelligent Risk Conservative Allocation Fund

Nuveen Intelligent Risk Growth Allocation Fund

Nuveen Intelligent Risk Moderate Allocation Fund

Nuveen Large Cap Core Fund ⁽¹⁾

N/A

Nuveen Large Cap Growth Fund ⁽¹⁾

N/A

Nuveen Large Cap Core Plus
Fund ⁽¹⁾

N/A

Total

2,500

“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.

Fund commenced on July 17, 2013. Fund audited by Ernst and Young.

Fund changed fiscal year end effective July 1, 2013.

For period ending June 30, 2013.

Audit Committee Pre-Approval Policies and Procedures. Generally, the Audit Committee must approve (i) all non-audit services to be performed for the Trust by the Trust’s independent accountants and (ii) all audit and non-audit services to be performed by the Trust’s independent accountants for the Affiliated Fund Service Providers with respect to the operations and financial reporting of the Trust. Regarding tax and research projects conducted by the independent accountants for the Trust and Affiliated Fund Service Providers (with respect to operations and financial reports of the Trust), such engagements will be (i) pre-approved by the Audit Committee if they are expected to be for amounts greater than $10,000; (ii) reported to the Audit Committee Chairman for his verbal approval prior to engagement if they are expected to be for amounts under $10,000 but greater than $5,000; and (iii) reported to the Audit Committee at the next Audit Committee meeting if they are expected to be for an amount under $5,000.

ITEM 5. AUDIT COMMITTEE OF LISTED REGISTRANTS.

Not applicable to this registrant.

ITEM 6. SCHEDULE OF INVESTMENTS.

See Portfolio of Investments in Item 1.

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 Trust



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

Date: November 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: November 8, 2013



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

Date: November 8, 2013

Nuveen Investment Trust N-CSRCertified annual shareholder report (management investment company)