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 29, 2016

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 29, 2016

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,

The financial markets saw an increase in volatility over the past year. Global economic growth has continued to look fragile, led by China’s ongoing slowdown and stagnant growth in Europe and Japan. By contrast, the U.S. economy’s modest recovery stayed on pace. However, concerns about downside risks to U.S. economic growth were heightened in early 2016 amid a weak global growth outlook and churning stock markets. In addition to the challenging economic backdrop, the persistent decline of oil prices and a rally in the U.S. dollar dampened U.S. corporate earnings growth, further contributing to an uncertain outlook.

For most of 2015, the U.S. Federal Reserve postponed the first increase to its main policy interest rate, which tended to boost risky assets and weigh on longer-term bond yields at points throughout the year. However, volatility rose in the late spring amid Greece’s turbulent negotiations with its European Union creditors. Not soon after, China’s stock market crashed amid worries about its decelerating economy and a loss of confidence in its policy makers. Conditions turned more favorable in the fall, as the Fed delayed its rate hike again in October, the European Central Bank appeared poised for further easing and China administered another round of stimulus measures. By the time the Fed announced the rate hike in December, the move was widely expected and had very little market impact.

Although volatility spiked in early 2016, conditions have generally improved since mid-February 2016. Global growth expectations remain subdued, but investors have gained more confidence that the Fed’s interest rate increases will be gradual, oil prices appear more stable, the U.S. dollar has weakened and the U.S. economy continues to look fairly resilient. Consumer spending, which represents roughly two-thirds of the economy, continues to be supported by the meaningful improvement in the labor market, wage growth and cheaper gas prices.

The global markets may continue seeing bouts of market turbulence this year. While short-term volatility can be uncomfortable for investors, these periods can also provide opportunities. The experienced investment professionals working for you at Nuveen continue to seek upside potential and manage downside risks, whether markets are rising or falling. We also encourage you to contact your financial advisor, who can help you develop a plan to weather short-term price swings, while remaining consistent with your investment goals, time horizon and risk tolerance.

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 25, 2016


	4			Nuveen Investments

Portfolio Managers’

Comments

Nuveen Intelligent Risk Conservative Allocation Fund

Nuveen Intelligent Risk Growth Allocation Fund

Nuveen Intelligent Risk Moderate Allocation Fund

Subsequent to the end of the reporting period, the Funds announced the following information; Effective May 18, 2016, the Funds will stop accepting purchases from new investors and existing shareholders, except that defined contribution retirement plans that hold Fund shares as of April 18, 2016 may continue to purchase Fund shares until June 17, 2016. Existing shareholders may continue to reinvest dividends and capital gains distributions received from the Funds. The Funds reserve the right to modify the extent to which sales of shares are limited prior to the Funds’ liquidation. After the close of business on June 24, 2016, the Funds will liquidate any remaining shareholder accounts and will send shareholders the proceeds of the liquidation.

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 29, 2016.

How did the Funds perform during the six-month reporting period ended February 29, 2016?

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 29, 2016. 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 six-month reporting period ended February 29, 2016 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

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)

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.

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

Fixed income volatility declined at the beginning of the reporting period up until the Federal Reserve announced its decision to raise interest rates by 25 basis points in December. Volatility spiked for 20+ year U.S. Treasuries in early December in anticipation of the announcement, as well as for high yield fixed income. The same trend held true for the other fixed income asset classes tracked by our investment team, although the movements were more muted. While volatility for most fixed income asset classes remained below their historical averages for a substantial portion of the reporting period, 20+ year U.S. Treasuries and high yield were the two exceptions. High yield spent about 60% of the reporting period above its historical average volatility of 5.0, ranging from 2.0 to almost 15.0. The 20+ year U.S. Treasury asset class spent almost 90% of the reporting period above its historical average volatility of 12.7, ranging from 10.5 to 18.4. By the end of the reporting period, high yield and 20+ year U.S. Treasury volatilities remained above their historical averages, while the volatility levels of the remaining fixed income asset classes were below historical averages.

Equity market volatility declined from its late August highs through mid-November and remained muted until January 2016. In early January, equity volatility spiked with a sell-off in China that reignited fears of a slowdown in global growth. Equity volatility levels remained above their historical averages for much of the remainder of the reporting period, driven primarily by weak U.S. job growth numbers. U.S. large-cap equity volatility declined from 32.2 at the end of August to a low of 11.7 during November. When volatility spiked in early January, U.S. large-cap equity volatility rose to 20.8, which was above its historical average of 19.6. During January and February, U.S. large-cap equity volatility averaged 20.8, remaining above its historical average for much of this time before declining at the end of February to 17.9. As of the end of the reporting period, domestic equity volatility was below its historical average, emerging market equity volatility was consistent with its historical average and developed international equity volatility was above its historical average.

In other markets, unstable oil prices continued to affect both the commodities and natural resource markets. While both of these areas began the reporting period above their respective historical averages, natural resource equity volatility movements were more exaggerated, keeping volatility levels for the asset class above average for much of the reporting period. While broad commodities spent about half of the reporting period above their respective historical averages, natural resource equities spent 84% of the time above the asset class’s historical average volatility, ending February at 34.2, well above its historical average of 27.0.

How did the Funds perform and what changes were made to their portfolio allocations during this reporting period ended February 29, 2016?

Nuveen Intelligent Risk Conservative Allocation Fund

During the reporting period, the Nuveen Intelligent Risk Conservative Allocation Fund stayed within its target volatility range 85% of the time. Dynamic allocations between risk assets and fixed income helped keep the Fund’s volatility within the target range during the majority of the changing volatility environment.

The Fund’s Class A Shares at NAV outperformed the Lipper average and underperformed the Morningstar index for the six-month reporting period ended February 29, 2016. The Morningstar benchmark is heavily concentrated in fixed income and equities, but has very little exposure to real asset categories such as commodities and natural resources. Consequently, when real assets underperform most other asset classes, as they did during this reporting period, the Fund will tend to underperform the benchmark due to its broader diversification.


	6			Nuveen Investments

As has historically been the case in this Fund, we allocated more than half of its assets to fixed income securities on average during the reporting period. 20+ year U.S. Treasuries and municipal bonds posted gains, along with real estate and gold, contributing positively to the Fund’s performance. As measured by the Barclays 20+ Year U.S. Treasury Bond Index, 20+ year U.S. Treasuries advanced 8.6% during the reporting period. This return represented the second largest gain of all the indexes tracked by our investment team. Gold was the top performing asset class, rising 9.2% as measured by the gold spot price. Municipal bonds posted a 3.6% gain as measured by the Barclays Municipal Bond Index. U.S. and international equities were a drag on performance, as well as broad-based commodities and natural resource equities, which continued to post large losses. The largest losses were seen in commodities and natural resources due in large part to oil price volatility. A diversified blend of commodities, as measured by the Bloomberg Commodity Index, finished the reporting period with a loss of 16.4%. Natural resources fared only slightly better, as measured by the S&P North American Natural Resources Index, suffering losses of 15.2% during the reporting period. Together, commodities and natural resource equities averaged 15% of the Fund’s portfolio at the end of the reporting period.

While the Fund’s overall allocation to fixed income assets did not change during the reporting period, we reallocated between riskier and more defensive fixed income asset classes as volatility levels shifted. At the beginning of the reporting period, the Fund held approximately 17% in high yield fixed income, which we increased to a high of 25% and ended the reporting period with an allocation of 24%. Similarly, we increased the Fund’s allocation to 20+ Year U.S. Treasuries from 11% to 16% by the end of the reporting period. We funded the increased allocations to these riskier fixed income asset classes with proceeds from the more defensive fixed income asset classes, including municipal bonds and short-term U.S. Treasuries. As of February 29, 2016, the Fund was positioned with underweights to equities and real assets and an overweight to fixed income relative to historical levels.

Nuveen Intelligent Risk Growth Allocation Fund

During the reporting period, the Nuveen Intelligent Risk Growth Allocation Fund stayed within its target volatility range 77% of the time. The Fund’s dynamic allocations to fixed income during higher volatility environments helped keep it within the target range for the majority of the time.

The Fund’s Class A Shares at NAV underperformed the Morningstar index and Lipper average for the six-month reporting period ended February 29, 2016. The Morningstar benchmark is heavily concentrated in equities with a modest allocation to fixed income securities, but has very little exposure to real asset categories such as natural resources and commodities. Consequently, when real assets underperform most other asset classes, as they did during this reporting period, the Fund will tend to underperform the benchmark due to its broader diversification.

Due to the generally below-average volatility levels across most asset classes during the reporting period, our team allocated the majority of the Fund’s assets to equities. However, as volatility levels changed throughout the reporting period, we varied the Fund’s allocation to 20+ Year U.S. Treasuries. This proved to be a positive contributor to the Fund’s performance with the Barclays 20+ Year U.S. Treasury Bond Index gaining 8.6% during the reporting period, outpacing all other asset classes except for gold. The Fund began the reporting period with an 8% allocation to 20+ Year U.S. Treasuries, which we decreased to 3% by the end of November and then gradually increased to 11% by the beginning of February. As of the end of the reporting period, the Fund held approximately 4% in long-dated U.S. Treasuries.

However, U.S. and non-U.S. equities, as well as broad-based commodities and natural resource equities, all posted losses, which detracted from the Fund’s performance. Emerging market equities lost 9.7% during the reporting period, according to the FTSE Emerging Markets Index. The Fund had an exposure of 20% to the asset class at the end of the reporting period. The natural resources asset class was also a large detractor of the Fund’s performance with a loss of 15.2%, as measured by the S&P North American Natural Resources Index during the reporting period. The Fund had an average exposure of 13% to natural resources at the end of the reporting period. Finally, the Fund had an exposure of 24% to U.S. small-cap equities at the end of the reporting period. During the reporting period, the Russell 2000^® Index was down approximately 10.2%. As of February 29, 2016, the Fund was positioned in line with historical averages, with more than 90% of its assets invested in equities and real assets.


Nuveen Investments			7

Portfolio Managers’ Comments (continued)

Nuveen Intelligent Risk Moderate Allocation Fund

During the reporting period, the Nuveen Intelligent Risk Moderate Allocation Fund stayed within its target volatility range 93% of the time. Dynamic allocations between risk assets and fixed income helped keep the Fund’s volatility within the target range for the majority of the reporting period.

The Fund’s Class A Shares at NAV performed in line with the Lipper average, but underperformed the Morningstar index for the six-month reporting period ended February 29, 2016. The Morningstar benchmark is heavily concentrated in equities followed by fixed income securities, but has very little exposure to real asset categories such as commodities and natural resources. Consequently, when real assets underperform most other asset classes, as they did during the reporting period, the Fund will tend to underperform the benchmark due to its broader diversification.

We maintained the Fund’s relatively large allocations to global equities and commodities and a reduced allocation to fixed income throughout the reporting period. During the reporting period, we decreased the Fund’s allocation to equities and increased its real asset exposure. While the Fund’s overall fixed income allocation was virtually the same at the beginning and end of the reporting period, we dynamically adjusted these allocations during the reporting period due to changing volatility. By adjusting the Fund’s allocations as volatility levels changed, we were able to keep its volatility consistently within its target range.

Our allocations to gold and long duration U.S. Treasuries in the Fund benefited investors, while allocations to broad-based commodities and equities hindered performance. Gold gained 9.2% as measured by the gold spot price and long duration U.S. Treasuries gained 8.6%, according to the Barclays 20+ Year U.S. Treasury Bond Index. Allocations to these two asset classes were 15% and 23% of the Fund’s portfolio, respectively, at the end of the reporting period. However, allocations to commodities and equities proved to be a drag on the Fund’s performance. Broad-based commodities finished the reporting period with a loss of 16.4% return as measured by Bloomberg Commodity Index, while small-cap U.S. equities fell more than any other equity asset class tracked by our team, posting a loss of 10.2% during the reporting period, as measured by the Russell 2000^® Index. The Fund had an exposure of 7% to commodities and 9% in small-cap stocks at the end of the reporting period. Emerging market equities lost 9.7% during the reporting period, according to the FTSE Emerging Markets Index, while developed international equities lost 9%, as measured by the FTSE Developed ex-North America Index. Together, emerging and developed markets equities had an allocation of 17% of the Fund’s portfolio at the end of the reporting period.

Throughout the reporting period, much of the fixed income exposure in the Fund was allocated to 20+ Year U.S. Treasuries. At the beginning of the period, the Fund held about 21% in long-dated U.S. Treasuries, which we increased to 25% at the end of September before gradually decreasing to 16% at the beginning of December. As volatility forecasts increased in early 2016, we increased the Fund’s fixed income allocation to 22% and then again to 29% at the beginning of February. As of the end of the reporting period, the Fund maintained about 24% in fixed income. By dynamically managing this allocation based on our volatility forecasts, we were able to keep the Fund within its volatility range for much of the period. As of February 29, 2016, the Fund was positioned slightly more defensively than historically, and maintained an overweight to real assets and an underweight to equities versus historical averages.


	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

Regular dividends are declared daily and distributed monthly for Nuveen Intelligent Risk Conservative Allocation Fund, declared and distributed annually for Nuveen Intelligent Risk Growth Allocation Fund and declared and distributed quarterly for Nuveen Intelligent Risk Moderate Allocation Fund. To permit a Fund to maintain a more stable dividend, the Fund may pay dividends at a rate that may be more or less than the amount of net investment income it actually earned 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 NAV. Conversely, if the Fund has cumulatively paid out dividends more than it has earned, the excess will constitute negative UNII that will likewise be reflected in the Fund’s NAV. Each Fund will, over time, pay all of its net investment income as dividends to shareholders.

In certain instances, a portion of each Fund’s distributions may be paid from sources or comprised of elements other than ordinary income, including capital gains and/or a return of capital. This is generally due to the fact that the tax character of Fund distributions for a fiscal year is dependent upon the amount and tax character of distributions received from securities held in the Fund’s portfolio. Distributions received from certain securities in which the Fund invests, may be characterized for tax purposes as ordinary income, long-term capital gain and/or a return of capital. The issuer of a security typically reports the tax character of its distributions only once per year, generally during the first two months of the following calendar year. The full amount of the distributions received from such securities is included in the Fund’s ordinary income during the course of the year until such time the Fund is notified by the issuer of the actual tax character. To the extent that at the time of a particular distribution the Fund estimates that a portion of that distribution is attributable to a source or sources other than ordinary income, the Fund would send shareholders a notice to that effect. The final determination of the sources and tax character of all distributions for the fiscal year is made after the end of the fiscal year. The sources for and per share amounts of each Fund’s distributions for the reporting period are respectively presented in the Statement of Changes in Net Assets and Financial Highlights (for financial reporting purposes), and are also reflected in Note 6—Income Tax Information within the accompany Notes to Financial Statements (for income tax purposes), later in 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 fee waivers and/or expense reimbursements by the investment adviser 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 29, 2016


	Cumulative		Average Annual
	6-Month		1-Year		Since Inception
Class A Shares at NAV		(1.61)%		(7.38)%		(0.47)%
Class A Shares at maximum Offering Price		(7.29)%		(12.71)%		(2.00)%
Morningstar Moderately Conservative Target Risk Index		(0.74)%		(3.64)%		3.89%
Lipper Mixed-Asset Target Allocation Conservative Funds Classification Average		(2.06)%		(5.20)%		3.13%

Class C Shares		(1.99)%		(8.11)%		(1.23)%
Class R3 Shares		(1.75)%		(7.64)%		(0.74)%
Class I Shares		(1.55)%		(7.21)%		(0.25)%

Average Annual Total Returns as of March 31, 2016 (Most Recent Calendar Quarter)


	Cumulative		Average Annual
	6-Month		1-Year		Since Inception
Class A Shares at NAV		2.56%		(3.69)%		0.33%
Class A Shares at maximum Offering Price		(3.32)%		(9.24)%		(1.18)%
Class C Shares		2.17%		(4.44)%		(0.44)%
Class R3 Shares		2.42%		(3.96)%		0.05%
Class I Shares		2.63%		(3.51)%		0.55%

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 eighteen months (twelve months prior to November 1, 2015) of purchase. Such CDSC will be equal to 1.00% for any shares purchased on or after November 1, 2015 if redeemed within eighteen 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*		9.86%		10.95%		10.29%		9.80%
Net Expense Ratios*		1.24%		1.99%		1.49%		0.99%

The Fund’s investment adviser has contractually 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, 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 December 31, 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 29, 2016


	Cumulative		Average Annual
	6-Month		1-Year		Since Inception
Class A Shares at NAV		(9.03)%		(20.61)%		(2.03)%
Class A Shares at maximum Offering Price		(14.24)%		(25.18)%		(3.54)%
Morningstar Moderately Aggressive Target Risk Index		(4.04)%		(9.28)%		6.00%
Lipper Mixed-Asset Target Allocation Growth Funds Classification Average		(5.89)%		(11.41)%		6.48%

Class C Shares		(9.41)%		(21.21)%		(2.77)%
Class R3 Shares		(9.14)%		(20.79)%		(2.27)%
Class I Shares		(8.92)%		(20.42)%		(1.79)%

Average Annual Total Returns as of March 31, 2016 (Most Recent Calendar Quarter)


	Cumulative		Average Annual
	6-Month		1-Year		Since Inception
Class A Shares at NAV		2.37%		(13.37)%		(0.02)%
Class A Shares at maximum Offering Price		(3.51)%		(18.34)%		(1.53)%
Class C Shares		2.04%		(13.98)%		(0.76)%
Class R3 Shares		2.26%		(13.58)%		(0.28)%
Class I Shares		2.54%		(13.12)%		0.24%

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*		6.98%		7.84%		7.31%		6.59%
Net Expense Ratios*		1.16%		1.91%		1.41%		0.91%

*	The expense ratios include acquired fund fees and expenses of 0.24%, 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 29, 2016


	Cumulative		Average Annual
	6-Month		1-Year		Since Inception
Class A Shares at NAV		(3.08)%		(12.85)%		(0.71)%
Class A Shares at maximum Offering Price		(8.63)%		(17.87)%		(2.23)%
Morningstar Moderate Target Risk Index		(2.27)%		(6.47)%		5.01%
Lipper Mixed-Asset Target Allocation Moderate Funds Classification Average		(2.99)%		(7.55)%		4.73%

Class C Shares		(3.46)%		(13.52)%		(1.46)%
Class R3 Shares		(3.21)%		(13.08)%		(0.97)%
Class I Shares		(3.01)%		(12.63)%		(0.47)%

Average Annual Total Returns as of March 31, 2016 (Most Recent Calendar Quarter)


	Cumulative		Average Annual
	6-Month		1-Year		Since Inception
Class A Shares at NAV		3.39%		(7.63)%		0.50%
Class A Shares at maximum Offering Price		(2.53)%		(12.96)%		(1.01)%
Class C Shares		3.01%		(8.34)%		(0.25)%
Class R3 Shares		3.27%		(7.86)%		0.25%
Class I Shares		3.57%		(7.41)%		0.75%

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*		5.33%		6.32%		5.91%		5.41%
Net Expense Ratios*		1.22%		1.97%		1.47%		0.97%

*	The expense ratios include acquired fund fees and expenses of 0.30%, which reflect the fees and expenses of the exchange-traded funds in which the Fund invests.


	14			Nuveen Investments

Holding

Summaries as of February 29, 2016

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			13.0%
Exchange-Traded Equity Funds			25.8%
Exchange-Traded Fixed Income Funds			61.0%
Money Market Funds			0.3%
Other Assets Less Liabilities			(0.1)%
Net Assets			100%


Exchange-Traded Commodity Funds	Weighting (% of net assets)		1-Year Average Annual Total Returns
PowerShares DB Commodity Index Tracking Fund		4.9%		(30.17)%
PowerShares DB Gold Fund		8.1%		0.57%

Exchange-Traded Equity Funds
iShares^® Russell 1000^® Index Fund		7.0%		0.41%
iShares^® Russell 2000^® Index Fund		5.3%		(14.90)%
iShares^® S&P North American Natural Resources Sector Index Fund		2.3%		(28.75)%
Vanguard FTSE Developed Markets ETF		4.2%		(2.97)%
Vanguard FTSE Emerging Markets ETF		3.1%		(24.34)%
Vanguard REIT ETF		3.9%		(0.42)%

Exchange-Traded Fixed Income Funds
iShares^® Barclays 20+ Year Treasury Bond Fund		16.5%		3.67%
iShares^® National AMT-Free Municipal Bond Fund		20.8%		3.65%
SPDR^® Barclays Capital High Yield Bond Fund		23.7%		(11.47)%


Nuveen Investments			15

Holding Summaries as of February 29, 2016 (continued)

Nuveen Intelligent Risk Growth Allocation Fund

Fund Allocation

(% of net assets)


Exchange-Traded Commodity Funds			12.3%
Exchange-Traded Equity Funds			84.3%
Exchange-Traded Fixed Income Funds			3.6%
Money Market Funds			0.3%
Other Assets Less Liabilities			(0.5)%
Net Assets			100%


Exchange-Traded Commodity Funds	Weighting (% of net assets)			1-Year Average Annual Total Returns
PowerShares DB Commodity Index Tracking Fund		3.1%	��		(30.17)%
PowerShares DB Gold Fund		9.2%			0.57%

Exchange-Traded Equity Funds
iShares^® Russell 1000^® Index Fund		8.6%			0.41%
iShares^® Russell 2000^® Index Fund		24.2%			(14.90)%
iShares^® S&P North American Natural Resources Sector Index Fund		12.6%			(28.75)%
Vanguard FTSE Developed Markets ETF		11.0%			(2.97)%
Vanguard FTSE Emerging Markets ETF		20.5%			(24.34)%
Vanguard REIT ETF		7.4%			(0.42)%

Exchange-Traded Fixed Income Funds
iShares^® Barclays 20+ Year Treasury Bond Fund		3.6%			3.67%


	16			Nuveen Investments

Nuveen Intelligent Risk Moderate Allocation Fund

Fund Allocation

(% of net assets)


Exchange-Traded Commodity Funds			22.2%
Exchange-Traded Equity Funds			48.5%
Exchange-Traded Fixed Income Funds			28.9%
Money Market Funds			10.4%
Other Assets Less Liabilities			(10.0)%
Net Assets			100%


Exchange-Traded Commodity Funds	Weighting (% of net assets)		1-Year Average Annual Total Returns
PowerShares DB Commodity Index Tracking Fund		6.9%		(30.17)%
PowerShares DB Gold Fund		15.3%		0.57%

Exchange-Traded Equity Funds
iShares^® MSCI EAFE Index Fund		1.6%		(15.24)%
iShares^® Russell 1000^® Index Fund		4.2%		0.41%
iShares^® Russell 2000^® Index Fund		9.1%		(14.90)%
iShares^® S&P North American Natural Resources Sector Index Fund		5.5%		(28.75)%
Vanguard FTSE Developed Markets ETF		8.7%		(2.97)%
Vanguard FTSE Emerging Markets ETF		9.1%		(24.34)%
Vanguard REIT ETF		10.4%		(0.42)%

Exchange-Traded Fixed Income Funds
iShares^® Barclays 20+ Year Treasury Bond Fund		24.0%		3.67%
iShares^® TIPS Bond ETF		4.9%		(0.93)%


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 29, 2016.

The beginning of the period is September 1, 2015.

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	$	983.90	$	980.10	$	982.50	$	984.50
Expenses Incurred During Period	$	4.59	$	8.27	$	5.82	$	3.36
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	$	1,020.24	$	1,016.51	$	1,019.00	$	1,021.48
Expenses Incurred During Period	$	4.67	$	8.42	$	5.92	$	3.42

For each class of the Fund, expenses are equal to the Fund’s annualized net expense ratio of 0.93%, 1.68%, 1.18% and 0.68% for Classes A, C, R3 and I, respectively, multiplied by the average account value over the period, multiplied by 182/366 (to reflect the one-half year period).


	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	$	909.70	$	905.90	$	908.60	$	910.80
Expenses Incurred During Period	$	4.42	$	7.96	$	5.60	$	3.23
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	$	1,020.24	$	1,016.51	$	1,019.00	$	1,021.48
Expenses Incurred During Period	$	4.67	$	8.42	$	5.92	$	3.42

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	$	969.20	$	965.40	$	967.90	$	969.90
Expenses Incurred During Period	$	4.55	$	8.21	$	5.77	$	3.33
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	$	1,020.24	$	1,016.51	$	1,019.00	$	1,021.48
Expenses Incurred During Period	$	4.67	$	8.42	$	5.92	$	3.42


Nuveen Investments			19

Nuveen Intelligent Risk Conservative Allocation Fund


Portfolio of Investments		February 29, 2016 (Unaudited)


Shares		Description (1), (2)	Value

		LONG-TERM INVESTMENTS – 99.8%

		EXCHANGE-TRADED FUNDS – 99.8%

		Commodity Funds – 13.0%

	4,179	PowerShares DB Commodity Index Tracking Fund, (3)	$	53,282

	2,198	PowerShares DB Gold Fund, (3)		89,041
		Total Commodity Funds		142,323

		Equity Funds – 25.8%

	720	iShares^® Russell 1000^® Index Fund		77,148

	566	iShares^® Russell 2000^® Index Fund		58,157

	949	iShares^® S&P North American Natural Resources Sector Index Fund		25,481

	1,379	Vanguard FTSE Developed Markets ETF		46,362

	1,105	Vanguard FTSE Emerging Markets ETF		33,957

	551	Vanguard REIT ETF		42,267
		Total Equity Funds		283,372

		Fixed Income Funds – 61.0%

	1,376	iShares^® Barclays 20+ Year Treasury Bond Fund		180,228

	2,040	iShares^® National AMT-Free Municipal Bond Fund		227,174

	7,749	SPDR Barclays Capital High Yield Bond Fund		258,972
		Total Fixed Income Funds		666,374
		Total Long-Term Investments (cost $1,070,945)		1,092,069

		SHORT-TERM INVESTMENTS – 0.3%

		Money Market Funds – 0.3%

	3,643	First American Treasury Obligations Fund, Class Z, 0.148%, (4)	$	3,643
		Total Short-Term Investments (cost $3,643)		3,643
		Total Investments (cost $1,074,588)		1,095,712
		Other Assets Less Liabilities – (0.1)%		(1,386	)
		Net Assets – 100%	$	1,094,326

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

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

REIT	Real Estate Investment Trust.

See accompanying notes to financial statements.


	20			Nuveen Investments

Nuveen Intelligent Risk Growth Allocation Fund


Portfolio of Investments		February 29, 2016 (Unaudited)


Shares		Description (1), (2)	Value

		LONG-TERM INVESTMENTS – 100.2%

		EXCHANGE-TRADED FUNDS – 100.2%

		Commodity Funds – 12.3%

	3,041	PowerShares DB Commodity Index Tracking Fund, (3)	$	38,773

	2,852	PowerShares DB Gold Fund, (3)		115,535
		Total Commodity Funds		154,308

		Equity Funds – 84.3%

	1,019	iShares^® Russell 1000 Index Fund		109,186

	2,973	iShares^® Russell 2000 Index Fund		305,475

	5,939	iShares^® S&P North American Natural Resources Sector Index Fund		159,462

	4,140	Vanguard FTSE Developed Markets ETF		139,187

	8,430	Vanguard FTSE Emerging Markets ETF		259,054

	1,214	Vanguard REIT ETF		93,126
		Total Equity Funds		1,065,490

		Fixed Income Funds – 3.6%

	346	iShares^® Barclays 20+ Year Treasury Bond Fund		45,319
		Total Long-Term Investments (cost $1,344,469)		1,265,117

		Description (1)	Value

		SHORT-TERM INVESTMENTS – 0.3%

		Money Market Funds – 0.3%

	3,956	First American Treasury Obligations Fund, Class Z, 0.148%, (4)	$	3,956
		Total Short-Term Investments (cost $3,956)		3,956
		Total Investments (cost $1,348,425)		1,269,073
		Other Assets Less Liabilities – (0.5)%		(6,551	)
		Net Assets – 100%	$	1,262,522

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

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

REIT	Real Estate Investment Trust.

See accompanying notes to financial statements.


Nuveen Investments			21

Nuveen Intelligent Risk Moderate Allocation Fund


Portfolio of Investments		February 29, 2016 (Unaudited)


Shares		Description (1), (2)	Value

		LONG-TERM INVESTMENTS – 99.6%

		EXCHANGED-TRADED FUNDS – 99.6%

		Commodity Funds – 22.2%

	12,993	PowerShares DB Commodity Index Tracking Fund, (3)	$	165,661

	9,121	PowerShares DB Gold Fund, (3)		369,492
		Total Commodity Funds		535,153

		Equity Funds – 48.5%

	733	iShares^® MSCI EAFE Index Fund		39,289

	942	iShares^® Russell 1000^® Index Fund		100,935

	2,142	iShares^® Russell 2000^® Index Fund		220,091

	4,907	iShares^® S&P North American Natural Resources Sector Index Fund		131,753

	6,260	Vanguard FTSE Developed Markets ETF		210,461

	7,115	Vanguard FTSE Emerging Markets ETF		218,644

	3,256	Vanguard REIT ETF		249,768
		Total Equity Funds		1,170,941

		Fixed Income Funds – 28.9%

	4,415	iShares^® Barclays 20+ Year Treasury Bond Fund		578,275

	1,055	iShares^® TIPS Bond ETF		118,963
		Total Fixed Income Funds		697,238
		Total Long-Term Investments (cost $2,374,448)		2,403,332

Shares		Description (1)	Value

		SHORT-TERM INVESTMENTS – 10.4%

		Money Market Funds – 10.4%

	251,340	First American Treasury Obligations Fund, Class Z, 0.148%, (4)	$	251,340
		Total Short-Term Investments (cost $251,340)		251,340
		Total Investments (cost $2,625,788)		2,654,672
		Other Assets Less Liabilities – (10.0)%		(241,915	)
		Net Assets – 100%	$	2,412,757

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

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

REIT	Real Estate Investment Trust.

See accompanying notes to financial statements.


	22			Nuveen Investments

Statement of


		Assets and Liabilities		February 29, 2016 (Unaudited)


	Intelligent Risk Conservative Allocation			Intelligent Risk Growth Allocation			Intelligent Risk Moderate Allocation
Assets
Long-term investments, at value (cost $1,070,945, $1,344,469 and $2,374,448, respectively)	$	1,092,069		$	1,265,117		$	2,403,332
Short-term investments, at value (cost approximates value)		3,643			3,956			251,340
Receivable for:
Investments sold		70,839			96,649			167,169
Reimbursement from Adviser		7,083			7,448			7,406
Shares sold		233			254			1,653
Other assets		12,272			12,267			12,270
Total assets	$	1,186,139			1,385,691			2,843,170
Liabilities
Payable for:
Dividends		1,089			—			—
Investments purchased		68,842			94,444			405,740
Shares redeemed		15			—			—
Accrued expenses:
12b-1 distribution and service fees		121			148			333
Professional fees		10,585			10,615			10,638
Shareholder reporting expenses		10,390			17,215			12,746
Trustees fees		5			6			10
Other		766			741			946
Total liabilities		91,813			123,169			430,413
Net assets	$	1,094,326		$	1,262,522		$	2,412,757
Class A Shares
Net assets	$	244,420		$	330,363		$	1,073,633
Shares outstanding		14,737			20,328			59,844
Net asset value (“NAV”) per share	$	16.59		$	16.25		$	17.94
Offering price per share (NAV per share plus maximum sales charge of 5.75% of offering price)	$	17.60		$	17.24		$	19.03
Class C Shares
Net assets	$	76,033		$	87,288		$	193,976
Shares outstanding		4,586			5,373			10,928
NAV and offering price per share	$	16.58		$	16.25		$	17.75
Class R3 Shares
Net assets	$	41,455		$	40,613		$	44,703
Shares outstanding		2,500			2,500			2,500
NAV and offering price per share	$	16.58		$	16.25		$	17.88
Class I Shares
Net assets	$	732,418		$	804,258		$	1,100,445
Shares outstanding		44,163			49,491			61,203
NAV and offering price per share	$	16.58		$	16.25		$	17.98
Net assets consist of:
Capital paid-in	$	1,148,842		$	1,512,512		$	2,534,521
Undistributed (Over-distribution of) net investment income		846			(1,653	)		3,394
Accumulated net realized gain (loss)		(76,486	)		(168,985	)		(154,042	)
Net unrealized appreciation (depreciation)		21,124			(79,352	)		28,884
Net assets	$	1,094,326		$	1,262,522		$	2,412,757
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 29, 2016 (Unaudited)


	Intelligent Risk Conservative Allocation			Intelligent Risk Growth Allocation			Intelligent Risk Moderate Allocation
Investment Income	$	14,319		$	16,228		$	23,885
Expenses
Management fees		3,998			5,157			8,973
12b-1 service fees – Class A Shares		253			455			1,070
12b-1 distribution and service fees – Class C Shares		357			479			1,264
12b-1 distribution and service fees – Class R3 Shares		104			108			113
Shareholder servicing agent fees		249			294			585
Custodian fees		1,017			903			1,058
Trustees fees		14			17			32
Professional fees		14,119			14,151			14,186
Shareholder reporting expenses		6,769			9,840			11,542
Federal and state registration fees		23,778			23,780			23,782
Other		920			945			1,038
Total expenses before fee waiver/expense reimbursement		51,578			56,129			63,643
Fee waiver/expense reimbursement		(47,332	)		(50,504	)		(53,163	)
Net expenses		4,246			5,625			10,480
Net investment income (loss)		10,073			10,603			13,405
Realized and Unrealized Gain (Loss)
Net realized gain (loss) from investments		(36,084	)		(81,703	)		(92,514	)
Change in net unrealized appreciation (depreciation) of investments		9,766			(56,994	)		2,579
Net realized and unrealized gain (loss)		(26,318	)		(138,697	)		(89,935	)
Net increase (decrease) in net assets from operations	$	(16,245	)	$	(128,094	)	$	(76,530	)

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 2/29/16			Year Ended 8/31/15			Six Months Ended 2/29/16			Year Ended 8/31/15
Operations
Net investment income (loss)	$	10,073		$	17,481		$	10,603		$	21,821
Net realized gain (loss) from investments		(36,084	)		25,336			(81,703	)		(38,697	)
Change in net unrealized appreciation (depreciation) of investments		9,766			(147,051	)		(56,994	)		(379,444	)
Net increase (decrease) in net assets from operations		(16,245	)		(104,234	)		(128,094	)		(396,320	)
Distributions to Shareholders
From net investment income:
Class A Shares		(1,425	)		(1,736	)		(5,134	)		(14,633	)
Class C Shares		(224	)		(67	)		(476	)		(2,799	)
Class R3 Shares		(234	)		(271	)		(469	)		(1,429	)
Class I Shares		(6,072	)		(9,248	)		(14,052	)		(34,330	)
From accumulated net realized gains:
Class A Shares		—			(29,804	)		—			(39,547	)
Class C Shares		—			(11,989	)		—			(8,055	)
Class R3 Shares		—			(5,313	)		—			(3,398	)
Class I Shares		—			(97,262	)		—			(106,180	)
Return of capital:
Class A Shares		—			—			—			—
Class C Shares		—			—			—			—
Class R3 Shares		—			—			—			—
Class I Shares		—			—			—			—
Decrease in net assets from distributions to shareholders		(7,955	)		(155,690	)		(20,131	)		(210,371	)
Fund Share Transactions
Proceeds from sale of shares		129,448			133,816			34,471			247,543
Proceeds from shares issued to shareholders due to reinvestment of distributions		1,434			38,596			6,699			109,045
		130,882			172,412			41,170			356,588
Cost of shares redeemed		(20,808	)		(361,314	)		(48,385	)		(1,058,636	)
Net increase (decrease) in net assets from Fund share transactions		110,074			(188,902	)		(7,215	)		(702,048	)
Net increase (decrease) in net assets		85,874			(448,826	)		(155,440	)		(1,308,739	)
Net assets at the beginning of period		1,008,452			1,457,278			1,417,962			2,726,701
Net assets at the end of period	$	1,094,326		$	1,008,452		$	1,262,522		$	1,417,962
Undistributed (Over-distribution of) net investment income at the end of period	$	846		$	(1,272	)	$	(1,653	)	$	7,875

See accompanying notes to financial statements.


Nuveen Investments			25

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


	Intelligent Risk Moderate Allocation
	Six Months Ended 2/29/16			Year Ended 8/31/15
Operations
Net investment income (loss)	$	13,405		$	19,655
Net realized gain (loss) from investments		(92,514	)		(33,891	)
Change in net unrealized appreciation (depreciation) of investments		2,579			(312,519	)
Net increase (decrease) in net assets from operations		(76,530	)		(326,755	)
Distributions to Shareholders
From net investment income:
Class A Shares		(3,590	)		(1,651	)
Class C Shares		(492	)		(107	)
Class R3 Shares		(164	)		(232	)
Class I Shares		(5,765	)		(12,511	)
From accumulated net realized gains:
Class A Shares		—			(15,794	)
Class C Shares		—			(12,129	)
Class R3 Shares		—			(2,270	)
Class I Shares		—			(57,200	)
Return of capital:
Class A Shares		—			(1,028	)
Class C Shares		—			(677	)
Class R3 Shares		—			(104	)
Class I Shares		—			(2,874	)
Decrease in net assets from distributions to shareholders		(10,011	)		(106,577	)
Fund Share Transactions
Proceeds from sale of shares		298,563			962,351
Proceeds from shares issued to shareholders due to reinvestment of distributions		5,753			51,217
		304,316			1,013,568
Cost of shares redeemed		(321,252	)		(628,442	)
Net increase (decrease) in net assets from Fund share transactions		(16,936	)		385,126
Net increase (decrease) in net assets		(103,477	)		(48,206	)
Net assets at the beginning of period		2,516,234			2,564,440
Net assets at the end of period	$	2,412,757		$	2,516,234
Undistributed (Over-distribution of) net investment income at the end of period	$	3,394		$	—

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)
2016(g)	$	16.98	$	0.14	$	(0.41	)	$	(0.27	)	$	(0.12	)	$	—		$	—		$	(0.12	)	$	16.59
2015		20.89		0.25		(1.88	)		(1.63	)		(0.16	)		(2.12	)		—			(2.28	)		16.98
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)
2016(g)		16.97		0.09		(0.43	)		(0.34	)		(0.05	)		—			—			(0.05	)		16.58
2015		20.87		0.12		(1.89	)		(1.77	)		(0.01	)		(2.12	)		—			(2.13	)		16.97
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)
2016(g)		16.97		0.13		(0.43	)		(0.30	)		(0.09	)		—			—			(0.09	)		16.58
2015		20.88		0.20		(1.88	)		(1.68	)		(0.11	)		(2.12	)		—			(2.23	)		16.97
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)
2016(g)		16.98		0.17		(0.43	)		(0.26	)		(0.14	)		—			—			(0.14	)		16.58
2015		20.89		0.30		(1.88	)		(1.58	)		(0.21	)		(2.12	)		—			(2.33	)		16.98
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)

	(1.61	)%	$	244		10.00	%*		(7.37	)%*		0.93	%*		1.71	%*		45	%
	(8.06	)		156		10.02			(7.74	)		0.92			1.36			110
	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

	(1.99	)		76		10.71	*		(7.97	)*		1.68	*		1.07	*		45
	(8.75	)		67		11.11			(8.78	)		1.67			0.66			110
	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

	(1.75	)		41		10.21	*		(7.45	)*		1.18	*		1.59	*		45
	(8.32	)		42		10.45			(8.17	)		1.17			1.11			110
	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

	(1.55	)		732		9.73	*		(6.96	)*		0.68	*		2.09	*		45
	(7.84	)		743		9.96			(7.68	)		0.67			1.60			110
	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 29, 2016.

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)
2016(g)	$	18.11	$	0.13		$	(1.75	)	$	(1.62	)	$	(0.24	)	$	—		$	(0.24	)	$	16.25
2015		24.03		0.23			(4.16	)		(3.93	)		(0.63	)		(1.36	)		(1.99	)		18.11
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)
2016(g)		18.02		0.07			(1.75	)		(1.68	)		(0.09	)		—			(0.09	)		16.25
2015		23.89		0.09			(4.14	)		(4.05	)		(0.46	)		(1.36	)		(1.82	)		18.02
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)
2016(g)		18.08		0.10			(1.74	)		(1.64	)		(0.19	)		—			(0.19	)		16.25
2015		23.98		0.17			(4.14	)		(3.97	)		(0.57	)		(1.36	)		(1.93	)		18.08
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)
2016(g)		18.14		0.15			(1.75	)		(1.60	)		(0.29	)		—			(0.29	)		16.25
2015		24.06		0.26			(4.13	)		(3.87	)		(0.69	)		(1.36	)		(2.05	)		18.14
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)

	(9.03	)%	$	330		8.40	%*		(5.97	)%*		0.93	%*		1.50	%*		46	%
	(16.88	)		381		7.03			(5.02	)		0.92			1.08			103
	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

	(9.41	)		87		9.14	*		(6.70	)*		1.68	*		0.76	*		46
	(17.46	)		109		7.89			(5.81	)		1.67			0.41			103
	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

	(9.14	)		41		8.67	*		(6.27	)*		1.18	*		1.22	*		46
	(17.06	)		45		7.36			(5.37	)		1.17			0.82			103
	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

	(8.92	)		804		8.18	*		(5.78	)*		0.68	*		1.71	*		46
	(16.63	)		883		6.64			(4.75	)		0.67			1.22			103
	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 29, 2016.

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			Return of Capital			Total			Ending NAV
Class A (5/12)
2016(g)	$	18.59	$	0.10		$	(0.67	)	$	(0.57	)	$	(0.08	)	$	—		$	—		$	(0.08	)	$	17.94
2015		22.12		0.15			(2.59	)		(2.44	)		(0.14	)		(0.91	)		(0.04	)		(1.09	)		18.59
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)
2016(g)		18.43		0.03			(0.67	)		(0.64	)		(0.04	)		—			—			(0.04	)		17.75
2015		21.97		(0.01	)		(2.56	)		(2.57	)		(0.02	)		(0.91	)		(0.04	)		(0.97	)		18.43
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)
2016(g)		18.54		0.08			(0.67	)		(0.59	)		(0.07	)		—			—			(0.07	)		17.88
2015		22.07		0.12			(2.60	)		(2.48	)		(0.10	)		(0.91	)		(0.04	)		(1.05	)		18.54
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)
2016(g)		18.63		0.12			(0.68	)		(0.56	)		(0.09	)		—			—			(0.09	)		17.98
2015		22.14		0.23			(2.61	)		(2.38	)		(0.18	)		(0.91	)		(0.04	)		(1.13	)		18.63
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)

	(3.08	)%	$	1,074		5.52	%*		(3.50	)%*		0.93	%*		1.09	%*			64	%
	(11.30	)		882		5.28			(3.63	)		0.92			0.72				133
	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

	(3.46	)		194		6.05	*		(4.02	)*		1.68	*		0.34	*			64
	(11.94	)		314		6.27			(4.64	)		1.67			(0.04	)			133
	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

	(3.21	)		45		5.76	*		(3.74	)*		1.18	*		0.83	*			64
	(11.50	)		46		5.86			(4.10	)		1.17			0.59				133
	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

	(3.01	)		1,100		5.20	*		(3.16	)*		0.68	*		1.36	*			64
	(11.02	)		1,274		5.36			(3.56	)		0.67			1.12				133
	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)

(g)

For the six months ended February 29, 2016.

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 29, 2016, and the period covered by these Notes to Financial Statements is the six months ended February 29, 2016 (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 of America (“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. Realized gain distributions from the ETFs in which the Funds invest are recognized as a component of “Distributions from exchange-traded funds” on the Statement of Operations.

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 eighteen months (twelve months prior to November 1, 2015) of purchase. Such CDSC will be equal to 1.00% for any shares purchased on or after November 1, 2015 if redeemed within eighteen 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 (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 certain securities and derivatives with a specific counterparty as well as 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	$	1,092,069	$	—	$	—	$	1,092,069
Short-Term Investments:
Money Market Funds		3,643		—		—		3,643
Total	$	1,095,712	$	—	$	—	$	1,095,712

Intelligent Risk Growth Allocation
Long-Term Investments*:
Exchange-Traded Funds	$	1,265,117	$	—	$	—	$	1,265,117
Short-Term Investments:
Money Market Funds		3,956		—		—		3,956
Total	$	1,269,073	$	—	$	—	$	1,269,073

Intelligent Risk Moderate Allocation
Long-Term Investments*:
Exchange-Traded Funds	$	2,403,332	$	—	$	—	$	2,403,332
Short-Term Investments:
Money Market Funds		251,340		—		—		251,340
Total	$	2,654,672	$	—	$	—	$	2,654,672

*	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 (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 2/29/16						Year Ended 8/31/15
Intelligent Risk Conservative Allocation	Shares			Amount			Shares			Amount
Shares sold:
Class A		6,716		$	112,410			5,682		$	103,939
Class C		630			10,524			783			14,041
Class R3		—			—			—			—
Class I		387			6,514			881			15,836
Shares issued to shareholders due to reinvestment of distributions:
Class A		68			1,133			1,381			24,365
Class C		5			93			382			6,712
Class R3		—			—			—			—
Class I		12			208			426			7,519
		7,818			130,882			9,535			172,412
Shares redeemed:
Class A		(1,235	)		(20,750	)		(12,736	)		(230,606	)
Class C		(3	)		(58	)		(3,716	)		(69,168	)
Class R3		—			—			—			—
Class I		—			—			(3,454	)		(61,540	)
		(1,238	)		(20,808	)		(19,906	)		(361,314	)
Net increase (decrease)		6,580		$	110,074			(10,371	)	$	(188,902	)


	38			Nuveen Investments


	Six Months Ended 2/29/16						Year Ended 8/31/15
Intelligent Risk Growth Allocation	Shares			Amount			Shares			Amount
Shares sold:
Class A		680		$	12,131			8,032		$	182,333
Class C		172			3,000			454			9,041
Class R3		—			—			—			—
Class I		1,116			19,340			2,682			56,169
Shares issued to shareholders due to reinvestment of distributions:
Class A		265			4,542			2,496			49,208
Class C		15			252			322			6,316
Class R3		—			—			—			—
Class I		111			1,905			2,726			53,521
		2,359			41,170			16,712			356,588
Shares redeemed:
Class A		(1,626	)		(25,833	)		(14,625	)		(299,932	)
Class C		(868	)		(15,302	)		(2,679	)		(57,794	)
Class R3		—			—			—			—
Class I		(413	)		(7,250	)		(34,590	)		(700,910	)
		(2,907	)		(48,385	)		(51,894	)		(1,058,636	)
Net increase (decrease)		(548	)	$	(7,215	)		(35,182	)	$	(702,048	)

	Six Months Ended 2/29/16						Year Ended 8/31/15
Intelligent Risk Moderate Allocation	Shares			Amount			Shares			Amount
Shares sold:
Class A		14,627		$	263,579			32,865		$	670,643
Class C		832			14,900			8,394			171,726
Class R3		—			—			—			—
Class I		1,108			20,084			5,811			119,982
Shares issued to shareholders due to reinvestment of distributions:
Class A		189			3,396			799			15,770
Class C		21			387			538			10,504
Class R3		—			—			—			—
Class I		109			1,970			1,256			24,943
		16,886			304,316			49,663			1,013,568
Shares redeemed:
Class A		(2,396	)		(44,311	)		(2,847	)		(56,751	)
Class C		(6,979	)		(127,025	)		(5,958	)		(121,387	)
Class R3		—			—			—			—
Class I		(8,399	)		(149,916	)		(21,468	)		(450,304	)
		(17,774	)		(321,252	)		(30,273	)		(628,442	)
Net increase (decrease)		(888	)	$	(16,936	)		19,390		$	385,126

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	$	580,146	$	619,617	$	1,520,304
Sales		468,618		638,980		1,531,708

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 (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 29, 2016, 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	$	1,105,454		$	1,377,627		$	2,663,339
Gross unrealized:
Appreciation	$	72,895		$	65,810		$	148,515
Depreciation		(82,637	)		(174,364	)		(157,182	)
Net unrealized appreciation (depreciation) of investments	$	(9,742	)	$	(108,554	)	$	(8,667	)

Permanent differences, primarily due to investments in partnerships and investments in ETFs, resulted in reclassifications among the Funds’ components of net assets as of August 31, 2015, the Funds’ last tax year end, as follows:


	Intelligent Risk Conservative Allocation			Intelligent Risk Growth Allocation		Intelligent Risk Moderate Allocation
Capital paid-in	$	(30	)	$	—	$	—
Undistributed (Over-distribution of) net investment income		(4,199	)		—		(5,154	)
Accumulated net realized gain (loss)		4,229			—		5,154

The tax components of undistributed net ordinary income and net long-term capital gains as of August 31, 2015, 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	$	—	$	7,875	$	—
Undistributed net long-term capital gains		—		—		—

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, 2015 through August 31, 2015 and paid on September 1, 2015. 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, 2015 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	$	151,102	$	150,834	$	94,043
Distributions from net long-term capital gains		7,425		59,537		7,851
Return of capital		—		—		4,683

²	Net ordinary income consists of net taxable income derived from dividends, interest, and net short-term 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 Funds have elected to defer losses as follows:


	Intelligent Risk Conservative Allocation		Intelligent Risk Growth Allocation		Intelligent Risk Moderate Allocation
Post-October capital losses³	$	9,536	$	58,080	$	23,977
Late-year ordinary losses⁴		—		—		—

³	Capital losses incurred from November 1, 2014 through August 31, 2015, the Funds’ last tax year end.

⁴	Ordinary losses incurred from January 1, 2015 through August 31, 2015 and/or specified losses incurred from November 1, 2014 through August 31, 2015.

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	Intelligent Risk Conservative Allocation			Intelligent Risk Growth Allocation			Intelligent Risk Moderate Allocation
For the first $125 million		0.6000	%		0.6000	%		0.6000	%
For the next $125 million		0.5875			0.5875			0.5875
For the next $250 million		0.5750			0.5750			0.5750
For the next $500 million		0.5625			0.5625			0.5625
For the next $1 billion		0.5500			0.5500			0.5500
For net assets over $2 billion		0.5250			0.5250			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 29, 2016, the complex-level fee for each Fund was 0.1640%.

The Adviser has agreed to waive fees and/or reimburse expenses of each Fund through December 31, 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	$	279	$	572	$	250
Paid to financial intermediaries		275		508		250

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.


Nuveen Investments			41

Notes to Financial Statements (continued)

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	$	355	$	30	$	357

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

256

187

197

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

8. Borrowing Arrangements

The Funds, along with certain other funds managed by the Adviser (“Participating Funds”), have established a 364-day, $2.53 billion standby credit facility with a group of lenders, under which the Participating Funds may borrow for various purposes other than leveraging for investment purposes. A large portion of this facility’s capacity (and its associated costs as described below) is currently dedicated for use by a small number of Participating Funds, which does not include any of the Funds covered by this shareholder report. The remaining capacity under the facility (and the corresponding portion of the facility’s annual costs) is separately dedicated to most of the other open-end funds in the Nuveen fund family, including all of the Funds covered by this shareholder report, along with a number of Nuveen closed-end funds. The credit facility expires in July 2016 unless extended or renewed.

The credit facility has the following terms: a fee of 0.15% per annum on unused commitment amounts, and interest at a rate equal to the higher of (a) one-month LIBOR (London Inter-Bank Offered Rate) plus 1.25% per annum or (b) the Fed Funds rate plus 1.25% per annum on amounts borrowed. Participating Funds paid administration, legal and arrangement fees, which are recognized as a component of “Other expenses” on the Statement of Operations, and along with commitment fees, have been allocated among such participating Funds based upon the relative proportions of the facility’s aggregate capacity reserved for them and other factors deemed relevant by the Adviser and the Board of each Participating Fund.

During the current fiscal period, the Funds did not utilize this facility.

9. Subsequent Events

Fund Liquidations

On April 18, 2016, the Adviser announced that the Funds will be liquidated after the close of business on June 24, 2016, as approved by the Board.

Effective May 18, 2016, the Funds will stop accepting purchases from new investors and existing shareholders, except that defined contribution retirement plans that hold Fund shares as of April 18, 2016 may continue to purchase Fund shares until June 17, 2016. Existing shareholders may continue to reinvest dividends and capital gains distributions received from the Funds. The Funds reserve the right to modify the extent to which sales of shares are limited prior to the Funds’ liquidation. After the close of business on June 24, 2016, the Funds will liquidate any remaining shareholder accounts and will send shareholders the proceeds of the liquidation.


	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.

Barclays Municipal Bond Index: A rules-based, market value weighted index engineered for the long-term tax-exempt bond market. The Index tracks general obligation bonds, revenue bonds, insured bonds and pre-refunded Baa3/BBB rated bonds or higher by at least two of the ratings agencies: Moody’s, S&P, Fitch. Index returns assume reinvestment of distributions, but do not include the effects of 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.

FTSE Developed ex North America Index: The index comprises large and mid cap stocks providing coverage of developed markets, excluding the U.S. and Canada. The index is derived from the Financial Times Stock Exchange (FTSE) Global Equity Index Series (GEIS), which covers 98% of the world’s investable market capitalization. Index returns assume reinvestment of distributions, but do not reflect any applicable sales charges or management fees.

FTSE Emerging Markets Index: A free-floating market-capitalization weighted index representing the performance of around 850 large and mid cap companies in 22 emerging markets. The index is derived from the FTSE Global Equity Index Series. Index returns assume reinvestment of distributions, but do not include the effects of any applicable sales charges or management fees.

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.


	44			Nuveen Investments

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.

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.

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 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 $229 billion as of March 31, 2016.

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-0216P 15315-INV-B-04/17



Mutual Funds



		Nuveen Equity Funds


						Semi-Annual Report February 29, 2016

Share Class / Ticker Symbol

Fund Name

Class A

Class C

Class R3

Class I

Nuveen Large Cap Value Fund

NNGAX

NNGCX

NMMTX

NNGRX

Nuveen Large Cap Core Fund

NLACX

NLCDX

—

NLCIX

Nuveen Large Cap Growth Fund

NLAGX

NLCGX

—

NLIGX

Nuveen Concentrated Core Fund

NCADX

NCAEX

—

NCAFX

Nuveen Core Dividend Fund

NCDAX

NCCDX

—

NCDIX

Nuveen Growth Fund

NSAGX

NSRCX

NBGRX

NSRGX

Nuveen Large Cap Core Plus Fund

NLAPX

NLPCX

—

NLPIX

Nuveen Equity Long/Short Fund

NELAX

NELCX

—

NELIX

Nuveen Equity Market Neutral Fund

NMAEX

NMECX

—

NIMEX

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!

www.investordelivery.com

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			17

Fund Performance and Expense Ratios			19

Holding Summaries			29

Expense Examples			38

Portfolios of Investments			42

Statement of Assets and Liabilities			97

Statement of Operations			99

Statement of Changes in Net Assets			101

Financial Highlights			106

Notes to Financial Statements			124

Additional Fund Information			139

Glossary of Terms Used in this Report			140


Nuveen Investments			3

Chairman’s Letter

to Shareholders

LOGO

Dear Shareholders,

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

Sincerely,

LOGO

William J. Schneider

Chairman of the Board

April 25, 2016


	4			Nuveen Investments

Portfolio Managers’

Comments

Nuveen Large Cap Value Fund

Nuveen Large Cap Core Fund

Nuveen Large Cap Growth Fund

Nuveen Concentrated Core Fund

Nuveen Core Dividend Fund

Nuveen Growth Fund

Nuveen Large Cap Core Plus Fund

Nuveen Equity Long/Short Fund

Nuveen Equity Market Neutral 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. Effective December 31, 2015, Scott M. Tonneson, CFA, who was previously a portfolio manager for the Nuveen Equity Long/Short Fund, was added as a portfolio manager for the rest of the Nuveen Large Cap Equity Series. Anthony R. Burger, CFA, director of quantitative equity research, also serves as a portfolio manager for the Nuveen Equity Long/Short Fund.

On the following pages, the management team discusses key investment strategies and the Funds’ performance for the six-month reporting period ended February 29, 2016.

How did the Funds perform during the six-month reporting period ended February 29, 2016?

The tables in the Fund Performance and Expense Ratios section of this report provide total return performance information for the six-month, one-year, five-year, ten-year and/or since inception periods ended February 29, 2016. Each Fund’s 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 six-month reporting period ended February 29, 2016 and how did these strategies influence performance?

Nuveen Large Cap Value Fund

The Fund’s Class A Shares at NAV underperformed both the Russell 1000^® Value Index and the comparative Lipper classification average during the six-month reporting period ended February 29, 2016.

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, balancing 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

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)

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.

During the reporting period, the Fund underperformed mainly due to broad-based stock selection issues, particularly in industrials, energy, consumer discretionary and telecommunication services. An underweight position in utilities, the strongest performing sector in the index, was also a drag on results. Additionally, the Fund’s emphasis on stocks with more volatility, a higher degree of leverage and more variation in earnings hampered returns.

The Fund’s three most significant detractors during the reporting period were energy related, including Texas-based Denbury Resources Inc., an independent oil and gas exploration and production company. Denbury’s performance is closely correlated to the price of West Texas Intermediate (WTI) crude since the company derives virtually all of its revenues from oil sales. After Denbury’s share price rose earlier in 2015, it subsequently declined sharply in tandem with the price of WTI oil as investors anticipated the resulting slowdown in production, revenue and therefore earnings. Also, offshore oil and gas drilling specialist Atwood Oceanics Inc. saw its shares decline steadily during the reporting period. Despite reporting operating results that exceeded Wall Street analysts’ expectations, the continued drop in crude oil prices weighed on the company’s earnings. Investors were concerned that less demand, rising inventories and day-rate pricing declines could further pressure Atwood Oceanics’ future earnings. In addition, shares of Louisiana-based Tidewater Inc., the leading provider of larger offshore support vessels (OSVs) for drill rig support and maintenance to the global energy industry, were on a downward trajectory throughout the reporting period. Tidewater has significantly underperformed the energy equipment and services industry as it continues to suffer from deteriorating earnings per share. Demand has stalled for OSVs in light of the drop in crude oil prices to multi-year lows.

On the positive side, the Fund benefited from stock selection in the materials and information technology sectors. Overweight positions in information technology and industrials, two sectors that produced positive returns during the reporting period, were also helpful. In addition, underweights in the two worst-performing sectors in the benchmark, energy and financials, boosted the Fund’s results.

In the materials sector, a position in Cabot Corporation, a provider of global specialty chemicals and performance materials such as rubber and various carbons, rebounded during the reporting period. Earlier in 2015, the company struggled in the face of a challenging macroeconomic environment that included low oil prices, slowing emerging market demand and the strong dollar. However, as the year progressed, company management positively surprised investors by delivering a better-than-expected earnings report achieved through disciplined cost controls. Investors also applauded Cabot’s more upbeat outlook for the coming year for its specialty chemicals segment. The Fund also benefited from a position in Ingram Micro Inc., the world’s largest wholesale distributor of computer and technology products, which it provides to leading manufacturers such as Acer, Apple, IBM, Lenovo, Samsung and others. In mid-February, a unit of Chinese conglomerate HNA Group announced intentions to purchase Ingram Micro in an all cash-deal worth around $6 billion, which resulted in a significant jump in the stock price. The deal, which is subject to shareholder approval from both companies as well as U.S. and Chinese regulatory approval, is anticipated to close in the second half of 2016. In addition, a position in the world’s largest independent oil refiner, Valero Energy Corporation, provided a major boost for the Fund. The company operates refineries in the U.S., Canada and the U.K. and also sells gasoline to thousands of filling stations. Valero Energy’s shares bucked the downward trend seen across most of the energy sector by posting stellar gains in 2015 as it benefited from the decline in crude oil prices throughout the latter half of year. With the stock near all-time highs, we believed our investment objectives were largely satisfied. Therefore, we took the opportunity to sell our Valero Energy position at an opportune time in January before its share price dropped fairly significantly in February.

Nuveen Large Cap Core Fund

The Fund’s Class A Shares at NAV underperformed the Russell 1000^® Index and performed in line with the comparative Lipper classification average during the six-month reporting period ended February 29, 2016.

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, balancing fundamental analysis with quantitative techniques. We start with the securities found in the Russell 1000^® Index, which are


	6			Nuveen Investments

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 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.

The Fund performed in line with its Lipper benchmark during the six-month reporting period; however, its performance fell short of the Russell 1000^® Index. On the positive side, the Fund benefited from stock selection in the consumer discretionary and materials sectors. Also, the Fund’s underweight in higher momentum stocks helped its return as these stocks tended to underperform during the reporting period.

In terms of successful positions, two companies that had previously struggled for a number of quarters saw their share prices advance during this reporting period. The first, global e-commerce marketplace provider Groupon Inc., connects millions of subscribers in more than 28 countries with area merchants offering deals for activities, travel, goods and services. Two catalysts caused significant gains for Groupon’s stock price. Investors initially took notice after Groupon’s fourth-quarter earnings release, which showed the company beginning to successfully execute on its strategy to improve overall operating results and profits. Then in mid-February, China’s e-commerce giant Alibaba Group disclosed that it had taken a small minority stake in the company, which gave investors more reason to be hopeful for its future growth prospects. Also, a position in Joy Global Inc., a manufacturer and servicer of heavy duty equipment used in the mining industry, boosted the Fund’s results. Although the mining sector previously showed a steady decline for services and products provided by Joy Global, more recent signs developed that the decline could be bottoming with a few pockets of stabilization. This was enough news for investors to reward the company’s shares from extremely depressed levels. In the materials sector, a long position in Cabot Corporation, a provider of global specialty chemicals and performance materials such as rubber and various carbons, helped as the stock price rebounded during the reporting period. Earlier in 2015, the company struggled in the face of a challenging macroeconomic environment that included low oil prices, slowing emerging market demand and the strong dollar. However, as the year progressed, company management positively surprised investors by delivering a better-than-expected earnings report achieved through disciplined cost controls. Investors also applauded Cabot’s more upbeat outlook for the coming year for its specialty chemicals segment.

During the reporting period, the Fund underperformed its Russell benchmark mainly due to its emphasis on stocks with more volatility, a higher degree of leverage and more variation in earnings, strategies that all hampered returns. Also, a tilt toward more value-oriented stocks hindered the Fund’s returns. In addition, an underweight position in consumer staples detracted since that segment outperformed the overall Russell 1000^® benchmark return by more than 10%. Stock selection was also particularly weak within the industrials sector.

The Fund’s two most significant detractors were energy related, including Texas-based Denbury Resources Inc., an independent oil and gas exploration and production company. Denbury’s performance is closely correlated to the price of West Texas Intermediate (WTI) crude since the company derives virtually all of its revenues from oil sales. After Denbury’s share price rose earlier in 2015, it subsequently declined sharply in tandem with the price of WTI oil as investors anticipated the resulting slowdown in production, revenue and therefore earnings. Also, shares of Louisiana-based Tidewater Inc., the leading provider of larger offshore support vessels (OSVs) for drill rig support and maintenance to the global energy industry, were on a downward trajectory throughout the reporting period. Tidewater has significantly underperformed the energy equipment and services industry as it continues to suffer from deteriorating earnings per share. Demand has stalled for OSVs in light of the drop in crude oil prices to multi-year lows. In the consumer discretionary sector, the Fund’s position in Aaron’s Inc. detracted during the reporting period. The company engages in the lease, lease-to-own and retail sale of mostly big-ticket household items such as televisions, furniture, washers, dryers and refrigerators. Concern over higher-than-expected bad debt expense from Aaron’s rental segment caused investors to pull back and reassess the risk to the company’s overall business and profitability.

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 29, 2016.


Nuveen Investments			7

Portfolio Managers’ Comments (continued)

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, balancing 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 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.

The Fund outpaced its Lipper benchmark during the six-month reporting period; however, its performance fell short of the Russell 1000^® Growth Index. On the positive side, the Fund benefited from stock selection in the energy, health care and materials sectors. Additionally, the Fund’s tilt away from stocks with the highest projected growth rates within the index boosted returns as the market shifted away from these stocks.

Two consumer discretionary holdings were the top performers for the Fund during this reporting period. The first, global e-commerce marketplace provider Groupon Inc., connects millions of subscribers in more than 28 countries with area merchants offering deals for activities, travel, goods and services. Two catalysts caused significant gains for Groupon’s stock price. Investors initially took notice after Groupon’s fourth-quarter earnings release, which showed the company beginning to successfully execute on its strategy to improve overall operating results and profits. Then in mid-February, China’s e-commerce giant Alibaba Group disclosed that it had taken a small minority stake in the company, which gave investors more reason to be hopeful for its future growth prospects. Also in discretionary, the Fund benefited again from its position in Cablevision Systems Corporation, a cable television provider serving the New York region. Shares of the company advanced strongly during the reporting period, hitting a 52-week high in mid-September after European cable company Altice Group formally announced its takeover bid, which will create the fourth largest cable operator in the U.S. market. The Fund also experienced strong returns from a position in Ingram Micro Inc., the world’s largest wholesale distributor of computer and technology products, which it provides to leading manufacturers such as Acer, Apple, IBM, Lenovo, Samsung and others. In mid-February, a unit of Chinese conglomerate HNA Group announced intentions to purchase Ingram Micro in an all cash-deal worth around $6 billion, which resulted in a significant jump in the stock price. The deal, which is subject to shareholder approval from both companies as well as U.S. and Chinese regulatory approval, is anticipated to close in the second half of 2016.

The Fund underperformed the Russell benchmark mainly due to its emphasis on stocks with more volatility, a higher degree of leverage and more variation in earnings, strategies that all hampered returns during the reporting period. An underweight position and stock selection in consumer staples, the second strongest performing sector in the index, were also unsuccessful. In addition, stock selection in the industrial and consumer discretionary sectors, as well as a tilt toward more value-oriented stocks, hindered the Fund’s returns.

The most significant laggard was offshore oil and gas drilling specialist Atwood Oceanics Inc., which saw its shares steadily decline during the reporting period. Despite reporting operating results that exceeded Wall Street analysts’ expectations, the continued drop in crude oil prices weighed on the company’s results. Investors were concerned that less demand, rising inventories and day-rate pricing declines could further pressure Atwood Oceanics’ future earnings. In the information technology space, the Fund was hindered by an underweight position in Facebook Inc. Investors’ expectations for earnings improved due to evidence of the company’s success in growing its mobile business, where users are spending more time and money, which is leading to increased overall advertising revenues. Facebook is particularly well positioned as video viewing accelerates and advertisers are increasing the portion of their budgets allocated to highly-targeted online video campaigns. Also, in the consumer discretionary sector, the Fund’s position in Aaron’s Inc. detracted during the reporting period. The company engages in the lease, lease-to-own and retail sale of mostly big-ticket household items such as televisions, furniture, washers, dryers and refrigerators. Concern over higher-than-expected bad debt expense from Aaron’s rental segment caused investors to pull back and reassess the risk to the company’s overall business and profitability.

Nuveen Concentrated Core Fund

The Fund’s Class A Shares at NAV underperformed both the Russell 1000^® Index and the comparative Lipper classification average during the six-month reporting period ended February 29, 2016.


	8			Nuveen Investments

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, balancing 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 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.

During the reporting period, the Fund underperformed mainly due to stock selection, particularly in the information technology, consumer staples and industrials sectors. The Fund’s overweight in health care, which was more than double the index weight, was also a drag on results as the sector was one of the weakest performers during the reporting period. In addition, the Fund had no exposure to utilities and an underweight in consumer staples, two of the three strongest performing sectors in the index. Finally, we emphasized stocks that showed more variation in earnings and more volatility as well as value-oriented stocks, strategies that all hampered returns during the reporting period.

In the financial sector, shares of Bank of America Corporation, the fifth largest bank in the world by market capitalization, dropped sharply at the beginning of 2016 along with the rest of the banking industry. Concerns surrounding global economic health, plunging oil prices and the uncertain future pace of Federal Reserve interest rate increases weighed heavily on the sector. Shares of Bank of America fell further than its largest rivals, perhaps because the company is poised to benefit more as interest rates rise. In the information technology area, shares of HP Inc. detracted during the reporting period. HP is the personal computer entity that was part of the split from the former Hewlett-Packard Company on November 1, 2015. Hewlett-Packard Company reported its final combined results in November, which were disappointing, but more importantly offered dismal forward-looking guidance for HP in the coming quarter. This negative outlook was due to the ongoing decline in personal computer sales, resulting from the lack of device replacement, as well as the strong U.S. dollar. Also, health care services company McKesson Corporation detracted during the reporting period after its shares had reached all-time highs in 2015. The company, which distributes pharmaceuticals and technology solutions to retail pharmacies, hospitals and other health care providers, saw its stock price plunge in January. At that time, McKesson lowered guidance for its fiscal 2016 earnings based on weaker pricing trends for generic pharmaceuticals and recent customer consolidation.

On the positive side, the Fund benefited from its lack of exposure to energy, the worst-performing sector in the index during the reporting period, which fell more than 13%. An overweight position and stock selection in telecommunication services also proved beneficial. Telecommunication services was the strongest performing sector in the index, advancing more than 11% whereas the benchmark posted a negative return. Also, the Fund’s underweight in higher momentum stocks helped its return as these stocks tended to underperform during the reporting period. Finally, an overweight in stocks with lower price/earnings (P/E) ratios aided performance since these stocks outperformed.

The Fund’s top performer was CenturyLink Inc., the third largest telecommunications company in the U.S., which saw its shares rebound after underperforming during the previous reporting period. CenturyLink’s announcement regarding a strategic review of its datacenter business caught the attention of investors in late 2015. When the company reported its fourth-quarter results, investors were pleasantly surprised by revenues and earnings that were much better than some expected. The Fund also benefited from a position in The Travelers Companies Inc., one of the nation’s leading providers of auto, homeowners and commercial property/casualty insurance. Its shares appreciated strongly in October after the company reported it had beaten estimates for revenue and earnings for the third time in the past four fiscal quarters due to solid underwriting results. The company’s focus on reducing expenses and acquisition costs has also led to improving margins. Travelers Companies continues to manage well across its diverse insurance lineup and remains committed to return capital to shareholders via buybacks and dividends. Our position in UnitedHealth Group Inc., the largest of the U.S. health insurers, also contributed to outperformance again during this reporting period. After experiencing some uncertainty in mid-2015, company management showed much more confidence after reporting fourth-quarter results. Medical cost trends were better than the company expected, while management’s outlook heading into 2016 was also more promising. These factors helped UnitedHealth Group’s shares to outperform many of its sector peers.


Nuveen Investments			9

Portfolio Managers’ Comments (continued)

Nuveen Core Dividend Fund

The Fund’s Class A Shares at NAV underperformed both the Russell 1000^® Index and the comparative Lipper classification average during the six-month reporting period ended February 29, 2016.

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, balancing 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 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 attractive valuations. We believe that buying such companies at reasonable prices can provide above-market returns over time.

During the reporting period, the Fund underperformed mainly due to stock selection, particularly within the energy and utilities sectors. Also, we emphasized stocks with more volatility, a higher degree of leverage and more variation in earnings, strategies that all hampered returns. In addition, an underweight position and stock selection in consumer staples detracted from results, especially in light of the strong gains for that sector during the reporting period.

The Fund’s most significant laggard was found in the energy sector, Texas-based Denbury Resources Inc., an independent oil and gas exploration and production company. Denbury’s performance is closely correlated to the price of West Texas Intermediate (WTI) crude since the company derives virtually all of its revenues from oil sales. After Denbury’s share price rose earlier in 2015, it subsequently declined sharply in tandem with the price of WTI oil as investors anticipated the resulting slowdown in production, revenue and therefore earnings. A position in TerraForm Power Inc., which is a clean power company operated as a “yield co” by solar power developer SunEdison, detracted after its shares plunged during the month of November. TerraForm Power reported a loss in its third-quarter earnings announcement, falling far short of analysts’ expectations, while its parent company also reported mixed results. However, the company’s shares were able to recover some of the loss after Congress voted in December to keep the solar investment tax credit through 2019 and extend the wind production tax credit through 2020. Also, shares of Louisiana-based Tidewater Inc., the leading provider of larger offshore support vessels (OSVs) for drill rig support and maintenance to the global energy industry, were on a downward trajectory throughout the reporting period. Tidewater has significantly underperformed the energy equipment and services industry as it continues to suffer from deteriorating earnings per share. Demand has stalled for OSVs in light of the drop in crude oil prices to multi-year lows.

On the positive side, the Fund benefited from an underweight position in financials, a sector that underperformed the overall benchmark return by more than 6%. At the same time, stock selection was favorable in the consumer discretionary sector. In addition, the Fund’s underweight in growth-oriented stocks within the index boosted returns as the market shifted away from this segment of the market.

The top three contributors for the Fund during the reporting period were found in the two consumer sectors. In consumer discretionary, the Fund benefited again from its holding in Cablevision Systems Corporation, a cable television provider serving the New York region. Shares of the company advanced strongly during the reporting period, hitting a 52-week high in mid-September after European cable company Altice Group formally announced its takeover bid, which will create the fourth largest cable operator in the U.S. market. We sold our position in Cablevision Systems Corporation during the reporting period. Also in the discretionary sector, shares of upscale casual wear retailer Abercrombie & Fitch Company experienced gains during the reporting period. After struggling for several quarters, the company made meaningful progress toward better operating results. Led by strength in the Hollister brand and its international business, Abercrombie & Fitch’s same-store sales showed improvement in a less promotional environment, driving better earnings than investors expected. Finally, in the consumer staples group, shares of tobacco and cigarette company Altria Group Inc. advanced strongly during the reporting period. The company continued to deliver solid results driven by consumers who are benefiting from lower gas prices and a better employment picture. Also, Altria’s management team has instituted multiple cost-saving initiatives, as well as measured price increases to help drive margins and earnings higher.


	10			Nuveen Investments

Nuveen Growth Fund

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, balancing 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 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.

The Fund outpaced its Lipper benchmark during the six-month reporting period; however, its performance fell short of the Russell 1000^® Growth Index. On the positive side, the Fund particularly benefited from its underweight position in stocks that showed more volatility because investors favored more stable and defensive names. Tilts away from stocks with the highest projected growth rates and stocks that showed more variation in earnings were both beneficial strategies during the reporting period. Stock selection was also successful in the health care and information technology sectors. Finally, a lack of exposure to energy aided results as the sector was the worst-performing area in the index by a wide margin, down more than 40% during the six-month reporting period.

In the consumer discretionary sector, the Fund benefited from a position in soft drink maker and distributor Dr Pepper Snapple Group Inc. The company reported solid third-quarter 2015 results driven by strength in its packaged beverages and concentrates, as well as better results from its Latin American operations. Company management also provided upbeat guidance, which gave more support to the already significant advance in Dr Pepper Snapple’s share price in 2015. Also in the discretionary sector, shares of home improvement retailer Home Depot Inc. were up sharply, hitting an all-time high in November after the company reported stellar third-quarter results that topped analysts’ expectations. Most impressively, comparable-store sales growth was very robust as the company has been able to effectively capitalize on the strength of the U.S. economy with increased store traffic and outpace its main competitor Lowe’s. Home Depot has also been building out an effective e-commerce strategy where others have struggled, a particularly difficult challenge in the building materials industry, reporting 25% growth in online sales over the past year during a recent earnings report. In information technology, shares of Microsoft Corporation advanced after the company generated earnings that exceeded expectations. Microsoft is benefiting as it grows its cloud-focused business Azure, while continuing to look for ways to cut costs. We anticipate that Azure, the nation’s second largest public cloud provider, will be able to continue to grow its market share. With Microsoft poised to break out the financials for this division in 2016, we believe investors will likely re-rate shares of the company higher.

During the reporting period, the Fund underperformed the Russell benchmark mainly due to stock selection in the consumer staples sector. A fairly significant overweight in health care also detracted since that sector fell by nearly 10% during the reporting period.

In the information technology space, the Fund was hindered by its lack of exposure to Facebook Inc., which represents a large weight in the index. Investors’ expectations for earnings improved due to evidence of the company’s success in growing its mobile business, where users are spending more time and money, which is leading to increased overall advertising revenues. Facebook is particularly well positioned as video viewing accelerates and advertisers are increasing the portion of their budgets allocated to highly-targeted online video campaigns. Also, a pair of consumer discretionary names weighed on the Fund’s results, Gap Inc. and Polaris Industries Inc. Worldwide apparel retailer Gap, operating under store brands that include Gap, Banana Republic, Old Navy, Athleta and Intermix, saw its shares decline fairly significantly. The positive trends experienced at Old Navy could not overcome the disappointing comparable store sales from Gap and Banana Republic. In addition, elevated inventory levels caused investors to be cautious. Later in the reporting period, the retailer announced plans to close stores and streamline staffing as it attempted to rebuild and strengthen its brand in the face of increasing global competition. Shares of snowmobile and recreational vehicle manufacturer Polaris were down fairly significantly during the reporting period. Although the company announced better-than-expected third-quarter 2015 results, Polaris rattled investors by lowering full-year guidance several times during the reporting period. The company


Nuveen Investments			11

Portfolio Managers’ Comments (continued)

faced a number of headwinds including a broad-based slowdown in consumer traffic and retail sales, currency headwinds and unseasonably warm winter weather that negatively impacted snowmobile sales. We have sold our positions in both Gap Inc. and Polaris Industries Inc.

Nuveen Large Cap Core Plus Fund

The Fund’s Class A Shares at NAV underperformed the Russell 1000^® Index, but outperformed the comparative Lipper classification average during the six-month reporting period ended February 29, 2016.

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, balancing 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 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 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.

The Fund outpaced its Lipper benchmark during the six-month reporting period; however, its performance fell short of the Russell 1000^® Index. On the positive side, short positions, in aggregate, added value. Also, the Fund’s results were aided by a net short position in energy, the worst-performing sector in the Russell 1000^® Index during the reporting period, which fell more than 13%. Stock selection was also beneficial in the materials and information technology sectors. In addition, an overweight in stocks with lower price/earnings (P/E) ratios and an underweight in more growth-oriented stocks were both successful strategies for the Fund.

As mentioned, the Fund benefited overall from its short positions, including offshore oil exploration and production company Cobalt International Energy Inc. As the price of crude oil continued its decline during the reporting period, many energy companies came under increasing pressure. Investors further punished Cobalt’s stock price and questioned the company’s viability due to its declining revenue prospects and the announced sale of assets in Angola, which many speculated may be sold for a lower-than-expected price. Also, a short position in consumer financial services holding company OneMain Holdings Inc. proved beneficial. The company’s share price was driven down during the reporting period by a combination of a debt downgrade by Fitch and investors’ concerns over the credit quality of its auto loan business. These issues could potentially force the need for OneMain to raise more equity in the secondary market.

In terms of successful long positions, Cabot Corporation, a provider of global specialty chemicals and performance materials such as rubber and various carbons, rebounded in the reporting period. Earlier in 2015, the company struggled in the face of a challenging macroeconomic environment that included low oil prices, slowing emerging market demand and the strong dollar. However, as the year progressed, company management positively surprised investors by delivering a better-than-expected earnings report achieved through disciplined cost controls. Investors also applauded Cabot’s more upbeat outlook for the coming year for its specialty chemicals segment. Also, a long position in Joy Global Inc., a manufacturer and servicer of heavy duty equipment used in the mining industry, boosted the Fund’s results. Although the mining sector previously showed a steady decline for services and products provided by Joy Global, more recent signs developed that the decline could be bottoming with a few pockets of stabilization. This was enough news for investors to reward the company’s shares from extremely depressed levels.

Despite these areas of strength, the Fund underperformed the index mainly due to stock selection in the long portion of the portfolio. Also, the Fund had net short positions in consumer staples and utilities, that also detracted from performance. In addition, we emphasized stocks that showed more volatility and more variation in earnings, as well as value-oriented stocks; these strategies hampered returns during the reporting period. Stock selection was also weak in the consumer discretionary sector.


	12			Nuveen Investments

The Fund experienced underperformance from a short position in Wynn Resorts Limited, a developer of luxury casino resort properties. The company’s shares bottomed in mid-January due to continued weak revenues from its properties in the Chinese gaming enclave of Macau after a government crackdown on corruption. Subsequently, however, Wynn Resorts’ shares sharply recovered throughout the rest of the reporting period after the company reported fiscal fourth-quarter earnings that beat consensus expectations due to strong results out of its Las Vegas operations. In addition, investors anticipated better results out of Macau after its tourism office reported improved traffic as a result of the Chinese New Year season. Additionally, a short position in discount retailer Dollar Tree Inc. weighed on the Fund’s results during the reporting period. Two catalysts caused the company’s shares to rebound in the second half of the reporting period, after falling from September through November. First, Dollar Tree posted strong comparable-store sales growth as its stores enjoyed steady demand for discount-priced products. Second, the company completed its $9-billion acquisition of rival Family Dollar in July and was able to show some early signs of positive synergies as a result of the merger.

Nuveen Equity Long/Short Fund

The Fund’s Class A Shares at NAV underperformed both the Russell 1000^® Index and the comparative Lipper classification average during the six-month reporting period ended February 29, 2016.

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, balancing 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 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 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 underperformed mainly due to stock selection in the long portion of the portfolio. Net short positions in the strongly performing consumer staples and utilities sectors also detracted as both sectors outperformed the overall Russell 1000^® benchmark return. Stock selection in the consumer discretionary and utilities sectors also hurt. In addition, we emphasized stocks with more volatility as well as value-oriented stocks, two strategies that hampered returns during the reporting period.

The Fund’s most significant detractors were long positions in two exploration and production related holdings from the energy sector. Southwestern Energy Company and SM Energy Company, both of which focus on North American onshore natural gas exploration and production, and to a lesser extent oil, were the two biggest laggards during the reporting period. While stocks across the energy sector continued to be hard hit as the outlook for oil and gas prices appeared to be weaker than expected, companies more closely tied to natural gas suffered the most. Natural gas prices plunged to multi-year lows of less than $2.00 per-thousand cubic feet by the end of February. We sold our position in Southwestern Energy Corporation during the reporting period.


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Portfolio Managers’ Comments (continued)

In the materials sector, a short position in U.S. based Airgas Inc., a distributor of specialty gases used in areas such as manufacturing, food production and health care, proved detrimental to the Fund’s performance during the reporting period. In November, the French company Air Liquide offered to purchase Airgas in an all-cash deal, which caused the stock price to spike significantly on the news. We sold our position in Airgas Inc. during the reporting period. The Fund also experienced underperformance from a short position in Wynn Resorts Limited, a developer of luxury casino resort properties. The company’s shares bottomed in mid-January due to continued weak revenues from its properties in the Chinese gaming enclave of Macau after a government crackdown on corruption. Subsequently, however, Wynn Resorts’ shares sharply recovered throughout the rest of the reporting period after the company reported fiscal fourth-quarter earnings that beat consensus expectations due to strong results out of its Las Vegas operations. In addition, investors anticipated better results out of Macau after its tourism office reported improved traffic as a result of the Chinese New Year season.

On the positive side, short positions, in aggregate, added value. Stock selection was also beneficial in the information technology and financial sectors. Additionally, the Fund’s results were aided by a net short position in energy, the worst-performing sector in the Russell 1000^® Index during the reporting period, falling more than 13%. In addition, an overweight in stocks with lower price/earnings (P/E) ratios helped performance since these stocks outperformed.

The Fund benefited from a short position in Kinder Morgan Inc., the largest pipeline operator in North America. A fairly small acquisition made by Kinder Morgan in the midst of dramatically lower commodity prices set off a series of events that weakened the company’s financial position and made it more costly and difficult to raise capital through new equity and debt financing. In December, the company shocked the market and investors by slashing its dividend by 75% in an attempt to shore up its balance sheet due to the concerns about the company’s liquidity and creditworthiness. The move sparked a further sell-off in Kinder Morgan’s shares, which had already fallen significantly and dragged down other midstream pipeline companies in the process. We closed our position in Kinder Morgan Inc. during the reporting period. Also, the Fund was rewarded for a short position in Range Resources Corp., a Texas-based independent oil and gas exploration and production company that pioneered the Marcellus Shale in Pennsylvania. Plagued by the drop in crude oil and natural gas prices, the company’s earnings outlook continued to deteriorate throughout the latter half of 2015. Company management was forced to slow production as inventory levels remained near very high levels.

Performance was aided by a long position in Nvidia Corporation, an American manufacturer of graphics processing units (GPUs) and system-on-a-chip units for the mobile computing market. The company is seeing strong growth in revenues from its gaming GPU segment, an area where it is gaining market share versus some of its fellow chipmakers. Nvidia is also experiencing promising new channels of growth from its auto and cloud segments, both of which are driving solid earnings growth. Along those lines, Microsoft announced during the reporting period that it would utilize Nvidia’s graphics technology in its Azure cloud platform. The Fund also benefited from a long position in Ingram Micro Inc., the world’s largest wholesale distributor of computer and technology products, which it provides to leading manufacturers such as Acer, Apple, IBM, Lenovo, Samsung and others. In mid-February, a unit of Chinese conglomerate HNA Group announced intentions to purchase Ingram Micro in an all cash-deal worth around $6 billion, which resulted in a significant jump in the stock price. The deal, which is subject to shareholder approval from both companies as well as U.S. and Chinese regulatory approval, is anticipated to close in the second half of 2016. We sold our position in Ingram Micro Inc. during the reporting period.

Nuveen Equity Market Neutral Fund

The Fund’s Class A Shares at NAV outperformed both the Merrill Lynch 3-Month Treasury Bill Index and the comparative Lipper classification average during the six-month reporting period ended February 29, 2016.

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, balancing 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 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.


	14			Nuveen Investments

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 six-month reporting period, the Fund outperformed its benchmark as short positions, in aggregate, added the most value. Stock selection was generally strong in the information technology and consumer discretionary sectors. Net short positions and stock selection in the energy and materials sectors also proved beneficial. In addition, we tilted away from more growth-oriented stocks, while at the same time showing a preference for stocks with lower price/earnings (P/E) ratios and higher momentum, which contributed favorably to results.

The Fund benefited broadly from its short positions, including SunEdison Inc., a renewable energy company focused on wind energy and solar power. The company’s shares were under increasing pressure throughout the reporting period as investors became more concerned over the integration of SunEdison’s recent acquisitions as well as the company’s ability to continue to fund its projected capital needs through the equity and debt markets. Also, a short position in offshore oil exploration and production company Cobalt International Energy Inc. aided results. As the price of crude oil continued its decline during the reporting period, many energy companies came under increasing pressure. Investors further punished Cobalt’s stock price and questioned the company’s viability due to its declining revenue prospects and the announced sale of assets in Angola, which many speculated may be sold for a lower-than-expected price.

In terms of successful long positions, two companies that had previously struggled for a number of quarters saw their share prices advance during this reporting period. The first, global e-commerce marketplace provider Groupon Inc., connects millions of subscribers in more than 28 countries with area merchants offering deals for activities, travel, goods and services. Two catalysts caused significant gains for Groupon’s stock price. Investors initially took notice after Groupon’s fourth-quarter earnings release, which showed the company beginning to successfully execute on its strategy to improve overall operating results and profits. Then in mid-February, China’s e-commerce giant Alibaba Group disclosed that it had taken a small minority stake in the company, which gave investors more reason to be hopeful for its future growth prospects. Also, a long position in Joy Global Inc., a manufacturer and servicer of heavy duty equipment used in the mining industry, boosted the Fund’s results. Although the mining sector previously showed a steady decline for services and products provided by Joy Global, more recent signs developed that the decline could be bottoming with a few pockets of stabilization. This was enough news for investors to reward the company’s shares from extremely depressed levels.

While the Fund experienced strong results during the reporting period, it did have several areas that lagged. Long positions, in aggregate, detracted. At the same time, results were weighed down by net short positions in the strongly performing utilities and consumer staples sectors. Both segments outperformed the overall Russell 1000^® benchmark return by more than 10%. Finally, overweight positions in the financial sector and in value-oriented stocks hindered the Fund’s returns.

In terms of long positions, two of the Fund’s oil and gas exploration and production related holdings in the energy sector detracted: Texas-based Denbury Resources Inc. and U.K.-based Ensco plc. Both companies’ performance is closely correlated to the price of crude oil since they derive virtually all of their revenues from oil sales. After Denbury’s share price rose earlier in 2015, it subsequently declined sharply in tandem with the price of WTI oil as investors anticipated the resulting slowdown in production, revenue and therefore earnings. Likewise, Ensco, the world’s second largest offshore oil and gas well drilling company, saw its shares slide on a downward trajectory throughout the reporting period for the same reasons.

The Fund’s greatest detractor among its short positions was North American firm Molson Coors Brewing Company, the world’s seventh largest brewer by volume in the consumer staples sector. Its shares were caught up in a rally driven by fellow beer company Anheuser-Busch InBev, which approached its biggest rival SABMiller about a takeover that is currently awaiting regulatory approval. Interrelated to the takeover deal, Molson Coors reached a definitive agreement with SABMiller in late 2015 to purchase the remaining 58% stake in Miller Coors along with international rights to Miller brands in a $12-billion deal. Also, a short position in TECO


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Portfolio Managers’ Comments (continued)

Energy Inc., an energy-related holding company with regulated electric and gas utilities in Florida and New Mexico, proved detrimental to the Fund’s performance during the reporting period. In the first few days of the reporting period, its shares jumped significantly after Canada-based Emera Inc. announced an agreement to acquire TECO in an all-cash deal valued at around $6.5 billion, which represented a significant premium for shareholders. The deal, which is expected to close in mid-2016, should be immediately accretive for Emera, an energy holding company involved in electricity generation, transmission and distribution as well as gas transmission and utility services.


	16			Nuveen Investments

Risk Considerations

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 Large Cap Core 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 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 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

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.


Nuveen Investments			17

Risk Considerations (continued)

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 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.


	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 Large Cap Value Fund

Refer to the first page of this Fund Performance and Expense Ratios section for further explanation of the information included within this 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 29, 2016


	Cumulative		Average Annual
	6-Month		1-Year		5-Year		10-Year
Class A Shares at NAV		(7.77)%		(16.61)%		7.11%		4.96%
Class A Shares at maximum Offering Price		(13.08)%		(21.40)%		5.85%		4.34%
Russell 1000^® Value Index		(2.87)%		(9.41)%		(8.81)%		5.13%
Lipper Large-Cap Value Funds Classification Average		(6.00)%		(12.09)%		(6.65)%		4.48%

Class C Shares		(8.09)%		(17.21)%		6.32%		4.18%
Class I Shares		(7.63)%		(16.37)%		7.38%		5.22%

Cumulative

Average Annual

6-Month

1-Year

5-Year

Since
Inception

Class R3 Shares

(7.88)%

(16.80)%

6.84%

5.32%

Average Annual Total Returns as of March 31, 2016 (Most Recent Calendar Quarter)


	Cumulative		Average Annual
	6-Month		1-Year		5-Year		10-Year
Class A Shares at NAV		5.05%		(7.26)%		8.85%		5.66%
Class A Shares at maximum Offering Price		(1.01)%		(12.60)%		7.57%		5.03%
Class C Shares		4.65%		(7.97)%		8.03%		4.87%
Class I Shares		5.18%		(7.03)%		9.12%		5.92%

Cumulative

Average Annual

6-Month

1-Year

5-Year

Since
Inception

Class R3 Shares

4.92%

(7.46)%

8.58%

6.43%

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		1.12%		1.87%		1.37%		0.86%


	20			Nuveen Investments

Fund Performance and Expense Ratios (continued)

Nuveen Large Cap Core Fund

Fund Performance

Average Annual Total Returns as of February 29, 2016


	Cumulative		Average Annual
	6-Month		1-Year		Since Inception
Class A Shares at NAV		(3.09)%		(10.52)%		9.98%
Class A Shares at maximum Offering Price		(8.66)%		(15.67)%		7.60%
Russell 1000^® Index		(2.03)%		(7.21)%		8.27%
Lipper Large-Cap Core Funds Classification Average		(2.97)%		(8.50)%		6.56%

Class C Shares		(3.49)%		(11.21)%		9.15%
Class I Shares		(2.99)%		(10.29)%		10.25%

Average Annual Total Returns as of March 31, 2016 (Most Recent Calendar Quarter)


	Cumulative		Average Annual
	6-Month		1-Year		Since Inception
Class A Shares at NAV		7.26%		(3.18)%		12.20%
Class A Shares at maximum Offering Price		1.09%		(8.74)%		9.84%
Class C Shares		6.86%		(3.91)%		11.36%
Class I Shares		7.36%		(2.96)%		12.46%

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 eighteen months (twelve months prior to November 1, 2015) of purchase. Such CDSC will be equal to 1.00% for any shares purchased on or after November 1, 2015 if redeemed within eighteen 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

Expense Ratios

1.14%

1.89%

0.89%


Nuveen Investments			21

Fund Performance and Expense Ratios (continued)

Nuveen Large Cap Growth Fund

Fund Performance

Average Annual Total Returns as of February 29, 2016


	Cumulative		Average Annual
	6-Month		1-Year		Since Inception
Class A Shares at NAV		(3.96)%		(11.00)%		9.86%
Class A Shares at maximum Offering Price		(9.49)%		(16.12)%		7.49%
Russell 1000^® Growth Index		(1.22)%		(5.05)%		10.74%
Lipper Large-Cap Growth Funds Classification Average		(4.45)%		(8.07)%		9.35%

Class C Shares		(4.32)%		(11.65)%		9.06%
Class I Shares		(3.87)%		(10.77)%		10.13%

Average Annual Total Returns as of March 31, 2016 (Most Recent Calendar Quarter)


	Cumulative		Average Annual
	6-Month		1-Year		Since Inception
Class A Shares at NAV		4.65%		(5.18)%		11.73%
Class A Shares at maximum Offering Price		(1.37)%		(10.63)%		9.38%
Class C Shares		4.25%		(5.87)%		10.91%
Class I Shares		4.79%		(4.93)%		12.01%

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 eighteen months (twelve months prior to November 1, 2015) of purchase. Such CDSC will be equal to 1.00% for any shares purchased on or after November 1, 2015 if redeemed within eighteen 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		1.25%		2.00%		1.00%
Net Expense Ratios		1.16%		1.91%		0.91%

The Fund’s investment adviser has contractually 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 may be terminated or modified prior to that date only with the approval of the Board of Trustees of the Fund.


	22			Nuveen Investments

Fund Performance and Expense Ratios (continued)

Nuveen Concentrated Core Fund

Fund Performance

Average Annual Total Returns as of February 29, 2016


	Cumulative		Average Annual
	6-Month		1-Year		Since Inception
Class A Shares at NAV		(7.01)%		(12.51)%		9.18%
Class A Shares at maximum Offering Price		(12.36)%		(17.54)%		6.82%
Russell 1000^® Index		(2.03)%		(7.21)%		8.27%
Lipper Large-Cap Core Funds Classification Average		(2.97)%		(8.50)%		6.56%

Class C Shares		(7.38)%		(13.18)%		8.35%
Class I Shares		(6.91)%		(12.28)%		9.44%

Average Annual Total Returns as of March 31, 2016 (Most Recent Calendar Quarter)


	Cumulative		Average Annual
	6-Month		1-Year		Since Inception
Class A Shares at NAV		2.38%		(5.95)%		11.31%
Class A Shares at maximum Offering Price		(3.51)%		(11.36)%		8.98%
Class C Shares		2.00%		(6.65)%		10.48%
Class I Shares		2.52%		(5.74)%		11.58%

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 eighteen months (twelve months prior November 1, 2015) of purchase. Such CDSC will be equal to 1.00% for any shares purchased on or after November 1, 2015 if redeemed within eighteen months to 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		1.33%		2.08%		1.07%
Net Expense Ratios		1.21%		1.96%		0.96%

The Fund’s investment adviser has contractually 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 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 Core Dividend Fund

Fund Performance

Average Annual Total Returns as of February 29, 2016


	Cumulative		Average Annual
	6-Month		1-Year		Since Inception
Class A Shares at NAV		(5.03)%		(13.23)%		7.74%
Class A Shares at maximum Offering Price		(10.50)%		(18.21)%		5.41%
Russell 1000^® Index		(2.03)%		(7.21)%		8.27%
Lipper Equity Income Funds Classification Average		(1.82)%		(8.91)%		4.71%

Class C Shares		(5.38)%		(13.85)%		6.94%
Class I Shares		(4.91)%		(12.96)%		8.01%

Average Annual Total Returns as of March 31, 2016 (Most Recent Calendar Quarter)


	Cumulative		Average Annual
	6-Month		1-Year		Since Inception
Class A Shares at NAV		6.53%		(5.04)%		10.57%
Class A Shares at maximum Offering Price		0.40%		(10.50)%		8.25%
Class C Shares		6.14%		(5.73)%		9.74%
Class I Shares		6.66%		(4.81)%		10.82%

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 eighteen months (twelve months prior to November 1, 2015) of purchase. Such CDSC will be equal to 1.00% for any shares purchased on or after November 1, 2015 if redeemed within eighteen 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		1.39%		2.14%		1.14%
Net Expense Ratios		1.16%		1.91%		0.91%

The Fund’s investment adviser has contractually 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 may be terminated or modified prior to that date only with the approval of the Board of Trustees of the Fund.


	24			Nuveen Investments

Fund Performance and Expense Ratios (continued)

Nuveen Growth Fund

Fund Performance

Average Annual Total Returns as of February 29, 2016


	Cumulative		Average Annual
	6-Month		1-Year		5-Year		Since Inception
Class A Shares at NAV		(1.41)%		(6.39)%		9.01%		4.84%
Class A Shares at maximum Offering Price		(7.09)%		(11.77)%		7.73%		4.22%
Russell 1000^® Growth Index		(1.22)%		(5.05)%		10.95%		7.70%
Lipper Multi-Cap Growth Funds Classification Average		(4.45)%		(8.07)%		9.22%		6.41%

Class C Shares		(1.79)%		(7.11)%		8.20%		4.05%
Class R3 Shares		(1.54)%		(6.64)%		8.74%		15.07%
Class I Shares		(1.31)%		(6.15)%		9.30%		5.11%

Average Annual Total Returns as of March 31, 2016 (Most Recent Calendar Quarter)


	Cumulative		Average Annual
	6-Month		1-Year		5-Year		10-Year
Class A Shares at NAV		7.14%		0.91%		10.41%		5.43%
Class A Shares at maximum Offering Price		0.98%		(4.91)%		9.11%		4.81%
Class C Shares		6.72%		0.17%		9.59%		4.64%
Class I Shares		7.28%		1.20%		10.70%		5.70%

	Cumulative		Average Annual
	6-Month		1-Year		5-Year		Since Inception
Class R3 Shares		7.03%		0.69%		10.14%		15.89%

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.

Expense Ratios as of Most Recent Prospectus


	Share Class
	Class A		Class C		Class R3		Class I
Gross Expense Ratios		1.25%		2.01%		1.50%		1.01%
Net Expense Ratios		1.21%		1.96%		1.46%		0.96%

The Fund’s investment adviser has contractually 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% (1.40% after December 31, 2016) 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. The expense limitation in effect thereafter may be terminated or modified only with the approval of shareholders 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 29, 2016


	Cumulative		Average Annual
	6-Month		1-Year		Since Inception
Class A Shares at NAV		(2.63)%		(10.27)%		9.74%
Class A Shares at maximum Offering Price		(8.23)%		(15.43)%		7.36%
Russell 1000^® Index		(2.03)%		(7.21)%		8.27%
Lipper Large-Cap Core Funds Classification Average		(2.97)%		(8.50)%		6.56%

Class C Shares		(3.01)%		(10.96)%		8.94%
Class I Shares		(2.53)%		(10.08)%		10.02%

Average Annual Total Returns as of March 31, 2016 (Most Recent Calendar Quarter)


	Cumulative		Average Annual
	6-Month		1-Year		Since Inception
Class A Shares at NAV		7.41%		(2.82)%		11.90%
Class A Shares at maximum Offering Price		1.23%		(8.40)%		9.55%
Class C Shares		7.03%		(3.53)%		11.11%
Class I Shares		7.58%		(2.55)%		12.20%

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 eighteen months (twelve months prior to November 1, 2015) of purchase. Such CDSC will be equal to 1.00% for any shares purchased on or after November 1, 2015 if redeemed within eighteen 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		2.43%		3.19%		2.19%
Net Expense Ratios		2.22%		2.97%		1.97%

The Fund’s investment adviser has contractually 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

Fund Performance and Expense Ratios (continued)

Nuveen Equity Long/Short Fund

Fund Performance

Average Annual Total Returns as of February 29, 2016


	Cumulative		Average Annual
	6-Month		1-Year		5-Year		Since Inception
Class A Shares at NAV		(5.61)%		(8.69)%		5.77%		9.24%
Class A Shares at maximum Offering Price		(11.04)%		(13.95)%		4.53%		8.34%
Russell 1000^® Index		(2.03)%		(7.21)%		9.92%		14.11%
Lipper Long/Short Equity Funds Classification Average		(3.90)%		(6.86)%		2.90%		6.40%

Class C Shares		(5.97)%		(9.36)%		4.97%		8.42%
Class I Shares		(5.49)%		(8.46)%		6.04%		9.51%

Average Annual Total Returns as of March 31, 2016 (Most Recent Calendar Quarter)


	Cumulative		Average Annual
	6-Month		1-Year		5-Year		Since Inception
Class A Shares at NAV		(0.25)%		(2.06)%		7.01%		9.89%
Class A Shares at maximum Offering Price		(5.98)%		(7.70)%		5.75%		9.00%
Class C Shares		(0.62)%		(2.78)%		6.20%		9.07%
Class I Shares		(0.12)%		(1.81)%		7.28%		10.17%

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 eighteen months (twelve months prior to November 1, 2015) of purchase. Such CDSC will be equal to 1.00% for any shares purchased on or after November 1, 2015 if redeemed within eighteen 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		3.77%		4.53%		3.53%
Net Expense Ratios		3.53%		4.29%		3.28%

The Fund’s investment adviser has contractually 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			27

Fund Performance and Expense Ratios (continued)

Nuveen Equity Market Neutral Fund

Fund Performance

Average Annual Total Returns as of February 29, 2016


	Cumulative		Average Annual
	6-Month		1-Year		Since Inception
Class A Shares at NAV		4.57%		2.84%		4.69%
Class A Shares at maximum Offering Price		(1.44)%		(3.08)%		2.42%
BofA/Merrill Lynch 3-Month U.S. Treasury Bill Index		0.06%		0.08%		0.06%
Lipper Equity Market Neutral Funds Classification Average		0.09%		(0.51)%		0.79%

Class C Shares		4.21%		2.08%		3.92%
Class I Shares		4.68%		3.05%		4.94%

Average Annual Total Returns as of March 31, 2016 (Most Recent Calendar Quarter)


	Cumulative		Average Annual
	6-Month		1-Year		Since Inception
Class A Shares at NAV		5.20%		6.54%		5.08%
Class A Shares at maximum Offering Price		(0.84)%		0.41%		2.88%
Class C Shares		4.82%		5.72%		4.30%
Class I Shares		5.36%		6.84%		5.35%

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 eighteen months (twelve months prior to November 1, 2015) of purchase. Such CDSC will be equal to 1.00% for any shares purchased on or after November 1, 2015 if redeemed within eighteen 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		3.50%		4.23%		3.22%
Net Expense Ratios		3.24%		3.97%		2.97%

The Fund’s investment adviser has contractually 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.


	28			Nuveen Investments

Holding

Summaries as of February 29, 2016

Nuveen Large Cap Value Fund

Fund Allocation

(% of net assets)


Common Stocks			99.7%
Repurchase Agreements			0.2%
Other Assets Less Liabilities			0.1%
Net Assets			100%

Portfolio Composition

(% of net assets)


Insurance			8.4%
Banks			6.2%
Health Care Providers & Services			6.2%
Machinery			4.8%
Diversified Telecommunication Services			4.6%
Consumer Finance			4.0%
Communication Equipment			3.5%
Semiconductors & Semiconductor Equipment			3.4%
Multiline Retail			3.3%
Food & Staples Retailing			3.3%
Hotels, Restaurants & Leisure			3.2%
Automobiles			3.1%
Metals & Mining			3.1%
Construction & Engineering			3.0%
Electronic Equipment, Instruments & Components			2.9%
IT Services			2.6%
Food Products			2.4%
Energy Equipment & Services			2.2%
Oil, Gas & Consumable Fuels			2.2%
Technology Hardware, Storage & Peripherals			2.2%
Aerospace & Defense			2.0%
Airlines			2.0%
Auto Components			1.9%
Other			19.2%
Repurchase Agreements			0.2%
Other Assets Less Liabilities			0.1%
Net Assets			100%

Top Five Common Stock Holdings

(% of net assets)


JP Morgan Chase & Co.			3.2%
Cisco Systems, Inc.			2.4%
Intel Corporation			2.4%
Bank of America Corporation			2.3%
Wal-Mart Stores, Inc.			2.0%


Nuveen Investments			29

Holding Summaries as of February 29, 2016 (continued)

Nuveen Large Cap Core Fund

Fund Allocation

(% of net assets)


Common Stocks			99.6%
Other Assets Less Liabilities			0.4%
Net Assets			100%

Portfolio Composition

(% of net assets)


Health Care Providers & Services			8.9%
Biotechnology			6.1%
Airlines			5.6%
Technology Hardware, Storage & Peripherals			5.0%
Specialty Retail			4.8%
Media			4.2%
Machinery			4.2%
IT Services			4.0%
Banks			3.6%
Internet Software & Services			3.6%
Aerospace & Defense			3.5%
Hotels, Restaurants & Leisure			3.4%
Automobiles			3.4%
Insurance			2.8%
Software			2.6%
Communication Equipment			2.4%
Construction & Engineering			2.3%
Electronic Equipment, Instruments & Components			2.3%
Multiline Retail			2.3%
Diversified Telecommunication Services			2.3%
Semiconductors & Semiconductor Equipment			2.2%
Diversified Financial Services			1.9%
Other			18.2%
Other Assets Less Liabilities			0.4%
Net Assets			100%

Top Five Common Stock Holdings

(% of net assets)


Apple, Inc.			3.9%
JP Morgan Chase & Co.			2.0%
Home Depot, Inc.			1.9%
Intel Corporation			1.6%
Microsoft Corporation			1.5%


	30			Nuveen Investments

Nuveen Large Cap Growth Fund

Fund Allocation

(% of net assets)


Common Stocks			99.8%
Other Assets Less Liabilities			0.2%
Net Assets			100%

Portfolio Composition

(% of net assets)


Health Care Providers & Services			10.5%
IT Services			9.6%
Biotechnology			8.5%
Technology Hardware, Storage & Peripherals			6.6%
Media			6.2%
Hotels, Restaurants & Leisure			6.1%
Specialty Retail			5.9%
Software			5.4%
Internet Software & Services			4.9%
Airlines			4.8%
Aerospace & Defense			3.9%
Semiconductors & Semiconductor Equipment			3.0%
Multiline Retail			2.7%
Diversified Telecommunication Services			2.5%
Others			19.2%
Other Assets Less Liabilities			0.2%
Net Assets			100%

Top Five Common Stock Holdings

(% of net assets)


Apple, Inc.			6.6%
Microsoft Corporation			3.3%
Home Depot, Inc.			2.7%
Gilead Sciences, Inc.			2.3%
Alphabet Inc., Class A			2.2%


Nuveen Investments			31

Holding Summaries as of February 29, 2016 (continued)

Nuveen Concentrated Core Fund

Fund Allocation

(% of net assets)


Common Stocks			100.0%
Other Assets Less Liabilities			0.0%
Net Assets			100%

Portfolio Composition

(% of net assets)


Health Care Providers & Services			20.4%
Automobiles			10.6%
Technology Hardware, Storage & Peripherals			9.9%
Biotechnology			9.7%
Airlines			9.6%
Multiline Retail			5.4%
Diversified Telecommunication Services			5.1%
Aerospace & Defense			5.1%
Food & Staples Retailing			5.1%
Other			19.1%
Other Assets Less Liabilities			0.0%
Net Assets			100%

Top Five Common Stock Holdings

(% of net assets)


Target Corporation			5.4%
Aetna Inc.			5.4%
Ford Motor Company			5.3%
General Motors Company			5.2%
CenturyLink Inc.			5.1%


	32			Nuveen Investments

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)


Hotels, Restaurants & Leisure			7.8%
Health Care Providers & Services			7.3%
Specialty Retail			6.4%
Technology Hardware, Storage & Peripherals			5.0%
IT Services			4.9%
Diversified Telecommunication Services			4.0%
Media			3.9%
Communications Equipment			3.6%
Biotechnology			3.6%
Independent Power & Renewable Electricity Producers			3.2%
Energy Equipment & Services			3.1%
Software			3.1%
Capital Markets			3.0%
Machinery			3.0%
Automobiles			2.9%
Airlines			2.6%
Multiline Retail			2.5%
Aerospace & Defense			2.5%
Beverages			2.4%
Food & Staples Retailing			1.9%
Electric Utilities			1.9%
Semiconductors & Semiconductor Equipment			1.7%
Other			19.4%
Other Assets Less Liabilities			0.3%
Net Assets			100%

Top Five Common Stock Holdings

(% of net assets)


Apple, Inc.			3.9%
Microsoft Corporation			3.1%
Verizon Communications Inc.			2.0%
Home Depot, Inc.			1.8%
Intel Corporation			1.7%


Nuveen Investments			33

Holding Summaries as of February 29, 2016 (continued)

Nuveen Growth Fund

Fund Allocation

(% of net assets)


Common Stocks			99.9%
Other Assets Less Liabilities			0.1%
Net Assets			100%

Portfolio Composition

(% of net assets)


Health Care Providers & Services			15.7%
IT Services			10.3%
Beverages			7.9%
Specialty Retail			6.8%
Media			6.8%
Hotels, Restaurants & Leisure			6.6%
Technology Hardware, Storage & Peripherals			6.1%
Software			5.2%
Internet Software & Services			4.9%
Biotechnology			4.5%
Diversified Telecommunication Services			3.9%
Food & Staples Retailing			2.5%
Other			18.7%
Other Assets Less Liabilities			0.1%
Net Assets			100%

Top Five Common Stock Holdings

(% of net assets)


Apple, Inc.			5.0%
Alphabet Inc., Class A			4.9%
Home Depot, Inc.			4.9%
Microsoft Corporation			4.2%
PepsiCo, Inc.			3.9%


	34			Nuveen Investments

Nuveen Large Cap Core Plus Fund

Fund Allocation

(% of net assets)


Long-Term Investments
Common Stocks			129.6%
Total Long Exposure			129.6%
Securities Sold Short
Common Stocks			(29.9)%
Total Short Exposure			(29.9)%
Other Assets Less Liabilities			0.3%
Net Assets			100%

Top Five Holdings

(Long Exposure)

(% of net assets)


Apple, Inc.			5.1%
JP Morgan Chase & Co.			2.7%
Microsoft Corporation			2.6%
Home Depot, Inc.			2.4%
Verizon Communications Inc.			2.3%

Top Five Holdings

(Short Exposure)

(% of net assets)


Signet Jewelers Limited			(0.3)%
Anadarko Petroleum Corporation			(0.3)%
Zimmer Holdings, Inc.			(0.3)%
Charter Communications, Inc., Class A			(0.3)%
Schlumberger Limited			(0.3)%

Portfolio Composition –

Long Exposure

(% of net assets)


Health Care Providers & Services			10.6%
Airlines			7.3%
Specialty Retail			6.8%
Technology Hardware, Storage & Peripherals			6.6%
Media			6.5%
IT Services			6.0%
Machinery			5.9%
Biotechnology			5.9%
Diversified Telecommunication Services			5.5%
Banks			5.2%
Aerospace & Defense			4.8%
Hotels, Restaurants & Leisure			4.7%
Automobiles			4.7%
Internet Software & Services			4.7%
Semiconductors & Semiconductor Equipment			4.3%
Multiline Retail			4.2%
Software			4.0%
Electronic Equipment, Instruments & Components			3.8%
Insurance			3.5%
Construction & Engineering			3.2%
Communications Equipment			2.6%
Other			18.8%
Total			129.6%

Portfolio Composition –

Short Exposure

(% of net assets)


Oil, Gas & Consumable Fuels			(4.4)%
Chemicals			(2.1)%
Health Care Equipment & Supplies			(1.9)%
Internet Software & Services			(1.3)%
Textiles, Apparel & Luxury Goods			(1.2)%
Multi-Utilities			(1.2)%
Food Products			(1.2)%
Household Products			(0.9)%
Electronic Equipment, Instruments & Components			(0.9)%
Software			(0.9)%
Pharmaceuticals			(0.9)%
Aerospace & Defense			(0.8)%
Road & Rail			(0.7)%
Media			(0.6)%
Energy Equipment & Services			(0.6)%
Metals & Mining			(0.6)%
Other			(9.7)%
Total			(29.9)%


Nuveen Investments			35

Holding Summaries as of February 29, 2016 (continued)

Nuveen Equity Long/Short Fund

Fund Allocation

(% of net assets)


Long-Term Investments
Common Stocks			161.3%
Total Long Exposure			161.3%
Repurchase Agreements			8.2%
Total Investments			169.5%
Securities Sold Short
Common Stocks			(79.9)%
Total Short Exposure			(79.9)%
Other Assets Less Liabilities			10.4%
Net Assets			100%

Top Five Holdings

(Long Exposure)

(% of net assets)


Apple, Inc.			3.2%
Microsoft Corporation			2.7%
Johnson & Johnson			2.3%
JP Morgan Chase & Co.			2.0%
Home Depot, Inc.			1.9%

Top Five Holdings

(Short Exposure)

(% of net assets)


Golar LNG, Limited			(1.0)%
Kate Spade & Company			(1.0)%
Pandora Media, Inc.			(0.9)%
Halliburton Company			(0.9)%
CF Industries Holdings, Inc.			(0.9)%

Portfolio Composition –

Long Exposure

(% of net assets)


Specialty Retail			9.4%
IT Services			8.3%
Health Care Providers & Services			7.9%
Media			7.2%
Insurance			6.9%
Machinery			6.7%
Banks			5.8%
Semiconductors & Semiconductor Equipment			5.7%
Biotechnology			5.4%
Technology Hardware, Storage & Peripherals			5.4%
Hotels, Restaurants & Leisure			5.4%
Diversified Financial Services			5.3%
Software			5.3%
Communications Equipment			4.3%
Airlines			4.0%
Chemicals			3.6%
Oil, Gas & Consumable Fuels			3.5%
Aerospace & Defense			3.5%
Energy Equipment & Services			3.4%
Internet & Catalog Retail			2.6%
Electrical Equipment			2.6%
Health Care Equipment & Supplies			2.5%
Containers & Packaging			2.5%
Metals & Mining			2.5%
Beverages			2.4%
Auto Components			2.4%
Construction & Engineering			2.4%
Air Freight & Logistics			2.4%
Pharmaceuticals			2.3%
Diversified Telecommunication Services			2.2%
Electric Utilities			2.1%
Internet Software & Services			1.9%
Independent Power & Renewable Electricity Producers			1.5%
Multiline Retail			1.5%
Household Durables			1.4%
Other			19.1%
Total			161.3%

Portfolio Composition –

Short Exposure

(% of net assets)


Oil, Gas & Consumable Fuels			(6.5)%
Chemicals			(4.9)%
Internet Software & Services			(4.4)%
Electric Utilities			(3.9)%
Household Durables			(3.6)%
Textiles, Apparel & Luxury Goods			(3.6)%
Specialty Retail			(3.4)%
Health Care Equipment & Supplies			(3.2)%
Software			(3.0)%
Machinery			(3.0)%
Hotels, Restaurants & Leisure			(2.6)%
Electronic Equipment, Instruments & Components			(2.4)%
Health Care Providers & Services			(2.4)%
Road & Rail			(2.4)%
Metals & Mining			(2.1)%
Semiconductors & Semiconductor Equipment			(1.7)%
Commercial Services & Supplies			(1.7)%
Multi-Utilities			(1.7)%
Beverages			(1.7)%
Food Products			(1.6)%
Aerospace & Defense			(1.6)%
Other			(18.5)%
Total			(79.9)%


	36			Nuveen Investments

Nuveen Equity Market Neutral Fund

Fund Allocation

(% of net assets)


Long-Term Investments
Common Stocks			89.3%
Total Long Exposure			89.3%
Repurchase Agreements			6.1%
Total Investments			95.4%
Securities Sold Short
Common Stocks			(68.3)%
Total Short Exposure			(68.3)%
Other Assets Less Liabilities			72.9%
Net Assets			100%

Top Five Holdings

(Long Exposure)

(% of net assets)


Groupon Inc.			1.2%
Gannett Company, Inc.			1.1%
Joy Global Inc.			1.1%
F5 Networks, Inc			1.1%
CenturyLink Inc.			1.1%

Top Five Holdings

(Short Exposure)

(% of net assets)


Splunk Inc.			(1.0)%
CF Industries Holdings, Inc.			(0.9)%
SunPower Corporation			(0.9)%
Signet Jewelers Limited			(0.9)%
Wynn Resorts Ltd			(0.9)%

Portfolio Composition –

Long Exposure

(% of net assets)


Health Care Providers & Services			6.0%
Media			5.6%
Hotels, Restaurants & Leisure			5.3%
IT Services			5.0%
Airlines			4.9%
Machinery			4.5%
Biotechnology			4.1%
Communications Equipment			4.0%
Specialty Retail			3.8%
Semiconductors & Semiconductor Equipment			3.2%
Aerospace & Defense			3.1%
Technology Hardware, Storage & Peripherals			3.0%
Automobiles			2.8%
Metals & Mining			2.6%
Electronic Equipment, Instruments & Components			2.6%
Construction & Engineering			2.4%
Insurance			2.2%
Internet Software & Services			2.1%
Wireless Telecommunication Services			2.1%
Multiline Retail			1.8%
Other			18.2%
Total			89.3%

Portfolio Composition –

Short Exposure

(% of net assets)


Oil, Gas & Consumable Fuels		(6.3)%
Chemicals		(5.1)%
Machinery		(3.5)%
Software		(3.5)%
Internet Software & Services		(3.4)%
Textiles, Apparel & Luxury Goods		(3.1)%
Specialty Retail		(3.0)%
Health Care Equipment & Supplies		(2.8)%
Hotels, Restaurants & Leisure		(2.5)%
Metals & Mining		(2.2)%
Semiconductors & Semiconductor Equipment		(2.2)%
Road & Rail		(2.0)%
Media		(2.0)%
Electronic Equipment, Instruments & Components		(2.0)%
Household Durables		(1.9)%
Energy Equipment & Services		(1.7)%
Electric Utilities		(1.5)%
Food Products		(1.4)%
Other	��	(18.2)%
Total		(68.3)%


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 29, 2016.

The beginning of the period is September 1, 2015.

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 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	$	922.30	$	919.10	$	921.20	$	923.70
Expenses Incurred During the Period	$	5.31	$	8.88	$	6.45	$	4.11
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	$	1,019.34	$	1,015.61	$	1,018.15	$	1,020.59
Expenses Incurred During the Period	$	5.57	$	9.32	$	6.77	$	4.32

For each class of the Fund, expenses are equal to the Fund’s annualized net expense ratio of 1.11%, 1.86%, 1.35% and 0.86% for Classes A, C, R3 and I, respectively, multiplied by the average account value over the period, multiplied by 182/366 (to reflect the one-half year period).


	38			Nuveen Investments

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	$	969.10	$	965.10	$	970.10
Expenses Incurred During the Period	$	5.53	$	9.19	$	4.26
Hypothetical Performance (5% annualized return before expenses)
Beginning Account Value	$	1,000.00	$	1,000.00	$	1,000.00
Ending Account Value	$	1,019.24	$	1,015.51	$	1,020.54
Expenses Incurred During the Period	$	5.67	$	9.42	$	4.37

For each class of the Fund, expenses are equal to the Fund’s annualized net expense ratio of 1.13%, 1.88% and 0.87% for Classes A, C and I, respectively, multiplied by the average account value over the period, multiplied by 182/366 (to reflect the one-half year period).

Nuveen 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	$	960.40	$	956.80	$	961.30
Expenses Incurred During the Period	$	5.65	$	9.29	$	4.44
Hypothetical Performance (5% annualized return before expenses)
Beginning Account Value	$	1,000.00	$	1,000.00	$	1,000.00
Ending Account Value	$	1,019.10	$	1,015.37	$	1,020.34
Expenses Incurred During the Period	$	5.82	$	9.57	$	4.57

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 182/366 (to reflect the one-half year period).

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	$	929.90	$	926.20	$	930.90
Expenses Incurred During the Period	$	5.85	$	9.43	$	4.66
Hypothetical Performance (5% annualized return before expenses)
Beginning Account Value	$	1,000.00	$	1,000.00	$	1,000.00
Ending Account Value	$	1,018.80	$	1,015.07	$	1,020.04
Expenses Incurred During the Period	$	6.12	$	9.87	$	4.87

For each class of the Fund, expenses are equal to the Fund’s annualized net expense ratio of 1.22%, 1.97% and 0.97% for Classes A, C and I, respectively, multiplied by the average account value over the period, multiplied by 182/366 (to reflect the one-half year period).


Nuveen Investments			39

Expense Examples (continued)

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	$	949.70	$	946.20	$	950.90
Expenses Incurred During the Period	$	5.67	$	9.29	$	4.46
Hypothetical Performance (5% annualized return before expenses)
Beginning Account Value	$	1,000.00	$	1,000.00	$	1,000.00
Ending Account Value	$	1,019.05	$	1,015.32	$	1,020.29
Expenses Incurred During the Period	$	5.87	$	9.62	$	4.62

For each class of the Fund, expenses are equal to the Fund’s annualized net expense ratio of 1.17%, 1.92% and 0.92% for Classes A, C and I, respectively, multiplied by the average account value over the period, multiplied by 182/366 (to reflect the one-half year period).

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	$	985.90	$	982.10	$	984.60	$	986.90
Expenses Incurred During the Period	$	5.97	$	9.66	$	7.20	$	4.74
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	$	1,018.85	$	1,015.12	$	1,017.60	$	1,020.09
Expenses Incurred During the Period	$	6.07	$	9.82	$	7.32	$	4.82

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 182/366 (to reflect the one-half year period).

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	$	973.70	$	969.90	$	974.70
Expenses Incurred During the Period	$	11.09	$	14.74	$	9.82
Hypothetical Performance (5% annualized return before expenses)
Beginning Account Value	$	1,000.00	$	1,000.00	$	1,000.00
Ending Account Value	$	1,013.63	$	1,009.90	$	1,014.92
Expenses Incurred During the Period	$	11.31	$	15.04	$	10.02

For each class of the Fund, expenses are equal to the Fund’s annualized net expense ratio of 2.26%, 3.01% and 2.00% for Classes A, C and I, respectively, multiplied by the average account value over the period, multiplied by 182/366 (to reflect the one-half year period).


	40			Nuveen Investments

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	$	943.90	$	940.30	$	945.10
Expenses Incurred During the Period	$	17.69	$	21.32	$	16.54
Hypothetical Performance (5% annualized return before expenses)
Beginning Account Value	$	1,000.00	$	1,000.00	$	1,000.00
Ending Account Value	$	1,006.66	$	1,002.88	$	1,007.86
Expenses Incurred During the Period	$	18.26	$	22.01	$	17.07

For each class of the Fund, expenses are equal to the Fund’s annualized net expense ratio of 3.66%, 4.42% and 3.42% for Classes A, C and I, respectively, multiplied by the average account value over the period, multiplied by 182/366 (to reflect the one-half year period).

Nuveen 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	$	1,045.70	$	1,042.10	$	1,046.80
Expenses Incurred During the Period	$	15.41	$	19.19	$	14.10
Hypothetical Performance (5% annualized return before expenses)
Beginning Account Value	$	1,000.00	$	1,000.00	$	1,000.00
Ending Account Value	$	1,009.80	$	1,006.07	$	1,011.09
Expenses Incurred During the Period	$	15.14	$	18.85	$	13.85

For each class of the Fund, expenses are equal to the Fund’s annualized net expense ratio of 3.03%, 3.78% and 2.77% for Classes A, C and I, respectively, multiplied by the average account value over the period, multiplied by 182/366 (to reflect the one-half year period).


Nuveen Investments			41

Nuveen Large Cap Value Fund


Portfolio of Investments		February 29, 2016 (Unaudited)


Shares		Description (1)	Value

		LONG-TERM INVESTMENTS – 99.7%

		COMMON STOCKS – 99.7%

		Aerospace & Defense – 2.0%

	28,000	Huntington Ingalls Industries Inc.	$	3,669,680

	79,000	Spirit AeroSystems Holdings Inc., (2)		3,634,000
		Total Aerospace & Defense		7,303,680

		Airlines – 2.0%

	78,000	Delta Air Lines, Inc.		3,762,720

	163,000	JetBlue Airways Corporation, (2)		3,586,000
		Total Airlines		7,348,720

		Auto Components – 1.9%

	124,000	Goodyear Tire & Rubber Company		3,734,880

	30,000	Lear Corporation		3,040,500
		Total Auto Components		6,775,380

		Automobiles – 3.1%

	452,000	Ford Motor Company		5,654,520

	183,000	General Motors Company		5,387,520
		Total Automobiles		11,042,040

		Banks – 6.2%

	642,000	Bank of America Corporation		8,037,840

	203,000	JP Morgan Chase & Co.		11,428,900

	28,000	SunTrust Banks, Inc.		929,040

	37,000	Wells Fargo & Company		1,736,040
		Total Banks		22,131,820

		Biotechnology – 0.9%

	23,000	Amgen Inc.		3,272,440

		Capital Markets – 1.4%

	207,000	Morgan Stanley		5,112,900

		Chemicals – 1.1%

	86,000	Cabot Corporation		3,829,580

		Commercial Services & Supplies – 1.0%

	197,000	Pitney Bowes Inc.		3,569,640

		Communication Equipment – 3.5%

	379,000	Brocade Communications Systems Inc.		3,763,470

	330,000	Cisco Systems, Inc.		8,639,400
		Total Communication Equipment		12,402,870


	42			Nuveen Investments


Shares		Description (1)	Value

		Construction & Engineering – 3.0%

	133,000	AECOM, (2)	$	3,652,180

	96,000	Chicago Bridge & Iron Company N.V.		3,219,840

	95,000	Jacobs Engineering Group, Inc., (2)		3,671,750
		Total Construction & Engineering		10,543,770

		Consumer Finance – 4.0%

	92,000	American Express Company		5,113,360

	77,000	Capital One Financial Corporation		5,061,210

	90,000	Discover Financial Services		4,177,800
		Total Consumer Finance		14,352,370

		Diversified Financial Services – 1.1%

	13,000	Berkshire Hathaway Inc., Class B, (2)		1,744,210

	71,000	Voya Financial Inc.		2,084,560
		Total Diversified Financial Services		3,828,770

		Diversified Telecommunication Services – 4.6%

	105,000	AT&T Inc.		3,879,750

	142,000	CenturyLink Inc.		4,343,780

	208,000	Intelsat SA, (2)		357,760

	83,000	Verizon Communications Inc.		4,210,590

	495,000	Windstream Holdings Inc.		3,722,400
		Total Diversified Telecommunication Services		16,514,280

		Electric Utilities – 1.2%

	139,000	Exelon Corporation		4,377,110

		Electrical Equipment – 0.8%

	54,000	Regal-Beloit Corporation		2,947,320

		Electronic Equipment, Instruments & Components – 2.9%

	69,000	Avnet Inc.		2,839,350

	102,000	Ingram Micro, Inc., Class A		3,651,600

	187,000	Jabil Circuit Inc.		3,898,950
		Total Electronic Equipment, Instruments & Components		10,389,900

		Energy Equipment & Services – 2.2%

	174,000	Atwood Oceanics Inc.		1,197,120

	237,000	Ensco PLC		2,054,790

	438,000	Noble Corporation PLC		3,648,540

	173,000	Tidewater Inc.		994,750
		Total Energy Equipment & Services		7,895,200

		Food & Staples Retailing – 3.3%

	98,000	Sysco Corporation		4,324,740

	110,000	Wal-Mart Stores, Inc.		7,297,400
		Total Food & Staples Retailing		11,622,140


Nuveen Investments			43

Nuveen Large Cap Value Fund (continued)


Portfolio of Investments		February 29, 2016 (Unaudited)


Shares		Description (1)	Value

		Food Products – 2.4%

	126,000	Archer-Daniels-Midland Company	$	4,404,960

	65,000	Tyson Foods, Inc., Class A		4,208,750
		Total Food Products		8,613,710

		Health Care Providers & Services – 6.2%

	43,000	Aetna Inc.		4,671,090

	37,000	Anthem Inc.		4,835,530

	46,000	Cardinal Health, Inc.		3,758,200

	56,000	Express Scripts, Holding Company, (2)		3,941,280

	62,000	HCA Holdings Inc., (2)		4,291,020

	5,000	UnitedHealth Group Incorporated		595,500
		Total Health Care Providers & Services		22,092,620

		Hotels, Restaurants & Leisure – 3.2%

	90,000	Carnival Corporation		4,316,400

	61,000	Darden Restaurants, Inc.		3,896,680

	47,000	Marriott International, Inc., Class A		3,203,050
		Total Hotels, Restaurants & Leisure		11,416,130

		Household Products – 0.4%

	16,000	Procter & Gamble Company		1,284,640

		Independent Power & Renewable Electricity Producers – 0.1%

	40,000	AES Corporation		392,000

		Industrial Conglomerates – 1.0%

	121,000	General Electric Company		3,525,940

		Insurance – 8.4%

	76,000	AFLAC Incorporated		4,523,520

	112,000	American International Group, Inc.		5,622,400

	62,000	Aspen Insurance Holdings Limited		2,770,780

	150,000	Assured Guaranty Limited		3,721,500

	20,000	Everest Reinsurance Group Ltd		3,722,600

	70,000	Prudential Financial, Inc.		4,626,300

	45,000	Travelers Companies, Inc.		4,838,400
		Total Insurance		29,825,500

		IT Services – 2.6%

	68,000	Computer Sciences Corporation		1,959,080

	78,000	Leidos Holdings Inc.		3,371,160

	399,000	Xerox Corporation		3,834,390
		Total IT Services		9,164,630


	44			Nuveen Investments


Shares		Description (1)	Value

		Machinery – 4.8%

	74,000	AGCO Corporation	$	3,662,260

	141,000	Allision Transmission Holdings Inc.		3,338,880

	293,000	Joy Global Inc.		3,785,560

	181,000	Kennametal Inc.		3,643,530

	168,000	Trinity Industries Inc.		2,661,120
		Total Machinery		17,091,350

		Media – 1.1%

	250,000	Gannett Company, Inc.		3,815,000

		Metals & Mining – 3.1%

	98,000	Nucor Corporation		3,855,320

	63,000	Reliance Steel & Aluminum Company		3,836,070

	192,000	Steel Dynamics Inc.		3,492,480
		Total Metals & Mining		11,183,870

		Multiline Retail – 3.3%

	78,000	Big Lots, Inc.		3,155,100

	75,000	Kohl’s Corporation		3,500,250

	68,000	Target Corporation		5,334,600
		Total Multiline Retail		11,989,950

		Oil, Gas & Consumable Fuels – 2.2%

	23,000	CVTR Energy Inc.		543,950

	939,000	Denbury Resources Inc.		1,201,920

	75,000	Exxon Mobil Corporation		6,011,250
		Total Oil, Gas & Consumable Fuels		7,757,120

		Personal Products – 1.9%

	65,000	Herbalife, Limited		3,558,750

	104,000	Nu Skin Enterprises, Inc., Class A		3,170,960
		Total Personal Products		6,729,710

		Pharmaceuticals – 0.8%

	26,000	Johnson & Johnson		2,735,460

		Professional Services – 1.1%

	51,000	Manpower Inc.		3,949,440

		Semiconductors & Semiconductor Equipment – 3.4%

	289,000	Intel Corporation		8,551,510

	424,000	ON Semiconductor Corporation, (2)		3,557,360
		Total Semiconductors & Semiconductor Equipment		12,108,870

		Software – 1.8%

	124,000	Microsoft Corporation		6,309,120


Nuveen Investments			45

Nuveen Large Cap Value Fund (continued)


Portfolio of Investments		February 29, 2016 (Unaudited)

Shares

Description (1)

Value

Specialty Retail – 1.1%

123,000

Best Buy Co., Inc.

3,983,970

Technology Hardware, Storage & Peripherals – 2.2%

35,000

Apple, Inc.

3,384,150

412,000

HP Inc.

4,404,280

Total Technology Hardware, Storage & Peripherals

7,788,430

Trading Companies & Distributors – 1.1%

85,000

WESCO International Inc., (2)

3,744,250

Wireless Telecommunication Services – 1.3%

17,000

Telephone and Data Systems Inc.

454,240

110,000

T-Mobile US Inc., (2)

4,081,000

Total Wireless Telecommunication Services

4,535,240

Total Long-Term Investments (cost $374,617,125)

355,296,880

Principal
Amount (000)

Description (1)

Coupon

Maturity

Value

SHORT-TERM INVESTMENTS – 0.2%

REPURCHASE AGREEMENTS – 0.2%

767

Repurchase Agreement with Fixed Income Clearing Corporation, dated 2/29/16 repurchase price $767,473, collateralized by $770,000 U.S. Treasury Notes, 2.000%, due 8/15/25, value $786,363

0.030%

3/01/16

767,472

Total Short-Term Investments (cost $767,472)

767,472

Total Investments (cost $375,384,597) – 99.9%

356,064,352

Other Assets Less Liabilities – 0.1%

266,806

Net Assets – 100%

356,331,158

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.


	46			Nuveen Investments

Nuveen Large Cap Core Fund


Portfolio of Investments		February 29, 2016 (Unaudited)


Shares		Description (1)	Value

		LONG-TERM INVESTMENTS – 99.6%

		COMMON STOCKS – 99.6%

		Aerospace & Defense – 3.5%

	28,000	Boeing Company	$	3,309,040

	18,000	Huntington Ingalls Industries Inc.		2,359,080

	53,000	Spirit AeroSystems Holdings Inc., (2)		2,438,000
		Total Aerospace & Defense		8,106,120

		Airlines – 5.6%

	34,000	Alaska Air Group, Inc.		2,512,600

	58,000	Delta Air Lines, Inc.		2,797,920

	102,000	JetBlue Airways Corporation, (2)		2,244,000

	68,000	Southwest Airlines Co.		2,852,600

	46,000	United Continental Holdings Inc., (2)		2,633,960
		Total Airlines		13,041,080

		Auto Components – 0.9%

	1,000	Goodyear Tire & Rubber Company		30,120

	20,000	Lear Corporation		2,027,000
		Total Auto Components		2,057,120

		Automobiles – 3.4%

	225,000	Ford Motor Company		2,814,750

	93,000	General Motors Company		2,737,920

	42,000	Thor Industries, Inc.		2,325,960
		Total Automobiles		7,878,630

		Banks – 3.6%

	268,000	Bank of America Corporation		3,355,360

	81,000	JP Morgan Chase & Co.		4,560,300

	12,000	Wells Fargo & Company		563,040
		Total Banks		8,478,700

		Beverages – 0.6%

	15,000	Dr. Pepper Snapple Group		1,372,950

		Biotechnology – 6.1%

	25,000	Amgen Inc.		3,557,000

	12,000	Biogen Inc., (2)		3,113,040

	23,000	Celgene Corporation, (2)		2,319,090

	40,000	Gilead Sciences, Inc.		3,490,000

	15,000	United Therapeutics Corporation, (2)		1,829,100
		Total Biotechnology		14,308,230


Nuveen Investments			47

Nuveen Large Cap Core Fund (continued)


Portfolio of Investments		February 29, 2016 (Unaudited)


Shares		Description (1)	Value

		Capital Markets – 0.8%

	53,000	Lazard Limited	$	1,864,540

		Chemicals – 1.1%

	56,000	Cabot Corporation		2,493,680

		Communications Equipment – 2.4%

	127,000	Cisco Systems, Inc.		3,324,860

	91,000	Juniper Networks Inc.		2,247,700
		Total Communications Equipment		5,572,560

		Construction & Engineering – 2.3%

	93,000	AECOM, (2)		2,553,780

	22,000	Chicago Bridge & Iron Company N.V.		737,880

	56,000	Jacobs Engineering Group, Inc., (2)		2,164,400
		Total Construction & Engineering		5,456,060

		Consumer Finance – 1.0%

	10,000	Capital One Financial Corporation		657,300

	38,000	Discover Financial Services		1,763,960
		Total Consumer Finance		2,421,260

		Diversified Consumer Services – 0.3%

	70,000	Apollo Group, Inc., (2)		573,300

		Diversified Financial Services – 1.9%

	5,000	Berkshire Hathaway Inc., Class B, (2)		670,850

	33,000	NASDAQ Stock Market, Inc.		2,088,570

	54,000	Voya Financial Inc.		1,585,440
		Total Diversified Financial Services		4,344,860

		Diversified Telecommunication Services – 2.3%

	13,000	AT&T Inc.		480,350

	88,000	CenturyLink Inc.		2,691,920

	15,000	Verizon Communications Inc.		760,950

	194,000	Windstream Holdings Inc.		1,458,880
		Total Diversified Telecommunication Services		5,392,100

		Electric Utilities – 0.9%

	69,000	Exelon Corporation		2,172,810

		Electrical Equipment – 1.0%

	23,000	Rockwell Automation, Inc.		2,394,070

		Electronic Equipment, Instruments & Components – 2.3%

	65,000	Ingram Micro, Inc., Class A		2,327,000

	99,000	Jabil Circuit Inc.		2,064,150

	88,000	Vishay Intertechnology Inc.		1,041,920
		Total Electronic Equipment, Instruments & Components		5,433,070


	48			Nuveen Investments


Shares		Description (1)	Value

		Energy Equipment & Services – 0.5%

	76,000	Noble Corporation PLC	$	633,080

	82,000	Tidewater Inc.		471,500
		Total Energy Equipment & Services		1,104,580

		Food & Staples Retailing – 1.2%

	61,000	Sysco Corporation		2,691,930

		Food Products – 1.1%

	40,000	Tyson Foods, Inc., Class A		2,590,000

		Health Care Providers & Services – 8.9%

	25,000	Aetna Inc.		2,715,750

	29,000	AmerisourceBergen Corporation		2,511,980

	18,000	Anthem Inc.		2,352,420

	31,000	Cardinal Health, Inc.		2,532,700

	16,000	Centene Corporation, (2)		911,360

	42,000	Express Scripts, Holding Company, (2)		2,955,960

	38,000	HCA Holdings Inc., (2)		2,629,980

	22,000	Health Net Inc., (2)		1,368,840

	18,000	McKesson HBOC Inc.		2,801,160
		Total Health Care Providers & Services		20,780,150

		Hotels, Restaurants & Leisure – 3.4%

	6,100	Brinker International Inc.		303,780

	55,000	Carnival Corporation		2,637,800

	39,000	Darden Restaurants, Inc.		2,491,320

	36,000	Marriott International, Inc., Class A		2,453,400
		Total Hotels, Restaurants & Leisure		7,886,300

		Household Products – 0.2%

	6,000	Procter & Gamble Company		481,740

		Electronic Equipment, Instruments & Components – 0.8%

	183,000	NRG Energy Inc.		1,972,740

		Industrial Conglomerates – 0.5%

	35,000	General Electric Company		1,019,900

		Insurance – 2.8%

	98,000	Assured Guaranty Limited		2,431,380

	9,000	Everest Reinsurance Group Ltd		1,675,170

	23,000	Travelers Companies, Inc.		2,472,960
		Total Insurance		6,579,510

		Internet & Catalog Retail – 1.1%

	543,000	Groupon Inc., (2)		2,595,540


Nuveen Investments			49

Nuveen Large Cap Core Fund (continued)


Portfolio of Investments		February 29, 2016 (Unaudited)


Shares		Description (1)	Value

		Internet Software & Services – 3.6%

	4,000	Alphabet Inc., Class A, (2)	$	2,868,880

	106,000	eBay Inc., (2)		2,522,800

	6,000	Facebook Inc., Class A Shares, (2)		641,520

	28,000	VeriSign, Inc., (2)		2,365,720
		Total Internet Software & Services		8,398,920

		IT Services – 4.0%

	9,000	CoreLogic Inc.		311,310

	39,000	Global Payments Inc.		2,377,050

	9,000	Leidos Holdings Inc.		388,980

	39,000	MasterCard, Inc.		3,389,880

	14,000	Vantiv Inc., (2)		728,560

	1,000	Visa Inc.		72,390

	209,000	Xerox Corporation		2,008,490
		Total IT Services		9,276,660

		Machinery – 4.2%

	45,000	AGCO Corporation		2,227,050

	83,000	Allision Transmission Holdings Inc.		1,965,440

	180,000	Joy Global Inc.		2,325,600

	70,000	Trinity Industries Inc.		1,108,800

	20,000	Valmont Industries, Inc.		2,261,000
		Total Machinery		9,887,890

		Media – 4.2%

	150,000	Gannett Company, Inc.		2,289,000

	104,000	Interpublic Group of Companies, Inc.		2,224,560

	43,000	Scripps Networks Interactive, Class A Shares		2,547,320

	599,000	Sirius XM Holdings Inc., (2)		2,228,280

	17,000	Viacom Inc., Class B		626,450
		Total Media		9,915,610

		Metals & Mining – 0.9%

	56,000	Nucor Corporation		2,203,040

		Multiline Retail – 2.3%

	44,000	Big Lots, Inc.		1,779,800

	17,300	Kohl’s Corporation		807,391

	36,000	Target Corporation		2,824,200
		Total Multiline Retail		5,411,391

		Oil, Gas & Consumable Fuels – 1.0%

	372,000	Denbury Resources Inc.		476,160

	23,000	Exxon Mobil Corporation		1,843,450
		Total Oil, Gas & Consumable Fuels		2,319,610


	50			Nuveen Investments


Shares		Description (1)	Value

		Personal Products – 1.0%

	43,000	Herbalife, Limited	$	2,354,250

		Pharmaceuticals – 0.6%

	12,000	Johnson & Johnson		1,262,520

		Professional Services – 0.8%

	25,000	Manpower Inc.		1,936,000

		Semiconductors & Semiconductor Equipment – 2.2%

	126,000	Intel Corporation		3,728,340

	28,000	Micron Technology, Inc., (2)		297,640

	119,000	ON Semiconductor Corporation, (2)		998,410
		Total Semiconductors & Semiconductor Equipment		5,024,390

		Software – 2.6%

	36,000	Citrix Systems, (2)		2,543,400

	71,000	Microsoft Corporation		3,612,480
		Total Software		6,155,880

		Specialty Retail – 4.8%

	64,000	Aaron Rents Inc.		1,471,360

	74,000	Best Buy Co., Inc.		2,396,860

	35,000	Home Depot, Inc.		4,344,200

	45,000	Lowe’s Companies, Inc.		3,038,850
		Total Specialty Retail		11,251,270

		Technology Hardware, Storage & Peripherals – 5.0%

	94,000	Apple, Inc.		9,088,860

	244,000	HP Inc.		2,608,360
		Total Technology Hardware, Storage & Peripherals		11,697,220

		Trading Companies & Distributors – 0.8%

	41,000	WESCO International Inc., (2)		1,806,050

		Wireless Telecommunication Services – 1.1%

	66,000	T-Mobile US Inc., (2)		2,448,600
		Total Long-Term Investments (cost $244,940,802)		232,412,831
		Other Assets Less Liabilities – 0.4%		913,114
		Net Assets – 100%	$	233,325,945

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

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

See accompanying notes to financial statements.


Nuveen Investments			51

Nuveen Large Cap Growth Fund


Portfolio of Investments		February 29, 2016 (Unaudited)


Shares		Description (1)	Value

		LONG-TERM INVESTMENTS – 99.8%

		COMMON STOCKS – 99.8%

		Aerospace & Defense – 3.9%

	13,400	Boeing Company	$	1,583,612

	7,300	Huntington Ingalls Industries Inc.		956,738

	21,400	Spirit AeroSystems Holdings Inc., (2)		984,400
		Total Aerospace & Defense		3,524,750

		Airlines – 4.8%

	13,500	Alaska Air Group, Inc.		997,650

	27,000	Delta Air Lines, Inc.		1,302,480

	39,900	JetBlue Airways Corporation, (2)		877,800

	28,500	Southwest Airlines Co.		1,195,575
		Total Airlines		4,373,505

		Auto Components – 1.0%

	9,000	Lear Corporation		912,150

		Automobiles – 1.3%

	18,200	Ford Motor Company		227,682

	16,900	Thor Industries, Inc.		935,922
		Total Automobiles		1,163,604

		Beverages – 1.2%

	11,900	Dr. Pepper Snapple Group		1,089,207

		Biotechnology – 8.5%

	13,100	Amgen Inc.		1,863,868

	5,600	Biogen Inc., (2)		1,452,752

	13,800	Celgene Corporation, (2)		1,391,454

	23,800	Gilead Sciences, Inc.		2,076,550

	7,800	United Therapeutics Corporation, (2)		951,132
		Total Biotechnology		7,735,756

		Capital Markets – 0.6%

	16,700	Lazard Limited		587,506

		Chemicals – 1.0%

	21,000	Cabot Corporation		935,130

		Communications Equipment – 2.1%

	10,900	F5 Networks, Inc., (2)		1,048,253

	36,700	Juniper Networks Inc.		906,490
		Total Communications Equipment		1,954,743


	52			Nuveen Investments


Shares		Description (1)	Value

		Containers & Packaging – 0.2%

	12,600	Graphic Packaging Holding Company	$	155,358

		Diversified Telecommunication Services – 2.5%

	30,200	CenturyLink Inc.		923,818

	16,900	Intelsat SA, (2)		29,068

	17,600	Verizon Communications Inc.		892,848

	56,100	Windstream Holdings Inc.		421,872
		Total Diversified Telecommunication Services		2,267,606

		Electrical Equipment – 0.3%

	3,000	Rockwell Automation, Inc.		312,270

		Electronic Equipment, Instruments & Components – 2.0%

	24,800	Ingram Micro, Inc., Class A		887,840

	43,100	Jabil Circuit Inc.		898,635
		Total Electronic Equipment, Instruments & Components		1,786,475

		Energy Equipment & Services – 0.3%

	35,000	Atwood Oceanics Inc.		240,800

		Food & Staples Retailing – 1.3%

	20,100	Sysco Corporation		887,013

	4,200	Wal-Mart Stores, Inc.		278,628
		Total Food & Staples Retailing		1,165,641

		Health Care Equipment & Supplies – 1.1%

	28,700	Hologic Inc., (2)		993,881

		Health Care Providers & Services – 10.5%

	9,200	Aetna Inc.		999,396

	12,500	AmerisourceBergen Corporation		1,082,750

	7,200	Anthem Inc.		940,968

	14,100	Cardinal Health, Inc.		1,151,970

	16,900	Centene Corporation, (2)		962,624

	18,400	Express Scripts, Holding Company, (2)		1,294,992

	8,000	McKesson HBOC Inc.		1,244,960

	15,700	UnitedHealth Group Incorporated		1,869,870
		Total Health Care Providers & Services		9,547,530

		Hotels, Restaurants & Leisure – 6.1%

	17,100	Brinker International Inc.		851,580

	15,100	Marriott International, Inc., Class A		1,029,065

	8,000	McDonald’s Corporation		937,520

	4,900	Panera Bread Company, (2)		1,015,280

	29,600	Starbucks Corporation		1,723,016
		Total Hotels, Restaurants & Leisure		5,556,461


Nuveen Investments			53

Nuveen Large Cap Growth Fund (continued)


Portfolio of Investments		February 29, 2016 (Unaudited)


Shares		Description (1)	Value

		Independent Power & Renewable Electricity Producers – 0.5%

	32,900	Calpine Corporation, (2)	$	413,224

		Internet & Catalog Retail – 1.3%

	200	Amazon.com, Inc., (2)		110,504

	224,300	Groupon Inc., (2)		1,072,154
		Total Internet & Catalog Retail		1,182,658

		Internet Software & Services – 4.9%

	2,800	Alphabet Inc., Class A, (2)		2,008,216

	46,000	eBay Inc., (2)		1,094,800

	3,000	Facebook Inc., Class A Shares, (2)		320,760

	11,900	VeriSign, Inc., (2)		1,005,431
		Total Internet Software & Services		4,429,207

		IT Services – 9.6%

	12,600	Accenture Limited		1,263,276

	6,800	Computer Sciences Corporation		195,908

	25,000	CoreLogic Inc.		864,750

	24,100	Genpact Limited, (2)		636,963

	16,700	Global Payments Inc.		1,017,865

	12,300	Henry Jack and Associates Inc.		1,011,552

	16,300	Leidos Holdings Inc.		704,486

	19,700	MasterCard, Inc.		1,712,324

	19,200	Vantiv Inc., (2)		999,168

	5,300	Visa Inc.		383,667
		Total IT Services		8,789,959

		Life Sciences Tools & Services – 1.1%

	500	Charles River Laboratories International, Inc., (2)		36,715

	16,000	Quintiles Transnational Corporation, (2)		1,003,360
		Total Life Sciences Tools & Services		1,040,075

		Machinery – 1.7%

	33,500	Allision Transmission Holdings Inc.		793,280

	3,000	Parker Hannifin Corporation		303,600

	24,000	Trinity Industries Inc.		380,160

	800	Valmont Industries, Inc.		90,440
		Total Machinery		1,567,480

		Media – 6.2%

	26,200	Cablevision Systems Corporation		852,286

	4,000	Comcast Corporation, Class A		230,920

	46,300	Interpublic Group of Companies, Inc.		990,357

	50,000	MSG Networks Inc., (2)		821,000

	15,800	Scripps Networks Interactive, Class A Shares		935,992


	54			Nuveen Investments


Shares		Description (1)	Value

		Media (continued)

	261,800	Sirius XM Holdings Inc., (2)	$	973,896

	23,100	Viacom Inc., Class B		851,235
		Total Media		5,655,686

		Metals & Mining – 0.4%

	20,000	Steel Dynamics Inc.		363,800

		Multiline Retail – 2.7%

	20,000	Big Lots, Inc.		809,000

	15,000	Kohl’s Corporation		700,050

	12,100	Target Corporation		949,245
		Total Multiline Retail		2,458,295

		Personal Products – 1.0%

	17,200	Herbalife, Limited		941,700

		Road & Rail – 0.8%

	12,800	Landstar System		757,760

		Semiconductors & Semiconductor Equipment – 3.0%

	30,000	Intel Corporation		887,700

	86,800	Micron Technology, Inc., (2)		922,684

	114,300	ON Semiconductor Corporation, (2)		958,977
		Total Semiconductors & Semiconductor Equipment		2,769,361

		Software – 5.4%

	15,000	Citrix Systems, (2)		1,059,750

	60,000	Microsoft Corporation		3,052,800

	12,400	Red Hat, Inc., (2)		810,340
		Total Software		4,922,890

		Specialty Retail – 5.9%

	27,000	Aaron Rents Inc.		620,730

	25,200	Best Buy Co., Inc.		816,228

	19,500	Home Depot, Inc.		2,420,340

	22,200	Lowe’s Companies, Inc.		1,499,166
		Total Specialty Retail		5,356,464

		Technology Hardware, Storage & Peripherals – 6.6%

	62,300	Apple, Inc.		6,023,787
		Total Long-Term Investments (cost $93,177,055)		90,974,719
		Other Assets Less Liabilities – 0.2%		205,193
		Net Assets – 100%	$	91,179,912

For Fund portfolio compliance purposes, the Fund’s industry classifications refer to any one or more of the industry sub-classifications used by one or more widely recognized market

indexes or ratings group indexes, and/or as defined by Fund management. This definition may not apply for purposes of this report, which may combine industry sub-classifications into

sectors for reporting ease.

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

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

See accompanying notes to financial statements.


Nuveen Investments			55

Nuveen Concentrated Core Fund


Portfolio of Investments		February 29, 2016 (Unaudited)


Shares		Description (1)	Value

		LONG-TERM INVESTMENTS – 100.0%

		COMMON STOCKS – 100.0%

		Aerospace & Defense – 5.1%

	49,000	Boeing Company	$	5,790,820

		Airlines – 9.6%

	121,000	Delta Air Lines, Inc.		5,837,040

	121,000	Southwest Airlines Co.		5,075,950
		Total Airlines		10,912,990

		Automobiles – 10.6%

	485,000	Ford Motor Company		6,067,350

	202,000	General Motors Company		5,946,880
		Total Automobiles		12,014,230

		Banks – 4.4%

	396,000	Bank of America Corporation		4,957,920

		Biotechnology – 9.7%

	39,000	Amgen Inc.		5,548,920

	63,000	Gilead Sciences, Inc.		5,496,750
		Total Biotechnology		11,045,670

		Diversified Telecommunication Services – 5.1%

	191,000	CenturyLink Inc.		5,842,690

		Food & Staples Retailing – 5.1%

	130,000	Sysco Corporation		5,736,900

		Food Products – 4.9%

	158,000	Archer-Daniels-Midland Company		5,523,680

		Health Care Providers & Services – 20.4%

	56,000	Aetna Inc.		6,083,280

	66,000	AmerisourceBergen Corporation		5,716,920

	36,000	McKesson HBOC Inc.		5,602,320

	48,000	UnitedHealth Group Incorporated		5,716,800
		Total Health Care Providers & Services		23,119,320

		Insurance – 4.9%

	52,000	Travelers Companies, Inc.		5,591,040

		Multiline Retail – 5.4%

	78,000	Target Corporation		6,119,100

		Specialty Retail – 4.9%

	82,000	Lowe’s Companies, Inc.		5,537,460


	56			Nuveen Investments


Shares		Description (1)	Value

		Technology Hardware, Storage & Peripherals – 9.9%

	59,000	Apple, Inc.	$	5,704,710

	520,000	HP Inc.		5,558,800
		Total Technology Hardware, Storage & Peripherals		11,263,510
		Total Long-Term Investments (cost $123,048,346)		113,455,330
		Other Assets Less Liabilities – 0.0%		38,553
		Net Assets – 100%	$	113,493,883

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

See accompanying notes to financial statements.


Nuveen Investments			57

Nuveen Core Dividend Fund


Portfolio of Investments		February 29, 2016 (Unaudited)


Shares		Description (1)	Value

		LONG-TERM INVESTMENTS – 99.7%

		COMMON STOCKS – 99.7%

		Aerospace & Defense – 2.5%

	4,800	Boeing Company	$	567,264

	3,100	Huntington Ingalls Industries Inc.		406,286
		Total Aerospace & Defense		973,550

		Air Freight & Logistics – 1.2%

	5,100	United Parcel Service, Inc., Class B		492,405

		Airlines – 2.6%

	5,700	Alaska Air Group, Inc.		421,230

	3,000	Delta Air Lines, Inc.		144,720

	11,200	Southwest Airlines Co.		469,840
		Total Airlines		1,035,790

		Automobiles – 2.9%

	22,500	Ford Motor Company		281,475

	16,500	General Motors Company		485,760

	7,200	Thor Industries, Inc.		398,736
		Total Automobiles		1,165,971

		Banks – 1.2%

	23,100	Bank of America Corporation		289,212

	1,500	JP Morgan Chase & Co.		84,450

	2,100	Wells Fargo & Company		98,532
		Total Banks		472,194

		Beverages – 2.4%

	3,300	Dr. Pepper Snapple Group		302,049

	6,700	PepsiCo, Inc.		655,394
		Total Beverages		957,443

		Biotechnology – 3.6%

	3,500	AbbVie Inc.		191,135

	4,300	Amgen Inc.		611,804

	7,100	Gilead Sciences, Inc.		619,475
		Total Biotechnology		1,422,414

		Capital Markets – 3.0%

	4,500	Ameriprise Financial, Inc.		377,775

	11,700	Lazard Limited		411,606

	6,000	T. Rowe Price Group Inc.		414,660
		Total Capital Markets		1,204,041


	58			Nuveen Investments


Shares		Description (1)	Value

		Chemicals – 0.8%

	4,000	Cabot Corporation	$	178,120

	3,300	Westlake Chemical Corporation		142,296
		Total Chemicals		320,416

		Commercial Services & Supplies – 0.2%

	3,400	Pitney Bowes Inc.		61,608

		Communications Equipment – 3.6%

	24,900	Cisco Systems, Inc.		651,882

	16,400	Juniper Networks Inc.		405,080

	7,300	QUALCOMM, Inc.		370,767
		Total Communications Equipment		1,427,729

		Containers & Packaging – 1.0%

	31,600	Graphic Packaging Holding Company		389,628

		Diversified Financial Services – 1.2%

	800	CME Group, Inc.		73,152

	6,600	NASDAQ Stock Market, Inc.		417,714
		Total Diversified Financial Services		490,866

		Diversified Telecommunication Services – 4.0%

	2,400	AT&T Inc.		88,680

	14,400	CenturyLink Inc.		440,496

	15,500	Verizon Communications Inc.		786,315

	37,900	Windstream Holdings Inc.		285,008
		Total Diversified Telecommunication Services		1,600,499

		Electric Utilities – 1.9%

	4,500	Entergy Corporation		324,945

	13,700	Exelon Corporation		431,413
		Total Electric Utilities		756,358

		Electrical Equipment – 1.1%

	4,100	Rockwell Automation, Inc.		426,769

		Electronic Equipment, Instruments & Components – 1.7%

	7,600	Ingram Micro, Inc., Class A		272,080

	13,500	Jabil Circuit Inc.		281,475

	10,600	Vishay Intertechnology Inc.		125,504
		Total Electronic Equipment, Instruments & Components		679,059

		Energy Equipment & Services – 3.1%

	12,600	Atwood Oceanics Inc.		86,688

	9,000	Ensco PLC		78,030

	31,700	Franks International NV		440,313

	42,200	Noble Corporation PLC		351,526


Nuveen Investments			59

Nuveen Core Dividend Fund (continued)


Portfolio of Investments		February 29, 2016 (Unaudited)


Shares		Description (1)	Value

		Energy Equipment & Services (continued)

	5,600	Oceaneering International Inc.	$	154,672

	20,000	Tidewater Inc.		115,000
		Total Energy Equipment & Services		1,226,229

		Food & Staples Retailing – 1.9%

	10,400	Sysco Corporation		458,952

	4,600	Wal-Mart Stores, Inc.		305,164
		Total Food & Staples Retailing		764,116

		Food Products – 0.5%

	3,000	Tyson Foods, Inc., Class A		194,250

		Health Care Providers & Services – 7.3%

	4,400	Aetna Inc.		477,972

	5,000	AmerisourceBergen Corporation		433,100

	3,600	Anthem Inc.		470,484

	5,500	Cardinal Health, Inc.		449,350

	3,100	McKesson HBOC Inc.		482,422

	4,900	UnitedHealth Group Incorporated		583,590
		Total Health Care Providers & Services		2,896,918

		Hotels, Restaurants & Leisure – 7.8%

	8,200	Brinker International Inc.		408,360

	9,300	Carnival Corporation		446,028

	6,900	Darden Restaurants, Inc.		440,772

	6,900	Extended Stay America Inc.		101,982

	9,100	Las Vegas Sands		439,348

	6,200	Marriott International, Inc., Class A		422,530

	3,800	McDonald’s Corporation		445,322

	7,700	Six Flags Entertainment Corporation		391,622
		Total Hotels, Restaurants & Leisure		3,095,964

		Household Products – 0.8%

	6,300	Energizer Holdings, Inc.		245,322

	1,000	Procter & Gamble Company		80,290
		Total Household Products		325,612

		Independent Power & Renewable Electricity Producers – 3.2%

	41,200	AES Corporation		403,760

	37,500	NRG Energy Inc.		404,250

	47,600	TerraForm Power, Inc.		458,864
		Total Independent Power & Renewable Electricity Producers		1,266,874

		Industrial Conglomerates – 0.4%

	6,100	General Electric Company		177,754


	60			Nuveen Investments


Shares		Description (1)	Value

		Insurance – 1.1%

	17,500	Assured Guaranty Limited	$	434,175

		IT Services – 4.9%

	5,000	Accenture Limited		501,300

	6,600	Global Payments Inc.		402,270

	7,600	Leidos Holdings Inc.		328,472

	6,600	MasterCard, Inc.		573,672

	15,700	Xerox Corporation		150,877
		Total IT Services		1,956,591

		Machinery – 3.0%

	2,400	AGCO Corporation		118,776

	17,500	Allision Transmission Holdings Inc.		414,400

	31,800	Joy Global Inc.		410,856

	12,400	Kennametal Inc.		249,612
		Total Machinery		1,193,644

		Media – 3.9%

	24,900	Gannett Company, Inc.		379,974

	18,600	Interpublic Group of Companies, Inc.		397,854

	7,200	Scripps Networks Interactive, Class A Shares		426,528

	9,100	Viacom Inc., Class B		335,335
		Total Media		1,539,691

		Metals & Mining – 1.4%

	10,400	Nucor Corporation		409,136

	2,300	Reliance Steel & Aluminum Company		140,047
		Total Metals & Mining		549,183

		Multiline Retail – 2.5%

	8,600	Big Lots, Inc.		347,870

	4,200	Kohl’s Corporation		196,014

	5,800	Target Corporation		455,010
		Total Multiline Retail		998,894

		Multi-Utilities – 0.3%

	5,800	CenterPoint Energy, Inc.		108,054

		Oil, Gas & Consumable Fuels – 1.6%

	8,100	CVTR Energy Inc.		191,565

	103,900	Denbury Resources Inc.		132,992

	4,000	Exxon Mobil Corporation		320,600
		Total Oil, Gas & Consumable Fuels		645,157


Nuveen Investments			61

Nuveen Core Dividend Fund (continued)


Portfolio of Investments		February 29, 2016 (Unaudited)


Shares		Description (1)	Value

		Personal Products – 0.9%

	3,300	Coty Inc., Class A	$	93,984

	8,300	Nu Skin Enterprises, Inc., Class A		253,067
		Total Personal Products		347,051

		Pharmaceuticals – 1.4%

	2,000	Johnson & Johnson		210,420

	11,400	Pfizer Inc.		338,238
		Total Pharmaceuticals		548,658

		Professional Services – 0.5%

	2,400	Manpower Inc.		185,856

		Real Estate Investment Trust – 0.8%

	17,900	Communications Sales & Leasing, Inc.		337,415

		Semiconductors & Semiconductor Equipment – 1.7%

	23,200	Intel Corporation		686,488

		Software – 3.1%

	24,000	Microsoft Corporation		1,221,120

		Specialty Retail – 6.4%

	12,000	Aaron Rents Inc.		275,880

	12,400	Abercrombie & Fitch Co., Class A		360,220

	12,100	Best Buy Co., Inc.		391,919

	5,800	GameStop Corporation		178,756

	5,900	Home Depot, Inc.		732,308

	7,700	Lowe’s Companies, Inc.		519,981

	8,200	Staples, Inc.		77,490
		Total Specialty Retail		2,536,554

		Technology Hardware, Storage & Peripherals – 5.0%

	15,900	Apple, Inc.		1,537,371

	41,600	HP Inc.		444,704
		Total Technology Hardware, Storage & Peripherals		1,982,075

		Tobacco – 0.3%

	1,700	Altria Group, Inc.		104,669

		Trading Companies & Distributors – 1.0%

	5,600	MSC Industrial Direct Inc., Class A		389,648
		Total Long-Term Investments (cost $41,930,155)		39,589,380
		Other Assets Less Liabilities – 0.3%		113,150
		Net Assets – 100%	$	39,702,530

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

See accompanying notes to financial statements.


	62			Nuveen Investments

Nuveen Growth Fund


Portfolio of Investments		February 29, 2016 (Unaudited)


Shares		Description (1)	Value

		LONG-TERM INVESTMENTS – 99.9%

		COMMON STOCKS – 99.9%

		Aerospace & Defense – 2.5%

	9,218	Boeing Company	$	1,089,383

		Air Freight & Logistics – 1.0%

	9,678	Expeditors International of Washington, Inc.		443,059

		Automobiles – 1.1%

	8,447	Thor Industries, Inc.		467,795

		Banks – 1.2%

	10,824	Wells Fargo & Company		507,862

		Beverages – 7.9%

	14,027	Coca-Cola Company		604,985

	12,771	Dr. Pepper Snapple Group		1,168,930

	17,501	PepsiCo, Inc.		1,711,948
		Total Beverages		3,485,863

		Biotechnology – 4.5%

	8,777	Amgen Inc.		1,248,792

	8,342	Gilead Sciences, Inc.		727,840
		Total Biotechnology		1,976,632

		Communication Equipment – 0.8%

	3,893	F5 Networks, Inc., (2)		374,390

		Containers & Packaging – 2.3%

	7,632	AptarGroup Inc.		562,555

	9,392	Crown Holdings Inc., (2)		440,015
		Total Containers & Packaging		1,002,570

		Diversified Consumer Services – 0.9%

	17,505	Service Corporation International		411,718

		Diversified Telecommunication Services – 3.9%

	13,929	AT&T Inc.		514,677

	24,131	Verizon Communications Inc.		1,224,166
		Total Diversified Telecommunication Services		1,738,843

		Food & Staples Retailing – 2.5%

	16,909	Sysco Corporation		746,194

	11,815	Whole Foods Market, Inc.		369,928
		Total Food & Staples Retailing		1,116,122


Nuveen Investments			63

Nuveen Growth Fund (continued)


Portfolio of Investments		February 29, 2016 (Unaudited)


Shares		Description (1)	Value

		Food Products – 1.3%

	16,858	Archer-Daniels-Midland Company	$	589,356

		Health Care Providers & Services – 15.7%

	8,107	Aetna Inc.		880,663

	9,539	AmerisourceBergen Corporation		826,268

	5,925	Anthem Inc.		774,338

	13,711	Cardinal Health, Inc.		1,120,189

	12,851	Express Scripts, Holding Company, (2)		904,453

	7,026	McKesson HBOC Inc.		1,093,386

	11,171	UnitedHealth Group Incorporated		1,330,466
		Total Health Care Providers & Services		6,929,763

		Hotels, Restaurants & Leisure – 6.6%

	9,308	Brinker International Inc.		463,538

	11,504	Marriott International, Inc., Class A		783,998

	14,224	McDonald’s Corporation		1,666,911
		Total Hotels, Restaurants & Leisure		2,914,447

		Industrial Conglomerates – 1.5%

	3,879	Roper Technologies, Inc.		651,400

		Insurance – 1.1%

	5,324	Reinsurance Group of America Inc.		479,692

		Internet Software & Services – 4.9%

	3,022	Alphabet Inc., Class A, (2)		2,167,439

		IT Services – 10.3%

	11,891	Accenture Limited		1,192,192

	7,181	Global Payments Inc.		437,682

	6,421	Henry Jack and Associates Inc.		528,063

	16,251	MasterCard, Inc.		1,412,537

	10,281	Total System Services Inc.		448,046

	7,050	Visa Inc.		510,350
		Total IT Services		4,528,870

		Machinery – 1.8%

	7,700	Parker Hannifin Corporation		779,240

		Media – 6.8%

	20,356	Comcast Corporation, Class A		1,175,152

	8,841	Discovery Communications inc., Class A Shares, (2)		221,025

	7,152	Scripps Networks Interactive, Class A Shares		423,684

	19,775	Viacom Inc., Class B		728,709

	4,545	Walt Disney Company		434,138
		Total Media		2,982,708


	64			Nuveen Investments


Shares		Description (1)	Value

		Multiline Retail – 2.2%

	12,247	Target Corporation	$	960,777

		Road & Rail – 1.0%

	7,574	Landstar System		448,381

		Software – 5.2%

	4,920	Intuit, Inc.		475,469

	36,196	Microsoft Corporation		1,841,652
		Total Software		2,317,121

		Specialty Retail – 6.8%

	17,405	Home Depot, Inc.		2,160,309

	12,736	Lowe’s Companies, Inc.		860,062
		Total Specialty Retail		3,020,371

		Technology Hardware, Storage & Peripherals – 6.1%

	22,870	Apple, Inc.		2,211,297

	17,993	EMC Corporation		470,157
		Total Technology Hardware, Storage & Peripherals		2,681,454
		Total Long-Term Investments (cost $39,927,935)		44,065,256
		Other Assets Less Liabilities – 0.1%		42,346
		Net Assets – 100%	$	44,107,602

(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			65

Nuveen Large Cap Core Plus Fund


Portfolio of Investments		February 29, 2016 (Unaudited)


Shares		Description (1)	Value

		LONG-TERM INVESTMENTS – 129.6%

		COMMON STOCKS – 129.6%

		Aerospace & Defense – 4.8%

	13,000	Boeing Company	$	1,536,340

	8,000	Huntington Ingalls Industries Inc.		1,048,480

	24,000	Spirit AeroSystems Holdings Inc., (2)		1,104,000
		Total Aerospace & Defense		3,688,820

		Airlines – 7.3%

	15,200	Alaska Air Group, Inc.		1,123,280

	26,000	Delta Air Lines, Inc.		1,254,240

	44,400	JetBlue Airways Corporation, (2)		976,800

	27,000	Southwest Airlines Co.		1,132,650

	20,000	United Continental Holdings Inc., (2)		1,145,200
		Total Airlines		5,632,170

		Auto Components – 0.1%

	2,000	Goodyear Tire & Rubber Company		60,240

		Automobiles – 4.7%

	103,000	Ford Motor Company		1,288,530

	45,000	General Motors Company		1,324,800

	18,000	Thor Industries, Inc.		996,840
		Total Automobiles		3,610,170

		Banks – 5.2%

	135,000	Bank of America Corporation		1,690,200

	37,000	JP Morgan Chase & Co.		2,083,100

	5,000	Wells Fargo & Company		234,600
		Total Banks		4,007,900

		Biotechnology – 5.9%

	11,000	Amgen Inc.		1,565,080

	5,000	Biogen Inc., (2)		1,297,100

	19,000	Gilead Sciences, Inc.		1,657,750
		Total Biotechnology		4,519,930

		Building Products – 0.4%

	7,000	Owens Corning		300,440

		Chemicals – 1.4%

	25,000	Cabot Corporation		1,113,250


	66			Nuveen Investments


Shares		Description (1)	Value

		Communications Equipment – 2.6%

	37,000	Cisco Systems, Inc.	$	968,660

	42,300	Juniper Networks Inc.		1,044,810
		Total Communications Equipment		2,013,470

		Construction & Engineering – 3.2%

	40,000	AECOM, (2)		1,098,400

	8,000	Chicago Bridge & Iron Company N.V.		268,320

	28,000	Jacobs Engineering Group, Inc., (2)		1,082,200
		Total Construction & Engineering		2,448,920

		Diversified Financial Services – 1.9%

	2,100	Berkshire Hathaway Inc., Class B, (2)		281,757

	14,000	NASDAQ Stock Market, Inc.		886,060

	11,000	Voya Financial Inc.		322,960
		Total Diversified Financial Services		1,490,777

		Diversified Telecommunication Services – 5.5%

	6,000	AT&T Inc.		221,700

	37,700	CenturyLink Inc.		1,153,243

	30,600	Intelsat SA, (2)		52,632

	35,000	Verizon Communications Inc.		1,775,550

	144,000	Windstream Holdings Inc.		1,082,880
		Total Diversified Telecommunication Services		4,286,005

		Electrical Equipment – 1.3%

	10,000	Rockwell Automation, Inc.		1,040,900

		Electronic Equipment, Instruments & Components – 3.8%

	29,000	Ingram Micro, Inc., Class A		1,038,200

	51,000	Jabil Circuit Inc.		1,063,350

	72,000	Vishay Intertechnology Inc.		852,480
		Total Electronic Equipment, Instruments & Components		2,954,030

		Energy Equipment & Services – 0.9%

	35,000	Noble Corporation PLC		291,550

	67,700	Tidewater Inc.		389,275
		Total Energy Equipment & Services		680,825

		Food & Staples Retailing – 1.6%

	28,000	Sysco Corporation		1,235,640

		Food Products – 1.3%

	15,000	Tyson Foods, Inc., Class A		971,250

		Health Care Providers & Services – 10.6%

	11,000	Aetna Inc.		1,194,930

	13,000	AmerisourceBergen Corporation		1,126,060


Nuveen Investments			67

Nuveen Large Cap Core Plus Fund (continued)


Portfolio of Investments		February 29, 2016 (Unaudited)


Shares		Description (1)	Value

		Health Care Providers & Services (continued)

	9,000	Anthem Inc.	$	1,176,210

	14,000	Cardinal Health, Inc.		1,143,800

	7,000	Centene Corporation, (2)		398,720

	19,000	Express Scripts, Holding Company, (2)		1,337,220

	8,000	HCA Holdings Inc., (2)		553,680

	8,000	McKesson HBOC Inc.		1,244,960
		Total Health Care Providers & Services		8,175,580

		Household Durables – 0.3%

	3,000	Procter & Gamble Company		240,870

		Hotels, Restaurants & Leisure – 4.7%

	8,000	Brinker International Inc.		398,400

	24,000	Carnival Corporation		1,151,040

	16,000	Darden Restaurants, Inc.		1,022,080

	15,900	Marriott International, Inc., Class A		1,083,585
		Total Hotels, Restaurants & Leisure		3,655,105

		Independent Power & Renewable Electricity Producers – 0.3%

	22,000	NRG Energy Inc.		237,160

		Industrial Conglomerates – 0.6%

	15,000	General Electric Company		437,100

		Insurance – 3.5%

	45,000	Assured Guaranty Limited		1,116,450

	2,000	Everest Reinsurance Group Ltd		372,260

	10,900	Travelers Companies, Inc.		1,171,968
		Total Insurance		2,660,678

		Internet & Catalog Retail – 0.1%

	200	Amazon.com, Inc., (2)		110,504

		Internet Software & Services – 4.7%

	1,700	Alphabet Inc., Class A, (2)		1,219,274

	48,100	eBay Inc., (2)		1,144,780

	2,000	Facebook Inc., Class A Shares, (2)		213,840

	12,000	VeriSign, Inc., (2)		1,013,880
		Total Internet Software & Services		3,591,774

		IT Services – 6.0%

	28,000	CoreLogic Inc.		968,520

	16,800	Global Payments Inc.		1,023,960

	17,000	MasterCard, Inc.		1,477,640

	116,000	Xerox Corporation		1,114,760
		Total IT Services		4,584,880


	68			Nuveen Investments


Shares		Description (1)	Value

		Machinery – 5.9%

	21,000	AGCO Corporation	$	1,039,290

	44,000	Allision Transmission Holdings Inc.		1,041,920

	81,000	Joy Global Inc.		1,046,520

	25,000	Trinity Industries Inc.		396,000

	8,900	Valmont Industries, Inc.		1,006,145
		Total Machinery		4,529,875

		Media – 6.5%

	67,000	Gannett Company, Inc.		1,022,420

	48,900	Interpublic Group of Companies, Inc.		1,045,971

	19,000	Scripps Networks Interactive, Class A Shares		1,125,560

	283,000	Sirius XM Holdings Inc., (2)		1,052,760

	21,000	Viacom Inc., Class B		773,850
		Total Media		5,020,561

		Metals & Mining – 1.4%

	26,500	Nucor Corporation		1,042,510

		Multiline Retail – 4.2%

	23,000	Big Lots, Inc.		930,350

	23,000	Kohl’s Corporation		1,073,410

	16,000	Target Corporation		1,255,200
		Total Multiline Retail		3,258,960

		Oil, Gas & Consumable Fuels – 1.0%

	9,600	Exxon Mobil Corporation		769,440

		Personal Products – 1.4%

	19,000	Herbalife, Limited		1,040,250

		Pharmaceuticals – 0.7%

	5,000	Johnson & Johnson		526,050

		Professional Services – 1.4%

	14,000	Manpower Inc.		1,084,160

		Semiconductors & Semiconductor Equipment – 4.3%

	60,000	Intel Corporation		1,775,400

	88,000	Micron Technology, Inc., (2)		935,440

	67,000	ON Semiconductor Corporation, (2)		562,130
		Total Semiconductors & Semiconductor Equipment		3,272,970

		Software – 4.0%

	39,000	Microsoft Corporation		1,984,320

	16,000	Citrix Systems, (2)		1,130,400
		Total Software		3,114,720


Nuveen Investments			69

Nuveen Large Cap Core Plus Fund (continued)


Portfolio of Investments		February 29, 2016 (Unaudited)


Shares			Description (1)	Value

			Specialty Retail – 6.8%

	38,000		Aaron Rents Inc.	$	873,620

	36,000		Best Buy Co., Inc.		1,166,040

	15,000		Home Depot, Inc.		1,861,800

	19,500		Lowe’s Companies, Inc.		1,316,835
			Total Specialty Retail		5,218,295

			Technology Hardware, Storage & Peripherals – 6.6%

	40,500		Apple, Inc.		3,915,945

	108,000		HP Inc.		1,154,520
			Total Technology Hardware, Storage & Peripherals		5,070,465

			Trading Companies & Distributors – 1.3%

	23,000		WESCO International Inc., (2)		1,013,150

			Wireless Telecommunication Services – 1.4%

	28,600		T-Mobile US Inc., (2)		1,061,060
			Total Long-Term Investments (cost $104,339,873)		99,770,854

Shares			Description (1)	Value

			COMMON STOCKS SOLD SHORT – (29.9)% (3)

			Aerospace & Defense – (0.8)%

	(1,700	)	General Dynamics Corporation	$	(231,659	)

	(2,200	)	Honeywell International Inc.		(222,970	)

	(1,900	)	Orbital ATK, Inc.		(159,144	)
			Total Aerospace & Defense		(613,773	)

			Airlines – (0.3)%

	(4,900	)	Spirit Airline Holdings, (2)		(233,975	)

			Automobiles – (0.3)%

	(1,300	)	Tesla Motors Inc., (2)		(249,509	)

			Banks – (0.6)%

	(2,100	)	M&T Bank Corporation		(215,355	)

	(5,300	)	U.S. Bancorp		(204,156	)
			Total Banks		(419,511	)

			Beverages – (0.3)%

	(100	)	Coca-Cola Company		(4,313	)

	(1,800	)	Monster Beverage Corporation, (2)		(225,900	)
			Total Beverages		(230,213	)

			Biotechnology – (0.6)%

	(1,700	)	Alexion Pharmaceuticals Inc., (2)		(239,360	)

	(2,000	)	Intercept Pharmaceuticals Incorporated, (2)		(222,760	)
			Total Biotechnology		(462,120	)


	70			Nuveen Investments


Shares			Description (1)	Value

			Capital Markets – (0.5)%

	(800	)	BlackRock Inc.	$	(249,568	)

	(800	)	Franklin Resources, Inc.		(28,680	)

	(3,300	)	Invesco LTD		(88,242	)
			Total Capital Markets		(366,490	)

			Chemicals – (2.1)%

	(1,700	)	Air Products & Chemicals Inc.		(225,199	)

	(6,600	)	CF Industries Holdings, Inc.		(240,636	)

	(3,800	)	E.I. Du Pont de Nemours and Company		(231,306	)

	(2,200	)	Ecolab Inc.		(225,610	)

	(6,100	)	FMC Corporation		(229,604	)

	(2,400	)	PPG Industries, Inc.		(231,672	)

	(2,300	)	Praxair, Inc.		(234,117	)
			Total Chemicals		(1,618,144	)

			Commercial Services & Supplies – (0.3)%

	(7,100	)	Tyco International PLC		(249,778	)

			Communications Equipment – (0.3)%

	(9,500	)	CommScope Holding Company Inc., (2)		(239,305	)

			Consumer Finance – (0.3)%

	(10,100	)	OneMain Holdings Inc., (2)		(227,957	)

			Diversified Telecommunication Services – (0.3)%

	(4,800	)	Level 3 Communications Inc., (2)		(233,040	)

			Electric Utilities – (0.3)%

	(4,900	)	Southern Company		(236,082	)

			Electrical Equipment – (0.1)%

	(2,800	)	Solarcity Corporation, (2)		(51,604	)

			Electronic Equipment, Instruments & Components – (0.9)%

	(4,400	)	Amphenol Corporation, Class A		(233,508	)

	(9,600	)	VeriFone Holdings Inc., (2)		(229,344	)

	(3,900	)	Zebra Technologies Corporation, Class A, (2)		(240,942	)
			Total Electronic Equipment, Instruments & Components		(703,794	)

			Energy Equipment & Services – (0.6)%

	(6,900	)	Halliburton Company		(222,732	)

	(3,500	)	Schlumberger Limited		(251,020	)
			Total Energy Equipment & Services		(473,752	)

			Food Products – (1.2)%

	(4,000	)	Campbell Soup Company		(247,000	)

	(2,600	)	Kellogg Company		(192,452	)


Nuveen Investments			71

Nuveen Large Cap Core Plus Fund (continued)


Portfolio of Investments		February 29, 2016 (Unaudited)


Shares			Description (1)	Value

			Food Products (continued)

	(3,000	)	Kraft Heinz Company	$	(231,060	)

	(1,100	)	Mondelez International Inc.		(44,583	)

	(5,000	)	WhiteWave Foods Company, (2)		(193,600	)
			Total Food Products		(908,695	)

			Health Care Equipment & Supplies – (1.9)%

	(6,100	)	Baxter International, Inc.		(241,011	)

	(1,500	)	Becton, Dickinson and Company		(221,175	)

	(13,800	)	Boston Scientific Corporation, (2)		(234,324	)

	(1,100	)	DexCom, Inc., (2)		(71,566	)

	(2,600	)	Edwards Lifesciences Corporation, (2)		(226,200	)

	(2,300	)	Stryker Corporation		(229,724	)

	(2,600	)	Zimmer Holdings, Inc.		(251,706	)
			Total Health Care Equipment & Supplies		(1,475,706	)

			Health Care Providers & Services – (0.3)%

	(15,200	)	Brookdale Senior Living Inc., (2)		(218,424	)

			Health Care Technology – (0.3)%

	(4,500	)	Cerner Corporation, (2)		(229,770	)

			Hotels, Restaurants & Leisure – (0.3)%

	(3,000	)	Wynn Resorts Ltd		(247,440	)

			Household Durables – (0.6)%

	(5,500	)	Lennar Corporation, Class A		(230,670	)

	(15,900	)	Taylor Morrison, (2)		(221,169	)
			Total Household Durables		(451,839	)

			Household Products – (0.9)%

	(3,700	)	Colgate-Palmolive Company		(242,868	)

	(1,800	)	Kimberly-Clark Corporation		(234,540	)

	(3,000	)	Procter & Gamble Company		(240,870	)
			Total Household Products		(718,278	)

			Industrial Conglomerates – (0.3)%

	(1	)	General Electric Company		(29	)

	(1,600	)	3M Co.		(250,992	)
			Total Industrial Conglomerates		(251,021	)

			Insurance – (0.4)%

	(2,000	)	Mercury General Corporation		(105,160	)

	(2,400	)	AON PLC		(228,696	)
			Total Insurance		(333,856	)


	72			Nuveen Investments


Shares			Description (1)	Value

			Internet & Catalog Retail – (0.6)%

	(7,400	)	Liberty Interactive Corporation, Class A Shares, (2)	$	(187,812	)

	(2,600	)	NetFlix.com Inc., (2)		(242,866	)
			Total Internet & Catalog Retail		(430,678	)

			Internet Software & Services – (1.3)%

	(2,000	)	LinkedIn Corporation, Class A Shares, (2)		(234,380	)

	(24,400	)	Pandora Media, Inc., (2)		(249,368	)

	(13,100	)	Twitter Inc., (2)		(237,372	)

	(7,800	)	Yahoo! Inc., (2)		(247,962	)
			Total Internet Software & Services		(969,082	)

			Life Sciences Tools & Services – (0.2)%

	(1,100	)	Bio-Rad Laboratories Inc., (2)		(148,104	)

			Machinery – (0.3)%

	(7,900	)	Donaldson Company, Inc.		(223,096	)

			Media – (0.6)%

	(1,400	)	Charter Communications, Inc., Class A, (2)		(251,384	)

	(9,300	)	Dreamworks Animation SKG Inc., (2)		(238,638	)
			Total Media		(490,022	)

			Metals & Mining – (0.6)%

	(3,400	)	Compass Minerals International, Inc.		(230,656	)

	(9,800	)	Southern Copper Corporation		(234,612	)
			Total Metals & Mining		(465,268	)

			Multiline Retail – (0.3)%

	(2,900	)	Dollar Tree Stores Inc., (2)		(232,725	)

			Multi-Utilities – (1.2)%

	(3,300	)	Dominion Resources, Inc.		(230,736	)

	(4,100	)	PG&E Corporation		(232,593	)

	(2,300	)	Sempra Energy		(221,973	)

	(8,400	)	TECO Energy, Inc.		(230,748	)
			Total Multi-Utilities		(916,050	)

			Oil, Gas & Consumable Fuels – (4.4)%

	(6,700	)	Anadarko Petroleum Corporation		(254,265	)

	(12,200	)	Cabot Oil & Gas Corporation		(245,586	)

	(329	)	California Resources Corporation		(185	)

	(6,900	)	Cheniere Energy Inc., (2)		(246,675	)

	(2,800	)	Chevron Corporation		(233,632	)

	(2,900	)	Cimarex Energy Company		(243,687	)

	(92,800	)	Cobalt International Energy, Inc., (2)		(246,848	)

	(300	)	Concho Resources Inc., (2)		(27,072	)


Nuveen Investments			73

Nuveen Large Cap Core Plus Fund (continued)


Portfolio of Investments		February 29, 2016 (Unaudited)


Shares			Description (1)	Value

			Oil, Gas & Consumable Fuels (continued)

	(3,200	)	ConocoPhillips	$	(108,256	)

	(7,400	)	Energen Corporation		(195,952	)

	(3,600	)	EOG Resources, Inc.		(233,064	)

	(2,900	)	Exxon Mobil Corporation		(232,435	)

	(8,300	)	Golar LNG, Limited		(152,139	)

	(13,000	)	Kinder Morgan, Inc.		(235,170	)

	(2,700	)	Noble Energy, Inc.		(79,650	)

	(3,500	)	Occidental Petroleum Corporation		(240,870	)

	(2,000	)	Pioneer Natural Resources Company		(241,060	)

	(8,400	)	Range Resources Corporation		(199,332	)
			Total Oil, Gas & Consumable Fuels		(3,415,878	)

			Pharmaceuticals – (0.9)%

	(800	)	Allergan PLC, (2)		(232,088	)

	(1,600	)	Perrigo Company		(202,000	)

	(5,500	)	Zoetis Incorporated		(225,830	)
			Total pharmaceuticals		(659,918	)

			Real Estate Investment Trust – (0.2)%

	(5,600	)	Weyerhaeuser Company		(145,488	)

			Road & Rail – (0.7)%

	(1,100	)	Genesee & Wyoming Inc., (2)		(62,392	)

	(2,800	)	Kansas City Southern Industries		(228,788	)

	(3,100	)	Union Pacific Corporation		(244,466	)
			Total Road & Rail		(535,646	)

			Semiconductors & Semiconductor Equipment – (0.5)%

	(2,700	)	Analog Devices, Inc.		(143,073	)

	(10,200	)	SunPower Corporation, (2)		(240,924	)
			Total Semiconductors & Semiconductor Equipment		(383,997	)

			Software – (0.9)%

	(14,100	)	FireEye Inc., (2)		(238,854	)

	(3,900	)	NetSuite Inc., (2)		(235,638	)

	(3,500	)	Workday Inc., Class A, (2)		(211,575	)
			Total Software		(686,067	)

			Specialty Retail – (0.4)%

	(1,000	)	CarMax, Inc., (2)		(46,260	)

	(2,400	)	Signet Jewelers Limited		(260,160	)
			Total Specialty Retail		(306,420	)

			Technology Hardware, Storage & Peripherals – (0.2)%

	(9,400	)	Stratasys, Inc., (2)		(177,190	)


	74			Nuveen Investments


Shares			Description (1)	Value

			Textiles, Apparel & Luxury Goods – (1.2)%

	(11,900	)	Kate Spade & Company, (2)	$	(235,858	)

	(3,800	)	Lululemon Athletica Inc., (2)		(238,374	)

	(2,900	)	Under Armour, Inc., (2)		(242,701	)

	(3,600	)	VF Corporation		(234,396	)
			Total Textiles, Apparel & Luxury Goods		(951,329	)

			Tobacco – (0.3)%

	(4,900	)	Reynolds American Inc.		(247,107	)

			Water Utilities – (0.3)%

	(7,400	)	Aqua America Inc.		(226,218	)
			Total Common Stocks Sold Short (proceeds $28,220,384)		(23,054,359	)
			Other Assets Less Liabilities – 0.3%		263,493
			Net Assets – 100%	$	76,979,988

(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 $37,693,815 have been pledged as collateral for Common Stocks Sold Short.

See accompanying notes to financial statements.


Nuveen Investments			75

Nuveen Equity Long/Short Fund


Portfolio of Investments		February 29, 2016 (Unaudited)


Shares		Description (1)	Value

		LONG-TERM INVESTMENTS – 161.3%

		COMMON STOCKS – 161.3%

		Aerospace & Defense – 3.5%

	9,000	Boeing Company	$	1,063,620

	9,400	Huntington Ingalls Industries Inc.		1,231,964

	28,100	Spirit AeroSystems Holdings Inc., (2)		1,292,600
		Total Aerospace & Defense		3,588,184

		Air Freight & Logistics – 2.4%

	17,700	C.H. Robinson Worldwide, Inc.		1,235,991

	26,957	Expeditors International of Washington, Inc.		1,234,091
		Total Air Freight & Logistics		2,470,082

		Airlines – 4.0%

	28,500	Delta Air Lines, Inc.		1,374,840

	58,900	JetBlue Airways Corporation, (2)		1,295,800

	34,900	Southwest Airlines Co.		1,464,055
		Total Airlines		4,134,695

		Auto Components – 2.4%

	41,401	Goodyear Tire & Rubber Company		1,246,998

	12,198	Lear Corporation		1,236,267
		Total Auto Components		2,483,265

		Automobiles – 1.4%

	113,400	Ford Motor Company		1,418,634

		Banks – 5.8%

	139,100	Bank of America Corporation		1,741,532

	23,600	Citigroup Inc.		916,860

	35,800	JP Morgan Chase & Co.		2,015,540

	170,500	Regions Financial Corporation		1,282,160
		Total Banks		5,956,092

		Beverages – 2.4%

	25,900	Coca-Cola Enterprises Inc.		1,256,409

	13,900	Dr. Pepper Snapple Group		1,272,267
		Total Beverages		2,528,676

		Biotechnology – 5.4%

	11,400	Amgen Inc.		1,621,992

	10,200	Celgene Corporation, (2)		1,028,466

	19,500	Gilead Sciences, Inc.		1,701,375

	10,300	United Therapeutics Corporation, (2)		1,255,982
		Total Biotechnology		5,607,815


	76			Nuveen Investments


Shares		Description (1)	Value

		Building Products – 1.3%

	48,000	Masco Corporation	$	1,353,600

		Chemicals – 3.6%

	30,400	Cabot Corporation		1,353,712

	14,125	LyondellBasell Industries NV		1,132,966

	30,900	RPM International, Inc.		1,262,265
		Total Chemicals		3,748,943

		Communications Equipment – 4.3%

	129,200	Brocade Communications Systems Inc.		1,282,956

	67,400	Cisco Systems, Inc.		1,764,532

	14,100	F5 Networks, Inc., (2)		1,355,997
		Total Communications Equipment		4,403,485

		Construction & Engineering – 2.4%

	46,900	AECOM, (2)		1,287,874

	35,300	Chicago Bridge & Iron Company N.V.		1,183,962
		Total Construction & Engineering		2,471,836

		Consumer Finance – 1.3%

	19,900	Capital One Financial Corporation		1,308,027

		Containers & Packaging – 2.5%

	27,200	Crown Holdings Inc., (2)		1,274,320

	28,700	Sealed Air Corporation		1,312,451
		Total Containers & Packaging		2,586,771

		Distributors – 1.2%

	14,300	Genuine Parts Company		1,289,145

		Diversified Financial Services – 5.3%

	12,000	Berkshire Hathaway Inc., Class B, (2)		1,610,040

	19,600	CBOE Holdings Inc.		1,225,000

	5,850	Intercontinental Exchange Group, Inc.		1,394,991

	20,100	NASDAQ Stock Market, Inc.		1,272,129
		Total Diversified Financial Services		5,502,160

		Diversified Telecommunication Services – 2.2%

	45,500	CenturyLink Inc.		1,391,845

	16,747	Verizon Communications Inc.		849,575
		Total Diversified Telecommunication Services		2,241,420

		Electric Utilities – 2.1%

	12,400	Edison International		845,184

	17,800	Entergy Corporation		1,285,338
		Total Electric Utilities		2,130,522


Nuveen Investments			77

Nuveen Equity Long/Short Fund (continued)


Portfolio of Investments		February 29, 2016 (Unaudited)


Shares		Description (1)	Value

		Electrical Equipment – 2.6%

	23,800	Eaton PLC	$	1,349,698

	12,955	Rockwell Automation, Inc.		1,348,486
		Total Electrical Equipment		2,698,184

		Energy Equipment & Services – 3.4%

	24,900	Dril Quip Inc., (2)		1,350,825

	97,000	Franks International NV		1,347,330

	30,600	Oceaneering International Inc.		845,172
		Total Energy Equipment & Services		3,543,327

		Food & Staples Retailing – 1.3%

	31,200	Sysco Corporation		1,376,856

		Food Products – 1.3%

	20,800	Tyson Foods, Inc., Class A		1,346,800

		Health Care Equipment & Supplies – 2.5%

	21,700	DENTSPLY International Inc.		1,322,832

	37,700	Hologic Inc., (2)		1,305,551
		Total Health Care Equipment & Supplies		2,628,383

		Health Care Providers & Services – 7.9%

	13,800	Aetna Inc.		1,499,094

	15,000	AmerisourceBergen Corporation		1,299,300

	10,600	Anthem Inc.		1,385,314

	22,200	Centene Corporation, (2)		1,264,512

	20,000	Express Scripts, Holding Company, (2)		1,407,600

	8,404	McKesson HBOC Inc.		1,307,830
		Total Health Care Providers & Services		8,163,650

		Hotels, Restaurants & Leisure – 5.4%

	28,600	Carnival Corporation		1,371,656

	20,500	Darden Restaurants, Inc.		1,309,540

	19,002	Marriott International, Inc., Class A		1,294,986

	27,300	Starbucks Corporation		1,589,133
		Total Hotels, Restaurants & Leisure		5,565,315

		Household Durables – 1.4%

	9,168	Whirlpool Corporation		1,423,974

		Household Products – 1.2%

	32,000	Energizer Holdings, Inc.		1,246,080

		Independent Power & Renewable Electricity Producers – 1.5%

	53,500	AES Corporation		524,300

	84,200	Calpine Corporation, (2)		1,057,552
		Total Independent Power & Renewable Electricity Producers		1,581,852


	78			Nuveen Investments


Shares		Description (1)	Value

		Industrial Conglomerates – 1.3%

	14,536	Carlisle Companies Inc.	$	1,310,566

		Insurance – 6.9%

	22,600	AFLAC Incorporated		1,345,152

	46,000	Amtrust Financial Services, Inc.		1,124,700

	47,400	Assured Guaranty Limited		1,175,994

	31,800	Hartford Financial Services Group, Inc.		1,339,416

	20,000	MetLife, Inc.		791,200

	12,600	Travelers Companies, Inc.		1,354,752
		Total Insurance		7,131,214

		Internet & Catalog Retail – 2.6%

	240,000	Groupon Inc., (2)		1,147,200

	1,250	priceline.com Incorporated, (2)		1,581,513
		Total Internet & Catalog Retail		2,728,713

		Internet Software & Services – 1.9%

	27500	Rackspace Hosting Inc., (2)		1,326,493

	15,700	VeriSign, Inc., (2)		592,075
		Total Internet Software & Services		1,918,568

		IT Services – 8.3%

	39,700	Computer Sciences Corporation		1,143,757

	36,100	CoreLogic Inc.		1,248,700

	15,400	Henry Jack and Associates Inc.		1,266,496

	28,100	Leidos Holdings Inc.		1,214,482

	32,500	Total System Services Inc.		1,416,350

	26,300	Vantiv Inc., (2)		1,368,652

	12,250	Visa Inc.		886,778
		Total IT Services		8,545,215

		Leisure Products – 1.3%

	30,800	Brunswick Corporation		1,310,232

		Life Sciences Tools & Services – 1.2%

	20,400	Quintiles Transnational Corporation, (2)		1,279,284

		Machinery – 6.7%

	54,754	Allision Transmission Holdings Inc.		1,296,575

	25,200	Crane Company		1,236,060

	103,000	Joy Global Inc.		1,330,760

	26,000	Kennametal Inc.		523,380

	41,400	Timken Company		1,234,962

	11,100	Valmont Industries, Inc.		1,254,855
		Total Machinery		6,876,592


Nuveen Investments			79

Nuveen Equity Long/Short Fund (continued)


Portfolio of Investments		February 29, 2016 (Unaudited)


Shares		Description (1)	Value

		Media – 7.2%

	18,300	AMC Networks Inc., Class A Shares, (2)	$	1,199,382

	49,400	Discovery Communications inc., Class A Shares, (2)		1,235,000

	52,300	Gannett Company, Inc.		798,098

	114,400	News Corporation, Class A Shares		1,237,808

	10,200	Omnicom Group, Inc.		793,662

	369,400	Sirius XM Holdings Inc., (2)		1,374,168

	20,700	Viacom Inc., Class B		762,795
		Total Media		7,400,913

		Metals & Mining – 2.5%

	21,300	Reliance Steel & Alunminum Company		1,296,957

	67,900	Steel Dynamics Inc.		1,235,101
		Total Metals & Mining		2,532,058

		Multiline Retail – 1.5%

	19,700	Target Corporation		1,545,465

		Oil, Gas & Consumable Fuels – 3.5%

	276,144	Chesapeake Energy Corporation		720,736

	41,776	CVTR Energy Inc.		988,002

	66,200	SM Energy Company		598,448

	27,600	World Fuel Services Corporation		1,291,956
		Total Oil, Gas & Consumable Fuels		3,599,142

		Personal Products – 1.2%

	22,800	Herbalife, Limited		1,248,300

		Pharmaceuticals – 2.3%

	22,300	Johnson & Johnson		2,346,183

		Professional Services – 1.3%

	17,100	Manpower Inc.		1,324,224

		Real Estate Management & Development – 1.2%

	50,223	CBRE Group Inc., (2)		1,276,166

		Semiconductors & Semiconductor Equipment – 5.7%

	39,500	Cree, Inc., (2)		1,253,730

	60,200	Intel Corporation		1,781,318

	10,500	Lam Research Corporation		769,650

	81,500	Marvell Technology Group Ltd.		778,325

	43,100	NVIDIA Corporation		1,351,616
		Total Semiconductors & Semiconductor Equipment		5,934,639

		Software – 5.3%

	19,700	Citrix Systems, (2)		1,391,805

	54,700	Microsoft Corporation		2,783,136


	80			Nuveen Investments


Shares			Description (1)					Value

			Software (continued)

	19,800		Red Hat, Inc., (2)					$	1,293,930
			Total Software						5,468,871

			Specialty Retail – 9.4%

	35,200		Aaron Rents Inc.						809,248

	43,200		Best Buy Co., Inc.						1,399,248

	19,500		Foot Locker, Inc.						1,218,750

	19,700		GameStop Corporation						607,154

	15,600		Home Depot, Inc.						1,936,272

	22,500		Lowe’s Companies, Inc.						1,519,425

	20,000		TJX Companies, Inc.						1,482,000

	28,600		Urban Outfitters, Inc., (2)						757,614
			Total Specialty Retail						9,729,711

			Technology Hardware, Storage & Peripherals – 5.4%

	34,600		Apple, Inc.						3,345,474

	92,000		HP Inc.						983,480

	54,100		NCR Corporation, (2)						1,263,776
			Total Technology Hardware, Storage & Peripherals						5,592,730

			Textiles Apparel & Luxury Goods – 1.3%

	13,600		Carter’s Inc.						1,382,168

			Wireless Telecommunication Services – 1.3%

	36,576		T-Mobile US Inc., (2)						1,356,970
			Total Long-Term Investments (cost $169,745,493)						166,635,697

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

			SHORT-TERM INVESTMENTS – 8.2%

			REPURCHASE AGREEMENTS – 8.2%

$	8,509		Repurchase Agreement with Fixed Income Clearing Corporation, dated 2/29/16 repurchase price value $8,509,155, collateralized by $8,500,000 U.S. Treasury Notes, 2.000%, due 8/15/25, value $8,680,625		0.030%		3/01/16	$	8,509,148
			Total Short-Term Investments (cost $8,509,148)						8,509,148
			Total Investments (cost $178,254,641) – 169.5%						175,144,845

Shares			Description (1)					Value

			COMMON STOCKS SOLD SHORT – (79.9)% (3)

			Aerospace & Defense – (1.6)%

	(22,049	)	Hexcel Corporation					$	(911,285	)

	(8,900	)	Orbital ATK, Inc.						(745,464	)
			Total Aerospace & Defense						(1,656,749	)


Nuveen Investments			81

Nuveen Equity Long/Short Fund (continued)


Portfolio of Investments		February 29, 2016 (Unaudited)


Shares			Description (1)	Value

			Airlines – (0.8)%

	(18,300	)	Spirit Airline Holdings, (2)	$	(873,825	)

			Automobiles – (0.8)%

	(4,100	)	Tesla Motors Inc., (2)		(786,913	)

			Banks – (0.6)%

	(5,850	)	M&T Bank Corporation		(599,918	)

			Beverages – (1.7)%

	(10,300	)	Molson Coors Brewing Company, Class B		(878,281	)

	(6,600	)	Monster Beverage Corporation, (2)		(828,300	)
			Total Beverages		(1,706,581	)

			Biotechnology – (0.8)%

	(7,500	)	Intercept Pharmaceuticals Incorporated, (2)		(835,350	)

			Building Products – (0.8)%

	(17,200	)	Fortune Brands Home & Security		(863,784	)

			Chemicals – (4.9)%

	(8,500	)	Ashland Inc.		(809,965	)

	(26,200	)	CF Industries Holdings, Inc.		(955,252	)

	(13,500	)	E.I. Du Pont de Nemours and Company		(821,745	)

	(22,600	)	FMC Corporation		(850,664	)

	(2,300	)	NewMarket Corporation		(839,822	)

	(7,500	)	Praxair, Inc.		(763,425	)
			Total Chemicals		(5,040,873	)

			Commercial Services & Supplies – (1.7)%

	(68,036	)	Covanta Holding Corporation		(947,741	)

	(22,600	)	Tyco International PLC		(795,068	)
			Total Commercial Services & Supplies		(1,742,809	)

			Communications Equipment – (0.9)%

	(37,000	)	CommScope Holding Company Inc., (2)		(932,030	)

			Construction Materials – (0.8)%

	(14,500	)	Eagle Materials Inc.		(876,090	)

			Consumer Finance – (0.8)%

	(38,400	)	OneMain Holdings Inc., (2)		(866,688	)

			Electric Utilities – (3.9)%

	(15,700	)	Eversource Energy		(852,510	)

	(26,300	)	Hawaiian Electric Industries		(772,168	)

	(20,200	)	ITC Holdings Corporation		(820,726	)

	(16,500	)	Southern Company		(794,970	)


	82			Nuveen Investments


Shares			Description (1)	Value

			Electric Utilities (continued)

	(17,400	)	Westar Energy Inc.	$	(756,204	)
			Total Electric Utilities		(3,996,578	)

			Electronic Equipment, Instruments & Components – (2.4)%

	(31,100	)	National Instruments Corporation		(897,235	)

	(33,600	)	VeriFone Holdings Inc., (2)		(802,704	)

	(12,900	)	Zebra Technologies Corporation, Class A, (2)		(796,962	)
			Total Electronic Equipment, Instruments & Components		(2,496,901	)

			Energy Equipment & Services – (1.6)%

	(29,700	)	Halliburton Company		(958,716	)

	(9,500	)	Schlumberger Limited		(681,340	)
			Total Energy Equipment & Services		(1,640,056	)

			Food Products – (1.6)%

	(22,913	)	Hain Celestial Group Inc., (2)		(847,094	)

	(19,605	)	Pinnacle Foods Inc.		(846,740	)
			Total Food Products		(1,693,834	)

			Health Care Equipment & Supplies – (3.2)%

	(5,700	)	Becton, Dickinson and Company		(840,465	)

	(6,109	)	Cooper Companies, Inc.		(873,343	)

	(11,418	)	Idexx Labs Inc., (2)		(835,341	)

	(8,300	)	Zimmer Holdings, Inc.		(803,523	)
			Total Health Care Equipment & Supplies		(3,352,672	)

			Health Care Providers & Services – (2.4)%

	(59,460	)	Brookdale Senior Living Inc., (2)		(854,440	)

	(31,300	)	Envision Healthcare Holdings Inc., (2)		(688,287	)

	(8,500	)	Laboratory Corporation of America Holdings, (2)		(933,640	)
			Total Health Care Providers & Services		(2,476,367	)

			Hotels, Restaurants & Leisure – (2.6)%

	(1,650	)	Chipotle Mexican Grill, (2)		(840,114	)

	(17,700	)	Norwegian Cruise Line Holdings Limited, (2)		(869,601	)

	(11,300	)	Wynn Resorts Ltd		(932,024	)
			Total Hotels, Restaurants & Leisure		(2,641,739	)

			Household Durables – (3.6)%

	(22,300	)	Garmin Limited		(903,373	)

	(11,600	)	Harman International Industries Inc.		(889,488	)

	(22,500	)	Lennar Corporation, Class A		(943,650	)

	(34,200	)	Toll Brothers Inc., (2)		(938,790	)
			Total Household Durables		(3,675,301	)


Nuveen Investments			83

Nuveen Equity Long/Short Fund (continued)


Portfolio of Investments		February 29, 2016 (Unaudited)


Shares			Description (1)	Value

			Household Products – (0.8)%

	(12,700	)	Colgate-Palmolive Company	$	(833,628	)

			Insurance – (1.6)%

	(20,493	)	Arthur J. Gallagher & Co.		(816,646	)

	(22,900	)	XL Capital Ltd, Class A		(787,302	)
			Total Insurance		(1,603,948	)

			Internet & Catalog Retail – (0.5)%

	(5,700	)	NetFlix.com Inc., (2)		(532,437	)

			Internet Software & Services – (4.4)%

	(5,200	)	CoStar Group, Inc., (2)		(920,712	)

	(96,000	)	Pandora Media, Inc., (2)		(981,120	)

	(46,200	)	Twitter Inc., (2)		(837,144	)

	(28,900	)	Yahoo! Inc., (2)		(918,731	)

	(45,600	)	Yelp Incorporated, (2)		(922,944	)
			Total Internet Software & Services		(4,580,651	)

			Life Sciences Tools & Services – (0.8)%

	(5,894	)	Bio-Rad Laboratories Inc., (2)		(793,568	)

			Machinery – (3.0)%

	(28,400	)	Donaldson Company, Inc.		(802,016	)

	(20,800	)	Flowserve Corporation		(874,016	)

	(35,000	)	Manitowoc Company Inc.		(554,750	)

	(17,523	)	Pentair Limited		(836,022	)
			Total Machinery		(3,066,804	)

			Media – (0.8)%

	(40,800	)	Lions Gate Entertainment Corporation, Equity		(860,880	)

			Metals & Mining – (2.1)%

	(11,900	)	Compass Minerals International, Inc.		(807,296	)

	(72,000	)	Freeport-McMoRan, Inc.		(549,360	)

	(35,700	)	Southern Copper Corporation		(854,658	)
			Total Metals & Mining		(2,211,314	)

			Multiline Retail – (0.5)%

	(6,300	)	Dollar Tree Stores Inc., (2)		(505,575	)

			Multi-Utilities – (1.7)%

	(12,300	)	Dominion Resources, Inc.		(860,016	)

	(47,600	)	MDU Resources Group Inc.		(866,796	)
			Total Multi-Utilities		(1,726,812	)

			Oil, Gas & Consumable Fuels – (6.5)%

	(21,100	)	Anadarko Petroleum Corporation		(800,745	)

	(40,700	)	Cabot Oil & Gas Corporation		(819,291	)


	84			Nuveen Investments


Shares			Description (1)	Value

			Oil, Gas & Consumable Fuels (continued)

	(9,300	)	Cimarex Energy Company	$	(781,479	)

	(102,000	)	Cobalt International Energy, Inc., (2)		(271,320	)

	(22,500	)	Energen Corporation		(595,800	)

	(54,200	)	Golar LNG, Limited		(993,486	)

	(29,100	)	Gulfport Energy Corporation, (2)		(698,400	)

	(39,200	)	ONEOK, Inc.		(940,800	)

	(36,800	)	Range Resources Corporation		(873,264	)
			Total Oil, Gas & Consumable Fuels		(6,774,585	)

			Personal Products – (0.9)%

	(11,500	)	Edgewell Personal Care Co		(879,175	)

			Real Estate Investment Trust – (0.6)%

	(36,000	)	Forest City Realty Trust Inc.		(671,400	)

			Real Estate Management & Development – (0.9)%

	(10,005	)	Howard Hughes Corporation, (2)		(928,364	)

			Road & Rail – (2.4)%

	(14,900	)	Genesee & Wyoming Inc., (2)		(845,128	)

	(10,000	)	Kansas City Southern Industries		(817,100	)

	(14,100	)	Ryder System, Inc.		(799,752	)
			Total Road & Rail		(2,461,980	)

			Semiconductors & Semiconductor Equipment – (1.7)%

	(20,700	)	Microchip Technology Incorporated		(920,943	)

	(37,300	)	SunPower Corporation, (2)		(881,026	)
			Total Semiconductors & Semiconductor Equipment		(1,801,969	)

			Software – (3.0)%

	(14,000	)	NetSuite Inc., (2)		(845,880	)

	(4,600	)	Ultimate Software Group, Inc., (2)		(790,096	)

	(15,100	)	Workday Inc., Class A, (2)		(912,795	)

	(262,000	)	Zynga Inc., (2)		(552,820	)
			Total Software		(3,101,591	)

			Specialty Retail – (3.4)%

	(17,900	)	CarMax, Inc., (2)		(828,054	)

	(20,645	)	Dick’s Sporting Goods Inc.		(876,793	)

	(36,400	)	DSW Inc.		(953,680	)

	(16,200	)	Williams-Sonoma Inc.		(844,182	)
			Total Specialty Retail		(3,502,709	)

			Textiles, Apparel & Luxury Goods – (3.6)%

	(49,700	)	Kate Spade & Company, (2)		(985,054	)

	(14,700	)	Lululemon Athletica Inc., (2)		(922,131	)


Nuveen Investments			85

Nuveen Equity Long/Short Fund (continued)


Portfolio of Investments		February 29, 2016 (Unaudited)


Shares			Description (1)	Value

			Textiles, Apparel & Luxury Goods (continued)

	(10,654	)	Under Armour, Inc., (2)	$	(891,633	)

	(13,400	)	VF Corporation		(872,474	)
			Total Textiles, Apparel & Luxury Goods		(3,671,292	)

			Thrifts & Mortgage Finance – (0.8)%

	(55,200	)	New York Community Bancorp Inc.		(835,176	)

			Tobacco – (0.8)%

	(16,398	)	Reynolds American Inc.		(826,951	)

			Trading Companies & Distributors – (0.9)%

	(19,500	)	Fastenal Company		(883,155	)

			Water Utilities – (0.7)%

	(24,400	)	Aqua America Inc.		(745,908	)
			Total Common Stocks Sold Short (proceeds $88,442,922)		(82,554,930	)
			Other Assets Less Liabilities – 10.4%		10,739,848
			Net Assets – 100%	$	103,329,763

(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 $113,928,365 have been pledged as collateral for Common Stocks Sold Short.

See accompanying notes to financial statements.


	86			Nuveen Investments

Nuveen Equity Market Neutral Fund


Portfolio of Investments		February 29, 2016 (Unaudited)


Shares		Description (1)	Value

		LONG-TERM INVESTMENTS – 89.3%

		COMMON STOCKS – 89.3%

		Aerospace & Defense – 3.1%

	6,500	Boeing Company	$	768,170

	5,800	Huntington Ingalls Industries Inc.		760,148

	17,400	Spirit AeroSystems Holdings Inc., (2)		800,400
		Total Aerospace & Defense		2,328,718

		Air Freight & Logistics – 0.7%

	11,200	Expeditors International of Washington, Inc.		512,736

		Airlines – 4.9%

	10,100	Alaska Air Group, Inc.		746,390

	16,300	Delta Air Lines, Inc.		786,312

	32,100	JetBlue Airways Corporation, (2)		706,200

	16,100	Southwest Airlines Co.		675,395

	13,100	United Continental Holdings Inc., (2)		750,106
		Total Airlines		3,664,403

		Auto Components – 1.5%

	23,600	Goodyear Tire & Rubber Company		710,832

	3,800	Lear Corporation		385,130
		Total Auto Components		1,095,962

		Automobiles – 2.8%

	63,000	Ford Motor Company		788,130

	26,300	General Motors Company		774,272

	9,200	Thor Industries, Inc.		509,496
		Total Automobiles		2,071,898

		Banks – 0.6%

	39,100	Bank of America Corporation		489,532

		Biotechnology – 4.1%

	5,300	Amgen Inc.		754,084

	2,900	Biogen Inc., (2)		752,318

	8,800	Gilead Sciences, Inc.		767,800

	6,300	United Therapeutics Corporation, (2)		768,222
		Total Biotechnology		3,042,424

		Building Products – 0.7%

	12,600	Owens Corning		540,792

		Chemicals – 0.7%

	12,500	Cabot Corporation		556,625


Nuveen Investments			87

Nuveen Equity Market Neutral Fund (continued)


Portfolio of Investments		February 29, 2016 (Unaudited)


Shares		Description (1)	Value

		Communications Equipment – 4.0%

	78,400	Brocade Communications Systems Inc.	$	778,512

	27,500	Cisco Systems, Inc.		719,950

	8,400	F5 Networks, Inc., (2)		807,828

	28,400	Juniper Networks Inc.		701,480
		Total Communications Equipment		3,007,770

		Construction & Engineering – 2.4%

	29,100	AECOM, (2)		799,086

	13,700	Chicago Bridge & Iron Company N.V.		459,498

	14,200	Jacobs Engineering Group, Inc., (2)		548,830
		Total Construction & Engineering		1,807,414

		Containers & Packaging – 0.5%

	33,300	Graphic Packaging Holding Company		410,589

		Diversified Consumer Services – 0.1%

	13,100	Apollo Group, Inc., (2)		107,289

		Diversified Financial Services – 0.4%

	4,300	NASDAQ Stock Market, Inc.		272,147

		Diversified Telecommunication Services – 1.5%

	26,400	CenturyLink Inc.		807,576

	21,500	Intelsat SA, (2)		36,980

	32,300	Windstream Holdings Inc.		242,896
		Total Diversified Telecommunication Services		1,087,452

		Electrical Equipment – 0.9%

	4,500	Regal-Beloit Corporation		245,610

	3,800	Rockwell Automation, Inc.		395,542
		Total Electrical Equipment		641,152

		Electronic Equipment, Instruments & Components – 2.6%

	20,900	Ingram Micro, Inc., Class A		748,220

	34,400	Jabil Circuit Inc.		717,240

	36,400	Vishay Intertechnology Inc.		430,976
		Total Electronic Equipment, Instruments & Components		1,896,436

		Energy Equipment & Services – 1.6%

	35,300	Ensco PLC		306,051

	94,900	Noble Corporation PLC		790,517

	18,300	Tidewater Inc.		105,225
		Total Energy Equipment & Services		1,201,793

		Food & Staples Retailing – 1.1%

	18,000	Sysco Corporation		794,340


	88			Nuveen Investments


Shares		Description (1)	Value

		Health Care Providers & Services – 6.0%

	4,500	Aetna Inc.	$	488,835

	8,800	AmerisourceBergen Corporation		762,256

	4,400	Anthem Inc.		575,036

	4,900	Cardinal Health, Inc.		400,330

	5,400	Centene Corporation, (2)		307,584

	11,000	Express Scripts, Holding Company, (2)		774,180

	6,100	Health Net Inc., (2)		379,542

	4,900	McKesson HBOC Inc.		762,538
		Total Health Care Providers & Services		4,450,301

		Hotels, Restaurants & Leisure – 5.3%

	15,500	Brinker International Inc.		771,900

	15,700	Carnival Corporation		752,972

	12,200	Darden Restaurants, Inc.		779,336

	9,800	Marriott International, Inc., Class A		667,870

	1,200	McDonald’s Corporation		140,628

	3,800	Panera Bread Company, (2)		787,360
		Total Hotels, Restaurants & Leisure		3,900,066

		Independent Power & Renewable Electricity Producers – 1.1%

	16,200	Calpine Corporation, (2)		203,472

	58,000	NRG Energy Inc.		625,240
		Total Independent Power & Renewable Electricity Producers		828,712

		Insurance – 2.2%

	3,000	Aspen Insurance Holdings Limited		134,070

	31,300	Assured Guaranty Limited		776,553

	1,400	Everest Reinsurance Group Ltd		260,582

	4,100	Travelers Companies, Inc.		440,832
		Total Insurance		1,612,037

		Internet & Catalog Retail – 1.2%

	183,200	Groupon Inc., (2)		875,696

		Internet Software & Services – 2.1%

	32,200	eBay Inc., (2)		766,360

	9,400	VeriSign, Inc., (2)		794,206
		Total Internet Software & Services		1,560,566

		IT Services – 5.0%

	6,500	CoreLogic Inc.		224,835

	11,800	Global Payments Inc.		719,210

	5,700	Henry Jack and Associates Inc.		468,768

	14,200	Leidos Holdings Inc.		613,724


Nuveen Investments			89

Nuveen Equity Market Neutral Fund (continued)


Portfolio of Investments		February 29, 2016 (Unaudited)


Shares		Description (1)	Value

		IT Services (continued)

	6,900	MasterCard, Inc.	$	599,748

	13,200	Vantiv Inc., (2)		686,928

	39,200	Xerox Corporation		376,712
		Total IT Services		3,689,925

		Life Sciences Tools & Services – 0.9%

	10,700	Quintiles Transnational Corporation, (2)		670,997

		Machinery – 4.5%

	12,400	AGCO Corporation		613,676

	23,200	Allision Transmission Holdings Inc.		549,376

	63,000	Joy Global Inc.		813,960

	10,100	Kennametal Inc.		203,313

	31,100	Trinity Industries Inc.		492,624

	5,900	Valmont Industries, Inc.		666,995
		Total Machinery		3,339,944

		Media – 5.6%

	31,000	Discovery Communications inc., Class A Shares, (2)		775,000

	53,500	Gannett Company, Inc.		816,410

	34,400	Interpublic Group of Companies, Inc.		735,816

	13,600	MSG Networks Inc., (2)		223,312

	39,800	News Corporation, Class A Shares		430,636

	13,100	Scripps Networks Interactive, Class A Shares		776,044

	109,200	Sirius XM Holdings Inc., (2)		406,224
		Total Media		4,163,442

		Metals & Mining – 2.6%

	15,200	Nucor Corporation		597,968

	12,800	Reliance Steel & Aluminum Company		779,392

	31,500	Steel Dynamics Inc.		572,985
		Total Metals & Mining		1,950,345

		Multiline Retail – 1.8%

	9,300	Big Lots, Inc.		376,185

	6,500	Kohl’s Corporation		303,355

	8,100	Target Corporation		635,445
		Total Multiline Retail		1,314,985

		Oil, Gas & Consumable Fuels – 0.9%

	9,800	CVTR Energy Inc.		231,770

	320,600	Denbury Resources Inc.		410,368
		Total Oil, Gas & Consumable Fuels		642,138

		Personal Products – 1.0%

	14,100	Herbalife, Limited		771,975


	90			Nuveen Investments


Shares		Description (1)					Value

		Professional Services – 1.0%

	9,900	Manpower Inc.					$	766,656

		Semiconductors & Semiconductor Equipment – 3.2%

	19,100	Intel Corporation						565,169

	37,500	Marvell Technology Group Ltd.						358,125

	72,800	Micron Technology, Inc., (2)						773,864

	79,800	ON Semiconductor Corporation, (2)						669,522
		Total Semiconductors & Semiconductor Equipment						2,366,680

		Software – 1.1%

	11,100	Citrix Systems, (2)						784,215

		Specialty Retail – 3.8%

	23,500	Aaron Rents Inc.						540,265

	24,000	Best Buy Co., Inc.						777,360

	6,200	Home Depot, Inc.						769,544

	11,300	Lowe’s Companies, Inc.						763,089
		Total Specialty Retail						2,850,258

		Technology Hardware, Storage & Peripherals – 3.0%

	8,100	Apple, Inc.						783,189

	73,200	HP Inc.						782,508

	26,900	NCR Corporation, (2)						628,384
		Total Technology Hardware, Storage & Peripherals						2,194,081

		Trading Companies & Distributors – 0.7%

	11,400	WESCO International Inc., (2)						502,170

		Wireless Telecommunication Services – 2.1%

	29,500	Telephone and Data Systems Inc.						788,240

	20,800	T-Mobile US Inc., (2)						771,680
		Total Wireless Telecommunication Services						1,559,920
		Total Long-Term Investments (cost $68,888,438)						66,324,581

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

		SHORT-TERM INVESTMENTS – 6.1%

		REPURCHASE AGREEMENTS – 6.1%

$	4,555	Repurchase Agreement with Fixed Income Clearing Corporation, dated 2/29/16, repurchase price $4,554,532, collateralized by $4,550,000 U.S. Treasury Notes, 2.000%, due 8/15/25, value $4,646,688		0.030%		3/01/16	$	4,554,528
		Total Short-Term Investments (cost $4,554,528)						4,554,528
		Total Investments (cost $73,442,966) – 95.4%						70,879,109


Nuveen Investments			91

Nuveen Equity Market Neutral Fund (continued)


Portfolio of Investments		February 29, 2016 (Unaudited)


Shares			Description (1)	Value

			COMMON STOCKS SOLD SHORT – (68.3)% (3)

			Aerospace & Defense – (1.2)%

	(10,800	)	Hexcel Corporation	$	(446,364	)

	(5,600	)	Orbital ATK, Inc.		(469,056	)
			Total Aerospace & Defense		(915,420	)

			Airlines – (0.8)%

	(13,000	)	Spirit Airline Holdings, (2)		(620,750	)

			Automobiles – (0.6)%

	(2,400	)	Tesla Motors Inc., (2)		(460,632	)

			Beverages – (1.3)%

	(5,900	)	Molson Coors Brewing Company, Class B		(503,093	)

	(3,800	)	Monster Beverage Corporation, (2)		(476,900	)
			Total Beverages		(979,993	)

			Biotechnology – (1.4)%

	(45,100	)	Opko Health Inc., (2)		(419,430	)

	(5,400	)	Intercept Pharmaceuticals Incorporated, (2)		(601,452	)
			Total Biotechnology		(1,020,882	)

			Building Products – (0.6)%

	(8,900	)	Fortune Brands Home & Security		(446,958	)

			Capital Markets – (0.8)%

	(22,900	)	Invesco LTD		(612,346	)

			Chemicals – (5.1)%

	(3,400	)	Air Products & Chemicals Inc.		(450,398	)

	(2,300	)	Ashland Inc.		(219,167	)

	(19,300	)	CF Industries Holdings, Inc.		(703,678	)

	(10,000	)	E.I. Du Pont de Nemours and Company		(608,700	)

	(16,700	)	FMC Corporation		(628,588	)

	(1,700	)	NewMarket Corporation		(620,738	)

	(5,800	)	Praxair, Inc.		(590,382	)
			Total Chemicals		(3,821,651	)

			Commercial Services & Supplies – (0.5)%

	(11,500	)	Tyco International PLC		(404,570	)

			Communications Equipment – (0.8)%

	(25,000	)	CommScope Holding Company Inc., (2)		(629,750	)

			Construction Materials – (0.6)%

	(7,100	)	Eagle Materials Inc.		(428,982	)

			Consumer Finance – (0.8)%

	(27,200	)	OneMain Holdings Inc., (2)		(613,904	)


	92			Nuveen Investments


Shares			Description (1)	Value

			Electrical Equipment – (0.2)%

	(6,000	)	Solarcity Corporation, (2)	$	(110,580	)

			Electric Utilities – (1.5)%

	(10,700	)	Eversource Energy		(581,010	)

	(12,500	)	ITC Holdings Corporation		(507,875	)
			Total Electric Utilities		(1,088,885	)

			Electronic Equipment, Instruments & Components – (2.0)%

	(16,100	)	National Instruments Corporation		(464,485	)

	(17,700	)	VeriFone Holdings Inc., (2)		(422,853	)

	(9,300	)	Zebra Technologies Corporation, Class A, (2)		(574,554	)
			Total Electronic Equipment, Instruments & Components		(1,461,892	)

			Energy Equipment & Services – (1.7)%

	(12,100	)	Halliburton Company		(390,588	)

	(8,300	)	Schlumberger Limited		(595,276	)

	(45,100	)	Weatherford International PLC, (2)		(288,640	)
			Total Energy Equipment & Services		(1,274,504	)

			Food Products – (1.4)%

	(5,500	)	Kraft Heinz Company		(423,610	)

	(16,000	)	WhiteWave Foods Company, (2)		(619,520	)
			Total Food Products		(1,043,130	)

			Health Care Equipment & Supplies – (2.8)%

	(3,300	)	Becton, Dickinson and Company		(486,585	)

	(5,700	)	Boston Scientific Corporation, (2)		(96,786	)

	(6,000	)	Edwards Lifesciences Corporation, (2)		(522,000	)

	(6,700	)	Idexx Labs Inc., (2)		(490,172	)

	(5,200	)	Zimmer Holdings, Inc.		(503,412	)
			Total Health Care Equipment & Supplies		(2,098,955	)

			Health Care Providers & Services – (0.8)%

	(2,300	)	Acadia Healthcare Company Inc., (2)		(127,443	)

	(32,400	)	Brookdale Senior Living Inc., (2)		(465,588	)
			Total Health Care Providers & Services		(593,031	)

			Hotels, Restaurants & Leisure – (2.5)%

	(1,200	)	Chipotle Mexican Grill, (2)		(610,992	)

	(10,600	)	Norwegian Cruise Line Holdings Limited, (2)		(520,778	)

	(8,300	)	Wynn Resorts Ltd		(684,584	)
			Total Hotels, Restaurants & Leisure		(1,816,354	)

			Household Durables – (1.9)%

	(13,000	)	Garmin Limited		(526,630	)

	(9,100	)	Lennar Corporation, Class A		(381,654	)

	(16,700	)	Taylor Morrison, (2)		(232,297	)


Nuveen Investments			93

Nuveen Equity Market Neutral Fund (continued)


Portfolio of Investments		February 29, 2016 (Unaudited)


Shares			Description (1)	Value

			Household Durables (continued)

	(9,500	)	Toll Brothers Inc., (2)	$	(260,775	)
			Total Household Durables		(1,401,356	)

			Household Products – (1.3)%

	(7,200	)	Colgate-Palmolive Company		(472,608	)

	(6,200	)	Procter & Gamble Company		(497,798	)
			Total Household Products		(970,406	)

			Internet & Catalog Retail – (0.6)%

	(4,700	)	NetFlix.com Inc., (2)		(439,027	)

			Internet Software & Services – (3.4)%

	(1,600	)	CoStar Group, Inc., (2)		(283,296	)

	(66,100	)	Pandora Media, Inc., (2)		(675,542	)

	(36,200	)	Twitter Inc., (2)		(655,944	)

	(17,300	)	Yahoo! Inc., (2)		(549,967	)

	(16,400	)	Yelp Incorporated, (2)		(331,936	)
			Total Internet Software & Services		(2,496,685	)

			Machinery – (3.5)%

	(17,300	)	Donaldson Company, Inc.		(488,552	)

	(12,300	)	Flowserve Corporation		(516,846	)

	(7,900	)	Ingersoll Rand Company Limited, Class A		(438,924	)

	(39,300	)	Manitowoc Company Inc.		(622,905	)

	(10,900	)	Pentair Limited		(520,039	)
			Total Machinery		(2,587,266	)

			Media – (2.0)%

	(2,600	)	Charter Communications, Inc., Class A, (2)		(466,856	)

	(14,900	)	Dreamworks Animation SKG Inc., (2)		(382,334	)

	(30,700	)	Lions Gate Entertainment Corporation, Equity		(647,770	)
			Total Media		(1,496,960	)

			Metals & Mining – (2.2)%

	(8,900	)	Compass Minerals International, Inc.		(603,776	)

	(77,400	)	Freeport-McMoRan, Inc.		(590,562	)

	(19,100	)	Southern Copper Corporation		(457,254	)
			Total Metals & Mining		(1,651,592	)

			Multiline Retail – (0.7)%

	(6,600	)	Dollar Tree Stores Inc., (2)		(529,650	)

			Multi-Utilities – (1.2)%

	(8,900	)	Dominion Resources, Inc.		(622,288	)

	(9,000	)	TECO Energy, Inc.		(247,230	)
			Total Multi-Utilities		(869,518	)


	94			Nuveen Investments


Shares			Description (1)	Value

			Oil, Gas & Consumable Fuels – (6.3)%

	(15,700	)	Anadarko Petroleum Corporation	$	(595,815	)

	(1,700	)	Cabot Oil & Gas Corporation		(34,221	)

	(780	)	California Resources Corporation		(438	)

	(15,100	)	Cheniere Energy Inc., (2)		(539,825	)

	(5,400	)	Cimarex Energy Company		(453,762	)

	(138,600	)	Cobalt International Energy, Inc., (2)		(368,676	)

	(11,200	)	Energen Corporation		(296,576	)

	(5,500	)	Exxon Mobil Corporation		(440,825	)

	(7,900	)	Golar LNG, Limited		(144,807	)

	(31,100	)	Kinder Morgan, Inc.		(562,599	)

	(8,300	)	Occidental Petroleum Corporation		(571,206	)

	(2,400	)	Pioneer Natural Resources Company		(289,272	)

	(14,500	)	Range Resources Corporation		(344,085	)
			Total Oil, Gas & Consumable Fuels		(4,642,107	)

			Personal Products – (0.7)%

	(6,700	)	Edgewell Personal Care Co		(512,215	)

			Pharmaceuticals – (0.6)%

	(1,500	)	Allergan PLC, (2)		(435,165	)

			Road & Rail – (2.0)%

	(10,900	)	Genesee & Wyoming Inc., (2)		(618,248	)

	(7,500	)	Kansas City Southern Industries		(612,825	)

	(3,400	)	Union Pacific Corporation		(268,124	)
			Total Road & Rail		(1,499,197	)

			Semiconductors & Semiconductor Equipment – (2.2)%

	(5,700	)	Analog Devices, Inc.		(302,043	)

	(10,400	)	Microchip Technology Incorporated		(462,696	)

	(67,400	)	SunEdison Inc., (2)		(133,452	)

	(29,600	)	SunPower Corporation, (2)		(699,152	)
			Total Semiconductors & Semiconductor Equipment		(1,597,343	)

			Software – (3.5)%

	(37,800	)	FireEye Inc., (2)		(640,332	)

	(11,100	)	NetSuite Inc., (2)		(670,662	)

	(16,700	)	Splunk Inc., (2)		(728,120	)

	(4,300	)	Workday Inc., Class A, (2)		(259,935	)

	(125,500	)	Zynga Inc., (2)		(264,805	)
			Total Software		(2,563,854	)

			Specialty Retail – (3.0)%

	(13,500	)	CarMax, Inc., (2)		(624,510	)

	(12,200	)	Sally Beauty Holdings Inc., (2)		(385,276	)


Nuveen Investments			95

Nuveen Equity Market Neutral Fund (continued)


Portfolio of Investments		February 29, 2016 (Unaudited)


Shares			Description (1)	Value

			Specialty Retail (continued)

	(6,400	)	Signet Jewelers Limited	$	(693,760	)

	(10,700	)	Williams-Sonoma Inc.		(557,577	)
			Total Specialty Retail		(2,261,123	)

			Technology Hardware, Storage & Peripherals – (0.3)%

	(10,300	)	Stratasys, Inc., (2)		(194,155	)

			Textiles, Apparel & Luxury Goods – (3.1)%

	(23,100	)	Kate Spade & Company, (2)		(457,842	)

	(8,800	)	Lululemon Athletica Inc., (2)		(552,024	)

	(7,600	)	Under Armour, Inc., (2)		(636,044	)

	(10,300	)	VF Corporation		(670,633	)
			Total Textiles, Apparel & Luxury Goods		(2,316,543	)

			Tobacco – (0.7)%

	(10,600	)	Reynolds American Inc.		(534,558	)

			Trading Companies & Distributors – (0.5)%

	(8,800	)	Fastenal Company		(398,552	)

			Water Utilities – (1.2)%

	(5,000	)	American Water Works Company		(324,100	)

	(18,200	)	Aqua America Inc.		(556,374	)
			Total Water Utilities		(880,474	)
			Total Common Stocks Sold Short (proceeds $58,322,494)		(50,720,915	)
			Other Assets Less Liabilities – 72.9%		54,098,344
			Net Assets – 100%	$	74,256,538

(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 $11,107,700 have been pledged as collateral for Common Stocks Sold Short.

See accompanying notes to financial statements.


	96			Nuveen Investments

Statement of


		Assets and Liabilities		February 29, 2016 (Unaudited)


	Large Cap Value			Large Cap Core			Large Cap Growth			Concentrated Core			Core Dividend
Assets
Long-term investments, at value ($374,617,125, $244,940,802, $93,177,055, $123,048,346 and $41,930,155, respectively)	$	355,296,880		$	232,412,831		$	90,974,719		$	113,455,330		$	39,589,380
Short-term investments, at value (cost approximates value)		767,472			—			—			—			—
Cash		—			—			—			—			89,848
Cash collateral at brokers⁽¹⁾		—			—			—			—			—
Receivable for:
Dividends		919,293			478,635			136,706			416,245			111,098
Investments sold		15,625,916			3,189,047			3,258,849			6,269,209			63,698
Shares sold		338,407			1,438,441			165,986			311,605			136,939
Other assets		119,547			19,170			15,961			19,490			12,371
Total assets		373,067,515			237,538,124			94,552,221			120,471,879			40,003,334
Liabilities
Cash overdraft		—			409,990			286,094			203,683			—
Common stocks sold short, at value (proceeds $ —, $ —, $ —, $ — and $ —, respectively)		—			—			—			—			—
Payable for:
Dividends on common stocks sold short		—			—			—			—			—
Investments purchased		15,666,641			3,160,823			2,761,423			6,455,800			179,124
Shares redeemed		546,154			383,393			215,963			163,926			63,907
Accrued expenses:
Management fees		192,992			123,284			42,719			56,129			12,930
Trustees fees		97,603			1,039			428			563			188
12b-1 distribution and service fees		63,250			41,411			12,881			29,805			8,531
Other		169,717			92,239			52,801			68,090			36,124
Total liabilities		16,736,357			4,212,179			3,372,309			6,977,996			300,804
Net assets	$	356,331,158		$	233,325,945		$	91,179,912		$	113,493,883		$	39,702,530
Class A Shares
Net assets	$	223,788,199		$	44,434,652		$	29,820,874		$	51,621,188		$	21,672,732
Shares outstanding		11,343,625			1,826,611			1,276,192			2,150,137			968,220
Net asset value (“NAV”) per share	$	19.73		$	24.33		$	23.37		$	24.01		$	22.38
Offering price per share (NAV per share plus maximum sales charge of 5.75% of offering price)	$	20.93		$	25.81		$	24.80		$	25.47		$	23.75
Class C Shares
Net assets	$	26,112,172		$	43,770,918		$	9,287,320		$	26,171,321		$	5,719,793
Shares outstanding		1,379,728			1,818,946			402,827			1,105,496			256,043
NAV and offering price per share	$	18.93		$	24.06		$	23.06		$	23.67		$	22.34
Class R3 Shares
Net assets	$	154,169		$	—		$	—		$	—		$	—
Shares outstanding		7,755			—			—			—			—
NAV and offering price per share	$	19.88		$	—		$	—		$	—		$	—
Class I Shares
Net assets	$	106,276,618		$	145,120,375		$	52,071,718		$	35,701,374		$	12,310,005
Shares outstanding		5,358,219			5,962,937			2,227,514			1,486,307			549,894
NAV and offering price per share	$	19.83		$	24.34		$	23.38		$	24.02		$	22.39
Net assets consist of:
Capital paid-in	$	401,464,372		$	250,028,415		$	97,108,175		$	130,237,426		$	44,371,306
Undistributed (Over-distribution of) net investment income		3,320,826			1,043,420			358,718			1,050,974			143,326
Accumulated net realized gain (loss)		(29,133,795	)		(5,217,919	)		(4,084,645	)		(8,201,501	)		(2,471,327	)
Net unrealized appreciation (depreciation)		(19,320,245	)		(12,527,971	)		(2,202,336	)		(9,593,016	)		(2,340,775	)
Net assets	$	356,331,158		$	233,325,945		$	91,179,912		$	113,493,883		$	39,702,530
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 is 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			97

Statement of Assets and Liabilities (Unaudited) (continued)


	Growth		Large Cap Core Plus			Equity Long/ Short			Equity Market Neutral
Assets
Long-term investments, at value (cost $39,927,935, $104,339,873, $169,745,493 and $68,888,438, respectively)	$	44,065,256	$	99,770,854		$	166,635,697		$	66,324,581
Short-term investments, at value (cost approximates value)		—		—			8,509,148			4,554,528
Cash		—		—			—			—
Cash collateral at brokers⁽¹⁾		—		132,858			14,596,215			56,596,268
Receivable for:
Dividends		83,673		221,200			337,782			77,250
Investments sold		535,876		4,501,488			5,842,751			2,854,256
Shares sold		87,732		39,416			726,979			319,423
Other assets		30,462		14,686			25,730			14,283
Total assets		44,802,999		104,680,502			196,674,302			130,740,589
Liabilities
Cash overdraft		49,512		2,564,989			—			—
Common stocks sold short, at value (proceeds $ —, $28,220,384, $88,442,922 and $58,322,494, respectively)		—		23,054,359			82,554,930			50,720,915
Payable for:
Dividends on common stocks sold short		—		34,260			104,741			49,181
Investments purchased		381,319		1,609,624			10,349,995			5,583,049
Shares redeemed		196,305		279,595			97,345			9,140
Accrued expenses:
Management fees		18,378		56,648			92,412			56,000
Trustees fees		209		447			513			241
12b-1 distribution and service fees		8,201		13,831			12,737			3,843
Other		41,473		86,761			131,866			61,682
Total liabilities		695,397		27,700,514			93,344,539			56,484,051
Net assets	$	44,107,602	$	76,979,988		$	103,329,763		$	74,256,538
Class A Shares
Net assets	$	9,071,971	$	16,016,060		$	28,992,357		$	10,784,443
Shares outstanding		363,787		682,150			942,685			490,329
Net asset value (“NAV”) per share	$	24.94	$	23.48		$	30.76		$	21.99
Offering price per share (NAV per share plus maximum sales charge of 5.75% of offering price)	$	26.46	$	24.91		$	32.64		$	23.33
Class C Shares
Net assets	$	8,019,157	$	13,973,311		$	9,102,306		$	2,364,882
Shares outstanding		349,129		604,865			314,539			109,736
NAV and offering price per share	$	22.97	$	23.10		$	28.94		$	21.55
Class R3 Shares
Net assets	$	144,213	$	—		$	—		$	—
Shares outstanding		5,827		—			—			—
NAV and offering price per share	$	24.75	$	—		$	—		$	—
Class I Shares
Net assets	$	26,872,261	$	46,990,617		$	65,235,100		$	61,107,212
Shares outstanding		1,060,107		1,996,749			2,081,622			2,759,003
NAV and offering price per share	$	25.35	$	23.53		$	31.34		$	22.15
Net assets consist of:
Capital paid-in	$	38,474,857	$	82,079,652		$	109,710,435		$	71,212,938
Undistributed (Over-distribution of) net investment income		50,466		223,054			(635,696	)		(660,967	)
Accumulated net realized gain (loss)		1,444,958		(5,919,724	)		(8,523,172	)		(1,333,155	)
Net unrealized appreciation (depreciation)		4,137,321		597,006			2,778,196			5,037,722
Net assets	$	44,107,602	$	76,979,988		$	103,329,763		$	74,256,538
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 is in addition to the Fund’s securities pledged as collateral as noted in the Portfolio of Investments.

See accompanying notes to financial statements.


	98			Nuveen Investments

Statement of


		Operations		Six Months Ended February 29, 2016 (Unaudited)


	Large Cap Value			Large Cap Core			Large Cap Growth			Concentrated Core			Core Dividend
Investment Income (net of foreign tax withheld of $4,130, $231, $ —, $ — and $ —, respectively)	$	5,482,385		$	2,313,239		$	880,764		$	1,859,326		$	683,288
Expenses
Management fees		1,360,734			814,580			343,404			513,489			151,829
12b-1 service fees – Class A Shares		308,155			51,738			39,669			67,990			26,057
12b-1 distribution and service fees – Class C Shares		145,248			209,119			42,872			129,817			29,970
12b-1 distribution and service fees – Class R3 Shares		473			—			—			—			—
Dividends expense on common stocks sold short		—			—			—			—			—
Prime broker expenses		—			—			—			—			—
Shareholder servicing agent fees		162,902			91,239			52,521			76,910			23,075
Custodian fees		34,831			23,152			16,419			16,984			16,305
Trustees fees		2,617			3,134			1,313			1,721			575
Professional fees		24,857			15,800			11,244			12,562			10,651
Shareholder reporting expenses		31,140			19,575			11,761			15,960			7,394
Federal and state registration fees		38,637			30,761			22,769			31,652			20,262
Other		10,647			7,734			3,533			5,654			2,834
Total expenses before fee waiver/expense reimbursement		2,120,241			1,266,832			545,505			872,739			288,952
Fee waiver/expense reimbursement		—			—			(23,366	)		(64,821	)		(38,391	)
Net expenses		2,120,241			1,266,832			522,139			807,918			250,561
Net investment income (loss)		3,362,144			1,046,407			358,625			1,051,408			432,727
Realized and Unrealized Gain (Loss)
Net realized gain (loss) from:
Investments and foreign currency		(23,505,107	)		(4,787,070	)		(3,691,407	)		(7,562,481	)		(2,047,963	)
Common stocks sold short		—			—			—			—			—
Change in net unrealized appreciation (depreciation) of:
Investments and foreign currency		(9,870,000	)		(3,111,758	)		(554,054	)		(2,475,885	)		(622,778	)
Common stocks sold short		—			—			—			—			—
Net realized and unrealized gain (loss)		(33,375,107	)		(7,898,828	)		(4,245,461	)		(10,038,366	)		(2,670,741	)
Net increase (decrease) in net assets from operations	$	(30,012,963	)	$	(6,852,421	)	$	(3,886,836	)	$	(8,986,958	)	$	(2,238,014	)

See accompanying notes to financial statements.


Nuveen Investments			99

Statement of Operations (Unaudited) (continued)


	Growth			Large Cap Core Plus			Equity Long/ Short			Equity Market Neutral
Investment Income (net of foreign tax withheld of $ —, $84, $361 and $144, respectively)	$	448,935		$	1,307,986		$	1,470,929		$	452,529
Expenses
Management fees		155,616			574,114			683,757			358,541
12b-1 service fees – Class A Shares		11,171			20,870			34,146			12,015
12b-1 distribution and service fees – Class C Shares		43,971			76,341			44,864			9,971
12b-1 distribution and service fees – Class R3 Shares		182			—			—			—
Dividends expense on common stocks sold short		—			223,369			722,739			283,276
Prime broker expenses		—			164,276			386,681			116,674
Shareholder servicing agent fees		21,671			44,379			50,364			22,708
Custodian fees		19,823			25,461			21,115			20,591
Trustees fees		616			1,305			1,530			741
Professional fees		11,334			12,666			13,278			10,729
Shareholder reporting expenses		5,707			10,424			14,546			5,923
Federal and state registration fees		28,819			23,328			32,294			23,176
Other		2,702			4,622			3,367			2,477
Total expenses before fee waiver/expense reimbursement		301,612			1,181,155			2,008,681			866,822
Fee waiver/expense reimbursement		(20,327	)		(96,807	)		(82,543	)		(58,073	)
Net expenses		281,285			1,084,348			1,926,138			808,749
Net investment income (loss)		167,650			223,638			(455,209	)		(356,220	)
Realized and Unrealized Gain (Loss)
Net realized gain (loss) from:
Investments and foreign currency		1,964,981			(6,150,516	)		(13,724,639	)		(1,619,450	)
Common stocks sold short		—			1,713,291			5,860,985			2,153,588
Change in net unrealized appreciation (depreciation) of:
Investments and foreign currency		(2,807,721	)		(519,904	)		(702,262	)		(1,123,150	)
Common stocks sold short		—			2,013,739			355,168			3,651,147
Net realized and unrealized gain (loss)		(842,740	)		(2,943,390	)		(8,210,748	)		3,062,135
Net increase (decrease) in net assets from operations	$	(675,090	)	$	(2,719,752	)	$	(8,665,957	)	$	2,705,915

See accompanying notes to financial statements.


	100			Nuveen Investments

Statement of


		Changes in Net Assets		(Unaudited)


	Large Cap Value						Large Cap Core
	Six Months Ended 2/29/16			Year Ended 8/31/15			Six Months Ended 2/29/16			Year Ended 8/31/15
Operations
Net investment income (loss)	$	3,362,144		$	4,623,760		$	1,046,407		$	1,588,292
Net realized gain (loss) from:
Investments and foreign currency		(23,505,107	)		34,141,370			(4,787,070	)		3,588,701
Common stocks sold short		—			—			—			—
Change in net unrealized appreciation (depreciation) of:
Investments and foreign currency		(9,870,000	)		(65,093,383	)		(3,111,758	)		(14,707,283	)
Common stocks sold short		—			—			—			—
Net increase (decrease) in net assets from operations		(30,012,963	)		(26,328,253	)		(6,852,421	)		(9,530,290	)
Distributions to Shareholders
From net investment income:
Class A Shares		(2,740,858	)		(2,455,704	)		(260,913	)		(17,407	)
Class C Shares		(71,281	)		(15,633	)		—			—
Class R3 Shares		(890	)		(694	)		—			—
Class I Shares		(1,620,342	)		(1,254,815	)		(1,231,787	)		(272,162	)
From accumulated net realized gains:
Class A Shares		(20,742,963	)		(31,890,375	)		(665,871	)		(361,833	)
Class C Shares		(2,587,341	)		(3,400,382	)		(672,892	)		(280,596	)
Class R3 Shares		(9,113	)		(13,510	)		—			—
Class I Shares		(9,303,235	)		(12,073,792	)		(2,305,540	)		(1,589,370	)
Decrease in net assets from distributions to shareholders		(37,076,023	)		(51,104,905	)		(5,137,003	)		(2,521,368	)
Fund Share Transactions
Proceeds from sale of shares		49,158,226			107,631,449			66,951,709			216,649,260
Proceeds from shares issued to shareholders due to reinvestment of distributions		30,907,897			42,183,256			3,409,488			1,697,209
		80,066,123			149,814,705			70,361,197			218,346,469
Cost of shares redeemed		(59,072,707	)		(96,509,905	)		(54,953,572	)		(45,410,183	)
Net increase (decrease) in net assets from Fund share transactions		20,993,416			53,304,800			15,407,625			172,936,286
Net increase (decrease) in net assets		(46,095,570	)		(24,128,358	)		3,418,201			160,884,628
Net assets at the beginning of period		402,426,728			426,555,086			229,907,744			69,023,116
Net assets at the end of period	$	356,331,158		$	402,426,728		$	233,325,945		$	229,907,744
Undistributed (Over-distribution of) net investment income at the end of period	$	3,320,826		$	4,392,053		$	1,043,420		$	1,489,713

See accompanying notes to financial statements.


Nuveen Investments			101

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


	Large Cap Growth						Concentrated Core
	Six Months Ended 2/29/16			Year Ended 8/31/15			Six Months Ended 2/29/16			Year Ended 8/31/15
Operations
Net investment income (loss)	$	358,625		$	480,677		$	1,051,408		$	720,366
Net realized gain (loss) from:
Investments and foreign currency		(3,691,407	)		3,165,493			(7,562,481	)		4,597,216
Common stocks sold short		—			—			—			—
Change in net unrealized appreciation (depreciation) of:
Investments and foreign currency		(554,054	)		(5,886,068	)		(2,475,885	)		(8,766,932	)
Common stocks sold short		—			—			—			—
Net increase (decrease) in net assets from operations		(3,886,836	)		(2,239,898	)		(8,986,958	)		(3,449,350	)
Distributions to Shareholders
From net investment income:
Class A Shares		(118,046	)		(16,220	)		(277,738	)		(19,305	)
Class C Shares		—			—			—			—
Class R3 Shares		—			—			—			—
Class I Shares		(356,988	)		(134,374	)		(321,714	)		(152,830	)
From accumulated net realized gains:
Class A Shares		(1,116,072	)		(548,226	)		(2,022,709	)		(307,323	)
Class C Shares		(307,807	)		(138,909	)		(986,428	)		(56,400	)
Class R3 Shares		—			—			—			—
Class I Shares		(1,947,469	)		(1,397,584	)		(1,737,972	)		(457,404	)
Decrease in net assets from distributions to shareholders		(3,846,382	)		(2,235,313	)		(5,346,561	)		(993,262	)
Fund Share Transactions
Proceeds from sale of shares		15,590,195			72,417,682			29,866,612			175,802,286
Proceeds from shares issued to shareholders due to reinvestment of distributions		2,458,730			1,012,291			5,221,924			952,809
		18,048,925			73,429,973			35,088,536			176,755,095
Cost of shares redeemed		(16,677,023	)		(11,813,254	)		(39,604,262	)		(58,361,676	)
Net increase (decrease) in net assets from Fund share transactions		1,371,902			61,616,719			(4,515,726	)		118,393,419
Net increase (decrease) in net assets		(6,361,316	)		57,141,508			(18,849,245	)		113,950,807
Net assets at the beginning of period		97,541,228			40,399,720			132,343,128			18,392,321
Net assets at the end of period	$	91,179,912		$	97,541,228		$	113,493,883		$	132,343,128
Undistributed (Over-distribution of) net investment income at the end of period	$	358,718		$	475,127		$	1,050,974		$	599,018

See accompanying notes to financial statements.


	102			Nuveen Investments


	Core Dividend						Growth
	Six Months Ended 2/29/16			Year Ended 8/31/15			Six Months Ended 2/29/16			Year Ended 8/31/15
Operations
Net investment income (loss)	$	432,727		$	610,857		$	167,650		$	229,737
Net realized gain (loss) from:
Investments and foreign currency		(2,047,963	)		396,705			1,964,981			7,092,074
Common stocks sold short		—			—			—			—
Change in net unrealized appreciation (depreciation) of:
Investments and foreign currency		(622,778	)		(3,056,804	)		(2,807,721	)		(5,681,549	)
Common stocks sold short		—			—			—			—
Net increase (decrease) in net assets from operations		(2,238,014	)		(2,049,242	)		(675,090	)		1,640,262
Distributions to Shareholders
From net investment income:
Class A Shares		(170,257	)		(266,879	)		(63,860	)		—
Class C Shares		(25,766	)		(42,575	)		—			—
Class R3 Shares		—			—			(272	)		—
Class I Shares		(151,180	)		(261,652	)		(282,789	)		—
From accumulated net realized gains:
Class A Shares		(327,317	)		(324,290	)		(1,030,621	)		(698,144	)
Class C Shares		(92,004	)		(92,361	)		(1,133,943	)		(864,060	)
Class R3 Shares		—			—			(8,899	)		(5,762	)
Class I Shares		(249,825	)		(261,701	)		(3,506,692	)		(2,868,948	)
Decrease in net assets from distributions to shareholders		(1,016,349	)		(1,249,458	)		(6,027,076	)		(4,436,914	)
Fund Share Transactions
Proceeds from sale of shares		8,593,937			37,114,879			8,271,594			25,955,934
Proceeds from shares issued to shareholders due to reinvestment of distributions		965,782			1,179,996			5,202,799			3,724,976
		9,559,719			38,294,875			13,474,393			29,680,910
Cost of shares redeemed		(11,188,809	)		(7,392,122	)		(9,901,322	)		(28,811,652	)
Net increase (decrease) in net assets from Fund share transactions		(1,629,090	)		30,902,753			3,573,071			869,258
Net increase (decrease) in net assets		(4,883,453	)		27,604,053			(3,129,095	)		(1,927,394	)
Net assets at the beginning of period		44,585,983			16,981,930			47,236,697			49,164,091
Net assets at the end of period	$	39,702,530		$	44,585,983		$	44,107,602		$	47,236,697
Undistributed (Over-distribution of) net investment income at the end of period	$	143,326		$	57,802		$	50,466		$	229,737

See accompanying notes to financial statements.


Nuveen Investments			103

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


	Large Cap Core Plus						Equity Long/Short
	Six Months Ended 2/29/16			Year Ended 8/31/15			Six Months Ended 2/29/16			Year Ended 8/31/15
Operations
Net investment income (loss)	$	223,638		$	441,196		$	(455,209	)	$	(431,908	)
Net realized gain (loss) from:
Investments and foreign currency		(6,150,516	)		4,352,493			(13,724,639	)		3,773,837
Common stocks sold short		1,713,291			(2,088,315	)		5,860,985			(3,904,504	)
Change in net unrealized appreciation (depreciation) of:
Investments and foreign currency		(519,904	)		(10,641,409	)		(702,262	)		(6,167,765	)
Common stocks sold short		2,013,739			4,191,336			355,168			7,073,559
Net increase (decrease) in net assets from operations		(2,719,752	)		(3,744,699	)		(8,665,957	)		343,219
Distributions to Shareholders
From net investment income:
Class A Shares		(60,075	)		—			—			—
Class C Shares		—			—			—			—
Class R3 Shares		—			—			—			—
Class I Shares		(414,863	)		(73,124	)		—			—
From accumulated net realized gains:
Class A Shares		(575,207	)		(659,729	)		—			(35,372	)
Class C Shares		(545,365	)		(271,761	)		—			(13,356	)
Class R3 Shares		—			—			—			—
Class I Shares		(2,280,779	)		(2,273,426	)		—			(74,376	)
Decrease in net assets from distributions to shareholders		(3,876,289	)		(3,278,040	)		—			(123,104	)
Fund Share Transactions
Proceeds from sale of shares		8,181,111			104,287,316			56,963,878			74,710,682
Proceeds from shares issued to shareholders due to reinvestment of distributions		3,342,688			2,746,266			—			122,418
		11,523,799			107,033,582			56,963,878			74,833,100
Cost of shares redeemed		(35,840,312	)		(41,665,055	)		(31,434,428	)		(22,579,893	)
Net increase (decrease) in net assets from Fund share transactions		(24,316,513	)		65,368,527			25,529,450			52,253,207
Net increase (decrease) in net assets		(30,912,554	)		58,345,788			16,863,493			52,473,322
Net assets at the beginning of period		107,892,542			49,546,754			86,466,270			33,992,948
Net assets at the end of period	$	76,979,988		$	107,892,542		$	103,329,763		$	86,466,270
Undistributed (Over-distribution of) net investment income at the end of period	$	223,054		$	474,354		$	(635,696	)	$	(180,487	)

See accompanying notes to financial statements.


	104			Nuveen Investments


	Equity Market Neutral
	Six Months Ended 2/29/16			Year Ended 8/31/15
Operations
Net investment income (loss)	$	(356,220	)	$	(609,111	)
Net realized gain (loss) from:
Investments and foreign currency		(1,619,450	)		2,576,777
Common stocks sold short		2,153,588			(3,108,789	)
Change in net unrealized appreciation (depreciation) of:
Investments and foreign currency		(1,123,150	)		(4,624,634	)
Common stocks sold short		3,651,147			6,228,428
Net increase (decrease) in net assets from operations		2,705,915			462,671
Distributions to Shareholders
From net investment income:
Class A Shares		—			—
Class C Shares		—			—
Class R3 Shares		—			—
Class I Shares		—			—
From accumulated net realized gains:
Class A Shares		(157,697	)		(29,023	)
Class C Shares		(34,980	)		(6,179	)
Class R3 Shares		—			—
Class I Shares		(732,355	)		(111,998	)
Decrease in net assets from distributions to shareholders		(925,032	)		(147,200	)
Fund Share Transactions
Proceeds from sale of shares		33,058,811			29,290,932
Proceeds from shares issued to shareholders due to reinvestment of distributions		735,316			114,707
		33,794,127			29,405,639
Cost of shares redeemed		(7,287,901	)		(26,067,879	)
Net increase (decrease) in net assets from Fund share transactions		26,506,226			3,337,760
Net increase (decrease) in net assets		28,287,109			3,653,231
Net assets at the beginning of period		45,969,429			42,316,198
Net assets at the end of period	$	74,256,538		$	45,969,429
Undistributed (Over-distribution of) net investment income at the end of period	$	(660,967	)	$	(304,747	)

See accompanying notes to financial statements.


Nuveen Investments			105

Financial

Highlights (Unaudited)

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:
2016(f)	$	23.58	$	0.19		$	(1.89	)	$	(1.70	)	$	(0.24	)	$	(1.91	)	$	(2.15	)	$	19.73
2015		28.36		0.27			(1.77	)		(1.50	)		(0.21	)		(3.07	)		(3.28	)		23.58
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
Class C (8/96)
Year Ended 8/31:
2016(f)		22.60		0.10			(1.81	)		(1.71	)		(0.05	)		(1.91	)		(1.96	)		18.93
2015		27.31		0.07			(1.70	)		(1.63	)		(0.01	)		(3.07	)		(3.08	)		22.60
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
Class R3 (8/08)
Year Ended 8/31:
2016(f)		23.71		0.17			(1.91	)		(1.74	)		(0.18	)		(1.91	)		(2.09	)		19.88
2015		28.50		0.19			(1.76	)		(1.57	)		(0.15	)		(3.07	)		(3.22	)		23.71
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
Class I (8/96)
Year Ended 8/31:
2016(f)		23.73		0.22			(1.91	)		(1.69	)		(0.30	)		(1.91	)		(2.21	)		19.83
2015		28.52		0.34			(1.78	)		(1.44	)		(0.28	)		(3.07	)		(3.35	)		23.73
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


	106			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)


	(7.77	)%	$	223,788		1.11	%*		1.72	%*		1.11	%*		1.72	%*		73	%
	(5.75	)		267,337		1.12			1.01			1.12			1.01			158
	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


	(8.09	)		26,112		1.86	*		0.97	*		1.86	*		0.97	*		73
	(6.45	)		31,516		1.87			0.26			1.87			0.26			158
	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


	(7.88	)		154		1.35	*		1.56	*		1.35	*		1.56	*		73
	(5.99	)		232		1.37			0.73			1.37			0.73			158
	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


	(7.63	)		106,277		0.86	*		1.96	*		0.86	*		1.96	*		73
	(5.52	)		103,342		0.86			1.29			0.86			1.29			158
	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

(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 29, 2016.

Annualized.

Rounds to less than $0.01 per share.

See accompanying notes to financial statements.


Nuveen Investments			107

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)
2016(f)	$	25.64	$	0.11	$	(0.88	)	$	(0.77	)	$	(0.15	)	$	(0.39	)	$	(0.54	)	$	24.33
2015		26.67		0.23		(0.69	)		(0.46	)		(0.02	)		(0.55	)		(0.57	)		25.64
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)
2016(f)		25.32		0.02		(0.89	)		(0.87	)		—			(0.39	)		(0.39	)		24.06
2015		26.51		0.02		(0.66	)		(0.64	)		—			(0.55	)		(0.55	)		25.32
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)
2016(f)		25.69		0.14		(0.88	)		(0.74	)		(0.22	)		(0.39	)		(0.61	)		24.34
2015		26.71		0.30		(0.68	)		(0.38	)		(0.09	)		(0.55	)		(0.64	)		25.69
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


	108			Nuveen Investments


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

Total Return(b)			Ending Net Assets (000)		Expenses			Net Investment Income (Loss)			Expenses			Net Investment Income (Loss)			Portfolio Turnover Rate(e)

	(3.09	)%	$	44,435		1.13	%*		0.89	%*		1.13	%*		0.89	%*		62	%
	(1.76	)		37,684		1.14			0.84			1.14			0.84			110
	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

	(3.49	)		43,771		1.88	*		0.14	*		1.88	*		0.14	*		62
	(2.47	)		38,591		1.89			0.09			1.89			0.09			110
	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

	(2.99	)		145,120		0.87	*		1.14	*		0.87	*		1.14	*		62
	(1.49	)		153,632		0.89			1.11			0.89			1.11			110
	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 29, 2016.

*	Annualized.

See accompanying notes to financial statements.


Nuveen Investments			109

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)
2016(f)	$	25.28	$	0.08		$	(1.03	)	$	(0.95	)	$	(0.09	)	$	(0.87	)	$	(0.96	)	$	23.37
2015		26.34		0.15			(0.15	)		(0.00	)		(0.03	)		(1.03	)		(1.06	)		25.28
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)
2016(f)		24.96		(0.01	)		(1.02	)		(1.03	)		—			(0.87	)		(0.87	)		23.06
2015		26.18		(0.06	)		(0.13	)		(0.19	)		—			(1.03	)		(1.03	)		24.96
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)
2016(f)		25.33		0.11			(1.03	)		(0.92	)		(0.16	)		(0.87	)		(1.03	)		23.38
2015		26.38		0.21			(0.14	)		0.07			(0.09	)		(1.03	)		(1.12	)		25.33
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


	110			Nuveen Investments


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

Total Return(b)			Ending Net Assets (000)		Expenses			Net Investment Income (Loss)			Expenses			Net Investment Income (Loss)			Portfolio Turnover Rate(e)

	(3.96	)%	$	29,821		1.21	%**		0.62	%**		1.16	%**		0.67	%**		53	%
	0.00			31,442		1.24			0.49			1.16			0.56			118
	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

	(4.32	)		9,287		1.97	**		(0.14	)**		1.91	**		(0.08	)**		53
	(0.74	)		7,621		1.99			(0.29	)		1.91			(0.22	)		118
	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

	(3.87	)		52,072		0.96	**		0.87	**		0.91	**		0.92	**		53
	0.28			58,478		0.99			0.72			0.91			0.79			118
	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 29, 2016.

Rounds to less than $0.01 per share.

Annualized.

See accompanying notes to financial statements.


Nuveen Investments			111

Financial Highlights (Unaudited) (continued)

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)
2016(f)	$	26.89	$	0.22		$	(2.01	)	$	(1.79	)	$	(0.13	)	$	(0.96	)	$	(1.09	)	$	24.01
2015		27.16		0.20			(0.14	)		0.06			(0.02	)		(0.31	)		(0.33	)		26.89
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)
2016(f)		26.50		0.12			(1.99	)		(1.87	)		—			(0.96	)		(0.96	)		23.67
2015		26.95		—	*		(0.14	)		(0.14	)		—			(0.31	)		(0.31	)		26.50
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)
2016(f)		26.94		0.26			(2.02	)		(1.76	)		(0.20	)		(0.96	)		(1.16	)		24.02
2015		27.20		0.27			(0.14	)		0.13			(0.08	)		(0.31	)		(0.39	)		26.94
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)

	(7.01	)%	$	51,621		1.32	%**		1.63	%**		1.22	%**		1.73	%**		51	%
	0.21			54,805		1.33			0.61			1.21			0.72			98
	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

	(7.38	)		26,171		2.07	**		0.87	**		1.97	**		0.98	**		51
	(0.53	)		24,583		2.08			(0.10	)		1.96			0.01			98
	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

	(6.91	)		35,701		1.07	**		1.88	**		0.97	**		1.98	**		51
	0.47			52,955		1.07			0.84			0.96			0.95			98
	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 29, 2016.

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)
2016(f)	$	24.13	$	0.24	$	(1.43	)	$	(1.19	)	$	(0.19	)	$	(0.37	)	$	(0.56	)	$	22.38
2015		25.90		0.45		(1.15	)		(0.70	)		(0.42	)		(0.65	)		(1.07	)		24.13
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)
2016(f)		24.08		0.15		(1.42	)		(1.27	)		(0.10	)		(0.37	)		(0.47	)		22.34
2015		25.85		0.26		(1.15	)		(0.89	)		(0.23	)		(0.65	)		(0.88	)		24.08
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)
2016(f)		24.14		0.27		(1.43	)		(1.16	)		(0.22	)		(0.37	)		(0.59	)		22.39
2015		25.91		0.51		(1.14	)		(0.63	)		(0.49	)		(0.65	)		(1.14	)		24.14
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)

	(5.03	)%	$	21,673		1.35	%*		1.87	%*		1.17	%*		2.05	%*		60	%
	(2.82	)		20,601		1.37			1.54			1.16			1.75			174
	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

	(5.38	)		5,720		2.10	*		1.12	*		1.92	*		1.30	*		60
	(3.55	)		5,950		2.12			0.80			1.91			1.01			174
	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

	(4.91	)		12,310		1.09	*		2.12	*		0.92	*		2.30	*		60
	(2.57	)		18,035		1.12			1.79			0.91			2.00			174
	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 29, 2016.

Annualized.

See accompanying notes to financial statements.


Nuveen Investments			115

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:
2016(f)	$	28.79	$	0.10		$	(0.31	)	$	(0.21	)	$	(0.18	)	$	(3.46	)	$	(3.64	)	$	24.94
2015		30.49		0.12			0.89			1.01			—			(2.71	)		(2.71	)		28.79
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
Class C (3/06)
Year Ended 8/31:
2016(f)		26.72		(0.01	)		(0.28	)		(0.29	)		—			(3.46	)		(3.46	)		22.97
2015		28.69		(0.09	)		0.83			0.74			—			(2.71	)		(2.71	)		26.72
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
Class R3 (3/09)
Year Ended 8/31:
2016(f)		28.56		0.07			(0.32	)		(0.25	)		(0.10	)		(3.46	)		(3.56	)		24.75
2015		30.34		0.05			0.88			0.93			—			(2.71	)		(2.71	)		28.56
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
Class I (3/06)
Year Ended 8/31:
2016(f)		29.25		0.13			(0.31	)		(0.18	)		(0.26	)		(3.46	)		(3.72	)		25.35
2015		30.86		0.21			0.89			1.10			—			(2.71	)		(2.71	)		29.25
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


	116			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)


	(1.41	)%	$	9,072		1.30	%*		0.61	%*		1.21	%*		0.70	%*		29	%
	3.40			8,792		1.24			0.38			1.21			0.41			65
	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


	(1.79	)		8,019		2.05	*		(0.13	)*		1.96	*		(0.05	)*		29
	2.62			9,150		2.00			(0.36	)		1.96			(0.33	)		65
	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


	(1.54	)		144		1.56	*		0.41	*		1.46	*		0.51	*		29
	3.14			65		1.49			0.14			1.46			0.17			65
	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


	(1.31	)		26,872		1.05	*		0.87	*		0.96	*		0.95	*		29
	3.67			29,230		1.00			0.64			0.96			0.68			65
	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

(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 29, 2016.

Annualized.

Rounds to less than $0.01 per share.

See accompanying notes to financial statements.


Nuveen Investments			117

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)
2016(g)	$	25.02	$	0.05		$	(0.66	)	$	(0.61	)	$	(0.09	)	$	(0.84	)	$	(0.93	)	$	23.48
2015		26.53		0.09			(0.59	)		(0.50	)		—			(1.01	)		(1.01	)		25.02
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)
2016(g)		24.64		(0.04	)		(0.66	)		(0.70	)		—			(0.84	)		(0.84	)		23.10
2015		26.33		(0.12	)		(0.56	)		(0.68	)		—			(1.01	)		(1.01	)		24.64
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)
2016(g)		25.11		0.08			(0.67	)		(0.59	)		(0.15	)		(0.84	)		(0.99	)		23.53
2015		26.59		0.16			(0.60	)		(0.44	)		(0.03	)		(1.01	)		(1.04	)		25.11
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


	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)

	(2.63	)%	$	16,016		2.46	%*		0.21	%*		2.26	%*		0.41	%*			71	%
	(1.99	)		17,191		2.42			0.12			2.22			0.33				153
	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
																	��
	(3.01	)		13,973		3.21	*		(0.55	)*		3.01	*		(0.35	)*			71
	(2.70	)		15,962		3.18			(0.67	)		2.97			(0.46	)			153
	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

	(2.53	)		46,991		2.19	*		0.45	*		2.00	*		0.65	*			71
	(1.76	)		74,740		2.18			0.38			1.97			0.59				153
	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 on common stocks sold short and prime broker expenses as follows:


	Ratios of Dividend Expense on Common Stocks Sold Short to Average Net Assets									Ratios of Prime Broker Expenses to Average Net Assets
Year Ended August 31,	Class A			Class C			Class I			Class A			Class C			Class I
2016(g)		0.45	%*		0.45	%*		0.45	%*		0.34	%*		0.34	%*		0.33	%*
2015		0.44			0.44			0.45			0.31			0.31			0.31
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 29, 2016.

Annualized.

See accompanying notes to financial statements.


Nuveen Investments			119

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:
2016(h)		$	32.61	$	(0.15	)	$	(1.70	)	$	(1.85	)	$	—		$	—		$	—		$	30.76
2015			31.72		(0.26	)		1.23			0.97			—			(0.08	)		(0.08	)		32.61
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
Class C (12/08)
Year Ended 8/31:
2016(h)			30.80		(0.26	)		(1.60	)		(1.86	)		—			—			—			28.94
2015			30.19		(0.48	)		1.17			0.69			—			(0.08	)		(0.08	)		30.80
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
Class I (12/08)
Year Ended 8/31:
2016(h)			33.18		(0.12	)		(1.72	)		(1.84	)		—			—			—			31.34
2015			32.20		(0.16	)		1.22			1.06			—			(0.08	)		(0.08	)		33.18
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


	120			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)


	(5.61	)%	$	28,992		3.82	%*		(1.10	)%*		3.66	%*		(0.94	)%*		123	%
	3.06			24,821		3.76			(1.03	)		3.53			(0.79	)		222
	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


	(5.97	)		9,102		4.57	*		(1.83	)*		4.42	*		(1.68	)*		123
	2.28			8,087		4.52			(1.76	)		4.29			(1.53	)		222
	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


	(5.49	)		65,235		3.57	*		(0.85	)*		3.42	*		(0.70	)*		123
	3.29			53,559		3.52			(0.72	)		3.28			(0.48	)		222
	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

(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 on common stocks sold short, enhanced custody expense and/or prime broker expenses as follows:


	Ratios of Dividends Expense on Common Stocks Sold Short to Average Net Assets									Ratios of Enhanced Custody and/or Prime Broker Expenses to Average Net Assets(f)
	Class A			Class C			Class I			Class A			Class C			Class I
Year Ended 8/31:
2016(h)		1.33	%*		1.34	%*		1.34	%*		0.72	%*		0.72	%*		0.71	%*
2015		1.17			1.19			1.17			0.74			0.74			0.75
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

(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 29, 2016.

Annualized.

Rounds to less than $0.01 per share.

See accompanying notes to financial statements.


Nuveen Investments			121

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)
2016(g)	$	21.39	$	(0.16	)	$	1.13	$	0.97	$	—	$	(0.37	)	$	(0.37	)	$	21.99
2015		21.27		(0.32	)		0.50		0.18		—		(0.06	)		(0.06	)		21.39
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)
2016(g)		21.04		(0.23	)		1.11		0.88		—		(0.37	)		(0.37	)		21.55
2015		21.08		(0.47	)		0.49		0.02		—		(0.06	)		(0.06	)		21.04
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)
2016(g)		21.51		(0.13	)		1.14		1.01		—		(0.37	)		(0.37	)		22.15
2015		21.34		(0.27	)		0.50		0.23		—		(0.06	)		(0.06	)		21.51
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


	122			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)

	4.57	%	$	10,784		3.23	%*		(1.63	)%*		3.03	%*		(1.43	)%*		92	%
	0.86			8,972		3.49			(1.73	)		3.24			(1.48	)		173
	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

	4.21			2,365		3.99	*		(2.38	)*		3.78	*		(2.18	)*		92
	0.10			1,835		4.22			(2.49	)		3.97			(2.24	)		173
	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

	4.68			61,107		2.98	*		(1.38	)*		2.77	*		(1.18	)*		92
	1.09			35,162		3.21			(1.51	)		2.97			(1.26	)		173
	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 on common stocks sold short and prime broker expenses as follows:


	Ratios of Dividends Expense on Common Stocks Sold Short to Average Net Assets									Ratios of Prime Broker Expenses to Average Net Assets
Year Ended August 31,	Class A			Class C			Class I			Class A			Class C			Class I
2016(g)		1.00	%*		1.00	%*		1.00	%*		0.42	%*		0.42	%*		0.41	%*
2015		1.04			1.03			1.03			0.59			0.58			0.57
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)

(g)

For the six months ended February 29, 2016.

Annualized.

See accompanying notes to financial statements.


Nuveen Investments			123

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 Large Cap Value Fund (“Large Cap Value”), Nuveen Large Cap Core Fund (“Large Cap Core”), Nuveen Large Cap Growth Fund (“Large Cap Growth”), Nuveen Concentrated Core Fund (“Concentrated Core”), Nuveen Core Dividend Fund (“Core Dividend”), Nuveen Large Cap Core Plus Fund (“Large Cap Core Plus”) and Nuveen Equity Market Neutral Fund (“Equity Market Neutral”) among others, and the Nuveen Investment Trust II is comprised of Nuveen Growth Fund (“Growth”) and Nuveen Equity Long/Short Fund (“Equity Long/Short”) (each a “Fund” and collectively, the “Funds”), as diversified funds, among others. The Nuveen Investment Trust and Nuveen Investment Trust II were each organized as Massachusetts business trusts on May 6, 1996 and June 27, 1997, respectively.

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

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 within the market capitalization range of the companies in the Russell 1000^® Index on the last business day of the month in which its most recent reconstitution was completed. Reconstitution of the index currently is completed in June of each year. On June 30, 2015, the range was $1.6 billion to $723 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.

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 within the market capitalization range of the companies in the Russell 1000^® Index on the last business day of the month in which its most recent reconstitution was completed. Reconstitution of the index currently is completed in June of each year. On June 30, 2015, the range was $1.6 billion to $723 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 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 within the market capitalization range of the companies in the Russell 1000^® Index on the last business day of the month in which its most recent reconstitution was completed. Reconstitution of the index currently is completed in June of each year. On June 30, 2015, the range was $1.6 billion to $723 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.

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.


	124			Nuveen Investments

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.

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 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 within the market capitalization range of the companies in the Russell 1000^® Index on the last business day of the month in which its most recent reconstitution was completed. Reconstitution of the index currently is completed in June of each year. On June 30, 2015, the range was $1.6 billion to $723 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 the proceeds 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.

Equity Long/Short

Equity Long/Short’s investment objective is 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 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%.

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			125

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 earmarked securities in their 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 did not have any 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 are declared and distributed to shareholders annually, except Core Dividend will pay income dividends quarterly. Net realized capital gains from investment transactions, if any, are declared and distributed to shareholders at least annually. Furthermore, capital gains are distributed only to the extent they exceed available capital loss carryforwards.

Share Classes and Sales Charges

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.

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


	126			Nuveen Investments

netting agreements allows each Fund to offset certain securities and derivatives with a specific counterparty as well as 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			127

Notes to Financial Statements (Unaudited) (continued)


Large Cap Value		Level 1			Level 2		Level 3		Total
Long-Term Investments*:
Common Stocks		$	355,296,880		$	—	$	—	$	355,296,880
Short-Term Investments:
Repurchase Agreements			—			767,472		—		767,472
Total		$	355,296,880		$	767,472	$	—	$	356,064,352

Large Cap Core
Long-Term Investments*:
Common Stocks		$	232,412,831		$	—	$	—	$	232,412,831

Large Cap Growth
Long-Term Investments*:
Common Stocks		$	90,974,719		$	—	$	—	$	90,974,719

Concentrated Core
Long-Term Investments*:
Common Stocks		$	113,455,330		$	—	$	—	$	113,455,330

Core Dividend
Long-Term Investments*:
Common Stocks		$	39,589,380		$	—	$	—	$	39,589,380

Growth
Long-Term Investments*:
Common Stocks		$	44,065,256		$	—	$	—	$	44,065,256

Large Cap Core Plus
Long-Term Investments*:
Common Stocks		$	99,770,854		$	—	$	—	$	99,770,854
Common Stocks Sold Short*			(23,054,359	)		—		—		(23,054,359	)
Total		$	76,716,495		$	—	$	—	$	76,716,495

Equity Long/Short
Long-Term Investments*:
Common Stocks		$	166,635,697		$	—	$	—	$	166,635,697
Short-Term Investments:
Repurchase Agreements			—			8,509,148		—		8,509,148
Common Stocks Sold Short*			(82,554,930	)		—		—		(82,554,930	)
Total		$	84,080,767		$	8,509,148	$	—	$	92,589,915

Equity Market Neutral	��
Long-Term Investments*:
Common Stocks		$	66,324,581		$	—	$	—	$	66,324,581
Short-Term Investments:
Repurchase Agreements			—			4,554,528		—		4,554,528
Common Stocks Sold Short*			(50,720,915	)		—		—		(50,720,915	)
Total		$	15,603,666		$	4,554,528	$	—	$	20,158,194

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


	128			Nuveen Investments

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.

(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 a Fund may invest in securities and/or contracts that are denominated in a currency other than U.S. dollars, the Funds will be subject to currency risk, which is the risk that an increase in the U.S. dollar relative to the foreign currency will reduce returns or portfolio value. Generally, when the U.S. dollar rises in value against a foreign currency, the Funds’ investments denominated in that currency will lose value because its currency is worth fewer U.S. dollars; the opposite effect occurs if the U.S. dollar falls in relative value. Investments and other assets and liabilities denominated in foreign currencies are converted into U.S. dollars on a spot (i.e. cash) basis at the spot rate prevailing in the foreign currency exchange market at the time of valuation. Purchases and sales of investments and income denominated in foreign currencies are translated into U.S. dollars on the respective dates of such transactions.

The books and records of the Funds are maintained in U.S. dollars. Foreign currencies, assets and liabilities are translated into U.S. dollars at 4:00 p.m. Eastern Time. Investment transactions, income and expenses are translated on the respective dates of such transactions. Net realized foreign currency gains and losses resulting from changes in exchange rates include foreign currency gains and losses between trade date and settlement date of the transactions, foreign currency transactions and the difference between the amounts of interest and dividends recorded on the books of the Funds and the amounts actually received.

The realized gains and losses resulting from changes in foreign currency exchange rates and changes in foreign exchange rates associated with (i) foreign currency, (ii) investments, (iii) investments in derivatives and (iv) 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.


Nuveen Investments			129

Notes to Financial Statements (Unaudited) (continued)

The following table presents the repurchase agreements for the following 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
Large Cap Value	Fixed Income Clearing Corporation	$	767,472	$	(767,472	)	$	—
Equity Long/Short	Fixed Income Clearing Corporation		8,509,148		(8,509,148	)		—
Equity Market Neutral	Fixed Income Clearing Corporation		4,554,528		(4,554,528	)		—

*	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

Large Cap Core Plus, Equity Long/Short and Equity Market Neutral 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 expenses” 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.

Market and Counterparty Credit Risk


	130			Nuveen Investments

4. Fund Shares

Transactions in Fund shares during the current and prior fiscal period were as follows:


	Six Months Ended 2/29/16						Year Ended 8/31/15
Large Cap Value	Shares			Amount			Shares			Amount
Shares sold:
Class A		250,374		$	5,386,936			1,172,532		$	30,517,179
Class C		215,152			4,279,206			554,774			14,010,964
Class R3		3,419			68,879			6,826			170,216
Class I		1,760,997			39,423,205			2,408,463			62,933,090
Shares issued to shareholders due to reinvestment of distributions:
Class A		932,097			19,747,901			1,149,064			28,468,365
Class C		100,958			2,037,698			109,023			2,575,721
Class R3		—			—			—			—
Class I		427,534			9,122,298			446,008			11,139,170
		3,690,531			80,066,123			5,846,690			149,814,705
Shares redeemed:
Class A		(1,178,061	)		(25,719,435	)		(1,382,590	)		(35,629,587	)
Class C		(330,981	)		(6,703,660	)		(244,176	)		(6,062,351	)
Class R3		(5,456	)		(124,888	)		(1,784	)		(46,538	)
Class I		(1,185,504	)		(26,524,724	)		(2,176,486	)		(54,771,429	)
		(2,700,002	)		(59,072,707	)		(3,805,036	)		(96,509,905	)
Net increase (decrease)		990,529		$	20,993,416			2,041,654		$	53,304,800

	Six Months Ended 2/29/16						Year Ended 8/31/15
Large Cap Core	Shares			Amount			Shares			Amount
Shares sold:
Class A		591,820		$	15,082,920			1,442,539		$	38,956,437
Class C		483,606			12,057,248			1,448,568			38,899,575
Class I		1,633,140			39,811,541			5,124,457			138,793,248
Shares issued to shareholders due to reinvestment of distributions:
Class A		30,741			787,826			10,276			268,128
Class C		19,378			488,712			7,729			199,577
Class I		83,078			2,132,950			46,821			1,229,504
		2,841,763			70,361,197			8,080,390			218,346,469
Shares redeemed:
Class A		(265,459	)		(6,602,949	)		(235,480	)		(6,350,713	)
Class C		(208,098	)		(5,145,656	)		(118,466	)		(3,164,057	)
Class I		(1,733,572	)		(43,204,967	)		(1,338,334	)		(35,895,413	)
		(2,207,129	)		(54,953,572	)		(1,692,280	)		(45,410,183	)
Net increase (decrease)		634,634		$	15,407,625			6,388,110		$	172,936,286


Nuveen Investments			131

Notes to Financial Statements (Unaudited) (continued)


	Six Months Ended 2/29/16						Year Ended 8/31/15
Large Cap Growth	Shares			Amount			Shares			Amount
Shares sold:
Class A		277,562		$	6,930,299			959,396		$	25,308,076
Class C		124,175			3,072,974			261,754			6,906,543
Class I		222,687			5,586,922			1,508,405			40,203,063
Shares issued to shareholders due to reinvestment of distributions:
Class A		43,626			1,081,231			19,074			481,971
Class C		7,408			180,759			2,262			56,594
Class I		48,184			1,196,740			18,658			473,726
		723,642			18,048,925			2,769,549			73,429,973
Shares redeemed:
Class A		(288,662	)		(7,109,782	)		(142,352	)		(3,752,445	)
Class C		(34,100	)		(827,222	)		(42,218	)		(1,102,348	)
Class I		(352,446	)		(8,740,019	)		(259,650	)		(6,958,461	)
		(675,208	)		(16,677,023	)		(444,220	)		(11,813,254	)
Net increase (decrease)		48,434		$	1,371,902			2,325,329		$	61,616,719

	Six Months Ended 2/29/16						Year Ended 8/31/15
Concentrated Core	Shares			Amount			Shares			Amount
Shares sold:
Class A		489,371		$	12,818,396			2,372,515		$	66,296,117
Class C		234,329			5,981,642			904,844			25,204,557
Class I		426,591			11,066,574			3,011,031			84,301,612
Shares issued to shareholders due to reinvestment of distributions:
Class A		85,190			2,233,297			11,900			322,682
Class C		37,758			972,268			2,005			53,670
Class I		76,728			2,016,359			21,028			576,457
		1,349,967			35,088,536			6,323,323			176,755,095
Shares redeemed:
Class A		(462,549	)		(11,937,034	)		(652,505	)		(18,271,599	)
Class C		(94,186	)		(2,305,612	)		(35,199	)		(993,597	)
Class I		(982,734	)		(25,361,616	)		(1,381,414	)		(39,096,480	)
		(1,539,469	)		(39,604,262	)		(2,069,118	)		(58,361,676	)
Net increase (decrease)		(189,502	)	$	(4,515,726	)		4,254,205		$	118,393,419

	Six Months Ended 2/29/16						Year Ended 8/31/15
Core Dividend	Shares			Amount			Shares			Amount
Shares sold:
Class A		280,297		$	6,508,825			677,046		$	17,471,941
Class C		42,214			981,287			181,535			4,712,492
Class I		47,141			1,103,825			577,577			14,930,446
Shares issued to shareholders due to reinvestment of distributions:
Class A		21,125			495,398			23,140			583,565
Class C		4,646			108,749			4,942			123,819
Class I		15,426			361,635			18,711			472,612
		410,849			9,559,719			1,482,951			38,294,875
Shares redeemed:
Class A		(186,893	)		(4,344,647	)		(165,390	)		(4,215,173	)
Class C		(37,914	)		(866,985	)		(22,582	)		(573,886	)
Class I		(259,908	)		(5,977,177	)		(102,674	)		(2,603,063	)
		(484,715	)		(11,188,809	)		(290,646	)		(7,392,122	)
Net increase (decrease)		(73,866	)	$	(1,629,090	)		1,192,305		$	30,902,753


	132			Nuveen Investments


	Six Months Ended 2/29/16						Year Ended 8/31/15
Growth	Shares			Amount			Shares			Amount
Shares sold:
Class A		85,047		$	2,278,025			88,331		$	2,648,878
Class C		29,081			731,411			60,647			1,685,644
Class R3		3,553			89,285			202			6,079
Class I		183,544			5,172,873			702,991			21,615,333
Shares issued to shareholders due to reinvestment of distributions:
Class A		35,019			928,930			19,192			547,540
Class C		31,632			768,666			21,812			580,653
Class R3		—			—			—			—
Class I		129,712			3,505,203			89,761			2,596,783
		497,588			13,474,393			982,936			29,680,910
Shares redeemed:
Class A		(61,645	)		(1,668,018	)		(312,365	)		(9,489,916	)
Class C		(53,990	)		(1,346,780	)		(57,044	)		(1,590,577	)
Class R3		(1	)		(21	)		(52	)		(1,559	)
Class I		(252,478	)		(6,886,503	)		(585,673	)		(17,729,600	)
		(368,114	)		(9,901,322	)		(955,134	)		(28,811,652	)
Net increase (decrease)		129,474		$	3,573,071			27,802		$	869,258

	Six Months Ended 2/29/16						Year Ended 8/31/15
Large Cap Core Plus	Shares			Amount			Shares			Amount
Shares sold:
Class A		119,490		$	2,947,363			874,874		$	23,363,281
Class C		53,654			1,311,306			542,240			14,308,551
Class I		157,296			3,922,442			2,509,047			66,615,484
Shares issued to shareholders due to reinvestment of distributions:
Class A		25,675			635,281			25,523			658,502
Class C		22,462			545,366			10,641			271,761
Class I		87,025			2,162,041			70,105			1,816,003
		465,602			11,523,799			4,032,430			107,033,582
Shares redeemed:
Class A		(150,045	)		(3,673,956	)		(481,277	)		(12,670,678	)
Class C		(119,020	)		(2,852,807	)		(25,955	)		(670,827	)
Class I		(1,223,915	)		(29,313,549	)		(1,079,281	)		(28,323,550	)
		(1,492,980	)		(35,840,312	)		(1,586,513	)		(41,665,055	)
Net increase (decrease)		(1,027,378	)	$	(24,316,513	)		2,445,917		$	65,368,527

	Six Months Ended 2/29/16						Year Ended 8/31/15
Equity Long/Short	Shares			Amount			Shares			Amount
Shares sold:
Class A		325,918		$	10,826,011			593,954		$	19,697,958
Class C		78,071			2,453,791			154,640			4,862,175
Class I		1,291,061			43,684,076			1,493,850			50,150,549
Shares issued to shareholders due to reinvestment of distributions:
Class A		—			—			1,069			35,095
Class C		—			—			428			13,356
Class I		—			—			2,217			73,967
		1,695,050			56,963,878			2,246,158			74,833,100
Shares redeemed:
Class A		(144,433	)		(4,760,236	)		(265,615	)		(8,676,903	)
Class C		(26,127	)		(788,224	)		(27,632	)		(861,007	)
Class I		(823,413	)		(25,885,968	)		(385,716	)		(13,041,983	)
		(993,973	)		(31,434,428	)		(678,963	)		(22,579,893	)
Net increase (decrease)		701,077		$	25,529,450			1,567,195		$	52,253,207


Nuveen Investments			133

Notes to Financial Statements (Unaudited) (continued)


	Six Months Ended 2/29/16						Year Ended 8/31/15
Equity Market Neutral	Shares			Amount			Shares			Amount
Shares sold:
Class A		218,070		$	4,737,329			290,690		$	6,267,867
Class C		34,820			746,103			31,840			679,574
Class I		1,266,462			27,575,379			1,037,896			22,343,491
Shares issued to shareholders due to reinvestment of distributions:
Class A		7,168			157,697			1,323			29,023
Class C		1,543			33,306			285			6,179
Class I		24,585			544,313			3,611			79,505
		1,552,648			33,794,127			1,365,645			29,405,639
Shares redeemed:
Class A		(154,445	)		(3,359,758	)		(242,965	)		(5,189,127	)
Class C		(13,825	)		(293,152	)		(28,783	)		(613,845	)
Class I		(167,003	)		(3,634,991	)		(937,711	)		(20,264,907	)
		(335,273	)		(7,287,901	)		(1,209,459	)		(26,067,879	)
Net increase (decrease)		1,217,375		$	26,506,226			156,186		$	3,337,760

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:


	Large Cap Value		Large Cap Core		Large Cap Growth		Concentrated Core		Core Dividend
Purchases	$	283,439,686	$	154,794,889	$	51,511,566	$	64,905,261	$	25,570,757
Sales		296,011,254		144,291,322		53,613,243		73,971,195		27,673,012


	Growth		Large Cap Core Plus		Equity Long/Short		Equity Market Neutral
Purchases	$	13,348,228	$	111,384,534	$	341,118,338	$	92,296,010
Sales		14,818,720		139,687,164		316,976,793		87,604,116

6. Income Tax Information

As of February 29, 2016, the cost and unrealized appreciation (depreciation) of investments (excluding common stocks sold short), as determined on a federal income tax basis, were as follows:


	Large Cap Value			Large Cap Core			Large Cap Growth			Concentrated Core			Core Dividend
Cost of investments	$	381,008,583		$	245,370,938		$	93,569,130		$	123,685,954		$	42,352,516
Gross unrealized:
Appreciation	$	20,096,802		$	11,317,827		$	4,750,017		$	3,490,752		$	1,864,536
Depreciation		(45,041,033	)		(24,275,934	)		(7,344,428	)		(13,721,376	)		(4,627,672	)
Net unrealized appreciation (depreciation) of investments	$	(24,944,231	)	$	(12,958,107	)	$	(2,594,411	)	$	(10,230,624	)	$	(2,763,136	)


	134			Nuveen Investments


	Growth			Large Cap Core Plus			Equity Long/Short			Equity Market Neutral
Cost of investments	$	40,088,932		$	105,094,074		$	178,342,664		$	74,082,976
Gross unrealized:
Appreciation	$	6,173,011		$	5,484,794		$	6,984,950		$	3,162,256
Depreciation		(2,196,687	)		(10,808,014	)		(10,182,769	)		(6,366,123	)
Net unrealized appreciation (depreciation) of investments	$	3,976,324		$	(5,323,220	)	$	(3,197,819	)	$	(3,203,867	)

Permanent differences, primarily due to investments in short sales, real estate investment trust adjustments, investments in partnerships and tax equalization resulted in reclassifications among the Funds’ components of net assets as of August 31, 2015, the Funds’ last tax year end, as follows:


	Large Cap Value			Large Cap Core			Large Cap Growth			Concentrated Core		Core Dividend
Capital paid-in	$	3,067,906		$	282,654		$	—		$	—	$	1
Undistributed (Over-distribution of) net investment income		105,315			(4,351	)		2,700			—		(2,453	)
Accumulated net realized gain (loss)		(3,173,221	)		(278,303	)		(2,700	)		—		2,452


	Growth			Large Cap Core Plus			Equity Long/Short			Equity Market Neutral
Capital paid-in	$	1,128,263		$	—		$	(291,765	)	$	(271,672	)
Undistributed (Over-distribution of) net investment income		—			33,629			367,989			304,364
Accumulated net realized gain (loss)		(1,128,263	)		(33,629	)		(76,224	)		(32,692	)

The tax components of undistributed net ordinary income and net long-term capital gains as of August 31, 2015, the Funds’ last tax year end, were as follows:


	Large Cap Value		Large Cap Core		Large Cap Growth		Concentrated Core		Core Dividend
Undistributed net ordinary income¹	$	13,676,336	$	3,893,593	$	2,090,022	$	4,509,573	$	585,303
Undistributed net long-term capital gains		23,353,667		1,239,710		1,755,290		835,142		140,642


	Growth		Large Cap Core Plus		Equity Long/Short		Equity Market Neutral
Undistributed net ordinary income¹	$	840,946	$	1,480,675	$	—	$	—
Undistributed net long-term capital gains		4,709,920		2,393,002		—		369,761

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, 2015, was designated for purposes of the dividends paid deduction as follows:


	Large Cap Value		Large Cap Core		Large Cap Growth		Concentrated Core		Core Dividend
Distributions from net ordinary income¹	$	35,484,644	$	2,448,979	$	2,228,618	$	923,688	$	1,211,713
Distributions from net long-term capital gains		15,620,261		72,389		6,695		69,574		37,745


	Growth		Large Cap Core Plus		Equity Long/Short		Equity Market Neutral
Distributions from net ordinary income¹	$	68,225	$	3,149,388	$	—	$	47,365
Distributions from net long-term capital gains		4,368,689		128,652		123,104		99,835

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

As of August 31, 2015, 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.

The following 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		Equity Market Neutral
Post-October capital losses²	$	417,869	$	—
Late-year ordinary losses³		180,487		304,747

²	Capital losses incurred from November 1, 2014 through August 31, 2015, the Funds’ last tax year end.

³	Ordinary losses incurred from January 1, 2015 through August 31, 2015, and/or specified losses incurred from November 1, 2014 through August 31, 2015.


Nuveen Investments			135

Notes to Financial Statements (Unaudited) (continued)

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	Large Cap Value			Large Cap Core			Large Cap Growth			Concentrated Core			Core Dividend			Growth			Large Cap Core Plus			Equity Long/Short			Equity Market Neutral
For the first $125 million		0.5500	%		0.5500	%		0.5500	%		0.6500	%		0.5500	%		0.5000	%		1.0000	%		1.1000	%		1.1000	%
For the next $125 million		0.5375			0.5375			0.5375			0.6375			0.5375			0.4875			0.9875			1.0875			1.0875
For the next $250 million		0.5250			0.5250			0.5250			0.6250			0.5250			0.4750			0.9750			1.0750			1.0750
For the next $500 million		0.5125			0.5125			0.5125			0.6125			0.5125			0.4625			0.9625			1.0625			1.0625
For the next $1 billion		0.5000			0.5000			0.5000			0.6000			0.5000			0.4500			0.9500			1.0500			1.0500
For net assets over $2 billion		0.4750			0.4750			0.4750			0.5750			0.4750			0.4250			0.9250			1.0250			1.0250

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 29, 2016, the complex-level fee for each Fund was 0.1640%.

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
Large Cap Value		N/A		N/A		1.20	%
Large Cap Core		0.95	%	December 31, 2016		N/A
Large Cap Growth		0.95		December 31, 2016		N/A
Concentrated Core		1.00		December 31, 2016		N/A
Core Dividend		0.95		December 31, 2016		N/A
Growth		1.00		December 31, 2016		1.40
Large Cap Core Plus		1.25		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

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


	136			Nuveen Investments

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.


	Large Cap Value		Large Cap Core		Large Cap Growth		Concentrated Core		Core Dividend
Sales charges collected	$	39,443	$	217,120	$	29,777	$	68,271	$	33,923
Paid to financial intermediaries		35,320		193,546		26,849		60,025		29,817

			Growth		Large Cap Core Plus		Equity Long/Short		Equity Market Neutral
Sales charges collected			$	16,136	$	28,057	$	96,449	$	5,009
Paid to financial intermediaries				14,135		25,503		84,614		4,907

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


	Large Cap Value		Large Cap Core		Large Cap Growth		Concentrated Core		Core Dividend
Commission advances	$	29,384	$	127,099	$	28,218	$	51,781	$	6,714

			Growth		Large Cap Core Plus		Equity Long/Short		Equity Market Neutral
Commission advances			$	3,290	$	15,798	$	23,122	$	7,537

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:


	Large Cap Value		Large Cap Core		Large Cap Growth		Concentrated Core		Core Dividend
12b-1 fees retained	$	31,980	$	176,483	$	31,732	$	114,177	$	19,632

			Growth		Large Cap Core Plus		Equity Long/Short		Equity Market Neutral
12b-1 fees retained			$	2,061	$	58,199	$	25,804	$	3,373

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:


	Large Cap Value		Large Cap Core		Large Cap Growth		Concentrated Core		Core Dividend
CDSC retained	$	2,617	$	8,356	$	1,823	$	3,504	$	1,131

			Growth		Large Cap Core Plus		Equity Long/Short		Equity Market Neutral
CDSC retained			$	665	$	2,056	$	2,256	$	1,356

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


	Large Cap Value		Core Dividend		Growth
Class A Shares		—		2,013		—
Class C Shares		—		2,015		—
Class R3 Shares		2,126		N/A		2,125
Class I Shares		—		36,228		—

N/A – Fund does not offer share class.


Nuveen Investments			137

Notes to Financial Statements (Unaudited) (continued)

8. Borrowing Arrangements

The credit facility has the following terms: a fee of 0.15% per annum on unused commitment amounts, and interest at a rate equal to the higher of (a) one-month LIBOR (London Inter-Bank Offered Rate) plus 1.25% per annum or (b) the Fed Funds rate plus 1.25% per annum on amounts borrowed. Participating Funds paid administration, legal and arrangement fees, which are recognized as a component of “Other expenses” on the Statement of Operations, and along with commitment fees, have been allocated among such Participating Funds based upon the relative proportions of the facility’s aggregate capacity reserved for them and other factors deemed relevant by the Adviser and the Board of each Participating Fund.

During the current fiscal period, none of the Funds utilized this facility.


	138			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			139

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.

Price/Earnings (P/E) Ratio: is calculated by dividing the current price of the stock by its forecasted 12 months’ earnings per share. The average of the price/earnings ratio of a fund is a weighted harmonic average of all the current P/E ratios (excluding negatives) of the stocks in the fund’s portfolio. This should not be construed as a forecast of the Fund’s performance.


	140			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			141

Notes


	142			Nuveen Investments

Notes


Nuveen Investments			143

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-0216D 15316-INV-B-04/17

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 5, 2016

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 5, 2016

(Signature and Title)

/s/ Stephen D. Foy

Stephen D. Foy

Vice President and Controller

(principal financial officer)

Date: May 5, 2016

Nuveen Investment Trust N-CSRSCertified semi-annual shareholder report (management investment company)