Nuveen Investment Trust NCSRS Certified semi-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: February 28, 2015

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

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

Item 1. Reports to Stockholders.



Mutual Funds

Nuveen Asset Allocation

Funds


						Semi-Annual Report February 28, 2015

Share Class / Ticker Symbol

Fund Name

Class A

Class C

Class R3

Class I

Nuveen Intelligent Risk Conservative Allocation Fund

NICAX

NICCX

NICRX

NICIX

Nuveen Intelligent Risk Growth Allocation Fund

NIGAX

NIGCX

NIGRX

NIGIX

Nuveen Intelligent Risk Moderate Allocation Fund

NIDAX

NIMCX

NIMRX

NIMIX

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LOGO

Table

of Contents


Chairman’s Letter to Shareholders			4

Portfolio Managers’ Comments			5

Risk Considerations and Dividend Information			9

Fund Performance and Expense Ratios			11

Holding Summaries			15

Expense Examples			18

Portfolios of Investments			20

Statement of Assets and Liabilities			23

Statement of Operations			24

Statement of Changes in Net Assets			25

Financial Highlights			28

Notes to Financial Statements			34

Additional Fund Information			43

Glossary of Terms Used in this Report			44


Nuveen Investments			3

Chairman’s Letter

to Shareholders

LOGO

Dear Shareholders,

A pattern of divergence has emerged in the past year. Steady and moderate growth in the U.S. economy helped sustain the stock market’s bull run another year. U.S. bonds also performed well, amid subdued inflation, interest rates that remained unexpectedly low and concerns about the economic well-being of the rest of the world. The stronger domestic economy enabled the U.S. Federal Reserve (Fed) to gradually reduce its large scale bond purchases, known as quantitative easing (QE), without disruption to the markets, as well as begin to set expectations for a transition into tightening mode.

The economic story outside the U.S. continues to improve. Despite the drama over Greece’s debt negotiations, the European economy appears to be stabilizing. Japan is on a moderate recovery path as it emerged from recession late last quarter. China’s economy decelerated and, despite running well above the rate of other major global economies, investors feared it looked slow by China’s standards. Some areas of concern were a surprisingly steep decline in oil prices, the U.S. dollar’s rally and an increase in geopolitical tensions, including the Russia-Ukraine crisis and terrorist attacks across the Middle East and Africa, as well as more recently in Europe.

While a backdrop of healthy economic growth in the U.S. and the continuation of accommodative monetary policy (with the central banks of Japan and potentially Europe stepping in where the Fed has left off) bodes well for the markets, the global outlook has become more uncertain. Indeed, volatility is likely to feature more prominently in the investment landscape going forward. Such conditions underscore the importance of professional investment management. Experienced investment teams have weathered the market’s ups and downs in the past and emerged with a better understanding of the sensitivities of their asset class and investment style, particularly in times of turbulence. We recognize the importance of maximizing gains, while striving to minimize volatility.

And, the same is true for investors like you. Maintaining an appropriate time horizon, diversification and relying on practiced investment teams are among your best strategies for achieving your long-term investment objectives. Additionally, I encourage you to communicate with your financial consultant if you have questions about your investment in a Nuveen 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

April 22, 2015


	4			Nuveen Investments

Portfolio Managers’

Comments

Nuveen Intelligent Risk Conservative Allocation Fund

Nuveen Intelligent Risk Growth Allocation Fund

Nuveen Intelligent Risk Moderate Allocation Fund

These Funds feature portfolio management by Nuveen Asset Management, LLC, an affiliate of Nuveen Investments, Inc. Portfolio manager James A. Colon, CFA, has managed the Funds since their inception in May 2012. David R. Wilson, CFA, joined the Funds’ management team in December 2013.

Here the management team discusses key investment strategies and the Funds’ performance during the six-month reporting period ended February 28, 2015.

How did the Funds perform during the six-month reporting period ended February 28, 2015?

The tables in the Fund Performance and Expense Ratios section of this report provide total return performance information for the six-month, one-year and since inception periods ended February 28, 2015. 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 ended February 28, 2015 and how did these strategies influence performance?

We manage each of the three risk categories of our Intelligent Risk Funds (Conservative, Growth and Moderate) 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 Conservative Allocation Fund		3.5% to 7%
Nuveen Intelligent Risk Growth Allocation Fund		12% to 18%
Nuveen Intelligent Risk Moderate Allocation Fund		7% to 12%

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 by capitalizing on market upswings, while mitigating risk in down markets. Our goal is to proactively anticipate market volatility to protect investors from unintentionally taking on risk that is inconsistent with each Fund’s respective risk tolerance.

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.

Refer to the Glossary of Terms Used in this Report for further definition of the terms used within this section.


Nuveen Investments			5

Portfolio Managers’ Comments (continued)

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

Aside from a few instances of increased volatility during reporting period, annualized volatility remained relatively low and stable across most asset classes. U.S. large-cap equity volatility breached 26% temporarily during October, but quickly declined to 8% by the beginning of November and remained below its historical average for the majority of the reporting period. By the end of February 2015, U.S. large-cap equity volatility remained in the single digits around 7%, well below its historical average of 20%.

Many investors continued to question when the Federal Reserve would raise rates, yet the fixed income markets saw relatively stable levels of volatility during the reporting period. For example, 20+ Year U.S. Treasuries volatility remained between 10% and 14% during the reporting period, and below its historical average of 12.5% during the majority of the reporting period. However, by the end of February 2015, 20+ year U.S. Treasury volatility had slowly climbed to 14%, slightly above its historical average.

In other markets, unstable oil prices affected both the commodities and natural resource markets, which had both been well below their historical average volatility levels at the beginning of the reporting period but saw spikes in volatility in December. By February 2015, commodity volatility had climbed up to 16%, equal to its historical average. Natural resources saw a wider change in volatility levels during the reporting period, but ended February 2015 at 19%, which was well below its historical average of 27%. For all of the asset classes tracked by the investment team, average volatility during the reporting period remained below their respective historical average volatility levels.

How did the Funds perform and what changes were made to their portfolio allocations during this reporting period ended February 28, 2015?

Nuveen Intelligent Risk Conservative Allocation Fund

During the reporting period, the Nuveen Intelligent Risk Conservative Allocation Fund stayed within its target volatility range 99% of the time. An overweight to more volatile equity asset classes helped keep volatility within the target range during the low volatility environment.

The Fund’s Class A Shares at NAV underperformed the Morningstar index and Lipper average for the six-month reporting period ended February 28, 2015. The Morningstar index is heavily concentrated in U.S. equities with little diversification across real assets and fixed income. Consequently, when U.S. equities outperform most other markets, as they did during the reporting period, the Fund will tend to underperform the benchmark due to its enhanced diversification.

Gains in 20+ year U.S. Treasuries and real estate outpaced those of U.S. equities; however, international equities and commodity-based investments continued to be a drag on the Fund’s performance. 20+ year U.S. Treasuries gained 10.37% during the reporting period as measured by the Barclays 20+ Year U.S. Treasury Bond Index, posting the largest gain of all the indexes tracked for the Fund. Real estate posted a 10.02% gain, as measured by the MSCI U.S. REIT Index. U.S. large-cap equities finished the reporting year up 6.12% as measured by the S&P 500^® Index, while emerging market equities lost 6.70%, according to the FTSE Emerging Markets Index. The largest losses were seen in commodities and natural resources due in large part to oil price volatility. Natural resources, as measured by the S&P North American Natural Resources Index, suffered losses of 21.53% during the reporting period. A diversified blend of commodities, as measured by the Bloomberg Commodity Index, fared only slightly better than natural resources and finished with a loss of 18.27% return during the reporting period. At the end of the reporting period, the Fund continued to hold approximately 15% in commodity and natural resource funds.

As volatility in real assets increased, we reduced the Fund’s allocations to real estate, commodities and gold. With the proceeds, we initiated and increased its position in high yield bonds. The Fund’s overall equity allocation did not change much during the reporting period; however, we decreased its allocation to emerging market equities, while increasing allocations to domestic equities and international developed market equities.

As of February 28, 2015, the Fund is positioned with an overweight to equities and underweights to fixed income and real assets relative to historical levels. However, the strategy still holds defensive positions in long-duration U.S. Treasuries, high yield fixed income and municipal fixed income that are intended to help mitigate declines in other areas of the Fund’s portfolio, while providing yield.


	6			Nuveen Investments

Nuveen Intelligent Risk Growth Allocation Fund

During the reporting period, the Nuveen Intelligent Risk Growth Allocation Fund stayed within its target volatility range 69% 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 93% of the time. This indicates that when the Fund was outside of its target range, it was delivering volatility levels below its target range.

Due to the persistently low volatility levels across asset classes, our team allocated the majority of the Fund’s assets to equities throughout the reporting period. During the reporting period, we decreased the Fund’s allocation to natural resources, large-cap domestic equities and international developed market equities in favor of small-cap domestic and emerging market equities.

While small-cap U.S. equities underperformed large-cap U.S. equities, the asset class still produced favorable results for the Fund. Small caps gained 5.70% during the reporting period, as measured by the Russell 2000^® Index, positively contributing to the Fund’s performance. However, international developed market and emerging market equities both posted losses, detracting from the Fund’s performance. For example, emerging market equities lost 6.70% during the reporting period, according to the FTSE Emerging Markets Index. Natural resources were the largest detractor of the Fund’s performance with a loss of 21.53% as measured by the S&P North American Natural Resources Index during the reporting period. Due to the low volatility environment, we did not hold any fixed income investments in the Fund during the reporting period.

As of February 28, 2015, the Fund is positioned with an overweight to equities and underweights to real assets and fixed income relative to historical levels. Until we see a meaningful increase in market volatility, our team expects to continue allocating a substantial amount of the Fund into global equities to capitalize on the supportive environment for higher risk investments.

Nuveen Intelligent Risk Moderate Allocation Fund

During the reporting period, the Nuveen Intelligent Risk Moderate Allocation Fund stayed within its target volatility range 92% of the time. An overweight to more volatile asset classes helped keep the Fund’s volatility within the target range.

During the reporting period, our team maintained the Fund’s relatively large allocation to global equities and commodities and a reduced allocation to fixed income. By concentrating the Fund’s exposures in more volatile asset classes, we were able to keep volatility consistently within its target range.

Our allocations to equities and long duration U.S. Treasuries in the Fund benefited investors, while allocations to commodities and natural resources hindered performance. U.S. large-cap equities finished the reporting year up 6.12% as measured by the S&P 500^® Index and long duration U.S. Treasuries gained 10.37%, according to the Barclays 20+ Year U.S. Treasury Bond Index. However, allocations to commodities, which we use to help diversify risk in the Fund, did prove to be a drag on performance. The commodities asset class finished the reporting period with a loss of 18.27% return as measured by Bloomberg Commodity Index, while natural resources lost 21.53% during the reporting period, as measured by the S&P North American Natural Resources Index. At the end of the reporting period, the Fund continued to hold approximately 22% in commodities and 9% in natural resources.

Our team began increasing the Fund’s exposure to long duration U.S. Treasuries early in the reporting period. By the end of the reporting period, the Fund had a target allocation of approximately 12% to long duration U.S. Treasuries, which benefited investors.


Nuveen Investments			7

Portfolio Managers’ Comments (continued)

However, we generally maintained a meaningful level of exposure to gold, which we used to hedge against substantial global market declines, geopolitical events and unexpected inflation. Although we did vary the Fund’s exposure to gold, the asset class declined throughout most of the reporting period and ended down almost 6%, according to Bloomberg.

While we prefer to balance risk across the Fund’s asset classes, the low volatility environment suggested that riskier asset classes, such as equities, would perform well and help keep the Fund within its target volatility range of 7% to 12%. As of February 28, 2015, the Fund is positioned with overweights to equities and real assets and an underweight to fixed income relative to historical levels.


	8			Nuveen Investments

Risk Considerations

and Dividend Information

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

Nuveen Intelligent Risk Conservative Allocation Fund seeks to pay regular monthly dividends out of its net investment income at a rate that reflects the Fund’s past and projected net income performance. To permit the Fund to maintain a more stable monthly dividend, it may pay dividends at a rate that may be more or less than the amount of net 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. Conversely, if the Fund has cumulatively paid in dividends more than it has earned, the excess will constitute a negative UNII that will likewise be reflected in the Fund’s net asset value. The Fund will, over time, pay all its net investment income as dividends to shareholders.

As of February 28, 2015, All of the Funds in this report had positive UNII balances, based upon our best estimate, for tax purposes and negative UNII balances for financial reporting purposes.

All dividends paid by each Fund during the current reporting period, were paid from net investment income. If a portion of the Fund’s distributions was sourced from or comprised of elements other than net investment income, including capital gains and/or a return of capital, shareholders would have received a notice to that effect. For financial reporting purposes, the composition and per share amounts of each Fund’s dividends for the reporting period are presented in this report’s Statement of Changes in Net Assets and Financial Highlights, respectively. For income tax purposes, distribution information for each Fund as of its most recent tax year end is presented in Note 6—Income Tax Information within the Notes to Financial Statements of this report.


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 within this section of the report.

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 an agreement by the investment adviser to waive certain fees and/or reimburse expenses during the periods presented. If any such waivers and/or reimbursements had not been in place, returns would have been reduced. See Notes to Financial Statements, Note 7—Management Fees and Other Transactions with Affiliates for more information. 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, and assume reinvestment of dividends and capital gains.

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

The expense ratios shown reflect total operating expenses (before fee waivers and/or expense reimbursements, if any) as shown in the 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 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 section. Refer to the Glossary of Terms Used in this Report for definitions of terms used within this section.

Fund Performance

Average Annual Total Returns as of February 28, 2015


	Cumulative		Average Annual
	6-Month		1-Year		Since Inception
Class A Shares at NAV		(2.33)%		2.37%		2.10%
Class A Shares at maximum Offering Price		(7.93)%		(3.50)%		(0.02)%
Morningstar Moderately Conservative Target Risk Index		0.46%		4.21%		6.70%
Lipper Mixed-Asset Target Allocation Conservative Funds Classification Average		0.90%		4.54%		6.17%

Class C Shares		(2.68)%		1.63%		1.33%
Class R3 Shares		(2.47)%		2.09%		1.82%
Class I Shares		(2.21)%		2.61%		2.33%

Average Annual Total Returns as of March 31, 2015 (Most Recent Calendar Quarter)


	Cumulative		Average Annual
	6-Month		1-Year		Since Inception
Class A Shares at NAV		0.97%		1.42%		1.75%
Class A Shares at maximum Offering Price		(4.83)%		(4.39)%		(0.30)%
Class C Shares		0.62%		0.68%		0.98%
Class R3 Shares		0.83%		1.14%		1.47%
Class I Shares		1.09%		1.66%		1.98%

Since inception returns are from 5/04/12. Indexes and Lipper averages are not available for direct investment.

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


	Share Class
	Class A		Class C		Class R3		Class I
Gross Expense Ratios*		4.43%		4.44%		4.61%		3.39%
Net Expense Ratios*		1.25%		2.00%		1.50%		1.00%

The Fund’s investment adviser has agreed to waive fees and/or reimburse expenses through September 30, 2016 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 September 30, 2016 may be terminated or modified prior to that date only with the approval of the Board of Trustees of the Fund.

*	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.


	12			Nuveen Investments

Fund Performance and Expense Ratios (continued)

Nuveen Intelligent Risk Growth Allocation Fund

Fund Performance

Average Annual Total Returns as of February 28, 2015


	Cumulative		Average Annual
	6-Month		1-Year		Since Inception
Class A Shares at NAV		(4.77)%		0.77%		5.55%
Class A Shares at maximum Offering Price		(10.26)%		(5.04)%		3.35%
Morningstar Moderately Aggressive Target Risk Index		0.82%		6.33%		12.03%
Lipper Mixed-Asset Target Allocation Growth Funds Classification Average		2.48%		7.17%		13.74%

Class C Shares		(5.09)%		(0.03)%		4.75%
Class R3 Shares		(4.86)%		0.51%		5.28%
Class I Shares		(4.59)%		1.00%		5.81%

Average Annual Total Returns as of March 31, 2015 (Most Recent Calendar Quarter)


	Cumulative		Average Annual
	6-Month		1-Year		Since Inception
Class A Shares at NAV		0.06%		(1.03)%		5.03%
Class A Shares at maximum Offering Price		(5.68)%		(6.73)%		2.91%
Class C Shares		(0.34)%		(1.73)%		4.25%
Class R3 Shares		(0.07)%		(1.25)%		4.76%
Class I Shares		0.20%		(0.76)%		5.29%

Since inception returns are from 5/04/12. Indexes and Lipper averages are not available for direct investment.

Expense Ratios as of Most Recent Prospectus


	Share Class
	Class A		Class C		Class R3		Class I
Gross Expense Ratios*		3.77%		4.62%		4.16%		3.15%
Net Expense Ratios*		1.18%		1.93%		1.43%		0.93%

*	The expense ratios include acquired fund fees and expenses of 0.25%, which reflect the fees and expenses of the exchange-traded funds in which the Fund invests.


Nuveen Investments			13

Fund Performance and Expense Ratios (continued)

Nuveen Intelligent Risk Moderate Allocation Fund

Fund Performance

Average Annual Total Returns as of February 28, 2015


	Cumulative		Average Annual
	6-Month		1-Year		Since Inception
Class A Shares at NAV		(1.36)%		4.80%		3.99%
Class A Shares at maximum Offering Price		(7.03)%		(1.25)%		1.83%
Morningstar Moderate Target Risk Index		0.66%		5.41%		9.43%
Lipper Mixed-Asset Target Allocation Moderate Funds Classification Average		1.57%		5.96%		9.34%

Class C Shares		(1.70)%		4.02%		3.21%
Class R3 Shares		(1.44)%		4.55%		3.72%
Class I Shares		(1.23)%		5.01%		4.23%

Average Annual Total Returns as of March 31, 2015 (Most Recent Calendar Quarter)


	Cumulative		Average Annual
	6-Month		1-Year		Since Inception
Class A Shares at NAV		3.75%		3.06%		3.47%
Class A Shares at maximum Offering Price		(2.20)%		(2.87)%		1.38%
Class C Shares		3.38%		2.30%		2.70%
Class R3 Shares		3.68%		2.80%		3.20%
Class I Shares		3.93%		3.31%		3.72%

Since inception returns are from 5/04/12. Indexes and Lipper averages are not available for direct investment.

Expense Ratios as of Most Recent Prospectus


	Share Class
	Class A		Class C		Class R3		Class I
Gross Expense Ratios*		4.20%		4.72%		4.23%		3.21%
Net Expense Ratios*		1.26%		2.01%		1.51%		1.01%

*	The expense ratios include acquired fund fees and expenses of 0.33%, which reflect the fees and expenses of the exchange-traded funds in which the Fund invests.


	14			Nuveen Investments

Holding

Summaries as of February 28, 2015

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

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 Conservative Allocation Fund

Fund Allocation

(% of net assets)


Exchange-Traded Commodity Funds			11.8%
Exchange-Traded Equity Funds			33.2%
Exchange-Traded Fixed Income Funds			54.3%
Other Assets Less Liabilities			0.7%
Net Assets			100%


Exchange-Traded Commodity Funds	Weighting (% of net assets)		1-Year Average Annual Total Returns
PowerShares DB Commodity Index Tracking Fund		7.1%		(30.21)%
PowerShares DB Gold Fund		4.7%		(9.67)%

Exchange-Traded Equity Funds
iShares^® Russell 1000^® Index Fund		9.4%		14.74%
iShares^® Russell 2000^® Index Fund		6.2%		5.71%
iShares^® S&P North American Natural Resources Sector Index Fund		3.6%		(9.98)%
Vanguard FTSE Developed Markets ETF		6.9%		(0.07)%
Vanguard FTSE Emerging Markets ETF		4.6%		9.32%
Vanguard REIT ETF		2.5%		22.57%

Exchange-Traded Fixed Income Funds
iShares^® Barclays 20+ Year Treasury Bond Fund		12.6%		22.69%
iShares^® National AMT-Free Municipal Bond Fund		20.9%		5.76%
iShares^® TIPS Bond ETF		1.4%		3.01%
SPDR^® Barclays Capital High Yield Bond Fund		19.4%		1.54%


Nuveen Investments			15

Holding Summaries as of February 28, 2015 (continued)

Nuveen Intelligent Risk Growth Allocation Fund

Fund Allocation

(% of net assets)


Exchange-Traded Equity Funds			100.1%
Money Market Funds			0.6%
Other Assets Less Liabilities			(0.7)%
Net Assets			100%


Exchange-Traded Equity Funds	Weighting (% of net assets)		1-Year Average Annual Total Returns
iShares^® Russell 2000^® Index Fund		29.9%		5.71%
iShares^® S&P North American Natural Resources Sector Index Fund		24.1%		(9.98)%
Vanguard FTSE Developed Markets ETF		15.0%		(0.07)%
Vanguard FTSE Emerging Markets ETF		31.1%		9.32%


	16			Nuveen Investments

Nuveen Intelligent Risk Moderate Allocation Fund

Fund Allocation

(% of net assets)


Exchange-Traded Commodity Funds			20.9%
Exchange-Traded Equity Funds			62.9%
Exchange-Traded Fixed Income Funds			12.6%
Money Market Funds			1.5%
Other Assets Less Liabilities			2.1%
Net Assets			100%


Exchange-Traded Commodity Funds	Weighting (% of net assets)		1-Year Average Annual Total Returns
PowerShares DB Commodity Index Tracking Fund		9.3%		(30.21)%
PowerShares DB Gold Fund		11.6%		(9.67)%

Exchange-Traded Equity Funds
iShares^® Russell 1000^® Index Fund		12.4%		14.74%
iShares^® Russell 2000^® Index Fund		11.3%		5.71%
iShares^® S&P North American Natural Resources Sector Index Fund		8.9%		(9.98)%
Vanguard FTSE Developed Markets ETF		10.4%		(0.07)%
Vanguard FTSE Emerging Markets ETF		10.5%		9.32%
Vanguard REIT ETF		9.4%		22.57%

Exchange-Traded Fixed Income Funds
iShares^® Barclays 20+ Year Treasury Bond Fund		12.0%		22.69%
iShares^® TIPS Bond ETF		0.6%		3.01%


Nuveen Investments			17

Expense

Examples

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

The Examples below are based on an investment of $1,000 invested at the beginning of the period and held through the period ended February 28, 2015.

The beginning of the period is September 1, 2014.

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 each 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 tables.

Nuveen Intelligent Risk Conservative Allocation Fund


	Share Class
	Class A		Class C		Class R3		Class I
Actual Performance
Beginning Account Value	$	1,000.00	$	1,000.00	$	1,000.00	$	1,000.00
Ending Account Value	$	976.70	$	973.30	$	975.30	$	977.90
Expenses Incurred During Period	$	4.51	$	8.17	$	5.73	$	3.29
Hypothetical Performance (5% annualized return before expenses)
Beginning Account Value	$	1,000.00	$	1,000.00	$	1,000.00	$	1,000.00
Ending Account Value	$	1,020.23	$	1,016.51	$	1,018.99	$	1,021.47
Expenses Incurred During Period	$	4.61	$	8.35	$	5.86	$	3.36

For each class of the Fund, expenses are equal to the Fund’s annualized net expense ratio of 0.92%, 1.67%, 1.17% and 0.67% for Classes A, C, R3 and I, respectively, multiplied by the average account value over the period, multiplied by 181/365 (to reflect the one-half year peroid).


	18			Nuveen Investments

Nuveen Intelligent Risk Growth Allocation Fund


	Share Class
	Class A		Class C		Class R3		Class I
Actual Performance
Beginning Account Value	$	1,000.00	$	1,000.00	$	1,000.00	$	1,000.00
Ending Account Value	$	952.30	$	949.10	$	951.40	$	954.10
Expenses Incurred During Period	$	4.45	$	8.12	$	5.66	$	3.25
Hypothetical Performance (5% annualized return before expenses)
Beginning Account Value	$	1,000.00	$	1,000.00	$	1,000.00	$	1,000.00
Ending Account Value	$	1,020.23	$	1,016.46	$	1,018.99	$	1,021.47
Expenses Incurred During Period	$	4.61	$	8.40	$	5.86	$	3.36

For each class of the Fund, expenses are equal to the Fund’s annualized net expense ratio of 0.92%, 1.68%, 1.17% and 0.67% for Classes A, C, R3 and I, respectively, multiplied by the average account value over the period, multiplied by 181/365 (to reflect the one-half year peroid).

Nuveen Intelligent Risk Moderate Allocation Fund


	Share Class
	Class A		Class C		Class R3		Class I
Actual Performance
Beginning Account Value	$	1,000.00	$	1,000.00	$	1,000.00	$	1,000.00
Ending Account Value	$	986.40	$	983.00	$	985.60	$	987.70
Expenses Incurred During Period	$	4.53	$	8.21	$	5.81	$	3.30
Hypothetical Performance (5% annualized return before expenses)
Beginning Account Value	$	1,000.00	$	1,000.00	$	1,000.00	$	1,000.00
Ending Account Value	$	1,020.23	$	1,016.51	$	1,018.94	$	1,021.47
Expenses Incurred During Period	$	4.61	$	8.35	$	5.91	$	3.36

For each class of the Fund, expenses are equal to the Fund’s annualized net expense ratio of 0.92%, 1.67%, 1.18% and 0.67% for Classes A, C, R3 and I, respectively, multiplied by the average account value over the period, multiplied by 181/365 (to reflect the one-half year peroid).


Nuveen Investments			19

Nuveen Intelligent Risk Conservative Allocation Fund


Portfolio of Investments		February 28, 2015 (Unaudited)


Shares		Description (1), (2)	Value

		LONG-TERM INVESTMENTS – 99.3%

		EXCHANGE-TRADED FUNDS – 99.3%

		Commodity Funds – 11.8%

	4,615	PowerShares DB Commodity Index Tracking Fund	$	83,855

	1,404	PowerShares DB Gold Fund		55,935
		Total Commodity Funds		139,790

		Equity Funds – 33.2%

	944	iShares^® Russell 1000^® Index Fund		111,260

	600	iShares^® Russell 2000^® Index Fund		73,530

	1,086	iShares^® S&P North American Natural Resources Sector Index Fund		42,006

	2,008	Vanguard FTSE Developed Markets ETF		81,324

	1,304	Vanguard FTSE Emerging Markets ETF		54,507

	347	Vanguard REIT ETF		28,929
		Total Equity Funds		391,556

		Fixed Income Funds – 54.3%

	1,146	iShares^® Barclays 20+ Year Treasury Bond Fund		148,441

	2,227	iShares^® National AMT-Free Municipal Bond Fund		246,308

	144	iShares^® TIPS Bond ETF		16,436

	5,762	SPDR^® Barclays Capital High Yield Bond Fund		229,212
		Total Fixed Income Funds		640,397
		Total Long-Term Investments (cost $1,088,750)		1,171,743
		Other Assets Less Liabilities – 0.7%		7,868
		Net Assets – 100%	$	1,179,611

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

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

REIT	Real Estate Investment Trust.

See accompanying notes to financial statements.


	20			Nuveen Investments

Nuveen Intelligent Risk Growth Allocation Fund


Portfolio of Investments		February 28, 2015 (Unaudited)

Shares

Description (1), (2)

Value

LONG-TERM INVESTMENTS – 100.1%

EXCHANGE-TRADED FUNDS – 100.1%

Equity Funds – 100.1%

4,202

iShares^® Russell 2000^® Index Fund

514,955

10,715

iShares^® S&P North American Natural Resources Sector Index Fund

414,456

6,369

Vanguard FTSE Developed Markets ETF

257,944

12,775

Vanguard FTSE Emerging Markets ETF

533,995

Total Long-Term Investments (cost $1,584,838)

1,721,350

Shares

Description (1)

Value

SHORT-TERM INVESTMENTS – 0.6%

Money Market Funds – 0.6%

10,764

First American Treasury Obligations Fund, Class Z, 0.000%, (3)

10,764

Total Short-Term Investments (cost $10,764)

10,764

Total Investments (cost $1,595,602) – 100.7%

1,732,114

Other Assets Less Liabilities – (0.7)%

(11,660

)

Net Assets – 100%

1,720,454

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

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

(3)	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			21

Nuveen Intelligent Risk Moderate Allocation Fund


Portfolio of Investments		February 28, 2015 (Unaudited)


Shares		Description (1), (2)	Value

		LONG-TERM INVESTMENTS – 96.4%

		EXCHANGE-TRADED FUNDS – 96.4%

		Commodity Funds – 20.9%

	11,451	PowerShares DB Commodity Index Tracking Fund	$	208,065

	6,508	PowerShares DB Gold Fund		259,279
		Total Commodity Funds		467,344

		Equity Funds – 62.9%

	2,361	iShares^® Russell 1000^® Index Fund		278,268

	2,060	iShares^® Russell 2000^® Index Fund		252,453

	5,136	iShares^® S&P North American Natural Resources Sector Index Fund		198,661

	5,728	Vanguard FTSE Developed Markets ETF		231,984

	5,643	Vanguard FTSE Emerging Markets ETF		235,877

	2,517	Vanguard REIT ETF		209,842
		Total Equity Funds		1,407,085

		Fixed Income Funds – 12.6%

	2,066	iShares^® Barclays 20+ Year Treasury Bond Fund		267,609

	116	iShares^® TIPS Bond ETF		13,240
		Total Fixed Income Funds		280,849
		Total Long-Term Investments (cost $1,925,456)		2,155,278

Shares		Description (1)	Value

		SHORT-TERM INVESTMENTS – 1.5%

		Money Market Funds – 1.5%

	33,087	First American Treasury Obligations Fund, Class Z, 0.000%, (3)	$	33,087
		Total Short-Term Investments (cost $33,087)		33,087
		Total Investments (cost $1,958,543) – 97.9%		2,188,365
		Other Assets Less Liabilities – 2.1%		46,209
		Net Assets – 100%	$	2,234,574

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

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

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

See accompanying notes to financial statements.


	22			Nuveen Investments

Statement of


		Assets and Liabilities		February 28, 2015 (Unaudited)


	Intelligent Risk Conservative Allocation			Intelligent Risk Growth Allocation			Intelligent Risk Moderate Allocation
Assets
Long-term investments, at value (cost $1,088,750, $1,584,838 and $1,925,456, respectively)	$	1,171,743		$	1,721,350		$	2,155,278
Short-term investments, at value (cost approximates value)		—			10,764			33,087
Receivable for:
Investments sold		108,739			128,361			186,507
Reimbursement from Adviser		10,375			10,860			10,978
Shares sold		—			—			74,880
Other assets		14,527			14,529			14,531
Total assets		1,305,384			1,885,864			2,475,261
Liabilities
Cash overdraft		4,961			—			—
Payable for:
Dividends		1,220			—			—
Investments purchased		98,503			130,620			209,630
Shares redeemed		26			7,326			—
Accrued expenses:
12b-1 distribution and service fees		145			210			368
Professional fees		10,188			10,200			10,197
Shareholder reporting expenses		8,759			15,134			18,073
Trustees fees		12			20			19
Other		1,959			1,900			2,400
Total liabilities		125,773			165,410			240,687
Net assets	$	1,179,611		$	1,720,454		$	2,234,574
Class A Shares
Net assets	$	179,474		$	492,274		$	459,572
Shares outstanding		9,879			23,722			22,135
Net asset value (“NAV”) per share	$	18.17		$	20.75		$	20.76
Offering price per share (NAV per share plus maximum sales charge of 5.75% of offering price)	$	19.28		$	22.02		$	22.03
Class C Shares
Net assets	$	122,868		$	127,088		$	398,162
Shares outstanding		6,767			6,133			19,309
NAV and offering price per share	$	18.16		$	20.72		$	20.62
Class R3 Shares
Net assets	$	45,405		$	51,845		$	51,800
Shares outstanding		2,500			2,500			2,500
NAV and offering price per share	$	18.16		$	20.74		$	20.72
Class I Shares
Net assets	$	831,864		$	1,049,247		$	1,325,040
Shares outstanding		45,787			50,546			63,752
NAV and offering price per share	$	18.17		$	20.76		$	20.78
Net assets consist of:
Capital paid-in	$	1,137,737		$	1,609,976		$	1,990,987
Undistributed (Over-distribution of) net investment income		(3,275	)		(2,476	)		(4,474	)
Accumulated net realized gain (loss)		(37,844	)		(23,558	)		18,239
Net unrealized appreciation (depreciation)		82,993			136,512			229,822
Net assets	$	1,179,611		$	1,720,454		$	2,234,574
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			23

Statement of


		Operations		Six Months Ended February 28, 2015 (Unaudited)


	Intelligent Risk Conservative Allocation			Intelligent Risk Growth Allocation			Intelligent Risk Moderate Allocation
Investment Income	$	14,815		$	21,348		$	23,962
Expenses
Management fees		4,952			8,524			8,219
12b-1 service fees – Class A Shares		319			730			438
12b-1 distribution and service fees – Class C Shares		587			683			1,433
12b-1 distribution and service fees – Class R3 Shares		119			134			129
Shareholder servicing agent fees		482			596			733
Custodian fees		4,251			4,394			4,511
Trustees fees		263			278			277
Professional fees		13,676			13,812			13,793
Shareholder reporting expenses		5,763			8,633			7,198
Federal and state registration fees		32,577			32,583			32,580
Other		989			989			993
Total expenses before fee waiver/expense reimbursement		63,978			71,356			70,304
Fee waiver/expense reimbursement		(58,584	)		(62,289	)		(61,052	)
Net expenses		5,394			9,067			9,252
Net investment income (loss)		9,421			12,281			14,710
Realized and Unrealized Gain (Loss)
Net realized gain (loss) from investments		25,520			24,216			41,735
Change in net unrealized appreciation (depreciation) of investments		(75,416	)		(220,574	)		(109,002	)
Net realized and unrealized gain (loss)		(49,896	)		(196,358	)		(67,267	)
Net increase (decrease) in net assets from operations	$	(40,475	)	$	(184,077	)	$	(52,557	)

See accompanying notes to financial statements.


	24			Nuveen Investments

Statement of


		Changes in Net Assets		(Unaudited)


	Intelligent Risk Conservative Allocation						Intelligent Risk Growth Allocation
	Six Months Ended 2/28/15			Year Ended 8/31/14			Six Months Ended 2/28/15			Year Ended 8/31/14
Operations
Net investment income (loss)	$	9,421		$	53,103		$	12,281		$	56,824
Net realized gain (loss) from investments		25,520			102,287			24,216			145,674
Change in net unrealized appreciation (depreciation) of investments		(75,416	)		186,352			(220,574	)		278,771
Net increase (decrease) in net assets from operations		(40,475	)		341,742			(184,077	)		481,269
Distributions to Shareholders
From net investment income:
Class A Shares		(1,729	)		(4,054	)		(14,857	)		(2,885	)
Class C Shares		(339	)		(616	)		(2,854	)		(363	)
Class R3 Shares		(264	)		(542	)		(1,451	)		(378	)
Class I Shares		(7,132	)		(48,098	)		(34,840	)		(20,312	)
From accumulated net realized gains:
Class A Shares		(28,677	)		—			(39,323	)		—
Class C Shares		(11,427	)		—			(8,000	)		—
Class R3 Shares		(5,057	)		—			(3,376	)		—
Class I Shares		(92,604	)		—			(105,670	)		—
Decrease in net assets from distributions to shareholders		(147,229	)		(53,310	)		(210,371	)		(23,938	)
Fund Share Transactions
Proceeds from sale of shares		60,209			3,562,195			163,863			3,757,395
Proceeds from shares issued to shareholders due to reinvestment of distributions		37,339			4,652			109,045			11,885
		97,548			3,566,847			272,908			3,769,280
Cost of shares redeemed		(187,511	)		(3,697,970	)		(884,707	)		(3,780,184	)
Net increase (decrease) in net assets from Fund share transactions		(89,963	)		(131,123	)		(611,799	)		(10,904	)
Net increase (decrease) in net assets		(277,667	)		157,309			(1,006,247	)		446,427
Net assets at the beginning of period		1,457,278			1,299,969			2,726,701			2,280,274
Net assets at the end of period	$	1,179,611		$	1,457,278		$	1,720,454		$	2,726,701
Undistributed (Over-distribution of) net investment income at the end of period	$	(3,275	)	$	(3,232	)	$	(2,476	)	$	39,245

See accompanying notes to financial statements.


Nuveen Investments			25

Statement of Changes in Net Assets (Unaudited) (continued)


	Intelligent Risk Moderate Allocation
	Six Months Ended 2/28/15			Year Ended 8/31/14
Operations
Net investment income (loss)	$	14,710		$	43,380
Net realized gain (loss) from investments		41,735			150,881
Change in net unrealized appreciation (depreciation) of investments		(109,002	)		318,602
Net increase (decrease) in net assets from operations		(52,557	)		512,863
Distributions to Shareholders
From net investment income:
Class A Shares		(2,885	)		(6,020	)
Class C Shares		(1,196	)		(1,633	)
Class R3 Shares		(362	)		(529	)
Class I Shares		(14,741	)		(42,922	)
From accumulated net realized gains:
Class A Shares		(13,755	)		—
Class C Shares		(10,786	)		—
Class R3 Shares		(2,063	)		—
Class I Shares		(51,494	)		—
Decrease in net assets from distributions to shareholders		(97,282	)		(51,104	)
Fund Share Transactions
Proceeds from sale of shares		259,937			3,644,121
Proceeds from shares issued to shareholders due to reinvestment of distributions		46,609			18,350
		306,546			3,662,471
Cost of shares redeemed		(486,573	)		(4,110,875	)
Net increase (decrease) in net assets from Fund share transactions		(180,027	)		(448,404	)
Net increase (decrease) in net assets		(329,866	)		13,355
Net assets at the beginning of period		2,564,440			2,551,085
Net assets at the end of period	$	2,234,574		$	2,564,440
Undistributed (Over-distribution of) net investment income at the end of period	$	(4,474	)	$	—

See accompanying notes to financial statements.


	26			Nuveen Investments

THIS PAGE INTENTIONALLY LEFT BLANK


Nuveen Investments			27

Financial

Highlights (Unaudited)

Intelligent Risk Conservative Allocation

Selected data for a share outstanding throughout each period:



			Investment Operations								Less Distributions

Class (Commencement Date) Year Ended August 31,	Beginning NAV		Net Investment Income (Loss)(a)		Net Realized/ Unrealized Gain (Loss)			Total			From Net Invest ment Income			From Accumulated Net Realized Gains			Return of Capital			Total			Ending NAV
Class A (5/12)
2015(g)	$	20.89	$	0.13	$	(0.70	)	$	(0.57	)	$	(0.13	)	$	(2.02	)	$	—		$	(2.15	)	$	18.17
2014		19.24		0.26		1.66			1.92			(0.27	)		—			—			(0.27	)		20.89
2013		20.33		0.27		(0.95	)		(0.68	)		(0.37	)		—			(0.04	)		(0.41	)		19.24
2012(d)		20.00		0.10		0.33			0.43			(0.10	)		—			—			(0.10	)		20.33
Class C (5/12)
2015(g)		20.87		0.06		(0.69	)		(0.63	)		(0.06	)		(2.02	)		—			(2.08	)		18.16
2014		19.22		0.12		1.65			1.77			(0.12	)		—			—			(0.12	)		20.87
2013		20.32		0.15		(0.99	)		(0.84	)		(0.23	)		—			(0.03	)		(0.26	)		19.22
2012(d)		20.00		0.05		0.34			0.39			(0.07	)		—			—			(0.07	)		20.32
Class R3 (5/12)
2015(g)		20.88		0.11		(0.70	)		(0.59	)		(0.11	)		(2.02	)		—			(2.13	)		18.16
2014		19.22		0.21		1.67			1.88			(0.22	)		—			—			(0.22	)		20.88
2013		20.33		0.28		(1.03	)		(0.75	)		(0.32	)		—			(0.04	)		(0.36	)		19.22
2012(d)		20.00		0.09		0.33			0.42			(0.09	)		—			—			(0.09	)		20.33
Class I (5/12)
2015(g)		20.89		0.15		(0.69	)		(0.54	)		(0.16	)		(2.02	)		—			(2.18	)		18.17
2014		19.24		0.32		1.65			1.97			(0.32	)		—			—			(0.32	)		20.89
2013		20.34		0.38		(1.03	)		(0.65	)		(0.40	)		—			(0.05	)		(0.45	)		19.24
2012(d)		20.00		0.12		0.33			0.45			(0.11	)		—			—			(0.11	)		20.34


	28			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 Investment Income (Loss)			Expenses(e)			Net Investment Income (Loss)			Portfolio Turnover Rate(f)

	(2.33	)%	$	179		9.79	%*		(7.49	)%*		0.92	%*		1.38	%*		56	%
	10.05			310		4.11			(1.89	)		0.93			1.30			188
	(3.44	)		290		9.95			(7.66	)		0.93			1.36			111
	2.17			71		7.34	*		(4.84	)*		0.93	*		1.57	*		25

	(2.68	)		123		10.84	*		(8.54	)*		1.67	*		0.63	*		56
	9.23			136		4.12			(1.85	)		1.68			0.60			188
	(4.22	)		81		10.04			(7.60	)		1.68			0.77			111
	1.94			51		7.95	*		(5.45	)*		1.68	*		0.83	*		25

	(2.47	)		45		10.24	*		(7.96	)*		1.17	*		1.11	*		56
	9.82			52		4.29			(2.06	)		1.18			1.05			188
	(3.78	)		48		9.32			(6.74	)		1.18			1.40			111
	2.11			51		7.46	*		(4.95	)*		1.18	*		1.33	*		25

	(2.21	)		832		9.75	*		(7.47	)*		0.67	*		1.61	*		56
	10.31			959		3.07			(0.82	)		0.68			1.57			188
	(3.26	)		881		8.87			(6.31	)		0.68			1.89			111
	2.27			880		6.97	*		(4.47	)*		0.68	*		1.82	*		25

(a)

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

(b)

(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.

(g)

For the six months ended February 28, 2015.

Annualized.

See accompanying notes to financial statements.


Nuveen Investments			29

Financial Highlights (Unaudited) (continued)


Intelligent Risk Growth Allocation Selected data for a share outstanding throughout each period:

			Investment Operations									Less Distributions

Class (Commencement Date) Year Ended August 31,	Beginning NAV		Net Investment Income (Loss)(a)			Net Realized/ Unrealized Gain (Loss)			Total			From Net Investment Income			From Accumulated Net Realized Gains			Total			Ending NAV
Class A (5/12)
2015(g)	$	24.03	$	0.11		$	(1.40	)	$	(1.29	)	$	(0.64	)	$	(1.35	)	$	(1.99	)	$	20.75
2014		21.28		0.24			2.72			2.96			(0.21	)		—			(0.21	)		24.03
2013		20.16		0.25			1.04			1.29			(0.17	)		—			(0.17	)		21.28
2012(d)		20.00		0.05			0.11			0.16			—			—			—			20.16
Class C (5/12)
2015(g)		23.89		0.06			(1.41	)		(1.35	)		(0.47	)		(1.35	)		(1.82	)		20.72
2014		21.17		0.10			2.66			2.76			(0.04	)		—			(0.04	)		23.89
2013		20.11		0.08			1.06			1.14			(0.08	)		—			(0.08	)		21.17
2012(d)		20.00		—	**		0.11			0.11			—			—			—			20.11
Class R3 (5/12)
2015(g)		23.98		0.09			(1.40	)		(1.31	)		(0.58	)		(1.35	)		(1.93	)		20.74
2014		21.24		0.21			2.68			2.89			(0.15	)		—			(0.15	)		23.98
2013		20.14		0.18			1.06			1.24			(0.14	)		—			(0.14	)		21.24
2012(d)		20.00		0.04			0.10			0.14			—			—			—			20.14
Class I (5/12)
2015(g)		24.06		0.13			(1.38	)		(1.25	)		(0.70	)		(1.35	)		(2.05	)		20.76
2014		21.31		0.30			2.71			3.01			(0.26	)		—			(0.26	)		24.06
2013		20.18		0.27			1.07			1.34			(0.21	)		—			(0.21	)		21.31
2012(d)		20.00		0.07			0.11			0.18			—			—			—			20.18


	30			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 Investment Income (Loss)			Expenses(e)			Net Investment Income (Loss)			Portfolio Turnover Rate(f)

	(4.77	)%	$	492		6.61	%*		(4.65	)%*		0.92	%*		1.03	%*		55	%
	13.95			603		3.52			(1.56	)		0.93			1.03			166
	6.46			399		7.39			(5.26	)		0.93			1.21			105
	0.80			50		7.41	*		(5.66	)*		0.93	*		0.82	*		25

	(5.09	)		127		7.52	*		(5.31	)*		1.68	*		0.53	*		55
	13.06			190		4.37			(2.27	)		1.68			0.42			166
	5.66			167		8.20			(6.12	)		1.68			0.40			105
	0.55			50		8.16	*		(6.41	)*		1.68	*		0.07	*		25

	(4.86	)		52		6.96	*		(4.90	)*		1.17	*		0.88	*		55
	13.66			60		3.91			(1.83	)		1.18			0.90			166
	6.19			53		8.09			(6.05	)		1.18			0.86			105
	0.70			50		7.66	*		(5.91	)*		1.18	*		0.57	*		25

	(4.59	)		1,049		6.18	*		(4.32	)*		0.67	*		1.19	*		55
	14.21			1,873		2.90			(0.92	)		0.68			1.30			166
	6.68			1,661		7.45			(5.50	)		0.68			1.27			105
	0.90			857		7.16	*		(5.42	)*		0.68	*		1.07	*		25

(a)

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

(b)

(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)

(g)

For the six months ended February 28, 2015.

Annualized.

Rounds to less than $0.01 per share.

See accompanying notes to financial statements.


Nuveen Investments			31

Financial Highlights (Unaudited) (continued)

Intelligent Risk Moderate Allocation

Selected data for a share outstanding throughout each period:



			Investment Operations									Less Distributions

Class (Commencement Date) Year Ended August 31,	Beginning NAV		Net Investment Income (Loss)(a)			Net Realized/ Unrealized Gain (Loss)			Total			From Net Investment Income			From Accumulated Net Realized Gains			Total			Ending NAV
Class A (5/12)
2015(g)	$	22.12	$	0.13		$	(0.49	)	$	(0.36	)	$	(0.17	)	$	(0.83	)	$	(1.00	)	$	20.76
2014		20.06		0.19			2.13			2.32			(0.26	)		—			(0.26	)		22.12
2013		20.66		0.24			(0.62	)		(0.38	)		(0.22	)		—			(0.22	)		20.06
2012(d)		20.00		0.04			0.62			0.66			—			—			—			20.66
Class C (5/12)
2015(g)		21.97		0.04			(0.47	)		(0.43	)		(0.09	)		(0.83	)		(0.92	)		20.62
2014		19.94		0.03			2.12			2.15			(0.12	)		—			(0.12	)		21.97
2013		20.61		0.06			(0.60	)		(0.54	)		(0.13	)		—			(0.13	)		19.94
2012(d)		20.00		—	**		0.61			0.61			—			—			—			20.61
Class R3 (5/12)
2015(g)		22.07		0.11			(0.49	)		(0.38	)		(0.14	)		(0.83	)		(0.97	)		20.72
2014		20.02		0.13			2.13			2.26			(0.21	)		—			(0.21	)		22.07
2013		20.64		0.18			(0.61	)		(0.43	)		(0.19	)		—			(0.19	)		20.02
2012(d)		20.00		0.04			0.60			0.64			—			—			—			20.64
Class I (5/12)
2015(g)		22.14		0.16			(0.49	)		(0.33	)		(0.20	)		(0.83	)		(1.03	)		20.78
2014		20.08		0.21			2.17			2.38			(0.32	)		—			(0.32	)		22.14
2013		20.68		0.27			(0.61	)		(0.34	)		(0.26	)		—			(0.26	)		20.08
2012(d)		20.00		0.07			0.61			0.68			—			—			—			20.68


	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 Investment Income (Loss)			Expenses(e)			Net Investment Income (Loss)			Portfolio Turnover Rate(f)

	(1.36	)%	$	460		6.65	%*		(4.45	)%*		0.92	%*		1.28	%*		61	%
	11.67			367		3.87			(2.03	)		0.93			0.91			155
	(1.87	)		631		6.75			(4.62	)		0.93			1.21			126
	3.30			98		7.40	*		(5.86	)*		0.93	*		0.60	*		21

	(1.70	)		398		7.48	*		(5.40	)*		1.67	*		0.41	*		61
	10.84			309		4.39			(2.58	)		1.68			0.13			155
	(2.62	)		290		7.78			(5.78	)		1.68			0.32			126
	3.05			62		7.90	*		(6.18	)*		1.68	*		0.04	*		21

	(1.44	)		52		6.87	*		(4.66	)*		1.18	*		1.03	*		61
	11.37			55		3.90			(2.09	)		1.18			0.63			155
	(2.13	)		50		7.09			(5.06	)		1.18			0.85			126
	3.20			52		7.41	*		(5.68	)*		1.18	*		0.54	*		21

	(1.23	)		1,325		6.31	*		(4.05	)*		0.67	*		1.59	*		61
	11.94			1,833		2.88			(1.19	)		0.68			1.01			155
	(1.68	)		1,580		6.73			(4.74	)		0.68			1.32			126
	3.40			894		6.91	*		(5.20	)*		0.68	*		1.03	*		21

(a)

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

(b)

(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.

(g)

For the six months ended February 28, 2015.

Annualized.

Rounds to less than $0.01 per share.

See accompanying notes to financial statements.


Nuveen Investments			33

Notes to

Financial Statements (Unaudited)

1. General Information and Significant Accounting Policies

General Information

Trust and Fund 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 Conservative Allocation Fund (“Intelligent Risk Conservative Allocation”), Nuveen Intelligent Risk Growth Allocation Fund (“Intelligent Risk Growth Allocation”) and Nuveen Intelligent Risk Moderate Allocation Fund (“Intelligent Risk Moderate 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.

The end of the reporting period for the Funds is February 28, 2015, and the period covered by these Notes to Financial Statements is the fiscal year ended February 28, 2015 (“the current fiscal period”).

Investment Adviser

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.

Investment Objectives and Principal Investment Strategies

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 Conservative Allocation, Intelligent Risk Growth Allocation and Intelligent Risk Moderate Allocation seek to maintain a consistent risk level by attempting to keep their daily volatility range (i.e., fluctuations in value) within 3.5% to 7% (annualized), 12% to 18% (annualized) and 7% to 12% (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 Funds generally have 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.


	34			Nuveen Investments

Significant Accounting Policies

Each Fund is an investment company and follows accounting and reporting guidance under Financial Accounting Standards Board (FASB) Accounting Standards Codification (ASC) Topic 946 “Financial Services-Investment Companies.” 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 Income

Dividend income, and realized gain distributions from the ETFs in which the Funds invest 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. If a refund is received for 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 daily and distributed to shareholders monthly for Intelligent Risk Conservative Allocation, and Fund shares begin to accrue dividends on the business day after the day when the monies used to purchase Fund shares are collected by the transfer agent. Dividends from net investment income are declared and distributed to shareholders annually for Intelligent Risk Growth Allocation and declared and distributed quarterly to shareholders for Intelligent Risk Moderate 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

Class A Shares are generally sold with an up-front sales charge and incur a 0.25% annual 12b-1 service fee. Class A Share purchases of $1 million or more are sold at net asset value (“NAV”) without an up-front sales charge but may be subject to a contingent deferred sales charge (“CDSC”) if redeemed within twelve months of purchase. Class C Shares are sold without an up-front sales charge but incur a 0.75% annual 12b-1 distribution fee and a 0.25% 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 0.25% annual 12b-1 distribution fee and a 0.25% 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

Income and expenses of Intelligent Risk Conservative Allocation that are not directly attributable to a specific class of shares are prorated among the classes based on the relative settled shares of each class. Income and expenses of Intelligent Risk Growth Allocation and Intelligent Risk Moderate Allocation 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 are recorded to the specific class. Currently, the only expenses that are allocated on a class-specific basis are 12b-1 distribution and service fees.

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.


Nuveen Investments			35

Notes to Financial Statements (Unaudited) (continued)

Netting Agreements

In the ordinary course of business, the Funds may enter into transactions subject to enforceable 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, each Fund manages its cash collateral and securities collateral on a counterparty basis.

The Funds’ investments subject to netting agreements as of the end of the reporting period, if any, are further described in Note 3 – Portfolio Securities and Investments in Derivatives.

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

The fair valuation input levels as described below are for fair value measurement purposes.

Fair value is defined as the price that would be received 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).

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.

Investments in investment companies are valued at their respective NAVs on 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 (the “Board”) and/or its appointee 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 NAV (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 Board and/or its appointee.


	36			Nuveen 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 Conservative Allocation	Level 1		Level 2		Level 3		Total
Long-Term Investments*:
Exchange-Traded Funds	$	1,171,743	$	—	$	—	$	1,171,743

Intelligent Risk Growth Allocation
Long-Term Investments*:
Exchange-Traded Funds	$	1,721,350	$	—	$	—	$	1,721,350
Short-Term Investments:
Money Market Funds		10,764		—		—		10,764
Total	$	1,732,114	$	—	$	—	$	1,732,114

Intelligent Risk Moderate Allocation
Long-Term Investments*:
Exchange-Traded Funds	$	2,155,278	$	—	$	—	$	2,155,278
Short-Term Investments:
Money Market Funds		33,087		—		—		33,087
Total	$	2,188,365	$	—	$	—	$	2,188,365

*	Refer to the Fund’s Portfolio of Investments for further information on the exchange-traded funds in which the Fund invests.

The Board is responsible for the valuation process and has appointed 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, is responsible for making fair value determinations, evaluating the effectiveness of the Funds’ pricing policies and reporting to the Board. 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.

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, 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.

3. Portfolio Securities and 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 current fiscal period.


Nuveen Investments			37

Notes to Financial Statements (Unaudited) (continued)

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 during the current and prior fiscal period were as follows:


	Six Months Ended 2/28/15						Year Ended 8/31/14
Intelligent Risk Conservative Allocation	Shares			Amount			Shares			Amount
Shares sold:
Class A		2,244		$	43,219			7,745		$	155,060
Class C		784			14,028			3,229			64,605
Class R3		—			—			—			—
Class I		151			2,962			170,433			3,342,530
Shares issued to shareholders due to reinvestment of distributions:
Class A		1,337			23,611			168			3,357
Class C		373			6,571			16			318
Class R3		—			—			—			—
Class I		406			7,157			48			977
		5,295			97,548			181,639			3,566,847
Shares redeemed:
Class A		(8,563	)		(156,919	)		(8,102	)		(161,589	)
Class C		(895	)		(17,795	)		(965	)		(19,222	)
Class R3		—			—			—			—
Class I		(681	)		(12,797	)		(170,378	)		(3,517,159	)
		(10,139	)		(187,511	)		(179,445	)		(3,697,970	)
Net increase (decrease)		(4,844	)	$	(89,963	)		2,194		$	(131,123	)


	38			Nuveen Investments


	Six Months Ended 2/28/15						Year Ended 8/31/14
Intelligent Risk Growth Allocation	Shares			Amount			Shares			Amount
Shares sold:
Class A		4,935		$	116,833			15,046		$	341,051
Class C		141			3,028			1,820			40,512
Class R3		—			—			—			—
Class I		2,075			44,002			149,630			3,375,832
Shares issued to shareholders due to reinvestment of distributions:
Class A		2,496			49,208			105			2,371
Class C		322			6,316			11			257
Class R3		—			—			—			—
Class I		2,726			53,521			411			9,257
		12,695			272,908			167,023			3,769,280
Shares redeemed:
Class A		(8,815	)		(185,274	)		(8,811	)		(196,930	)
Class C		(2,287	)		(50,363	)		(1,758	)		(41,757	)
Class R3		—			—			—			—
Class I		(32,114	)		(649,070	)		(150,113	)		(3,541,497	)
		(43,216	)		(884,707	)		(160,682	)		(3,780,184	)
Net increase (decrease)		(30,521	)	$	(611,799	)		6,341		$	(10,904	)

	Six Months Ended 2/28/15						Year Ended 8/31/14
Intelligent Risk Moderate Allocation	Shares			Amount			Shares			Amount
Shares sold:
Class A		4,870		$	101,393			2,603		$	54,633
Class C		6,438			131,921			4,815			103,061
Class R3		—			—			—			—
Class I		1,269			26,623			169,730			3,486,427
Shares issued to shareholders due to reinvestment of distributions:
Class A		720			14,149			260			5,360
Class C		498			9,689			65			1,327
Class R3		—			—			—			—
Class I		1,150			22,771			558			11,663
		14,945			306,546			178,031			3,662,471
Shares redeemed:
Class A		(62	)		(1,236	)		(17,709	)		(364,839	)
Class C		(1,707	)		(35,352	)		(5,338	)		(111,412	)
Class R3		—			—			—			—
Class I		(21,453	)		(449,985	)		(166,175	)		(3,634,624	)
		(23,222	)		(486,573	)		(189,222	)		(4,110,875	)
Net increase (decrease)		(8,277	)	$	(180,027	)		(11,191	)	$	(448,404	)

5. Investment Transactions

Long-term purchases and sales during the current fiscal period were as follows:


	Intelligent Risk Conservative Allocation		Intelligent Risk Growth Allocation		Intelligent Risk Moderate Allocation
Purchases	$	725,068	$	1,225,094	$	1,351,544
Sales		970,070		2,057,414		1,711,666

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.


Nuveen Investments			39

Notes to Financial Statements (Unaudited) (continued)

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 NAVs of the Funds.

As of February 28, 2015, the cost and unrealized appreciation (depreciation) of investments, as determined on a federal income tax basis, were as follows:


	Intelligent Risk Conservative Allocation			Intelligent Risk Growth Allocation			Intelligent Risk Moderate Allocation
Cost of investments	$	1,132,460		$	1,602,401		$	1,971,071
Gross unrealized:
Appreciation	$	113,670		$	136,512		$	238,008
Depreciation		(74,387	)		(6,799	)		(20,714	)
Net unrealized appreciation (depreciation) of investments	$	39,283		$	129,713		$	217,294

Permanent differences, primarily due to federal taxes paid, investments in partnerships, investments in ETFs, and distribution reallocations, resulted in reclassifications among the Funds’ components of net assets as of August 31, 2014, the Funds’ last tax year end, as follows:


	Intelligent Risk Conservative Allocation			Intelligent Risk Growth Allocation			Intelligent Risk Moderate Allocation
Capital paid-in	$	18		$	—		$	—
Undistributed (Over-distribution of) net investment income		(1,173	)		(2,121	)		(1,509	)
Accumulated net realized gain (loss)		1,155			2,121			1,509

The tax components of undistributed net ordinary income and net long-term capital gains as of August 31, 2014, the Funds’ last tax year end, were as follows:


	Intelligent Risk Conservative Allocation		Intelligent Risk Growth Allocation		Intelligent Risk Moderate Allocation
Undistributed net ordinary income¹	$	118,988	$	136,076	$	67,130
Undistributed net long-term capital gains		—		18,563		—

Undistributed net ordinary income (on a tax basis) for Intelligent Risk Conservative Allocation has not been reduced for the dividends declared during the period August 1, 2014 through August 31, 2014 and paid on September 2, 2014. Net ordinary income consists of net taxable income derived from dividends, interest, and net short-term capital gains, if any.

The tax character of distributions paid during the Funds’ last tax year ended August 31, 2014 was designated for purposes of the dividends paid deduction as follows:


	Intelligent Risk Conservative Allocation		Intelligent Risk Growth Allocation		Intelligent Risk Moderate Allocation
Distributions from net ordinary income²	$	51,053	$	23,938	$	51,104
Distributions from net long-term capital gains		—		—		—
Return of capital		—		—		—

²	Net ordinary income consists of net taxable income derived from dividends, interest, and net short-term capital gains, if any.

During the last tax year ended August 31, 2014, Intelligent Risk Growth Allocation utilized $1,054 of its capital loss carryforwards.

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.


	40			Nuveen Investments

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, payable monthly, for each Fund is calculated according to the following schedule:


Average Daily Net Assets	Fund-Level Fee
For the first $125 million		0.6000	%
For the next $125 million		0.5875
For the next $250 million		0.5750
For the next $500 million		0.5625
For the next $1 billion		0.5500
For net assets over $2 billion		0.5250

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


Complex-Level Asset Breakpoint Level*	Effective Rate at Breakpoint Level
$55 billion		0.2000	%
$56 billion		0.1996
$57 billion		0.1989
$60 billion		0.1961
$63 billion		0.1931
$66 billion		0.1900
$71 billion		0.1851
$76 billion		0.1806
$80 billion		0.1773
$91 billion		0.1691
$125 billion		0.1599
$200 billion		0.1505
$250 billion		0.1469
$300 billion		0.1445

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 February 28, 2015, the complex-level fee for each Fund was 0.1635%.

The Adviser has agreed to waive fees and/or reimburse expenses of each Fund through September 30, 2016, 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 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 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 current fiscal period, 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 Conservative Allocation		Intelligent Risk Growth Allocation		Intelligent Risk Moderate Allocation
Sales charges collected	$	23	$	1,097	$	—
Paid to financial intermediaries		20		953		—

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 current fiscal period, the Distributor compensated financial intermediaries directly with commission advances at the time of purchase as follows:


	Intelligent Risk Conservative Allocation		Intelligent Risk Growth Allocation		Intelligent Risk Moderate Allocation
Commission advances	$	140	$	30	$	232


Nuveen Investments			41

Notes to Financial Statements (Unaudited) (continued)

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 current fiscal period, the Distributor retained such 12b-1 fees as follows:

Intelligent Risk

Conservative Allocation

Intelligent Risk
Growth Allocation

Intelligent Risk
Moderate Allocation

12b-1 fees retained

371

181

588

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 current fiscal period, as follows:

Intelligent Risk
Conservative Allocation

Intelligent Risk
Growth Allocation

Intelligent Risk
Moderate Allocation

CDSC retained

—

As of the end of the reporting period, Nuveen owned shares of the Funds as follows:


	Intelligent Risk Conservative Allocation		Intelligent Risk Growth Allocation		Intelligent Risk Moderate 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


	42			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

Independent Registered

Public Accounting Firm

PricewaterhouseCoopers LLP

Chicago, IL 60606

Custodian

U.S. Bank National Association

Milwaukee, WI 53202

Legal Counsel

Chapman and Cutler LLP

Chicago, IL 60603

Transfer Agent and

Shareholder Services

Boston Financial

Data Services, Inc.

Nuveen Investor Services

P.O. Box 8530

Boston, MA 02266-8530

(800) 257-8787

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.

FINRA BrokerCheck: The Financial Industry Regulatory Authority (FINRA) provides information regarding the disciplinary history of FINRA member firms and associated investment professionals. This information as well as an investor brochure describing FINRA BrokerCheck is available to the public by calling the FINRA BrokerCheck Hotline number at (800) 289-9999 or by visiting www.FINRA.org.


Nuveen Investments			43

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 20+ Year U.S. 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.

Bloomberg 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.

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 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. Index returns assume reinvestment of distributions, but do not reflect any applicable sales charges or management fees.

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. Index returns assume reinvestment of distributions, but do not reflect any applicable sales charges or management fees.

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. Index returns assume reinvestment of distributions, but do not reflect any applicable sales charges or management fees.


	44			Nuveen Investments

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. 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.

MSCI U.S. REIT Index: An Index that tracks the performance of real estate investment trusts. Index returns assume reinvestment of distributions, but do not reflect any applicable sales charges or management fees.

Net Asset Value (NAV) Per Share: A fund’s Net Assets is equal to its total assets (securities, cash and accrued earnings) less its total liabilities. For funds with multiple classes, Net Assets are determined separately for each share class. NAV per share is equal to the fund’s (or share class’) Net Assets divided by its number of shares outstanding.

Russell 1000^® Index: An unmanaged index, considered representative of large-cap stocks. Index returns assume reinvestment of distributions, but do not reflect any applicable sales charges or management fees.

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. 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.

S&P North American Natural Resources Index: The index measures the performance of U.S.-traded natural resource related stocks. Index returns assume reinvestment of distributions, but do not reflect any applicable sales charges or management fees.


Nuveen Investments			45

Notes


	46			Nuveen Investments

Notes


Nuveen Investments			47

LOGO

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 $233 billion as of March 31, 2015.

Find out how we can help you.

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

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

Distributed by Nuveen Securities, LLC | 333 West Wacker Drive Chicago, IL 60606 | www.nuveen.com

MSA-INTELR-0215P 7187-INV-B-04/16



Mutual Funds



		Nuveen Equity Funds


						Semi-Annual Report February 28, 2015

Share Class / Ticker Symbol

Fund Name

Class A

Class C

Class R3

Class I

Nuveen Concentrated Core Fund

NCADX

NCAEX

—

NCAFX

Nuveen Core Dividend Fund

NCDAX

NCCDX

—

NCDIX

Nuveen Equity Long/Short Fund

NELAX

NELCX

—

NELIX

Nuveen Equity Market Neutral Fund

NMAEX

NMECX

—

NIMEX

Nuveen Growth Fund

NSAGX

NSRCX

NBGRX

NSRGX

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

Nuveen Large Cap Value Fund

NNGAX

NNGCX

NMMTX

NNGRX

Life is Complex.

Nuveen makes things e-simple.

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

Free e-Reports right to your e-mail!

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

www.nuveen.com/accountaccess

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

Must be preceded by or accompanied by a prospectus.

NOT FDIC INSURED MAY LOSE VALUE
NO BANK GUARANTEE

LOGO

Table

of Contents


Chairman’s Letter to Shareholders			4

Portfolio Managers’ Comments			5

Risk Considerations			16

Fund Performance and Expense Ratios			19

Holding Summaries			29

Expense Examples			38

Shareholder Meeting Report			42

Portfolios of Investments			43

Statement of Assets and Liabilities			102

Statement of Operations			104

Statement of Changes in Net Assets			106

Financial Highlights			112

Notes to Financial Statements			130

Additional Fund Information			145

Glossary of Terms Used in this Report			146


Nuveen Investments			3

Chairman’s Letter

to Shareholders

LOGO

Dear Shareholders,

Sincerely,

LOGO

William J. Schneider

Chairman of the Board

April 22, 2015


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Portfolio Managers’

Comments

Nuveen Concentrated Core Fund

Nuveen Core Dividend Fund

Nuveen Equity Long/Short Fund

Nuveen Equity Market Neutral Fund

Nuveen Growth Fund

Nuveen Large Cap Core Fund

Nuveen Large Cap Core Plus Fund

Nuveen Large Cap Growth Fund

Nuveen Large Cap Value Fund

These Funds are part of the Nuveen Large Cap Equity Series and feature portfolio management by Nuveen Asset Management, LLC, an affiliate of Nuveen Investments, Inc. Robert C. Doll, CFA, a senior portfolio manager and chief equity strategist at Nuveen Asset Management, is portfolio manager for all of the Funds. For the Nuveen Equity Long/Short Fund, Anthony R. Burger, CFA, and Scott M. Tonneson, CFA, serve as portfolio managers along with Mr. Doll. 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.

On the following pages, the management team discusses key investment strategies and the Funds’ performance during the six-month reporting period ended February 28, 2015.

How did the Funds perform during the six-month reporting period ended February 28, 2015?

The tables in the Fund Performance and Expense Ratios section of this report provide Class A Share total returns for the Funds for the six-month, one-year, five-year, ten-year and/or since inception periods ended February 28, 2015. The Funds’ Class A Share total returns at net asset value (NAV) are compared with the performance of their corresponding market index and Lipper classification 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 February 28, 2015 and how did these strategies influence performance?

Nuveen Concentrated Core Fund

The Fund’s Class A Shares at NAV outperformed the Russell 1000^® Index and the comparative Lipper classification average during the six-month reporting period ended February 28, 2015.

The Nuveen Concentrated Core Fund seeks long-term capital appreciation by investing in a highly concentrated portfolio of approximately 20 stocks of well-run companies that the investment team believes are attractive. The team selects 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. We start with the securities found in the Russell 1000^® Index, which are primarily large-cap companies, and use a multifactor quantitative ranking process to identify potential holdings. We then apply a fundamental overlay from Nuveen Asset Management’s team of sector-specific analysts, using our unique industry perspectives to select holdings. Our goal is to invest

Refer to the Glossary of Terms Used in this Report for further definition of the terms used within this section.


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Portfolio Managers’ Comments (continued)

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. Instead we prefer to buy and hold companies that we believe can grow earnings and revenues throughout various business and market cycles.

During the reporting period, the Fund outpaced its benchmarks, benefiting in particular from an underweight position in the energy sector. Energy was the worst performing sector in the Russell 1000^® Index by a significant margin during the reporting period, down more than 19%. The Fund’s preference for higher momentum stocks (those that have recently performed well) also helped its return as these stocks tended to outperform during the reporting period. In addition, stock selection was particularly strong in the health care sector.

Generally speaking, health care stocks performed very well during this reporting period with the sector posting the strongest returns within the index. The Fund’s top-performing stocks were found in the health care sector, led by a trio of health insurers. Managed health care company UnitedHealth Group Inc. outperformed during the reporting period, benefiting from better-than-expected third quarter results driven by favorable medical loss ratios (MLRs) and strength from its OptumHealth division. In addition, UnitedHealth gave upbeat guidance in early December for continued earnings growth and contained cost trends. Also, Anthem Inc. continued to execute well with solid growth from its commercial offerings, recording favorable MLR and earnings growth. In addition, diversified health care benefits firm Aetna Inc. outperformed. The company benefited from recording favorable MLRs from its government segment, strong health care premium growth and generally upbeat guidance from company management.

While the Fund experienced strong performance during the reporting period, it did have several areas that detracted from performance. Results were hindered by an underweight to the consumer staples sector, which was one of the strongest performing sectors. Also, our preference for stocks with higher earnings variation hurt performance as the market rotated away from these stocks. In addition, stock selection within the consumer discretionary sector detracted from performance during the reporting period.

In consumer discretionary, a position in global mass media company Viacom Inc., owner of a range of entertainment producers such as Paramount Pictures, MTV, VH1, Nickelodeon, Comedy Central and BET, continued to weigh on results. The company’s television divisions have been negatively affected by the changing habits of viewers who are shifting toward online programming sources, creating challenging advertising and ratings trends. In an effort to improve efficiencies in the changing business climate, Viacom announced a major restructuring during the reporting period that included staff downsizing and increased emphasis on original programming. Also, telecommunications firm CenturyLink Inc. was an underperformer for the Fund. Its shares fell following the release of disappointing fourth-quarter results that missed the mark in terms of both earnings and revenue. At the same time, guidance from management surrounding plans for organizational changes to help improve results caused investors to take a step back and reset near-term expectations for the stock. Shares of hardware and services company Hewlett-Packard Co. were also under pressure late in the reporting period. After multiple quarters of strong results in terms of earnings and cash flows, Hewlett-Packard’s CEO announced fourth quarter earnings results that showed greater-than-expected headwinds from foreign currency impact (i.e., the strong dollar). The CEO also detailed the anticipated costs for the massive restructuring that will separate the firm’s printing and personal computer divisions from its hardware and services areas into two companies. Both pieces of news surprised investors and caused Hewlett-Packard’s stock price to pull back.

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 six-month reporting period ended February 28, 2015.

The Nuveen Core Dividend Fund seeks to provide total return from dividend income and long-term capital appreciation by investing primarily in dividend paying equity securities. The investment team selects 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. We start with the securities found in the Russell 1000^® Index, which are primarily large-cap companies, and use a multi-factor quantitative ranking process to identify potential holdings. We then apply a fundamental overlay from Nuveen Asset Management’s team of sector-specific analysts, using our unique industry perspectives to select holdings. Our goal is to invest primarily in companies that pay dividends, have the potential to increase their dividends, and that exhibit improving business fundamentals, strong management, identifiable catalysts and


	6			Nuveen Investments

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. Instead we prefer to buy and hold companies that we believe can grow earnings and revenues throughout various business and market cycles.

During the reporting period, the Fund outpaced its benchmarks, benefiting in particular from an underweight position in the energy sector. Energy was the worst performing sector in the Russell 1000^® Index by a significant margin during the reporting period, down more than 19%. An overweight position in the outperforming consumer discretionary sector also helped. In addition, the Fund’s preference for smaller sized names within the index boosted returns as the market favored these stocks after they underperformed larger caps earlier in 2014.

In terms of individual contributors, the Fund benefited from an underweight position in Texas-based Denbury Resources Inc., an independent oil and gas exploration and production (E&P) company, for much of the reporting period. The company’s shares have fallen more than 50% since mid-2014 and significantly underperformed the overall energy sector and the oil and gas industry. Denbury’s performance has been closely correlated to the price drop of West Texas Intermediate (WTI) crude since the company derives virtually all of its revenues from oil sales. After its shares fell, we initiated a position in Denbury and posted a gain in the stock during the reporting period. In the consumer staples area, the Fund benefited from a position in tobacco giant Altria Group, Inc. The company’s strong fundamental story continued as it maintained a dominant position in the cigarette market, broadly gaining share versus its peers. Altria also remained committed to returning capital to shareholders via both dividend increases and stock buybacks. In health care, the Fund’s performance was positively affected by an underweight position in Merck & Co., which underperformed within the pharmaceutical sector. Merck has had some near term setbacks in its research and development portfolio.

While the Fund experienced strong performance, it did have several areas that detracted. Our emphasis on stocks with higher dividend yields was a drag on results. Also, an underweight position in health care, the strongest performing sector in the Russell 1000^® Index, as well as security selection in the industrials sector detracted.

The most significant laggard in industrials was a position in leading machinery and engine manufacturer Caterpillar Inc. On the heels of more optimistic comments from company management in October regarding construction and mining equipment spending, Caterpillar surprised investors during its fourth quarter earnings report with a much more subdued outlook for 2015. The company cited the dramatic decline in oil prices as the culprit for weakness in potential capital spending on its machinery. Also, regional telecommunications services provider Windstream Holdings, Inc. underperformed. Earlier in 2014, Windstream’s stock price was rewarded handsomely after the company announced plans to convert its telecom distribution assets into a separately traded real estate investment trust (REIT). However, this reporting period brought out several unwelcome surprises as the company’s board decided to remove the current CEO and announced changes to the original REIT restructure plans. Shares of Cabot Corp., a global specialty chemicals and performance materials company, were also under pressure. Among its many rubber and specialty products, Cabot provides key ingredients to the gas exploration & production (E&P) industry. Company management guided toward lower volumes in 2015 as declining oil prices are likely to cause Cabot’s customers to manage their inventories down.

Nuveen Equity Long/Short Fund

The Fund’s Class A Shares at NAV outperformed the Russell 1000^® Index and the comparative Lipper classification average during the six-month reporting period ended February 28, 2015.

The Nuveen Equity Long/Short Fund seeks long-term capital appreciation with moderate correlation to the U.S. equity market by investing in long and short positions primarily of large-capitalization stocks from U.S. companies. The team selects 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. We start with the securities found in the Russell 1000^® Index, which are primarily large-cap companies and use a multi-factor quantitative ranking process to identify potential holdings. We then apply a fundamental overlay from Nuveen Asset Management’s team of sector-specific analysts, using our unique industry perspectives to select holdings. Our goal is 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. At the same time, the management team will typically take 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


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Portfolio Managers’ Comments (continued)

zero percent exposure of a “market neutral” fund, but less than the 100% exposure provided by a fund that invests only in long 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 selected based on the management team’s belief that they will trail the broader market.

During the reporting period, the Fund outperformed its benchmarks as it benefited from a net short position in energy, which was the worst performing sector in the Russell 1000^® Index. A preference for higher momentum stocks (those that have recently performed well) also contributed favorably to results. Additionally, an underweight to high growth stocks boosted returns because these stocks tended to underperform.

Generally speaking, health care stocks performed very well during this reporting period with the sector posting the strongest returns within the index. The Fund’s top-performing long position was multi-line health care company Centene Corp., which primarily provides services to government-sponsored health care programs, focusing on the rising number of under-insured and uninsured individuals. Centene benefited from solid membership growth driven in part by a recently approved Medicaid expansion in Indiana. The company also announced the acquisition of Agate Resources with the expected immediate accretion to earnings per share (EPS), while offering upbeat guidance with multiple new contracts lined up for 2015 to help revenue and earnings growth. In the information technology sector, shares of video game developer and distributor Electronic Arts Inc. also performed well. Several drivers came to fruition as the company’s new CEO focused on discontinuing less profitable video games and expanding the reach of more popular games, ultimately leading to the stronger financials that Electronic Arts exhibited. The company is also benefiting from the increasing shift toward the digital delivery of games, which should meaningfully raise its gross margins and free cash flow.

The Fund was also rewarded for a successful short position in Seadrill Ltd., a company highly levered to the price of crude oil. Shares of this offshore oil and gas exploration company fell dramatically due to the combination of being closely tied to the decline in crude oil prices and the company’s announcement to suspend its dividend to focus on debt reduction. With signs of declining rig counts combined with a higher level of financial leverage, a number of sell-side firms downgraded Seadrill. Also, shares of Tahoe Resources Inc., a development-stage silver company, fell sharply during the reporting period. The company’s earnings are directly tied to the price of silver; therefore, the significant decline in the price of this precious metal in turn negatively impacted Tahoe’s earnings and operations.

While the Fund experienced solid performance during the reporting period, it did have several areas that detracted from performance. An underweight position and security selection in consumer staples, the second strongest performing sector in the Russell 1000^® Index, detracted from performance. Also, our emphasis on stocks with more volatility hurt returns as investors favored more stable and defensive names.

Several long holdings with exposure to slumping oil prices, United States Steel Corp. and SandRidge Energy Inc., weighed on performance during the reporting period. United States Steel is one of the largest U.S.-based integrated steel mill manufacturers, producing flat sheet carbon steel and tubular products in the U.S., Canada and Europe. The company’s high degree of exposure to the crude oil market is due to its role as the leading producer of drill pipes that are used in deep wells for exploration & production (E&P) activities. Despite reporting stronger-than-expected production growth during the third quarter, SandRidge Energy announced increases to both its capital expenditure plans and its debt financing facility, which seemed to make investors cautious. All of this, combined with the steep drop in crude oil during the reporting period, weighed heavily on its stock price.

A short position in analog semiconductor developer Avago Technologies Limited negatively affected the Fund’s performance. Avago’s shares advanced during the reporting period as the company continued to be one of the many suppliers to benefit from the success of Apple’s dominant position in the smartphone and tablet markets. The company also announced the acquisition of Emulex Corporation, which was applauded by investors due to the expected immediate synergies as well as the addition of a fiber channel that offers attractive margins for its enterprise storage portfolio of offerings. A short position within the biotechnology area of the health care sector was also a significant detractor to the Fund’s relative performance. Shares of Intercept Pharmaceuticals Inc. rose dramatically after the company announced that a government-sponsored study evaluating one of its liver treatment medications was stopped early for efficacy, suggesting the compound had an impact on arresting liver fibrosis in a disease that could be a $1 billion opportunity.


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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 the comparative Lipper classification average during the six-month reporting period ended February 28, 2015.

The Nuveen Equity Market Neutral Fund seeks long-term capital appreciation independent of the equity market’s direction by investing in long and short positions primarily of large-capitalization stocks from U.S. companies. The team selects 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. We start with the securities found in the Russell 1000^® Index, which are primarily large-cap companies, and use a multi-factor quantitative ranking process to identify potential holdings. We then apply a fundamental overlay from Nuveen Asset Management’s team of sector-specific analysts, using our unique industry perspectives to select holdings. Our goal is 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. At the same time, the management team will typically take 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).

During the reporting period, the Fund outperformed its benchmarks as it benefited from a net short position in energy, which was the worst performing sector in the Russell 1000^® Index by a significant margin. Also, an underweight to high growth stocks contributed favorably to results as these stocks underperformed, while a tilt away from stocks with more volatility helped returns because investors favored more stable and defensive names.

The Fund experienced strong relative performance, led by a long position in Lowe’s Companies, one of the world’s largest home improvement retailers. Its shares hit a 52-week high as the company’s sales were boosted significantly by the recovery in the U.S. economy and housing market. Lowe’s posted better-than-expected third quarter Fiscal 2014 results as it saw success from some of its recent initiatives, including enhancing the customer shopping experience, merchandising transformation, e-commerce and on-line tools, and the closure of underperforming stores. Also, in the information technology sector, shares of video game developer and distributor Electronic Arts Inc. performed well. Several drivers came to fruition as the company’s new CEO focused on discontinuing less profitable video games and expanding the reach of more popular games, ultimately leading to the stronger financials that Electronic Arts exhibited. The company is also benefiting from the increasing shift toward the digital delivery of games, which should meaningfully raise its gross margins and free cash flow.

The Fund held a successful short position in Stratasys Ltd., a manufacturer of 3D printers and production systems for rapid prototyping and digital manufacturing solutions. In early February, shares of Stratasys fell significantly after the company announced disappointing growth for its MakerBot division of 3D print offerings. Management guided investors to expect increased investment plans over the next few years to support new product development and sales efforts. Also, a short position in engineering and construction company McDermott International Inc., which is highly levered to the price of oil, proved beneficial over this reporting period. As the price of oil declined, the demand for the engineering services that McDermott offers to energy companies was expected to decline. Accordingly, sell-side analysts revised down earnings estimates and price targets, which weighed on the stock price.

While the Fund experienced strong performance, it did have several areas that detracted from performance. A net long position in financials was a drag on results as that sector underperformed the overall return of the Russell 1000^® Index. Also, our emphasis on stocks with higher dividend yields detracted from results as these stocks generally underperformed.

Several long holdings with exposure to slumping oil prices, SandRidge Energy Inc. and Denbury Resources Inc., weighed on performance. Despite reporting stronger-than-expected production growth during the third quarter, SandRidge Energy announced increases to both its capital expenditure plans and its debt financing facility, which appeared to make investors cautious. All of this, combined with the steep drop in crude oil during the reporting period, weighed heavily on its stock price. Shares of Texas-based independent oil and gas exploration & production (E&P) company Denbury Resources Inc. also declined for much of the reporting period and


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Portfolio Managers’ Comments (continued)

significantly underperformed the overall energy sector and the oil and gas industry. Denbury’s performance has been closely correlated to the price drop of West Texas Intermediate (WTI) crude since the company derives virtually all of its revenues from oil sales.

The most significant laggard in terms of short positions was technology company Palo Alto Networks Inc., which provides a comprehensive suite approach to software security systems for enterprises, covering desktop, wireless and tablet devices. The company benefited as it gained market share and became the top-of-mind choice for software security. Due to the growing number of attacks on enterprise data, security was the number one concern listed by CIOs in a recent survey, which also provided a boost to Palo Alto’s shares. A short position within the biotechnology area of the health care sector was also a detractor to the Fund’s relative performance. Shares of Intercept Pharmaceuticals Inc. rose dramatically after the company announced that a government-sponsored study evaluating one of its liver treatment medications was stopped early for efficacy, suggesting the compound had an impact on arresting liver fibrosis in a disease that could be a $1 billion opportunity.

Nuveen Growth Fund

The Fund’s Class A Shares at NAV outperformed the Russell 1000^® Growth Index and the comparative Lipper classification average during the six-month reporting period ended February 28, 2015.

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 durable and stable earnings streams. The team selects 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. We begin with the securities found in the Russell 1000^® Growth Index, which are primarily large-cap growth-oriented companies and use a multi-factor quantitative ranking process to identify potential holdings. We then apply a fundamental overlay from Nuveen Asset Management’s team of sector-specific analysts, using our unique industry perspectives to select growth-oriented holdings. Our goal is 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. We do not engage in market timing. Instead we prefer to buy and hold companies that we believe can grow earnings and revenues throughout various business and market cycles.

During the reporting period, the Fund outpaced its benchmarks, benefiting in particular from an underweight position in the energy sector. Energy was the worst performing sector in the Russell 1000^® Growth Index by a significant margin during the reporting period, down more than 22%. The Fund’s tilt away from stocks with more volatility also helped returns as investors favored more stable and defensive names. In addition, stock selection was particularly strong in the health care sector.

Outperformance in health care was led by a position in ophthalmic and specialty drug developer Allergan Inc. The company has a strong cash position and fundamentals, a lack of outstanding debt and the willingness to acquire strategic assets to go along with sustainable organic revenue growth. Throughout the reporting period, Allergan was a takeover target and its shares advanced. In November 2014, Allergan agreed to a $66 billion deal with Actavis plc. Also, home improvement retailer Home Depot Inc. was a top performer during the reporting period. Its shares had reached an all-time high by late February 2015 as the company’s sales were boosted significantly by the recovery in the U.S. economy and housing market. Home Depot posted impressive earnings per share growth and expanding profit margins in 2014 as its CEO continued this turnaround story by boosting productivity via technology, improving store designs and expanding services. In addition, shares of soft drink manufacturer and distributor Dr. Pepper Snapple Group Inc. experienced strong performance during the reporting period. Throughout the second half of 2014, Dr. Pepper executed well in both its carbonated and non-carbonated beverage segments as volumes grew slightly, but margins expanded from favorable input costs. Company management also delivered on its pledge to return capital to shareholders by raising its dividend and expanding its stock buyback program.

While the Fund experienced strong performance during the reporting period, it did have several individual holdings that detracted from performance. In the materials sector, specialty chemical manufacturer Albemarle Corp. underperformed. Investors reset earning expectations for the coming quarters after Albemarle’s profitable bromine chemical segment experienced negative volume growth. In addition, the company announced that it would fund the acquisition of Rockwood Holdings, Inc. with off-shore sources and take an upfront tax expense. Shares of clothing and accessories retailer Gap Inc., which operates under brands such as Gap, Old Navy, Banana Republic and Athleta, were also under pressure. Investors took a step back to re-evaluate Gap’s investment thesis after the


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company announced in early October that its CEO was retiring, while its sales outlook for the coming months was lower than expected. Despite these setbacks, the stock recovered a good portion of those losses in the following months as the new CEO chose to initially focus on operational efficiencies. In addition, shares of cable network Discovery Communications Inc. underperformed. Television networks such as Discovery have been negatively affected by the changing viewing habits of Americans, who have been rapidly shifting from broadcast TV to subscription-based streaming services. As a result, Discovery reported declining ratings and advertising revenues from its U.S. business in the fourth quarter of 2014. At the same time, the company is seeing rising operating expenses as a result of increased content and production costs.

Nuveen Large Cap Core Fund

The Fund’s Class A Shares at NAV outperformed the Russell 1000^® Index and the comparative Lipper classification average during the six-month reporting period ended February 28, 2015.

The Nuveen Large Cap Core Fund seeks long-term capital appreciation by investing primarily in stocks of well-run companies. The investment team selects 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. We start with the securities found in the Russell 1000^® Index, which are primarily large-cap companies, and use a multi-factor quantitative ranking process to identify potential holdings. We then apply a fundamental overlay from Nuveen Asset Management’s team of sector-specific analysts, using our unique industry perspectives to select holdings. Our goal is 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. Instead we prefer to buy and hold companies that we believe can grow earnings and revenues throughout various business and market cycles.

During the reporting period, the Fund outpaced its benchmarks, benefiting from an underweight position in energy and an overweight position in consumer discretionary. Energy was the worst performing sector in the Russell 1000^® Index by a significant margin during the reporting period, down more than 19%, whereas consumer discretionary was one of the strongest. The Fund’s preference for smaller sized names within the index boosted returns as the market favored these stocks after they underperformed larger caps earlier in 2014. Additionally, stock selection in aggregate was strong in the health care sector.

In terms of individual contributors, the Fund benefited from an underweight position in oil and natural gas exploration & production (E&P) company SandRidge Energy Inc. for much of the reporting period. Despite reporting stronger-than-expected production growth during the third quarter, SandRidge Energy announced increases to both its capital expenditure plans and its debt financing facility, which seemed to make investors cautious. These factors, combined with the steep drop in crude oil, weighed heavily on its stock price. However, after its shares fell significantly, we initiated a position in SandRidge Energy and posted a gain in the stock during the reporting period. The Fund also experienced strong performance from a position in Lowe’s Companies, one of the world’s largest home improvement retailers. Its shares hit a 52-week high as the company’s sales were boosted significantly by the recovery in the U.S. economy and housing market. Lowe’s posted better-than-expected third-quarter Fiscal 2014 results as it saw success from some of its recent initiatives, including enhancing the customer shopping experience, merchandising transformation, e-commerce and on-line tools, and the closure of underperforming stores. In addition, Booz Allen Hamilton Holding Corp., one of America’s largest security contractors, outperformed during the reporting period. The company continued to demonstrate strong execution in terms of providing services to intelligence, defense and civilian agencies and gaining market share during both up and down government budget cycles. Adding to investors’ confidence, Booz Allen Hamilton recently raised its quarterly dividend and continued to return capital to shareholders with stock buybacks.

While the Fund experienced solid performance, it did have several areas that detracted from performance. An underweight stance in consumer staples hindered results because the sector was the second strongest performing area within the Russell 1000^® Index during the reporting period. Also, the Fund’s emphasis on stocks with higher volatility hurt returns as investors favored more stable and defensive names.

In terms of individual laggards, a position in regional telecommunications services provider Windstream Holdings, Inc. underperformed. Earlier in 2014, Windstream’s stock price was rewarded handsomely after the company announced plans to convert its telecom distribution assets into a separately traded real estate investment trust (REIT). However, this reporting period brought out


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Portfolio Managers’ Comments (continued)

several unwelcome surprises as the company’s board decided to remove the current CEO and announced changes to the original REIT restructure plans. Also, the Fund was hindered by a position in Milwaukee-based Joy Global, Inc., a manufacturer and servicer of heavy duty equipment used in the mining industry. The company’s shares fell after its first quarter operating results missed in terms of both revenue and profits due to declining sales and bookings. Joy Global’s management also warned of more pain going forward until demand improves in the mining industry. In addition, a position in United States Steel Corp., which has exposure to slumping oil prices, weighed on performance. United States Steel is one of the largest U.S.-based integrated steel mill manufacturers, producing flat sheet carbon steel and tubular products in the U.S., Canada and Europe. The company’s high degree of exposure to the crude oil market is due to its role as the leading producer of drill pipes that are used in deep wells for E&P activities.

Nuveen Large Cap Core Plus Fund

The Fund’s Class A Shares at NAV outperformed the Russell 1000^® Index and the comparative Lipper classification average during the six-month reporting period ended February 28, 2015.

The Nuveen Large Cap Core Plus Fund seeks long-term capital appreciation by investing in both long and short positions primarily of large-capitalization stocks from U.S. companies. The investment team selects 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. We start with the securities found in the Russell 1000^® Index, which are primarily large-cap companies, and use a multi-factor quantitative ranking process to identify potential holdings. We then apply a fundamental overlay from Nuveen Asset Management’s team of sector-specific analysts, using our unique industry perspectives to select holdings. Our goal is 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. At the same time, the management team will typically take short positions in companies that it expects to underperform. The team expects the Fund to maintain approximately 100% net long exposure to the equity market (long 130% market value versus short 30% market value); however, the long and short positions will vary in size as market conditions change. We do not engage in market timing. Instead we prefer to buy and hold companies that we believe can grow earnings and revenues throughout various business and market cycles.

During the reporting period, the Fund outpaced its benchmarks, benefiting in particular from an underweight position in the energy sector. Energy was the worst performing sector in the Russell 1000^® Index by a significant margin during the reporting period, down more than 19%. The Fund’s underweight in high growth stocks contributed favorably to results as these stocks underperformed more value-oriented names. Also, the Fund’s preference for higher momentum stocks (those that have recently performed well) helped its return. In addition, stock selection was particularly strong in the health care sector.

The Fund’s long position in Apple Inc. performed well as the stock rebounded from a difficult year in 2013. Investors appeared to have renewed interest in Apple after the company announced a 7-for-1 stock split and released new products including two iPhone 6 models, a new mobile wallet service called Apple Pay and the Apple Watch. The Fund also experienced strong performance from a long position in Lowe’s Companies, one of the world’s largest home improvement retailers. Its shares hit a 52-week high as the company’s sales were boosted significantly by the recovery in the U.S. economy and housing market. Lowe’s posted better-than-expected third-quarter Fiscal 2014 results as it saw success from some of its recent initiatives, including enhancing the customer shopping experience, merchandising transformation, e-commerce and on-line tools, and the closure of underperforming stores.

The Fund benefited from a successful short position in Seadrill Ltd., a company highly levered to the price of crude oil. Shares of this offshore oil and gas exploration company fell dramatically due to the combination of being closely tied to the decline in crude oil prices and the company’s announcement to suspend its dividend to focus on debt reduction. With signs of declining rig counts combined with a higher level of financial leverage, a number of sell-side firms downgraded Seadrill. The Fund was also rewarded for a successful short position in Stratasys Ltd., a manufacturer of 3D printers and production systems for rapid prototyping and digital manufacturing solutions. In early February, shares of Stratasys fell significantly after the company announced disappointing growth for its MakerBot division of 3D print offerings. Management guided investors to expect increased investment plans over the next few years to support new product development and sales efforts.

While the Fund experienced favorable performance, it did have several areas that detracted from performance. Overall, performance was hindered by an underweight to the consumer staples sector, which was one of the strongest performing sectors in the index. Also, our emphasis on stocks with higher volatility hurt returns as investors favored more stable and defensive names.


	12			Nuveen Investments

In terms of individual detractors, a long position in regional telecommunications services provider Windstream Holdings, Inc. underperformed. Earlier in 2014, Windstream’s stock price was rewarded handsomely after the company announced plans to convert its telecom distribution assets into a separately traded real estate investment trust (REIT). However, this reporting period brought out several unwelcome surprises as the company’s board decided to remove the current CEO and announced changes to the original REIT restructure plans. A second long position that has exposure to slumping oil prices, oil and natural gas exploration & production (E&P) company SandRidge Energy Inc., weighed on performance during the reporting period. Despite reporting stronger-than-expected production growth during the third quarter, SandRidge Energy announced increases to both its capital expenditure plans and its debt financing facility, which seemed to make investors cautious. These factors, combined with the steep drop in crude oil, weighed heavily on its stock price.

Several of the Fund’s short positions, including Avago Technologies Limited and Netflix Inc., proved particularly challenging during the reporting period. Shares of analog semiconductor developer Avago Technologies advanced strongly as the company continued to be one of the many suppliers to benefit from the success of Apple’s dominant position in the smartphone and tablet markets. Avago Technologies also announced the acquisition of Emulex Corporation, which was applauded by investors due to the expected immediate synergies as well as the addition of a fiber channel that offers attractive margins for its enterprise storage portfolio of offerings. After dropping sharply in the final months of 2014, shares of Netflix jumped back to hit an all-time high near the end of the reporting period. This provider of on-demand Internet streaming media beat earnings estimates in the fourth quarter, driven by stronger-than-expected international expansion particularly in Europe. Netflix added more than 4.3 million new subscribers in the fourth quarter and is on track to hit the 60 million mark globally in the first half of 2015. The company also benefited from its hit show “House of Cards” as it moves toward original programming creation.

Nuveen Large Cap Growth Fund

The Fund’s Class A Shares at NAV underperformed the Russell 1000^® Growth Index, but outperformed the comparative Lipper classification average during the six-month reporting period ended February 28, 2015.

The Nuveen Large Cap Growth Fund seeks long-term capital appreciation by investing primarily in stocks of well-run companies that exhibit above-average growth potential. The investment team selects 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. We start with the securities found in the Russell 1000^® Growth Index, which are primarily large-cap growth-oriented companies, and use a multi-factor quantitative ranking process to identify potential holdings. We then apply a fundamental overlay from Nuveen Asset Management’s team of sector-specific analysts, using our unique industry perspectives to select holdings. Our goal is 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. Instead we prefer to buy and hold companies that we believe can grow earnings and revenues throughout various business and market cycles.

During the reporting period, the Fund slightly outperformed its Lipper peers, benefiting in particular from an underweight position in the energy sector. Energy was the worst performing sector in the Russell 1000^® Growth Index by a significant margin during the reporting period, down more than 22%. Also, we generally tilted away from stocks with more currency sensitivity and higher growth names in the Fund, which helped performance as these stocks underperformed.

The Fund benefited from not owning a position in a fairly large index component: Schlumberger Limited. Shares of Schlumberger, the largest oilfield services company in the U.S., declined fairly steadily. In the face of nose-diving oil prices and falling capital expenditures by exploration & production (E&P) companies, Schlumberger’s management announced that it would reduce the size of its fleet assets and take a large write-down in the fourth quarter. The Fund also experienced strong performance from a position in Lowe’s Companies, one of the world’s largest home improvement retailers. Its shares hit a 52-week high as the company’s sales were boosted significantly by the recovery in the U.S. economy and housing market. Lowe’s posted better-than-expected third-quarter Fiscal 2014 results as it saw success from some of its recent initiatives, including enhancing the customer shopping experience, merchandising transformation, e-commerce and on-line tools, and the closure of underperforming stores. In addition, Booz Allen Hamilton Holding Corp., one of America’s largest security contractors, outperformed during the reporting period. The company continued to demonstrate strong execution in terms of providing services to intelligence, defense and civilian agencies and gaining


Nuveen Investments			13

Portfolio Managers’ Comments (continued)

market share during both up and down government budget cycles. Adding to investors’ confidence, Booz Allen Hamilton recently raised its quarterly dividend and continued to return capital to shareholders with stock buybacks.

Several factors contributed to the Fund’s shortfall versus the Russell 1000^® Growth Index. Performance was hindered by an underweight to the consumer staples sector, which was one of the strongest performing sectors in the index. Also, our emphasis on stocks with higher volatility hurt returns as investors favored more stable and defensive names.

In terms of individual laggards, the Fund’s most significant detractor was an energy-related holding, Superior Energy Services, Inc. The company, which provides oilfield services and equipment for oil and gas drilling companies, saw its stock price hit a 52-week low as oil prices fell to a five-year low. Also, regional telecommunications services provider Windstream Holdings, Inc. underperformed. Earlier in 2014, Windstream’s stock price was rewarded handsomely after the company announced plans to convert its telecom distribution assets into a separately traded real estate investment trust (REIT). However, this reporting period brought out several unwelcome surprises as the company’s board decided to remove the current CEO and announced changes to the original REIT restructure plans. Finally, shares of Fossil Group Inc., a designer and manufacturer of clothing and accessories, underperformed. Despite some promising international growth prospects, the company announced with fourth quarter earnings that U.S. growth had slowed more than expected, while the rising U.S. dollar had a negative impact on earnings. Fossil management also offered investors a cautionary outlook for the coming year as the company looks to take some restructuring charges and could face lower margins.

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 during the six-month reporting period ended February 28, 2015.

The Nuveen Large Cap Value Fund seeks long-term capital appreciation by investing primarily in large-capitalization stocks of U.S. companies. The investment team selects 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. We start with the securities found in the Russell 1000^® Value Index, which are primarily large-cap value companies, and use a multi-factor quantitative ranking process to identify potential holdings. We then apply a fundamental overlay from Nuveen Asset Management’s team of sector-specific analysts, using our unique industry perspectives to select holdings. Our goal is 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. Instead we prefer to buy and hold companies that we believe can grow earnings and revenues throughout various business and market cycles.

During the reporting period, the Fund outpaced its benchmarks, benefiting from an underweight position in the energy sector. Energy was the worst performing sector in the Russell 1000^® Value Index by a significant margin during the reporting period, down more than 17%. Also, the Fund’s underweight position in stocks with higher dividend yields contributed favorably to results as these stocks underperformed. Additionally, stock selection in aggregate was strong in the health care sector.

In terms of individual contributors, the Fund benefited from not owning a position in Chevron Corp., the largest oilfield services company in the U.S. and also a fairly large index component. The company and its subsidiaries, which are involved in a vast array of energy-related industries including oil, natural gas, geothermal energy, chemicals, mining, power and energy services, were negatively impacted by the falling price of oil. Also, the Fund benefited from a position in Penn National Gaming Inc., a diversified owner and manager of gaming and racing properties with a focus on slot machine entertainment. Penn National benefited from better-than-expected third quarter results in terms of revenues and earnings. The improving U.S. economy also generally boosted gambling activity as consumer sentiment hit an 11-year high, fueled by lower unemployment and inflation as well as falling gasoline prices. In addition, shares of major appliance manufacturer Whirlpool Corp. surged during the reporting period after the company completed its purchases of majority interests in two other global appliance manufacturers in October: Italian company Indesit and Chinese company Hefei Rongshida Sanyo Electric. Both acquisitions will help to increase the company’s presence in important appliance markets outside of the U.S., particularly China. Also, company management highlighted Whirlpool’s long-term earnings targets that were well ahead of consensus expectations.


	14			Nuveen Investments

While the Fund outperformed during the reporting period, it did have several areas that detracted from performance. Performance was hindered by an underweight to the consumer staples sector, which was one of the strongest performing sectors in the index. Also, our preference for stocks with more volatility hurt returns as investors favored more stable and defensive names. In addition, stock selection was challenging in the industrials sector during the reporting period.

The Fund was hindered by a position in Milwaukee-based Joy Global, Inc., a manufacturer and servicer of heavy duty equipment used in the mining industry. The company’s shares fell after its first quarter operating results missed in terms of both revenue and profits due to declining sales and bookings. Joy Global’s management also warned of additional difficulties going forward until demand improves in the mining industry. Also, regional telecommunications services provider Windstream Holdings, Inc. underperformed. Earlier in 2014, Windstream’s stock price was rewarded handsomely after the company announced plans to convert its telecom distribution assets into a separately traded real estate investment trust (REIT). However, this reporting period brought out several unwelcome surprises as the company’s board decided to remove the current CEO and announced changes to the original REIT restructure plans. In addition, shares of Texas-based Denbury Resources Inc., an independent oil and gas exploration & production (E&P) company, declined for much of the reporting period and significantly underperformed the overall energy sector and the oil and gas industry. Denbury’s performance has been closely correlated to the price drop of West Texas Intermediate (WTI) crude since the company derives virtually all of its revenues from oil sales.


Nuveen Investments			15

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.

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 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 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 Growth Fund

Mutual fund investing involves risk; principal loss is possible. There is no guarantee that the Fund’s investment objectives will be achieved. Prices of equity securities may decline significantly over short or extended periods of time. These and other risk considerations, such as currency, growth stock, large cap stock, and non-U.S. investment risks, are described in detail in the Fund’s prospectus.


	16			Nuveen Investments

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 that the Fund’s investment objectives will be achieved. Prices of equity securities may decline significantly over short or extended periods of time. These and other risk considerations, such as futures contract, growth stock, and large cap stock risks, are described in detail in the Fund’s prospectus.

Nuveen Large Cap Value 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 decline significantly over short or extended periods of time. These and other risk considerations, such as futures contract, large cap stock, and value stock risks, are described in detail in the Fund’s prospectus.


Nuveen Investments			17

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	18			Nuveen Investments

Fund Performance

and Expense Ratios

The Fund Performance and Expense Ratios for each Fund are shown within this section of the report.

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

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


Nuveen Investments			19

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 section. Refer to Glossary of Terms Used in this Report for definitions of terms used within this section.

Fund Performance

Average Annual Total Returns as of February 28, 2015


	Cumulative		Average Annual
	6-Month		1-Year		Since Inception
Class A Shares at NAV		6.50%		18.99%		24.34%
Class A Shares at maximum Offering Price		0.38%		12.15%		20.10%
Russell 1000^® Index		6.00%		14.88%		18.57%
Lipper Large-Cap Core Funds Classification Average		5.04%		13.05%		16.60%

Class C Shares		6.11%		18.12%		23.40%
Class I Shares		6.62%		19.30%		24.62%

Average Annual Total Returns as of March 31, 2015 (Most Recent Calendar Quarter)


	Cumulative		Average Annual
	6-Month		1-Year		Since Inception
Class A Shares at NAV		8.42%		17.22%		22.32%
Class A Shares at maximum Offering Price		2.19%		10.48%		18.33%
Class C Shares		8.04%		16.35%		21.40%
Class I Shares		8.57%		17.51%		22.62%

Since inception returns are from 6/17/13. Indexes and Lipper averages are not available for direct investment.

Class A Shares have a maximum 5.75% sales charge (Offering Price). Class A Share purchases of $1 million or more are sold at net asset value without an up-front sales charge but may be subject to a contingent deferred sales charge (CDSC), also known as a back-end sales charge, if redeemed within twelve months of purchase. Class C Shares have a 1% CDSC for redemptions within less than twelve months, which is not reflected in the one-year total return. Class I Shares have no sales charge and may be purchased under limited circumstances or by specified classes of investors.

Expense Ratios as of Most Recent Prospectus


	Share Class
	Class A		Class C		Class I
Gross Expense Ratios		1.85%		2.65%		1.71%
Net Expense Ratios		1.22%		1.97%		0.97%

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


	20			Nuveen Investments

Nuveen Core Dividend Fund

Fund Performance

Average Annual Total Returns as of February 28, 2015


	Cumulative		Average Annual
	6-Month		1-Year		Since Inception
Class A Shares at NAV		6.36%		17.25%		22.34%
Class A Shares at maximum Offering Price		0.24%		10.51%		18.16%
Russell 1000^® Index		6.00%		14.88%		18.57%
Lipper Equity Income Funds Classification Average		3.10%		11.41%		13.64%

Class C Shares		5.94%		16.40%		21.40%
Class I Shares		6.45%		17.53%		22.60%

Average Annual Total Returns as of March 31, 2015 (Most Recent Calendar Quarter)


	Cumulative		Average Annual
	6-Month		1-Year		Since Inception
Class A Shares at NAV		8.25%		14.72%		20.39%
Class A Shares at maximum Offering Price		2.03%		8.12%		16.47%
Class C Shares		7.82%		13.86%		19.47%
Class I Shares		8.39%		15.00%		20.65%

Since inception returns are from 6/17/13. Indexes and Lipper averages are not available for direct investment.

Class A Shares have a maximum 5.75% sales charge (Offering Price). Class A Share purchases of $1 million or more are sold at net asset value without an up-front sales charge but may be subject to a contingent deferred sales charge (CDSC), also known as a back-end sales charge, if redeemed within twelve months of purchase. Class C Shares have a 1% CDSC for redemptions within less than twelve months, which is not reflected in the one-year total return. Class I Shares have no sales charge and may be purchased under limited circumstances or by specified classes of investors.

Expense Ratios as of Most Recent Prospectus


	Share Class
	Class A		Class C		Class I
Gross Expense Ratios		1.76%		2.54%		1.58%
Net Expense Ratios		1.17%		1.92%		0.92%

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


Nuveen Investments			21

Fund Performance and Expense Ratios (continued)

Nuveen Equity Long/Short Fund

Fund Performance

Average Annual Total Returns as of February 28, 2015


	Cumulative		Average Annual
	6-Month		1-Year		5-Year		Since Inception
Class A Shares at NAV		6.53%		11.23%		11.46%		12.47%
Class A Shares at maximum Offering Price		0.39%		4.85%		10.15%		11.39%
Russell 1000^® Index		6.00%		14.88%		16.39%		18.01%
Lipper Long/Short Equity Funds Classification Average		1.44%		4.35%		6.82%		8.52%

Class C Shares		6.10%		10.38%		10.61%		11.62%
Class I Shares		6.65%		11.50%		11.73%		12.75%

Average Annual Total Returns as of March 31, 2015 (Most Recent Calendar Quarter)


	Cumulative		Average Annual
	6-Month		1-Year		5-Year		Since Inception
Class A Shares at NAV		5.81%		8.41%		9.71%		11.94%
Class A Shares at maximum Offering Price		(0.27)%		2.16%		8.42%		10.89%
Class C Shares		5.41%		7.61%		8.88%		11.10%
Class I Shares		5.95%		8.68%		9.99%		12.22%

Since inception returns are from 12/30/08. 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. Indexes and Lipper averages are not available for direct investment.

Class A Shares have a maximum 5.75% sales charge (Offering Price). Class A Share purchases of $1 million or more are sold at net asset value without an up-front sales charge but may be subject to a contingent deferred sales charge (CDSC), also known as a back-end sales charge, if redeemed within twelve months of purchase. Class C Shares have a 1% CDSC for redemptions within less than twelve months, which is not reflected in the one-year total return. Class I Shares have no sales charge and may be purchased under limited circumstances or by specified classes of investors.

Expense Ratios as of Most Recent Prospectus


	Share Class
	Class A		Class C		Class I
Gross Expense Ratios		4.24%		5.04%		4.20%
Net Expense Ratios		3.46%		4.21%		3.27%

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


	22			Nuveen Investments

Nuveen Equity Market Neutral Fund

Fund Performance

Average Annual Total Returns as of February 28, 2015


	Cumulative		Average Annual
	6-Month		1-Year		Since Inception
Class A Shares at NAV		2.55%		3.73%		5.79%
Class A Shares at maximum Offering Price		(3.34)%		(2.24)%		2.17%
BofA/Merrill Lynch 3-Month U.S. Treasury Bill Index		0.01%		0.03%		0.04%
Lipper Equity Market Neutral Funds Classification Average		(0.16)%		1.77%		1.89%

Class C Shares		2.20%		2.98%		5.02%
Class I Shares		2.69%		4.05%		6.07%

Average Annual Total Returns as of March 31, 2015 (Most Recent Calendar Quarter)


	Cumulative		Average Annual
	6-Month		1-Year		Since Inception
Class A Shares at NAV		(0.04)%		0.86%		4.28%
Class A Shares at maximum Offering Price		(5.79)%		(4.94)%		0.88%
Class C Shares		(0.42)%		0.10%		3.52%
Class I Shares		0.06%		1.09%		4.52%

Since inception returns are from 6/17/13. Indexes and Lipper averages are not available for direct investment.

Class A Shares have a maximum 5.75% sales charge (Offering Price). Class A Share purchases of $1 million or more are sold at net asset value without an up-front sales charge but may be subject to a contingent deferred sales charge (CDSC), also known as a back-end sales charge, if redeemed within twelve months of purchase. Class C Shares have a 1% CDSC for redemptions within less than twelve months, which is not reflected in the one-year total return. Class I Shares have no sales charge and may be purchased under limited circumstances or by specified classes of investors.

Expense Ratios as of Most Recent Prospectus


	Share Class
	Class A		Class C		Class I
Gross Expense Ratios		3.52%		4.28%		3.37%
Net Expense Ratios		3.26%		4.02%		3.08%

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


Nuveen Investments			23

Fund Performance and Expense Ratios (continued)

Nuveen Growth Fund

Fund Performance

Average Annual Total Returns as of February 28, 2015


	Cumulative		Average Annual
	6-Month		1-Year		5-Year		Since Inception
Class A Shares at NAV		8.89%		16.21%		14.87%		6.18%
Class A Shares at maximum Offering Price		2.63%		9.54%		13.52%		5.48%
Russell 1000^® Growth Index		8.46%		16.24%		17.21%		9.23%
Lipper Multi-Cap Growth Funds Classification Average		7.75%		12.70%		15.61%		8.08%

Class C Shares		8.50%		15.37%		14.03%		5.39%
Class R3 Shares		8.77%		15.92%		14.58%		19.16%
Class I Shares		9.02%		16.49%		15.18%		6.45%

Average Annual Total Returns as of March 31, 2015 (Most Recent Calendar Quarter)


	Cumulative		Average Annual
	6-Month		1-Year		5-Year		Since Inception
Class A Shares at NAV		8.89%		16.18%		13.34%		5.96%
Class A Shares at maximum Offering Price		2.61%		9.51%		12.01%		5.27%
Class C Shares		8.47%		15.28%		12.49%		5.17%
Class R3 Shares		8.76%		15.88%		13.03%		18.60%
Class I Shares		9.01%		16.47%		13.63%		6.23%

Since inception returns for Class A, C and I Shares, and for the comparative index and Lipper classification average, are from 3/28/06. Since inception returns for Class R3 Shares are from 3/03/09. Indexes and Lipper averages are not available for direct investment.

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 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


	Share Class
	Class A		Class C		Class R3		Class I
Gross Expense Ratios		1.45%		2.21%		1.70%		1.20%
Net Expense Ratios		1.22%		1.97%		1.47%		0.97%

The Fund’s investment adviser has agreed to waive fees and/or reimburse expenses through September 30, 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% (1.40% after September 30, 2016) of the average daily net assets of any class of Fund shares. The expense limitation expiring September 30, 2016 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.


	24			Nuveen Investments

Nuveen Large Cap Core Fund

Fund Performance

Average Annual Total Returns as of February 28, 2015


	Cumulative	Average Annual
	6-Month	1-Year		Since Inception
Class A Shares at NAV	6.40%		18.54%		24.15%
Class A Shares at maximum Offering Price	0.28%		11.72%		19.91%
Russell 1000^® Index	6.00%		14.88%		18.57%
Lipper Large-Cap Core Funds Classification Average	5.04%		13.05%		16.60%

Class C Shares	6.00%		17.63%		23.21%
Class I Shares	6.52%		18.80%		24.43%

Average Annual Total Returns as of March 31, 2015 (Most Recent Calendar Quarter)


	Cumulative		Average Annual
	6-Month		1-Year		Since Inception
Class A Shares at NAV		7.37%		15.68%		21.84%
Class A Shares at maximum Offering Price		1.20%		9.03%		17.87%
Class C Shares		6.97%		14.83%		20.93%
Class I Shares		7.53%		15.98%		22.13%

Since inception returns are from 6/17/13. Indexes and Lipper averages are not available for direct investment.

Class A Shares have a maximum 5.75% sales charge (Offering Price). Class A Share purchases of $1 million or more are sold at net asset value without an up-front sales charge but may be subject to a contingent deferred sales charge (CDSC), also known as a back-end sales charge, if redeemed within twelve months of purchase. Class C Shares have a 1% CDSC for redemptions within less than twelve months, which is not reflected in the one-year total return. Class I Shares have no sales charge and may be purchased under limited circumstances or by specified classes of investors.

Expense Ratios as of Most Recent Prospectus


	Share Class
	Class A		Class C		Class I
Gross Expense Ratios		1.26%		1.99%		1.01%
Net Expense Ratios		1.17%		1.92%		0.92%

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


Nuveen Investments			25

Fund Performance and Expense Ratios (continued)

Nuveen Large Cap Core Plus Fund

Fund Performance

Average Annual Total Returns as of February 28, 2015


	Cumulative		Average Annual
	6-Month		1-Year		Since Inception
Class A Shares at NAV		6.36%		17.62%		23.50%
Class A Shares at maximum Offering Price		0.24%		10.86%		19.28%
Russell 1000^® Index		6.00%		14.88%		18.57%
Lipper Large-Cap Core Funds Classification Average		5.04%		13.05%		16.60%

Class C Shares		5.98%		16.76%		22.64%
Class I Shares		6.50%		17.94%		23.85%

Average Annual Total Returns as of March 31, 2015 (Most Recent Calendar Quarter)


	Cumulative		Average Annual
	6-Month		1-Year		Since Inception
Class A Shares at NAV		7.23%		14.16%		21.08%
Class A Shares at maximum Offering Price		1.06%		7.59%		17.14%
Class C Shares		6.85%		13.34%		20.24%
Class I Shares		7.36%		14.48%		21.41%

Since inception returns are from 6/17/13. Indexes and Lipper averages are not available for direct investment.

Class A Shares have a maximum 5.75% sales charge (Offering Price). Class A Share purchases of $1 million or more are sold at net asset value without an up-front sales charge but may be subject to a contingent deferred sales charge (CDSC), also known as a back-end sales charge, if redeemed within twelve months of purchase. Class C Shares have a 1% CDSC for redemptions within less than twelve months, which is not reflected in the one-year total return. Class I Shares have no sales charge and may be purchased under limited circumstances or by specified classes of investors.

Expense Ratios as of Most Recent Prospectus


	Share Class
	Class A		Class C		Class I
Gross Expense Ratios		2.55%		3.28%		2.33%
Net Expense Ratios		2.28%		3.03%		2.06%

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


	26			Nuveen Investments

Nuveen Large Cap Growth Fund

Fund Performance

Average Annual Total Returns as of February 28, 2015


	Cumulative		Average Annual
	6-Month		1-Year		Since Inception
Class A Shares at NAV		7.91%		18.44%		24.33%
Class A Shares at maximum Offering Price		1.71%		11.63%		20.08%
Russell 1000^® Growth Index		8.46%		16.24%		21.24%
Lipper Large-Cap Growth Funds Classification Average		7.75%		12.70%		20.90%

Class C Shares		7.50%		17.55%		23.40%
Class I Shares		8.04%		18.70%		24.61%

Average Annual Total Returns as of March 31, 2015 (Most Recent Calendar Quarter)


	Cumulative		Average Annual
	6-Month		1-Year		Since Inception
Class A Shares at NAV		9.54%		18.42%		22.47%
Class A Shares at maximum Offering Price		3.24%		11.62%		18.48%
Class C Shares		9.17%		17.59%		21.57%
Class I Shares		9.70%		18.73%		22.76%

Since inception returns are from 6/17/13. Indexes and Lipper averages are not available for direct investment.

Class A Shares have a maximum 5.75% sales charge (Offering Price). Class A Share purchases of $1 million or more are sold at net asset value without an up-front sales charge but may be subject to a contingent deferred sales charge (CDSC), also known as a back-end sales charge, if redeemed within twelve months of purchase. Class C Shares have a 1% CDSC for redemptions within less than twelve months, which is not reflected in the one-year total return. Class I Shares have no sales charge and may be purchased under limited circumstances or by specified classes of investors.

Expense Ratios as of Most Recent Prospectus


	Share Class
	Class A		Class C		Class I
Gross Expense Ratios		1.35%		2.11%		1.10%
Net Expense Ratios		1.17%		1.92%		0.92%

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


Nuveen Investments			27

Fund Performance and Expense Ratios (continued)

Nuveen Large Cap Value Fund

Fund Performance

Average Annual Total Returns as of February 28, 2015


	Cumulative		Average Annual
	6-Month		1-Year		5-Year		10-Year
Class A Shares at NAV		4.24%		15.89%		15.22%		8.14%
Class A Shares at maximum Offering Price		(1.75)%		9.21%		13.86%		7.50%
Russell 1000^® Value Index		3.48%		13.49%		15.51%		7.21%
Lipper Large-Cap Value Funds Classification Average		2.40%		10.20%		14.38%		7.00%

Class C Shares		3.86%		14.97%		14.36%		7.33%
Class I Shares		4.36%		16.12%		15.50%		8.40%

Cumulative

Average Annual

6-Month

1-Year

5-Year

Since
Inception

Class R3 Shares

4.08%

15.56%

14.92%

9.16%

Average Annual Total Returns as of March 31, 2015 (Most Recent Calendar Quarter)


	Cumulative		Average Annual
	6-Month		1-Year		5-Year		10-Year
Class A Shares at NAV		5.08%		10.84%		13.32%		8.06%
Class A Shares at maximum Offering Price		(0.96)%		4.47%		11.98%		7.42%
Class C Shares		4.69%		10.00%		12.48%		7.26%
Class I Shares		5.23%		11.09%		13.61%		8.33%

Cumulative

Average Annual

6-Month

1-Year

5-Year

Since
Inception

Class R3 Shares

4.92%

10.51%

13.02%

8.69%

Since inception returns for Class R3 Shares are from 8/04/08. 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. Indexes and Lipper averages are not available for direct investment.

Expense Ratios as of Most Recent Prospectus


	Share Class
	Class A		Class C		Class R3		Class I
Expense Ratios		1.11%		1.86%		1.36%		0.86%


	28			Nuveen Investments

Holding

Summaries as of February 28, 2015

Nuveen Concentrated Core Fund

Fund Allocation

(% of net assets)


Common Stocks			99.6%
Repurchase Agreements			0.3%
Other Assets Less Liabilities			0.1%
Net Assets			100%

Portfolio Composition

(% of net assets)


Health Care Providers & Services			20.1%
Media			15.2%
Biotechnology			10.0%
Technology, Hardware, Storage & Peripherals			10.0%
Diversified Telecommunication Services			5.1%
Automobiles			5.0%
Food Products			5.0%
Electronic Equipment, Instruments & Components			5.0%
Multiline Retail			5.0%
Other			19.2%
Repurchase Agreements			0.3%
Other Assets Less Liablilities			0.1%
Net Assets			100%

Top Five Common
Stock Holdings

(% of net assets)


Time Warner Cable, Class A			5.2%
Hewlett-Packard Company			5.1%
CenturyLink Inc.			5.0%
Anthem Inc.			5.0%
Ford Motor Company			5.0%


Nuveen Investments			29

Holding Summaries as of February 28, 2015 (continued)

Nuveen Core Dividend Fund

Fund Allocation

(% of net assets)


Common Stocks			99.7%
OtherAssets Less Liabilities			0.3%
Net Assets			100%

Portfolio Composition

(% of net assets)


Technology, Hardware, Storage & Peripherals			8.4%
Health Care Providers & Services			5.8%
Hotels, Restaurants & Leisure			5.8%
Diversified Telecommunication Services			5.7%
Real Estate Investment Trust			5.5%
Specialty Retail			4.8%
Software			4.5%
Pharmaceuticals			4.5%
Insurance			4.2%
Capital Markets			4.1%
Oil, Gas & Consumable Fuels			3.8%
Media			3.5%
Machinery			3.4%
Communications Equipment			3.2%
Tobacco			3.1%
IT Services			2.9%
Multiline Retail			2.7%
Beverages			2.7%
Automobiles			2.3%
Other			18.8%
Other Assets Less Liabilities			0.3%
Net Assets			100%

Top Five Common
Stock Holdings

(% of net assets)


Apple, Inc.			4.3%
Microsoft Corporation			2.7%
Pfizer Inc.			1.9%
AT&T Inc.			1.7%
Cisco Systems, Inc.			1.7%


	30			Nuveen Investments

Nuveen Equity Long/Short Fund

Fund Allocation

(% of net assets)


Long-Term Investments:
Common Stocks			168.6%
Total Long Exposure			168.6%
Short-Term Investments:
Repurchase Agreements			1.0%
Total Short-Term Investments			1.0%
Total Investments			169.6%
Securities Sold Short:
Common Stocks			(87.2)%
Total Short Exposure			(87.2)%
Other Assets Less Liabilities			17.6%
Net Assets			100%

Top Five Holdings

(Long Exposure)

(% of net assets)


Apple, Inc.			3.6%
Microsoft Corporation			2.3%
JPMorgan Chase & Co.			1.9%
Home Depot, Inc.			1.7%
Cisco Systems, Inc.			1.7%

Top Five Securities Sold Short

(Short Exposure)

(% of net assets)


CoStar Group, Inc.			(1.0)%
SunPower Corporation			(1.0)%
Verisk Analytics Inc, Class A Shares			(1.0)%
Google Inc., Class A			(1.0)%
Cabela’s Incorporated			(1.0)%

Portfolio Composition –

Long Exposure

(% of net assets)


Health Care Providers & Services			10.3%
Machinery			9.6%
Specialty Retail			8.8%
Software			8.7%
Hotels, Restaurants & Leisure			8.5%
Technology, Hardware, Storage & Peripherals			7.5%
IT Services			7.3%
Aerospace & Defense			7.3%
Multiline Retail			7.1%
Media			6.5%
Semiconductors & Semiconductor Equipment			6.4%
Communications Equipment			6.4%
Banks			5.8%
Insurance			5.4%
Biotechnology			4.7%
Food Products			4.3%
Health Care Equipment & Supplies			3.9%
Air Freight & Logistics			3.7%
Oil, Gas & Consumable Fuels			3.3%
Chemicals			3.3%
Beverages			2.8%
Capital Markets			2.4%
Diversified Financial Services			2.4%
Diversified Telecommunication Services			2.4%
Electronic Equipment, Instruments & Components			2.3%
Household Durables			2.3%
Personal Products			2.3%
Internet Software & Services			2.3%
Food & Staples Retailing			1.5%
Other			19.1%
Total			168.6%

Portfolio Composition –

Short Exposure

(% of net assets)


Oil, Gas & Consumable Fuels			(5.9)%
Household Durables			(5.9)%
Semiconductors & Semiconductor Equipment			(5.5)%
Food Products			(5.4)%
Machinery			(5.2)%
Chemicals			(4.2)%
Specialty Retail			(3.6)%
Internet Software & Services			(3.4)%
Electronic Equipment, Instruments & Components			(2.7)%
Beverages			(2.7)%
Pharmaceuticals			(2.5)%
Multi-Utilities			(2.1)%
Media			(1.8)%
Health Care Providers & Services			(1.8)%
Construction Materials			(1.8)%
Communications Equipment			(1.8)%
Electrical Equipment			(1.8)%
Professional Services			(1.8)%
Building Products			(1.8)%
Health Care Technology			(1.7)%
Road & Rail			(1.7)%
Insurance			(1.7)%
Health Care Equipment & Supplies			(1.6)%
Other			(18.8)%
Total			(87.2)%


Nuveen Investments			31

Holding Summaries as of February 28, 2015 (continued)

Nuveen Equity Market Neutral Fund

Fund Allocation

(% of net assets)


Long-Term Investments:
Common Stocks			117.6%
Total Long Exposure			117.6%
Short-Term Investments:
Repurchase Agreements			1.0%
Total Short-Term Investments			1.0%
Total Investments			118.6%
Securities Sold Short:
Common Stocks			(94.5)%
Total Short Exposure			(94.5)%
Other Assets Less Liabilities			75.9%
Net Assets			100%

Top Five Holdings

(Long Exposure)

(% of net assets)


CVTR Energy Inc.			1.3%
Kohl’s Corporation			1.3%
Lowe’s Companies, Inc.			1.2%
Apple, Inc.			1.2%
United Therapeutics Corporation			1.2%

Top Five Securities Sold Short

(Short Exposure)

(% of net assets)


Intercept Pharmaceuticals Incorporated			(1.1)%
Cobalt International Energy, Inc.			(1.1)%
Cheniere Energy Inc.			(1.0)%
Lennox International Inc.			(1.0)%
D.R. Horton, Inc.			(1.0)%

Portfolio Composition –

Long Exposure

(% of net assets)


Software			7.5%
Health Care Providers & Services			6.9%
Technology, Hardware, Storage & Peripherals			6.4%
IT Services			6.2%
Specialty Retail			5.8%
Media			5.7%
Oil, Gas & Consumable Fuels			5.4%
Machinery			5.2%
Multiline Retail			4.8%
Electronic Equipment, Instruments & Components			4.7%
Diversified Telecommunication Services			3.8%
Insurance			3.7%
Biotechnology			3.6%
Internet Software & Services			3.5%
Capital Markets			3.4%
Hotels, Restaurants & Leisure			3.4%
Food Products			3.3%
Auto Components			3.3%
Aerospace & Defense			2.3%
Health Care Equipment & Supplies			2.3%
Beverages			2.3%
Personal Products			2.2%
Diversified Consumer Services			2.1%
Other			19.8%
Total			117.6%

Portfolio Composition –

Short Exposure

(% of net assets)


Oil, Gas & Consumable Fuels			(10.4)%
Household Durables			(7.5)%
Chemicals			(5.7)%
Software			(5.2)%
Semiconductors & Semiconductor Equipment			(4.8)%
Machinery			(4.6)%
Specialty Retail			(4.1)%
Multi-Utilities			(3.8)%
Electronic Equipment, Instruments & Components			(3.6)%
Communications Equipment			(3.3)%
Pharmaceuticals			(3.2)%
Internet Software & Services			(3.1)%
Textiles, Apparel & Luxury Goods			(2.9)%
Building Products			(2.9)%
Energy Equipment & Services			(2.2)%
Health Care Providers & Services			(1.9)%
Metals & Mining			(1.9)%
Insurance			(1.9)%
Media			(1.8)%
Other			(19.7)%
Total			(94.5)%


	32			Nuveen Investments

Nuveen Growth Fund

Fund Allocation

(% of net assets)


Common Stocks			99.2%
Repurchases Agreements			2.2%
Other Assets Less Liabilities			(1.4)%
Net Assets			100%

Portfolio Composition

(% of net assets)


Software			10.4%
IT Services			9.8%
Specialy Retail			7.7%
Biotechnology			7.7%
Beverages			7.7%
Technology, Hardware, Storage, Peripherals			7.7%
Media			7.0%
Health Care Providers & Services			6.4%
Food & Staples Retailing			3.8%
Aerospace & Defense			3.6%
Industrial Conglomerates			3.4%
Containers & Packaging			2.2%
Machinery			2.2%
Other			19.6%
Repurchases Agreements			2.2%
Other Assets Less Liabilities			(1.4)%
Net Assets			100%

Top Five Common Stock Holdings

(% of net assets)


Apple, Inc.			5.7%
Home Depot, Inc.			4.8%
Microsoft Corporation			4.4%
PepsiCo, Inc.			3.7%
Amgen Inc.			3.7%


Nuveen Investments			33

Holding Summaries as of February 28, 2015 (continued)

Nuveen Large Cap Core Fund

Fund Allocation

(% of net assets)


Common Stocks			99.5%
Repurchase Agreements			0.3%
Other Assets Less Liabilities			0.2%
Net Assets			100%

Portfolio Composition

(% of net assets)


Technology, Hardware, Storage & Peripherals			9.2%
Software			7.5%
Health Care Providers & Services			7.4%
Media			6.6%
Specialty Retail			6.2%
Insurance			4.8%
Electronic Equipment, Instruments & Components			4.4%
Machinery			4.1%
Capital Markets			3.4%
IT Services			3.4%
Biotechnology			3.3%
Multiline Retail			3.3%
Diversified Telecommunication Services			3.2%
Oil, Gas & Consumable Fuels			2.9%
Pharmaceuticals			2.4%
Banks			2.1%
Health Care Equipment & Supplies			2.1%
Aerospace & Defense			2.0%
Food Products			2.0%
Other			19.2%
Repurchase Agreements			0.3%
Other Assets Less Liabilities			0.2%
Net Assets			100%

Top Five Common
Stock Holdings

(% of net assets)


Apple, Inc.			4.5%
Microsoft Corporation			2.7%
Gilead Sciences, Inc.			1.7%
Pfizer Inc.			1.7%
Oracle Corporation			1.7%


	34			Nuveen Investments

Nuveen Large Cap Core Plus Fund

Fund Allocation

(% of net assets)


Long-Term Investments:
Common Stocks			128.9%
Total Long Exposure			128.9%
Short-Term Investments:
Repurchase Agreements			0.4%
Total Short-Term Investments			0.4%
Total Investments			129.3%
Securities Sold Short:
Common Stocks			(29.7)%
Total Short Exposure			(29.7)%
Other Assets Less Liabilities			0.4%
Net Assets			100%

Top Five Holdings

(Long Exposure)

(% of net assets)


Apple, Inc.			5.9%
Microsoft Corporation			3.5%
Gilead Sciences, Inc.			2.2%
Home Depot, Inc.			2.2%
Oracle Corporation			2.1%

Top Five Securities Sold Short

(Short Exposure)

(% of net assets)


Google Inc., Class C Shares			(0.3)%
Cheniere Energy Inc.			(0.3)%
Keurig Green Mountain Inc.			(0.3)%
NetFlix.com Inc.			(0.3)%
Actavis PLC			(0.3)%

Portfolio Composition –

Long Exposure

(% of net assets)


Technology, Hardware, Storage & Peripherals			12.5%
Health Care Providers & Services			9.9%
Software			9.8%
Media			6.9%
Specialty Retail			6.5%
Insurance			6.5%
IT Services			5.3%
Multiline Retail			5.1%
Machinery			4.9%
Capital Markets			4.4%
Biotechnology			4.2%
Diversified Telecommunication Services			4.1%
Electronic Equipment, Instruments & Components			4.0%
Oil, Gas & Consumable Fuels			4.0%
Food Products			3.3%
Hotels, Restaurants & Leisure			3.2%
Banks			3.1%
Auto Components			3.0%
Health Care Equipment & Supplies			2.7%
Internet Software & Services			2.5%
Aerospace & Defense			2.2%
Automobiles			2.0%
Other			18.8%
Total			128.9%

Portfolio Composition –

Short Exposure

(% of net assets)


Oil, Gas & Consumable Fuels			(4.3)%
Chemicals			(1.7)%
Electric Utilities			(1.7)%
Household Durables			(1.5)%
Food Products			(1.5)%
Internet Software & Services			(1.5)%
Software			(1.4)%
Semiconductors & Semiconductor Equipment			(1.4)%
Capital Markets			(0.9)%
Beverages			(0.9)%
Pharmaceuticals			(0.9)%
Energy Equipment & Services			(0.9)%
Specialty Retail			(0.9)%
Multi-Utilities			(0.8)%
Other			(9.4)%
Total			(29.7)%


Nuveen Investments			35

Holding Summaries as of February 28, 2015 (continued)

Nuveen Large Cap Growth Fund

Fund Allocation

(% of net assets)


Common Stocks			99.5%
Repurchase Agreements			0.2%
Other Assets Less Liabilities			0.3%
Net Assets			100%

Portfolio Composition

(% of net assets)


Technology, Hardware, Storage & Peripherals			9.5%
Media			9.5%
Software			9.0%
Specialty Retail			5.9%
Biotechnology			5.8%
Health Care Providers & Services			5.7%
Machinery			5.4%
IT Services			5.0%
Hotels, Restaurants & Leisure			4.0%
Multiline Retail			3.5%
Aerospace & Defense			3.5%
Diversified Telecommunication Services			2.9%
Beverages			2.4%
Food & Staples Retailing			2.2%
Personal Products			2.1%
Electronic Equipment, Instruments & Components			1.8%
Food Products			1.8%
Other			19.5%
Repurchase Agreements			0.2%
Other Assets Less Liabilities			0.3%
Net Assets			100%

Top Five Common Stock Holdings

(% of net assets)


Apple, Inc.			7.9%
Microsoft Corporation			2.7%
Gilead Sciences, Inc.			2.4%
Home Depot, Inc.			2.4%
Comcast Corporation, Class A			2.3%


	36			Nuveen Investments

Nuveen Large Cap Value Fund

Fund Allocation

(% of net assets)


Common Stocks			99.5%
Repurchase Agreements			0.4%
Other Assets Less Liabilities			0.1%
Net Assets			100%

Portfolio Composition

(% of net assets)


Insurance			10.6%
Health Care Providers & Services			7.4%
Banks			6.9%
Technology, Hardware, Storage & Peripherals			6.1%
Machinery			5.6%
Multiline Retail			4.6%
IT Services			4.1%
Diversified Telecommunication Services			3.8%
Pharmaceuticals			3.7%
Aerospace & Defense			3.6%
Electronic Equipment & Instruments			2.9%
Diversified Financial Services			2.8%
Oil, Gas & Consumable Fuels			2.8%
Software			2.6%
Food Products			2.3%
Health Care Equipment & Supplies			2.2%
Auto Components			2.1%
Automobiles			2.0%
Food & Staples Retailing			2.0%
Hotels, Restaurants & Leisure			1.8%
Other			19.6%
Repurchase Agreements			0.4%
Other Assets Less Liabilities			0.1%
Net Assets			100%

Top Five Common
Stock Holdings

(% of net assets)


JPMorgan Chase & Co.			3.3%
Bank of America Corporation			2.6%
Pfizer Inc.			2.4%
Microsoft Corporation			2.2%
UnitedHealth Group Incorporated			2.1%


Nuveen Investments			37

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 ended February 28, 2015.

The beginning of the period is September 1, 2014.

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

Please note that the expenses shown in the table are meant to highlight your ongoing costs only and do not reflect any transaction costs. Therefore, the hypothetical information is useful in comparing ongoing costs only, and will not help you determine the relative total costs of owning different funds or share classes. In addition, if these transaction costs were included, your costs would have been higher.

Nuveen Concentrated Core Fund


	Share Class
	Class A		Class C		Class I
Actual Performance
Beginning Account Value	$	1,000.00	$	1,000.00	$	1,000.00
Ending Account Value	$	1,065.00	$	1,061.10	$	1,066.20
Expenses Incurred During the Period	$	6.20	$	10.02	$	4.92
Hypothetical Performance (5% annualized return before expenses)
Beginning Account Value	$	1,000.00	$	1,000.00	$	1,000.00
Ending Account Value	$	1,018.79	$	1,015.08	$	1,020.03
Expenses Incurred During the Period	$	6.06	$	9.79	$	4.81

For each class of the Fund, expenses are equal to the Fund’s annualized net expense ratio of 1.21%, 1.96% and 0.96% for Classes A, C and I, respectively, multiplied by the average account value over the period, multiplied by 181/365 (to reflect the one-half year period).


	38			Nuveen Investments

Nuveen Core Dividend Fund


	Share Class
	Class A		Class C		Class I
Actual Performance
Beginning Account Value	$	1,000.00	$	1,000.00	$	1,000.00
Ending Account Value	$	1,063.60	$	1,059.40	$	1,064.50
Expenses Incurred During the Period	$	5.94	$	9.75	$	4.66
Hypothetical Performance (5% annualized return before expenses)
Beginning Account Value	$	1,000.00	$	1,000.00	$	1,000.00
Ending Account Value	$	1,019.04	$	1,015.32	$	1,020.28
Expenses Incurred During the Period	$	5.81	$	9.54	$	4.56

For each class of the Fund, expenses are equal to the Fund’s annualized net expense ratio of 1.16%, 1.91% and 0.91% for Classes A, C and I, respectively, multiplied by the average account value over the period, multiplied by 181/365 (to reflect the one-half year period).

Nuveen Equity Long/Short Fund


	Share Class
	Class A		Class C		Class I
Actual Performance
Beginning Account Value	$	1,000.00	$	1,000.00	$	1,000.00
Ending Account Value	$	1,065.30	$	1,061.00	$	1,066.50
Expenses Incurred During the Period	$	17.77	$	21.62	$	16.45
Hypothetical Performance (5% annualized return before expenses)
Beginning Account Value	$	1,000.00	$	1,000.00	$	1,000.00
Ending Account Value	$	1,007.59	$	1,003.82	$	1,008.88
Expenses Incurred During the Period	$	17.27	$	21.02	$	15.99

For each class of the Fund, expenses are equal to the Fund’s annualized net expense ratio of 3.47%, 4.23% and 3.21% for Classes A, C and I, respectively, multiplied by the average account value over the period, multiplied by 181/365 (to reflect the one-half year period).

Nuveen Equity Market Neutral Fund


	Share Class
	Class A		Class C		Class I
Actual Performance
Beginning Account Value	$	1,000.00	$	1,000.00	$	1,000.00
Ending Account Value	$	1,025.50	$	1,022.00	$	1,026.90
Expenses Incurred During the Period	$	15.47	$	19.15	$	14.17
Hypothetical Performance (5% annualized return before expenses)
Beginning Account Value	$	1,000.00	$	1,000.00	$	1,000.00
Ending Account Value	$	1,009.52	$	1,005.85	$	1,010.81
Expenses Incurred During the Period	$	15.35	$	19.00	$	14.06

For each class of the Fund, expenses are equal to the Fund’s annualized net expense ratio of 3.08%, 3.82% and 2.82% for Classes A, C and I, respectively, multiplied by the average account value over the period, multiplied by 181/365 (to reflect the one-half year period).


Nuveen Investments			39

Expense Examples (continued)

Nuveen Growth Fund


	Share Class
	Class A		Class C		Class R3		Class I
Actual Performance
Beginning Account Value	$	1,000.00	$	1,000.00	$	1,000.00	$	1,000.00
Ending Account Value	$	1,088.90	$	1,085.00	$	1,087.70	$	1,090.20
Expenses Incurred During the Period	$	6.27	$	10.13	$	7.56	$	4.98
Hypothetical Performance (5% annualized return before expenses)
Beginning Account Value	$	1,000.00	$	1,000.00	$	1,000.00	$	1,000.00
Ending Account Value	$	1,018.79	$	1,015.08	$	1,017.55	$	1,020.03
Expenses Incurred During the Period	$	6.06	$	9.79	$	7.30	$	4.81

For each class of the Fund, expenses are equal to the Fund’s annualized net expense ratio of 1.21%, 1.96%, 1.46% and 0.96% for Classes A, C, R3 and I, respectively, multiplied by the average account value over the period, multiplied by 181/365 (to reflect the one-half year period).

Nuveen Large Cap Core Fund


	Share Class
	Class A		Class C		Class I
Actual Performance
Beginning Account Value	$	1,000.00	$	1,000.00	$	1,000.00
Ending Account Value	$	1,064.00	$	1,060.00	$	1,065.20
Expenses Incurred During the Period	$	5.94	$	9.76	$	4.66
Hypothetical Performance (5% annualized return before expenses)
Beginning Account Value	$	1,000.00	$	1,000.00	$	1,000.00
Ending Account Value	$	1,019.04	$	1,015.32	$	1,020.28
Expenses Incurred During the Period	$	5.81	$	9.54	$	4.56

Nuveen Large Cap Core Plus Fund


	Share Class
	Class A		Class C		Class I
Actual Performance
Beginning Account Value	$	1,000.00	$	1,000.00	$	1,000.00
Ending Account Value	$	1,063.60	$	1,059.80	$	1,065.00
Expenses Incurred During the Period	$	11.36	$	15.22	$	10.19
Hypothetical Performance (5% annualized return before expenses)
Beginning Account Value	$	1,000.00	$	1,000.00	$	1,000.00
Ending Account Value	$	1,013.79	$	1,010.02	$	1,014.93
Expenses Incurred During the Period	$	11.08	$	14.85	$	9.94

For each class of the Fund, expenses are equal to the Fund’s annualized net expense ratio of 2.22%, 2.98% and 1.99% for Classes A, C and I, respectively, multiplied by the average account value over the period, multiplied by 181/365 (to reflect the one-half year period).


	40			Nuveen Investments

Nuveen Large Cap Growth Fund


	Share Class
	Class A		Class C		Class I
Actual Performance
Beginning Account Value	$	1,000.00	$	1,000.00	$	1,000.00
Ending Account Value	$	1,079.10	$	1,075.00	$	1,080.40
Expenses Incurred During the Period	$	5.98	$	9.83	$	4.69
Hypothetical Performance (5% annualized return before expenses)
Beginning Account Value	$	1,000.00	$	1,000.00	$	1,000.00
Ending Account Value	$	1,019.04	$	1,015.32	$	1,020.28
Expenses Incurred During the Period	$	5.81	$	9.54	$	4.56

Nuveen Large Cap Value Fund


	Share Class
	Class A		Class C		Class R3		Class I
Actual Performance
Beginning Account Value	$	1,000.00	$	1,000.00	$	1,000.00	$	1,000.00
Ending Account Value	$	1,042.40	$	1,038.60	$	1,040.80	$	1,043.60
Expenses Incurred During the Period	$	5.82	$	9.60	$	7.08	$	4.56
Hypothetical Performance (5% annualized return before expenses)
Beginning Account Value	$	1,000.00	$	1,000.00	$	1,000.00	$	1,000.00
Ending Account Value	$	1,019.09	$	1,015.37	$	1,017.85	$	1,020.33
Expenses Incurred During the Period	$	5.76	$	9.49	$	7.00	$	4.51

For each class of the Fund, expenses are equal to the Fund’s annualized net expense ratio of 1.15%, 1.90%, 1.40% and 0.90% for Classes A, C, R3 and I, respectively, multiplied by the average account value over the period, multiplied by 181/365 (to reflect the one-half year period).


Nuveen Investments			41

Shareholder Meeting Report

A special shareholder meeting was held in the offices of Nuveen Investments on August 5, 2014 for Nuveen Core Dividend Fund and Nuveen Equity Long/Short Fund; at this meeting the shareholders were asked to vote to approve a new investment management agreement, to approve new sub-advisory agreements, to approve revisions to, or elimination of, certain fundamental investment policies and to elect Board Members. The meeting was subsequently adjourned for Nuveen Core Dividend Fund and Nuveen Equity Long/Short Fund to August 15, 2014 and September 19, 2014. The meeting was subsequently adjourned for Nuveen Equity Long/Short Fund to September 29, 2014, September 30, 2014 and October 15, 2014.


	Nuveen Core Dividend Fund		Nuveen Equity Long/Short Fund
To approve a new investment management agreement between each Trust and Nuveen Advisors, LLC.
For		340,585		451,151
Against		32,220		4,078
Abstain		7,769		11,427
Broker Non-Votes		51,886		201,917
Total		432,460		668,573

To approve a new sub-advisory agreement between Nuveen Fund Advisors and each Fund’s sub-advisor(s) as follows:

a. Nuveen Fund Advisors and Nuveen Asset Management, LLC
For		340,585		456,043
Against		32,220		10,419
Abstain		7,769		11,528
Broker Non-Votes		51,886		198,413
Total		432,460		676,403

To approve revisions to, or elimination of, certain fundamental investment policies:

a. Revise the fundamental policy related to the purchase and sale of commodities.
For		336,499		454,020
Against		35,751		5,524
Abstain		8,324		18,445
Broker Non-Votes		51,886		198,414
Total		432,460		676,403


	42			Nuveen Investments

Nuveen Concentrated Core Fund


Portfolio of Investments		February 28, 2015 (Unaudited)


Shares		Description (1)	Value

		LONG-TERM INVESTMENTS – 99.6%

		COMMON STOCKS – 99.6%

		Aerospace & Defense – 4.9%

	37,000	Boeing Company	$	5,581,450

		Auto Components – 4.5%

	65,000	Delphi Automotive PLC		5,124,600

		Automobiles – 5.0%

	349,000	Ford Motor Company		5,702,660

		Biotechnology – 10.0%

	36,000	Amgen Inc.		5,677,920

	55,000	Gilead Sciences, Inc.		5,694,150
		Total Biotechnology		11,372,070

		Capital Markets – 4.9%

	29,000	Goldman Sachs Group, Inc.		5,503,910

		Diversified Telecommunication Services – 5.1%

	151,000	CenturyLink Inc.		5,716,860

		Electronic Equipment, Instruments & Components – 5.0%

	230,000	Corning Incorporated		5,612,000

		Food Products – 5.0%

	118,000	Archer-Daniels-Midland Company		5,649,840

		Health Care Providers & Services – 20.1%

	57,000	Aetna Inc.		5,674,350

	55,000	AmerisourceBergen Corporation		5,651,800

	39,000	Anthem Inc.		5,711,550

	50,000	UnitedHealth Group Incorporated		5,681,500
		Total Health Care Providers & Services		22,719,200

		Insurance – 4.9%

	52,000	Travelers Companies, Inc.		5,586,880

		Media – 15.2%

	64,000	DirecTV, (2)		5,670,400

	38,000	Time Warner Cable, Class A		5,853,900

	81,000	Viacom Inc., Class B		5,665,140
		Total Media		17,189,440

		Multiline Retail – 5.0%

	73,000	Target Corporation		5,608,590


Nuveen Investments			43

Nuveen Concentrated Core Fund (continued)


Portfolio of Investments		February 28, 2015 (Unaudited)

Shares

Description (1)

Value

Technology, Hardware, Storage & Peripherals – 10.0%

166,000

Hewlett-Packard Company

5,783,440

52,000

Western Digital Corporation

5,562,960

Total Technology, Hardware, Storage & Peripherals

11,346,400

Total Long-Term Investments (cost $107,334,166)

112,713,900

Principal
Amount (000)

Description (1)

Coupon

Maturity

Value

SHORT-TERM INVESTMENTS – 0.3%

393

Repurchase Agreement with Fixed Income Clearing Corporation, dated 2/27/15, repurchase price $393,347, collateralized by $300,000 U.S. Treasury Bonds, 4.500%, due 8/15/39, value $405,750

0.000%

3/02/15

393,347

Total Short-Term Investments (cost $393,347)

393,347

Total Investments (cost $107,727,513) – 99.9%

113,107,247

Other Assets Less Liabilities – 0.1%

155,456

Net Assets – 100%

113,262,703

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.


	44			Nuveen Investments

Nuveen Core Dividend Fund


Portfolio of Investments		February 28, 2015 (Unaudited)


Shares		Description (1)	Value

		LONG-TERM INVESTMENTS – 99.7%

		COMMON STOCKS – 99.7%

		Aerospace & Defense – 1.5%

	3,700	Boeing Company	$	558,145

		Air Freight & Logistics – 1.5%

	5,200	C.H. Robinson Worldwide, Inc.		386,360

	1,700	United Parcel Service, Inc., Class B		172,941
		Total Air Freight & Logistics		559,301

		Airlines – 1.8%

	3,000	Copa Holdings SA		341,640

	7,700	Delta Air Lines, Inc.		342,804
		Total Airlines		684,444

		Auto Components – 0.7%

	1,300	Delphi Automotive PLC		102,492

	1,300	Lear Corporation		141,596
		Total Auto Components		244,088

		Automobiles – 2.3%

	29,100	Ford Motor Company		475,494

	3,200	General Motors Company		119,392

	4,400	Thor Industries, Inc.		271,304
		Total Automobiles		866,190

		Banks – 0.2%

	1,500	Wells Fargo & Company		82,185

		Beverages – 2.7%

	5,100	Dr. Pepper Snapple Group		401,829

	5,900	PepsiCo, Inc.		583,982
		Total Beverages		985,811

		Biotechnology – 1.5%

	3,600	Amgen Inc.		567,792

		Capital Markets – 4.1%

	9,200	Eaton Vance Corporation		387,320

	7,600	Invesco LTD		306,052

	7,100	Lazard Limited		361,248

	1,600	T. Rowe Price Group Inc.		132,160

	7,200	Waddell & Reed Financial, Inc., Class A		356,112
		Total Capital Markets		1,542,892


Nuveen Investments			45

Nuveen Core Dividend Fund (continued)


Portfolio of Investments		February 28, 2015 (Unaudited)


Shares		Description (1)	Value

		Chemicals – 0.5%

	4,000	Cabot Corporation	$	180,480

		Communications Equipment – 3.2%

	21,000	Cisco Systems, Inc.		619,710

	8,000	QUALCOMM, Inc.		580,080
		Total Communications Equipment		1,199,790

		Diversified Telecommunication Services – 5.7%

	18,400	AT&T Inc.		635,904

	9,800	CenturyLink Inc.		371,028

	48,300	Frontier Communications Corporation		385,434

	8,200	Verizon Communications Inc.		405,490

	42,300	Windstream Holdings Inc.		333,747
		Total Diversified Telecommunication Services		2,131,603

		Electronic Equipment, Instruments & Components – 2.0%

	12,700	Corning Incorporated		309,880

	13,500	Jabil Circuit Inc.		296,595

	10,600	Vishay Intertechnology Inc.		150,944
		Total Electronic Equipment, Instruments & Components		757,419

		Food & Staples Retailing – 1.0%

	9,500	Sysco Corporation		370,405

		Food Products – 1.3%

	2,900	Archer-Daniels-Midland Company		138,852

	9,100	Pinnacle Foods Inc.		330,330
		Total Food Products		469,182

		Health Care Equipment & Supplies – 0.1%

	800	Saint Jude Medical Inc.		53,344

		Health Care Providers & Services – 5.8%

	4,400	Aetna Inc.		438,020

	4,000	AmerisourceBergen Corporation		411,040

	3,000	Anthem Inc.		439,350

	3,400	Cardinal Health, Inc.		299,166

	5,000	UnitedHealth Group Incorporated		568,150
		Total Health Care Providers & Services		2,155,726

		Hotels, Restaurants & Leisure – 5.8%

	4,200	Brinker International Inc.		249,732

	6,700	Carnival Corporation		294,733

	6,200	Darden Restaurants, Inc.		396,800

	5,600	Las Vegas Sands		318,640

	19,500	Seaworld Entertainment		365,430


	46			Nuveen Investments


Shares		Description (1)	Value

		Hotels, Restaurants & Leisure (continued)

	8,200	Six Flags Entertainment Corporation	$	371,378

	1,600	Wyndham Worldwide Corporation		146,368
		Total Hotels, Restaurants & Leisure		2,143,081

		Household Durables – 1.5%

	7,700	Leggett and Platt Inc.		346,885

	900	Whirlpool Corporation		190,755
		Total Household Durables		537,640

		Household Products – 0.2%

	700	Procter & Gamble Company		59,591

		Industrial Conglomerates – 0.2%

	2,900	General Electric Company		75,371

		Insurance – 4.2%

	3,200	Ace Limited		364,832

	10,800	Assured Guaranty Limited		286,416

	13,800	Old Republic International Corporation		209,208

	1,700	PartnerRe Limited		194,650

	3,600	Prudential Financial, Inc.		291,060

	5,600	Valdius Holdings Limited		233,184
		Total Insurance		1,579,350

		Internet & Catalog Retail – 1.0%

	4,000	Expedia, Inc.		367,000

		IT Services – 2.9%

	2,400	Accenture Limited		216,072

	8,400	Booz Allen Hamilton Holding		249,984

	8,000	Paychex, Inc.		398,680

	15,700	Xerox Corporation		214,305
		Total IT Services		1,079,041

		Machinery – 3.4%

	11,600	Allision Transmission Holdings Inc.		369,112

	4,800	Caterpillar Inc.		397,920

	2,200	Cummins Inc.		312,906

	900	Dover Corporation		64,845

	500	Parker Hannifin Corporation		61,345

	2,100	Trinity Industries Inc.		70,602
		Total Machinery		1,276,730

		Materials – 0.1%

	700	Greif, Inc., Class A Shares		30,800


Nuveen Investments			47

Nuveen Core Dividend Fund (continued)


Portfolio of Investments		February 28, 2015 (Unaudited)


Shares		Description (1)	Value

		Media – 3.5%

	17,700	Cablevision Systems Corporation	$	332,406

	1,900	Cinemark Holdings Inc.		77,368

	700	Comcast Corporation, Class A		41,566

	14,500	Regal Entertainment Group, Class A		342,780

	1,000	Scripps Networks Interactive, Class A Shares		72,300

	2,900	Time Warner Cable, Class A		446,745
		Total Media		1,313,165

		Multiline Retail – 2.7%

	7,500	Big Lots, Inc.		357,825

	2,800	Kohl’s Corporation		206,640

	5,500	Target Corporation		422,565
		Total Multiline Retail		987,030

		Oil, Gas & Consumable Fuels – 3.8%

	9,500	CVTR Energy Inc.		398,905

	39,500	Denbury Resources Inc.		331,800

	3,400	Exxon Mobil Corporation		301,036

	1,500	Occidental Petroleum Corporation		116,820

	8,800	PBF Energy Inc.		274,296
		Total Oil, Gas & Consumable Fuels		1,422,857

		Paper & Forest Products – 0.1%

	900	International Paper Company		50,769

		Personal Products – 0.9%

	40,500	Avon Products, Inc.		344,655

		Pharmaceuticals – 4.5%

	8,900	AbbVie Inc.		538,450

	4,000	Johnson & Johnson		410,040

	20,600	Pfizer Inc.		706,992
		Total Pharmaceuticals		1,655,482

		Real Estate Investment Trust – 5.5%

	4,100	Corrections Corporation of America		163,549

	1,000	Digital Realty Trust Inc.		66,380

	2,700	Iron Mountain Inc.		99,225

	6,600	Lamar Advertising Company		383,460

	42,700	MFA Mortgage Investments, Inc.		339,892

	9,100	Omega Healthcare Investors Inc.		364,546

	12,900	Outfront Media, Inc.		386,355

	13,100	WP GLIMCHER, Inc.		227,023
		Total Real Estate Investment Trust		2,030,430


	48			Nuveen Investments


Shares		Description (1)	Value

		Semiconductors & Semiconductor Equipment – 2.1%

	15,300	Intel Corporation	$	508,725

	2,400	Maxim Integrated Products, Inc.		82,548

	8,800	NVIDIA Corporation		194,128
		Total Semiconductors & Semiconductor Equipment		785,401

		Software – 4.5%

	10,200	CA Technologies		331,704

	1,700	Intuit, Inc.		165,971

	22,700	Microsoft Corporation		995,395

	4,300	Oracle Corporation		188,426
		Total Software		1,681,496

		Specialty Retail – 4.8%

	4,700	Abercrombie & Fitch Co., Class A		116,278

	10,000	Best Buy Co., Inc.		381,000

	8,200	Gap, Inc.		341,120

	5,300	Home Depot, Inc.		608,175

	4,800	Lowe’s Companies, Inc.		355,632
		Total Specialty Retail		1,802,205

		Technology, Hardware, Storage & Peripherals – 8.4%

	12,500	Apple, Inc.		1,605,750

	13,500	EMC Corporation		390,690

	11,400	Hewlett-Packard Company		397,176

	8,700	Lexmark International, Inc., Class A		371,142

	9,200	NetApp, Inc.		355,580
		Total Technology, Hardware, Storage & Peripherals		3,120,338

		Thrifts & Mortgage Finance – 0.6%

	15,000	People’s United Financial, Inc.		226,950

		Tobacco – 3.1%

	10,100	Altria Group, Inc.		568,529

	6,100	Lorillard Inc.		417,362

	2,100	Philip Morris International		174,216
		Total Tobacco		1,160,107
		Total Long-Term Investments (cost $34,269,165)		37,138,286
		Other Assets Less Liabilities – 0.3%		109,728
		Net Assets – 100%	$	37,248,014

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

See accompanying notes to financial statements.


Nuveen Investments			49

Nuveen Equity Long/Short Fund


Portfolio of Investments		February 28, 2015 (Unaudited)


Shares		Description (1)	Value

		LONG-TERM INVESTMENTS – 168.6%

		COMMON STOCKS – 168.6%

		Aerospace & Defense – 7.3%

	6,852	Boeing Company	$	1,033,624

	6,200	General Dynamics Corporation		860,436

	5,943	Huntington Ingalls Industries Inc.		839,924

	6,252	L-3 Communications Holdings, Inc.		809,196

	6,571	Raytheon Company		714,728

	12,881	Triumph Group Inc.		770,155
		Total Aerospace & Defense		5,028,063

		Air Freight & Logistics – 3.7%

	11,271	C.H. Robinson Worldwide, Inc.		837,435

	16,796	Expeditors International of Washington, Inc.		811,247

	5,179	FedEx Corporation		916,579
		Total Air Freight & Logistics		2,565,261

		Airlines – 0.4%

	6,450	Delta Air Lines, Inc.		287,154

		Auto Components – 0.9%

	5,698	Lear Corporation		620,626

		Banks – 5.8%

	18,000	Bank of America Corporation		284,580

	17,291	Citigroup Inc.		906,394

	21,892	JPMorgan Chase & Co.		1,341,542

	53,164	KeyCorp.		740,575

	8,120	PNC Financial Services Group, Inc.		746,715
		Total Banks		4,019,806

		Beverages – 2.8%

	10,239	Dr. Pepper Snapple Group		806,731

	11,282	PepsiCo, Inc.		1,116,692
		Total Beverages		1,923,423

		Biotechnology – 4.7%

	6,730	Amgen Inc.		1,061,456

	2,563	Biogen Inc., (2)		1,049,779

	11,158	Gilead Sciences, Inc.		1,155,188
		Total Biotechnology		3,266,423

		Building Products – 1.2%

	31,183	Masco Corporation		816,683


	50			Nuveen Investments


Shares		Description (1)	Value

		Capital Markets – 2.4%

	6,263	Ameriprise Financial, Inc.	$	836,925

	16,510	Lazard Limited		840,029
		Total Capital Markets		1,676,954

		Chemicals – 3.3%

	12,422	Albemarle Corporation		702,713

	17,170	Cabot Corporation		774,710

	9,064	LyondellBasell Industries NV		778,688
		Total Chemicals		2,256,111

		Commercial Services & Supplies – 1.0%

	8,150	Cintas Corporation		680,362

		Communications Equipment – 6.4%

	67,036	Brocade Communications Systems Inc.		830,576

	39,975	Cisco Systems, Inc.		1,179,662

	13,294	Echostar Holding Corproation, Class A, (2)		722,529

	7,080	F5 Networks, Inc., (2)		836,254

	33,976	Juniper Networks Inc.		812,366
		Total Communications Equipment		4,381,387

		Containers & Packaging – 1.3%

	16,996	Crown Holdings Inc., (2)		900,788

		Diversified Consumer Services – 1.2%

	22,628	Devry Education Group Inc.		827,053

		Diversified Financial Services – 2.4%

	8,767	Moody’s Corporation		849,873

	18,657	Voya Financial Inc.		824,453
		Total Diversified Financial Services		1,674,326

		Diversified Telecommunication Services – 2.4%

	23,561	CenturyLink Inc.		892,019

	96,945	Windstream Holdings Inc.		764,896
		Total Diversified Telecommunication Services		1,656,915

		Electrical Equipment – 1.2%

	10,916	Regal-Beloit Corporation		850,793

		Electronic Equipment, Instruments & Components – 2.3%

	19,385	CDW Corporation		729,458

	35,969	Corning Incorporated		877,644
		Total Electronic Equipment, Instruments & Components		1,607,102

		Energy Equipment & Services – 1.2%

	36,527	Superior Energy Services, Inc.		817,474


Nuveen Investments			51

Nuveen Equity Long/Short Fund (continued)


Portfolio of Investments		February 28, 2015 (Unaudited)


Shares		Description (1)	Value

		Food & Staples Retailing – 1.5%

	12,397	Walgreens Boots Alliance Inc.	$	1,029,943

		Food Products – 4.3%

	18,140	Archer-Daniels-Midland Company		868,543

	8,561	Bunge Limited		700,119

	7,757	Ingredion Inc.		637,703

	28,025	Pilgrim’s Pride Corporation, (2)		768,726
		Total Food Products		2,975,091

		Health Care Equipment & Supplies – 3.9%

	6,265	Edwards Lifesciences Corporation, (2)		833,370

	24,514	Hologic Inc., (2)		793,763

	13,716	Medtronic, PLC		1,064,224
		Total Health Care Equipment & Supplies		2,691,357

		Health Care Providers & Services – 10.3%

	9,192	Aetna Inc.		915,064

	7,911	AmerisourceBergen Corporation		812,934

	6,343	Anthem Inc.		928,932

	9,525	Cardinal Health, Inc.		838,105

	13,480	Centene Corporation, (2)		828,481

	7,556	CIGNA Corporation		919,036

	14,613	Health Net Inc., (2)		838,056

	8,644	UnitedHealth Group Incorporated		982,218
		Total Health Care Providers & Services		7,062,826

		Hotels, Restaurants & Leisure – 8.5%

	13,087	Brinker International Inc.		778,153

	16,535	Carnival Corporation		727,375

	385	Chipotle Mexican Grill, (2)		256,013

	12,198	Choice Hotels International, Inc.		774,207

	12,313	Darden Restaurants, Inc.		788,032

	10,644	Marriott International, Inc., Class A		884,516

	10,352	Royal Caribbean Cruises Limited		791,100

	9,602	Wyndham Worldwide Corporation		878,391
		Total Hotels, Restaurants & Leisure		5,877,787

		Household Durables – 2.3%

	3,760	Whirlpool Corporation		796,932

	17,925	Leggett and Platt Inc.		807,521
		Total Household Durables		1,604,453

		Household Products – 1.1%

	8,343	Spectrum Brands Inc.		781,572


	52			Nuveen Investments


Shares		Description (1)	Value

		Independent Power & Renewable Electricity Producers – 1.2%

	61,585	AES Corporation	$	798,757

		Industrial Conglomerates – 1.2%

	4,997	Roper Industries Inc.		837,347

		Insurance – 5.4%

	27,329	Assured Guaranty Limited		724,765

	4,309	Everest Reinsurance Group Ltd		764,546

	14,621	Lincoln National Corporation		842,754

	19,200	Progressive Corporation		511,680

	7,983	Travelers Companies, Inc.		857,694
		Total Insurance		3,701,439

		Internet Software & Services – 2.3%

	17,726	AOL Inc., (2)		718,612

	12,966	VeriSign, Inc., (2)		830,083
		Total Internet Software & Services		1,548,695

		IT Services – 7.3%

	14,800	Broadridge Financial Solutions, Inc.		787,804

	12,649	Computer Sciences Corporation		897,067

	9,993	Gartner Inc., (2)		830,518

	18,864	Leidos Holdings Inc.		849,257

	3,157	Visa Inc.		856,526

	61,530	Xerox Corporation		839,885
		Total IT Services		5,061,057

		Life Sciences Tools & Services – 1.2%

	12,882	Quintiles Transnational Corporation, (2)		837,072

		Machinery – 9.6%

	25,798	Allision Transmission Holdings Inc.		820,892

	10,654	Caterpillar Inc.		883,217

	10,659	Dover Corporation		767,981

	11,774	Lincoln Electric Holdings Inc.		812,877

	6,770	Parker Hannifin Corporation		830,611

	12,386	Pentair Limited		823,297

	8,177	Stanley Black & Decker Inc.		804,126

	24,936	Trinity Industries Inc.		838,348
		Total Machinery		6,581,349

		Media – 6.5%

	39,446	Cablevision Systems Corporation		740,796

	11,849	Comcast Corporation, Class A		703,594

	49,610	News Corporation, Class A Shares, (2)		857,013


Nuveen Investments			53

Nuveen Equity Long/Short Fund (continued)


Portfolio of Investments		February 28, 2015 (Unaudited)


Shares		Description (1)	Value

		Media (continued)

	217,730	Sirius XM Holdings Inc., (2)	$	846,970

	24,819	Starz, Class A, (2)		824,984

	3,250	Time Warner Cable, Class A		500,663
		Total Media		4,474,020

		Metals & Mining – 1.2%

	33,055	United States Steel Corporation		791,667

		Multiline Retail – 7.1%

	17,210	Big Lots, Inc.		821,089

	6,236	Dillard’s, Inc., Class A		811,678

	11,441	Dollar General Corporation		830,845

	11,763	Kohl’s Corporation		868,109

	13,758	Macy’s, Inc.		876,660

	8,900	Target Corporation		683,787
		Total Multiline Retail		4,892,168

		Oil, Gas & Consumable Fuels – 3.3%

	10,921	CVTR Energy Inc.		458,573

	99,288	Denbury Resources Inc.		834,019

	163,150	SandRidge Energy Inc., (2)		288,776

	11,311	Valero Energy Corporation		697,776
		Total Oil, Gas & Consumable Fuels		2,279,144

		Personal Products – 2.3%

	83,474	Avon Products, Inc.		710,364

	10,480	Estee Lauder Companies Inc., Class A		866,382
		Total Personal Products		1,576,746

		Pharmaceuticals – 1.2%

	8,200	Johnson & Johnson		840,582

		Semiconductors & Semiconductor Equipment – 6.4%

	34,571	Intel Corporation		1,149,486

	8,810	Lam Research Corporation		726,473

	49,398	Marvell Technology Group Ltd.		796,296

	27,632	Micron Technology, Inc., (2)		847,473

	39,277	NVIDIA Corporation		866,451
		Total Semiconductors & Semiconductor Equipment		4,386,179

		Software – 8.7%

	15,176	Electronic Arts Inc., (2)		867,764

	4,510	FactSet Research Systems Inc.		701,531

	8,896	Intuit, Inc.		868,516

	35,542	Microsoft Corporation		1,558,517


	54			Nuveen Investments


Shares			Description (1)					Value

			Software (continued)

	25,284		Oracle Corporation					$	1,107,945

	12,433		Red Hat, Inc., (2)						859,369
			Total Software						5,963,642

			Specialty Retail – 8.8%

	12,440		AutoNation Inc., (2)						765,060

	21,223		Best Buy Co., Inc.						808,596

	12,191		Foot Locker, Inc.						684,768

	10,397		Home Depot, Inc.						1,193,056

	9,084		L Brands Inc.						834,456

	12,735		Lowe’s Companies, Inc.						943,536

	11,602		Murphy USA Inc., (2)						823,626
			Total Specialty Retail						6,053,098

			Technology, Hardware, Storage & Peripherals – 7.5%

	19,462		Apple, Inc.						2,500,089

	33,181		EMC Corporation						960,258

	24,458		Hewlett-Packard Company						852,117

	22,292		NetApp, Inc.						861,585
			Total Technology, Hardware, Storage & Peripherals						5,174,049

			Tobacco – 1.2%

	12,453		Lorillard Inc.						852,034

			Trading Companies & Distributors – 1.1%

	10,850		WESCO International Inc., (2)						753,316

			Wireless Telecommunication Services – 1.3%

	26,340		T-Mobile US Inc., (2)						870,010
			Total Long-Term Investments (cost $108,588,853)						116,152,104

Principal Amount (000)			Description (1)	Coupon		Maturity		Value

			SHORT-TERM INVESTMENTS – 1.0%

$	691		Repurchase Agreement with Fixed Income Clearing Corporation, dated 2/27/15, repurchase price $690,920, collateralized by $535,000 U.S. Treasury Bonds, 4.375%, due 2/15/38, value $707,538		0.000%		3/02/15	$	690,920
			Total Short-Term Investments (cost $690,920)						690,920
			Total Investments (cost $109,279,773) – 169.6%						116,843,024

Shares			Description (1)					Value

			COMMON STOCKS SOLD SHORT – (87.2)% (3)

			Aerospace & Defense – (0.9)%

	(9,812	)	BE Aerospace Inc.					$	(623,454	)

	(1	)	KLX Inc., (2)						(40	)
			Total Aerospace & Defense						(623,494	)


Nuveen Investments			55

Nuveen Equity Long/Short Fund (continued)


Portfolio of Investments		February 28, 2015 (Unaudited)


Shares			Description (1)	Value

			Automobiles – (0.8)%

	(2,632	)	Tesla Motors Inc., (2)	$	(535,191	)

			Banks – (0.7)%

	(4,141	)	SVB Financial Group, (2)		(508,929	)

			Beverages – (2.7)%

	(6,394	)	Brown-Forman Corporation		(586,266	)

	(14,426	)	Coca-Cola Company		(624,646	)

	(5,416	)	Constellation Brands, Inc., Class A, (2)		(621,324	)
			Total Beverages		(1,832,236	)

			Biotechnology – (0.8)%

	(2,428	)	Intercept Pharmaceuticals Incorporated, (2)		(537,486	)

			Building Products – (1.8)%

	(13,207	)	Fortune Brands Home & Security		(611,748	)

	(5,807	)	Lennox International Inc.		(605,438	)
			Total Building Products		(1,217,186	)

			Chemicals – (4.2)%

	(3,058	)	Air Products & Chemicals Inc.		(477,476	)

	(12,028	)	Cytec Industries, Inc.		(631,831	)

	(6,903	)	E.I. Du Pont de Nemours and Company		(537,399	)

	(9,441	)	FMC Corporation		(598,654	)

	(25,039	)	Platform Specialty Products Corporation, (2)		(645,505	)
			Total Chemicals		(2,890,865	)

			Commercial Services & Supplies – (0.7)%

	(3,606	)	Stericycle Inc., (2)		(486,702	)

			Communications Equipment – (1.8)%

	(19,058	)	CommScope Holding Company Inc., (2)		(600,327	)

	(9,332	)	Motorola Solutions Inc.		(634,016	)
			Total Communications Equipment		(1,234,343	)

			Construction & Engineering – (0.9)%

	(21,079	)	Quanta Services Incorporated, (2)		(606,654	)

			Construction Materials – (1.8)%

	(4,284	)	Martin Marietta Materials		(609,742	)

	(7,626	)	Vulcan Materials Company		(632,958	)
			Total Construction Materials		(1,242,700	)

			Containers & Packaging – (0.9)%

	(13,185	)	Sealed Air Corporation		(621,409	)

			Distributors – (0.8)%

	(22,677	)	LKQ Corporation, (2)		(557,287	)


	56			Nuveen Investments


Shares			Description (1)	Value

			Electric Utilities – (1.2)%

	(11,900	)	OGE Energy Corp.	$	(386,869	)

	(9,772	)	Southern Company		(447,460	)
			Total Electric Utilities		(834,329	)

			Electrical Equipment – (1.8)%

	(19,746	)	Babcock & Wilcox Company		(612,916	)

	(8,548	)	Eaton PLC		(606,993	)
			Total Electrical Equipment		(1,219,909	)

			Electronic Equipment, Instruments & Components – (2.7)%

	(11,165	)	Amphenol Corporation, Class A		(630,376	)

	(43,857	)	AVX Group		(624,962	)

	(6,920	)	Zebra Technologies Corporation, Class A, (2)		(630,066	)
			Total Electronic Equipment, Instruments & Components		(1,885,404	)

			Energy Equipment & Services – (1.6)%

	(14,240	)	Halliburton Company		(611,466	)

	(35,253	)	RPC Inc.		(473,800	)
			Total Energy Equipment & Services		(1,085,266	)

			Food Products – (5.4)%

	(9,528	)	Hain Celestial Group Inc., (2)		(595,786	)

	(6,051	)	Hershey Foods Corporation		(627,973	)

	(9,550	)	Kraft Foods Inc.		(611,773	)

	(8,319	)	McCormick & Company, Incorporated		(627,086	)

	(16,451	)	Mondelez International Inc.		(607,618	)

	(15,415	)	WhiteWave Foods Company, (2)		(631,244	)
			Total Food Products		(3,701,480	)

			Health Care Equipment & Supplies – (1.6)%

	(8,220	)	Baxter International, Inc.		(568,413	)

	(3,495	)	Cooper Companies, Inc.		(573,075	)
			Total Health Care Equipment & Supplies		(1,141,488	)

			Health Care Providers & Services – (1.8)%

	(16,040	)	Brookdale Senior Living Inc., (2)		(601,660	)

	(17,642	)	Permier Inc., Class A, (2)		(646,756	)
			Total Health Care Providers & Services		(1,248,416	)

			Health Care Technology – (1.7)%

	(4,610	)	AthenaHealth Inc., (2)		(585,793	)

	(23,134	)	IMS Health Holdings Inc., (2)		(608,887	)
			Total Health Care Technology		(1,194,680	)

			Household Durables – (5.9)%

	(21,786	)	D.R. Horton, Inc.		(594,976	)


Nuveen Investments			57

Nuveen Equity Long/Short Fund (continued)


Portfolio of Investments		February 28, 2015 (Unaudited)


Shares			Description (1)	Value

			Household Durables (continued)

	(12,742	)	Garmin Limited	$	(632,385	)

	(11,888	)	Lennar Corporation, Class A		(596,896	)

	(442	)	NVR Inc., (2)		(588,744	)

	(22,791	)	Pulte Corporation		(514,165	)

	(29,900	)	Taylor Morrison, (2)		(576,472	)

	(14,661	)	Toll Brothers Inc., (2)		(561,663	)
			Total Household Durables		(4,065,301	)

			Insurance – (1.7)%

	(12,356	)	Arthur J. Gallagher & Co.		(580,608	)

	(16,117	)	FNF Group		(591,816	)
			Total Insurance		(1,172,424	)

			Internet & Catalog Retail – (0.9)%

	(1,588	)	Amazon.com, Inc., (2)		(603,694	)

			Internet Software & Services – (3.4)%

	(3,408	)	CoStar Group, Inc., (2)		(678,737	)

	(1,182	)	Google Inc., Class A, (2)		(665,029	)

	(26,202	)	Pandora Media, Inc., (2)		(387,790	)

	(12,594	)	Twitter Inc., (2)		(605,520	)
			Total Internet Software & Services		(2,337,076	)

			IT Services – (0.6)%

	(12,760	)	VeriFone Holdings Inc., (2)		(449,024	)

			Leisure Products – (0.8)%

	(22,288	)	Mattel, Inc.		(586,620	)

			Life Sciences Tools & Services – (0.9)%

	(33,167	)	Bruker Biosciences Corporation, (2)		(631,168	)

			Machinery – (5.2)%

	(16,253	)	Donaldson Company, Inc.		(602,011	)

	(15,046	)	ITT Industries, Inc.		(617,939	)

	(16,292	)	Navistar International Corporation, (2)		(474,260	)

	(13,237	)	Oshkosh Truck Corporation		(645,833	)

	(9,308	)	Toro Company		(629,686	)

	(5,317	)	WABCO Holdings Inc.		(621,185	)
			Total Machinery		(3,590,914	)

			Media – (1.8)%

	(29,429	)	Dreamworks Animation SKG Inc., (2)		(630,075	)

	(19,022	)	Lions Gate Entertainment Corporation, Equity		(619,927	)
			Total Media		(1,250,002	)


	58			Nuveen Investments


Shares			Description (1)	Value

			Metals & Mining – (0.9)%

	(20,209	)	Southern Copper Corporation	$	(601,622	)

			Multi-Utilities – (2.1)%

	(5,800	)	Alliant Energy Corporation		(368,880	)

	(14,027	)	NiSource Inc.		(601,899	)

	(23,271	)	TECO Energy, Inc.		(456,810	)
			Total Multi-Utilities		(1,427,589	)

			Oil, Gas & Consumable Fuels – (5.9)%

	(18,495	)	CONSOL Energy Inc.		(595,539	)

	(9,273	)	Energen Corporation		(599,407	)

	(7,608	)	EQT Corporation		(607,194	)

	(20,385	)	Golar LNG, Limited		(632,343	)

	(7,799	)	Phillips 66		(611,910	)

	(8,723	)	Range Resources Corporation		(432,137	)

	(12,537	)	Williams Companies, Inc.		(614,814	)
			Total Oil, Gas & Consumable Fuels		(4,093,344	)

			Pharmaceuticals – (2.5)%

	(1,912	)	Actavis PLC, (2)		(557,080	)

	(6,741	)	Endo International PLC, (2)		(577,030	)

	(3,620	)	Perrigo Company		(559,181	)
			Total Pharmaceuticals		(1,693,291	)

			Professional Services – (1.8)%

	(4,189	)	Towers Watson & Company, Class A Shares		(550,854	)

	(9,288	)	Verisk Analytics Inc, Class A Shares, (2)		(666,971	)
			Total Professional Services		(1,217,825	)

			Road & Rail – (1.7)%

	(6,979	)	J.B. Hunt Transports Serives Inc.		(596,705	)

	(5,004	)	Kansas City Southern Industries		(579,663	)
			Total Road & Rail		(1,176,368	)

			Semiconductors & Semiconductor Equipment – (5.5)%

	(10,791	)	Analog Devices, Inc.		(631,705	)

	(4,889	)	Avago Technologies Limtied		(623,934	)

	(15,844	)	Cree, Inc., (2)		(622,035	)

	(12,268	)	Linear Technology Corporation		(591,134	)

	(28,764	)	SunEdison Inc., (2)		(636,835	)

	(20,686	)	SunPower Corporation, (2)		(675,605	)
			Total Semiconductors & Semiconductor Equipment		(3,781,248	)

			Software – (0.4)%

	(2,605	)	NetSuite Inc., (2)		(251,174	)


Nuveen Investments			59

Nuveen Equity Long/Short Fund (continued)


Portfolio of Investments		February 28, 2015 (Unaudited)


Shares			Description (1)	Value

			Specialty Retail – (3.6)%

	(4,061	)	Advance Auto Parts, Inc.	$	(629,171	)

	(12,143	)	Cabela’s Incorporated, (2)		(661,065	)

	(9,090	)	CarMax, Inc., (2)		(610,030	)

	(6,472	)	Tiffany & Co.		(570,960	)
			Total Specialty Retail		(2,471,226	)

			Technology, Hardware, Storage & Peripherals – (0.5)%

	(5,487	)	Stratasys, Inc., (2)		(340,523	)

			Textiles, Apparel & Luxury Goods – (1.3)%

	(10,218	)	Kate Spade & Company, (2)		(352,010	)

	(4,137	)	Ralph Lauren Corporation		(568,465	)
			Total Textiles, Apparel & Luxury Goods		(920,475	)

			Thrifts & Mortgage Finance – (1.6)%

	(50,083	)	Hudson City Bancorp, Inc.		(488,810	)

	(44,410	)	TFS Financial Corporation		(626,181	)
			Total Thrifts & Mortgage Finance		(1,114,991	)

			Trading Companies & Distributors – (0.9)%

	(15,127	)	Fastenal Company		(628,527	)

			Water Utilities – (0.7)%

	(18,011	)	Aqua America Inc.		(476,211	)
			Total Common Stocks Sold Short (proceeds $57,415,534)		(60,086,091	)
			Other Assets Less Liabilities – 17.6%		12,151,147
			Net Assets – 100%	$	68,908,080

(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 $77,586,999 have been pledged as collateral for Common Stocks Sold Short.

See accompanying notes to financial statements.


	60			Nuveen Investments

Nuveen Equity Market Neutral Fund


Portfolio of Investments		February 28, 2015 (Unaudited)


Shares		Description (1)	Value

		LONG-TERM INVESTMENTS – 117.6%

		COMMON STOCKS – 117.6%

		Aerospace & Defense – 2.3%

	3,700	Boeing Company	$	558,145

	3,900	Huntington Ingalls Industries Inc.		551,187
		Total Aerospace & Defense		1,109,332

		Air Freight & Logistics – 1.2%

	7,800	C.H. Robinson Worldwide, Inc.		579,540

		Airlines – 1.1%

	11,700	Delta Air Lines, Inc.		520,884

		Auto Components – 3.3%

	6,000	Delphi Automotive PLC		473,040

	5,000	Lear Corporation		544,600

	5,300	Visteon Corporation, (2)		532,809
		Total Auto Components		1,550,449

		Automobiles – 1.9%

	32,900	Ford Motor Company		537,586

	5,800	Thor Industries, Inc.		357,628
		Total Automobiles		895,214

		Banks – 1.0%

	29,700	Bank of America Corporation		469,557

		Beverages – 2.3%

	7,200	Dr. Pepper Snapple Group		567,288

	5,300	PepsiCo, Inc.		524,594
		Total Beverages		1,091,882

		Biotechnology – 3.6%

	3,600	Amgen Inc.		567,792

	5,500	Gilead Sciences, Inc.		569,415

	3,800	United Therapeutics Corporation, (2)		589,190
		Total Biotechnology		1,726,397

		Capital Markets – 3.4%

	13,500	Eaton Vance Corporation		568,350

	2,600	Goldman Sachs Group, Inc.		493,454

	11,000	Lazard Limited		559,680
		Total Capital Markets		1,621,484


Nuveen Investments			61

Nuveen Equity Market Neutral Fund (continued)


Portfolio of Investments		February 28, 2015 (Unaudited)


Shares		Description (1)	Value

		Chemicals – 1.6%

	6,500	Albemarle Corporation	$	367,705

	8,300	Cabot Corporation		374,496
		Total Chemicals		742,201

		Communications Equipment – 0.5%

	18,200	Brocade Communications Systems Inc.		225,498

		Construction & Engineering – 1.1%

	17,800	AECOM, (2)		535,068

		Diversified Consumer Services – 2.1%

	20,200	Apollo Group, Inc., (2)		558,530

	12,300	Devry Education Group Inc.		449,565
		Total Diversified Consumer Services		1,008,095

		Diversified Financial Services – 0.2%

	800	CME Group, Inc.		76,744

		Diversified Telecommunication Services – 3.8%

	14,300	CenturyLink Inc.		541,398

	66,400	Frontier Communications Corporation		529,872

	21,500	Intelsat SA, (2)		265,955

	59,500	Windstream Holdings Inc.		469,455
		Total Diversified Telecommunication Services		1,806,680

		Electrical Equipment – 0.7%

	4,500	Regal-Beloit Corporation		350,730

		Electronic Equipment, Instruments & Components – 4.7%

	9,500	Arrow Electronics, Inc., (2)		588,620

	21,200	Corning Incorporated		517,280

	25,100	Jabil Circuit Inc.		551,447

	38,600	Vishay Intertechnology Inc.		549,664
		Total Electronic Equipment, Instruments & Components		2,207,011

		Energy Equipment & Services – 0.0%

	1	Seventy Seven Energy Inc., (2)		5

		Food & Staples Retailing – 1.1%

	3,400	Costco Wholesale Corporation		499,664

		Food Products – 3.3%

	10,900	Archer-Daniels-Midland Company		521,892

	5,800	Bunge Limited		474,324

	20,800	Pilgrim’s Pride Corporation, (2)		570,544
		Total Food Products		1,566,760


	62			Nuveen Investments


Shares		Description (1)	Value

		Health Care Equipment & Supplies – 2.3%

	2,700	CareFusion Corporation, (2)	$	162,216

	4,200	Edwards Lifesciences Corporation, (2)		558,684

	5,700	Saint Jude Medical Inc.		380,076
		Total Health Care Equipment & Supplies		1,100,976

		Health Care Providers & Services – 6.9%

	5,700	Aetna Inc.		567,435

	4,800	AmerisourceBergen Corporation		493,248

	3,800	Anthem Inc.		556,510

	6,000	Cardinal Health, Inc.		527,940

	4,800	CIGNA Corporation		583,824

	4,700	UnitedHealth Group Incorporated		534,061
		Total Health Care Providers & Services		3,263,018

		Hotels, Restaurants & Leisure – 3.4%

	8,000	Brinker International Inc.		475,680

	700	Marriott International, Inc., Class A		58,170

	32,700	Penn National Gaming, Inc., (2)		532,683

	5,900	Wyndham Worldwide Corporation		539,732
		Total Hotels, Restaurants & Leisure		1,606,265

		Household Durables – 1.7%

	6,100	Leggett and Platt Inc.		274,805

	2,600	Whirlpool Corporation		551,070
		Total Household Durables		825,875

		Household Products – 1.2%

	6,000	Spectrum Brands Inc.		562,080

		Insurance – 3.7%

	3,000	Aspen Insurance Holdings Limited		137,550

	21,300	Assured Guaranty Limited		564,876

	4,300	PartnerRe Limited		492,350

	5,200	RenaisasnceRE Holdings, Limited		533,156
		Total Insurance		1,727,932

		Internet & Catalog Retail – 1.2%

	6,400	Expedia, Inc.		587,200

		Internet Software & Services – 3.5%

	12,400	AOL Inc., (2)		502,696

	8,300	IAC/InterActiveCorp.		559,586

	9,000	VeriSign, Inc., (2)		576,180
		Total Internet Software & Services		1,638,462


Nuveen Investments			63

Nuveen Equity Market Neutral Fund (continued)


Portfolio of Investments		February 28, 2015 (Unaudited)


Shares		Description (1)	Value

		IT Services – 6.2%

	17,800	Booz Allen Hamilton Holding	$	529,728

	1,200	Broadridge Financial Solutions, Inc.		63,876

	7,000	Computer Sciences Corporation		496,440

	6,500	Gartner Inc., (2)		540,215

	25,200	Genpact Limited, (2)		559,944

	4,800	Teradata Corporation, (2)		213,696

	39,700	Xerox Corporation		541,905
		Total IT Services		2,945,804

		Machinery – 5.2%

	17,600	Allision Transmission Holdings Inc.		560,032

	3,700	Caterpillar Inc.		306,730

	11,100	Joy Global Inc.		491,952

	5,400	Pall Corporation		544,374

	16,700	Trinity Industries Inc.		561,454
		Total Machinery		2,464,542

		Media – 5.7%

	27,500	Cablevision Systems Corporation		516,450

	6,400	DirecTV, (2)		567,040

	15,700	Gannett Company Inc.		555,780

	5,400	Scripps Networks Interactive, Class A Shares		390,420

	7,800	Starz, Class A, (2)		259,272

	2,600	Time Warner Cable, Class A		400,530
		Total Media		2,689,492

		Metals & Mining – 0.9%

	18,200	United States Steel Corporation		435,890

		Multiline Retail – 4.8%

	11,900	Big Lots, Inc.		567,749

	4,300	Dillard’s, Inc., Class A		559,688

	8,100	Kohl’s Corporation		597,780

	7,200	Target Corporation		553,176
		Total Multiline Retail		2,278,393

		Oil, Gas & Consumable Fuels – 5.4%

	14,400	CVTR Energy Inc.		604,656

	60,700	Denbury Resources Inc.		509,880

	14,200	Newfield Exploration Company, (2)		469,026

	38,500	Oasis Petroleum Inc., (2)		551,705

	245,400	SandRidge Energy Inc., (2)		434,358
		Total Oil, Gas & Consumable Fuels		2,569,625


	64			Nuveen Investments


Shares		Description (1)	Value

		Paper & Forest Products – 0.8%

	6,300	International Paper Company	$	355,383

		Personal Products – 2.2%

	58,500	Avon Products, Inc.		497,835

	6,700	Estee Lauder Companies Inc., Class A		553,889
		Total Personal Products		1,051,724

		Pharmaceuticals – 1.2%

	9,300	AbbVie Inc.		562,650

		Semiconductors & Semiconductor Equipment – 0.2%

	5,100	NVIDIA Corporation		112,506

		Software – 7.5%

	5,700	CA Technologies		185,364

	8,800	Citrix Systems, (2)		560,340

	9,900	Electronic Arts Inc., (2)		566,082

	5,500	Intuit, Inc.		536,965

	13,000	Microsoft Corporation		570,050

	12,900	Oracle Corporation		565,278

	8,100	Red Hat, Inc., (2)		559,872
		Total Software		3,543,951

		Specialty Retail – 5.8%

	15,100	Abercrombie & Fitch Co., Class A		373,574

	14,200	Best Buy Co., Inc.		541,020

	12,000	Gap, Inc.		499,200

	5,000	Home Depot, Inc.		573,750

	8,000	Lowe’s Companies, Inc.		592,720

	1,000	PetSmart Inc.		82,910

	5,600	Staples, Inc.		93,884
		Total Specialty Retail		2,757,058

		Technology, Hardware, Storage & Peripherals – 6.4%

	4,600	Apple, Inc.		590,916

	20,100	EMC Corporation		581,694

	14,400	Hewlett-Packard Company		501,696

	12,200	Lexmark International, Inc., Class A		520,452

	13,900	NetApp, Inc.		537,235

	2,900	Western Digital Corporation		310,242
		Total Technology, Hardware, Storage & Peripherals		3,042,235

		Tobacco – 1.2%

	8,200	Lorillard Inc.		561,044


Nuveen Investments			65

Nuveen Equity Market Neutral Fund (continued)


Portfolio of Investments		February 28, 2015 (Unaudited)


Shares			Description (1)					Value

			Trading Companies & Distributors – 1.0%

	7,100		WESCO International Inc., (2)					$	492,953
			Total Long-Term Investments (cost $51,344,044)						55,758,253

Principal Amount (000)			Description (1)	Coupon		Maturity		Value

			SHORT-TERM INVESTMENTS – 1.0%

$	482		Repurchase Agreement with Fixed Income Clearing Corporation, dated 2/27/15, repurchase price $482,081, collateralized by $365,000 U.S. Treasury Bonds, 4.500%, due 8/15/39, value $493,663		0.000%		3/02/15	$	482,081
			Total Short-Term Investments (cost $482,081)						482,081
			Total Investments (cost $51,826,125) – 118.6%						56,240,334

Shares			Description (1)					Value

			COMMON STOCKS SOLD SHORT – (94.5)% (3)

			Airlines – (0.9)%

	(8,700	)	American Airlines Group Inc.					$	(416,730	)

			Automobiles – (0.6)%

	(1,500	)	Tesla Motors Inc., (2)						(305,010	)

			Biotechnology – (1.1)%

	(2,300	)	Intercept Pharmaceuticals Incorporated, (2)						(509,151	)

			Building Products – (2.9)%

	(9,200	)	Fortune Brands Home & Security						(426,144	)

	(4,700	)	Lennox International Inc.						(490,022	)

	(11,000	)	Owens Corning						(436,260	)
			Total Building Products						(1,352,426	)

			Capital Markets – (0.2)%

	(2,200	)	Interactive Brokers Group, Inc.						(70,114	)

			Chemicals – (5.7)%

	(2,900	)	Air Products & Chemicals Inc.						(452,806	)

	(8,700	)	Cytec Industries, Inc.						(457,011	)

	(5,800	)	E.I. Du Pont de Nemours and Company						(451,530	)

	(7,100	)	FMC Corporation						(450,211	)

	(18,300	)	Platform Specialty Products Corporation, (2)						(471,774	)

	(4,300	)	WR Grace & Company, (2)						(426,345	)
			Total Chemicals						(2,709,677	)

			Communications Equipment – (3.3)%

	(15,000	)	CommScope Holding Company Inc., (2)						(472,500	)

	(12,000	)	JDS Uniphase Corporation, (2)						(165,240	)

	(6,700	)	Motorola Solutions Inc.						(455,198	)


	66			Nuveen Investments



Shares			Description (1)	Value

			Communications Equipment (continued)

	(3,400	)	Palo Alto Networks, Incorporated, (2)	$	(483,548	)
			Total Communications Equipment		(1,576,486	)

			Construction & Engineering – (0.7)%

	(12,000	)	Quanta Services Incorporated, (2)		(345,360	)

			Construction Materials – (1.0)%

	(5,500	)	Vulcan Materials Company		(456,500	)

			Consumer Finance – (1.0)%

	(49,000	)	SLM Corporation		(464,030	)

			Containers & Packaging – (0.9)%

	(9,500	)	Sealed Air Corporation		(447,735	)

			Electric Utilities – (1.6)%

	(3,900	)	NextEra Energy Inc.		(403,494	)

	(11,100	)	OGE Energy Corp.		(360,861	)
			Total Electric Utilities		(764,355	)

			Electrical Equipment – (0.8)%

	(7,500	)	Solarcity Corporation, (2)		(385,200	)

			Electronic Equipment, Instruments & Components – (3.6)%

	(31,700	)	AVX Group		(451,725	)

	(13,500	)	FLIR Systems Inc.		(435,780	)

	(5,500	)	National Instruments Corporation		(171,270	)

	(6,600	)	Trimble Navigation Limited, (2)		(172,524	)

	(5,200	)	Zebra Technologies Corporation, Class A, (2)		(473,460	)
			Total Electronic Equipment, Instruments & Components		(1,704,759	)

			Energy Equipment & Services – (2.2)%

	(10,600	)	Halliburton Company		(455,164	)

	(50,700	)	McDermott International Inc., (2)		(126,750	)

	(32,900	)	RPC Inc.		(442,176	)
			Total Energy Equipment & Services		(1,024,090	)

			Food Products – (0.9)%

	(12,200	)	Mondelez International Inc.		(450,607	)

			Health Care Equipment & Supplies – (0.4)%

	(2,800	)	Baxter International, Inc.		(193,620	)

			Health Care Providers & Services – (1.9)%

	(11,900	)	Brookdale Senior Living Inc., (2)		(446,369	)

	(12,500	)	Permier Inc., Class A, (2)		(458,250	)
			Total Health Care Providers & Services		(904,619	)


Nuveen Investments			67

Nuveen Equity Market Neutral Fund (continued)


Portfolio of Investments		February 28, 2015 (Unaudited)



Shares			Description (1)	Value

			Health Care Technology – (0.2)%

	(8,100	)	Allscripts Healthcare Solutions Inc., (2)	$	(97,241	)

			Hotels, Restaurants & Leisure – (0.8)%

	(2,800	)	Wynn Resorts Ltd		(399,000	)

			Household Durables – (7.5)%

	(17,900	)	D.R. Horton, Inc.		(488,849	)

	(7,400	)	Garmin Limited		(367,262	)

	(9,200	)	Lennar Corporation, Class A		(461,932	)

	(2,400	)	Mohawk Industries Inc., (2)		(442,440	)

	(300	)	NVR Inc., (2)		(399,600	)

	(20,900	)	Pulte Corporation		(471,504	)

	(24,800	)	Taylor Morrison, (2)		(478,144	)

	(12,200	)	Toll Brothers Inc., (2)		(467,382	)
			Total Household Durables		(3,577,113	)

			Insurance – (1.9)%

	(9,700	)	Arthur J. Gallagher & Co.		(455,803	)

	(11,700	)	FNF Group		(429,624	)
			Total Insurance		(885,427	)

			Internet & Catalog Retail – (1.0)%

	(1,200	)	Amazon.com, Inc., (2)		(456,192	)

			Internet Software & Services – (3.1)%

	(2,300	)	CoStar Group, Inc., (2)		(458,068	)

	(400	)	LinkedIn Corporation, Class A Shares, (2)		(106,880	)

	(26,100	)	Pandora Media, Inc., (2)		(386,280	)

	(9,200	)	Twitter Inc., (2)		(442,336	)

	(1,800	)	Yelp Incorporated, (2)		(86,400	)
			Total Internet Software & Services		(1,479,964	)

			IT Services – (0.9)%

	(19,800	)	Sabre Corporation		(430,848	)

			Leisure Products – (0.8)%

	(14,000	)	Mattel, Inc.		(368,480	)

			Machinery – (4.6)%

	(12,200	)	Donaldson Company, Inc.		(451,888	)

	(11,000	)	ITT Industries, Inc.		(451,770	)

	(21,500	)	Manitowoc Company Inc.		(475,795	)

	(16,000	)	Navistar International Corporation, (2)		(465,760	)

	(6,700	)	Oshkosh Truck Corporation		(326,893	)
			Total Machinery		(2,172,106	)


	68			Nuveen Investments



Shares			Description (1)	Value

			Media – (1.8)%

	(20,300	)	Dreamworks Animation SKG Inc., (2)	$	(434,623	)

	(11,000	)	Thomson Corporation		(431,970	)
			Total Media		(866,593	)

			Metals & Mining – (1.9)%

	(13,300	)	Allegheny Technologies, Inc.		(447,678	)

	(15,100	)	Southern Copper Corporation		(449,527	)
			Total Metals & Mining		(897,205	)

			Multi-Utilities – (3.8)%

	(6,300	)	Dominion Resources, Inc.		(454,167	)

	(20,100	)	MDU Resources Group Inc.		(448,230	)

	(10,500	)	NiSource Inc.		(450,555	)

	(4,200	)	Sempra Energy		(454,440	)
			Total Multi-Utilities		(1,807,392	)

			Oil, Gas & Consumable Fuels – (10.4)%

	(1,700	)	Cabot Oil & Gas Corporation		(49,300	)

	(6,100	)	Cheniere Energy Inc., (2)		(491,843	)

	(49,700	)	Cobalt International Energy, Inc., (2)		(508,928	)

	(14,000	)	CONSOL Energy Inc.		(450,800	)

	(7,000	)	Energen Corporation		(452,480	)

	(14,500	)	Golar LNG, Limited		(449,790	)

	(4,800	)	Gulfport Energy Corporation, (2)		(219,888	)

	(5,600	)	Phillips 66		(439,376	)

	(2,400	)	Pioneer Natural Resources Company		(366,048	)

	(12,900	)	QEP Resources Inc.		(275,028	)

	(6,200	)	Range Resources Corporation		(307,148	)

	(12,600	)	Spectra Energy Corporation		(447,174	)

	(9,300	)	Williams Companies, Inc.		(456,072	)
			Total Oil, Gas & Consumable Fuels		(4,913,875	)

			Pharmaceuticals – (3.2)%

	(1,400	)	Actavis PLC, (2)		(407,904	)

	(5,700	)	Endo International PLC, (2)		(487,920	)

	(2,600	)	Perrigo Company		(401,622	)

	(13,300	)	Theravance Inc.		(240,198	)
			Total Pharmaceuticals		(1,537,644	)

			Professional Services – (0.9)%

	(3,300	)	Towers Watson & Company, Class A Shares		(433,950	)

			Road & Rail – (1.0)%

	(5,300	)	J.B. Hunt Transports Serives Inc.		(453,150	)


Nuveen Investments			69

Nuveen Equity Market Neutral Fund (continued)


Portfolio of Investments		February 28, 2015 (Unaudited)



Shares			Description (1)	Value

			Semiconductors & Semiconductor Equipment – (4.8)%

	(7,700	)	Analog Devices, Inc.	$	(450,758	)

	(12,100	)	Cree, Inc., (2)		(475,046	)

	(9,600	)	Linear Technology Corporation		(462,576	)

	(20,300	)	SunEdison Inc., (2)		(449,442	)

	(14,100	)	SunPower Corporation, (2)		(460,506	)
			Total Semiconductors & Semiconductor Equipment		(2,298,328	)

			Software – (5.2)%

	(9,800	)	FireEye Inc., (2)		(433,846	)

	(4,300	)	NetSuite Inc., (2)		(414,606	)

	(5,800	)	ServiceNow Inc., (2)		(442,308	)

	(6,500	)	Splunk Inc., (2)		(437,125	)

	(4,600	)	Workday Inc., Class A, (2)		(393,300	)

	(139,600	)	Zynga Inc., (2)		(321,080	)
			Total Software		(2,442,265	)

			Specialty Retail – (4.1)%

	(8,200	)	Cabela’s Incorporated, (2)		(446,408	)

	(6,700	)	CarMax, Inc., (2)		(449,637	)

	(3,800	)	Signet Jewelers Limited		(455,544	)

	(5,100	)	Tiffany & Co.		(449,922	)

	(1,600	)	Tractor Supply Company		(140,992	)
			Total Specialty Retail		(1,942,503	)

			Technology, Hardware, Storage & Peripherals – (0.7)%

	(5,500	)	Stratasys, Inc., (2)		(341,330	)

			Textiles, Apparel & Luxury Goods – (2.9)%

	(13,900	)	Kate Spade & Company, (2)		(478,855	)

	(4,200	)	PVH Corporation		(447,426	)

	(1,500	)	Ralph Lauren Corporation		(206,115	)

	(3,000	)	Under Armour, Inc., (2)		(231,030	)
			Total Textiles, Apparel & Luxury Goods		(1,363,426	)

			Tobacco – (0.8)%

	(4,900	)	Reynolds American Inc.		(370,538	)

			Trading Companies & Distributors – (0.8)%

	(9,400	)	Fastenal Company		(390,570	)


	70			Nuveen Investments



Shares			Description (1)	Value

			Water Utilities – (1.7)%

	(7,500	)	American Water Works Company	$	(405,600	)

	(15,300	)	Aqua America Inc.		(404,532	)
			Total Water Utilities		(810,132	)
			Total Common Stocks Sold Short (proceeds $43,404,755)		(44,815,741	)
			Other Assets Less Liabilities – 75.9%		36,011,559
			Net Assets – 100%	$	47,436,152

(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 $16,114,192 have been pledged as collateral for Common Stocks Sold Short.

See accompanying notes to financial statements.


Nuveen Investments			71

Nuveen Growth Fund


Portfolio of Investments		February 28, 2015 (Unaudited)


Shares		Description (1)	Value

		LONG-TERM INVESTMENTS – 99.2%

		COMMON STOCKS – 99.2%

		Aerospace & Defense – 3.6%

	3,089	Precision Castparts Corporation	$	668,151

	10,546	United Technologies Corporation		1,285,663
		Total Aerospace & Defense		1,953,814

		Banks – 1.3%

	12,781	Wells Fargo & Company		700,271

		Beverages – 7.7%

	16,562	Coca-Cola Company		717,135

	18,396	Dr. Pepper Snapple Group		1,449,421

	20,664	PepsiCo, Inc.		2,045,323
		Total Beverages		4,211,879

		Biotechnology – 7.7%

	12,885	Amgen Inc.		2,032,222

	9,674	Celgene Corporation, (2)		1,175,681

	9,850	Gilead Sciences, Inc.		1,019,771
		Total Biotechnology		4,227,674

		Chemicals – 1.6%

	15,724	Albemarle Corporation		889,507

		Communication Equipment – 0.8%

	6,120	QUALCOMM, Inc.		443,761

		Containers & Packaging – 2.2%

	8,722	Ball Corporation		625,455

	11,090	Crown Holdings Inc., (2)		587,770
		Total Containers & Packaging		1,213,225

		Diversified Financial Services – 1.1%

	10,082	CBOE Holdings, Inc.		605,222

		Diversified Telecommunication Services – 1.8%

	19,609	Verizon Communications Inc.		969,665

		Energy Equipment & Services – 0.8%

	5,076	Schlumberger Limited		427,196

		Food & Staples Retailing – 3.8%

	8,927	Costco Wholesale Corporation		1,311,912

	7,477	CVS Caremark Corporation		776,636
		Total Food & Staples Retailing		2,088,548


	72			Nuveen Investments


Shares		Description (1)	Value

		Food Products – 1.7%

	19,905	Archer-Daniels-Midland Company	$	953,051

		Health Care Equipment & Supplies – 1.5%

	12,592	ResMed Inc.		810,421

		Health Care Providers & Services – 6.4%

	12,281	Aetna Inc.		1,222,574

	5,694	AmerisourceBergen Corporation		585,115

	11,569	Express Scripts, Holding Company, (2)		980,936

	3,219	McKesson HBOC Inc.		736,185
		Total Health Care Providers & Services		3,524,810

		Industrial Conglomerates – 3.4%

	12,592	Danaher Corporation		1,099,030

	4,580	Roper Industries Inc.		767,471
		Total Industrial Conglomerates		1,866,501

		Insurance – 1.0%

	6,287	Reinsurance Group of America Inc.		561,492

		IT Services – 9.8%

	14,041	Accenture Limited		1,264,111

	13,593	Gartner Inc., (2)		1,129,714

	3,672	International Business Machines Corporation (IBM)		594,644

	9,157	MasterCard, Inc.		825,320

	5,646	Visa Inc.		1,531,816
		Total IT Services		5,345,605

		Leisure Equipment & Products – 1.4%

	4,924	Polaris Industries Inc.		754,997

		Machinery – 2.2%

	8,626	Dover Corporation		621,503

	4,745	Parker Hannifin Corporation		582,164
		Total Machinery		1,203,667

		Media – 7.0%

	17,832	Comcast Corporation, Class A		1,058,864

	14,326	DirecTV, (2)		1,269,284

	10,440	Discovery Communications inc., Class A Shares, (2)		337,212

	11,441	Walt Disney Company		1,190,779
		Total Media		3,856,139

		Multiline Retail – 2.0%

	14,461	Target Corporation		1,111,039

		Personal Products – 1.3%

	8,596	Estee Lauder Companies Inc., Class A		710,631


Nuveen Investments			73

Nuveen Growth Fund (continued)


Portfolio of Investments		February 28, 2015 (Unaudited)


Shares		Description (1)					Value

		Pharmaceuticals – 1.3%

	3,127	Allergan, Inc.					$	727,778

		Software – 10.4%

	13,974	Intuit, Inc.						1,364,282

	55,250	Microsoft Corporation						2,422,713

	43,467	Oracle Corporation						1,904,724
		Total Software						5,691,719

		Specialy Retail – 7.7%

	22,257	Gap, Inc.						925,891

	22,751	Home Depot, Inc.						2,610,677

	8,458	PetSmart Inc.						701,253
		Total Specialy Retail						4,237,821

		Technology, Hardware, Storage, Peripherals – 7.7%

	24,301	Apple, Inc.						3,121,706

	37,415	EMC Corporation						1,082,790
		Total Technology, Hardware, Storage, Peripherals						4,204,496

		Textiles, Apparel, & Luxury Goods – 1.0%

	5,502	Nike, Inc., Class B						534,354

		Tobacco – 1.0%

	6,571	Philip Morris International						545,130
		Total Long-Term Investments (cost $40,736,309)						54,370,413

Principal Amount (000)		Description (1)	Coupon		Maturity		Value

		SHORT-TERM INVESTMENTS – 2.2%

$	1,218	Repurchase Agreement with Fixed Income Clearing Corporation, dated 2/27/15, repurchase price $1,218,235, collateralized by $925,000 U.S. Treasury Bonds, 4.375%, due 5/15/40, value $1,244,125		0.000%		3/02/15	$	1,218,235
		Total Short-Term Investments (cost $1,218,235)						1,218,235
		Total Investments (cost $41,954,544) – 101.4%						55,588,648
		Other Assets Less Liabilities – (1.4)%						(771,902	)
		Net Assets – 100%					$	54,816,746

(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.


	74			Nuveen Investments

Nuveen Large Cap Core Fund


Portfolio of Investments		February 28, 2015 (Unaudited)


Shares		Description (1)	Value

		LONG-TERM INVESTMENTS – 99.5%

		COMMON STOCKS – 99.5%

		Aerospace & Defense – 2.0%

	20,000	Boeing Company	$	3,017,000

	6,000	Huntington Ingalls Industries Inc.		847,980

	3,000	Triumph Group Inc.		179,370
		Total Aerospace & Defense		4,044,350

		Air, Freight & Logistics – 1.1%

	28,000	C.H. Robinson Worldwide, Inc.		2,080,400

		Airlines – 1.1%

	49,000	Delta Air Lines, Inc.		2,181,480

		Auto Components – 1.6%

	4,600	Delphi Automotive PLC		362,664

	14,000	Lear Corporation		1,524,880

	12,000	Visteon Corporation, (2)		1,206,360
		Total Auto Components		3,093,904

		Automobiles – 1.7%

	145,000	Ford Motor Company		2,369,300

	16,000	Thor Industries, Inc.		986,560
		Total Automobiles		3,355,860

		Banks – 2.1%

	153,000	Bank of America Corporation		2,418,930

	22,100	JP Morgan Chase & Co.		1,354,288

	8,000	Wells Fargo & Company		438,320
		Total Banks		4,211,538

		Beverages – 1.7%

	16,000	Dr. Pepper Snapple Group		1,260,640

	22,000	PepsiCo, Inc.		2,177,560
		Total Beverages		3,438,200

		Biotechnology – 3.3%

	20,000	Amgen Inc.		3,154,400

	33,000	Gilead Sciences, Inc.		3,416,490
		Total Biotechnology		6,570,890

		Capital Markets – 3.4%

	49,000	Eaton Vance Corporation		2,062,900

	14,000	Goldman Sachs Group, Inc.		2,657,060


Nuveen Investments			75

Nuveen Large Cap Core Fund (continued)


Portfolio of Investments		February 28, 2015 (Unaudited)


Shares		Description (1)	Value

		Capital Markets (continued)

	39,000	Lazard Limited	$	1,984,320
		Total Capital Markets		6,704,280

		Chemicals – 1.0%

	22,000	Albemarle Corporation		1,244,540

	18,300	Cabot Corporation		825,696
		Total Chemicals		2,070,236

		Diversified Consumer Services – 0.8%

	38,000	Apollo Group, Inc., (2)		1,050,700

	17,000	Devry Education Group Inc.		621,350
		Total Diversified Consumer Services		1,672,050

		Diversified Financial Services – 1.6%

	4,000	Berkshire Hathaway Inc., Class B, (2)		589,640

	8,000	NASDAQ Stock Market, Inc.		401,280

	47,000	Voya Financial Inc.		2,076,930
		Total Diversified Financial Services		3,067,850

		Diversified Telecommunication Services – 3.2%

	59,000	CenturyLink Inc.		2,233,740

	234,000	Frontier Communications Corporation		1,867,320

	18,000	Intelsat SA, (2)		222,660

	258,000	Windstream Holdings Inc.		2,035,620
		Total Diversified Telecommunication Services		6,359,340

		Electronic Equipment, Instruments & Components – 4.4%

	32,000	Arrow Electronics, Inc., (2)		1,982,720

	44,000	Avnet Inc.		2,015,640

	67,000	Corning Incorporated		1,634,800

	82,000	Jabil Circuit Inc.		1,801,540

	88,000	Vishay Intertechnology Inc.		1,253,120
		Total Electronic Equipment, Instruments & Components		8,687,820

		Food & Staples Retailing – 0.7%

	10,000	Costco Wholesale Corporation		1,469,600

		Food Products – 2.0%

	41,000	Archer-Daniels-Midland Company		1,963,080

	74,000	Pilgrim’s Pride Corporation, (2)		2,029,820
		Total Food Products		3,992,900

		Health Care Equipment & Supplies – 2.1%

	16,000	Edwards Lifesciences Corporation, (2)		2,128,320

	29,000	Saint Jude Medical Inc.		1,933,720
		Total Health Care Equipment & Supplies		4,062,040


	76			Nuveen Investments


Shares		Description (1)	Value

		Health Care Providers & Services – 7.4%

	23,000	Aetna Inc.	$	2,289,650

	21,000	AmerisourceBergen Corporation		2,157,960

	16,000	Anthem Inc.		2,343,200

	26,000	Cardinal Health, Inc.		2,287,740

	18,000	CIGNA Corporation		2,189,340

	2,000	McKesson HBOC Inc.		457,400

	26,000	UnitedHealth Group Incorporated		2,954,380
		Total Health Care Providers & Services		14,679,670

		Hotels, Restaurants & Leisure – 1.6%

	6,100	Brinker International Inc.		362,706

	15,000	Marriott International, Inc., Class A		1,246,500

	26,600	Penn National Gaming, Inc., (2)		433,314

	13,000	Wyndham Worldwide Corporation		1,189,240
		Total Hotels, Restaurants & Leisure		3,231,760

		Household Durables – 0.2%

	1,900	Whirlpool Corporation		402,705

		Household Products – 1.1%

	3,000	Procter & Gamble Company		255,390

	21,000	Spectrum Brands Inc.		1,967,280
		Total Household Products		2,222,670

		Industrial Conglomerates – 0.2%

	15,000	General Electric Company		389,850

		Insurance – 4.8%

	4,900	Aspen Insurance Holdings Limited		224,665

	76,000	Assured Guaranty Limited		2,015,520

	8,000	Everest Reinsurance Group Ltd		1,419,440

	15,000	PartnerRe Limited		1,717,500

	3,200	Reinsurance Group of America Inc.		285,792

	17,000	RenaisasnceRE Holdings, Limited		1,743,010

	19,000	Travelers Companies, Inc.		2,041,360
		Total Insurance		9,447,287

		Internet & Catalog Retail – 0.9%

	20,000	Expedia, Inc.		1,835,000

		Internet Software & Services – 1.9%

	41,000	AOL Inc., (2)		1,662,140

	32,000	VeriSign, Inc., (2)		2,048,640
		Total Internet Software & Services		3,710,780


Nuveen Investments			77

Nuveen Large Cap Core Fund (continued)


Portfolio of Investments		February 28, 2015 (Unaudited)


Shares		Description (1)	Value

		IT Services – 3.4%

	12,700	Computer Sciences Corporation	$	900,684

	19,000	Gartner Inc., (2)		1,579,090

	91,000	Genpact Limited, (2)		2,022,020

	159,000	Xerox Corporation		2,170,350
		Total IT Services		6,672,144

		Machinery – 4.1%

	63,000	Allision Transmission Holdings Inc.		2,004,660

	16,000	Caterpillar Inc.		1,326,400

	14,000	Joy Global Inc.		620,480

	17,000	Parker Hannifin Corporation		2,085,730

	60,000	Trinity Industries Inc.		2,017,200
		Total Machinery		8,054,470

		Media – 6.6%

	103,000	Cablevision Systems Corporation		1,934,340

	54,000	Comcast Corporation, Class A		3,206,520

	27,000	DirecTV, (2)		2,392,200

	58,000	Gannett Company Inc.		2,053,200

	11,000	Scripps Networks Interactive, Class A Shares		795,300

	65,000	Sirius XM Holdings Inc., (2)		252,850

	16,000	Time Warner Cable, Class A		2,464,800
		Total Media		13,099,210

		Multiline Retail – 3.3%

	42,000	Big Lots, Inc.		2,003,820

	8,200	Dillard’s, Inc., Class A		1,067,312

	17,300	Kohl’s Corporation		1,276,740

	28,000	Target Corporation		2,151,240
		Total Multiline Retail		6,499,112

		Oil, Gas & Consumable Fuels – 2.9%

	18,000	CVTR Energy Inc.		755,820

	239,000	Denbury Resources Inc.		2,007,600

	18,000	Exxon Mobil Corporation		1,593,720

	807,000	SandRidge Energy Inc., (2)		1,428,390
		Total Oil, Gas & Consumable Fuels		5,785,530

		Paper & Forest Products – 0.1%

	5,100	International Paper Company		287,691

		Pharmaceuticals – 2.4%

	13,000	AbbVie Inc.		786,500

	7,000	Johnson & Johnson		717,570


	78			Nuveen Investments


Shares		Description (1)	Value

		Pharmaceuticals (continued)

	96,000	Pfizer Inc.	$	3,294,720
		Total Pharmaceuticals		4,798,790

		Software – 7.5%

	32,000	Citrix Systems, (2)		2,037,600

	37,000	Electronic Arts Inc., (2)		2,115,660

	12,100	Intuit, Inc.		1,181,323

	121,000	Microsoft Corporation		5,305,850

	75,000	Oracle Corporation		3,286,500

	12,000	Red Hat, Inc., (2)		829,440
		Total Software		14,756,373

		Specialty Retail – 6.2%

	55,000	Best Buy Co., Inc.		2,095,500

	35,000	Chico’s FAS, Inc.		638,050

	45,000	Gap, Inc.		1,872,000

	28,000	Home Depot, Inc.		3,213,000

	33,000	Lowe’s Companies, Inc.		2,444,970

	115,000	Staples, Inc.		1,927,975
		Total Specialty Retail		12,191,495

		Technology, Hardware, Storage & Peripherals – 9.2%

	70,000	Apple, Inc.		8,992,200

	87,000	EMC Corporation		2,517,780

	76,000	Hewlett-Packard Company		2,647,840

	43,000	Lexmark International, Inc., Class A		1,834,380

	47,000	NetApp, Inc.		1,816,550

	3,000	Western Digital Corporation		320,940
		Total Technology, Hardware, Storage & Peripherals		18,129,690

		Tobacco – 1.1%

	32,000	Lorillard Inc.		2,189,440

		Trading Companies & Distributors – 0.8%

	23,000	WESCO International Inc., (2)		1,596,890
		Total Long-Term Investments (cost $184,077,244)		197,043,295


Nuveen Investments			79

Nuveen Large Cap Core Fund (continued)


Portfolio of Investments		February 28, 2015 (Unaudited)

Principal
Amount (000)

Description (1)

Coupon

Maturity

Value

SHORT-TERM INVESTMENTS – 0.3%

658

Repurchase Agreement with Fixed Income Clearing Corporation, dated 2/27/15, repurchase price $657,550, collateralized by $500,000 U.S. Treasury Bonds, 4.500%, due 8/15/39, value $676,250

0.000%

3/02/15

657,550

Total Short-Term Investments (cost $657,550)

657,550

Total Investments (cost $184,734,794) – 99.8%

197,700,845

Other Assets Less Liabilities – 0.2%

395,302

Net Assets – 100%

198,096,147

(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.


	80			Nuveen Investments

Nuveen Large Cap Core Plus Fund


Portfolio of Investments		February 28, 2015 (Unaudited)


Shares		Description (1)	Value

		LONG-TERM INVESTMENTS – 128.9%

		COMMON STOCKS – 128.9%

		Aerospace & Defense – 2.2%

	16,000	Boeing Company	$	2,413,600

	2,000	General Dynamics Corporation		277,560
		Total Aerospace & Defense		2,691,160

		Air Freight & Logistics – 1.4%

	22,000	C.H. Robinson Worldwide, Inc.		1,634,600

		Airlines – 1.2%

	33,000	Delta Air Lines, Inc.		1,469,160

		Auto Components – 3.0%

	8,600	Delphi Automotive PLC		678,024

	14,000	Lear Corporation		1,524,880

	14,000	Visteon Corporation, (2)		1,407,420
		Total Auto Components		3,610,324

		Automobiles – 2.0%

	118,000	Ford Motor Company		1,928,120

	7,000	Thor Industries, Inc.		431,620
		Total Automobiles		2,359,740

		Banks – 3.1%

	130,000	Bank of America Corporation		2,055,300

	20,900	JPMorgan Chase & Co.		1,280,752

	6,000	Wells Fargo & Company		328,740
		Total Banks		3,664,792

		Beverages – 1.9%

	23,000	PepsiCo, Inc.		2,276,540

		Biotechnology – 4.2%

	15,000	Amgen Inc.		2,365,800

	26,000	Gilead Sciences, Inc.		2,691,780
		Total Biotechnology		5,057,580

		Capital Markets – 4.4%

	38,000	Eaton Vance Corporation		1,599,800

	11,000	Goldman Sachs Group, Inc.		2,087,690

	31,000	Lazard Limited		1,577,280
		Total Capital Markets		5,264,770


Nuveen Investments			81

Nuveen Large Cap Core Plus Fund (continued)


Portfolio of Investments		February 28, 2015 (Unaudited)


Shares		Description (1)	Value

		Chemicals – 1.8%

	23,000	Albemarle Corporation	$	1,301,110

	18,900	Cabot Corporation		852,768
		Total Chemicals		2,153,878

		Communications Equipment – 0.3%

	29,000	Brocade Communications Systems Inc.		359,310

		Diversified Consumer Services – 1.7%

	45,000	Apollo Group, Inc., (2)		1,244,250

	22,000	Devry Education Group Inc.		804,100
		Total Diversified Consumer Services		2,048,350

		Diversified Financial Services – 0.9%

	3,000	Berkshire Hathaway Inc., Class B, (2)		442,230

	15,000	Voya Financial Inc.		662,850
		Total Diversified Financial Services		1,105,080

		Diversified Telecommunication Services – 4.1%

	46,000	CenturyLink Inc.		1,741,560

	189,000	Frontier Communications Corporation		1,508,220

	30,600	Intelsat SA, (2)		378,522

	172,000	Windstream Holdings Inc.		1,357,080
		Total Diversified Telecommunication Services		4,985,382

		Electrical Equipment – 0.4%

	5,400	Regal-Beloit Corporation		420,876

		Electronic Equipment, Instruments & Components – 4.0%

	13,000	Arrow Electronics, Inc., (2)		805,480

	63,000	Corning Incorporated		1,537,200

	68,000	Jabil Circuit Inc.		1,493,960

	72,000	Vishay Intertechnology Inc.		1,025,280
		Total Electronic Equipment, Instruments & Components		4,861,920

		Food & Staples Retailing – 1.2%

	10,000	Costco Wholesale Corporation		1,469,600

		Food Products – 3.3%

	33,000	Archer-Daniels-Midland Company		1,580,040

	10,000	Bunge Limited		817,800

	58,000	Pilgrim’s Pride Corporation, (2)		1,590,940
		Total Food Products		3,988,780

		Health Care Equipment & Supplies – 2.7%

	12,000	Edwards Lifesciences Corporation, (2)		1,596,240

	25,000	Saint Jude Medical Inc.		1,667,000
		Total Health Care Equipment & Supplies		3,263,240


	82			Nuveen Investments


Shares		Description (1)	Value

		Health Care Providers & Services – 9.9%

	18,000	Aetna Inc.	$	1,791,900

	17,000	AmerisourceBergen Corporation		1,746,920

	13,000	Anthem Inc.		1,903,850

	20,000	Cardinal Health, Inc.		1,759,800

	15,000	CIGNA Corporation		1,824,450

	2,000	McKesson HBOC Inc.		457,400

	21,000	UnitedHealth Group Incorporated		2,386,230
		Total Health Care Providers & Services		11,870,550

		Hotels, Restaurants & Leisure – 3.2%

	10,400	Brinker International Inc.		618,384

	13,000	Marriott International, Inc., Class A		1,080,300

	45,100	Penn National Gaming, Inc., (2)		734,679

	16,000	Wyndham Worldwide Corporation		1,463,680
		Total Hotels, Restaurants & Leisure		3,897,043

		Household Products – 1.5%

	3,000	Procter & Gamble Company		255,390

	17,000	Spectrum Brands Inc.		1,592,560
		Total Household Products		1,847,950

		Industrial Conglomerates – 0.3%

	12,000	General Electric Company		311,880

		Insurance – 6.5%

	4,900	Aspen Insurance Holdings Limited		224,665

	60,000	Assured Guaranty Limited		1,591,200

	8,000	Everest Reinsurance Group Ltd		1,419,440

	13,000	PartnerRe Limited		1,488,500

	14,000	RenaisasnceRE Holdings, Limited		1,435,420

	15,000	Travelers Companies, Inc.		1,611,600
		Total Insurance		7,770,825

		Internet & Catalog Retail – 1.3%

	17,000	Expedia, Inc.		1,559,750

		Internet Software & Services – 2.5%

	34,000	AOL Inc., (2)		1,378,360

	25,000	VeriSign, Inc., (2)		1,600,500
		Total Internet Software & Services		2,978,860

		IT Services – 5.3%

	35,000	Booz Allen Hamilton Holding		1,041,600

	12,300	Computer Sciences Corporation		872,316

	17,000	Gartner Inc., (2)		1,412,870


Nuveen Investments			83

Nuveen Large Cap Core Plus Fund (continued)


Portfolio of Investments		February 28, 2015 (Unaudited)


Shares		Description (1)	Value

		IT Services (continued)

	71,000	Genpact Limited, (2)	$	1,577,620

	110,000	Xerox Corporation		1,501,500
		Total IT Services		6,405,906

		Machinery – 4.9%

	49,000	Allision Transmission Holdings Inc.		1,559,180

	17,000	Caterpillar Inc.		1,409,300

	12,000	Joy Global Inc.		531,840

	2,000	Pall Corporation		201,620

	5,000	Parker Hannifin Corporation		613,450

	47,000	Trinity Industries Inc.		1,580,140
		Total Machinery		5,895,530

		Media – 6.9%

	68,000	Cablevision Systems Corporation		1,277,040

	25,000	Comcast Corporation, Class A		1,484,500

	21,000	DirecTV, (2)		1,860,600

	45,000	Gannett Company Inc.		1,593,000

	4,000	Scripps Networks Interactive, Class A Shares		289,200

	12,000	Time Warner Cable, Class A		1,848,600
		Total Media		8,352,940

		Metals & Mining – 0.7%

	36,000	United States Steel Corporation		862,200

		Multiline Retail – 5.1%

	33,000	Big Lots, Inc.		1,574,430

	8,600	Dillard’s, Inc., Class A		1,119,376

	23,000	Kohl’s Corporation		1,697,400

	23,000	Target Corporation		1,767,090
		Total Multiline Retail		6,158,296

		Oil, Gas & Consumable Fuels – 4.0%

	35,000	CVTR Energy Inc.		1,469,650

	188,000	Denbury Resources Inc.		1,579,200

	14,000	Exxon Mobil Corporation		1,239,560

	34,000	Oasis Petroleum Inc., (2)		487,220
		Total Oil, Gas & Consumable Fuels		4,775,630

		Pharmaceuticals – 1.6%

	10,000	AbbVie Inc.		605,000

	6,000	Johnson & Johnson		615,060

	21,000	Pfizer Inc.		720,720
		Total Pharmaceuticals		1,940,780


	84			Nuveen Investments


Shares		Description (1)					Value

		Software – 9.8%

	6,000	CA Technologies					$	195,120

	25,000	Citrix Systems, (2)						1,591,875

	29,000	Electronic Arts Inc., (2)						1,658,220

	13,000	Intuit, Inc.						1,269,190

	95,000	Microsoft Corporation						4,165,750

	59,000	Oracle Corporation						2,585,380

	4,000	Red Hat, Inc., (2)						276,480
		Total Software						11,742,015

		Specialty Retail – 6.5%

	44,000	Best Buy Co., Inc.						1,676,400

	6,000	Chico’s FAS, Inc.						109,380

	37,000	Gap, Inc.						1,539,200

	23,000	Home Depot, Inc.						2,639,250

	25,000	Lowe’s Companies, Inc.						1,852,250
		Total Specialty Retail						7,816,480

		Technology, Hardware, Storage & Peripherals – 12.5%

	55,000	Apple, Inc.						7,065,300

	69,000	EMC Corporation						1,996,860

	59,000	Hewlett-Packard Company						2,055,560

	36,000	Lexmark International, Inc., Class A						1,535,760

	38,000	NetApp, Inc.						1,468,700

	9,000	Western Digital Corporation						962,820
		Total Technology, Hardware, Storage & Peripherals						15,085,000

		Tobacco – 1.4%

	25,000	Lorillard Inc.						1,710,500

		Trading Companies & Distributors – 1.2%

	21,000	WESCO International Inc., (2)						1,458,030
		Total Long-Term Investments (cost $143,107,408)						155,125,247

Principal Amount (000)		Description (1)	Coupon		Maturity		Value

		SHORT-TERM INVESTMENTS – 0.4%

$	491	Repurchase Agreement with Fixed Income Clearing Corporation, dated 2/27/15, repurchase price $490,711, collateralized by $375,000 U.S. Treasury Bonds, 4.500%, due 8/15/39, value $507,188		0.000%		3/02/15	$	490,711
		Total Short-Term Investments (cost $490,711)						490,711
		Total Investments (cost $143,598,119) – 129.3%						155,615,958


Nuveen Investments			85

Nuveen Large Cap Core Plus Fund (continued)


Portfolio of Investments		February 28, 2015 (Unaudited)


Shares			Description (1)	Value

			COMMON STOCKS SOLD SHORT – (29.7)% (3)

			Airlines – (0.3)%

	(7,300	)	American Airlines Group Inc.	$	(349,670	)

	(900	)	United Continental Holdings Inc., (2)		(58,662	)
			Total Airlines		(408,332	)

			Automobiles – (0.3)%

	(1,800	)	Tesla Motors Inc., (2)		(366,012	)

			Banks – (0.4)%

	(2,700	)	SVB Financial Group, (2)		(331,830	)

	(3,700	)	U.S. Bancorp		(165,057	)
			Total Banks		(496,887	)

			Beverages – (0.9)%

	(3,800	)	Brown-Forman Corporation		(348,422	)

	(8,400	)	Coca-Cola Company		(363,720	)

	(3,100	)	Constellation Brands, Inc., Class A, (2)		(355,632	)
			Total Beverages		(1,067,774	)

			Biotechnology – (0.6)%

	(1,500	)	Intercept Pharmaceuticals Incorporated, (2)		(332,055	)

	(2,800	)	Vertex Pharmaceuticals Inc., (2)		(334,404	)
			Total Biotechnology		(666,459	)

			Capital Markets – (0.9)%

	(900	)	BlackRock Inc.		(334,278	)

	(7,600	)	Charles Schwab Corporation		(222,984	)

	(3,100	)	E*Trade Group Inc., (2)		(80,709	)

	(2,600	)	LPL Investments Holdings Inc.		(116,636	)

	(9,700	)	TD Ameritrade Holding Corporation		(351,819	)
			Total Capital Markets		(1,106,426	)

			Chemicals – (1.7)%

	(2,200	)	Air Products & Chemicals Inc.		(343,508	)

	(4,600	)	E.I. Du Pont de Nemours and Company		(358,110	)

	(5,700	)	FMC Corporation		(361,437	)

	(2,600	)	Monsanto Company		(313,118	)

	(14,400	)	Platform Specialty Products Corporation, (2)		(371,232	)

	(2,800	)	Praxair, Inc.		(358,120	)
			Total Chemicals		(2,105,525	)

			Communications Equipment – (0.6)%

	(7,400	)	CommScope Holding Company Inc., (2)		(233,100	)

	(5,300	)	Motorola Solutions Inc.		(360,082	)

	(1,300	)	Palo Alto Networks, Incorporated, (2)		(184,886	)
			Total Communications Equipment		(778,068	)


	86			Nuveen Investments


Shares			Description (1)	Value

			Construction Materials – (0.4)%

	(900	)	Martin Marietta Materials	$	(128,097	)

	(3,900	)	Vulcan Materials Company		(323,700	)
			Total Construction Materials		(451,797	)

			Consumer Finance – (0.1)%

	(12,600	)	SLM Corporation		(119,322	)

			Containers & Packaging – (0.2)%

	(4,100	)	Sealed Air Corporation		(193,233	)

			Electric Utilities – (1.7)%

	(4,400	)	American Electric Power Company, Inc.		(253,352	)

	(2,400	)	Duke Energy Corporation		(188,520	)

	(10,600	)	Exelon Corporation		(359,552	)

	(10,100	)	FirstEnergy Corp.		(353,298	)

	(3,300	)	NextEra Energy Inc.		(341,418	)

	(3,700	)	OGE Energy Corp.		(120,287	)

	(1,600	)	PPL Corporation		(54,560	)

	(7,300	)	Southern Company		(334,267	)
			Total Electric Utilities		(2,005,254	)

			Electrical Equipment – (0.4)%

	(4,900	)	Eaton PLC		(347,949	)

	(2,800	)	Solarcity Corporation, (2)		(143,808	)
			Total Electrical Equipment		(491,757	)

			Electronic Equipment, Instruments & Components – (0.3)%

	(14,200	)	AVX Group		(202,350	)

	(1,400	)	National Instruments Corporation		(43,596	)

	(2,500	)	Trimble Navigation Limited, (2)		(65,350	)
			Total Electronic Equipment, Instruments & Components		(311,296	)

			Energy Equipment & Services – (0.9)%

	(8,400	)	Halliburton Company		(360,696	)

	(16,200	)	McDermott International Inc., (2)		(40,500	)

	(22,100	)	RPC Inc.		(297,024	)

	(4,100	)	Schlumberger Limited		(345,056	)
			Total Energy Equipment & Services		(1,043,276	)

			Food Products – (1.5)%

	(3,300	)	Hershey Foods Corporation		(342,474	)

	(5,500	)	Kellogg Company		(354,640	)

	(3,000	)	Keurig Green Mountain Inc.		(382,740	)

	(5,600	)	Kraft Foods Inc.		(358,736	)

	(9,800	)	Mondelez International Inc.		(361,963	)
			Total Food Products		(1,800,553	)


Nuveen Investments			87

Nuveen Large Cap Core Plus Fund (continued)


Portfolio of Investments		February 28, 2015 (Unaudited)


Shares			Description (1)	Value

			Health Care Equipment & Supplies – (0.3)%

	(5,000	)	Baxter International, Inc.	$	(345,750	)

			Health Care Providers & Services – (0.3)%

	(9,600	)	Brookdale Senior Living Inc., (2)		(360,096	)

			Hotels, Restaurants & Leisure – (0.4)%

	(2,400	)	McDonald’s Corporation		(237,360	)

	(2,000	)	Wynn Resorts Ltd		(285,000	)
			Total Hotels, Restaurants & Leisure		(522,360	)

			Household Durables – (1.5)%

	(13,200	)	D.R. Horton, Inc.		(360,492	)

	(7,200	)	Lennar Corporation, Class A		(361,512	)

	(15,800	)	Pulte Corporation		(356,448	)

	(19,100	)	Taylor Morrison, (2)		(368,248	)

	(9,600	)	Toll Brothers Inc., (2)		(367,776	)
			Total Household Durables		(1,814,476	)

			Household Products – (0.3)%

	(5,000	)	Colgate-Palmolive Company		(354,100	)

			Industrial Conglomerates – (0.1)%

	(6,800	)	General Electric Company		(176,732	)

			Insurance – (0.6)%

	(6,700	)	Arthur J. Gallagher & Co.		(314,833	)

	(2,400	)	Brown & Brown Inc.		(77,136	)

	(8,800	)	FNF Group		(323,136	)
			Total Insurance		(715,105	)

			Internet & Catalog Retail – (0.7)%

	(900	)	Amazon.com, Inc., (2)		(342,144	)

	(800	)	NetFlix.com Inc., (2)		(379,928	)

	(100	)	priceline.com Incorporated, (2)		(123,748	)
			Total Internet & Catalog Retail		(845,820	)

			Internet Software & Services – (1.5)%

	(1,100	)	CoStar Group, Inc., (2)		(219,076	)

	(600	)	Google Inc., Class A, (2)		(337,578	)

	(700	)	Google Inc., Class C Shares, (2)		(390,880	)

	(1,300	)	LinkedIn Corporation, Class A Shares, (2)		(347,360	)

	(6,700	)	Pandora Media, Inc., (2)		(99,160	)

	(7,400	)	Twitter Inc., (2)		(355,792	)
			Total Internet Software & Services		(1,749,846	)


	88			Nuveen Investments


Shares			Description (1)	Value

			Machinery – (0.5)%

	(7,600	)	Donaldson Company, Inc.	$	(281,504	)

	(12,000	)	Navistar International Corporation, (2)		(349,320	)
			Total Machinery		(630,824	)

			Media – (0.3)%

	(15,300	)	Dreamworks Animation SKG Inc., (2)		(327,573	)

	(2,300	)	Thomson Corporation		(90,321	)
			Total Media		(417,894	)

			Metals & Mining – (0.7)%

	(22,400	)	Alcoa Inc.		(331,296	)

	(3,300	)	Allegheny Technologies, Inc.		(111,078	)

	(12,300	)	Southern Copper Corporation		(366,171	)
			Total Metals & Mining		(808,545	)

			Multi-Utilities – (0.8)%

	(5,000	)	Dominion Resources, Inc.		(360,450	)

	(6,900	)	NiSource Inc.		(296,079	)

	(3,300	)	Sempra Energy		(357,060	)
			Total Multi-Utilities		(1,013,589	)

			Oil, Gas & Consumable Fuels – (4.3)%

	(4,100	)	Anadarko Petroleum Corporation		(345,343	)

	(5,800	)	Antero Resources Corporation, (2)		(228,810	)

	(5,100	)	Cabot Oil & Gas Corporation		(147,900	)

	(4,800	)	Cheniere Energy Inc., (2)		(387,024	)

	(36,900	)	Cobalt International Energy, Inc., (2)		(377,856	)

	(11,100	)	CONSOL Energy Inc.		(357,420	)

	(7,800	)	Continental Resources Inc., (2)		(347,022	)

	(5,500	)	Energen Corporation		(355,520	)

	(1,500	)	EQT Corporation		(119,715	)

	(4,000	)	Exxon Mobil Corporation		(354,160	)

	(11,400	)	Golar LNG, Limited		(353,628	)

	(3,900	)	Kinder Morgan, Inc.		(159,939	)

	(3,700	)	Noble Energy, Inc.		(174,751	)

	(4,500	)	Phillips 66		(353,070	)

	(2,300	)	Pioneer Natural Resources Company		(350,796	)

	(1,000	)	Range Resources Corporation		(49,540	)

	(10,100	)	Spectra Energy Corporation		(358,449	)

	(7,600	)	Williams Companies, Inc.		(372,704	)
			Total Oil, Gas & Consumable Fuels		(5,193,647	)

			Pharmaceuticals – (0.9)%

	(1,300	)	Actavis PLC, (2)		(378,768	)


Nuveen Investments			89

Nuveen Large Cap Core Plus Fund (continued)


Portfolio of Investments		February 28, 2015 (Unaudited)


Shares			Description (1)	Value

			Pharmaceuticals (continued)

	(4,200	)	Endo International PLC, (2)	$	(359,520	)

	(2,100	)	Perrigo Company		(324,387	)
			Total Pharmaceuticals		(1,062,675	)

			Professional Services – (0.4)%

	(3,800	)	Nielsen Holdings N.V		(171,798	)

	(1,900	)	Towers Watson & Company, Class A Shares		(249,850	)
			Total Professional Services		(421,648	)

			Semiconductors & Semiconductor Equipment – (1.4)%

	(5,900	)	Analog Devices, Inc.		(345,386	)

	(2,800	)	Avago Technologies Limtied		(357,336	)

	(6,000	)	Linear Technology Corporation		(289,110	)

	(16,100	)	SunEdison Inc., (2)		(356,454	)

	(11,200	)	SunPower Corporation, (2)		(365,792	)
			Total Semiconductors & Semiconductor Equipment		(1,714,078	)

			Software – (1.4)%

	(4,300	)	Adobe Systems Incorporated, (2)		(340,130	)

	(7,200	)	FireEye Inc., (2)		(318,744	)

	(1,500	)	NetSuite Inc., (2)		(144,630	)

	(5,100	)	Salesforce.com, Inc., (2)		(353,838	)

	(2,200	)	ServiceNow Inc., (2)		(167,772	)

	(600	)	Splunk Inc., (2)		(40,350	)

	(3,100	)	Workday Inc., Class A, (2)		(265,050	)

	(47,700	)	Zynga Inc., (2)		(109,710	)
			Total Software		(1,740,224	)

			Specialty Retail – (0.9)%

	(100	)	AutoZone, Inc., (2)		(64,268	)

	(3,900	)	CarMax, Inc., (2)		(261,729	)

	(3,000	)	Signet Jewelers Limited		(359,640	)

	(4,000	)	Tiffany & Co.		(352,880	)
			Total Specialty Retail		(1,038,517	)

			Technology, Hardware, Storage & Peripherals – (0.3)%

	(5,200	)	Stratasys, Inc., (2)		(322,712	)

			Textiles, Apparel & Luxury Goods – (0.4)%

	(9,000	)	Kate Spade & Company, (2)		(310,050	)

	(1,200	)	PVH Corporation		(127,836	)
			Total Textiles, Apparel & Luxury Goods		(437,886	)

			Tobacco – (0.3)%

	(5,000	)	Reynolds American Inc.		(378,100	)


	90			Nuveen Investments


Shares			Description (1)	Value

			Trading Companies & Distributors – (0.1)%

	(2,400	)	Fastenal Company	$	(99,720	)

	(100	)	WW Grainger, Inc.		(23,691	)
			Total Trading Companies & Distributors		(123,411	)

			Water Utilities – (0.1)%

	(6,600	)	Aqua America Inc.		(174,504	)
			Total Common Stocks Sold Short (proceeds $34,057,187)		(35,774,510	)
			Other Assets Less Liabilities – 0.4%		537,184
			Net Assets – 100%	$	120,378,632

(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 $52,768,628 have been pledged as collateral for Common Stocks Sold Short.

See accompanying notes to financial statements.


Nuveen Investments			91

Nuveen Large Cap Growth Fund


Portfolio of Investments		February 28, 2015 (Unaudited)


Shares		Description (1)	Value

		LONG-TERM INVESTMENTS – 99.5%

		COMMON STOCKS – 99.5%

		Aerospace & Defense – 3.5%

	10,200	Boeing Company	$	1,538,670

	5,200	Huntington Ingalls Industries Inc.		734,916

	7,200	Triumph Group Inc.		430,488
		Total Aerospace & Defense		2,704,074

		Airlines – 0.8%

	14,600	Delta Air Lines, Inc.		649,992

		Auto Components – 1.3%

	4,600	Delphi Automotive PLC		362,664

	6,200	Lear Corporation		675,304
		Total Auto Components		1,037,968

		Automobiles – 0.5%

	18,200	Ford Motor Company		297,388

	1,200	Thor Industries, Inc.		73,992
		Total Automobiles		371,380

		Beverages – 2.4%

	8,400	Dr. Pepper Snapple Group		661,836

	11,800	PepsiCo, Inc.		1,167,964
		Total Beverages		1,829,800

		Biotechnology – 5.8%

	9,900	Amgen Inc.		1,561,428

	2,700	Biogen Inc., (2)		1,105,893

	18,100	Gilead Sciences, Inc.		1,873,893
		Total Biotechnology		4,541,214

		Capital Markets – 0.7%

	12,100	Eaton Vance Corporation		509,410

		Chemicals – 1.3%

	8,300	Albemarle Corporation		469,531

	12,200	Cabot Corporation		550,464
		Total Chemicals		1,019,995

		Commercial Services & Supplies – 1.1%

	9,900	Cintas Corporation		826,452

		Communications Equipment – 0.9%

	30,500	Juniper Networks Inc.		729,255


	92			Nuveen Investments


Shares		Description (1)	Value

		Construction & Engineering – 0.4%

	9,200	AECOM, (2)	$	276,552

		Containers & Packaging – 0.8%

	11,400	Crown Holdings Inc., (2)		604,200

		Diversified Telecommunication Services – 2.9%

	18,500	CenturyLink Inc.		700,410

	16,900	Intelsat SA, (2)		209,053

	12,800	Verizon Communications Inc.		632,960

	89,100	Windstream Holdings Inc.		702,999
		Total Diversified Telecommunication Services		2,245,422

		Electronic Equipment, Instruments & Components – 1.8%

	16,200	Avnet Inc.		742,122

	27,500	Corning Incorporated		671,000
		Total Electronic Equipment, Instruments & Components		1,413,122

		Energy Equipment & Services – 0.3%

	11,400	Superior Energy Services, Inc.		255,132

		Food & Staples Retailing – 2.2%

	8,200	Costco Wholesale Corporation		1,205,072

	1,900	Walgreens Boots Alliance Inc.		157,852

	5,900	Whole Foods Market, Inc.		333,291
		Total Food & Staples Retailing		1,696,215

		Food Products – 1.8%

	15,000	Archer-Daniels-Midland Company		718,200

	25,100	Pilgrim’s Pride Corporation, (2)		688,493
		Total Food Products		1,406,693

		Health Care Equipment & Supplies – 1.1%

	6,500	Edwards Lifesciences Corporation, (2)		864,630

		Health Care Providers & Services – 5.7%

	8,200	Aetna Inc.		816,310

	8,700	AmerisourceBergen Corporation		894,012

	6,100	Cardinal Health, Inc.		536,739

	5,200	Centene Corporation, (2)		319,592

	6,200	CIGNA Corporation		754,106

	5,000	McKesson HBOC Inc.		1,143,500
		Total Health Care Providers & Services		4,464,259

		Hotels, Restaurants & Leisure – 4.0%

	13,300	Brinker International Inc.		790,818

	10,800	Marriott International, Inc., Class A		897,480

	38,600	Seaworld Entertainment		723,364


Nuveen Investments			93

Nuveen Large Cap Growth Fund (continued)


Portfolio of Investments		February 28, 2015 (Unaudited)


Shares		Description (1)	Value

		Hotels, Restaurants & Leisure (continued)

	7,300	Wyndham Worldwide Corporation	$	667,804
		Total Hotels, Restaurants & Leisure		3,079,466

		Household Durables – 1.4%

	6,700	Leggett and Platt Inc.		301,835

	3,700	Whirlpool Corporation		784,215
		Total Household Durables		1,086,050

		Household Products – 1.0%

	8,400	Spectrum Brands Inc.		786,912

		Insurance – 0.5%

	4,300	Reinsurance Group of America Inc.		384,033

		Internet & Catalog Retail – 1.1%

	9,100	Expedia, Inc.		834,925

		Internet Software & Services – 1.1%

	13,300	VeriSign, Inc., (2)		851,466

		IT Services – 5.0%

	23,900	Booz Allen Hamilton Holding		711,264

	14,400	Broadridge Financial Solutions, Inc.		766,512

	6,800	Computer Sciences Corporation		482,256

	9,900	Gartner Inc., (2)		822,789

	35,300	Genpact Limited, (2)		784,366

	1,900	International Business Machines Corporation (IBM)		307,686
		Total IT Services		3,874,873

		Leisure Products – 0.7%

	3,600	Polaris Industries Inc.		551,988

		Life Sciences Tools & Services – 1.0%

	12,200	Quintiles Transnational Corporation, (2)		792,756

		Machinery – 5.4%

	22,000	Allision Transmission Holdings Inc.		700,040

	6,700	Caterpillar Inc.		555,430

	900	Cummins Inc.		128,007

	600	Deere & Company		54,360

	6,100	Dover Corporation		439,505

	8,400	Pall Corporation		846,804

	5,400	Parker Hannifin Corporation		662,526

	24,000	Trinity Industries Inc.		806,880
		Total Machinery		4,193,552

		Media – 9.5%

	37,200	Cablevision Systems Corporation		698,616


	94			Nuveen Investments


Shares		Description (1)	Value

		Media (continued)

	29,700	Comcast Corporation, Class A	$	1,763,586

	11,100	DirecTV, (2)		983,460

	10,000	Scripps Networks Interactive, Class A Shares		723,000

	220,000	Sirius XM Holdings Inc., (2)		855,800

	23,400	Starz, Class A, (2)		777,816

	6,800	Time Warner Cable, Class A		1,047,540

	4,800	Twenty First Century Fox Inc., Class A Shares		168,000

	5,600	Viacom Inc., Class B		391,664
		Total Media		7,409,482

		Multiline Retail – 3.5%

	14,900	Big Lots, Inc.		710,879

	4,500	Dillard’s, Inc., Class A		585,720

	9,700	Kohl’s Corporation		715,860

	9,700	Target Corporation		745,251
		Total Multiline Retail		2,757,710

		Oil, Gas & Consumable Fuels – 0.7%

	39,100	Oasis Petroleum Inc., (2)		560,303

		Paper & Forest Products – 0.6%

	8,500	International Paper Company		479,485

		Personal Products – 2.1%

	83,800	Avon Products, Inc.		713,138

	11,000	Estee Lauder Companies Inc., Class A		909,370
		Total Personal Products		1,622,508

		Real Estate Management & Development – 1.2%

	4,600	CBRE Group Inc., (2)		157,596

	4,900	Jones Lang LaSalle Inc.		790,125
		Total Real Estate Management & Development		947,721

		Software – 9.0%

	13,300	Citrix Systems, (2)		846,878

	15,200	Electronic Arts Inc., (2)		869,136

	7,200	Intuit, Inc.		702,936

	47,700	Microsoft Corporation		2,091,645

	37,500	Oracle Corporation		1,643,250

	12,600	Red Hat, Inc., (2)		870,912
		Total Software		7,024,757

		Specialty Retail – 5.9%

	20,200	Best Buy Co., Inc.		769,620

	16,500	Gap, Inc.		686,400


Nuveen Investments			95

Nuveen Large Cap Growth Fund (continued)


Portfolio of Investments		February 28, 2015 (Unaudited)


Shares		Description (1)					Value

		Specialty Retail (continued)

	16,300	Home Depot, Inc.					$	1,870,425

	17,600	Lowe’s Companies, Inc.						1,303,984
		Total Specialty Retail						4,630,429

		Technology, Hardware, Storage & Peripherals – 9.5%

	47,800	Apple, Inc.						6,140,388

	25,300	EMC Corporation						732,182

	14,400	NetApp, Inc.						556,560
		Total Technology, Hardware, Storage & Peripherals						7,429,130

		Textiles, Apparel & Luxury Goods – 0.8%

	7,000	Fossil Group Inc., (2)						602,070

		Tobacco – 0.2%

	2,700	Lorillard Inc.						184,734
		Total Long-Term Investments (cost $69,442,881)						77,530,115

Principal Amount (000)		Description (1)	Coupon		Maturity		Value

		SHORT-TERM INVESTMENTS – 0.2%

$	128	Repurchase Agreement with Fixed Income Clearing Corporation, dated 2/27/15, repurchase price $128,178, collateralized by $100,000 U.S. Treasury Bonds, 4.500%, due 8/15/39, value $135,250		0.000%		3/02/15	$	128,178
		Total Short-Term Investments (cost $128,178)						128,178
		Total Investments (cost $69,571,059) – 99.7%						77,658,293
		Other Assets Less Liabilities – 0.3%						271,277
		Net Assets – 100%					$	77,929,570

(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.


	96			Nuveen Investments

Nuveen Large Cap Value Fund


Portfolio of Investments		February 28, 2015 (Unaudited)


Shares		Description (1)	Value

		LONG-TERM INVESTMENTS – 99.5%

		COMMON STOCKS – 99.5%

		Aerospace & Defense – 3.6%

	28,000	General Dynamics Corporation	$	3,885,840

	26,000	Huntington Ingalls Industries Inc.		3,674,580

	34,000	L-3 Communications Holdings, Inc.		4,400,620

	80,000	Triumph Group Inc.		4,783,200
		Total Aerospace & Defense		16,744,240

		Airlines – 1.2%

	122,000	Delta Air Lines, Inc.		5,431,440

		Auto Components – 2.1%

	7,200	Delphi Automotive PLC		567,648

	43,000	Lear Corporation		4,683,560

	44,000	Visteon Corporation, (2)		4,423,320
		Total Auto Components		9,674,528

		Automobiles – 2.0%

	462,000	Ford Motor Company		7,549,080

	50,000	General Motors Company		1,865,500
		Total Automobiles		9,414,580

		Banks – 6.9%

	758,000	Bank of America Corporation		11,983,980

	46,000	Citigroup Inc.		2,411,320

	248,000	JPMorgan Chase & Co.		15,197,440

	48,000	Wells Fargo & Company		2,629,920
		Total Banks		32,222,660

		Biotechnology – 1.1%

	32,000	Amgen Inc.		5,047,040

		Capital Markets – 1.8%

	44,000	Goldman Sachs Group, Inc.		8,350,760

		Chemicals – 1.5%

	71,000	Albemarle Corporation		4,016,470

	68,000	Cabot Corporation		3,068,160
		Total Chemicals		7,084,630

		Commercial Services & Supplies – 0.9%

	185,000	Pitney Bowes Inc.		4,286,450


Nuveen Investments			97

Nuveen Large Cap Value Fund (continued)


Portfolio of Investments		February 28, 2015 (Unaudited)


Shares		Description (1)	Value

		Communication Equipment – 1.4%

	379,000	Brocade Communications Systems Inc.	$	4,695,810

	71,000	Cisco Systems, Inc.		2,095,210
		Total Communication Equipment		6,791,020

		Diversified Consumer Services – 1.7%

	157,000	Apollo Group, Inc., (2)		4,341,050

	96,000	Devry Education Group Inc.		3,508,800
		Total Diversified Consumer Services		7,849,850

		Diversified Financial Services – 2.8%

	20,000	Berkshire Hathaway Inc., Class B, (2)		2,948,200

	98,000	NASDAQ Stock Market, Inc.		4,915,680

	118,000	Voya Financial Inc.		5,214,420
		Total Diversified Financial Services		13,078,300

		Diversified Telecommunication Services – 3.8%

	151,000	CenturyLink Inc.		5,716,860

	611,000	Frontier Communications Corporation		4,875,780

	208,000	Intelsat SA, (2)		2,572,960

	597,000	Windstream Holdings Inc.		4,710,330
		Total Diversified Telecommunication Services		17,875,930

		Electrical Equipment – 0.6%

	36,000	Regal-Beloit Corporation		2,805,840

		Electronic Components – 1.2%

	224,000	Corning Incorporated		5,465,600

		Electronic Equipment & Instruments – 2.9%

	79,000	Arrow Electronics, Inc., (2)		4,894,840

	88,000	Avnet Inc.		4,031,280

	220,000	Jabil Circuit Inc.		4,833,400
		Total Electronic Equipment & Instruments		13,759,520

		Food & Staples Retailing – 2.0%

	32,000	Costco Wholesale Corporation		4,702,720

	22,000	Walgreens Boots Alliance Inc.		1,827,760

	32,000	Wal-Mart Stores, Inc.		2,685,760
		Total Food & Staples Retailing		9,216,240

		Food Products – 2.3%

	124,000	Archer-Daniels-Midland Company		5,937,120

	178,000	Pilgrim’s Pride Corporation, (2)		4,882,540
		Total Food Products		10,819,660

		Health Care Equipment & Supplies – 2.2%

	84,000	Medtronic, PLC		6,517,560


	98			Nuveen Investments


Shares		Description (1)	Value

		Health Care Equipment & Supplies (continued)

	55,000	Saint Jude Medical Inc.	$	3,667,400
		Total Health Care Equipment & Supplies		10,184,960

		Health Care Providers & Services – 7.4%

	59,000	Aetna Inc.		5,873,450

	45,000	Anthem Inc.		6,590,250

	68,000	Cardinal Health, Inc.		5,983,320

	51,000	CIGNA Corporation		6,203,130

	86,000	UnitedHealth Group Incorporated		9,772,180
		Total Health Care Providers & Services		34,422,330

		Hotels, Restaurants & Leisure – 1.8%

	47,000	Marriott International, Inc., Class A		3,905,700

	275,000	Penn National Gaming, Inc., (2)		4,479,750
		Total Hotels, Restaurants & Leisure		8,385,450

		Household Durables – 1.1%

	24,000	Whirlpool Corporation		5,086,800

		Household Products – 0.2%

	9,000	Procter & Gamble Company		766,170

		Industrial Conglomerates – 0.5%

	88,000	General Electric Company		2,287,120

		Insurance – 10.6%

	103,000	Aspen Insurance Holdings Limited		4,722,550

	80,000	Assurant Inc.		4,901,600

	108,000	Assured Guaranty Limited		2,864,160

	60,000	Axis Capital Holdings Limited		3,109,800

	42,000	Chubb Corporation		4,218,900

	28,000	Everest Reinsurance Group Ltd		4,968,040

	79,000	MetLife, Inc.		4,015,570

	43,000	PartnerRe Limited		4,923,500

	52,000	Reinsurance Group of America Inc.		4,644,120

	47,000	RenaisasnceRE Holdings, Limited		4,818,910

	59,000	Travelers Companies, Inc.		6,338,960
		Total Insurance		49,526,110

		IT Services – 4.1%

	153,000	Booz Allen Hamilton Holding		4,553,280

	75,000	Computer Sciences Corporation		5,319,000

	167,000	Genpact Limited, (2)		3,710,740

	394,000	Xerox Corporation		5,378,100
		Total IT Services		18,961,120


Nuveen Investments			99

Nuveen Large Cap Value Fund (continued)


Portfolio of Investments		February 28, 2015 (Unaudited)


Shares		Description (1)	Value

		Machinery – 5.6%

	75,000	Caterpillar Inc.	$	6,217,500

	63,000	Deere & Company		5,707,800

	96,000	Joy Global Inc.		4,254,720

	41,000	Parker Hannifin Corporation		5,030,290

	140,000	Trinity Industries Inc.		4,706,800
		Total Machinery		25,917,110

		Media – 1.7%

	7,000	Comcast Corporation, Class A		415,660

	4,300	DirecTV, (2)		380,980

	153,000	Gannett Company Inc.		5,416,200

	17,000	John Wiley and Sons Inc., Class A		1,099,220

	16,000	Starz, Class A, (2)		531,840
		Total Media		7,843,900

		Multiline Retail – 4.6%

	99,000	Big Lots, Inc.		4,723,290

	38,000	Dillard’s, Inc., Class A		4,946,080

	74,000	Kohl’s Corporation		5,461,200

	85,000	Target Corporation		6,530,550
		Total Multiline Retail		21,661,120

		Oil, Gas & Consumable Fuels – 2.8%

	571,000	Denbury Resources Inc.		4,796,400

	91,000	Exxon Mobil Corporation		8,057,140
		Total Oil, Gas & Consumable Fuels		12,853,540

		Paper & Forest Products – 1.1%

	89,000	International Paper Company		5,020,490

		Pharmaceuticals – 3.7%

	60,000	Johnson & Johnson		6,150,600

	321,000	Pfizer Inc.		11,016,720
		Total Pharmaceuticals		17,167,320

		Semiconductors – 0.9%

	77,000	Intel Corporation		2,560,250

	66,096	NVIDIA Corporation		1,458,078
		Total Semiconductors		4,018,328

		Software – 2.6%

	36,000	Electronic Arts Inc., (2)		2,058,480

	232,000	Microsoft Corporation		10,173,200
		Total Software		12,231,680


	100			Nuveen Investments


Shares		Description (1)					Value

		Specialy Retail – 1.7%

	34,000	Abercrombie & Fitch Co., Class A					$	841,160

	135,000	Best Buy Co., Inc.						5,143,500

	128,000	Staples, Inc.						2,145,920
		Total Specialy Retail						8,130,580

		Technology, Hardware, Storage & Peripherals – 6.1%

	38,000	Apple, Inc.						4,881,480

	221,000	EMC Corporation						6,395,740

	220,000	Hewlett-Packard Company						7,664,800

	105,000	Lexmark International, Inc., Class A						4,479,300

	48,000	Western Digital Corporation						5,135,040
		Total Technology, Hardware, Storage & Peripherals						28,556,360

		Trading Companies & Distributors – 1.0%

	70,000	WESCO International Inc., (2)						4,860,100
		Total Long-Term Investments (cost $406,782,210)						463,798,876

Principal Amount (000)		Description (1)	Coupon		Maturity		Value

		SHORT-TERM INVESTMENTS – 0.4%

$	1,810	Repurchase Agreement with Fixed Income Clearing Corporation, dated 2/27/15, repurchase price $1,809,592, collateralized by $1,400,000 U.S. Treasury Bonds, 4.375%, due 2/15/38, value $1,851,500		0.000%		3/02/15	$	1,809,592
		Total Short-Term Investments (cost $1,809,592)						1,809,592
		Total Investments (cost $408,591,802) – 99.9%						465,608,468
		Other Assets Less Liabilities – 0.1%						411,788
		Net Assets – 100%					$	466,020,256

(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			101

Statement of


		Assets and Liabilities		February 28, 2015 (Unaudited)


	Concentrated Core		Core Dividend		Equity Long/ Short			Equity Market Neutral			Growth
Assets
Long-term investments, at value (cost $107,334,166, $34,269,165, $108,588,853, $51,344,044 and $40,736,309, respectively)	$	112,713,900	$	37,138,286	$	116,152,104		$	55,758,253		$	54,370,413
Short-term investments, at value (cost approximates value)		393,347		—		690,920			482,081			1,218,235
Cash		—		66,667		—			—			—
Cash collateral at brokers⁽¹⁾		—		—		11,088,749			36,584,040			—
Receivable for:
Dividends		234,950		92,726		178,884			82,098			83,979
Investments sold		—		633,876		8,162,357			1,385,026			—
Shares sold		1,634,829		414,879		637,507			167,777			195,111
Other assets		24,845		13,864		15,067			12,537			27,322
Total assets		115,001,871		38,360,298		136,925,588			94,471,812			55,895,060
Liabilities
Common stocks sold short, at value (proceeds $ –, $ –, $57,415,534, $43,404,755 and $ –, respectively)		—		—		60,086,091			44,815,741			—
Payable for:
Dividends on common stocks sold short		—		—		58,946			48,669			—
Investments purchased		1,434,483		1,060,376		7,600,143			1,945,576			591,381
Shares redeemed		192,931		10,325		134,855			135,882			408,855
Accrued expenses:
12b-1 distribution and service fees		16,407		6,826		7,830			3,578			9,224
Management fees		58,489		10,008		50,079			31,703			29,073
Trustees fees		716		272		493			476			500
Other		36,142		24,477		79,071			54,035			39,281
Total liabilities		1,739,168		1,112,284		68,017,508			47,035,660			1,078,314
Net assets	$	113,262,703	$	37,248,014	$	68,908,080		$	47,436,152		$	54,816,746
Class A Shares
Net assets	$	43,578,057	$	17,464,655	$	19,025,543		$	10,512,881		$	8,959,930
Shares outstanding		1,524,963		655,354		564,434			483,343			295,483
Net asset value (“NAV”) per share	$	28.58	$	26.65	$	33.71		$	21.75		$	30.32
Offering price per share (NAV per share plus maximum sales charge of 5.75% of offering price)	$	30.32	$	28.28	$	35.77		$	23.08		$	32.17
Class C Shares
Net assets	$	13,226,191	$	5,172,174	$	5,869,123		$	2,027,977		$	10,009,017
Shares outstanding		467,854		194,512		183,667			94,418			354,335
NAV and offering price per share	$	28.27	$	26.59	$	31.96		$	21.48		$	28.25
Class R3 Shares
Net assets	$	—	$	—	$	—		$	—		$	63,997
Shares outstanding		—		—		—			—			2,125
NAV and offering price per share	$	—	$	—	$	—		$	—		$	30.12
Class I Shares
Net assets	$	56,458,455	$	14,611,185	$	44,013,414		$	34,895,294		$	35,783,802
Shares outstanding		1,974,520		548,183		1,284,674			1,597,460			1,163,139
NAV and offering price per share	$	28.59	$	26.65	$	34.26		$	21.84		$	30.76
Net assets consist of:
Capital paid-in	$	107,178,102	$	34,174,206	$	64,067,852		$	45,660,472		$	38,583,906
Undistributed (Over-distribution of) net investment income		97,479		73,928		(196,650	)		(264,383	)		125,031
Accumulated net realized gain (loss)		607,388		130,759		144,184			(963,160	)		2,473,705
Net unrealized appreciation (depreciation)		5,379,734		2,869,121		4,892,694			3,003,223			13,634,104
Net assets	$	113,262,703	$	37,248,014	$	68,908,080		$	47,436,152		$	54,816,746
Authorized shares – per class		Unlimited		Unlimited		Unlimited			Unlimited			Unlimited
Par value per share	$	0.01	$	0.01	$	0.01		$	0.01		$	0.01

(1)	Cash pledged as collateral for common stocks sold short in addition to the Fund’s securities pledged as collateral as noted in the Portfolio of Investments.

See accompanying notes to financial statements.


	102			Nuveen Investments


	Large Cap Core		Large Cap Core Plus		Large Cap Growth		Large Cap Value
Assets
Long-term investments, at value (cost $184,077,244, $143,107,408, $69,442,881 and $406,782,210, respectively)	$	197,043,295	$	155,125,247	$	77,530,115	$	463,798,876
Short-term investments, at value (cost approximates value)		657,550		490,711		128,178		1,809,592
Cash		—		—		—		—
Cash collateral at brokers⁽¹⁾		—		356,879		—		—
Receivable for:
Dividends		334,902		260,546		103,548		943,603
Investments sold		2,145,203		3,886,898		95,763		12,324,081
Shares sold		2,520,560		2,939,004		1,082,323		795,449
Other assets		16,674		16,889		12,986		93,514
Total assets		202,718,184		163,076,174		78,952,913		479,765,115
Liabilities
Common stocks sold short, at value (proceeds $ –, $34,057,187, $ – and $ –, respectively)		—		35,774,510		—		—
Payable for:
Dividends on common stocks sold short		—		50,503		—		—
Investments purchased		4,313,381		6,275,590		858,028		12,737,330
Shares redeemed		133,040		431,843		85,074		439,399
Accrued expenses:
12b-1 distribution and service fees		23,488		12,785		8,419		82,063
Management fees		106,551		79,574		35,657		243,339
Trustees fees		1,101		870		537		73,859
Other		44,476		71,867		35,628		168,869
Total liabilities		4,622,037		42,697,542		1,023,343		13,744,859
Net assets	$	198,096,147	$	120,378,632	$	77,929,570	$	466,020,256
Class A Shares
Net assets	$	26,397,487	$	19,400,443	$	24,730,425	$	302,431,626
Shares outstanding		950,651		714,505		906,629		11,597,502
Net asset value (“NAV”) per share	$	27.77	$	27.15	$	27.28	$	26.08
Offering price per share (NAV per share plus maximum sales charge of 5.75% of offering price)	$	29.46	$	28.81	$	28.94	$	27.67
Class C Shares
Net assets	$	28,675,516	$	13,620,117	$	5,920,288	$	33,353,872
Shares outstanding		1,041,918		507,470		219,013		1,329,334
NAV and offering price per share	$	27.52	$	26.84	$	27.03	$	25.09
Class R3 Shares
Net assets	$	—	$	—	$	—	$	161,588
Shares outstanding		—		—		—		6,155
NAV and offering price per share	$	—	$	—	$	—	$	26.25
Class I Shares
Net assets	$	143,023,144	$	87,358,072	$	47,278,857	$	130,073,170
Shares outstanding		5,147,926		3,209,853		1,732,431		4,962,141
NAV and offering price per share	$	27.78	$	27.22	$	27.29	$	26.21
Net assets consist of:
Capital paid-in	$	183,308,166	$	108,903,928	$	68,637,353	$	396,043,564
Undistributed (Over-distribution of) net investment income		615,762		335,890		271,640		2,418,370
Accumulated net realized gain (loss)		1,206,168		838,298		933,343		10,541,656
Net unrealized appreciation (depreciation)		12,966,051		10,300,516		8,087,234		57,016,666
Net assets	$	198,096,147	$	120,378,632	$	77,929,570	$	466,020,256
Authorized shares – per class		Unlimited		Unlimited		Unlimited		Unlimited
Par value per share	$	0.01	$	0.01	$	0.01	$	0.01

(1)	Cash pledged as collateral for common stocks sold short in addition to the Fund’s securities pledged as collateral as noted in the Portfolio of Investments.

See accompanying notes to financial statements.


Nuveen Investments			103

Statement of


		Operations		Six Months Ended February 28, 2015 (Unaudited)


	Concentrated Core			Core Dividend			Equity Long/Short			Equity Market Neutral			Growth
Investment Income (net of foreign tax withheld of $ –, $118, $ –, $ – and $ –, respectively)	$	575,435		$	388,778		$	731,474		$	424,707		$	424,271
Expenses
Management fees		254,934			92,704			302,276			299,379			166,661
12b-1 service fees – Class A Shares		29,588			15,552			18,359			11,402			10,468
12b-1 distribution and service fees – Class C Shares		25,008			16,372			24,182			9,991			46,632
12b-1 distribution and service fees – Class R3 Shares		—			—			—			—			160
Dividends expense on common stocks sold short		—			—			272,600			226,122			—
Prime broker fees		—			—			170,180			118,489			—
Shareholder servicing agent fees		17,214			10,814			19,128			17,263			23,658
Custodian fees		10,914			11,353			20,047			15,000			10,405
Trustees fees		1,130			632			934			967			1,048
Professional fees		9,728			9,709			10,236			13,094			9,294
Shareholder reporting expenses		7,348			2,332			3,296			7,245			1,483
Federal and state registration fees		33,529			21,986			26,232			20,401			29,912
Other		3,390			3,269			3,829			3,698			4,412
Total expenses before fee waiver/expense reimbursement		392,783			184,723			871,299			743,051			304,133
Fee waiver/expense reimbursement		(36,175	)		(34,102	)		(59,743	)		(53,961	)		(4,893	)
Net expenses		356,608			150,621			811,556			689,090			299,240
Net investment income (loss)		218,827			238,157			(80,082	)		(264,383	)		125,031
Realized and Unrealized Gain (Loss)
Net realized gain (loss) from:
Investments and foreign currency		1,096,515			284,134			1,743,818			709,169			3,277,384
Common stocks sold short		—			—			(1,147,007	)		(1,294,772	)		—
Change in net unrealized appreciation (depreciation) of:
Investments and foreign currency		3,729,933			1,530,314			3,803,020			1,230,282			1,007,513
Common stocks sold short		—			—			(1,129,822	)		867,010			—
Net realized and unrealized gain (loss)		4,826,448			1,814,448			3,270,009			1,511,689			4,284,897
Net increase (decrease) in net assets from operations	$	5,045,275		$	2,052,605		$	3,189,927		$	1,247,306		$	4,409,928

See accompanying notes to financial statements.


	104			Nuveen Investments


	Large Cap Core		Large Cap Core Plus			Large Cap Growth			Large Cap Value
Investment Income (net of foreign tax withheld of $ –, $ –, $ – and $ –, respectively)	$	1,294,256	$	1,185,563		$	560,190		$	5,191,815
Expenses
Management fees		392,790		467,490			191,079			1,505,112
12b-1 service fees – Class A Shares		18,890		17,292			18,390			361,917
12b-1 distribution and service fees – Class C Shares		65,665		34,937			17,262			147,166
12b-1 distribution and service fees – Class R3 Shares		—		—			—			329
Dividends expense on common stocks sold short		—		188,195			—			—
Prime broker fees		—		121,124			—			—
Shareholder servicing agent fees		26,577		24,323			22,352			153,054
Custodian fees		17,221		22,098			11,805			37,091
Trustees fees		1,841		1,439			1,051			7,304
Professional fees		11,717		12,939			11,131			15,215
Shareholder reporting expenses		9,467		9,988			6,676			164,571
Federal and state registration fees		35,332		30,543			23,629			34,229
Other		4,766		4,190			3,750			10,435
Total expenses before fee waiver/expense reimbursement		584,266		934,558			307,125			2,436,423
Fee waiver/expense reimbursement		—		(85,356	)		(26,825	)		—
Net expenses		584,266		849,202			280,300			2,436,423
Net investment income (loss)		709,990		336,361			279,890			2,755,392
Realized and Unrealized Gain (Loss)
Net realized gain (loss) from:
Investments and foreign currency		1,303,112		1,904,513			1,118,026			14,495,841
Common stocks sold short		—		(754,518	)		—			—
Change in net unrealized appreciation (depreciation) of:
Investments and foreign currency		7,674,981		5,425,545			3,849,448			1,373,528
Common stocks sold short		—		(678,273	)		—			—
Net realized and unrealized gain (loss)		8,978,093		5,897,267			4,967,474			15,869,369
Net increase (decrease) in net assets from operations	$	9,688,083	$	6,233,628		$	5,247,364		$	18,624,761

See accompanying notes to financial statements.


Nuveen Investments			105

Statement of


		Changes in Net Assets		(Unaudited)


	Concentrated Core						Core Dividend
	Six Months Ended 2/28/15			Year Ended 8/31/14			Six Months Ended 2/28/15			Year Ended 8/31/14
Operations
Net investment income (loss)	$	218,827		$	59,077		$	238,157		$	176,675
Net realized gain (loss) from:
Investments and foreign currency		1,096,515			334,052			284,134			542,920
Common stocks sold short		—			—			—			—
Net change in unrealized appreciation (depreciation) of:
Investments and foreign currency		3,729,933			1,678,497			1,530,314			1,339,158
Common stocks sold short		—			—			—			—
Net increase (decrease) in net assets from operations		5,045,275			2,071,626			2,052,605			2,058,753
Distributions to Shareholders
From net investment income:
Class A Shares		(19,305	)		(4,242	)		(88,168	)		(89,256	)
Class C Shares		—			—			(11,835	)		(13,175	)
Class R3 Shares		—			—			—			—
Class I Shares		(152,830	)		(6,688	)		(84,730	)		(55,556	)
From accumulated net realized gains:
Class A Shares		(307,323	)		(1,040	)		(324,290	)		(20,671	)
Class C Shares		(56,400	)		(193	)		(92,361	)		(3,753	)
Class R3 Shares		—			—			—			—
Class I Shares		(457,404	)		(1,541	)		(261,701	)		(9,374	)
Decrease in net assets from distributions to shareholders		(993,262	)		(13,704	)		(863,085	)		(191,785	)
Fund Share Transactions
Proceeds from sale of shares		107,695,118			16,997,632			20,270,871			17,023,837
Proceeds from shares issued to shareholders due to reinvestment of distributions		952,809			9,480			812,408			154,579
		108,647,927			17,007,112			21,083,279			17,178,416
Cost of shares redeemed		(17,829,558	)		(2,047,421	)		(2,006,715	)		(3,777,365	)
Net increase (decrease) in net assets from Fund share transactions		90,818,369			14,959,691			19,076,564			13,401,051
Net increase (decrease) in net assets		94,870,382			17,017,613			20,266,084			15,268,019
Net assets at the beginning of period		18,392,321			1,374,708			16,981,930			1,713,911
Net assets at the end of period	$	113,262,703		$	18,392,321		$	37,248,014		$	16,981,930
Undistributed (Over-distribution of) net investment income at the end of period	$	97,479		$	50,787		$	73,928		$	20,504

See accompanying notes to financial statements.


	106			Nuveen Investments


	Equity Long/Short						Equity Market Neutral
	Six Months Ended 2/28/15			Year Ended 8/31/14			Six Months Ended 2/28/15			Year Ended 8/31/14
Operations
Net investment income (loss)	$	(80,082	)	$	(137,853	)	$	(264,383	)	$	(610,617	)
Net realized gain (loss) from:
Investments and foreign currency		1,743,818			1,724,281			709,169			2,112,788
Common stocks sold short		(1,147,007	)		(1,979,933	)		(1,294,772	)		(1,704,820	)
Net change in unrealized appreciation (depreciation) of:
Investments and foreign currency		3,803,020			3,741,672			1,230,282			3,058,336
Common stocks sold short		(1,129,822	)		(1,555,673	)		867,010			(2,265,655	)
Net increase (decrease) in net assets from operations		3,189,927			1,792,494			1,247,306			590,032
Distributions to Shareholders
From net investment income:
Class A Shares		—			—			—			—
Class C Shares		—			—			—			—
Class R3 Shares		—			—			—			—
Class I Shares		—			(4,818	)		—			—
From accumulated net realized gains:
Class A Shares		(35,372	)		(177,757	)		(29,023	)		(34,018	)
Class C Shares		(13,356	)		(72,488	)		(6,179	)		(8,445	)
Class R3 Shares		—			—			—			—
Class I Shares		(74,376	)		(157,472	)		(111,998	)		(144,935	)
Decrease in net assets from distributions to shareholders		(123,104	)		(412,535	)		(147,200	)		(187,398	)
Fund Share Transactions
Proceeds from sale of shares		40,911,668			45,447,301			16,307,671			44,698,210
Proceeds from shares issued to shareholders due to reinvestment of distributions		122,418			407,048			114,707			78,016
		41,034,086			45,854,349			16,422,378			44,776,226
Cost of shares redeemed		(9,185,777	)		(18,526,973	)		(12,402,530	)		(17,002,345	)
Net increase (decrease) in net assets from Fund share transactions		31,848,309			27,327,376			4,019,848			27,773,881
Net increase (decrease) in net assets		34,915,132			28,707,335			5,119,954			28,176,515
Net assets at the beginning of period		33,992,948			5,285,613			42,316,198			14,139,683
Net assets at the end of period	$	68,908,080		$	33,992,948		$	47,436,152		$	42,316,198
Undistributed (Over-distribution of) net investment income at the end of period	$	(196,650	)	$	(116,568	)	$	(264,383	)	$	—

See accompanying notes to financial statements.


Nuveen Investments			107

Statement of Changes in Net Assets (Unaudited) (continued)


	Growth						Large Cap Core
	Six Months Ended 2/28/15			Year Ended 8/31/14			Six Months Ended 2/28/15			Year Ended 8/31/14
Operations
Net investment income (loss)	$	125,031		$	(22,073	)	$	709,990		$	254,030
Net realized gain (loss) from:
Investments and foreign currency		3,277,384			4,417,081			1,303,112			2,181,185
Common stocks sold short		—			—			—			—
Net change in unrealized appreciation (depreciation) of:
Investments and foreign currency		1,007,513			4,515,191			7,674,981			5,234,322
Common stocks sold short		—			—			—			—
Net increase (decrease) in net assets from operations		4,409,928			8,910,199			9,688,083			7,669,537
Distributions to Shareholders
From net investment income:
Class A Shares		—			—			(17,407	)		(6,278	)
Class C Shares		—			—			—			—
Class R3 Shares		—			—			—			—
Class I Shares		—			(6,000	)		(272,162	)		(62,104	)
From accumulated net realized gains:
Class A Shares		(698,144	)		(336,403	)		(361,833	)		(26,424	)
Class C Shares		(864,060	)		(152,846	)		(280,596	)		(14,881	)
Class R3 Shares		(5,762	)		(1,292	)		—			—
Class I Shares		(2,868,948	)		(387,526	)		(1,589,370	)		(206,400	)
Decrease in net assets from distributions to shareholders		(4,436,914	)		(884,067	)		(2,521,368	)		(316,087	)
Fund Share Transactions
Proceeds from sale of shares		16,538,848			20,581,725			131,664,361			55,263,049
Proceeds from shares issued to shareholders due to reinvestment of distributions		3,724,976			691,418			1,697,209			44,278
		20,263,824			21,273,143			133,361,570			55,307,327
Cost of shares redeemed		(14,584,183	)		(14,567,379	)		(11,455,254	)		(5,687,002	)
Net increase (decrease) in net assets from Fund share transactions		5,679,641			6,705,764			121,906,316			49,620,325
Net increase (decrease) in net assets		5,652,655			14,731,896			129,073,031			56,973,775
Net assets at the beginning of period		49,164,091			34,432,195			69,023,116			12,049,341
Net assets at the end of period	$	54,816,746		$	49,164,091		$	198,096,147		$	69,023,116
Undistributed (Over-distribution of) net investment income at the end of period	$	125,031		$	—		$	615,762		$	195,341

See accompanying notes to financial statements.


	108			Nuveen Investments


	Large Cap Core Plus						Large Cap Growth
	Six Months Ended 2/28/15			Year Ended 8/31/14			Six Months Ended 2/28/15			Year Ended 8/31/14
Operations
Net investment income (loss)	$	336,361		$	118,815		$	279,890		$	212,254
Net realized gain (loss) from:
Investments and foreign currency		1,904,513			3,855,128			1,118,026			2,111,198
Common stocks sold short		(754,518	)		(858,490	)		—			—
Net change in unrealized appreciation (depreciation) of:
Investments and foreign currency		5,425,545			6,531,183			3,849,448			4,079,444
Common stocks sold short		(678,273	)		(1,015,563	)		—			—
Net increase (decrease) in net assets from operations		6,233,628			8,631,073			5,247,364			6,402,896
Distributions to Shareholders
From net investment income:
Class A Shares		—			(3,433	)		(16,220	)		(23,630	)
Class C Shares		—			—			—			—
Class R3 Shares		—			—			—			—
Class I Shares		(73,124	)		(49,932	)		(134,374	)		(57,393	)
From accumulated net realized gains:
Class A Shares		(659,729	)		(52,342	)		(548,226	)		(127,082	)
Class C Shares		(271,761	)		(6,226	)		(138,909	)		(11,061	)
Class R3 Shares		—			—			—			—
Class I Shares		(2,273,426	)		(325,555	)		(1,397,584	)		(223,711	)
Decrease in net assets from distributions to shareholders		(3,278,040	)		(437,488	)		(2,235,313	)		(442,877	)
Fund Share Transactions
Proceeds from sale of shares		77,444,041			37,045,305			36,756,562			27,399,166
Proceeds from shares issued to shareholders due to reinvestment of distributions		2,746,266			185,491			1,012,291			155,399
		80,190,307			37,230,796			37,768,853			27,554,565
Cost of shares redeemed		(12,314,017	)		(14,474,732	)		(3,251,054	)		(5,686,644	)
Net increase (decrease) in net assets from Fund share transactions		67,876,290			22,756,064			34,517,799			21,867,921
Net increase (decrease) in net assets		70,831,878			30,949,649			37,529,850			27,827,940
Net assets at the beginning of period		49,546,754			18,597,105			40,399,720			12,571,780
Net assets at the end of period	$	120,378,632		$	49,546,754		$	77,929,570		$	40,399,720
Undistributed (Over-distribution of) net investment income at the end of period	$	335,890		$	72,653		$	271,640		$	142,344

See accompanying notes to financial statements.


Nuveen Investments			109

Statement of Changes in Net Assets (Unaudited) (continued)


	Large Cap Value
	Six Months Ended 2/28/15			Year Ended 8/31/14
Operations
Net investment income (loss)	$	2,755,392		$	4,161,975
Net realized gain (loss) from:
Investments and foreign currency		14,495,841			55,318,352
Common stocks sold short		—			—
Net change in unrealized appreciation (depreciation) of:
Investments and foreign currency		1,373,528			26,870,724
Common stocks sold short		—			—
Net increase (decrease) in net assets from operations		18,624,761			86,351,051
Distributions to Shareholders
From net investment income:
Class A Shares		(2,455,704	)		(3,906,815	)
Class C Shares		(15,633	)		(150,809	)
Class R3 Shares		(694	)		(1,124	)
Class I Shares		(1,254,815	)		(937,826	)
From accumulated net realized gains:
Class A Shares		(31,890,375	)		(27,804,434	)
Class C Shares		(3,400,382	)		(2,187,275	)
Class R3 Shares		(13,510	)		(9,947	)
Class I Shares		(12,073,792	)		(5,567,417	)
Decrease in net assets from distributions to shareholders		(51,104,905	)		(40,565,647	)
Fund Share Transactions
Proceeds from sale of shares		65,647,300			79,432,777
Proceeds from shares issued to shareholders due to reinvestment of distributions		42,183,256			32,867,315
		107,830,556			112,300,092
Cost of shares redeemed		(35,885,242	)		(45,279,666	)
Net increase (decrease) in net assets from Fund share transactions		71,945,314			67,020,426
Net increase (decrease) in net assets		39,465,170			112,805,830
Net assets at the beginning of period		426,555,086			313,749,256
Net assets at the end of period	$	466,020,256		$	426,555,086
Undistributed (Over-distribution of) net investment income at the end of period	$	2,418,370		$	3,389,824

See accompanying notes to financial statements.


	110			Nuveen Investments

THIS PAGE INTENTIONALLY LEFT BLANK


Nuveen Investments			111

Financial

Highlights (Unaudited)

Concentrated Core

Selected data for a share outstanding throughout each period:



			Investment Operations									Less Distributions

Class (Commencement Date) Year Ended August 31,	Beginning NAV		Net Investment Income (Loss)(a)			Net Realized/ Unrealized Gain (Loss)			Total			From Net Investment Income			From Accumulated Net Realized Gains			Total			Ending NAV
Class A (6/13)
2015(f)	$	27.16	$	0.09		$	1.66		$	1.75		$	(0.02	)	$	(0.31	)	$	(0.33	)	$	28.58
2014		19.66		0.19			7.37			7.56			(0.04	)		(0.02	)		(0.06	)		27.16
2013(d)		20.00		0.05			(0.39	)		(0.34	)		—			—			—			19.66
Class C (6/13)
2015(f)		26.95		(0.01	)		1.64			1.63			—			(0.31	)		(0.31	)		28.27
2014		19.63		0.01			7.33			7.34			—			(0.02	)		(0.02	)		26.95
2013(d)		20.00		—	*		(0.37	)		(0.37	)		—			—			—			19.63
Class I (6/13)
2015(f)		27.20		0.12			1.66			1.78			(0.08	)		(0.31	)		(0.39	)		28.59
2014		19.68		0.24			7.36			7.60			(0.06	)		(0.02	)		(0.08	)		27.20
2013(d)		20.00		0.04			(0.36	)		(0.32	)		—			—			—			19.68


	112			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)

	6.50	%	$	43,578		1.33	%**		0.53	%**		1.21	%**		0.64	%**		67	%
	38.46			8,315		1.85			0.15			1.22			0.77			88
	(1.70	)		239		5.78	**		(3.28	)**		1.21	**		1.29	**		24

	6.11			13,226		2.09	**		(0.17	)**		1.96	**		(0.05	)**		67
	37.39			1,508		2.65			(0.63	)		1.97			0.05			88
	(1.85	)		117		7.21	**		(5.13	)**		1.97	**		0.11	**		24

	6.62			56,458		1.08	**		0.73	**		0.96	**		0.85	**		67
	38.76			8,569		1.71			0.26			0.97			1.00			88
	(1.65	)		1,018		8.54	**		(6.56	)**		0.97	**		1.01	**		24

(a)

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

(b)

(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)

(f)

For the six months ended February 28, 2015.

Rounds to less than $0.01 per share.

Annualized.

See accompanying notes to financial statements.


Nuveen Investments			113

Financial Highlights (Unaudited) (continued)

Core Dividend

Selected data for a share outstanding throughout each period:



			Investment Operations						Less Distributions

Class (Commencement Date) Year Ended August 31,	Beginning NAV		Net Investment Income (Loss)(a)		Net Realized/ Unrealized Gain (Loss)		Total		From Net Investment Income			From Accumulated Net Realized Gains			Total			Ending NAV
Class A (6/13)
2015(f)	$	25.90	$	0.23	$	1.36	$	1.59	$	(0.19	)	$	(0.65	)	$	(0.84	)	$	26.65
2014		20.32		0.48		5.65		6.13		(0.42	)		(0.13	)		(0.55	)		25.90
2013(d)		20.00		0.08		0.24		0.32		—			—			—			20.32
Class C (6/13)
2015(f)		25.85		0.14		1.34		1.48		(0.09	)		(0.65	)		(0.74	)		26.59
2014		20.28		0.29		5.66		5.95		(0.25	)		(0.13	)		(0.38	)		25.85
2013(d)		20.00		0.04		0.24		0.28		—			—			—			20.28
Class I (6/13)
2015(f)		25.91		0.27		1.34		1.61		(0.22	)		(0.65	)		(0.87	)		26.65
2014		20.32		0.54		5.65		6.19		(0.47	)		(0.13	)		(0.60	)		25.91
2013(d)		20.00		0.07		0.25		0.32		—			—			—			20.32


	114			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)

	6.36	%	$	17,465		1.43	%*		1.56	%*		1.16	%*		1.82	%*		90	%
	30.48			8,261		1.76			1.40			1.17			1.99			117
	1.60			559		5.29	*		(2.26	)*		1.17	*		1.86	*		29

	5.94			5,172		2.18	*		0.83	*		1.91	*		1.10	*		90
	29.55			2,151		2.54			0.59			1.92			1.21			117
	1.40			111		6.52	*		(3.70	)*		1.92	*		0.90	*		29

	6.45			14,611		1.18	*		1.82	*		0.91	*		2.08	*		90
	30.85			6,571		1.58			1.63			0.92			2.29			117
	1.60			1,044		7.50	*		(4.86	)*		0.92	*		1.72	*		29

(a)

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

(b)

(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)

(f)

For the six months ended February 28, 2015.

Annualized.

See accompanying notes to financial statements.


Nuveen Investments			115

Financial Highlights (Unaudited) (continued)

Equity Long/Short

Selected data for a share outstanding throughout each period:



			Investment Operations									Less Distributions

Class (Commencement Date)	Beginning NAV		Net Investment Income (Loss)(a)			Net Realized/ Unrealized Gain (Loss)			Total			From Net Investment Income			From Accumulated Net Realized Gains			Total			Ending NAV
Class A (12/08)
Year Ended 8/31:
2015(h)	$	31.72	$	(0.08	)	$	2.15		$	2.07		$	—		$	(0.08	)	$	(0.08	)	$	33.71
2014		28.72		(0.23	)		4.78			4.55			—			(1.55	)		(1.55	)		31.72
2013(g)		29.54		0.02			(0.84	)		(0.82	)		—			—			—			28.72
Year Ended 7/31:
2013		26.81		(0.03	)		5.02			4.99			—			(2.26	)		(2.26	)		29.54
2012		27.28		(0.08	)		0.93			0.85			—			(1.32	)		(1.32	)		26.81
2011		23.61		(0.14	)		4.02			3.88			—			(0.21	)		(0.21	)		27.28
2010		22.20		(0.08	)		1.49			1.41			—			—			—			23.61
Class C (12/08)
Year Ended 8/31:
2015(h)		30.19		(0.20	)		2.05			1.85			—			(0.08	)		(0.08	)		31.96
2014		27.60		(0.43	)		4.57			4.14			—			(1.55	)		(1.55	)		30.19
2013(g)		28.40		—	**		(0.80	)		(0.80	)		—			—			—			27.60
Year Ended 7/31:
2013		26.04		(0.19	)		4.81			4.62			—			(2.26	)		(2.26	)		28.40
2012		26.75		(0.27	)		0.88			0.61			—			(1.32	)		(1.32	)		26.04
2011		23.33		(0.34	)		3.97			3.63			—			(0.21	)		(0.21	)		26.75
2010		22.10		(0.26	)		1.49			1.23			—			—			—			23.33
Class I (12/08)
Year Ended 8/31:
2015(h)		32.20		(0.01	)		2.15			2.14			—			(0.08	)		(0.08	)		34.26
2014		29.10		(0.12	)		4.81			4.69			(0.04	)		(1.55	)		(1.59	)		32.20
2013(g)		29.93		0.03			(0.86	)		(0.83	)		—			—			—			29.10
Year Ended 7/31:
2013		27.06		0.07			5.06			5.13			—			(2.26	)		(2.26	)		29.93
2012		27.45		(0.04	)		0.97			0.93			—			(1.32	)		(1.32	)		27.06
2011		23.71		(0.08	)		4.03			3.95			—			(0.21	)		(0.21	)		27.45
2010		22.23		(0.02	)		1.50			1.48			—			—			—			23.71

(a)

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

(b)

Total return is the combination of changes in NAV without any sales charge, reinvested dividend income at NAV and reinvested capital gains distributions at NAV, 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 dividends expense, enhanced custody expense and/or prime broker fees on common stocks sold short as follows:


	Ratios of Dividends Expense on Common Stocks Sold Short to Average Net Assets									Ratios of Enhanced Custody and/or Prime Broker Fees to Average Net Assets(f)
	Class A			Class C			Class I			Class A			Class C			Class I
Year Ended 8/31:
2015(h)		1.15	%*		1.16	%*		1.13	%*		0.70	%*		0.70	%*		0.72	%*
2014		1.12			1.11			1.12			0.72			0.74			0.78
2013(g)		1.42	*		1.46	*		1.42	*		—			—			—
Year Ended 7/31:
2013		0.84			0.89			0.89			0.26			0.32			0.32
2012		0.70			0.70			0.58			0.13			0.13			0.13
2011		0.47			0.47			0.47			0.15			0.15			0.15
2010		0.33			0.33			0.33			0.18			0.18			0.18


	116			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(e)


	6.53	%	$	19,026		3.71	%*		(0.75	)%*		3.47	%*		(0.51	)%*		129	%
	16.06			13,697		4.24			(1.53	)		3.46			(0.75	)		232
	(2.78	)		390		5.42	*		(1.73	)*		3.04	*		0.65	*		12

	20.39			326		13.43			(10.94	)		2.62			(0.13	)		292
	3.75			54		7.26			(5.26	)		2.31			(0.31	)		67
	16.44			341		6.54			(4.97	)		2.10			(0.54	)		62
	6.35			295		5.87			(4.12	)		2.09			(0.35	)		110


	6.10			5,869		4.47	*		(1.51	)*		4.23	*		(1.28	)*		129
	15.20			4,080		5.04			(2.30	)		4.21			(1.47	)		232
	(2.82	)		138		6.24	*		(2.44	)*		3.81	*		(0.01	)*		12

	19.53			64		10.85			(8.13	)		3.47			(0.74	)		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


	6.65			44,013		3.47	*		(0.34	)*		3.21	*		(0.08	)*		129
	16.34			16,216		4.20			(1.33	)		3.27			(0.40	)		232
	(2.77	)		4,758		5.07	*		(1.17	)*		2.78	*		1.11	*		12

	20.74			1,611		9.92			(7.20	)		2.46			0.26			292
	4.03			1,224		7.69			(5.95	)		1.92			(0.17	)		67
	16.67			343		6.29			(4.73	)		1.85			(0.29	)		62
	6.66			296		5.62			(3.88	)		1.84			(0.10	)		110

(e)

(f)

Effective June 21, 2013 the Fund ended its enhanced custody program and began selling securities short through a prime broker.

(g)

For the one month ended August 31, 2013.

(h)

For the six months ended February 28, 2015.

Annualized.

Rounds to less than $0.01 per share.

See accompanying notes to financial statements.


Nuveen Investments			117

Financial Highlights (Unaudited) (continued)

Equity Market Neutral

Selected data for a share outstanding throughout each period:



			Investment Operations							Less Distributions

Class (Commencement Date) Year Ended August 31,	Beginning NAV		Net Investment Income (Loss)(a)			Net Realized/ Unrealized Gain (Loss)		Total		From Net Investment Income		From Accumulated Net Realized Gains			Total			Ending NAV
Class A (6/13)
2015(h)	$	21.27	$	(0.13	)	$	0.67	$	0.54	$	—	$	(0.06	)	$	(0.06	)	$	21.75
2014		20.53		(0.44	)		1.38		0.94		—		(0.20	)		(0.20	)		21.27
2013(e)		20.00		(0.04	)		0.57		0.53		—		—			—			20.53
Class C (6/13)
2015(h)		21.08		(0.21	)		0.67		0.46		—		(0.06	)		(0.06	)		21.48
2014		20.50		(0.58	)		1.36		0.78		—		(0.20	)		(0.20	)		21.08
2013(e)		20.00		(0.08	)		0.58		0.50		—		—			—			20.50
Class I (6/13)
2015(h)		21.34		(0.11	)		0.67		0.56		—		(0.06	)		(0.06	)		21.84
2014		20.54		(0.38	)		1.38		1.00		—		(0.20	)		(0.20	)		21.34
2013(e)		20.00		(0.04	)		0.58		0.54		—		—			—			20.54


	118			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)

	2.55	%	$	10,513		3.31	%*		(1.47	)%*		3.08	%*		(1.23	)%*		77	%
	4.55			7,880		3.52			(2.33	)		3.26			(2.07	)		187
	2.65			799		3.00	*		(1.10	)*		2.85	*		(0.95	)*		112

	2.20			2,028		4.05	*		(2.23	)*		3.82	*		(2.01	)*		77
	3.77			1,768		4.28			(3.05	)		4.02			(2.79	)		187
	2.50			157		3.90	*		(2.45	)*		3.42	*		(1.97	)*		112

	2.69			34,895		3.04	*		(1.26	)*		2.82	*		(1.04	)*		77
	4.84			32,668		3.37			(2.08	)		3.08			(1.79	)		187
	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)

(c)

After fee waiver and/or expense reimbursement from the Adviser.

(d)

Each ratio includes the effect of dividends expense and prime broker fees on common stocks sold short as follows:


	Ratios of Dividends Expense on Common Stocks Sold Short to Average Net Assets									Ratios of Prime Broker Fees to Average Net Assets
Year Ended August 31,	Class A			Class C			Class I			Class A			Class C			Class I
2015(h)		0.96	%*		0.96	%*		0.95	%*		0.50	%*		0.50	%*		0.50	%*
2014		1.09			1.06			1.02			0.55			0.59			0.70
2013(e)		1.23	*		1.04	*		0.95	*		—			—			—

(e)

For the period June 17, 2013 (commencement of operations) through August 31, 2013.

(f)

(h)

For the six months ended February 28, 2015.

Annualized.

See accompanying notes to financial statements.


Nuveen Investments			119

Financial Highlights (Unaudited) (continued)

Growth

Selected data for a share outstanding throughout each period:



			Investment Operations									Less Distributions

Class (Commencement Date)	Beginning NAV		Net Investment Income (Loss)(a)			Net Realized/ Unrealized Gain (Loss)			Total			From Net Investment Income			From Accumulated Net Realized Gains			Total			Ending NAV
Class A (3/06)
Year Ended 8/31:
2015(f)	$	30.49	$	0.07		$	2.47		$	2.54		$	—		$	(2.71	)	$	(2.71	)	$	30.32
2014		25.03		(0.01	)		6.08			6.07			—			(0.61	)		(0.61	)		30.49
2013(e)		25.68		—	**		(0.65	)		(0.65	)		—			—			—			25.03
Year Ended 7/31:
2013		21.09		0.01			4.62			4.63			(0.04	)		—			(0.04	)		25.68
2012		20.23		(0.02	)		0.88			0.86			—			—			—			21.09
2011		17.10		0.01			3.12			3.13			—			—			—			20.23
2010		15.36		—	**		1.77			1.77			(0.03	)		—			(0.03	)		17.10
Class C (3/06)
Year Ended 8/31:
2015(f)		28.69		(0.04	)		2.31			2.27			—			(2.71	)		(2.71	)		28.25
2014		23.75		(0.21	)		5.76			5.55			—			(0.61	)		(0.61	)		28.69
2013(e)		24.38		(0.01	)		(0.62	)		(0.63	)		—			—			—			23.75
Year Ended 7/31:
2013		20.14		(0.18	)		4.42			4.24			—			—			—			24.38
2012		19.46		(0.16	)		0.84			0.68			—			—			—			20.14
2011		16.57		(0.13	)		3.02			2.89			—			—			—			19.46
2010		14.97		(0.13	)		1.73			1.60			—			—			—			16.57
Class R3 (3/09)
Year Ended 8/31:
2015(f)		30.34		0.03			2.46			2.49			—			(2.71	)		(2.71	)		30.12
2014		24.96		(0.08	)		6.07			5.99			—			(0.61	)		(0.61	)		30.34
2013(e)		25.62		—	**		(0.66	)		(0.66	)		—			—			—			24.96
Year Ended 7/31:
2013		21.06		(0.03	)		4.59			4.56			—			—			—			25.62
2012		20.24		(0.07	)		0.89			0.82			—			—			—			21.06
2011		17.18		(0.03	)		3.09			3.06			—			—			—			20.24
2010		15.44		(0.04	)		1.78			1.74			—			—			—			17.18
Class I (3/06)
Year Ended 8/31:
2015(f)		30.86		0.11			2.50			2.61			—			(2.71	)		(2.71	)		30.76
2014		25.27		0.06			6.15			6.21			(0.01	)		(0.61	)		(0.62	)		30.86
2013(e)		25.92		0.01			(0.66	)		(0.65	)		—			—			—			25.27
Year Ended 7/31:
2013		21.29		0.05			4.67			4.72			(0.09	)		—			(0.09	)		25.92
2012		20.40		0.05			0.88			0.93			(0.04	)		—			(0.04	)		21.29
2011		17.24		0.06			3.14			3.20			(0.04	)		—			(0.04	)		20.40
2010		15.48		0.04			1.79			1.83			(0.07	)		—			(0.07	)		17.24


	120			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(d)


	8.89	%	$	8,960		1.23	%*		0.44	%*		1.21	%*		0.45	%*		27	%
	24.55			15,558		1.45			(0.27	)		1.22			(0.05	)		41
	(2.53	)		13,956		1.37	*		(0.03	)*		1.22	*		0.13	*		2

	21.97			13,858		1.40			(0.16	)		1.22			0.02			67
	4.25			12,947		1.31			(0.18	)		1.23			(0.09	)		72
	18.30			9,599		1.19			0.04			1.19			0.04			43
	11.53			5,330		1.62			(0.21	)		1.38			0.03			47


	8.50			10,009		1.98	*		(0.30	)*		1.96	*		(0.28	)*		27
	23.67			9,094		2.21			(1.01	)		1.97			(0.77	)		41
	(2.58	)		4,967		2.13	*		(0.80	)*		1.97	*		(0.63	)*		2

	21.05			4,143		2.18			(1.02	)		1.97			(0.81	)		67
	3.49			1,799		2.07			(0.91	)		1.98			(0.82	)		72
	17.44			1,661		1.94			(0.70	)		1.94			(0.70	)		43
	10.69			2,297		2.40			(1.04	)		2.13			(0.77	)		47


	8.77			64		1.48	*		0.20	*		1.46	*		0.22	*		27
	24.29			64		1.70			(0.52	)		1.47			(0.29	)		41
	(2.58	)		53		1.63	*		(0.28	)*		1.48	*		(0.13	)*		2

	21.65			54		1.63			(0.28	)		1.47			(0.12	)		67
	4.05			110		1.53			(0.42	)		1.48			(0.37	)		72
	17.81			54		1.44			(0.14	)		1.44			(0.14	)		43
	11.27			218		1.89			(0.53	)		1.63			(0.26	)		47


	9.02			35,784		0.99	*		0.71	*		0.96	*		0.73	*		27
	24.87			24,449		1.20			(0.01	)		0.97			0.22			41
	(2.51	)		15,456		1.12	*		0.23	*		0.97	*		0.38	*		2

	22.26			15,621		1.16			0.04			0.97			0.23			67
	4.59			13,301		1.07			0.14			0.98			0.23			72
	18.55			26,796		0.94			0.30			0.94			0.30			43
	11.81			25,915		1.40			(0.04	)		1.13			0.24			47

(a)

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

(b)

(c)

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

(d)

(e)

For the one month ended August 31, 2013.

(f)

For the six months ended February 28, 2015.

Annualized.

Rounds to less than $0.01 per share.

See accompanying notes to financial statements.


Nuveen Investments			121

Financial Highlights (Unaudited) (continued)

Large Cap Core

Selected data for a share outstanding throughout each period:



			Investment Operations						Less Distributions

Class (Commencement Date) Year Ended August 31,	Beginning NAV		Net Investment Income (Loss)(a)		Net Realized/ Unrealized Gain (Loss)		Total		From Net Investment Income			From Accumulated Net Realized Gains			Total			Ending NAV
Class A (6/13)
2015(f)	$	26.67	$	0.15	$	1.52	$	1.67	$	(0.02	)	$	(0.55	)	$	(0.57	)	$	27.77
2014		20.49		0.19		6.42		6.61		(0.08	)		(0.35	)		(0.43	)		26.67
2013(d)		20.00		0.04		0.45		0.49		—			—			—			20.49
Class C (6/13)
2015(f)		26.51		0.06		1.50		1.56		—			(0.55	)		(0.55	)		27.52
2014		20.46		0.01		6.39		6.40		—			(0.35	)		(0.35	)		26.51
2013(d)		20.00		0.01		0.45		0.46		—			—			—			20.46
Class I (6/13)
2015(f)		26.71		0.19		1.52		1.71		(0.09	)		(0.55	)		(0.64	)		27.78
2014		20.50		0.25		6.41		6.66		(0.10	)		(0.35	)		(0.45	)		26.71
2013(d)		20.00		0.03		0.47		0.50		—			—			—			20.50


	122			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)

	6.40	%	$	26,397		1.16	%*		1.16	%*		1.16	%*		1.16	%*		59	%
	32.63			6,726		1.26			0.69			1.17			0.78			122
	2.45			457		1.54	*		0.53	*		1.17	*		0.90	*		34

	6.00			28,676		1.91	*		0.47	*		1.91	*		0.47	*		59
	31.61			4,937		1.99			(0.02	)		1.92			0.06			122
	2.30			143		2.31	*		(0.18	)*		1.92	*		0.21	*		34

	6.52			143,023		0.91	*		1.44	*		0.91	*		1.44	*		59
	32.92			57,360		1.01			0.93			0.92			1.02			122
	2.50			11,449		1.55	*		0.07	*		0.92	*		0.69	*		34

(a)

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

(b)

(c)

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

(d)

For the period June 17, 2013 (commencement of operations) through August 31, 2013.

(e)

(f)

For the six months ended February 28, 2015.

Annualized.

See accompanying notes to financial statements.


Nuveen Investments			123

Financial Highlights (Unaudited) (continued)

Large Cap Core Plus

Selected data for a share outstanding throughout each period:



			Investment Operations							Less Distributions

Class (Commencement Date) Year Ended August 31,	Beginning NAV		Net Investment Income (Loss)(a)			Net Realized/ Unrealized Gain (Loss)		Total		From Net Investment Income			From Accumulated Net Realized Gains			Total			Ending NAV
Class A (6/13)
2015(g)	$	26.53	$	0.09		$	1.54	$	1.63	$	—		$	(1.01	)	$	(1.01	)	$	27.15
2014		20.53		0.04			6.32		6.36		(0.02	)		(0.34	)		(0.36	)		26.53
2013(e)		20.00		0.03			0.50		0.53		—			—			—			20.53
Class C (6/13)
2015(g)		26.33		0.01			1.51		1.52		—			(1.01	)		(1.01	)		26.84
2014		20.51		(0.13	)		6.29		6.16		—			(0.34	)		(0.34	)		26.33
2013(e)		20.00		(0.03	)		0.54		0.51		—			—			—			20.51
Class I (6/13)
2015(g)		26.59		0.13			1.54		1.67		(0.03	)		(1.01	)		(1.04	)		27.22
2014		20.55		0.11			6.32		6.43		(0.05	)		(0.34	)		(0.39	)		26.59
2013(e)		20.00		0.02			0.53		0.55		—			—			—			20.55


	124			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)

	6.36	%	$	19,400		2.43	%*		0.47	%*		2.22	%*		0.68	%*		80	%
	31.18			7,108		2.55			(0.10	)		2.28			0.17			152
	2.70			456		2.38	*		0.26	*		1.99	*		0.65	*		41

	5.98			13,620		3.21	*		(0.14	)*		2.98	*		0.09	*		80
	30.21			3,182		3.28			(0.77	)		3.03			(0.52	)		152
	2.60			51		3.31	*		(1.33	)*		2.66	*		(0.67	)*		41

	6.50			87,358		2.20	*		0.75	*		1.99	*		0.96	*		80
	31.51			39,257		2.33			0.17			2.06			0.44			152
	2.80			18,090		2.33	*		(0.30	)*		1.66	*		0.37	*		41

(a)

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

(b)

(c)

After fee waiver and/or expense reimbursement from the Adviser.

(d)

Each ratio includes the effect of dividends expense and prime broker fees on common stocks sold short as follows:


	Ratios of Dividend Expense on Common Stocks Sold Short to Average Net Assets									Ratios of Prime Broker Fees to Average Net Assets
Year Ended August 31,	Class A			Class C			Class I			Class A			Class C			Class I
2015(g)		0.46	%*		0.47	%*		0.47	%*		0.30	%*		0.30	%*		0.30	%*
2014		0.48			0.47			0.48			0.34			0.34			0.36
2013(e)		0.52	*		0.44	*		0.44	*		—			—			—

(e)

For the period June 17, 2013 (commencement of operations) through August 31, 2013.

(f)

(g)

For the six months ended February 28, 2015.

Annualized.

See accompanying notes to financial statements.


Nuveen Investments			125

Financial Highlights (Unaudited) (continued)

Large Cap Growth

Selected data for a share outstanding throughout each period:



			Investment Operations							Less Distributions

Class (Commencement Date) Year Ended August 31,	Beginning NAV		Net Investment Income (Loss)(a)			Net Realized/ Unrealized Gain (Loss)		Total		From Net Investment Income			From Accumulated Net Realized Gains			Total			Ending NAV
Class A (6/13)
2015(f)	$	26.34	$	0.13		$	1.87	$	2.00	$	(0.03	)	$	(1.03	)	$	(1.06	)	$	27.28
2014		20.59		0.17			6.03		6.20		(0.07	)		(0.38	)		(0.45	)		26.34
2013(d)		20.00		0.05			0.54		0.59		—			—			—			20.59
Class C (6/13)
2015(f)		26.18		0.03			1.85		1.88		—			(1.03	)		(1.03	)		27.03
2014		20.56		(0.01	)		6.01		6.00		—			(0.38	)		(0.38	)		26.18
2013(d)		20.00		—	*		0.56		0.56		—			—			—			20.56
Class I (6/13)
2015(f)		26.38		0.15			1.88		2.03		(0.09	)		(1.03	)		(1.12	)		27.29
2014		20.60		0.24			6.02		6.26		(0.10	)		(0.38	)		(0.48	)		26.38
2013(d)		20.00		0.04			0.56		0.60		—			—			—			20.60


	126			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)

	7.91	%	$	24,730		1.27	%**		0.93	%**		1.16	%**		1.04	%**		66	%
	30.45			10,734		1.35			0.53			1.17			0.72			145
	2.95			1,017		1.49	**		0.92	**		1.15	**		1.25	**		48

	7.50			5,920		2.02	**		0.11	**		1.91	**		0.22	**		66
	29.49			2,187		2.11			(0.22	)		1.92			(0.03	)		145
	2.80			83		2.50	**		(0.60	)**		1.91	**		(0.02	)**		48

	8.04			47,279		1.01	**		1.03	**		0.91	**		1.13	**		66
	30.74			27,478		1.10			0.81			0.92			0.99			145
	3.00			11,472		1.55	**		0.22	**		0.92	**		0.86	**		48

(a)

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

(b)

(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)

(f)

For the six months ended February 28, 2015.

Rounds to less than $0.01 per share.

Annualized.

See accompanying notes to financial statements.


Nuveen Investments			127

Financial Highlights (Unaudited) (continued)

Large Cap Value

Selected data for a share outstanding throughout each period:



			Investment Operations									Less Distributions

Class (Commencement Date)	Beginning NAV		Net Investment Income (Loss)(a)			Net Realized/ Unrealized Gain (Loss)			Total			From Net Investment Income			From Accumulated Net Realized Gains			Total			Ending NAV
Class A (8/96)
Year Ended 8/31:
2015(f)	$	28.36	$	0.17		$	0.83		$	1.00		$	(0.21	)	$	(3.07	)	$	(3.28	)	$	26.08
2014		25.15		0.31			6.09			6.40			(0.36	)		(2.83	)		(3.19	)		28.36
2013(e)		24.31		0.03			0.81			0.84			—			—			—			25.15
Year Ended 6/30:
2013		20.03		0.29			4.29			4.58			(0.30	)		—			(0.30	)		24.31
2012		20.25		0.26			(0.24	)		0.02			(0.24	)		—			(0.24	)		20.03
2011		16.11		0.21			4.15			4.36			(0.22	)		—			(0.22	)		20.25
2010		14.23		0.16			2.02			2.18			(0.30	)		—			(0.30	)		16.11
Class C (8/96)
Year Ended 8/31:
2015(f)		27.31		0.07			0.79			0.86			(0.01	)		(3.07	)		(3.08	)		25.09
2014		24.33		0.10			5.88			5.98			(0.17	)		(2.83	)		(3.00	)		27.31
2013(e)		23.54		—	**		0.79			0.79			—			—			—			24.33
Year Ended 6/30:
2013		19.41		0.12			4.15			4.27			(0.14	)		—			(0.14	)		23.54
2012		19.61		0.11			(0.22	)		(0.11	)		(0.09	)		—			(0.09	)		19.41
2011		15.61		0.06			4.03			4.09			(0.09	)		—			(0.09	)		19.61
2010		13.80		0.04			1.96			2.00			(0.19	)		—			(0.19	)		15.61
Class R3 (8/08)
Year Ended 8/31:
2015(f)		28.50		0.14			0.83			0.97			(0.15	)		(3.07	)		(3.22	)		26.25
2014		25.27		0.24			6.12			6.36			(0.30	)		(2.83	)		(3.13	)		28.50
2013(e)		24.43		0.02			0.82			0.84			—			—			—			25.27
Year Ended 6/30:
2013		20.14		0.24			4.30			4.54			(0.25	)		—			(0.25	)		24.43
2012		20.34		0.22			(0.23	)		(0.01	)		(0.19	)		—			(0.19	)		20.14
2011		16.19		0.18			4.15			4.33			(0.18	)		—			(0.18	)		20.34
2010		14.31		0.12			2.03			2.15			(0.27	)		—			(0.27	)		16.19
Class I (8/96)
Year Ended 8/31:
2015(f)		28.52		0.21			0.83			1.04			(0.28	)		(3.07	)		(3.35	)		26.21
2014		25.28		0.37			6.13			6.50			(0.43	)		(2.83	)		(3.26	)		28.52
2013(e)		24.42		0.04			0.82			0.86			—			—			—			25.28
Year Ended 6/30:
2013		20.12		0.34			4.31			4.65			(0.35	)		—			(0.35	)		24.42
2012		20.34		0.31			(0.24	)		0.07			(0.29	)		—			(0.29	)		20.12
2011		16.18		0.26			4.17			4.43			(0.27	)		—			(0.27	)		20.34
2010		14.28		0.21			2.03			2.24			(0.34	)		—			(0.34	)		16.18


	128			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(d)


	4.24	%	$	302,432		1.15	%*		1.26	%*		1.15	%*		1.26	%*		71	%
	27.40			294,917		1.11			1.16			1.11			1.16			153
	3.50			250,052		1.25	*		0.70	*		1.25	*		0.70	*		42

	23.09			282,993		1.16			1.30			1.15			1.31			153
	0.19			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			0.91			1.19			0.97			74


	3.86			33,354		1.90	*		0.54	*		1.90	*		0.54	*		71
	26.47			26,628		1.86			0.41			1.86			0.41			153
	3.36			17,780		2.00	*		(0.02	)*		2.00	*		(0.02	)*		42

	22.10			17,174		1.91			0.54			1.90			0.55			153
	(0.51	)		16,644		1.91			0.58			1.91			0.58			99
	26.21			17,518		1.97			0.32			1.93			0.36			78
	14.37			15,565		2.01			0.16			1.94			0.22			74


	4.08			162		1.40	*		1.04	*		1.40	*		1.04	*		71
	27.11			135		1.36			0.92			1.36			0.92			153
	3.44			87		1.50	*		0.43	*		1.50	*		0.43	*		42

	22.72			91		1.41			1.07			1.39			1.08			153
	0.04			76		1.41			1.14			1.41			1.14			99
	26.80			164		1.49			0.91			1.43			0.97			78
	14.88			110		1.50			0.66			1.44			0.72			74


	4.36			130,073		0.90	*		1.54	*		0.90	*		1.54	*		71
	27.74			104,875		0.86			1.40			0.86			1.40			153
	3.52			45,148		1.00	*		0.97	*		1.00	*		0.97	*		42

	23.39			42,285		0.91			1.53			0.90			1.55			153
	0.45			24,546		0.91			1.59			0.91			1.59			99
	27.46			30,150		0.97			1.32			0.93			1.36			78
	15.53			22,950		1.00			1.16			0.94			1.22			74

(a)

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

(b)

Total return is the combination of changes in NAV without any sales charge, reinvested dividend income at NAV and reinvested capital gains distributions at NAV, 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)

(e)

For the two months ended August 31, 2013.

(f)

For the six months ended February 28, 2015.

Annualized.

Rounds to less than $0.01 per share.

See accompanying notes to financial statements.


Nuveen Investments			129

Notes to

Financial Statements (Unaudited)

1. General Information and Significant Accounting Policies

General Information

Trust and Fund Information

The Nuveen Investment Trust and the Nuveen Investment Trust II (each a “Trust” and collectively, the “Trusts”), are open-end management investment companies registered under the Investment Company Act of 1940, as amended. The Nuveen Investment 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”), Nuveen Large Cap Growth Fund (“Large Cap Growth”) and Nuveen Large Cap Value Fund (“Large Cap Value”), among others, and the Nuveen Investment Trust II is comprised of Nuveen Equity Long/Short Fund (“Equity Long/Short”) and Nuveen Growth Fund (“Growth”), among others, (each a “Fund” and collectively, the “Funds”), as diversified funds. The Nuveen Investment Trust and Nuveen Investment Trust II were each organized as Massachusetts business trusts on May 6, 1996 and June 27, 1997, respectively.

The end of the reporting period for the Funds is February 28, 2015, and the period covered by these Notes to Financial Statements is the six months ended February 28, 2015 (“the current fiscal period”).

Investment Adviser

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.

Investment Objectives and Principal Investment Strategies

Concentrated Core

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

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 Long/Short

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. 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.

Equity Market Neutral

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


	130			Nuveen Investments

short positions in a diversified portfolio of 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. The Fund may use all or a portion of the proceeds of its short sales to purchase additional long positions. 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%.

Growth

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 Core

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 $2.2 billion to $545 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

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 $2.2 billion to $545 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 may use all or a portion of its short sales to purchase additional long positions. 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

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 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 $2.2 billion to $545 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.

Large Cap Value

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 $2.2 billion to $545 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.

Each Fund, with the exception of Growth, 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.


Nuveen Investments			131

Notes to Financial Statements (Unaudited) (continued)

Significant Accounting Policies

Each Fund is an investment company and follows accounting and reporting guidance under Financial Accounting Standards Board (FASB) Accounting Standards Codification (ASC) Topic 946 “Financial Services – Investment Companies.” The following is a summary of significant accounting policies followed by the Funds in the preparation of their financial statements in accordance with U.S. generally accepted accounting principles (“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. Investments purchased on a when-issued/delayed delivery basis may have extended settlement periods. Any investments so purchased are subject to market fluctuation during this period. The Funds have instructed the custodian to earmark securities in the Funds’ portfolios with a current value at least equal to the amount of the when-issued/delayed delivery purchase commitments.

As of the end of the reporting period, the Funds’ outstanding when-issued/delayed delivery purchase commitments were as follows:

Concentrated
Core

Core
Dividend

Equity
Long/Short

Equity Market
Neutral

Growth

Outstanding when-issued/delayed delivery purchase commitments

—

Large Cap
Core

Large Cap
Core Plus

Large Cap
Growth

Large Cap
Value

Outstanding when-issued/delayed delivery purchase commitments

—

Investment Income

Dividend income on investments purchased and dividends expense on common stocks 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

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

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 are recorded to the specific class. Currently, the only expenses that are allocated on a class-specific basis are 12b-1 distribution and service fees.

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


	132			Nuveen Investments

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 may enter 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.

The Funds’ investments subject to netting agreements as of the end of the reporting period, if any, are further described in Note 3 – Portfolio Securities and Investments in Derivatives.

Use of Estimates

2. Investment Valuation and Fair Value Measurements

The fair valuation input levels as described below are for fair value measurement purposes.


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).

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. Securities primarily traded on the NASDAQ National Market (“NASDAQ”) are valued 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.

Repurchase agreements are valued at contract amount plus accrued interest, which approximates market value. These securities are generally classified as Level 2.


Nuveen Investments			133

Notes to Financial Statements (Unaudited) (continued)

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 Board and/or its appointee.


Concentrated Core	Level 1			Level 2		Level 3		Total
Long-Term Investments*:
Common Stocks	$	112,713,900		$	—	$	—	$	112,713,900
Short-Term Investments:
Repurchase Agreements		—			393,347		—		393,347
Total	$	112,713,900		$	393,347	$	—	$	113,107,247

Core Dividend
Long-Term Investments*:
Common Stocks	$	37,138,286		$	—	$	—	$	37,138,286

Equity Long/Short
Long-Term Investments*:
Common Stocks	$	116,152,104		$	—	$	—	$	116,152,104
Short-Term Investments:
Repurchase Agreements		—			690,920		—		690,920
Common Stocks Sold Short*		(60,086,091	)		—		—		(60,086,091	)
Total	$	56,066,013		$	690,920	$	—	$	56,756,933

Equity Market Neutral
Long-Term Investments*:
Common Stocks	$	55,758,253		$	—	$	—	$	55,758,253
Short-Term Investments:
Repurchase Agreements		—			482,081		—		482,081
Common Stocks Sold Short*		(44,815,741	)		—		—		(44,815,741	)
Total	$	10,942,512		$	482,081	$	—	$	11,424,593

Growth
Long-Term Investments*:
Common Stocks	$	54,370,413		$	—	$	—	$	54,370,413
Short-Term Investments:
Repurchase Agreements		—			1,218,235		—		1,218,235
Total	$	54,370,413		$	1,218,235	$	—	$	55,588,648

Large Cap Core
Long-Term Investments*:
Common Stocks	$	197,043,295		$	—	$	—	$	197,043,295
Short-Term Investments:
Repurchase Agreements		—			657,550		—		657,550
Total	$	197,043,295		$	657,550	$	—	$	197,700,845

Large Cap Core Plus
Long-Term Investments*:
Common Stocks	$	155,125,247		$	—	$	—	$	155,125,247
Short-Term Investments:
Repurchase Agreements		—			490,711		—		490,711
Common Stocks Sold Short*		(35,774,510	)		—		—		(35,774,510	)
Total	$	119,350,737		$	490,711	$	—	$	119,841,448


	134			Nuveen Investments


Large Cap Growth	Level 1		Level 2		Level 3		Total
Long-Term Investments*:
Common Stocks	$	77,530,115	$	—	$	—	$	77,530,115
Short-Term Investments:
Repurchase Agreements		—		128,178		—		128,178
Total	$	77,530,115	$	128,178	$	—	$	77,658,293

Large Cap Value
Long-Term Investments*:
Common Stocks	$	463,798,876	$	—	$	—	$	463,798,876
Short-Term Investments:
Repurchase Agreements		—		1,809,592		—		1,809,592
Total	$	463,798,876	$	1,809,592	$	—	$	465,608,468

*	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.


Nuveen Investments			135

Notes to Financial Statements (Unaudited) (continued)

The realized gains and losses resulting from changes in foreign currency exchange rates and changes in foreign exchange rates associated with (i) investments, (ii) investments in derivatives and (iii) other assets and liabilities 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 (i) investments and (ii) other assets and liabilities are recognized as a component of “Change in net unrealized appreciation (depreciation) of investments and foreign currency” on the Statement of Operations, when applicable. The unrealized gains and losses resulting from changes in foreign exchange rates associated with investments in derivatives are recognized as a component of the respective derivative’s related “Change in net unrealized appreciation (depreciation)” on the Statement of Operations, when applicable.

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 Funds that are subject to netting agreements as of the end of the reporting period, and the collateral delivered related to those repurchase agreements.


Fund	Counterparty	Short-term Investments, at Value		Collateral Pledged (From) Counterparty*			Net Exposure
Concentrated Core	Fixed Income Clearing Corporation	$	393,347	$	(393,347	)	$	—
Equity Long/Short	Fixed Income Clearing Corporation		690,920		(690,920	)		—
Equity Market Neutral	Fixed Income Clearing Corporation		482,081		(482,081	)		—
Growth	Fixed Income Clearing Corporation		1,218,235		(1,218,235	)		—
Large Cap Core	Fixed Income Clearing Corporation		657,550		(657,550	)		—
Large Cap Core Plus	Fixed Income Clearing Corporation		490,711		(490,711	)		—
Large Cap Growth	Fixed Income Clearing Corporation		128,178		(128,178	)		—
Large Cap Value	Fixed Income Clearing Corporation		1,809,592		(1,809,592	)		—

*	As of the end of the reporting period, 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.

Short Sale Transactions

Equity Long/Short, Equity Market Neutral and Large Cap Core Plus each 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.

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 Funds’ 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 common stocks 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 common stocks 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 common stocks 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 “Prime broker fees” on the Statement of Operations, when applicable.

Investments in Derivatives

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 current fiscal period.


	136			Nuveen Investments

Market and Counterparty Credit Risk

4. Fund Shares

Transactions in Fund shares during the current and prior fiscal period were as follows:


	Six Months Ended 2/28/15						Year Ended 8/31/14
Concentrated Core	Shares			Amount			Shares			Amount
Shares sold:
Class A		1,344,035		$	36,988,711			336,270		$	8,238,842
Class C		428,366			11,767,620			54,938			1,357,071
Class I		2,126,830			58,938,787			296,619			7,401,719
Shares issued to shareholders due to reinvestment of distributions:
Class A		11,900			322,682			221			5,148
Class C		2,005			53,670			7			153
Class I		21,028			576,457			180			4,179
		3,934,164			108,647,927			688,235			17,007,112
Shares redeemed:
Class A		(137,187	)		(3,805,986	)		(42,443	)		(1,069,629	)
Class C		(18,462	)		(520,831	)		(4,964	)		(124,805	)
Class I		(488,415	)		(13,502,741	)		(33,480	)		(852,987	)
		(644,064	)		(17,829,558	)		(80,887	)		(2,047,421	)
Net increase (decrease)		3,290,100		$	90,818,369			607,348		$	14,959,691

	Six Months Ended 2/28/15						Year Ended 8/31/14
Core Dividend	Shares			Amount			Shares			Amount
Shares sold:
Class A		371,130		$	9,514,111			416,876		$	9,764,323
Class C		116,451			3,020,549			81,299			1,891,540
Class I		300,884			7,736,211			220,056			5,367,974
Shares issued to shareholders due to reinvestment of distributions:
Class A		16,275			406,828			4,467			106,813
Class C		3,864			96,106			557			13,370
Class I		12,370			309,474			1,410			34,396
		820,974			21,083,279			724,665			17,178,416
Shares redeemed:
Class A		(50,946	)		(1,295,553	)		(129,948	)		(3,203,272	)
Class C		(9,005	)		(230,119	)		(4,132	)		(102,457	)
Class I		(18,692	)		(481,043	)		(19,235	)		(471,636	)
		(78,643	)		(2,006,715	)		(153,315	)		(3,777,365	)
Net increase (decrease)		742,331		$	19,076,564			571,350		$	13,401,051


Nuveen Investments			137

Notes to Financial Statements (Unaudited) (continued)


	Six Months Ended 2/28/15								Year Ended 8/31/14
Equity Long/Short	Shares				Amount				Shares			Amount
Shares sold:
Class A		263,600			$	8,579,274				811,295		$	24,840,498
Class C		58,519				1,819,944				149,104			4,385,988
Class I		918,352				30,512,450				513,818			16,220,815
Shares issued to shareholders due to reinvestment of distributions:
Class A		1,069				35,095				5,838			177,757
Class C		428		��		13,356				2,488			72,488
Class I		2,217				73,967				5,074			156,803
		1,244,185				41,034,086				1,487,617			45,854,349
Shares redeemed:
Class A		(132,027	)			(4,212,815	)			(398,923	)		(12,433,930	)
Class C		(10,439	)			(321,595	)			(21,431	)		(631,302	)
Class I		(139,518	)			(4,651,367	)			(178,739	)		(5,461,741	)
		(281,984	)			(9,185,777	)			(599,093	)		(18,526,973	)
Net increase (decrease)		962,201			$	31,848,309				888,524		$	27,327,376

	Six Months Ended 2/28/15								Year Ended 8/31/14
Equity Market Neutral	Shares				Amount				Shares			Amount
Shares sold:
Class A		212,204			$	4,600,171				860,291		$	18,329,244
Class C		24,568				526,433				90,246			1,918,904
Class I		515,241				11,181,067				1,145,579			24,450,062
Shares issued to shareholders due to reinvestment of distributions:
Class A		1,323				29,023				1,559			33,527
Class C		285				6,179				371			7,954
Class I		3,611				79,505				1,698			36,535
		757,232				16,422,378				2,099,744			44,776,226
Shares redeemed:
Class A		(100,672	)			(2,164,890	)			(530,276	)		(11,217,497	)
Class C		(14,291	)			(308,104	)			(14,436	)		(304,501	)
Class I		(452,555	)			(9,929,536	)			(257,987	)		(5,480,347	)
		(567,518	)			(12,402,530	)			(802,699	)		(17,002,345	)
Net increase (decrease)		189,714			$	4,019,848				1,297,045		$	27,773,881

	Six Months Ended 2/28/15								Year Ended 8/31/14
Growth	Shares				Amount				Shares			Amount
Shares sold:
Class A		39,677			$	1,185,446				179,196		$	4,987,194
Class C		31,095				852,166				152,552			4,022,432
Class R3		52				1,530				—			—
Class I		473,941				14,499,706				401,076			11,572,099
Shares issued to shareholders due to reinvestment of distributions:
Class A		19,192				547,540		��		10,821			293,357
Class C		21,812				580,653				3,318			85,086
Class R3		—				—				—			—
Class I		89,761				2,596,783				11,420			312,975
		675,530				20,263,824				758,383			21,273,143
Shares redeemed:
Class A		(273,594	)			(8,328,230	)			(237,482	)		(6,713,265	)
Class C		(15,563	)			(438,188	)			(48,016	)		(1,279,831	)
Class R3		(52	)			(1,558	)			—			—
Class I		(192,813	)			(5,816,207	)			(231,962	)		(6,574,283	)
		(482,022	)			(14,584,183	)			(517,460	)		(14,567,379	)
Net increase (decrease)		193,508			$	5,679,641				240,923		$	6,705,764


	138			Nuveen Investments


	Six Months Ended 2/28/15						Year Ended 8/31/14
Large Cap Core	Shares			Amount			Shares			Amount
Shares sold:
Class A		811,446		$	21,669,085			340,195		$	8,223,349
Class C		865,759			23,095,163			183,096			4,436,235
Class I		3,239,299			86,900,113			1,697,984			42,603,465
Shares issued to shareholders due to reinvestment of distributions:
Class A		10,276			268,128			1,066			24,114
Class C		7,729			199,577			457			10,208
Class I		46,821			1,229,504			439			9,956
		4,981,330			133,361,570			2,223,237			55,307,327
Shares redeemed:
Class A		(123,245	)		(3,300,497	)		(111,403	)		(2,794,661	)
Class C		(17,799	)		(467,576	)		(4,320	)		(107,347	)
Class I		(285,541	)		(7,687,181	)		(109,580	)		(2,784,994	)
		(426,585	)		(11,455,254	)		(225,303	)		(5,687,002	)
Net increase (decrease)		4,554,745		$	121,906,316			1,997,934		$	49,620,325

	Six Months Ended 2/28/15						Year Ended 8/31/14
Large Cap Core Plus	Shares			Amount			Shares			Amount
Shares sold:
Class A		691,779		$	18,463,566			596,669		$	14,040,983
Class C		387,013			10,214,190			126,022			3,036,506
Class I		1,847,890			48,766,285			805,840			19,967,816
Shares issued to shareholders due to reinvestment of distributions:
Class A		25,523			658,502			2,380			54,474
Class C		10,641			271,761			236			5,384
Class I		70,105			1,816,003			5,464			125,633
		3,032,951			80,190,307			1,536,611			37,230,796
Shares redeemed:
Class A		(270,707	)		(7,092,000	)		(353,364	)		(8,811,627	)
Class C		(11,027	)		(286,733	)		(7,915	)		(198,314	)
Class I		(184,614	)		(4,935,284	)		(215,146	)		(5,464,791	)
		(466,348	)		(12,314,017	)		(576,425	)		(14,474,732	)
Net increase (decrease)		2,566,603		$	67,876,290			960,186		$	22,756,064

	Six Months Ended 2/28/15						Year Ended 8/31/14
Large Cap Growth	Shares			Amount			Shares			Amount
Shares sold:
Class A		534,517		$	13,852,354			556,355		$	12,871,241
Class C		138,052			3,610,183			83,787			1,954,686
Class I		737,484			19,294,025			503,164			12,573,239
Shares issued to shareholders due to reinvestment of distributions:
Class A		19,074			481,971			6,320			143,696
Class C		2,262			56,594			241			5,437
Class I		18,658			473,726			275			6,266
		1,450,047			37,768,853			1,150,142			27,554,565
Shares redeemed:
Class A		(54,510	)		(1,417,753	)		(204,534	)		(5,108,915	)
Class C		(4,847	)		(127,177	)		(4,495	)		(108,734	)
Class I		(65,387	)		(1,706,124	)		(18,670	)		(468,995	)
		(124,744	)		(3,251,054	)		(227,699	)		(5,686,644	)
Net increase (decrease)		1,325,303		$	34,517,799			922,443		$	21,867,921


Nuveen Investments			139

Notes to Financial Statements (Unaudited) (continued)


	Six Months Ended 2/28/15						Year Ended 8/31/14
Large Cap Value	Shares			Amount			Shares			Amount
Shares sold:
Class A		736,055		$	19,388,967			538,283		$	13,947,182
Class A – automatic conversion of Class B shares		—			—			11,382			284,664
Class B – exchanges		—			—			365			8,721
Class C		352,887			9,089,776			315,220			7,989,393
Class R3		1,922			49,093			1,375			36,418
Class I		1,400,148			37,119,464			2,108,965			57,166,399
Shares issued to shareholders due to reinvestment of distributions:
Class A		1,149,064			28,468,365			1,052,056			26,162,746
Class B		—			—			599			14,310
Class C		109,023			2,575,721			78,409			1,872,804
Class R3		—			—			—			—
Class I		446,008			11,139,170			192,451			4,817,455
		4,195,107			107,830,556			4,299,105			112,300,092
Shares redeemed:
Class A		(687,826	)		(18,027,992	)		(1,142,606	)		(30,000,384	)
Class B		—			—			(17,155	)		(444,092	)
Class B – automatic conversion to Class A shares		—			—			(11,816	)		(284,664	)
Class C		(107,554	)		(2,761,719	)		(149,422	)		(3,807,070	)
Class R3		(517	)		(14,163	)		(59	)		(1,554	)
Class I		(561,222	)		(15,081,368	)		(410,142	)		(10,741,902	)
		(1,357,119	)		(35,885,242	)		(1,731,200	)		(45,279,666	)
Net increase (decrease)		2,837,988		$	71,945,314			2,567,905		$	67,020,426

5. Investment Transactions

Long-term purchases and sales (including transactions for common stocks sold short, where applicable) during the current fiscal period, were as follows:


	Concentrated Core		Core Dividend		Equity Long/ Short		Equity Market Neutral		Growth
Purchases	$	132,724,292	$	42,082,559	$	184,659,216	$	73,624,536	$	15,343,343
Sales		42,949,116		23,705,194		154,260,993		63,875,765		13,656,259


	Large Cap Core		Large Cap Core Plus		Large Cap Growth		Large Cap Value
Purchases	$	187,390,014	$	168,413,658	$	68,682,180	$	333,222,949
Sales		67,892,402		104,315,303		36,341,354		311,522,674

6. Income Tax Information


	140			Nuveen Investments

As of February 28, 2015, 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 Long/Short			Equity Market Neutral			Growth
Cost of investments	$	107,732,426		$	34,273,760		$	109,464,074		$	52,140,414		$	42,062,129
Gross unrealized:
Appreciation	$	6,680,691		$	3,101,398		$	9,104,874		$	5,910,217		$	14,024,927
Depreciation		(1,305,870	)		(236,872	)		(1,725,924	)		(1,810,297	)		(498,408	)
Net unrealized appreciation (depreciation) of investments	$	5,374,821		$	2,864,526		$	7,378,950		$	4,099,920		$	13,526,519


	Large Cap Core			Large Cap Core Plus			Large Cap Growth			Large Cap Value
Cost of investments	$	184,744,843		$	143,791,027		$	69,588,210		$	409,738,962
Gross unrealized:
Appreciation	$	15,187,320		$	14,461,920		$	8,980,647		$	64,630,804
Depreciation		(2,231,318	)		(2,636,989	)		(910,564	)		(8,761,298	)
Net unrealized appreciation (depreciation) of investments	$	12,956,002		$	11,824,931		$	8,070,083		$	55,869,506

Permanent differences, primarily due to nondeductible stock issuance costs, investments in short sales, net operating losses, real estate investment trust adjustments, investments in partnerships and distribution reallocations, resulted in reclassifications among the Funds’ components of net assets as of August 31, 2014, the Funds’ last tax year end, as follows:


	Concentrated Core			Core Dividend			Equity Long/Short			Equity Market Neutral			Growth
Capital paid-in	$	(78	)	$	(110	)	$	(14,719	)	$	(148	)	$	5
Undistributed (Over-distribution of) net investment income		78			(3,406	)		21,481			610,617			22,184
Accumulated net realized gain (loss)		—			3,516			(6,762	)		(610,469	)		(22,189	)


	Large Cap Core			Large Cap Core Plus			Large Cap Growth			Large Cap Value
Capital paid-in	$	(110	)	$	(67	)	$	(138	)	$	—
Undistributed (Over-distribution of) net investment income		(7,115	)		(4,856	)		(9,581	)		(105,315	)
Accumulated net realized gain (loss)		7,225			4,923			9,719			105,315

The tax components of undistributed net ordinary income and net long-term capital gains as of August 31, 2014, the Funds’ last tax year end, were as follows:


	Concentrated Core		Core Dividend		Equity Long/Short		Equity Market Neutral		Growth
Undistributed net ordinary income¹	$	348,890	$	534,482	$	—	$	49,544	$	—
Undistributed net long-term capital gains		38,810		15,594		122,351		97,950		3,873,226


	Large Cap Core		Large Cap Core Plus		Large Cap Growth		Large Cap Value
Undistributed net ordinary income¹	$	2,270,656	$	3,030,897	$	2,052,836	$	33,925,376
Undistributed net long-term capital gains		69,590		127,883		6,695		14,035,483

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 Funds’ last tax year ended August 31, 2014, was designated for purposes of the dividends paid deduction as follows:


	Concentrated Core		Core Dividend		Equity Long/Short		Equity Market Neutral		Growth
Distributions from net ordinary income¹	$	13,704	$	191,604	$	4,470	$	187,398	$	139,544
Distributions from net long-term capital gains		—		181		408,065		—		744,523

			Large Cap Core		Large Cap Core Plus		Large Cap Growth		Large Cap Value
Distributions from net ordinary income¹			$	316,087	$	437,488	$	442,877	$	20,131,762
Distributions from net long-term capital gains				—		—		—		20,433,885

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


Nuveen Investments			141

Notes to Financial Statements (Unaudited) (continued)

During the Funds’ last tax year ended August 31, 2014, the following Fund utilized capital loss carryforwards as follows:

Equity

Long/Short

Utilized capital loss carryforwards

4,367

As of August 31, 2014, the Funds’ last tax year end, the Funds did not have any unused capital loss carryforwards available for federal income tax purposes to be applied against future capital gains, if any.

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 current fiscal year. The following Funds have elected to defer losses as follows:


	Equity Long/Short		Growth
Post-October capital losses²	$	147,562	$	132,406
Late-year ordinary losses³		116,568		—

²	Capital losses incurred from November 1, 2013 through August 31, 2014, the Funds’ last tax year end.

³	Ordinary losses incurred from January 1, 2014 through August 31, 2014, and specified losses incurred from November 1, 2013 through August 31, 2014.

7. Management Fees and Other Transactions with Affiliates

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


Average Daily Net Assets	Concentrated Core			Core Dividend			Equity Long/Short			Equity Market Neutral			Growth			Large Cap Core			Large Cap Core Plus			Large Cap Growth			Large Cap Value
For the first $125 million		0.6500	%		0.5500	%		1.1000	%		1.1000	%		0.5000	%		0.5500	%		1.0000	%		0.5500	%		0.5500	%
For the next $125 million		0.6375			0.5375			1.0875			1.0875			0.4875			0.5375			0.9875			0.5375			0.5375
For the next $250 million		0.6250			0.5250			1.0750			1.0750			0.4750			0.5250			0.9750			0.5250			0.5250
For the next $500 million		0.6125			0.5125			1.0625			1.0625			0.4625			0.5125			0.9625			0.5125			0.5125
For the next $1 billion		0.6000			0.5000			1.0500			1.0500			0.4500			0.5000			0.9500			0.5000			0.5000
For net assets over $2 billion		0.5750			0.4750			1.0250			1.0250			0.4250			0.4750			0.9250			0.4750			0.4750

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


Complex-Level Asset Breakpoint Level*	Effective Rate at Breakpoint Level
$55 billion		0.2000	%
$56 billion		0.1996
$57 billion		0.1989
$60 billion		0.1961
$63 billion		0.1931
$66 billion		0.1900
$71 billion		0.1851
$76 billion		0.1806
$80 billion		0.1773
$91 billion		0.1691
$125 billion		0.1599
$200 billion		0.1505
$250 billion		0.1469
$300 billion		0.1445

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 February 28, 2015, the complex-level fee for each Fund was 0.1635%.


	142			Nuveen Investments

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

Temporary
Expense
Cap

Temporary
Expense Cap
Expiration Date

Permanent
Expense Cap

Concentrated Core

1.00

December 31, 2016

N/A

Core Dividend

0.95

December 31, 2016

N/A

Equity Long/Short

1.40

December 31, 2016

N/A

Equity Market Neutral

1.40

December 31, 2016

N/A

Growth

1.00

September 30, 2016

1.40

Large Cap Core

0.95

December 31, 2016

N/A

Large Cap Core Plus

1.25

December 31, 2016

N/A

Large Cap Growth

0.95

December 31, 2016

N/A

Large Cap Value

N/A

1.20

N/A – Not applicable.

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 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.


	Concentrated Core		Core Dividend		Equity Long/Short		Equity Market Neutral		Growth
Sales charges collected	$	192,881	$	126,013	$	78,477	$	45,640	$	22,444
Paid to financial intermediaries		168,911		110,117		69,572		41,160		19,688

			Large Cap Core		Large Cap Core Plus		Large Cap Growth		Large Cap Value
Sales charges collected			$	214,798	$	100,277	$	95,708	$	171,425
Paid to financial intermediaries				191,070		88,633		84,404		152,106

During the current fiscal period, the Distributor compensated financial intermediaries directly with commission advances at the time of purchase as follows:


	Concentrated Core		Core Dividend		Equity Long/Short		Equity Market Neutral		Growth
Commission advances	$	109,529	$	26,995	$	24,209	$	15,119	$	4,285

			Large Cap Core		Large Cap Core Plus		Large Cap Growth		Large Cap Value
Commission advances			$	232,179	$	91,369	$	33,538	$	84,050

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 current fiscal period, the Distributor retained such 12b-1 fees as follows:


	Concentrated Core		Core Dividend		Equity Long/Short		Equity Market Neutral		Growth
12b-1 fees retained	$	20,124	$	10,025	$	16,167	$	6,409	$	13,847

			Large Cap Core		Large Cap Core Plus		Large Cap Growth		Large Cap Value
12b-1 fees retained			$	51,958	$	28,372	$	11,533	$	42,065

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


Nuveen Investments			143

Notes to Financial Statements (Unaudited) (continued)

The Distributor also collected and retained CDSC on share redemptions during the current fiscal period, as follows:


	Concentrated Core		Core Dividend		Equity Long/Short		Equity Market Neutral		Growth
CDSC retained	$	377	$	—	$	1,396	$	909	$	229

			Large Cap Core		Large Cap Core Plus		Large Cap Growth		Large Cap Value
CDSC retained			$	1,756	$	1,603	$	86	$	2,797

As of the end of the reporting period, Nuveen owned shares of the Funds as follows:


	Concentrated Core		Core Dividend		Equity Long/Short		Equity Market Neutral		Growth
Class A Shares		1,930		2,013		2,308		—		—
Class C Shares		1,943		2,015		2,383		—		—
Class R3 Shares		N/A		N/A		N/A		N/A		2,125
Class I Shares		34,689		36,228		33,148		—		—

			Large Cap Core		Large Cap Core Plus		Large Cap Growth		Large Cap Value
Class A Shares				—		—		1,996		—
Class C Shares				—		—		2,008		—
Class R3 Shares				N/A		N/A		N/A		2,126
Class I Shares				—		—		35,887		—

N/A – Fund does not offer share class.


	144			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

Independent Registered
Public Accounting Firm

KPMG LLP

Chicago, IL 60601

Custodian

State Street Bank & Trust Company

Boston, MA 02111

Legal Counsel

Chapman and Cutler LLP

Chicago, IL 60603

Transfer Agent and
Shareholder Services

Boston Financial

Data Services

Nuveen Investor Services

P.O. Box 8530

Boston, MA 02266-8530

(800) 257-8787


Nuveen Investments			145

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.

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.

Lipper Large-Cap Value Funds Classification Average: Represents the average annualized returns 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 dividends, but do not reflect any applicable sales charges.

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.

Lipper Multi-Cap Growth Funds Classification Average: Represents the average annualized returns for all reporting funds in the Lipper Multi-Cap Growth Funds Classification. Lipper returns account for the effects of management fees and assume reinvestment of dividends, but do not reflect any applicable sales charges.

Long Position: A security the fund owns in its portfolio.


	146			Nuveen Investments

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 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 dividends, 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.


Nuveen Investments			147

LOGO

Nuveen Investments:

Serving Investors for Generations

Focused on meeting investor needs.

Find out how we can help you.

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

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

Distributed by Nuveen Securities, LLC | 333 West Wacker Drive Chicago, IL 60606 | www.nuveen.com

MSA-NLCES-0215D 7188-INV-B-04/16

Item 2. Code of Ethics.

Not applicable to this filing.

Item 3. Audit Committee Financial Expert.

Not applicable to this filing.

Item 4. Principal Accountant Fees and Services.

Not applicable to this filing.

Item 5. Audit Committee of Listed Registrants.

Not applicable to this registrant.

Item 6. Schedule of Investments.

(a) See Portfolio of Investments in Item 1.

(b) Not applicable.

Item 7. Disclosure of Proxy Voting Policies and Procedures for Closed-End Management Investment Companies.

Not applicable to this registrant.

Item 8. Portfolio Managers of Closed-End Management Investment Companies.

Not applicable to this registrant.

Item 9. Purchases of Equity Securities by Closed-End Management Investment Company and Affiliated Purchasers.

Not applicable to this registrant.

Item 10. Submission of Matters to a Vote of Security Holders.

There have been no material changes to the procedures by which shareholders may recommend nominees to the registrant’s Board implemented after the registrant last provided disclosure in response to this Item.

Item 11. Controls and Procedures.

(a)

The registrant’s principal executive and principal financial officers, or persons performing similar functions, have concluded that the registrant’s disclosure controls and procedures (as defined in Rule 30a-3(c) under the Investment Company Act of 1940, as amended (the “1940 Act”) (17 CFR 270.30a-3(c))) are effective, as of a date within 90 days of the filing date of this report that includes the disclosure required by this paragraph, based on their evaluation of the controls and procedures required by Rule 30a-3(b) under the 1940 Act (17 CFR 270.30a-3(b)) and Rules 13a-15(b) or 15d-15(b) under the Securities Exchange Act of 1934, as amended (the “Exchange Act”) (17 CFR 240.13a-15(b) or 240.15d-15(b)).

(b)

There were no changes in the registrant’s internal control over financial reporting (as defined in Rule 30a-3(d) under the 1940 Act (17 CFR 270.30a-3(d)) that occurred during the second fiscal quarter of the period covered by this report that has materially affected, or is reasonably likely to materially affect, the registrant’s internal control over financial reporting.

Item 12. Exhibits.

File the exhibits listed below as part of this Form.

(a)(1) Any code of ethics, or amendment thereto, that is the subject of the disclosure required by Item 2, to the extent that the registrant intends to satisfy the Item 2 requirements through filing of an exhibit: Not applicable to this filing.

(a)(2) A separate certification for each principal executive officer and principal financial officer of the registrant as required by Rule 30a-2(a) under the 1940 Act (17 CFR 270.30a-2(a)) in the exact form set forth below: See EX-99.CERT attached hereto.

(a)(3) Any written solicitation to purchase securities under Rule 23c-1 under the 1940 Act (17 CFR 270.23c-1) sent or given during the period covered by the report by or on behalf of the registrant to 10 or more persons: Not applicable to this registrant.

(b) If the report is filed under Section 13(a) or 15(d) of the Exchange Act, provide the certifications required by Rule 30a-2(b) under the 1940 Act (17 CFR 270.30a-2(b)), Rule 13a-14(b) or Rule 15d-14(b) under the Exchange Act (17 CFR 240.13a-14(b) or 240.15d-14(b)), and Section 1350 of Chapter 63 of Title 18 of the United States Code (18 U.S.C. 1350) as an Exhibit. A certification furnished pursuant to this paragraph will not be deemed “filed” for purposes of Section 18 of the Exchange Act (15 U.S.C. 78r), or otherwise subject to the liability of that section. Such certification will not be deemed to be incorporated by reference into any filing under the Securities Act of 1933 or the Exchange Act, except to the extent that the registration specifically incorporates it by reference: See EX-99.906 CERT attached hereto.

SIGNATURES

Pursuant to the requirements of the Securities Exchange Act of 1934 and the Investment Company Act of 1940, the registrant has duly caused this report to be signed on its behalf by the undersigned, thereunto duly authorized.

(Registrant) Nuveen Investment Trust

(Signature and Title)

/s/ Kevin J. McCarthy

Kevin J. McCarthy

Vice President and Secretary

Date: May 6, 2015

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.

(Signature and Title)

/s/ Gifford R. Zimmerman

Gifford R. Zimmerman

Chief Administrative Officer

(principal executive officer)

Date: May 6, 2015

(Signature and Title)

/s/ Stephen D. Foy

Stephen D. Foy

Vice President and Controller

(principal financial officer)

Date: May 6, 2015

Nuveen Investment Trust N-CSRSCertified semi-annual shareholder report (management investment company)