Nuveen Small Cap Value Fund (FSCAX) N-CSR Certified annual shareholder report (management investment company)

UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

FORM N-CSR

CERTIFIED SHAREHOLDER REPORT OF REGISTERED MANAGEMENT

INVESTMENT COMPANIES

Investment Company Act file number 811-05309

Nuveen Investment Funds, Inc.

(Exact name of registrant as specified in charter)

Nuveen Investments

333 West Wacker Drive, Chicago, IL 60606

(Address of principal executive offices) (Zip code)

Kevin J. McCarthy

Nuveen Investments

333 West Wacker Drive

Chicago, IL 60606

(Name and address of agent for service)

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

Date of fiscal year end: October 31

Date of reporting period: October 31, 2013

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

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

ITEM 1. REPORTS TO STOCKHOLDERS.

Mutual Funds

Nuveen Index Funds

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

Annual Report  October 31, 2013

	Share Class / Ticker Symbol
Fund Name	Class A	Class B	Class C	Class R3	Class I
Nuveen Equity Index Fund	FAEIX	FAEQX	FCEIX	FADSX	FEIIX
Nuveen Mid Cap Index Fund	FDXAX	—	FDXCX	FMCYX	FIMEX
Nuveen Small Cap Index Fund	FMDAX	—	FPXCX	ARSCX	ASETX

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Table of Contents

Chairman’s Letter to Shareholders	4
Portfolio Managers’ Comments	5
Risk Considerations	9
Fund Performance and Expense Ratios	11
Holding Summaries	18
Expense Examples	21
Report of Independent Registered Public Accounting Firm	23
Portfolios of Investments	24
Statement of Assets and Liabilities	112
Statement of Operations	113
Statement of Changes in Net Assets	114
Financial Highlights	116
Notes to Financial Statements	122
Trustees and Officers	133
Annual Investment Management Agreement Approval Process	137
Glossary of Terms Used in this Report	145
Additional Fund Information	147

Nuveen Investments 3

Chairman’s Letter to Shareholders

Dear Shareholders,

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

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

On the domestic front, recent events such as the Federal Reserve decision to slow down its bond buying program beginning in January of 2014 and the federal budget compromise that would guide government spending into 2015 are both positives for the economy moving forward. Corporate fundamentals are strong as earnings per share and corporate cash are at the highest level in two decades. Unemployment is trending down and the housing market has experienced a rebound, each assisting the positive economic scenario. However, there are some issues to be watched. Interest rates are expected to increase but significant uncertainty about the timing remains. Partisan politics in Washington D.C. with their troublesome outcome add to the uncertainties that could cause problems for the economy going forward.

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

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

Sincerely,

William J. Schneider

Chairman of the Board

December 23, 2013

4 Nuveen Investments

Portfolio Managers’ Comments

Nuveen Equity Index Fund

Nuveen Mid Cap Index Fund

Nuveen Small Cap Index Fund

These Funds feature portfolio management by Nuveen Asset Management, LLC, an affiliate of Nuveen Investments. Walter A. French and David A. Friar are the portfolio managers for the Funds. Walt has managed the Nuveen Equity Index Fund since 1999 and David has managed the Nuveen Equity Index Fund since 2000. Walt and David have managed the Nuveen Mid Cap Index Fund and the Nuveen Small Cap Index Fund since 2001. Here the portfolio managers examine economic and equity market conditions, key investment strategies and the Funds’ performance for the twelve-month period ended October 31, 2013.

What factors affected the U.S. economy and the equity market during the twelve-month reporting period ended October 31, 2013?

During this reporting period, the U.S. economy’s progress toward recovery from recession continued at a moderate pace. The Federal Reserve (Fed) maintained its efforts to improve the overall economic environment by holding the benchmark fed funds rate at the record low level of zero to 0.25% that it established in December 2008. The Fed also continued its monthly purchases of $40 billion of mortgage-backed securities and $45 billion of longer-term Treasury securities in an open-ended effort to bolster growth and promote progress toward the Fed’s mandates of maximum employment and price stability. At its June 2013 meeting, the Fed indicated that it believed downside risks to the economy had diminished since the autumn of 2012. Subsequent comments by Fed Chairman Ben Bernanke suggested that the Fed might begin to reduce, or taper, its asset purchase program later in 2013. However, in September 2013, the Fed surprised the market by announcing that it had decided to wait for more evidence that the progress it discerned in June was sustainable before it made any adjustments to the pace of the purchase program. At its October 2013 meeting, the central bank reiterated this decision and said that it expected to continue its “highly accommodative stance of monetary policy” for “a considerable time” after the purchase program ends and the economic recovery strengthens. Finally, in December of 2013, the Fed announced a decision to slow down its bond buying program beginning in January of 2014.

In the third quarter of 2013, the U.S. economy, as measured by the U.S. gross domestic product (GDP), grew at an annualized rate of 2.8%, up from 2.5% for the second quarter of 2013, continuing the pattern of positive economic growth for the tenth consecutive quarter. The Consumer Price Index (CPI) rose 1.0% year-over-year as of October 2013, while the core CPI (which excludes food and energy) increased 1.7% during the same period, staying within the Fed’s unofficial objective of 2.0% or lower for this inflation measure. Improvements in the labor markets continued to be slow, and unemployment remained above the Federal Reserve’s target of 6.5%. As of October 2013, the national unemployment rate was 7.3%, up from 7.2% in September 2013 but below the 7.9% reported in October 2012. The slight uptick in October’s number reflected the increase in federal employees furloughed due to the government shutdown that month. The housing market continued to deliver good news, as the average home price in the S&P/Case-Shiller Index of 20 major metropolitan areas rose 13.3% for the twelve months ended September 2013 (most recent data available at the time this report was prepared), the largest twelve-month percentage gain for the index since February 2006.

Certain statements in this report are forward-looking statements. Discussions of specific investments are for illustration only and are not intended as recommendations of individual investments. The forward-looking statements and other views expressed herein are those of the portfolio managers as of the date of this report. Actual future results or occurrences may differ significantly from those anticipated in any forward-looking statements and the views expressed herein are subject to change at any time, due to numerous market and other factors. The Funds disclaim any obligation to update publicly or revise any forward-looking statements or views expressed herein.

Nuveen Investments 5

Portfolio Managers’ Comments (continued)

Early in this reporting period, the outlook for the U.S. economy was clouded by uncertainty about global financial markets and the outcome of the “fiscal cliff.” The tax consequences of the fiscal cliff situation were averted through a last-minute deal that raised payroll taxes, but left in place a number of tax breaks, including tax exemptions on municipal bond interest. However, lawmakers failed to reach a resolution on $1.2 trillion in spending cuts intended to address the federal budget deficit. This triggered a program of automatic spending cuts (or sequestration) that impacted federal programs beginning March 1, 2013. Although Congress later passed legislation that established federal funding levels for the remainder of fiscal 2013, the federal budget for fiscal 2014 continued to be debated. On October 1, 2013, the start date for fiscal 2014, the federal government shut down for 16 days until an interim appropriations bill was signed into law, funding the government at sequestration levels through January 15, 2014, and suspending the debt limit until February 7, 2014. Subsequent to the close of this reporting period, Congress preliminarily passed a federal budget deal that would guide government spending into 2015 and defuse the chances of another shutdown of it wins final passage. In addition to the ongoing political debate over federal spending, Chairman Bernanke’s June 2013 remarks about tapering the Federal Reserve’s asset purchase program touched off widespread uncertainty about the next step for the Fed’s quantitative easing program and about the potential impact on the economy and financial markets, leading to increased market volatility.

For much of the reporting period, low interest rates and a fairly benign macro environment caused U.S. investors to move out the risk spectrum, resulting in robust flows into U.S. equity funds. Leading U.S. stock market indexes, including the S&P 500^® Index, the Dow Jones Industrial Average and the Russell 2000^® Index, each hit all-time highs during the reporting period. The S&P 500^® Index gained 27% during the reporting period. Sluggish global growth, muted global inflation and ongoing fiscal drag provided a backdrop for continued monetary policy actions outside the U.S. as well, which drove strong equity market advances globally. In Japan, newly elected Prime Minister Shinzo Abe articulated policies designed to reinvigorate Japan’s weak economy. Widespread optimism for his strategies led to a massive rally in the Japanese equity market, which was up 34% during this reporting period, according to MSCI Japan Index. Elsewhere, the European Central Bank signaled an extended period of low rates while the U.K.’s Bank of England pursued its most aggressive monetary policy to date. Returns for developed markets outside the U.S. were very strong, as evidenced by the MSCI EAFE Index’s advance of 26% for the reporting period. In emerging market countries, which are more dependent on global growth and commodity prices, stocks significantly lagged developed markets with a 6% return during this reporting period, according to the MSCI Emerging Market Index.

Nuveen Equity Index Fund

How did the Fund perform during the twelve-month reporting period ended October 31, 2013?

The tables in the Fund Performance and Expense Ratios section of this report provide Class A Share total returns for the Fund for the one-year, five-year and ten-year periods ended October 31, 2013. The Fund’s Class A Shares performed in-line with the Lipper S&P 500^® Index Objective Funds Classification Average, but underperformed the S&P 500^® Index for the twelve-month period.

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

The Fund is invested to replicate the return of the S&P 500^® Index as closely as possible, with consideration given to turnover costs and fees. S&P/Dow Jones changes the index definition as often as weekly, deleting firms as they are acquired or when the membership committee determines that a firm is no longer representative of the index definition. Additionally, index weights are changed to reflect merger and acquisition (M&A) activity or share issuance and repurchasing. These changes typically result in low turnover, well below 20% per year. We believe the Fund’s objective can best be achieved by investing in approximately 90% to 100% of the issues included in the S&P 500^® Index,

6 Nuveen Investments

depending on the size of the Fund. During the reporting period, we held essentially all of the issues found in the index. In addition, we aggressively tracked and implemented the occasional changes to index member names, as well as changes to the relative weights in the index.

The Fund performed very similarly to the index during the reporting period. The top performing sectors in the index were consumer discretionary, industrials and health care, which all advanced significantly. The three lowest performing sectors were utilities, telecommunications services and energy. Also during the reporting period, we continued to invest in S&P 500^® Index futures to convert cash into the equivalent of an S&P 500^® Index holding in order to manage cash flow activity and minimize tracking error to the Fund’s benchmark index. These contracts are used as a means to efficiently gain exposure to a broad base of equity securities. The Fund’s holdings of futures, which were matched to the level of cash, were helpful in keeping the Fund fully invested, neither overexposed nor underexposed to equities, despite cash flows. Due to rising equity prices over the reporting period, these positions modestly benefited performance.

Nuveen Mid Cap Index Fund

How did the Fund perform during the twelve-month reporting period ended October 31, 2013?

The tables in the Fund Performance and Expense Ratios section of this report provide Class A Share total returns for the Fund for the one-year, five-year and ten-year periods ended October 31, 2013. The Fund’s Class A Shares underperformed both the Lipper Mid-Cap Core Funds Classification Average and the S&P MidCap 400^® Index.

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

The Fund is invested to replicate the return of the S&P MidCap 400^® Index as closely as possible, with consideration given to turnover costs and fees. S&P/Dow Jones changes the index definition as often as weekly, deleting firms as they are acquired or when the membership committee determines that a firm is no longer representative of the index definition. Additionally, index weights are changed to reflect mergers and acquisitions (M&A) activity or share issuance and repurchasing. These changes typically result in low turnover, well below 20% per year. We believe the Fund’s objective can best be achieved by investing in approximately 90% to 100% of the issues included in the S&P MidCap 400^® Index, depending on the size of the Fund. During the reporting period, we held essentially all of the issues found in the index. In addition, we aggressively tracked and implemented the occasional changes to index member names, as well as changes to the relative weights in the index.

The Fund performed very similarly to the index during the reporting period. The top performing sectors in the index were consumer staples, health care and industrials, each advancing significantly. The three lowest performing sectors were utilities, telecommunications services and materials. Also during the period, we continued to invest in S&P MidCap 400^® E-Mini Index futures to convert cash into the equivalent of an S&P MidCap 400^® Index holding in order to manage cash flow activity and minimize tracking error to the Fund’s benchmark index. These contracts are used as a means to efficiently gain exposure to a broad base of equity securities. The Fund’s holdings of futures, which were matched to the level of cash, were helpful in keeping the Fund fully invested, neither overexposed nor underexposed to equities, despite cash flows. Due to rising equity prices over the reporting period, these positions modestly benefited performance.

Nuveen Investments 7

Portfolio Managers’ Comments (continued)

Nuveen Small Cap Index Fund

How did the Fund perform during the twelve-month reporting period ended October 31, 2013?

The tables in the Fund Performance and Expense Ratios section of this report provide Class A Share total returns for the Fund for the one-year, five-year and ten-year periods ended October 31, 2013. The Fund’s Class A Shares outperformed the Lipper Small-Cap Core Funds Classification Average, but underperformed the Russell 2000^® Index.

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

The Fund is invested to replicate the return of the Russell 2000^® Index as closely as possible, with consideration given to turnover costs and fees. Russell Investments reconstitutes this index near the end of June each year, generally selecting the stocks that are numbered 1001 through 3000 of the largest eligible U.S. companies. (To reduce turnover expenses, companies near the 1000 breakpoint remain in their prior category.) Throughout the remainder of the year, the number of stocks in the index will vary as appropriate IPOs are added quarterly and stocks are removed because of M&A activity or delisting. Share changes due to issuance and repurchasing are adjusted monthly. During the reporting period, these changes resulted in an approximately 10% level of turnover. The majority of changes are from successful firms that move up to the Russell 1000^® Index. We believe the Fund’s objective can best be achieved by investing in approximately 90% to 100% of the issues included in the Russell 2000^® Index, depending on the size of the Fund. During the reporting period, we held essentially all of the issues found in the index. In addition, we aggressively tracked and implemented the occasional changes to index member names, as well as changes to the relative weights in the index.

The Fund performed very similarly to the index during the reporting period. The top performing sectors in the index were information technology, industrials and consumer staples, which all advanced significantly. The three lowest performing sectors were utilities, materials and telecommunications services. Also during the period, we continued to invest in Russell 2000^® E-Mini Index futures to convert cash into the equivalent of a Russell 2000^® Index holding in order to manage cash flow activity and minimize tracking error to the Fund’s benchmark index. These contracts are used as a means to efficiently gain exposure to a broad base of equity securities. The Fund’s holdings of futures, which were matched to the level of cash, were helpful in keeping the Fund fully invested, neither overexposed nor underexposed to equities, despite cash flows. Due to rising equity prices over the reporting period, these positions modestly benefited performance.

8 Nuveen Investments

Risk Considerations

Nuveen Equity Index Fund

Nuveen Mid Cap Index Fund

Nuveen Small Cap Index Fund

Mutual fund investing involves risk; principal loss is possible. The Funds’ investments in common stocks involve the risk of decline due to adverse company or industry news or a general economic decline. The use of derivatives involves substantial financial risk and transaction costs. In addition, each Fund may fail to match index performance. Small- and mid-cap stocks are subject to greater price volatility and liquidity risks.

Nuveen Investments 9

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Fund Performance and Expense Ratios

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

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

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

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

Comparative index and Lipper return information is provided for the Funds’ Class A Shares only.

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

Nuveen Investments 11

Fund Performance and Expense Ratios (continued)

Nuveen Equity Index Fund

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

Fund Performance

Average Annual Total Returns as of October 31, 2013

	Average Annual
	1-Year		5-Year		10-Year
Class A Shares		26.32%		14.55%		6.90%
S&P 500® Index*		27.18%		15.17%		7.46%
Lipper S&P 500® Index Objective Funds Classification Average*		26.46%		14.54%		6.94%
Class B Shares w/o CDSC		25.35%		13.70%		6.10%
Class B Shares w/CDSC		20.35%		13.58%		6.10%
Class C Shares		25.35%		13.70%		6.10%
Class R3 Shares		25.96%		14.27%		6.64%
Class I Shares		26.59%		14.83%		7.16%

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

	Average Annual
	1-Year		5-Year		10-Year
Class A Shares		18.58%		9.42%		7.00%
Class B Shares w/o CDSC		17.68%		8.60%		6.20%
Class B Shares w/CDSC		12.68%		8.45%		6.20%
Class C Shares		17.68%		8.61%		6.21%
Class R3 Shares		18.28%		9.15%		6.75%
Class I Shares		18.89%		9.70%		7.27%

Class A Shares have no sales charge and are available only through fee-based programs and certain retirement plans. Class B Shares have a contingent deferred sales charge (CDSC) that begins at 5% for redemptions during the first year and declines periodically until after six years when the charge becomes 0%. Class B Shares automatically convert to Class A Shares eight years after purchase. Class C Shares have a 1% CDSC for redemptions within less than twelve months, which is not reflected in the one-year total return. Class R3 Shares have no sales charge and are available to only certain retirement plans. Class I Shares have no sales charge and may be purchased under limited circumstances or by specified classes of investors.

Expense Ratios as of Most Recent Prospectus

	Gross Expense Ratios		Net Expense Ratios
Class A Shares		0.69%		0.62%
Class B Shares		1.44%		1.37%
Class C Shares		1.44%		1.37%
Class R3 Shares		0.94%		0.87%
Class I Shares		0.44%		0.37%

The Fund’s investment adviser has contractually agreed to waive fees and/or reimburse other Fund expenses through February 28, 2014, so that total annual Fund operating expenses, after fee waivers and/or expense reimbursements and excluding acquired fund fees and expenses, do not exceed 0.62%, 1.37%, 1.37%, 0.87% and 0.37% for Class A, Class B, Class C, Class R3 and Class I Shares, respectively. Fee waivers and/or expense reimbursements will not be terminated prior to that time without the approval of the Fund’s Board of Directors.

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

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

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

Nuveen Investments 13

Fund Performance and Expense Ratios (continued)

Nuveen Mid Cap Index Fund

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

Fund Performance

Average Annual Total Returns as of October 31, 2013

	Average Annual
	1-Year		5-Year		10-Year
Class A Shares		32.46%		18.92%		9.84%
S&P MidCap 400® Index*		33.48%		19.63%		10.44%
Lipper Mid-Cap Core Funds Classification Average*		33.03%		17.56%		8.90%
Class C Shares		31.51%		18.02%		9.02%
Class R3 Shares		32.16%		18.63%		9.58%
Class I Shares		32.82%		19.23%		10.11%

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

	Average Annual
	1-Year		5-Year		10-Year
Class A Shares		26.74%		12.45%		10.25%
Class C Shares		25.76%		11.61%		9.42%
Class R3 Shares		26.46%		12.17%		9.98%
Class I Shares		27.12%		12.72%		10.52%

Class A Shares have no sales charge and are available only through fee-based programs and certain retirement plans. Class C Shares have a 1% contingent deferred sales charge (CDSC) for redemptions within less than twelve months, which is not reflected in the one-year total return. Class R3 Shares have no sales charge and are available to only certain retirement plans. Class I Shares have no sales charge and may be purchased under limited circumstances or by specified classes of investors.

Expense Ratios as of Most Recent Prospectus

	Gross Expense Ratios		Net Expense Ratios
Class A Shares		0.82%		0.76%
Class C Shares		1.57%		1.51%
Class R3 Shares		1.07%		1.01%
Class I Shares		0.57%		0.51%

The Fund’s investment adviser has contractually agreed to waive fees and/or reimburse other Fund expenses through February 28, 2014, so that total annual Fund operating expenses, after fee waivers and/or expense reimbursements and excluding acquired fund fees and expenses, do not exceed 0.75%, 1.50%, 1.00% and 0.50% for Class A, Class C, Class R3 and Class I Shares, respectively. Fee waivers and/or expense reimbursements will not be terminated prior to that time without the approval of the Fund’s Board of Directors.

14 Nuveen Investments

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

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

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

Nuveen Investments 15

Fund Performance and Expense Ratios (continued)

Nuveen Small Cap Index Fund

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

Fund Performance

Average Annual Total Returns as of October 31, 2013

	Average Annual
	1-Year		5-Year		10-Year
Class A Shares		35.52%		16.48%		8.43%
Russell 2000® Index*		36.28%		17.04%		9.03%
Lipper Small-Cap Core Funds Classification Average*		34.76%		17.45%		9.16%
Class C Shares		34.57%		15.62%		7.60%
Class R3 Shares		35.24%		16.19%		8.15%
Class I Shares		35.82%		16.76%		8.67%

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

	Average Annual
	1-Year		5-Year		10-Year
Class A Shares		29.34%		10.75%		9.06%
Class C Shares		28.36%		9.91%		8.19%
Class R3 Shares		29.04%		10.46%		8.76%
Class I Shares		29.67%		11.01%		9.28%

Class A Shares have no sales charge and are available only through fee-based programs and certain retirement plans. Class C Shares have a 1% contingent deferred sales charge (CDSC) for redemptions within less than twelve months, which is not reflected in the one-year total return. Class R3 Shares have no sales charge and are available to only certain retirement plans. Class I Shares have no sales charge and may be purchased under limited circumstances or by specified classes of investors.

Expense Ratios as of Most Recent Prospectus

	Gross Expense Ratios		Net Expense Ratios
Class A Shares		1.32%		0.89%
Class C Shares		2.05%		1.64%
Class R3 Shares		1.57%		1.14%
Class I Shares		1.05%		0.64%

The Fund’s investment adviser has contractually agreed to waive fees and/or reimburse other Fund expenses through February 28, 2014, so that total annual Fund operating expenses, after fee waivers and/or expense reimbursements and excluding acquired fund fees and expenses, do not exceed 0.83%, 1.58%, 1.08% and 0.58% for Class A, Class C, Class R3 and Class I Shares, respectively. Fee waivers and/or expense reimbursements will not be terminated prior to that time without the approval of the Fund’s Board of Directors.

16 Nuveen Investments

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

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

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

Nuveen Investments 17

Holding Summariesas of October 31, 2013

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

Nuveen Equity Index Fund

Fund Allocation¹

Common Stocks	98.5%
Short-Term Investments	1.5%
Other2,3	0.0%

Portfolio Composition¹

Oil, Gas & Consumable Fuels	8.4%
Pharmaceuticals	5.9%
Diversified Financial Services	5.0%
Computers & Peripherals	4.0%
Media	3.8%
IT Services	3.4%
Software	3.3%
Insurance	3.0%
Commercial Banks	2.7%
Aerospace & Defense	2.7%
Industrial Conglomerates	2.5%
Chemicals	2.5%
Internet Software & Services	2.4%
Food & Staples Retailing	2.4%
Biotechnology	2.4%
Diversified Telecommunication Services	2.4%
Specialty Retail	2.3%
Beverages	2.2%
Capital Markets	2.1%
Household Products	2.1%
Health Care Equipment & Supplies	2.1%
Semiconductors & Equipment	2.0%
Health Care Providers & Services	2.0%
Energy Equipment & Services	1.9%
Real Estate Investment Trust	1.9%
Communications Equipment	1.8%
Hotels, Restaurants & Leisure	1.8%
Short-Term Investments	1.5%
Other4	19.5%

Top Five Common Stock
Holdings¹

Apple, Inc.	3.0%
Exxon Mobil Corporation	2.5%
Google Inc.,	1.7%
General Electric Company	1.7%
Microsoft Corporation	1.7%

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

2 Rounds to less than 0.1%.

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

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

18 Nuveen Investments

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

Nuveen Mid Cap Index Fund

Fund Allocation¹

Common Stocks	93.7%
Short-Term Investments	6.2%
Other2	0.1%

Portfolio Composition¹

Real Estate Investment Trust	8.5%
Machinery	5.1%
Insurance	4.7%
Commercial Banks	4.2%
Software	4.0%
Specialty Retail	4.0%
IT Services	3.7%
Health Care Providers & Services	3.1%
Energy Equipment & Services	2.9%
Oil, Gas & Consumable Fuels	2.8%
Chemicals	2.6%
Health Care Equipment & Supplies	2.4%
Capital Markets	2.4%
Semiconductors & Equipment	2.1%
Household Durables	2.1%
Food Products	1.9%
Electric Utilities	1.9%
Electronic Equipment & Instruments	1.9%
Commercial Services & Supplies	1.7%
Containers & Packaging	1.7%
Aerospace & Defense	1.6%
Hotels, Restaurants & Leisure	1.5%
Metals & Mining	1.4%
Gas Utilities	1.4%
Life Sciences Tools & Services	1.3%
Media	1.3%
Textiles, Apparel & Luxury Goods	1.2%
Internet Software & Services	1.1%
Short-Term Investments	6.2%
Other3	19.3%

Top Five Common Stock
Holdings¹

Alliance Data Systems Corporation	0.7%
Affiliated Managers Group Inc.	0.7%
Tractor Supply Company	0.6%
LKQ Corporation	0.6%
Henry Schein Inc.	0.6%

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

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

3 Other assets less liabilities, which includes investments purchased with collateral from securities lending as presented in the Fund’s Portfolio of Investments and all industries less than 1.1% of net assets.

Nuveen Investments 19

Holding Summaries as of October 31, 2013 (continued)

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

Nuveen Small Cap Index Fund

Fund Allocation¹

Common Stocks	90.7%
Exchange-Traded Funds2	0.0%
Common Stock Rights2	0.0%
Warrants2	0.0%
Short-Term Investments	8.4%
Other3	0.9%

Portfolio Composition¹

Real Estate Investment Trust	6.7%
Commercial Banks	6.4%
Software	3.8%
Oil, Gas & Consumable Fuels	3.7%
Biotechnology	3.4%
Health Care Equipment & Supplies	3.2%
Semiconductors & Equipment	3.1%
Specialty Retail	3.0%
Machinery	3.0%
Internet Software & Services	2.7%
Hotels, Restaurants & Leisure	2.6%
Electronic Equipment & Instruments	2.4%
Capital Markets	2.4%
Health Care Providers & Services	2.3%
Insurance	2.1%
Chemicals	2.1%
IT Services	2.0%
Commercial Services & Supplies	1.9%
Energy Equipment & Services	1.8%
Communications Equipment	1.7%
Aerospace & Defense	1.5%
Food Products	1.5%
Thrifts & Mortgage Finance	1.5%
Electrical Equipment	1.4%
Professional Services	1.3%
Food & Staples Retailing	1.3%
Media	1.3%
Pharmaceuticals	1.3%
Metals & Mining	1.3%
Short-Term Investments	8.4%
Other4	18.9%

Top Five Common Stock
Holdings¹

Costar Group, Inc.	0.3%
AthenaHealth Inc.	0.3%
Acuity Brands Inc.	0.2%
Middleby Corporation	0.2%
Ultimate Software Group, Inc.	0.2%

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

2 Rounds to less than 0.1%.

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

4 Other assets less liabilities, which includes exchange-traded funds, common stock rights, warrants, investments purchased with collateral from securities lending and investments in derivatives as presented in the Fund’s Portfolio of Investments and all industries less than 1.3% of net assets.

20 Nuveen Investments

Expense Examples

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

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

The information under “Actual Performance,” together with the amount you invested, allows you to estimate actual expenses incurred over the reporting period. Simply divide your account value by $1,000 (for example, an $8,600 account value divided by $1,000 = 8.60) and multiply the result by the cost shown for your share class, in the row entitled “Expenses Incurred During Period” to estimate the expenses incurred on your account during this period.

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

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

Nuveen Equity Index Fund

	Actual Performance										Hypothetical Performance (5% annualized return before expenses)
	A Shares		B Shares		C Shares		R3 Shares		I Shares		A Shares		B Shares		C Shares		R3 Shares		I Shares
Beginning Account Value (5/01/13)	$	1,000.00	$	1,000.00	$	1,000.00	$	1,000.00	$	1,000.00	$	1,000.00	$	1,000.00	$	1,000.00	$	1,000.00	$	1,000.00
Ending Account Value (10/31/13)	$	1,107.70	$	1,103.20	$	1,103.30	$	1,106.10	$	1,108.60	$	1,022.08	$	1,018.25	$	1,018.25	$	1,020.77	$	1,023.34
Expenses Incurred During Period	$	3.29	$	7.32	$	7.32	$	4.67	$	1.97	$	3.16	$	7.02	$	7.02	$	4.48	$	1.89

For each class of the Fund, expenses are equal to the Fund’s annualized net expense ratio of .62%, 1.38%, 1.38%, .88% and ..37% for Classes A, B, C, R3 and I, respectively, multiplied by the average account value over the period, multiplied by 184/365 (to reflect the one-half year period).

Nuveen Investments 21

Expense Examples (continued)

Nuveen Mid Cap Index Fund

	Actual Performance								Hypothetical Performance (5% annualized return before expenses)
	A Shares		C Shares		R3 Shares		I Shares		A Shares		C Shares		R3 Shares		I Shares
Beginning Account Value (5/01/13)	$	1,000.00	$	1,000.00	$	1,000.00	$	1,000.00	$	1,000.00	$	1,000.00	$	1,000.00	$	1,000.00
Ending Account Value (10/31/13)	$	1,115.40	$	1,111.30	$	1,114.10	$	1,117.70	$	1,021.48	$	1,017.69	$	1,020.21	$	1,022.74
Expenses Incurred During Period	$	3.95	$	7.93	$	5.28	$	2.62	$	3.77	$	7.58	$	5.04	$	2.50

For each class of the Fund, expenses are equal to the Fund’s annualized net expense ratio of .74%, 1.49%, .99% and .49% for Classes A, C, R3 and I, respectively, multiplied by the average account value over the period, multiplied by 184/365 (to reflect the one-half year period).

Nuveen Small Cap Index Fund

	Actual Performance								Hypothetical Performance (5% annualized return before expenses)
	A Shares		C Shares		R3 Shares		I Shares		A Shares		C Shares		R3 Shares		I Shares
Beginning Account Value (5/01/13)	$	1,000.00	$	1,000.00	$	1,000.00	$	1,000.00	$	1,000.00	$	1,000.00	$	1,000.00	$	1,000.00
Ending Account Value (10/31/13)	$	1,164.70	$	1,161.50	$	1,164.00	$	1,166.80	$	1,021.07	$	1,017.24	$	1,019.81	$	1,022.33
Expenses Incurred During Period	$	4.47	$	8.61	$	5.84	$	3.11	$	4.18	$	8.03	$	5.45	$	2.91

For each class of the Fund, expenses are equal to the Fund’s annualized net expense ratio of .82%, 1.58%, 1.07% and .57% for Classes A, C, R3 and I, respectively, multiplied by the average account value over the period, multiplied by 184/365 (to reflect the one-half year period).

22 Nuveen Investments

Report of Independent Registered

Public Accounting Firm

To the Board of Trustees and Shareholders of

Nuveen Investment Funds, Inc.:

In our opinion, the accompanying statements of assets and liabilities, including the portfolios of investments, and the related statements of operations, of changes in net assets, and the financial highlights present fairly, in all material respects, the financial position of Nuveen Equity Index Fund, Nuveen Mid Cap Index Fund, and Nuveen Small Cap Index Fund (each a series of the Nuveen Investment Funds, Inc., hereinafter referred to as the “Funds”) at October 31, 2013, the results of each of their operations for the year then ended, the changes in each of their net assets and the financial highlights for each of the two years in the period then ended, in conformity with accounting principles generally accepted in the United States of America. These financial statements and financial highlights (hereafter referred to as “financial statements”) are the responsibility of the Funds’ management; our responsibility is to express an opinion on these financial statements based on our audits. We conducted our audits of these financial statements in accordance with the standards of the Public Company Accounting Oversight Board (United States). Those standards require that we plan and perform the audit to obtain reasonable assurance about whether the financial statements are free of material misstatement. An audit includes examining, on a test basis, evidence supporting the amounts and disclosures in the financial statements, assessing the accounting principles used and significant estimates made by management, and evaluating the overall financial statement presentation. We believe that our audits, which included confirmation of securities at October 31, 2013 by correspondence with the custodian and brokers, provide a reasonable basis for our opinion. The financial statements of the Funds for the years ended October 31, 2011 and prior were audited by other independent auditors whose report dated December 28, 2011 expressed an unqualified opinion on those statements.

PRICEWATERHOUSECOOPERS LLP

Chicago, IL

December 27, 2013

Nuveen Investments 23

Portfolio of Investments October 31, 2013

Nuveen Equity Index Fund

Shares		Description (1)	Value
		LONG-TERM INVESTMENTS – 108.2%
		COMMON STOCKS – 98.5%
		Aerospace & Defense – 2.7%
	33,778	Boeing Company	$	4,408,029
	16,490	General Dynamics Corporation		1,428,529
	38,902	Honeywell International Inc.		3,373,970
	4,462	L-3 Communications Holdings, Inc., (2)		448,208
	13,289	Lockheed Martin Corporation		1,771,955
	11,769	Northrop Grumman Corporation		1,265,285
	7,268	Precision Castparts Corporation		1,842,075
	16,148	Raytheon Company, (2)		1,330,111
	6,779	Rockwell Collins, Inc.		473,378
	13,477	Textron Inc.		388,003
	41,855	United Technologies Corporation		4,447,094
		Total Aerospace & Defense		21,176,637
		Air Freight & Logistics – 0.8%
	7,993	C.H. Robinson Worldwide, Inc., (2)		477,502
	10,249	Expeditors International of Washington, Inc.		464,177
	14,515	FedEx Corporation, (2)		1,901,465
	35,492	United Parcel Service, Inc., Class B, (2)		3,486,734
		Total Air Freight & Logistics		6,329,878
		Airlines – 0.2%
	40,869	Delta Air Lines, Inc.		1,078,124
	36,138	Southwest Airlines Co.		622,296
		Total Airlines		1,700,420
		Auto Components – 0.4%
	5,739	BorgWarner Inc.		591,863
	14,554	Delphi Automotive PLC		832,489
	12,487	Goodyear Tire & Rubber Company		261,977
	33,964	Johnson Controls, Inc.		1,567,439
		Total Auto Components		3,253,768
		Automobiles – 0.7%
	194,670	Ford Motor Company		3,330,804
	37,898	General Motors Company, (2), (3)		1,400,331
	11,221	Harley-Davidson, Inc.		718,593
		Total Automobiles		5,449,728

24 Nuveen Investments

Shares		Description (1)	Value
		Beverages – 2.2%
	7,958	Beam Inc.	$	535,573
	7,523	Brown-Forman Corporation		549,029
	13,025	Coca Cola Enterprises Inc.		543,533
	190,230	Coca-Cola Company		7,527,401
	7,566	Constellation Brands, Inc., Class A, (3)		494,060
	10,107	Dr. Pepper Snapple Group		478,566
	7,746	Molson Coors Brewing Company, Class B (2)		418,284
	7,149	Monster Beverage Corporation, (3)		409,137
	76,571	PepsiCo, Inc.		6,438,855
		Total Beverages		17,394,438
		Biotechnology – 2.4%
	9,688	Alexion Pharmaceuticals Inc., (3)		1,191,140
	37,147	Amgen Inc.		4,309,052
	11,728	Biogen Idec Inc., (3)		2,863,860
	20,784	Celgene Corporation, (3)		3,086,216
	75,559	Gilead Sciences, Inc., (2), (3)		5,363,933
	3,888	Regeneron Pharmaceuticals, Inc., (2), (3)		1,118,189
	11,604	Vertex Pharmaceuticals Inc., (3)		827,829
		Total Biotechnology		18,760,219
		Building Products – 0.0%
	17,697	Masco Corporation		373,938
		Capital Markets – 2.1%
	10,099	Ameriprise Financial, Inc.		1,015,353
	57,747	Bank of New York Company, Inc.		1,836,355
	6,243	BlackRock Inc.		1,877,957
	54,549	Charles Schwab Corporation		1,235,535
	14,163	E*Trade Group Inc., (3)		239,496
	20,571	Franklin Resources, Inc.		1,107,954
	21,718	Goldman Sachs Group, Inc.		3,493,557
	22,819	Invesco LTD		770,141
	5,939	Legg Mason, Inc., (2)		228,473
	68,139	Morgan Stanley		1,957,633
	10,801	Northern Trust Corporation		609,392
	22,676	State Street Corporation		1,588,907
	12,855	T. Rowe Price Group Inc.		995,106
		Total Capital Markets		16,955,859
		Chemicals – 2.5%
	10,305	Air Products & Chemicals Inc.		1,123,348
	3,537	Airgas, Inc.		385,781

Nuveen Investments 25

Portfolio of Investments October 31, 2013

Nuveen Equity Index Fund (continued)

Shares		Description (1)	Value
		Chemicals (continued)
	2,943	CF Industries Holdings, Inc.	$	634,511
	59,776	Dow Chemical Company		2,359,359
	46,371	E.I. Du Pont de Nemours and Company		2,837,905
	7,641	Eastman Chemical Company		602,034
	13,176	Ecolab Inc.		1,396,656
	6,833	FMC Corporation		497,169
	4,221	International Flavors & Fragrances Inc.		348,866
	18,845	LyondellBasell Industries NV		1,405,837
	26,594	Monsanto Company		2,789,179
	13,733	Mosaic Company		629,658
	7,089	PPG Industries, Inc.		1,294,310
	14,700	Praxair, Inc., (2)		1,833,237
	4,259	Sherwin-Williams Company		800,692
	5,977	Sigma-Aldrich Corporation, (2)		516,592
		Total Chemicals		19,455,134
		Commercial Banks – 2.7%
	34,733	BB&T Corporation		1,179,880
	9,315	Comerica Incorporated		403,340
	43,443	Fifth Third Bancorp.		826,720
	41,790	Huntington BancShares Inc.		367,752
	45,853	KeyCorp.		574,538
	6,070	M&T Bank Corporation, (2)		683,057
	26,227	PNC Financial Services Group, Inc.		1,928,471
	70,150	Regions Financial Corporation		675,545
	26,748	SunTrust Banks, Inc.		899,803
	92,484	U.S. Bancorp		3,455,202
	243,293	Wells Fargo & Company		10,386,178
	9,141	Zions Bancorporation, (2)		259,330
		Total Commercial Banks		21,639,816
		Commercial Services & Supplies – 0.5%
	10,944	ADT Corporation		474,641
	5,202	Cintas Corporation		279,712
	8,304	Iron Mountain Inc.		220,388
	10,152	Pitney Bowes Inc., (2)		216,644
	14,758	Republic Services, Inc.		493,950
	4,272	Stericycle Inc., (3)		496,406
	23,130	Tyco International Ltd.		845,402
	21,703	Waste Management, Inc., (2)		944,949
		Total Commercial Services & Supplies		3,972,092

26 Nuveen Investments

Shares		Description (1)	Value
		Communications Equipment – 1.8%
	264,638	Cisco Systems, Inc.	$	5,954,355
	3,901	F5 Networks, Inc., (3)		317,971
	5,600	Harris Corporation		346,976
	11,670	JDS Uniphase Corporation, (2), (3)		152,760
	25,590	Juniper Networks Inc., (3)		476,998
	13,697	Motorola Solutions Inc.		856,336
	85,274	QUALCOMM, Inc.		5,923,985
		Total Communications Equipment		14,029,381
		Computers & Peripherals – 4.0%
	45,894	Apple, Inc.		23,972,731
	104,448	EMC Corporation		2,514,063
	96,917	Hewlett-Packard Company		2,361,867
	17,887	NetApp, Inc.		694,194
	12,003	SanDisk Corporation		834,209
	15,852	Seagate Technology		771,675
	10,750	Western Digital Corporation		748,523
		Total Computers & Peripherals		31,897,262
		Construction & Engineering – 0.2%
	8,066	Fluor Corporation, (2)		598,659
	6,469	Jacobs Engineering Group, Inc., (3)		393,445
	10,584	Quanta Services Incorporated, (3)		319,743
		Total Construction & Engineering		1,311,847
		Construction Materials – 0.0%
	6,445	Vulcan Materials Company		345,130
		Consumer Finance – 1.0%
	47,699	American Express Company		3,901,778
	28,898	Capital One Financial Corporation		1,984,426
	24,588	Discover Financial Services		1,275,625
	22,500	SLM Corporation		570,825
		Total Consumer Finance		7,732,654
		Containers & Packaging – 0.2%
	5,181	Avery Dennison Corporation		244,129
	7,417	Ball Corporation		362,617
	3,602	Bemis Company, Inc., (2)		143,720
	9,091	MeadWestvaco Corporation, (2)		316,821
	8,143	Owens-Illinois, Inc., (3)		258,866
	9,788	Sealed Air Corporation		295,402
		Total Containers & Packaging		1,621,555

Nuveen Investments 27

Portfolio of Investments October 31, 2013

Nuveen Equity Index Fund (continued)

Shares		Description (1)	Value
		Distributors – 0.1%
	7,686	Genuine Parts Company, (2)	$	605,887
		Diversified Consumer Services – 0.0%
	13,465	H & R Block Inc.		382,945
		Diversified Financial Services – 5.0%
	537,034	Bank of America Corporation		7,496,995
	90,526	Berkshire Hathaway Inc., Class B, (3)		10,417,732
	150,820	Citigroup Inc.		7,357,000
	15,232	CME Group, Inc.		1,130,367
	3,606	Intercontinental Exchange, Inc., (2), (3)		694,984
	189,966	JP Morgan Chase & Co.		9,790,848
	14,558	Leucadia National Corporation		412,574
	13,936	McGraw-Hill Companies, Inc.		971,060
	9,618	Moody’s Corporation		679,608
	5,839	NASDAQ Stock Market, Inc.		206,876
	12,061	New York Stock Exchange Euronext		530,925
		Total Diversified Financial Services		39,688,969
		Diversified Telecommunication Services – 2.4%
	272,560	AT&T Inc., (2)		9,866,672
	31,079	CenturyLink Inc., (2)		1,052,335
	49,547	Frontier Communications Corporation, (2)		218,502
	141,863	Verizon Communications Inc.		7,165,500
	30,961	Windstream Holdings Inc., (2)		264,717
		Total Diversified Telecommunication Services		18,567,726
		Electric Utilities – 1.7%
	24,105	American Electric Power Company, Inc.		1,129,078
	34,974	Duke Energy Corporation		2,508,685
	16,170	Edison International		792,815
	8,840	Entergy Corporation		572,125
	42,436	Exelon Corporation, (2)		1,211,123
	20,756	FirstEnergy Corp.		786,030
	21,038	NextEra Energy Inc.		1,782,971
	14,739	Northeast Utilities		632,156
	12,806	Pepco Holdings, Inc., (2)		246,900
	5,894	Pinnacle West Capital Corporation		330,241
	30,164	PPL Corporation		923,923
	43,128	Southern Company		1,764,366
	25,270	Xcel Energy, Inc.		729,292
		Total Electric Utilities		13,409,705

28 Nuveen Investments

Shares		Description (1)	Value
		Electrical Equipment – 0.7%
	23,205	Eaton PLC	$	1,637,345
	35,839	Emerson Electric Company		2,400,138
	6,938	Rockwell Automation, Inc., (2)		766,025
	4,908	Roper Industries Inc. , (2)		622,383
		Total Electrical Equipment		5,425,891
		Electronic Equipment & Instruments – 0.5%
	7,927	Amphenol Corporation, Class A		636,459
	73,079	Corning Incorporated, (2)		1,248,920
	7,195	FLIR Systems Inc.		204,914
	9,129	Jabil Circuit Inc.		190,431
	7,424	Molex Inc.		286,566
	20,585	TE Connectivity Limited		1,059,922
		Total Electronic Equipment & Instruments		3,627,212
		Energy Equipment & Services – 1.9%
	21,928	Baker Hughes Incorporated		1,273,797
	12,301	Cooper Cameron Corporation, (3)		674,833
	3,450	Diamond Offshore Drilling, Inc.		213,659
	11,538	Ensco PLC		665,166
	11,800	FMC Technologies Inc., (3)		596,490
	42,871	Halliburton Company		2,273,449
	5,274	Helmerich & Payne Inc.		408,999
	15,063	Nabors Industries Inc.		263,301
	21,175	National-Oilwell Varco Inc.		1,718,987
	12,543	Noble Corporation		472,871
	6,166	Rowan Companies Inc., (2), (3)		222,469
	65,924	Schlumberger Limited		6,178,397
	7,693	Transocean Inc., (2)		362,110
		Total Energy Equipment & Services		15,324,528
		Food & Staples Retailing – 2.4%
	21,621	Costco Wholesale Corporation		2,551,278
	61,106	CVS Caremark Corporation		3,804,460
	25,731	Kroger Co., (2)		1,102,316
	11,891	Safeway Inc.		414,996
	29,084	Sysco Corporation		940,577
	42,685	Walgreen Co.		2,528,659
	83,015	Wal-Mart Stores, Inc.		6,371,401
	17,109	Whole Foods Market, Inc.		1,080,091
		Total Food & Staples Retailing		18,793,778

Nuveen Investments 29

Portfolio of Investments October 31, 2013

Nuveen Equity Index Fund (continued)

Shares		Description (1)	Value
		Food Products – 1.6%
	32,688	Archer-Daniels-Midland Company	$	1,336,939
	8,895	Campbell Soup Company		378,660
	20,541	ConAgra Foods, Inc.		653,409
	32,092	General Mills, Inc.		1,618,079
	7,451	Hershey Foods Corporation		739,437
	6,672	Hormel Foods Corporation		289,965
	5,323	JM Smucker Company		591,971
	12,393	Kellogg Company, (2)		783,857
	29,409	Kraft Foods Inc.		1,599,261
	6,585	McCormick & Company, Inc., (2)		455,353
	10,052	Mead Johnson Nutrition Company, Class A Shares		820,846
	88,260	Mondelez International Inc.		2,969,066
	14,077	Tyson Foods, Inc., Class A		389,511
		Total Food Products		12,626,354
		Gas Utilities – 0.1%
	5,075	AGL Resources Inc.		242,890
	7,868	ONEOK, Inc.		444,542
		Total Gas Utilities		687,432
		Health Care Equipment & Supplies – 2.1%
	77,957	Abbott Laboratories		2,849,328
	27,096	Baxter International, Inc.		1,784,814
	9,627	Becton, Dickinson and Company		1,012,087
	67,372	Boston Scientific Corporation, (3)		787,579
	3,776	C. R. Bard, Inc., (2)		514,367
	11,048	CareFusion Corporation, (3)		428,331
	23,429	Covidien PLC		1,502,033
	7,090	DENTSPLY International Inc., (2)		333,939
	5,664	Edwards Lifesciences Corporation, (2), (3)		369,236
	1,992	Intuitive Surgical, Inc., (3)		740,028
	50,195	Medtronic, Inc.		2,881,193
	14,039	Saint Jude Medical Inc.		805,698
	14,353	Stryker Corporation		1,060,113
	5,415	Varian Medical Systems, Inc., (3)		393,021
	8,406	Zimmer Holdings, Inc.		735,273
		Total Health Care Equipment & Supplies		16,197,040
		Health Care Providers & Services – 2.0%
	18,875	Aetna Inc.		1,183,463
	11,423	AmerisourceBergen Corporation		746,265
	16,918	Cardinal Health, Inc.		992,410

30 Nuveen Investments

Shares		Description (1)	Value
		Health Care Providers & Services (continued)
	14,193	CIGNA Corporation	$	1,092,577
	8,376	Davita Inc., (3)		470,815
	40,623	Express Scripts, Holding Company, (3)		2,539,750
	7,859	Humana Inc.		724,207
	4,620	Laboratory Corporation of America Holdings, (2), (3)		466,158
	11,558	McKesson HBOC Inc.		1,806,978
	4,151	Patterson Companies, Inc.		176,459
	7,852	Quest Diagnostics Incorporated		470,413
	5,175	Tenet Healthcare Corporation, (3)		244,208
	50,869	UnitedHealth Group Incorporated		3,472,318
	15,090	Wellpoint Inc.		1,279,632
		Total Health Care Providers & Services		15,665,653
		Health Care Technology – 0.1%
	14,532	Cerner Corporation, (2), (3)		814,228
		Hotels, Restaurants & Leisure – 1.8%
	22,049	Carnival Corporation, ADR, (2)		763,998
	1,541	Chipotle Mexican Grill, (2), (3)		812,061
	6,694	Darden Restaurants, Inc.		344,942
	13,683	International Game Technology		257,240
	12,091	Marriott International, Inc., Class A		545,062
	49,770	McDonald’s Corporation		4,803,800
	37,189	Starbucks Corporation		3,014,168
	9,614	Starwood Hotels & Resorts Worldwide, Inc.		707,783
	7,072	Wyndham Worldwide Corporation		469,581
	3,960	Wynn Resorts Ltd		658,350
	22,370	YUM! Brands, Inc.		1,512,659
		Total Hotels, Restaurants & Leisure		13,889,644
		Household Durables – 0.3%
	13,899	D.R. Horton, Inc., (2)		263,386
	5,867	Garmin Limited, (2)		274,282
	3,371	Harman International Industries Inc.		273,118
	7,591	Leggett and Platt Inc., (2)		225,756
	8,820	Lennar Corporation, Class A		313,551
	14,214	Newell Rubbermaid Inc.		421,161
	18,268	Pulte Corporation		322,430
	3,898	Whirlpool Corporation		569,147
		Total Household Durables		2,662,831
		Household Products – 2.1%
	6,778	Clorox Company, (2)		611,308

Nuveen Investments 31

Portfolio of Investments October 31, 2013

Nuveen Equity Index Fund (continued)

Shares		Description (1)	Value
		Household Products (continued)
	43,641	Colgate-Palmolive Company	$	2,824,882
	19,238	Kimberly-Clark Corporation		2,077,704
	135,577	Procter & Gamble Company		10,947,843
		Total Household Products		16,461,737
		Independent Power Producers & Energy Traders – 0.1%
	31,216	AES Corporation		439,833
	16,047	NRG Energy Inc.		457,821
		Total Independent Power Producers & Energy Traders		897,654
		Industrial Conglomerates – 2.5%
	31,506	3M Co.		3,965,030
	28,778	Danaher Corporation		2,074,606
	516,090	General Electric Company		13,490,593
		Total Industrial Conglomerates		19,530,229
		Insurance – 3.0%
	16,841	Ace Limited		1,607,305
	23,215	AFLAC Incorporated		1,508,511
	23,696	Allstate Corporation		1,257,310
	73,274	American International Group		3,784,602
	15,465	AON PLC		1,223,127
	3,912	Assurant Inc.		228,774
	12,953	Chubb Corporation		1,192,712
	7,292	Cincinnati Financial Corporation		364,600
	24,455	Genworth Financial Inc., Class A, (3)		355,331
	21,669	Hartford Financial Services Group, Inc., (2)		730,245
	13,473	Lincoln National Corporation		611,809
	15,365	Loews Corporation		742,283
	27,216	Marsh & McLennan Companies, Inc.		1,246,493
	54,278	MetLife, Inc.		2,567,892
	13,689	Principal Financial Group, Inc., (2)		649,680
	27,575	Progressive Corporation, (2)		716,123
	23,079	Prudential Financial, Inc.		1,878,400
	4,648	Torchmark Corporation, (2)		338,653
	18,758	Travelers Companies, Inc.		1,618,815
	13,390	Unum Group		424,999
	14,640	XL Capital Ltd, Class A		447,545
		Total Insurance		23,495,209
		Internet & Catalog Retail – 1.4%
	18,048	Amazon.com, Inc., (3)		6,570,013
	4,637	Expedia, Inc.		273,027

32 Nuveen Investments

Shares		Description (1)	Value
		Internet & Catalog Retail (continued)
	2,936	NetFlix.com Inc., (3)	$	946,801
	2,581	priceline.com Incorporated, (3)		2,719,935
	5,461	TripAdvisor Inc., (2), (3)		451,679
		Total Internet & Catalog Retail		10,961,455
		Internet Software & Services – 2.4%
	8,829	Akamai Technologies, Inc., (2), (3)		395,009
	57,914	eBay Inc., (3)		3,052,647
	13,253	Google Inc., Class A, (3)		13,658,277
	7,571	VeriSign, Inc., (2), (3)		410,954
	48,100	Yahoo! Inc., (3)		1,583,933
		Total Internet Software & Services		19,100,820
		IT Services – 3.4%
	31,980	Accenture Limited		2,350,530
	24,073	Automatic Data Processing, Inc.		1,804,753
	14,979	Cognizant Technology Solutions Corporation, Class A, (3)		1,302,124
	7,618	Computer Sciences Corporation		375,263
	12,678	Fidelity National Information Services		618,053
	6,627	Fiserv, Inc., (3)		694,046
	51,996	International Business Machines Corporation (IBM)		9,318,203
	5,241	MasterCard, Inc.		3,758,321
	16,066	Paychex, Inc.		678,949
	8,230	Teradata Corporation, (3)		362,696
	7,974	Total System Services Inc.		237,864
	25,596	Visa Inc., (2)		5,033,965
	28,352	Western Union Company		482,551
		Total IT Services		27,017,318
		Leisure Equipment & Products – 0.1%
	5,929	Hasbro, Inc.		306,233
	17,098	Mattel, Inc., (2)		758,638
		Total Leisure Equipment & Products		1,064,871
		Life Sciences Tools & Services – 0.5%
	17,221	Agilent Technologies, Inc.		874,138
	8,540	Life Technologies Corporation, (3)		643,147
	5,645	Perkinelmer Inc.		214,736
	17,749	Thermo Fisher Scientific, Inc., (2)		1,735,497
	4,262	Waters Corporation, (2), (3)		430,121
		Total Life Sciences Tools & Services		3,897,639
		Machinery – 1.7%
	32,512	Caterpillar Inc.		2,710,200

Nuveen Investments 33

Portfolio of Investments October 31, 2013

Nuveen Equity Index Fund (continued)

Shares		Description (1)	Value
		Machinery (continued)
	8,763	Cummins Inc.	$	1,113,076
	19,335	Deere & Company		1,582,376
	8,670	Dover Corporation, (2)		795,819
	7,473	Flowserve Corporation, (2)		519,149
	20,613	Illinois Tool Works, Inc.		1,624,098
	13,678	Ingersoll Rand Company Limited, Class A		923,675
	5,271	Joy Global Inc., (2)		299,129
	17,543	PACCAR Inc.		975,391
	5,513	Pall Corporation		443,907
	7,403	Parker Hannifin Corporation		864,078
	10,231	Pentair Limited		686,398
	2,892	Snap-on Incorporated		300,970
	7,953	Stanley Black & Decker Inc.		629,003
	9,240	Xylem Inc., (2)		318,780
		Total Machinery		13,786,049
		Media – 3.8%
	10,913	Cablevision Systems Corporation		169,697
	29,040	CBS Corporation, Class B		1,717,426
	131,004	Comcast Corporation, Class A		6,233,170
	28,446	DirecTV, (3)		1,777,591
	12,173	Discovery Communications inc., Class A Shares, (2), (3)		1,082,423
	11,893	Gannett Company Inc., (2)		329,079
	21,422	Interpublic Group Companies, Inc.		359,890
	24,812	News Corporation, Class A Shares, (3)		436,691
	12,974	Omnicom Group, Inc.		883,659
	4,272	Scripps Networks Interactive, Class A Shares, (2)		343,896
	14,668	Time Warner Cable, Class A		1,762,360
	46,395	Time Warner Inc.		3,189,174
	99,250	Twenty First Century Fox Inc., Class A Shares, (2)		3,382,440
	22,602	Viacom Inc., Class B		1,882,521
	89,608	Walt Disney Company, (2)		6,146,213
	110	Washington Post Company		70,765
		Total Media		29,766,995
		Metals & Mining – 0.6%
	53,074	Alcoa Inc.		491,996
	5,563	Allegheny Technologies, Inc., (2)		184,135
	7,841	Cliffs Natural Resources Inc., (2)		201,357
	49,142	Freeport-McMoRan Copper & Gold, Inc.		1,806,460
	24,654	Newmont Mining Corporation		672,068

34 Nuveen Investments

Shares		Description (1)	Value
		Metals & Mining (continued)
	15,767	Nucor Corporation	$	816,258
	7,752	United States Steel Corporation		192,947
		Total Metals & Mining		4,365,221
		Multiline Retail – 0.7%
	14,111	Dollar General Corporation, (3)		815,334
	11,276	Dollar Tree Stores Inc., (2), (3)		658,518
	4,771	Family Dollar Stores, Inc.		328,626
	8,053	J.C. Penney Company, Inc., (2), (3)		60,398
	10,502	Kohl’s Corporation, (2)		596,514
	19,618	Macy’s, Inc.		904,586
	7,430	Nordstrom, Inc., (2)		449,292
	32,301	Target Corporation, (2)		2,092,782
		Total Multiline Retail		5,906,050
		Multi-Utilities – 1.2%
	12,557	Ameren Corporation		454,312
	22,133	CenterPoint Energy, Inc.		544,472
	13,707	CMS Energy Corporation		376,394
	14,537	Consolidated Edison, Inc.		846,344
	28,604	Dominion Resources, Inc.		1,823,505
	8,564	DTE Energy Company		592,115
	4,057	Integrys Energy Group, Inc., (2)		238,065
	16,104	NiSource Inc.		507,598
	21,770	PG&E Corporation		911,075
	25,111	Public Service Enterprise Group Incorporated		841,219
	6,971	Scana Corporation		325,058
	11,230	Sempra Energy		1,023,502
	10,569	TECO Energy, Inc., (2)		181,470
	11,366	Wisconsin Energy Corporation		478,622
		Total Multi-Utilities		9,143,751
		Office Electronics – 0.1%
	60,741	Xerox Corporation		603,766
		Oil, Gas & Consumable Fuels – 8.4%
	24,845	Anadarko Petroleum Corporation		2,367,480
	19,444	Apache Corporation		1,726,627
	20,890	Cabot Oil & Gas Corporation		737,835
	25,843	Chesapeake Energy Corporation		722,570
	96,421	Chevron Corporation		11,566,663
	60,600	ConocoPhillips		4,441,980
	11,323	CONSOL Energy Inc., (2)		413,290

Nuveen Investments 35

Portfolio of Investments October 31, 2013

Nuveen Equity Index Fund (continued)

Shares		Description (1)	Value
		Oil, Gas & Consumable Fuels (continued)
	19,327	Denbury Resources Inc., (3)	$	367,020
	18,741	Devon Energy Corporation		1,184,806
	13,488	EOG Resources, Inc.		2,406,259
	7,473	EQT Corporation		639,764
	222,375	Exxon Mobil Corporation		19,929,248
	14,748	Hess Corporation		1,197,538
	31,356	Kinder Morgan, Inc.		1,107,180
	35,125	Marathon Oil Corporation		1,238,508
	16,449	Marathon Petroleum Corporation		1,178,735
	8,990	Murphy Oil Corporation, (2)		542,277
	6,711	Newfield Exploration Company, (3)		204,350
	17,825	Noble Energy, Inc.		1,335,627
	39,979	Occidental Petroleum Corporation		3,841,182
	13,383	Peabody Energy Corporation		260,701
	30,846	Phillips 66		1,987,408
	6,621	Pioneer Natural Resources Company		1,355,848
	8,862	QEP Resources Inc.		292,978
	8,082	Range Resources Corporation, (2)		611,888
	17,422	Southwestern Energy Company, (3)		648,447
	33,161	Spectra Energy Corporation		1,179,537
	6,820	Tesoro Corporation		333,430
	27,443	Valero Energy Corporation		1,129,828
	33,825	Williams Companies, Inc.		1,207,891
	10,357	WPX Energy Inc., (3)		229,304
		Total Oil, Gas & Consumable Fuels		66,386,199
		Paper & Forest Products – 0.1%
	21,898	International Paper Company		976,870
		Personal Products – 0.2%
	21,456	Avon Products, Inc.		375,480
	11,897	Estee Lauder Companies Inc., Class A		844,211
		Total Personal Products		1,219,691
		Pharmaceuticals – 5.8%
	78,453	AbbVie Inc.		3,801,048
	6,344	Actavis Inc., (3)		980,656
	15,265	Allergan, Inc.		1,383,162
	81,266	Bristol-Myers Squibb Company		4,268,090
	49,546	Eli Lilly and Company		2,468,382
	11,631	Forest Laboratories, Inc., (3)		547,006
	8,210	Hospira Inc., (2), (3)		332,669

36 Nuveen Investments

Shares		Description (1)	Value
		Pharmaceuticals (continued)
	138,737	Johnson & Johnson	$	12,848,434
	150,006	Merck & Company Inc.		6,763,771
	19,632	Mylan Laboratories Inc., (2), (3)		743,464
	4,384	Perrigo Company, (2)		604,510
	350,777	Pfizer Inc.		10,761,838
	21,570	Zoetis Incorporated		682,906
		Total Pharmaceuticals		46,185,936
		Professional Services – 0.1%
	2,029	Dun and Bradstreet Inc.		220,735
	5,979	Equifax Inc.		386,662
	6,926	Robert Half International Inc.		266,859
		Total Professional Services		874,256
		Real Estate Investment Trust – 1.9%
	19,609	American Tower REIT Inc.		1,555,974
	7,519	Apartment Investment & Management Company, Class A, (2)		210,382
	5,886	AvalonBay Communities, Inc., (2)		736,044
	7,526	Boston Properties, Inc.		778,941
	15,899	Equity Residential		832,472
	22,502	Health Care Property Investors Inc.		933,833
	13,499	Health Care REIT, Inc., (2)		875,410
	36,067	Host Hotels & Resorts Inc., (2)		669,043
	21,297	Kimco Realty Corporation, (2)		457,460
	2,377	Macerich Company		140,742
	8,400	Plum Creek Timber Company		381,360
	24,508	Prologis Inc.		979,095
	7,465	Public Storage, Inc.		1,246,431
	15,568	Simon Property Group, Inc.		2,406,034
	14,485	Ventas Inc., (2)		945,001
	8,407	Vornado Realty Trust		748,727
	27,064	Weyerhaeuser Company		822,746
		Total Real Estate Investment Trust		14,719,695
		Real Estate Management & Development – 0.0%
	15,099	CBRE Group Inc., (3)		350,750
		Road & Rail – 0.9%
	50,665	CSX Corporation		1,320,330
	5,467	Kansas City Southern Industries		664,350
	15,610	Norfolk Southern Corporation		1,342,772
	2,554	Ryder System, Inc.		168,130
	23,292	Union Pacific Corporation		3,526,409
		Total Road & Rail		7,021,991

Nuveen Investments 37

Portfolio of Investments October 31, 2013

Nuveen Equity Index Fund (continued)

Shares		Description (1)	Value
		Semiconductors & Equipment – 2.0%
	15,870	Altera Corporation	$	533,232
	15,187	Analog Devices, Inc.		748,719
	59,561	Applied Materials, Inc.		1,063,164
	25,982	Broadcom Corporation, Class A		694,239
	3,456	First Solar Inc., (3)		173,733
	245,480	Intel Corporation		5,997,076
	8,247	KLA-Tencor Corporation		541,003
	8,059	Lam Research Corporation, (3)		437,040
	12,035	Linear Technology Corporation, (2)		495,120
	27,284	LSI Logic Corporation		231,368
	10,110	Microchip Technology Incorporated, (2)		434,326
	50,713	Micron Technology, Inc., (3)		896,606
	28,684	NVIDIA Corporation, (2)		435,423
	9,445	Teradyne Inc., (2), (3)		165,193
	54,833	Texas Instruments Incorporated		2,307,373
	12,981	Xilinx, Inc.		589,597
		Total Semiconductors & Equipment		15,743,212
		Software – 3.3%
	24,757	Adobe Systems Incorporated, (3)		1,341,829
	11,153	Autodesk, Inc., (3)		445,116
	16,519	CA Inc.		524,643
	9,251	Citrix Systems, (3)		525,272
	14,894	Electronic Arts Inc., (3)		390,968
	13,827	Intuit, Inc., (2)		987,386
	374,158	Microsoft Corporation		13,226,485
	183,279	Oracle Corporation		6,139,847
	9,589	Red Hat, Inc., (3)		414,916
	26,749	Salesforce.com, Inc., (2), (3)		1,427,327
	34,205	Symantec Corporation		777,822
		Total Software		26,201,611
		Specialty Retail – 2.3%
	3,638	Abercrombie & Fitch Co., Class A, (2)		136,352
	1,921	AutoNation Inc., (3)		92,650
	1,804	AutoZone, Inc., (2), (3)		784,181
	11,223	Bed Bath and Beyond Inc., (2), (3)		867,762
	13,201	Best Buy Co., Inc.		565,003
	11,325	CarMax, Inc., (2), (3)		532,162
	6,015	GameStop Corporation		329,742
	14,753	Gap, Inc., (2)		545,713

38 Nuveen Investments

Shares		Description (1)	Value
		Specialty Retail (continued)
	74,209	Home Depot, Inc.	$	5,780,139
	11,879	L Brands Inc., (2)		743,744
	55,091	Lowe’s Companies, Inc.		2,742,430
	5,524	O’Reilly Automotive Inc., (3)		683,926
	5,334	PetSmart Inc.		388,102
	11,037	Ross Stores, Inc.		853,712
	33,446	Staples, Inc., (2)		539,150
	5,914	Tiffany & Co.		468,211
	36,194	TJX Companies, Inc.		2,200,233
	5,431	Urban Outfitters, Inc., (3)		205,726
		Total Specialty Retail		18,458,938
		Textiles, Apparel & Luxury Goods – 0.8%
	13,936	Coach, Inc.		706,276
	2,605	Fossil Group Inc., (3)		330,679
	8,897	Michael Kors Holdings Limited, (3)		684,624
	36,009	Nike, Inc., Class B		2,728,042
	3,109	PVH Corporation		387,288
	3,016	Ralph Lauren Corporation		499,570
	4,376	VF Corporation		940,840
		Total Textiles, Apparel & Luxury Goods		6,277,319
		Thrifts & Mortgage Finance – 0.1%
	24,603	Hudson City Bancorp, Inc.		220,935
	17,363	People’s United Financial, Inc.		250,548
		Total Thrifts & Mortgage Finance		471,483
		Tobacco – 1.6%
	99,753	Altria Group, Inc.		3,713,804
	18,828	Lorillard Inc., (2)		960,412
	81,784	Philip Morris International		7,288,590
	15,970	Reynolds American Inc.		820,379
		Total Tobacco		12,783,185
		Trading Companies & Distributors – 0.2%
	13,398	Fastenal Company		667,220
	2,968	W.W. Grainger, Inc.		798,303
		Total Trading Companies & Distributors		1,465,523
		Wireless Telecommunication Services – 0.1%
	15,172	Crown Castle International Corporation, (3)		1,153,375
		Total Common Stocks (cost $326,783,741)		778,058,377

Nuveen Investments 39

Portfolio of Investments October 31, 2013

Nuveen Equity Index Fund (continued)

Shares		Description (1)								Value
		INVESTMENTS PURCHASED WITH COLLATERAL FROM SECURITIES LENDING – 9.7%
		Money Market Funds – 9.7%
	76,321,947	Mount Vernon Securities Lending Prime Portfolio, 0.177%, (4), (5)								$	76,321,947
		Total Investments Purchased with Collateral from Securities Lending (cost $76,321,947)									76,321,947
		Total Long-Term Investments (cost $403,105,689)									854,380,324
Shares/ Principal Amount (000)		Description (1)	Coupon			Maturity		Rating (6)		Value
		SHORT-TERM INVESTMENTS – 1.5%
		Money Market Funds – 1.1%
	8,391,658	First American Treasury Obligations Fund, Class Z		0.000%	(4)		N/A		N/A	$	8,391,658
		U.S. Government and Agency Obligations – 0.4%
$	3,000	U.S. Treasury Bills, (7)		0.000%			2/13/14		N/R		2,999,568
		Total Short-Term Investments (cost $11,391,181)									11,391,226
		Total Investments (cost $414,496,871) – 109.7%									865,771,550
		Other Assets Less Liabilities – (9.7)% (8)									(76,531,546	)
		Net Assets – 100%								$	789,240,004

Investments in Derivatives as of October 31, 2013

Futures Contracts outstanding:

Description	Contract Position		Number of Contracts		Contract Expiration		Notional Value		Unrealized Appreciation (Depreciation)
S&P 500 Index		Long		23		12/13	$	10,068,250	$	417,933

For Fund portfolio compliance purposes, the Fund’s industry classifications refer to any one or more of the industry sub-classifications used by one or more widely recognized market indexes or ratings group indexes, and/or as defined by the Fund management. This definition may not apply for purposes of this report which may combine industry sub-classifications into sectors for reporting ease.

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

(2) Investment, or a portion of investment, is out on loan for securities lending. The total value of securities out on loan at the end of the reporting period was $74,229,191.

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

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

(5) The Fund may loan securities representing up to one third of the fair value of its total assets (which includes collateral for securities on loan) to broker dealers, banks, and other institutions. The Fund maintains collateral equal to at least 102% of the fair value of the securities loaned. The cash collateral received by the Fund is invested in this money market fund. See Notes to Financial Statements, Note 3 – Portfolio Securities and Investments in Derivatives, Securities Lending for more information.

(6) Ratings (not covered by the report of independent registered public accounting firm): Using the highest of Standard & Poor’s Group (“Standard & Poor’s”), Moody’s Investors Service, Inc. (“Moody’s”) or Fitch, Inc. (“Fitch”) rating. Ratings below BBB by Standard & Poor’s, Baa by Moody’s or BBB by Fitch are considered to be below investment grade. Holdings designated N/R are not rated by any of these national rating agencies.

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

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

N/A Not applicable.

ADR American Depositary Receipt.

REIT Real Estate Investment Trust.

See accompanying notes to financial statements.

40 Nuveen Investments

Portfolio of Investments October 31, 2013

Nuveen Mid Cap Index Fund

Shares		Description (1)	Value
		LONG-TERM INVESTMENTS – 122.4%
		COMMON STOCKS – 93.7%
		Aerospace & Defense – 1.6%
	12,489	Alliant Techsystems Inc.	$	1,359,677
	40,642	BE Aerospace Inc., (3)		3,298,505
	12,139	Esterline Technologies Corporation, (3)		973,062
	73,007	Exelis Inc.		1,203,885
	19,460	Huntington Ingalls Industries Inc.		1,392,363
	20,019	Triumph Group Inc.		1,434,361
		Total Aerospace & Defense		9,661,853
		Air Freight & Logistics – 0.1%
	40,560	UTI Worldwide, Inc.		616,512
		Airlines – 0.4%
	27,259	Alaska Air Group, Inc.		1,926,121
	87,586	JetBlue Airways Corporation, (2), (3)		620,985
		Total Airlines		2,547,106
		Auto Components – 0.3%
	55,719	Gentex Corporation, (2)		1,640,367
		Automobiles – 0.2%
	17,084	Thor Industries, Inc., (2)		991,043
		Biotechnology – 0.5%
	21,970	Cubist Pharmaceuticals Inc., (3)		1,362,140
	17,926	United Therapeutics Corporation, (2), (3)		1,586,810
		Total Biotechnology		2,948,950
		Building Products – 0.8%
	64,036	Fortune Brands Home & Security		2,758,671
	17,795	Lennox International Inc.		1,389,078
	17,450	Smith AO Corporation		901,293
		Total Building Products		5,049,042
		Capital Markets – 2.4%
	20,465	Affiliated Managers Group Inc., (3)		4,040,610
	87,212	Apollo Investment Corporation, (2)		743,918
	47,114	Eaton Vance Corporation, (2)		1,969,836
	36,598	Federated Investors Inc., (2)		992,538
	10,173	Greenhill & Co Inc.		521,875

Nuveen Investments 41

Portfolio of Investments October 31, 2013

Nuveen Mid Cap Index Fund (continued)

Shares		Description (1)	Value
		Capital Markets (continued)
	59,237	Janus Capital Group Inc., (2)	$	584,669
	43,893	Raymond James Financial Inc.		2,003,715
	52,183	SEI Investments Company		1,731,954
	33,346	Waddell & Reed Financial, Inc., Class A		2,059,116
		Total Capital Markets		14,648,231
		Chemicals – 2.6%
	31,560	Albemarle Corporation, (2)		2,088,956
	28,519	Ashland Inc.		2,639,433
	23,279	Cabot Corporation, (2)		1,085,034
	14,168	Cytec Industries, Inc.		1,177,219
	20,873	Interpid Potash Inc., (2)		309,964
	13,528	Minerals Technologies Inc.		766,091
	4,138	NewMarket Corporation, (2)		1,288,408
	31,158	Olin Corporation, (2)		701,367
	51,419	RPM International, Inc.		1,990,944
	15,085	Scotts Miracle Gro Company		885,791
	19,419	Sensient Technologies Corporation		1,012,312
	31,715	Valspar Corporation		2,219,099
		Total Chemicals		16,164,618
		Commercial Banks – 4.2%
	65,082	Associated Banc-Corp., (2)		1,058,233
	32,504	BancorpSouth Inc., (2)		718,338
	17,402	Bank of Hawaii Corporation, (2)		1,008,968
	28,951	Cathay General Bancorp.		713,063
	18,492	City National Corporation, (2)		1,333,458
	29,911	Commerce Bancshares Inc.		1,376,205
	21,597	Cullen/Frost Bankers, Inc., (2)		1,528,852
	52,844	East West Bancorp Inc.		1,780,314
	93,609	First Horizon National Corporation, (2)		996,936
	137,351	First Niagara Financial Group Inc.		1,514,982
	64,316	FirstMerit Corporation, (2)		1,444,537
	75,728	Fulton Financial Corporation, (2)		924,639
	32,939	Hancock Holding Company, (2)		1,079,740
	22,348	International Bancshares Corporation, (2)		510,652
	18,245	Prosperity Bancshares, Inc.		1,139,400
	18,340	Signature Bank, (3)		1,867,379
	17,493	SVB Financial Group, (3)		1,675,480
	331,095	Synovus Financial Corp.		1,076,059
	63,567	TCF Financial Corporation		964,947

42 Nuveen Investments

Shares		Description (1)	Value
		Commercial Banks (continued)
	26,062	Trustmark Corporation, (2)	$	707,844
	77,317	Valley National Bancorp., (2)		753,841
	35,024	Webster Financial Corporation		976,819
	10,470	Westamerica Bancorp., (2)		538,996
		Total Commercial Banks		25,689,682
		Commercial Services & Supplies – 1.7%
	18,609	Brinks Company		584,323
	20,907	Clean Harbors, Inc., (2), (3)		1,291,007
	41,377	Copart Inc., (3)		1,333,581
	19,738	Deluxe Corporation, (2)		929,462
	17,641	HNI Corporation		685,353
	22,653	Miller (Herman) Inc.		687,292
	12,107	Mine Safety Appliances Company		583,073
	70,391	R.R. Donnelley & Sons Company, (2)		1,307,161
	25,543	Rollins Inc.		706,009
	47,893	Waste Connections Inc.		2,046,947
		Total Commercial Services & Supplies		10,154,208
		Communications Equipment – 0.7%
	23,001	ADTRAN, Inc.		540,063
	39,397	Ciena Corporation, (2), (3)		916,768
	15,969	Interdigital Inc., (2)		618,799
	16,797	Plantronics Inc.		721,263
	66,947	Polycom Inc., (3)		696,249
	63,417	Riverbed Technology, Inc., (2), (3)		939,840
		Total Communications Equipment		4,432,982
		Computers & Peripherals – 1.0%
	35,968	3D Systems Corporation, (2), (3)		2,238,648
	24,703	Diebold Inc., (2)		740,102
	24,452	Lexmark International, Inc., Class A		869,269
	63,795	NCR Corporation, (3)		2,331,707
		Total Computers & Peripherals		6,179,726
		Construction & Engineering – 0.9%
	40,002	AECOM Technology Corporation, (3)		1,271,264
	13,828	Granite Construction Inc., (2)		447,336
	57,359	KBR Inc.		1,981,180
	29,452	URS Corporation		1,596,887
		Total Construction & Engineering		5,296,667
		Construction Materials – 0.5%
	18,555	Eagle Materials Inc.		1,391,811

Nuveen Investments 43

Portfolio of Investments October 31, 2013

Nuveen Mid Cap Index Fund (continued)

Shares		Description (1)	Value
		Construction Materials (continued)
	17,821	Martin Marietta Materials	$	1,748,062
		Total Construction Materials		3,139,873
		Containers & Packaging – 1.7%
	25,881	AptarGroup Inc.		1,660,525
	11,808	Greif Inc., (2)		631,610
	38,066	Packaging Corp. of America		2,370,750
	27,913	Rock-Tenn Company		2,986,970
	17,563	Silgan Holdings, Inc.		791,564
	39,281	Sonoco Products Company, (2)		1,596,380
		Total Containers & Packaging		10,037,799
		Distributors – 0.6%
	115,876	LKQ Corporation, (3)		3,827,384
		Diversified Consumer Services – 0.9%
	38,891	Apollo Group, Inc., (3)		1,038,001
	21,964	Devry, Inc., (2)		788,508
	10,713	Matthews International Corporation		434,948
	21,985	Regis Corporation		318,783
	82,140	Service Corporation International		1,479,341
	26,496	Sothebys Holdings Inc., (2)		1,375,142
		Total Diversified Consumer Services		5,434,723
		Diversified Financial Services – 0.6%
	33,867	CBOE Holdings Inc., (2)		1,642,550
	46,846	MSCI Inc., Class A Shares, (3)		1,909,911
		Total Diversified Financial Services		3,552,461
		Diversified Telecommunication Services – 0.3%
	58,333	TW Telecom Inc., (3)		1,838,656
		Electric Utilities – 1.9%
	23,456	Cleco Corporation		1,086,951
	59,651	Great Plains Energy Incorporated		1,398,219
	38,240	Hawaiian Electric Industries, (2)		1,016,037
	19,494	IDACORP, INC, (2)		1,005,890
	85,555	NV Energy Inc.		2,031,076
	76,925	OGE Energy Corp.		2,838,533
	30,910	PNM Resources Inc.		739,367
	49,239	Westar Energy Inc., (2)		1,556,445
		Total Electric Utilities		11,672,518
		Electrical Equipment – 0.9%
	16,623	Acuity Brands Inc.		1,670,778

44 Nuveen Investments

Shares		Description (1)	Value
		Electrical Equipment (continued)
	19,479	General Cable Corporation, (2)	$	641,443
	20,730	Hubbell Incorporated, Class B, (2)		2,229,304
	17,457	Regal-Beloit Corporation		1,280,122
		Total Electrical Equipment		5,821,647
		Electronic Equipment & Instruments – 1.9%
	40,618	Arrow Electronics, Inc., (3)		1,950,476
	53,184	Avnet Inc.		2,111,405
	59,114	Ingram Micro, Inc., Class A, (3)		1,369,671
	15,340	Itron Inc., (3)		654,558
	36,917	National Instruments Corporation		1,072,439
	14,653	Tech Data Corporation, (3)		762,835
	99,263	Trimble Navigation Limited, (3)		2,835,944
	51,266	Vishay Intertechnology Inc., (2), (3)		629,034
		Total Electronic Equipment & Instruments		11,386,362
		Energy Equipment & Services – 2.9%
	22,217	Atwood Oceanics Inc., (3)		1,180,389
	7,631	Carbo Ceramics Inc., (2)		956,470
	29,557	Dresser Rand Group, Inc., (3)		1,796,179
	14,175	Dril Quip Inc., (3)		1,664,429
	38,405	Helix Energy Solutions Group, (3)		908,662
	41,986	Oceaneering International Inc.		3,605,758
	21,329	Oil States International Inc., (3)		2,316,969
	56,821	Patterson-UTI Energy, Inc.		1,378,477
	61,926	Superior Energy Services, Inc., (3)		1,661,475
	19,203	Tidewater Inc.		1,156,405
	16,952	Unit Corporation, (3)		871,502
		Total Energy Equipment & Services		17,496,715
		Food & Staples Retailing – 0.5%
	19,194	Harris Teeter Supermarkets Incorporated		946,648
	77,838	SUPERVALU INC., (3)		547,201
	19,136	United Natural Foods Inc., (3)		1,367,267
		Total Food & Staples Retailing		2,861,116
		Food Products – 1.9%
	36,220	Dean Foods Company, (3)		706,290
	66,785	Flowers Foods Inc., (2)		1,692,332
	50,682	Green Mountain Coffee Inc., (2), (3)		3,183,336
	47,759	Hillshire Brands Company		1,567,928
	30,062	Ingredion Inc.		1,976,877
	7,527	Lancaster Colony Corporation		624,666

Nuveen Investments 45

Portfolio of Investments October 31, 2013

Nuveen Mid Cap Index Fund (continued)

Shares		Description (1)	Value
		Food Products (continued)
	12,678	Post Holdings Inc., (3)	$	544,520
	8,250	Tootsie Roll Industries Inc., (2)		264,000
	67,137	WhiteWave Foods Company, (3)		1,343,411
		Total Food Products		11,903,360
		Gas Utilities – 1.4%
	35,138	Atmos Energy Corporation		1,555,559
	32,421	National Fuel Gas Company, (2)		2,319,723
	67,930	Questar Corporation		1,607,224
	44,176	UGI Corporation		1,827,561
	20,063	WGL Holdings Inc.		903,036
		Total Gas Utilities		8,213,103
		Health Care Equipment & Supplies – 2.4%
	18,882	Cooper Companies, Inc., (2)		2,439,743
	23,191	Hill Rom Holdings Inc.		957,556
	104,506	Hologic Inc., (3)		2,339,889
	20,995	Idexx Labs Inc., (2), (3)		2,264,521
	19,917	Masimo Corporation, (2)		510,274
	55,284	ResMed Inc., (2)		2,860,394
	22,873	Steris Corporation		1,033,631
	15,953	Teleflex Inc., (2)		1,470,548
	22,247	Thoratec Corporation, (3)		960,848
		Total Health Care Equipment & Supplies		14,837,404
		Health Care Providers & Services – 3.1%
	36,578	Community Health Systems, Inc.		1,595,898
	100,634	Health Management Associates Inc., (3)		1,290,128
	30,790	Health Net Inc., (3)		936,016
	33,812	Henry Schein Inc., (3)		3,801,483
	18,390	Lifepoint Hospitals Inc., (3)		949,660
	19,410	Medax Inc., (3)		2,116,078
	40,716	Omnicare, Inc.		2,245,487
	24,573	Owens and Minor Inc., (2)		919,522
	34,612	Universal Health Services, Inc., Class B		2,788,343
	34,357	VCA Antech, Inc., (2), (3)		977,457
	16,866	Wellcare Health Plans Inc., (3)		1,124,625
		Total Health Care Providers & Services		18,744,697
		Health Care Technology – 0.3%
	68,788	Allscripts Healthcare Solutions Inc., (3)		951,338
	34,033	HMS Holdings Corporation, (2), (3)		719,117
		Total Health Care Technology		1,670,455

46 Nuveen Investments

Shares		Description (1)	Value
		Hotels, Restaurants & Leisure – 1.5%
	14,989	Bally Technologies, Inc., (2), (3)	$	1,096,295
	10,819	Bob Evans Farms, (2)		617,657
	27,377	Brinker International Inc., (2)		1,216,086
	17,061	Cheesecake Factory Inc., (2)		806,132
	21,829	Dominos Pizza Inc., (2)		1,463,853
	9,909	Intl Speedway Corporation		324,123
	15,369	Life Time Fitness Inc., (2), (3)		698,060
	10,871	Panera Bread Company, (3)		1,716,748
	20,451	Scientific Games Corporation, (3)		373,844
	109,907	The Wendy’s Company, (2)		955,092
		Total Hotels, Restaurants & Leisure		9,267,890
		Household Durables – 2.1%
	39,217	Jarden Corporation, (3)		2,171,053
	31,791	KB Home, (2)		539,493
	15,171	MDC Holdings Inc., (2)		442,841
	23,628	Mohawk Industries Inc., (3)		3,128,820
	1,721	NVR Inc., (2), (3)		1,578,708
	23,419	Tempur Pedic International Inc., (2), (3)		898,119
	58,473	Toll Brothers Inc., (2), (3)		1,922,592
	20,524	Tupperware Corporation, (2)		1,839,977
		Total Household Durables		12,521,603
		Household Products – 1.0%
	53,626	Church & Dwight Company Inc.		3,493,734
	24,153	Energizer Holdings Inc.		2,369,651
		Total Household Products		5,863,385
		Industrial Conglomerates – 0.3%
	24,692	Carlisle Companies Inc.		1,794,615
		Insurance – 4.7%
	6,538	Alleghany Corporation, Term Loan, (3)		2,650,636
	29,308	American Financial Group Inc.		1,648,868
	49,188	Arthur J. Gallagher & Co.		2,333,971
	26,433	Aspen Insurance Holdings Limited		1,031,151
	45,831	Brown & Brown Inc.		1,463,384
	19,392	Everest Reinsurance Group Ltd		2,981,326
	82,939	Fidelity National Title Group Inc., Class A		2,334,733
	41,981	First American Corporation, (2)		1,085,629
	17,079	Hanover Insurance Group Inc.		999,805
	38,960	HCC Insurance Holdings Inc.		1,778,524
	20,946	Kemper Corporation		775,421

Nuveen Investments 47

Portfolio of Investments October 31, 2013

Nuveen Mid Cap Index Fund (continued)

Shares		Description (1)	Value
		Insurance (continued)
	14,067	Mercury General Corporation	$	654,960
	93,677	Old Republic International Corporation		1,572,837
	17,913	Primerica Inc., (2)		769,363
	30,442	Protective Life Corporation		1,402,767
	28,133	Reinsurance Group of America Inc.		2,002,507
	17,180	StanCorp Financial Group Inc., (2)		1,011,902
	42,760	WR Berkley Corporation		1,877,592
		Total Insurance		28,375,376
		Internet & Catalog Retail – 0.1%
	13,878	Hosting Site Network, Inc.		727,207
		Internet Software & Services – 1.1%
	30,056	AOL Inc., (2)		1,089,229
	19,152	Equinix Inc., (2), (3)		3,092,665
	42,877	Rackspace Hosting Inc., (2), (3)		2,196,589
	27,801	ValueClick, Inc., (2), (3)		534,057
		Total Internet Software & Services		6,912,540
		IT Services – 3.7%
	28,683	Acxiom Corporation, (3)		953,136
	19,087	Alliance Data Systems Corporation, (2), (3)		4,524,764
	47,042	Broadridge Financial Solutions, Inc.		1,653,997
	40,770	Convergys Corporation		804,800
	37,057	CoreLogic Inc., (3)		1,232,886
	11,585	DST Systems Inc.		982,060
	36,380	Gartner Inc., (3)		2,144,601
	30,026	Global Payments Inc.		1,785,946
	33,417	Henry Jack and Associates Inc.		1,824,902
	23,433	Leidos Holdings Inc.		1,103,460
	32,960	Lender Processing Services Inc.		1,137,779
	9,218	ManTech International Corporation, Class A		257,551
	25,535	NeuStar, Inc., (2), (3)		1,172,567
	13,390	Science Applications International Corporation, (2)		471,998
	42,116	VeriFone Holdings Inc., (3)		954,349
	15,057	WEX Inc., (3)		1,405,571
		Total IT Services		22,410,367
		Leisure Equipment & Products – 0.5%
	24,807	Polaris Industries Inc., (2)		3,248,477
		Life Sciences Tools & Services – 1.3%
	7,860	Bio-Rad Laboratories Inc., (3)		970,867
	19,026	Charles River Laboratories International, Inc., (3)		936,269

48 Nuveen Investments

Shares		Description (1)	Value
		Life Sciences Tools & Services (continued)
	21,684	Covance, Inc., (2), (3)	$	1,935,514
	11,713	Mettler-Toledo International Inc., (2), (3)		2,898,499
	12,729	Techne Corporation		1,112,387
		Total Life Sciences Tools & Services		7,853,536
		Machinery – 5.1%
	37,763	AGCO Corporation		2,204,604
	19,281	CLARCOR, Inc., (2)		1,127,553
	18,853	Crane Company		1,197,166
	52,463	Donaldson Company, Inc.		2,078,059
	23,773	Graco Inc., (2)		1,836,702
	31,303	Harsco Corporation		872,728
	31,911	IDEX Corporation		2,206,646
	34,886	ITT Industries, Inc.		1,386,021
	30,555	Kennametal Inc., (2)		1,405,530
	32,187	Lincoln Electric Holdings Inc.		2,228,628
	21,928	Nordson Corporation		1,580,790
	34,144	Oshkosh Truck Corporation, (3)		1,624,913
	18,158	SPX Corporation		1,647,112
	43,151	Terex Corporation, (2), (3)		1,508,127
	30,969	Timken Company		1,635,473
	30,735	Trinity Industries Inc., (2)		1,556,113
	9,136	Valmont Industries, Inc.		1,283,608
	37,329	Wabtec Corporation		2,433,478
	23,480	Woodward Governor Company		941,313
		Total Machinery		30,754,564
		Marine – 0.4%
	22,024	Kirby Corporation, (3)		1,948,904
	16,563	Matson Incorporated		448,692
		Total Marine		2,397,596
		Media – 1.3%
	22,410	AMC Networks Inc., Class A Shares, (3)		1,570,717
	39,481	Cinemark Holdings Inc.		1,295,372
	27,601	Dreamworks Animation SKG Inc., (2), (3)		945,058
	17,946	John Wiley and Sons Inc., Class A		902,504
	21,586	Lamar Advertising Company, (3)		986,696
	13,982	Meredith Corporation		717,277
	47,373	New York Times, Class A, (2)		655,169
	10,273	Scholastic Corporation, (2)		294,732
	15,066	Vallassis Communications Inc., (2)		412,206
		Total Media		7,779,731

Nuveen Investments 49

Portfolio of Investments October 31, 2013

Nuveen Mid Cap Index Fund (continued)

Shares		Description (1)	Value
		Metals & Mining – 1.4%
	17,185	Carpenter Technology Inc.	$	1,019,586
	45,355	Commercial Metals Company		832,718
	12,925	Compass Minerals International, Inc., (2)		962,525
	29,760	Reliance Steel & Aluminum Company		2,181,110
	25,239	Royal Gold, Inc.		1,212,482
	85,526	Steel Dynamics Inc.		1,536,902
	20,693	Worthington Industries, Inc.		838,894
		Total Metals & Mining		8,584,217
		Multiline Retail – 0.2%
	22,592	Big Lots, Inc., (2), (3)		821,445
	39,046	Saks Inc., (3)		624,346
		Total Multiline Retail		1,445,791
		Multi-Utilities – 1.1%
	43,043	Alliant Energy Corporation		2,247,705
	17,247	Black Hills Corporation, (2)		874,768
	73,276	MDU Resources Group Inc.		2,182,159
	31,927	Vectren Corporation, (2)		1,114,891
		Total Multi-Utilities		6,419,523
		Office Electronics – 0.2%
	19,760	Zebra Technologies Corporation, Class A, (3)		954,606
		Oil, Gas & Consumable Fuels – 2.8%
	85,895	Alpha Natural Resources Inc., (2), (3)		601,265
	82,364	Arch Coal Inc., (2)		349,223
	18,929	Bill Barrett Corporation, (2), (3)		523,765
	33,548	Cimarex Energy Company		3,534,282
	28,027	Energen Corporation, (2)		2,195,075
	27,080	Gulfport Energy Corporation, (2), (3)		1,589,325
	78,903	HollyFrontier Company, (2)		3,634,272
	23,706	Rosetta Resources, Inc., (2), (3)		1,420,938
	25,718	SM Energy Company		2,278,872
	28,182	World Fuel Services Corporation, (2)		1,075,143
		Total Oil, Gas & Consumable Fuels		17,202,160
		Paper & Forest Products – 0.3%
	13,043	Domtar Corporation		1,104,873
	54,079	Louisiana-Pacific Corporation, (3)		919,884
		Total Paper & Forest Products		2,024,757
		Pharmaceuticals – 0.7%
	43,556	Endo Pharmaceuticals Holdings Inc., (3)		1,904,704
	22,821	Mallinckrodt PLC, (3)		958,710

50 Nuveen Investments

Shares		Description (1)	Value
		Pharmaceuticals (continued)
	21,827	Salix Pharmaceuticals Limited, (3)	$	1,566,087
		Total Pharmaceuticals		4,429,501
		Professional Services – 1.1%
	13,044	Corporate Executive Board Company, (2)		950,908
	15,642	FTI Consulting Inc., (3)		634,752
	29,930	Manpower Inc.		2,337,533
	21,907	Towers Watson & Company, Class A Shares		2,515,143
		Total Professional Services		6,438,336
		Real Estate Investment Trust – 8.5%
	27,333	Alexandria Real Estate Equities Inc., (2)		1,797,965
	40,660	American Campus Communities Inc., (2)		1,405,210
	72,300	BioMed Realty Trust Inc., (2)		1,440,216
	29,907	BRE Properties, Inc.		1,633,221
	32,921	Camden Property Trust, (2)		2,113,528
	33,283	Corporate Office Properties		818,762
	44,709	Corrections Corporation of America		1,654,233
	126,584	Duke Realty Corporation, (2)		2,097,497
	24,030	Equity One Inc., (2)		579,363
	14,745	Essex Property Trust Inc., (2)		2,373,945
	40,211	Extra Space Storage Inc., (2)		1,849,304
	25,319	Federal Realty Investment Trust, (2)		2,623,048
	31,875	Highwoods Properties, Inc., (2)		1,230,375
	21,765	Home Properties New York, Inc., (2)		1,312,647
	54,225	Hospitality Properties Trust		1,593,131
	29,239	Kilroy Realty Corporation		1,554,345
	54,811	Liberty Property Trust		2,038,421
	32,413	Mack-Cali Realty Corporation		666,411
	13,435	Mid-America Apartment Communities		892,084
	45,932	National Retail Properties, Inc., (2)		1,580,061
	45,073	Omega Healthcare Investors Inc., (2)		1,498,227
	15,712	Potlatch Corporation		641,521
	48,904	Rayonier Inc.		2,299,466
	76,149	Realty Income Corporation, (2)		3,171,606
	35,547	Regency Centers Corporation, (2)		1,836,358
	72,984	Senior Housing Properties Trust, (2)		1,798,326
	35,544	SL Green Realty Corporation, (2)		3,361,396
	24,745	Taubman Centers Inc.		1,627,974
	97,302	UDR Inc., (2)		2,414,063
	43,488	Weingarten Realty Trust, (2)		1,379,874
		Total Real Estate Investment Trust		51,282,578

Nuveen Investments 51

Portfolio of Investments October 31, 2013

Nuveen Mid Cap Index Fund (continued)

Shares		Description (1)	Value
		Real Estate Management & Development – 0.4%
	16,706	Alexander & Baldwin Inc.	$	618,122
	17,111	Jones Lang LaSalle Inc.		1,628,967
		Total Real Estate Management & Development		2,247,089
		Road & Rail – 1.1%
	21,863	Con-Way, Inc.		900,756
	19,216	Genesee & Wyoming Inc., (3)		1,918,525
	35,134	J.B. Hunt Transports Serives Inc.		2,636,104
	18,068	Landstar System		998,980
	17,344	Werner Enterprises, Inc., (2)		401,687
		Total Road & Rail		6,856,052
		Semiconductors & Equipment – 2.1%
	236,520	Advanced Micro Devices, Inc., (2), (3)		789,977
	166,330	Atmel Corporation, (3)		1,210,882
	45,760	Cree, Inc., (2), (3)		2,779,920
	52,495	Cypress Semiconductor Corporation, (2)		487,154
	49,367	Fairchild Semiconductor International Inc., Class A, (3)		625,480
	57,253	Integrated Device Technology, Inc., (3)		609,172
	26,950	International Rectifier Corporation, (3)		701,778
	49,355	Intersil Holding Corporation, Class A		550,802
	109,141	RF Micro Devices, Inc., (3)		572,990
	26,192	Semtech Corporation, (2), (3)		814,833
	15,154	Silicon Laboratories Inc., (3)		609,494
	74,194	Skyworks Solutions Inc., (3)		1,912,721
	103,131	SunEdison Inc., (2), (3)		959,118
		Total Semiconductors & Equipment		12,624,321
		Software – 4.0%
	15,463	ACI Worldwide, Inc., (2), (3)		852,321
	12,563	Advent Software Inc.		421,489
	36,169	Ansys Inc., (3)		3,162,979
	109,818	Cadence Design Systems, Inc., (2), (3)		1,424,339
	16,775	CommVault Systems, Inc., (3)		1,309,792
	82,822	Compuware Corporation		884,539
	17,766	Concur Technologies, Inc., (2), (3)		1,858,324
	15,701	FactSet Research Systems Inc., (2)		1,710,467
	13,921	Fair Isaac Corporation, (2)		797,395
	41,941	Informatica Corporation, (3)		1,618,923
	36,789	Mentor Graphics Corporation		812,301
	30,523	Micros Systems, Inc., (2), (3)		1,655,873
	46,392	Parametric Technology Corporation, (3)		1,285,986

52 Nuveen Investments

Shares		Description (1)	Value
		Software (continued)
	40,114	Rovi Corporation, (3)	$	672,311
	23,928	Solarwinds, Inc., (3)		865,954
	26,735	Solera Holdings Inc.		1,503,042
	59,668	Synopsys Inc., (3)		2,174,899
	60,494	Tibco Software Inc., (3)		1,485,733
		Total Software		24,496,667
		Specialty Retail – 4.0%
	27,358	Aaron Rents Inc., (2)		776,146
	28,380	Advance Auto Parts, Inc.		2,814,728
	30,450	Aeropostale, Inc., (2), (3)		282,881
	68,037	American Eagle Outfitters, Inc., (2)		1,053,893
	18,293	Ann Inc., (3)		646,840
	49,417	Ascena Retail Group Inc., (3)		977,962
	18,038	Cabela’s Incorporated, (2), (3)		1,070,014
	62,954	Chico’s FAS, Inc.		1,079,661
	23,406	CST Brands Inc., (2)		754,609
	38,878	Dick’s Sporting Goods Inc.		2,068,698
	58,258	Foot Locker, Inc.		2,021,553
	23,706	Guess Inc., (2)		740,813
	12,378	Murphy USA Inc., (3)		502,299
	111,015	Office Depot, Inc., (3)		620,574
	21,261	Rent-A-Center Inc., (2)		727,977
	31,384	Signet Jewelers Limited		2,343,129
	54,162	Tractor Supply Company, (2)		3,864,459
	33,361	Williams-Sonoma Inc., (2)		1,749,451
		Total Specialty Retail		24,095,687
		Textiles, Apparel & Luxury Goods – 1.2%
	19,773	Carter’s Inc.		1,367,303
	13,369	Deckers Outdoor Corporation, (2), (3)		920,188
	38,241	Hanesbrands Inc.		2,604,977
	30,172	Under Armour, Inc., (2), (3)		2,448,458
		Total Textiles, Apparel & Luxury Goods		7,340,926
		Thrifts & Mortgage Finance – 0.7%
	31,848	Astoria Financial Corporation		420,712
	171,076	New York Community Bancorp Inc., (2)		2,773,142
	40,431	Washington Federal Inc.		921,018
		Total Thrifts & Mortgage Finance		4,114,872
		Tobacco – 0.1%
	9,056	Universal Corporation, (2)		480,240

Nuveen Investments 53

Portfolio of Investments October 31, 2013

Nuveen Mid Cap Index Fund (continued)

Shares		Description (1)								Value
		Trading Companies & Distributors – 1.0%
	18,161	GATX Corporation								$	936,200
	18,175	MSC Industrial Direct Inc., Class A									1,388,025
	36,568	United Rentals Inc., (2), (3)									2,361,920
	11,520	Watsco Inc.									1,097,740
		Total Trading Companies & Distributors									5,783,885
		Water Utilities – 0.3%
	68,268	Aqua America Inc., (2)									1,718,988
		Wireless Telecommunication Services – 0.2%
	39,003	Telephone and Data Systems Inc.									1,216,114
		Total Common Stocks (cost $406,783,982)									568,122,457
Shares		Description (1)								Value
		INVESTMENTS PURCHASED WITH COLLATERAL FROM SECURITIES LENDING – 28.7%
		Money Market Funds – 28.7%
	173,913,770	Mount Vernon Securities Lending Prime Portfolio, 0.177%, (4), (5)								$	173,913,770
		Total Investments Purchased with Collateral from Securities Lending (cost $173,913,770)									173,913,770
		Total Long-Term Investments (cost $580,697,752)									742,036,227
Shares/ Principal Amount (000)		Description (1)	Coupon			Maturity		Ratings (6)		Value
		SHORT-TERM INVESTMENTS – 6.2%
		Money Market Funds – 5.9%
	35,856,663	First American Treasury Obligations Fund, Class Z		0.000%	(4)		N/A		N/A	$	35,856,663
		U.S. Government and Agency Obligations – 0.3%
$	2,000	U.S. Treasury Bills, (7)		0.000%			2/13/14		N/R		1,999,712
		Total Short-Term Investments (cost $37,856,345)									37,856,375
		Total Investments (cost $618,554,097) – 128.6%									779,892,602
		Other Assets Less Liabilities – (28.6)% (8)									(173,249,923	)
		Net Assets – 100%								$	606,642,679

Investments in Derivatives as of October 31, 2013

Futures Contracts outstanding:

Description	Contract Position		Number of Contracts		Contract Expiration		Notional Value		Unrealized Appreciation (Depreciation)
S&P MidCap 400 E-Mini Index		Long		285		12/13	$	36,662,394	$	1,470,179

54 Nuveen Investments

For Fund portfolio compliance purposes, the Fund’s industry classifications refer to any one or more of the industry sub-classifications used by one or more widely recognized market indexes or ratings group indexes, and/or as defined by the Fund management. This definition may not apply for purposes of this report which may combine industry sub-classifications into sectors for reporting ease.

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

(2) Investment, or a portion of investment, is out on loan for securities lending. The total value of securities out on loan at the end of the reporting period was $167,588,976.

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

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

(5) The Fund may loan securities representing up to one third of the fair value of its total assets (which includes collateral for securities on loan) to broker dealers, banks, and other institutions. The Fund maintains collateral equal to at least 102% of the fair value of the securities loaned. The cash collateral received by the Fund is invested in this money market fund. See Notes to Financial Statements, Note 3 – Portfolio Securities and Investment in Derivatives, Securities Lending for more information.

(6) Ratings (not covered by the report of independent registered public accounting firm): Using the highest of Standard & Poor’s Group (“Standard & Poor’s”), Moody’s Investors Service, Inc. (“Moody’s”) or Fitch, Inc. (“Fitch”) rating. Ratings below BBB by Standard & Poor’s, Baa by Moody’s or BBB by Fitch are considered to be below investment grade. Holdings designated N/R are not rated by any of these national rating agencies.

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

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

N/A Not applicable.

See accompanying notes to financial statements.

Nuveen Investments 55

Portfolio of Investments October 31, 2013

Nuveen Small Cap Index Fund

Shares		Description (1)	Value
		LONG-TERM INVESTMENTS – 112.7%
		COMMON STOCKS – 90.7%
		Aerospace & Defense – 1.5%
	3,072	AAR Corporation	$	89,948
	1,432	Aerovironment, Inc., (2), (3)		38,822
	631	American Science & Engineering Inc.		41,507
	2,496	API Technologies Corporation, (2)		7,288
	971	Astronics Corporation, (2)		47,637
	194	Astronics Corporation, (2)		9,378
	1,535	Cubic Corporation		80,588
	3,620	Curtiss Wright Corporation		180,204
	5,758	DigitalGlobe Inc., (2)		183,220
	820	Ducommon Inc., (2)		20,385
	1,326	Engility Holdings Inc., (2)		41,066
	292	Erickson Air-Crane Inc., (2), (3)		5,723
	2,419	Esterline Technologies Corporation, (2)		193,907
	4,677	GenCorp Inc., (2), (3)		78,574
	5,129	Heico Corporation		274,798
	973	Innovative Solutions & Support, Inc.		7,667
	2,465	Keyw Holding Corporation, (2), (3)		28,348
	3,397	Kratos Defence & Security Solutions Inc., (2)		28,807
	801	LMI Aerospace, Inc., (2)		12,576
	3,503	Moog Inc., CLass A Shares, (2)		209,234
	372	National Presto Industries Inc.		26,245
	4,637	Orbital Sciences Corporation, (2)		106,976
	790	Sparton Corporation, (2)		20,848
	3,959	Taser International, Inc., (2), (3)		70,351
	2,889	Teledyne Technologies Inc., (2), (3)		256,601
		Total Aerospace & Defense		2,060,698
		Air Freight & Logistics – 0.4%
	4,009	Air Transport Servcies Group Inc., (2)		29,025
	1,996	Atlas Air Worldwide Holdings Inc., (2)		73,912
	1,377	Echo Global Logistics, Inc., (2), (3)		25,351
	2,333	Forward Air Corporation		94,440
	2,859	Hub Group, Inc., (2)		105,011
	2,731	Pacer International, Inc., (2)		21,793

56 Nuveen Investments

Shares		Description (1)	Value
		Air Freight & Logistics (continued)
	669	Park Ohio Holdings Corporation, (2)	$	27,703
	7,015	UTI Worldwide, Inc., (3)		106,628
	2,266	XPO Logistics, Incorporated, (2)		45,728
		Total Air Freight & Logistics		529,591
		Airlines – 0.7%
	1,159	Allegiant Travel Company		120,849
	4,013	Hawaian Holdings Inc., (2), (3)		33,107
	17,973	JetBlue Airways Corporation, (2), (3)		127,429
	3,799	Republic Airways Holdings, Inc., (2)		44,752
	4,010	Skywest Inc.		60,310
	4,661	Spirit Airline Holdings, (2)		201,122
	14,844	U.S. Airways Group Inc., (2), (3)		326,123
		Total Airlines		913,692
		Auto Components – 0.9%
	5,197	American Axle and Manufacturing Holdings Inc., (2)		96,716
	4,897	Cooper Tire & Rubber		127,371
	11,352	Dana Holding Corporation, (3)		222,499
	1,950	Dorman Products, Inc.		94,790
	1,772	Drew Industries Inc.		89,061
	1,524	Federal Mogul Corporation, Class A Shares, (2)		31,227
	759	Fox Factory Holding Corporation, (2)		13,222
	1,086	Fuel Systems Solutions, Inc., (2)		19,505
	2,583	Gentherm Inc., (2)		60,313
	3,650	Modine Manufacturing Company, (2)		48,618
	1,083	Remy International Inc., (3)		23,858
	471	Shiloh Industries, Inc.		7,734
	2,646	Spartan Motors, Inc.		17,966
	1,531	Standard Motor Products Inc., (3)		55,361
	2,202	Stoneridge Inc., (2)		28,098
	1,796	Superior Industries International Inc.		33,675
	4,702	Tenneco Inc., (2)		249,535
	472	Tower International Inc., (2)		10,016
		Total Auto Components		1,229,565
		Automobiles – 0.0%
	2,169	Winnebago Industries Inc., (2)		64,333
		Beverages – 0.1%
	637	Boston Beer Company, (2), (3)		146,249
	346	Coca-Cola Bottling Company Consolidated		21,909
	816	Craft Brewers Alliance Inc., (2)		13,236

Nuveen Investments 57

Portfolio of Investments October 31, 2013

Nuveen Small Cap Index Fund (continued)

Shares		Description (1)	Value
		Beverages (continued)
	876	National Beverage Corporation	$	16,040
		Total Beverages		197,434
		Biotechnology – 3.4%
	5,418	Acadia Pharmaceuticals, Inc., (2), (3)		123,151
	7,465	Achillion Pharmaceuticals, Inc., (2)		18,737
	3,136	Acorda Therapeutics, Inc., (2)		95,993
	2,228	Aegerion Pharmaceuticals Inc., (2), (3)		184,523
	527	Agios Pharmaceutical Inc., (2), (3)		12,205
	4,493	Alnylam Pharmaceuticals, Inc., (2)		258,842
	1,668	AMAG Pharmaceuticals Inc., (2)		45,003
	2,351	Amicus Therapeutics, Inc., (2), (3)		4,984
	1,959	Anacor Pharmaceuticals Inc., (2), (3)		25,487
	16,835	Arena Pharmaceuticals, Inc., (2), (3)		73,906
	4,586	ArQule Inc., (2)		10,319
	9,028	Array Biopharma, Inc., (2)		45,321
	4,011	Aveo Pharmaceuticals Inc., (2)		8,303
	2,854	BioTime Inc., (2)		10,360
	527	Bluebird Bio Inc., (2), (3)		11,199
	8,707	Cell Therapeutics, Inc., (2), (3)		15,324
	6,251	Celldex Therapeutics, Inc., (2), (3)		143,210
	296	Cellular Dynamics International Inc., (2)		4,177
	5,188	Cepheid, Inc., (2), (3)		211,255
	5,186	Chelsea Therapeutics International, Inc., (2)		14,676
	1,901	ChemoCentryx Inc., (2), (3)		9,410
	656	Chimerix Inc., (2)		9,938
	1,232	Clovis Oncology Inc., (2)		62,968
	462	Conatus Pharmaceuticals Inc., (2)		4,112
	1,936	Coronado Biosciences Inc., (2)		3,233
	6,226	Curis, Inc., (2), (3)		24,842
	1,915	Cytokinetics, Inc., (2), (3)		11,509
	4,884	Cytori Therapeutics, Inc., (2), (3)		10,061
	12,184	Dendreon Corporation, (2), (3)		31,313
	1,010	Durata Therapeutics Inc., (2)		9,777
	9,318	Dyax Corporation, (2)		76,594
	14,139	Dynavax Technologies Corporation, (2)		17,391
	2,122	Emergent BioSolutions, Inc., (2)		41,443
	281	Enanta Pharmaceuticals Inc., (2)		5,609
	2,905	Enzon Inc.		4,299
	457	Epizyme Inc., (2)		17,512

58 Nuveen Investments

Shares			Description (1)	Value
			Biotechnology (continued)
	354		Esperion Therapeutics Inc., (2)	$	5,547
	5,444		EXACT Sciences Corporation, (2), (3)		59,993
	14,209		Exelixis, Inc., (2), (3)		70,050
	1,304		Fibrocell Science Inc., (2)		4,825
	7,882		Galena Biopharma Inc., (2), (3)		17,577
	1,294		Genomic Health, Inc., (2), (3)		38,716
	10,082		Geron Corporation, (2)		39,824
	2,028		GTX, Inc., (2), (3)		3,468
	6,868		Halozyme Therapeutics, Inc., (2), (3)		80,012
	649		Hyperion Therapeutics Inc., (2), (3)		12,999
	7,713		Idenix Pharmaceuticals Inc., (2), (3)		25,376
	6,535		Immunogen, Inc., (2), (3)		107,566
	5,668		Immunomedics, Inc., (2), (3)		21,482
	3,702		Infinity Pharmaceuticals, Inc., (2)		50,162
	2,675		Insmed Incorporated, (2)		38,092
	364		Insys Therapeutics Inc., (2)		14,520
	485		Intercept Pharmaceuticals Incorporated, (2)		26,306
	6,310		Intermune, Inc., (2)		88,908
	886		Intrexon Corporation, (2), (3)		18,783
	7,194	��	Ironwood Pharmacauticals Inc., (2), (3)		69,134
	8,683		ISIS Pharmaceuticals, Inc., (2), (3)		288,883
	917		Kalobios Pharmaceuticals Inc., (2)		3,677
	6,318		Keryx Biopharmaceuticals, Inc., (2), (3)		65,391
	788		Kythera Biopharmaceuticals ,Incorporated, (2)		35,231
	17,573		Lexicon Genetics, Inc., (2), (3)		42,175
	1,377		Ligand Pharmceuticals, Inc., (2), (3)		71,274
	11,499		MannKind Corporation, (2), (3)		56,230
	693		MEI Pharma Inc., (2)		5,558
	7,470		Merrimack Pharmaceuticals, Incorporated, (2), (3)		20,020
	6,509		MiMedx Group Inc., (2), (3)		34,498
	3,650		Momenta Pharmaceuticals, Inc., (2)		59,824
	4,205		Nanosphere Inc., (2)		8,200
	5,158		Neurocrine Biosciences Inc., (2)		48,692
	1,306		NewLink Genetics Corporation, (2)		21,876
	14,331		Novavax, Inc., (2)		44,426
	7,756		NPS Pharmaceuticals, Inc., (2)		223,218
	1,134		OncoGenex Pharmacuetical Inc., (2)		7,972
	363		Oncomed Pharamceuticals Inc., (2)		5,049
	458		Onconova Therapeutics Inc., (2)		7,209

Nuveen Investments 59

Portfolio of Investments October 31, 2013

Nuveen Small Cap Index Fund (continued)

Shares		Description (1)		Value
		Biotechnology (continued)
	14,544	Opko Health Inc., (2), (3)		$	145,731
	7,317	Orexigen Therapeutics Inc., (2), (3)			35,707
	1,282	Osiris Therapeutics, Inc., (2)			17,063
	693	OvaScience Inc., (2), (3)			6,701
	10,822	PDL Biopahrma Inc., (3)			87,550
	11,719	Peregrine Pharmaceuticals, Inc., Reg S, (2), (3)			15,118
	748	Portola Pharmaceuticals Inc., (2)			16,568
	4,602	Progenics Pharmaceuticals, Inc., (2)			16,751
	1,096	Prothena Corporation PLC, (2)			26,348
	741	PTC Therapeutics Inc., (2), (3)			13,331
	1,713	Puma Biotechnology Inc, (2)			65,625
	4,285	Raptor Pharmaceuticals Corporation, (2)			61,618
	446	Receptos Inc., (2)			11,400
	789	Regulus Therapeutics Incorporated, (2)	��		5,499
	2,430	Repligen Corporation, (2)			26,584
	6,737	Rigel Pharmaceuticals, Inc., (2)			20,817
	4,701	Sangamo Biosciences, Inc., (2)			44,048
	2,587	Sarepta Therapautics Inc., (2)			100,738
	2,841	SIGA Technologies, Inc., (2), (3)			9,745
	4,640	Spectrum Pharmaceuticals, Inc., (3)			39,858
	707	Stemline Therapeutics Inc., (2)			19,676
	2,502	Sunesis Pharmaceuticals, Inc., (2)			12,535
	1,480	Synageva BioPharma Corporation, (2), (3)			75,184
	6,228	Synergy Pharmaceuticals Inc., (2)			25,161
	3,136	Synta Pharmaceuticals Corporation, (2), (3)			14,237
	2,158	Targacept, Inc., (2)			10,251
	1,034	Tesaro Inc., (2)			39,809
	890	Tetraphase Pharmaceuticals Inc., (2)			11,152
	1,201	TG Therapeutics Inc., (2)			4,336
	3,641	Threshold Pharmaceuticals, Inc., (2), (3)			15,802
	2,560	Vanda Pharmaceuticals, Inc., (2)			18,330
	1,339	Verastem Inc., (2), (3)			13,390
	5,872	Vical, Inc., (2), (3)			7,340
	5,340	XOMA Limited, (2)			24,083
	5,190	ZIOPHARM Oncology, Inc., (2), (3)			18,373
		Total Biotechnology			4,576,188
		Building Products – 0.7%
	2,170	Aaon, Inc.			58,612
	768	American Woodmark Company, (2)			26,051

60 Nuveen Investments

Shares		Description (1)	Value
		Building Products (continued)
	2,222	Apogee Enterprises, Inc., (3)	$	69,504
	3,453	Builders FirstSource, Inc., (2)		25,587
	2,371	Gibraltar Industries Inc., (2)		37,960
	3,449	Griffon Corporation		43,216
	1,394	Insteel Industries, Inc.		23,126
	1,600	NCI Building Systems Inc., (2)		23,088
	697	Nortek Inc., (2)		48,908
	515	Patrick Industries, Inc., (2)		16,109
	2,565	PGT, Inc., (2)		26,804
	1,220	Ply Gem Holdings Inc., (2)		18,178
	2,865	Quanex Building Products Corporation		50,940
	3,133	Simpson Manufacturing Company Inc.		111,065
	1,329	Trex Company Inc., (2)		93,322
	1,535	Universal Forest Products Inc., (3)		81,232
	5,926	USG Corporation, (2), (3)		161,839
		Total Building Products		915,541
		Capital Markets – 2.4%
	17,374	Apollo Investment Corporation		148,200
	1,237	Arlington Asset Investment Corporation		30,517
	9,822	BGC Partners Inc., Class A		52,253
	5,729	BlackRock Kelso Capital Corporation, (3)		53,795
	1,535	Calamos Asset Management, Inc. Class A		15,074
	1,044	Capital Southwest Corporation		34,316
	781	CIFC Corporation		6,170
	1,455	Cohen & Steers Inc., (3)		55,814
	7,550	Cowen Group, Inc, Class A, (2), (3)		29,974
	218	Diamond Hill Investment Group, Inc.		24,039
	2,445	Evercore Partners Inc., (3)		123,399
	676	FBR Capital Markets Corporation, (2)		17,914
	1,059	Fidus Investment Corporation, (3)		21,508
	9,335	Fifth Street Finance Corporation		95,217
	3,781	Financial Engines Inc., (3)		211,244
	2,828	FXCM Inc, Class A Shares		46,351
	466	GAMCO Investors Inc.		33,324
	464	Garrison Capital Inc		6,835
	5,382	GFI Group, Inc.		18,676
	1,624	Gladstone Capital Corporation		14,324
	1,930	Gladstone Investment Corporation		13,645
	2,497	Golub Capital BDC Inc., (3)		43,947

Nuveen Investments 61

Portfolio of Investments October 31, 2013

Nuveen Small Cap Index Fund (continued)

Shares		Description (1)	Value
		Capital Markets (continued)
	2,179	Greenhill & Co Inc.	$	111,783
	1,430	GSV Capital Corporporation, (2), (3)		21,865
	1,139	Hannon Armstrong Sustainable Infrastructure Capital Inc., (3)		13,953
	4,759	Hercules Technology Growth Capital, Inc., (3)		73,479
	2,559	HFF Inc., Class A Shares		62,823
	637	Horizon Technology Finance Corporation		8,587
	2,938	ICG Group Inc., (2)		47,919
	1,088	INTL FCStone Inc., (2)		22,260
	2,877	Investment Technology Group, (2)		46,090
	11,535	Janus Capital Group Inc., (3)		113,850
	1,214	JMP Group Inc.		7,782
	2,186	KCAP Financial Incorporated, (3)		18,428
	5,492	KCG Holdings Inc., Class A Shares, (2)		48,000
	7,960	Ladenburg Thalmann Financial Services Inc., (2)		16,716
	2,689	Main Street Capital Corporation		81,746
	979	Manning & Napier Inc.		16,251
	5,505	MCG Capital Corporation		25,929
	1,439	Medallion Financial Corporation		21,844
	3,092	Medley Capital Corporation		43,102
	1,724	MVC Capital Inc.		23,843
	2,886	New Mountain Finance Corporation		40,923
	1,600	NGP Capital Resources Company		11,904
	761	Oppenheimer Holdings Inc., Class A		15,091
	743	PennantPark Floating Rate Capital Inc.		9,874
	5,137	Pennantpark Investment Corporation		57,843
	1,335	Piper Jaffray Companies, (2)		47,913
	19,103	Prospect Capital Corporation, (3)		216,628
	878	Pzena Investments Management, Inc.		6,313
	1,621	Safeguard Scientifics Inc., (2)		28,286
	425	Silvercrest Asset Management Corporation Class A, (2)		6,277
	3,480	Solar Capital Limited		79,866
	851	Solar Senior Capital Limited		15,522
	931	Stellus Capital Investment Corporation, (3)		13,816
	4,914	Stifel Financial Corporation, (2), (3)		201,228
	2,237	SWS Group Inc., (2)		12,594
	1,871	TCP Capital Corporation		31,190
	4,062	Technology Investment Capital Corporation, (3)		40,620
	1,041	THL Credit Inc., (3)		16,916
	2,131	Triangle Capital Corporation		63,419

62 Nuveen Investments

Shares		Description (1)	Value
		Capital Markets (continued)
	520	Virtus Investment Partners Inc., (2), (3)	$	105,830
	2,852	Walter Investment Management Corporation, (2)		107,720
	540	Westwood Holding Group Inc.		28,798
	533	WhiteHorse Finance Incorporated		8,214
	7,765	WisdomTree Investments Inc., (2)		107,934
		Total Capital Markets		3,197,505
		Chemicals – 2.1%
	2,274	A Schulman, Inc.		75,315
	778	Advanced Emissions Solutions Inc., (2), (3)		29,385
	457	American Pacific Corporation, (2)		20,803
	2,213	American Vanguard Corp., (3)		57,759
	1,537	Arabian American Development Company, (2)		13,987
	5,396	Axiall Corporation		209,850
	2,295	Balchem Corporation		131,412
	4,182	Calgon Carbon Corporation, (2), (3)		83,431
	498	Chase Corporation, Common Stock		15,069
	7,600	Chemtura Corporation, (2)		186,200
	5,600	Ferro Corporation, (2)		71,848
	3,690	Flotek Industries Inc., (2), (3)		78,892
	1,680	FutureFuel Corporation		29,249
	596	GSE Holdings Inc., (2)		1,681
	3,890	H.B. Fuller Company		186,214
	729	Hawkins Inc, (3)		26,251
	1,698	Innophos Holdings, Inc.		85,104
	1,816	Innospec, Inc.		83,645
	4,230	Interpid Potash Inc., (3)		62,816
	632	KMG Chemicals, Inc.		12,627
	1,602	Koppers Holdings Inc.		71,305
	2,515	Kraton Performance Polymers Inc., (2)		53,494
	2,004	Landec Corporation, (2)		23,467
	1,478	LSB Industries Inc., (2)		54,272
	2,694	Minerals Technologies Inc.		152,561
	6,207	Olin Corporation		139,720
	2,471	OM Group Inc., (2)		84,014
	3,638	OMNOVA Solutions Inc., (2)		31,651
	742	Penford Corporation, (2)		10,091
	7,682	PolyOne Corporation		232,765
	1,015	Quaker Chemical Corporation, (3)		77,049
	3,868	Sensient Technologies Corporation		201,639

Nuveen Investments 63

Portfolio of Investments October 31, 2013

Nuveen Small Cap Index Fund (continued)

Shares		Description (1)	Value
		Chemicals (continued)
	1,457	Stepan Company, (3)	$	85,774
	1,220	Taminco Corporation, (2)		24,363
	1,902	Tredegar Corporation		55,576
	1,751	Zep Inc.		34,827
	2,126	Zoltek Companies, Inc., (2)		35,504
		Total Chemicals		2,829,610
		Commercial Banks – 6.4%
	1,167	1st Source Corporation		36,620
	2,311	1st United Bancorp Inc/North		17,656
	565	Access National Corporation		8,209
	607	American National Bankshares, Inc.		13,925
	1,845	Ameris Bancorp., (2)		33,764
	719	Ames National Corporation		16,199
	781	Arrow Financial Corporation, (3)		20,158
	547	BancFirst Corporation		30,397
	2,262	Banco Latinoamericano de Exportaciones S.A		59,332
	2,540	Bancorp, Inc., (2)		41,072
	7,358	BancorpSouth Inc., (3)		162,612
	474	Bank of Kentucky Financial Corporation		13,656
	420	Bank of Marin Bancorp California		17,871
	2,403	Bank of the Ozarks, Inc., (3)		118,900
	1,504	Banner Corporation		57,543
	303	Bar Harbor Bankshares		11,435
	6,105	BBCN Bancorp Inc.		90,537
	1,416	BNC Bancorp., (3)		18,564
	6,161	Boston Private Financial Holdings Inc., (3)		70,174
	693	Bridge Bancorp Inc.		16,001
	744	Bridge Capital Holdings, (2)		13,087
	1,045	Bryn Mawr Bank		29,114
	252	C & F Financial, Inc., (3)		13,585
	590	Camden National Corporation		23,807
	1,916	Capital Bank Financial Corporation, Class A Shares, (2)		42,574
	964	Capital City Bank, (2)		11,857
	2,339	Cardinal Financial Corporation		38,594
	472	Cascade Bancorp., (2)		2,440
	6,097	Cathay General Bancorp.		150,169
	910	Center Bancorp, Inc.		13,614
	2,327	Centerstate Banks of Florida, Inc.		22,944
	1,687	Central Pacific Financial Corporation		31,075

64 Nuveen Investments

Shares		Description (1)	Value
		Commercial Banks (continued)
	263	Century Bancorp, Inc.	$	8,548
	2,128	Chemical Financial Corporation		62,329
	278	Chemung Financial Corporation		9,794
	953	Citizens & Northern Corporation		18,831
	1,210	City Holding Company, (3)		55,055
	967	CNB Financial Corporation		19,350
	2,740	Cobiz, Inc.		29,729
	3,944	Columbia Banking Systems Inc.		101,321
	3,093	Community Bank System Inc.		112,307
	1,084	Community Trust Bancorp, Inc.		46,168
	813	CommunityOne Bancorp., (2)		8,748
	135	ConnectOne Bancorp Inc., (2)		5,131
	678	Customers Bancorp Inc., (2), (3)		12,611
	1,544	Customers Bancorp Inc., (2)		25,862
	7,100	CVB Financial		103,234
	1,724	Eagle Bancorp, Inc., (2)		45,600
	560	Enterprise Bancorp, Inc.		10,942
	1,400	Enterprise Financial Services Corporation		25,242
	11,211	F.N.B. Corporation PA, (3)		140,250
	578	Farmers Capital Bank Corporation, (2)		11,872
	1,128	Fidelity Southern Corporation		17,230
	1,067	Financial Institutions, Inc.		25,256
	739	First Bancorp Maine		12,866
	1,521	First Bancorp of North Carolina, Inc.		22,785
	5,574	First Bancorp of Puerto Rico, (2)		30,936
	5,511	First Busey Corporation		28,492
	7,567	First Commonwealth Financial Corporation, (3)		65,757
	1,384	First Community Bancshares, Inc.		23,099
	1,313	First Connecticut Bancorp.		19,275
	4,473	First Financial Bancorp.		69,421
	2,437	First Financial Bankshares, Inc., (3)		149,900
	867	First Financial Corporation		29,946
	1,857	First Financial Holdings Inc.		111,290
	1,356	First Interstate BancSystem Inc., Montana		34,049
	2,224	First Merchants Corporation, (3)		41,811
	5,804	First Midwest Bancorp, Inc.		96,521
	322	First NBC Bank Holding Company, (2)		8,581
	611	First of Long Island Corporation		24,043
	4,826	First Security Group, Inc., (2)		9,797

Nuveen Investments 65

Portfolio of Investments October 31, 2013

Nuveen Small Cap Index Fund (continued)

Shares		Description (1)	Value
		Commercial Banks (continued)
	12,813	FirstMerit Corporation, (3)	$	287,780
	2,383	Flushing Financial Corporation, (3)		47,874
	1,415	German American Bancorp, Inc.		38,460
	5,190	Glacier Bancorp, Inc.		143,400
	797	Great Southern Bancorp.		22,380
	1,138	Guaranty Bancorp.		15,363
	2,431	Hampton Roads Bankshares, Inc., (2)		3,428
	6,561	Hancock Holding Company		215,070
	2,441	Hanmi Financial Corporation		42,669
	1,146	Heartland Financial USA, Inc.		30,358
	1,609	Heritage Commerce Coporation		12,534
	1,171	Heritage Financial Corporation		18,888
	1,559	Heritage Oaks Bancorp, (2)		10,679
	3,497	Home Bancshares, Inc.		118,478
	1,121	Home Federal Bancorp, Inc.		17,476
	1,609	HomeTrust Bancshares Inc., (2)		25,985
	672	Horizon Bancorp.		14,589
	1,270	Hudson Valley Holding Corporation		23,482
	2,139	IberiaBank Corporation		124,982
	1,769	Independent Bank Corporation, (3)		63,472
	293	Independent Bank Group Inc.		11,055
	4,442	International Bancshares Corporation, (3)		101,500
	1,383	Intervest Bancshares Corporation, (2)		10,082
	3,601	Investors Bancorp, Inc.		85,380
	2,309	Lakeland Bancorp, Inc.		26,323
	1,269	Lakeland Financial Corporation		45,164
	436	LCNB Corporation		8,785
	1,834	Macatawa Bank Corporation, (2)		9,005
	1,575	Mainsource Financial Group		25,547
	4,236	MB Financial, Inc.		125,809
	672	Mercantile Bank Corporation, (3)		14,676
	434	Merchants Bancshares, Inc.		13,011
	1,092	Metro Bancorp, Inc., (2)		23,303
	1,233	Metrocorp Bancshares, Inc.		17,669
	411	Middleburg Financial Corporation		7,530
	635	Midsouth Bancorp Inc.		9,639
	524	MidWestOne Financial Group Inc.		13,844
	4,040	National Bank Holdings Corporation		84,840
	537	National Bankshares, Inc.		18,876

66 Nuveen Investments

Shares		Description (1)	Value
		Commercial Banks (continued)
	9,046	National Penn Bancshares, Inc.	$	93,807
	3,385	NBT Bancorp, Inc.		82,492
	1,953	NewBridge Bancorp., (2), (3)		14,569
	2,392	no description		35,282
	479	Northrim Bancorp, Inc.		12,023
	3,527	OFG Bancorp., (3)		52,235
	7,836	Old National Bancorp.		113,935
	885	OmniAmerican Bancorp Inc., (2)		19,399
	1,382	Pacific Continental Corporation		19,044
	1,286	Pacific Premier Bancorp, Inc., (2)		17,888
	2,931	Pacwest Bancorp., (3)		111,525
	345	Palmetto Bancshares Inc., (2)		4,630
	890	Park National Corporation		70,506
	3,457	Park Sterling Bank Inc.		22,505
	695	Peapack Gladstone Financial Corporation		12,746
	284	Penns Woods Bancorp, Inc.		14,541
	834	Peoples Bancorp, Inc.		18,698
	2,708	Pinnacle Financial Partners, Inc., (2)		83,948
	902	Preferred Bank Los Angeles, (2)		17,336
	5,018	Privatebancorp, Inc.		122,238
	4,660	Prosperity Bancshares, Inc.		291,017
	2,360	Renasant Corporation		67,685
	749	Republic Bancorp, Inc.		17,242
	2,297	S&T Bancorp, Inc.		56,322
	1,929	Sandy Spring Bancorp, Inc.		47,241
	5,669	Seacoast Banking Corporation of Florida, (2)		12,925
	941	Sierra Bancorp.		17,813
	1,276	Simmons First National Corporation		41,776
	1,379	Southside Bancshares, Inc.		37,647
	1,522	Southwest Bancorp, Inc., (2)		24,367
	2,468	State Bank Financial Corporation		42,104
	1,755	StellarOne Corporation		40,856
	2,626	Sterling Financial Corporation		76,049
	894	Suffolk Bancorp., (2)		17,478
	3,126	Sun Bancorp, Inc., (2)		10,316
	14,414	Susquehanna Bancshs Inc.		169,869
	1,079	SY Bancorp, Inc.		32,381
	1,336	Taylor Capital Group, Inc., (2)		30,728
	3,153	Texas Capital BancShares, Inc., (2), (3)		164,114

Nuveen Investments 67

Portfolio of Investments October 31, 2013

Nuveen Small Cap Index Fund (continued)

Shares		Description (1)	Value
		Commercial Banks (continued)
	1,117	Tompkins Financial Corporation	$	55,090
	3,857	Towne Bank		56,158
	1,238	Trico Bancshares		31,309
	506	Tristate Capital Holdings Inc., (2)		6,330
	5,191	Trustmark Corporation, (3)		140,988
	2,508	UMB Financial Corporation		147,771
	8,654	Umpqua Holdings Corporation, (3)		141,666
	1,562	Union First Market Bankshares Corporation, (3)		37,675
	3,891	United Bankshares, Inc., (3)		115,096
	3,330	United Community Banks, Inc., (2)		51,915
	1,290	Univest Corporation of Pennsylvania		25,761
	869	VantageSouth Bancshares Inc., (2)		4,249
	3,089	ViewPoint Financial Group, (3)		67,371
	2,084	Virginia Commerce Bancorp, Inc., (2)		33,407
	1,198	Washington Banking Company		20,378
	1,118	Washington Trust Bancorp, Inc.		36,771
	6,977	Webster Financial Corporation		194,589
	2,003	WesBanco, Inc.		58,888
	1,206	West Bancorp, Inc.		16,667
	1,943	Westamerica Bancorp., (3)		100,026
	5,726	Western Alliance Bancorporation, (2)		121,105
	4,787	Wilshire Bancorp, Inc.		40,546
	2,668	Wintrust Financial Corporation, (3)		116,085
	1,112	Yadkin Financial Inc., (2)		18,259
		Total Commercial Banks		8,626,226
		Commercial Services & Supplies – 1.9%
	4,225	ABM Industries Inc.		116,230
	8,777	Acco Brands Corporation, (2), (3)		51,345
	1,705	Acorn Energy Inc., (3)		6,411
	1,424	American Ecology Corporation		50,623
	2,913	ARC Document Solutions, (2)		18,177
	3,707	Brinks Company		116,400
	2,986	Casella Waste Systems, Inc., (2)		17,647
	1,356	CECO Environmental Corporation, (3)		23,942
	4,165	Cenveo Inc., (2), (3)		13,078
	73	CompX International Inc.		1,036
	559	Consolidated Graphics Inc., (2)		35,826
	885	Courier Corporation, (3)		15,036
	3,932	Deluxe Corporation, (3)		185,158

68 Nuveen Investments

Shares		Description (1)	Value
		Commercial Services & Supplies (continued)
	2,031	EnerNOC, Inc., (2)	$	33,776
	2,023	Ennis Inc.		35,908
	1,512	G&K Services, Inc.		94,349
	4,930	Healthcare Services Group, Inc., (3)		135,033
	683	Heritage-Crystal Clean, Inc., (2), (3)		12,069
	3,515	HNI Corporation		136,558
	3,428	Innerworkings, Inc., (2), (3)		32,806
	4,587	Interface, Inc.		92,887
	732	Intersections, Inc.		6,273
	2,508	Kimball International Inc., Class B		29,344
	3,724	Knoll Inc.		61,148
	1,948	McGrath Rentcorp.		69,485
	4,532	Miller (Herman) Inc.		137,501
	2,189	Mine Safety Appliances Company		105,422
	2,964	Mobile Mini, Inc., (2)		107,060
	947	Multi Color Corporation		32,984
	522	NL Industries Inc.		6,087
	1,726	Performant Financial Corporation, (2)		17,208
	1,932	Quad Graphics Inc.		67,465
	1,042	Schawk Inc.		15,234
	1,192	Standard Parking Corporation, (2)		31,552
	6,518	Steelcase Inc., (3)		106,830
	8,798	Swisher Hygiene Inc., (2)		5,312
	1,591	Team, Inc., (2)		59,328
	5,019	Tetra Tech, Inc., (2)		131,146
	1,250	TRC Companies, (2)		9,613
	1,132	UniFirst Corporation		116,392
	3,135	United Stationers, Inc.		139,319
	1,572	Viad Corporation		41,972
	1,646	West Corporation		36,245
		Total Commercial Services & Supplies		2,557,215
		Communications Equipment – 1.7%
	4,582	ADTRAN, Inc.		107,585
	890	Alliance Fiber, (3)		16,527
	898	Anaren Microwave Inc., (2)		22,432
	9,006	Arris Group Inc., (2)		160,847
	8,809	Aruba Networks, Inc., (2), (3)		165,257
	4,735	Aviat Networks Inc., (2)		9,754
	786	Bel Fuse, Inc., Class B		16,537

Nuveen Investments 69

Portfolio of Investments October 31, 2013

Nuveen Small Cap Index Fund (continued)

Shares		Description (1)	Value
		Communications Equipment (continued)
	1,247	Black Box Corporation	$	31,225
	2,710	CalAmp Corporation, (2)		63,766
	3,095	Calix Inc., (2)		31,476
	7,848	Ciena Corporation, (2)		182,623
	1,301	Comtech Telecom Corporation		39,056
	1,999	Digi International, Inc., (2)		20,150
	7,024	Emulex Corporation, (2)		52,891
	6,700	Extreme Networks Inc., (2)		35,912
	7,223	Finisar Corporation, (2)		166,201
	1,828	Globecom Systems, Inc., (2)		25,647
	8,160	Harmonic Inc., (2)		59,650
	8,958	Infinera Corporation, (2), (3)		91,461
	3,182	Interdigital Inc., (3)		123,303
	4,366	IXIA, (2)		61,910
	1,199	KVH Industries, Inc., (2)		16,474
	2,979	Netgear, Inc., (2)		85,676
	1,081	Numerex Corporation, (2)		12,767
	1,472	Oplink Communications, Inc., (2)		26,864
	6,843	Parkervision, Inc., (2), (3)		18,750
	1,428	PCTEL, Inc.		13,152
	3,346	Plantronics Inc.		143,677
	1,589	Procera Networks Inc., (2), (3)		22,484
	3,365	Ruckus Wireless Incorporated, (2)		48,793
	4,551	ShoreTel, Inc., (2)		36,180
	16,680	Sonus Networks, Inc., (2)		50,040
	3,168	Symmetricom Inc., (2)		22,715
	27,487	Tellabs Inc.		67,068	��
	423	Tessco Technologies Inc.		14,987
	973	Ubiquiti Networks Inc.		37,538
	3,058	ViaSat, Inc., (2), (3)		202,195
	3,411	Westell Technologies Inc., Class A, (2)		12,245
		Total Communications Equipment		2,315,815
		Computers & Peripherals – 0.4%
	2,402	Avid Technology Inc., (2)		17,895
	3,063	Cray, Inc., (2)		68,489
	1,218	Datalink Corporation, (2)		12,509
	3,588	Electronics For Imaging, (2)		123,104
	5,879	Fusion-io Inc., (2)		63,199
	1,810	Hutchinson Technology Inc., (2), (3)		6,733

70 Nuveen Investments

Shares		Description (1)	Value
		Computers & Peripherals (continued)
	2,621	Imation Corporation, (2)	$	12,188
	2,157	Immersion Corporation, (2)		27,437
	6,883	QLogic Corporation, (2)		85,005
	16,411	Quantum Corporation, (2)		20,350
	2,615	Silicon Graphics International Corporation, (2)		33,394
	2,463	Super Micro Computer Inc., (2)		34,285
		Total Computers & Peripherals		504,588
		Construction & Engineering – 0.8%
	3,025	Aegion Corporation, (2)		62,013
	1,512	Ameresco Inc., Class A Shares, (2), (3)		15,816
	1,080	Argan, Inc.		24,030
	2,875	Comfort Systems USA Inc.		53,561
	2,556	Dycom Industries Inc., (2)		75,785
	5,188	Emcor Group Inc.		192,267
	2,891	Furmanite Corporation, (2)		32,524
	3,001	Granite Construction Inc.		97,082
	4,592	Great Lakes Dredge & Dock Corporation		37,287
	1,532	Layne Christensen Company, (2), (3)		29,629
	4,593	MasTec Inc., (2), (3)		146,838
	1,622	MYR Group Inc., (2)		42,902
	729	Northwest Pipe Company, (2)		26,266
	2,107	Orion Marine Group Inc., (2)		26,338
	2,006	Pike Electric Corporation		21,685
	2,728	Primoris Services Corporation		71,037
	1,285	Sterling Construction Company, Inc., (2)		12,336
	2,866	Tutor Perini Corporation, (2), (3)		65,775
		Total Construction & Engineering		1,033,171
		Construction Materials – 0.1%
	5,649	Headwater Inc., (2)		49,316
	1,682	Texas Industries Inc., (2), (3)		90,323
	150	United States Lime & Minerals, Inc., (2)		8,334
	1,041	U.S. Concrete, Inc., (2)		22,746
		Total Construction Materials		170,719
		Consumer Finance – 0.7%
	2,206	Cash America International, Inc., (3)		87,027
	1,393	Consumer Portfolio Services, Inc., (2)		9,361
	549	Credit Acceptance Corporation, (2)		64,947
	3,131	DFC Global Corporation, (2), (3)		37,885
	1,934	Encore Capital Group, Inc., (2), (3)		94,476

Nuveen Investments 71

Portfolio of Investments October 31, 2013

Nuveen Small Cap Index Fund (continued)

Shares		Description (1)	Value
		Consumer Finance (continued)
	3,946	EZCORP, Inc., (2)	$	62,071
	2,256	First Cash Financial Services, Inc., (2)		136,465
	7,061	First Marblehead Corporation, (2)		6,779
	1,995	Green Dot Corporation, Class A Shares, (2)		42,813
	1,244	Imperial Holdings, Incorporated, (2)		7,290
	1,769	Nelnet Inc.		75,412
	794	Nicholas Financial, Inc.		12,744
	3,921	Porfolio Recovery Associates, Inc., (2), (3)		233,103
	415	Regional Management Corporation, (2)		13,284
	718	World Acceptance Corporation, (2), (3)		74,758
		Total Consumer Finance		958,415
		Containers & Packaging – 0.2%
	338	AEP Industries, Inc., (2)		20,084
	4,279	Berry Plastics Corporation, (2)		85,922
	16,228	Graphic Packaging Holding Company, (2)		136,315
	2,179	Myers Industries, Inc.		38,830
	430	UFP Technologies, Inc., (2)		9,912
		Total Containers & Packaging		291,063
		Distributors – 0.2%
	1,444	Audiovox Corporation, (2), (3)		22,396
	888	Core-Mark Holding Company, Inc.		62,808
	3,601	Pool Corporation		195,822
	493	Weyco Group, Inc.		14,164
		Total Distributors		295,190
		Diversified Consumer Services – 1.2%
	1,361	American Public Education Inc., (2)		54,481
	1,093	Ascent Media Corporation, (2)		92,271
	1,417	Bridgepoint Education Inc., (2)		27,773
	916	Bright Horizons Family Solutions Inc., (2)		34,121
	855	Capella Education Company, (2)		52,087
	4,265	Career Education Corporation, (2), (3)		23,372
	1,214	Carriage Services Inc.		24,389
	6,128	Corinthian Colleges Inc., (2)		13,114
	1,974	Education Management Corporation, (2), (3)		30,202
	3,510	Grand Canyon Education Inc., (2)		165,918
	4,249	Hillenbrand Inc.		119,907
	1,805	ITT Educational Services, Inc., (2)		72,417
	330	JTH Holdings Inc., Class A Shares, (2), (3)		6,518
	2,100	K12, Inc., (2)		38,388

72 Nuveen Investments

Shares			Description (1)	Value
			Diversified Consumer Services (continued)
	4,690		LifeLock, Incorporated, (2)	$	75,462
	1,856		Lincoln Educational Services Corporation		8,872
	935		Mac-Gray Corporation		19,710
	2,134		Matthews International Corporation		86,640
	2,174		Outerwall Inc., (2), (3)		141,267
	3,673		Regis Corporation		53,259
	5,278		Sothebys Holdings Inc., (3)		273,928
	1,134		Steiner Leisure Limited, (2)		63,527
	5,600		Stewart Enterprises Class A		73,976
	835		Strayer Education Inc.		33,008
	1,640		Universal Technical Institute Inc.		21,796
			Total Diversified Consumer Services		1,606,403
			Diversified Financial Services – 0.3%
	157		California First National Bancorp.		2,802
	851		Gain Capital Holdings Inc.		8,910
	2,900		Marketaxess		189,167
	638		Marlin Business Services Corporation		17,590
	2,029		Newstar Financial, Inc., (2), (3)		35,325
	4,413		PHH Corporation, (2)		106,133
	1,758		PICO Holdings, Inc., (2)		41,278
	939		Resource America Inc.		8,104
			Total Diversified Financial Services		409,309
			Diversified Telecommunication Services – 0.5%
	5,576		8X8, Inc., (2)		63,901
	710		Atlantic Tele-Network, Inc.		39,348
	2,074		Cbeyond Inc., (2)		13,357
	16,074		Cincinnati Bell Inc., (2)		45,972
	3,650		Cogent Communications Group, Inc.		128,225
	3,101		Consolidated Communications Holdings, Inc., (3)		57,772
	1,604		FairPoint Communications Inc., (2)		14,981
	2,433		General Communication, Inc., (2)		23,138
	800		Hawaiian Telcom Holdco Inc., (2), (3)		21,264
	1,050		Hickory Tech Corporation		14,049
	1,188	��	IDT Corporation		26,005
	4,125		inContact, Inc., (2), (3)		31,309
	2,515		Inteliquent Incn		32,318
	4,963		Iridium Communications Inc., (2), (3)		29,927
	1,194		Lumos Networks Corporation		26,280
	2,801		Orbcomm, Inc., (2)		16,890

Nuveen Investments 73

Portfolio of Investments October 31, 2013

Nuveen Small Cap Index Fund (continued)

Shares		Description (1)	Value
		Diversified Telecommunication Services (continued)
	3,719	Premiere Global Services, Inc., (2)	$	33,508
	901	PTGI Holdings Inc.		3,172
	594	Straight Path Communications Inc., Class B Shares, (2)		3,243
	5,133	TowerStream Corporation, (2), (3)		12,319
	1,434	VocalTec Communications Limited, (2), (3)		16,176
	12,009	Vonage Holdings Corporation, (2)		44,794
		Total Diversified Telecommunication Services		697,948
		Electric Utilities – 1.2%
	3,087	ALLETE Inc		155,986
	4,673	Cleco Corporation		216,547
	3,109	El Paso Electric Company		109,344
	3,299	Empire District Electric Company		74,195
	3,884	IDACORP, INC		200,414
	1,787	MGE Energy, Inc.		100,626
	679	NRG Yield Inc., Class A Shares, (2)		24,050
	2,803	Otter Tail Power Corporation		83,613
	6,158	PNM Resources Inc.		147,299
	5,850	Portland General Electric Company, (3)		167,895
	3,919	UIL Holdings Corporation		150,960
	1,067	Unitil Corp.		32,245
	3,204	UNS Energy Corporation		158,534
		Total Electric Utilities		1,621,708
		Electrical Equipment – 1.4%
	3,312	Acuity Brands Inc.		332,889
	3,772	American Superconductor Corporation, (2), (3)		8,223
	1,970	AZZ Inc.		88,453
	3,572	Brady Corporation		104,267
	23,545	Capstone Turbine Corporation, (2), (3)		29,902
	664	Coleman Cable Inc.		16,334
	1,597	Encore Wire Corporation		79,099
	3,721	EnerSys		246,888
	1,234	Enphase Energy Incorporated, (2), (3)		9,317
	3,666	Franklin Electric Company, Inc.		138,758
	12,267	Fuelcell Energy Inc., (2), (3)		16,438
	3,985	Generac Holdings Inc.		196,660
	3,846	General Cable Corporation, (3)		126,649
	1,316	Global Power Equipment Group Inc.		26,794
	9,033	GrafTech International Ltd., (2), (3)		80,394
	3,947	II VI Inc., (2)		67,336
	1,671	LSI Industries, Inc., (3)		15,390

74 Nuveen Investments

Shares		Description (1)	Value
		Electrical Equipment (continued)
	3,607	Polypore International Inc., (2), (3)	$	163,036
	711	Powell Industries Inc., (2)		44,672
	167	Power Solutions International Inc., (2)		9,729
	1,465	PowerSecure International, Inc., (2)		26,487
	199	Preformed Line Products Company		16,720
	2,292	Revolution Lighting Technologies Inc., (2)		6,853
	2,096	Thermon Group Holdings Inc., (2)		49,277
	1,366	Vicor Corporation, (2)		12,034
		Total Electrical Equipment		1,912,599
		Electronic Equipment & Instruments – 2.4%
	1,516	Aeroflex Holding Corporation, (2)		11,749
	1,099	Agilysys Inc., (2)		12,913
	2,096	Anixter International Inc., (2)		179,187
	743	Audience Incorporated, (2)		8,485
	1,111	Badger Meter Inc., (3)		57,783
	3,403	Belden Inc.		228,886
	4,203	Benchmark Electronics Inc., (2)		95,534
	3,172	Checkpoint Systems Inc., (2)		53,987
	6,718	Cognex Corporation		209,938
	1,882	Coherent Inc.		124,570
	2,592	CTS Corporation		48,263
	2,824	Daktronics Inc.		33,775
	1,412	DTS, Inc., (2)		28,240
	1,452	Electro Rent Corporation		26,339
	1,843	Electro Scientific Industries Inc.		22,079
	2,192	Fabrinet, (2)		36,694
	1,321	FARO Technologies, Inc., (2)		62,748
	2,981	FEI Company, (3)		265,547
	2,347	GSI Group, Inc., (2)		23,423
	3,364	Insight Enterprises Inc., (2)		70,879
	4,388	InvenSense Incorporated, (2), (3)		74,113
	3,056	Itron Inc., (2)		130,400
	3,472	Kemet Corporation, (2)		19,686
	1,708	Littelfuse Inc.		145,231
	2,256	Maxwell Technologies, Inc., (2)		16,920
	1,194	Measurement Specialties, Inc., (2)		66,542
	2,498	Mercury Computer Systems Inc., (2)		23,032
	205	Mesa Laboratories, Inc.		14,274
	2,865	Methode Electronics, Inc.		73,287

Nuveen Investments 75

Portfolio of Investments October 31, 2013

Nuveen Small Cap Index Fund (continued)

Shares		Description (1)	Value
		Electronic Equipment & Instruments (continued)
	1,223	MTS Systems Corporation	$	79,886
	679	Multi Fineline Electronix, Inc., (2), (3)		9,105
	1,942	Neonode Incorporated, (2), (3)		10,506
	3,021	Newport Corporation, (2)		47,943
	1,541	OSI Systems Inc., (2)		112,246
	1,610	Park Electrochemical Corporation		45,161
	721	PC Connection, Inc.		14,413
	2,636	Plexus Corporation, (2)		100,906
	1,798	Radisys Corporation, (2)		5,430
	3,129	RealD Inc., (2)		21,653
	876	Richardson Electronics Limited		10,092
	2,185	Rofin Sinar Technologies Inc., (2)		57,356
	1,319	Rogers Corporation, (2)		80,406
	6,399	Sanmina-SCI Corporation, (2)		93,169
	2,155	ScanSource, Inc., (2)		82,881
	3,095	Speed Commerce Inc., (2)		11,359
	2,041	SYNNEX Corporation, (2)		125,113
	4,092	TTM Technologies, Inc., (2)		35,805
	782	Uni-Pixel Inc., (2), (3)		12,864
	3,109	Universal Display Corporation, (2), (3)		99,177
	285	Viasystems Group Inc., (2)		4,275
	912	Vishay Precision Group Inc., (2), (3)		14,957
	1,286	Zygo Corporation, (2)		19,856
		Total Electronic Equipment & Instruments		3,259,063
		Energy Equipment & Services – 1.8%
	2,313	Basic Energy Services, Inc., (2)		33,932
	667	Bolt Technology Corporation		11,933
	2,794	Bristow Group Inc.		224,833
	3,483	C&J Energy Services Inc., (2)		80,248
	7,571	Cal Dive International Inc., (2), (3)		14,915
	1,530	Carbo Ceramics Inc., (3)		191,770
	623	Dawson Geophysical Company, (2)		18,217
	1,555	ERA Group Incorporated, (2)		49,138
	4,451	Exterran Holdings, Inc., (2)		127,076
	3,042	Forum Energy Technologies Incorporated, (2)		89,009
	998	Geospace Technologies Corporation, (2)		97,225
	1,765	Global Geophysical Services Inc., (2)		4,218
	1,117	Gulf Island Fabrication, Inc.		28,171
	2,063	Gulfmark Offshore Inc.		102,696

76 Nuveen Investments

Shares		Description (1)	Value
		Energy Equipment & Services (continued)
	8,189	Helix Energy Solutions Group, (2)	$	193,752
	12,329	Hercules Offshore Inc., (2)		83,837
	2,767	Hornbeck Offshore Services Inc., (2)		152,932
	10,294	ION Geophysical Corporation, (2)		47,764
	11,774	Key Energy Services Inc., (2)		92,073
	2,016	Matrix Service Company, (2)		41,913
	992	Mitcham Industries, Inc., (2)		16,507
	957	Natural Gas Services Group, (2)		26,786
	6,660	Newpark Resources Inc., (2), (3)		84,915
	11,027	Nuverra Environmental Solutions, (2)		26,906
	9,208	Parker Drilling Company, (2), (3)		66,298
	972	PHI Inc Non-Voting, (2)		38,705
	4,806	Pioneer Energy Services Corporation, (2)		40,370
	916	RigNet, Inc., (2)		33,764
	1,554	SeaCor Smit Inc., (3)		151,981
	2,335	Tesco Corporation, (2)		40,115
	6,050	TETRA Technologies, (2)		78,469
	1,167	TGC Industries Inc.		8,601
	15,538	Vantage Drilling Company, (2)		27,658
	3,090	Willbros Group Inc., (2)		30,158
		Total Energy Equipment & Services		2,356,885
		Food & Staples Retailing – 1.3%
	1,445	Andersons, Inc.		107,190
	91	Arden Group, Inc.		11,830
	2,964	Casey’s General Stores, Inc.		216,016
	1,213	Fairway Group Holdings Inc., (2), (3)		29,634
	3,823	Harris Teeter Supermarkets Incorporated		188,550
	975	Ingles Markets, Inc., (3)		25,165
	948	Nash Finch Company		26,601
	685	Natural Grocers by Vitamin Cottage Incorporated, (2), (3)		27,332
	1,821	Pantry, Inc., (2)		24,383
	1,458	PriceSmart, Inc., (3)		165,906
	56,445	Rite Aid Corporation, (2)		300,852
	1,947	Roundys Inc.		18,107
	1,693	Spartan Stores, Inc., (3)		39,836
	15,692	SUPERVALU INC., (2)		110,315
	1,395	Susser Holdings Corporation, (2), (3)		76,502
	1,082	The Chef’s Warehouse Inc., (2)		25,925
	3,812	United Natural Foods Inc., (2)		272,367

Nuveen Investments 77

Portfolio of Investments October 31, 2013

Nuveen Small Cap Index Fund (continued)

Shares		Description (1)	Value
		Food & Staples Retailing (continued)
	489	Village Super Market, Inc.	$	17,927
	851	Weis Markets Inc.		43,546
		Total Food & Staples Retailing		1,727,984
		Food Products – 1.5%
	208	Alico Inc.		8,312
	1,059	Annie’s Incorporated, (2)		50,038
	4,087	B&G Foods Inc.		138,345
	4,600	Boulder Brands Inc., (2), (3)		75,394
	946	Calavo Growers, Inc.		28,087
	1,148	Cal-Maine Foods, Inc.		58,238
	3,591	Chiquita Brands International Inc., (2)		37,167
	9,137	Darling International Inc., (2)		212,618
	1,721	Diamond Foods Inc., (2), (3)		42,010
	3,970	Dole Food Company Inc., (2)		53,794
	503	Farmer Brothers Company, (2), (3)		9,084
	2,727	Fresh Del Monte Produce Inc.		72,511
	207	Griffin Land & Nurseries, Inc.		6,831
	2,968	Hain Celestial Group Inc., (2), (3)		247,027
	1,086	Inventure Group, (2)		12,228
	1,155	J&K Snack Foods Corporation		98,833
	632	John B Sanfillippo & Son, Inc.		15,535
	1,431	Lancaster Colony Corporation		118,759
	357	Lifeway Foods, Inc.		5,223
	773	Limoneira Company		20,361
	1,539	Omega Protein Corporation, (2)		14,405
	4,685	Pilgrim’s Pride Corporation, (2)		66,386
	2,526	Post Holdings Inc., (2)		108,492
	1,779	Sanderson Farms Inc.		112,451
	22	Seaboard Corproation		60,060
	629	Seneca Foods Corporation, (2)		18,442
	3,676	Snyders Lance Inc.		110,243
	1,513	Tootsie Roll Industries Inc., (3)		48,416
	2,802	Treehouse Foods Inc., (2)		205,275
		Total Food Products		2,054,565
		Gas Utilities – 0.8%
	744	Chesapeake Utilities Corporation		40,481
	530	Delta Natural Gas Company, Inc.		11,830
	2,524	Laclede Group Inc.		118,805
	3,229	New Jersey Resources Corporation		148,631

78 Nuveen Investments

Shares		Description (1)	Value
		Gas Utilities (continued)
	2,083	Northwest Natural Gas Company	$	90,465
	5,837	Piedmont Natural Gas Company, (3)		199,275
	2,470	South Jersey Industries Inc., (3)		147,089
	3,581	Southwest Gas Corporation		194,305
	3,725	WGL Holdings Inc.		167,662
		Total Gas Utilities		1,118,543
		Health Care Equipment & Supplies – 3.2%
	1,708	Abaxis, Inc.		61,027
	2,995	Abiomed, Inc., (2)		71,820
	5,730	Accuray, Inc., (2), (3)		38,678
	5,634	Align Technology, Inc., (2), (3)		321,476
	4,793	Alphatec Holdings, Inc., (2)		8,723
	947	Analogic Corporation		87,342
	1,904	AngioDynamics, Inc., (2)		29,931
	928	Anika Therapeutics, Inc., (2)		27,719
	8,714	Antares Pharma Inc., (2), (3)		34,856
	2,179	Arthrocare Corporation, (2)		81,582
	1,619	AtriCure, Inc., (2)		22,423
	121	ATRION Corporation		32,329
	2,466	Biolase Technology, Inc., (2), (3)		4,611
	2,534	Cantel Medical Corporation		88,943
	1,618	Cardiovascular Systems, Inc., (2)		49,106
	5,389	Cerus Corporation, (2), (3)		34,005
	2,144	Conmed Corporation		77,763
	2,123	CryoLife Inc.		19,086
	1,135	Cutera, Inc., (2)		11,407
	1,991	Cyberonics, (2)		115,000
	1,481	Cynosure, Inc., (2), (3)		32,004
	1,059	Derma Sciences Inc., (2), (3)		12,253
	5,466	DexCom, Inc., (2)		157,038
	4,854	Endologix, Inc., (2)		87,712
	722	Exactech, Inc., (2)		16,389
	2,767	Genmark Diagnostics Inc., (2), (3)		33,481
	4,222	Globus Medical Inc, Class A, (2)		81,062
	1,848	Greatbatch, Inc., (2)		70,446
	3,949	Haemonetics Corporation, (2)		160,171
	1,264	Heartware International Inc., (2)		91,716
	1,001	ICU Medical, Inc., (2)		61,862
	4,131	Insulet Corporation, (2)		161,192

Nuveen Investments 79

Portfolio of Investments October 31, 2013

Nuveen Small Cap Index Fund (continued)

Shares			Description (1)	Value
			Health Care Equipment & Supplies (continued)
	1,545		Integra Lifesciences Holdings Corporation, (2), (3)	$	70,730
	2,475		Invacare Corporation		53,138
	3,251		Mako Surgical Corporation, (2)		96,912
	3,765		Masimo Corporation, (3)		96,459
	1,125		Medical Action Industries, Inc., (2)		6,818
	3,206		Meridian Bioscience, Inc.		79,252
	3,290		Merit Medical Systems, Inc., (2)		52,607
	2,350		Natus Medical, Inc., (2)		46,366
	9,244		Navidea Biopharmaceuticals Incorporated, (2)		18,488
	2,774		Neogen Corporation, (2), (3)		128,191
	3,420		NuVasive, Inc., (2)		108,688
	4,618		Nxstage Medical, Inc., (2)		61,281
	4,293		OraSure Technologies, Inc., (2), (3)		27,990
	1,503		Orthofix International NV, (2)		30,796
	1,085	��	PhotoMedex, Inc., (2)		13,714
	2,170		Quidel Corporation, (2), (3)		53,599
	838		Rochester Medical Corporation, (2)		16,743
	3,034		Rockwell Medical Technologies, Inc., (2), (3)		34,952
	4,350		RTI Biologics Inc., (2)		12,137
	5,485		Solta Medical Inc., (2)		10,147
	3,119		Spectranetics Corporation, (2)		65,156
	2,840		STAAR Surgical Company, (2)		37,602
	4,556		Steris Corporation		205,886
	1,120		Surmodics Inc., (2)		26,410
	2,882		Symmetry Medical, Inc., (2)		23,344
	1,977		TearLab Corporation, (2), (3)		20,620
	4,431		Thoratec Corporation, (2)		191,375
	2,011		Tornier N.V, (2), (3)		43,257
	7,053		Unilife Corporation, (2), (3)		21,371
	255		Utah Medical Products, Inc.		14,193
	1,277		Vascular Solutions, Inc., (2)		25,055
	4,217		Volcano Corporation, (2), (3)		80,840
	4,982		West Pharmaceutical Services Inc.		240,880
	3,123		Wright Medical Group, Inc., (2), (3)		84,852
	1,367		Zeltiq Aesthetics Inc, (2)		17,730
			Total Health Care Equipment & Supplies		4,300,732
			Health Care Providers & Services – 2.3%
	2,738		Acadia Healthcare Company Inc., (2), (3)		118,720
	4,546		Accretive Health Inc., (2)		37,550

80 Nuveen Investments

Shares		Description (1)	Value
		Health Care Providers & Services (continued)
	423	Addus HomeCare Corporation, (2)	$	10,935
	3,006	Air Methods Corporation, (3)		131,422
	386	Alliance Imaging Inc., (2)		9,731
	570	Almost Family, Inc.		10,961
	2,432	Amedisys, Inc., (2), (3)		39,593
	3,559	AMN Healthcare Services Inc., (2)		44,132
	2,473	AmSurg Corporation, (2)		106,067
	1,891	Bio-Reference Laboratories, Inc., (2), (3)		61,287
	4,506	Bioscrip, Inc., (2)		31,587
	2,214	Capital Senior Living Corporation, (2), (3)		49,107
	4,207	Centene Corporation, (2)		236,265
	1,360	Chemed Corporation, (3)		92,235
	919	Chindex International, Inc., (2)		15,467
	882	Corvel Corporation, (2)		36,691
	2,098	Cross Country Healthcare, Inc., (2)		12,462
	3,115	Emeritus Corporation, (2)		59,683
	1,503	Ensign Group Inc.		63,998
	2,340	ExamWorks Group Inc., (2)		60,489
	3,313	Five Star Quality Care Inc., (2), (3)		16,797
	2,421	Gentiva Health Services, Inc., (2)		27,720
	2,680	Hanger Orthopedic Group Inc., (2)		98,356
	6,743	HealthSouth Corporation		236,747
	2,644	Healthways Inc., (2)		25,462
	1,296	IPC The Hospitalist Company, Inc., (2)		71,008
	4,178	Kindred Healthcare Inc.		57,991
	736	Landauer Inc.		35,622
	933	LHC Group, Inc., (2)		19,220
	2,093	Magellan Health Services, Inc., (2)		122,859
	2,191	Molina Healthcare Inc., (2)		69,323
	990	MWI Veterinary Supply, Inc., (2)		157,054
	831	National Healthcare Corporation		40,204
	758	National Research Corporation, (2)		13,295
	4,895	Owens and Minor Inc., (3)		183,171
	2,296	Pharmerica Corporation, (2)		33,889
	820	Providence Service Corporation, (2)		24,510
	3,762	Select Medical Corporation		31,902
	1,533	Skilled Healthcare Group Inc., (2)		6,531
	5,310	Team Health Holdings Inc., (2)		230,666
	1,831	Triple-S Management Corporation, Class B Shares, (2)		32,610

Nuveen Investments 81

Portfolio of Investments October 31, 2013

Nuveen Small Cap Index Fund (continued)

Shares		Description (1)	Value
		Health Care Providers & Services (continued)
	2,969	Universal American Corporation	$	22,030
	932	US Physical Therapy, Inc.		29,749
	77	USMD Holdings Inc., (2)		2,143
	3,360	Wellcare Health Plans Inc., (2)		224,045
		Total Health Care Providers & Services		3,041,286
		Health Care Technology – 0.9%
	2,831	AthenaHealth Inc., (2), (3)		377,967
	799	Computer Programs and Systems, Inc.		45,575
	1,040	Greenway Medical Technologies Inc., (2)		21,164
	1,557	Healthstream, Inc., (2)		55,616
	6,779	HMS Holdings Corporation, (2)		143,240
	4,710	MedAssets Inc., (2)		108,471
	2,056	Medidata Solutions, Inc., (2)		226,797
	5,047	Merge Healthcare Incorporated, (2)		12,819
	2,654	Omnicell, Inc., (2)		61,228
	3,084	Quality Systems Inc.		70,377
	1,518	Vocera Communications Incorporated, (2)		25,548
		Total Health Care Technology		1,148,802
		Hotels, Restaurants & Leisure – 2.6%
	1,846	AFC Enterprises, Inc., (2)		82,295
	106	Biglari Holdings Inc., (2), (3)		46,218
	1,906	BJ’s Restaurants, Inc., (2)		51,576
	4,275	Bloomin Brands, (2)		107,003
	2,156	Bob Evans Farms		123,086
	5,361	Boyd Gaming Corporation, (2)		56,612
	1,514	Bravo Brio Restaurant Group, (2)		22,604
	1,450	Buffalo Wild Wings, Inc., (2), (3)		206,741
	3,108	Caesar’s Entertainment Corporation, (2), (3)		54,141
	1,830	Carrols Restaurant Group, Inc., (2)		10,614
	1,519	CBRL Group Inc., (3)		166,893
	1,374	CEC Entertainment Inc.		63,685
	3,733	Cheesecake Factory Inc., (3)		176,384
	1,063	Churchill Downs Inc.		91,322
	1,254	Chuy’s Holdings Inc., (2), (3)		47,150
	826	Del Friscos Restaurant Group, (2)		14,951
	7,094	Denny’s Corporation, (2)		45,047
	1,374	Diamond Resorts International Inc., (2)		26,216
	1,279	DineEquity Inc., (3)		104,968
	829	Diversified Restaurant Holdings Inc., (2)		5,728

82 Nuveen Investments

Shares		Description (1)	Value
		Hotels, Restaurants & Leisure (continued)
	499	Einstein Noah Restaurant Group	$	8,902
	1,532	Fiesta Restaurant Group, (2)		64,941
	557	Ignite Restaurant Group, Incorporated, (2), (3)		8,945
	3,044	Interval Leisure Group Inc.		73,878
	2,153	Intl Speedway Corporation, (3)		70,425
	1,636	Isle of Capri Casinos, (2)		13,268
	3,439	Jack in the Box Inc., Term Loan, (2)		139,899
	1,292	Jamba, Inc., (2)		14,755
	5,062	Krispy Kreme Doughnuts Inc., (2)		122,804
	3,328	Life Time Fitness Inc., (2), (3)		151,158
	1,543	Luby’s Inc., (2)		11,819
	1,432	Marcus Corporation		20,564
	2,254	Marriott Vacations World, (2)		112,880
	663	Monarch Casino & Resort, Inc., (2)		11,211
	2,059	Morgans Hotel Group Company, (2), (3)		14,742
	2,231	Multimedia Games, Inc., (2)		72,530
	210	Nathan’s Famous, Inc., (2)		10,777
	439	Noodles & Company, (2), (3)		19,224
	7,406	Orient Express Hotels Limited, (2)		98,574
	1,238	Papa John’s International, Inc.		93,679
	4,514	Pinnacle Entertainment Inc., (2)		105,628
	1,095	Red Robin Gourmet Burgers, Inc., (2)		83,417
	4,710	Ruby Tuesday, Inc., (2), (3)		27,930
	2,770	Ruth’s Chris Steak House, Inc.		33,766
	3,690	Scientific Games Corporation, (2)		67,453
	4,351	Shuffle Master Inc., (2)		100,856
	4,340	Sonic Corporation, (2), (3)		83,762
	899	Speedway Motorsports Inc.		16,416
	4,826	Texas Roadhouse, Inc.		132,329
	1,857	Town Sports International, (3)		23,992
	2,775	Vail Resorts, Inc., (3)		195,499
		Total Hotels, Restaurants & Leisure		3,509,257
		Household Durables – 1.0%
	857	Bassett Furniture, Inc.		11,998
	1,939	Beazer Homes USA, Inc., (2), (3)		35,232
	719	Blyth Inc., (3)		9,929
	539	Cavco Industries, Inc., (2), (3)		31,569
	655	CSS Industries Inc.		16,958
	1,918	Ethan Allen Interiors Inc., (3)		51,096

Nuveen Investments 83

Portfolio of Investments October 31, 2013

Nuveen Small Cap Index Fund (continued)

Shares		Description (1)	Value
		Household Durables (continued)
	755	EveryWare Global Inc., (2)	$	7,263
	379	Flexsteel Industries, Inc.		10,407
	2,467	Helen of Troy Limited, (2)		115,258
	831	Hooker Furniture Corporation		13,130
	8,748	Hovnanian Enterprises Inc., (2), (3)		44,265
	2,185	Irobot Corporation, (2)		74,006
	6,459	KB Home, (3)		109,609
	4,048	La Z Boy Inc.		93,428
	1,623	Libbey Inc., (2)		34,651
	790	Lifetime Brands, Inc.		12,371
	1,868	M/I Homes, Inc., (2), (3)		38,238
	3,020	MDC Holdings Inc.		88,154
	2,795	Meritage Corporation, (2)		126,865
	382	Nacco Industries Inc.		21,763
	3,565	Ryland Group Inc., (3)		143,313
	1,393	Skullcandy Inc., (2)		8,748
	11,456	Standard Pacific Corporation, (2)		90,846
	1,142	Tri Pointe Homes, Incorporated, (2), (3)		18,181
	598	UCP Inc., Class A, (2)		8,432
	1,159	Univeral Electronics Inc., (2)		45,097
	525	WCI Communities Inc., (2), (3)		9,471
	1,063	William Lyon Homes Inc, Class A Shares, (2)		24,630
	2,377	Zagg Inc., (2), (3)		11,267
		Total Household Durables		1,306,175
		Household Products – 0.2%
	3,236	Central Garden & Pet Company, (2)		23,817
	2,552	Harbinger Group Inc., (2)		27,791
	373	Oil Dri Corporation, (3)		13,238
	463	Orchids Paper Products Company		14,122
	1,663	Spectrum Brands Inc.		109,625
	1,195	WD 40 Company		86,626
		Total Household Products		275,219
		Independent Power Producers & Energy Traders – 0.2%
	9,263	Atlantic Power Corporation		41,591
	7,730	Dynegy Inc., (2), (3)		150,194
	997	Genie Energy Limited, Class B Shares, (2)		10,299
	1,366	Ormat Technologies Inc.		35,612
		Total Independent Power Producers & Energy Traders		237,696
		Industrial Conglomerates – 0.1%
	2,810	Raven Industries, Inc.		93,742

84 Nuveen Investments

Shares		Description (1)	Value
		Insurance – 2.1%
	3,478	Ambac Financial Group, Inc., (2)	$	70,221
	4,949	American Equity Investment Life Holding Company, (3)		103,137
	1,421	Amerisafe, Inc.		54,709
	2,398	Amtrust Financial Services, Inc., (3)		91,987
	2,101	Argo Group International Holdings Inc.		88,200
	714	Baldwin & Lyons, Class B		19,514
	3,358	Citizens Inc., (2)		28,207
	17,175	CNO Financial Group Inc.		267,587
	2,030	Crawford & Co		22,310
	534	Donegal Group, Inc., B		8,464
	498	Eastern Insurance Holdings, Inc.		12,171
	1,419	eHealth, Inc., (2)		60,478
	349	EMC Insurance Group Inc.		11,880
	2,393	Employers Holdings, Inc.		71,958
	626	Enstar Group, Limited, (2)		85,092
	686	FBL Financial Group Inc.		30,692
	8,363	First American Corporation		216,267
	496	Fortegra Financial Corp, (2)		3,656
	727	Global Indemnity PLC, (2)		17,906
	2,181	Greenlight Capital Re, Ltd, (2)		67,153
	1,098	Hallmark Financial Services, Inc., (2)		9,344
	717	HCI Group Inc., (3)		31,505
	328	Health Insurance Innnovations Inc., (2)		3,982
	4,797	Hilltop Holdings Inc., (2)		83,180
	3,069	Horace Mann Educators Corporation		85,011
	605	Independence Holding Company		8,301
	891	Infinity Property and Casualty Corporation		61,105
	103	Investors Title Company		8,048
	306	Kansas City Life Insurance Company		14,045
	3,853	Maiden Holdings, Ltd		42,190
	3,856	Meadowbrook Insurance Group, Inc.		25,604
	3,578	Montpelier Re Holdings Limited		98,789
	514	National Interstate Corporation		13,431
	169	National Western Life Insurance Company, (3)		35,152
	800	Navigators Group, Inc., (2)		44,992
	1,569	OneBeacon Insurance Group Limited, Class A		25,041
	449	Phoenix Companies Inc., (2)		17,318
	2,263	Platinum Underwriters Holdings Limited		140,736
	4,406	Primerica Inc.		189,238

Nuveen Investments 85

Portfolio of Investments October 31, 2013

Nuveen Small Cap Index Fund (continued)

Shares		Description (1)	Value
		Insurance (continued)
	1,533	RLI Corporation, (3)	$	144,838
	996	Safety Insurance Group, Inc.		54,471
	4,292	Selective Insurance Group Inc.		112,751
	1,155	State Auto Financial Corporation		21,945
	1,646	Stewart Information Services Corporation		51,553
	6,299	Symetra Financial Corporation		117,980
	4,440	Tower Group Inc., (3)		16,117
	1,590	United Fire Group Inc.		50,403
	2,268	Universal Insurance Holdings Inc.		17,781
		Total Insurance		2,856,440
		Internet & Catalog Retail – 0.4%
	1,993	1-800-Flowers, (2)		10,822
	959	Blue Nile Inc., (2)		39,386
	2,615	Hosting Site Network, Inc.		137,026
	2,213	Nutri System Inc.		41,604
	1,855	Orbitz Worldwide Inc., (2)		17,140
	865	Overstock.com, Inc., (2)		20,267
	1,554	PetMed Express, Inc.		23,061
	724	RetailMeNot Inc., (2)		23,617
	2,936	Shutterfly, Inc., (2)		144,275
	3,036	ValueVision Media Inc., (2)		16,212
	1,700	Vitacost.com, Inc., (2)		13,447
		Total Internet & Catalog Retail		486,857
		Internet Software & Services – 2.7%
	4,173	Active Network Inc., (2)		60,258
	3,265	Angie’s List, (2), (3)		46,004
	3,575	Bankrate Inc., (2)		60,203
	3,716	Bazaarvoice Inc., (2)		34,856
	3,169	Blucora Inc., (2)		74,883
	2,174	Brightcove Inc., (2)		33,197
	935	Carbonite Inc., (2)		12,379
	463	ChannelAdvisor Corporation, (2)		16,140
	2,760	ComScore Inc., (2)		73,747
	2,374	Constant Contact Inc., (2)		61,510
	3,121	Cornerstone OnDemand Inc., (2)		147,842
	2,198	CoStar Group, Inc., (2), (3)		389,024
	496	Cvent Inc., (2)		15,371
	3,362	DealerTrack Technologies Inc., (2)		125,403
	2,797	Demand Media Inc., (2)		13,370

86 Nuveen Investments

Shares		Description (1)	Value
		Internet Software & Services (continued)
	1,244	Demandware Incorporated, (2)	$	61,516
	3,139	Dice Holdings Inc., (2)		23,166
	2,726	Digital River, Inc., (2)		48,632
	1,140	E2open Inc., (2), (3)		25,650
	7,967	Earthlink, Inc.		40,313
	1,011	Egain Communications Corporation, (2)		11,606
	1,746	Envestnet Inc., (2), (3)		63,380
	1,546	Global Eagle Acquisition Corporation, (2), (3)		15,738
	849	Gogo Inc., (2), (3)		15,825
	4,143	Internap Network Services Corporation, (2)		30,120
	2,969	Intralinks Holdings INc., (2)		30,848
	3,551	J2 Global Inc., (3)		195,234
	4,190	Limelight Networks Inc., (2)		8,045
	1,922	Liquidity Services, Inc., (2)		50,183
	4,258	Liveperson, Inc., (2)		39,770
	1,880	LogMeIn Inc., (2)		60,724
	1,754	Marchex, Inc.		15,646
	709	Marin Software Inc., (2)		8,217
	538	Marketo Inc., (2)		18,163
	2,728	Millennial Media Incorporated, (2), (3)		19,178
	9,008	Monster Worldwide Inc., (2), (3)		38,915
	3,083	Move, Inc., (2), (3)		52,319
	161	Net Element International Inc., (2), (3)		762
	5,014	NIC, Incorporated		123,445
	7,152	no description		61,793
	1,762	Open Solutions Inc., (2)		122,424
	2,590	Perficient, Inc., (2)		46,853
	2,424	QuinStreet, Inc., (2)		21,549
	1,736	RealNetworks Inc., (2)		13,315
	600	Reis, Inc., (2)		10,794
	2,845	Responsys Inc., (2), (3)		46,487
	1,761	SciQuest Inc., (2)		38,460
	573	Shutterstock Incorporated, (2), (3)		40,568
	1,359	Spark Networks, Incorporated, (2), (3)		9,730
	1,161	SPS Commerce Inc., (2)		79,122
	1,010	Stamps.com Inc., (2)		45,894
	3,886	Support.com, Inc., (2)		17,332
	857	TechTarget Inc., (2), (3)		4,302
	404	Textura Corporation, (2), (3)		15,485

Nuveen Investments 87

Portfolio of Investments October 31, 2013

Nuveen Small Cap Index Fund (continued)

Shares		Description (1)	Value
		Internet Software & Services (continued)
	614	Travelzoo Inc., (2)	$	13,219
	2,139	Trulia Inc., (2)		85,496
	7,618	Unwired Planet Inc,, (2)		12,341
	5,892	ValueClick, Inc., (2), (3)		113,185
	2,524	VistaPrint NV, (2), (3)		136,422
	1,453	Vocus, Inc., (2)		12,568
	3,241	Web.com, Inc., (2), (3)		87,345
	2,478	WebMD Health Corporation, Class A, (2)		87,275
	2,070	XO Group, Incorporated, (2)		28,732
	565	Xoom Corporation, (2)		16,809
	2,301	Yelp Incorporated, (2)		155,893
	1,799	Zilow Inc, (2), (3)		143,254
	4,784	Zix Corporation, (2)		19,519
		Total Internet Software & Services		3,647,748
		IT Services – 2.0%
	5,714	Acxiom Corporation, (2)		189,876
	888	Blackhawk Network Holdings Inc., (2), (3)		20,300
	1,784	CACI International Inc., (2), (3)		128,412
	3,468	Cardtronics Inc., (2)		136,119
	796	Cass Information Systems, Inc., (3)		45,635
	5,766	Ciber, Inc., (2)		18,740
	1,197	Computer Task Group, Inc.		20,505
	8,121	Convergys Corporation		160,309
	2,619	CSG Systems International Inc.		72,965
	1,690	EPAM Systems Inc., (2)		63,324
	3,853	Euronet Worldwide, Inc., (2), (3)		167,220
	2,280	Evertec Inc.		53,489
	2,523	Exlservice Holdings, Inc., (2)		72,940
	904	Forrester Research, Inc.		35,084
	5,119	Global Cash Access Holdings, Inc., (2)		42,488
	2,007	Hackett Group, Inc.		14,290
	2,809	Heartland Payment Systems Inc., (3)		113,624
	2,425	Higher One Holdings Incn, (2)		19,279
	2,692	IGATE Corporation, (2)		85,713
	4,501	Lionbridge Technologies, Inc., (2)		19,624
	362	Luxoft Holding Inc., (2)		10,578
	1,843	ManTech International Corporation, Class A		51,493
	5,280	Maximus Inc.		255,816
	2,859	ModusLink Global Solutions Inc., (2)		11,779

88 Nuveen Investments

Shares		Description (1)	Value
		IT Services (continued)
	1,656	Moneygram International Inc., (2)	$	34,958
	3,286	Planet Payment Inc., (2)		8,938
	2,229	PRG-Schultz International Inc., (2)		16,004
	8,530	Sapient Corporation, (2)		134,859
	4,722	ServiceSource International Inc., (2)		51,092
	3,035	Sykes Enterprises Inc., (2)		56,815
	1,193	Syntel Inc.		102,407
	1,539	TeleTech Holdings, Inc., (2)		40,737
	3,412	Unisys Corporation, (2)		89,906
	1,581	Virtusa Corporation, (2)		49,137
	3,000	WEX Inc., (2)		280,050
		Total IT Services		2,674,505
		Leisure Equipment & Products – 0.5%
	1,019	Arctic Cat, Inc.		53,396
	1,752	Black Diamond Group Inc., (2), (3)		26,122
	6,993	Brunswick Corporation, (3)		315,594
	5,495	Callaway Golf Company, (3)		46,323
	1,485	JAKKS Pacific Inc., (3)		9,563
	383	Johnson Outdoors, Inc.		10,506
	4,927	LeapFrog Enterprises Inc., (2), (3)		42,175
	813	Marine Products Corporation		7,618
	2,399	Nautilus Group, Inc., (2)		19,096
	4,299	Smith & Wesson Holding Corporation, (2), (3)		46,343
	1,493	Sturm, Ruger, & Company, (3)		97,657
		Total Leisure Equipment & Products		674,393
		Life Sciences Tools & Services – 0.4%
	803	Accelerate Diagnostics Inc., (2), (3)		10,294
	5,496	Affymetrix, Inc., (2), (3)		38,857
	1,799	Albany Molecular Research Inc., (2)		23,567
	2,322	Cambrex Corporation, (2)		39,056
	1,966	Fluidigm Corporation, (2)		61,929
	514	Furiex Pharmaceuticals Inc., (2)		20,097
	1,972	Harvard Bioscience, Inc., (2)		11,615
	2,888	Luminex Corporation, (2)		56,316
	2,543	NeoGenomics Inc., (2)		9,257
	3,691	Pacific Biosciences of California Inc., (2)		15,170
	4,394	Parexel International Corporation, (2), (3)		200,850
	8,902	Sequenom, Inc., (2), (3)		17,092
		Total Life Sciences Tools & Services		504,100

Nuveen Investments 89

Portfolio of Investments October 31, 2013

Nuveen Small Cap Index Fund (continued)

Shares		Description (1)	Value
		Machinery – 3.0%
	3,099	Accuride Corporation, (2)	$	13,946
	5,658	Actuant Corporation		212,514
	547	Alamo Group Inc.		25,813
	2,162	Albany International Corporation, Class A		79,583
	2,088	Altra Industrial Motion, Inc.		63,413
	731	American Railcar Industries, (3)		29,942
	654	Ampco-Pittsburgh Corporation		12,040
	1,575	Astec Industries Inc.		53,251
	4,155	Barnes Group Inc.		147,669
	3,805	Blount International Inc., (2)		46,345
	3,724	Briggs & Stratton Corporation, (3)		68,298
	2,343	Chart Industries, Inc., (2), (3)		251,802
	1,358	CIRCOR International Inc.		100,180
	3,841	CLARCOR, Inc.		224,622
	1,508	Columbus McKinnon Corporation NY, (2)		39,223
	1,850	Commercial Vehicle Group Inc., (2)		14,560
	1,719	Douglas Dynamics Inc.		26,077
	1,058	Dynamic Material Corporation		23,382
	3,416	Energy Recovery, Inc., (2)		19,949
	1,615	EnPro Industries Inc., (2), (3)		96,367
	2,044	ESCO Technologies Inc., (3)		73,748
	471	ExOne Company, (2), (3)		24,176
	4,827	Federal Signal Corporation, (2)		66,082
	3,744	Flow International Corporation, (2), (3)		14,939
	930	Freightcar America Inc., (3)		20,683
	622	Global Brass & Copper Holdings Inc., (2)		11,650
	1,166	Gorman-Rupp Company, (3)		47,503
	774	Graham Corporation		28,491
	1,889	Greenbrier Companies Inc., (2), (3)		50,134
	909	Hardinge, Inc.		13,444
	499	Hurco Companies, Inc., (3)		12,221
	813	Hyster-Yale Materials Handling Inc.		63,772
	2,237	John Bean Technologies Corporation		60,802
	866	Kadant Inc.		31,003
	786	LB Foster Company		36,746
	994	Lindsay Manufacturing Company, (3)		75,554
	1,318	Lydall Inc., (2)		24,014
	951	Manitex International, Inc., (2)		12,296
	7,533	Meritor Inc., (2)		51,752

90 Nuveen Investments

Shares		Description (1)	Value
		Machinery (continued)
	1,453	Middleby Corporation, (2)	$	330,775
	868	Midwest Air Group Inc.		16,266
	2,173	Mueller Industries Inc.		131,010
	12,205	Mueller Water Products Inc.		104,597
	1,322	NN, Incorporated		21,258
	213	OmegaFlex, Inc.		4,332
	1,617	Peerless Manufacturing Company, (2)		12,677
	1,320	Proto Labs Incorporated, (2)		110,695
	1,643	RBC Bearings Inc., (2)		113,022
	2,342	Rexnord Corporation, (2)		55,084
	981	Standex International Corporation		60,341
	1,659	Sun Hydraulics Corporation		65,829
	1,428	Tecumseh Products Company, Class A, (2)		11,138
	1,422	Tennant Company, (3)		86,301
	4,137	Titan International Inc., (3)		59,987
	3,069	TriMas Corporation, (2)		116,192
	643	Twin Disc, Inc.		16,634
	5,293	Wabash National Corporation, (2), (3)		61,716
	2,205	Watts Water Technologies, Inc., (3)		127,405
	5,315	Woodward Governor Company		213,078
	844	Xerium Technologies, (2)		10,120
		Total Machinery		3,996,443
		Marine – 0.1%
	432	International Shipholding Corp.		10,722
	3,300	Matson Incorporated		89,397
	1,652	Ultrapetrol Limited, (2)		5,947
		Total Marine		106,066
		Media – 1.3%
	1,461	A.H. Belo Corporation, Class A Shares		11,746
	327	Beasley Broadcast Group, Inc.		2,835
	8,022	Belo Corp.		110,142
	1,778	Carmike Cinemas, Inc., (2)		40,698
	5,918	Central European Media Enterprises Limited, (2)		18,168
	2,679	Crown Media Holdings, Inc., (2), (3)		8,894
	5,820	Cumulus Media, Inc., (2)		34,804
	73	Daily Journal Corporation, (2)		10,800
	1,325	Dex Media Inc., (2), (3)		8,944
	1,870	Digital Generation Inc., (2), (3)		23,656
	2,417	E.W. Scripps Company, Class A, (2)		47,905

Nuveen Investments 91

Portfolio of Investments October 31, 2013

Nuveen Small Cap Index Fund (continued)

Shares		Description (1)	Value
		Media (continued)
	1,849	Entercom Communications Corporation, (2)	$	16,216
	4,263	Entravision Communications Corporation		28,733
	1,463	Global Sources, Limited, (2)		10,958
	3,888	Gray Television Inc., (2), (3)		32,854
	3,322	Harte-Hanks Inc.		26,476
	665	Hemisphere Media Group Inc., (2)		6,291
	3,410	Journal Communications Inc., (2)		28,474
	10,880	Live Nation Inc., (2)		211,507
	938	Loral Space & Communications, Inc.		66,945
	2,246	Martha Stewart Living Omnimedia Inc., (2)		5,750
	4,699	McClatchy Company, (2), (3)		13,251
	1,950	MDC Partners, Inc.		60,119
	1,516	Media General Inc., (2), (3)		22,103
	2,762	Meredith Corporation		141,691
	4,398	National CineMedia, Inc.		77,053
	9,973	New York Times, Class A, (3)		137,927
	2,270	Nexstar Broadcasting Group, Inc.		100,765
	804	ReachLocal Inc., (2)		9,881
	1,348	Reading International Inc., A, (2)		8,924
	807	Rentrak Corporation, (2)		30,254
	373	Saga Comunications Inc Class A Shares		17,759
	803	Salem Communications Corporation		6,633
	2,043	Scholastic Corporation		58,614
	5,289	Sinclair Broadcast Group, Series A		169,565
	3,001	Vallassis Communications Inc., (3)		82,107
	2,009	World Wrestling Entertainment Inc.		26,017
		Total Media		1,715,459
		Metals & Mining – 1.3%
	10,537	AK Steel Holding Corporation, (2), (3)		46,363
	8,031	Allied Nevada Gold Corporation, (2), (3)		32,766
	1,354	AM Castle & Company, (2), (3)		19,376
	2,153	AMCOL International Corp.		69,068
	3,975	Century Aluminum Company, (2)		34,503
	7,845	Coeur d’Alene Mines Corporation, (2)		95,787
	9,036	Commercial Metals Company		165,901
	4,966	General Moly, Inc., (2)		8,144
	4,984	Globe Specialty Metals Inc.		87,419
	2,564	Gold Resource Corp.		13,307
	422	Handy & Harman Limited, (2)		9,744

92 Nuveen Investments

Shares		Description (1)	Value
		Metals & Mining (continued)
	953	Haynes International Inc.	$	51,367
	25,729	Hecla Mining Company, (3)		80,274
	3,410	Horsehead Holding Corp., (2), (3)		49,479
	1,462	Kaiser Aluminum Corporation		98,612
	1,588	Materion Corporation		47,338
	9,468	Midway Gold Corporation, (2), (3)		8,900
	11,464	Molycorp Inc., (2), (3)		58,122
	2,607	Noranda Aluminum Hodlings Corporation		7,091
	700	Olympic Steel Inc.		19,159
	10,659	Paramount Gold and Silver Corporation, (2), (3)		12,897
	2,422	RTI International Metals, Inc., (2)		82,106
	1,989	Schnitzer Steel Industries, Inc., (3)		57,761
	9,129	Stillwater Mining Company, (2), (3)		99,597
	5,410	SunCoke Energy Inc., (2)		108,200
	535	Universal Stainless & Alloy Products, Inc., (2), (3)		17,291
	1,658	US Silica Holdings Inc., (3)		57,732
	4,837	Walter Industries Inc., (3)		76,860
	4,087	Worthington Industries, Inc.		165,687
		Total Metals & Mining		1,680,851
		Multiline Retail – 0.2%
	1,045	Bon-Ton Stores, Inc., (3)		11,965
	2,838	Freds Inc., (3)		45,976
	687	Gordmans Stores Inc.		6,801
	8,070	Saks Inc., (2), (3)		129,039
	3,311	Tuesday Morning Corporation, (2)		46,851
		Total Multiline Retail		240,632
		Multi-Utilities – 0.3%
	4,632	Avista Corporation		128,723
	3,436	Black Hills Corporation		174,274
	2,928	Northwestern Corporation		134,220
		Total Multi-Utilities		437,217
		Oil, Gas & Consumable Fuels – 3.7%
	6,350	Abraxas Petroleum Corporation, (2)		18,352
	163	Adams Resources and Energy, Incorporated		8,439
	1,800	Alon USA Energy, Inc., (3)		21,744
	17,069	Alpha Natural Resources Inc., (2), (3)		119,483
	2,027	Amyris Inc., (2), (3)		5,108
	707	Apco Oil and Gas International Inc., (2)		10,761
	2,696	Approach Resources Inc., (2)		75,892

Nuveen Investments 93

Portfolio of Investments October 31, 2013

Nuveen Small Cap Index Fund (continued)

Shares		Description (1)	Value
		Oil, Gas & Consumable Fuels (continued)
	16,408	Arch Coal Inc., (3)	$	69,570
	1,400	Athlon Energy Inc., (2)		46,060
	4,072	Berry Petroleum Company		194,438
	3,769	Bill Barrett Corporation, (2), (3)		104,288
	2,276	Bonanza Creek Energy Inc., (2)		115,029
	9,107	BPZ Resources, Inc., (2)		18,305
	3,081	Callon Petroleum Company Del, (2)		21,043
	3,121	Carrizo Oil & Gas, Inc., (2), (3)		136,825
	455	Clayton Williams Energy, (2)		35,413
	5,266	Clean Energy Fuels Corporation, (2), (3)		59,980
	4,703	Cloud Peak Energy Inc., (2)		73,414
	3,734	Comstock Resources Inc.		63,889
	1,145	Contango Oil & Gas Company		49,063
	3,680	Crosstex Energy, Inc.		112,939
	2,871	Delek US Holdings Inc.		73,354
	1,378	Diamondback Energy, (2)		71,174
	4,364	Emerald Oil Inc., (2)		37,967
	3,641	Endeavor International Corporation, (2), (3)		21,628
	6,136	Energy XXI Limited Bermuda		178,312
	2,311	EPL Oil & Gas Inc., (2)		73,675
	2,753	Equal Energy Limited, (3)		13,049
	1,310	Evolution Petroleum Corporation, (2)		15,799
	10,492	Exco Resources Inc., (3)		56,762
	9,222	Forest Oil Corporation, (2), (3)		43,712
	3,982	Frontline Limited, (2), (3)		8,442
	4,129	FX Energy, Inc., (2), (3)		14,369
	1,973	GasLog Limited		29,358
	4,290	Gastar Exploration, Limited, (2)		18,533
	2,414	Goodrich Petroleum Corporation, (2), (3)		56,463
	1,955	Green Plains Renewable Energy, Inc.		31,534
	17,875	Halcon Resources Corporation, (2), (3)		92,593
	672	Hallador Energy Company		5,174
	77	Isramco, Inc., (2)		10,162
	858	Jones Energy Inc, Class A, (2)		13,737
	3,393	Kior Inc., Class A Shares, (2), (3)		7,906
	2,348	Knightsbridge Tankers Limited		19,348
	20,519	Kodiak Oil & Gas Corporation, (2), (3)		266,131
	2,324	L&L Energy Inc., (2), (3)		3,300
	13,288	Magnum Hunter Resources Corporation, (2), (3)		94,743

94 Nuveen Investments

Shares		Description (1)	Value
		Oil, Gas & Consumable Fuels (continued)
	4,483	Matador Resources Company, (2)	$	82,532
	2,566	Midstates Petroleum Company Incorporated, (2), (3)		14,472
	2,359	Miller Energy Resources Inc., (2), (3)		15,947
	5,104	Nordic American Tanker Shipping Ltd, (3)		41,649
	4,931	Northern Oil and Gas Inc., (2)		81,016
	1,193	Panhandle Oil and Gas Inc.		40,049
	2,747	PDC Energy Inc., (2)		186,274
	4,268	Penn Virginia Corporation, (2), (3)		36,321
	4,409	Petroquest Energy Inc., (2)		20,810
	9,632	Quicksilver Resources Inc., (2)		20,612
	1,636	Renewable Energy Group Inc., (2)		17,849
	17,462	Rentech, Inc.		29,860
	5,234	Resolute Energy Corporation, (2)		49,095
	3,495	Rex Energy Inc., (2)		75,143
	422	Rex Stores Corporation, (2)		12,170
	4,723	Rosetta Resources, Inc., (2), (3)		283,097
	2,933	Sanchez Energy Corporation, (2), (3)		83,620
	14,250	Scorpio Tankers Inc.		164,445
	3,250	SemGroup Corporation, A Shares		196,268
	4,326	Ship Financial International Limited, (3)		71,595
	3,696	Solazyme Inc., (2), (3)		38,660
	3,856	Stone Energy Corporation, (2)		134,420
	3,351	Swift Energy Company, (2), (3)		45,976
	3,922	Synergy Resources Corporation, (2)		40,632
	2,544	Targa Resources Corporation		197,313
	4,811	Teekay Tankers Limited, Class A Shares, (3)		12,557
	5,240	Triangle Petroleum Corporation, (2)		55,387
	6,610	Uranium Energy Corporation, (2)		11,634
	9,383	Ur-Energy Inc., (2)		9,852
	4,476	Vaalco Energy Inc., (2)		23,589
	2,688	W&T Offshore Inc.		51,314
	5,633	Warren Resources Inc., (2)		17,631
	4,186	Western Refining Inc., (3)		135,082
	909	Westmoreland Coal Company, (2)		12,917
	2,865	ZaZa Energy Corporation, (2), (3)		3,553
		Total Oil, Gas & Consumable Fuels		4,930,601
		Paper & Forest Products – 0.7%
	1,045	Boise Cascade Company, (2)		26,762
	1,717	Clearwater Paper Corporation, (2)		89,662

Nuveen Investments 95

Portfolio of Investments October 31, 2013

Nuveen Small Cap Index Fund (continued)

Shares		Description (1)	Value
		Paper & Forest Products (continued)
	860	Deltic Timber Corporation, (3)	$	54,937
	3,318	Glatfelter		86,932
	3,157	KapStone Paper and Packaging Corp.		164,038
	10,774	Louisiana-Pacific Corporation, (2)		183,266
	1,236	Neenah Paper, Inc.		50,849
	5,396	Resolute Forest Products, (2), (3)		86,282
	2,425	Schweitzer-Mauduit International Inc.		150,059
	3,819	Wausau Paper Corp.		44,682
		Total Paper & Forest Products		937,469
		Personal Products – 0.3%
	1,981	Elizabeth Arden, Inc., (2)		71,692
	1,680	Female Health Company		15,994
	1,269	Inter Parfums, Inc.		44,618
	8,775	Lifevantage Corporation, (2)		19,217
	1,067	Medifast, Inc., (2)		24,872
	838	Nature’s Sunshine Products		15,830
	661	Nutraceutical International Corporation		15,897
	3,954	Prestige Brands Holdings Inc., (2)		123,483
	876	Revlon Inc., (2)		20,805
	12,871	Star Scientific, Inc., (2), (3)		23,297
	1,338	Synutra International Inc., (2)		9,139
	463	USANA Health Sciences, Inc., (2)		31,590
		Total Personal Products		416,434
		Pharmaceuticals – 1.3%
	1,805	AcelRx Pharmaceuticals Inc., (2)		12,130
	4,500	Akorn, Inc., (2), (3)		91,980
	1,311	Alimera Sciences, Inc., (2)		2,806
	2,137	Ampio Pharmaceuticals Inc., (2)		18,891
	509	Aratana Therpaeutics Inc., (2)		10,160
	3,812	Auxilium Pharmaceuticals, Inc., (2), (3)		65,605
	11,218	Avanir Pharmaceuticals, (2)		45,433
	2,313	Biodelivery Sciences, Inc., (2), (3)		12,143
	4,769	Cadence Pharmaceuticals, Inc., (2)		23,511
	1,147	Cempra Inc., (2)		13,030
	4,115	Corcept Therapeutics, Inc., (2)		6,954
	686	Cornerstone Therapeutics Inc., (2)		6,496
	4,367	DepoMed, Inc., (2)		31,442
	2,356	Endocyte Inc., (2), (3)		24,573
	859	Hi Tech Pharmacal Company, Inc.		37,014

96 Nuveen Investments

Shares		Description (1)	Value
		Pharmaceuticals (continued)
	3,984	Horizon Pharma Inc., (2), (3)	$	16,693
	5,293	Impax Laboratories Inc., (2)		107,236
	1,262	Lannett Company Inc., (2)		29,796
	4,637	Medicines Company, (2)		157,287
	8,928	Nektar Therapautics, (2)		84,905
	2,305	Omeros Corporation, (2), (3)		23,050
	2,130	Pacira Pharmaceuticals, Inc., (2), (3)		107,586
	1,354	Pernix Therapeutics Holdings, Incorporated, (2)		2,830
	2,086	Pozen Inc., (2)		13,111
	4,010	Questcor Pharmaceuticals Inc., (3)		246,094
	1,774	Repros Therapeutics, Inc., (2), (3)		32,003
	1,289	Sagent Pharmaceuticals Inc., (2)		27,958
	4,285	Santarus, Inc., (2)		99,969
	4,180	SciClone Pharmaceuticals, Inc., (2)		19,771
	1,059	Sucampo Pharmaceuticals, Inc., (2)		6,566
	1,072	Supernus Pharmaceuticals Incorporated, (2), (3)		7,579
	6,035	TherapeuticsMD, (2), (3)		25,468
	5,048	ViroPharma, Inc., (2), (3)		195,963
	7,781	Vivus, Inc., (2), (3)		73,064
	3,353	Xenoport, Inc., (2), (3)		17,536
	5,543	Zogenix Inc., (2), (3)		16,241
		Total Pharmaceuticals		1,712,874
		Professional Services – 1.3%
	3,802	Acacia Research, (3)		57,372
	544	Barrett Business Services, Inc.		45,299
	2,940	CBIZ Inc., (2), (3)		23,990
	1,091	CDI Corporation		17,511
	2,599	Corporate Executive Board Company		189,467
	786	CRA International, Inc., (2)		14,973
	1,020	Exponent, Inc.		77,122
	703	Franklin Covey Company, (2)		13,216
	3,116	FTI Consulting Inc., (2)		126,447
	1,134	GP Strategies Corporation, (2)		31,775
	1,396	Heidrick & Struggles International, Inc.		25,854
	1,800	Huron Consulting Group, Inc., (2), (3)		105,426
	1,525	ICF International, Inc., (2)		52,796
	1,736	Insperity Inc.		67,131
	2,082	Kelly Services, Inc.		43,431
	2,092	KForce Inc.		41,191

Nuveen Investments 97

Portfolio of Investments October 31, 2013

Nuveen Small Cap Index Fund (continued)

Shares		Description (1)	Value
		Professional Services (continued)
	3,764	Korn Ferry International, (2)	$	89,583
	1,229	Mistras Group Inc., (2)		22,564
	529	National Technical Systems, Inc., (2)		12,109
	3,898	Navigant Consulting Inc., (2)		67,630
	6,097	Odyssey Marine Exploration Inc., (2), (3)		13,230
	3,535	On Assignment, Inc., (2)		119,448
	12,520	Pendrell Corporation, (2)		27,920
	3,154	Resources Connection, Inc.		40,245
	2,505	RPX Corporation, (2)		44,739
	2,745	The Advisory Board Company, (2), (3)		188,307
	3,145	TrueBlue Inc., (2)		77,682
	318	VSE Corporation		13,928
	1,929	WageWorks, Incorporated, (2), (3)		98,784
		Total Professional Services		1,749,170
		Real Estate Investment Trust – 6.7%
	4,257	Acadia Realty Trust		113,534
	2,159	AG Mortgage Investment Trust Inc.		35,278
	974	Agree Realty Corporation		30,749
	163	Alexander’s Inc., (3)		52,447
	2,598	American Assets Trust Inc		86,487
	4,558	American Capital Mortgage Investment Corporation		87,103
	11,906	American Realty Capital Properties Inc,, (3)		157,993
	1,059	American Residential Properties Inc., (2), (3)		18,247
	1,517	AmREIT Inc., Class B Shares		26,699
	11,198	Anworth Mortgage Asset Corporation, (3)		54,982
	2,851	Apollo Commercial Real Estate Finance, Inc.		45,930
	2,476	Apollo Residential Mortgage Inc.		37,289
	1,654	Ares Commercial Real Estate Corporation		20,559
	1,469	Armada Hoffler Properties Inc., (3)		14,132
	28,921	Armour Residential REIT Inc.		119,155
	4,751	Ashford Hospitality Trust Inc.		62,048
	4,447	Associated Estates Realty Corp., (3)		68,217
	888	Aviv REIT Inc.		22,555
	4,991	Campus Crest Communities Inc.		49,960
	6,869	CapLease Inc.		58,387
	7,388	Capstead Mortgage Corporation, (3)		87,400
	5,590	Cedar Shopping Centers Inc.		31,919
	19,244	Chambers Street Properties, (3)		179,547
	1,741	Chatham Lodging Trust		32,835

98 Nuveen Investments

Shares		Description (1)	Value
		Real Estate Investment Trust (continued)
	3,755	Chesapeake Lodging Trust	$	88,505
	4,994	Colony Financial Inc.		101,029
	1,604	Coresite Realty Corporation		52,034
	9,339	Cousins Properties, Inc.		105,811
	10,299	CubeSmart		188,163
	1,482	CyrusOne Inc.		28,884
	13,498	CYS Investments Inc.		114,598
	22,473	DCT Industrial Trust Inc.		174,166
	15,109	DiamondRock Hospitality Company		172,092
	4,825	Dupont Fabros Technology Inc., (3)		119,901
	4,247	Dynex Capital, Inc., (3)		36,694
	2,339	EastGroup Properties Inc., (3)		148,901
	8,815	Education Realty Trust Inc.		80,569
	498	Ellington Residential Mortgage REIT		7,779
	3,636	Entertainment Properties Trust		186,781
	4,654	Equity One Inc.		112,208
	3,698	Excel Trust Inc.		44,672
	9,595	FelCor Lodging Trust Inc., (2)		64,478
	8,309	First Industrial Realty Trust, Inc.		150,144
	4,542	First Potomac Realty Trust		55,821
	6,959	Franklin Street Properties Corporation, (3)		91,859
	5,534	Geo Group Inc.		195,184
	1,980	Getty Realty Corporation		37,976
	1,084	Gladstone Commercial Corporation, (3)		20,488
	11,170	Glimcher Realty Trust		114,493
	4,226	Government Properties Income Trust		103,326
	4,590	Gramercy Proprty Trust Inc, (2)		20,976
	7,410	Healthcare Realty Trust, Inc.		177,914
	15,659	Hersha Hospitality Trust		88,787
	6,349	Highwoods Properties, Inc.		245,071
	3,350	Hudson Pacific Properties Inc.		69,312
	6,595	Inland Real Estate Corporation		70,501
	10,453	Invesco Mortgage Capital Inc.		161,499
	7,797	Investors Real Estate Trust		67,210
	6,575	iStar Financial Inc., (2)		83,042
	1,043	Javelin Mortgage Investment Corporation, (3)		12,380
	7,072	Kite Realty Group Trust, (3)		45,261
	8,008	LaSalle Hotel Properties		248,648
	13,045	Lexington Corporate Properties Trust		152,627

Nuveen Investments 99

Portfolio of Investments October 31, 2013

Nuveen Small Cap Index Fund (continued)

Shares		Description (1)	Value
		Real Estate Investment Trust (continued)
	2,685	LTC Properties Inc.	$	105,923
	12,470	Medical Properties Trust Inc.		162,609
	3,281	Monmouth Real Estate Investment Corporation		30,251
	1,901	National Health Investors Inc., (3)		118,851
	19,559	New Residential Investment		129,285
	4,927	New York Mortgage Trust, Inc., (3)		31,631
	18,499	Northstar Realty Finance Corporation		172,596
	908	One Liberty Properties Inc.		19,195
	3,367	Parkway Properties Inc., (3)		60,976
	4,748	Pebblebrook Hotel Trust		143,390
	5,257	Penn Real Estate Investment Trust		95,309
	5,438	PennyMac Mortgage Investment Trust		125,455
	906	Physicians Realty Trust		11,379
	3,130	Potlatch Corporation		127,798
	1,411	PS Business Parks Inc.		114,982
	5,408	RAIT Investment Trust		40,830
	4,613	Ramco-Gershenson Properties Trust, (3)		75,007
	6,348	Redwood Trust Inc., (3)		111,217
	9,816	Resource Capital Corporation, (3)		60,368
	4,786	Retail Opportunity Investments Corporation		70,833
	1,304	Rexford Industrial Realty Inc., (2)		17,760
	9,561	RLJ Lodging Trust		241,511
	1,734	Rouse Properties Inc., (3)		35,061
	3,410	Ryman Hospitalities Properties, (3)		125,863
	2,886	Sabra Health Care Real Estate Investment Trust Inc.		77,633
	606	Saul Centers Inc., (3)		28,482
	1,576	Select Income REIT		43,419
	1,097	Silver Bay Realty Trust Corporation		16,960
	2,427	Sovran Self Storage Inc.		185,641
	3,234	STAG Industrial Inc.		67,623
	14,015	Strategic Hotels & Resorts Inc., (2)		121,931
	6,152	Summit Hotel Properties Inc.		56,537
	2,771	Sun Communities Inc.		123,503
	12,587	Sunstone Hotel Investors Inc.		166,778
	1,932	Terreno Realty Corporation		34,351
	1,168	UMH Properties Inc.		11,750
	920	Universal Health Realty Income Trust		40,406
	1,927	Urstadt Biddle Properties Inc., (3)		38,039
	5,140	Washington Real Estate Investment Trust		134,719

100 Nuveen Investments

Shares		Description (1)	Value
		Real Estate Investment Trust (continued)
	1,878	Western Asset Mortgage Capital Corporation, (3)	$	30,255
	1,318	Whitestone Real Estate Investment Trust, (3)		18,175
	2,251	Winthrop Realty Trust, Inc.		26,494
	436	ZAIS Financial Corporation		7,586
		Total Real Estate Investment Trust		8,991,598
		Real Estate Management & Development – 0.3%
	3,327	Alexander & Baldwin Inc.		123,099
	3,256	Altisource Residential Corporation		86,512
	731	AV Homes Inc., (2)		13,962
	453	Consolidated Tomoka Land Company		16,997
	2,679	Forestar Real Estate Group Inc., (2)		59,822
	4,050	Kennedy-Wilson Holdings Inc.		81,162
	1,065	Tejon Ranch Company, (2), (3)		39,426
	2,385	Thomas Properties Group, Inc.		16,218
		Total Real Estate Management & Development		437,198
		Road & Rail – 0.5%
	1,987	Arkansas Best Corporation		54,384
	1,553	Celadon Group, Inc.		28,793
	3,318	Heartland Express, Inc.		47,646
	4,539	Knight Transportation Inc.		77,027
	1,810	Marten Transport, Ltd.		31,928
	507	Patriot Transportation Holding, Inc., (2)		18,744
	1,627	Quality Distribution, Inc., (2)		16,726
	1,364	Roadrunner Transportation System Inc., (2)		36,146
	1,877	Saia, Inc., (2)		61,059
	6,481	Swift Transportation Company, (2), (3)		141,221
	417	Universal Truckload Services, Inc.		11,117
	3,275	Werner Enterprises, Inc., (3)		75,849
	834	YRC Worldwide Inc., (2)		7,906
		Total Road & Rail		608,546
		Semiconductors & Equipment – 3.1%
	3,034	Advanced Energy Industriess Inc., (2)		63,350
	1,342	Alpha & Omega Semiconductor Limited, (2)		9,877
	1,430	Ambarella, Incorporated, (2), (3)		29,387
	5,468	Amkor Technology Inc., (2)		29,035
	6,361	Anadigics Inc., (2)		12,849
	5,642	Applied Micro Circuits Corporation, (2)		65,786
	2,468	ATMI Inc., (2)		67,475
	8,373	Axcelis Technologies Inc., (2)		18,169

Nuveen Investments 101

Portfolio of Investments October 31, 2013

Nuveen Small Cap Index Fund (continued)

Shares		Description (1)	Value
		Semiconductors & Equipment (continued)
	5,139	Brooks Automation Inc.	$	49,540
	1,800	Cabot Microelectronics Corporation, (2)		73,602
	3,969	Cavium Networks Inc., (2), (3)		159,990
	1,712	CEVA, Inc., (2)		24,533
	4,900	Cirrus Logic Inc., (2), (3)		109,907
	1,911	Cohu Inc.		18,269
	11,367	Cypress Semiconductor Corporation		105,486
	2,775	Diodes Inc., (2)		67,211
	1,528	DSP Group Inc., (2)		11,384
	10,771	Entegris Inc., (2)		111,480
	6,925	Entropic Communications Inc., (2), (3)		29,639
	2,959	Exar Corporation, (2)		34,117
	4,170	FormFactor Inc., (2)		21,767
	1,587	GSI Technology Inc., (2)		11,141
	9,231	GT Advanced Technologies, Inc., (2), (3)		69,233
	2,437	Hittite Microwave Corporation, (2)		155,700
	2,015	Inphi Corporation, (2)		29,701
	10,190	Integrated Device Technology, Inc., (2)		108,422
	2,173	Integrated Silicon Solution, (2)		23,425
	1,334	Intermolecular Inc, (2)		7,737
	5,369	International Rectifier Corporation, (2)		139,809
	9,832	Intersil Holding Corporation, Class A		109,725
	1,870	IXYS Corporation		21,748
	5,126	Kopin Corporation, (2)		18,812
	8,940	Lattice Semiconductor Corporation, (2)		45,862
	3,676	LTX-Credence Corporation, (2)		22,534
	818	MA-COM Technology Solutions Holdings Incorporated, (2)		14,127
	1,788	Maxlinear Inc., (2)		15,484
	3,599	Micrel, Incorporated		33,111
	7,183	Microsemi Corporation, (2)		180,509
	3,344	Mindspeed Technologies, Inc., (2), (3)		9,664
	4,098	MKS Instruments Inc.		121,465
	2,843	Monolithic Power Systems, Inc., (3)		90,521
	3,635	MoSys, Inc., (2)		15,994
	1,786	Nanometrics Inc., (2)		33,184
	1,561	NeoPhotonics Corporation, (2)		11,067
	375	NVE Corporation, (2)		20,014
	4,173	Omnivision Technologies, Inc., (2)		58,464
	1,943	PDF Solutions, Inc., (2)		44,631

102 Nuveen Investments

Shares		Description (1)	Value
		Semiconductors & Equipment (continued)
	2,043	Peregrine Semiconductor Corporation, (2), (3)	$	16,630
	1,773	Pericom Semiconductor Corporation, (2)		14,326
	4,698	Photronics Inc., (2)		39,463
	3,523	PLX Technologies Inc., (2), (3)		21,279
	15,772	PMC-Sierra, Inc., (2)		92,582
	2,240	Power Integrations Inc.		128,666
	8,630	Rambus Inc., (2)		75,426
	21,741	RF Micro Devices, Inc., (2)		114,140
	1,368	Rubicon Technology Inc., (2), (3)		11,765
	2,525	Rudolph Technologies, (2)		26,765
	5,207	Semtech Corporation, (2), (3)		161,990
	2,367	Sigma Designs, Inc., (2)		12,876
	5,967	Silicon Image, Inc., (2)		31,327
	3,656	Spansion Inc., Class A, (2)		43,762
	20,536	SunEdison Inc., (2), (3)		190,985
	3,187	SunPower Corporation, (2), (3)		96,216
	761	Supertex Inc.		19,413
	2,512	Synaptics, Inc., (2)		116,808
	4,079	Tessera Technologies Inc.		77,583
	12,621	TriQuint Semiconductor, Inc., (2)		100,085
	1,847	Ultra Clean Holdings, Inc., (2)		17,196
	2,143	Ultratech Stepper Inc., (2)		50,982
	3,026	Veeco Instruments Inc., (2)		88,389
		Total Semiconductors & Equipment		4,073,591
		Software – 3.8%
	4,317	Accelrys, Inc., (2)		40,364
	3,080	ACI Worldwide, Inc., (2)		169,770
	3,658	Actuate Corporation, (2)		29,301
	2,523	Advent Software Inc.		84,647
	1,855	American Software, Inc.		16,231
	7,244	Aspen Technology Inc., (2)		276,938
	1,851	AVG Technologies NV, (2)		37,205
	3,529	Blackbaud, Inc.		127,044
	2,925	Bottomline Technologies, Inc., (2)		91,904
	2,168	Broadsoft Inc., (2), (3)		70,937
	2,904	Callidus Software, Inc., (2)		30,056
	3,594	CommVault Systems, Inc., (2)		280,620
	1,715	Comverse Incorporated, (2)		54,160
	618	Cyan Inc., (2)		2,911

Nuveen Investments 103

Portfolio of Investments October 31, 2013

Nuveen Small Cap Index Fund (continued)

Shares		Description (1)	Value
		Software (continued)
	526	Digimarc Corporation	$	11,078
	2,404	Ebix, Inc., (3)		27,358
	2,035	Ellie Mae Incorporated, (2)		58,812
	2,431	EPIQ Systems, Inc.		36,368
	290	ePlus, Inc.		15,764
	2,774	Fair Isaac Corporation		158,895
	1,263	Fleetmatics Group Limited, (2)		40,100
	599	Gigamon Inc., (2)		18,437
	4,379	Glu Mobile, Inc., (2), (3)		14,889
	1,298	Guidance Software, Inc., (2)		11,345
	3,758	Guidewire Software Incorporated, (2)		190,606
	1,561	Imperva Incorporated, (2)		59,849
	3,872	Infoblox, Incorporated, (2)		172,110
	1,197	Interactive Intelligence Group, (2)		73,556
	3,061	Jive Software Inc., (2)		33,334
	1,504	Manhattan Associates Inc., (2)		160,191
	7,373	Mentor Graphics Corporation		162,796
	699	Microstrategy Inc., (2)		85,271
	1,928	Mitek Systems Inc., (2)		10,199
	627	Model N Inc., (2), (3)		5,637
	2,955	Monotype Imaging Holdings Inc.		83,390
	2,799	NetScout Systems, Inc., (2)		79,268
	9,247	Parametric Technology Corporation, (2)		256,327
	1,344	Pegasystems, Inc.		51,153
	4,262	Progress Software Corporation, (2)		110,642
	1,687	Proofpoint, Incorporated, (2)		53,377
	1,738	PROS Holdings, Inc., (2)		61,438
	463	QAD Inc A		6,908
	6,727	QLIK Technologies Inc., (2)		170,462
	1,151	Qualys Incorporated, (2)		23,941
	497	Rally Software Development Corporation, (2)		13,335
	3,598	RealPage Inc., (2), (3)		88,259
	896	Rosetta Stone Inc., (2)		13,601
	1,310	Sapiens International Corporation NV		8,450
	2,531	SeaChange International, Inc., (2)		35,915
	457	Silver Springs Networks Inc., (2)		9,981
	4,504	SS&C Technologies Holdings Inc., (2)		177,007
	2,252	Synchronoss Technologies, Inc., (2), (3)		77,964
	6,260	Take-Two Interactive Software, Inc., (2)		112,117

104 Nuveen Investments

Shares		Description (1)	Value
		Software (continued)
	2,395	Tangoe Inc., (2), (3)	$	45,745
	3,678	TeleCommunication Systems, (2)		8,386
	1,148	TeleNav Inc., (2)		8,323
	9,786	TiVo, Inc., (2)		130,056
	2,435	Tyler Technologies Inc., (2)		235,489
	2,137	Ultimate Software Group, Inc., (2)		330,124
	2,235	Vasco Data Security International, Inc., (2)		16,785
	4,073	Verint Systems Inc., (2)		148,746
	3,263	VirnetX Holding Corporation, (2), (3)		70,938
	5,184	Vringo Inc., (2), (3)		14,619
		Total Software		5,101,429
		Specialty Retail – 3.0%
	6,066	Aeropostale, Inc., (2), (3)		56,353
	622	America’s Car-Mart, Inc., (2), (3)		28,450
	3,647	Ann Inc., (2)		128,958
	2,410	Asbury Automotive Group, Inc., (2)		115,801
	3,123	Barnes & Noble Inc., (2)		44,128
	2,689	bebe stores, inc., (3)		16,215
	1,300	Big 5 Sporting Goods Corporation		24,583
	1,278	Body Central Corporation, (2)		7,157
	3,344	Brown Shoe Inc.		75,039
	2,159	Buckle Inc., (3)		105,661
	2,130	Cato Corporation		63,836
	1,786	Childrens Place Retail Stores Inc., (2)		97,498
	2,807	Christopher & Banks Corporation, (2)		16,196
	1,195	Citi Trends, Inc., (2), (3)		17,543
	1,736	Conn’s, Inc., (2)		104,924
	1,046	Destination Maternity Corporation		32,677
	3,255	Destination XL Group Inc., (2), (3)		22,622
	6,599	Express Inc., (2)		153,163
	3,806	Finish Line, Inc.		95,302
	2,534	Five Below, Incorporated, (2)		122,291
	3,404	Francescas Holdings Corporation, (2), (3)		61,238
	1,857	Genesco Inc., (2)		126,480
	1,681	Group 1 Automotive Inc., (3)		107,584
	1,527	Haverty Furniture Companies Inc.		42,466
	993	Hhgregg Inc., (2), (3)		15,401
	2,009	Hibbett Sporting Goods, Inc., (2), (3)		117,185
	2,161	Joseph A Bank Clothiers, Inc., (2)		103,685

Nuveen Investments 105

Portfolio of Investments October 31, 2013

Nuveen Small Cap Index Fund (continued)

Shares		Description (1)	Value
		Specialty Retail (continued)
	1,078	Kirkland’s, Inc., (2)	$	19,135
	1,716	Lithia Motors Inc.		107,851
	2,124	Lumber Liquidators Inc., (2), (3)		242,540
	1,804	Marinemax Inc., (2)		26,573
	1,039	Mattress Firm Holding Corporation, (2), (3)		31,232
	3,886	Mens Wearhouse Inc.		164,378
	2,418	Monro Muffler Brake, Inc., (3)		111,228
	2,225	New York & Company Inc., (2)		11,392
	19,021	Office Depot, Inc., (2)		106,327
	6,726	OfficeMax Inc., (3)		100,755
	3,568	Pacific Sunwear of California, Inc., (2)		9,598
	3,265	Penske Auto Group, Inc.		129,359
	4,110	Pep Boys - Manny, Moe & Jack, (2)		53,183
	7,327	Pier 1 Imports, Inc.		152,988
	7,705	RadioShack Corporation, (2), (3)		21,651
	4,120	Rent-A-Center Inc., (3)		141,069
	1,367	Restoration Hardware Holdings Incorporated, (2)		95,335
	668	Sears Hometown and Outlet Stores, (2)		18,610
	4,302	Select Comfort Corporation, (2)		78,813
	1,159	Shoe Carnival, Inc.		30,122
	3,010	Sonic Automotive Inc.		67,063
	2,528	Stage Stores Inc., (3)		52,203
	2,139	Stein Mart, Inc.		31,593
	818	Systemax Inc.		7,771
	1,426	Tile Shop Holdings Inc., (2)		31,843
	764	Tilly’s Inc, Class A Shares, (2)		11,124
	818	Trans World Entertainment Corporation		3,542
	2,347	Vitamin Shoppe Inc., (2), (3)		110,098
	1,312	West Marine, Inc., (2)		16,020
	6,878	Wet Seal Inc., (2)		22,766
	168	Winmark Corporation		12,299
	2,510	Zale Corporation, (2)		39,231
	1,632	Zumiez, Inc., (2)		48,372
		Total Specialty Retail		4,008,500
		Textiles, Apparel & Luxury Goods – 1.2%
	4,481	American Apparel, Inc., (2), (3)		6,005
	847	Columbia Sportswear Company, (3)		56,639
	713	Costa Inc., (2)		14,346
	6,812	Crocs, Inc., (2)		82,970

106 Nuveen Investments

Shares		Description (1)	Value
		Textiles, Apparel & Luxury Goods (continued)
	631	Culp Inc.	$	12,210
	9,273	Fifth & Pacific Companies Inc., (2)		245,642
	1,298	G III Apparel Group, Limited, (2)		73,623
	4,409	Iconix Brand Group, Inc., (2), (3)		159,121
	6,192	Jones Apparel Group Inc.		96,224
	1,365	Movado Group Inc.		63,650
	1,040	Oxford Industries Inc., (3)		74,641
	952	Perry Ellis International, Inc.		18,098
	10,247	Quiksilver Inc., (2)		85,255
	771	R.G. Barry Corporation		14,711
	2,990	Skechers USA Inc., (2), (3)		87,129
	4,650	Steven Madden Limited, (2)		170,562
	3,702	Tumi Holdings Inc., (2)		79,038
	1,153	Unifi Inc., (2)		28,122
	1,673	Vera Bradley Inc., (2)		37,057
	3,878	Wolverine World Wide Inc., (3)		223,916
		Total Textiles, Apparel & Luxury Goods		1,628,959
		Thrifts & Mortgage Finance – 1.5%
	6,826	Astoria Financial Corporation		90,171
	1,262	Banc of California Inc., (3)		17,807
	3,589	Bank Mutual Corporation		22,826
	1,630	BankFinancial Corporation		15,143
	520	BBX Capital Corporation, (2)		6,859
	2,472	Beneficial Mutual Bancorp Inc., (2)		24,102
	1,939	Berkshire Hills Bancorp, Inc.		49,192
	936	BofI Holdings, Inc., (2)		56,553
	5,418	Brookline Bancorp, Inc.		48,058
	10,733	Capitol Federal Financial Inc.		135,987
	1,640	Charter Financial Corporation		17,778
	634	Clifton Savings Bancorp, Inc.		8,007
	2,461	Dime Community Bancshares, Inc.		40,262
	505	Doral Financial Group, (2)		8,535
	993	ESB Financial Corporation		13,217
	730	ESSA Bancorp Inc.		8,001
	6,222	Everbank Financial Corporation		94,077
	796	Federal Agricultural Mortgage Corporation		28,409
	755	First Defiance Financial Corporation		19,494
	226	First Federal Bancshares of Arkansas, Inc., (2)		2,029
	1,186	First Financial Northwest Inc.		12,856

Nuveen Investments 107

Portfolio of Investments October 31, 2013

Nuveen Small Cap Index Fund (continued)

Shares		Description (1)	Value
		Thrifts & Mortgage Finance (continued)
	1,534	Flagstar Bancorp Inc., (2)	$	24,866
	942	Fox Chase Bancorp.		16,268
	831	Franklin Financial Corporation		15,681
	99	Hingham Institution for Savings		7,199
	507	Home Bancorp Inc., (2)		9,212
	5,490	Home Loan Servicing Solutions Limited		129,619
	1,002	HomeStreet Inc.		19,058
	1,109	Kearny Financial Corporation, (2)		11,645
	628	Meridian Interstate Bancorp, Inc., (2)		14,909
	396	Meta Financial Group, Inc.		14,739
	25,064	MGIC Investment Corporation, (2)		204,021
	324	NASB Financial, Inc., (2)		8,343
	4,194	Northfield Bancorp Inc.		54,228
	6,753	Northwest Bancshares Inc., (3)		94,474
	1,064	OceanFirst Financial Corporation		18,716
	3,508	Oritani Financial Corporation		56,900
	987	PennyMac Financial Services Inc., (2)		15,891
	720	Provident Financial Holdings, Inc., (3)		10,915
	4,614	Provident Financial Services Inc.		86,466
	3,429	Provident New York Bancorp., (3)		40,188
	13,363	Radian Group Inc., (3)		194,699
	1,976	Rockville Financial Inc.		25,984
	542	Roma Financial Corporation, (2)		10,547
	766	Territorial Bancorp Inc.		16,706
	497	Tree.com Inc.		14,666
	7,282	TrustCo Bank Corporation NY, (3)		48,935
	3,810	United Community Financial Corporation, (2)		15,240
	1,521	United Financial Bancorp.		23,849
	1,273	Walker & Dunlop Inc., (2)		16,524
	569	Waterstone Financial Inc., (2)		6,054
	1,478	Westfield Financial Inc.		10,656
	606	WSFS Financial Corporation		42,426
		Total Thrifts & Mortgage Finance		1,998,987
		Tobacco – 0.1%
	6,774	Alliance One International, Inc., (2)		20,119
	1,804	Universal Corporation, (3)		95,666
	4,320	Vector Group Ltd., (3)		69,854
		Total Tobacco		185,639

108 Nuveen Investments

Shares		Description (1)	Value
		Trading Companies & Distributors – 0.9%
	2,118	Aceto Corporation	$	33,782
	5,293	Aircastle LTD		99,879
	3,258	Applied Industrial Technologies Inc.		154,136
	3,764	Beacon Roofing Supply Company, (2)		130,648
	2,937	Bluelinx Holdings Inc., (2)		5,463
	1,328	CAI International Inc., (2)		29,070
	732	DXP Enterprises, Inc., (2)		67,271
	1,319	Edgen Group Incorporated, (2), (3)		15,788
	2,297	H&E Equipment Services, Inc., (2)		57,494
	1,385	Houston Wire & Cable Company		19,210
	2,090	Kaman Corporation		77,706
	2,681	Rush Enterprises, Class A, (2), (3)		76,730
	620	Stock Building Supply Holdings Inc., (2)		9,548
	2,617	TAL International Group Inc., (3)		126,427
	1,647	Textainer Group Holdings Limited, (3)		62,421
	1,331	Titan Machinery, Inc., (2), (3)		23,479
	1,985	Watsco Inc.		189,151
		Total Trading Companies & Distributors		1,178,203
		Transportation Infrastructure – 0.1%
	3,183	Wesco Aircraft Holdings Inc., (2)		58,313
		Water Utilities – 0.2%
	2,980	American States Water Co		84,865
	586	Artesian Resources Corporation		13,414
	3,690	California Water Service Group		80,437
	836	Connecticut Water Service, Inc.		26,789
	1,131	Consolidated Water Company, Limited		17,005
	1,223	Middlesex Water Company		25,348
	1,331	Pure Cycle Corporation, (2)		8,886
	1,196	SJW Corporation		33,762
	999	York Water Company		20,689
		Total Water Utilities		311,195
		Wireless Telecommunication Services – 0.2%
	1,435	Boingo Wireless Inc., (2)		9,729
	4,174	Leap Wireless International, Inc., (2), (3)		67,201
	13,298	NII Holdings Inc., Class B, (2), (3)		45,745
	1,182	NTELOS Holdings Corporation		22,505
	1,854	Shenandoah Telecommunications Company, (3)		51,411
	1,673	USA Mobility Inc.		24,961
		Total Wireless Telecommunication Services		221,552
		Total Common Stocks (cost $85,119,948)		121,515,444

Nuveen Investments 109

Portfolio of Investments October 31, 2013

Nuveen Small Cap Index Fund (continued)

Shares		Description (1), (4)								Value
		EXCHANGE-TRADED FUNDS – 0.0%
	591	Firsthand Technology Value Fund, Incorporated								$	13,776
		Total Exchange-Traded Funds (cost $10,630)									13,776
Shares		Description (1)								Value
		COMMON STOCK RIGHTS – 0.0%
	2,858	Caesar’s Entertainment Company, (2), (3), (5)								$	—
	692	Clinical Data, Inc., (2), (5)									—
	3,767	Cubist Pharmaceuticals Inc., (2)									7,270
	1,493	Gerber Scientific Inc., (2), (5)									—
		Total Common Stock Rights (cost $6,958)									7,270
Shares		Description (1)								Value
		WARRANTS – 0.0%
	1,328	Magnum Hunter Resources Corporation Warrants, (3), (5)								$	2,675
	424	OncoMed Pharmaceuticals Inc., (2), (5)									—
	157	Tejon Ranch Company, (2)									840
	2,878	Trius Therapeutics Inc., (2), (5)									—
		Total Warrants (cost $855)									3,515
Shares		Description (1)								Value
		INVESTMENTS PURCHASED WITH COLLATERAL FROM SECURITIES LENDING – 22.0%
		Money Market Funds – 22.0%
	29,409,661	Mount Vernon Securities Lending Prime Portfolio, 0.177%, (6), (7)								$	29,409,661
		Total Investments Purchased with Collateral from Securities Lending (cost $29,409,661)									29,409,661
		Total Long-Term Investments (cost $114,548,052)									150,949,666
Shares/ Principal Amount (000)		Description (1)	Coupon			Maturity		Ratings (8)		Value
		SHORT-TERM INVESTMENTS – 8.4%
		Money Market Funds – 8.0%
	10,672,790	First American Treasury Obligations Fund, Class Z		0.000%	(6)		N/A		N/A	$	10,672,790
		U.S. Government and Agency Obligations – 0.4%
$	600	U.S. Treasury Bills, (9)		0.000%			2/13/14		N/R		599,914
		Total Short-Term Investments (cost $11,272,695)									11,272,704
		Total Investments (cost $125,820,747) – 121.1%									162,222,370
		Other Assets Less Liabilities – (21.1)% (10)									(28,255,067	)
		Net Assets – 100%								$	133,967,303

110 Nuveen Investments

Investments in Derivatives as of October 31, 2013

Futures Contracts outstanding:

Description	Contract Position		Number of Contracts		Contract Expiration		Notional Value		Unrealized Appreciation (Depreciation)
Russell 2000 Mini Index		Long		110		12/13	$	12,075,798	$	433,973

For Fund portfolio compliance purposes, the Fund’s industry classifications refer to any one or more of the industry sub-classifications used by one or more widely recognized market indexes or ratings group indexes, and/or as defined by the Fund management. This definition may not apply for purposes of this report which may combine industry sub-classifications into sectors for reporting ease.

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

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

(3) Investment, or a portion of investment, is out on loan for securities lending. The total value of securities out on loan at the end of the reporting period was $27,812,870.

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

(5) Investment valued at fair value using methods determined in good faith by, or at the discretion of, the Board of Directors. For fair value measurement disclosure purposes, investment classified as Level 3. See Notes to Financial Statements Note 2 – Investment Valuation and Fair Value Measurements for more information.

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

(7) The Fund may loan securities representing up to one third of the fair value of its total assets (which includes collateral for securities on loan) to broker dealers, banks, and other institutions. The Fund maintains collateral equal to at least 102% of the fair value of the securities loaned. The cash collateral received by the Fund is invested in this money market fund. See Notes to Financial Statements, Note 3 – Portfolio Securities and Investment in Derivatives, Securities Lending for more information.

(8) Ratings (not covered by the report of independent registered public accounting firm): Using the highest of Standard & Poor’s Group (“Standard & Poor’s”), Moody’s Investors Service, Inc. (“Moody’s”) or Fitch, Inc. (“Fitch”) rating. Ratings below BBB by Standard & Poor’s, Baa by Moody’s or BBB by Fitch are considered to be below investment grade. Holdings designated N/R are not rated by any of these national rating agencies.

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

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

N/A Not applicable.

REIT Real Estate Investment Trust.

See accompanying notes to financial statements.

Nuveen Investments 111

Statement of

Assets & Liabilities October 31, 2013

	Equity Index		Mid Cap Index		Small Cap Index
Assets
Long-term investments, at value (cost $326,783,741, $406,783,982 and $85,138,391, respectively)	$	778,058,377	$	568,122,457	$	121,540,005
Short-term investments, at value (cost $11,391,181, $37,856,345 and $11,272,695, respectively)		11,391,226		37,856,375		11,272,704
Investment purchased with collateral from securities lending (at cost, which approximates value)		76,321,947		173,913,770		29,409,661
Cash		11,952		—		448
Receivable for:
Dividends		793,401		231,310		44,008
Due from broker		8,390		33,562		21,234
Investments sold		—		—		16,250
Reclaims		—		—		30
Shares sold		902,623		2,805,142		1,619,283
Other assets		15,763		9,044		2,867
Total assets		867,503,679		782,971,660		163,926,490
Liabilities
Payable for:
Collateral from securities lending program		76,321,947		173,913,770		29,409,661
Investments purchased		689,306		905,088		222,906
Shares redeemed		694,347		820,037		95,605
Variation margin on future contracts		55,200		123,999		85,162
Accrued expenses:
Directors fees		20,255		11,588		1,016
Management fees		125,341		223,102		15,327
12b-1 distribution and service fees		73,848		124,750		27,855
Other		283,431		206,647		101,655
Total liabilities		78,263,675		176,328,981		29,959,187
Net assets	$	789,240,004	$	606,642,679	$	133,967,303
Class A Shares
Net assets	$	183,491,058	$	185,941,772	$	41,769,328
Shares outstanding		6,770,224		10,623,811		2,785,932
Net asset value and offering price per share	$	27.10	$	17.50	$	14.99
Class B Shares
Net assets	$	2,042,318		N/A		N/A
Shares outstanding		76,727		N/A		N/A
Net asset value and offering price per share	$	26.62		N/A		N/A
Class C Shares
Net assets	$	10,751,901	$	10,925,303	$	2,154,585
Shares outstanding		400,842		647,446		150,610
Net asset value and offering price per share	$	26.82	$	16.87	$	14.31
Class R3 Shares
Net assets	$	61,823,265	$	186,673,286	$	41,349,726
Shares outstanding		2,285,995		10,801,588		2,828,670
Net asset value and offering price per share	$	27.04	$	17.28	$	14.62
Class I Shares
Net assets	$	531,131,462	$	223,102,318	$	48,693,664
Shares outstanding		19,602,939		12,701,131		3,238,219
Net asset value and offering price per share	$	27.09	$	17.57	$	15.04
Net assets consist of:
Capital paid-in	$	291,868,310	$	419,345,772	$	89,940,404
Undistributed (Over-distribution of) net investment income		1,939,115		3,913,246		1,002,079
Accumulated net realized gain (loss)		43,739,965		20,574,977		6,189,224
Net unrealized appreciation (depreciation)		451,692,614		162,808,684		36,835,596
Net assets	$	789,240,004	$	606,642,679	$	133,967,303
Authorized shares – per class	$	2 billion	$	2 billion	$	2 billion
Par value per share	$	0.0001	$	0.0001	$	0.0001

N/A – Fund does not offer share class.

See accompanying notes to financial statements.

112 Nuveen Investments

Statement of

Operations Year Ended October 31, 2013

	Equity Index			Mid Cap Index			Small Cap Index
Investment Income
Dividend and interest income	$	16,766,831		$	7,709,201		$	1,707,634
Securities lending income, net		108,127			281,557			234,047
Total investment income		16,874,958			7,990,758			1,941,681
Expenses
Management fees		2,112,575			1,573,150			353,734
12b-1 service fees – Class A		411,041			359,455			84,815
12b-1 distribution and service fees – Class B		22,403			N/A			N/A
12b-1 distribution and service fees – Class C		92,422			78,321			17,267
12b-1 distribution and service fees – Class R3		227,448			748,528			145,703
Shareholder servicing agent fees and expenses		984,764			591,403			134,724
Custodian fees and expenses		158,622			105,728			145,778
Directors fees and expenses		19,648			12,993			2,909
Professional fees		59,807			42,736			32,117
Shareholder reporting expenses		79,530			80,359			16,851
Federal and state registration fees		73,139			77,417			53,086
Other expenses		38,391			32,020			116,773
Total expenses before fee waiver/expense reimbursement		4,279,790			3,702,110			1,103,757
Fee waiver/expense reimbursement		(702,576	)		(114,024	)		(260,301	)
Net expenses		3,577,214			3,588,086			843,456
Net investment income (loss)		13,297,744			4,402,672			1,098,225
Realized and Unrealized Gain (Loss)
Net realized gain (loss) from:
Investments		52,253,862			15,293,322			4,297,107
Future contracts		5,449,087			5,999,365			1,950,317
Change in net unrealized appreciation (depreciation) of:
Investments		107,601,627			108,525,486			23,359,562
Future contracts		833,236			2,220,304			687,238
Net realized and unrealized gain (loss)		166,137,812			132,038,477			30,294,224
Net increase (decrease) in net assets from operations	$	179,435,556		$	136,441,149		$	31,392,449

N/A – Fund does not offer share class.

See accompanying notes to financial statements.

Nuveen Investments 113

Statement of

Changes in Net Assets

	Equity Index						Mid Cap Index
	Year Ended 10/31/13			Year Ended 10/31/12			Year Ended 10/31/13			Year Ended 10/31/12
Operations
Net investment income (loss)	$	13,297,744		$	12,942,590		$	4,402,672		$	2,526,147
Net realized gain (loss) from:
Investments		52,253,862			16,407,263			15,293,322			11,219,823
Futures contracts		5,449,087			4,945,104			5,999,365			4,173,352
Change in net unrealized appreciation (depreciation) of:
Investments		107,601,627			68,394,043			108,525,486			20,950,190
Futures contracts		833,236			(1,675,496	)		2,220,304			(2,256,395	)
Net increase (decrease) in net assets from operations		179,435,556			101,013,504			136,441,149			36,613,117
Distributions to Shareholders
From net investment income:
Class A		(2,606,436	)		(2,153,086	)		(790,895	)		(147,244	)
Class B		(19,422	)		(28,382	)		N/A			N/A
Class C		(78,170	)		(71,530	)		—			—
Class R3		(602,709	)		(344,372	)		(568,169	)		—
Class I		(9,873,135	)		(10,616,129	)		(1,643,928	)		(846,639	)
From accumulated net realized gains:
Class A		(3,515,075	)		(8,608,834	)		(3,562,726	)		(2,675,890	)
Class B		(60,618	)		(285,612	)		N/A			N/A
Class C		(199,974	)		(609,468	)		(186,176	)		(124,428	)
Class R3		(810,497	)		(1,132,075	)		(3,920,755	)		(2,645,479	)
Class I		(13,293,563	)		(42,337,058	)		(5,623,072	)		(6,112,513	)
Decrease in net assets from distributions to shareholders		(31,059,599	)		(66,186,546	)		(16,295,721	)		(12,552,193	)
Fund Share Transactions
Proceeds from sale of shares		129,600,911			134,469,795			209,556,006			159,926,037
Proceeds from shares issued to shareholders due to reinvestment of distributions		24,380,950			49,279,398			13,377,172			9,375,784
		153,981,861			183,749,193			222,933,178			169,301,821
Cost of shares redeemed		(257,387,549	)		(217,214,717	)		(128,355,020	)		(108,835,689	)
Net increase (decrease) in net assets from Fund share transactions		(103,405,688	)		(33,465,524	)		94,578,158			60,466,132
Net increase (decrease) in net assets		44,970,269			1,361,434			214,723,586			84,527,056
Net assets at the beginning of period		744,269,735			742,908,301			391,919,093			307,392,037
Net assets at the end of period	$	789,240,004		$	744,269,735		$	606,642,679		$	391,919,093
Undistributed (Over-distribution of) net investment income at the end of period	$	1,939,115		$	1,668,887		$	3,913,246		$	2,251,442

N/A – Fund does not offer share class.

See accompanying notes to financial statements.

114 Nuveen Investments

	Small Cap Index
	Year Ended 10/31/13			Year Ended 10/31/12
Operations
Net investment income (loss)	$	1,098,225		$	600,158
Net realized gain (loss) from:
Investments		4,297,107			3,352,368
Futures contracts		1,950,317			1,249,190
Change in net unrealized appreciation (depreciation) of:
Investments		23,359,562			3,790,158
Futures contracts		687,238			(681,440	)
Net increase (decrease) in net assets from operations		31,392,449			8,310,434
Distributions to Shareholders
From net investment income:
Class A		(217,739	)		(58,683	)
Class C		—			—
Class R3		(103,962	)		(3,152	)
Class I		(328,679	)		(200,814	)
From accumulated net realized gains:
Class A		(1,103,621	)		—
Class C		(50,808	)		—
Class R3		(813,668	)		—
Class I		(1,276,552	)		—
Decrease in net assets from distributions to shareholders		(3,895,029	)		(262,649	)
Fund Share Transactions
Proceeds from sale of shares		53,528,206			31,082,624
Proceeds from shares issued to shareholders due to reinvestment of distributions		3,120,918			162,716
		56,649,124			31,245,340
Cost of shares redeemed		(33,996,665	)		(28,170,780	)
Net increase (decrease) in net assets from Fund share transactions		22,652,459			3,074,560
Net increase (decrease) in net assets		50,149,879			11,122,345
Net assets at the beginning of period		83,817,424			72,695,079
Net assets at the end of period	$	133,967,303		$	83,817,424
Undistributed (Over-distribution of) net investment income at the end of period	$	1,002,079		$	493,288

See accompanying notes to financial statements.

Nuveen Investments 115

Financial

Highlights

Selected data for a share outstanding throughout each period:

Class (Commencement Date)			Investment Operations						Less Distributions
EQUITY INDEX
Year Ended October 31,	Beginning Net Asset Value		Net Investment Income (Loss)(a)		Net Realized/ Unrealized Gain (Loss)		Total		From Net Investment Income			From Accumulated Net Realized Gains			Total			Ending Net Asset Value
Class A (12/92)
2013	$	22.35	$	.38	$	5.31	$	5.69	$	(.39	)	$	(.55	)	$	(.94	)	$	27.10
2012		21.44		.34		2.48		2.82		(.35	)		(1.56	)		(1.91	)		22.35
2011		21.51		.30		1.26		1.56		(.26	)		(1.37	)		(1.63	)		21.44
2010		18.86		.29		2.70		2.99		(.30	)		(.04	)		(.34	)		21.51
2009		17.61		.34		1.27		1.61		(.36	)		—			(.36	)		18.86
Class B (8/94)
2013		21.97		.21		5.19		5.40		(.20	)		(.55	)		(.75	)		26.62
2012		21.10		.18		2.43		2.61		(.18	)		(1.56	)		(1.74	)		21.97
2011		21.19		.14		1.24		1.38		(.10	)		(1.37	)		(1.47	)		21.10
2010		18.58		.13		2.66		2.79		(.14	)		(.04	)		(.18	)		21.19
2009		17.35		.22		1.25		1.47		(.24	)		—			(.24	)		18.58
Class C (2/99)
2013		22.13		.20		5.24		5.44		(.20	)		(.55	)		(.75	)		26.82
2012		21.24		.17		2.46		2.63		(.18	)		(1.56	)		(1.74	)		22.13
2011		21.32		.13		1.26		1.39		(.10	)		(1.37	)		(1.47	)		21.24
2010		18.70		.13		2.67		2.80		(.14	)		(.04	)		(.18	)		21.32
2009		17.46		.21		1.26		1.47		(.23	)		—			(.23	)		18.70
Class R3 (9/01)
2013		22.31		.31		5.30		5.61		(.33	)		(.55	)		(.88	)		27.04
2012		21.40		.28		2.48		2.76		(.29	)		(1.56	)		(1.85	)		22.31
2011		21.47		.25		1.26		1.51		(.21	)		(1.37	)		(1.58	)		21.40
2010		18.83		.23		2.70		2.93		(.25	)		(.04	)		(.29	)		21.47
2009		17.58		.29		1.28		1.57		(.32	)		—			(.32	)		18.83
Class I (2/94)
2013		22.35		.45		5.29		5.74		(.45	)		(.55	)		(1.00	)		27.09
2012		21.43		.39		2.49		2.88		(.40	)		(1.56	)		(1.96	)		22.35
2011		21.50		.36		1.26		1.62		(.32	)		(1.37	)		(1.69	)		21.43
2010		18.86		.34		2.69		3.03		(.35	)		(.04	)		(.39	)		21.50
2009		17.61		.38		1.27		1.65		(.40	)		—			(.40	)		18.86

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)
	26.32	%	$	183,491		.71	%		1.48	%		.62	%		1.57	%		2	%
	14.51			143,664		.69			1.49			.62			1.56			1
	7.41			119,172		.70			1.29			.62			1.37			2
	15.94			119,761		.79			1.23			.61			1.41			4
	9.51			115,213		.79			1.86			.62			2.03			10
	25.35			2,042		1.46			.78			1.37			.87			2
	13.69			2,611		1.44			.76			1.37			.84			1
	6.60			4,227		1.45			.55			1.37			.63			2
	15.07			7,351		1.54			.49			1.36			.67			4
	8.69			9,822		1.54			1.16			1.37			1.33			10
	25.35			10,752		1.46			.72			1.37			.82			2
	13.70			8,095		1.44			.75			1.37			.82			1
	6.61			8,261		1.45			.55			1.37			.62			2
	15.05			8,651		1.54			.48			1.36			.66			4
	8.69			8,661		1.54			1.14			1.37			1.31			10
	25.96			61,823		.97			1.19			.87			1.29			2
	14.26			33,685		.94			1.22			.87			1.28			1
	7.15			14,218		.95			1.06			.87			1.13			2
	15.63			12,979		1.04			.97			.86			1.15			4
	9.27			10,915		1.04			1.56			.87			1.73			10
	26.59			531,131		.46			1.76			.37			1.85			2
	14.85			556,215		.44			1.75			.37			1.82			1
	7.68			597,030		.45			1.55			.37			1.63			2
	16.18			749,210		.54			1.48			.36			1.66			4
	9.78			827,145		.54			2.14			.37			2.31			10

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

(b) Total return is the combination of changes in net asset value, reinvested dividend income at net asset value and reinvested capital gains distributions at net asset value, if any. Total returns are not annualized.

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

(d) 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.

See accompanying notes to financial statements.

Nuveen Investments 117

Financial Highlights (continued)

Selected data for a share outstanding throughout each period:

Class (Commencement Date)			Investment Operations							Less Distributions
MID CAP INDEX
Year Ended October 31,	Beginning Net Asset Value		Net Investment Income (Loss)(a)			Net Realized/ Unrealized Gain (Loss)		Total		From Net Investment Income			From Accumulated Net Realized Gains			Total			Ending Net Asset Value
Class A (11/99)
2013	$	13.76	$	.13		$	4.17	$	4.30	$	(.10	)	$	(.46	)	$	(.56	)	$	17.50
2012		12.87		.09			1.31		1.40		(.03	)		(.48	)		(.51	)		13.76
2011		11.98		.05			.92		.97		(.08	)		—			(.08	)		12.87
2010		9.52		.09			2.45		2.54		(.08	)		—			(.08	)		11.98
2009		8.83		.09			1.27		1.36		(.07	)		(.60	)		(.67	)		9.52
Class C (9/01)
2013		13.28		.01			4.04		4.05		—			(.46	)		(.46	)		16.87
2012		12.51		(.01	)		1.26		1.25		—			(.48	)		(.48	)		13.28
2011		11.67		(.05	)		.89		.84		—			—			—			12.51
2010		9.28		.01			2.39		2.40		(.01	)		—			(.01	)		11.67
2009		8.64		.04			1.23		1.27		(.03	)		(.60	)		(.63	)		9.28
Class R3 (11/00)
2013		13.59		.10			4.11		4.21		(.06	)		(.46	)		(.52	)		17.28
2012		12.73		.06			1.28		1.34		—			(.48	)		(.48	)		13.59
2011		11.86		.01			.92		.93		(.06	)		—			(.06	)		12.73
2010		9.43		.06			2.43		2.49		(.06	)		—			(.06	)		11.86
2009		8.76		.07			1.26		1.33		(.06	)		(.60	)		(.66	)		9.43
Class I (11/99)
2013		13.81		.18			4.17		4.35		(.13	)		(.46	)		(.59	)		17.57
2012		12.92		.12			1.32		1.44		(.07	)		(.48	)		(.55	)		13.81
2011		12.03		.08			.91		.99		(.10	)		—			(.10	)		12.92
2010		9.55		.12			2.46		2.58		(.10	)		—			(.10	)		12.03
2009		8.84		.12			1.27		1.39		(.08	)		(.60	)		(.68	)		9.55

118 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)
	32.46	%	$	185,942		.76	%		.84	%		.73	%		.86	%		7	%
	11.48			104,467		.80			.61			.74			.67			7
	8.07			68,856		.79			.32			.75			.36			23
	26.79			36,499		.86			.70			.74			.82			8
	17.53			22,766		.92			.98			.75			1.15			18
	31.51			10,925		1.51			.07			1.48			.10			7
	10.60			5,290		1.55			(.13	)		1.49			(.07	)		7
	7.20			3,302		1.53			(.42	)		1.50			(.39	)		23
	25.86			3,100		1.61			(.05	)		1.49			.07			8
	16.68			2,766		1.67			.31			1.50			.48			18
	32.16			186,673		1.01			.60			.98			.62			7
	11.14			113,834		1.05			.36			.99			.42			7
	7.83			65,060		1.04			.07			1.00			.11			23
	26.48			26,458		1.11			.44			.99			.56			8
	17.29			12,212		1.17			.72			1.00			.89			18
	32.82			223,102		.51			1.12			.48			1.14			7
	11.80			168,328		.55			.87			.49			.93			7
	8.23			170,174		.53			.59			.50			.63			23
	27.13			202,542		.61			.95			.49			1.07			8
	17.92			163,432		.67			1.30			.50			1.47			18

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

(b) Total return is the combination of changes in net asset value, reinvested dividend income at net asset value and reinvested capital gains distributions at net asset value, if any. Total returns are not annualized.

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

(d) 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.

See accompanying notes to financial statements.

Nuveen Investments 119

Financial Highlights (continued)

Selected data for a share outstanding throughout each period:

Class (Commencement Date)			Investment Operations							Less Distributions
SMALL CAP INDEX
Year Ended October 31,	Beginning Net Asset Value		Net Investment Income (Loss)(a)			Net Realized/ Unrealized Gain (Loss)		Total		From Net Investment Income			From Accumulated Net Realized Gains			Total			Ending Net Asset Value
Class A (12/98)
2013	$	11.59	$	.14		$	3.79	$	3.93	$	(.08	)	$	(.45	)	$	(.53	)	$	14.99
2012		10.43		.08			1.11		1.19		(.03	)		—			(.03	)		11.59
2011		9.89		.05			.55		.60		(.06	)		—			(.06	)		10.43
2010		7.90		.05			1.99		2.04		(.05	)		—			(.05	)		9.89
2009		8.91		.06			.27		.33		(.07	)		(1.27	)		(1.34	)		7.90
Class C (9/01)
2013		11.08		.03			3.65		3.68		—			(.45	)		(.45	)		14.31
2012		10.02		—			1.06		1.06		—			—			—			11.08
2011		9.52		(.03	)		.53		.50		—			—			—			10.02
2010		7.62		(.02	)		1.92		1.90		—			—			—			9.52
2009		8.66		.01			.26		.27		(.04	)		(1.27	)		(1.31	)		7.62
Class R3 (12/98)
2013		11.31		.10			3.72		3.82		(.06	)		(.45	)		(.51	)		14.62
2012		10.18		.05			1.08		1.13		—			—			—			11.31
2011		9.66		.03			.53		.56		(.04	)		—			(.04	)		10.18
2010		7.73		.03			1.94		1.97		(.04	)		—			(.04	)		9.66
2009		8.76		.04			.26		.30		(.06	)		(1.27	)		(1.33	)		7.73
Class I (12/98)
2013		11.63		.17			3.80		3.97		(.11	)		(.45	)		(.56	)		15.04
2012		10.46		.11			1.12		1.23		(.06	)		—			(.06	)		11.63
2011		9.91		.08			.55		.63		(.08	)		—			(.08	)		10.46
2010		7.91		.07			2.00		2.07		(.07	)		—			(.07	)		9.91
2009		8.92		.09			.25		.34		(.08	)		(1.27	)		(1.35	)		7.91

120 Nuveen Investments

			Ratios/Supplemental Data
					Ratios to Average Net Assets Before Waiver/Reimbursement						Ratios to Average Net Assets After Waiver/Reimbursement(c)
Total Return(b)			Ending Net Assets (000)		Expenses			Net Investment Income (Loss)			Expenses			Net Investment Income (Loss)			Portfolio Turnover Rate(d)
	35.52	%	$	41,769		1.07	%		.81	%		.82	%		1.06	%		11	%
	11.44			28,640		1.27			.28			.83			.72			20
	6.03			19,406		1.17			.15			.83			.50			14
	25.91			12,667		1.49			(.15	)		.79			.55			12
	6.34			8,591		1.66			.03			.82			.87			22
	34.57			2,155		1.82			—	*		1.57			.25			11
	10.58			1,246		2.00			(.46	)		1.58			(.03	)		20
	5.25			1,330		1.90			(.58	)		1.58			(.26	)		14
	24.93			1,645		2.24			(.90	)		1.54			(.20	)		12
	5.60			1,380		2.41			(.67	)		1.57			.17			22
	35.24			41,350		1.32			.49			1.07			.74			11
	11.13			20,198		1.52			.02			1.08			.47			20
	5.79			11,824		1.44			(.12	)		1.08			.24			14
	25.55			4,795		1.74			(.40	)		1.04			.30			12
	6.08			2,512		1.91			(.29	)		1.07			.55			22
	35.82			48,694		.82			1.05			.57			1.30			11
	11.79			33,733		1.00			.55			.58			.97			20
	6.33			40,135		.90			.42			.58			.75			14
	26.22			47,179		1.24			.10			.54			.80			12
	6.50			43,179		1.41			.35			.57			1.19			22

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

(b) Total return is the combination of changes in net asset value, reinvested dividend income at net asset value and reinvested capital gains distributions at net asset value, if any. Total returns are not annualized.

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

(d) 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.

* Round to less than .01%.

See accompanying notes to financial statements.

Nuveen Investments 121

Notes to

Financial Statements

1. General Information and Significant Accounting Policies

General Information

Trust Information

Nuveen Investment Funds, Inc. (the “Trust”), is an open-end investment company registered under the Investment Company Act of 1940, as amended. The Trust is comprised of Nuveen Equity Index Fund (“Equity Index”), Nuveen Mid Cap Index Fund (“Mid Cap Index”) and Nuveen Small Cap Index Fund (“Small Cap Index”) (each a “Fund” and collectively, the “Funds”), as diversified funds, among others. The Trust was incorporated in the state of Maryland on August 20, 1987.

Investment Adviser

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

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

Fund Information

Equity Index’s investment objective is to provide investment results that correspond to the performance of the Standard & Poor’s 500^® Index (S&P 500 Index). Mid Cap Index’s investment objective is to provide investment results that correspond to the performance of the Standard & Poor’s MidCap 400^® Index (S&P MidCap 400 Index). Small Cap Index’s investment objective is to provide investment results that correspond to the performance of the Russell^® 2000 Index (Russell 2000 Index).

Under normal market conditions, each Fund generally invests at least 90% of its net assets, plus the amount of any borrowings for investment purposes, in common stocks included in its corresponding index. Each Fund also may invest in stock index futures contracts, options on stock indices and options on stock index futures (“derivatives”) on its corresponding index. Each Fund may make these investments to maintain the liquidity needed to meet redemption requests, to increase the level of Fund assets devoted to replicating the composition of its corresponding index and to reduce transaction costs.

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

Significant Accounting Policies

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

Investment Transactions

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

Investment Income

Dividend income is recorded on the ex-dividend date or, for foreign securities, when information is available. Interest income, which reflects the amortization of premiums and includes accretion of discounts for financial reporting purposes is recorded on an accrual basis. Securities lending income is comprised of fees earned from borrowers and income earned on cash collateral investments, net of lending agent fees.

Professional Fees

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

122 Nuveen Investments

Dividends and Distributions to Shareholders

Dividends from net investment income are declared and distributed to shareholders annually for Mid Cap Index and Small Cap Index and quarterly for Equity Index. Dividends from net realized capital gains from investment transactions, if any, are declared and distributed to shareholders at least annually. Furthermore, capital gains are distributed only to the extent they exceed available capital loss carryforwards.

Distributions to shareholders are recorded on the ex-dividend date. The amount and timing of distributions are determined in accordance with federal income tax regulations, which may differ from U.S. GAAP.

Mid Cap Index and Small Cap Index receive distributions from holdings in Real Estate Investment Trusts (“REITs”). Distributions from REITs may be characterized as ordinary income, net capital gain, or a return of capital to the REIT shareholder. The proper characterization of REIT distributions is generally not known until after the end of each calendar year. The actual character of distributions to Fund shareholders will be reflected on the Form 1099 received by shareholders after the end of the calendar year. Due to the nature of REIT investments, a portion of the distributions received by the Fund shareholder may represent a return of capital.

Share Classes and Sales Charges

The Funds only issue Class A Shares for purchase by certain retirement plans and by qualifying clients of investment advisers, financial planners or other financial intermediaries that charge periodic or asset-based fees for their services. Class A Shares are offered to those investors at their net asset value per share with no up-front sales charge. Equity Index will issue Class B shares upon the exchange of Class B Shares from another Nuveen mutual fund or for purposes of dividend reinvestment, but Class B Shares are not available for new accounts or for additional investment into existing accounts. Class B Shares incur a .75% annual 12b-1 distribution fee and a .25% annual 12b-1 service fee. Class B Shares are subject to a contingent deferred sales charge (“CDSC”) of up to 5% depending upon the length of time the shares are held by the investor (CDSC is reduced to 0% at the end of six years). Class B Shares automatically convert to Class A Shares eight years after purchase. Class C Shares are sold without an up-front sales charge but incur a .75% annual 12b-1 distribution fee and a .25% annual 12b-1 service fee. Class C Shares are subject to a CDSC of 1% if redeemed within twelve months of purchase. Class R3 Shares are sold without an up-front sales charge but incur a .25% annual 12b-1 distribution and a .25% annual service fee. Class I Shares are not subject to any sales charge or 12b-1 distribution or service fees.

Multiclass Operations and Allocations

Income and expenses of the Funds that are not directly attributable to a specific class of shares are prorated among the classes based on the relative net assets of each class. Expenses directly attributable to a class of shares, which presently only include 12b-1 distribution and service fees, are recorded to the specific class.

Realized and unrealized capital gains and losses of the Funds are prorated among the classes based on the relative net assets of each class.

Indemnifications

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

Use of Estimates

The preparation of financial statements in conformity with U.S. GAAP requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities at the date of the financial statements and the reported amounts of increases and decreases in net assets from operations during the reporting period. Actual results may differ from those estimates.

2. Investment Valuation and Fair Value Measurements

Investment Valuation

Common stocks and other equity-type securities are valued at the last sales price on the securities exchange on which such securities are primarily traded and are generally classified as Level 1 for fair value measurement purposes. Securities primarily traded on the NASDAQ National Market (“NASDAQ”) are valued, except as indicated below, at the NASDAQ Official Closing Price and are generally classified as Level 1. However, securities traded on a securities exchange or NASDAQ for which there were no transactions on a given day or securities not listed on a securities exchange or NASDAQ are valued at the quoted bid price and are generally classified as Level 2. Prices of certain American Depositary Receipts (“ADR”) held by the Funds that trade in the United States are valued based on the last traded price, official closing price, or the most recent bid price of the underlying non-U.S.-traded stock, adjusted as appropriate for the underlying-to-ADR conversion ratio and foreign exchange rate, and from time-to-time may also

Nuveen Investments 123

Notes to Financial Statements (continued)

be adjusted further to take into account material events that may take place after the close of the local non-U.S. market but before the close of the New York Stock Exchange. These securities may represent a transfer from a Level 1 to a Level 2 security.

Exchange traded funds in which the Funds may invest are valued at the last sales price on the securities exchange on which such securities are primarily traded and are generally classified as Level 1.

Futures contracts are valued using the closing settlement price or, in the absence of such a price, the last traded price. These investment vehicles are generally classified as Level 1.

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

Prices of fixed-income securities are provided by a pricing service approved by the Funds’ Board of Directors. These securities are generally classified as Level 2. The pricing service establishes a security’s fair value using methods that may include consideration of the following: yields or prices of investments of comparable quality, type of issue, coupon, maturity and rating, market quotes or indications of value from security dealers, evaluations of anticipated cash flows or collateral, general market conditions and other information and analysis, including the obligor’s credit characteristics considered relevant. In pricing certain securities, particularly less liquid and lower quality securities, the pricing service may consider information about a security, its issuer, or market activity provided by the Adviser. These securities are generally classified as Level 2 or Level 3 depending on the priority of the significant inputs.

Certain securities may not be able to be priced by the pre-established pricing methods as described above. Such securities may be valued by the Funds’ Board of Directors or its designee at fair value. These securities generally include, but are not limited to, restricted securities (securities which may not be publicly sold without registration under the Securities Act of 1933, as amended) for which a pricing service is unable to provide a market price; securities whose trading has been formally suspended; debt securities that have gone into default and for which there is no current market quotation; a security whose market price is not available from a pre-established pricing source; a security with respect to which an event has occurred that is likely to materially affect the value of the security after the market has closed but before the calculation of a Fund’s net asset value (as may be the case in non-U.S. markets on which the security is primarily traded) or make it difficult or impossible to obtain a reliable market quotation; and a security whose price, as provided by the pricing service, is not deemed to reflect the security’s fair value. As a general principle, the fair value of a security would appear to be the amount that the owner might reasonably expect to receive for it in a current sale. A variety of factors may be considered in determining the fair value of such securities, which may include consideration of the following: yields or prices of investments of comparable quality, type of issue, coupon, maturity and rating, market quotes or indications of value from security dealers, evaluations of anticipated cash flows or collateral, general market conditions and other information and analysis, including the obligor’s credit characteristics considered relevant. These securities are generally classified as Level 2 or Level 3 depending on the priority of the significant inputs. Regardless of the method employed to value a particular security, all valuations are subject to review by the Funds’ Board of Directors or its designee.

Fair Value Measurements

Fair value is defined as the price that the Funds would receive upon selling an investment or transferring a liability in an orderly transaction to an independent buyer in the principal or most advantageous market for the investment. A three-tier hierarchy is used to maximize the use of observable market data and minimize the use of unobservable inputs and to establish classification of fair value measurements for disclosure purposes. Observable inputs reflect the assumptions market participants would use in pricing the asset or liability. Observable inputs are based on market data obtained from sources independent of the reporting entity. Unobservable inputs reflect the reporting entity’s own assumptions about the assumptions market participants would use in pricing the asset or liability. Unobservable inputs are based on the best information available in the circumstances. The following is a three-tiered hierarchy of valuation input levels.

Level 1 –	Inputs are unadjusted and prices are determined using quoted prices in active markets for identical securities.
Level 2 –	Prices are determined using other significant observable inputs (including quoted prices for similar securities, interest rates, prepayment speeds, credit risk, etc.).
Level 3 –	Prices are determined using significant unobservable inputs (including management’s assumptions in determining the fair value of investments).

124 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:

Equity Index	Level 1		Level 2		Level 3			Total
Long-Term Investments*:
Common Stocks	$	778,058,377	$	—	$	—		$	778,058,377
Investments Purchased with Collateral from Securities Lending		76,321,947		—		—			76,321,947
Short-Term Investments:
Money Market Funds		8,391,658		—		—			8,391,658
U.S. Government and Agency Obligations		—		2,999,568		—			2,999,568
Derivatives:
Futures Contracts**		417,933		—		—			417,933
Total	$	863,189,915	$	2,999,568	$	—		$	866,189,483
Mid Cap Index	Level 1		Level 2		Level 3			Total
Long-Term Investments*:
Common Stocks	$	568,122,457	$	—	$	—		$	568,122,457
Investments Purchased with Collateral from Securities Lending		173,913,770		—		—			173,913,770
Short-Term Investments:
Money Market Funds		35,856,663		—		—			35,856,663
U.S. Government & Agency Obligations		—		1,999,712		—			1,999,712
Derivatives:
Futures Contracts**		1,470,179		—		—			1,470,179
Total	$	779,363,069	$	1,999,712	$	—		$	781,362,781
Small Cap Index	Level 1		Level 2		Level 3***			Total
Long-Term Investments*:
Common Stocks	$	121,515,444	$	—	$	—		$	121,515,444
Exchange-Traded Funds		13,776		—		—			13,776
Common Stock Rights		7,270		—		—	****		7,270
Warrants		840		—		2,675			3,515
Investments Purchased with Collateral from Securities Lending		29,409,661		—		—			29,409,661
Short-Term Investments:
Money Market Funds		10,672,790		—		—			10,672,790
U.S. Government & Agency Obligations		—		599,914		—			599,914
Derivatives:
Futures Contracts**		433,973		—		—			433,973
Total	$	162,053,754	$	599,914	$	2,675		$	162,656,343

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

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

*** Refer to the Fund’s Portfolio of Investments for breakdown of securities classified as Level 3.

**** Level 3 securities have a market value of zero.

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

The Valuation Committee will consider pricing methodologies it deems relevant and appropriate when making a fair value determination, based on the facts and circumstances specific to the portfolio instrument. Fair value determinations generally will be derived as follows, using public or private market information:

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

Nuveen Investments 125

Notes to Financial Statements (continued)

(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 of Directors/Trustees, the fair value price is compared against the last available and next available market quotations. The Valuation Committee reviews the results of such testing and fair valuation occurrences are reported to the Board of Directors/Trustees.

3. Portfolio Securities and Investments in Derivatives

Portfolio Securities

Securities Lending

In order to generate additional income, each Fund may lend securities representing up to one-third of the value of its total assets (which includes collateral for securities on loan) to broker-dealers, banks or other institutions. Each Fund’s policy is to receive cash collateral equal to at least 102% of the value of securities loaned, which is recognized as “Collateral from securities lending program” on the Statement of Assets and Liabilities. The adequacy of the collateral is monitored on a daily basis. If the value of the securities on loan increases, such that the level of collateralization falls below 102%, additional collateral is received from the borrower, which is recognized as “Due from broker” on the Statement of Assets and Liabilities, when applicable. As with other extensions of credit, there may be risks of delay in recovery of the securities or even loss of rights in the collateral should the borrower of the security fail financially.

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

Income from securities lending, net of fees paid, is recognized on the Statement of Operations as “Securities lending income, net.” Securities lending fees paid by each Fund during the fiscal year ended October 31, 2013, were as follows:

	Equity Index		Mid Cap Index		Small Cap Index
Security lending fees paid	$	10,656	$	45,941	$	43,660

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.

Futures Contracts

Upon execution of a futures contract, a Fund is obligated to deposit cash or eligible securities, also known as “initial margin,” into an account at its clearing broker equal to a specified percentage of the contract amount. Cash held by the broker to cover initial margin requirements on open futures contracts, if any, is recognized as “Deposits with brokers for open futures contracts” on the Statement of Assets and Liabilities. Investments in futures contracts obligate a Fund and the clearing broker to settle monies on a daily basis representing changes in the prior days “mark-to-market” of the open contracts. If a Fund has unrealized appreciation the clearing broker would credit the investors account with an amount equal to appreciation and conversely if a Fund has unrealized depreciation the clearing broker would debit a Fund’s account with an amount equal to depreciation. These daily cash settlements are also known as “variation margin.” Variation margin is recognized as a receivable and/or payable for “Variation margin on futures contracts” on the Statement of Assets and Liabilities.

During the period the futures contract is open, changes in the value of the contract are recognized as an unrealized gain or loss by “marking-to-market” on a daily basis to reflect the changes in market value of the contract, which is recognized as a component of “Change in net unrealized appreciation (depreciation) of futures contracts” on the Statement of Operations. When the contract is closed, the Fund records a realized gain or loss equal to the difference between the value of the contract on the closing date and value of the contract when originally entered into, which is recognized as a component of “Net realized gain (loss) from futures contracts” on the Statement of Operations.

126 Nuveen Investments

Risks of investments in futures contracts include the possible adverse movement in the price of the securities or indices underlying the contracts, the possibility that there may not be a liquid secondary market for the contracts and/or that a change in the value of the contract may not correlate with a change in the value of the underlying securities or indices.

During the fiscal year ended October 31, 2013, each Fund continued to invest in index futures contracts to convert cash into the equivalent of its corresponding index holding in order to manage cash flow activity and minimize tracking error to the Fund’s benchmark index. Index futures contracts are used as a means to efficiently gain exposure to a broad base of equity securities.

The average notional amount of futures contracts outstanding during the fiscal year ended October 31, 2013, were as follows:

	Equity Index		Mid Cap Index		Small Cap Index
Average notional amount of futures contracts outstanding*		19,408,092		33,135,534		8,858,288

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

The following tables present the fair value of all futures contracts held by the Funds as of October 31, 2013, the location of these instruments on the Statement of Assets and Liabilities and the primary underlying risk exposure.

		Location on the Statement of Assets and Liabilities
		Asset Derivatives			(Liability) Derivatives
Underlying Risk Exposure	Derivative Instrument	Location	Value		Location	Value
Equity Index
Equity	Futures contracts	Receivable for variation margin on futures contracts*	$	417,933	Payable for variation margin on futures contracts*	$	—
Mid Cap Index
Equity	Futures contracts	Receivable for variation margin on futures contracts*	$	1,470,179	Payable for variation margin on futures contracts*	$	—
Small Cap Index
Equity	Futures contracts	Receivable for variation margin on futures contracts*	$	433,973	Payable for variation margin on futures contracts*	$	—

* Value represents unrealized appreciation (depreciation) of futures contracts as reported in the Fund’s Portfolio of Investments and not the deposits with brokers, if any, or the receivable or payable for variation margin on futures contracts presented on the Statement of Assets and Liabilities.

The following table presents the amount of net realized gain (loss) and change in net unrealized appreciation (depreciation) recognized on futures contracts during the fiscal year ended October 31, 2013, and the primary risk exposure.

Fund	Underlying Risk Exposure		Derivative Instrument		Net Realized Gain (Loss)		Change in Net Unrealized Appreciation (Depreciation)
Equity Index		Equity		Futures contracts	$	5,449,087	$	833,236
Mid Cap Index		Equity		Futures contracts		5,999,365	$	2,220,304
Small Cap Index		Equity		Futures contracts		1,950,317	$	687,238

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

Nuveen Investments 127

Notes to Financial Statements (continued)

amount of any unrealized gain above a pre-determined threshold. Reciprocally, when each Fund has an unrealized loss, the Funds have instructed the custodian to pledge assets of the Funds as collateral with a value approximately equal to the amount of the unrealized loss above a pre-determined threshold. Collateral pledges are monitored and subsequently adjusted if and when the valuations fluctuate, either up or down, by at least the pre-determined threshold amount.

4. Fund Shares

Transactions in Fund shares were as follows:

	Equity Index
	Year Ended 10/31/13						Year Ended 10/31/12
	Shares			Amount			Shares			Amount
Shares sold:
Class A		1,411,833		$	33,787,712			1,565,578		$	32,573,077
Class B — exchanges		542			13,502			1,923			40,697
Class C		67,319			1,654,897			32,367			681,241
Class R3		1,362,755			33,551,073			1,686,774			34,626,244
Class I		2,501,015			60,593,727			3,126,028			66,548,536
Shares issued to shareholders due to reinvestment of distributions:
Class A		266,341			6,052,004			534,372			10,534,883
Class B		3,618			79,059			16,221			310,099
Class C		11,147			246,703			31,469			607,252
Class R3		62,181			1,413,171			74,656			1,476,448
Class I		732,788			16,590,013			1,846,960			36,350,716
		6,419,539			153,981,861			8,916,348			183,749,193
Shares redeemed:
Class A		(1,334,700	)		(32,284,867	)		(1,231,749	)		(25,949,515	)
Class B		(46,307	)		(1,086,762	)		(99,634	)		(2,107,732	)
Class C		(43,416	)		(1,049,552	)		(86,922	)		(1,829,888	)
Class R3		(648,981	)		(15,753,201	)		(915,878	)		(18,254,601	)
Class I		(8,520,280	)		(207,213,167	)		(7,940,588	)		(169,072,981	)
		(10,593,684	)		(257,387,549	)		(10,274,771	)		(217,214,717	)
Net increase (decrease)		(4,174,145	)	$	(103,405,688	)		(1,358,423	)	$	(33,465,524	)
	Mid Cap Index
	Year Ended 10/31/13						Year Ended 10/31/12
	Shares			Amount			Shares			Amount
Shares sold:
Class A		5,136,695		$	79,951,117			4,786,260		$	61,327,454
Class C		292,876			4,467,780			184,279			2,337,668
Class R3		3,979,743			61,218,130			4,393,557			56,768,086
Class I		4,112,940			63,918,979			2,969,633			39,492,829
Shares issued to shareholders due to reinvestment of distributions:
Class A		314,110			4,274,744			232,338			2,749,626
Class C		13,313			174,797			9,633			110,394
Class R3		333,843			4,488,924			226,691			2,645,480
Class I		324,941			4,438,707			324,664			3,870,284
		14,508,461			222,933,178			13,127,055			169,301,821
Shares redeemed:
Class A		(2,420,191	)		(37,454,741	)		(2,775,392	)		(35,406,321	)
Class C		(57,018	)		(880,513	)		(59,605	)		(772,002	)
Class R3		(1,887,851	)		(28,959,655	)		(1,356,907	)		(17,055,217	)
Class I		(3,929,395	)		(61,060,111	)		(4,269,222	)		(55,602,149	)
		(8,294,455	)		(128,355,020	)		(8,461,126	)		(108,835,689	)
Net increase (decrease)		6,214,006		$	94,578,158			4,665,929		$	60,466,132

128 Nuveen Investments

	Small Cap Index
	Year Ended 10/31/13						Year Ended 10/31/12
	Shares			Amount			Shares			Amount
Shares sold:
Class A		1,323,081		$	17,441,128			1,247,414		$	13,644,265
Class C		56,597			705,125			12,089			129,838
Class R3		1,553,250			20,000,182			1,082,989			11,770,605
Class I		1,148,404			15,381,771			494,689			5,537,916
Shares issued to shareholders due to reinvestment of distributions:
Class A		116,899			1,314,518			5,536			58,018
Class C		4,541			48,638			—			—
Class R3		83,750			917,629			308			3,152
Class I		74,480			840,133			9,689			101,546
		4,361,002			56,649,124			2,852,714			31,245,340
Shares redeemed:
Class A		(1,124,307	)		(14,486,992	)		(643,542	)		(7,181,134	)
Class C		(22,987	)		(302,316	)		(32,384	)		(351,107	)
Class R3		(593,535	)		(7,467,504	)		(460,033	)		(4,983,290	)
Class I		(885,982	)		(11,739,853	)		(1,440,057	)		(15,655,249	)
		(2,626,811	)		(33,996,665	)		(2,576,016	)		(28,170,780	)
Net increase (decrease)		1,734,191		$	22,652,459			276,698		$	3,074,560

Class B Shares that converted to Class A Shares (reflected as a component of Class A Shares sold and Class B Shares redeemed) during the fiscal year ended October 31, 2013 and the fiscal year ended October 31, 2012, were as follows:

Fund	Year Ended 10/31/13		Year Ended 10/31/12
Equity Index		21,020		119,955

5. Investment Transactions

Purchases and sales (excluding investments purchased with collateral from securities lending, short-term investments and derivative transactions) during the fiscal year ended October 31, 2013, were as follows:

	Equity Index		Mid Cap Index		Small Cap Index
Purchases	$	14,768,016	$	124,345,644	$	32,491,288
Sales		124,987,463		31,925,180		10,930,598

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.

For all open tax years and all major taxing jurisdictions, management of the Funds has concluded that there are no significant uncertain tax positions that would require recognition in the financial statements. Open tax years are those that are open for examination by taxing authorities (i.e., generally the last four tax year ends and the interim tax period since then). Furthermore, management of the Funds is also not aware of any tax positions for which it is reasonably possible that the total amounts of unrecognized tax benefits will significantly change in the next twelve months.

The following information is presented on an income tax basis. Differences between amounts for financial statement and federal income tax purposes are primarily due to timing differences in recognizing certain gains and losses on investment transactions. To the extent that differences arise that are permanent in nature, such amounts are reclassified within the capital accounts as detailed below. Temporary differences do not require reclassification. Temporary and permanent differences do not impact the net asset values of the Funds.

Nuveen Investments 129

Notes to Financial Statements (continued)

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

	Equity Index			Mid Cap Index			Small Cap Index
Cost of investments	$	428,259,505		$	619,257,397		$	126,238,556
Gross unrealized:
Appreciation	$	466,022,747		$	174,579,632		$	42,822,110
Depreciation		(28,510,702	)		(13,944,427	)		(6,838,296	)
Net unrealized appreciation (depreciation) of investments	$	437,512,045		$	160,635,205		$	35,983,814

Permanent differences, primarily due to tax equalization, distribution reclass, REIT adjustments, foreign currency reclassifications and investments in passive foreign investment companies resulted in reclassifications among the Funds’ components of net assets as of October 31, 2013, the Funds‘ tax year end, as follows:

	Equity Index			Mid Cap Index			Small Cap Index
Capital paid-in	$	(80,442	)	$	(121,976	)	$	(16,039	)
Undistributed (Over-distribution of) net investment income		152,356			262,124			60,946
Accumulated net realized gain (loss)		(71,914	)		(140,148	)		(44,907	)

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

	Equity Index		Mid Cap Index		Small Cap Index
Undistributed net ordinary income1	$	4,501,394	$	8,390,591	$	2,374,553
Undistributed net long-term capital gains		55,389,287		18,286,933		5,677,904

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’ tax years ended October 31, 2013 and October 31, 2012, was designated for purposes of the dividends paid deduction as follows:

2013	Equity Index		Mid Cap Index		Small Cap Index
Distributions from net ordinary income1	$	14,598,278		$4,538,315	$	648,672
Distributions from net long-term capital gains2		16,461,321		11,757,406		3,246,357
2012	Equity Index		Mid Cap Index		Small Cap Index
Distributions from net ordinary income1	$	14,462,592	$	1,386,875	$	262,649
Distributions from net long-term capital gains		51,723,954		11,165,318		—

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

²  The Funds designate as long-term capital gain dividend, pursuant to the Internal Revenue Code Section 852(b)(3), the amount necessary to reduce earnings and profits of the Funds related to net capital gain to zero for the tax year ended October 31, 2013.

7. Management Fees and Other Transactions with Affiliates

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

Each Fund’s management fee consists of two components – a fund-level fee, based only on the amount of assets within each individual Fund, and a complex-level fee, based on the aggregate amount of all eligible fund assets managed by the Adviser. This pricing structure enables each Fund’s shareholders to benefit from growth in the assets within their respective Fund as well as from growth in the amount of complex-wide assets managed by the Adviser.

130 Nuveen Investments

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

Average Daily Net Assets	Equity Index Fund-Level Fee Rate			Mid Cap Index Fund-Level Fee Rate			Small Cap Index Fund-Level Fee Rate
For the first $125 million		.1000	%		.1500	%		.1500	%
For the next $125 million		.0875			.1375			.1375
For the next $250 million		.0750			.1250			.1250
For the next $500 million		.0625			.1125			.1125
For the next $1 billion		.0500			.1000			.1000
For net assets over $2 billion		.0250			.0750			.0750

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

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

* The complex-level fee is calculated based upon the aggregate daily “eligible assets” of all Nuveen Funds. Eligible assets do not include assets attributable to investments in other Nuveen Funds or assets in excess of $2 billion added to the Nuveen Fund complex in connection with the Adviser’s assumption of the management of the former First American Funds effective January 1, 2011. Eligible assets include closed-end fund assets managed by the Adviser that are attributable to certain types 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 the TOB trust that has been effectively financed by the trust’s issuance of floating rate securities, subject to an agreement by the Adviser as to certain funds to limit the amount of such assets for determining eligible assets in certain circumstances. As of October 31, 2013, the complex-level fee rate for each Fund was as follows:

Fund	Rate
Equity Index		.2000	%
Mid Cap Index		.1803
Small Cap Index		.1836

The Adviser has contractually agreed to waive fees and/or reimburse expenses so that total annual Fund operating expenses, after waivers and/or expense reimbursements and excluding any acquired fund fees and expenses, do not exceed the percentages of the average daily net assets of any class of Fund shares in the amounts and for the time periods stated in the following table:

	Equity Index			Mid Cap Index			Small Cap Index
Class A Shares		0.62	%		0.75	%		0.83	%
Class B Shares		1.37			N/A			N/A
Class C Shares		1.37			1.50			1.58
Class R3 Shares		0.87			1.00			1.08
Class I Shares		0.37			0.50			0.58
Expiration Date		February 28, 2014			February 28, 2014			February 28, 2014

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

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

The Trust pays no compensation directly to those of its directors who are affiliated with the Adviser or to its officers, all of whom receive remuneration for their services to the Trust from the Adviser or its affiliates. The Board of Directors has adopted a deferred compensation plan for independent

Nuveen Investments 131

Notes to Financial Statements (continued)

directors that enable directors to elect to defer receipt of all or a portion of the annual compensation they are entitled to receive from certain Nuveen-advised funds. Under the plan, deferred amounts are treated as though equal dollar amounts had been invested in shares of select Nuveen-advised funds.

Class A Shares are offered at their net asset value per share with no up-front sales charge. During the fiscal year ended October 31, 2013, Nuveen Securities, LLC (the “Distributor”), a wholly owned subsidiary of Nuveen, received 12b-1 service fees in Class A Shares, substantially all of which were paid to compensate financial intermediaries for providing services to shareholders relating to their investments.

During the fiscal year ended October 31, 2013, the Distributor compensated financial intermediaries directly with commission advances at the time of purchase as follows:

	Equity Index		Mid Cap Index		Small Cap Index
Commission advances (Unaudited)	$	9,219	$	25,761	$	5,673

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

	Equity Index		Mid Cap Index		Small Cap Index
12b-1 fees retained (Unaudited)	$	26,464	$	18,703	$	4,015

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

The Distributor also collected and retained CDSC on share redemptions during the fiscal year ended October 31, 2013, as follows:

	Equity Index		Mid Cap Index		Small Cap Index
CDSC retained (Unaudited)	$	1,241	$	1,437	$	1,176

8. New Accounting Pronouncements

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

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

132 Nuveen Investments

Trustees and Officers (Unaudited)

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

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

Name, Year of Birth & Address	Position(s) Held with the Funds	Year First Elected or Appointed (1)	Principal Occupation(s) Including other Directorships During Past 5 Years	Number of Portfolios in Fund Complex Overseen by Trustee
Independent Trustees:
William J. Schneider 1944 333 W. Wacker Drive Chicago, IL 60606	Chairman of the Board and Trustee	1996	Chairman of Miller-Valentine Partners Ltd., a real estate investment company; formerly, Senior Partner and Chief Operating Officer (retired 2004) of Miller-Valentine Group; owner in several other Miller-Valentine entities; Board Member of Mid-America Health System, Tech Town, Inc., a not-for-profit community development company and WDPR Public Radio Station; formerly, member, Business Advisory Council, Cleveland Federal Reserve Bank and University of Dayton Business School Advisory Council.	206
Robert P. Bremner 1940 333 W. Wacker Drive Chicago, IL 60606	Trustee	1996	Private Investor and Management Consultant; Treasurer and Director, Humanities Council of Washington, D.C.; Board Member, Independent Directors Council affiliated with the Investment Company Institute.	206
Jack B. Evans 1948 333 W. Wacker Drive Chicago, IL 60606	Trustee	1999	President, The Hall-Perrine Foundation, a private philanthropic corporation (since 1996); Chairman, United Fire Group, a publicly held company; formerly, member and President Pro Tem of the Board of Regents for the State of Iowa University System; Director, Source Media Group; Life Trustee of Coe College; formerly, Director, Alliant Energy; formerly, Director, Federal Reserve Bank of Chicago; formerly, President and Chief Operating Officer, SCI Financial Group, Inc., a regional financial services firm.	206
William C. Hunter 1948 333 W. Wacker Drive Chicago, IL 60606	Trustee	2004	Dean Emeritus (since June 30, 2012), formerly, Dean, Tippie College of Business, University of Iowa (2006-2012); Director (since 2004) of Xerox Corporation; Director (since 2005), and President (since July 2012) Beta Gamma Sigma, Inc., The International Honor Society; Director of Wellmark, Inc. (since 2009); formerly, Dean and Distinguished Professor of Finance, School of Business at the University of Connecticut (2003-2006); previously, Senior Vice President and Director of Research at the Federal Reserve Bank of Chicago (1995-2003); formerly, Director (1997-2007), Credit Research Center at Georgetown University.	206
David J. Kundert 1942 333 W. Wacker Drive Chicago, IL 60606	Trustee	2005	Formerly, Director, Northwestern Mutual Wealth Management Company; (2006-2013) retired (since 2004) as Chairman, JPMorgan Fleming Asset Management, President and CEO, Banc One Investment Advisors Corporation, and President, One Group Mutual Funds; prior thereto, Executive Vice President, Banc One Corporation and Chairman and CEO, Banc One Investment Management Group; Regent Emeritus, Member of Investment Committee, Luther College; member of the Wisconsin Bar Association; member of Board of Directors, Friends of Boerner Botanical Gardens; member of Board of Directors and Chair of Investment Committee, Greater Milwaukee Foundation; member of the Board of Directors (Milwaukee), College Possible.	206

Nuveen Investments 133

Trustees and Officers (Unaudited)(continued)

Name, Year of Birth & Address	Position(s) Held with the Funds	Year First Elected or Appointed (1)	Principal Occupation(s) Including other Directorships During Past 5 Years	Number of Portfolios in Fund Complex Overseen by Trustee
John K. Nelson 1962 333 West Wacker Drive Chicago, IL 60606	Trustee	2013	Senior external advisor to the financial services practice of Deloitte Consulting LLP (since 2012); Member of Board of Directors of Core12 LLC (since 2008), a private firm which develops branding, marketing and communications strategies for clients; Chairman of the Board of Trustees of Marian University (since 2010 as trustee, 2011 as Chairman); Director of The Curran Center for Catholic American Studies (since 2009) and The President’s Council, Fordham University (since 2010); formerly, Chief Executive Officer of ABN AMRO N.V. North America, and Global Head of its Financial Markets Division (2007-2008); prior senior positions held at ABN AMRO include Corporate Executive Vice President and Head of Global Markets—the Americas (2006-2007), CEO of Wholesale Banking—North America and Global Head of Foreign Exchange and Futures Markets (2001-2006), and Regional Commercial Treasurer and Senior Vice President Trading—North America (1996-2001); formerly, Trustee at St. Edmund Preparatory School in New York City.	206
Judith M. Stockdale 1947 333 W. Wacker Drive Chicago, IL 60606	Trustee	1997	Formerly, Executive Director (1994-2012), Gaylord and Dorothy Donnelley Foundation (since 1994); prior thereto, Executive Director, Great Lakes Protection Fund (1990-1994).	206
Carole E. Stone 1947 333 W. Wacker Drive Chicago, IL 60606	Trustee	2007	Director, Chicago Board Options Exchange (since 2006), C2 Options Exchange, Incorporated (since 2009) and CBOE Holdings, Inc. (since 2010); formerly, Commissioner, New York State Commission on Public Authority Reform (2005-2010); formerly, Chair, New York Racing Association Oversight Board (2005-2007).	206
Virginia L. Stringer 1944 333 W. Wacker Drive Chicago, IL 60606	Trustee	2011	Board Member, Mutual Fund Directors Forum; former governance consultant and non-profit board member; former Owner and President, Strategic Management Resources, Inc. a management consulting firm; former Member, Governing Board, Investment Company Institute’s Independent Directors Council; previously, held several executive positions in general management, marketing and human resources at IBM and The Pillsbury Company; Independent Director, First American Fund Complex (1987-2010) and Chair (1997-2010).	206
Terence J. Toth 1959 333 W. Wacker Drive Chicago, IL 60606	Trustee	2008	Managing Partner, Promus Capital (since 2008); Director, Fulcrum IT Service LLC (since 2010), Quality Control Corporation (since 2012) and LogicMark LLC (since 2012); formerly, Director, Legal & General Investment Management America, Inc. (2008-2013); formerly, CEO and President, Northern Trust Global Investments (2004-2007); Executive Vice President, Quantitative Management & Securities Lending (2000-2004); prior thereto, various positions with Northern Trust Company (since 1994); member: Chicago Fellowship Board (since 2005), Catalyst Schools of Chicago Board (since 2008) and Mather Foundation Board (since 2012), and a member of its investment committee; formerly, Member, Northern Trust Mutual Funds Board (2005-2007), Northern Trust Global Investments Board (2004-2007), Northern Trust Japan Board (2004-2007), Northern Trust Securities Inc. Board (2003-2007) and Northern Trust Hong Kong Board (1997-2004).	206

134 Nuveen Investments

Name, Year of Birth & Address	Position(s) Held with the Funds	Year First Elected or Appointed (1)	Principal Occupation(s) Including other Directorships During Past 5 Years	Number of Portfolios in Fund Complex Overseen by Trustee
Interested Board Members:
William Adams IV(2) 1955 333 W. Wacker Drive Chicago, IL 60606	Board Member	2013	Senior Executive Vice President, Global Structured Products (since 2010); Co-President of Nuveen Fund Advisors, LLC (since 2011); President (since 2011), formerly, Managing Director (2010-2011) of Nuveen Commodities Asset Management, LLC; Board Member of the Chicago Symphony Orchestra and of Gilda’s Club Chicago; formerly, Executive Vice President, U.S. Structured Products, of Nuveen Investments, Inc. (1999-2010).	135
Thomas S. Schreier, Jr.(2) 1962 333 W. Wacker Drive Chicago, IL 60606	Board Member	2013	Vice Chairman, Wealth Management of Nuveen Investments, Inc. (since 2011); Co-President of Nuveen Fund Advisors, LLC; Chairman of Nuveen Asset Management, LLC (since 2011); Co-Chief Executive Officer of Nuveen Securities, LLC (since 2011); Member of Board of Governors and Chairman’s Council of the Investment Company Institute; formerly, Chief Executive Officer (2000-2010) and Chief Investment Officer (2007-2010) of FAF Advisors, Inc.; formerly, President of First American Funds (2001-2010).	135

Name, Year of Birth & Address	Position(s) Held with the Funds	Year First Elected or Appointed (2)	Principal Occupation(s) During Past 5 Years	Number of Portfolios in Fund Complex Overseen by Officer
Officers of the Funds:
Gifford R. Zimmerman 1956 333 W. Wacker Drive Chicago, IL 60606	Chief Administrative Officer	1988	Managing Director (since 2002), and Assistant Secretary of Nuveen Securities, LLC; Managing Director (since 2004) and Assistant Secretary (since 1994) of Nuveen Investments, Inc.; Managing Director (since 2002), Assistant Secretary (since 1997) and Co-General Counsel (since 2011) of Nuveen Fund Advisors, LLC; Managing Director, Assistant Secretary and Associate General Counsel of Nuveen Asset Management, LLC (since 2011); Managing Director, Associate General Counsel and Assistant Secretary of Symphony Asset Management LLC (since 2003); Vice President and Assistant Secretary of NWQ Investment Management Company, LLC (since 2002), Nuveen Investments Advisers Inc. (since 2002), Santa Barbara Asset Management, LLC (since 2006) and of Winslow Capital Management, LLC, (since 2010); Vice President and Assistant Secretary (since 2013), formerly, Chief Administrative Officer and Chief Compliance Officer (2006-2013) of Nuveen Commodities Asset Management, LLC; Chartered Financial Analyst.	206
Margo L. Cook 1964 333 W. Wacker Drive Chicago, IL 60606	Vice President	2009	Executive Vice President (since 2008) of Nuveen Investments, Inc. and of Nuveen Fund Advisors, LLC (since 2011); Managing Director – Investment Services of Nuveen Commodities Asset Management, LLC (since August 2011), previously, Head of Institutional Asset Management (2007-2008) of Bear Stearns Asset Management; Head of Institutional Asset Management (1986-2007) of Bank of NY Mellon; Chartered Financial Analyst.	206
Lorna C. Ferguson 1945 333 W. Wacker Drive Chicago, IL 60606	Vice President	1998	Managing Director (since 2005) of Nuveen Fund Advisors, LLC and Nuveen Securities, LLC (since 2004).	206
Stephen D. Foy 1954 333 W. Wacker Drive Chicago, IL 60606	Vice President and Controller	1998	Senior Vice President (2010-2011), formerly, Vice President (2005-2010) and Funds Controller of Nuveen Securities, LLC; Senior Vice President (since 2013), formerly, Vice President of Nuveen Fund Advisors, LLC; Chief Financial Officer of Nuveen Commodities Asset Management, LLC (since 2010); Certified Public Accountant.	206

Nuveen Investments 135

Trustees and Officers (Unaudited)(continued)

Name, Year of Birth & Address	Position(s) Held with the Funds	Year First Elected or Appointed (2)	Principal Occupation(s) During Past 5 Years	Number of Portfolios in Fund Complex Overseen by Officer
Scott S. Grace 1970 333 W. Wacker Drive Chicago, IL 60606	Vice President and Treasurer	2009	Managing Director, Corporate Finance & Development, Treasurer (since 2009) of Nuveen Securities, LLC; Managing Director and Treasurer (since 2009) of Nuveen Fund Advisors, LLC, Nuveen Investments Advisers, Inc., Nuveen Investments Holdings Inc. and (since 2011) Nuveen Asset Management, LLC; Vice President and Treasurer of NWQ Investment Management Company, LLC, Tradewinds Global Investors, LLC, Symphony Asset Management LLC and Winslow Capital Management, LLC.; Vice President of Santa Barbara Asset Management, LLC; formerly, Treasurer (2006-2009), Senior Vice President (2008-2009), previously, Vice President (2006-2008) of Janus Capital Group, Inc.; formerly, Senior Associate in Morgan Stanley’s Global Financial Services Group (2000-2003); Chartered Accountant Designation.	206
Walter M. Kelly 1970 333 W. Wacker Drive Chicago, IL 60606	Chief Compliance Officer and Vice President	2003	Senior Vice President (since 2008) of Nuveen Investments Holdings, Inc.	206
Tina M. Lazar 1961 333 W. Wacker Drive Chicago, IL 60606	Vice President	2002	Senior Vice President of Nuveen Investment Holdings, Inc.	206
Kevin J. McCarthy 1966 333 W. Wacker Drive Chicago, IL 60606	Vice President and Secretary	2007	Managing Director and Assistant Secretary (since 2008), Nuveen Securities, LLC; Managing Director (since 2008), Assistant Secretary (since 2007) and Co-General Counsel (since 2011) of Nuveen Fund Advisors, LLC; Managing Director, Assistant Secretary and Associate General Counsel (since 2011) of Nuveen Asset Management, LLC; Managing Director (since 2008), and Assistant Secretary, Nuveen Investment Holdings, Inc.; Vice President (since 2007) and Assistant Secretary of Nuveen Investments Advisers Inc., NWQ Investment Management Company, LLC, Tradewinds Global Investors LLC, Symphony Asset Management LLC, Santa Barbara Asset Management, LLC, and of Winslow Capital Management, LLC. (since 2010); Vice President and Secretary (since 2010) of Nuveen Commodities Asset Management, LLC.	206
Kathleen L. Prudhomme 1953 901 Marquette Avenue Minneapolis, MN 55402	Vice President and Assistant Secretary	2011	Managing Director, Assistant Secretary and Co-General Counsel (since 2011) of Nuveen Fund Advisors, LLC; Managing Director, Assistant Secretary and Associate General Counsel (since 2011) of Nuveen Asset Management, LLC; Managing Director and Assistant Secretary (since 2011) of Nuveen Securities, LLC; formerly, Deputy General Counsel, FAF Advisors, Inc. (2004-2010).	206
Joel T. Slager 1978 333 West Wacker Drive Chicago, IL 60606	Vice President and Assistant Secretary	2013	Fund Tax Director for Nuveen Funds (since May, 2013); previously, Vice President of Morgan Stanley Investment Management, Inc., Assistant Treasurer of the Morgan Stanley Funds (from 2010 to 2013); Tax Director at PricewaterhouseCoopers LLP (from 2008 to 2010).	206
Jeffery M. Wilson 1956 333 West Wacker Drive Chicago, IL 60606	Vice President	2011	Senior Vice President of Nuveen Securities, LLC (since 2011); formerly, Senior Vice President of FAF Advisors, Inc. (2000-2010).	103

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

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

136 Nuveen Investments

Annual Investment Management Agreement Approval Process (Unaudited)

The Board of Directors (each, a “Board” and each Director, a “Board Member”) of the Funds, including the Board Members who are not parties to the Funds’ advisory or sub-advisory agreements or “interested persons” of any such parties (the “Independent Board Members”), is responsible for approving the advisory agreements (each, an “Investment Management Agreement”) between each Fund and Nuveen Fund Advisors, LLC (the “Adviser”) and the sub-advisory agreements (each, a “Sub-Advisory Agreement”) between the Adviser and Nuveen Asset Management, LLC (the “Sub-Adviser”) (the Investment Management Agreements and the Sub-Advisory Agreements are referred to collectively as the “Advisory Agreements”) and their periodic continuation. Pursuant to the Investment Company Act of 1940, as amended (the “1940 Act”), the Board is required to consider the continuation of the Advisory Agreements on an annual basis. Accordingly, at an in-person meeting held on May 20-22, 2013 (the “May Meeting”), the Board, including a majority of the Independent Board Members, considered and approved the continuation of the Advisory Agreements for the Funds for an additional one-year period.

In preparation for its considerations at the May Meeting, the Board requested and received extensive materials prepared in connection with the review of the Advisory Agreements. The materials provided a broad range of information regarding the Funds, the Adviser and the Sub-Adviser (the Adviser and the Sub-Adviser are collectively, the “Fund Advisers” and each, a “Fund Adviser”). As described in more detail below, the information provided included, among other things, a review of Fund performance, including Fund investment performance assessments against peer groups and appropriate benchmarks; a comparison of Fund fees and expenses relative to peers; a description and assessment of shareholder service levels for the Funds; a summary of the performance of certain service providers; a review of product initiatives and shareholder communications; and an analysis of the Adviser’s profitability with comparisons to comparable peers in the managed fund business. As part of its annual review, the Board also held a separate meeting on April 17-18, 2013, to review the Funds’ investment performance and consider an analysis provided by the Adviser of the Sub-Adviser which generally evaluated the Sub-Adviser’s investment team, investment mandate, organizational structure and history, investment philosophy and process, performance of the applicable Fund, and significant changes to the foregoing. As a result of its review of the materials and discussions, the Board presented the Adviser with questions and the Adviser responded.

The materials and information prepared in connection with the annual review of the Advisory Agreements supplement the information and analysis provided to the Board during the year. In this regard, throughout the year, the Board, acting directly or through its committees, regularly reviews the performance and various services provided by the Adviser and the Sub-Adviser. The Board meets at least quarterly as well as at other times as the need arises. At its quarterly meetings, the Board reviews reports by the Adviser regarding, among other things, fund performance, fund expenses, the performance of the investment teams, and compliance, regulatory and risk management matters. In addition to regular reports, the Adviser provides special reports to the Board or a committee thereof from time to time to enhance the Board’s understanding of various topics that impact some or all the Nuveen funds (such as accounting and financial statement presentations of the various forms of leverage that may be used by a closed-end fund or an update on the valuation policies and procedures), to update the Board on regulatory developments impacting the investment company industry or to update the Board on the business plans or other matters impacting the Adviser. The Board also meets with key investment personnel managing the fund portfolios during the year. In October 2011, the Board also created two standing committees (the Open-End Fund Committee and the Closed-End Fund Committee) to assist the full Board in monitoring and gaining a deeper insight into the distinctive business practices of open-end and closed-end funds. These Committees meet prior to each quarterly Board meeting, and the Adviser provides presentations to these Committees permitting them to delve further into specific matters or initiatives impacting the respective product line.

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

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

Nuveen Investments 137

Annual Investment Management Agreement Approval Process (Unaudited)(continued)

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

A. Nature, Extent and Quality of Services

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

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

In addition to advisory services, the Board considered the quality and extent of administrative and other non-investment advisory services the Adviser and its affiliates provide to the Funds, including product management, investment services (such as oversight of investment policies and procedures, risk management, and pricing), fund administration, oversight of service providers, shareholder services and communications, administration of Board relations, regulatory and portfolio compliance and legal support. The Board further recognized Nuveen’s additional investments in personnel, including in compliance and risk management.

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

In addition to the foregoing actions, the Board also considered other initiatives related to the open-end Nuveen funds including, among other things, the development of a comprehensive strategic plan and the addition of members to the product strategy team; the commencement of various new funds; the removal of redemption fees for certain funds; the establishment of a working group to enhance the Adviser’s oversight of the disclosures pertaining to Nuveen’s products and services; the acceleration of monthly holdings disclosure for certain funds; and the development of a new share class for certain funds.

138 Nuveen Investments

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

B. The Investment Performance of the Funds and Fund Advisers

The Board, including the Independent Board Members, considered the performance history of each Fund over various time periods. The Board reviewed reports, including an analysis of the Funds’ performance and the applicable investment team. In general, in considering a fund’s performance, the Board recognized that a fund’s performance can be reviewed through various measures including the fund’s absolute return, the fund’s return compared to the performance of other peer funds, and the fund’s performance compared to its respective benchmark. Accordingly, the Board reviewed, among other things, each Fund’s historic investment performance as well as information comparing the Fund’s performance information with that of other funds (the “Performance Peer Group”) and with recognized and/or customized benchmarks (i.e., generally benchmarks derived from multiple recognized benchmarks) for the quarter, one-, three- and five-year periods ending December 31, 2012 as well as performance information reflecting the first quarter of 2013. This information supplemented the fund performance information provided to the Board at each of its quarterly meetings.

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

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

In considering the performance data for the Funds, the Independent Board Members noted that each Fund had demonstrated generally favorable performance in comparison to peers, performing in the first or second quartile over various periods.

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

C. Fees, Expenses and Profitability

1. Fees and Expenses

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

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

Nuveen Investments 139

Annual Investment Management Agreement Approval Process (Unaudited)(continued)

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

The Independent Board Members observed that the Nuveen Mid Cap Index Fund had a net management fee that was below its peer average and a net expense ratio (including fee waivers and expense reimbursements) that was in line with its peer average. In addition, the Independent Board Members observed that each of the other Funds had a net expense ratio slightly higher or higher than its respective peer average, but a net management fee below or in line with its respective peer average.

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

2. Comparisons with the Fees of Other Clients

The Board recognized that all Nuveen funds have a sub-adviser (which, in the case of the Funds, is an affiliated sub-adviser), and therefore, the overall fund management fee can be divided into two components, the fee retained by the Adviser and the fee paid to the sub-adviser. In general terms, the fee to the Adviser reflects the administrative services it provides to support the funds, and while some administrative services may occur at the sub-adviser level, the fee generally reflects the portfolio management services provided by the sub-adviser. The Independent Board Members reviewed information regarding the nature of services provided by the Adviser, including through the Sub-Adviser, and the range of fees and average fee the Sub-Adviser assessed for such services to other clients. Such other clients include separately managed accounts (both retail and institutional accounts), foreign investment funds offered by Nuveen and funds that are not offered by Nuveen but are sub-advised by one of Nuveen’s investment management teams. In evaluating the comparisons of fees, the Independent Board Members noted that the fee rates charged to the Funds and other clients vary, among other things, because of the different services involved and the additional regulatory and compliance requirements associated with registered investment companies, such as the Funds. Accordingly, the Independent Board Members considered the differences in the product types, including, but not limited to, the services provided, the structure and operations, product distribution and costs thereof, portfolio investment policies, investor profiles, account sizes and regulatory requirements. The Independent Board Members noted, in particular, that the range of services provided to the Funds (as discussed above) is much more extensive than that provided to separately managed accounts. Many of the additional administrative services provided by the Adviser are not required for institutional clients. The Independent Board Members further noted that the management fee rates of the foreign funds advised by the Adviser may vary due to, among other things, differences in the client base, governing bodies, operational complexities and services covered by the management fee. Given the inherent differences in the various products, particularly the extensive services provided to the Funds, the Independent Board Members believe such facts justify the different levels of fees.

3. Profitability of Fund Advisers

In conjunction with their review of fees, the Independent Board Members also considered the profitability of Nuveen for its advisory activities and its financial condition. The Independent Board Members reviewed the revenues and expenses of Nuveen’s advisory activities for the last two calendar years, the allocation methodology used in preparing the profitability data and an analysis of the key drivers behind the changes in revenues and expenses that impacted profitability in 2012. The Independent Board Members noted this information supplemented the profitability information requested and received during the year to help keep them apprised of developments affecting profitability (such as changes in fee waivers and expense reimbursement commitments). In this regard, the Independent Board Members noted that they have an Independent Board Member serve as a point person to review and keep them apprised of changes to the profitability analysis and/or methodologies during the year. The Independent Board Members also considered Nuveen’s revenues for advisory activities, expenses, and profit margin compared to that of various unaffiliated management firms with comparable assets under management (based on asset size and asset composition).

In reviewing profitability, the Independent Board Members recognized the Adviser’s continued investment in its business to enhance its services, including capital improvements to investment technology, updated compliance systems, and additional personnel. In addition, in evaluating profitability, the Independent Board Members also recognized the subjective nature of determining profitability which may be affected by numerous factors including the allocation of expenses and that various allocation methodologies may each be reasonable but yield different results. Further, the Independent Board Members recognized the difficulties in making comparisons as the profitability of other advisers generally is not publicly available and the profitability information that is available for certain advisers or management firms may not be representative of the industry and may be affected by, among other things, the adviser’s particular business mix, capital costs, types of funds managed and expense

140 Nuveen Investments

allocations. Notwithstanding the foregoing, the Independent Board Members reviewed Nuveen’s methodology and assumptions for allocating expenses across product lines to determine profitability. Based on their review, the Independent Board Members concluded that the Adviser’s level of profitability for its advisory activities was reasonable in light of the services provided.

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

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

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

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

In addition to fund-level advisory fee breakpoints, the Board also considered the Funds’ complex-wide fee arrangement. Pursuant to the complex-wide fee arrangement, the fees of the funds in the Nuveen complex are generally reduced as the assets in the fund complex reach certain levels. The complex-wide fee arrangement seeks to provide the benefits of economies of scale to fund shareholders when total fund complex assets increase, even if assets of a particular fund are unchanged or have decreased. The approach reflects the notion that some of Nuveen’s costs are attributable to services provided to all its funds in the complex and therefore all funds benefit if these costs are spread over a larger asset base. In addition, with the acquisition of the funds previously advised by FAF Advisors, Inc. at the end of 2010, the Board noted that a portion of such funds’ assets at the time of acquisition were deemed eligible to be included in the complex-wide fee calculation in order to deliver fee savings to shareholders in the combined complex and such funds were subject to differing complex-level fee rates.

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

E. Indirect Benefits

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

In addition to the above, the Independent Board Members considered whether the Fund Advisers received any benefits from soft dollar arrangements whereby a portion of the commissions paid by a Fund for brokerage may be used to acquire research that may be useful to the Fund Adviser in managing the assets of the Funds and other clients. The Funds’ portfolio transactions are determined by the Sub-Adviser. Accordingly, the Independent Board Members considered that the Sub-Adviser may benefit from its soft dollar arrangements pursuant to which it receives research from brokers that execute the Funds’ portfolio transactions. Similarly, the Board recognized that the research received pursuant to soft dollar arrangements by the Sub-Adviser may also benefit a Fund and shareholders to the extent the research enhances the ability of the Sub-Adviser to manage the Fund. The Independent Board Members noted that the Sub-Adviser’s profitability may be somewhat lower if it did not receive the research services pursuant to the soft dollar arrangements and had to acquire such services directly.

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

Nuveen Investments 141

Annual Investment Management Agreement Approval Process (Unaudited)(continued)

F. Other Considerations

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

142 Nuveen Investments

Notes

Nuveen Investments 143

Notes

144 Nuveen Investments

Glossary of Terms Used in this Report

Average Annual Total Return: This is a commonly used method to express an investment’s performance over a particular, usually multi-year time period. It expresses the return that would have been necessary each year to equal the investment’s actual cumulative performance (including change in NAV or offer price and reinvested distributions and capital gains, if any) over the time period being considered.

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

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

Lipper S&P 500^® Index Objective Funds Classification Average: Represents the average annualized total return for all reporting funds in the Lipper S&P 500^® Index Objective Funds Classification. Lipper returns account for the effects of management fees and assume reinvestment of distributions but do not reflect any applicable sales charges.

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

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

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

MSCI Emerging Markets Index: An unmanaged index considered representative of stocks of developing countries. The index returns assume reinvestment of distributions, but do not reflect any applicable sales charges or management fees.

MSCI Japan Index: A capitalization-weighted index, adjusted for free float. The index is designed to reflect the sectoral diversity of the Japanese equity markets. 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 2000^® Index: An index that measures the performance of the small-cap segment of the U.S. equity universe. The Russell 2000 Index is a subset of the Russell 3000^® Index representing approximately 10% of the total market capitalization of that index. It includes approximately 2,000 of the smallest securities based on a combination of their market cap and current index membership. The index returns assume reinvestment of distributions, but do not reflect any applicable sales charges or management fees.

Nuveen Investments 145

Glossary of Terms Used in this Report (continued)

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

S&P MidCap 400^® Index: An unmanaged, market value-weighted index of 400 mid-cap companies. The index returns assume reinvestment of distributions, but do not reflect any applicable sales charges or management fees.

Tax Equalization: The practice of treating a portion of the distribution made to a redeeming shareholder, which represents his proportionate part of undistributed net investment income and capital gain as a distribution for tax purposes. Such amounts are referred to as the equalization debits (or payments) and will be considered a distribution to the shareholder of net investment income and capital gain for calculation of the fund’s dividends paid deduction.

146 Nuveen Investments

Additional Fund Information
	Fund Manager Nuveen Fund Advisors, Inc. 333 West Wacker Drive Chicago, IL 60606 Sub-Adviser Nuveen Asset Management, LLC 333 West Wacker Drive Chicago, IL 60606 Legal Counsel Chapman and Cutler LLP Chicago, IL 60603	Independent Registered Public Accounting Firm PricewaterhouseCoopers LLP Chicago, IL 60606 Custodian U.S. Bank National Association Milwaukee, WI Transfer Agent and Shareholder Services Boston Financial Data Services, Inc. Nuveen Investor Services P.O. Box 8530 Boston, MA 02266-8530 (800) 257-8787
Distribution Information: The Funds hereby designate their percentages of dividends paid from net ordinary income as dividends qualifying for the 70% dividends received deduction (“DRD”) for corporations and their percentages as qualified dividend income (“QDI”) for individuals under Section 1 (h)(11) of the Internal Revenue Code as shown in the accompanying table. The actual qualified dividend income distributions will be reported to shareholders on Form 1099-DIV which will be sent to shareholders shortly after calendar year end.

Fund	% of DRD			% of QDI
Nuveen Equity Index Fund		100.00	%		100.00	%
Nuveen Mid Cap Index Fund		50.00	%		50.00	%
Nuveen Small Cap Index Fund		90.00	%		91.00	%

Quarterly Form N-Q Portfolio of Investments Information: Each Fund is required to file its complete schedule of portfolio holdings with the Securities and Exchange Commission (SEC) for the first and third quarters of each fiscal year on Form N-Q. You may obtain this information directly from the SEC. Visit the SEC on-line at http://www.sec.gov or in person at the SEC’s Public Reference Room in Washington, D.C. Call the SEC toll-free at (800) SEC-0330 for room hours and operation.

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

The Financial Industry Regulatory Authority (FINRA) provides a Public Disclosure Program which supplies certain information regarding the disciplinary history of FINRA members and their associated persons in response to either telephone inquiries at (800) 289-9999 or written inquiries at www.finra.org. FINRA also provides an investor brochure that includes information describing the Public Disclosure Program.

Nuveen Investments 147

Nuveen Investments:
	Serving Investors for Generations
	Since 1898, financial advisors and their clients have relied on Nuveen Investments to provide dependable investment solutions through continued adherence to proven, long-term investing principles. Today, we offer a range of high quality equity and fixed-income solutions designed to be integral components of a well-diversified core portfolio.
		Focused on meeting investor needs. Nuveen Investments provides high-quality investment services designed to help secure the longterm goals of institutional and individual investors as well as the consultants and financial advisors who serve them. Nuveen Investments markets a wide range of specialized investment solutions which provide investors access to capabilities of its high-quality boutique investment affiliates-Nuveen Asset Management, Symphony Asset Management, NWQ Investment Management Company, Santa Barbara Asset Management, Tradewinds Global Investors, Winslow Capital Management, and Gresham Investment Management. In total, Nuveen Investments managed approximately $215 billion as of September 30, 2013.
		Find out how we can help you. To learn more about how the products and services of Nuveen Investments may be able to help you meet your financial goals, talk to your financial advisor, or call us at (800) 257-8787. Please read the information provided carefully before you invest. Investors should consider the investment objective and policies, risk considerations, charges and expenses of any investment carefully. Where applicable, be sure to obtain a prospectus, which contains this and other relevant information. To obtain a prospectus, please contact your securities representative or Nuveen Investments, 333 W. Wacker Dr., Chicago, IL 60606. Please read the prospectus carefully before you invest or send money.
		Learn more about Nuveen Funds at: www.nuveen.com/mf
Distributed by Nuveen Securities, LLC | 333 West Wacker Drive Chicago, IL 60606 | www.nuveen.com

MAN-FIDX-1013D

Mutual Funds

Nuveen Equity Funds

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

Annual Report  October 31, 2013

	Share Class / Ticker Symbol
Fund Name	Class A	Class B	Class C	Class R3	Class R6	Class I
Nuveen Dividend Value Fund	FFEIX	FAEBX	FFECX	FEISX	FFEIX	FAQIX
Nuveen Mid Cap Value Fund	FASEX	FAESX	FACSX	FMVSX	—	FSEIX
Nuveen Small Cap Value Fund	FSCAX	—	FSCVX	FSVSX	—	FSCCX

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Table of Contents

Chairman’s Letter to Shareholders	4
Portfolio Managers’ Comments	5
Risk Considerations	13
Fund Performance and Expense Ratios	15
Holding Summaries	22
Expense Examples	25
Report of Independent Registered Public Accounting Firm	27
Portfolios of Investments	28
Statement of Assets and Liabilities	40
Statement of Operations	41
Statement of Changes in Net Assets	42
Financial Highlights	44
Notes to Financial Statements	50
Trustees and Officers	61
Annual Investment Management Agreement Approval Process	65
Glossary of Terms Used in this Report	74
Additional Fund Information	75

Nuveen Investments 3

Chairman’s Letter to Shareholders

Dear Shareholders,

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

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

On the domestic front, recent events such as the Federal Reserve decision to slow down its bond buying program beginning in January of 2014 and the federal budget compromise that would guide government spending into 2015 are both positives for the economy moving forward. Corporate fundamentals are strong as earnings per share and corporate cash are at the highest level in two decades. Unemployment is trending down and the housing market has experienced a rebound, each assisting the positive economic scenario. However, there are some issues to be watched. Interest rates are expected to increase but significant uncertainty about the timing remains. Partisan politics in Washington D.C. with their troublesome outcome add to the uncertainties that could cause problems for the economy going forward.

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

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

Sincerely,

William J. Schneider

Chairman of the Board

December 23, 2013

4 Nuveen Investments

Portfolio Managers’ Comments

Nuveen Dividend Value Fund

Nuveen Mid Cap Value Fund

Nuveen Small Cap Value Fund

These Funds feature portfolio management by Nuveen Asset Management, LLC, an affiliate of Nuveen Investments.

Cori Johnson, CFA, and Derek Sadowsky are the portfolio managers for the Nuveen Dividend Value Fund. Cori assumed portfolio management responsibilities in 1996. Derek became a co-manager on the Nuveen Dividend Value Fund management team in 2012. Gerald Bren, a third portfolio manager who had been a manager on this Fund since 1994, retired from Nuveen Asset Management on December 31, 2012.

Karen Bowie, CFA, and David Chalupnik, CFA, are co-portfolio managers of the Nuveen Mid Cap Value Fund. They assumed portfolio management responsibilities for the Fund in 2012.

Karen Bowie is also the portfolio manager for the Nuveen Small Cap Value Fund. She assumed portfolio management responsibilities for the Fund in 2006.

On the following pages, the portfolio management teams for the Funds examine economic and equity market conditions, key investment strategies and the Funds’ performance for the twelve-month reporting period ended October 31, 2013.

What factors affected the U.S. economy and the equity market during the twelve-month reporting period ended October 31, 2013?

During this reporting period, the U.S. economy’s progress toward recovery from recession continued at a moderate pace. The Federal Reserve (Fed) maintained its efforts to improve the overall economic environment by holding the benchmark fed funds rate at the record low level of zero to 0.25% that it established in December 2008. The Fed also continued its monthly purchases of $40 billion of mortgage-backed securities and $45 billion of longer-term Treasury securities in an open-ended effort to bolster growth and promote progress toward the Fed’s mandates of maximum employment and price stability. At its June 2013 meeting, the Fed indicated that it believed downside risks to the economy had diminished since the autumn of 2012. Subsequent comments by Fed Chairman Ben Bernanke suggested that the Fed might begin to reduce, or taper, its asset purchase program later in 2013. However, in September 2013, the Fed surprised the market by announcing that it had decided to wait for more evidence that the progress it discerned in June was sustainable before it made any adjustments to the pace of the purchase program. At its October 2013 meeting, the central bank reiterated this decision and said that it expected to continue its “highly accommodative stance of monetary policy” for “a considerable time” after the purchase program ends and the economic recovery strengthens. Finally, in December of 2013, the Fed announced a decision to slow down its bond buying program beginning in January of 2014.

In the third quarter of 2013, the U.S. economy, as measured by the U.S. gross domestic product (GDP), grew at an annualized rate of 2.8%, up from 2.5% for the second quarter of 2013, continuing the pattern of positive economic

Certain statements in this report are forward-looking statements. Discussions of specific investments are for illustration only and are not intended as recommendations of individual investments. The forward-looking statements and other views expressed herein are those of the portfolio managers as of the date of this report. Actual future results or occurrences may differ significantly from those anticipated in any forward-looking statements and the views expressed herein are subject to change at any time, due to numerous market and other factors. The Funds disclaim any obligation to update publicly or revise any forward-looking statements or views expressed herein.

Nuveen Investments 5

Portfolio Managers’ Comments (continued)

growth for the tenth consecutive quarter. The Consumer Price Index (CPI) rose 1.0% year-over-year as of October 2013, while the core CPI (which excludes food and energy) increased 1.7% during the same period, staying within the Fed’s unofficial objective of 2.0% or lower for this inflation measure. Improvements in the labor markets continued to be slow, and unemployment remained above the Federal Reserve’s target of 6.5%. As of October 2013, the national unemployment rate was 7.3%, up from 7.2% in September 2013 but below the 7.9% reported in October 2012. The slight uptick in October’s number reflected the increase in federal employees furloughed due to the government shutdown that month. The housing market continued to deliver good news, as the average home price in the S&P/Case-Shiller Index of 20 major metropolitan areas rose 13.3% for the twelve months ended September 2013 (most recent data available at the time this report was prepared), the largest twelve-month percentage gain for the index since February 2006.

Early in this reporting period, the outlook for the U.S. economy was clouded by uncertainty about global financial markets and the outcome of the “fiscal cliff.” The tax consequences of the fiscal cliff situation were averted through a last-minute deal that raised payroll taxes, but left in place a number of tax breaks, including tax exemptions on municipal bond interest. However, lawmakers failed to reach a resolution on $1.2 trillion in spending cuts intended to address the federal budget deficit. This triggered a program of automatic spending cuts (or sequestration) that impacted federal programs beginning March 1, 2013. Although Congress later passed legislation that established federal funding levels for the remainder of fiscal 2013, the federal budget for fiscal 2014 continued to be debated. On October 1, 2013, the start date for fiscal 2014, the federal government shut down for 16 days until an interim appropriations bill was signed into law, funding the government at sequestration levels through January 15, 2014, and suspending the debt limit until February 7, 2014. Subsequent to the close of this reporting period, Congress preliminarily passed a federal budget deal that would guide government spending into 2015 and defuse the chances of another shutdown if it wins final passage. In addition to the ongoing political debate over federal spending, Chairman Bernanke’s June 2013 remarks about tapering the Federal Reserve’s asset purchase program touched off widespread uncertainty about the next step for the Fed’s quantitative easing program and about the potential impact on the economy and financial markets, leading to increased market volatility.

For much of the reporting period, low interest rates and a fairly benign macro environment caused U.S. investors to move out the risk spectrum, resulting in robust flows into U.S. equity funds. Leading U.S. stock market indexes, including the S&P 500^® Index, the Dow Jones Industrial Average and the Russell 2000^® Index, each hit all-time highs during the reporting period. The S&P 500^® Index gained 27% during the reporting period. Sluggish global growth, muted global inflation and ongoing fiscal drag provided a backdrop for continued monetary policy actions outside the U.S. as well, which drove strong equity market advances globally. In Japan, newly elected Prime Minister Shinzo Abe articulated policies designed to reinvigorate Japan’s weak economy. Widespread optimism for his strategies led to a massive rally in the Japanese equity market, which was up 34% during this reporting period, according to MSCI. Elsewhere, the European Central Bank signaled an extended period of low rates while the U.K.’s Bank of England pursued its most aggressive monetary policy to date. Returns for developed markets outside the U.S. were very strong, as evidenced by the MSCI EAFE Index’s advance of 26% for the reporting period. In emerging market countries, which are more dependent on global growth and commodity prices, stocks significantly lagged developed markets with a 6% return during this reporting period, according to the MSCI Emerging Market Index.

6 Nuveen Investments

Nuveen Dividend Value Fund

How did the Fund perform during the twelve-month reporting period ended October 31, 2013?

The tables in the Fund Performance and Expense Ratios section of this report provide Class A Share total returns for the Fund for the one-year, five-year and ten-year periods ended October 31, 2013. The Fund’s Class A Shares at net asset value (NAV) outperformed both the S&P 500^® Index and the Lipper classification average, but underperformed the Russell 1000^® Value Index over the twelve-month period.

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

During the reporting period, we continued to implement the Fund’s disciplined investment strategy. We seek to achieve consistent, long-term outperformance with lower volatility by building and managing a portfolio diversified between sustainable and opportunistic holdings with a focus on what we believe are attractively valued companies with above average current income or dividend growth. We use an integrated, multi-perspective research and analysis approach that involves a team of portfolio managers, fundamental research analysts and quantitative analysts. The Fund’s holdings exhibit attractive valuations and identifiable catalysts that we believe will drive future stock appreciation. The Fund is also actively managed in an effort to minimize distributed capital gains and maximize after-tax returns using a typical investment horizon of at least two to three years. We adhere to portfolio guidelines to manage volatility and maintain diversification, generally selling a security if it no longer is expected to meet our dividend growth or price appreciation expectations or if we find a better alternative in the marketplace.

The Fund’s attribution during the reporting period benefited from favorable security selection in the consumer discretionary, financial and materials sectors as well as an underweight position in the utility sector. The consumer discretionary sector was the Fund’s greatest source of outperformance versus the benchmark due to strong stock selection in the specialty retail and leisure equipment industries. Best Buy Co. Inc. was the Fund’s strongest performing stock over the past twelve months as investors gained confidence in management’s strategy of reducing costs and increasing sales across the distribution channel. We believe Best Buy will continue to execute on its strategic initiatives to increase its “store within a store” format as it recently signed an agreement with Microsoft, which comes on the heels of a collaboration with Samsung earlier this year. The Fund’s position in Polaris Industries Inc. also benefited from improved sales of its off-road vehicles and snowmobiles, which has driven better margins and cash flows. We believe the introduction of the new Viking motorcycle and bolt-on acquisitions in emerging markets should continue to drive sales and margins for Polaris in the future. Starbucks Corporation was another strong contributor as it experienced increased penetration in emerging markets such as China. Additional growth should be driven by new food and beverage items along with the continued growth of the emerging market middle class.

The Fund benefited in the financial sector from positions in Bank of America Corp., State Street Corp. and Prudential Financial Inc. Bank of America advanced as the company benefited from the resolution of several litigation issues, the improving residential housing loan market and expectations that cost-cutting results would start positively impacting the bottom line. Also, the Fund’s overweight position in the banking firm State Street aided results as its shares rose steadily throughout the reporting period. State Street reported improving first-quarter profits as the strong stock market environment lifted the value of assets it oversees. Our holding of Prudential benefited from continued growth overseas and strong returns of capital to shareholders in the form of dividends and share buybacks. The Fund was also rewarded for its underweight position in the real estate investment trust (REIT) sector, which was negatively impacted by the rise in long-term interest rates. We believe expectations for the Fed to begin tapering in 2014 will continue to weigh on REITs given their high valuations, which has resulted in our maintaining the Fund’s underweight position.

Nuveen Investments 7

Portfolio Managers’ Comments (continued)

The rise in interest rates benefited the Fund’s underweight position in utilities, as higher rates reduced the spread between utility dividend yields and the 10-year bond yield. In addition, utilities as a whole are trading near the high end of their five-year historical price-to-book value making them look less attractive from a valuation perspective, especially in the face of potential higher long-term bond yields.

Finally within the materials sector, the Fund outperformed as a result of strong results at PPG Industries Inc. as the company continued to optimize its portfolio. PPG divested its commodity chlor-alkali business and further integrated its acquisition of Akzo Nobel’s U.S. paint business. We believe PPG will continue to benefit from a higher valuation multiple and growth as it focuses on becoming more of a pure-play coatings company.

Fund performance was hindered by stock selection in the health care, information technology and consumer staple sectors. In the health care sector, the Fund was negatively impacted by its holdings in Merck & Co. Inc. and AstraZeneca PLC, which both suffered due to a lack of new drug developments. We continue to believe the management of these firms will restructure these businesses, focusing on creating value through the disposal of non-core assets. The Fund’s underweight position in the health care provider industry was also a detractor during the reporting period. The industry received a boost from the passage of the Affordable Care Act as it will benefit from the millions of newly insured individuals entering the market. However, we continued to hold the Fund’s position in UnitedHealth Group Inc. as we believe the market is undervaluing its Optum health care technology division.

Within the technology sector, stock selection in the semiconductor sector negatively impacted results, as the Fund did not hold a couple of those strongest performers, Hewlett-Packard Co. and Micron Technology Inc. In addition, our position in Cisco Systems Inc. underperformed the overall sector as growth continued to lag due to lackluster enterprise spending globally. We continue to overweight the software and semiconductor industries as we believe they have more attractive risk/reward and the ability to further increase capital returns to shareholders.

Finally, in the consumer staples sector, the Fund’s holdings of Philip Morris International Inc. and Unilever PLC weighed on performance. In the case of Philip Morris, lower growth and high dividend yield worked against the stock as interest rates increased. Meanwhile, Unilever was negatively impacted by lower emerging market growth. However, with both of these holdings, we believe they will benefit from the growth of the emerging market middle class consumer. Current valuations do not reflect this potential growth in our view and we maintain the Fund’s positions in these holdings.

Nuveen Mid Cap Value Fund

How did the Fund perform during the twelve-month reporting period ended October 31, 2013?

The tables in the Fund Performance and Expense Ratios section of this report provide Class A Share total returns for the Fund for the one-year, five-year and ten-year periods ended October 31, 2013. The Fund’s Class A Shares at net asset value (NAV) outperformed both the Russell Midcap^® Value Index and the Lipper classification average during the twelve-month period.

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

The Fund seeks to provide long-term capital appreciation by investing primarily in the common stocks of companies with market capitalizations at the time of purchase between approximately $699 million and $19.2 billion. During the reporting period, we continued to implement the Fund’s investment process of selecting mid-cap companies that we believed were undervalued relative to other companies in the same industry or market. These companies demonstrated improving fundamentals and exhibited a near-term catalyst that could close the gap between market value and our

8 Nuveen Investments

perception of fair value. We look for companies that generate strong free cash flow, which allows them to pay down debt, increase dividends, repurchase shares or engage in merger and acquisition activities. At the same time, we identify a short- or long-term catalyst we can track and monitor over time that could potentially propel each stock to realize its value. Generally, we sold a holding if the stock price reached its target, the company’s fundamentals or competitive position significantly deteriorated or if a better alternative existed in the marketplace.

During the stock market’s strong advance, the Fund delivered attractive absolute and relative returns, outperforming both the Russell Midcap^® Value Index and its Lipper peers due to favorable security selection and several successful sector weights. The Fund’s outperformance was the result of strong stock selection in the consumer discretionary, financials, industrials and consumer staples sectors. The Fund also benefited from overweights in several of the more cyclical sectors that outperformed during the reporting period such as the consumer discretionary and industrials sectors. We maintained the Fund’s overweights to these cyclical areas due to improving U.S. economic prospects, Europe’s emergence from an 18-month recession and China’s stabilizing economic growth. In addition, underweight positions in the more bond-like and stable areas of the market, real estate investment trusts (REITs) and utilities, proved helpful. We believed stocks in these sectors were overvalued, as money flowed into them due to their defensive characteristics and yield. These sectors underperformed as investors digested better global economic growth data and Fed comments about reduced monetary stimulus in the United States. Stock selection only detracted in two sectors, technology and health care, while an approximately 1% weighting in cash also hindered returns in the strong bull market environment.

The consumer discretionary sector was the strongest area for the Fund on a relative basis as four of the Fund’s holdings outperformed. The Fund continued to benefit from its position in leading U.S. electronics retailer Best Buy Co. Inc., which is currently in the midst of a restructuring. The company’s turnaround story continued as it reported stronger-than-expected second quarter results and domestic sales increased slightly for the first time in quite a while. Another successful discretionary holding was Polaris Industries, which manufactures off-road and on-road commercial recreational vehicles. Polaris reported better-than-expected second quarter revenues, earnings and margins as the company gained market share in the off-road vehicle segment and maintained strength in its parts and accessories business. Also, boat and marine engine manufacturer Brunswick Corporation continued to produce strong results for the Fund. We had sold this stock after the company experienced a drop in demand during last spring’s cold and wet conditions; however, we bought back its shares after seeing more attractive data points for the firm and industry. Brunswick subsequently saw a resurgence in boat orders during the late summer and fall of 2013. In addition, specialty apparel company Express Inc. experienced strong results. We originally purchased this stock at an attractive valuation as the company struggled after moving away from some of its testing policies and marketing strategies. After management re-instated some of the marketing plans and testing policies, its stock price advanced again. We eventually sold the Fund’s position in Express as it reached our price target.

In the financial sector, the Fund continued to benefit from its underweight position in the REIT industry as more cyclical industries outperformed, coupled with favorable stock selection across a variety of industries. Fund results were enhanced by our ownership in Lincoln National Corp., a multiple-line insurance and investment management company. We originally purchased this stock when it was attractively valued, selling at below tangible book value. Lincoln National subsequently beat earnings expectations in both the second and third calendar quarters as the firm benefited from strong life insurance sales along with the increase in long-term interest rates. SLM Corp., a financial services company specializing in education loans, also performed well. The company announced its separation into two entities (education loan business and consumer banking business) which will create better transparency while allowing for enhanced valuation opportunities. In addition, CNO Financial Group was an outperformer for the Fund. The firm, which offers life insurance, annuities and supplemental health insurance products, benefited from its leverage to rising long-term

Nuveen Investments 9

Portfolio Managers’ Comments (continued)

interest rates coupled with its improving operating trends throughout the year and a favorable capital position. Finally, we saw strength from Unum Group, which is a large employee benefit and disability insurance provider. Unum’s results were aided by improving trends in its U.S., U.K. and long-term care business lines.

Strength in the industrials sector was driven by the Fund’s positions in Swift Transportation and TrueBlue Inc. Swift Transportation, the largest pure truckload carrier in the country, aided Fund results as the company reported strong earnings. The company also made a strategic acquisition that will position it as one of the largest players in the refrigerated truck market. We believe Swift will also experience better demand going forward as the U.S. economy continues to slowly improve. Also, temporary blue-collar staffing company TrueBlue showed solid results as the economy and housing industry improved and demand for its services increased. At the same time, TrueBlue has been implementing technology that helps it stay in constant contact with its temporary employees, thereby responding quickly to client needs. We sold out of the Fund’s position in TrueBlue toward the end of the period due to its valuation.

In the consumer staples sector, the Fund experienced strong results from Nu Skin Enterprises and Tyson Foods, Inc. Nu Skin, a leading developer and marketer of anti-aging skincare products and nutritional supplements, saw its stock price revalued upward as it reported stronger-than-expected earnings, revenues and margins and raised forward-looking guidance. The company is also benefiting from news of a new weight control product line that should launch around year end. We continue to own Nu Skin in the Fund’s portfolio. Also Tyson Foods, a leading producer of protein food products, saw its stock continually revalued higher as retail meat prices remained robust and the company’s largest input cost (grain) declined. These favorable trends led to higher margins and upward earnings revisions. We sold the Fund’s position in Tyson Foods after posting solid gains in the stock.

Several holdings in the technology and health care sectors were the only detractors during the reporting period. In one case, it was a company the Fund did not own, Micron Technology, Inc., which saw its stock price advance strongly during the reporting period. This semiconductor producer, which is a fairly large weight in the benchmark, benefited from the consolidation of competitors in the industry and a fire at a competitor’s facility that tightened up supply and improved pricing. We did purchase Micron Technology toward the end of this reporting period primarily because of the improvements in the supply, pricing and competitive landscape. The two other Fund holdings that detracted have since been sold. Internet advertising subscription company AOL Inc. was hurt by higher-than-expected costs to fix its local advertising division and to launch new products, in the midst of declining subscription revenues. The Fund also owned Motorola Solutions Inc. which provides mission critical communication infrastructure to governments and enterprises in the U.S. and Europe. Motorola experienced a greater-than-expected deterioration in its enterprise business as the company’s equipment continued to be replaced by tablets.

In the health care sector, medical device maker St. Jude Medical Inc. came under pressure after the company received an FDA warning letter about quality control concerns surrounding the production of a key component in its implantable cardiac defibrillators. We sold out of the stock in January because of the uncertainty surrounding a potential FDA recall. Subsequent to our sale, the FDA decided not to take action and St. Jude’s stock price marched steadily upward for the remainder of the reporting period. Also, the Fund did not own a position in another strongly performing medical device maker, Boston Scientific Corporation, because its products have been under pressure for years from the competition and due to concerns about its product pipeline. However, Boston Scientific’s stock advanced significantly as the result of a rash of new product introductions and additional products in the FDA pipeline. We purchased positions in both St. Jude and Boston Scientific toward the end of the reporting period. Finally, the Fund was hurt by its position in specialty pharmaceutical firm Impax Laboratories Inc. We originally purchased Impax Laboratories because its valuation was very attractive, it was generating significant free cash flow and it had a number of new drugs in the pipeline.

10 Nuveen Investments

Although it had already received an FDA warning letter about one of its manufacturing facilities, we believed this issue would be quickly resolved. Subsequent to our purchase, the company received a second FDA letter addressing new manufacturing issues, which further delayed the approval of one of its new drugs to treat Parkinson’s disease. We sold the Fund’s Impax Laboratories position in March.

Nuveen Small Cap Value Fund

How did the Fund perform during the twelve-month reporting period ended October 31, 2013?

The tables in the Fund Performance and Expense Ratios section of this report provide Class A Share total returns for the Fund for the one-year, five-year and ten-year periods ended October 31, 2013. The Fund’s Class A Shares at net asset value (NAV) outperformed the Russell 2000^® Value Index and performed in line with the Lipper classification average during the twelve-month period.

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

The Fund seeks to provide long-term capital appreciation by investing primarily in the common stocks of companies with market capitalizations of less than $3 billion at the time of purchase. During the reporting period, we continued to focus on building a well-diversified portfolio of small-cap stocks from companies with strengthening balance sheets and free cash flow characteristics. We also continued to target companies with sound business models and strong competitive advantages that we believe can gain market share opportunistically in the current environment. We remained committed to our approach of investing in quality companies that are trading at a discount to both intrinsic and relative value metrics.

Small-cap stocks produced strong returns as the overall backdrop for the asset class remained favorable during the Fund’s reporting period. The best performing segments of the market continued to include those areas with the greatest exposure to the strengthening U.S. economy. Cyclical sectors within the small-cap value market led the way, including consumer discretionary, technology, industrials and energy sectors, while the more defensive sectors tied to the domestic economy, such as consumer staples and health care, also performed well. However, cyclical sectors with more commodity price sensitivity such as materials lagged due to concerns regarding the lack of financial stability in southern Europe and a slowing economy in China. As the debate concerning the Feds timing in tapering their stimulus policy intensified in June, the interest-rate sensitive sectors which included financials and utilities, weakened on a relative basis.

The Fund enjoyed widespread strength in stock selection in seven of the ten market sectors. In particular, we saw favorable results from our holdings in the financial, materials, technology, utilities, health care, consumer staples and energy sectors. As a testimony to an emphasis on intrinsic value in our stock selection process, the Fund enjoyed four announced take-outs during the reporting period. National Financial Partners Corp., a leading provider of life insurance, wealth management and advisory services, was acquired by a private equity company. Also, Belo Corporation, a North American-based television station owner/operator in 15 markets, announced it had agreed to be acquired by Gannett Inc., another leading North American based national media company looking to raise its mix of broadcasting assets relative to print. In addition, Cooper Tire & Rubber Company, a leading U.S.-based tire manufacturer, announced that it had agreed to be acquired for cash by a competitor in India, Apollo Tyres, which has the strategic intent to create a greater global footprint. Finally, Buckeye Technologies Inc., a leading producer of specialty fibers and nonwoven materials used in a variety of consumer and industrial goods, was acquired by privately held Georgia-Pacific LLC in August.

From a sector allocation basis, the Fund’s cyclical bias with overweights in the consumer discretionary and industrial sectors, while maintaining underweights in the utilities and financial sectors proved beneficial. The primary individual

Nuveen Investments 11

Portfolio Managers’ Comments (continued)

detractors during the period were found in the consumer discretionary, industrial and telecommunication services sectors. The Fund’s average 1.6% cash allocation was also a net drag in the very strong bull market.

The Fund experienced positive results from California-based East West Bancorp Inc. in the financial sector. The company continued to demonstrate above-average loan growth while showing improved credit quality from its earning assets throughout the year. In addition, East West Bancorp announced a potentially accretive acquisition in Texas, which will further expand its footprint. In the materials segment, Minerals Technologies Inc., a specialty minerals producer providing value-added products to paper, building materials, automotive and steel manufacturers on a global basis, continued to demonstrate margin expansion despite a low volume market. The company also turned the corner on organic revenue growth from its paper filler product due to growth from emerging markets in India and China, overcoming continued paper plant rationalizations in developed markets. Specialty semiconductor manufacturer Integrated Device Technology, Inc. also performed well in the technology sector as the company continued to benefit from the domestic build-out of LTE wireless infrastructure as well as gaining traction with new product adoptions into the mobile device segment. In addition, the company’s board of directors took an active stance to improve the overall operating and capital efficiency of the enterprise by effectuating new leadership.

Southwest Gas Corporation, a natural gas regulated utility serving primarily the Nevada and Arizona markets, was a relative outperformer in the fiscal year due to solid operating metrics resulting from improving organic growth of residential customers in its core markets. Southwest Gas also benefited from improved margins from its unregulated construction services subsidiary, serving other utilities for replacement and maintenance of natural gas distribution infrastructure. In the health care sector, MEDNAX Inc., a leading physician practice enterprise serving the neonatal and pediatric specialties while also providing anesthesia services, continued to execute on delivering consistent double-digit earnings growth via a combination of organic revenue growth and accretive acquisitions within the anesthesia services segment (a large and fragmented industry). In consumer staples, Michigan-based grocery retailer and distributor Spartan Stores Inc. continued to focus on improving margins via its private label business. Additionally, the company announced the transformational and accretive acquisition of Nash-Finch Company, a national grocery distributor that primarily serves military commissaries. A final company highlight over the fiscal year was Matrix Service Company, an energy-centric engineering and construction firm with operations in the United States and western Canada. Matrix Service’s management team continued to build out a strong backlog of projects tied to demand for energy and petrochemical infrastructure, while at the same time delivering improved margins from current project fulfillment.

Those holdings that detracted from performance included the global educational toy manufacturer LeapFrog Enterprises Inc. which underperformed due to cautious retail sales guidance entering the key fourth-quarter sales period coupled with a firmware update glitch for its new LeapPad Ultra WIFI product in the prior quarter. In industrials, Atlas Air Worldwide Holdings, Inc., a leading global provider of outsourced aircraft and aviation operating services, witnessed an overall demand decline from its key Chinese market as freight shifted to the more cost-efficient shipping methods in conjunction with a secular headwind to smaller, lighter products. We proactively reduced the Fund’s exposure to Atlas Air Worldwide last fiscal year and subsequently exited the name completely during this period as we await more favorable industry fundamentals. Finally, Premiere Global Services Inc. in the telecommunications services sector underperformed. This provider of audio and video collaborative solutions to a larger enterprise customer base on a global scale reduced its outlook for growth due to a slowdown in activity from its profitable European customer base as a result of the region coming out of crisis management mode. However, we remain constructive on the Fund’s investment in Premiere Global Services as the company’s management team continues to execute on its strategy to increase the business mix from its web-based video collaboration products.

12 Nuveen Investments

Risk Considerations

Mutual fund investing involves risk; principal loss is possible.

Nuveen Dividend Value Fund

Equity investments such as those held by the Fund, are subject to market risk and derivatives risk; dividends are not guaranteed. Foreign investments involve additional risks, including currency fluctuation, political and economic instability, lack of liquidity and differing legal and accounting standards. These risks are magnified in emerging markets. In addition, the Fund invests in debt or fixed income securities that are subject to credit risk and interest rate risk. Below investment grade or high yield debt securities are subject to heightened credit risk, liquidity risk and potential for default.

Nuveen Mid Cap Value Fund

Equity investments such as those held by the Fund, are subject to market risk, derivatives risk, value stock risk, and common stock risk. Investments in mid-cap companies are subject to greater volatility. Foreign investments involve additional risks, including currency fluctuation, political and economic instability, lack of liquidity and differing legal and accounting standards. These risks are magnified in emerging markets.

Nuveen Small Cap Value Fund

Equity investments such as those held by the Fund, are subject to market risk, derivatives risk, value stock risk, and common stock risk. Investments in small-cap companies are subject to greater volatility. Foreign investments involve additional risks, including currency fluctuation, political and economic instability, lack of liquidity and differing legal and accounting standards. These risks are magnified in emerging markets.

Nuveen Investments 13

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14 Nuveen Investments

Fund Performance and Expense Ratios

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

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

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

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

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

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

Nuveen Investments 15

Fund Performance and Expense Ratios (continued)

Nuveen Dividend Value Fund

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

Fund Performance

Average Annual Total Returns as of October 31, 2013

	Average Annual
	1-Year		5-Year			10-Year
Class A Shares at NAV		27.72%		15.40%			8.27%
Class A Shares at maximum Offering Price		20.38%		14.03%			7.63%
Russell 1000® Value Index*		28.29%		14.06%			7.81%
S&P 500® Index*		27.18%		15.17%			7.46%
Lipper Equity Income Funds Classification Average*		23.47%		13.70%			7.91%
Class B Shares w/o CDSC		26.65%		14.51%	��		7.45%
Class B Shares w/CDSC		21.65%		14.39%			7.45%
Class C Shares		26.95%		14.52%			7.45%
Class R3 Shares		27.30%		15.07%			7.99%
Class I Shares		27.96%		15.68%			8.53%

	Cumulative
	Since Inception**
Class R6 Shares		18.52%

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

	Average Annual
	1-Year		5-Year		10-Year
Class A Shares at NAV		22.25%		11.09%		8.31%
Class A Shares at maximum Offering Price		15.26%		9.77%		7.67%
Class B Shares w/o CDSC		21.32%		10.26%		7.50%
Class B Shares w/CDSC		16.32%		10.13%		7.50%
Class C Shares		21.42%		10.27%		7.51%
Class R3 Shares		22.06%		10.81%		8.05%
Class I Shares		22.61%		11.39%		8.59%

	Cumulative
	Since Inception**
Class R6 Shares		14.03%

Class A Shares have a maximum 5.75% sales charge (Offering Price). Class A Share purchases of $1 million or more are sold at net asset value without an up-front sales charge but may be subject to a contingent deferred sales charge (CDSC), also known as a back-end sales charge, if redeemed within twelve months of purchase. Class B Shares have a CDSC that begins at 5% for redemptions during the first year and declines periodically until after six years when the charge becomes 0%. Class B Shares automatically convert to Class A Shares eight years after purchase. Class C Shares have a 1% CDSC for redemptions within less than twelve months, which is not reflected in the one-year total return. Class R3 Shares have no sales charge and are only available for purchase by eligible retirement plans. Class R6 Shares have no sales charge and are available only to certain limited categories of investors as described in the prospectus. Class I Shares have no sales charge and may be purchased under limited circumstances or by specified classes of investors.

16 Nuveen Investments

Expense Ratios as of Most Recent Prospectus

	Expense Ratios
Class A Shares		1.15%
Class B Shares		1.90%
Class C Shares		1.90%
Class R3 Shares		1.40%
Class R6 Shares		0.85%
Class I Shares		0.90%

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

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

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

** Since inception return for Class R6 Shares is from 2/28/13.

Nuveen Investments 17

Fund Performance and Expense Ratios (continued)

Nuveen Mid Cap Value Fund

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

Fund Performance

Average Annual Total Returns as of October 31, 2013

	Average Annual
	1-Year		5-Year		10-Year
Class A Shares at NAV		34.93%		14.93%		8.57%
Class A Shares at maximum Offering Price		27.15%		13.58%		7.93%
Russell Midcap® Value Index*		33.45%		18.85%		10.62%
Lipper Mid-Cap Value Funds Classification Average*		34.70%		18.34%		9.31%
Class B Shares w/o CDSC		33.93%		14.09%		7.76%
Class B Shares w/CDSC		28.93%		13.97%		7.76%
Class C Shares		33.94%		14.08%		7.76%
Class R3 Shares		34.63%		14.64%		8.32%
Class I Shares		35.29%		15.21%		8.84%

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

	Average Annual
	1-Year		5-Year		10-Year
Class A Shares at NAV		27.20%		9.29%		8.89%
Class A Shares at maximum Offering Price		19.89%		8.01%		8.25%
Class B Shares w/o CDSC		26.22%		8.48%		8.08%
Class B Shares w/CDSC		21.22%		8.34%		8.08%
Class C Shares		26.22%		8.48%		8.08%
Class R3 Shares		26.86%		9.02%		8.64%
Class I Shares		27.52%		9.56%		9.16%

Class A Shares have a maximum 5.75% sales charge (Offering Price). Class A Share purchases of $1 million or more are sold at net asset value without an up-front sales charge but may be subject to a contingent deferred sales charge (CDSC), also known as a back-end sales charge, if redeemed within twelve months of purchase. Class B Shares have a CDSC that begins at 5% for redemptions during the first year and declines periodically until after six years when the charge becomes 0%. Class B Shares automatically convert to Class A Shares eight years after purchase. Class C Shares have a 1% CDSC for redemptions within less than twelve months, which is not reflected in the one-year total return. Class R3 Shares have no sales charge and are only available for purchase by eligible retirement plans. Class I Shares have no sales charge and may be purchased under limited circumstances or by specified classes of investors.

Expense Ratios as of Most Recent Prospectus

	Gross Expense Ratios		Net Expense Ratios
Class A Shares		1.47%		1.34%
Class B Shares		2.22%		2.09%
Class C Shares		2.22%		2.09%
Class R3 Shares		1.72%		1.59%
Class I Shares		1.22%		1.09%

The Fund’s investment adviser has contractually agreed to waive fees and/or reimburse other Fund expenses through February 28, 2014, so that total annual Fund operating expenses, after fee waivers and/or expense reimbursements and excluding acquired fund fees and expenses, do not exceed 1.34%, 2.09%, 2.09%, 1.59% and 1.09% for Class A, Class B, Class C, Class R3 and Class I Shares, respectively. Fee waivers and/or expense reimbursements will not be terminated prior to that time without the approval of the Fund’s Board of Directors.

18 Nuveen Investments

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

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

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

Nuveen Investments 19

Fund Performance and Expense Ratios (continued)

Nuveen Small Cap Value Fund

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

Fund Performance

Average Annual Total Returns as of October 31, 2013

	Average Annual
	1-Year		5-Year		10-Year
Class A Shares at NAV		34.98%		16.32%		8.99%
Class A Shares at maximum Offering Price		27.22%		14.94%		8.34%
Russell 2000® Value Index*		32.83%		14.84%		8.78%
Lipper Small-Cap Value Funds Classification Average*		35.05%		17.37%		9.44%
Class C Shares		33.94%		15.45%		8.18%
Class R3 Shares		34.59%		16.03%		8.75%
Class I Shares		35.34%		16.59%		9.25%

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

	Average Annual
	1-Year		5-Year		10-Year
Class A Shares at NAV		28.42%		11.07%		9.47%
Class A Shares at maximum Offering Price		21.08%		9.77%		8.83%
Class C Shares		27.43%		10.26%		8.66%
Class R3 Shares		28.09%		10.82%		9.24%
Class I Shares		28.74%		11.35%		9.74%

Class A Shares have a maximum 5.75% sales charge (Offering Price). Class A Share purchases of $1 million or more are sold at net asset value without an up-front sales charge but may be subject to a contingent deferred sales charge (CDSC), also known as a back-end sales charge, if redeemed within twelve months of purchase. Class C Shares have a 1% CDSC for redemptions within less than twelve months, which is not reflected in the one-year total return. Class R3 Shares have no sales charge and are only available for purchase by eligible retirement plans. Class I Shares have no sales charge and may be purchased under limited circumstances or by specified classes of investors.

Expense Ratios as of Most Recent Prospectus

	Gross Expense Ratios		Net Expense Ratios
Class A Shares		1.57%		1.46%
Class C Shares		2.33%		2.21%
Class R3 Shares		1.82%		1.71%
Class I Shares		1.33%		1.21%

The Fund’s investment adviser has contractually agreed to waive fees and/or reimburse other Fund expenses through February 28, 2015, so that total annual Fund operating expenses, after fee waivers and/or expense reimbursements and excluding acquired fund fees and expenses, do not exceed 1.45%, 2.20%, 1.70% and 1.20% for Class A, Class C, Class R3 and Class I Shares, respectively. Fee waivers and/or expense reimbursements will not be terminated prior to that time without the approval of the Fund’s Board of Directors.

20 Nuveen Investments

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

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

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

Nuveen Investments 21

Holding SummariesOctober 31, 2013

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

Nuveen Dividend Value Fund

Fund Allocation¹

Common Stocks	99.0%
Short-Term Investments	0.9%
Other2	0.1%

Portfolio Composition¹

Oil, Gas & Consumable Fuels	12.2%
Pharmaceuticals	8.8%
Diversified Financial Services	6.2%
Commercial Banks	5.8%
Electrical Equipment	4.0%
Industrial Conglomerates	3.9%
Chemicals	3.8%
Insurance	3.6%
Real Estate Investment Trust	3.5%
Capital Markets	3.4%
Specialty Retail	2.9%
Software	2.8%
Electric Utilities	2.7%
Household Products	2.7%
Leisure Equipment & Products	2.7%
Food Products	2.6%
Hotels, Restaurants & Leisure	2.5%
Semiconductors & Equipment	2.4%
Diversified Telecommunication Services	2.2%
Consumer Finance	2.1%
Short-Term Investments	0.9%
Other3	18.3%

Top Five Common Stock Holdings¹

General Electric Company	3.9%
Pfizer Inc.	3.4%
Procter & Gamble Company	2.7%
Chevron Corporation	2.6%
Citigroup Inc.	2.4%

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

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

3 Other assets less liabilities, which includes investments purchased with collateral from securities lending as presented in the Fund’s Portfolio of Investments and all industries less than 2.1% of net assets.

22 Nuveen Investments

Nuveen Mid Cap Value Fund

Fund Allocation¹

Common Stocks	97.8%
Short-Term Investments	0.6%
Other2	1.6%

Portfolio Composition¹

Real Estate Investment Trust	8.7%
Oil, Gas & Consumable Fuels	7.5%
Commercial Banks	7.2%
Insurance	6.7%
Specialty Retail	6.0%
Software	5.3%
Household Durables	4.0%
Hotels, Restaurants & Leisure	3.7%
Capital Markets	3.2%
Electrical Equipment	2.9%
Health Care Equipment & Supplies	2.8%
Multiline Retail	2.8%
Leisure Equipment & Products	2.3%
Semiconductors & Equipment	2.3%
Chemicals	2.2%
Paper & Forest Products	2.2%
Health Care Providers & Services	2.0%
Auto Components	1.9%
Road & Rail	1.9%
Airlines	1.8%
Independent Power Producers & Energy Traders	1.8%
Consumer Finance	1.7%
Short-Term Investments	0.6%
Other3	18.5%

Top Five Common Stock Holdings¹

Invesco LTD	2.0%
Unum Group	2.0%
Staples, Inc.	1.9%
Lincoln National Corporation	1.9%
Host Hotels & Resorts Inc.	1.8%

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

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

3 Other assets less liabilities, which includes investments purchased with collateral from securities lending as presented in the Fund’s Portfolio of Investments and all industries less than 1.7% of net assets.

Nuveen Investments 23

Holding Summaries October 31, 2013 (continued)

Nuveen Small Cap Value Fund

Fund Allocation¹

Common Stocks	97.4%
Short-Term Investments	1.8%
Other2	0.8%

Portfolio Composition¹

Commercial Banks	13.5%
Real Estate Investment Trust	7.7%
Insurance	5.9%
Semiconductors & Equipment	5.1%
Oil, Gas & Consumable Fuels	4.6%
Specialty Retail	4.6%
Health Care Providers & Services	4.1%
Capital Markets	3.6%
Energy Equipment & Services	3.0%
Chemicals	2.9%
Communications Equipment	2.7%
Construction & Engineering	2.7%
Hotels, Restaurants & Leisure	2.6%
Electrical Equipment	2.5%
Machinery	2.5%
Household Durables	2.4%
Professional Services	2.3%
Thrifts & Mortgage Finance	2.3%
Electric Utilities	2.2%
Road & Rail	2.1%
Short-Term Investments	1.8%
Other3	18.9%

Top Five Common Stock Holdings¹

East West Bancorp Inc.	1.8%
Horace Mann Educators Corporation	1.7%
Altra Industrial Motion, Inc.	1.7%
Webster Financial Corporation	1.7%
American Equity Investment Life Holding Company	1.6%

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

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

3 Other assets less liabilities, which includes investments purchased with collateral from securities lending as presented in the Fund’s Portfolio of Investments and all industries less than 2.1% of net assets.

24 Nuveen Investments

Expense Examples

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

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

The information under “Actual Performance,” together with the amount you invested, allows you to estimate actual expenses incurred over the reporting period. Simply divide your account value by $1,000 (for example, an $8,600 account value divided by $1,000 = 8.60) and multiply the result by the cost shown for your share class, in the row entitled “Expenses Incurred During Period” to estimate the expenses incurred on your account during this period.

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

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

Nuveen Dividend Value Fund

	Actual Performance												Hypothetical Performance (5% annualized return before expenses)
	A Shares		B Shares		C Shares		R3 Shares		R6 Shares		I Shares		A Shares		B Shares		C Shares		R3 Shares		R6 Shares		I Shares
Beginning Account Value (5/01/13)	$	1,000.00	$	1,000.00	$	1,000.00	$	1,000.00	$	1,000.00	$	1,000.00	$	1,000.00	$	1,000.00	$	1,000.00	$	1,000.00	$	1,000.00	$	1,000.00
Ending Account Value (10/31/13)	$	1,108.80	$	1,104.40	$	1,104.50	$	1,107.00	$	1,110.00	$	1,110.00	$	1,019.56	$	1,015.78	$	1,015.78	$	1,018.30	$	1,021.22	$	1,020.82
Expenses Incurred During Period	$	5.95	$	9.92	$	9.92	$	7.28	$	4.20	$	4.63	$	5.70	$	9.50	$	9.50	$	6.97	$	4.02	$	4.43

For each class of the Fund, expenses are equal to the Fund’s annualized net expense ratio of 1.12%, 1.87%, 1.87%, 1.37%, 0.79% and 0.87% for Classes A, B, C, R3, R6 and I, respectively, multiplied by the average account value over the period, multiplied by 184/365 (to reflect the one-half year period).

Nuveen Investments 25

Expense Examples (continued)

Nuveen Mid Cap Value Fund

	Actual Performance										Hypothetical Performance (5% annualized return before expenses)
	A Shares		B Shares		C Shares		R3 Shares		I Shares		A Shares		B Shares		C Shares		R3 Shares		I Shares
Beginning Account Value (5/01/13)	$	1,000.00	$	1,000.00	$	1,000.00	$	1,000.00	$	1,000.00	$	1,000.00	$	1,000.00	$	1,000.00	$	1,000.00	$	1,000.00
Ending Account Value (10/31/13)	$	1,146.00	$	1,141.70	$	1,142.00	$	1,144.90	$	1,147.60	$	1,018.45	$	1,014.67	$	1,014.67	$	1,017.19	$	1,019.71
Expenses Incurred During Period	$	7.25	$	11.28	$	11.28	$	8.60	$	5.90	$	6.82	$	10.61	$	10.61	$	8.08	$	5.55

For each class of the Fund, expenses are equal to the Fund’s annualized net expense ratio of 1.34%, 2.09%, 2.09%, 1.59% and 1.09% for Classes A, B, C, R3 and I, respectively, multiplied by the average account value over the period, multiplied by 184/365 (to reflect the one-half year period).

Nuveen Small Cap Value Fund

	Actual Performance								Hypothetical Performance (5% annualized return before expenses)
	A Shares		C Shares		R3 Shares		I Shares		A Shares		C Shares		R3 Shares		I Shares
Beginning Account Value (5/01/13)	$	1,000.00	$	1,000.00	$	1,000.00	$	1,000.00	$	1,000.00	$	1,000.00	$	1,000.00	$	1,000.00
Ending Account Value (10/31/13)	$	1,152.80	$	1,148.60	$	1,150.70	$	1,153.80	$	1,017.95	$	1,014.17	$	1,016.69	$	1,019.21
Expenses Incurred During Period	$	7.81	$	11.86	$	9.16	$	6.46	$	7.32	$	11.12	$	8.59	$	6.06

For each class of the Fund, expenses are equal to the Fund’s annualized net expense ratio of 1.44%, 2.19%, 1.69% and 1.19% for Classes A, C, R3 and I, respectively, multiplied by the average account value over the period, multiplied by 184/365 (to reflect the one-half year period).

26 Nuveen Investments

Report of Independent Registered

Public Accounting Firm

To the Board of Trustees and Shareholders of

Nuveen Investment Funds, Inc.:

In our opinion, the accompanying statements of assets and liabilities, including the portfolios of investments, and the related statements of operations and of changes in net assets and the financial highlights present fairly, in all material respects, the financial position of Nuveen Dividend Value Fund, Nuveen Mid Cap Value Fund, and Nuveen Small Cap Value Fund (each a series of the Nuveen Investment Funds, Inc., hereinafter referred to as the “Funds”) at October 31, 2013, the results of each of their operations for the year then ended, the changes in each of their net assets and the financial highlights for each of the two years in the period then ended, in conformity with accounting principles generally accepted in the United States of America. These financial statements and financial highlights (hereafter referred to as “financial statements”) are the responsibility of the Funds’ management; our responsibility is to express an opinion on these financial statements based on our audits. We conducted our audits of these financial statements in accordance with the standards of the Public Company Accounting Oversight Board (United States). Those standards require that we plan and perform the audit to obtain reasonable assurance about whether the financial statements are free of material misstatement. An audit includes examining, on a test basis, evidence supporting the amounts and disclosures in the financial statements, assessing the accounting principles used and significant estimates made by management, and evaluating the overall financial statement presentation. We believe that our audits, which included confirmation of securities at October 31, 2013 by correspondence with the custodian and brokers, provide a reasonable basis for our opinion. The financial statements of the Funds for the years ended October 31, 2011 and prior were audited by other independent auditors whose report dated December 28, 2011 expressed an unqualified opinion on those statements.

PRICEWATERHOUSECOOPERS LLP

Chicago, IL

December 27, 2013

Nuveen Investments 27

Portfolio of Investments October 31, 2013

Nuveen Dividend Value Fund

Shares		Description (1)	Value
		LONG-TERM INVESTMENTS – 108.5%
		COMMON STOCKS – 99.0%
		Aerospace & Defense – 1.7%
	136,993	General Dynamics Corporation	$	11,867,704
	166,075	United Technologies Corporation		17,645,469
		Total Aerospace & Defense		29,513,173
		Capital Markets – 3.4%
	930,933	Morgan Stanley		26,745,705
	443,329	State Street Corporation		31,064,063
		Total Capital Markets		57,809,768
		Chemicals – 3.8%
	440,368	Dow Chemical Company		17,381,325
	175,129	LyondellBasell Industries NV		13,064,623
	110,529	PPG Industries, Inc.		20,180,385
	110,344	Praxair, Inc.		13,761,000
		Total Chemicals		64,387,333
		Commercial Banks – 5.8%
	281,990	BankUnited Inc.		8,676,832
	212,895	Comerica Incorporated		9,218,354
	214,320	Community Bank System Inc.		7,781,959
	919,811	Fifth Third Bancorp.		17,504,003
	149,297	M&T Bank Corporation, (2)		16,800,391
	132,855	PNC Financial Services Group, Inc.		9,768,828
	1,242,350	Regions Financial Corporation		11,963,831
	527,164	SunTrust Banks, Inc.		17,733,796
		Total Commercial Banks		99,447,994
		Communications Equipment – 1.5%
	1,147,209	Cisco Systems, Inc.		25,812,203
		Computers & Peripherals – 1.4%
	44,240	Apple, Inc.		23,108,764
		Construction & Engineering – 0.3%
	158,313	KBR Inc.		5,468,131
		Consumer Finance – 2.1%
	302,885	Capital One Financial Corporation		20,799,113
	592,103	SLM Corporation		15,021,653
		Total Consumer Finance		35,820,766
		Diversified Financial Services – 6.2%
	2,901,776	Bank of America Corporation		40,508,793
	838,152	Citigroup Inc.		40,885,055
	468,149	JP Morgan Chase & Co.		24,128,399
		Total Diversified Financial Services		105,522,247

28 Nuveen Investments

Shares		Description (1)	Value
		Diversified Telecommunication Services – 2.2%
	447,724	CenturyLink Inc., (2)	$	15,159,935
	230,759	Verizon Communications Inc.		11,655,637
	1,181,247	Windstream Holdings Inc., (2)		10,099,662
		Total Diversified Telecommunication Services		36,915,234
		Electric Utilities – 2.7%
	275,445	Exelon Corporation, (2)		7,861,200
	187,435	Pinnacle West Capital Corporation		10,501,983
	455,795	PPL Corporation		13,961,001
	445,283	Westar Energy Inc., (2)		14,075,396
		Total Electric Utilities		46,399,580
		Electrical Equipment – 4.0%
	348,386	Eaton PLC		24,582,116
	223,593	Emerson Electric Company		14,974,023
	274,077	Regal-Beloit Corporation		20,098,066
	83,440	Rockwell Automation, Inc., (2)		9,212,610
		Total Electrical Equipment		68,866,815
		Electronic Equipment & Instruments – 0.7%
	312,549	Molex Inc.		12,033,137
		Energy Equipment & Services – 0.2%
	125,667	Exterran Partners, L.P., (2)		3,900,704
		Food & Staples Retailing – 1.3%
	366,193	Walgreen Co.		21,693,273
		Food Products – 2.6%
	396,535	ConAgra Foods, Inc.		12,613,778
	508,915	Mondelez International Inc.		17,119,901
	368,025	Unilever PLC, ADR		14,617,953
		Total Food Products		44,351,632
		Health Care Equipment & Supplies – 1.5%
	282,003	Covidien PLC		18,079,212
	108,550	Stryker Corporation		8,017,503
		Total Health Care Equipment & Supplies		26,096,715
		Health Care Providers & Services – 1.3%
	310,553	UnitedHealth Group Incorporated		21,198,348
		Hotels, Restaurants & Leisure – 2.5%
	419,072	Carnival Corporation, ADR, (2)		14,520,845
	135,879	McDonald’s Corporation		13,115,041
	185,414	Starbucks Corporation		15,027,805
		Total Hotels, Restaurants & Leisure		42,663,691
		Household Durables – 0.9%
	104,972	Whirlpool Corporation		15,326,962
		Household Products – 2.7%
	568,747	Procter & Gamble Company		45,926,320
		Industrial Conglomerates – 3.9%
	2,519,336	General Electric Company		65,855,443

Nuveen Investments 29

Portfolio of Investments October 31, 2013

Nuveen Dividend Value Fund (continued)

Shares		Description (1)	Value
		Insurance – 3.6%
	270,357	Lincoln National Corporation	$	12,276,911
	471,258	Old Republic International Corporation		7,912,422
	294,558	Prudential Financial, Inc.		23,974,076
	524,862	Unum Group		16,659,120
		Total Insurance		60,822,529
		Leisure Equipment & Products – 2.7%
	384,722	Hasbro, Inc.		19,870,891
	195,976	Polaris Industries Inc., (2)		25,663,057
		Total Leisure Equipment & Products		45,533,948
		Machinery – 2.0%
	195,548	Dover Corporation, (2)		17,949,351
	449,020	Xylem Inc., (2)		15,491,190
		Total Machinery		33,440,541
		Media – 0.8%
	418,560	Cinemark Holdings Inc.		13,732,954
		Multiline Retail – 1.0%
	312,540	Kohl’s Corporation, (2)		17,752,272
		Multi-Utilities – 0.9%
	542,791	CMS Energy Corporation		14,905,041
		Oil, Gas & Consumable Fuels – 12.2%
	282,321	Anadarko Petroleum Corporation		26,902,368
	374,509	Chevron Corporation		44,926,099
	159,749	ConocoPhillips		11,709,602
	308,875	Devon Energy Corporation		19,527,078
	397,884	Enbridge Energy Partners LP		12,043,949
	243,850	Golar LNG, Limited, (2)		9,054,151
	372,205	Linn Energy LLC		10,310,079
	370,307	Marathon Oil Corporation		13,057,025
	175,449	Occidental Petroleum Corporation		16,857,140
	250,727	Royal Dutch Shell PLC, Class A		16,713,462
	519,365	Spectra Energy Corporation		18,473,812
	165,957	Williams Partners LP		8,533,509
		Total Oil, Gas & Consumable Fuels		208,108,274
		Pharmaceuticals – 8.8%
	252,551	AstraZeneca PLC, Sponsored ADR, (2)		13,349,846
	404,998	GlaxoSmithKline PLC		21,315,045
	281,739	Johnson & Johnson		26,091,849
	711,232	Merck & Company Inc.		32,069,451
	1,867,471	Pfizer Inc.		57,294,009
		Total Pharmaceuticals		150,120,200
		Real Estate Investment Trust – 3.5%
	176,363	Liberty Property Trust		6,558,940
	1,523,531	MFA Mortgage Investments, Inc.		11,289,365
	110,810	Mid-America Apartment Communities		7,357,784
	223,270	National Retail Properties, Inc.		7,680,488

30 Nuveen Investments

Shares		Description (1)	Value
		Real Estate Investment Trust (continued)
	555,826	Redwood Trust Inc., (2)	$	9,738,072
	638,870	Starwood Property Trust Inc.		16,412,570
		Total Real Estate Investment Trust		59,037,219
		Semiconductors & Equipment – 2.4%
	894,608	Intel Corporation		21,855,273
	342,122	Maxim Integrated Products, Inc.		10,161,023
	201,844	Texas Instruments Incorporated		8,493,596
		Total Semiconductors & Equipment		40,509,892
		Software – 2.8%
	557,934	CA Inc.		17,719,984
	450,575	Microsoft Corporation		15,927,826
	640,624	Symantec Corporation		14,567,790
		Total Software		48,215,600
		Specialty Retail – 2.9%
	439,703	Best Buy Co., Inc.		18,819,288
	292,251	Lowe’s Companies, Inc.		14,548,255
	1,039,265	Staples, Inc., (2)		16,752,952
		Total Specialty Retail		50,120,495
		Tobacco – 1.7%
	398,467	Altria Group, Inc.		14,834,926
	154,117	Philip Morris International		13,734,907
		Total Tobacco		28,569,833
		Wireless Telecommunication Services – 1.0%
	436,992	Vodafone Group PLC, Sponsored ADR		16,090,045
		Total Common Stocks (cost $1,189,363,130)		1,685,077,076
Shares		Description (1)	Value
		INVESTMENTS PURCHASED WITH COLLATERAL FROM SECURITIES LENDING – 9.5%
		Money Market Funds – 9.5%
	162,251,877	Mount Vernon Securities Lending Prime Portfolio, 0.177%, (3), (4)	$	162,251,877
		Total Investments Purchased with Collateral from Securities Lending (cost $162,251,877)		162,251,877
		Total Long-Term Investments (cost $1,351,615,007)		1,847,328,953
Shares		Description (1)	Value
		SHORT-TERM INVESTMENTS – 0.9%
		Money Market Funds – 0.9%
	16,040,883	First American Treasury Obligations Fund, Class Z, 0.000%, (3)	$	16,040,883
		Total Short-Term Investments (cost $16,040,883)		16,040,883
		Total Investments (cost $1,367,655,890) – 109.4%		1,863,369,836
		Other Assets Less Liabilities – (9.4)%		(160,520,123	)
		Net Assets – 100%	$	1,702,849,713

For Fund portfolio compliance purposes, the Fund’s industry classifications refer to any one or more of the industry sub-classifications used by one or more widely recognized market indexes or ratings group indexes, and/or as defined by Fund management. This definition may not apply for purposes of this report which may combine industry sub-classifications into sectors for reporting ease.

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

(2) Investment, or a portion of investment, is out on loan for securities lending. The total value of securities out on loan as of the end of the reporting period was $156,887,168.

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

(4) The Fund may loan securities representing up to one third of the fair value of its total assets (which includes collateral for securities on loan) to broker dealers, banks, and other institutions. The Fund maintains collateral equal to at least 102% of the fair value of the securities loaned. The cash collateral received by the Fund is invested in this money market fund. See Notes to Financial Statements, Note 3 – Portfolio Securities and Investments in Derivatives, Securities Lending for more information.

ADR American Depositary Receipt.

See accompanying notes to financial statements.

Nuveen Investments 31

Portfolio of Investments October 31, 2013

Nuveen Mid Cap Value Fund

Shares		Description (1)	Value
		LONG-TERM INVESTMENTS – 127.3%
		COMMON STOCKS – 97.8%
		Airlines – 1.8%
	97,436	Delta Air Lines, Inc., (2)	$	2,570,362
		Auto Components – 1.9%
	14,664	BorgWarner Inc., (2)		1,512,298
	65,474	Dana Holding Corporation, (2)		1,283,290
		Total Auto Components		2,795,588
		Building Products – 1.2%
	33,732	Smith AO Corporation, (2)		1,742,258
		Capital Markets – 3.2%
	85,930	Invesco LTD		2,900,138
	38,399	Raymond James Financial Inc.		1,752,914
		Total Capital Markets		4,653,052
		Chemicals – 2.2%
	61,468	Chemtura Corporation, (3)		1,505,966
	18,242	WR Grace & Company, (3)		1,672,062
		Total Chemicals		3,178,028
		Commercial Banks – 7.2%
	64,604	East West Bancorp Inc.		2,176,509
	132,007	Fifth Third Bancorp.		2,512,093
	185,360	Regions Financial Corporation		1,785,017
	43,886	Wintrust Financial Corporation, (2)		1,909,480
	66,513	Zions Bancorporation, (2)		1,886,974
		Total Commercial Banks		10,270,073
		Commercial Services & Supplies – 1.2%
	83,085	Pitney Bowes Inc., (2)		1,773,034
		Communications Equipment – 0.7%
	21,934	Plantronics Inc.		941,846
		Computers & Peripherals – 1.4%
	29,214	Western Digital Corporation		2,034,171
		Construction & Engineering – 1.2%
	47,998	KBR Inc.		1,657,851
		Consumer Finance – 1.7%
	96,861	SLM Corporation		2,457,364
		Diversified Consumer Services – 1.0%
	22,347	Outerwall Inc., (2), (3)		1,452,108
		Electrical Equipment – 2.9%
	33,950	Regal-Beloit Corporation, (2)		2,489,554
	15,695	Rockwell Automation, Inc., (2)		1,732,885
		Total Electrical Equipment		4,222,439

32 Nuveen Investments

Shares		Description (1)	Value
		Health Care Equipment & Supplies – 2.8%
	131,487	Boston Scientific Corporation, (3)	$	1,537,083
	42,796	Saint Jude Medical Inc.		2,456,062
		Total Health Care Equipment & Supplies		3,993,145
		Health Care Providers & Services – 2.0%
	15,609	CIGNA Corporation		1,201,581
	20,700	Universal Health Services, Inc., Class B		1,667,592
		Total Health Care Providers & Services		2,869,173
		Hotels, Restaurants & Leisure – 3.7%
	31,001	Jack in the Box Inc., Term Loan, (3)		1,261,121
	60,560	Royal Caribbean Cruises Limited, (2)		2,545,942
	8,756	Wynn Resorts Ltd, (2)		1,455,685
		Total Hotels, Restaurants & Leisure		5,262,748
		Household Durables – 4.0%
	29,786	Jarden Corporation, (3)		1,648,953
	14,851	Mohawk Industries Inc., (3)		1,966,569
	14,168	Whirlpool Corporation		2,068,670
		Total Household Durables		5,684,192
		Independent Power Producers & Energy Traders – 1.8%
	90,448	NRG Energy Inc., (2)		2,580,481
		Industrial Conglomerates – 1.4%
	27,727	Carlisle Companies Inc.		2,015,198
		Insurance – 6.7%
	119,182	CNO Financial Group Inc.		1,856,856
	38,781	Endurance Specialty Holdings Limited, (2)		2,144,201
	61,333	Lincoln National Corporation		2,785,132
	91,250	Unum Group		2,896,275
		Total Insurance		9,682,464
		Leisure Equipment & Products – 2.3%
	41,344	Brunswick Corporation		1,865,855
	10,674	Polaris Industries Inc., (2)		1,397,760
		Total Leisure Equipment & Products		3,263,615
		Life Sciences Tools & Services – 1.6%
	44,294	Agilent Technologies, Inc.		2,248,363
		Machinery – 1.3%
	40,082	Oshkosh Truck Corporation, (3)		1,907,502
		Media – 1.6%
	15,007	Liberty Media Corporation, (3)		2,294,720
		Multiline Retail – 2.8%
	42,542	Kohl’s Corporation, (2)		2,416,386
	34,992	Macy’s, Inc.		1,613,481
		Total Multiline Retail		4,029,867
		Office Electronics – 1.4%
	197,417	Xerox Corporation		1,962,325

Nuveen Investments 33

Portfolio of Investments October 31, 2013

Nuveen Mid Cap Value Fund (continued)

Shares		Description (1)	Value
		Oil, Gas & Consumable Fuels – 7.5%
	32,567	Cobalt International Energy, Inc., (3)	$	755,880
	50,743	Delek US Holdings Inc.		1,296,484
	23,058	Gulfport Energy Corporation, (2), (3)		1,353,274
	57,150	Newfield Exploration Company, (3)		1,740,218
	27,081	Noble Energy, Inc.		2,029,178
	87,907	Peabody Energy Corporation, (2)		1,712,428
	28,866	Whiting Petroleum Corporation, (3)		1,930,847
		Total Oil, Gas & Consumable Fuels		10,818,309
		Paper & Forest Products – 2.2%
	19,596	Domtar Corporation		1,659,977
	32,582	International Paper Company		1,453,483
		Total Paper & Forest Products		3,113,460
		Personal Products – 0.9%
	10,818	Nu Skin Enterprises, Inc., Class A		1,264,949
		Real Estate Investment Trust – 8.7%
	137,883	Developers Diversified Realty Corporation, (2)		2,337,117
	140,383	Host Hotels & Resorts Inc., (2)		2,604,104
	91,135	Kimco Realty Corporation, (2)		1,957,580
	292,772	MFA Mortgage Investments, Inc.		2,169,441
	19,837	SL Green Realty Corporation, (2)		1,875,985
	61,791	Starwood Property Trust Inc.		1,587,411
		Total Real Estate Investment Trust		12,531,638
		Road & Rail – 1.9%
	35,375	Con-Way, Inc.		1,457,450
	55,422	Swift Transportation Company, (2), (3)		1,207,645
		Total Road & Rail		2,665,095
		Semiconductors & Equipment – 2.3%
	142,547	Micron Technology, Inc., (3)		2,520,231
	27,697	Semtech Corporation, (3)		861,654
		Total Semiconductors & Equipment		3,381,885
		Software – 5.3%
	47,046	Autodesk, Inc., (3)		1,877,606
	75,216	CA Inc.		2,388,860
	78,419	Symantec Corporation		1,783,248
	42,083	Synopsys Inc., (3)		1,533,925
		Total Software		7,583,639
		Specialty Retail – 6.0%
	62,358	Abercrombie & Fitch Co., Class A, (2)		2,337,178
	46,080	Best Buy Co., Inc.		1,972,224
	45,706	Foot Locker, Inc., (2)		1,585,998
	173,656	Staples, Inc., (2)		2,799,335
		Total Specialty Retail		8,694,735
		Textiles, Apparel & Luxury Goods – 1.0%
	20,188	Deckers Outdoor Corporation, (2), (3)		1,389,540

34 Nuveen Investments

Shares		Description (1)	Value
		Thrifts & Mortgage Finance – 1.0%
	90,793	Everbank Financial Corporation	$	1,372,790
		Total Common Stocks (cost $116,826,028)		140,358,007
Shares		Description (1)	Value
		INVESTMENTS PURCHASED WITH COLLATERAL FROM SECURITIES LENDING – 29.5%
		Money Market Funds – 29.5%
	42,313,911	Mount Vernon Securities Lending Prime Portfolio, 0.177%, (4), (5)	$	42,313,911
		Total Investments Purchased with Collateral from Securities Lending (cost $42,313,911)		42,313,911
		Total Long-Term Investments (cost $159,139,939)		182,671,918
Shares		Description (1)	Value
		SHORT-TERM INVESTMENTS – 0.6%
		Money Market Funds – 0.6%
	920,497	First American Treasury Obligations Fund, Class Z, 0.000%, (4)	$	920,497
		Total Short-Term Investments (cost $920,497)		920,497
		Total Investments (cost $160,060,436) – 127.9%		183,592,415
		Other Assets Less Liabilities – (27.9)%		(40,006,687	)
		Net Assets – 100%	$	143,585,728

For Fund portfolio compliance purposes, the Fund’s industry classifications refer to any one or more of the industry sub-classifications used by one or more widely recognized market indexes or ratings group indexes, and/or as defined by Fund management. This definition may not apply for purposes of this report which may combine industry sub-classifications into sectors for reporting ease.

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

(2) Investment, or a portion of investment, is out on loan for securities lending. The total value of securities out on loan as of the end of the reporting period was $40,840,362.

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

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

(5) The Fund may loan securities representing up to one third of the fair value of its total assets (which includes collateral for securities on loan) to broker dealers, banks, and other institutions. The Fund maintains collateral equal to at least 102% of the fair value of the securities loaned. The cash collateral received by the Fund is invested in this money market fund. See Notes to Financial Statements, Note 3 – Portfolio Securities and Investments in Derivatives, Securities Lending for more information.

See accompanying notes to financial statements.

Nuveen Investments 35

Portfolio of Investments October 31, 2013

Nuveen Small Cap Value Fund

Shares		Description (1)	Value
		LONG-TERM INVESTMENTS – 126.0%
		COMMON STOCKS – 97.4%
		Aerospace & Defense – 1.5%
	21,500	Triumph Group Inc., (2)	$	1,540,475
		Auto Components – 1.3%
	67,920	Dana Holding Corporation, (2)		1,331,232
		Capital Markets – 3.6%
	83,121	JMP Group Inc.		532,806
	64,101	Manning & Napier Inc.		1,064,077
	86,721	New Mountain Finance Corporation		1,229,704
	88,052	Pennantpark Investment Corporation		991,466
		Total Capital Markets		3,818,053
		Chemicals – 2.9%
	64,000	Chemtura Corporation, (3)		1,568,000
	26,000	Minerals Technologies Inc., (2)		1,472,380
		Total Chemicals		3,040,380
		Commercial Banks – 13.5%
	42,000	Banner Corporation, (2)		1,606,920
	96,500	Customers Bancorp Inc., (2), (3)		1,616,375
	56,000	East West Bancorp Inc., (2)		1,886,639
	39,000	Flushing Financial Corporation, (2)		783,510
	54,500	Heartland Financial USA, Inc.		1,443,705
	51,000	Renasant Corporation		1,462,680
	12,500	SVB Financial Group, (2), (3)		1,197,250
	16,225	Texas Capital BancShares, Inc., (2), (3)		844,511
	64,131	Webster Financial Corporation		1,788,614
	36,000	Wintrust Financial Corporation, (2)		1,566,360
		Total Commercial Banks		14,196,564
		Commercial Services & Supplies – 0.9%
	166,200	Acco Brands Corporation, (2), (3)		972,270
		Communications Equipment – 2.7%
	77,000	Applied Optoelectronics Inc., (3)		976,360
	53,700	Infinera Corporation, (2), (3)		548,277
	30,750	Plantronics Inc.		1,320,405
		Total Communications Equipment		2,845,042
		Computers & Peripherals – 0.5%
	24,000	Cray, Inc., (2), (3)		536,640
		Construction & Engineering – 2.7%
	44,325	Emcor Group Inc.		1,642,685
	45,036	MYR Group Inc., (3)		1,191,202
		Total Construction & Engineering		2,833,887

36 Nuveen Investments

Shares		Description (1)	Value
		Diversified Financial Services – 1.2%
	51,500	PHH Corporation, (3)	$	1,238,575
		Diversified Telecommunication Services – 1.1%
	125,000	Premiere Global Services, Inc., (3)		1,126,250
		Electric Utilities – 2.2%
	22,626	El Paso Electric Company		795,756
	39,500	UIL Holdings Corporation		1,521,540
		Total Electric Utilities		2,317,296
		Electrical Equipment – 2.5%
	38,287	Babcock & Wilcox Company		1,233,224
	18,700	Regal-Beloit Corporation, (2)		1,371,271
		Total Electrical Equipment		2,604,495
		Electronic Equipment & Instruments – 2.0%
	16,000	SYNNEX Corporation, (3)		980,800
	91,500	Vishay Intertechnology Inc., (2), (3)		1,122,705
		Total Electronic Equipment & Instruments		2,103,505
		Energy Equipment & Services – 3.0%
	48,000	Basic Energy Services, Inc., (2), (3)		704,160
	69,445	Matrix Service Company, (3)		1,443,762
	42,182	Patterson-UTI Energy, Inc.		1,023,335
		Total Energy Equipment & Services		3,171,257
		Food & Staples Retailing – 1.0%
	46,000	Spartan Stores, Inc., (2)		1,082,380
		Gas Utilities – 1.2%
	22,993	Southwest Gas Corporation, (2)		1,247,600
		Health Care Equipment & Supplies – 1.0%
	28,000	Conmed Corporation, (2)		1,015,560
		Health Care Providers & Services – 4.1%
	44,119	Hanger Orthopedic Group Inc., (2), (3)		1,619,167
	14,500	Medax Inc., (3)		1,580,790
	35,895	US Physical Therapy, Inc.		1,145,768
		Total Health Care Providers & Services		4,345,725
		Hotels, Restaurants & Leisure – 2.6%
	26,077	Bob Evans Farms, (2)		1,488,736
	71,000	Einstein Noah Restaurant Group		1,266,640
		Total Hotels, Restaurants & Leisure		2,755,376
		Household Durables – 2.4%
	65,000	La Z Boy Inc.		1,500,200
	67,100	Tri Pointe Homes, Incorporated, (2), (3)		1,068,232
		Total Household Durables		2,568,432
		Insurance – 5.9%
	82,178	American Equity Investment Life Holding Company, (2)		1,712,590
	106,938	CNO Financial Group Inc.		1,666,094
	19,000	Endurance Specialty Holdings Limited, (2)		1,050,510
	65,735	Horace Mann Educators Corporation		1,820,860
		Total Insurance		6,250,054

Nuveen Investments 37

Portfolio of Investments October 31, 2013

Nuveen Small Cap Value Fund (continued)

Shares		Description (1)	Value
		Internet Software & Services – 2.0%
	77,000	Dice Holdings Inc., (3)	$	568,260
	86,785	Perficient, Inc., (3)		1,569,941
		Total Internet Software & Services		2,138,201
		Leisure Equipment & Products – 0.7%
	91,000	LeapFrog Enterprises Inc., (2), (3)		778,960
		Machinery – 2.5%
	21,884	Actuant Corporation		821,963
	59,000	Altra Industrial Motion, Inc.		1,791,830
		Total Machinery		2,613,793
		Metals & Mining – 1.7%
	33,492	Commercial Metals Company		614,913
	18,150	Kaiser Aluminum Corporation		1,224,218
		Total Metals & Mining		1,839,131
		Oil, Gas & Consumable Fuels – 4.6%
	46,369	Bill Barrett Corporation, (2), (3)		1,283,030
	20,000	Delek US Holdings Inc.		511,000
	57,000	Energy XXI Limited Bermuda		1,656,420
	23,000	Rosetta Resources, Inc., (2), (3)		1,378,620
		Total Oil, Gas & Consumable Fuels		4,829,070
		Personal Products – 0.9%
	26,000	Inter Parfums, Inc.		914,160
		Professional Services – 2.3%
	70,000	Korn Ferry International, (3)		1,666,000
	29,000	TrueBlue Inc., (3)		716,300
		Total Professional Services		2,382,300
		Real Estate Investment Trust – 7.7%
	78,000	Associated Estates Realty Corp., (2)		1,196,520
	92,000	Brandywine Realty Trust, (2)		1,309,160
	80,000	CubeSmart, (2)		1,461,600
	25,000	Entertainment Properties Trust, (2)		1,284,250
	50,000	LaSalle Hotel Properties		1,552,499
	180,000	MFA Mortgage Investments, Inc.		1,333,800
		Total Real Estate Investment Trust		8,137,829
		Road & Rail – 2.1%
	51,500	Celadon Group, Inc., (2)		954,810
	40,500	Saia, Inc., (3)		1,317,465
		Total Road & Rail		2,272,275
		Semiconductors & Equipment – 5.1%
	124,000	Cypress Semiconductor Corporation, (2)		1,150,720
	160,000	Integrated Device Technology, Inc., (2), (3)		1,702,399
	34,226	MKS Instruments Inc.		1,014,459
	187,000	TriQuint Semiconductor, Inc., (3)		1,482,910
		Total Semiconductors & Equipment		5,350,488

38 Nuveen Investments

Shares		Description (1)	Value
		Specialty Retail – 4.6%
	35,000	Ann Inc., (3)	$	1,237,600
	18,000	Genesco Inc., (3)		1,225,980
	18,800	Group 1 Automotive Inc., (2)		1,203,200
	27,050	Mens Wearhouse Inc.		1,144,215
		Total Specialty Retail		4,810,995
		Textiles, Apparel & Luxury Goods – 1.1%
	61,000	Perry Ellis International, Inc., (2)		1,159,610
		Thrifts & Mortgage Finance – 2.3%
	87,500	Everbank Financial Corporation		1,323,000
	16,500	WSFS Financial Corporation		1,155,165
		Total Thrifts & Mortgage Finance		2,478,165
		Total Common Stocks (cost $80,394,865)		102,646,025
Shares		Description (1)	Value
		INVESTMENTS PURCHASED WITH COLLATERAL FROM SECURITIES LENDING – 28.6%
		Money Market Funds – 28.6%
	30,104,833	Mount Vernon Securities Lending Prime Portfolio, 0.177%, (4), (5)	$	30,104,833
		Total Investments Purchased with Collateral from Securities Lending (cost $30,104,833)		30,104,833
		Total Long-Term Investments (cost $110,499,698)		132,750,858
Shares		Description (1)	Value
		SHORT-TERM INVESTMENTS – 1.8%
		Money Market Funds – 1.8%
	1,872,131	First American Treasury Obligations Fund, Class Z, 0.000%, (4)	$	1,872,131
		Total Short-Term Investments (cost $1,872,131)		1,872,131
		Total Investments (cost $112,371,829) – 127.8%		134,622,989
		Other Assets Less Liabilities – (27.8)%		(29,270,466	)
		Net Assets – 100%	$	105,352,523

For Fund portfolio compliance purposes, the Fund’s industry classifications refer to any one or more of the industry sub-classifications used by one or more widely recognized market indexes or ratings group indexes, and/or as defined by Fund management. This definition may not apply for purposes of this report which may combine industry sub-classifications into sectors for reporting ease.

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

(2) Investment, or a portion of investment, is out on loan for securities lending. The total value of securities out on loan as of the end of the reporting period was $28,905,046.

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

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

(5) The Fund may loan securities representing up to one third of the fair value of its total assets (which includes collateral for securities on loan) to broker dealers, banks, and other institutions. The Fund maintains collateral equal to at least 102% of the fair value of the securities loaned. The cash collateral received by the Fund is invested in this money market fund. See Notes to Financial Statements, Note 3 – Portfolio Securities and Investments in Derivatives, Securities Lending for more information.

See accompanying notes to financial statements.

Nuveen Investments 39

Statement of

Assets and Liabilities October 31, 2013

	Dividend Value		Mid Cap Value			Small Cap Value
Assets
Investments, at value (cost $1,205,404,013, $117,746,525 and $82,266,996, respectively)	$	1,701,117,959	$	141,278,504		$	104,518,156
Investments purchased with collateral from securities lending (cost approximates value)		162,251,877		42,313,911			30,104,833
Receivable for:
Dividends		1,863,494		61,782			48,694
Due from broker		27,896		9,103			2,815
Investments sold		—		2,037,401			315,555
Shares sold		3,936,958		2,320,271			1,047,190
Other assets		26,783		6,387			2,897
Total assets		1,869,224,967		188,027,359			136,040,140
Liabilities
Payable for:
Collateral from securities lending program		162,251,877		42,313,911			30,104,833
Investments purchased		—		1,832,323			365,337
Shares redeemed		2,324,866		97,252			62,274
Accrued expenses:
Management fees		958,642		124,973			96,095
Directors fees		36,460		4,786			788
12b-1 distribution and service fees		144,151		18,881			15,653
Other		659,258		49,505			42,637
Total liabilities		166,375,254		44,441,631			30,687,617
Net assets	$	1,702,849,713	$	143,585,728		$	105,352,523
Class A Shares
Net assets	$	384,225,640	$	35,719,059		$	45,225,413
Shares outstanding		21,602,269		1,152,231			2,663,399
Net asset value per share	$	17.79	$	31.00		$	16.98
Offering price per share (net asset value per share plus maximum sales charge of 5.75% of offering price)	$	18.88	$	32.89		$	18.02
Class B Shares
Net assets	$	1,255,575	$	1,211,738			N/A
Shares outstanding		71,300		41,656			N/A
Net asset value and offering price per share	$	17.61	$	29.09			N/A
Class C Shares
Net assets	$	59,752,582	$	8,042,075		$	3,297,236
Shares outstanding		3,396,992		270,273			223,391
Net asset value and offering price per share	$	17.59	$	29.76		$	14.76
Class R3 Shares
Net assets	$	38,588,636	$	8,401,074		$	8,548,670
Shares outstanding		2,173,649		272,588			513,294
Net asset value and offering price per share	$	17.75	$	30.82		$	16.65
Class R6 Shares(1)
Net assets	$	67,619,521		N/A			N/A
Shares outstanding		3,771,127		N/A			N/A
Net asset value, and offering price per share	$	17.93		N/A			N/A
Class I Shares
Net assets	$	1,151,407,759	$	90,211,782		$	48,281,204
Shares outstanding		64,223,807		2,900,609			2,750,806
Net asset value and offering price per share	$	17.93	$	31.10		$	17.55
Net assets consist of:
Capital paid-in	$	1,058,118,054	$	150,987,884		$	103,585,106
Undistributed (Over-distribution of) net investment income		2,685,183		842,571			440,487
Accumulated net realized gain (loss)		146,332,530		(31,776,706	)		(20,924,230	)
Net unrealized appreciation (depreciation)		495,713,946		23,531,979			22,251,160
Net assets	$	1,702,849,713	$	143,585,728		$	105,352,523
Authorized shares – per class		2 billion		2 billion			2 billion
Par value per share	$	0.0001	$	0.0001		$	0.0001

N/A – Fund does not offer share class.

(1)   – Class R6 Shares were established and commenced operations on February 28, 2013.

See accompanying notes to financial statements.

40 Nuveen Investments

Statement of

OperationsYear Ended October 31, 2013

	Dividend Value			Mid Cap Value			Small Cap Value
Investment Income
Dividend and interest income (net of foreign tax withheld of $285,636, $— and $—, respectively)	$	46,296,586		$	2,418,266		$	1,597,269
Securities lending income, net		589,498			160,728			36,709
Total investment income		46,886,084			2,578,994			1,633,978
Expenses
Management fees		11,650,865			1,294,963			798,999
12b-1 service fees – Class A		800,846			90,356			94,057
12b-1 distribution and service fees – Class B		13,510			13,628			N/A
12b-1 distribution and service fees – Class C		399,074			77,434			21,588
12b-1 distribution and service fees – Class R3		146,948			45,176			28,293
Shareholder servicing agent fees and expenses		1,295,460			166,781			153,875
Custodian fees and expenses		260,644			47,337			27,365
Directors fees and expenses		40,044			3,828			2,470
Professional fees		93,472			30,588			27,121
Shareholder reporting expenses		167,747			27,699			20,588
Federal and state registration fees		105,720			62,734			50,700
Other expenses		22,901			2,055			537
Total expenses before fee waiver/expense reimbursement		14,997,231			1,862,579			1,225,593
Fee waiver/expense reimbursement		(111,112	)		(81,681	)		(8,182	)
Net expenses		14,886,119			1,780,898			1,217,411
Net investment income (loss)		31,999,965			798,096			416,567
Realized and Unrealized Gain (Loss)
Net realized gain (loss) from investments		165,763,410			24,372,068			11,086,813
Change in net unrealized appreciation (depreciation) of investments		180,627,113			18,265,979			15,049,748
Net realized and unrealized gain (loss)		346,390,523			42,638,047			26,136,561
Net increase (decrease) in net assets from operations	$	378,390,488		$	43,436,143		$	26,553,128

N/A – Fund does not offer share class.

See accompanying notes to financial statements.

Nuveen Investments 41

Statement of

Changes in Net Assets

	Dividend Value
	Year Ended 10/31/13			Year Ended 10/31/12
Operations
Net investment income (loss)	$	31,999,965		$	25,644,589
Net realized gain (loss) from investments		165,763,410			40,955,240
Change in net unrealized appreciation (depreciation) of investments		180,627,113			87,692,871
Net increase (decrease) in net assets from operations		378,390,488			154,292,700
Distributions to Shareholders
From net investment income:
Class A		(6,061,320	)		(4,532,612	)
Class B		(15,883	)		(33,355	)
Class C		(459,457	)		(350,680	)
Class R3		(486,136	)		(321,277	)
Class R6(1)		(900,233	)		—
Class I		(23,887,985	)		(23,257,909	)
From accumulated net realized gains:
Class A		(7,596,475	)		—
Class B		(39,707	)		—
Class C		(834,161	)		—
Class R3		(623,435	)		—
Class R6(1)		—			—
Class I		(28,858,444	)		—
Decrease in net assets from distributions to shareholders		(69,763,236	)		(28,495,833	)
Fund Share Transactions
Fund reorganization		—			137,390,211
Proceeds from sale of shares		429,254,691			329,723,796
Proceeds from shares issued to shareholders due to reinvestment of distributions		41,984,713			13,538,292
		471,239,404			480,652,299
Cost of shares redeemed		(475,077,918	)		(280,917,888	)
Net increase (decrease) in net assets from Fund share transactions		(3,838,514	)		199,734,411
Net increase (decrease) in net assets		304,788,738			325,531,278
Net assets at the beginning of period		1,398,060,975			1,072,529,697
Net assets at the end of period	$	1,702,849,713		$	1,398,060,975
Undistributed (Over-distribution of) net investment income at the end of period	$	2,685,183		$	(39,460	)

(1) – Class R6 Shares were established and commenced operations on February 28, 2013.

See accompanying notes to financial statements.

42 Nuveen Investments

	Mid Cap Value						Small Cap Value
	Year Ended 10/31/13			Year Ended 10/31/12			Year Ended 10/31/13			Year Ended 10/31/12
Operations
Net investment income (loss)	$	798,096		$	1,759,372		$	416,567		$	437,763
Net realized gain (loss) from investments		24,372,068			9,505,619			11,086,813			8,773,503
Change in net unrealized appreciation (depreciation) of investments		18,265,979			3,105,284			15,049,748			524,575
Net increase (decrease) in net assets from operations		43,436,143			14,370,275			26,553,128			9,735,841
Distributions to Shareholders
From net investment income:
Class A		(366,544	)		(268,737	)		(126,553	)		—
Class B		(4,764	)		—			N/A			N/A
Class C		(24,117	)		—			—			—
Class R3		(75,223	)		(47,224	)		(5,043	)		—
Class R6		N/A			N/A			N/A			N/A
Class I		(1,195,031	)		(1,688,085	)		(267,460	)		—
From accumulated net realized gains:
Class A		—			—			—			—
Class B		—			—			N/A			N/A
Class C		—			—			—			—
Class R3		—			—			—			—
Class R6		N/A			N/A			N/A			N/A
Class I		—			—			—			—
Decrease in net assets from distributions to shareholders		(1,665,679	)		(2,004,046	)		(399,056	)		—
Fund Share Transactions
Fund reorganization		—			—			—			—
Proceeds from sale of shares		15,873,293			22,235,804			28,341,425			16,610,022
Proceeds from shares issued to shareholders due to reinvestment of distributions		958,067			1,045,228			311,768			—
		16,831,360			23,281,032			28,653,193			16,610,022
Cost of shares redeemed		(75,923,914	)		(104,822,100	)		(27,126,571	)		(32,827,602	)
Net increase (decrease) in net assets from Fund share transactions		(59,092,554	)		(81,541,068	)		1,526,622			(16,217,580	)
Net increase (decrease) in net assets		(17,322,090	)		(69,174,839	)		27,680,694			(6,481,739	)
Net assets at the beginning of period		160,907,818			230,082,657			77,671,829			84,153,568
Net assets at the end of period	$	143,585,728		$	160,907,818		$	105,352,523		$	77,671,829
Undistributed (Over-distribution of) net investment income at the end of period	$	842,571		$	1,691,252		$	440,487		$	362,724

N/A – Fund does not offer share class.

See accompanying notes to financial statements.

Nuveen Investments 43

Financial

Highlights

Selected data for a share outstanding throughout each period:

Class (Commencement Date)			Investment Operations						Less Distributions
DIVIDEND VALUE
Year Ended October 31,	Beginning Net Asset Value		Net Investment Income (Loss)(a)		Net Realized/ Unrealized Gain (Loss)		Total		From Net Investment Income			From Accumulated Net Realized Gains				Total			Ending Net Asset Value
Class A (12/92)															��
2013	$	14.60	$	.30	$	3.59	$	3.89	$	(.30	)	$	(.40	)		$	(.70	)	$	17.79
2012		13.05		.27		1.59		1.86		(.31	)		—				(.31	)		14.60
2011		12.42		.27		.63		.90		(.27	)		—				(.27	)		13.05
2010		10.76		.34		1.63		1.97		(.31	)		—				(.31	)		12.42
2009		10.09		.29		.71		1.00		(.33	)		—				(.33	)		10.76
Class B (8/94)
2013		14.47		.19		3.53		3.72		(.18	)		(.40	)			(.58	)		17.61
2012		12.93		.18		1.57		1.75		(.21	)		—				(.21	)		14.47
2011		12.25		.17		.61		.78		(.10	)		—				(.10	)		12.93
2010		10.61		.24		1.61		1.85		(.21	)		—				(.21	)		12.25
2009		9.96		.22		.68		.90		(.25	)		—				(.25	)		10.61
Class C (2/99)
2013		14.42		.18		3.57		3.75		(.18	)		(.40	)			(.58	)		17.59
2012		12.92		.17		1.54		1.71		(.21	)		—				(.21	)		14.42
2011		12.26		.17		.62		.79		(.13	)		—				(.13	)		12.92
2010		10.63		.26		1.60		1.86		(.23	)		—				(.23	)		12.26
2009		9.98		.21		.69		.90		(.25	)		—				(.25	)		10.63
Class R3 (9/01)
2013		14.58		.26		3.57		3.83		(.26	)		(.40	)			(.66	)		17.75
2012		13.03		.24		1.59		1.83		(.28	)		—				(.28	)		14.58
2011		12.41		.23		.63		.86		(.24	)		—				(.24	)		13.03
2010		10.76		.30		1.64		1.94		(.29	)		—				(.29	)		12.41
2009		10.08		.28		.68		.96		(.28	)		—				(.28	)		10.76
Class R6 (2/13)
2013(d)		15.36		.22		2.60		2.82		(.25	)		—				(.25	)		17.93
Class I (8/94)
2013		14.72		.35		3.61		3.96		(.35	)		(.40	)			(.75	)		17.93
2012		13.16		.31		1.60		1.91		(.35	)		—				(.35	)		14.72
2011		12.53		.31		.64		.95		(.32	)		—				(.32	)		13.16
2010		10.85		.37		1.65		2.02		(.34	)		—				(.34	)		12.53
2009		10.18		.32		.70		1.02		(.35	)		—				(.35	)		10.85

44 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)
	27.72	%	$	384,226		1.13	%		1.88	%		1.12	%		1.89	%		44	%
	14.31			273,317		1.16			1.95			1.16			1.95			24
	7.28			176,954		1.14			2.05			1.14			2.05			33
	18.46			125,226		1.19			2.87			1.17			2.89			29
	10.32			100,059		1.19			3.00			1.19			3.00			48
	26.65			1,256		1.89			1.18			1.87			1.19			44
	13.51			1,525		1.91			1.33			1.91			1.33			24
	6.45			3,016		1.89			1.32			1.89			1.32			33
	17.59			5,039		1.94			2.05			1.92			2.07			29
	9.41			7,237		1.94			2.28			1.94			2.28			48
	26.95			59,753		1.88			1.09			1.87			1.10			44
	13.29			29,234		1.91			1.21			1.91			1.21			24
	6.42			18,714		1.89			1.31			1.89			1.31			33
	17.60			11,107		1.94			2.20			1.92			2.22			29
	9.41			4,921		1.94			2.23			1.94			2.23			48
	27.30			38,589		1.38			1.61			1.37			1.62			44
	14.13			21,649		1.41			1.70			1.41			1.70			24
	6.93			12,092		1.41			1.75			1.41			1.75			33
	18.16			1,204		1.41			2.48			1.39			2.50			29
	9.92			122		1.45			2.94			1.45			2.94			48
	18.52			67,620		.80	*		1.98	*		.80	*		1.98	*		44
	27.96			1,151,408		.88			2.16			.87			2.16			44
	14.65			1,072,335		.91			2.23			.91			2.23			24
	7.56			861,754		.89			2.30			.89			2.31			33
	18.78			684,540		.94			3.12			.92			3.10			29
	10.51			570,690		.94			3.25			.94			3.25			48

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

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

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

(d) For the period February 28, 2013 (commencement of operations) through October 31, 2013.

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

* Annualized.

See accompanying notes to financial statements.

Nuveen Investments 45

Financial Highlights (continued)

Selected data for a share outstanding throughout each period:

Class (Commencement Date)			Investment Operations									Less Distributions
MID CAP VALUE
Year Ended October 31,	Beginning Net Asset Value		Net Investment Income (Loss)(a)			Net Realized/ Unrealized Gain (Loss)			Total			From Net Investment Income			From Accumulated Net Realized Gains		Total			Ending Net Asset Value
Class A (12/87)
2013	$	23.22	$	.12		$	7.91		$	8.03		$	(.25	)	$	—	$	(.25	)	$	31.00
2012		21.83		.18			1.35			1.53			(.14	)		—		(.14	)		23.22
2011		22.20		.07			(.19	)		(.12	)		(.25	)		—		(.25	)		21.83
2010		18.28		.12			4.00			4.12			(.20	)		—		(.20	)		22.20
2009		16.13		.24			1.99			2.23			(.08	)		—		(.08	)		18.28
Class B (8/94)
2013		21.79		(.07	)		7.44			7.37			(.07	)		—		(.07	)		29.09
2012		20.52		.01			1.26			1.27			—			—		—			21.79
2011		20.87		(.10	)		(.18	)		(.28	)		(.07	)		—		(.07	)		20.52
2010		17.21		(.04	)		3.78			3.74			(.08	)		—		(.08	)		20.87
2009		15.22		.13			1.87			2.00			(.01	)		—		(.01	)		17.21
Class C (2/99)
2013		22.29		(.08	)		7.62			7.54			(.07	)		—		(.07	)		29.76
2012		20.99		.01			1.29			1.30			—			—		—			22.29
2011		21.36		(.10	)		(.18	)		(.28	)		(.09	)		—		(.09	)		20.99
2010		17.61		(.04	)		3.86			3.82			(.07	)		—		(.07	)		21.36
2009		15.58		.12			1.92			2.04			(.01	)		—		(.01	)		17.61
Class R3 (9/01)
2013		23.08		.06			7.87			7.93			(.19	)		—		(.19	)		30.82
2012		21.70		.12			1.33			1.45			(.07	)		—		(.07	)		23.08
2011		22.05		.01			(.19	)		(.18	)		(.17	)		—		(.17	)		21.70
2010		18.15		.06			3.99			4.05			(.15	)		—		(.15	)		22.05
2009		16.04		.19			1.98			2.17			(.06	)		—		(.06	)		18.15
Class I (2/94)
2013		23.29		.19			7.93			8.12			(.31	)		—		(.31	)		31.10
2012		21.99		.24			1.33			1.57			(.27	)		—		(.27	)		23.29
2011		22.37		.15			(.22	)		(.07	)		(.31	)		—		(.31	)		21.99
2010		18.42		.16			4.05			4.21			(.26	)		—		(.26	)		22.37
2009		16.24		.28			2.01			2.29			(.11	)		—		(.11	)		18.42

46 Nuveen Investments

			Ratios/Supplemental Data
					Ratios to Average Net Assets Before Waiver/Reimbursement						Ratios to Average Net Assets After Waiver/Reimbursement(c)
Total Return(b)			Ending Net Assets (000)		Expenses			Net Investment Income (Loss)			Expenses			Net Investment Income (Loss)			Portfolio Turnover Rate(d)
	34.93	%	$	35,719		1.39	%		.40	%		1.33	%		.45	%		118	%
	7.03			35,633		1.49			.58			1.28			.79			140
	(.64	)		52,334		1.33			.27			1.31			.30			123
	22.65			76,667		1.25			.58			1.25			.58			123
	13.95			130,222		1.25			1.52			1.25			1.52			106
	33.93			1,212		2.14			(.34	)		2.08			(.28	)		118
	6.19			1,568		2.24			(.18	)		2.02			.04			140
	(1.35	)		2,073		2.08			(.48	)		2.06			(.45	)		123
	21.77			2,815		2.00			(.20	)		2.00			(.20	)		123
	13.13			3,481		1.98			.85			1.98			.85			106
	33.94			8,042		2.14			(.35	)		2.08			(.29	)		118
	6.19			7,855		2.24			(.17	)		2.02			.05			140
	(1.35	)		8,957		2.08			(.48	)		2.06			(.45	)		123
	21.74			11,564		2.00			(.21	)		2.00			(.21	)		123
	13.10			12,040		2.00			.80			2.00			.80			106
	34.63			8,401		1.64			.16			1.58			.22			118
	6.70			9,576		1.74			.31			1.53			.52			140
	(.87	)		15,310		1.58			.03			1.56			.06			123
	22.40			20,195		1.50			.30			1.50			.30			123
	13.63			25,664		1.50			1.21			1.50			1.21			106
	35.29			90,212		1.13			.66			1.08			.71			118
	7.23			106,276		1.24			.82			1.03			1.03			140
	(.42	)		151,409		1.07			.65			1.06			.65			123
	22.98			470,266		1.00			.78			1.00			.78			123
	14.24			440,968		1.00			1.76			1.00			1.76			106

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

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

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

(d) 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.

See accompanying notes to financial statements.

Nuveen Investments 47

Financial Highlights (continued)

Selected data for a share outstanding throughout each period:

Class (Commencement Date)			Investment Operations							Less Distributions
SMALL CAP VALUE
Year Ended October 31,	Beginning Net Asset Value		Net Investment Income (Loss)(a)			Net Realized/ Unrealized Gain (Loss)		Total		From Net Investment Income			From Accumulated Net Realized Gains		Total			Ending Net Asset Value
Class A (8/94)
2013	$	12.63	$	.06		$	4.34	$	4.40	$	(.05	)	$	—	$	(.05	)	$	16.98
2012		11.30		.05			1.28		1.33		—			—		—			12.63
2011		10.26		(.05	)		1.09		1.04		—			—		—			11.30
2010		8.22		(.01	)		2.07		2.06		(.02	)		—		(.02	)		10.26
2009		8.12		.03			.15		.18		(.08	)		—		(.08	)		8.22
Class C (2/99)
2013		11.02		(.05	)		3.79		3.74		—			—		—			14.76
2012		9.93		(.04	)		1.13		1.09		—			—		—			11.02
2011		9.08		(.12	)		.97		.85		—			—		—			9.93
2010		7.31		(.07	)		1.84		1.77		—			—		—			9.08
2009		7.22		(.02	)		.13		.11		(.02	)		—		(.02	)		7.31
Class R3 (9/01)
2013		12.39		.01			4.27		4.28		(.02	)		—		(.02	)		16.65
2012		11.11		.02			1.26		1.28		—			—		—			12.39
2011		10.11		(.07	)		1.07		1.00		—			—		—			11.11
2010		8.10		(.03	)		2.04		2.01		—			—		—			10.11
2009		8.00		.01			.15		.16		(.06	)		—		(.06	)		8.10
Class I (8/94)
2013		13.06		.10			4.48		4.58		(.09	)		—		(.09	)		17.55
2012		11.65		.08			1.33		1.41		—			—		—			13.06
2011		10.55		(.02	)		1.12		1.10		—			—		—			11.65
2010		8.45		.01			2.13		2.14		(.04	)		—		(.04	)		10.55
2009		8.36		.05			.15		.20		(.11	)		—		(.11	)		8.45

48 Nuveen Investments

			Ratios/Supplemental Data
					Ratios to Average Net Assets Before Waiver/Reimbursement						Ratios to Average Net Assets After Waiver/Reimbursement(c)
Total Return(b)			Ending Net Assets (000)		Expenses			Net Investment Income (Loss)			Expenses			Net Investment (Loss) Income			Portfolio Turnover Rate(d)
	34.98	%	$	45,225		1.47	%		.37	%		1.46	%		.38	%		56	%
	11.77			32,208		1.58			.26			1.46			.39			46
	10.14			31,814		1.48			(.41	)		1.46			(.40	)		41
	25.15			32,332		1.34			(.11	)		1.34			(.11	)		58
	2.40			29,026		1.37			.46			1.37			.46			73
	33.94			3,297		2.22			(.43	)		2.20			(.42	)		56
	10.98			1,367		2.34			(.47	)		2.21			(.34	)		46
	9.36			1,498		2.23			(1.18	)		2.21			(1.18	)		41
	24.21			1,843		2.09			(.86	)		2.09			(.86	)		58
	1.56			2,080		2.12			(.27	)		2.12			(.27	)		73
	34.59			8,549		1.72			.06			1.71			.07			56
	11.52			2,653		1.83			.01			1.71			.14			46
	9.89			2,246		1.73			(.66	)		1.71			(.65	)		41
	24.85			2,111		1.59			(.35	)		1.59			(.35	)		58
	2.14			2,327		1.62			.19			1.62			.19			73
	35.34			48,281		1.22			.64			1.21			.65			56
	12.02			41,444		1.34			.53			1.21			.66			46
	10.43			48,596		1.21			(.16	)		1.21			(.16	)		41
	25.43			180,875		1.09			.14			1.09			.14			58
	2.59			149,515		1.12			.72			1.12			.72			73

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

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

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

(d) 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.

See accompanying notes to financial statements.

Nuveen Investments 49

Notes to

Financial Statements

1. General Information and Significant Accounting Policies

General Information

Trust Information

Nuveen Investment Funds, Inc. (the “Trust”), is an open-end investment company registered under the Investment Company Act of 1940, as amended. The Trust is comprised of Nuveen Dividend Value Fund (“Dividend Value”), Nuveen Mid Cap Value Fund (“Mid Cap Value”) and Nuveen Small Cap Value Fund (“Small Cap Value”), (each a “Fund” and collectively, the “Funds”), as diversified funds, among others. The Trust was incorporated in the State of Maryland on August 20, 1987.

Investment Adviser

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

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

Fund Information

Dividend Value’s investment objective is long-term growth of capital and income. Under normal market conditions, the Fund invests at least 80% of its net assets, plus the amount of any borrowings for investment purposes, in equity securities. In selecting securities, the Sub-Adviser, will invest in companies that it believes have the ability to pay above average dividends and finance expected growth and are trading at attractive valuations. The Fund will attempt to maintain a dividend that will grow over time. As a result, higher-yielding equity securities will generally represent the core holdings of the Fund. However, the Fund also may invest in lower-yielding, higher-growth equity securities if the Sub-Adviser believes they will help balance the portfolio. The Fund’s equity securities include common stocks, convertible preferred stocks, and corporate debt securities that are convertible into common stocks. All such equity securities will provide current income at the time of purchase. The Fund invests in convertible debt securities in pursuit of both long-term growth of capital and income. The securities’ conversion features provide long-term growth potential, while interest payments on the securities provide income. The Fund may invest in convertible debt securities without regard to their ratings, and therefore may hold convertible debt securities which are rated lower than investment grade.

Mid Cap Value’s investment objective is capital appreciation. Under normal market conditions, the Fund invests at least 80% of its net assets, plus the amount of any borrowings for investment purposes, in common stocks of mid-capitalization companies, defined as companies that have market capitalizations at the time of purchase within the market capitalization range of the companies in the Russell Midcap^® Index immediately after its most recent reconstitution prior to such purchase. It is expected that reconstitution of the index will occur each year at the end of June. Immediately after the most recent reconstitution, the range was $699 million to $19.2 billion. In selecting stocks, the Sub-Adviser invests in companies that it believes are undervalued relative to other companies in the same industry or market, exhibit good or improving fundamentals, and exhibit an identifiable catalyst that could close the gap between market value and fair value over the next one to two years.

Small Cap Value’s investment objective is capital appreciation. Under normal market conditions, the Fund invests at least 80% of its net assets, plus the amount of any borrowings for investment purposes, in common stocks of small-capitalization companies, defined as companies that have market capitalizations of less than $3 billion at the time of purchase. In selecting stocks, the Sub-Adviser invests in companies that it believes meet at least two of the following criteria:

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

• Good or improving fundamentals; and

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

Each Fund may invest up to 15% of its total assets in non-dollar denominated equity securities of non-U.S. issuers. In addition, each Fund may invest up to 25% of its assets, collectively, in non-dollar denominated equity securities of non-U.S. issuers and in dollar denominated equity securities of non-U.S. issuers that are either listed on a U.S. stock exchange or represented by depositary receipts that may or may not be sponsored by a domestic bank. Up

50 Nuveen Investments

to 15% of the Fund’s total assets may be invested in equity securities of emerging market issuers. Each Fund may utilize options, futures contracts, options on futures contracts and forward foreign currency exchange contracts (“derivatives”). Each Fund may use these derivatives to manage market or business risk, enhance each Fund’s return, or hedge against adverse movements in currency exchange rates.

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

Class R6 Shares

On February 28, 2013, Dividend Value began offering Class R6 Shares. In connection with this offering certain limited categories of investors of Class I Shares, as defined in the Funds’ prospectus, were exchanged to Class R6 Shares.

Significant Accounting Policies

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

Investment Transactions

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

Investment Income

Dividend income is recorded on the ex-dividend date or, for foreign securities, when information is available. Interest income is recorded on an accrual basis. Securities lending income is comprised of fees earned from borrowers and income earned on cash collateral investments, net of lending agent fees.

Professional Fees

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

Dividends and Distributions to Shareholders

Dividends from net investment income are declared and distributed to shareholders at least annually for each Fund with the exception of Dividend Value, which declares and distributes dividends from net investment income to shareholders quarterly. Dividends from net realized capital gains from investment transactions, if any, are declared and distributed to shareholders at least annually. Furthermore, capital gains are distributed only to the extent they exceed available capital loss carryforwards.

Distributions to shareholders are recorded on the ex-dividend date. The amount and timing of distributions are determined in accordance with federal income tax regulations, which may differ from U.S. GAAP.

The Funds may receive distributions from holdings in Real Estate Investment Trusts (“REITs”). Distributions from REITs may be characterized as ordinary income, net capital gain, or a return of capital to the REIT shareholder. The proper characterization of REIT distributions is generally not known until after the end of each calendar year. The actual character of distributions to Fund shareholders will be reflected on the Form 1099 received by shareholders after the end of the calendar year. Due to the nature of REIT investments, a portion of the distributions received by the Fund shareholder may represent a return of capital.

Share Classes and Sales Charges

Class A Shares are generally sold with an up-front sales charge and incur a .25% annual 12b-1 service fee. Class A Share purchases of $1 million or more are sold at net asset value without an up-front sales charge but may be subject to a contingent deferred sales charge (“CDSC”) if redeemed within twelve months of purchase. Dividend Value and Mid Cap Value will issue Class B Shares upon the exchange of Class B Shares from another Nuveen mutual fund or for purposes of dividend reinvestment, but Class B Shares are not available for new accounts or for additional investment into existing accounts. Class B Shares were sold without an up-front sales charge but incur a .75% annual 12b-1 distribution fee and a .25% annual 12b-1 service fee. Class B Shares are subject to a CDSC of up to 5% depending upon the length of time the shares are held by the investor (CDSC is reduced to 0% at the end of six years). Class B Shares automatically convert to Class A Shares eight years after purchase. Class C Shares are sold without an

Nuveen Investments 51

Notes to Financial Statements (continued)

up-front sales charge but incur a .75% annual 12b-1 distribution fee and a .25% annual 12b-1 service fee. Class C Shares are subject to a CDSC of 1% if redeemed within twelve months of purchase. Class R3 Shares are sold without an up-front sales charge but incur a .25% annual 12b-1 distribution and a .25% annual service fee. Class R6 Shares and 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 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 shareholder service fees. Sub-transfer agent fees, which are recognized as a component of “Shareholder servicing fees and expenses” on the Statement of Operations, which are prorated among the classes based on relative net assets, are not charged to Class R6 Shares.

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

Use of Estimates

The preparation of financial statements in conformity with U.S. GAAP requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities at the date of the financial statements and the reported amounts of increases and decreases in net assets from operations during the reporting period. Actual results may differ from those estimates.

2. Investment Valuation and Fair Value Measurements

Investment Valuation

Common stocks and other equity-type securities are valued at the last sales price on the securities exchange on which such securities are primarily traded and are generally classified as Level 1 for fair value measurement purposes. Securities primarily traded on the NASDAQ National Market (“NASDAQ”) are valued, except as indicated below, at the NASDAQ Official Closing Price and are generally classified as Level 1. However, securities traded on a securities exchange or NASDAQ for which there were no transactions on a given day or securities not listed on a securities exchange or NASDAQ are valued at the quoted bid price and are generally classified as Level 2. Prices of certain American Depositary Receipts (“ADR”) held by the Funds that trade in the United States are valued based on the last traded price, official closing price, or the most recent bid price of the underlying non-U.S.-traded stock, adjusted as appropriate for the underlying-to-ADR conversion ratio and foreign exchange rate, and from time-to-time may also be adjusted further to take into account material events that may take place after the close of the local non-U.S. market but before the close of the New York Stock Exchange (“NYSE”), which may represent a transfer from a Level 1 to a Level 2 security.

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

Certain securities may not be able to be priced by the pre-established pricing methods as described above. Such securities may be valued by the Funds’ Board of Directors or its designee at fair value. These securities generally include, but are not limited to, restricted securities (securities which may not be publicly sold without registration under the Securities Act of 1933, as amended) for which a pricing service is unable to provide a market price; securities whose trading has been formally suspended; debt securities that have gone into default and for which there is no current market quotation; a security whose market price is not available from a pre-established pricing source; a security with respect to which an event has occurred that is likely to materially affect the value of the security after the market has closed but before the calculation of a Fund’s net asset value (as may be the case in non-U.S. markets on which the security is primarily traded) or make it difficult or impossible to obtain a reliable market quotation; and a security whose price, as provided by the pricing service, is not deemed to reflect the security’s fair value. As a general principle, the fair value of a security would appear to be the amount that the owner might reasonably expect to receive for it in a current sale. A variety of factors may be considered in determining the fair value of such securities, which may include consideration of the following: yields or prices of investments of comparable quality, type of issue, coupon, maturity and rating, market quotes or indications of value from security dealers, evaluations of anticipated cash flows or collateral, general market conditions and other information and analysis, including the obligor’s credit characteristics considered relevant. These securities are generally classified as Level 2 or Level 3 depending on the priority of the significant inputs. Regardless of the method employed to value a particular security, all valuations are subject to review by the Funds’ Board of Directors or its designee.

52 Nuveen Investments

Fair Value Measurements

Fair value is defined as the price that the Funds would receive upon selling an investment or transferring a liability in an orderly transaction to an independent buyer in the principal or most advantageous market for the investment. A three-tier hierarchy is used to maximize the use of observable market data and minimize the use of unobservable inputs and to establish classification of fair value measurements for disclosure purposes. Observable inputs reflect the assumptions market participants would use in pricing the asset or liability. Observable inputs are based on market data obtained from sources independent of the reporting entity. Unobservable inputs reflect the reporting entity’s own assumptions about the assumptions market participants would use in pricing the asset or liability. Unobservable inputs are based on the best information available in the circumstances. The following is a summary of the three-tiered hierarchy of valuation input levels.

Level 1 –	Inputs are unadjusted and prices are determined using quoted prices in active markets for identical securities.
Level 2 –	Prices are determined using other significant observable inputs, (including quoted prices for similar securities, interest rates, prepayment speeds, credit risk, etc.).
Level 3 –	Prices are determined using significant unobservable inputs (including management’s assumptions in determining the fair value of investments).

The inputs or methodologies used for valuing securities are not an indication of the risks associated with investing in those securities. The following is a summary of each Fund’s fair value measurements as of the end of the reporting period:

Dividend Value	Level 1		Level 2		Level 3		Total
Long-Term Investments*:
Common Stocks	$	1,685,077,076	$	—	$	—	$	1,685,077,076
Investments Purchased with Collateral from Securities Lending		162,251,877		—		—		162,251,877
Short-Term Investments:
Money Market Funds		16,040,883		—		—		16,040,883
Total	$	1,863,369,836	$	—	$	—	$	1,863,369,836
Mid Cap Value	Level 1		Level 2		Level 3		Total
Long-Term Investments*:
Common Stocks	$	140,358,007	$	—	$	—	$	140,358,007
Investments Purchased with Collateral from Securities Lending		42,313,911		—		—		42,313,911
Short-Term Investments:
Money Market Funds		920,497		—		—		920,497
Total	$	183,592,415	$	—	$	—	$	183,592,415
Small Cap Value	Level 1		Level 2		Level 3		Total
Long-Term Investments*:
Common Stocks	$	102,646,025	$	—	$	—	$	102,646,025
Investments Purchased with Collateral from Securities Lending		30,104,833		—		—		30,104,833
Short-Term Investments:
Money Market Funds		1,872,131		—		—		1,872,131
Total	$	134,622,989	$	—	$	—	$	134,622,989

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

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

Nuveen Investments 53

Notes to Financial Statements (continued)

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 of Directors/Trustees, the fair value price is compared against the last available and next available market quotations. The Valuation Committee reviews the results of such testing and fair valuation occurrences are reported to the Board of Directors/Trustees.

3. Portfolio Securities and Investments in Derivatives

Portfolio Securities

Foreign Currency Transactions

To the extent that the Funds invest in securities and/or contracts that are denominated in a currency other than U.S. dollars, the Funds will be subject to currency risk, which is the risk that an increase in the U.S. dollar relative to the foreign currency will reduce returns or portfolio value. Generally, when the U.S. dollar rises in value against a foreign currency, the Funds’ investments denominated in that currency will lose value because their currency is worth fewer U.S. dollars; the opposite effect occurs if the U.S. dollar falls in relative value. Investments and other assets and liabilities denominated in foreign currencies are converted into U.S. dollars on a spot (i.e. cash) basis at the spot rate prevailing in the foreign currency exchange market at the time of valuation. Purchases and sales of investments and income denominated in foreign currencies are translated into U.S. dollars on the respective dates of such transactions.

The books and records of the Funds are maintained in U.S. dollars. Foreign currencies, assets and liabilities are translated into U.S. dollars at 4:00 p.m. Eastern Time. Investment transactions, income and expenses are translated on the respective dates of such transactions. Net realized foreign currency gains and losses resulting from changes in exchange rates include foreign currency gains and losses between trade date and settlement date of the transactions, foreign currency transactions and the difference between the amounts of interest and dividends recorded on the books of 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 other assets and liabilities on investments and derivatives are recognized as a component of “Net realized gain (loss) from investments and foreign currency,” on the Statement of Operations, when applicable.

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

Securities Lending

In order to generate additional income, each Fund may lend securities representing up to one-third of the value of its total assets (which includes collateral for securities on loan) to broker-dealers, banks, or other institutions. Each Fund’s policy is to receive cash collateral equal to at least 102% of the value of securities loaned, which is recognized as “Collateral from securities lending program” on the Statement of Assets and Liabilities. The adequacy of the collateral is monitored on a daily basis. If the value of the securities on loan increases, such that the level of collateralization falls below 102%, additional collateral is received from the borrower, which is recognized as “Due from broker” on the Statement of Assets and Liabilities, when applicable. As with other extensions of credit, there may be risks of delay in recovery of the securities or even loss of rights in the collateral should the borrower of the security fail financially.

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

Income from securities lending, net of fees paid, is recognized on the Statement of Operations as “Securities lending income, net.” Securities lending fees paid by each Fund during the fiscal year ended October 31, 2013, were as follows:

	Dividend Value		Mid Cap Value		Small Cap Value
Securities lending fees paid	$	80,008	$	29,648	$	3,990

54 Nuveen Investments

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 fiscal year ended October 31, 2013.

Market and Counterparty Credit Risk

In the normal course of business each Fund may invest in financial instruments and enter into financial transactions where risk of potential loss exists due to changes in the market (market risk) or failure of the other party to the transaction to perform (counterparty credit risk). The potential loss could exceed the value of the financial assets recorded on the financial statements. Financial assets, which potentially expose each Fund to counterparty credit risk, consist principally of cash due from counterparties on forward, option and swap transactions, when applicable. The extent of each Fund’s exposure to counterparty credit risk in respect to these financial assets approximates their carrying value as recorded on the Statement of Assets and Liabilities.

Each Fund helps manage counterparty credit risk by entering into agreements only with counterparties the Adviser believes have the financial resources to honor their obligations and by having the Adviser monitor the financial stability of the counterparties. Additionally, counterparties may be required to pledge collateral daily (based on the daily valuation of the financial asset) on behalf of each Fund with a value approximately equal to the amount of any unrealized gain above a pre-determined threshold. Reciprocally, when each Fund has an unrealized loss, the Funds have instructed the custodian to pledge assets of the Funds as collateral with a value approximately equal to the amount of the unrealized loss above a pre-determined threshold. Collateral pledges are monitored and subsequently adjusted if and when the valuations fluctuate, either up or down, by at least the pre-determined threshold amount.

4. Fund Shares

Transactions in Fund shares were as follows:

	Dividend Value
	Year Ended 10/31/13						Year Ended 10/31/12
	Shares			Amount			Shares			Amount
Shares issued from reorganization:
Class A		—		$	—			2,866,093		$	46,725,301
Class C		—			—			72,150			1,152,063
Class R3		—			—			21,533			349,365
Class I		—			—			5,445,884			89,163,482
Shares sold:
Class A		5,928,052			96,133,469			5,674,770			75,791,170
Class B – exchanges		9,042			143,868			8,550			118,690
Class C		1,634,902			26,844,001			746,162			10,170,847
Class R3		1,165,684			18,794,315			756,797			10,690,622
Class R6(1)		884,689			15,362,104			—			—
Class R6 – exchange of Class I Shares		3,668,683			56,350,962			—			—
Class I		13,462,045			216,508,837			17,004,678			232,952,467
Shares issued to shareholders due to reinvestment of distributions:
Class A		854,677			12,763,058			299,861			4,205,570
Class B		3,580			51,899			2,305			31,580
Class C		77,243			1,129,896			22,044			305,305
Class R3		71,415			1,064,183			22,759			319,502
Class R6(1)		54,536			900,233			—			—
Class I		1,743,392			26,075,444			612,741			8,676,335
		29,557,940			472,122,269			33,556,327			480,652,299
Shares redeemed:
Class A		(3,896,951	)		(61,661,861	)		(3,678,945	)		(50,796,593	)
Class B		(46,744	)		(728,601	)		(138,594	)		(1,919,513	)
Class C		(342,119	)		(5,399,404	)		(262,178	)		(3,631,206	)
Class R3		(548,501	)		(8,818,904	)		(244,006	)		(3,402,933	)
Class R6(1)		(836,781	)		(14,461,170	)		—			—
Class I		(20,171,509	)		(328,539,881	)		(15,711,730	)		(221,167,643	)
Class I – exchange to Class R6 Shares		(3,668,683	)		(56,350,962	)		—			—
		(29,511,288	)		(475,960,783	)		(20,035,453	)		(280,917,888	)
Net increase (decrease)		46,652		$	(3,838,514	)		13,520,874		$	199,734,411

(1) – Class R6 Shares were established and commenced operations on February 28, 2013.

Nuveen Investments 55

Notes to Financial Statements (continued)

	Mid Cap Value
	Year Ended 10/31/13						Year Ended 10/31/12
	Shares			Amount			Shares			Amount
Shares sold:
Class A		180,919		$	4,841,338			175,883		$	3,966,504
Class B		149			3,585			-			-
Class C		35,129			928,204			12,581			251,535
Class R3		67,276			1,809,518			122,017			2,606,675
Class I		299,898			8,290,648			689,001			15,411,090
Shares issued to shareholders due to reinvestment of distributions:
Class A		15,342			357,321			11,855			260,482
Class B		210			4,622			-			-
Class C		1,012			22,773			-			-
Class R3		3,235			75,055			2,157			47,196
Class I		21,368			498,296			33,419			737,550
		624,538			16,831,360			1,046,913			23,281,032
Shares redeemed:
Class A		(578,915	)		(15,652,273	)		(1,049,825	)		(23,506,293	)
Class B		(30,695	)		(764,243	)		(29,021	)		(631,933	)
Class C		(118,318	)		(3,012,864	)		(86,907	)		(1,881,579	)
Class R3		(212,784	)		(5,682,457	)		(414,919	)		(9,311,285	)
Class I		(1,983,549	)		(50,812,077	)		(3,046,004	)		(69,491,010	)
		(2,924,261	)		(75,923,914	)		(4,626,676	)		(104,822,100	)
Net increase (decrease)		(2,299,723	)	$	(59,092,554	)		(3,579,763	)	$	(81,541,068	)

	Small Cap Value
	Year Ended 10/31/13						Year Ended 10/31/12
	Shares			Amount			Shares			Amount
Shares sold:
Class A		568,795		$	8,649,676			198,937		$	2,422,979
Class C		117,817			1,568,728			26,365			284,629
Class R3		443,559			6,431,538			68,411			810,255
Class I		752,219			11,691,483			1,054,781			13,092,159
Shares issued to shareholders due to reinvestment of distributions:
Class A		9,682			124,510			-			-
Class C		-			-			-			-
Class R3		397			5,021			-			-
Class I		13,743			182,237			-			-
		1,906,212			28,653,193			1,348,494			16,610,022
Shares redeemed:
Class A		(464,882	)		(6,833,730	)		(464,772	)		(5,674,047	)
Class C		(18,463	)		(242,312	)		(53,180	)		(558,580	)
Class R3		(144,817	)		(2,166,467	)		(56,397	)		(678,920	)
Class I		(1,189,506	)		(17,884,062	)		(2,051,716	)		(25,916,055	)
		(1,817,668	)		(27,126,571	)		(2,626,065	)		(32,827,602	)
Net increase (decrease)		88,544		$	1,526,622			(1,277,571	)	$	(16,217,580	)

Class B Shares that converted to Class A Shares (recognized as a component of Class A Shares sold and Class B Shares redeemed) during the fiscal year ended October 31, 2013, and fiscal year ended October 31, 2012, were as follows:

Fund	Year Ended 10/31/13		Year Ended 10/31/12
Dividend Value		14,763		113,604
Mid Cap Value		4,538		23,767

56 Nuveen Investments

5. Investment Transactions

Purchases and sales (excluding investments purchased with collateral from securities lending and short-term investments) during the fiscal year ended October 31, 2013, were as follows:

	Dividend Value		Mid Cap Value		Small Cap Value
Purchases	$	664,824,221	$	168,671,513	$	48,747,063
Sales		702,776,910		231,007,347		48,610,074

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.

For all open tax years and all major taxing jurisdictions, management of the Funds has concluded that there are no significant uncertain tax positions that would require recognition in the financial statements. Open tax years are those that are open for examination by taxing authorities (i.e., generally the last four tax year ends and the interim tax period since then). Furthermore, management of the Funds is also not aware of any tax positions for which it is reasonably possible that the total amounts of unrecognized tax benefits will significantly change in the next twelve months.

The following information is presented on an income tax basis. Differences between amounts for financial statement and federal income tax purposes are primarily due to timing differences in recognizing certain gains and losses on investment transactions. To the extent that differences arise that are permanent in nature, such amounts are reclassified within the capital accounts as detailed below. Temporary differences do not require reclassification. Temporary and permanent differences do not impact the net asset values of the Funds.

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

	Dividend Value			Mid Cap Value			Small Cap Value
Cost of investments	$	1,370,653,165		$	160,205,884		$	112,411,451
Gross unrealized:
Appreciation	$	498,598,402		$	24,651,936		$	23,521,752
Depreciation		(5,881,731	)		(1,265,405	)		(1,310,214	)
Net unrealized appreciation (depreciation) of investments	$	492,716,671		$	23,386,531		$	22,211,538

Permanent differences, primarily due to the federal taxes paid, tax equalization, investments in partnerships, and reorganization adjustments, resulted in reclassifications among the Funds’ components of net assets as of October 31, 2013, the Funds’ tax year end, as follows:

	Dividend Value			Mid Cap Value			Small Cap Value
Capital paid-in	$	(17,203,723	)	$	57,521		$	(1,813	)
Undistributed (Over-distribution of) net investment income		2,535,692			18,902			60,252
Accumulated net realized gain (loss)		14,668,031			(76,423	)		(58,439	)

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

	Dividend Value		Mid Cap Value		Small Cap Value
Undistributed net ordinary income1	$	16,647,208	$	858,352	$	451,445
Undistributed net long-term capital gains		147,826,023		—		—

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

Nuveen Investments 57

Notes to Financial Statements (continued)

The tax character of distributions paid during the Funds’ tax years ended October 31, 2013 and October 31, 2012, was designated for purposes of the dividends paid deduction as follows:

2013	Dividend Value		Mid Cap Value		Small Cap Value
Distributions from net ordinary income1	$	31,811,014	$	1,665,679	$	399,056
Distributions from net long-term capital gains2		37,952,222		—		—
2012
Distributions from net ordinary income1	$	27,602,132	$	2,004,046	$	—
Distributions form net long-term capital gains		893,701		—		—

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

²  The Funds designate as long-term capital gain dividend, pursuant to the Internal Revenue Code Section 852(b)(3), the amount necessary to reduce earnings and profits of the Funds related to the net capital gain to zero for the tax year ended October 31, 2013.

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

	Dividend3 Value		Mid Cap Value		Small Cap Value
Expiration:
October 31, 2016	$	12,406,335	$	—	$	—
October 31, 2017		—		31,631,258		20,884,608
Not subject to expiration:
Short-term losses		—		—		—
Long-term losses		—		—		—
Total	$	12,406,335	$	31,631,258	$	20,884,608

³  A portion of Dividend Value’s capital loss carryforward is subject to an annual limitation under the Internal Revenue Code and related regulations.

During the Funds’ tax year ended October 31, 2013, the Funds utilized their capital loss carryforwards as follows:

	Dividend Value		Mid Cap Value		Small Cap Value
Utilized capital loss carryforwards	$	4,135,445	$	23,828,388	$	11,120,953

7. Management Fees and Other Transactions with Affiliates

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

Each Fund’s management fee consists of two components – a fund-level fee, based only on the amount of assets within each individual Fund, and a complex-level fee, based on the aggregate amount of all eligible fund assets managed by the Adviser. This pricing structure enables each Fund’s shareholders to benefit from growth in the assets within their respective Fund as well as from growth in the amount of complex-wide assets managed by the Adviser.

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

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

58 Nuveen Investments

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

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

* The complex-level fee is calculated based upon the aggregate daily “eligible assets” of all Nuveen Funds. Eligible assets do not include assets attributable to investments in other Nuveen Funds or assets in excess of $2 billion added to the Nuveen Fund complex in connection with the Adviser’s assumption of the management of the former First American Funds effective January 1, 2011. Eligible assets include closed-end fund assets managed by the Adviser that are attributable to 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 October 31, 2013, the complex-level fee rate for each Fund was as follows:

Fund	Complex-Level Fee Rate
Dividend Value		.1876	%
Mid Cap Value		.2000
Small Cap Value		.1967

The Adviser has contractually agreed to waive fees and/or reimburse other Fund expenses of Mid Cap Value and Small Cap Value so that total annual Fund operating expenses, after fee waivers and/or expense reimbursements and excluding acquired fund fees and expenses, do not exceed the percentages of the average daily net assets of any class of Fund shares in the amounts and for the time periods stated in the following table:

	Mid Cap Value			Small Cap Value (11/1/12 through 6/23/13)			Small Cap Value (6/24/13 through 10/31/13)
Class A Shares		1.34	%		1.50	%		1.45	%
Class B Shares		2.09			N/A			N/A
Class C Shares		2.09			2.25			2.20
Class R3 Shares		1.59			1.75			1.70
Class I Shares		1.09			1.25			1.20
Expiration Date		February 28, 2014			February 28, 2014			February 28, 2015

N/A – Fund does not offer share class.

The Adviser agreed to reimburse management fees across all share classes of Dividend Value through December 31, 2012, to the extent necessary to maintain Class I Share total annual operating expenses, not including any acquired fund fees and expenses, at the applicable percentage of daily net assets listed in the Maximum Expense Level row of the following table, provided that in no event will the Adviser be required to make any reimbursements that would result in an annualized net management fee of less than the applicable percentage of daily net assets listed in the Minimum Management Fee row of the following table.

	Dividend Value
Maximum Expense Level		.95	%
Minimum Management Fee		.78

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

Nuveen Investments 59

Notes to Financial Statements (continued)

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

During the fiscal year ended October 31, 2013, Nuveen Securities, LLC (the “Distributor”), a wholly-owned subsidiary of Nuveen, collected sales charges on purchases of Class A Shares, the majority of which were paid out as concessions to financial intermediaries as follows:

	Dividend Value		Mid Cap Value		Small Cap Value
Sales charges collected (Unaudited)	$	545,279	$	16,303	$	25,393
Paid to financial intermediaries (Unaudited)		480,251		14,245		22,353

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

During the fiscal year ended October 31, 2013, the Distributor compensated financial intermediaries directly with commission advances at the time of purchase as follows:

	Dividend Value		Mid Cap Value		Small Cap Value
Commission advances (Unaudited)	$	147,119	$	1,255	$	8,044

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

	Dividend Value		Mid Cap Value		Small Cap Value
12b-1 fees retained (Unaudited)	$	111,447	$	13,267	$	5,157

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

The Distributor also collected and retained CDSC on share redemptions during the fiscal year ended October 31, 2013, as follows:

	Dividend Value		Mid Cap Value		Small Cap Value
CDSC retained (Unaudited)	$	11,322	$	892	$	—

8. New Accounting Pronouncements

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

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

60 Nuveen Investments

Trustees and Officers (Unaudited)

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

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

Name, Year of Birth & Address	Position(s) Held with the Funds	Year First Elected or Appointed (1)	Principal Occupation(s) Including other Directorships During Past 5 Years	Number of Portfolios in Fund Complex Overseen by Trustee
Independent Trustees:
William J. Schneider 1944 333 W. Wacker Drive Chicago, IL 60606	Chairman of the Board and Trustee	1996	Chairman of Miller-Valentine Partners Ltd., a real estate investment company; formerly, Senior Partner and Chief Operating Officer (retired 2004) of Miller-Valentine Group; owner in several other Miller-Valentine entities; Board Member of Mid-America Health System, Tech Town, Inc., a not-for-profit community development company and WDPR Public Radio Station; formerly, member, Business Advisory Council, Cleveland Federal Reserve Bank and University of Dayton Business School Advisory Council.	206
Robert P. Bremner 1940 333 W. Wacker Drive Chicago, IL 60606	Trustee	1996	Private Investor and Management Consultant; Treasurer and Director, Humanities Council of Washington, D.C.; Board Member, Independent Directors Council affiliated with the Investment Company Institute.	206
Jack B. Evans 1948 333 W. Wacker Drive Chicago, IL 60606	Trustee	1999	President, The Hall-Perrine Foundation, a private philanthropic corporation (since 1996); Chairman, United Fire Group, a publicly held company; formerly, member and President Pro Tem of the Board of Regents for the State of Iowa University System; Director, Source Media Group; Life Trustee of Coe College; formerly, Director, Alliant Energy; formerly, Director, Federal Reserve Bank of Chicago; formerly, President and Chief Operating Officer, SCI Financial Group, Inc., a regional financial services firm.	206
William C. Hunter 1948 333 W. Wacker Drive Chicago, IL 60606	Trustee	2004	Dean Emeritus (since June 30, 2012), formerly, Dean, Tippie College of Business, University of Iowa (2006-2012); Director (since 2004) of Xerox Corporation; Director (since 2005), and President (since July 2012) Beta Gamma Sigma, Inc., The International Honor Society; Director of Wellmark, Inc. (since 2009); formerly, Dean and Distinguished Professor of Finance, School of Business at the University of Connecticut (2003-2006); previously, Senior Vice President and Director of Research at the Federal Reserve Bank of Chicago (1995-2003); formerly, Director (1997-2007), Credit Research Center at Georgetown University.	206
David J. Kundert 1942 333 W. Wacker Drive Chicago, IL 60606	Trustee	2005	Formerly, Director, Northwestern Mutual Wealth Management Company; (2006-2013) retired (since 2004) as Chairman, JPMorgan Fleming Asset Management, President and CEO, Banc One Investment Advisors Corporation, and President, One Group Mutual Funds; prior thereto, Executive Vice President, Banc One Corporation and Chairman and CEO, Banc One Investment Management Group; Regent Emeritus, Member of Investment Committee, Luther College; member of the Wisconsin Bar Association; member of Board of Directors, Friends of Boerner Botanical Gardens; member of Board of Directors and Chair of Investment Committee, Greater Milwaukee Foundation; member of the Board of Directors (Milwaukee), College Possible.	206

Nuveen Investments 61

Trustees and Officers (Unaudited)(continued)

Name, Year of Birth & Address	Position(s) Held with the Funds	Year First Elected or Appointed (1)	Principal Occupation(s) Including other Directorships During Past 5 Years	Number of Portfolios in Fund Complex Overseen by Trustee
John K. Nelson 1962 333 West Wacker Drive Chicago, IL 60606	Trustee	2013	Senior external advisor to the financial services practice of Deloitte Consulting LLP (since 2012); Member of Board of Directors of Core12 LLC (since 2008), a private firm which develops branding, marketing and communications strategies for clients; Chairman of the Board of Trustees of Marian University (since 2010 as trustee, 2011 as Chairman); Director of The Curran Center for Catholic American Studies (since 2009) and The President’s Council, Fordham University (since 2010); formerly, Chief Executive Officer of ABN AMRO N.V. North America, and Global Head of its Financial Markets Division (2007-2008); prior senior positions held at ABN AMRO include Corporate Executive Vice President and Head of Global Markets—the Americas (2006-2007), CEO of Wholesale Banking—North America and Global Head of Foreign Exchange and Futures Markets (2001-2006), and Regional Commercial Treasurer and Senior Vice President Trading—North America (1996-2001); formerly, Trustee at St. Edmund Preparatory School in New York City.	206
Judith M. Stockdale 1947 333 W. Wacker Drive Chicago, IL 60606	Trustee	1997	Formerly, Executive Director (1994-2012), Gaylord and Dorothy Donnelley Foundation (since 1994); prior thereto, Executive Director, Great Lakes Protection Fund (1990-1994).	206
Carole E. Stone 1947 333 W. Wacker Drive Chicago, IL 60606	Trustee	2007	Director, Chicago Board Options Exchange (since 2006), C2 Options Exchange, Incorporated (since 2009) and CBOE Holdings, Inc. (since 2010); formerly, Commissioner, New York State Commission on Public Authority Reform (2005-2010); formerly, Chair, New York Racing Association Oversight Board (2005-2007).	206
Virginia L. Stringer 1944 333 W. Wacker Drive Chicago, IL 60606	Trustee	2011	Board Member, Mutual Fund Directors Forum; former governance consultant and non-profit board member; former Owner and President, Strategic Management Resources, Inc. a management consulting firm; former Member, Governing Board, Investment Company Institute’s Independent Directors Council; previously, held several executive positions in general management, marketing and human resources at IBM and The Pillsbury Company; Independent Director, First American Fund Complex (1987-2010) and Chair (1997-2010).	206
Terence J. Toth 1959 333 W. Wacker Drive Chicago, IL 60606	Trustee	2008	Managing Partner, Promus Capital (since 2008); Director, Fulcrum IT Service LLC (since 2010), Quality Control Corporation (since 2012) and LogicMark LLC (since 2012); formerly, Director, Legal & General Investment Management America, Inc. (2008-2013); formerly, CEO and President, Northern Trust Global Investments (2004-2007); Executive Vice President, Quantitative Management & Securities Lending (2000-2004); prior thereto, various positions with Northern Trust Company (since 1994); member: Chicago Fellowship Board (since 2005), Catalyst Schools of Chicago Board (since 2008) and Mather Foundation Board (since 2012), and a member of its investment committee; formerly, Member, Northern Trust Mutual Funds Board (2005-2007), Northern Trust Global Investments Board (2004-2007), Northern Trust Japan Board (2004-2007), Northern Trust Securities Inc. Board (2003-2007) and Northern Trust Hong Kong Board (1997-2004).	206

62 Nuveen Investments

Name, Year of Birth & Address	Position(s) Held with the Funds	Year First Elected or Appointed (1)	Principal Occupation(s) Including other Directorships During Past 5 Years	Number of Portfolios in Fund Complex Overseen by Trustee
Interested Board Members:
William Adams IV(2) 1955 333 W. Wacker Drive Chicago, IL 60606	Board Member	2013	Senior Executive Vice President, Global Structured Products (since 2010); Co-President of Nuveen Fund Advisors, LLC (since 2011); President (since 2011), formerly, Managing Director (2010-2011) of Nuveen Commodities Asset Management, LLC; Board Member of the Chicago Symphony Orchestra and of Gilda’s Club Chicago; formerly, Executive Vice President, U.S. Structured Products, of Nuveen Investments, Inc. (1999-2010).	135
Thomas S. Schreier, Jr.(2) 1962 333 W. Wacker Drive Chicago, IL 60606	Board Member	2013	Vice Chairman, Wealth Management of Nuveen Investments, Inc. (since 2011); Co-President of Nuveen Fund Advisors, LLC; Chairman of Nuveen Asset Management, LLC (since 2011); Co-Chief Executive Officer of Nuveen Securities, LLC (since 2011); Member of Board of Governors and Chairman’s Council of the Investment Company Institute; formerly, Chief Executive Officer (2000-2010) and Chief Investment Officer (2007-2010) of FAF Advisors, Inc.; formerly, President of First American Funds (2001-2010).	135

Name, Year of Birth & Address	Position(s) Held with the Funds	Year First Elected or Appointed (2)	Principal Occupation(s) During Past 5 Years	Number of Portfolios in Fund Complex Overseen by Officer
Officers of the Funds:
Gifford R. Zimmerman 1956 333 W. Wacker Drive Chicago, IL 60606	Chief Administrative Officer	1988	Managing Director (since 2002), and Assistant Secretary of Nuveen Securities, LLC; Managing Director (since 2004) and Assistant Secretary (since 1994) of Nuveen Investments, Inc.; Managing Director (since 2002), Assistant Secretary (since 1997) and Co-General Counsel (since 2011) of Nuveen Fund Advisors, LLC; Managing Director, Assistant Secretary and Associate General Counsel of Nuveen Asset Management, LLC (since 2011); Managing Director, Associate General Counsel and Assistant Secretary of Symphony Asset Management LLC (since 2003); Vice President and Assistant Secretary of NWQ Investment Management Company, LLC (since 2002), Nuveen Investments Advisers Inc. (since 2002), Santa Barbara Asset Management, LLC (since 2006) and of Winslow Capital Management, LLC, (since 2010); Vice President and Assistant Secretary (since 2013), formerly, Chief Administrative Officer and Chief Compliance Officer (2006-2013) of Nuveen Commodities Asset Management, LLC; Chartered Financial Analyst.	206
Margo L. Cook 1964 333 W. Wacker Drive Chicago, IL 60606	Vice President	2009	Executive Vice President (since 2008) of Nuveen Investments, Inc. and of Nuveen Fund Advisors, LLC (since 2011); Managing Director – Investment Services of Nuveen Commodities Asset Management, LLC (since August 2011), previously, Head of Institutional Asset Management (2007-2008) of Bear Stearns Asset Management; Head of Institutional Asset Management (1986-2007) of Bank of NY Mellon; Chartered Financial Analyst.	206
Lorna C. Ferguson 1945 333 W. Wacker Drive Chicago, IL 60606	Vice President	1998	Managing Director (since 2005) of Nuveen Fund Advisors, LLC and Nuveen Securities, LLC (since 2004).	206
Stephen D. Foy 1954 333 W. Wacker Drive Chicago, IL 60606	Vice President and Controller	1998	Senior Vice President (2010-2011), formerly, Vice President (2005-2010) and Funds Controller of Nuveen Securities, LLC; Senior Vice President (since 2013), formerly, Vice President of Nuveen Fund Advisors, LLC; Chief Financial Officer of Nuveen Commodities Asset Management, LLC (since 2010); Certified Public Accountant.	206

Nuveen Investments 63

Trustees and Officers (Unaudited)(continued)

Name, Year of Birth & Address	Position(s) Held with the Funds	Year First Elected or Appointed (2)	Principal Occupation(s) During Past 5 Years	Number of Portfolios in Fund Complex Overseen by Officer
Scott S. Grace 1970 333 W. Wacker Drive Chicago, IL 60606	Vice President and Treasurer	2009	Managing Director, Corporate Finance & Development, Treasurer (since 2009) of Nuveen Securities, LLC; Managing Director and Treasurer (since 2009) of Nuveen Fund Advisors, LLC, Nuveen Investments Advisers, Inc., Nuveen Investments Holdings Inc. and (since 2011) Nuveen Asset Management, LLC; Vice President and Treasurer of NWQ Investment Management Company, LLC, Tradewinds Global Investors, LLC, Symphony Asset Management LLC and Winslow Capital Management, LLC.; Vice President of Santa Barbara Asset Management, LLC; formerly, Treasurer (2006-2009), Senior Vice President (2008-2009), previously, Vice President (2006-2008) of Janus Capital Group, Inc.; formerly, Senior Associate in Morgan Stanley’s Global Financial Services Group (2000-2003); Chartered Accountant Designation.	206
Walter M. Kelly 1970 333 W. Wacker Drive Chicago, IL 60606	Chief Compliance Officer and Vice President	2003	Senior Vice President (since 2008) of Nuveen Investments Holdings, Inc.	206
Tina M. Lazar 1961 333 W. Wacker Drive Chicago, IL 60606	Vice President	2002	Senior Vice President of Nuveen Investment Holdings, Inc.	206
Kevin J. McCarthy 1966 333 W. Wacker Drive Chicago, IL 60606	Vice President and Secretary	2007	Managing Director and Assistant Secretary (since 2008), Nuveen Securities, LLC; Managing Director (since 2008), Assistant Secretary (since 2007) and Co-General Counsel (since 2011) of Nuveen Fund Advisors, LLC; Managing Director, Assistant Secretary and Associate General Counsel (since 2011) of Nuveen Asset Management, LLC; Managing Director (since 2008), and Assistant Secretary, Nuveen Investment Holdings, Inc.; Vice President (since 2007) and Assistant Secretary of Nuveen Investments Advisers Inc., NWQ Investment Management Company, LLC, Tradewinds Global Investors LLC, Symphony Asset Management LLC, Santa Barbara Asset Management, LLC, and of Winslow Capital Management, LLC. (since 2010); Vice President and Secretary (since 2010) of Nuveen Commodities Asset Management, LLC.	206
Kathleen L. Prudhomme 1953 901 Marquette Avenue Minneapolis, MN 55402	Vice President and Assistant Secretary	2011	Managing Director, Assistant Secretary and Co-General Counsel (since 2011) of Nuveen Fund Advisors, LLC; Managing Director, Assistant Secretary and Associate General Counsel (since 2011) of Nuveen Asset Management, LLC; Managing Director and Assistant Secretary (since 2011) of Nuveen Securities, LLC; formerly, Deputy General Counsel, FAF Advisors, Inc. (2004-2010).	206
Joel T. Slager 1978 333 West Wacker Drive Chicago, IL 60606	Vice President and Assistant Secretary	2013	Fund Tax Director for Nuveen Funds (since May, 2013); previously, Vice President of Morgan Stanley Investment Management, Inc., Assistant Treasurer of the Morgan Stanley Funds (from 2010 to 2013); Tax Director at PricewaterhouseCoopers LLP (from 2008 to 2010).	206
Jeffery M. Wilson 1956 333 West Wacker Drive Chicago, IL 60606	Vice President	2011	Senior Vice President of Nuveen Securities, LLC (since 2011); formerly, Senior Vice President of FAF Advisors, Inc. (2000-2010).	103

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

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

64 Nuveen Investments

Annual Investment Management Agreement Approval Process (Unaudited)

The Board of Directors (each, a “Board” and each Director, a “Board Member”) of the Funds, including the Board Members who are not parties to the Funds’ advisory or sub-advisory agreements or “interested persons” of any such parties (the “Independent Board Members”), is responsible for approving the advisory agreements (each, an “Investment Management Agreement”) between each Fund and Nuveen Fund Advisors, LLC (the “Adviser”) and the sub-advisory agreements (each, a “Sub-Advisory Agreement”) between the Adviser and Nuveen Asset Management, LLC (the “Sub-Adviser”) (the Investment Management Agreements and the Sub-Advisory Agreements are referred to collectively as the “Advisory Agreements”) and their periodic continuation. Pursuant to the Investment Company Act of 1940, as amended (the “1940 Act”), the Board is required to consider the continuation of the Advisory Agreements on an annual basis. Accordingly, at an in-person meeting held on May 20-22, 2013 (the “May Meeting”), the Board, including a majority of the Independent Board Members, considered and approved the continuation of the Advisory Agreements for the Funds for an additional one-year period.

In preparation for its considerations at the May Meeting, the Board requested and received extensive materials prepared in connection with the review of the Advisory Agreements. The materials provided a broad range of information regarding the Funds, the Adviser and the Sub-Adviser (the Adviser and the Sub-Adviser are collectively, the “Fund Advisers” and each, a “Fund Adviser”). As described in more detail below, the information provided included, among other things, a review of Fund performance, including Fund investment performance assessments against peer groups and appropriate benchmarks; a comparison of Fund fees and expenses relative to peers; a description and assessment of shareholder service levels for the Funds; a summary of the performance of certain service providers; a review of product initiatives and shareholder communications; and an analysis of the Adviser’s profitability with comparisons to comparable peers in the managed fund business. As part of its annual review, the Board also held a separate meeting on April 17-18, 2013, to review the Funds’ investment performance and consider an analysis provided by the Adviser of the Sub-Adviser which generally evaluated the Sub-Adviser’s investment team, investment mandate, organizational structure and history, investment philosophy and process, performance of the applicable Fund, and significant changes to the foregoing. As a result of its review of the materials and discussions, the Board presented the Adviser with questions and the Adviser responded.

The materials and information prepared in connection with the annual review of the Advisory Agreements supplement the information and analysis provided to the Board during the year. In this regard, throughout the year, the Board, acting directly or through its committees, regularly reviews the performance and various services provided by the Adviser and the Sub-Adviser. The Board meets at least quarterly as well as at other times as the need arises. At its quarterly meetings, the Board reviews reports by the Adviser regarding, among other things, fund performance, fund expenses, the performance of the investment teams, and compliance, regulatory and risk management matters. In addition to regular reports, the Adviser provides special reports to the Board or a committee thereof from time to time to enhance the Board’s understanding of various topics that impact some or all the Nuveen funds (such as accounting and financial statement presentations of the various forms of leverage that may be used by a closed-end fund or an update on the valuation policies and procedures), to update the Board on regulatory developments impacting the investment company industry or to update the Board on the business plans or other matters impacting the Adviser. The Board also meets with key investment personnel managing the fund portfolios during the year. In October 2011, the Board also created two standing committees (the Open-End Fund Committee and the Closed-End Fund Committee) to assist the full Board in monitoring and gaining a deeper insight into the distinctive business practices of open-end and closed-end funds. These Committees meet prior to each quarterly Board meeting, and the Adviser provides presentations to these Committees permitting them to delve further into specific matters or initiatives impacting the respective product line.

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

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

Nuveen Investments 65

Annual Investment Management Agreement Approval Process (Unaudited)(continued)

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

A. Nature, Extent and Quality of Services

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

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

In addition to advisory services, the Board considered the quality and extent of administrative and other non-investment advisory services the Adviser and its affiliates provide to the Funds, including product management, investment services (such as oversight of investment policies and procedures, risk management, and pricing), fund administration, oversight of service providers, shareholder services and communications, administration of Board relations, regulatory and portfolio compliance and legal support. The Board further recognized Nuveen’s additional investments in personnel, including in compliance and risk management.

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

In addition to the foregoing actions, the Board also considered other initiatives related to the open-end Nuveen funds including, among other things, the development of a comprehensive strategic plan and the addition of members to the product strategy team; the commencement of various new funds; the removal of redemption fees for certain funds; the establishment of a working group to enhance the Adviser’s oversight of the disclosures pertaining to Nuveen’s products and services; the acceleration of monthly holdings disclosure for certain funds; and the development of a new share class for certain funds.

66 Nuveen Investments

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

B. The Investment Performance of the Funds and Fund Advisers

The Board, including the Independent Board Members, considered the performance history of each Fund over various time periods. The Board reviewed reports, including an analysis of the Funds’ performance and the applicable investment team. In general, in considering a fund’s performance, the Board recognized that a fund’s performance can be reviewed through various measures including the fund’s absolute return, the fund’s return compared to the performance of other peer funds, and the fund’s performance compared to its respective benchmark. Accordingly, the Board reviewed, among other things, each Fund’s historic investment performance as well as information comparing the Fund’s performance information with that of other funds (the “Performance Peer Group”) and with recognized and/or customized benchmarks (i.e., generally benchmarks derived from multiple recognized benchmarks) for the quarter, one-, three- and five-year periods ending December 31, 2012 as well as performance information reflecting the first quarter of 2013. This information supplemented the fund performance information provided to the Board at each of its quarterly meetings.

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

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

In considering the performance data for the Funds, the Independent Board Members noted that the Nuveen Dividend Value Fund (the “Dividend Value Fund”) had demonstrated generally favorable performance in comparison to peers, performing in the first or second quartile over various periods. With respect to the Nuveen Small Cap Value Fund (the “Small Cap Value Fund”), the Independent Board Members observed that such Fund had satisfactory performance compared to its peers. In this regard, although such Fund performed in the third quartile over the one-year and five-year periods and underperformed its benchmark in the one-year period, such Fund performed in the first quartile in the three-year period and outperformed its benchmark in the three- and five-year periods. Finally, the Independent Board Members noted that the Nuveen Mid Cap Value Fund (the “Mid Cap Value Fund”) had lagged its peers and benchmarks over various periods. In this regard, such Fund performed in the fourth quartile and underperformed its benchmark for the one-, three- and five-year periods; however, such Fund outperformed its benchmark for the quarter ending March 31, 2013.

As described above, for funds with challenged performance, the Board considered and discussed the factors contributing to the results. In this regard, the Board noted the changes to investment personnel made in 2012 for the Mid Cap Value Fund intended to address such Fund’s longer-term performance issues. The Board is encouraged by these steps and will continue to monitor management’s progress on these issues in general and for the Mid Cap Value Fund, in particular, as well as any further steps proposed or taken to address performance issues.

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

Nuveen Investments 67

Annual Investment Management Agreement Approval Process (Unaudited)(continued)

C. Fees, Expenses and Profitability

1. Fees and Expenses

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

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

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

The Independent Board Members observed that the Mid Cap Value Fund had a net management fee and a net expense ratio (including fee waivers and expense reimbursements) that were below its peer averages. In addition, the Independent Board Members noted that the Dividend Value Fund had a slightly higher net management fee than its peer average but a net expense ratio that was below the peer average, while the Small Cap Value Fund had a net expense ratio that was higher than the peer average, but a net management fee that was below the peer average.

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

2. Comparisons with the Fees of Other Clients

The Board recognized that all Nuveen funds have a sub-adviser (which, in the case of the Funds, is an affiliated sub-adviser), and therefore, the overall fund management fee can be divided into two components, the fee retained by the Adviser and the fee paid to the sub-adviser. In general terms, the fee to the Adviser reflects the administrative services it provides to support the funds, and while some administrative services may occur at the sub-adviser level, the fee generally reflects the portfolio management services provided by the sub-adviser. The Independent Board Members reviewed information regarding the nature of services provided by the Adviser, including through the Sub-Adviser, and the range of fees and average fee the Sub-Adviser assessed for such services to other clients. Such other clients include separately managed accounts (both retail and institutional accounts), foreign investment funds offered by Nuveen and funds that are not offered by Nuveen but are sub-advised by one of Nuveen’s investment management teams. In evaluating the comparisons of fees, the Independent Board Members noted that the fee rates charged to the Funds and other clients vary, among other things, because of the different services involved and the additional regulatory and compliance requirements associated with registered investment companies, such as the Funds. Accordingly, the Independent Board Members considered the differences in the product types, including, but not limited to, the services provided, the structure and operations, product distribution and costs thereof, portfolio investment policies, investor profiles, account sizes and regulatory requirements. The Independent Board Members noted, in particular, that the range of services provided to the Funds (as discussed above) is much more extensive than that provided to separately managed accounts. Many of the additional administrative services provided by the Adviser are not required for institutional clients. The Independent Board Members further noted that the management fee rates of the foreign funds advised by the Adviser may vary due to, among other things, differences in the client base, governing bodies, operational complexities and services covered by the management fee. Given the inherent differences in the various products, particularly the extensive services provided to the Funds, the Independent Board Members believe such facts justify the different levels of fees.

3. Profitability of Fund Advisers

In conjunction with their review of fees, the Independent Board Members also considered the profitability of Nuveen for its advisory activities and its financial condition. The Independent Board Members reviewed the revenues and expenses of Nuveen’s advisory activities for the last two calendar years, the allocation methodology used in preparing the profitability data and an analysis of the key drivers behind the changes in revenues and expenses that impacted profitability in 2012. The Independent Board Members noted this information supplemented the profitability information

68 Nuveen Investments

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

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

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

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

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

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

In addition to fund-level advisory fee breakpoints, the Board also considered the Funds’ complex-wide fee arrangement. Pursuant to the complex-wide fee arrangement, the fees of the funds in the Nuveen complex are generally reduced as the assets in the fund complex reach certain levels. The complex-wide fee arrangement seeks to provide the benefits of economies of scale to fund shareholders when total fund complex assets increase, even if assets of a particular fund are unchanged or have decreased. The approach reflects the notion that some of Nuveen’s costs are attributable to services provided to all its funds in the complex and therefore all funds benefit if these costs are spread over a larger asset base. In addition, with the acquisition of the funds previously advised by FAF Advisors, Inc. at the end of 2010, the Board noted that a portion of such funds’ assets at the time of acquisition were deemed eligible to be included in the complex-wide fee calculation in order to deliver fee savings to shareholders in the combined complex and such funds were subject to differing complex-level fee rates.

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

E. Indirect Benefits

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

Nuveen Investments 69

Annual Investment Management Agreement Approval Process (Unaudited)(continued)

In addition to the above, the Independent Board Members considered whether the Fund Advisers received any benefits from soft dollar arrangements whereby a portion of the commissions paid by a Fund for brokerage may be used to acquire research that may be useful to the Fund Adviser in managing the assets of the Funds and other clients. The Funds’ portfolio transactions are determined by the Sub-Adviser. Accordingly, the Independent Board Members considered that the Sub-Adviser may benefit from its soft dollar arrangements pursuant to which it receives research from brokers that execute the Funds’ portfolio transactions. Similarly, the Board recognized that the research received pursuant to soft dollar arrangements by the Sub-Adviser may also benefit a Fund and shareholders to the extent the research enhances the ability of the Sub-Adviser to manage the Fund. The Independent Board Members noted that the Sub-Adviser’s profitability may be somewhat lower if it did not receive the research services pursuant to the soft dollar arrangements and had to acquire such services directly.

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

F. Other Considerations

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

70 Nuveen Investments

Notes

Nuveen Investments 71

Notes

72 Nuveen Investments

Notes

Nuveen Investments 73

Glossary of Terms Used in this Report

Average Annual Total Return: This is a commonly used method to express an investment’s performance over a particular, usually multi-year time period. It expresses the return that would have been necessary each year to equal the investment’s actual cumulative performance (including change in NAV or offer price and reinvested distributions and capital gains, if any) over the time period being considered.

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

Lipper Equity Income Funds Classification Average: Represents the average annualized total return for all reporting funds in the Lipper Equity Income Funds Classification. Lipper returns account for the effects of management fees and assume reinvestment of distributions but do not reflect any applicable sales charges.

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

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

Market Capitalization: The market capitalization of a company is equal to the number of the company’s common shares outstanding multiplied by the current price of the company’s stock.

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^® Value Index: An index that measures the performance of those Russell 1000 companies with lower price-to-book ratios and lower forecasted growth values. The index returns assume reinvestment of distributions, but do not reflect any applicable sales charges or management fees.

Russell 2000^® Value Index: An index that measures the performance of those Russell 2000 companies with lower price-to-book ratios and lower forecasted growth values. The index returns assume reinvestment of distributions, but do not reflect any applicable sales charges or management fees.

Russell Midcap^® Value Index: An index that measures the performance of the mid-cap value segment of the U.S. equity universe. It includes those Russell Midcap Index companies with lower price-to-book ratios and lower forecasted growth values. The index returns assume reinvestment of distributions, but do not reflect any applicable sales charges or management fees.

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

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.

74 Nuveen Investments

Additional Fund Information
	Fund Manager Nuveen Fund Advisors, LLC 333 West Wacker Drive Chicago, IL 60606 Sub-Adviser Nuveen Asset Management, LLC 333 West Wacker Drive Chicago, IL 60606 Legal Counsel Chapman and Cutler LLP Chicago, IL 60603	Independent Registered Public Accounting Firm PricewaterhouseCoopers LLP Chicago, IL 60606 Custodian U.S. Bank National Association Milwaukee, WI 53202 Transfer Agent and Shareholder Services Boston Financial Data Services, Inc. Nuveen Investor Services P.O. Box 8530 Boston, MA 02266-8530 (800) 257-8787

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

Fund	% of DRD			% of QDI
Nuveen Dividend Value Fund		100	%		100	%
Nuveen Mid Cap Value Fund		80	%		85	%
Nuveen Small Cap Value Fund		100	%		100	%

Quarterly Form N-Q Portfolio of Investments Information: Each Fund is required to file its complete schedule of portfolio holdings with the Securities and Exchange Commission (SEC) for the first and third quarters of each fiscal year on Form N-Q. You may obtain this information directly from the SEC. Visit the SEC on-line at http://www.sec.gov or in person at the SEC’s Public Reference Room in Washington, D.C. Call the SEC toll-free at (800) SEC-0330 for room hours and operation.

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

The Financial Industry Regulatory Authority (FINRA) provides a Public Disclosure Program which supplies certain information regarding the disciplinary history of FINRA members and their associated persons in response to either telephone inquiries at (800) 289-9999 or written inquiries at www.finra.org. FINRA also provides an investor brochure that includes information describing the Public Disclosure Program.

Nuveen Investments 75

Nuveen Investments:
	Serving Investors for Generations
	Since 1898, financial advisors and their clients have relied on Nuveen Investments to provide dependable investment solutions through continued adherence to proven, long-term investing principles. Today, we offer a range of high quality equity and fixed-income solutions designed to be integral components of a well-diversified core portfolio.
		Focused on meeting investor needs. Nuveen Investments provides high-quality investment services designed to help secure the longterm goals of institutional and individual investors as well as the consultants and financial advisors who serve them. Nuveen Investments markets a wide range of specialized investment solutions which provide investors access to capabilities of its high-quality boutique investment affiliates-Nuveen Asset Management, Symphony Asset Management, NWQ Investment Management Company, Santa Barbara Asset Management, Tradewinds Global Investors, Winslow Capital Management, and Gresham Investment Management. In total, Nuveen Investments managed approximately $215 billion as of September 30, 2013.
		Find out how we can help you. To learn more about how the products and services of Nuveen Investments may be able to help you meet your financial goals, talk to your financial advisor, or call us at (800) 257-8787. Please read the information provided carefully before you invest. Investors should consider the investment objective and policies, risk considerations, charges and expenses of any investment carefully. Where applicable, be sure to obtain a prospectus, which contains this and other relevant information. To obtain a prospectus, please contact your securities representative or Nuveen Investments, 333 W. Wacker Dr., Chicago, IL 60606. Please read the prospectus carefully before you invest or send money.
		Learn more about Nuveen Funds at: www.nuveen.com/mf
Distributed by Nuveen Securities, LLC | 333 West Wacker Drive Chicago, IL 60606 | www.nuveen.com

MAN-FSTK-1013P

Mutual Funds

Nuveen Equity Funds

For investors seeking a high level of current income and total return.

Annual Report  October 31, 2013

	Share Class / Ticker Symbol
Fund Name	Class A	Class C	Class I
Nuveen International Select Fund	ISACX	ICCSX	ISYCX
Nuveen Tactical Market Opportunities Fund	NTMAX	NTMCX	FGTYX

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Table of Contents

Chairman’s Letter to Shareholders	4
Portfolio Managers’ Comments	5
Risk Considerations	11
Dividend Information	12
Fund Performance and Expense Ratios	13
Holding Summaries	18
Expense Examples	20
Shareholder Meeting Report	22
Report of Independent Registered Public Accounting Firm	23
Portfolios of Investments	24
Statement of Assets and Liabilities	38
Statement of Operations	39
Statement of Changes in Net Assets	40
Financial Highlights	42
Notes to Financial Statements	46
Trustees and Officers	60
Annual Investment Management Agreement Approval Process	64
Glossary of Terms Used in this Report	70
Additional Fund Information	71

Nuveen Investments 3

Chairman’s Letter to Shareholders

Dear Shareholders,

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

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

On the domestic front, recent events such as the Federal Reserve decision to slow down its bond buying program beginning in January of 2014 and the federal budget compromise that would guide government spending into 2015 are both positives for the economy moving forward. Corporate fundamentals are strong as earnings per share and corporate cash are at the highest level in two decades. Unemployment is trending down and the housing market has experienced a rebound, each assisting the positive economic scenario. However, there are some issues to be watched. Interest rates are expected to increase but significant uncertainty about the timing remains. Partisan politics in Washington D.C. with their troublesome outcome add to the uncertainties that could cause problems for the economy going forward.

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

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

Sincerely,

William J. Schneider

Chairman of the Board

December 23, 2013

4 Nuveen Investments

Portfolio Managers’ Comments

Nuveen International Select Fund

Nuveen Tactical Market Opportunities Fund

At a shareholder meeting held on October 18, 2013, shareholders of the Nuveen International Fund approved the reorganization of their Fund into the Nuveen International Select Fund. The reorganization took effect after the close of business on October 25, 2013.

See Notes to Financial Statements, Note 1—General Information and Significant Accounting Policies, Fund Reorganization for further information.

At the beginning of the reporting period, the Nuveen International Select Fund was managed by a team of managers associated with four different sub-advisers: Nuveen Asset Management, LLC (“Nuveen Asset Management”), an affiliate of Nuveen Investments, Inc.; Altrinsic Global Advisors, LLC (“Altrinsic”); Hansberger Global Investors, Inc. (“Hansberger”); and Lazard Asset Management LLC (“Lazard”). During the period, the Fund’s Board of Directors approved the removal of Hansberger as a sub-adviser to the Fund, effective as of the close of business on June 21, 2013. The assets managed by Hansberger were reallocated to Nuveen Asset Management, which remained as a sub-adviser to the Fund along with Altrinsic and Lazard. At the same time, Tracy Stouffer, CFA, and Jay Rosenberg were named as additional portfolio managers of the Fund. Tracy is a senior vice president and portfolio manager and Jay is a managing director and portfolio manager for Nuveen Asset Management, LLC. The Fund’s investment objectives, principal investment strategies and principal risks have not changed.

The Nuveen Tactical Market Opportunities Fund is managed by a team of managers from Nuveen Asset Management, LLC., an affiliate of Nuveen Investments, Inc.

On the following pages, the portfolio management teams for the Funds examine economic and equity market conditions, key investment strategies and the Funds’ performance for the twelve-month reporting period ended October 31, 2013.

What factors affected the U.S. economy and the equity market during the twelve-month reporting period ended October 31, 2013?

During this reporting period, the U.S. economy’s progress toward recovery from recession continued at a moderate pace. The Federal Reserve (Fed) maintained its efforts to improve the overall economic environment by holding the benchmark fed funds rate at the record low level of zero to 0.25% that it established in December 2008. The Fed also continued its monthly purchases of $40 billion of mortgage-backed securities and $45 billion of longer-term Treasury securities in an open-ended effort to bolster growth and promote progress toward the Fed’s mandates of maximum employment and price stability. At its June 2013 meeting, the Fed indicated that it believed downside risks to the economy had diminished since the autumn of 2012. Subsequent comments by Fed Chairman Ben Bernanke suggested that the Fed might begin to reduce, or taper, its asset purchase program later in 2013. However, in September 2013,

Certain statements in this report are forward-looking statements. Discussions of specific investments are for illustration only and are not intended as recommendations of individual investments. The forward-looking statements and other views expressed herein are those of the portfolio managers as of the date of this report. Actual future results or occurrences may differ significantly from those anticipated in any forward-looking statements and the views expressed herein are subject to change at any time, due to numerous market and other factors. The Funds disclaim any obligation to update publicly or revise any forward-looking statements or views expressed herein.

Nuveen Investments 5

Portfolio Managers’ Comments (continued)

the Fed surprised the market by announcing that it had decided to wait for more evidence that the progress it discerned in June was sustainable before it made any adjustments to the pace of the purchase program. At its October 2013 meeting, the central bank reiterated this decision and said that it expected to continue its “highly accommodative stance of monetary policy” for “a considerable time” after the purchase program ends and the economic recovery strengthens. Finally, in December of 2013, the Fed announced a decision to slow down its bond buying program beginning in January of 2014.

In the third quarter of 2013, the U.S. economy, as measured by the U.S. gross domestic product (GDP), grew at an annualized rate of 2.8%, up from 2.5% for the second quarter of 2013, continuing the pattern of positive economic growth for the tenth consecutive quarter. The Consumer Price Index (CPI) rose 1.0% year-over-year as of October 2013, while the core CPI (which excludes food and energy) increased 1.7% during the same period, staying within the Fed’s unofficial objective of 2.0% or lower for this inflation measure. Improvements in the labor markets continued to be slow, and unemployment remained above the Federal Reserve’s target of 6.5%. As of October 2013, the national unemployment rate was 7.3%, up from 7.2% in September 2013 but below the 7.9% reported in October 2012. The slight uptick in October’s number reflected the increase in federal employees furloughed due to the government shutdown that month. The housing market continued to deliver good news, as the average home price in the S&P/Case-Shiller index of 20 major metropolitan areas rose 13.3% for the twelve months ended September 2013 (most recent data available at the time this report was prepared), the largest twelve-month percentage gain for the index since February 2006.

Early in this reporting period, the outlook for the U.S. economy was clouded by uncertainty about global financial markets and the outcome of the “fiscal cliff.” The tax consequences of the fiscal cliff situation were averted through a last-minute deal that raised payroll taxes, but left in place a number of tax breaks, including tax exemptions on municipal bond interest. However, lawmakers failed to reach a resolution on $1.2 trillion in spending cuts intended to address the federal budget deficit. This triggered a program of automatic spending cuts (or sequestration) that impacted federal programs beginning March 1, 2013. Although Congress later passed legislation that established federal funding levels for the remainder of fiscal 2013, the federal budget for fiscal 2014 continued to be debated. On October 1, 2013, the start date for fiscal 2014, the federal government shut down for 16 days until an interim appropriations bill was signed into law, funding the government at sequestration levels through January 15, 2014, and suspending the debt limit until February 7, 2014. Subsequent to the close of this reporting period, Congress preliminarily passed a federal budget deal that would guide government spending into 2015 and defuse the chances of another shutdown if it wins final passage. In addition to the ongoing political debate over federal spending, Chairman Bernanke’s June 2013 remarks about tapering the Federal Reserve’s asset purchase program touched off widespread uncertainty about the next step for the Fed’s quantitative easing program and about the potential impact on the economy and financial markets, leading to increased market volatility.

For much of the reporting period, low interest rates and a fairly benign macro environment caused U.S. investors to move out the risk spectrum, resulting in robust flows into U.S. equity funds. Leading U.S. stock market indexes, including the S&P 500^® Index, the Dow Jones Industrial Average and the Russell 2000^® Index, each hit all-time highs during the reporting period. The S&P 500^® Index gained 27% over the twelve-month reporting period. Sluggish global growth, muted global inflation and ongoing fiscal drag provided a backdrop for continued monetary policy actions outside the U.S. as well, which drove strong equity market advances globally. In Japan, newly elected Prime Minister Shinzo Abe articulated policies designed to reinvigorate Japan’s weak economy. Widespread optimism for his strategies led to a massive rally in the Japanese equity market, which was up 34% over the reporting period, according to MSCI Japan Index. Elsewhere, the European Central Bank signaled an extended period of low rates while the U.K.’s Bank of England pursued its most aggressive monetary policy to date. Returns for developed markets outside the U.S. were very strong, as evidenced by the MSCI EAFE Index’s advance of 26% for the reporting period. In emerging market countries, which

6 Nuveen Investments

are more dependent on global growth and commodity prices, stocks significantly lagged developed markets with a 6% return during this reporting period, according to the MSCI Emerging Market Index.

Nuveen International Select Fund

How did the Fund perform during the twelve-month reporting period ended October 31, 2013?

The tables in the Fund Performance and Expense Ratios section of this report provide Class A Share total returns for the Fund for the one-year, five-year and since inception periods ended October 31, 2013. The Fund’s Class A Shares at net asset value (NAV) slighty underperformed the MSCI All Country World Investable Market Index (ex U.S.) and the Lipper classification average for the twelve-month period.

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

The Fund seeks to provide long-term capital appreciation by investing primarily in equity securities of foreign issuers that trade in the U.S. or foreign markets, depositary receipts representing shares of foreign issuers and exchange-traded funds and other investment companies that provide exposure to foreign issuers. During this reporting period, three of the Fund’s sub-advisers, Altrinsic Global Advisors, Hansberger Global Investors and Lazard Asset Management, selected stocks for the Fund according to the developed markets value, developed markets growth or emerging market styles, respectively. The Fund’s fourth sub-adviser, Nuveen Asset Management, selected stocks for the Fund in the infrastructure sector and also took over managing the portion of the portfolio formerly managed by Hansberger Global Investors, selecting growth-oriented stocks primarily found in the world’s developed markets. In addition, Nuveen Asset Management maintained strategic oversight of the Fund (subject to the supervision of the Fund’s investment adviser, Nuveen Fund Advisors, Inc., an affiliate of Nuveen Investments, Inc.), which includes allocating assets among the sub-advisers (including itself) and tactically adjusting the overall portfolio balance and country emphasis using index related investments.

While the Fund produced absolute returns during the reporting period, it slightly underperformed the MSCI All Country World Investable Market Index (ex U.S.) and the Lipper classification average primarily due to several unsuccessful country weights and style tilts. However, stock selection by the individual sub-advisers was largely successful during the reporting period.

In terms of regional and country allocations, the Fund’s emphasis on emerging market stocks was not helpful during the first half of the reporting period due to the generally sharp underperformance of stocks in those nations. While emerging markets stabilized in the second half of the reporting period, the Fund had shifted close to the MSCI All Country World Investable Market Index (ex U.S.) weight in terms of its developed versus emerging market exposure. As part of our emphasis on the energy sector, the Fund also had a slight overweight in Russia, a major exporter of both natural gas and oil. This position was a negative contributor as these stocks experienced volatility as energy exports had fallen in price. We continued to favor Russia as we anticipate ongoing high demand for energy as developing economies grow. In addition, a futures position in the Toronto Stock Exchange (TSX) was a relative detractor. We used this position to bring the Fund closer to benchmark weight in Canada as our sub-advisers generally did not have much exposure to individual Canadian stocks. However, the Canadian stock market did not keep pace with the strong results of the MSCI All Country World Investable Market Index (ex U.S.), rising only 7% during this reporting period. Also, we held futures contracts on the FTSE 100 Index (a basket of the 100 largest companies listed on the London Stock Exchange) due to anticipation that Great Britain would outperform broader Europe, which did not take place during the reporting period.

Offsetting some of the negative country allocations was a slight overweight to Japan. Because the Fund was underweight Japan in terms of individual stocks owned, we used futures contracts to increase exposure. The benefit of the

Nuveen Investments 7

Portfolio Managers’ Comments (continued)

futures position was two-fold as the Nikkei Index performed well, while the yen, which the futures have little exposure, had fallen. The Fund received the benefit of the Japanese equity exposure without the negative effects of the slide in the yen’s value. The Japanese equity market rallied during the reporting period, driven by widespread optimism for new Prime Minister Shinzo Abe’s bold policies to re-invigorate Japan’s weak economy; however, these policies have dramatically reduced the value of the yen. The Fund also benefited from an underweight position in India, which was a challenging environment as heavy government interference in the economy made it difficult for businesses to be profitable and expand. Investors continued to pull out of Indian markets during this reporting period, significantly challenging the value of its rupee currency. In addition, the Fund benefited from our underweight to South Africa via a futures position to hedge out exposure to the FTSE/Johannesburg Stock Exchange (JSE) Top 40 Index. Although this index performed reasonably well in local currency terms, after factoring in the sharp drop in the value of South Africa’s rand currency, its performance was weak. The Fund also benefited from an emphasis on countries in the Northern half of the Eurozone, which have stronger economies and more ability to generate growth in earnings, while Spain and Italy continued to experience weak economies. Finally, we successfully overweighted the OMX Stockholm 30 Index, a basket of the 30 most heavily traded stocks in Sweden, through a futures position in the index.

In terms of style effects, our Fund’s under-emphasis on value stocks was a drag on performance during the reporting period. Contrary to the U.S., more value-oriented and dividend-yielding stocks outperformed growth stocks in the overseas markets. Because this Fund’s strategy allocates to multiple sub-advisers, we depend on their selection of individual stocks and don’t attempt to make significant short-term value/growth tilts within the Fund’s portfolio. However, the Fund’s growth managers ran a slightly more aggressive, momentum-oriented growth strategy, while its value-oriented managers stayed closer to a moderate “blend” style.

The effects of the Fund’s sector and industry weights produced mixed results and again are often driven by the underlying stock selections executed by the sub-advisers. The Fund had an overweight in the energy sector and a strong overweight to utilities, both of which did not benefit performance. Also, while we generally avoided specific metals and mining stocks, the Fund had a position in a Gold Miners Index ETF that slightly hindered results. We sold the Gold Miners position in early March before the price of gold fell significantly. However, we countered with a successful overweight to technology stocks and favorable underweights to both the materials and financial sectors.

Stock selection by the Fund’s sub-advisers was a positive contributor to performance. For example, the Fund benefited from a position in Arcam AB, a Swedish 3D printing and additive manufacturing company. Arcam distinguishes itself from competitors through the use of its patented Electron Beam Melting (EBM) technology, which is faster and wastes much less material than the more typical laser-based processes. Also, Baidu Inc., China’s leading online search provider, outperformed after stumbling earlier in the reporting period. Shares of Baidu advanced significantly due to the company’s strong sales and growth initiatives as it attempts to stay ahead of its competition by focusing on improving its customers’ mobile search experience. In addition, Brazilian credit card processing company Cielo S.A. performed well as it announced better-than-expected results with a recovery in margins. Cielo is benefiting from the global secular trend of plastic (credit and debit cards) taking market share away from paper (cash and check) transactions.

Fund performance also benefited from our efforts to hedge away some of the Fund’s strong overweight to the U.S. dollar. The Fund’s U.S. dollar exposure resulted from a number of individual stocks in the portfolio that are domiciled in other countries, but trade on U.S. stock exchanges and are therefore U.S. dollar-denominated securities. We hedged part of this U.S. dollar exposure beginning in March when the currency was much stronger. We accomplished this through a short position on U.S. Dollar (DXY) Index futures, which measure the value of the dollar relative to a basket of six foreign currencies including the euro, the yen, the pound sterling and several other U.S. trading partners. This hedge was successful as it reduced the Fund’s U.S. dollar exposure significantly as the dollar weakened during the reporting

8 Nuveen Investments

period. However, we still choose to maintain some of the Fund’s emphasis on the U.S. dollar versus several other currencies, most notably the Japanese yen, where the country has an explicit policy of letting the yen weaken, and a few emerging market currencies such as the Indian rupee, Russia ruble and South African rand. Additionally, Fund performance was hindered by our overweight position in the Australian dollar over the period, which we have since removed.

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

Nuveen Tactical Market Opportunities Fund

How did the Fund perform during the twelve-month reporting period ended October 31, 2013?

The tables in the Fund Performance and Expense Ratios section of this report provide Class A Share total returns for the Fund for the one-year and since-inception periods ended October 31, 2013. The Fund’s Class A Shares at net asset value (NAV) underperformed the BofA/Merrill Lynch 3-Month U.S. Treasury Bill Index and the Lipper classification average over the twelve-month period. Shareholders should note that the performance of the Lipper classification represents the overall average of returns for funds that invest in a wide range of asset classes, making direct comparisons less meaningful.

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

The Fund is an absolute return product designed to generate returns through tactical asset allocation positions that seeks to outperform the BofA/Merrill Lynch 3-Month U.S. Treasury Bill Index by 400 basis points over a reasonable period of time. To accomplish the Fund’s goal, we are able to invest in a variety of asset classes, long or short, throughout the world. We also may use other alternative asset classes, such as currencies and commodities, and investment tools such as the VIX (S&P 500^® Volatility Index) to take advantage of market opportunities, to further diversify the Fund or as part of our volatility management strategies. We focus on generating returns in the portfolio in three ways: income oriented positions, market directional positions and long and short relative value positions (spread trades) that produce returns through differential performance. The Fund may gain exposure to its asset classes by: investing in derivative instruments and exchange-traded funds (ETFs); creating custom baskets of securities; and investing directly in U.S. Treasury obligations, non-U.S. government obligations that have an investment grade rating from at least one rating agency and money market funds.

During this reporting period, the Fund’s portfolio focused primarily on income and gross (long/short) equity exposure, implemented via spread trades as opposed to net market directional exposure, with significant exposure to foreign markets across asset classes. The Fund’s portfolio was positioned quite modestly from a risk standpoint in relation to the level of risk allowed by this strategy. Fund performance was generally in line with its objectives through mid-May; however, performance suffered a sharp decline through the end of June and has since remained around that level. There were a number of factors that contributed to performance and the sluggishness in the subsequent recovery.

First, we chose to maintain very modest net directional exposure to U.S. equity markets due to several factors: the mature stage of the domestic equity market cycle relative to historical averages; broad valuation measures; the lack of sales growth; modest gains in earnings that have been evident for quite some time among listed companies in aggregate; and event risks that were present around the turn of the year related to fiscal policy choices. We have remained reluctant to add directional domestic equity market exposure and view the risks as being asymmetrical to the

Nuveen Investments 9

Portfolio Managers’ Comments (continued)

downside given a likely shift in monetary policy in the near future, sentiment and valuations. In retrospect, Fund performance would have benefited from a larger U.S. equity allocation, especially when compared to the Lipper peer group average.

Early in 2013, we anticipated that emerging market equities as a group would outperform the U.S. markets based on stronger economic growth prospects, more favorable valuations and the historical linkages between U.S. and developing market performance. We concentrated the Fund’s directional positioning in this segment of the market, which not only underperformed but produced sharply negative returns through the mid portion of the year. Lacking an identifiable catalyst to turn this segment of the market higher, we reduced the Fund’s exposure to emerging market equities at a loss. The negative contribution was partially offset by a positive contribution from a long position in Japanese equities, but our long/short equity positioning did not achieve its historic contribution to performance. In particular, a long Mexico/short: South Africa position, which we closed at a loss, was particularly detrimental. Thus, the equities portion of the Fund did not provide the contribution to return we had anticipated.

We also anticipated that Treasury yields would rise in 2013. Accordingly, we made allocations to short Treasury futures contracts and allocated to non-U.S. government securities and non-Treasury spread sectors that have historically benefited from spread tightening during periods of rising Treasury yields, which helps mitigate the effect of higher risk-free yields on total return. Specifically, we allocated to Australian 10-year Treasury futures that provided a yield about 1.5% above U.S. 10-year Treasuries in early May. We anticipated that the Australian Treasury market would experience far less upward pressure on yields given its higher starting point. We also expected the Reserve Bank of Australia would cut its benchmark policy rate twice during this period, which did indeed take place in the second half. Unfortunately, the rise in Australian yields has almost perfectly matched the magnitude of increase in U.S. Treasury yields over this period, thus our futures position provided little benefit. However, with 10-year Australian Treasuries currently yielding approximately 4.25% versus U.S. equivalents yielding 2.75%, we view this allocation as an attractive position in today’s market. Over the next twelve months, yields would need to rise to close to 5% before the position would generate a negative return, a prospect we believe is unlikely.

A similar set of dynamics occurred for other components of the portfolio, where spreads relative to Treasuries that had historically moved lower as Treasury yields rose actually increased along with Treasury yields, exacerbating the negative price action instead of providing a cushion to rising yields. These included Mexican peso-denominated bonds, dollar-denominated emerging market bonds, preferred securities, high yield municipal debt and higher yielding equity market segments such as utilities, equity and mortgage real estate investment trusts (REITS), and preferred securities. While each of these sectors contributed negatively to post-May performance, they remained components of the strategy, and in some cases larger components, as their forward looking returns are more attractive and downside risks have been moderated with the price action of the past six months.

The objectives, investment process and approach to risk management remain unchanged since the introduction of the Fund’s strategy. The strategy seeks to produce positive returns over a reasonable period of time, irrespective of market conditions through diversified long and short exposures to equities, interest rates, currencies, commodities, credit and volatility management tools. While the strategy has fallen short of that goal over the past six months, we believe it is well positioned, in the context of our risk management discipline, to meet or exceed our performance objectives.

Throughout the period, the Fund also continued to use equity, interest rate and currency futures contracts to implement various absolute return, tactical market and hedging strategies. We also utilized equity call and put options to generate return and manage the Fund. Overall, these derivative positions were a meaningful contributor to performance during the reporting period.

10 Nuveen Investments

Risk Considerations

Mutual fund investing involves risk; principal loss is possible.

Nuveen International Select Fund

Equity investments such as those held by the Fund, are subject to market risk, additional expenses risk, common stock risk, small- and mid-cap stock risk, and multi-manager risk. Foreign investments involve additional risks, including currency fluctuation, political and economic instability, lack of liquidity and differing legal and accounting standards. The use of derivatives involves substantial financial risks and transaction costs. These risks are magnified in emerging markets.

Nuveen Tactical Market Opportunities Fund

There is no guarantee that the Fund will achieve its investment objective and the portfolio managers’ asset allocation decisions may adversely affect Fund performance. The Fund is exposed to the risks of the underlying derivative instruments, ETFs, U.S. Treasury bonds, foreign government bonds, commodities, and short-term securities that may be held in the Fund’s portfolio. These risks include market risk, frequent trading risk, liquidity risk, interest rate risk, and credit risk. The credit risk and liquidity risk is heightened for non-investment grade or high-yield securities. The use of derivatives involves substantial financial risks and transaction costs. Commodities may be highly volatile and foreign investments are subject to additional risks including currency fluctuations, and economic or political instability. These risks are magnified in emerging markets. In addition, the Fund will bear its proportionate share of any fees and expenses paid by the ETFs in which it invests.

Nuveen Investments 11

Dividend Information

For each of the Funds, dividends from net investment income, if any, are normally declared and paid annually. In addition, any capital gains are normally distributed at least once each year. During the fiscal year ended October 31, 2013 for Nuveen Tactical Market Opportunities Fund, realized losses on foreign currencies significantly offset net investment income. As a result, and as outlined in the table below, a portion of the Fund’s distributions originally characterized as net investment income has now been re-characterized as a return of capital.

Nuveen Tactical Market Opportunities Fund

As of October 31, 2013		Class A Shares			Class C Shares			Class I Shares
Inception date		2/24/11			2/24/11			12/30/09
Year ended October 31, 2013:
Per share distribution:
From net investment income	$	0.04		$	—		$	0.06
From net realized capital gains		0.03			0.03			0.03
Return of capital		0.03			—			0.04
Total per share distribution	$	0.10		$	0.03		$	0.13
Net Asset Value (NAV)	$	10.69		$	10.57		$	10.72
Distribution rate on NAV		0.94	%		0.28	%		1.21	%
Average annual total returns:
1-Year on NAV		-4.44	%		-5.12	%		-4.18	%
Since inception on NAV		2.67	%		1.88	%		2.94	%

12 Nuveen Investments

Fund Performance and Expense Ratios

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

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

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

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

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

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

Nuveen Investments 13

Fund Performance and Expense Ratios (continued)

Nuveen International Select Fund

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

Fund Performance

Average Annual Total Returns as of October 31, 2013

	Average Annual
	1-Year		5-Year		Since Inception*
Class A Shares at NAV		19.91%		11.62%		2.17%
Class A Shares at maximum Offering Price		12.98%		10.30%		1.29%
MSCI All Country World Investable Market Index (ex U.S.)**		21.20%		13.68%		2.85%
Lipper International Multi-Cap Growth Funds Classification Average**		21.94%		12.43%		1.77%
Class C Shares		19.09%		10.83%		1.41%
Class I Shares		20.27%		11.91%		2.43%

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

	Average Annual
	1-Year		5-Year		Since Inception*
Class A Shares at NAV		15.64%		5.40%		1.63%
Class A Shares at maximum Offering Price		8.94%		4.16%		0.75%
Class C Shares		14.66%		4.61%		0.87%
Class I Shares		15.88%		5.67%		1.88%

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

Expense Ratios as of Most Recent Prospectus

	Gross Expense Ratios		Net Expense Ratios
Class A Shares		1.57%		1.49%
Class C Shares		2.32%		2.24%
Class I Shares		1.32%		1.24%

The Fund’s investment adviser has contractually agreed to waive fees and/or reimburse other Fund expenses through October 31, 2015, so that total annual fund operating expenses, after fee waivers and/or expense reimbursements and excluding acquired fund fees and expenses, do not exceed 1.45%, 2.20% and 1.20% for Class A, Class C and Class I Shares, respectively. Fee waivers and/or expense reimbursements will not be terminated prior to that time without the approval of the Fund’s Board of Directors.

14 Nuveen Investments

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

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

* Since inception returns are from 12/21/06.

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

Nuveen Investments 15

Fund Performance and Expense Ratios (continued)

Nuveen Tactical Market Opportunities Fund

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

Fund Performance

Average Annual Total Returns as of October 31, 2013*

	Average Annual
	1-Year		Since Inception**
Class A Shares at NAV		(4.44)%		2.67%
Class A Shares at maximum Offering Price		(9.94)%		1.10%
BofA/Merrill Lynch 3-Month U.S. Treasury Bill Index***		0.09%		0.10%
Lipper Flexible Portfolio Funds Classification Average***		7.92%		7.48%
Class C Shares		(5.12)%		1.88%
Class I Shares		(4.18)%		2.94%

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

	Average Annual
	1-Year		Since Inception**
Class A Shares at NAV		(4.35)%		2.73%
Class A Shares at maximum Offering Price		(9.87)%		1.12%
Class C Shares		(5.11)%		1.94%
Class I Shares		(4.18)%		3.01%

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

Expense Ratios as of Most Recent Prospectus

	Expense Ratios
Class A Shares		1.34%
Class C Shares		2.08%
Class I Shares		1.09%

16 Nuveen Investments

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

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

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

** Since inception returns are from 12/30/09. Class I Share returns are actual. The returns for Class A and Class C Shares are actual for the periods since class inception on 2/24/11; returns prior to class inception are Class I Share returns adjusted for differences in sales charges and expense, which are primarily differences in distribution and service fees.

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

Nuveen Investments 17

Holding Summaries October 31, 2013

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

Nuveen International Select Fund

Fund Allocation¹

Common Stocks	92.0%
Common Stock Rights2	0.0%
Master Limited Partnerships (MLP) & MLP Affiliates	0.2%
Short-Term Investments	8.1%
Other3	(0.3)%

Portfolio Composition¹

Commercial Banks	10.3%
Oil, Gas & Consumable Fuels	6.7%
Pharmaceuticals	5.2%
Insurance	4.1%
Machinery	3.7%
Media	3.7%
Transportation Infrastructure	3.6%
Wireless Telecommunication Services	3.5%
Semiconductors & Equipment	3.0%
Diversified Financial Services	2.6%
Internet Software & Services	2.3%
Food Products	2.2%
Automobiles	2.1%
IT Services	2.0%
Multi-Utilities	2.0%
Metals & Mining	1.8%
Trading Companies & Distributors	1.7%
Beverages	1.6%
Internet & Catalog Retail	1.5%
Food & Staples Retailing	1.5%
Energy Equipment & Services	1.5%
Real Estate Management & Development	1.5%
Industrial Conglomerates	1.5%
Hotels, Restaurants & Leisure	1.4%
Tobacco	1.4%
Common Stock Rights2	0.0%
Short-Term Investments	8.1%
Other6	19.5%

Country Allocation¹

United Kingdom	12.5%
Japan	12.0%
Germany	7.7%
Switzerland	5.1%
United States	4.8%
France	4.4%
Canada	4.4%
Brazil	3.5%
South Korea	3.4%
South Africa	2.8%
Hong Kong	2.4%
Russia	2.4%
Netherlands	2.3%
Cayman Islands	2.2%
Sweden	2.2%
Short-Term Investments4	8.1%
Other5	19.8%

Top Five Common Stock Holdings¹

Roche Holding	1.4%
Deutsche Boerse	0.9%
Banco do Brasil	0.9%
Daimler	0.9%
Novartis	0.8%

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

2 Rounds to less than 0.1%.

3 Other assets less liabilities.

4 Denominated in U.S. Dollars.

5 Includes other assets less liabilities and all countries less than 2.2% of net assets.

6 Includes other assets less liabilities and all industries less than 1.4% of net assets.

18 Nuveen Investments

Nuveen Tactical Market Opportunities Fund

Fund Allocation¹

Exchange-Traded Funds	43.1%
Sovereign Debt	5.4%
Short-Term Investments	51.3%
Other2	0.2%

Portfolio Allocation^3,4

Long-Fixed Income	47.0%
Short-Fixed Income	(44.5)%
Net Fixed Income	2.5%
Long Equity	22.4%
Short Equity	(14.6)%
Net Equity	7.8%
Short Currency	(2.4)%

Total Exposure⁵

Total Net Exposure	7.9%
Total Gross Exposure	130.9%

Top 5 Long Positions⁶

Australian 10-Year Bond Future	13.2%
Market Vectors High-Yield Municipal Index ETF	7.1%
PowerShares Financial Preferred Portfolio	5.7%
iShares iBoxx $ Investment Grade Corporate Bond	4.4%
Financial Select Sector SPDR Fund	3.3%

Top 5 Short Positions⁶

U.S. 2-Year Treasury Note Future	(21.4)%
U.S. 5-Year Treasury Note Future	(13.6)%
S&P 500 E-Mini Future	(10.9)%
Euro-Bund Future	(6.8)%
Russell 2000 Mini Index Future	(3.7)%

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

2 Other assets less liabilities.

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

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

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

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

Nuveen Investments 19

Expense Examples

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

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

The information under “Actual Performance,” together with the amount you invested, allows you to estimate actual expenses incurred over the reporting period. Simply divide your account value by $1,000 (for example, an $8,600 account value divided by $1,000 = 8.60) and multiply the result by the cost shown for your share class, in the row entitled “Expenses Incurred During Period” to estimate the expenses incurred on your account during this period.

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

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

Nuveen International Select Fund

	Actual Performance						Hypothetical Performance (5% annualized return before expenses)
	A Shares		C Shares		I Shares		A Shares		C Shares		I Shares
Beginning Account Value (5/01/13)	$	1,000.00	$	1,000.00	$	1,000.00	$	1,000.00	$	1,000.00	$	1,000.00
Ending Account Value (10/31/13)	$	1,058.80	$	1,055.40	$	1,060.80	$	1,018.05	$	1,014.17	$	1,018.95
Expenses Incurred During Period	$	7.37	$	11.35	$	6.44	$	7.22	$	11.12	$	6.31

For each class of the Fund, expenses are equal to the Fund’s annualized net expense ratio of 1.42%, 2.19% and 1.24% for Classes A, C and I, respectively, multiplied by the average account value over the period, multiplied by 184/365 (to reflect the one-half year period).

20 Nuveen Investments

Nuveen Tactical Market Opportunities Fund¹

	Actual Performance						Hypothetical Performance (5% annualized return before expenses)
	A Shares		C Shares		I Shares		A Shares		C Shares		I Shares
Beginning Account Value (5/01/13)	$	1,000.00	$	1,000.00	$	1,000.00	$	1,000.00	$	1,000.00	$	1,000.00
Ending Account Value (10/31/13)	$	941.80	$	938.70	$	942.80	$	1,019.31	$	1,015.53	$	1,020.57
Expenses Incurred During Period	$	5.73	$	9.38	$	4.51	$	5.96	$	9.75	$	4.69

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

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

Nuveen Investments 21

Shareholder Meeting Report

A special shareholder meeting was held in the offices of Nuveen Investments on October 18, 2013 for the Nuveen International Fund; at this meeting the shareholders were asked to approve a Plan of Reorganization.

	International Fund
To approve an Agreement and Plan of Reorganization
For		5,855,597
Against		16,563
Abstain		31,576
Total		5,903,736

22 Nuveen Investments

Report of Independent Registered

Public Accounting Firm

To the Board of Trustees and Shareholders of

Nuveen Investment Funds, Inc.:

In our opinion, the accompanying statements of assets and liabilities, including the portfolios of investments, and the related statements of operations, of changes in net assets, and the financial highlights present fairly, in all material respects, the financial position of Nuveen International Select Fund and Nuveen Tactical Market Opportunities Fund (each a series of the Nuveen Investment Funds, Inc., hereinafter referred to as the “Funds”) at October 31, 2013, the results of each of their operations for the year then ended, the changes in each of their net assets and the financial highlights for each of the two years in the period then ended, in conformity with accounting principles generally accepted in the United States of America. These financial statements and financial highlights (hereafter referred to as “financial statements”) are the responsibility of the Funds’ management; our responsibility is to express an opinion on these financial statements based on our audits. We conducted our audits of these financial statements in accordance with the standards of the Public Company Accounting Oversight Board (United States). Those standards require that we plan and perform the audit to obtain reasonable assurance about whether the financial statements are free of material misstatement. An audit includes examining, on a test basis, evidence supporting the amounts and disclosures in the financial statements, assessing the accounting principles used and significant estimates made by management, and evaluating the overall financial statement presentation. We believe that our audits, which included confirmation of securities at October 31, 2013 by correspondence with the custodian and brokers, provide a reasonable basis for our opinion. The financial statements of the Funds for the years ended October 31, 2011 and prior were audited by other independent auditors whose report dated December 28, 2011 expressed an unqualified opinion on those statements.

PRICEWATERHOUSECOOPERS LLP

Chicago, IL

December 27, 2013

Nuveen Investments 23

Portfolio of Investments October 31, 2013

Nuveen International Select Fund

Shares		Description (1)	Value
		LONG-TERM INVESTMENTS – 92.2%
		COMMON STOCKS – 92.0%
		Argentina – 0.2%
	43,554	YPF Sociedad Anonima	$	908,101
		Australia – 1.8%
	22,039	Asciano Group		121,232
	90,434	Aurizon Holdings		409,420
	111,336	DUET Group		226,243
	636,725	Incitec Pivot		1,600,795
	10,320	Macquarie Atlas Roads Group		25,848
	45,456	Rea Group Limited		1,782,959
	105,581	Seek Limited		1,296,274
	281,805	Spark Infrastructure Group		451,461
	218,275	Sydney Airport		864,411
	198,176	Transurban Group		1,329,877
		Total Australia		8,108,520
		Austria – 0.0%
	4,026	Oesterreichische Post		189,217
		Belgium – 0.3%
	1,409	Elia System Operator		64,471
	21,177	Ucb		1,392,228
		Total Belgium		1,456,699
		Bermuda – 0.2%
	1,424,415	Biosensors International Group		1,077,886
		Brazil – 3.5%
	23,713	Alupar Investimento		178,890
	314,843	Banco do Brasil		4,181,136
	171,900	BB Seguridade Participacoes		1,877,686
	120,403	Cielo S.A.		3,654,765
	30,800	Companhia de Bebidas das Americas, ADR		1,145,760
	173,242	Companhia de Concessoes Rodoviarias		1,440,719
	4,966	Companhia de Saneamento Basico do Estado de Sao Paulo, ADR		52,689
	3,342	Companhia de Saneamento de Minas Gerais		53,974
	8,522	CPFL Energias Renovaveis, (2)		50,405
	52,500	Natura Cosmeticos		1,049,906
	75,795	Souza Cruz		819,799
	76,900	Vale, ADR		1,231,169
	26,319	Wilson Sons		328,958
		Total Brazil		16,065,856
		Canada – 4.4%
	13,104	Agrium		1,118,033

24 Nuveen Investments

Shares		Description (1)	Value
		Canada (continued)
	4,003	AltaGas	$	148,195
	26,100	Canadian Energy Services & Technology		469,858
	10,900	Canadian Energy Services & Technology		196,418
	56,250	Canadian Natural Resources		1,785,175
	4,684	Canadian Utilities, Class A		172,104
	17,248	Cenovus Energy		512,486
	14,600	Dollarama, Inc.		1,254,929
	53,823	Element Financial		687,080
	43,803	Enbridge		1,900,612
	55,717	EnCana		998,220
	6,086	Fortis		189,296
	23,269	Gibson Energy		571,543
	3,487	Keyera		206,347
	190,680	Kinross Gold		969,265
	104,200	Pacific Rubiales Energy		2,155,655
	202,570	Talisman Energy		2,525,688
	22,288	TransCanada		1,005,412
	109,700	Trinidad Drilling		1,062,648
	14,131	Valeant Pharmaceuticals International, (2)		1,493,929
	75,476	Yamana Gold		749,477
		Total Canada		20,172,370
		Cayman Islands – 2.2%
	14,192	58 Com, Inc., (2)		342,311
	14,832	Baidu Inc., ADR, (2)		2,386,470
	149,000	China Mengniu Dair		655,346
	15,484	Ctrip.com International, ADR, (2)		840,007
	72,953	Melco Crown Entmt Ltd, (2)		2,419,121
	164,800	Sands China Ltd		1,171,221
	55,071	Trina Solar Limited, ADR, (2)		807,892
	415,600	Wynn Macau		1,594,750
		Total Cayman Islands		10,217,118
		Chile – 0.1%
	209,747	Aguas Andinas, Class A		141,506
	5,048	Empresa Nacional de Electrcidad, ADR		227,665
	12,672	Enersis, ADR		209,088
		Total Chile		578,259
		China – 1.4%
	4,380,350	China Construction Bank, Class H		3,401,226
	33,549	ENN Energy Holdings		198,836
	18,700	NetEase.com, ADR		1,262,437
	18,900	Tencent Holdings		1,031,663
	172,600	Weichai Power, Class H		691,246
		Total China		6,585,408
		Denmark – 0.7%
	10,048	Novo Nordisk, Class B		1,671,847

Nuveen Investments 25

Portfolio of Investments October 31, 2013

Nuveen International Select Fund (continued)

Shares		Description (1)	Value
		Denmark (continued)
	50,931	Vestas Wind Systems A/S	$	1,367,555
		Total Denmark		3,039,402
		Egypt – 0.2%
	138,588	Commercial International Bank, Reg S		801,039
		Finland – 0.5%
	293,424	Nokia, ADR, (2)		2,238,825
		France – 4.4%
	4,180	Aeroports de Paris		446,655
	437,440	Alcatel-lucent		1,673,118
	30,380	BNP Paribas		2,249,698
	65,854	Carrefour		2,412,379
	17,800	Criteo SA, (2)		628,518
	38,420	DANONE		2,849,250
	5,526	Eurofins Scientific		1,515,221
	4,769	GDF Suez		118,754
	194,909	Groupe Eurotunnel		1,890,049
	37,283	Jc Decaux Sa		1,497,881
	6,346	L’oreal		1,086,948
	3,983	Rubis		248,927
	10,110	Sanofi-Aventis		1,078,111
	16,474	Suez Environnement		287,536
	23,340	Total SA		1,434,448
	12,930	Vinci		829,422
		Total France		20,246,915
		Germany – 7.7%
	27,284	Adidas		3,114,742
	13,360	Allianz		2,247,497
	29,898	CANCOM SE		1,148,003
	127,277	Commerzbank Ag		1,636,347
	48,113	Daimler		3,948,283
	57,182	Deutsche Boerse		4,305,089
	18,897	Duerr		1,657,474
	79,461	E.ON		1,451,641
	7,387	Fraport Frankfurt Airport		572,397
	8,078	Fresenius SE & Co KGaA		1,049,961
	19,036	Henkel KGAA		2,059,944
	10,042	Osram Licht, (2)		520,364
	25,597	Siemens		3,273,174
	128,078	Sky Deutschland Ag		1,264,242
	38,771	Symrise		1,643,468
	45,318	United Internet		1,790,544
	57,753	Voxeljet Ag, (2)		1,968,222
	42,254	Wirecard		1,540,687
		Total Germany		35,192,079

26 Nuveen Investments

Shares		Description (1)	Value
		Hong Kong – 2.4%
	16,984	Beijing Enterprises Holdings	$	139,434
	113,363	Cheung Kong Holdings		1,772,165
	19,703	Cheung Kong Infrastructure Holdings		137,105
	431,009	China Everbright International		429,730
	140,113	China Merchants Holdings International		496,983
	43,511	China Mobile Limited		2,263,442
	6,269	China Resources Gas Group		16,212
	697,000	CNOOC		1,431,219
	7,518	CNOOC, ADR		1,520,967
	380,518	COSCO Pacific		554,605
	99,618	Guangdong Investment		85,703
	155,493	Hong Kong & China Gas		363,412
	1,270,000	Huabao International Holdings		556,946
	1,478,000	Labixiaoxin Snacks		768,263
	79,146	MTR		306,763
	8,644	Power Assets Holdings		72,024
	48,732	Sinopec Kantons Holdings		44,439
	203,570	Towngas China		200,603
		Total Hong Kong		11,160,015
		Hungary – 0.3%
	70,430	Otp Bank Plc		1,462,166
		India – 1.1%
	46,777	Axis Bank		930,669
	99,950	Bank of India		341,380
	201,640	Bharat Heavy Electricals		462,963
	3,506	GAIL India, GDR		121,939
	116,297	Jindal Steel & Power		453,890
	95,573	Punjab National Bank		846,635
	55,011	Tata Consultancy Services		1,890,586
		Total India		5,048,062
		Indonesia – 1.3%
	1,263,500	Astra International		745,378
	2,304,065	Bank of Mandiri		1,757,814
	170,931	Jasa Marga		79,609
	4,700	Sarana Menara Nusa, (2)		1,115
	489,300	Semen Gresik Persero		622,884
	57,700	Tambang Batubara Bukit Asam		62,192
	48,200	Telekomunikasi Indonesia, ADR		1,964,632
	539,019	United Tractors		836,800
		Total Indonesia		6,070,424
		Ireland – 0.9%
	42,392	Covidien		2,717,751
	142,474	Grafton Group PLC		1,359,245
		Total Ireland		4,076,996

Nuveen Investments 27

Portfolio of Investments October 31, 2013

Nuveen International Select Fund (continued)

Shares		Description (1)	Value
		Israel – 0.3%
	32,947	CaesarStone Sdot Yam, (2)	$	1,389,375
		Italy – 1.8%
	19,474	Atlantia		427,021
	900,009	Banca Intesa		2,237,468
	17,618	Cosmo Pharmaceutic		1,229,095
	54,208	Gemina, (2)		131,746
	61,903	Hera		124,981
	271,015	Mediaset		1,358,552
	80,195	Snam Rete Gas		413,328
	8,084	Societa Iniziative Autostradali e Servizi		84,735
	44,105	Terna-Rete Elettrica Nationale		218,576
	16,566	World Duty Free, (2)		183,539
	51,641	Yoox Spa		1,858,069
		Total Italy		8,267,110
		Japan – 12.0%
	159,256	AMADA		1,363,709
	29,934	Digital Garage		786,631
	128,400	INPEX		1,480,785
	52,761	Japan Airport Terminal		1,273,282
	79,600	Japan Exchange Group		1,835,180
	26,700	Japan Tobacco		963,948
	23,861	Kamigumi		206,991
	47,000	Kanamoto Co Ltd		1,265,219
	54,100	KOMATSU		1,177,403
	158,987	Kyowa Hakko Kirin		1,751,072
	334,000	Mazda Motor Corp.		1,494,559
	153,615	Mitsubishi		3,096,358
	9,202	Mitsubishi Logistics		127,179
	91,780	Mitsui Sumitomo Insurance Group		2,356,804
	35,600	Monotaro Co. ltd		833,068
	30,800	Next Co. Ltd		931,862
	16,200	Nidec		1,570,080
	12,514	Nintendo		1,402,464
	88,630	NKSJ Holdings		2,278,619
	26,500	Oisix, Inc.		1,042,968
	108,400	ORIX		1,858,664
	19,077	Osaka Gas		80,126
	22,000	Sanrio Co Ltd		1,203,702
	16,162	SMC		3,744,233
	23,500	Softbank		1,744,635
	29,008	Sugi Holdings		1,211,002
	225,017	Sumitomo Mitsui Financial Group		2,182,665
	650,026	Sumitomo Mitsui Trust		3,186,337
	31,000	Sumitomo Realty & Development		1,458,100
	131,370	Suzuki Motor		3,287,924

28 Nuveen Investments

Shares		Description (1)	Value
		Japan (continued)
	618,841	The Bank of Yokohama	$	3,398,497
	85,950	THK		1,865,324
	106,322	Tokyo Gas		575,240
	30,500	Unicharm		1,951,032
		Total Japan		54,985,662
		Jersey – 0.6%
	247,344	Glencore Xstrata		1,348,423
	449,447	Regus		1,478,051
		Total Jersey		2,826,474
		Luxembourg – 0.4%
	15,868	Oriflame Cosmetics, SDR		501,993
	11,967	SES		348,363
	48,060	Subsea 7 S.A.		1,016,412
		Total Luxembourg		1,866,768
		Malaysia – 0.3%
	38,500	British American Tobacco		774,746
	34,616	Petronas Gas		268,981
	98,690	Westports Holdings, (2)		80,377
		Total Malaysia		1,124,104
		Mexico – 1.4%
	4,492	Grupo Aeroportuario del Centro Norte, ADR		122,137
	4,745	Grupo Aeroportuario del Sureste, ADR		564,702
	231,416	Grupo Mexico, Series B		733,415
	102,695	Grupo Televisa, ADR		3,126,037
	65,312	Infraestructura En		258,550
	318,800	Kimberly-Clark de Mexico, Series A		969,307
	82,701	OHL Mexico		212,216
	17,490	Promotora Y Operad		177,604
		Total Mexico		6,163,968
		Netherlands – 2.3%
	13,914	Asml Holding NV		1,320,915
	32,989	European Aeronautic Defence and Space		2,266,871
	44,011	Heineken		3,041,588
	14,095	Koninklijke Vopak		867,792
	45,109	Nxp Semiconductors NV, (2)		1,899,991
	26,573	Oci N.v.		1,021,775
		Total Netherlands		10,418,932
		New Zealand – 0.3%
	238,903	Auckland International Airport		676,857
	92,693	Infratil		191,412
	33,868	Port of Tauranga		386,056
	18,620	Vector		40,142
		Total New Zealand		1,294,467
		Norway – 0.9%
	7,507	Hafslund, Class B		57,125

Nuveen Investments 29

Portfolio of Investments October 31, 2013

Nuveen International Select Fund (continued)

Shares		Description (1)		Value
		Norway (continued)
	106,674	Norsk Hydro		$	476,651
	121,226	Opera Software			1,466,185
	33,705	Schibsted Asa			2,060,896
		Total Norway			4,060,857
		Philippines – 0.9%
	1,492,000	Ayala Land, Inc.			1,016,880
	599,105	International Container Terminal Services			1,441,956
	143,019	Manila Water			82,746
	26,100	Philippine Long Distance Telephone, ADR			1,726,516
		Total Philippines			4,268,098
		Portugal – 0.0%
	21,337	Redes Energeticas Nacionais			64,169
		Russia – 2.4%
	732,700	Alrosa Zao			849,910
	216,463	Gazprom OAO, ADR			2,026,094
	12,036	LUKOIL, ADR			789,562
	12,471	Magnit, GDR, 144A, (3)			672,384
	113,150	Mobile TeleSystems, ADR			2,579,820
	1,195,596	Sberbank			3,830,141
		Total Russia	��		10,747,911
		Singapore – 0.7%
	427,990	CitySpring Infrastructure Trust			165,380
	294,183	ComfortDelGro			455,887
	2,665,019	Golden Agri-Resources			1,287,241
	372,402	Hutchison Port Holdings Trust			271,853
	105,410	Hyflux			98,435
	103,364	K-Green Trust			85,291
	132,606	Parkway Life, REIT			259,405
	45,788	SembCorp Industries			196,097
	77,724	Singapore Airport Terminal Services			212,737
	331,808	Singapore Post			349,918
		Total Singapore			3,382,244
		South Africa – 2.8%
	59,371	Bidvest Group			1,583,286
	45,655	Imperial Holdings			970,062
	64,928	MTN Group			1,290,572
	51,319	Nedbank Group			1,114,428
	190,734	PPC			603,242
	186,377	Sanlam			1,000,323
	102,643	Shoprite Holdings			1,879,296
	58,967	Standard Bank Group			749,045
	27,842	Tiger Brands			815,894
	89,321	Truworths International			854,172
	85,763	Vodacom Group			982,467
	109,657	Woolworths Holdings			824,715
		Total South Africa			12,667,502

30 Nuveen Investments

Shares		Description (1)	Value
		South Korea – 3.4%
	7,412	Hyundai Mobis	$	2,092,759
	48,430	KB Financial Group		1,917,568
	188,192	Korea Life Insurance		1,259,640
	22,117	KT&G		1,615,901
	2,727	Samsung Electronics, GDR		3,766,255
	66,896	Shinhan Financial Group, ADR		2,923,054
	26,520	Sk Hynix, Inc.		798,788
	21,601	Woongjin Coway		1,234,052
		Total South Korea		15,608,017
		Spain – 0.6%
	18,689	Abertis Infraestructuras		400,922
	37,606	Ferrovial		717,134
	50,534	Grifols SA		1,524,105
		Total Spain		2,642,161
		Sweden – 2.2%
	17,984	Arcam AB		2,422,826
	175,260	Ericsson		2,092,015
	82,860	Investment Kinnevik, Class B		3,053,521
	186,167	Seamless Distributors		1,292,816
	130,950	Vostok Nafta Investment, SDR		1,065,981
		Total Sweden		9,927,159
		Switzerland – 5.1%
	1,356	Flughafen Zuerich		751,714
	58,482	Foster Wheeler, (2)		1,578,429
	121,606	Meyer Burger Techn		1,427,348
	50,868	Nestle		3,672,071
	69,515	Noble		2,620,716
	49,799	Novartis		3,866,578
	23,973	Roche Holding		6,636,929
	4,332	Siegfried Hldg Ag		714,242
	110,745	UBS		2,143,255
		Total Switzerland		23,411,282
		Taiwan – 0.9%
	435,078	Hon Hai Precision Industry		1,103,262
	854,959	Taiwan Semiconductor Manufacturing		3,186,508
		Total Taiwan		4,289,770
		Thailand – 0.8%
	166,100	Airports of Thailand NVDR		1,131,347
	535,100	CP ALL		674,785
	168,877	PTT Exploration and Production Public Company		914,242
	69,600	Siam Cement		983,904
		Total Thailand		3,704,278
		Turkey – 1.2%
	249,579	Akbank T.A.S.		980,188
	302,456	Koc Holding		1,484,818

Nuveen Investments 31

Portfolio of Investments October 31, 2013

Nuveen International Select Fund (continued)

Shares		Description (1)	Value
		Turkey (continued)
	77,600	Turkcell Iletisim Hizmetleri, ADR, (2)	$	1,213,664
	155,030	Turkiye Garanti Bankasi		624,391
	504,895	Turkiye Is Bankasi, Class C		1,386,011
		Total Turkey		5,689,072
		United Kingdom – 12.5%
	55,247	Anglo American		1,315,468
	19,869	Aon		1,571,439
	126,399	ARM Holdings		1,997,310
	120,272	Ashtead Group		1,263,139
	20,789	ASOS		1,890,000
	33,254	Aveva Group		1,378,852
	573,967	Blinkx		1,509,301
	39,210	BP, ADR		1,823,265
	150,424	Btg		1,012,040
	36,545	Centrica		207,081
	259,494	Crest Nicholson Holdings		1,610,213
	99,699	Diageo		3,176,390
	488,215	Foxtons Group Plc		2,495,206
	145,534	GlaxoSmithKline		3,835,121
	127,268	Great Portland Estates, REIT		1,169,281
	61,206	Hargreaves Lansdown		1,167,847
	575,681	Hays		1,149,202
	306,449	Howden Joinery Group		1,585,632
	2,045,665	Lloyds Banking Group		2,543,018
	35,303	MegaFon OAO, GDR		1,272,838
	1,678,779	Monitise Plc		1,493,935
	27,097	National Grid, ADR		1,705,214
	193,058	Ocado Group		1,343,454
	27,314	Pennon Group		298,248
	169,825	Perform Group		1,524,877
	111,328	Prudential		2,283,075
	35,039	Rightmove		1,489,945
	245,293	Rps Group		1,140,587
	64,073	Shanks Group		108,386
	1,022	SSE		23,204
	19,830	Stagecoach Group		111,921
	113,948	Standard Chartered		2,739,670
	22,295	United Utilities Group		251,845
	64,441	Vodafone Group, ADR		2,372,718
	25,856	Whitbread		1,423,247
	82,914	Willis Group Holdings		3,736,934
	69,706	WPP		1,480,919
		Total United Kingdom		57,500,822
		United States – 4.6%
	11,616	American Tower, Class A		921,730
	14,105	American Water Works		604,681

32 Nuveen Investments

Shares		Description (1)	Value
		United States (continued)
	2,148	Aqua America	$	54,080
	10,230	Brookfield Infrastructure Partners		402,755
	38,027	CenterPoint Energy		935,464
	27,117	CMS Energy		744,633
	7,407	Connecticut Water Service		237,394
	5,106	Corrections Corporation of America, REIT		188,922
	33,677	Covanta Holding		578,234
	5,392	Crown Castle International		409,900
	2,199	CyrusOne, REIT		42,859
	17,809	Dominion Resources		1,135,324
	1,507	DTE Energy		104,194
	2,075	Edison International		101,737
	7,147	Enbridge Energy Management, (2)		203,832
	2,439	ITC Holdings		245,339
	27,669	Kinder Morgan		976,992
	4,893	Laclede Group		230,314
	1,739	Magellan Midstream Partners		104,410
	543	Middlesex Water Company		11,256
	3,552	NextEra Energy		301,032
	15,285	NiSource		481,783
	14,946	Northeast Utilities		641,034
	5,191	OGE Energy		191,548
	1,384	Oiltanking Partners		79,718
	7,108	ONEOK		401,602
	4,599	Pattern Energy Group, Inc.		104,305
	9,079	PG&E		379,956
	24,901	Philip Morris International		2,219,177
	10,129	Piedmont Natural Gas		345,804
	1,814	Pinnacle West Capital		101,638
	1,756	Portland General Electric		50,397
	3,482	Qts Rlty Tr., Inc., (2)		74,793
	3,218	Questar		76,138
	7,040	Rose Rock Midstream		245,978
	14,866	Schlumberger		1,393,243
	6,477	Sempra Energy		590,314
	373	SJW		10,530
	3,592	Southern		146,949
	36,769	Spectra Energy		1,307,873
	459	Tesoro Logistics		24,648
	1,589	UIL Holdings		61,208
	2,222	Union Pacific		336,411
	2,406	Unitil		72,709
	14,685	Waste Connections		627,637
	8,780	Westar Energy		277,536
	6,695	Western Gas Partners		402,436

Nuveen Investments 33

Portfolio of Investments October 31, 2013

Nuveen International Select Fund (continued)

Shares		Description (1)								Value
		United States (continued)
	44,402	Williams								$	1,585,596
	4,222	Wisconsin Energy									177,831
		Total United States									20,943,874
		Total Common Stocks (cost $352,298,776)									421,939,433
Shares		Description (1)								Value
		COMMON STOCK RIGHTS – 0.0%
		Italy – 0.0%
	61,903	Hera Rights								$	1,118
		Total Common Stock Rights (cost $1,246)									1,118
		MASTER LIMITED PARTNERSHIPS (MLP) & MLP AFFILIATES – 0.2%
		United States – 0.2%
	3,516	Dcp Midstream Partners LP									170,807
	1,611	Enterprise Products Partners LP									101,944
	3,352	Plains All American Pipeline LP									171,689
	19,404	Plains GP Holdings LP, (2)									432,515
	1,362	Qep Midstream Partners LP, (2)									31,217
		Total United States									908,172
		Total Master Limited Partnerships (MLP) & MLP Affiliates (cost $893,855)									908,172
		Total Long-Term Investments (cost $353,193,877)									422,848,723
Shares/ Principal Amount (000)		Description (1)	Coupon			Maturity		Ratings (4)		Value
		SHORT-TERM INVESTMENTS – 8.1%
		Money Market Funds – 5.4%
	24,826,723	State Street Institutional Liquid Reserves Fund		0.070	%(5)		N/A		N/A	$	24,826,723
		U.S. Government and Agency Obligations – 2.7%
$	2,500	U.S. Treasury Bills, (6)		0.000	%		1/23/14		Aaa		2,499,785
	10,000	U.S. Treasury Bills, (6)		0.000	%		2/13/14		Aaa		9,998,560
$	12,500	Total U.S. Government and Agency Obligations									12,498,345
		Total Short-Term Investments (cost $37,324,782)									37,325,068
		Total Investments (cost $390,518,659) – 100.3%									460,173,791
		Other Assets Less Liabilities – (0.3)%									(1,437,816	)
		Net Assets – 100%								$	458,735,975

Investments in Derivatives as of October 31, 2013

Futures Contracts outstanding:

Description	Contract Position		Number of Contracts			Contract Expiration		Notional Amount at Value*			Unrealized Appreciation (Depreciation)
Amsterdam Index		Long		35			11/13	$	3,715,700		$	90,678
BIST 30 Index		Short		(1,499	)		12/13		(7,148,644	)		259,716
DAX Index		Short		(12	)		12/13		(3,679,176	)		(85,052	)
E-Mini MSCI Emerging Markets Index		Long		60			12/13		3,071,700			11,875
Euro STOXX 50		Long		418			12/13		17,361,095			1,048,692
FTSE 100 Index		Long		187			12/13		20,114,636			551,900
FTSE Bursa Malaysia KLCI Index		Short		(81	)		11/13		(2,320,483	)		19,471
FTSE JSE Top 40		Short		(182	)		12/13		(7,409,628	)		(438,176	)
FTSE MIB Index		Short		(33	)		12/13		(4,333,852	)		(45,280	)
Hang Seng China Enterprises Index		Long		233			11/13		15,983,626			607,368

34 Nuveen Investments

Investments in Derivatives as of October 31, 2013 (continued)

Futures Contracts outstanding (continued):

Description	Contract Position		Number of Contracts			Contract Expiration		Notional Amount at Value*			Unrealized Appreciation (Depreciation)
IBEX 35 Index		Short		(33	)		11/13	$	(4,417,280	)	$	(67,696	)
MSCI Taiwan Index		Long		78			11/13		2,323,620			26,869
NASDAQ 100 E-Mini		Short		(129	)		12/13		(8,692,020	)		(540,129	)
Nikkei 225 Index		Long		262			12/13		18,949,150			137,216
OMX Stockholm 30 Index		Long		233			11/13		4,612,322			64,446
Russell 2000 Mini Index		Short		(59	)		12/13		(6,477,020	)		(304,648	)
S&P 500 Index		Short		(17	)		12/13		(7,441,750	)		(334,968	)
S&P Midcap 400 E-Mini		Short		(70	)		12/13		(9,004,800	)		(422,602	)
S&P TSX 60 Index		Long		79			12/13		11,609,246			495,244
SET50 Index		Short		(76	)		12/13		(2,409,292	)		(34,440	)
SGX S&P CNX Nifty		Short		(642	)		11/13		(8,118,732	)		(42,372	)
SPI 200		Long		140			12/13		17,916,316			68,855
STOXX 600 Utilities		Short		(450	)		12/13		(5,899,105	)		(48,347	)
U.S. Dollar Index		Short		(492	)		12/13		(39,489,396	)		526,842
								$	(1,183,767	)	$	1,545,462

* The aggregate Notional Amount at Value of long and short positions is $115,657,411 and $(116,841,178), respectively.

For Fund portfolio compliance purposes, the Fund’s industry classifications refer to any one or more of the industry sub-classifications used by one or more widely recognized market indexes or ratings group indexes, and/or as defined by Fund management. This definition may not apply for purposes of this report which may combine industry sub-classifications into sectors for reporting ease.

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

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

(3) For fair value measurement disclosure purposes, Common Stock classified as Level 2. See Notes to Financial Statements, Note 2 – Investment Valuation and Fair Value Measurements for more information.

(4) Ratings (not covered by the report of independent registered public accounting firm): Using the highest of Standard & Poor’s Group (“Standard & Poor’s”), Moody’s Investors Service, Inc. (“Moody’s”) or Fitch, Inc. (“Fitch”) rating. Ratings below BBB by Standard & Poor’s, Baa by Moody’s or BBB by Fitch are considered to be below investment grade. Holdings designated N/R are not rated by any of these national rating agencies.

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

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

N/A Not applicable.

Reg S Regulation S allows U.S. companies to sell securities to persons or entities located outside of the United States without registering those securities with the Securities and Exchange Commission. Specifically, Regulation S provides a safe harbor from the registration requirements of the Securities Act for the offers and sales of securities by both foreign and domestic issuers that are made outside the United States.

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

ADR American Depositary Receipt

BIST Borsa Istanbul

CNX Credit Rating Information Services of India Limited

DAX Deutscher Aktien Index

FTSE Financial Times Stock Exchange

GDR Global Depositary Receipt

IBEX International Business Exchange

JSE Johannesburg Stock Exchange

KLCI Kuala Lumpur Composite Index

MIB Milano Italia Borsa

MSCI Morgan Stanley Capital International Inc.

NASDAQ National Association of Securities Dealers Automated Quotations

NVDR Non-Voting Depository Receipt

REIT Real Estate Investment Trust

S&P Standard & Poor’s

SDR Swedish Depositary Receipt

SET Stock Exchange of Thailand

SGX Singapore Exchange Limited

SPI Swiss Performance Index

TSX Toronto Stock Exchange

See accompanying notes to financial statements.

Nuveen Investments 35

Portfolio of Investments October 31, 2013

Nuveen Tactical Market Opportunities Fund

Shares			Description (1), (2)								Value
			LONG-TERM INVESTMENTS – 48.5%
			EXCHANGE-TRADED FUNDS – 43.1%
			Equity Funds – 17.8%
	22,100		Consumer Staples Select Sector SPDR Fund								$	935,935
	33,800		Energy Select Sector SPDR Fund									2,919,982
	226,000		Financial Select Sector SPDR Fund									4,646,560
	31,500		Health Care Select Sector SPDR Fund									1,661,310
	40,000		Industrial Select Sector SPDR Fund									1,944,800
	100,000		iShares MSCI ACWI es U.S. Index Fund									4,639,000
	15,000		Materials Select Sector SPDR Fund									656,550
	22,000		SPDR Dow Jones REIT ETF									1,669,360
	115,000		Technology Select Sector SPDR Fund									3,869,750
	59,950		Utilities Select Sector SPDR Fund									2,325,460
			Total Equity Funds (cost $24,300,722)									25,268,707
			Fixed Income Funds – 25.3%
	349,000		iShares Mortgage Real Estate Capped ETF									4,201,960
	54,000		iShares iBoxx $ Investment Grade Corporate Bond ETF									6,220,800
	16,000		iShares JPMorgan USD Emerging Markets Bond ETF									1,781,600
	17,000		iShares National AMT-Free Muni Bond ETF									1,793,330
	348,000		Market Vectors High-Yield Municipal Index ETF									10,116,360
	137,000		PowerShares Emerging Markets Sovereign Debt Portfolio									3,823,670
	465,000		PowerShares Financial Preferred Portfolio Fund									8,025,900
			Total Fixed Income Funds (cost $37,807,909)									35,963,620
			Total Exchange-Traded Funds (cost $62,108,631)									61,232,327
Principal Amount (000) (3)			Description (1)	Coupon			Maturity		Ratings (4)		Value
			SOVEREIGN DEBT – 5.4%
			Mexico – 5.4%
	30,000	MXN	Mexico Bonos		8.000	%		6/11/20		A–	$	2,621,578
	54,000	MXN	Mexico Bonos		6.500	%		6/09/22		A–		4,295,478
	750		United Mexican States		5.875	%		1/15/14		Baa1		757,500
			Total Sovereign Debt (cost $8,268,317)									7,674,556
			Total Long-Term Investments (70,376,948)									68,906,883
Shares/ Principal Amount (000)			Description (1)	Coupon			Maturity		Ratings (4)		Value
			SHORT-TERM INVESTMENTS – 51.3%
			Money Market Funds – 46.0%
	65,366,522		First American Treasury Obligations Fund, Class Z		0.000	%(5)		N/A		N/A	$	65,366,522
			U.S. Government and Agency Obligations – 5.3%
$	1,000		U.S. Treasury Bills, (6)		0.000	%		1/23/14		Aaa		999,914
	6,600		U.S. Treasury Bills, (6)		0.000	%		2/13/14		Aaa		6,599,050
$	7,600		Total U.S. Government and Agency Obligations									7,598,964
			Total Short-Term Investments (cost $72,965,333)									72,965,486
			Total Investments (cost $143,342,281) – 99.8%									141,872,369
			Other Assets Less Liabilities – 0.2%									248,989
			Net Assets – 100%								$	142,121,358

36 Nuveen Investments

Investments in Derivatives as of October 31, 2013

Futures Contracts outstanding:

Description	Contract Position		Number of Contracts			Contract Expiration		Notional Amount at Value*			Unrealized Appreciation (Depreciation)
Australian 10-Year Bond		Long		207			12/13	$	18,785,989		$	200,181
Euro-Bund		Short		(50	)		12/13		(9,640,059	)		(226,468	)
H-Shares Index		Long		23			11/13		1,577,783			59,955
Kospi2 Index		Long		16			12/13		2,027,622			44,037
Long Gilt		Short		(21	)		12/13		(3,746,308	)		(92,643	)
Mexican Peso		Short		(90	)		12/13		(3,447,000	)		(34,125	)
Russell 2000 Mini Index		Short		(48	)		12/13		(5,269,440	)		(133,160	)
S&P 500 E-Mini		Short		(176	)		12/13		(15,408,800	)		(580,992	)
U.S. 2-Year Treasury Note		Short		(138	)		12/13		(30,418,219	)		(45,180	)
U.S. 5-Year Treasury Note		Short		(159	)		12/13		(19,348,313	)		(164,781	)
U.S. 10-Year Treasury Note		Long		33			12/13		4,202,859			106,103
U.S. Dollar Index		Long		36			12/13		2,889,468			14,201
								$	(57,794,418	)	$	(852,872	)

* The aggregate Notional Amount at Value of long and short positions is $29,483,721 and $(87,278,139), respectively.

For Fund portfolio compliance purposes, the Fund’s industry classifications refer to any one or more of the industry sub-classifications used by one or more widely recognized market indexes or ratings group indexes, and/or as defined by Fund management. This definition may not apply for purposes of this report which may combine industry sub-classifications into sectors for reporting ease.

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

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

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

(4) Ratings (not covered by the report of independent registered public accounting firm): Using the highest of Standard & Poor’s Group (“Standard & Poor’s”), Moody’s Investors Service, Inc. (“Moody’s”) or Fitch, Inc. (“Fitch”) rating. Ratings below BBB by Standard & Poor’s, Baa by Moody’s or BBB by Fitch are considered to be below investment grade. Holdings designated N/R are not rated by any of these national rating agencies.

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

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

N/A Not applicable.

ACWI All Country World Index

ETF Exchange-Traded Fund

MSCI Morgan Stanley Capital International Inc.

MXN Mexican Peso

REIT Real Estate Investment Trust

SPDR Standard & Poor’s Depositary Receipts

USD United States Dollar

See accompanying notes to financial statements.

Nuveen Investments 37

Statement of

Assets and Liabilities October 31, 2013

	International Select		Tactical Market Opportunities
Assets
Long-term investments, at value (cost $353,193,877 and $70,376,948, respectively)	$	422,848,723	$	68,906,883
Short-term investments, at value (cost $37,324,782 and $72,965,333, respectively)		37,325,068		72,965,486
Cash		6,584		—
Cash denominated in foreign currencies, at value (cost approximates value)		57,239		—
Receivable for:
Deposits with brokers for open futures contracts		1,375,000		320,000
Dividends		582,642		—
Due from broker		145,361		9,254
Interest		1,224		181,579
Investments sold		19,737,466		—
Reclaims		460,670		—
Shares sold		43,870		153,418
Variation margin on futures contracts		703,329		211,228
Other assets		15,669		3,976
Total assets		483,302,845		142,751,824
Liabilities
Payable for:
Due to broker		453,101		—
Investments purchased		22,428,696		—
Shares redeemed		—		282,499
Variation margin on futures contracts		972,636		139,130
Accrued expenses:
Directors fees		17,623		2,758
Management fees		273,191		89,299
12b-1 distribution and service fees		7,674		14,571
Other		413,949		102,209
Total liabilities		24,566,870		630,466
Net assets	$	458,735,975	$	142,121,358
Class A Shares
Net assets	$	24,267,907	$	24,710,382
Shares outstanding		2,284,217		2,311,408
Net asset value per share	$	10.62	$	10.69
Offering price per share (net asset value per share plus maximum sales charge of 5.75% of offering price)	$	11.27	$	11.34
Class C Shares
Net assets	$	3,033,757	$	10,130,708
Shares outstanding		289,581		958,685
Net asset value and offering price per share	$	10.48	$	10.57
Class I Shares
Net assets	$	431,434,311	$	107,280,268
Shares outstanding		40,520,956		10,004,942
Net asset value and offering price per share	$	10.65	$	10.72
Net assets consist of:
Capital paid-in	$	377,336,226	$	149,599,525
Undistributed (Over-distribution of) net investment income		4,429,810		(3,473	)
Accumulated net realized gain (loss)		5,627,471		(5,172,475	)
Net unrealized appreciation (depreciation)		71,342,468		(2,302,219	)
Net assets	$	458,735,975	$	142,121,358
Authorized shares – per class		2 Billion		2 Billion
Par value per share	$	0.0001	$	0.0001

See accompanying notes to financial statements.

38 Nuveen Investments

Statement of

OperationsYear Ended October 31, 2013

	International Select			Tactical Market Opportunities
Dividend and interest income (net of foreign tax withheld of $961,029 and $7,164, respectively)	$	9,430,964		$	3,313,503
Expenses
Management fees		4,446,812			1,744,100
12b-1 service fees – Class A		10,240			117,477
12b-1 distribution and service fees – Class C		7,776			139,746
Shareholder servicing agent fees and expenses		65,681			171,839
Custodian fees and expenses		539,112			54,540
Directors fees and expenses		10,874			5,794
Professional fees		121,606			32,690
Shareholder reporting expenses		7,672			121,610
Federal and state registration fees		49,066			54,942
Reorganization expenses		130,000			—
Other expenses		7,237			2,565
Total expenses before fee waiver/expense reimbursement		5,396,076			2,445,303
Fee waiver/expense reimbursement		(92,933	)		(87,355	)
Net expenses		5,303,143			2,357,948
Net investment income (loss)		4,127,821			955,555
Realized and Unrealized Gain (Loss)
Net realized gain (loss) from:
Investments and foreign currency		27,281,106			(3,600,646	)
Futures contracts		15,284,959			(1,903,274	)
Options purchased		—			(231,600	)
Options written		—			(71,872	)
Change in net unrealized appreciation (depreciation) of:
Investments and foreign currency		30,214,848			(3,692,925	)
Futures contracts		(83,129	)		(1,601,833	)
Net realized and unrealized gain (loss)		72,697,784			(11,102,150	)
Net increase (decrease) in net assets from operations	$	76,825,605		$	(10,146,595	)

See accompanying notes to financial statements.

Nuveen Investments 39

Statement of

Changes in Net Assets

	International Select						Tactical Market Opportunities
	Year Ended 10/31/13			Year Ended 10/31/12			Year Ended 10/31/13			Year Ended 10/31/12
Operations
Net investment income (loss)	$	4,127,821		$	5,823,962		$	955,555		$	561,603
Net realized gain (loss) from:
Investments and foreign currency		27,281,106			(22,623,577	)		(3,600,646	)		1,911,060
Futures contracts		15,284,959			(8,168,446	)		(1,903,274	)		(557,828	)
Options purchased		—			—			(231,600	)		—
Options written		—			—			(71,872	)		60
Change in net unrealized appreciation (depreciation) of:
Investments and foreign currency		30,214,848			36,768,484			(3,692,925	)		1,372,961
Futures contracts		(83,129	)		3,095,727			(1,601,833	)		984,869
Net increase (decrease) in net assets from operations		76,825,605			14,896,150			(10,146,595	)		4,272,725
Distributions to Shareholders
From net investment income:
Class A		(46,712	)		(50,326	)		(275,374	)		(47,114	)
Class C		(3,027	)		(2,770	)		—			—
Class I		(5,933,545	)		(7,900,958	)		(1,210,420	)		(353,238	)
From accumulated net realized gains:
Class A		—			(47,541	)		(154,299	)		(209,804	)
Class C		—			(7,969	)		(42,778	)		(23,497	)
Class I		—			(6,195,076	)		(512,252	)		(815,282	)
From return of capital:
Class A		—			—			(122,590	)		—
Class C		—			—			—			—
Class I		—			—			(538,850	)		—
Decrease in net assets from distributions to shareholders		(5,983,284	)		(14,204,640	)		(2,856,563	)		(1,448,935	)
Fund Share Transactions
Fund reorganization(1)		93,347,898			—			—			—
Proceeds from sale of shares		37,702,579			75,494,059			74,222,385			254,776,661
Proceeds from shares issued to shareholders due to reinvestment of distributions		1,792,578			4,681,594			2,771,372			1,316,662
		132,843,055			80,175,653			76,993,757			256,093,323
Cost of shares redeemed		(178,277,719	)		(231,253,534	)		(192,374,424	)		(41,304,739	)
Net increase (decrease) in net assets from Fund share transactions		(45,434,664	)		(151,077,881	)		(115,380,667	)		214,788,584
Net increase (decrease) in net assets		25,407,657			(150,386,371	)		(128,383,825	)		217,612,374
Net assets at the beginning of period		433,328,318			583,714,689			270,505,183			52,892,809
Net assets at the end of period	$	458,735,975		$	433,328,318		$	142,121,358		$	270,505,183
Undistributed (Over-distribution of) net investment income at the end of period	$	4,429,810		$	5,495,973		$	(3,473	)	$	1,440,593

(1) Refer to Note – 1 General Information and Significant Accounting Policies, Fund Reorganization for further details.

See accompanying notes to financial statements.

40 Nuveen Investments

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Financial

Highlights

Selected data for a share outstanding throughout each period:

Class (Commencement Date)			Investment Operations									Less Distributions
INTERNATIONAL SELECT
Year Ended October 31,	Beginning Net Asset Value		Net Investment Income (Loss)(a)			Net Realized/ Unrealized Gain (Loss)			Total			From Net Investment Income			From Accumulated Net Realized Gains			Total			Ending Net Asset Value
Class A (12/06)
2013	$	8.96	$	.06		$	1.71		$	1.77		$	(.11	)	$	—		$	(.11	)	$	10.62
2012		8.85		.08			.24			.32			(.11	)		(.10	)		(.21	)		8.96
2011		9.54		.09			(.72	)		(.63	)		(.06	)		—			(.06	)		8.85
2010		8.48		.06			1.02			1.08			(.02	)		—			(.02	)		9.54
2009		6.53		.07			2.00			2.07			(.12	)		—			(.12	)		8.48
Class C (12/06)
2013		8.84		(.01	)		1.69			1.68			(.04	)		—			(.04	)		10.48
2012		8.72		.02			.24			.26			(.04	)		(.10	)		(.14	)		8.84
2011		9.43		.02			(.72	)		(.70	)		(.01	)		—			(.01	)		8.72
2010		8.42		.01			1.00			1.01			—			—			—			9.43
2009		6.46		.03			1.97			2.00			(.04	)		—			(.04	)		8.42
Class I (12/06)
2013		8.98		.09			1.71			1.80			(.13	)		—			(.13	)		10.65
2012		8.87		.10			.24			.34			(.13	)		(.10	)		(.23	)		8.98
2011		9.57		.12			(.74	)		(.62	)		(.08	)		—			(.08	)		8.87
2010		8.49		.09			1.02			1.11			(.03	)		—			(.03	)		9.57
2009		6.55		.08			2.01			2.09			(.15	)		—			(.15	)		8.49

See accompanying notes to financial statements.

42 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)
	19.91	%	$	24,268		1.47	%		.58	%		1.44	%		.61	%		91	%
	3.83			4,060		1.53			.88			1.48			.93			49
	(6.70	)		4,388		1.46			.96			1.46			.96			59
	12.72			5,530		1.62			.56			1.49			.69			47
	32.32			3,029		1.76			.77			1.49			1.04			64
	19.09			3,034		2.24			(.11	)		2.21			(.07	)		91
	3.09			644		2.28			.15			2.23			.20			49
	(7.45	)		717		2.21			.21			2.21			.21			59
	12.00			816		2.37			(.05	)		2.24			.08			47
	31.43			244		2.51			.13			2.24			.40			64
	20.27			431,434		1.25			.95			1.23			.97			91
	4.12			428,624		1.28			1.14			1.23			1.18			49
	(6.60	)		578,597		1.21			1.23			1.21			1.23			59
	13.14			848,165		1.37			.85			1.24			.98			47
	32.68			584,667		1.51			.90			1.24			1.17			64

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

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

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

(d) 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.

See accompanying notes to financial statements.

Nuveen Investments 43

Financial Highlights (continued)

Selected data for a share outstanding throughout each period:

Class (Commencement Date)			Investment Operations									Less Distributions
TACTICAL MARKET OPPORTUNITIES
Year Ended October 31,	Beginning Net Asset Value		Net Investment Income (Loss)(a)			Net Realized/ Unrealized Gain (Loss)			Total			From Net Investment Income			From Accumulated Net Realized Gains			From Return of Capital			Total			Ending Net Asset Value
Class A (2/11)
2013	$	11.29	$	.03		$	(.53	)	$	(.50	)	$	(.04	)	$	(.03	)	$	(.03	)	$	(.10	)	$	10.69
2012		11.22		.02			.25			.27			(.03	)		(.17	)		—			(.20	)		11.29
2011(d)		10.59		.04			.59			.63			—			—			—			—			11.22
Class C (2/11)
2013		11.17		(.05	)		(.52	)		(.57	)		—			(.03	)		—			(.03	)		10.57
2012		11.17		(.07	)		.24			.17			—			(.17	)		—			(.17	)		11.17
2011(d)		10.59		—	*		.58			.58			—			—			—			—			11.17
Class I (12/09)
2013		11.32		.06			(.53	)		(.47	)		(.06	)		(.03	)	$	(.04	)		(.13	)		10.72
2012		11.25		.05			.25			.30			(.06	)		(.17	)		—			(.23	)		11.32
2011		10.62		.14			.59			.73			(.08	)		(.02	)		—			(.10	)		11.25
2010(e)		10.00		.02			.60			.62			—			—			—			—			10.62

See accompanying notes to financial statements.

44 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(f)			Net Investment Income (Loss)			Expenses(f)			Net Investment Income (Loss)			Portfolio Turnover Rate(g)
	(4.44	)%	$	24,710		1.21	%		.23	%		1.17	%		.26	%		220	%
	2.45			59,751		1.19			.13			1.18			.14			189
	5.95			3,558		1.67	**		.06	**		1.19	**		54	**		177
	(5.12	)		10,131		1.96			(.47	)		1.92			(.43	)		220
	1.55			15,045		1.93			(.65	)		1.93			(.65	)		189
	5.48			475		2.31	**		(.37	)**		1.94	**		—	***		177
	(4.18	)		107,280		.96			.49			.92			.53			220
	2.69			195,709		.94			.41			.93			.43			189
	6.95			48,860		1.18			1.01			.94			1.25			177
	6.20			27,300		4.14	**		(1.83	)**		.92	**		1.39	**		156

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

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

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

(d) For the period February 24, 2011 (commencement of operations) through October 31, 2011.

(e) For the period December 30, 2009 (commencement of operations) through October 31, 2010.

(f) 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.

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

* Rounds to less than $.01 per share.

** Annualized.

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

See accompanying notes to financial statements.

Nuveen Investments 45

Notes to

Financial Statements

1. General Information and Significant Accounting Policies

General Information

Trust Information

Nuveen Investment Funds, Inc. (the “Trust”), is an open-end investment company registered under the Investment Company Act of 1940, as amended. The Trust is comprised of Nuveen International Select Fund (“International Select”) and Nuveen Tactical Market Opportunities Fund (“Tactical Market Opportunities”) (each a “Fund” and collectively, the “Funds”), as diversified funds, among others. The Trust was incorporated in the state of Maryland on August 20, 1987.

Investment Adviser

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

The Adviser is responsible for each Fund’s overall investment strategy and asset allocation decisions. The Adviser has entered into sub-advisory agreements with Nuveen Asset Management, LLC (“NAM”), a subsidiary of the Adviser, under which NAM serves as the sub-adviser and manages the investment portfolios for the Funds. In addition to NAM, for International Select the Adviser has entered into sub-advisory agreements with Altrinsic Global Advisors, LLC (“Altrinsic”) and Lazard Asset Management LLC (“Lazard”), under which Altrinsic and Lazard serve as sub-advisers and manage the investment portfolio for the Fund.

During the current fiscal period, International Select’s Board of Directors approved the removal of Hansberger Global Investors, Inc. (“Hansberger”) as a sub-adviser for the Fund, effective as of the close of business on June 21, 2013. The assets managed by Hansberger were reallocated to NAM, Altrinsic and Lazard.

NAM, Altrinsic, Hansberger and Lazard are collectively the “Sub-Advisers.”

Fund Information

International Select’s investment objective is long-term growth of capital. Under normal market conditions, the Fund invests primarily in equity securities of non-U.S. issuers that trade in U.S. or non-U.S. markets, depositary receipts representing shares of non-U.S. issuers, and exchange-traded funds (“ETFs”) and other investment companies that provide exposure to non-U.S. issuers. The Fund may invest in options, futures contracts, options on futures contracts and forward foreign currency exchanges contracts (“derivatives”) to manage market or business risk, enhance its return or hedge against adverse movements in currency exchange rates.

Tactical Market Opportunities’ investment objective is to earn a positive total return over a reasonable period of time, regardless of market conditions. Under normal market conditions, the Fund will seek to outperform the Merrill Lynch 3 Month Treasury Bill Index (the “Treasury Bill Index”) by 400 basis points, or 4%, on an annualized basis. The Fund seeks to outperform the Treasury Bill Index over a reasonable period of time, although there is no guarantee that it will be able to do so. The Fund seeks to achieve its objective by investing across the following asset classes: U.S., international and emerging market equity and debt securities (including high yield debt securities), commodities, currencies, high quality, short-term debt securities and money market funds. The Fund gains exposure to these asset classes by investing in derivative instruments and ETFs, and by investing directly in U.S. Treasury obligations, non-U.S. government obligations that have an investment grade rating from at least one rating agency and money market funds.

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

Investment Policy Changes

Effective December 14, 2012, Tactical Market Opportunities’ investment policies were updated to allow the Fund to invest directly in equity and debt securities in order to create custom baskets of securities. Tactical Market Opportunities may now gain exposure to the aforementioned asset classes

46 Nuveen Investments

(i) by investing in derivative instruments and ETFs (ii) by creating custom baskets of equity and debt securities, where each basket is designed to track the performance of a particular securities index (such as an industry, sector, country or region index) within certain parameters, and (iii) by investing directly in U.S. Treasury obligations, non-U.S. government obligations that have an investment grade rating from at least one rating agency and money market funds.

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

Fund Reorganization

Effective after the close of business on October 25, 2013, Nuveen International Fund (“International” or the “Acquired Fund”) was reorganized into International Select (the “Acquiring Fund”), (the “Reorganization”).

The Reorganization was approved by the shareholders of the Acquired Fund at a special meeting on October 18, 2013.

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

Details of the Reorganization is further described in Note 8 – Fund Reorganizations.

Significant Accounting Policies

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

Investment Transactions

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

Investment Income

Dividend income is recorded on the ex-dividend date or, for foreign securities, when information is available. Interest income, which reflects the amortization of premiums and includes accretion of discounts for financial reporting purposes is recorded on an accrual basis.

Professional Fees

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

Dividends and Distributions to Shareholders

Dividends from net investment income and net realized gains from investment transactions, if any, are declared and distributed to shareholders at least annually. Furthermore, capital gains are distributed only to the extent they exceed available capital loss carryforwards.

Distributions to shareholders are recorded on the ex-dividend date. The amount and timing of distributions are determined in accordance with federal income tax regulations, which may differ from U.S. GAAP.

Share Classes and Sales Charges

Class A Shares are generally sold with an up-front sales charge and incur a .25% annual 12b-1 service fee. Class A Share purchases of the Funds for $1 million or more are sold at net asset value without an up-front sales charge but may be subject to a contingent deferred sales charge (“CDSC”) if redeemed within twelve months of purchase. Class C Shares are sold without an up-front sales charge but incur a .75% annual 12b-1 distribution fee and a .25% annual 12b-1 service fee. Class C Shares are subject to a CDSC of 1% if redeemed within twelve months of purchase. Class I Shares are not subject to any sales charge or 12b-1 distribution or service fees.

Nuveen Investments 47

Notes to Financial Statements (continued)

Multiclass Operations and Allocations

Income and expenses of the Funds that are not directly attributable to a specific class of shares are prorated among the classes based on the relative net assets of each class. Expenses directly attributable to a class of shares, which presently only include 12b-1 distribution fees and shareholder service fees, are recorded to the specific class.

Realized and unrealized capital gains and losses of the Funds are prorated among the classes based on the relative net assets of each class.

Indemnifications

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

Use of Estimates

The preparation of financial statements in conformity with U.S. GAAP requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities at the date of the financial statements and the reported amounts of increases and decreases in net assets from operations during the reporting period. Actual results may differ from those estimates.

2. Investment Valuation and Fair Value Measurements

Investment Valuation

Common stocks and other equity-type securities are valued at the last sales price on the securities exchange on which such securities are primarily traded and are generally classified as Level 1 for fair value measurement purposes. Securities primarily traded on the NASDAQ National Market (“NASDAQ”) are valued, except as indicated below, at the NASDAQ Official Closing Price and are generally classified as Level 1. However, securities traded on a securities exchange or NASDAQ for which there were no transactions on a given day or securities not listed on a securities exchange or NASDAQ are valued at the quoted bid price and are generally classified as Level 2. Prices of certain American Depositary Receipts (“ADR”) held by the Funds that trade in the United States are valued based on the last traded price, official closing price, or the most recent bid price of the underlying non-U.S.-traded stock, adjusted as appropriate for the underlying-to-ADR conversion ratio and foreign exchange rate, and from time-to-time may also be adjusted further to take into account material events that may take place after the close of the local non-U.S. market but before the close of the New York Stock Exchange. These securities may represent a transfer from a Level 1 to a Level 2 security.

The ETFs in which the Funds invests are valued at the last sales price on the securities exchange on which such securities are primarily traded and are generally classified as Level 1.

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

Prices of fixed-income securities are provided by a pricing service approved by the Funds’ Board of Directors. These securities are generally classified as Level 2. The pricing service establishes a security’s fair value using methods that may include consideration of the following: yields or prices of investments of comparable quality, type of issue, coupon, maturity and rating, market quotes or indications of value from security dealers, evaluations of anticipated cash flows or collateral, general market conditions and other information and analysis, including the obligor’s credit characteristics considered relevant. In pricing certain securities, particularly less liquid and lower quality securities, the pricing service may consider information about a security, its issuer, or market activity provided by the Adviser. These securities are generally classified as Level 2 or Level 3 depending on the priority of the significant inputs.

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

If significant market events occur between the time of determination of the closing price of a foreign security on an exchange and the time that the Funds’ net asset values (“NAV”) are determined, or if under the Funds’ procedures, the closing price of a foreign security is not deemed to be reliable, the security would be valued at fair value as determined in accordance with procedures established in good faith by the Funds’ Board of Directors. These securities are generally classified as Level 2 or Level 3 depending on the priority of the significant inputs.

Certain securities may not be able to be priced by the pre-established pricing methods as described above. Such securities may be valued by the Funds’ Board of Directors or its designee at fair value. These securities generally include, but are not limited to, restricted securities (securities which may not be publicly sold without registration under the Securities Act of 1933, as amended) for which a pricing service is unable to provide a market price; securities whose trading has been formally suspended; debt securities that have gone into default and for which there is no current market

48 Nuveen Investments

quotation; a security whose market price is not available from a pre-established pricing source; a security with respect to which an event has occurred that is likely to materially affect the value of the security after the market has closed but before the calculation of a Fund’s net asset value (as may be the case in non-U.S. markets on which the security is primarily traded) or make it difficult or impossible to obtain a reliable market quotation; and a security whose price, as provided by the pricing service, is not deemed to reflect the security’s fair value. As a general principle, the fair value of a security would appear to be the amount that the owner might reasonably expect to receive for it in a current sale. A variety of factors may be considered in determining the fair value of such securities, which may include consideration of the following: yields or prices of investments of comparable quality, type of issue, coupon, maturity and rating, market quotes or indications of value from security dealers, evaluations of anticipated cash flows or collateral, general market conditions and other information and analysis, including the obligor’s credit characteristics considered relevant. These securities are generally classified as Level 2 or Level 3 depending on the priority of the significant inputs. Regardless of the method employed to value a particular security, all valuations are subject to review by the Funds’ Board of Directors or its designee.

Fair Value Measurements

Fair value is defined as the price that the Funds would receive upon selling an investment or transferring a liability in an orderly transaction to an independent buyer in the principal or most advantageous market for the investment. A three-tier hierarchy is used to maximize the use of observable market data and minimize the use of unobservable inputs and to establish classification of fair value measurements for disclosure purposes. Observable inputs reflect the assumptions market participants would use in pricing the asset or liability. Observable inputs are based on market data obtained from sources independent of the reporting entity. Unobservable inputs reflect the reporting entity’s own assumptions about the assumptions market participants would use in pricing the asset or liability. Unobservable inputs are based on the best information available in the circumstances. The following is a summary of the three-tiered hierarchy of valuation input levels.

Level 1 –	Inputs are unadjusted and prices are determined using quoted prices in active markets for identical securities.
Level 2 –	Prices are determined using other significant observable inputs (including quoted prices for similar securities, interest rates, prepayment speeds, credit risk, etc.).
Level 3 –	Prices are determined using significant unobservable inputs (including management’s assumptions in determining the fair value of investments).

The inputs or methodologies used for valuing securities are not an indication of the risks associated with investing in those securities. The following is a summary of each Fund’s fair value measurements as of the end of the reporting period:

International Select	Level 1			Level 2		Level 3		Total
Long-Term Investments*:
Common Stocks	$	421,267,049		$	672,384	$	—	$	421,939,433
Common Stock Rights		1,118			—		—		1,118
Master Limited Partnerships (MLP) & MLP Affiliates		908,172			—		—		908,172
Short-Term Investments:
Money Market Funds		24,826,723			—		—		24,826,723
U.S. Government and Agency Obligations		—			12,498,345		—		12,498,345
Derivatives:
Futures Contracts**		1,545,462			—		—		1,545,462
Total	$	448,548,524		$	13,170,729	$	—	$	461,719,253
Tactical Market Opportunities	Level 1			Level 2		Level 3		Total
Long-Term Investments*:
Exchange-Traded Funds	$	61,232,327		$	—	$	—	$	61,232,327
Sovereign Debt		—			7,674,556		—		7,674,556
Short-Term Investments:
Money Market Funds		65,366,522			—		—		65,366,522
U.S. Government and Agency Obligations		—			7,598,964		—		7,598,964
Derivatives:
Futures Contracts**		(852,872	)		—		—		(852,872	)
Total	$	125,745,977		$	15,273,520	$	—	$	141,019,497

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

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

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

Nuveen Investments 49

Notes to Financial Statements (continued)

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 of Directors/Trustees, the fair value price is compared against the last available and next available market quotations. The Valuation Committee reviews the results of such testing and fair valuation occurrences are reported to the Board of Directors/Trustees.

3. Portfolio Securities and Investments in Derivatives

Portfolio Securities

Foreign Currency Transactions

To the extent that the Funds invest in securities and/or contracts that are denominated in a currency other than U.S. dollars, the Funds will be subject to currency risk, which is the risk that an increase in the U.S. dollar relative to the foreign currency will reduce returns or portfolio value. Generally, when the U.S. dollar rises in value against a foreign currency, the Funds’ investments denominated in that currency will lose value because its currency is worth fewer U.S. dollars; the opposite effect occurs if the U.S. dollar falls in relative value. Investments and other assets and liabilities denominated in foreign currencies are converted into U.S. dollars on a spot (i.e. cash) basis at the spot rate prevailing in the foreign currency exchange market at the time of valuation. Purchases and sales of investments and income denominated in foreign currencies are translated into U.S. dollars on the respective dates of such transactions.

The books and records of the Funds are maintained in U.S. dollars. Foreign currencies, assets and liabilities are translated into U.S. dollars at 4:00 p.m. Eastern Time. Investment transactions, income and expenses are translated on the respective dates of such transactions. Net realized foreign currency gains and losses resulting from changes in exchange rates include foreign currency gains and losses between trade date and settlement date of the transactions, foreign currency transactions, and the difference between the amounts of interest and dividends recorded on the books of a Fund and the amounts actually received.

The realized gains and losses resulting from changes in foreign currency exchange rates and changes in foreign exchange rates associated with other assets and liabilities on investments, foreign currency exchange contracts, futures, options purchased, options written and swap contracts, when applicable, are recognized as a component of “Net realized gain (loss) from investments and foreign currency,” on the Statement of Operations, when applicable.

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

Investments in Derivatives

The Funds record derivative instruments at fair value, with changes in fair value recognized on the Statement of Operations, when applicable. Even though the Funds’ investments in derivatives may represent economic hedges, they are not considered to be hedge transactions for financial reporting purposes.

50 Nuveen Investments

Futures Contracts

Upon execution of a futures contract, a Fund is obligated to deposit cash or eligible securities, also known as “initial margin,” into an account at its clearing broker equal to a specified percentage of the contract amount. Cash held by the broker to cover initial margin requirements on open futures contracts, if any, is recognized as “Deposits with brokers for open futures contracts” on the Statement of Assets and Liabilities. Investments in futures contracts obligate a Fund and the clearing broker to settle monies on a daily basis representing changes in the prior days “mark-to-market” of the open contracts. If a Fund has unrealized appreciation the clearing broker would credit the investors account with an amount equal to appreciation and conversely if a Fund has unrealized depreciation the clearing broker would debit a Fund’s account with an amount equal to depreciation. These daily cash settlements are also known as “variation margin.” Variation margin is recognized as a receivable and/or payable for “Variation margin on futures contracts” on the Statement of Assets and Liabilities.

During the period the futures contract is open, changes in the value of the contract are recognized as an unrealized gain or loss by “marking-to-market” on a daily basis to reflect the changes in market value of the contract, which is recognized as a component of “Change in net unrealized appreciation (depreciation) of futures contracts” on the Statement of Operations. When the contract is closed, a Fund records a realized gain or loss equal to the difference between the value of the contract on the closing date and value of the contract when originally entered into, which is recognized as a component of “Net realized gain (loss) from futures contracts” on the Statement of Operations.

Risks of investments in futures contracts include the possible adverse movement in the price of the securities or indices underlying the contracts, the possibility that there may not be a liquid secondary market for the contracts and/or that a change in the value of the contract may not correlate with a change in the value of the underlying securities or indices.

During the fiscal year ended October 31, 2013, the Funds used futures contracts as a means to efficiently gain exposure to a broad base of securities. International Select invested in equity and currency futures contracts, which were used as an overlay strategy to adjust the exposures created by the Fund’s multi-manager framework, so that the Fund overall had the desired exposures to key markets. The Fund’s long and short futures contracts were used to manage country and style exposures and implement various tactical market and hedging strategies. Tactical Market Opportunities invested in equity, interest rate and currency futures contracts, which were used to implement various absolute return, tactical market and hedging strategies.

The average notional amount of futures contracts outstanding during the fiscal year ended October 31, 2013, was as follows:

	International Select		Tactical Market Opportunities
Average notional amount of futures contracts outstanding*	$	215,409,684	$	173,340,869

* The average notional amount is calculated based on the absolute aggregate value of outstanding notional at the beginning of the fiscal year and at the end of each fiscal quarter within the current fiscal year.

The following tables present the fair value of all futures contracts held by the Funds as of October 31, 2013, the location of these instruments on the Statement of Assets and Liabilities and the primary underlying risk exposure.

		Location on the Statement of Assets and Liabilities
	Derivative Instrument	Asset Derivatives			(Liability) Derivatives
Underlying Risk Exposure		Location	Value		Location	Value
International Select
Equity	Futures contracts	Receivable for variation margin on futures contracts*	$	3,909,172	Payable for variation margin on futures contracts*	$	(2,363,710	)
Tactical Market Opportunities
Equity	Futures contracts	Receivable for variation margin on futures contracts*	$	103,992	Payable for variation margin on futures contracts*	$	(714,152	)
Foreign Currency Exchange Rate	Futures contracts	Receivable for variation margin on futures contracts*		14,201	Payable for variation margin on futures contracts*		(34,125	)
Interest Rate	Futures contracts	Receivable for variation margin on futures contracts*		306,284	Payable for variation margin on futures contracts*		(529,072	)
Total			$	424,477		$	(1,277,349	)

* Value represents unrealized appreciation (depreciation) of futures contracts as reported in the Fund’s Portfolio of Investments, and not the receivable or payable for variation margin on futures contracts presented on the Statement of Assets and Liabilities.

Nuveen Investments 51

Notes to Financial Statements (continued)

The following table presents the amount of net realized gain (loss) and change in net unrealized appreciation (depreciation) recognized on futures contracts during the fiscal year ended October 31, 2013, and the primary underlying risk exposure.

Fund	Underlying Risk Exposure		Derivative Instrument		Net Realized Gain (Loss)			Change in Net Unrealized Appreciation Depreciation)
International Select		Equity		Futures Contracts	$	15,787,311		$	43,058
		Foreign currency exchange rate		Futures Contracts		(502,352	)		(126,187	)
Total					$	15,284,959		$	(83,129	)
Tactical Market Opportunities		Equity		Futures Contracts	$	(1,867,542	)	$	(779,121	)
		Foreign currency exchange rate		Futures Contracts		101,673			(125,637	)
		Interest Rate		Futures Contracts		(137,405	)		(697,075	)
Total					$	(1,903,274	)	$	(1,601,833	)

Options Transactions

The purchase of options and/or swaptions involves the risk of loss of all or a part of the cash paid for the options (the premium). The market risk associated with purchasing options and/or swaptions is limited to the premium paid. The counterparty credit risk of purchasing options, however, needs also to take into account the current value of the option, as this is the performance expected from the counterparty. When a Fund purchases an option and/or swaption, an amount equal to the premium paid (the premium plus commission) is recognized as a component of “Options and/or Swaptions purchased, at value” on the Statement of Assets and Liabilities. When a Fund writes an option and swaption, an amount equal to the net premium received (the premium less commission) is recognized as a component of “Options and/or Swaptions written, at value” on the Statement of Assets and Liabilities and is subsequently adjusted to reflect the current value of the written option and/or swaption until the option is exercised or expires or the Fund enters into a closing purchase transaction. The changes in the value of options and/or swaptions purchased during the fiscal period are recognized as a component of “Change in net unrealized appreciation (depreciation) of Options and/or Swaptions purchased” on the Statement of Operations. The changes in the value of options and/or swaptions written during the fiscal period are recognized as a component of “Change in net unrealized appreciation (depreciation) of Options and/or Swaptions written” on the Statement of Operations. When an option and/or swaption is exercised or expires or the Fund enters into a closing purchase transaction, the difference between the net premium received and any amount paid at expiration or on executing a closing purchase transaction, including commission, is recognized as a component of “Net realized gain (loss) from Options and/or Swaptions purchased and/or written” on the Statement of Operations. The Fund, as a writer of an option and/or swaption has no control over whether the underlying instrument may be sold (called) or purchased (put) and as a result bears the risk of an unfavorable change in the market value of the instrument underlying the written option and/or swaption. There is also the risk the Fund may not be able to enter into a closing transaction because of an illiquid market.

During fiscal year ended October 31, 2013, Tactical Market Opportunities invested in equity call and put options to generate return and manage the Fund.

The average notional amount of outstanding purchased and written options contracts during the fiscal year ended October 31, 2013, was as follows:

	Tactical Market Opportunities
Average notional amount of outstanding purchased options contracts*	$	3,100,000
Average notional amount of outstanding written options contracts*		2,080,740

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

The following table presents the amount of net realized gain (loss) recognized on options contracts during the fiscal year ended October 31, 2013, and the primary risk exposure.

Fund	Underlying Risk Exposure		Derivative Instrument		Net Realized Gain (Loss)
Tactical Market Opportunities		Equity		Put options purchased	$	(231,600	)
		Equity		Call options written		(71,872	)
Total					$	(303,472	)

52 Nuveen Investments

Market and Counterparty Credit Risk

In the normal course of business each Fund may invest in financial instruments and enter into financial transactions where risk of potential loss exists due to changes in the market (market risk) or failure of the other party to the transaction to perform (counterparty credit risk). The potential loss could exceed the value of the financial assets recorded on the financial statements. Financial assets, which potentially expose each Fund to counterparty credit risk, consist principally of cash due from counterparties on forward, option and swap transactions, when applicable. The extent of each Fund’s exposure to counterparty credit risk in respect to these financial assets approximates their carrying value as recorded on the Statement of Assets and Liabilities.

Each Fund helps manage counterparty credit risk by entering into agreements only with counterparties the Adviser believes have the financial resources to honor their obligations and by having the Adviser monitor the financial stability of the counterparties. Additionally, counterparties may be required to pledge collateral daily (based on the daily valuation of the financial asset) on behalf of each Fund with a value approximately equal to the amount of any unrealized gain above a pre-determined threshold. Reciprocally, when each Fund has an unrealized loss, the Funds have instructed the custodian to pledge assets of the Funds as collateral with a value approximately equal to the amount of the unrealized loss above a pre-determined threshold. Collateral pledges are monitored and subsequently adjusted if and when the valuations fluctuate, either up or down, by at least the pre-determined threshold amount.

4. Fund Shares

Transactions in Fund shares were as follows:

	International Select
	Year Ended 10/31/13						Year Ended 10/31/12
	Shares			Amount			Shares			Amount
Shares issued in the Reorganization(1):
Class A		1,889,026		$	20,192,967			—		$	—
Class C		208,907			2,202,333			—			—
Class R3(2)		—			—			—			—
Class I		6,623,463			70,952,598			—			—
Shares sold:
Class A		121,592			1,187,354			66,016			563,315
Class C		16,654			159,896			7,481			64,823
Class R3(2)		—			—			—			—
Class I		3,789,821			36,355,329			8,648,794			74,865,921
Shares issued to shareholders due to reinvestment of distributions:
Class A		4,487			41,369			10,687			86,950
Class C		324			2,968			1,333			10,675
Class R3(2)		—			—			35			277
Class I		189,614			1,748,241			562,947			4,583,692
		12,843,888			132,843,055			9,297,293			80,175,653
Shares redeemed:
Class A		(183,863	)		(1,761,734	)		(119,700	)		(1,027,486	)
Class C		(9,152	)		(87,070	)		(18,141	)		(155,798	)
Class R3(2)		—			—			(1,554	)		(12,245	)
Class I		(17,797,058	)		(176,428,915	)		(26,733,722	)		(230,058,005	)
		(17,990,073	)		(178,277,719	)		(26,873,117	)		(231,253,534	)
Net increase (decrease)		(5,146,185	)	$	(45,434,664	)		(17,575,824	)	$	(151,077,881	)

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

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

Nuveen Investments 53

Notes to Financial Statements (continued)

	Tactical Market Opportunities
	Year Ended 10/31/13						Year Ended 10/31/12
	Shares			Amount			Shares			Amount
Shares sold:
Class A		1,540,143		$	17,207,933			6,181,689		$	69,086,517
Class C		476,113			5,242,160			1,365,581			15,153,881
Class I		4,629,081			51,772,292			15,233,105			170,536,263
Shares issued to shareholders due to reinvestment of distributions:
Class A		48,593			542,276			20,431			225,355
Class C		3,683			40,811			1,961			21,516
Class I		195,863			2,188,285			96,689			1,069,791
		6,893,476			76,993,757			22,899,456			256,093,323
Shares redeemed:
Class A		(4,571,350	)		(50,299,290	)		(1,225,187	)		(13,763,850	)
Class C		(867,879	)		(9,446,801	)		(63,271	)		(694,273	)
Class I		(12,103,107	)		(132,628,333	)		(2,388,710	)		(26,846,616	)
		(17,542,336	)		(192,374,424	)		(3,677,168	)		(41,304,739	)
Net increase (decrease)		(10,648,860	)	$	(115,380,667	)		19,222,288		$	214,788,584

5. Investment Transactions

Purchases and sales (including maturities but excluding short-term investments and derivative transactions) during the fiscal year ended October 31, 2013, were as follows:

	International Select		Tactical Market Opportunities
Purchases:
Investment securities	$	343,316,895	$	151,852,065
U.S. Government and agency obligations		—		20,994,285
Sales and maturities:
Investment securities		470,457,915		127,005,950
U.S. Government and agency obligations		—		25,008,867

Transactions on options written for Tactical Market Opportunities during the fiscal year ended October 31, 2013, were as follows:

	Tactical Market Opportunities
	Number of contracts			Premiums Received
Outstanding, beginning of period		—		$	—
Options written		4,850			32,238
Options terminated in closing purchase transactions		—			—
Options expired		(4,850	)		(32,238	)
Outstanding, end of period		—		$	—

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.

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.

54 Nuveen Investments

The following information is presented on an income tax basis. Differences between amounts for financial statement and federal income tax purposes are primarily due to timing differences in recognizing certain gains and losses on investment transactions. To the extent that differences arise that are permanent in nature, such amounts are reclassified within the capital accounts as detailed below. Temporary differences do not require reclassification. Temporary and permanent differences do not impact the net asset values of the Funds.

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

	International Select			Tactical Market Opportunities
Cost of investments	$	397,406,662		$	143,486,864
Gross unrealized:
Appreciation	$	82,288,457		$	1,239,562
Depreciation		(19,521,328	)		(2,854,057	)
Net unrealized appreciation (depreciation) of investments	$	62,767,129		$	(1,614,495	)

Permanent differences, primarily due to foreign currency reclassifications, federal taxes paid, investments in partnerships, dividend reallocation adjustments, distribution character reclassifications, return of capital distributions, nondeductible Reorganization expenses, Reorganization adjustments and investments in passive foreign investment companies, resulted in reclassifications among the Funds’ components of net assets as of October 31, 2013, the Funds’ tax year end, as follows:

	International Select			Tactical Market Opportunities
Capital paid-in	$	1,403,757		$	(672,035	)
Undistributed (Over-distribution of) net investment income		789,300			(252,387	)
Accumulated net realized gain (loss)		(2,193,057	)		924,422

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

	International Select		Tactical Market Opportunities
Undistributed net ordinary income1	$	10,066,901	$	—
Undistributed net long-term capital gains		7,457,054		—

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’ tax years ended October 31, 2013 and October 31, 2012, was designated for purposes of the dividends paid deduction as follows:

2013	International Select		Tactical Market Opportunities
Distributions from net ordinary income1	$	6,847,906	$	2,049,542
Distributions from net long-term capital gains2		—		145,581
Return of capital		—		661,440

2012	International Select		Tactical Market Opportunities
Distributions from net ordinary income1	$	7,954,055	$	1,164,302
Distributions from net long-term capital gains		6,250,585		284,633
Return of Capital		—		—

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

²  The Funds designate as long-term capital gain dividend, pursuant to the Internal Revenue Code Section 852(b)(3), the amount necessary to reduce earnings and profits of the Funds related to net capital gain to zero for the tax year ended October 31, 2013.

Nuveen Investments 55

Notes to Financial Statements (continued)

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

	Tactical Market Opportunities
Not subject to expiration:
Short-term	$	5,025,424
Long-term		1,159,363
Total	$	6,184,787

During the Funds’ tax year ended October 31, 2013, International Select utilized capital loss carryforwards as follows:

	International Select
Utilized capital loss carryforwards	$	25,217,573

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-Advisers will be compensated for their services to the Funds from the management fees paid to the Adviser.

Each Fund’s management fee consists of two components – a fund-level fee, based only on the amount of assets within each individual Fund, and a complex-level fee, based on the aggregate amount of all eligible fund assets managed by the Adviser. This pricing structure enables each Fund’s shareholders to benefit from growth in the assets within their respective Fund as well as from growth in the amount of complex-wide assets managed by the Adviser.

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

Average Daily Net Assets	International Select Fund-Level Fee Rate			Tactical Market Opportunities Fund-Level Fee Rate
For the first $125 million		.8500	%		.6000	%
For the next $125 million		.8375			.5875
For the next $250 million		.8250			.5750
For the next $500 million		.8125			.5625
For the next $1 billion		.8000			.5500
For net assets over $2 billion		.7750			.5250

56 Nuveen Investments

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

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

* The complex-level fee is calculated based upon the aggregate daily “eligible assets” of all Nuveen Funds. Eligible assets do not include assets attributable to investments in other Nuveen Funds or assets in excess of $2 billion added to the Nuveen Fund complex in connection with the Adviser’s assumption of the management of the former First American Funds effective January 1, 2011. Eligible assets include closed-end fund assets managed by the Adviser that are attributable to 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 the TOB trust that has been effectively financed by the trust’s issuance of floating rate securities, subject to an agreement by the Adviser as to certain funds to limit the amount of such assets for determining eligible assets in certain circumstances. As of October 31, 2013, the complex-level fee rate for each of these Funds was as follows:

Fund	Rate
International Select		.2000	%
Tactical Market Opportunities		.1723

The Adviser had contractually agreed to waive fees and/or reimburse other Fund expenses (“Expense Cap”) of each Fund so that total annual Fund operating expenses, after fee waivers and/or expense reimbursements and excluding acquired fund fees and expenses, do not exceed the percentage of the average daily net assets of any class of Fund shares in the amounts and for the time periods stated in the following table:

International Select	Temporary Expense Cap (Pre-Reorganization)			Temporary Expense Cap Expiration  Date (Pre-Reorganization)		Temporary Expense Cap (Post-Reorganization)			Temporary Expense Cap Expiration  Date (Post-Reorganization)
Class A Shares		1.49	%		February 28, 2014		1.45	%		October 31, 2015
Class C Shares		2.24	%		February 28, 2014		2.20			October 31, 2015
Class I Shares		1.24	%		February 28, 2014		1.20			October 31, 2015

Tactical Market Opportunities	Temporary Expense Cap			Temporary Expense Cap Expiration Date
Class A Shares		1.20	%		February 28, 2014
Class C Shares		1.95			February 28, 2014
Class I Shares		0.95			February 28, 2014

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

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

Nuveen Investments 57

Notes to Financial Statements (continued)

During the fiscal year ended October 31, 2013, Nuveen Securities, LLC. (the “Distributor”), a wholly-owned subsidiary of Nuveen, collected sales charges on purchases of Class A Shares, the majority of which were paid out as concessions to financial intermediaries as follows:

	International Select		Tactical Market Opportunities
Sales charges collected (Unaudited)	$	7,381	$	78,767
Paid to financial intermediaries (Unaudited)		6,635		73,893

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

During the fiscal year ended October 31, 2013, the Distributor compensated financial intermediaries directly with commission advances at the time of purchase as follows:

	International Select		Tactical Market Opportunities
Commission advances (Unaudited)	$	1,905	$	83,996

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 fiscal year ended October 31, 2013, the Distributor retained such 12b-1 fees as follows:

	International Select		Tactical Market Opportunities
12b-1 fees retained (Unaudited)	$	682	$	88,857

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

The Distributor also collected and retained CDSC on share redemptions during the fiscal year ended October 31, 2013, as follows:

	International Select		Tactical Market Opportunities
CDSC retained (Unaudited)	$	—	$	13,545

8. Fund Reorganization

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

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

	International
Cost of investments	$	77,041,270
Fair value of investments		93,320,036
Net unrealized appreciation (depreciation) of investments		16,278,766

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

58 Nuveen Investments

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

Acquired Fund – Prior to Reorganization	Shares Outstanding		Net Assets		NAV per Share
International
Class A		1,685,218	$	19,994,814	$	11.86
Class C		196,731		2,202,333		11.19
Class R3		16,674		198,153		11.88
Class I		5,913,795		70,952,598		12.00
Acquiring Fund – Prior to Reorganization	Shares Outstanding		Net Assets		NAV per Share
International Select
Class A		402,112	$	4,298,423	$	10.69
Class C		80,800		851,813		10.54
Class I		34,068,873		364,957,366		10.71
Acquiring Fund – Post Reorganization	Shares Outstanding		Net Assets		NAV per Share
International Select
Class A(1)		2,291,138	$	24,491,390	$	10.69
Class C		289,707		3,054,146		10.54
Class I		40,692,336		435,909,964		10.71

⁽¹⁾  Class R3 Shares of the Acquired Fund were converted into Class A Shares of the Acquiring Fund.

The beginning of the Acquired Fund’s current fiscal period was November 1, 2012. Assuming the Reorganization had been completed on November 1, 2012, the beginning of the Acquiring Fund’s current fiscal period, the pro forma results of operations for the fiscal year ended October 31, 2013, are as follows:

	International Select
Net investment income (loss)	$	3,787,497
Net realized and unrealized gains (losses)		94,052,750
Change in net assets resulting from operations		97,840,247

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

In connection with the Reorganization, the Acquiring Fund incurred certain associated costs and expenses. Such amounts are recognized as “Reorganization expenses” on the Statement of Operations.

9. New Accounting Pronouncements

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

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

Nuveen Investments 59

Trustees and Officers (Unaudited)

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

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

Name, Year of Birth & Address	Position(s) Held with the Funds	Year First Elected or Appointed (1)	Principal Occupation(s) Including other Directorships During Past 5 Years	Number of Portfolios in Fund Complex Overseen by Trustee
Independent Trustees:
William J. Schneider 1944 333 W. Wacker Drive Chicago, IL 60606	Chairman of the Board and Trustee	1996	Chairman of Miller-Valentine Partners Ltd., a real estate investment company; formerly, Senior Partner and Chief Operating Officer (retired 2004) of Miller-Valentine Group; owner in several other Miller-Valentine entities; Board Member of Mid-America Health System, Tech Town, Inc., a not-for-profit community development company and WDPR Public Radio Station; formerly, member, Business Advisory Council, Cleveland Federal Reserve Bank and University of Dayton Business School Advisory Council.	206
Robert P. Bremner 1940 333 W. Wacker Drive Chicago, IL 60606	Trustee	1996	Private Investor and Management Consultant; Treasurer and Director, Humanities Council of Washington, D.C.; Board Member, Independent Directors Council affiliated with the Investment Company Institute.	206
Jack B. Evans 1948 333 W. Wacker Drive Chicago, IL 60606	Trustee	1999	President, The Hall-Perrine Foundation, a private philanthropic corporation (since 1996); Chairman, United Fire Group, a publicly held company; formerly, member and President Pro Tem of the Board of Regents for the State of Iowa University System; Director, Source Media Group; Life Trustee of Coe College; formerly, Director, Alliant Energy; formerly, Director, Federal Reserve Bank of Chicago; formerly, President and Chief Operating Officer, SCI Financial Group, Inc., a regional financial services firm.	206
William C. Hunter 1948 333 W. Wacker Drive Chicago, IL 60606	Trustee	2004	Dean Emeritus (since June 30, 2012), formerly, Dean, Tippie College of Business, University of Iowa (2006-2012); Director (since 2004) of Xerox Corporation; Director (since 2005), and President (since July 2012) Beta Gamma Sigma, Inc., The International Honor Society; Director of Wellmark, Inc. (since 2009); formerly, Dean and Distinguished Professor of Finance, School of Business at the University of Connecticut (2003-2006); previously, Senior Vice President and Director of Research at the Federal Reserve Bank of Chicago (1995-2003); formerly, Director (1997-2007), Credit Research Center at Georgetown University.	206
David J. Kundert 1942 333 W. Wacker Drive Chicago, IL 60606	Trustee	2005	Formerly, Director, Northwestern Mutual Wealth Management Company; (2006-2013) retired (since 2004) as Chairman, JPMorgan Fleming Asset Management, President and CEO, Banc One Investment Advisors Corporation, and President, One Group Mutual Funds; prior thereto, Executive Vice President, Banc One Corporation and Chairman and CEO, Banc One Investment Management Group; Regent Emeritus, Member of Investment Committee, Luther College; member of the Wisconsin Bar Association; member of Board of Directors, Friends of Boerner Botanical Gardens; member of Board of Directors and Chair of Investment Committee, Greater Milwaukee Foundation; member of the Board of Directors (Milwaukee), College Possible.	206

60 Nuveen Investments

Name, Year of Birth & Address	Position(s) Held with the Funds	Year First Elected or Appointed (1)	Principal Occupation(s) Including other Directorships During Past 5 Years	Number of Portfolios in Fund Complex Overseen by Trustee
John K. Nelson 1962 333 West Wacker Drive Chicago, IL 60606	Trustee	2013	Senior external advisor to the financial services practice of Deloitte Consulting LLP (since 2012); Member of Board of Directors of Core12 LLC (since 2008), a private firm which develops branding, marketing and communications strategies for clients; Chairman of the Board of Trustees of Marian University (since 2010 as trustee, 2011 as Chairman); Director of The Curran Center for Catholic American Studies (since 2009) and The President’s Council, Fordham University (since 2010); formerly, Chief Executive Officer of ABN AMRO N.V. North America, and Global Head of its Financial Markets Division (2007-2008); prior senior positions held at ABN AMRO include Corporate Executive Vice President and Head of Global Markets—the Americas (2006-2007), CEO of Wholesale Banking—North America and Global Head of Foreign Exchange and Futures Markets (2001-2006), and Regional Commercial Treasurer and Senior Vice President Trading—North America (1996-2001); formerly, Trustee at St. Edmund Preparatory School in New York City.	206
Judith M. Stockdale 1947 333 W. Wacker Drive Chicago, IL 60606	Trustee	1997	Formerly, Executive Director (1994-2012), Gaylord and Dorothy Donnelley Foundation (since 1994); prior thereto, Executive Director, Great Lakes Protection Fund (1990-1994).	206
Carole E. Stone 1947 333 W. Wacker Drive Chicago, IL 60606	Trustee	2007	Director, Chicago Board Options Exchange (since 2006), C2 Options Exchange, Incorporated (since 2009) and CBOE Holdings, Inc. (since 2010); formerly, Commissioner, New York State Commission on Public Authority Reform (2005-2010); formerly, Chair, New York Racing Association Oversight Board (2005-2007).	206
Virginia L. Stringer 1944 333 W. Wacker Drive Chicago, IL 60606	Trustee	2011	Board Member, Mutual Fund Directors Forum; former governance consultant and non-profit board member; former Owner and President, Strategic Management Resources, Inc. a management consulting firm; former Member, Governing Board, Investment Company Institute’s Independent Directors Council; previously, held several executive positions in general management, marketing and human resources at IBM and The Pillsbury Company; Independent Director, First American Fund Complex (1987-2010) and Chair (1997-2010).	206
Terence J. Toth 1959 333 W. Wacker Drive Chicago, IL 60606	Trustee	2008	Managing Partner, Promus Capital (since 2008); Director, Fulcrum IT Service LLC (since 2010), Quality Control Corporation (since 2012) and LogicMark LLC (since 2012); formerly, Director, Legal & General Investment Management America, Inc. (2008-2013); formerly, CEO and President, Northern Trust Global Investments (2004-2007); Executive Vice President, Quantitative Management & Securities Lending (2000-2004); prior thereto, various positions with Northern Trust Company (since 1994); member: Chicago Fellowship Board (since 2005), Catalyst Schools of Chicago Board (since 2008) and Mather Foundation Board (since 2012), and a member of its investment committee; formerly, Member, Northern Trust Mutual Funds Board (2005-2007), Northern Trust Global Investments Board (2004-2007), Northern Trust Japan Board (2004-2007), Northern Trust Securities Inc. Board (2003-2007) and Northern Trust Hong Kong Board (1997-2004).	206

Nuveen Investments 61

Trustees and Officers (Unaudited)(continued)

Name, Year of Birth & Address	Position(s) Held with the Funds	Year First Elected or Appointed (1)	Principal Occupation(s) Including other Directorships During Past 5 Years	Number of Portfolios in Fund Complex Overseen by Trustee
Interested Board Members:
William Adams IV(2) 1955 333 W. Wacker Drive Chicago, IL 60606	Board Member	2013	Senior Executive Vice President, Global Structured Products (since 2010); Co-President of Nuveen Fund Advisors, LLC (since 2011); President (since 2011), formerly, Managing Director (2010-2011) of Nuveen Commodities Asset Management, LLC; Board Member of the Chicago Symphony Orchestra and of Gilda’s Club Chicago; formerly, Executive Vice President, U.S. Structured Products, of Nuveen Investments, Inc. (1999-2010).	135
Thomas S. Schreier, Jr.(2) 1962 333 W. Wacker Drive Chicago, IL 60606	Board Member	2013	Vice Chairman, Wealth Management of Nuveen Investments, Inc. (since 2011); Co-President of Nuveen Fund Advisors, LLC; Chairman of Nuveen Asset Management, LLC (since 2011); Co-Chief Executive Officer of Nuveen Securities, LLC (since 2011); Member of Board of Governors and Chairman’s Council of the Investment Company Institute; formerly, Chief Executive Officer (2000-2010) and Chief Investment Officer (2007-2010) of FAF Advisors, Inc.; formerly, President of First American Funds (2001-2010).	135

Name, Year of Birth & Address	Position(s) Held with the Funds	Year First Elected or Appointed (2)	Principal Occupation(s) During Past 5 Years	Number of Portfolios in Fund Complex Overseen by Officer
Officers of the Funds:
Gifford R. Zimmerman 1956 333 W. Wacker Drive Chicago, IL 60606	Chief Administrative Officer	1988	Managing Director (since 2002), and Assistant Secretary of Nuveen Securities, LLC; Managing Director (since 2004) and Assistant Secretary (since 1994) of Nuveen Investments, Inc.; Managing Director (since 2002), Assistant Secretary (since 1997) and Co-General Counsel (since 2011) of Nuveen Fund Advisors, LLC; Managing Director, Assistant Secretary and Associate General Counsel of Nuveen Asset Management, LLC (since 2011); Managing Director, Associate General Counsel and Assistant Secretary of Symphony Asset Management LLC (since 2003); Vice President and Assistant Secretary of NWQ Investment Management Company, LLC (since 2002), Nuveen Investments Advisers Inc. (since 2002), Santa Barbara Asset Management, LLC (since 2006) and of Winslow Capital Management, LLC, (since 2010); Vice President and Assistant Secretary (since 2013), formerly, Chief Administrative Officer and Chief Compliance Officer (2006-2013) of Nuveen Commodities Asset Management, LLC; Chartered Financial Analyst.	206
Margo L. Cook 1964 333 W. Wacker Drive Chicago, IL 60606	Vice President	2009	Executive Vice President (since 2008) of Nuveen Investments, Inc. and of Nuveen Fund Advisors, LLC (since 2011); Managing Director – Investment Services of Nuveen Commodities Asset Management, LLC (since August 2011), previously, Head of Institutional Asset Management (2007-2008) of Bear Stearns Asset Management; Head of Institutional Asset Management (1986-2007) of Bank of NY Mellon; Chartered Financial Analyst.	206
Lorna C. Ferguson 1945 333 W. Wacker Drive Chicago, IL 60606	Vice President	1998	Managing Director (since 2005) of Nuveen Fund Advisors, LLC and Nuveen Securities, LLC (since 2004).	206
Stephen D. Foy 1954 333 W. Wacker Drive Chicago, IL 60606	Vice President and Controller	1998	Senior Vice President (2010-2011), formerly, Vice President (2005-2010) and Funds Controller of Nuveen Securities, LLC; Senior Vice President (since 2013), formerly, Vice President of Nuveen Fund Advisors, LLC; Chief Financial Officer of Nuveen Commodities Asset Management, LLC (since 2010); Certified Public Accountant.	206

62 Nuveen Investments

Name, Year of Birth & Address	Position(s) Held with the Funds	Year First Elected or Appointed (2)	Principal Occupation(s) During Past 5 Years	Number of Portfolios in Fund Complex Overseen by Officer
Scott S. Grace 1970 333 W. Wacker Drive Chicago, IL 60606	Vice President and Treasurer	2009	Managing Director, Corporate Finance & Development, Treasurer (since 2009) of Nuveen Securities, LLC; Managing Director and Treasurer (since 2009) of Nuveen Fund Advisors, LLC, Nuveen Investments Advisers, Inc., Nuveen Investments Holdings Inc. and (since 2011) Nuveen Asset Management, LLC; Vice President and Treasurer of NWQ Investment Management Company, LLC, Tradewinds Global Investors, LLC, Symphony Asset Management LLC and Winslow Capital Management, LLC.; Vice President of Santa Barbara Asset Management, LLC; formerly, Treasurer (2006-2009), Senior Vice President (2008-2009), previously, Vice President (2006-2008) of Janus Capital Group, Inc.; formerly, Senior Associate in Morgan Stanley’s Global Financial Services Group (2000-2003); Chartered Accountant Designation.	206
Walter M. Kelly 1970 333 W. Wacker Drive Chicago, IL 60606	Chief Compliance Officer and Vice President	2003	Senior Vice President (since 2008) of Nuveen Investments Holdings, Inc.	206
Tina M. Lazar 1961 333 W. Wacker Drive Chicago, IL 60606	Vice President	2002	Senior Vice President of Nuveen Investment Holdings, Inc.	206
Kevin J. McCarthy 1966 333 W. Wacker Drive Chicago, IL 60606	Vice President and Secretary	2007	Managing Director and Assistant Secretary (since 2008), Nuveen Securities, LLC; Managing Director (since 2008), Assistant Secretary (since 2007) and Co-General Counsel (since 2011) of Nuveen Fund Advisors, LLC; Managing Director, Assistant Secretary and Associate General Counsel (since 2011) of Nuveen Asset Management, LLC; Managing Director (since 2008), and Assistant Secretary, Nuveen Investment Holdings, Inc.; Vice President (since 2007) and Assistant Secretary of Nuveen Investments Advisers Inc., NWQ Investment Management Company, LLC, Tradewinds Global Investors LLC, Symphony Asset Management LLC, Santa Barbara Asset Management, LLC, and of Winslow Capital Management, LLC. (since 2010); Vice President and Secretary (since 2010) of Nuveen Commodities Asset Management, LLC.	206
Kathleen L. Prudhomme 1953 901 Marquette Avenue Minneapolis, MN 55402	Vice President and Assistant Secretary	2011	Managing Director, Assistant Secretary and Co-General Counsel (since 2011) of Nuveen Fund Advisors, LLC; Managing Director, Assistant Secretary and Associate General Counsel (since 2011) of Nuveen Asset Management, LLC; Managing Director and Assistant Secretary (since 2011) of Nuveen Securities, LLC; formerly, Deputy General Counsel, FAF Advisors, Inc. (2004-2010).	206
Joel T. Slager 1978 333 West Wacker Drive Chicago, IL 60606	Vice President and Assistant Secretary	2013	Fund Tax Director for Nuveen Funds (since May, 2013); previously, Vice President of Morgan Stanley Investment Management, Inc., Assistant Treasurer of the Morgan Stanley Funds (from 2010 to 2013); Tax Director at PricewaterhouseCoopers LLP (from 2008 to 2010).	206
Jeffery M. Wilson 1956 333 West Wacker Drive Chicago, IL 60606	Vice President	2011	Senior Vice President of Nuveen Securities, LLC (since 2011); formerly, Senior Vice President of FAF Advisors, Inc. (2000-2010).	103

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

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

Nuveen Investments 63

Annual Investment Management Agreement Approval Process (Unaudited)

The Board of Directors (each, a “Board” and each Director, a “Board Member”) of the Funds, including the Board Members who are not parties to the Funds’ advisory or sub-advisory agreements or “interested persons” of any such parties (the “Independent Board Members”), is responsible for approving the advisory agreements (each, an “Investment Management Agreement”) between each Fund and Nuveen Fund Advisors, LLC (the “Adviser”) and the sub-advisory agreements (each, a “Sub-Advisory Agreement”) between (a) with respect to each Fund, the Adviser and Nuveen Asset Management, LLC (“Nuveen Asset Management”), (b) with respect to the Nuveen International Select Fund (the “International Fund”), the Adviser and Altrinsic Global Advisors, LLC (“Altrinsic”), and (c) with respect to the International Fund, the Adviser and Lazard Asset Management LLC (“Lazard”), and their periodic continuation. (Nuveen Asset Management, Altrinsic and Lazard are referred to collectively as the “Sub-Advisers” and the Investment Management Agreements and the Sub-Advisory Agreements are referred to collectively as the “Advisory Agreements.”) Pursuant to the Investment Company Act of 1940, as amended (the “1940 Act”), the Board is required to consider the continuation of the Advisory Agreements on an annual basis. Accordingly, at an in-person meeting held on May 20-22, 2013 (the “May Meeting”), the Board, including a majority of the Independent Board Members, considered and approved the continuation of the Advisory Agreements for the Funds for an additional one-year period.

In preparation for its considerations at the May Meeting, the Board requested and received extensive materials prepared in connection with the review of the Advisory Agreements. The materials provided a broad range of information regarding the Funds, the Adviser and the Sub-Advisers (the Adviser and the Sub-Advisers are collectively, the “Fund Advisers” and each, a “Fund Adviser”). As described in more detail below, the information provided included, among other things, a review of Fund performance, including Fund investment performance assessments against peer groups and appropriate benchmarks; a comparison of Fund fees and expenses relative to peers; a description and assessment of shareholder service levels for the Funds; a summary of the performance of certain service providers; a review of product initiatives and shareholder communications; and an analysis of the Adviser’s profitability with comparisons to comparable peers in the managed fund business. As part of its annual review, the Board also held a separate meeting on April 17-18, 2013, to review the Funds’ investment performance and consider an analysis provided by the Adviser of the Sub-Advisers which generally evaluated each Sub-Adviser’s investment team, investment mandate, organizational structure and history, investment philosophy and process, performance of the applicable Fund, and significant changes to the foregoing. As a result of its review of the materials and discussions, the Board presented the Adviser with questions and the Adviser responded.

The materials and information prepared in connection with the annual review of the Advisory Agreements supplement the information and analysis provided to the Board during the year. In this regard, throughout the year, the Board, acting directly or through its committees, regularly reviews the performance and various services provided by the Adviser and the Sub-Advisers. The Board meets at least quarterly as well as at other times as the need arises. At its quarterly meetings, the Board reviews reports by the Adviser regarding, among other things, fund performance, fund expenses, the performance of the investment teams, and compliance, regulatory and risk management matters. In addition to regular reports, the Adviser provides special reports to the Board or a committee thereof from time to time to enhance the Board’s understanding of various topics that impact some or all the Nuveen funds (such as accounting and financial statement presentations of the various forms of leverage that may be used by a closed-end fund or an update on the valuation policies and procedures), to update the Board on regulatory developments impacting the investment company industry or to update the Board on the business plans or other matters impacting the Adviser. The Board also meets with key investment personnel managing the fund portfolios during the year. In October 2011, the Board also created two standing committees (the Open-End Fund Committee and the Closed-End Fund Committee) to assist the full Board in monitoring and gaining a deeper insight into the distinctive business practices of open-end and closed-end funds. These Committees meet prior to each quarterly Board meeting, and the Adviser provides presentations to these Committees permitting them to delve further into specific matters or initiatives impacting the respective product line.

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

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

64 Nuveen Investments

of many years of review and discussion between the Independent Board Members and fund management and that the Board Members’ conclusions may be based, in part, on their consideration of fee arrangements and other factors developed in previous years.

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

A. Nature, Extent and Quality of Services

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

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

In addition to advisory services, the Board considered the quality and extent of administrative and other non-investment advisory services the Adviser and its affiliates provide to the Funds, including product management, investment services (such as oversight of investment policies and procedures, risk management, and pricing), fund administration, oversight of service providers, shareholder services and communications, administration of Board relations, regulatory and portfolio compliance and legal support. The Board further recognized Nuveen’s additional investments in personnel, including in compliance and risk management.

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

In addition to the foregoing actions, the Board also considered other initiatives related to the open-end Nuveen funds including, among other things, the development of a comprehensive strategic plan and the addition of members to the product strategy team; the commencement of various new funds; the removal of redemption fees for certain funds; the establishment of a working group to enhance the Adviser’s oversight of the disclosures pertaining to Nuveen’s products and services; the acceleration of monthly holdings disclosure for certain funds; and the development of a new share class for certain funds.

Nuveen Investments 65

Annual Investment Management Agreement Approval Process (Unaudited)(continued)

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

B. The Investment Performance of the Funds and Fund Advisers

The Board, including the Independent Board Members, considered the performance history of each Fund over various time periods. The Board reviewed reports, including an analysis of the Funds’ performance and the applicable investment team. In general, in considering a fund’s performance, the Board recognized that a fund’s performance can be reviewed through various measures including the fund’s absolute return, the fund’s return compared to the performance of other peer funds, and the fund’s performance compared to its respective benchmark. Accordingly, the Board reviewed, among other things, each Fund’s historic investment performance as well as information comparing the Fund’s performance information with that of other funds (the “Performance Peer Group”) and with recognized and/or customized benchmarks (i.e., generally benchmarks derived from multiple recognized benchmarks) for the quarter, one-, three- and five-year periods ending December 31, 2012 as well as performance information reflecting the first quarter of 2013 (or for such shorter periods available for the Nuveen Tactical Market Opportunities Fund (the “Tactical Fund”), which did not exist for part of the foregoing time frame). This information supplemented the fund performance information provided to the Board at each of its quarterly meetings.

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

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

In considering the performance data for the Funds, the Independent Board Members noted that the Tactical Fund lagged its Performance Peer Group over various periods, performing in the fourth quartile for the one-year period and the third quartile for the three-year period. In addition, the International Fund lagged its peers and benchmarks over various periods. In this regard, such Fund performed in the fourth quartile and underperformed its benchmark for the one- and three-year periods, but performed in the second quartile and outperformed its benchmark for the five-year period.

As described above, for funds with challenged performance, the Board considered and discussed the factors contributing to the results. In this regard, the Board noted certain changes to the investment personnel and sub-advisers of the International Fund. The Board is encouraged by these steps and will continue to monitor management’s progress on these issues in general and for the International Fund, in particular, as well as any further steps proposed or taken to address performance issues. In light of the objective of the Tactical Fund and its performance compared to the benchmark, the Board will also continue to monitor the performance of this Fund.

66 Nuveen Investments

C. Fees, Expenses and Profitability

1. Fees and Expenses

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

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

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

The Independent Board Members observed that the Funds had slightly higher net management fees than their respective peer averages, but net expense ratios that were below or in line with their respective peer averages.

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

2. Comparisons with the Fees of Other Clients

The Board recognized that all Nuveen funds have at least one sub-adviser, and therefore, the overall fund management fee can be divided into two components, the fee retained by the Adviser and the fee paid to the sub-adviser(s). In this regard, each Fund has an affiliated sub-adviser (i.e., Nuveen Asset Management) and, in addition, the International Fund has two non-affiliated sub-advisers (i.e., Altrinsic and Lazard). In general terms, the fee to the Adviser reflects the administrative services it provides to support the funds, and while some administrative services may occur at the sub-adviser level, the fee generally reflects the portfolio management services provided by the sub-adviser(s). The Independent Board Members reviewed information regarding the nature of services provided by the Adviser, including through Nuveen Asset Management, and the range of fees and average fee that Nuveen Asset Management assessed for such services to other clients. Such other clients for Nuveen Asset Management include separately managed accounts (both retail and institutional accounts), foreign investment funds offered by Nuveen and funds that are not offered by Nuveen but are sub-advised by one of Nuveen’s investment management teams. In evaluating the comparisons of fees, the Independent Board Members noted that the fee rates charged to the Funds and other clients vary, among other things, because of the different services involved and the additional regulatory and compliance requirements associated with registered investment companies, such as the Funds. Accordingly, the Independent Board Members considered the differences in the product types, including, but not limited to, the services provided, the structure and operations, product distribution and costs thereof, portfolio investment policies, investor profiles, account sizes and regulatory requirements. The Independent Board Members noted, in particular, that the range of services provided to the Funds (as discussed above) is much more extensive than that provided to separately managed accounts. Many of the additional administrative services provided by the Adviser are not required for institutional clients. The Independent Board Members further noted that the management fee rates of the foreign funds advised by the Adviser may vary due to, among other things, differences in the client base, governing bodies, operational complexities and services covered by the management fee. Given the inherent differences in the various products, particularly the extensive services provided to the Funds, the Independent Board Members believe such facts justify the different levels of fees.

With respect to the International Fund, in considering the fees of Altrinsic and Lazard, the Independent Board Members also considered the pricing schedule or fees that each such Sub-Adviser charges for other clients. The Independent Board Members further noted that the fees paid to such Sub-Advisers for their sub-advisory services were at or below the low end of their fee schedule or of their average fees earned. The Independent Board Members also noted that the International Fund’s sub-advisory fees to Altrinsic and Lazard were the result of arm’s-length negotiations.

Nuveen Investments 67

Annual Investment Management Agreement Approval Process (Unaudited)(continued)

3. Profitability of Fund Advisers

In conjunction with their review of fees, the Independent Board Members also considered the profitability of Nuveen for its advisory activities and its financial condition. The Independent Board Members reviewed the revenues and expenses of Nuveen’s advisory activities for the last two calendar years, the allocation methodology used in preparing the profitability data and an analysis of the key drivers behind the changes in revenues and expenses that impacted profitability in 2012. The Independent Board Members noted this information supplemented the profitability information requested and received during the year to help keep them apprised of developments affecting profitability (such as changes in fee waivers and expense reimbursement commitments). In this regard, the Independent Board Members noted that they have an Independent Board Member serve as a point person to review and keep them apprised of changes to the profitability analysis and/or methodologies during the year. The Independent Board Members also considered Nuveen’s revenues for advisory activities, expenses, and profit margin compared to that of various unaffiliated management firms with comparable assets under management (based on asset size and asset composition).

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

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

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

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

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

In addition to fund-level advisory fee breakpoints, the Board also considered the Funds’ complex-wide fee arrangement. Pursuant to the complex-wide fee arrangement, the fees of the funds in the Nuveen complex are generally reduced as the assets in the fund complex reach certain levels. The complex-wide fee arrangement seeks to provide the benefits of economies of scale to fund shareholders when total fund complex assets increase, even if assets of a particular fund are unchanged or have decreased. The approach reflects the notion that some of Nuveen’s costs are attributable to services provided to all its funds in the complex and therefore all funds benefit if these costs are spread over a larger asset base. In addition, with the acquisition of the funds previously advised by FAF Advisors, Inc. at the end of 2010, the Board noted that a portion of such funds’ assets at the time of acquisition were deemed eligible to be included in the complex-wide fee calculation in order to deliver fee savings to shareholders in the combined complex and such funds were subject to differing complex-level fee rates.

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

68 Nuveen Investments

E. Indirect Benefits

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

In addition to the above, the Independent Board Members considered whether the Fund Advisers received any benefits from soft dollar arrangements whereby a portion of the commissions paid by a Fund for brokerage may be used to acquire research that may be useful to the Fund Adviser in managing the assets of the Funds and other clients. The Funds’ portfolio transactions are determined by the applicable Sub-Adviser(s). Accordingly, the Independent Board Members considered that each Sub-Adviser may benefit from its soft dollar arrangements pursuant to which it receives research from brokers that execute the portfolio transactions of the applicable Fund(s). With respect to any fixed income securities, however, the Board recognized that such securities generally trade on a principal basis that does not generate soft dollar credits. Nevertheless, a Sub-Adviser may also engage in soft dollar arrangements on behalf of other clients, and a Fund as well as such Sub-Adviser may benefit from the research or other services received. Similarly, the Board recognized that the research received pursuant to soft dollar arrangements by a Sub-Adviser may also benefit a Fund and shareholders to the extent the research enhances the ability of such Sub-Adviser to manage the Fund. The Independent Board Members noted that the Sub-Advisers’ profitability may be somewhat lower if they did not receive the research services pursuant to the soft dollar arrangements and had to acquire such services directly.

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

F. Other Considerations

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

Nuveen Investments 69

Glossary of Terms Used in this Report

Average Annual Total Return: This is a commonly used method to express an investment’s performance over a particular, usually multi-year time period. It expresses the return that would have been necessary each year to equal the investment’s actual cumulative performance (including change in NAV or offer price and reinvested distributions and capital gains, if any) over the time period being considered.

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.

Beta: A measure of the variability of the change in the share price for a fund in relation to a change in the value of the fund’s market benchmark. Securities with betas higher than 1.0 have been, and are expected to be, more volatile than the benchmark; securities with betas lower than 1.0 have been, and are expected to be, less volatile than the benchmark.

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

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

MSCI Emerging Markets Index: An unmanaged index considered representative of stocks of developing countries. The index returns assume reinvestment of distributions, but do not reflect any applicable sales charges or management fees.

MSCI Japan Index: A capitalization-weighted index, adjusted for free float. The index is designed to reflect the sectoral diversity of the Japanese equity markets. Index returns assume reinvestment of distributions, but do not reflect any applicable sales charges or management fees.

Lipper International Multi-Cap Growth Funds Classification Average: Represents the average annualized returns for all reporting funds in the Lipper International Multi-Cap Growth Funds Classification. Lipper returns account for the effects of management fees and assume reinvestment of distributions, but do not reflect any applicable sales charge.

Lipper Flexible Portfolio Funds Classification Average: Represents the average annualized total return for all reporting funds in the Lipper Flexible Portfolio Funds Classification. Lipper returns account for the effects of management fees and assume reinvestment of distributions but do not reflect any applicable sales charges.

MSCI All Country World Investable Market Index (ex U.S.): The MSCI (Morgan Stanley Capital International) All Country World Investable Market Index (ex U.S.) is a free float-adjusted market capitalization weighted index that is designed to measure the equity market performance of developed and emerging markets. The index consists of 45 country indexes comprising 24 developed and 21 emerging market countries. The index returns assume reinvestment of distributions, but do not reflect any applicable sales charges or management fees.

Net Asset Value (NAV) 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.

Tax Equalization: The practice of treating a portion of the distribution made to a redeeming shareholder, which represents his proportionate part of undistributed net investment income and capital gain as a distribution for tax purposes. Such amounts are referred to as the equalization debits (or payments) and will be considered a distribution to the shareholder of net investment income and capital gain for calculation of the fund’s dividends paid deduction.

70 Nuveen Investments

Additional Fund Information
	Fund Manager Nuveen Fund Advisors, LLC 333 West Wacker Drive Chicago, IL 60606 Sub-Advisers Nuveen Asset Management, LLC 333 West Wacker Drive Chicago, IL 60606 Altrinsic Global Advisors, LLC 8 Sound Shore Drive Greenwich, CT 06830 Lazard Asset Management 30 Rockefeller Plaza 57th Floor New York, NY 10112-6300	Independent Registered Public Accounting Firm PricewaterhouseCoopers LLP Chicago, IL 60606 Custodians U.S. Bank National Association Milwaukee, WI 53202 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, Inc. Nuveen Investor Services P.O. Box 8530 Boston, MA 02266-8530 (800) 257-8787
Distribution Information: The Funds hereby designate their percentages of dividends paid from net ordinary income as dividends qualifying for the 70% dividends received deduction (“DRD”) for corporation and their percentages as qualified dividend income (“QDI”) for individuals under Section 1 (h)(11) of the Internal Revenue Code as shown in the accompanying table. The actual qualified dividend income distributions will be reported to shareholders on Form 1099-DIV, which will be sent to shareholders shortly after calendar year end.

Fund	% of DRD		% of QDI
Nuveen International Select Fund		3.00%		100.00%
Nuveen Tactical Market Opportunities Fund		0.00%		16.00%

Foreign Taxes: Nuveen International Select Fund paid qualifying foreign taxes of $864,622 and earned $7,955,922 of foreign source income, during the fiscal year ended October 31, 2013. Pursuant to Section 853 of the Internal Revenue Code, Nuveen International Select Fund hereby designates $0.02 per share as foreign taxes paid, and $0.18 per share as income earned from foreign sources, for the fiscal year ended October 31, 2013. The actual foreign tax credit distribution will be reported to shareholders on Form 1099-DIV, which will be sent to shareholders shortly after calendar year end.

Quarterly Form N-Q Portfolio of Investments Information: Each Fund is required to file its complete schedule of portfolio holdings with the Securities and Exchange Commission (SEC) for the first and third quarters of each fiscal year on Form N-Q. You may obtain this information directly from the SEC. Visit the SEC on-line at http://www.sec.gov or in person at the SEC’s Public Reference Room in Washington, D.C. Call the SEC toll-free at (800) SEC -0330 for room hours and operation.

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

The Financial Industry Regulatory Authority (FINRA) provides a Public Disclosure Program which supplies certain information regarding the disciplinary history of FINRA members and their associated persons in response to either telephone inquiries at (800) 289-9999 or written inquiries at www.finra.org. FINRA also provides an investor brochure that includes information describing the Public Disclosure Program.

Nuveen Investments 71

Nuveen Investments:
	Serving Investors for Generations
	Since 1898, financial advisors and their clients have relied on Nuveen Investments to provide dependable investment solutions through continued adherence to proven, long-term investing principles. Today, we offer a range of high quality equity and fixed-income solutions designed to be integral components of a well-diversified core portfolio.
		Focused on meeting investor needs. Nuveen Investments provides high-quality investment services designed to help secure the longterm goals of institutional and individual investors as well as the consultants and financial advisors who serve them. Nuveen Investments markets a wide range of specialized investment solutions which provide investors access to capabilities of its high-quality boutique investment affiliates-Nuveen Asset Management, Symphony Asset Management, NWQ Investment Management Company, Santa Barbara Asset Management, Tradewinds Global Investors, Winslow Capital Management, and Gresham Investment Management. In total, Nuveen Investments managed approximately $215 billion as of September 30, 2013.
		Find out how we can help you. To learn more about how the products and services of Nuveen Investments may be able to help you meet your financial goals, talk to your financial advisor, or call us at (800) 257-8787. Please read the information provided carefully before you invest. Investors should consider the investment objective and policies, risk considerations, charges and expenses of any investment carefully. Where applicable, be sure to obtain a prospectus, which contains this and other relevant information. To obtain a prospectus, please contact your securities representative or Nuveen Investments, 333 W. Wacker Dr., Chicago, IL 60606. Please read the prospectus carefully before you invest or send money.
		Learn more about Nuveen Funds at: www.nuveen.com/mf
Distributed by Nuveen Securities, LLC | 333 West Wacker Drive Chicago, IL 60606 | www.nuveen.com

MAN-FQTII-1013P

Mutual Funds

Nuveen Equity Funds

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

Annual Report  October 31, 2013

	Share Class / Ticker Symbol
Fund Name	Class A	Class B	Class C	Class R3	Class R6	Class I
Nuveen Large Cap Growth Opportunities Fund	FRGWX	FETBX	FAWCX	FLCYX	FLCFX	FIGWX
Nuveen Mid Cap Growth Opportunities Fund	FRSLX	FMQBX	FMECX	FMEYX	FMEFX	FISGX
Nuveen Small Cap Growth Opportunities Fund	FRMPX	—	FMPCX	FMPYX	—	FIMPX

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Table of Contents

Chairman’s Letter to Shareholders	4
Portfolio Managers’ Comments	5
Risk Considerations	14
Fund Performance and Expense Ratios	15
Holding Summaries	22
Expense Examples	25
Report of Independent Registered Public Accounting Firm	27
Portfolios of Investments	28
Statement of Assets and Liabilities	43
Statement of Operations	44
Statement of Changes in Net Assets	45
Financial Highlights	46
Notes to Financial Statements	52
Trustees and Officers	63
Annual Investment Management Agreement Approval Process	67
Glossary of Terms Used in this Report	73
Additional Fund Information	75

Nuveen Investments 3

Chairman’s Letter to Shareholders

Dear Shareholders,

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

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

On the domestic front, recent events such as the Federal Reserve decision to slow down its bond buying program beginning in January of 2014 and the federal budget compromise that would guide government spending into 2015 are both positives for the economy moving forward. Corporate fundamentals are strong as earnings per share and corporate cash are at the highest level in two decades. Unemployment is trending down and the housing market has experienced a rebound, each assisting the positive economic scenario. However, there are some issues to be watched. Interest rates are expected to increase but significant uncertainty about the timing remains. Partisan politics in Washington D.C. with their troublesome outcome add to the uncertainties that could cause problems for the economy going forward.

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

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

Sincerely,

William J. Schneider

Chairman of the Board

December 23, 2013

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Portfolio Managers’ Comments

Nuveen Large Cap Growth Opportunities Fund

Nuveen Mid Cap Growth Opportunities Fund

Nuveen Small Cap Growth Opportunities Fund

These Funds feature portfolio management by Nuveen Asset Management, LLC, an affiliate of Nuveen Investments.

Harold (Hal) Goldstein, Scott Mullinix, CFA, and James (Jim) Diedrich, CFA, are the portfolio managers for the Nuveen Large Cap Growth Opportunities Fund. Hal assumed portfolio management responsibilities in 2002. Scott and Jim have been on the management team for the Fund since 2006.

Jim, Hal and Scott are also the portfolio managers for the Nuveen Mid Cap Growth Opportunities Fund. Jim and Scott assumed portfolio management responsibilities in 2006. Hal has been on the management team of the Fund since 2005.

Rob McDougall, CFA, and Jon Loth, CFA, are the portfolio managers for the Nuveen Small Cap Growth Opportunities Fund. Rob assumed portfolio management responsibilities in 2004. Jon has been on the management team for the Fund since 2007.

On the following pages, the portfolio management teams for the Funds examine economic and equity market conditions, key investment strategies and the Funds’ performance for the twelve-month period ended October 31, 2013.

What factors affected the U.S. economy and the equity market during the twelve-month reporting period ended October 31, 2013?

During this reporting period, the U.S. economy’s progress toward recovery from recession continued at a moderate pace. The Federal Reserve (Fed) maintained its efforts to improve the overall economic environment by holding the benchmark fed funds rate at the record low level of zero to 0.25% that it established in December 2008. The Fed also continued its monthly purchases of $40 billion of mortgage-backed securities and $45 billion of longer-term Treasury securities in an open-ended effort to bolster growth and promote progress toward the Fed’s mandates of maximum employment and price stability. At its June 2013 meeting, the Fed indicated that it believed downside risks to the economy had diminished since the autumn of 2012. Subsequent comments by Fed Chairman Ben Bernanke suggested that the Fed might begin to reduce, or taper, its asset purchase program later in 2013. However, in September 2013, the Fed surprised the market by announcing that it had decided to wait for more evidence that the progress it discerned in June was sustainable before it made any adjustments to the pace of the purchase program. At its October 2013 meeting, the central bank reiterated this decision and said that it expected to continue its “highly accommodative stance of monetary policy” for “a considerable time” after the purchase program ends and the economic recovery strengthens. Finally, in December of 2013, the Fed announced a decision to slow down its bond buying program beginning in January of 2014.

In the third quarter of 2013, the U.S. economy, as measured by the U.S. gross domestic product (GDP), grew at an annualized rate of 2.8%, up from 2.5% for the second quarter of 2013, continuing the pattern of positive economic

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.

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Portfolio Managers’ Comments (continued)

growth for the tenth consecutive quarter. The Consumer Price Index (CPI) rose 1.0% year-over-year as of October 2013, while the core CPI (which excludes food and energy) increased 1.7% during the same period, staying within the Fed’s unofficial objective of 2.0% or lower for this inflation measure. Improvements in the labor markets continued to be slow, and unemployment remained above the Federal Reserve’s target of 6.5%. As of October 2013, the national unemployment rate was 7.3%, up from 7.2% in September 2013 but below the 7.9% reported in October 2012. The slight uptick in October’s number reflected the increase in federal employees furloughed due to the government shutdown that month. The housing market continued to deliver good news, as the average home price in the S&P/Case-Shiller Index of 20 major metropolitan areas rose 13.3% for the twelve months ended September 2013 (most recent data available at the time this report was prepared), the largest twelve-month percentage gain for the index since February 2006.

Early in this reporting period, the outlook for the U.S. economy was clouded by uncertainty about global financial markets and the outcome of the “fiscal cliff.” The tax consequences of the fiscal cliff situation were averted through a last-minute deal that raised payroll taxes, but left in place a number of tax breaks, including tax exemptions on municipal bond interest. However, lawmakers failed to reach a resolution on $1.2 trillion in spending cuts intended to address the federal budget deficit. This triggered a program of automatic spending cuts (or sequestration) that impacted federal programs beginning March 1, 2013. Although Congress later passed legislation that established federal funding levels for the remainder of fiscal 2013, the federal budget for fiscal 2014 continued to be debated. On October 1, 2013, the start date for fiscal 2014, the federal government shut down for 16 days until an interim appropriations bill was signed into law, funding the government at sequestration levels through January 15, 2014, and suspending the debt limit until February 7, 2014. Subsequent to the close of this reporting period, Congress preliminarily passed a federal budget deal that would guide government spending into 2015 and defuse the chances of another shutdown if it wins final passage. In addition to the ongoing political debate over federal spending, Chairman Bernanke’s June 2013 remarks about tapering the Federal Reserve’s asset purchase program touched off widespread uncertainty about the next step for the Fed’s quantitative easing program and about the potential impact on the economy and financial markets, leading to increased market volatility.

For much of the reporting period, low interest rates and a fairly benign macro environment caused U.S. investors to move out the risk spectrum, resulting in robust flows into U.S. equity funds. Leading U.S. stock market indexes, including the S&P 500^® Index, the Dow Jones Industrial Average and the Russell 2000^® Index, each hit all-time highs during the reporting period. The S&P 500^® Index gained 27% during the reporting period. Sluggish global growth, muted global inflation and ongoing fiscal drag provided a backdrop for continued monetary policy actions outside the U.S. as well, which drove strong equity market advances globally. In Japan, newly elected Prime Minister Shinzo Abe articulated policies designed to reinvigorate Japan’s weak economy. Widespread optimism for his strategies led to a massive rally in the Japanese equity market, which was up 34% during this reporting period, according to MSCI. Elsewhere, the European Central Bank signaled an extended period of low rates while the U.K.’s Bank of England pursued its most aggressive monetary policy to date. Returns for developed markets outside the U.S. were very strong, as evidenced by the MSCI EAFE Index’s advance of 26% for the reporting period. In emerging market countries, which are more dependent on global growth and commodity prices, stocks significantly lagged developed markets with a 6% return during this reporting period, according to the MSCI Emerging Market Index.

Nuveen Large Cap Growth Opportunities Fund

How did the Fund perform during the twelve-month reporting period ended October 31, 2013?

The tables in the Fund Performance and Expense Ratios section of this report provide Class A Share total returns for the Fund for the one-year, five-year and ten-year periods ended October 31, 2013. The Fund’s Class A Shares at net asset value (NAV) slightly outperformed the Russell 1000^® Growth Index, but underperformed the Lipper classification average during the twelve-month period.

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

The Fund seeks to provide long-term capital appreciation by investing primarily in the common stocks of companies that have market capitalizations of $5 billion or greater at the time of purchase. We start by identifying what we believe are exceptional growth companies with open-ended growth prospects, outstanding financial characteristics and solid management teams. From that highly selective group, we invest in companies where our expectations for earnings growth exceed consensus expectations. For each Fund holding, we develop a proprietary growth thesis. When the growth thesis is validated, we hold or buy more; however, when our growth thesis is not validated, we sell the holding. Although we made individual position changes during the reporting period, our underlying investment strategy remained consistent.

During the reporting period’s significant stock market advance, the Fund experienced strong absolute returns as our stock selection helped it to slightly outpace the Russell 1000^® Growth Index. Also, the Fund’s orientation toward exceptional growth companies (higher quality names with higher growth rates and, therefore, higher valuations) proved helpful. Companies with higher growth rates were in favor throughout the reporting period. During the first six months of the reporting period, lower quality companies performed better as investors flocked to these stocks because of the highly accommodative Fed and the moderately improving economic backdrop. However, higher quality names came back into favor during the second half of the reporting period after interest rates started rising in reaction to the Fed’s tapering discussion. The Fund’s sector weights did not meaningfully impact performance.

In aggregate, stock selection was strongest in technology, which was noteworthy because the sector was the worst performing area within the Russell benchmark during the reporting period. Outperformance in technology was led by a position in LinkedIn, Inc., the leading online social network for the world’s professionals to manage and share their work-related identities. The company continued to produce a strong underlying core growth rate as human resource professionals increasingly used the service for recruitment. At the same time, the market began to recognize the opportunity for future strong advertising revenues from LinkedIn’s mobile social advertising platform. Also, our positions in two leading credit card companies in the technology sector outperformed during the reporting period: MasterCard Inc. and Visa Inc. Both of these firms (and to a lesser extent, other Fund outperformers such as American Express Company and Alliance Data Systems Corporation) benefited from the global secular trend of credit and debit cards taking market share away from cash and check transactions. We believe this growing trend, as well as the slowly improving global economic backdrop, will likely continue to benefit these companies as transaction growth remains robust. In addition, several emerging growth software companies aided the Fund’s results. The first two holdings, NetSuite Inc. and ServiceNow, benefited from the expanding migration of companies toward more economical, off-premise cloud technology and away from on-premise hardware and software. NetSuite, which sells application software to help firms run their businesses using cloud-based technology, continued to produce strong revenue and earnings growth. At the same time, it benefited from an expansion of its core product line, which is helping to increase its reach within enterprises. ServiceNow, which helps businesses automate and manage their IT services in the cloud, was also a top performer as its earnings soundly beat analysts’ estimates. In addition, the Fund was rewarded for its position in Splunk Inc., a company that enables enterprises to collect and analyze the machine data generated by their technology infrastructure in order to improve the efficiency of their IT systems. The company’s stock price advanced as it continued to attract new customers, develop innovative new products, improve revenue and offer strong forward looking guidance.

The Fund’s top individual contributor during the reporting period was Gilead Sciences Inc., a biotechnology and pharmaceutical company. Gilead Sciences’ stock price advanced strongly, while investors gained more confidence in the long-term nature of its pipeline from its strong core HIV business and its new Hepatitis C line.

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Portfolio Managers’ Comments (continued)

In the consumer discretionary sector, leading on-line travel agency priceline.com Inc. continued to perform well during the reporting period, posting robust top-line growth. Priceline.com gained market share in Europe despite that region’s slow growth, while overcoming concerns about more expensive advertising and competitive pressures. Also, the stock price of leading coffeehouse chain Starbucks Corporation continued its steady upward march during the reporting period. Investors increasingly recognized that the company has a number of growth drivers in terms of both geographic expansion and additional offerings. Starbucks continued to benefit from strong same-store sales and its acquisition of La Boulange, which may help jump-start its new bakery initiative. In addition, lower coffee input costs helped the company improve its margins.

The Fund experienced success within the energy sector from its position in Pioneer Natural Resources Co., an oil-focused exploration and production company. Pioneer owns attractive asset positions predominantly in a highly productive region in Texas and New Mexico called the Permian Basin. The company has been able to increase production in its shale oil and gas fields through advanced extraction techniques, leading to robust future growth prospects.

A few stock selection challenges offset some of the above-mentioned successes and contributed to the Fund’s shortfall versus the Lipper average. One of the Fund’s long-term success stories in the technology sector, smart phone and tablet developer Apple Inc., was the biggest detractor. Although Apple continued to be profitable and generate significant free cash flow, it stopped gaining market share within the smart phone industry. Apple’s stock price corrected as investors debated its short- and long-term growth trends in the face of the maturing penetration of smart phones in developed markets and competitive shifts within the industry. We significantly reduced the Fund’s Apple exposure to an underweight during the reporting period. Also, our holding in Rackspace Hosting Inc., a cloud-computing and web-hosting company, proved disappointing after its revenue fell short of expectations. Investors grew concerned over its future growth rate as the company’s current business model transition to the cloud has been at a slower pace than anticipated. With our growth thesis for Rackspace Hosting called into question, we eliminated this holding from the Fund.

In the financial sector, the Fund experienced underperformance from cell phone tower provider American Tower Corporation, which is structured as a real estate investment trust (REIT). The company’s more stable, bond-like nature caused it to suffer, along with the rest of the REIT industry, when interest rates increased. Because we believe there is nothing fundamentally wrong with the company, we continue to own an overweight position in American Tower.

Within the health care sector, a couple of issues related to the Affordable Care Act (ACA) weighed on Express Scripts Holding Company, the nation’s leading prescription benefit manager. Early in the reporting period, Express Scripts experienced its stock price drop precipitously after completing a major merger, while providing preliminary 2013 guidance that was deliberately ambiguous because of the uncertainty surrounding the impact of the ACA on its subscriber base. Its stock remained under pressure as an increasing number of employers pushed retirees and current employees out of employer-sponsored insurance and to the ACA exchanges. Because of the ongoing questions surrounding our original growth thesis with Express Scripts, we sold out of the Fund’s position.

Home builder Lennar Corporation, which we bought and then subsequently sold during the reporting period, was also a detractor. We initially purchased this more cyclical holding to participate in the improving housing industry. In hind sight, our timing was not optimal as the interest rate environment changed drastically given the Fed’s tapering discussion shortly after our purchase. We sold the Fund’s position in Lennar given the short-term impact that rising rates had on company fundamentals and the uncertainty over what higher interest rates might do in the future.

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We remained focused on searching for new emerging growth opportunities that have strong potential as future industry leaders. To that end, we invested the proceeds from the above-mentioned sales into several exciting new prospects including: on-line business review site Yelp Inc.; advertiser-supported internet radio provider Pandora Media Inc.; and travel review web site TripAdvisor, Inc.

Nuveen Mid Cap Growth Opportunities Fund

How did the Fund perform during the twelve-month reporting period ended October 31, 2013?

The tables in the Fund Performance and Expense Ratios section of this report provide Class A Share total returns for the Fund for the one-year, five-year and ten-year periods ended October 31, 2013. The Fund’s Class A Shares at net asset value (NAV) underperformed the Russell Midcap^® Growth Index and the Lipper classification average during the twelve-month period.

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

The Fund pursues a long-term capital appreciation strategy by investing primarily in the common stocks of companies that have market capitalizations between approximately $699 million and $19.2 billion at the time of purchase. We start by identifying what we believe are exceptional growth companies with open ended growth prospects, outstanding financial characteristics and solid management teams. From that highly selective group, we invest in companies where our expectations for earnings growth exceed consensus expectations. For each Fund holding, we develop a proprietary growth thesis. When the growth thesis is validated, we hold or buy more; however, when our growth thesis is not validated, we sell the holding. Although we made individual position changes during the reporting period, our underlying investment strategy remained consistent.

The Fund’s stock selection in the consumer discretionary sector accounted for much of the shortfall versus the Russell benchmark and Lipper average. The first such example was Tesla Motors, a developer and manufacturer of high-tech electric luxury vehicles. Although the company is not a large weight in the index, its stock advanced dramatically after reporting a first-ever profit in the first quarter of 2013. Likewise, leading internet television network Netflix Inc., while not a large index component, advanced significantly during the reporting period. Netflix continued to benefit as it posted higher-than-expected growth for its subscription video streaming service. Ulta Salon Cosmetics, a leading beauty retailer for cosmetics, fragrance, haircare and skincare products, was another detractor. Early in the reporting period, the Fund had an overweight position in this stock; however, we sold it after two of its top executives resigned, because a strong management team is part of our “exceptional growth company” mandate. However, Ulta’s stock continued to advance as the company produced favorable results and quickly replaced its CEO by mid-summer. In addition, two other longer term success stories in the retail segment fell short of expectations. PetSmart Inc., a large specialty retailer of products and services for pets, underperformed as its growth rate was not as high as anticipated. In addition to a slowdown in sales and earnings, PetSmart announced the retirement of its long-time CEO and a subsequent management reshuffle. However, we continued to own PetSmart because we believe the longer term drivers for improving earnings were still in place. We sold out of the Fund’s other retail underperformer, Dicks Sporting Goods. Dicks Sporting did not meet earnings expectations for several quarters because of weather-related issues and overall weakness in the retail sector. The Fund did have one bright spot in the discretionary sector, leading on-line travel agency priceline.com Inc. The company continued to execute well during the reporting period, posting robust, top-line growth. Priceline.com gained market share in Europe despite that region’s slow growth, while overcoming concerns about more expensive advertising and competitive pressures.

Nuveen Investments 9

Portfolio Managers’ Comments (continued)

Results within the health care sector were mixed, while our stock selection in aggregate was positive, the Fund’s overweight to medical equipment and corresponding underweight to biotechnology/pharmaceuticals was a significant drag on results. The medical equipment industry within the health care sector advanced 23% during the reporting period, while the biotech/pharma group rose nearly 50%. Our favorable stock selection included two biotech/pharma companies, Regeneron Pharmaceuticals Inc. and Onyx Pharmaceuticals Inc. Regeneron reported strong results during the reporting period. Onyx, which develops drugs to combat cancer, benefited from a buyout offer from Amgen during the summer that was completed by the end of the reporting period. Underperformance within the Fund included: IDEXX Laboratories Inc., which manufactures and distributes diagnostic equipment for veterinarians, and Alexion Pharmaceuticals Inc., which focuses on the discovery and development of biologics that target ultra-rare diseases. In the case of IDEXX Laboratories, money flowed away from this high quality, high valuation stock after the company reported earnings that were in line, while other similar firms were reporting earnings that exceeded expectations. We sold the Fund’s position in IDEXX Laboratories. The stock price of Alexion Pharmaceuticals also came under pressure, despite the company’s strong earnings. The U.K.’s universal health care system debated plans to discontinue payment for this company’s extremely expensive treatments, or force it to lower pricing. We sold out of the Fund’s position in Alexion Pharmaceuticals during this uncertainty and then bought it back after the situation was favorably resolved.

Stock selection was strongest within the technology sector. The Fund’s outperformers included emerging growth companies focused on the internet or cloud-based technology that benefited at the expense of legacy technology. Outperformance was led by a position in LinkedIn, Inc., the leading online social network for the world’s professionals to manage and share their work-related identities. The company continued to produce a strong underlying core growth rate as human resource professionals increasingly used the service for recruitment. At the same time, the market began to recognize the opportunity for future strong advertising revenues from LinkedIn’s mobile social advertising platform. In addition, the Fund was rewarded for its position in Splunk Inc., a company that enables enterprises to collect and analyze the machine data generated by their technology infrastructure in order to improve the efficiency of their IT systems. The company’s stock price advanced as it continued to attract new customers, develop innovative new products, improve revenue and offer strong forward looking guidance. The Fund also benefited from its position in FleetCor Technologies Inc., a provider of customized payment solutions for small fleet operators in the U.S. and overseas. The company continued to show superior execution as it expanded overseas and increased the usage of its payment cards. FleetCor’s subsequent increase in profitable market share has led to upward revisions in earnings estimates. Pandora Media, the market leader in providing advertiser-supported internet radio, also performed well. The company made significant progress toward better monetizing its users by reducing the gap between its share of listening hours and its share of radio advertising dollars. Pandora also made strong gains in market share within the overall radio market as more listeners continued to shift from traditional to internet radio.

Within the financial sector, the Fund’s lack of exposure to real estate investment trusts (REITs) compared to the benchmark’s 3.4% weight was helpful. Particularly in the second half of the reporting period, the entire REIT segment was negatively impacted by the Fed’s discussion of tapering and the ensuing increase in long-term interest rates. We viewed REITs as overvalued as money had previously flowed into the segment due to its defensive characteristics and yield. The Fund also benefited from our well-timed purchase of Moody’s Corporation, a leading credit ratings provider. We bought this growth company with a solid business model early in the reporting period when its stock price was unusually depressed based on regulatory and legal concerns facing the entire rating industry. After our purchase, these concerns lifted and Moody’s stock price subsequently rose. In addition, investment management firm Affiliated Managers Group Inc. was another outperformer for the Fund. The company, which owns stakes in a number of private equity, asset management and hedge fund firms, benefited from the solid performance of its fund line-up and some of the strongest money flows in the money management industry.

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Although overall stock selection in consumer staples was negative, the Fund had one strong performer: Nu Skin Enterprises. This leading developer and marketer of anti-aging skincare products and nutritional supplements saw its stock price revalued upward as it reported stronger-than-expected earnings, revenues and margins and raised forward-looking guidance. Nu Skin is also benefiting from news of a new weight control product line that should launch around year end. Finally, within energy, the Fund’s position in Core Laboratories N.V. outpaced the strong performance of the overall sector due to several favorable earnings reports during the reporting period. Core Laboratories acts as a consultant to energy and production companies worldwide, offering proprietary reservoir description, production enhancement and reservoir management services. The company has continued to post consistent growth, driven by the expansion of global drilling into new deep water regions and oil shales worldwide.

We remained focused on searching for exceptional growth companies that have the potential to become future industry leaders. At the same time, we continued to shift the Fund’s holdings away from more defensive, stable companies and toward more emerging growth areas. To that end, the Fund ended the reporting period with no exposure to utilities, telecommunication services or REITs, and an underweight to the consumer staples sector. In technology, we added to the Fund’s exposure in the emerging internet and cloud-computing areas, while selling holdings from the legacy technology category. Recent purchases included: Yelp Inc., an on-line business review site; ServiceNow, a cloud-based software company that automates enterprise IT operations; Workday, Inc., a provider of enterprise cloud-based applications for human resources and finance; and TripAdvisor, Inc., which runs a travel review web site. We also added slightly to the Fund’s financial exposure via two new positions that stand to benefit when the Fed ends its quantitative easing campaign and interest rates continue to rise from current levels. These additions included TD Ameritrade Holding Corporation, a leading discount brokerage company that has consistently gained market share over the years, and CBOE Holdings Inc., a derivatives exchange company. Finally, we sold a long-term favorite from the Fund, wireless tower operator SBA Communications Corporation, due to our shift away from defensive, stable companies.

Nuveen Small Cap Growth Opportunities Fund

How did the Fund perform during the twelve-month reporting period ended October 31, 2013?

The tables in the Fund Performance and Expense Ratios section of this report provide Class A Share total returns for the Fund for the one-year, five-year and ten-year periods ended October 31, 2013. The Fund’s Class A Shares at net asset value (NAV) outperformed the Lipper classification average, but trailed slightly relative to the Russell 2000^® Growth Index during the twelve-month period.

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

The Fund pursues a long-term capital appreciation strategy by investing primarily in equity securities of companies with market capitalizations of less than $3 billion at the time of purchase. The investment process employed in the management of the Fund seeks to exploit secular growth trends that we believe will provide an investment tailwind to above-average growth that should transcend the business cycle over the longer term. Importantly, our process also emphasizes a valuation discipline designed to find attractive investment opportunities that should benefit from multiple expansion when particular investment catalysts become evident in the marketplace. The Fund’s portfolio typically features investments in high quality companies with attractive or improving margin profiles, generally healthy balance sheets and prospects for above-average revenue and earnings growth.

Nuveen Investments 11

Portfolio Managers’ Comments (continued)

The performance of small-cap stocks during the reporting period was remarkably strong, driven by continued indications of stability and growth in the domestic economy, coupled with the Fed’s expressed intention of continuing monetary stimulus into the early stages of 2014. The Fed’s open-market purchases appear to be having the desired effect of lowering unemployment, stimulating the housing market and, therefore, boosting consumer confidence; however, the anticipation of an eventual tapering of the stimulus program may ultimately bring security valuation back into focus as a factor in relative investment performance. As price momentum has been the predominant factor associated with excess returns over the past year, our strategy of coupling secular investment themes with security valuation has generally kept pace with the Russell 2000^® Growth Index, while outperforming our Lipper classification average. Also, we are encouraged with the outlooks provided by the companies held in the Fund following the reporting of calendar third-quarter earnings.

Security selection within the energy sector was the most positive contributor to the Fund’s relative performance and was derived from both the energy services and production subsectors. The Fund’s energy services holdings were concentrated among higher margin equipment names such as Dril-Quip Inc. and Lufkin Industries Inc. that benefited as firm oil prices drove strong production activity and rising margins. The former of these is a leading manufacturer of sub-sea wellheads used in offshore production that has provided several positive quarterly updates highlighted by strong backlog activity and gradually expanding operating margins. Lufkin Industries is a leading provider of on-shore artificial lift equipment that was acquired by General Electric Co. for a significant premium in April 2013. The Fund also benefited through its holdings of Oasis Petroleum Inc. and Diamondback Energy Inc., which operate in the Williston Basin and Permian Basin, respectively. Both companies announced acreage and mineral rights transactions during the third quarter of 2013 that were well received by investors.

The Fund’s financial sector holdings also contributed positively to relative performance. In general, the Fund’s overweight position in regional banks and underweight position in real estate investment trusts (REITs) was additive to performance as rising long-term interest rates tend to benefit the earnings of asset-sensitive banks, while reducing the relative attractiveness of dividend yield plays. Shares of Home BancShares Inc., an Arkansas-based regional bank with significant exposure to the Florida market, performed well during the reporting period due to a combination of solid quarterly execution and the announcement of a highly accretive acquisition, Liberty Bancshares Inc. Additionally, shares of East West Bancorp Inc., the largest U.S.-based bank focused on the Chinese-American community, rose throughout the reporting period as the bank posted results consistently better than expectations. Finally, shares of Evercore Partners Inc. performed well as the company continued to take market share in the mergers and acquisition advisory business from larger, diversified capital markets firms.

The consumer discretionary sector also provided a lift to the Fund’s relative performance, most notably by our holding in Brunswick Corporation. This manufacturer of marine engines, boats and fitness equipment showed strong performance as it benefited from share gains in the boating industry. Additionally, shares of Caribou Coffee Company Inc., a smaller-sized coffee company that was building a regional retail concept of coffee houses as well as supplying coffee to grocery and retail chains, announced that it would be purchased by a German private equity firm for a significant premium.

The most significant detractor to the Fund’s relative performance was stock selection in the information technology sector. Shares of LogMeIn Inc., the market’s leading remote connection and troubleshooting provider for cloud-based services, fell significantly after the company posted solid fourth quarter 2012 results, but guided to revenue growth for calendar 2013 that was considerably below investors’ expectations. The Fund’s position in Fortinet Inc., a leading provider of network security hardware appliances, was also under pressure. The company pre-released disappointing

12 Nuveen Investments

first-quarter results due to a shift in carrier spending behavior, macroeconomic weakness in Latin America and Europe as well as disruptions associated with a product transition. Additionally, shares of Silicon Laboratories Inc., a mixed signal analog semiconductor design firm, performed poorly in the first half of calendar 2013 as the company struggled with a faster-than-anticipated run-off of legacy modem and FM tuner business. Silicon Laboratories shares were further pressured after the company disclosed an expected earnings dilution from its acquisition of microcontroller design firm Energy Micro AS in June 2013.

While the Fund’s weighting in the information technology sector is generally in line with that of the benchmark Russell 2000^® Growth Index, we have shifted from the more cyclical groups such as semiconductors and communications equipment toward companies providing software-as-a-service solutions and internet service offerings and continue to evaluate names that meet our growth and valuation criteria. With the financial sector, we remain close to the benchmark weight in the group, with overweight exposure to regional banking and capital markets with no U.S. REIT exposure. Lastly, in the health care sector, we continue to position the group for secular growth in the medical devices and biotechnology groups that we believe may likely benefit from new product development and not be negatively impacted during the apparently troubled implementation phase of the Affordable Care Act.

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Risk Considerations

Mutual fund investing involves risk; principal loss is possible.

Nuveen Large Cap Growth Opportunities Fund

Equity investments, such as those held by the Fund, are subject to market risk, active management risk, and growth stock risk. Foreign investments involve additional risks, including currency fluctuation, political and economic instability, lack of liquidity and differing legal and accounting standards. These risks are magnified in emerging markets. Diversification does not assure a profit or protect against a loss in a declining market. The use of derivatives involves additional risk and transaction costs.

Nuveen Mid Cap Growth Opportunities Fund

Equity investments are subject to market risk. Foreign investments involve additional risks, including currency fluctuation, political and economic instability, lack of liquidity and differing legal and accounting standards. These risks are magnified in emerging markets. Investments in small- and mid-cap companies are subject to greater volatility. The use of derivatives involves additional risk and transaction costs. The Fund’s ability to invest in initial public offerings (IPOs) involves a higher degree of risk than more seasoned companies.

Nuveen Small Cap Growth Opportunities Fund

Equity investments are subject to market risk. Foreign investments involve additional risks, including currency fluctuation, political and economic instability, lack of liquidity and differing legal and accounting standards. These risks are magnified in emerging markets. Investments in small- and mid-cap companies are subject to greater volatility. The use of derivatives involves additional risks and transactions costs. The Fund’s ability to invest in initial public offerings (IPOs) involves a higher degree of risk than more seasoned companies. Small cap stocks involve substantial risk.

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Fund Performance and Expense Ratios

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

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

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

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

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

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

Nuveen Investments 15

Fund Performance and Expense Ratios (continued)

Nuveen Large Cap Growth Opportunities Fund

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

Fund Performance

Average Annual Total Returns as of October 31, 2013

	Average Annual
	1-Year		5-Year		10-Year
Class A Shares at NAV		28.39%		16.23%		7.75%
Class A Shares at maximum Offering Price		21.00%		14.86%		7.12%
Russell 1000® Growth Index*		28.30%		17.51%		7.70%
Lipper Large-Cap Growth Funds Classification Average*		29.24%		15.72%		7.06%
Class B Shares w/o CDSC		27.38%		15.38%		6.96%
Class B Shares w/CDSC		22.38%		15.27%		6.96%
Class C Shares		27.43%		15.36%		6.95%
Class R3 Shares		28.07%		15.95%		7.50%
Class I Shares		28.69%		16.51%		8.03%

	Cumulative
	Since Inception**
Class R6 Shares		20.82%

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

	Average Annual
	1-Year		5-Year		10-Year
Class A Shares at NAV		17.64%		11.43%		7.83%
Class A Shares at maximum Offering Price		10.86%		10.12%		7.19%
Class B Shares w/o CDSC		16.75%		10.62%		7.04%
Class B Shares w/CDSC		11.75%		10.48%		7.04%
Class C Shares		16.75%		10.59%		7.02%
Class R3 Shares		17.34%		11.16%		7.58%
Class I Shares		17.92%		11.70%		8.10%

	Cumulative
	Since Inception**
Class R6 Shares		15.29%

Class A Shares have a maximum 5.75% sales charge (Offering Price). Class A Share purchases of $1 million or more are sold at net asset value without an up-front sales charge but may be subject to a contingent deferred sales charge (CDSC), also known as a back-end sales charge, if redeemed within twelve months of purchase. Class B Shares have a CDSC that begins at 5% for redemptions during the first year and declines periodically until after six years when the charge becomes 0%. Class B Shares automatically convert to Class A Shares eight years after purchase. Class C Shares have a 1% CDSC for redemptions within less than twelve months, which is not reflected in the one-year total return. Class R3 Shares have no sales charge and are only available for purchase by eligible retirement plans. Class R6 Shares have no sales charge and are available only to certain limited categories of investors as described in the prospectus. Class I Shares have no sales charge and may be purchased under limited circumstances or by specified classes of investors.

Expense Ratios as of Most Recent Prospectus

	Expense Ratios
Class A Shares		1.25%
Class B Shares		1.99%
Class C Shares		2.00%
Class R3 Shares		1.50%
Class R6 Shares		0.94%
Class I Shares		1.00%

16 Nuveen Investments

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

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

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

** Since inception returns for Class R6 Shares are from 2/28/13.

Nuveen Investments 17

Fund Performance and Expense Ratios (continued)

Nuveen Mid Cap Growth Opportunities Fund

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

Fund Performance

Average Annual Total Returns as of October 31, 2013

	Average Annual
	1-Year		5-Year		10-Year
Class A Shares at NAV		30.27%		19.25%		9.94%
Class A Shares at maximum Offering Price		22.77%		17.84%		9.30%
Russell Midcap® Growth Index*		33.93%		20.32%		9.60%
Lipper Mid-Cap Growth Funds Classification Average*		32.81%		18.15%		8.69%
Class B Shares w/o CDSC		29.29%		18.35%		9.12%
Class B Shares w/CDSC		24.29%		18.25%		9.12%
Class C Shares		29.33%		18.36%		9.13%
Class R3 Shares		29.97%		18.95%		9.69%
Class I Shares		30.60%		19.54%		10.22%

	Cumulative
	Since Inception**
Class R6 Shares		20.12%

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

	Average Annual
	1-Year		5-Year		10-Year
Class A Shares at NAV		21.67%		13.82%		10.48%
Class A Shares at maximum Offering Price		14.67%		12.48%		9.83%
Class B Shares w/o CDSC		20.74%		12.97%		9.65%
Class B Shares w/CDSC		15.74%		12.84%		9.65%
Class C Shares		20.78%		12.97%		9.66%
Class R3 Shares		21.38%		13.53%		10.23%
Class I Shares		22.00%		14.11%		10.76%

	Cumulative
	Since Inception**
Class R6 Shares		17.06%

Class A Shares have a maximum 5.75% sales charge (Offering Price). Class A Share purchases of $1 million or more are sold at net asset value without an up-front sales charge but may be subject to a contingent deferred sales charge (CDSC), also known as a back-end sales charge, if redeemed within twelve months of purchase. Class B Shares have a CDSC that begins at 5% for redemptions during the first year and declines periodically until after six years when the charge becomes 0%. Class B Shares automatically convert to Class A Shares eight years after purchase. Class C Shares have a 1% CDSC for redemptions within less than twelve months, which is not reflected in the one-year total return. Class R3 Shares have no sales charge and are only available for purchase by eligible retirement plans. Class R6 Shares have no sales charge and are available only to certain limited categories of investors as described in the prospectus. Class I Shares have no sales charge and may be purchased under limited circumstances or by specified classes of investors.

Expense Ratios as of Most Recent Prospectus

	Expense Ratios
Class A Shares		1.30%
Class B Shares		2.05%
Class C Shares		2.05%
Class R3 Shares		1.55%
Class R6 Shares		0.96%
Class I Shares		1.05%

18 Nuveen Investments

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

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

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

** Since Inception returns for Class R6 Shares are from 2/28/13.

Nuveen Investments 19

Fund Performance and Expense Ratios (continued)

Nuveen Small Cap Growth Opportunities Fund

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

Fund Performance

Average Annual Total Returns as of October 31, 2013

	Average Annual
	1-Year		5-Year		10-Year
Class A Shares at NAV		39.22%		20.23%		7.41%
Class A Shares at maximum Offering Price		31.19%		18.81%		6.78%
Russell 2000® Growth Index*		39.84%		19.27%		9.14%
Lipper Small-Cap Growth Funds Classification Average*		37.41%		19.23%		8.71%
Class C Shares		38.17%		19.34%		6.61%
Class R3 Shares		38.86%		19.93%		7.18%
Class I Shares		39.55%		20.54%		7.67%

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

	Average Annual
	1-Year		5-Year		10-Year
Class A Shares at NAV		29.02%		14.06%		8.18%
Class A Shares at maximum Offering Price		21.58%		12.72%		7.54%
Class C Shares		28.02%		13.20%		7.37%
Class R3 Shares		28.65%		13.78%		7.94%
Class I Shares		29.32%		14.35%		8.44%

Class A Shares have a maximum 5.75% sales charge (Offering Price). Class A Share purchases of $1 million or more are sold at net asset value without an up-front sales charge but may be subject to a contingent deferred sales charge (CDSC), also known as a back-end sales charge, if redeemed within twelve months of purchase. Class B Shares have a CDSC that begins at 5% for redemptions during the first year and declines periodically until after six years when the charge becomes 0%. Class B Shares automatically convert to Class A Shares eight years after purchase. Class C Shares have a 1% CDSC for redemptions within less than twelve months, which is not reflected in the one-year total return. Class R3 Shares have no sales charge and are only available for purchase by eligible retirement plans. Class I Shares have no sales charge and may be purchased under limited circumstances or by specified classes of investors.

Expense Ratios as of Most Recent Prospectus

	Gross Expense Ratios		Net Expense Ratios
Class A Shares		1.70%		1.47%
Class C Shares		2.44%		2.22%
Class R3 Shares		1.94%		1.72%
Class I Shares		1.45%		1.22%

The Fund’s investment adviser has contractually agreed to waive fees and/or reimburse other Fund expenses through February 28, 2014, so that total annual fund operating expenses, after fee waivers and/or expense reimbursements and excluding acquired fund fees and expenses, do not exceed 1.47%, 2.22%, 1.72% and 1.22% for Class A, Class C, Class R3 and Class I shares, respectively. Fee waivers and/or expense reimbursements will not be terminated prior to that time without the approval of the Fund’s Board of Directors.

20 Nuveen Investments

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

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

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

Nuveen Investments 21

Holding SummariesOctober 31, 2013

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

Nuveen Large Cap Growth Opportunities Fund

Fund Allocation¹

Common Stocks	100.1%
Short-Term Investments	0.5%
Other2	(0.6)%

Portfolio Composition¹

Internet Software & Services	8.2%
Software	7.1%
Media	6.7%
Specialty Retail	6.4%
IT Services	6.0%
Biotechnology	5.6%
Internet & Catalog Retail	5.2%
Computers & Peripherals	3.8%
Aerospace & Defense	3.7%
Chemicals	3.5%
Machinery	3.2%
Hotels, Restaurants & Leisure	3.2%
Food & Staples Retailing	3.0%
Pharmaceuticals	2.9%
Road & Rail	2.3%
Oil, Gas & Consumable Fuels	2.3%
Airlines	2.2%
Tobacco	2.1%
Capital Markets	1.8%
Health Care Technology	1.7%
Short-Term Investments	0.5%
Other3	18.6%

Top Five Common Stock Holdings¹

Google Inc., Class A	4.2%
Apple, Inc.	3.8%
Gilead Sciences, Inc.	2.9%
MasterCard, Inc., Class A	2.4%
Visa Inc., Class A	2.4%

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

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

3 Other assets less liabilities, which includes investments purchased with collateral from securities lending as presented in the Fund’s Portfolio of Investments and all industries less than 1.7% of net assets.

22 Nuveen Investments

Nuveen Mid Cap Growth Opportunities Fund

Fund Allocation¹

Common Stocks	97.7%
Short-Term Investments	2.1%
Other2	0.2%

Portfolio Composition¹

Specialty Retail	8.1%
Software	7.8%
Machinery	5.0%
Oil, Gas & Consumable Fuels	4.9%
Capital Markets	4.7%
Chemicals	4.6%
Electrical Equipment	3.9%
Internet Software & Services	3.8%
Pharmaceuticals	3.5%
Health Care Providers & Services	3.4%
Internet & Catalog Retail	3.2%
Textiles, Apparel & Luxury Goods	2.8%
Airlines	2.8%
Biotechnology	2.8%
IT Services	2.6%
Road & Rail	2.6%
Household Durables	2.5%
Electronic Equipment & Instruments	2.4%
Diversified Financial Services	2.4%
Energy Equipment & Services	2.1%
Hotels, Restaurants & Leisure	2.1%
Short-Term Investments	2.1%
Other3	19.9%

Top Five Common Stock Holdings¹

Wynn Resorts Ltd	2.1%
PPG Industries, Inc.	2.0%
BorgWarner Inc.	2.0%
Dollar Tree Stores Inc.	1.7%
Rockwell Automation, Inc.	1.7%

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

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

3 Other assets less liabilities, which includes investments purchased with collateral from securities lending as presented in the Fund’s Portfolio of Investments and all industries less than 2.1% of net assets.

Nuveen Investments 23

Holding SummariesOctober 31, 2013 (continued)

Nuveen Small Cap Growth Opportunities 
Fund

Fund Allocation¹

Common Stocks	94.9%
Short-Term Investments	3.9%
Other2	1.2%

Portfolio Composition¹

Biotechnology	7.0%
Health Care Equipment & Supplies	6.3%
Software	5.6%
Internet Software & Services	5.5%
Semiconductors & Equipment	4.8%
Specialty Retail	4.3%
Oil, Gas & Consumable Fuels	4.1%
Health Care Providers & Services	4.0%
Communications Equipment	4.0%
Commercial Banks	3.2%
Aerospace & Defense	3.0%
Leisure Equipment & Products	2.9%
Capital Markets	2.8%
Machinery	2.8%
Household Durables	2.8%
Diversified Consumer Services	2.8%
Road & Rail	2.7%
Chemicals	2.7%
Construction & Engineering	2.7%
Food Products	2.6%
Short-Term Investments	3.9%
Other3	19.5%

Top Five Common Stock Holdings¹

Micros Systems, Inc.	1.9%
Plantronics Inc.	1.8%
East West Bancorp Inc.	1.7%
Energy XXI Limited Bermuda	1.7%
Team Health Holdings Inc.	1.7%

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

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

3 Other assets less liabilities, which includes investments purchased with collateral from securities lending as presented in the Fund’s Portfolio of Investments and all industries less than 2.6% of net assets.

24 Nuveen Investments

Expense Examples

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

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

The information under “Actual Performance,” together with the amount you invested, allows you to estimate actual expenses incurred over the reporting period. Simply divide your account value by $1,000 (for example, an $8,600 account value divided by $1,000 = 8.60) and multiply the result by the cost shown for your share class, in the row entitled “Expenses Incurred During Period” to estimate the expenses incurred on your account during this period.

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

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

Nuveen Large Cap Growth Opportunities Fund

	Actual Performance												Hypothetical Performance (5% annualized return before expenses)
	A Shares		B Shares		C Shares		R3 Shares		R6 Shares		I Shares		A Shares		B Shares		C Shares		R3 Shares		R6 Shares		I Shares
Beginning Account Value (5/01/13)	$	1,000.00	$	1,000.00	$	1,000.00	$	1,000.00	$	1,000.00	$	1,000.00	$	1,000.00	$	1,000.00	$	1,000.00	$	1,000.00	$	1,000.00	$	1,000.00
Ending Account Value (10/31/13)	$	1,163.50	$	1,158.70	$	1,159.10	$	1,162.00	$	1,165.60	$	1,165.10	$	1,018.85	$	1,015.02	$	1,015.12	$	1,017.54	$	1,020.72	$	1,020.11
Expenses Incurred During Period	$	6.87	$	10.99	$	10.88	$	8.28	$	4.86	$	5.51	$	6.41	$	10.26	$	10.16	$	7.73	$	4.53	$	5.14

For each class of the Fund, expenses are equal to the Fund’s annualized net expense ratio of 1.26%, 2.02%, 2.00%, 1.52%, 0.89% and 1.01% for Classes A, B, C, R3, R6 and I, respectively, multiplied by the average account value over the period, multiplied by 184/365 (to reflect the one-half year period).

Nuveen Investments 25

Nuveen Mid Cap Growth Opportunities Fund

	Actual Performance												Hypothetical Performance (5% annualized return before expenses)
	A Shares		B Shares		C Shares		R3 Shares		R6 Shares		I Shares		A Shares		B Shares		C Shares		R3 Shares		R6 Shares		I Shares
Beginning Account Value (5/01/13)	$	1,000.00	$	1,000.00	$	1,000.00	$	1,000.00	$	1,000.00	$	1,000.00	$	1,000.00	$	1,000.00	$	1,000.00	$	1,000.00	$	1,000.00	$	1,000.00
Ending Account Value (10/31/13)	$	1,159.70	$	1,155.20	$	1,155.30	$	1,158.30	$	1,161.90	$	1,161.00	$	1,018.65	$	1,014.72	$	1,014.87	$	1,017.39	$	1,020.57	$	1,019.91
Expenses Incurred During Period	$	7.08	$	11.30	$	11.14	$	8.43	$	5.01	$	5.72	$	6.61	$	10.56	$	10.41	$	7.88	$	4.69	$	5.35

For each class of the Fund, expenses are equal to the Fund’s annualized net expense ratio of 1.30%, 2.08%, 2.05%, 1.55%, 0.92% and 1.05% for Classes A, B, C, R3, R6 and I, respectively, multiplied by the average account value over the period, multiplied by 184/365 (to reflect the one-half year period).

Nuveen Small Cap Growth Opportunities Fund

	Actual Performance								Hypothetical Performance (5% annualized return before expenses)
	A Shares		C Shares		R3 Shares		I Shares		A Shares		C Shares		R3 Shares		I Shares
Beginning Account Value (5/01/13)	$	1,000.00	$	1,000.00	$	1,000.00	$	1,000.00	$	1,000.00	$	1,000.00	$	1,000.00	$	1,000.00
Ending Account Value (10/31/13)	$	1,206.30	$	1,201.30	$	1,205.00	$	1,207.50	$	1,017.80	$	1,014.06	$	1,016.59	$	1,019.11
Expenses Incurred During Period	$	8.17	$	12.26	$	9.50	$	6.73	$	7.48	$	11.22	$	8.69	$	6.16

For each class of the Fund, expenses are equal to the Fund’s annualized net expense ratio of 1.47%, 2.21%, 1.71% and 1.21% for Classes A, C, R3 and I, respectively, multiplied by the average account value over the period, multiplied by 184/365 (to reflect the one-half year period).

26 Nuveen Investments

Report of Independent Registered

Public Accounting Firm

To the Board of Trustees and Shareholders of

Nuveen Investment Funds, Inc.:

In our opinion, the accompanying statements of assets and liabilities, including the portfolios of investments, and the related statements of operations, of changes in net assets, and the financial highlights present fairly, in all material respects, the financial position of Nuveen Large Cap Growth Opportunities Fund, Nuveen Mid Cap Growth Opportunities Fund, and Nuveen Small Cap Growth Opportunities Fund (each a series of the Nuveen Investment Funds, Inc., hereinafter referred to as the “Funds”) at October 31, 2013, the results of each of their operations for the year then ended, the changes in each of their net assets and the financial highlights for each of the two years in the period then ended, in conformity with accounting principles generally accepted in the United States of America. These financial statements and financial highlights (hereafter referred to as “financial statements”) are the responsibility of the Funds’ management; our responsibility is to express an opinion on these financial statements based on our audits. We conducted our audits of these financial statements in accordance with the standards of the Public Company Accounting Oversight Board (United States). Those standards require that we plan and perform the audit to obtain reasonable assurance about whether the financial statements are free of material misstatement. An audit includes examining, on a test basis, evidence supporting the amounts and disclosures in the financial statements, assessing the accounting principles used and significant estimates made by management, and evaluating the overall financial statement presentation. We believe that our audits, which included confirmation of securities at October 31, 2013 by correspondence with the custodian and brokers, provide a reasonable basis for our opinion. The financial statements of the Funds for the years ended October 31, 2011 and prior were audited by other independent auditors whose report dated December 28, 2011 expressed an unqualified opinion on those statements.

PRICEWATERHOUSECOOPERS LLP

Chicago, IL

December 27, 2013

Nuveen Investments 27

Portfolio of Investments October 31, 2013

Nuveen Large Cap Growth Opportunities Fund

Shares		Description (1)	Value
		LONG-TERM INVESTMENTS – 129.1%
		COMMON STOCKS – 100.1%
		Aerospace & Defense – 3.7%
	61,004	Boeing Company	$	7,961,022
	38,280	Precision Castparts Corporation		9,702,066
	54,328	United Technologies Corporation		5,772,350
		Total Aerospace & Defense		23,435,438
		Airlines – 2.2%
	291,546	Delta Air Lines, Inc., (2)		7,690,983
	121,473	Ryanair Holdings PLC, Sponsored ADR, (2)		6,099,159
		Total Airlines		13,790,142
		Auto Components – 1.1%
	69,754	BorgWarner Inc., (2)		7,193,730
		Automobiles – 1.0%
	102,024	Harley-Davidson, Inc.		6,533,617
		Biotechnology – 5.6%
	33,326	Biogen Idec Inc., (3)		8,137,876
	61,831	Celgene Corporation, (3)		9,181,285
	251,488	Gilead Sciences, Inc., (2), (3)		17,853,133
		Total Biotechnology		35,172,294
		Capital Markets – 1.8%
	229,404	Charles Schwab Corporation, (2)		5,196,001
	36,116	Goldman Sachs Group, Inc.		5,809,620
		Total Capital Markets		11,005,621
		Chemicals – 3.5%
	72,390	Monsanto Company		7,592,263
	43,482	PPG Industries, Inc.		7,938,944
	72,336	W.R. Grace & Co., (3)		6,630,318
		Total Chemicals		22,161,525
		Computers & Peripherals – 3.8%
	45,841	Apple, Inc.		23,945,046
		Consumer Finance – 1.5%
	112,558	American Express Company		9,207,244
		Diversified Financial Services – 1.5%
	106,211	JPMorgan Chase & Co.		5,474,115

28 Nuveen Investments

Shares		Description (1)	Value
		Diversified Financial Services (continued)
	52,120	Moody’s Corporation	$	3,682,799
		Total Diversified Financial Services		9,156,914
		Diversified Telecommunication Services – 0.9%
	115,100	Verizon Communications Inc., (2)		5,813,701
		Energy Equipment & Services – 0.9%
	63,260	Oceaneering International Inc.		5,432,769
		Food & Staples Retailing – 3.0%
	93,290	Costco Wholesale Corporation		11,008,220
	118,884	Whole Foods Market, Inc., (2)		7,505,147
		Total Food & Staples Retailing		18,513,367
		Health Care Providers & Services – 1.3%
	51,197	McKesson HBOC Inc.		8,004,139
		Health Care Technology – 1.7%
	22,011	AthenaHealth Inc., (2), (3)		2,938,689
	135,469	Cerner Corporation, (2), (3)		7,590,328
		Total Health Care Technology		10,529,017
		Hotels, Restaurants & Leisure – 3.2%
	122,681	Las Vegas Sands		8,614,660
	137,955	Starbucks Corporation		11,181,253
		Total Hotels, Restaurants & Leisure		19,795,913
		Household Durables – 1.3%
	147,176	Jarden Corporation, (3)		8,147,663
		Industrial Conglomerates – 1.4%
	120,549	Danaher Corporation		8,690,377
		Internet & Catalog Retail – 5.2%
	35,114	Amazon.com, Inc., (3)		12,782,549
	11,464	NetFlix.com Inc., (3)		3,696,911
	10,927	priceline.com Incorporated, (3)		11,515,200
	52,195	TripAdvisor Inc., (2), (3)		4,317,048
		Total Internet & Catalog Retail		32,311,708
		Internet Software & Services – 8.2%
	169,140	Facebook Inc., Class A, (3)		8,500,976
	25,759	Google Inc., Class A, (3)		26,546,710
	32,215	LinkedIn Corporation, Class A, (3)		7,205,529
	254,646	Pandora Media, Inc., (2), (3)		6,399,254
	37,779	Yelp Inc., (3)		2,559,527
		Total Internet Software & Services		51,211,996

Nuveen Investments 29

Portfolio of Investments October 31, 2013

Nuveen Large Cap Growth Opportunities Fund (continued)

Shares		Description (1)	Value
		IT Services – 6.0%
	30,579	Alliance Data Systems Corporation, (2), (3)	$	7,249,058
	21,199	MasterCard, Inc., Class A		15,201,803
	76,284	Visa Inc., Class A, (2)		15,002,774
		Total IT Services		37,453,635
		Leisure Equipment & Products – 0.9%
	45,207	Polaris Industries Inc., (2)		5,919,857
		Life Sciences Tools & Services – 0.8%
	20,943	Mettler-Toledo International Inc., (2), (3)		5,182,555
		Machinery – 3.2%
	69,128	Cummins Inc.		8,780,639
	87,202	Graco Inc., (2)		6,737,227
	72,946	Wabtec Corporation		4,755,350
		Total Machinery		20,273,216
		Media – 6.7%
	119,480	CBS Corporation, Class B		7,066,047
	86,737	Discovery Communications Inc., Class A, (2), (3)		7,712,654
	89,704	Liberty Global PLC, Class A, (3)		7,030,102
	1,369,863	Sirius XM Radio Inc., (2)		5,164,384
	122,307	The Walt Disney Company, (2)		8,389,037
	191,726	Twenty-First Century Fox Inc., Class A, (2)		6,534,022
		Total Media		41,896,246
		Multiline Retail – 1.2%
	125,606	Dollar Tree Stores Inc., (2), (3)		7,335,390
		Oil, Gas & Consumable Fuels – 2.3%
	166,391	Cabot Oil & Gas Corporation		5,876,930
	40,728	Pioneer Natural Resources Co.		8,340,280
		Total Oil, Gas & Consumable Fuels		14,217,210
		Pharmaceuticals – 2.9%
	234,654	Bristol-Myers Squibb Company		12,324,028
	183,212	Pfizer Inc.		5,620,944
		Total Pharmaceuticals		17,944,972
		Real Estate Investment Trust – 1.4%
	108,012	American Tower Corporation (REIT)		8,570,752
		Road & Rail – 2.3%
	81,383	J.B. Hunt Transport Services Inc.		6,106,167
	69,888	Kansas City Southern Industries, (2)		8,492,790
		Total Road & Rail		14,598,957

30 Nuveen Investments

Shares		Description (1)	Value
		Semiconductors & Equipment – 1.0%
	136,894	ARM Holdings PLC, Sponsored ADR, (2)	$	6,460,028
		Software – 7.1%
	132,740	Adobe Systems Incorporated, (3)		7,194,508
	41,174	CommVault Systems, Inc., (3)		3,214,866
	181,641	Microsoft Corporation		6,421,009
	42,819	NetSuite Inc., (2), (3)		4,319,581
	134,548	Salesforce.com, Inc., (2), (3)		7,179,481
	96,957	ServiceNow Inc., (2), (3)		5,294,822
	90,638	Splunk Inc., (3)		5,683,909
	65,333	Workday Inc., Class A, (3)		4,891,482
		Total Software		44,199,658
		Specialty Retail – 6.4%
	13,057	AutoZone, Inc., (2), (3)		5,675,747
	126,280	CarMax, Inc., (2), (3)		5,933,897
	65,302	Home Depot, Inc.		5,086,373
	195,552	Lowe’s Companies, Inc.		9,734,579
	104,551	TJX Companies, Inc.		6,355,655
	97,506	Tractor Supply Company		6,957,053
		Total Specialty Retail		39,743,304
		Textiles, Apparel & Luxury Goods – 1.5%
	59,472	Lululemon Athletica Inc., (2), (3)		4,106,542
	31,134	Ralph Lauren Corporation, Class A		5,157,036
		Total Textiles, Apparel & Luxury Goods		9,263,578
		Tobacco – 2.1%
	147,156	Philip Morris International		13,114,543
		Trading Companies & Distributors – 1.5%
	34,870	W.W. Grainger, Inc., (2)		9,378,984
		Total Common Stocks (cost $424,704,982)		625,605,106
Shares		Description (1)	Value
		INVESTMENTS PURCHASED WITH COLLATERAL FROM SECURITIES LENDING – 29.0%
		Money Market Funds – 29.0%
	181,651,530	Mount Vernon Securities Lending Prime Portfolio, 0.177%, (4), (5)	$	181,651,530
		Total Investments Purchased with Collateral from Securities Lending (cost $181,651,530)		181,651,530
		Total Long-Term Investments (cost $606,356,512)		807,256,636

Nuveen Investments 31

Portfolio of Investments October 31, 2013

Nuveen Large Cap Growth Opportunities Fund (continued)

Shares		Description (1)	Value
		SHORT-TERM INVESTMENTS – 0.5%
		Money Market Funds – 0.5%
	3,377,345	First American Treasury Obligations Fund, Class Z, 0.000%, (4)	$	3,377,345
		Total Short-Term Investments (cost $3,377,345)		3,377,345
		Total Investments (cost $609,733,857) – 129.6%		810,633,981
		Other Assets Less Liabilities – (29.6)%		(185,052,777	)
		Net Assets – 100%	$	625,581,204

For Fund portfolio compliance purposes, the Fund’s industry classifications refer to any one or more of the industry sub-classifications used by one or more widely recognized market indexes or ratings group indexes, and/or as defined by Fund management. This definition may not apply for purposes of this report, which may combine industry sub-classifications into sectors for reporting ease.

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

          (2) Investment, or portion of investment, is out on loan for securities lending. The total value of the securities out on loan as of the end of the reporting period was $177,218,350.

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

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

          (5) The Fund may loan securities representing up to one third of the fair value of its total assets (which includes collateral for securities on loan) to broker dealers, banks, and other institutions. The Fund maintains collateral equal to at least 102% of the fair value of the securities loaned. The cash collateral received by the Fund is invested in this money market fund. See Notes to Financial Statements, Note 3 – Portfolio Securities and Investments in Derivatives, Securities Lending for more information.

        ADR American Depositary Receipt.

        REIT Real Estate Investment Trust.

See accompanying notes to financial statements.

32 Nuveen Investments

Portfolio of Investments October 31, 2013

Nuveen Mid Cap Growth Opportunities Fund

Shares		Description (1)	Value
		LONG-TERM INVESTMENTS – 123.3%
		COMMON STOCKS – 97.7%
		Airlines – 2.8%
	738,733	Delta Air Lines, Inc., (2)	$	19,487,777
	294,579	Ryanair Holdings PLC, Sponsored ADR		14,790,812
		Total Airlines		34,278,589
		Auto Components – 2.0%
	232,780	BorgWarner Inc., (2)		24,006,601
		Automobiles – 1.4%
	269,356	Harley-Davidson, Inc.		17,249,558
		Beverages – 0.7%
	159,647	Monster Beverage Corporation, (3)		9,136,598
		Biotechnology – 2.8%
	164,732	Alexion Pharmaceuticals Inc., (3)		20,253,799
	48,413	Regeneron Pharmaceuticals, Inc., (2), (3)		13,923,579
		Total Biotechnology		34,177,378
		Building Products – 0.8%
	227,064	Fortune Brands Home & Security, Inc.		9,781,917
		Capital Markets – 4.7%
	88,996	Affiliated Managers Group Inc., (3)		17,571,370
	247,476	Evercore Partners Inc., Class A		12,490,114
	324,601	LPL Financial Holdings Inc.		13,224,245
	514,370	TD Ameritrade Holding Corporation, (2)		14,021,726
		Total Capital Markets		57,307,455
		Chemicals – 4.6%
	171,418	FMC Corporation		12,472,374
	136,846	PPG Industries, Inc.		24,985,343
	204,104	W.R. Grace & Co., (3)		18,708,173
		Total Chemicals		56,165,890
		Construction & Engineering – 1.2%
	199,091	Chicago Bridge & Iron Company N.V.		14,750,652
		Consumer Finance – 0.7%
	177,833	Discover Financial Services		9,225,976
		Diversified Financial Services – 2.4%
	311,497	CBOE Holdings Inc.		15,107,604

Nuveen Investments 33

Portfolio of Investments October 31, 2013

Nuveen Mid Cap Growth Opportunities Fund (continued)

Shares		Description (1)	Value
		Diversified Financial Services (continued)
	199,828	Moody’s Corporation, (2)	$	14,119,846
		Total Diversified Financial Services		29,227,450
		Electrical Equipment – 3.9%
	276,465	Ametek Inc.		13,223,321
	189,687	Rockwell Automation, Inc., (2)		20,943,342
	106,885	Roper Industries Inc., (2)		13,554,087
		Total Electrical Equipment		47,720,750
		Electronic Equipment & Instruments – 2.4%
	248,168	Amphenol Corporation, Class A		19,925,409
	112,935	Littelfuse, Inc., (2)		9,602,863
		Total Electronic Equipment & Instruments		29,528,272
		Energy Equipment & Services – 2.1%
	55,776	Core Laboratories NV, (2)		10,442,383
	182,659	Oceaneering International Inc.		15,686,755
		Total Energy Equipment & Services		26,129,138
		Food Products – 1.0%
	187,757	Green Mountain Coffee Roasters Inc., (2), (3)		11,793,017
		Health Care Providers & Services – 3.4%
	123,818	Henry Schein Inc., (3)		13,920,858
	287,991	Team Health Holdings Inc., (3)		12,510,329
	190,781	Universal Health Services, Inc., Class B		15,369,317
		Total Health Care Providers & Services		41,800,504
		Health Care Technology – 2.0%
	35,299	AthenaHealth Inc., (2), (3)		4,712,769
	352,783	Cerner Corporation, (2), (3)		19,766,431
		Total Health Care Technology		24,479,200
		Hotels, Restaurants & Leisure – 2.1%
	155,618	Wynn Resorts Ltd, (2)		25,871,492
		Household Durables – 2.5%
	329,135	Jarden Corporation, (3)		18,220,914
	98,273	Mohawk Industries Inc., (3)		13,013,311
		Total Household Durables		31,234,225
		Internet & Catalog Retail – 3.2%
	39,611	Netflix, Inc., (3)		12,773,755
	12,603	priceline.com Incorporated, (3)		13,281,419
	163,918	TripAdvisor Inc., (2), (3)		13,557,658
		Total Internet & Catalog Retail		39,612,832

34 Nuveen Investments

Shares		Description (1)	Value
		Internet Software & Services – 3.8%
	127,483	Cornerstone OnDemand, Inc., (3)	$	6,038,870
	75,227	Criteo SA, Sponsored ADR, (3)		2,656,265
	87,243	LinkedIn Corporation, Class A, (3)		19,513,642
	493,272	Pandora Media, Inc., (2), (3)		12,395,925
	85,595	Yelp Inc., (3)		5,799,061
		Total Internet Software & Services		46,403,763
		IT Services – 2.6%
	63,893	Alliance Data Systems Corporation, (2), (3)		15,146,475
	240,240	Gartner Inc., (3)		14,162,148
	24,045	WEX Inc., (3)		2,244,601
		Total IT Services		31,553,224
		Leisure Equipment & Products – 1.5%
	142,435	Polaris Industries Inc., (2)		18,651,863
		Machinery – 5.0%
	212,802	Flowserve Corporation, (2)		14,783,355
	151,085	Graco Inc., (2)		11,672,827
	208,970	WABCO Holdings Inc., (3)		17,904,550
	266,242	Wabtec Corporation		17,356,316
		Total Machinery		61,717,048
		Marine – 0.7%
	97,031	Kirby Corporation, (3)		8,586,273
		Media – 1.4%
	4,488,992	Sirius XM Radio Inc., (2)		16,923,500
		Multiline Retail – 1.7%
	364,009	Dollar Tree Stores Inc., (2), (3)		21,258,126
		Oil, Gas & Consumable Fuels – 4.9%
	463,285	Cabot Oil & Gas Corporation		16,363,226
	343,349	Cobalt International Energy, Inc., (3)		7,969,130
	107,990	Concho Resources Inc., (2), (3)		11,944,774
	251,307	Diamondback Energy Inc., (3)		12,980,007
	184,764	Gulfport Energy Corporation, (2), (3)		10,843,799
		Total Oil, Gas & Consumable Fuels		60,100,936
		Personal Products – 1.4%
	142,576	Nu Skin Enterprises, Inc., Class A		16,671,412
		Pharmaceuticals – 3.5%
	156,124	Jazz Pharmaceuticals, Inc., (2), (3)		14,166,692
	483,645	Mylan Inc., (2), (3)		18,315,636
	147,250	Salix Pharmaceuticals Limited, (3)		10,565,187
		Total Pharmaceuticals		43,047,515

Nuveen Investments 35

Portfolio of Investments October 31, 2013

Nuveen Mid Cap Growth Opportunities Fund (continued)

Shares		Description (1)	Value
		Road & Rail – 2.6%
	178,754	J.B. Hunt Transport Services Inc.	$	13,411,913
	148,761	Kansas City Southern Industries, (2)		18,077,437
		Total Road & Rail		31,489,350
		Semiconductors & Equipment – 1.3%
	349,780	ARM Holdings PLC, Sponsored ADR, (2)		16,506,118
		Software – 7.8%
	120,454	Ansys Inc., (3)		10,533,702
	308,254	Aspen Technology Inc., (3)		11,784,550
	134,789	CommVault Systems, Inc., (3)		10,524,325
	87,227	NetSuite Inc., (2), (3)		8,799,460
	269,072	ServiceNow Inc., (2), (3)		14,694,022
	262,171	Splunk Inc., (3)		16,440,743
	80,984	Tableau Software Inc., Class A, (3)		4,977,277
	67,230	Ultimate Software Group, Inc., (3)		10,385,690
	110,722	Workday Inc., Class A, (3)		8,289,756
		Total Software		96,429,525
		Specialty Retail – 8.1%
	44,990	AutoZone, Inc., (2), (3)		19,556,703
	302,707	CarMax, Inc., (3)		14,224,202
	301,013	GNC Holdings Inc., Class A		17,705,585
	204,727	PetSmart Inc., (2)		14,895,936
	266,770	Ross Stores, Inc.		20,634,659
	167,848	Tractor Supply Company		11,975,955
		Total Specialty Retail		98,993,040
		Textiles, Apparel & Luxury Goods – 2.8%
	103,808	Fossil Group Inc., (3)		13,177,388
	159,535	Michael Kors Holdings Limited, (3)		12,276,218
	57,687	Ralph Lauren Corporation, Class A		9,555,275
		Total Textiles, Apparel & Luxury Goods		35,008,881
		Thrifts & Mortgage Finance – 1.0%
	208,438	Ocwen Financial Corporation, (3)		11,720,469
		Trading Companies & Distributors – 0.9%
	41,993	W.W. Grainger, Inc.		11,294,857
		Total Common Stocks (cost $908,092,649)		1,199,833,394

36 Nuveen Investments

Shares		Description (1)	Value
		INVESTMENTS PURCHASED WITH COLLATERAL FROM SECURITIES LENDING – 25.6%
		Money Market Funds – 25.6%
	315,031,451	Mount Vernon Securities Lending Prime Portfolio, 0.177%, (4), (5)	$	315,031,451
		Total Investments Purchased with Collateral from Securities Lending (cost $315,031,451)		315,031,451
		Total Long-Term Investments (cost $1,223,124,100)		1,514,864,845
Shares		Description (1)	Value
		SHORT-TERM INVESTMENTS – 2.1%
		Money Market Funds – 2.1%
	26,102,023	First American Treasury Obligations Fund, Class Z, 0.000%, (4)	$	26,102,023
		Total Short-Term Investments (cost $26,102,023)		26,102,023
		Total Investments (cost $1,249,226,123) – 125.4%		1,540,966,868
		Other Assets Less Liabilities – (25.4)%		(311,837,442	)
		Net Assets – 100%	$	1,229,129,426

For Fund portfolio compliance purposes, the Fund’s industry classifications refer to any one or more of the industry sub-classifications used by one or more widely recognized market indexes or ratings group indexes, and/or as defined by Fund management. This definition may not apply for purposes of this report, which may combine industry sub-classifications into sectors for reporting ease.

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

             (2) Investment, or portion of investment, is out on loan for securities lending. The total value of the securities out on loan as of the end of the reporting period was $307,240,928.

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

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

             (5) The Fund may loan securities representing up to one third of the fair value of its total assets (which includes collateral for securities on loan) to broker dealers, banks, and other institutions. The Fund maintains collateral equal to at least 102% of the fair value of the securities loaned. The cash collateral received by the Fund is invested in this money market fund. See Notes to Financial Statements, Note 3 – Portfolio Securities and Investments in Derivatives, Securities Lending for more information.

          ADR American Depositary Receipt.

See accompanying notes to financial statements.

Nuveen Investments 37

Portfolio of Investments October 31, 2013

Nuveen Small Cap Growth Opportunities Fund

Shares		Description (1)	Value
		LONG-TERM INVESTMENTS – 120.7%
		COMMON STOCKS – 94.9%
		Aerospace & Defense – 3.0%
	34,625	Hexcel Corporation, (2)	$	1,464,984
	59,597	Orbital Sciences Corporation, (2), (3)		1,374,903
		Total Aerospace & Defense		2,839,887
		Auto Components – 1.4%
	24,614	Tenneco Inc., (2)		1,306,265
		Biotechnology – 7.0%
	36,865	Alkermes Inc., (2)		1,297,279
	11,882	Alnylam Pharmaceuticals, Inc., (2)		684,522
	17,472	Celldex Therapeutics, Inc., (2), (3)		400,284
	34,311	Cepheid, Inc., (2), (3)		1,397,144
	14,236	Cubist Pharmaceuticals Inc., (2)		882,632
	27,053	ISIS Pharmaceuticals, Inc., (2), (3)		900,053
	39,519	Myriad Genetics Inc., (2), (3)		963,473
		Total Biotechnology		6,525,387
		Capital Markets – 2.8%
	23,276	Evercore Partners Inc., Class A, (3)		1,174,740
	35,589	Stifel Financial Corporation, (2), (3)		1,457,370
		Total Capital Markets		2,632,110
		Chemicals – 2.7%
	56,566	Chemtura Corporation, (2)		1,385,867
	23,519	H.B. Fuller Company		1,125,855
		Total Chemicals		2,511,722
		Commercial Banks – 3.2%
	57,110	Cathay General Bancorp.		1,406,619
	48,349	East West Bancorp Inc., (3)		1,628,878
		Total Commercial Banks		3,035,497
		Commercial Services & Supplies – 1.1%
	50,552	Interface, Inc.		1,023,678
		Communications Equipment – 4.0%
	74,810	Aruba Networks, Inc., (2), (3)		1,403,436
	47,102	Ixia, (2)		667,906
	38,107	Plantronics Inc.		1,636,315
		Total Communications Equipment		3,707,657

38 Nuveen Investments

Shares		Description (1)	Value
		Construction & Engineering – 2.7%
	38,833	MasTec Inc., (2), (3)	$	1,241,491
	46,856	MYR Group Inc., (2)		1,239,341
		Total Construction & Engineering		2,480,832
		Distributors – 1.0%
	17,500	Pool Corporation		951,650
		Diversified Consumer Services – 2.8%
	22,245	Capella Education Company, (2)		1,355,165
	25,738	Grand Canyon Education Inc., (2)		1,216,635
		Total Diversified Consumer Services		2,571,800
		Electrical Equipment – 2.5%
	10,177	Acuity Brands Inc.		1,022,890
	57,279	Thermon Group Holdings Inc., (2)		1,346,629
		Total Electrical Equipment		2,369,519
		Electronic Equipment & Instruments – 2.5%
	18,750	Coherent, Inc.		1,241,063
	36,910	National Instruments Corporation, (3)		1,072,236
		Total Electronic Equipment & Instruments		2,313,299
		Energy Equipment & Services – 0.8%
	5,979	Dril-Quip Inc., (2)		702,054
		Food Products – 2.6%
	18,962	Annie’s Incorporated, (2), (3)		895,955
	21,194	Treehouse Foods Inc., (2)		1,552,672
		Total Food Products		2,448,627
		Health Care Equipment & Supplies – 6.3%
	19,128	Align Technology, Inc., (2), (3)		1,091,444
	66,305	Endologix, Inc., (2)		1,198,131
	27,429	Haemonetics Corporation, (2)		1,112,520
	114,884	Nxstage Medical, Inc., (2)		1,524,511
	39,232	Quidel Corporation, (2), (3)		969,030
		Total Health Care Equipment & Supplies		5,895,636
		Health Care Providers & Services – 4.0%
	38,187	HealthSouth Corporation		1,340,746
	80,824	Healthways Inc., (2), (3)		778,335
	36,960	Team Health Holdings Inc., (2)		1,605,542
		Total Health Care Providers & Services		3,724,623
		Health Care Technology – 2.3%
	7,464	AthenaHealth Inc., (2), (3)		996,519
	54,840	HMS Holdings Corporation, (2), (3)		1,158,769
		Total Health Care Technology		2,155,288

Nuveen Investments 39

Portfolio of Investments October 31, 2013

Nuveen Small Cap Growth Opportunities Fund (continued)

Shares		Description (1)	Value
		Hotels, Restaurants & Leisure – 2.5%
	54,671	Del Frisco’s Restaurant Group Inc., (2)	$	989,545
	17,215	Red Robin Gourmet Burgers, Inc., (2)		1,311,439
		Total Hotels, Restaurants & Leisure		2,300,984
		Household Durables – 2.8%
	41,688	La-Z-Boy Inc.		962,159
	20,370	Meritage Homes Corporation, (2)		924,594
	44,143	Tri Pointe Homes, Inc., (2), (3)		702,757
		Total Household Durables		2,589,510
		Internet Software & Services – 5.5%
	70,897	Carbonite Inc., (2)		938,676
	44,054	Constant Contact Inc., (2)		1,141,439
	28,048	DealerTrack Technologies Inc., (2), (3)		1,046,190
	55,584	Perficient, Inc., (2)		1,005,515
	36,651	Web.com Group, Inc., (2), (3)		987,745
		Total Internet Software & Services		5,119,565
		IT Services – 1.4%
	31,871	Heartland Payment Systems Inc., (3)		1,289,182
		Leisure Equipment & Products – 2.9%
	25,830	Arctic Cat, Inc.		1,353,492
	30,780	Brunswick Corporation, (3)		1,389,101
		Total Leisure Equipment & Products		2,742,593
		Machinery – 2.8%
	30,106	Actuant Corporation, Class A		1,130,781
	48,472	Altra Industrial Motion, Inc.		1,472,095
		Total Machinery		2,602,876
		Oil, Gas & Consumable Fuels – 4.1%
	22,353	Diamondback Energy, (2)		1,154,533
	55,503	Energy XXI Limited Bermuda, (3)		1,612,917
	20,635	Oasis Petroleum Inc., (2), (3)		1,098,814
		Total Oil, Gas & Consumable Fuels		3,866,264
		Pharmaceuticals – 0.6%
	54,140	Nektar Therapeutics, (2)		514,871
		Professional Services – 1.1%
	42,740	TrueBlue Inc., (2), (3)		1,055,678
		Road & Rail – 2.7%
	29,118	Con-Way, Inc.		1,199,662
	61,284	Swift Transportation Company, Class A, (2), (3)		1,335,378
		Total Road & Rail		2,535,040

40 Nuveen Investments

Shares		Description (1)	Value
		Semiconductors & Equipment – 4.8%
	78,371	MaxLinear, Inc., Class A, (2)	$	678,693
	46,824	MKS Instruments Inc.		1,387,863
	37,966	Semtech Corporation, (2), (3)		1,181,122
	70,425	Teradyne, Inc., (2)		1,231,733
		Total Semiconductors & Equipment		4,479,411
		Software – 5.6%
	33,926	Aspen Technology Inc., (2)		1,296,991
	13,504	CommVault Systems, Inc., (2)		1,054,392
	32,010	Micros Systems, Inc., (2), (3)		1,736,543
	7,365	Ultimate Software Group, Inc., (2)		1,137,745
	591,081	VideoPropulsion Inc., (2), (4)		—
		Total Software		5,225,671
		Specialty Retail – 4.3%
	37,712	Ann Inc., (2), (3)		1,333,496
	73,020	Ascena Retail Group Inc., (2)		1,445,066
	18,682	Genesco Inc., (2)		1,272,431
		Total Specialty Retail		4,050,993
		Textiles, Apparel & Luxury Goods – 1.1%
	18,531	G-III Apparel Group, Ltd., (2), (3)		1,051,078
		Total Common Stocks (cost $69,318,144)		88,619,247
Shares		Description (1)	Value
		INVESTMENTS PURCHASED WITH COLLATERAL FROM SECURITIES LENDING – 25.8%
		Money Market Funds – 25.8%
	24,123,493	Mount Vernon Securities Lending Prime Portfolio, 0.177%, (5), (6)	$	24,123,493
		Total Investments Purchased with Collateral from Securities Lending (cost $24,123,493)		24,123,493
		Total Long-Term Investments (cost $93,441,637)		112,742,740
Shares		Description (1)	Value
		SHORT-TERM INVESTMENTS – 3.9%
		Money Market Funds – 3.9%
	3,639,267	First American Treasury Obligations Fund, Class Z, 0.000%, (5)	$	3,639,267
		Total Short-Term Investments (cost $3,639,267)		3,639,267
		Total Investments (cost $97,080,904) – 124.6%		116,382,007
		Other Assets Less Liabilities – (24.6)%		(22,985,874	)
		Net Assets – 100%	$	93,396,133

Nuveen Investments 41

Portfolio of Investments October 31, 2013

Nuveen Small Cap Growth Opportunities Fund (continued)

For Fund portfolio compliance purposes, the Fund’s industry classifications refer to any one or more of the industry sub-classifications used by one or more widely recognized market indexes or ratings group indexes, and/or as defined by Fund management. This definition may not apply for purposes of this report, which may combine industry sub-classifications into sectors for reporting ease.

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

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

(3) Investment, or portion of investment, is out on loan for securities lending. The total value of the securities out on loan as of the end of the reporting period was $22,995,937.

(4) Investment valued at fair value using methods determined in good faith by, or at the discretion of, the Board of Directors. For fair value measurement disclosure purposes, investment classified as Level 3. See Notes to Financial Statements, Note 2 – Investment Valuation and Fair Value Measurements for more information.

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

(6) The Fund may loan securities representing up to one third of the fair value of its total assets (which includes collateral for securities on loan) to broker dealers, banks, and other institutions. The Fund maintains collateral equal to at least 102% of the fair value of the securities loaned. The cash collateral received by the Fund is invested in this money market fund. See Notes to Financial Statements, Note 3 – Portfolio Securities and Investments in Derivatives, Securities Lending for more information.

See accompanying notes to financial statements.

42 Nuveen Investments

Statement of

Assets and Liabilities October 31, 2013

	Large Cap Growth Opportunities			Mid Cap Growth Opportunities			Small Cap Growth Opportunities
Assets
Long-term investments, at value (cost $424,704,982, $908,092,649 and $69,318,144, respectively)	$	625,605,106		$	1,199,833,394		$	88,619,247
Short-term investments, at value (cost approximates value)		3,377,345			26,102,023			3,639,267
Investments purchased with collateral from securities lending (cost approximates value)		181,651,530			315,031,451			24,123,493
Receivable for:
Dividends		256,178			151,059			8,575
Due from broker		15,447			36,487			2,929
Investments sold		—			33,999,264			792,948
Shares sold		472,015			3,885,052			1,182,053
Other assets		11,810			23,297			2,869
Total assets		811,389,431			1,579,062,027			118,371,381
Liabilities
Payable for:
Collateral from securities lending program		181,651,530			315,031,451			24,123,493
Investments purchased		2,473,640			32,113,780			642,091
Shares redeemed		961,625			1,281,879			79,408
Accrued expenses:
Directors fees		15,287			30,323			729
Management fees		429,771			893,955			84,005
12b-1 distribution and service fees		52,437			114,585			11,945
Other		223,937			466,628			33,577
Total liabilities		185,808,227			349,932,601			24,975,248
Net assets	$	625,581,204		$	1,229,129,426		$	93,396,133
Class A Shares
Net assets	$	165,790,680		$	355,085,644		$	40,964,758
Shares outstanding		3,832,647			6,947,160			1,509,786
Net asset value per share	$	43.26		$	51.11		$	27.13
Offering price per share (net asset value per share plus maximum sales charge of 5.75% of offering price)	$	45.90		$	54.23		$	28.79
Class B Shares
Net assets	$	1,060,854		$	1,905,734			N/A
Shares outstanding		27,524			44,461			N/A
Net asset value and offering price per share	$	38.54		$	42.86			N/A
Class C Shares
Net assets	$	14,963,359		$	22,180,784		$	2,349,972
Shares outstanding		379,552			489,754			97,697
Net asset value and offering price per share	$	39.42		$	45.29		$	24.05
Class R3 Shares
Net assets	$	11,320,311		$	47,167,638		$	1,940,788
Shares outstanding		267,518			949,995			73,383
Net asset value and offering price per share	$	42.32		$	49.65		$	26.45
Class R6 Shares(1)
Net assets	$	28,965,906		$	25,874,229			N/A
Shares outstanding		639,842			462,287			N/A
Net asset value and offering price per share	$	45.27		$	55.97			N/A
Class I Shares
Net assets	$	403,480,094		$	776,915,397		$	48,140,615
Shares outstanding		8,918,698			13,891,219			1,621,799
Net asset value and offering price per share	$	45.24		$	55.93		$	29.68
Net assets consist of:
Capital paid-in	$	331,811,137		$	731,726,251		$	58,977,278
Undistributed (Over-distribution of) net investment income		(23,998	)		(36,993	)		(10,690	)
Accumulated net realized gain (loss)		92,893,941			205,699,423			15,128,442
Net unrealized appreciation (depreciation)		200,900,124			291,740,745			19,301,103
Net assets	$	625,581,204		$	1,229,129,426		$	93,396,133
Authorized shares – per class		2 billion			2 billion			2 billion
Par value per share	$	0.0001		$	0.0001		$	0.0001

N/A – Small Cap Growth Opportunities does not offer Class B Shares or Class R6 Shares. Class B Shares of Small Cap Growth Opportunities converted to Class A Shares at the close of business on October 28, 2013, and  are no longer available through an exchange from other Nuveen mutual funds.

  (1) – Class R6 shares were established and commenced operations on February 28, 2013.

See accompanying notes to financial statements.

Nuveen Investments 43

Statement of

Operations Year Ended October 31, 2013

	Large Cap Growth Opportunities		Mid Cap Growth Opportunities			Small Cap Growth Opportunities
Investment Income
Dividend and interest income (net of foreign tax withheld of $648, $19,452 and $—, respectively)	$	6,385,531	$	10,095,249		$	295,363
Securities lending income, net		154,614		537,610			53,079
Total investment income		6,540,145		10,632,859			348,442
Expenses
Management fees		4,846,695		10,019,318			884,995
12b-1 service fees – Class A		367,382		819,356			94,363
12b-1 distribution and service fees – Class B(1)		12,576		22,108			5,684
12b-1 distribution and service fees – Class C		130,843		194,442			18,602
12b-1 distribution and service fees – Class R3		49,966		209,160			9,560
Shareholder servicing agent fees and expenses		581,478		1,564,984			122,251
Custodian fees and expenses		121,560		195,616			26,518
Directors fees and expenses		15,114		29,704			2,429
Professional fees		49,762		85,056			28,450
Shareholder reporting expenses		78,142		106,558			21,390
Federal and state registration fees		91,113		95,215			62,941
Other expenses		9,039		18,377			732
Total expenses before fee waiver/expense reimbursement		6,353,670		13,359,894			1,277,915
Fee waiver/expense reimbursement		—		(41,020	)		(72,985	)
Net expenses		6,353,670		13,318,874			1,204,930
Net investment income (loss)		186,475		(2,686,015	)		(856,488	)
Realized and Unrealized Gain (Loss)
Net realized gain (loss) from investments		94,718,412		212,160,627			17,137,320
Change in net unrealized appreciation (depreciation) of investments		53,500,002		98,520,305			13,068,234
Net realized and unrealized gain (loss)		148,218,414		310,680,932			30,205,554
Net increase (decrease) in net assets from operations	$	148,404,889	$	307,994,917		$	29,349,066

(1) – Class B Shares of Small Cap Growth Opportunities converted to Class A Shares at the close of business on October 28, 2013, and are no longer available through an exchange from other Nuveen mutual funds.

See accompanying notes to financial statements.

44 Nuveen Investments

Statement of

Changes in Net Assets

	Large Cap Growth Opportunities						Mid Cap Growth Opportunities						Small Cap Growth Opportunities
	Year Ended 10/31/13			Year Ended 10/31/12			Year Ended 10/31/13			Year Ended 10/31/12			Year Ended 10/31/13			Year Ended 10/31/12
Operations
Net investment income (loss)	$	186,475		$	(1,093,505	)	$	(2,686,015	)	$	(2,677,860	)	$	(856,488	)	$	(847,550	)
Net realized gain (loss) from investments and foreign currency		94,718,412			8,688,927			212,160,627			76,780,307			17,137,320			8,329,187
Change in net unrealized appreciation (depreciation) of investments and foreign currency		53,500,002			34,772,397			98,520,305			(1,595,420	)		13,068,234			(1,326,405	)
Net increase (decrease) in net assets from operations		148,404,889			42,367,819			307,994,917			72,507,027			29,349,066			6,155,232
Distributions to Shareholders
From net investment income:
Class A		—			—			—			—			—			—
Class B(1)		—			—			—			—			—			—
Class C		—			—			—			—			—			—
Class R3		—			—			—			—			—			—
Class R6(2)		—			—			—			—			N/A			N/A
Class I		—			—			—			—			—			—
From accumulated net realized gains:
Class A		(1,591,399	)		(3,267,944	)		(22,356,020	)		(10,990,297	)		(2,910,523	)		(522,866	)
Class B(1)		(18,638	)		(86,687	)		(215,259	)		(172,338	)		(56,611	)		(21,854	)
Class C		(155,108	)		(329,271	)		(1,457,568	)		(618,790	)		(141,702	)		(24,581	)
Class R3		(117,432	)		(146,968	)		(2,936,652	)		(1,376,941	)		(179,503	)		(34,697	)
Class R6(2)		—			—			—			—			N/A			N/A
Class I		(4,695,017	)		(14,243,083	)		(50,385,296	)		(25,461,450	)		(3,641,578	)		(807,347	)
Decrease in net assets from distributions to shareholders		(6,577,594	)		(18,073,953	)		(77,350,795	)		(38,619,816	)		(6,929,917	)		(1,411,345	)
Fund Share Transactions
Proceeds from sale of shares		114,942,764			199,910,231			168,827,689			270,597,132			14,883,118			12,033,060
Proceeds from shares issued to shareholders due to reinvestment of distributions		4,260,866			10,225,671			63,480,998			30,318,778			4,581,429			833,300
		119,203,630			210,135,902			232,308,687			300,915,910			19,464,547			12,866,360
Cost of shares redeemed		(210,714,464	)		(193,332,899	)		(344,129,810	)		(295,747,368	)		(36,554,233	)		(34,960,030	)
Net increase (decrease) in net assets from Fund share transactions		(91,510,834	)		16,803,003			(111,821,123	)		5,168,542			(17,089,686	)		(22,093,670	)
Net increase (decrease) in net assets		50,316,461			41,096,869			118,822,999			39,055,753			5,329,463			(17,349,783	)
Net assets at the beginning of period		575,264,743			534,167,874			1,110,306,427			1,071,250,674			88,066,670			105,416,453
Net assets at the end of period	$	625,581,204		$	575,264,743		$	1,229,129,426		$	1,110,306,427		$	93,396,133		$	88,066,670
Undistributed (Over-distribution of) net investment income at the end of period	$	(23,998	)	$	(1,108,090	)	$	(36,993	)	$	(2,317,581	)	$	(10,690	)	$	(10,690	)

N/A – Small Cap Growth Opportunities does not offer Class R6 shares.

  (1) – Class B Shares of Small Cap Growth Opportunities converted to Class A Shares at the close of business on October 28, 2013, and are no longer available through an exchange from other Nuveen mutual funds.

  (2) – Class R6 Shares were established and commenced operations on February 28, 2013.

See accompanying notes to financial statements.

Nuveen Investments 45

Financial

Highlights

Selected data for a share outstanding throughout each period:

Class (Commencement Date)			Investment Operations							Less Distributions
LARGE CAP GROWTH OPPORTUNITIES
Year Ended October 31,	Beginning Net Asset Value		Net Investment Income (Loss)(a)			Net Realized/ Unrealized Gain (Loss)		Total		From Net Investment Income			From Accumulated Net Realized Gains			Total			Ending Net Asset Value
Class A (1/95)
2013	$	34.09	$	(.05	)	$	9.63	$	9.58	$	—		$	(.41	)	$	(.41	)	$	43.26
2012		32.92		(.13	)		2.46		2.33		—			(1.16	)		(1.16	)		34.09
2011		30.24		(.15	)		2.83		2.68		—			—			—			32.92
2010		24.23		(.09	)		6.15		6.06		(.05	)		—			(.05	)		30.24
2009		21.52		.05			2.68		2.73		(.02	)		—			(.02	)		24.23
Class B (3/99)
2013		30.65		(.28	)		8.58		8.30		—			(.41	)		(.41	)		38.54
2012		29.90		(.33	)		2.24		1.91		—			(1.16	)		(1.16	)		30.65
2011		27.68		(.36	)		2.58		2.22		—			—			—			29.90
2010		22.31		(.26	)		5.63		5.37		—			—			—			27.68
2009		19.93		(.09	)		2.47		2.38		—			—			—			22.31
Class C (9/01)
2013		31.34		(.31	)		8.80		8.49		—			(.41	)		(.41	)		39.42
2012		30.57		(.35	)		2.28		1.93		—			(1.16	)		(1.16	)		31.34
2011		28.30		(.37	)		2.64		2.27		—			—			—			30.57
2010		22.81		(.27	)		5.76		5.49		—			—			—			28.30
2009		20.38		(.10	)		2.53		2.43		—			—			—			22.81
Class R3 (11/00)
2013		33.44		(.14	)		9.43		9.29		—			(.41	)		(.41	)		42.32
2012		32.39		(.22	)		2.43		2.21		—			(1.16	)		(1.16	)		33.44
2011		29.83		(.23	)		2.79		2.56		—			—			—			32.39
2010		23.92		(.16	)		6.07		5.91		—			—			—			29.83
2009		21.26		(.01	)		2.67		2.66		—			—			—			23.92
Class R6 (2/13)
2013(d)		37.47		(.02	)		7.82		7.80		—			—			—			45.27
Class I (12/92)
2013		35.55		.06			10.04		10.10		—			(.41	)		(.41	)		45.24
2012		34.19		(.04	)		2.56		2.52		—			(1.16	)		(1.16	)		35.55
2011		31.33		(.06	)		2.92		2.86		—			—			—			34.19
2010		25.09		(.03	)		6.38		6.35		(.11	)		—			(.11	)		31.33
2009		22.31		.11			2.77		2.88		(.10	)		—			(.10	)		25.09

46 Nuveen Investments

			Ratios/Supplemental Data
					Ratios to Average Net Assets Before Waiver/Reimbursement						Ratios to Average Net Assets After Waiver/Reimbursement(c)
Total Return(b)			Ending Net Assets (000)		Expenses			Net Investment Income (Loss)			Expenses			Net Investment Income (Loss)			Portfolio Turnover Rate(e)
	28.39	%	$	165,791		1.24	%		(.14	)%		1.24	%		(.14	)%		72	%
	7.66			134,788		1.26			(.42	)		1.23			(.39	)		73
	8.86			84,875		1.20			(.46	)		1.20			(.46	)		88
	25.03			66,409		1.21			(.36	)		1.20			(.35	)		106
	12.73			56,963		1.22			.24			1.22			.24			112
	27.38			1,061		1.99			(.84	)		1.99			(.84	)		72
	7.00			1,481		2.00			(1.10	)		1.98			(1.07	)		73
	8.02			2,411		1.95			(1.19	)		1.95			(1.19	)		88
	24.07			3,473		1.96			(1.07	)		1.95			(1.06	)		106
	11.94			4,749		1.97			(.48	)		1.97			(.48	)		112
	27.43			14,963		1.99			(.89	)		1.99			(.89	)		72
	6.88			11,193		2.01			(1.16	)		1.98			(1.14	)		73
	8.02			7,832		1.95			(1.21	)		1.95			(1.21	)		88
	24.07			4,220		1.96			(1.09	)		1.95			(1.08	)		106
	11.92			4,509		1.97			(.51	)		1.97			(.51	)		112
	28.07			11,320		1.49			(.39	)		1.49			(.39	)		72
	7.40			9,658		1.51			(.70	)		1.48			(.67	)		73
	8.58			3,431		1.45			(.72	)		1.45			(.72	)		88
	24.71			742		1.46			(.60	)		1.45			(.59	)		106
	12.51			667		1.47			(.05	)		1.47			(.05	)		112
	20.82			28,966		.91	*		(.06	)*		.91	*		(.06	)*		72
	28.69			403,480		.99			.14			.99			.14			72
	7.94			418,144		1.01			(.13	)		.98			(.11	)		73
	9.13			435,619		.95			(.17	)		.95			(.17	)		88
	25.34			546,605		.96			(.11	)		.95			(.10	)		106
	13.02			482,222		.97			.48			.97			.48			112

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

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

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

(d) For the period February 28, 2013 (commencement of operations) through October 31, 2013.

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

* Annualized.

See accompanying notes to financial statements.

Nuveen Investments 47

Financial Highlights (continued)

Selected data for a share outstanding throughout each period:

Class (Commencement Date)			Investment Operations							Less Distributions
MID CAP GROWTH OPPORTUNITIES
Year Ended October 31,	Beginning Net Asset Value		Net Investment Income (Loss)(a)			Net Realized/ Unrealized Gain (Loss)		Total		From Net Investment Income		From Accumulated Net Realized Gains			Total			Ending Net Asset Value
Class A (1/95)
2013	$	42.38	$	(.17	)	$	12.05	$	11.88	$	—	$	(3.15	)	$	(3.15	)	$	51.11
2012		41.36		(.16	)		2.77		2.61		—		(1.59	)		(1.59	)		42.38
2011		37.26		(.22	)		4.32		4.10		—		—			—			41.36
2010		28.83		(.18	)		8.61		8.43		—		—			—			37.26
2009		23.88		(.08	)		5.03		4.95		—		—			—			28.83
Class B (3/99)
2013		36.30		(.42	)		10.13		9.71		—		(3.15	)		(3.15	)		42.86
2012		35.93		(.42	)		2.38		1.96		—		(1.59	)		(1.59	)		36.30
2011		32.62		(.46	)		3.77		3.31		—		—			—			35.93
2010		25.43		(.37	)		7.56		7.19		—		—			—			32.62
2009		21.22		(.23	)		4.44		4.21		—		—			—			25.43
Class C (9/01)
2013		38.17		(.45	)		10.72		10.27		—		(3.15	)		(3.15	)		45.29
2012		37.70		(.43	)		2.49		2.06		—		(1.59	)		(1.59	)		38.17
2011		34.21		(.49	)		3.98		3.49		—		—			—			37.70
2010		26.67		(.39	)		7.93		7.54		—		—			—			34.21
2009		22.26		(.24	)		4.65		4.41		—		—			—			26.67
Class R3 (12/00)
2013		41.35		(.27	)		11.72		11.45		—		(3.15	)		(3.15	)		49.65
2012		40.50		(.27	)		2.71		2.44		—		(1.59	)		(1.59	)		41.35
2011		36.58		(.31	)		4.23		3.92		—		—			—			40.50
2010		28.37		(.26	)		8.47		8.21		—		—			—			36.58
2009		23.56		(.14	)		4.95		4.81		—		—			—			28.37
Class R6 (2/13)
2013(d)		46.61		(.05	)		9.41		9.36		—		—			—			55.97
Class I (12/89)
2013		45.97		(.06	)		13.17		13.11		—		(3.15	)		(3.15	)		55.93
2012		44.62		(.06	)		3.00		2.94		—		(1.59	)		(1.59	)		45.97
2011		40.09		(.10	)		4.63		4.53		—		—			—			44.62
2010		30.94		(.11	)		9.26		9.15		—		—			—			40.09
2009		25.57		(.02	)		5.39		5.37		—		—			—			30.94

48 Nuveen Investments

			Ratios/Supplemental Data
					Ratios to Average Net Assets Before Waiver/Reimbursement						Ratios to Average Net Assets After Waiver/Reimbursement(c)
Total Return(b)			Ending Net Assets (000)		Expenses			Net Investment Income (Loss)			Expenses			Net Investment Income (Loss)			Portfolio Turnover Rate(e)
	30.27	%	$	355,086		1.30	%		(.38	)%		1.29	%		(.38	)%		108	%
	6.88			306,507		1.30			(.42	)		1.27			(.39	)		113
	11.00			289,038		1.26			(.53	)		1.26			(.53	)		114
	29.24			275,040		1.23			(.57	)		1.23			(.57	)		114
	20.73			231,743		1.23			(.33	)		1.23			(.33	)		123
	29.29			1,906		2.06			(1.11	)		2.05			(1.11	)		108
	6.08			2,576		2.05			(1.18	)		2.02			(1.15	)		113
	10.15			4,127		2.01			(1.26	)		2.01			(1.26	)		114
	28.27			5,490		1.98			(1.31	)		1.98			(1.31	)		114
	19.84			6,762		1.98			(1.06	)		1.98			(1.06	)		123
	29.33			22,181		2.05			(1.14	)		2.04			(1.13	)		108
	6.06			17,874		2.05			(1.16	)		2.02			(1.13	)		113
	10.20			14,314		2.01			(1.28	)		2.01			(1.28	)		114
	28.27			13,564		1.98			(1.32	)		1.98			(1.32	)		114
	19.81			12,894		1.98			(1.07	)		1.98			(1.07	)		123
	29.97			47,168		1.55			(.63	)		1.54			(.63	)		108
	6.59			38,869		1.55			(.67	)		1.52			(.64	)		113
	10.72			34,929		1.51			(.77	)		1.51			(.77	)		114
	28.94			33,772		1.48			(.82	)		1.48			(.82	)		114
	20.42			26,822		1.48			(.59	)		1.48			(.59	)		123
	20.12			25,874		.92	*		(.14	)*		.92	*		(.14	)*		108
	30.60			776,915		1.05			(.13	)		1.04			(.12	)		108
	7.13			744,480		1.05			(.17	)		1.02			(.14	)		113
	11.30			728,843		1.01			(.21	)		1.01			(.21	)		114
	29.57			993,053		.98			(.31	)		.98			(.31	)		114
	21.00			907,825		.98			(.09	)		.98			(.09	)		123

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

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

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

(d) For the period February 28, 2013 (commencement of operations) through October 31, 2013.

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

* Annualized.

See accompanying notes to financial statements.

Nuveen Investments 49

Financial Highlights (continued)

Selected data for a share outstanding throughout each period:

Class (Commencement Date)			Investment Operations							Less Distributions
SMALL CAP GROWTH OPPORTUNITIES
Year Ended October 31,	Beginning Net Asset Value		Net Investment Income (Loss)(a)			Net Realized/ Unrealized Gain (Loss)		Total		From Net Investment Income		From Accumulated Net Realized Gains			Total			Ending Net Asset Value
Class A (8/95)
2013	$	21.25	$	(.26	)	$	7.93	$	7.67	$	—	$	(1.79	)	$	(1.79	)	$	27.13
2012		20.41		(.21	)		1.35		1.14		—		(.30	)		(.30	)		21.25
2011		19.04		(.24	)		1.61		1.37		—		—			—			20.41
2010		14.55		(.18	)		4.67		4.49		—		—			—			19.04
2009		11.96		(.11	)		2.70		2.59		—		—			—			14.55
Class C (9/01)
2013		19.17		(.38	)		7.05		6.67		—		(1.79	)		(1.79	)		24.05
2012		18.58		(.34	)		1.23		.89		—		(.30	)		(.30	)		19.17
2011		17.46		(.36	)		1.48		1.12		—		—			—			18.58
2010		13.44		(.28	)		4.30		4.02		—		—			—			17.46
2009		11.13		(.19	)		2.50		2.31		—		—			—			13.44
Class R3 (12/00)
2013		20.81		(.30	)		7.73		7.43		—		(1.79	)		(1.79	)		26.45
2012		20.04		(.26	)		1.33		1.07		—		(.30	)		(.30	)		20.81
2011		18.74		(.29	)		1.59		1.30		—		—			—			20.04
2010		14.36		(.22	)		4.60		4.38		—		—			—			18.74
2009		11.83		(.16	)		2.69		2.53		—		—			—			14.36
Class I (8/95)
2013		23.03		(.21	)		8.65		8.44		—		(1.79	)		(1.79	)		29.68
2012		22.04		(.17	)		1.46		1.29		—		(.30	)		(.30	)		23.03
2011		20.51		(.19	)		1.72		1.53		—		—			—			22.04
2010		15.63		(.15	)		5.03		4.88		—		—			—			20.51
2009		12.81		(.09	)		2.91		2.82		—		—			—			15.63

50 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)
	39.22	%	$	40,965		1.55	%		(1.17	)%		1.46	%		(1.09	)%		119	%
	5.73			35,306		1.72			(1.21	)		1.47			(.97	)		118
	7.20			36,188		1.54			(1.19	)		1.47			(1.12	)		118
	30.86			39,501		1.68			(1.26	)		1.47			(1.05	)		142
	21.66			30,202		1.79			(1.21	)		1.47			(.89	)		169
	38.17			2,350		2.30			(1.91	)		2.22			(1.83	)		119
	4.93			1,568		2.46			(1.96	)		2.22			(1.72	)		118
	6.41			1,546		2.29			(1.94	)		2.22			(1.87	)		118
	29.91			1,596		2.43			(2.01	)		2.22			(1.80	)		142
	20.75			1,341		2.54			(1.98	)		2.22			(1.66	)		169
	38.86			1,941		1.80			(1.40	)		1.72			(1.32	)		119
	5.48			2,395		1.96			(1.46	)		1.72			(1.22	)		118
	6.94			2,334		1.79			(1.44	)		1.72			(1.37	)		118
	30.50			2,185		1.93			(1.52	)		1.72			(1.31	)		142
	21.39			1,469		2.04			(1.56	)		1.72			(1.24	)		169
	39.55			48,141		1.30			(.90	)		1.22			(.82	)		119
	5.99			48,111		1.47			(.96	)		1.22			(.72	)		118
	7.46			63,866		1.31			(.94	)		1.22			(.84	)		118
	31.22			141,215		1.43			(1.01	)		1.22			(.80	)		142
	22.01			103,423		1.54			(.99	)		1.22			(.67	)		169

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

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

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

(d) 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.

See accompanying notes to financial statements.

Nuveen Investments 51

Notes to

Financial Statements

1. General Information and Significant Accounting Policies

General Information

Trust Information

Nuveen Investment Funds, Inc. (the “Trust”), is an open-end investment company registered under the Investment Company Act of 1940, as amended. The Trust is comprised of Nuveen Large Cap Growth Opportunities Fund (“Large Cap Growth Opportunities”), Nuveen Mid Cap Growth Opportunities Fund (“Mid Cap Growth Opportunities”) and Nuveen Small Cap Growth Opportunities Fund (“Small Cap Growth Opportunities”), (each a “Fund” and collectively, the “Funds”), as diversified funds, among others. The Trust was incorporated in the State of Maryland on August 20, 1987.

Investment Adviser

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

The Adviser is responsible for the 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.

Fund Information

Large Cap Growth Opportunities’ investment objective is long-term growth of capital. Under normal market conditions, the Fund invests at least 80% of its net assets, plus the amount of any borrowings for investment purposes, in common stocks of large-capitalization companies, defined as companies that have market capitalizations of $5 billion or greater at the time of purchase.

Mid Cap Growth Opportunities’ investment objective is capital appreciation. Under normal market conditions, the Fund invests at least 80% of its net assets, plus the amount of any borrowings for investment purposes, in common stocks of mid-capitalization companies, defined as companies that have market capitalizations at the time of purchase within the market capitalization range of the companies in the Russell Midcap^® Index immediately after its most recent reconstitution prior to such purchase. It is expected that reconstitution of the index will occur each year at the end of June. Immediately after the most recent reconstitution, the range was $699 million to $19.2 billion.

Small Cap Growth Opportunities’ investment objective is growth of capital. Under normal market conditions, the Fund invests at least 80% of its net assets, plus the amount of any borrowings for investment purposes, in common stocks of small-capitalization companies, defined as companies that have market capitalizations of less than $3 billion at the time of purchase.

Each Fund may invest up to 15% of its total assets in non-dollar denominated equity securities of non-U.S. issuers. In addition, each Fund may invest up to 25% of its assets, collectively, in non-dollar denominated equity securities of non-U.S. issuers and in dollar-denominated equity securities of non-U.S. issuers that are either listed on a U.S. stock exchange or represented by depositary receipts that may or may not be sponsored by a domestic bank. Up to 15% of each Fund’s total assets may be invested in equity securities of emerging market issuers. Each Fund may utilize options, futures contracts, options on futures contracts and forward foreign currency exchanges contracts (“derivatives”). Each Fund may use these derivatives to manage market or business risk, enhance each Fund’s return, or hedge against adverse movements in currency exchange rates.

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

Class B Shares

Effective at the close of business on October 28, 2013, Class B Shares of Small Cap Growth Opportunities were converted to Class A Shares and are no longer available through an exchange from other Nuveen mutual funds.

Class R6 Shares

On February 28, 2013, Large Cap Growth Opportunities and Mid Cap Growth Opportunities began offering Class R6 Shares. In connection with this offering certain limited categories of investors of Class I Shares, as defined in the Funds’ prospectus, were exchanged to Class R6 Shares.

52 Nuveen Investments

Significant Accounting Policies

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

Investment Transactions

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

Investment Income

Dividend income is recorded on the ex-dividend date or, for foreign securities, when information is available. Interest income is recorded on an accrual basis. Securities lending income is comprised of fees earned from borrowers and income earned on cash collateral investments, net of lending agent fees.

Professional Fees

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

Dividends and Distributions to Shareholders

Dividends from net investment income and net realized gains from investment transactions, if any, are declared and distributed to shareholders at least annually. Furthermore, capital gains are distributed only to the extent they exceed available capital loss carryforwards.

Distributions to shareholders are recorded on the ex-dividend date. The amount and timing of distributions are determined in accordance with federal income tax regulations, which may differ from U.S. GAAP.

Share Classes and Sales Charges

Class A Shares are generally sold with an up-front sales charge and incur a .25% annual 12b-1 service fee. Class A Share purchases of $1 million or more are sold at net asset value without an up-front sales charge but may be subject to a contingent deferred sales charge (“CDSC”) if redeemed within twelve months of purchase. Large Cap Growth Opportunities and Mid Cap Growth Opportunities will issue Class B Shares upon the exchange of Class B Shares from another Nuveen mutual fund or for purposes of dividend reinvestment, but Class B Shares are not available for new accounts or for additional investment into existing accounts. Class B Shares were sold without an up-front sales charge but incur a .75% annual 12b-1 distribution fee and a .25% annual 12b-1 service fee. Class B Shares are subject to a CDSC of up to 5% depending upon the length of time the shares are held by the investor (CDSC is reduced to 0% at the end of six years). Class B Shares automatically convert to Class A Shares eight years after purchase. Class C Shares are sold without an up-front sales charge but incur a .75% annual 12b-1 distribution fee and a .25% annual 12b-1 service fee. Class C Shares are subject to a CDSC of 1% if redeemed within twelve months of purchase. Class R3 Shares are sold without an upfront sales charge but incur a .25% annual 12b-1 distribution and a ..25% annual 12b-1 service fee. Class R6 Shares and 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 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 shareholder service fees. Sub-transfer agent fees, which are recognized as a component of “Shareholder servicing agent fees and expenses” on the Statement of Operations and are prorated among the classes based on relative net assets, are not charged to Class R6 Shares.

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

Nuveen Investments 53

Notes to Financial Statements (continued)

Use of Estimates

The preparation of financial statements in conformity with U.S. GAAP requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities at the date of the financial statements and the reported amounts of increases and decreases in net assets from operations during the reporting period. Actual results may differ from those estimates.

2. Investment Valuation and Fair Value Measurements

Investment Valuation

Common stocks and other equity-type securities are valued at the last sales price on the securities exchange on which such securities are primarily traded and are generally classified as Level 1 for fair value measurement purposes. Securities primarily traded on the NASDAQ National Market (“NASDAQ”) are valued, except as indicated below, at the NASDAQ Official Closing Price and are generally classified as Level 1. However, securities traded on a securities exchange or NASDAQ for which there were no transactions on a given day or securities not listed on a securities exchange or NASDAQ are valued at the quoted bid price and are generally classified as Level 2. Prices of certain American Depositary Receipts (“ADR”) held by the Funds that trade in the United States are valued based on the last traded price, official closing price, or the most recent bid price of the underlying non-U.S.-traded stock, adjusted as appropriate for the underlying-to-ADR conversion ratio and foreign exchange rate, and from time-to-time may also be adjusted further to take into account material events that may take place after the close of the local non-U.S. market but before the close of the New York Stock Exchange. These securities may represent a transfer from a Level 1 to a Level 2 security.

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

Certain securities may not be able to be priced by the pre-established pricing methods as described above. Such securities may be valued by the Funds’ Board of Directors or its designee at fair value. These securities generally include, but are not limited to, restricted securities (securities which may not be publicly sold without registration under the Securities Act of 1933, as amended) for which a pricing service is unable to provide a market price; securities whose trading has been formally suspended; debt securities that have gone into default and for which there is no current market quotation; a security whose market price is not available from a pre-established pricing source; a security with respect to which an event has occurred that is likely to materially affect the value of the security after the market has closed but before the calculation of a Fund’s net asset value (as may be the case in non-U.S. markets on which the security is primarily traded) or make it difficult or impossible to obtain a reliable market quotation; and a security whose price, as provided by the pricing service, is not deemed to reflect the security’s fair value. As a general principle, the fair value of a security would appear to be the amount that the owner might reasonably expect to receive for it in a current sale. A variety of factors may be considered in determining the fair value of such securities, which may include consideration of the following: yields or prices of investments of comparable quality, type of issue, coupon, maturity and rating, market quotes or indications of value from security dealers, evaluations of anticipated cash flows or collateral, general market conditions and other information and analysis, including the obligor’s credit characteristics considered relevant. These securities are generally classified as Level 2 or Level 3 depending on the priority of the significant inputs. Regardless of the method employed to value a particular security, all valuations are subject to review by the Funds’ Board of Directors or its designee.

Fair Value Measurements

Fair value is defined as the price that the Funds would receive upon selling an investment or transferring a liability in an orderly transaction to an independent buyer in the principal or most advantageous market for the investment. A three-tier hierarchy is used to maximize the use of observable market data and minimize the use of unobservable inputs and to establish classification of fair value measurements for disclosure purposes. Observable inputs reflect the assumptions market participants would use in pricing the asset or liability. Observable inputs are based on market data obtained from sources independent of the reporting entity. Unobservable inputs reflect the reporting entity’s own assumptions about the assumptions market participants would use in pricing the asset or liability. Unobservable inputs are based on the best information available in the circumstances. The following is a summary of the three-tiered hierarchy of valuation input levels.

Level 1 –	Inputs are unadjusted and prices are determined using quoted prices in active markets for identical securities.
Level 2 –	Prices are determined using other significant observable inputs (including quoted prices for similar securities, interest rates, prepayment speeds, credit risk, etc.).
Level 3 –	Prices are determined using significant unobservable inputs (including management’s assumptions in determining the fair value of investments).

54 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:

Large Cap Growth Opportunities	Level 1		Level 2		Level 3			Total
Long-Term Investments*:
Common Stocks	$	625,605,106	$	—	$	—		$	625,605,106
Investments Purchased with Collateral from Securities Lending		181,651,530		—		—			181,651,530
Short-Term Investments:
Money Market Funds		3,377,345		—		—			3,377,345
Total	$	810,633,981	$	—	$	—		$	810,633,981
Mid Cap Growth Opportunities	Level 1		Level 2		Level 3			Total
Long-Term Investments*:
Common Stocks	$	1,199,833,394	$	—	$	—		$	1,199,833,394
Investments Purchased with Collateral from Securities Lending		315,031,451		—		—			315,031,451
Short-Term Investments:
Money Market Funds		26,102,023		—		—			26,102,023
Total	$	1,540,966,868	$	—	$	—		$	1,540,966,868
Small Cap Growth Opportunities	Level 1		Level 2		Level 3			Total
Long-Term Investments*:
Common Stocks	$	88,619,247	$	—	$	—	**	$	88,619,247
Investments Purchased with Collateral from Securities Lending		24,123,493		—		—			24,123,493
Short-Term Investments:
Money Market Funds		3,639,267		—		—			3,639,267
Total	$	116,382,007	$	—	$	—	**	$	116,382,007

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

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

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

The Valuation Committee will consider pricing methodologies it deems relevant and appropriate when making 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 of Directors/Trustees, the fair value price is compared against the last available and next available market quotations. The Valuation Committee reviews the results of such testing and fair valuation occurrences are reported to the Board of Directors/Trustees.

Nuveen Investments 55

Notes to Financial Statements (continued)

3. Portfolio Securities and Investments in Derivatives

Portfolio Securities

Foreign Currency Transactions

To the extent that the Funds invest in securities and/or contracts that are denominated in a currency other than U.S. dollars, the Funds will be subject to currency risk, which is the risk that an increase in the U.S. dollar relative to the foreign currency will reduce returns or portfolio value. Generally, when the U.S. dollar rises in value against a foreign currency, the Funds’ investments denominated in that currency will lose value because their currency is worth fewer U.S. dollars; the opposite effect occurs if the U.S. dollar falls in relative value. Investments and other assets and liabilities denominated in foreign currencies are converted into U.S. dollars on a spot (i.e. cash) basis at the spot rate prevailing in the foreign currency exchange market at the time of valuation. Purchases and sales of investments and income denominated in foreign currencies are translated into U.S. dollars on the respective dates of such transactions.

The books and records of the Funds are maintained in U.S. dollars. Foreign currencies, assets and liabilities are translated into U.S. dollars at 4:00 p.m. Eastern Time. Investment transactions, income and expenses are translated on the respective dates of such transactions. Net realized foreign currency gains and losses resulting from changes in exchange rates include foreign currency gains and losses between trade date and settlement date of the transactions, foreign currency transactions and the difference between the amounts of interest and dividends recorded on the books of 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 other assets and liabilities on investments and derivatives are recognized as a component of “Net realized gain (loss) from investments and foreign currency,” on the Statement of Operations, when applicable.

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

Securities Lending

In order to generate additional income, each Fund may lend securities representing up to one-third of the value of its total assets (which includes collateral for securities on loan) to broker-dealers, banks or other institutions. Each Fund’s policy is to receive cash collateral equal to at least 102% of the value of securities loaned, which is recognized as “Collateral from securities lending program” on the Statement of Assets and Liabilities. The adequacy of the collateral is monitored on a daily basis. If the value of the securities on loan increases, such that the level of collateralization falls below 102%, additional collateral is received from the borrower, which is recognized as “Due from broker” on the Statement of Assets and Liabilities, when applicable. As with other extensions of credit, there may be risks of delay in recovery of the securities or even loss of rights in the collateral should the borrower of the security fail financially.

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

Income from securities lending, net of fees paid, is recognized on the Statement of Operations as “Securities lending income, net” Securities lending fees paid by each Fund during the fiscal year ended October 31, 2013, were as follows:

	Large Cap Growth Opportunities		Mid Cap Growth Opportunities		Small Cap Growth Opportunities
Securities lending fees paid	$	12,371	$	76,140	$	7,885

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 fiscal year ended October 31, 2013.

56 Nuveen Investments

Market and Counterparty Credit Risk

In the normal course of business each Fund may invest in financial instruments and enter into financial transactions where risk of potential loss exists due to changes in the market (market risk) or failure of the other party to the transaction to perform (counterparty credit risk). The potential loss could exceed the value of the financial assets recorded on the financial statements. Financial assets, which potentially expose each Fund to counterparty credit risk, consist principally of cash due from counterparties on forward, option and swap transactions, when applicable. The extent of each Fund’s exposure to counterparty credit risk in respect to these financial assets approximates their carrying value as recorded on the Statement of Assets and Liabilities.

Each Fund helps manage counterparty credit risk by entering into agreements only with counterparties the Adviser believes have the financial resources to honor their obligations and by having the Adviser monitor the financial stability of the counterparties. Additionally, counterparties may be required to pledge collateral daily (based on the daily valuation of the financial asset) on behalf of each Fund with a value approximately equal to the amount of any unrealized gain above a pre-determined threshold. Reciprocally, when each Fund has an unrealized loss, the Funds have instructed the custodian to pledge assets of the Funds as collateral with a value approximately equal to the amount of the unrealized loss above a pre-determined threshold. Collateral pledges are monitored and subsequently adjusted if and when the valuations fluctuate, either up or down, by at least the pre-determined threshold amount.

4. Fund Shares

Transactions in Fund shares were as follows:

	Large Cap Growth Opportunities
	Year Ended 10/31/13						Year Ended 10/31/12
	Shares			Amount			Shares			Amount
Shares sold:
Class A		832,095		$	31,005,131			1,977,056		$	67,022,340
Class B – exchanges		1,077			34,962			2,060			64,799
Class C		142,887			4,743,351			144,538			4,470,537
Class R3		92,524			3,365,668			243,928			7,858,765
Class R6(1)		122,336			5,216,225			—			—
Class R6(1) – exchanges of Class I Shares		591,770			22,173,634			—			—
Class I		1,263,806			48,403,793			3,476,160			120,493,790
Shares issued to shareholders due to reinvestment of distributions:
Class A		44,624			1,507,852			105,705			3,128,856
Class B		607			18,394			3,203			85,704
Class C		3,158			97,877			8,270			226,508
Class R3		3,455			114,428			5,050			146,968
Class R6(1)		—			—			—			—
Class I		71,535			2,522,315			215,508			6,637,635
		3,169,874			119,203,630			6,181,478			210,135,902
Shares redeemed:
Class A		(997,597	)		(37,345,726	)		(707,801	)		(23,866,671	)
Class B		(22,472	)		(747,073	)		(37,567	)		(1,150,978	)
Class C		(123,684	)		(4,173,300	)		(51,770	)		(1,610,482	)
Class R3		(117,251	)		(4,200,986	)		(66,117	)		(2,157,862	)
Class R6(1)		(74,264	)		(3,085,237	)		—			—
Class I		(3,587,032	)		(138,988,508	)		(4,672,394	)		(164,546,906	)
Class I – exchange to Class R6 Shares		(591,770	)		(22,173,634	)		—			—
		(5,514,070	)		(210,714,464	)		(5,535,649	)		(193,332,899	)
Net increase (decrease)		(2,344,196	)	$	(91,510,834	)		645,829		$	16,803,003

⁽¹⁾  Class R6 shares were established and commenced operations on February 28, 2013.

Nuveen Investments 57

Notes to Financial Statements (continued)

	Mid Cap Growth Opportunities
	Year Ended 10/31/13							Year Ended 10/31/12
	Shares			Amount				Shares			Amount
Shares sold:
Class A		974,569		$	43,573,697				1,876,175		$	78,271,691
Class B – exchanges		56			2,000				1,177			41,138
Class C		93,837			3,753,518				137,723			5,238,734
Class R3		237,619			10,411,156				536,070			21,615,530
Class R6(1)		280,298			15,265,317				—			—
Class R6(1) – exchanges of Class I Shares		214,584			10,001,758				—			—
Class I		1,771,048			85,820,243				3,677,764			165,430,039
Shares issued to shareholders due to reinvestment of distributions:							��
Class A		560,975			22,119,255				293,603			10,810,446
Class B		6,290			209,390				5,239			166,355
Class C		35,529			1,249,541				16,012			534,474
Class R3		76,412			2,933,461				38,238			1,376,941
Class R6(1)		—			—				—			—
Class I		858,554			36,969,351				437,404			17,430,562
		5,109,771			232,308,687				7,019,405			300,915,910
Shares redeemed:
Class A		(1,821,251	)		(81,706,324	)			(1,924,502	)		(80,454,417	)
Class B		(32,857	)		(1,226,137	)			(50,297	)		(1,825,565	)
Class C		(107,877	)		(4,259,516	)			(65,179	)		(2,450,815	)
Class R3		(304,025	)		(13,132,273	)			(496,726	)		(20,010,287	)
Class R6(1)		(32,595	)		(1,652,857	)			—			—
Class I		(4,719,456	)		(232,150,945	)			(4,255,206	)		(191,006,284	)
Class I – exchange to Class R6 Shares		(214,584	)		(10,001,758	)			—			—
		(7,232,675	)		(344,129,810	)			(6,791,910	)		(295,747,368	)
Net increase (decrease)		(2,122,904	)	$	(111,821,123	)			227,495		$	5,168,542
	Small Cap Growth Opportunities
	Year Ended 10/31/13							Year Ended 10/31/12
	Shares			Amount				Shares			Amount
Shares sold:
Class A		146,968		$	3,499,661				181,562		$	3,953,207
Class B(2) – exchanges		—			—				271			4,858
Class C		31,386			664,912				10,821			213,237
Class R3		31,619			702,677				40,793			861,003
Class I		378,613			10,015,868				301,530			7,000,755
Shares issued to shareholders due to reinvestment of distributions:
Class A		139,900			2,770,011				25,561			492,295
Class B(2)		3,379			56,611				1,301			21,675
Class C		7,502			132,547				1,334			23,323
Class R3		9,277			179,503				1,836			34,697
Class I		66,763			1,442,757				12,551			261,310
		815,407			19,464,547				577,560			12,866,360
Shares redeemed:
Class A		(438,406	)		(10,180,374	)			(318,800	)		(6,900,577	)
Class B(2)		(40,988	)		(883,640	)			(47,582	)		(893,732	)
Class C		(22,982	)		(464,777	)			(13,576	)		(259,174	)
Class R3		(82,576	)		(1,806,471	)			(44,038	)		(923,620	)
Class I		(912,572	)		(23,218,971	)			(1,123,082	)		(25,982,927	)
		(1,497,524	)		(36,554,233	)			(1,547,078	)		(34,960,030	)
Net increase (decrease)		(682,117	)	$	(17,089,686	)			(969,518	)	$	(22,093,670	)

⁽¹⁾  Class R6 Shares were established and commenced operations on February 28, 2013.

⁽²⁾  Class B Shares of Small Cap Growth Opportunities converted to Class A Shares at the close of business on October 28, 2013, and are no longer available through an exchange from other Nuveen mutual funds.

58 Nuveen Investments

Class B Shares that converted to Class A Shares (recognized as a component of Class A Shares sold and Class B Shares redeemed) during the fiscal years ended October 31, 2013 and October 31, 2012, were as follows:

Fund	Year Ended 10/31/13		Year Ended 10/31/12
Large Cap Growth Opportunities		10,037		50,367
Mid Cap Growth Opportunities		7,906		36,727
Small Cap Growth Opportunities		25,623		54,323

5. Investment Transactions

Purchases and sales (excluding investments purchased with collateral from securities lending and short-term investments) during the fiscal year ended October 31, 2013, were as follows:

	Large Cap Growth Opportunities		Mid Cap Growth Opportunities		Small Cap Growth Opportunities
Purchases	$	418,752,724	$	1,241,229,258	$	101,060,096
Sales		516,560,284		1,442,702,003		127,000,099

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.

For all open tax years and all major taxing jurisdictions, management of the Funds has concluded that there are no significant uncertain tax positions that would require recognition in the financial statements. Open tax years are those that are open for examination by taxing authorities (i.e., generally the last four tax year ends and the interim tax period since then). Furthermore, management of the Funds is also not aware of any tax positions for which it is reasonably possible that the total amounts of unrecognized tax benefits will significantly change in the next twelve months.

The following information is presented on an income tax basis. Differences between amounts for financial statement and federal income tax purposes are primarily due to timing differences in recognizing certain gains and losses on investment transactions. To the extent that differences arise that are permanent in nature, such amounts are reclassified within the capital accounts as detailed below. Temporary differences do not require reclassification. Temporary and permanent differences do not impact the net asset values of the Funds.

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

	Large Cap Growth Opportunities			Mid Cap Growth Opportunities			Small Cap Growth Opportunities
Cost of investments	$	610,309,345		$	1,250,864,538		$	97,765,319
Gross unrealized:
Appreciation	$	202,954,948		$	298,663,154		$	20,713,829
Depreciation		(2,630,312	)		(8,560,824	)		(2,097,141	)
Net unrealized appreciation (depreciation) of investments	$	200,324,636		$	290,102,330		$	18,616,688

Permanent differences, primarily due to net operating losses, tax equalization and investments in partnerships, resulted in reclassifications among the Funds’ components of net assets as of October 31, 2013, the Funds’ tax year end, as follows:

	Large Cap Growth Opportunities			Mid Cap Growth Opportunities			Small Cap Growth Opportunities
Capital paid-in	$	45,705		$	5,283		$	56,571
Undistributed (Over-distribution of) net investment income		897,617			4,966,603			856,488
Accumulated net realized gain (loss)		(943,322	)		(4,971,886	)		(913,059	)

Nuveen Investments 59

Notes to Financial Statements (continued)

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

	Large Cap Growth Opportunities		Mid Cap Growth Opportunities		Small Cap Growth Opportunities
Undistributed net ordinary income(1)	$	10,008,087	$	15,419,469	$	7,443,311
Undistributed net long-term capital gains		83,461,343		191,918,368		8,369,546

⁽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’ tax years ended October 31, 2013 and October 31, 2012, was designated for purposes of the dividends paid deduction as follows:

2013	Large Cap Growth Opportunities		Mid Cap Growth Opportunities		Small Cap Growth Opportunities
Distributions from net ordinary income(1)	$	—	$	—	$	1,929,944
Distributions from net long-term capital gains(2)		6,577,594		77,350,795		4,999,973

2012	Large Cap Growth Opportunities		Mid Cap Growth Opportunities		Small Cap Growth Opportunities
Distributions from net ordinary income(1)	$	—	$	—	$	—
Distributions from net long-term capital gains		18,073,953		38,619,816		1,411,345

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

⁽²⁾  The Funds designate as long-term capital gain dividend, pursuant to the Internal Revenue Code Section 852 (b)(3), the amount necessary to reduce earnings and profits of the Funds related to net capital gain to zero for the tax year ended October 31, 2013.

During the Funds’ tax year ended October 31, 2013, there were no capital losses generated.

7. Management Fees and Other Transactions with Affiliates

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

Each Fund’s management fee consists of two components – a fund-level fee, based only on the amount of assets within each individual Fund, and a complex-level fee, based on the aggregate amount of all eligible fund assets managed by the Adviser. This pricing structure enables each Fund’s shareholders to benefit from growth in the assets within their respective Fund as well as from growth in the amount of complex-wide assets managed by the Adviser.

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

Average Daily Net Assets	Large Cap Growth Opportunities Fund-Level Fee Rate			Mid Cap Growth Opportunities Fund-Level Fee Rate			Small Cap Growth Opportunities Fund-Level Fee Rate
For the first $125 million		.6500	%		.7000	%		.8000	%
For the next $125 million		.6375			.6875			.7875
For the next $250 million		.6250			.6750			.7750
For the next $500 million		.6125			.6625			.7625
For the next $1 billion		.6000			.6500			.7500
For net assets over $2 billion		.5750			.6250			.7250

60 Nuveen Investments

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

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

* The complex-level fee is calculated based upon the aggregate daily “eligible assets” of all Nuveen Funds. Eligible assets do not include assets attributable to investments in other Nuveen Funds or assets in excess of $2 billion added to the Nuveen Fund complex in connection with the Adviser’s assumption of the management of the former First American Funds effective January 1, 2011. Eligible assets include closed-end fund assets managed by the Adviser that are attributable to 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 the TOB trust that has been effectively financed by the trust’s issuance of floating rate securities, subject to an agreement by the Adviser as to certain funds to limit the amount of such assets for determining eligible assets in certain circumstances. As of October 31, 2013, the complex-level fee rate for each Fund was as follows:

Fund	Complex-Level Fee Rate
Large Cap Growth Opportunities		.1935	%
Mid Cap Growth Opportunities		.1935
Small Cap Growth Opportunities		.2000

The Adviser has contractually agreed to waive fees and/or reimburse other Fund expenses of Small Cap Growth Opportunities so that total annual Fund operating expenses, after fee waivers and/or expense reimbursements and excluding any acquired fund fees and expenses, do not exceed the percentages of the average daily net assets of any class of Fund shares in the amounts and for the time period stated in the following table:

	Class A Shares			Class B Shares		Class C Shares		Class R3 Shares		Class I Shares		Expiration date
Small Cap Growth Opportunities		1.47	%		2.22%		2.22%		1.72%		1.22%		February 28, 2014

The Adviser agreed to reimburse management fees across all share classes of Large Cap Growth Opportunities and Mid Cap Growth Opportunities through December 31, 2012, to the extent necessary to maintain Class I Share total annual operating expenses, not including any acquired fund fees and expenses, at the applicable percentage of daily net assets listed in the Maximum Expense Level row of the following table, provided that in no event will the Adviser be required to make any reimbursements that would result in an annualized net management fee of less than the applicable percentage of daily net assets listed in the Minimum Management Fee row of the following table.

	Large Cap Growth Opportunities			Mid Cap Growth Opportunities
Maximum Expense Level		.98	%		.99	%
Minimum Management Fee		.80			.84

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

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

Nuveen Investments 61

Notes to Financial Statements (continued)

During the fiscal year ended October 31, 2013, Nuveen Securities, LLC (the “Distributor”), a wholly-owned subsidiary of Nuveen, collected sales charges on purchases of Class A Shares, the majority of which were paid out as concessions to financial intermediaries as follows:

	Large Cap Growth Opportunities		Mid Cap Growth Opportunities		Small Cap Growth Opportunities
Sales charges collected (Unaudited)	$	78,557	$	127,692	$	29,626
Paid to financial intermediaries (Unaudited)		70,258		111,812		25,914

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

During the fiscal year ended October 31, 2013, the Distributor compensated financial intermediaries directly with commission advances at the time of purchase as follows:

	Large Cap Growth Opportunities		Mid Cap Growth Opportunities		Small Cap Growth Opportunities
Commission advances (Unaudited)	$	42,610	$	27,338	$	3,524

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

	Large Cap Growth Opportunities		Mid Cap Growth Opportunities		Small Cap Growth Opportunities
12b-1 fees retained (Unaudited)	$	53,745	$	87,687	$	16,990

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

The Distributor also collected and retained CDSC on share redemptions during the fiscal year ended October 31, 2013, as follows:

	Large Cap Growth Opportunities		Mid Cap Growth Opportunities		Small Cap Growth Opportunities
CDSC retained (Unaudited)	$	7,181	$	14,138	$	212

8. New Accounting Pronouncements

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

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

62 Nuveen Investments

Trustees and Officers (Unaudited)

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

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

Name, Year of Birth & Address	Position(s) Held with the Funds	Year First Elected or Appointed (1)	Principal Occupation(s) Including other Directorships During Past 5 Years	Number of Portfolios in Fund Complex Overseen by Trustee
Independent Trustees:
William J. Schneider 1944 333 W. Wacker Drive Chicago, IL 60606	Chairman of the Board and Trustee	1996	Chairman of Miller-Valentine Partners Ltd., a real estate investment company; formerly, Senior Partner and Chief Operating Officer (retired 2004) of Miller-Valentine Group; owner in several other Miller-Valentine entities; Board Member of Mid-America Health System, Tech Town, Inc., a not-for-profit community development company and WDPR Public Radio Station; formerly, member, Business Advisory Council, Cleveland Federal Reserve Bank and University of Dayton Business School Advisory Council.	206
Robert P. Bremner 1940 333 W. Wacker Drive Chicago, IL 60606	Trustee	1996	Private Investor and Management Consultant; Treasurer and Director, Humanities Council of Washington, D.C.; Board Member, Independent Directors Council affiliated with the Investment Company Institute.	206
Jack B. Evans 1948 333 W. Wacker Drive Chicago, IL 60606	Trustee	1999	President, The Hall-Perrine Foundation, a private philanthropic corporation (since 1996); Chairman, United Fire Group, a publicly held company; formerly, member and President Pro Tem of the Board of Regents for the State of Iowa University System; Director, Source Media Group; Life Trustee of Coe College; formerly, Director, Alliant Energy; formerly, Director, Federal Reserve Bank of Chicago; formerly, President and Chief Operating Officer, SCI Financial Group, Inc., a regional financial services firm.	206
William C. Hunter 1948 333 W. Wacker Drive Chicago, IL 60606	Trustee	2004	Dean Emeritus (since June 30, 2012), formerly, Dean, Tippie College of Business, University of Iowa (2006-2012); Director (since 2004) of Xerox Corporation; Director (since 2005), and President (since July 2012) Beta Gamma Sigma, Inc., The International Honor Society; Director of Wellmark, Inc. (since 2009); formerly, Dean and Distinguished Professor of Finance, School of Business at the University of Connecticut (2003-2006); previously, Senior Vice President and Director of Research at the Federal Reserve Bank of Chicago (1995-2003); formerly, Director (1997-2007), Credit Research Center at Georgetown University.	206
David J. Kundert 1942 333 W. Wacker Drive Chicago, IL 60606	Trustee	2005	Formerly, Director, Northwestern Mutual Wealth Management Company; (2006-2013) retired (since 2004) as Chairman, JPMorgan Fleming Asset Management, President and CEO, Banc One Investment Advisors Corporation, and President, One Group Mutual Funds; prior thereto, Executive Vice President, Banc One Corporation and Chairman and CEO, Banc One Investment Management Group; Regent Emeritus, Member of Investment Committee, Luther College; member of the Wisconsin Bar Association; member of Board of Directors, Friends of Boerner Botanical Gardens; member of Board of Directors and Chair of Investment Committee, Greater Milwaukee Foundation; member of the Board of Directors (Milwaukee), College Possible.	206

Nuveen Investments 63

Trustees and Officers (Unaudited)(continued)

Name, Year of Birth & Address	Position(s) Held with the Funds	Year First Elected or Appointed (1)	Principal Occupation(s) Including other Directorships During Past 5 Years	Number of Portfolios in Fund Complex Overseen by Trustee
John K. Nelson 1962 333 West Wacker Drive Chicago, IL 60606	Trustee	2013	Senior external advisor to the financial services practice of Deloitte Consulting LLP (since 2012); Member of Board of Directors of Core12 LLC (since 2008), a private firm which develops branding, marketing and communications strategies for clients; Chairman of the Board of Trustees of Marian University (since 2010 as trustee, 2011 as Chairman); Director of The Curran Center for Catholic American Studies (since 2009) and The President’s Council, Fordham University (since 2010); formerly, Chief Executive Officer of ABN AMRO N.V. North America, and Global Head of its Financial Markets Division (2007-2008); prior senior positions held at ABN AMRO include Corporate Executive Vice President and Head of Global Markets—the Americas (2006-2007), CEO of Wholesale Banking—North America and Global Head of Foreign Exchange and Futures Markets (2001-2006), and Regional Commercial Treasurer and Senior Vice President Trading—North America (1996-2001); formerly, Trustee at St. Edmund Preparatory School in New York City.	206
Judith M. Stockdale 1947 333 W. Wacker Drive Chicago, IL 60606	Trustee	1997	Formerly, Executive Director (1994-2012), Gaylord and Dorothy Donnelley Foundation (since 1994); prior thereto, Executive Director, Great Lakes Protection Fund (1990-1994).	206
Carole E. Stone 1947 333 W. Wacker Drive Chicago, IL 60606	Trustee	2007	Director, Chicago Board Options Exchange (since 2006), C2 Options Exchange, Incorporated (since 2009) and CBOE Holdings, Inc. (since 2010); formerly, Commissioner, New York State Commission on Public Authority Reform (2005-2010); formerly, Chair, New York Racing Association Oversight Board (2005-2007).	206
Virginia L. Stringer 1944 333 W. Wacker Drive Chicago, IL 60606	Trustee	2011	Board Member, Mutual Fund Directors Forum; former governance consultant and non-profit board member; former Owner and President, Strategic Management Resources, Inc. a management consulting firm; former Member, Governing Board, Investment Company Institute’s Independent Directors Council; previously, held several executive positions in general management, marketing and human resources at IBM and The Pillsbury Company; Independent Director, First American Fund Complex (1987-2010) and Chair (1997-2010).	206
Terence J. Toth 1959 333 W. Wacker Drive Chicago, IL 60606	Trustee	2008	Managing Partner, Promus Capital (since 2008); Director, Fulcrum IT Service LLC (since 2010), Quality Control Corporation (since 2012) and LogicMark LLC (since 2012); formerly, Director, Legal & General Investment Management America, Inc. (2008-2013); formerly, CEO and President, Northern Trust Global Investments (2004-2007); Executive Vice President, Quantitative Management & Securities Lending (2000-2004); prior thereto, various positions with Northern Trust Company (since 1994); member: Chicago Fellowship Board (since 2005), Catalyst Schools of Chicago Board (since 2008) and Mather Foundation Board (since 2012), and a member of its investment committee; formerly, Member, Northern Trust Mutual Funds Board (2005-2007), Northern Trust Global Investments Board (2004-2007), Northern Trust Japan Board (2004-2007), Northern Trust Securities Inc. Board (2003-2007) and Northern Trust Hong Kong Board (1997-2004).	206

64 Nuveen Investments

Name, Year of Birth & Address	Position(s) Held with the Funds	Year First Elected or Appointed (1)	Principal Occupation(s) Including other Directorships During Past 5 Years	Number of Portfolios in Fund Complex Overseen by Trustee
Interested Board Members:
William Adams IV(2) 1955 333 W. Wacker Drive Chicago, IL 60606	Board Member	2013	Senior Executive Vice President, Global Structured Products (since 2010); Co-President of Nuveen Fund Advisors, LLC (since 2011); President (since 2011), formerly, Managing Director (2010-2011) of Nuveen Commodities Asset Management, LLC; Board Member of the Chicago Symphony Orchestra and of Gilda’s Club Chicago; formerly, Executive Vice President, U.S. Structured Products, of Nuveen Investments, Inc. (1999-2010).	135
Thomas S. Schreier, Jr.(2) 1962 333 W. Wacker Drive Chicago, IL 60606	Board Member	2013	Vice Chairman, Wealth Management of Nuveen Investments, Inc. (since 2011); Co-President of Nuveen Fund Advisors, LLC; Chairman of Nuveen Asset Management, LLC (since 2011); Co-Chief Executive Officer of Nuveen Securities, LLC (since 2011); Member of Board of Governors and Chairman’s Council of the Investment Company Institute; formerly, Chief Executive Officer (2000-2010) and Chief Investment Officer (2007-2010) of FAF Advisors, Inc.; formerly, President of First American Funds (2001-2010).	135

Name, Year of Birth & Address	Position(s) Held with the Funds	Year First Elected or Appointed (2)	Principal Occupation(s) During Past 5 Years	Number of Portfolios in Fund Complex Overseen by Officer
Officers of the Funds:
Gifford R. Zimmerman 1956 333 W. Wacker Drive Chicago, IL 60606	Chief Administrative Officer	1988	Managing Director (since 2002), and Assistant Secretary of Nuveen Securities, LLC; Managing Director (since 2004) and Assistant Secretary (since 1994) of Nuveen Investments, Inc.; Managing Director (since 2002), Assistant Secretary (since 1997) and Co-General Counsel (since 2011) of Nuveen Fund Advisors, LLC; Managing Director, Assistant Secretary and Associate General Counsel of Nuveen Asset Management, LLC (since 2011); Managing Director, Associate General Counsel and Assistant Secretary of Symphony Asset Management LLC (since 2003); Vice President and Assistant Secretary of NWQ Investment Management Company, LLC (since 2002), Nuveen Investments Advisers Inc. (since 2002), Santa Barbara Asset Management, LLC (since 2006) and of Winslow Capital Management, LLC, (since 2010); Vice President and Assistant Secretary (since 2013), formerly, Chief Administrative Officer and Chief Compliance Officer (2006-2013) of Nuveen Commodities Asset Management, LLC; Chartered Financial Analyst.	206
Margo L. Cook 1964 333 W. Wacker Drive Chicago, IL 60606	Vice President	2009	Executive Vice President (since 2008) of Nuveen Investments, Inc. and of Nuveen Fund Advisors, LLC (since 2011); Managing Director – Investment Services of Nuveen Commodities Asset Management, LLC (since August 2011), previously, Head of Institutional Asset Management (2007-2008) of Bear Stearns Asset Management; Head of Institutional Asset Management (1986-2007) of Bank of NY Mellon; Chartered Financial Analyst.	206
Lorna C. Ferguson 1945 333 W. Wacker Drive Chicago, IL 60606	Vice President	1998	Managing Director (since 2005) of Nuveen Fund Advisors, LLC and Nuveen Securities, LLC (since 2004).	206
Stephen D. Foy 1954 333 W. Wacker Drive Chicago, IL 60606	Vice President and Controller	1998	Senior Vice President (2010-2011), formerly, Vice President (2005-2010) and Funds Controller of Nuveen Securities, LLC; Senior Vice President (since 2013), formerly, Vice President of Nuveen Fund Advisors, LLC; Chief Financial Officer of Nuveen Commodities Asset Management, LLC (since 2010); Certified Public Accountant.	206

Nuveen Investments 65

Trustees and Officers (Unaudited)(continued)

Name, Year of Birth & Address	Position(s) Held with the Funds	Year First Elected or Appointed (2)	Principal Occupation(s) During Past 5 Years	Number of Portfolios in Fund Complex Overseen by Officer
Scott S. Grace 1970 333 W. Wacker Drive Chicago, IL 60606	Vice President and Treasurer	2009	Managing Director, Corporate Finance & Development, Treasurer (since 2009) of Nuveen Securities, LLC; Managing Director and Treasurer (since 2009) of Nuveen Fund Advisors, LLC, Nuveen Investments Advisers, Inc., Nuveen Investments Holdings Inc. and (since 2011) Nuveen Asset Management, LLC; Vice President and Treasurer of NWQ Investment Management Company, LLC, Tradewinds Global Investors, LLC, Symphony Asset Management LLC and Winslow Capital Management, LLC.; Vice President of Santa Barbara Asset Management, LLC; formerly, Treasurer (2006-2009), Senior Vice President (2008-2009), previously, Vice President (2006-2008) of Janus Capital Group, Inc.; formerly, Senior Associate in Morgan Stanley’s Global Financial Services Group (2000-2003); Chartered Accountant Designation.	206
Walter M. Kelly 1970 333 W. Wacker Drive Chicago, IL 60606	Chief Compliance Officer and Vice President	2003	Senior Vice President (since 2008) of Nuveen Investments Holdings, Inc.	206
Tina M. Lazar 1961 333 W. Wacker Drive Chicago, IL 60606	Vice President	2002	Senior Vice President of Nuveen Investment Holdings, Inc.	206
Kevin J. McCarthy 1966 333 W. Wacker Drive Chicago, IL 60606	Vice President and Secretary	2007	Managing Director and Assistant Secretary (since 2008), Nuveen Securities, LLC; Managing Director (since 2008), Assistant Secretary (since 2007) and Co-General Counsel (since 2011) of Nuveen Fund Advisors, LLC; Managing Director, Assistant Secretary and Associate General Counsel (since 2011) of Nuveen Asset Management, LLC; Managing Director (since 2008), and Assistant Secretary, Nuveen Investment Holdings, Inc.; Vice President (since 2007) and Assistant Secretary of Nuveen Investments Advisers Inc., NWQ Investment Management Company, LLC, Tradewinds Global Investors LLC, Symphony Asset Management LLC, Santa Barbara Asset Management, LLC, and of Winslow Capital Management, LLC. (since 2010); Vice President and Secretary (since 2010) of Nuveen Commodities Asset Management, LLC.	206
Kathleen L. Prudhomme 1953 901 Marquette Avenue Minneapolis, MN 55402	Vice President and Assistant Secretary	2011	Managing Director, Assistant Secretary and Co-General Counsel (since 2011) of Nuveen Fund Advisors, LLC; Managing Director, Assistant Secretary and Associate General Counsel (since 2011) of Nuveen Asset Management, LLC; Managing Director and Assistant Secretary (since 2011) of Nuveen Securities, LLC; formerly, Deputy General Counsel, FAF Advisors, Inc. (2004-2010).	206
Joel T. Slager 1978 333 West Wacker Drive Chicago, IL 60606	Vice President and Assistant Secretary	2013	Fund Tax Director for Nuveen Funds (since May, 2013); previously, Vice President of Morgan Stanley Investment Management, Inc., Assistant Treasurer of the Morgan Stanley Funds (from 2010 to 2013); Tax Director at PricewaterhouseCoopers LLP (from 2008 to 2010).	206
Jeffery M. Wilson 1956 333 West Wacker Drive Chicago, IL 60606	Vice President	2011	Senior Vice President of Nuveen Securities, LLC (since 2011); formerly, Senior Vice President of FAF Advisors, Inc. (2000-2010).	103

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

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

66 Nuveen Investments

Annual Investment Management Agreement Approval Process (Unaudited)

The Board of Directors (each, a “Board” and each Director, a “Board Member”) of the Funds, including the Board Members who are not parties to the Funds’ advisory or sub-advisory agreements or “interested persons” of any such parties (the “Independent Board Members”), is responsible for approving the advisory agreements (each, an “Investment Management Agreement”) between each Fund and Nuveen Fund Advisors, LLC (the “Adviser”) and the sub-advisory agreements (each, a “Sub-Advisory Agreement”) between the Adviser and Nuveen Asset Management, LLC (the “Sub-Adviser”) (the Investment Management Agreements and the Sub-Advisory Agreements are referred to collectively as the “Advisory Agreements”) and their periodic continuation. Pursuant to the Investment Company Act of 1940, as amended (the “1940 Act”), the Board is required to consider the continuation of the Advisory Agreements on an annual basis. Accordingly, at an in-person meeting held on May 20-22, 2013 (the “May Meeting”), the Board, including a majority of the Independent Board Members, considered and approved the continuation of the Advisory Agreements for the Funds for an additional one-year period.

In preparation for its considerations at the May Meeting, the Board requested and received extensive materials prepared in connection with the review of the Advisory Agreements. The materials provided a broad range of information regarding the Funds, the Adviser and the Sub-Adviser (the Adviser and the Sub-Adviser are collectively, the “Fund Advisers” and each, a “Fund Adviser”). As described in more detail below, the information provided included, among other things, a review of Fund performance, including Fund investment performance assessments against peer groups and appropriate benchmarks; a comparison of Fund fees and expenses relative to peers; a description and assessment of shareholder service levels for the Funds; a summary of the performance of certain service providers; a review of product initiatives and shareholder communications; and an analysis of the Adviser’s profitability with comparisons to comparable peers in the managed fund business. As part of its annual review, the Board also held a separate meeting on April 17-18, 2013, to review the Funds’ investment performance and consider an analysis provided by the Adviser of the Sub-Adviser which generally evaluated the Sub-Adviser’s investment team, investment mandate, organizational structure and history, investment philosophy and process, performance of the applicable Fund, and significant changes to the foregoing. As a result of its review of the materials and discussions, the Board presented the Adviser with questions and the Adviser responded.

The materials and information prepared in connection with the annual review of the Advisory Agreements supplement the information and analysis provided to the Board during the year. In this regard, throughout the year, the Board, acting directly or through its committees, regularly reviews the performance and various services provided by the Adviser and the Sub-Adviser. The Board meets at least quarterly as well as at other times as the need arises. At its quarterly meetings, the Board reviews reports by the Adviser regarding, among other things, fund performance, fund expenses, the performance of the investment teams, and compliance, regulatory and risk management matters. In addition to regular reports, the Adviser provides special reports to the Board or a committee thereof from time to time to enhance the Board’s understanding of various topics that impact some or all the Nuveen funds (such as accounting and financial statement presentations of the various forms of leverage that may be used by a closed-end fund or an update on the valuation policies and procedures), to update the Board on regulatory developments impacting the investment company industry or to update the Board on the business plans or other matters impacting the Adviser. The Board also meets with key investment personnel managing the fund portfolios during the year. In October 2011, the Board also created two standing committees (the Open-End Fund Committee and the Closed-End Fund Committee) to assist the full Board in monitoring and gaining a deeper insight into the distinctive business practices of open-end and closed-end funds. These Committees meet prior to each quarterly Board meeting, and the Adviser provides presentations to these Committees permitting them to delve further into specific matters or initiatives impacting the respective product line.

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

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

Nuveen Investments 67

Annual Investment Management Agreement Approval Process (Unaudited)(continued)

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

A. Nature, Extent and Quality of Services

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

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

In addition to advisory services, the Board considered the quality and extent of administrative and other non-investment advisory services the Adviser and its affiliates provide to the Funds, including product management, investment services (such as oversight of investment policies and procedures, risk management, and pricing), fund administration, oversight of service providers, shareholder services and communications, administration of Board relations, regulatory and portfolio compliance and legal support. The Board further recognized Nuveen’s additional investments in personnel, including in compliance and risk management.

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

In addition to the foregoing actions, the Board also considered other initiatives related to the open-end Nuveen funds including, among other things, the development of a comprehensive strategic plan and the addition of members to the product strategy team; the commencement of various new funds; the removal of redemption fees for certain funds; the establishment of a working group to enhance the Adviser’s oversight of the disclosures pertaining to Nuveen’s products and services; the acceleration of monthly holdings disclosure for certain funds; and the development of a new share class for certain funds.

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

68 Nuveen Investments

B. The Investment Performance of the Funds and Fund Advisers

The Board, including the Independent Board Members, considered the performance history of each Fund over various time periods. The Board reviewed reports, including an analysis of the Funds’ performance and the applicable investment team. In general, in considering a fund’s performance, the Board recognized that a fund’s performance can be reviewed through various measures including the fund’s absolute return, the fund’s return compared to the performance of other peer funds, and the fund’s performance compared to its respective benchmark. Accordingly, the Board reviewed, among other things, each Fund’s historic investment performance as well as information comparing the Fund’s performance information with that of other funds (the “Performance Peer Group”) and with recognized and/or customized benchmarks (i.e., generally benchmarks derived from multiple recognized benchmarks) for the quarter, one-, three- and five-year periods ending December 31, 2012 as well as performance information reflecting the first quarter of 2013. This information supplemented the fund performance information provided to the Board at each of its quarterly meetings.

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

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

In considering the performance data for the Funds, the Independent Board Members noted that the Nuveen Large Cap Growth Opportunities Fund (the “Large Cap Fund”) and the Nuveen Mid Cap Growth Opportunities Fund (the “Mid Cap Fund”) demonstrated generally favorable performance in comparison to peers. In this regard, they noted that the Mid Cap Fund performed in the second quartile over various periods and that although the Large Cap Fund performed in the third quartile for the one-year period, such Fund was in the first quartile over the three- and five-year periods. In addition, the Independent Board Members observed that the Nuveen Small Cap Growth Opportunities Fund lagged its peers somewhat in the shorter periods, but demonstrated more favorable performance in the longer periods. In this regard, they noted that although such Fund was in the third quartile and underperformed its benchmark for the one- and three-year periods, it was in the second quartile and outperformed its benchmark for the five-year period.

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

C. Fees, Expenses and Profitability

1. Fees and Expenses

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

The Independent Board Members further reviewed the methodology regarding the construction of the applicable Peer Universe and Peer Group. In reviewing the comparisons of fee and expense information, the Independent Board Members took into account that in certain instances various factors such as: the limited size and particular composition of the Peer Universe or Peer Group (including the inclusion of other Nuveen funds in the

Nuveen Investments 69

Annual Investment Management Agreement Approval Process (Unaudited)(continued)

peer set); expense anomalies; changes in the funds comprising the Peer Universe or Peer Group from year to year; levels of reimbursement or fee waivers; and the timing of information used may impact the comparative data, thereby limiting somewhat the ability to make a meaningful comparison with peers.

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

The Independent Board Members observed that the Funds had net management fees and net expense ratios (including fee waivers and expense reimbursements) that were below or in line with their respective peer averages.

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

2. Comparisons with the Fees of Other Clients

The Board recognized that all Nuveen funds have a sub-adviser (which, in the case of the Funds, is an affiliated sub-adviser), and therefore, the overall fund management fee can be divided into two components, the fee retained by the Adviser and the fee paid to the sub-adviser. In general terms, the fee to the Adviser reflects the administrative services it provides to support the funds, and while some administrative services may occur at the sub-adviser level, the fee generally reflects the portfolio management services provided by the sub-adviser. The Independent Board Members reviewed information regarding the nature of services provided by the Adviser, including through the Sub-Adviser, and the range of fees and average fee the Sub-Adviser assessed for such services to other clients. Such other clients include separately managed accounts (both retail and institutional accounts), foreign investment funds offered by Nuveen and funds that are not offered by Nuveen but are sub-advised by one of Nuveen’s investment management teams. In evaluating the comparisons of fees, the Independent Board Members noted that the fee rates charged to the Funds and other clients vary, among other things, because of the different services involved and the additional regulatory and compliance requirements associated with registered investment companies, such as the Funds. Accordingly, the Independent Board Members considered the differences in the product types, including, but not limited to, the services provided, the structure and operations, product distribution and costs thereof, portfolio investment policies, investor profiles, account sizes and regulatory requirements. The Independent Board Members noted, in particular, that the range of services provided to the Funds (as discussed above) is much more extensive than that provided to separately managed accounts. Many of the additional administrative services provided by the Adviser are not required for institutional clients. The Independent Board Members further noted that the management fee rates of the foreign funds advised by the Adviser may vary due to, among other things, differences in the client base, governing bodies, operational complexities and services covered by the management fee. Given the inherent differences in the various products, particularly the extensive services provided to the Funds, the Independent Board Members believe such facts justify the different levels of fees.

3. Profitability of Fund Advisers

In conjunction with their review of fees, the Independent Board Members also considered the profitability of Nuveen for its advisory activities and its financial condition. The Independent Board Members reviewed the revenues and expenses of Nuveen’s advisory activities for the last two calendar years, the allocation methodology used in preparing the profitability data and an analysis of the key drivers behind the changes in revenues and expenses that impacted profitability in 2012. The Independent Board Members noted this information supplemented the profitability information requested and received during the year to help keep them apprised of developments affecting profitability (such as changes in fee waivers and expense reimbursement commitments). In this regard, the Independent Board Members noted that they have an Independent Board Member serve as a point person to review and keep them apprised of changes to the profitability analysis and/or methodologies during the year. The Independent Board Members also considered Nuveen’s revenues for advisory activities, expenses, and profit margin compared to that of various unaffiliated management firms with comparable assets under management (based on asset size and asset composition).

In reviewing profitability, the Independent Board Members recognized the Adviser’s continued investment in its business to enhance its services, including capital improvements to investment technology, updated compliance systems, and additional personnel. In addition, in evaluating profitability, the Independent Board Members also recognized the subjective nature of determining profitability which may be affected by numerous factors including the allocation of expenses and that various allocation methodologies may each be reasonable but yield different results. Further, the Independent Board Members recognized the difficulties in making comparisons as the profitability of other advisers generally is not publicly available and the profitability information that is available for certain advisers or management firms may not be representative of the

70 Nuveen Investments

industry and may be affected by, among other things, the adviser’s particular business mix, capital costs, types of funds managed and expense allocations. Notwithstanding the foregoing, the Independent Board Members reviewed Nuveen’s methodology and assumptions for allocating expenses across product lines to determine profitability. Based on their review, the Independent Board Members concluded that the Adviser’s level of profitability for its advisory activities was reasonable in light of the services provided.

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

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

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

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

In addition to fund-level advisory fee breakpoints, the Board also considered the Funds’ complex-wide fee arrangement. Pursuant to the complex-wide fee arrangement, the fees of the funds in the Nuveen complex are generally reduced as the assets in the fund complex reach certain levels. The complex-wide fee arrangement seeks to provide the benefits of economies of scale to fund shareholders when total fund complex assets increase, even if assets of a particular fund are unchanged or have decreased. The approach reflects the notion that some of Nuveen’s costs are attributable to services provided to all its funds in the complex and therefore all funds benefit if these costs are spread over a larger asset base. In addition, with the acquisition of the funds previously advised by FAF Advisors, Inc. at the end of 2010, the Board noted that a portion of such funds’ assets at the time of acquisition were deemed eligible to be included in the complex-wide fee calculation in order to deliver fee savings to shareholders in the combined complex and such funds were subject to differing complex-level fee rates.

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

E. Indirect Benefits

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

In addition to the above, the Independent Board Members considered whether the Fund Advisers received any benefits from soft dollar arrangements whereby a portion of the commissions paid by a Fund for brokerage may be used to acquire research that may be useful to the Fund Adviser in managing the assets of the Funds and other clients. The Funds’ portfolio transactions are determined by the Sub-Adviser. Accordingly, the Independent Board Members considered that the Sub-Adviser may benefit from its soft dollar arrangements pursuant to which it receives research from brokers that execute the Funds’ portfolio transactions. Similarly, the Board recognized that the research received pursuant to soft dollar arrangements by the Sub-Adviser may also benefit a Fund and shareholders to the extent the research enhances the ability of the Sub-Adviser to manage the Fund. The Independent Board Members noted that the Sub-Adviser’s profitability may be somewhat lower if it did not receive the research services pursuant to the soft dollar arrangements and had to acquire such services directly.

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

Nuveen Investments 71

Annual Investment Management Agreement Approval Process (Unaudited)(continued)

F. Other Considerations

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

72 Nuveen Investments

Glossary of Terms Used in this Report

Average Annual Total Return: This is a commonly used method to express an investment’s performance over a particular, usually multi-year time period. It expresses the return that would have been necessary each year to equal the investment’s actual cumulative performance (including change in NAV or offer price and reinvested distributions and capital gains, if any) over the time period being considered.

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

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

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

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

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

Market Capitalization: The market capitalization of a company is equal to the number of the company’s common shares outstanding multiplied by the current price of the company’s stock.

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

MSCI Emerging Markets Index: An unmanaged index considered representative of stocks of developing countries. The index returns assume reinvestment of distributions, but do not reflect any applicable sales charges or management fees.

MSCI Japan Index: A capitalization-weighted index, adjusted for free float. The index is designed to reflect the sectoral diversity of the Japanese equity markets. 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^® Growth Index: An index that measures the performance of those Russell 1000 companies with higher price-to-book ratios and higher forecasted growth values. The index returns assume reinvestment of distributions, but do not reflect any applicable sales charges or management fees.

Nuveen Investments 73

Glossary of Terms Used in this Report (continued)

Russell 2000^® Growth Index: An index that measures the performance of those Russell 2000 companies with higher price-to-book ratios and higher forecasted growth values. The index returns assume reinvestment of distributions, but do not reflect any applicable sales charges or management fees.

Russell Midcap^® Growth Index: An index that measures the performance of the mid-cap growth segment of the U.S. equity universe. It includes those Russell Midcap Index companies with higher price-to-book ratios and higher forecasted growth values. The index returns assume reinvestment of distributions, but do not reflect any applicable sales charges or management fees.

Tax Equalization: The practice of treating a portion of the distribution made to a redeeming shareholder, which represents his proportionate part of undistributed net investment income and capital gain as a distribution for tax purposes. Such amounts are referred to as the equalization debits (or payments) and will be considered a distribution to the shareholder of net investment income and capital gain for calculation of the fund’s dividends paid deduction.

74 Nuveen Investments

Additional Fund Information
	Fund Manager Nuveen Fund Advisors, LLC 333 West Wacker Drive Chicago, IL 60606 Sub-Adviser Nuveen Asset Management, LLC 333 West Wacker Drive Chicago, IL 60606 Legal Counsel Chapman and Cutler LLP Chicago, IL 60603	Independent Registered Public Accounting Firm PricewaterhouseCoopers Chicago, IL 60606 Custodian U.S. Bank National Association Milwaukee, WI 53202 Transfer Agent and Shareholder Services Boston Financial Data Services, Inc. Nuveen Investor Services P.O. Box 8530 Boston, MA 02266-8530 (800) 257-8787

Quarterly Form N-Q Portfolio of Investments Information: Each Fund is required to file its complete schedule of portfolio holdings with the Securities and Exchange Commission (SEC) for the first and third quarters of each fiscal year on Form N-Q. You may obtain this information directly from the SEC. Visit the SEC on-line at http://www.sec.gov or in person at the SEC’s Public Reference Room in Washington, D.C. Call the SEC toll-free at (800) SEC -0330 for room hours and operation.

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

The Financial Industry Regulatory Authority (FINRA) provides a Public Disclosure Program which supplies certain information regarding the disciplinary history of FINRA members and their associated persons in response to either telephone inquiries at (800) 289-9999 or written inquiries at www.finra.org. FINRA also provides an investor brochure that includes information describing the Public Disclosure Program.

Nuveen Investments 75

Nuveen Investments:
	Serving Investors for Generations
	Since 1898, financial advisors and their clients have relied on Nuveen Investments to provide dependable investment solutions through continued adherence to proven, long-term investing principles. Today, we offer a range of high quality equity and fixed-income solutions designed to be integral components of a well-diversified core portfolio.
		Focused on meeting investor needs. Nuveen Investments provides high-quality investment services designed to help secure the longterm goals of institutional and individual investors as well as the consultants and financial advisors who serve them. Nuveen Investments markets a wide range of specialized investment solutions which provide investors access to capabilities of its high-quality boutique investment affiliates-Nuveen Asset Management, Symphony Asset Management, NWQ Investment Management Company, Santa Barbara Asset Management, Tradewinds Global Investors, Winslow Capital Management, and Gresham Investment Management. In total, Nuveen Investments managed approximately $215 billion as of September 30, 2013.
		Find out how we can help you. To learn more about how the products and services of Nuveen Investments may be able to help you meet your financial goals, talk to your financial advisor, or call us at (800) 257-8787. Please read the information provided carefully before you invest. Investors should consider the investment objective and policies, risk considerations, charges and expenses of any investment carefully. Where applicable, be sure to obtain a prospectus, which contains this and other relevant information. To obtain a prospectus, please contact your securities representative or Nuveen Investments, 333 W. Wacker Dr., Chicago, IL 60606. Please read the prospectus carefully before you invest or send money.
		Learn more about Nuveen Funds at: www.nuveen.com/mf
Distributed by Nuveen Securities, LLC | 333 West Wacker Drive Chicago, IL 60606 | www.nuveen.com

MAN-FCGO-1013P

Mutual Funds

Nuveen Equity Funds

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

Annual Report  October 31, 2013

	Share Class / Ticker Symbol
Fund Name	Class A	Class B	Class C	Class R3	Class I
Nuveen Large Cap Select Fund	FLRAX	—	FLYCX	—	FLRYX
Nuveen Small Cap Select Fund	EMGRX	ARSBX	FHMCX	ASEIX	ARSTX

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Table of Contents

Chairman’s Letter to Shareholders	4
Portfolio Managers’ Comments	5
Risk Considerations	11
Fund Performance and Expense Ratios	13
Holding Summaries	18
Expense Examples	20
Report of Independent Registered Public Accounting Firm	21
Portfolios of Investments	22
Statement of Assets and Liabilities	31
Statement of Operations	32
Statement of Changes in Net Assets	33
Financial Highlights	34
Notes to Financial Statements	38
Trustees and Officers	48
Annual Investment Management Agreement Approval Process	52
Glossary of Terms Used in this Report	58
Additional Fund Information	59

Nuveen Investments 3

Chairman’s Letter to Shareholders

Dear Shareholders,

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

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

On the domestic front, recent events such as the Federal Reserve decision to slow down its bond buying program beginning in January of 2014 and the federal budget compromise that would guide government spending into 2015 are both positives for the economy moving forward. Corporate fundamentals are strong as earnings per share and corporate cash are at the highest level in two decades. Unemployment is trending down and the housing market has experienced a rebound, each assisting the positive economic scenario. However, there are some issues to be watched. Interest rates are expected to increase but significant uncertainty about the timing remains. Partisan politics in Washington D.C. with their troublesome outcome add to the uncertainties that could cause problems for the economy going forward.

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

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

Sincerely,

William J. Schneider

Chairman of the Board

December 23, 2013

4 Nuveen Investments

Portfolio Managers’ Comments

Nuveen Large Cap Select Fund

Nuveen Small Cap Select Fund

These Funds feature portfolio management by Nuveen Asset Management, LLC, an affiliate of Nuveen Investments. David Chalupnik, CFA, and Tony Burger, CFA, are the portfolio managers for the Nuveen Large Cap Select Fund. David assumed portfolio management responsibilities in 2003 and Tony joined the management team for the Fund in 2004.

Effective August 26, 2013, Mark Traster, CFA, was named lead portfolio manager for the Nuveen Small Cap Select Fund and Gregory Ryan, CFA, was added as a co-portfolio manager. Mark originally joined the team managing the Fund in 2004 and was named co-manager in 2008. There have been no changes in the Fund’s investment objectives or policies.

On the following pages, the portfolio management teams for the Funds examine economic and equity market conditions, key investment strategies and the Funds’ performance for the twelve-month period ended October 31, 2013.

What factors affected the U.S. economy and the equity market during the twelve-month reporting period ended October 31, 2013?

During this reporting period, the U.S. economy’s progress toward recovery from recession continued at a moderate pace. The Federal Reserve (Fed) maintained its efforts to improve the overall economic environment by holding the benchmark fed funds rate at the record low level of zero to 0.25% that it established in December 2008. The Fed also continued its monthly purchases of $40 billion of mortgage-backed securities and $45 billion of longer-term Treasury securities in an open-ended effort to bolster growth and promote progress toward the Fed’s mandates of maximum employment and price stability. At its June 2013 meeting, the Fed indicated that it believed downside risks to the economy had diminished since the autumn of 2012. Subsequent comments by Fed Chairman Ben Bernanke suggested that the Fed might begin to reduce, or taper, its asset purchase program later in 2013. However, in September 2013, the Fed surprised the market by announcing that it had decided to wait for more evidence that the progress it discerned in June was sustainable before it made any adjustments to the pace of the purchase program. At its October 2013 meeting, the central bank reiterated this decision and said that it expected to continue its “highly accommodative stance of monetary policy” for “a considerable time” after the purchase program ends and the economic recovery strengthens. Finally, in December of 2013, the Fed announced a decision to slow down its bond buying program beginning in January of 2014.

In the third quarter of 2013, the U.S. economy, as measured by the U.S. gross domestic product (GDP), grew at an annualized rate of 2.8%, up from 2.5% for the second quarter of 2013, continuing the pattern of positive economic growth for the tenth consecutive quarter. The Consumer Price Index (CPI) rose 1.0% year-over-year as of October 2013, while the core CPI (which excludes food and energy) increased 1.7% during the same period, staying within the Fed’s unofficial objective of 2.0% or lower for this inflation measure. Improvements in the labor markets continued to be slow, and unemployment remained above the Federal Reserve’s target of 6.5%. As of October 2013, the national unemploy-

Nuveen Investments 5

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.

Portfolio Managers’ Comments (continued)

ment rate was 7.3%, up from 7.2% in September 2013 but below the 7.9% reported in October 2012. The slight uptick in October’s number reflected the increase in federal employees furloughed due to the government shutdown that month. The housing market continued to deliver good news, as the average home price in the S&P/Case-Shiller Index of 20 major metropolitan areas rose 13.3% for the twelve months ended September 2013 (most recent data available at the time this report was prepared), the largest twelve-month percentage gain for the index since February 2006.

Early in this reporting period, the outlook for the U.S. economy was clouded by uncertainty about global financial markets and the outcome of the “fiscal cliff.” The tax consequences of the fiscal cliff situation were averted through a last-minute deal that raised payroll taxes, but left in place a number of tax breaks, including tax exemptions on municipal bond interest. However, lawmakers failed to reach a resolution on $1.2 trillion in spending cuts intended to address the federal budget deficit. This triggered a program of automatic spending cuts (or sequestration) that impacted federal programs beginning March 1, 2013. Although Congress later passed legislation that established federal funding levels for the remainder of fiscal 2013, the federal budget for fiscal 2014 continued to be debated. On October 1, 2013, the start date for fiscal 2014, the federal government shut down for 16 days until an interim appropriations bill was signed into law, funding the government at sequestration levels through January 15, 2014, and suspending the debt limit until February 7, 2014. Subsequent to the close of this reporting period, Congress preliminarily passed a federal budget deal that would guide government spending into 2015 and defuse the chances of another shutdown if it wins final passage. In addition to the ongoing political debate over federal spending, Chairman Bernanke’s June 2013 remarks about tapering the Federal Reserve’s asset purchase program touched off widespread uncertainty about the next step for the Fed’s quantitative easing program and about the potential impact on the economy and financial markets, leading to increased market volatility.

For much of the reporting period, low interest rates and a fairly benign macro environment caused U.S. investors to move out the risk spectrum, resulting in robust flows into U.S. equity funds. Leading U.S. stock market indexes, including the S&P 500^® Index, the Dow Jones Industrial Average and the Russell 2000^® Index, each hit all-time highs during the reporting period. The S&P 500^® Index gained 27% during the reporting period. Sluggish global growth, muted global inflation and ongoing fiscal drag provided a backdrop for continued monetary policy actions outside the U.S. as well, which drove strong equity market advances globally. In Japan, newly elected Prime Minister Shinzo Abe articulated policies designed to reinvigorate Japan’s weak economy. Widespread optimism for his strategies led to a massive rally in the Japanese equity market, which was up 34% during this reporting period, according to MSCI Japan Index. Elsewhere, the European Central Bank signaled an extended period of low rates while the U.K.’s Bank of England pursued its most aggressive monetary policy to date. Returns for developed markets outside the U.S. were very strong, as evidenced by the MSCI EAFE Index’s advance of 26% for the reporting period. In emerging market countries, which are more dependent on global growth and commodity prices, stocks significantly lagged developed markets with a 6% return during this reporting period, according to the MSCI Emerging Market Index.

Nuveen Large Cap Select Fund

How did the Fund perform during the twelve-month reporting period ended October 31, 2013?

The tables in the Fund Performance and Expense Ratios section of this report provide Class A Share total returns for the Fund for the one-year, five-year and ten-year periods ended October 31, 2013. The Fund’s Class A Shares at net asset value (NAV) outperformed the S&P 500^® Index and the Lipper classification average during the twelve-month period.

6 Nuveen Investments

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

The Fund pursues a long-term capital appreciation strategy by investing primarily in the common stocks of companies that have market capitalizations of $5 billion or greater at the time of purchase. During the reporting period, we continued to utilize our deep, rigorous research approach to find and invest in stocks that we believed had strong and/or improving fundamentals, attractive valuations and a catalyst for future positive relative price performance. We also continued to shift the Fund’s portfolio to areas of the market that our research suggested were particularly attractive. Throughout most of this time frame, the Fund emphasized domestic and global cyclical sectors and stocks that appeared to have solid fundamentals and attractive valuations in the context of a slowly improving global economic backdrop. Stocks that we sold generally faced an expected or actual deterioration in their fundamental earnings outlook, the realization or removal of the expected catalyst or excessive valuation.

As the stock market continued its strong advance throughout the reporting period, the Fund outperformed both the S&P 500^® Index and its Lipper peers due to favorable security selection and successful sector weights. The Fund’s outperformance was the result of widespread success in stock selection during the reporting period, particularly in the consumer discretionary, industrials, financials, consumer staples, energy and materials sectors. On a sector basis, the Fund also benefited from overweights in several of the more cyclical sectors that outperformed during the reporting period, which included the consumer discretionary, industrials and financials sectors. We maintained the Fund’s overweights to these cyclical areas due to a number of factors, which included improving U.S. economic prospects, Europe’s emergence from an 18-month recession and China’s stabilizing economic growth. In addition, underweight positions in the more bond-like and stable sectors of consumer staples, telecommunications services and utilities proved helpful. We believed stocks in the staples, telecom and utilities sectors were overvalued, particularly as many investors continued to chase yields in the latter two areas. These sectors underperformed as investors digested better global economic growth data and Fed comments about reduced monetary stimulus in the United States.

The consumer discretionary sector was the best performing area for the Fund on a relative basis as four of the Fund’s holdings outperformed. The Fund continued to benefit from its position in leading U.S. electronics retailer Best Buy Co. Inc., which is currently in a restructuring phase. The company’s turnaround story continued as it reported stronger-than-expected second quarter results and domestic sales increased slightly. Priceline.com Inc., a leading on-line travel agency, also performed well. The company reported strong quarterly results in terms of revenues, earnings and gross bookings, while margins were not as pressured as the market had anticipated. Also, boat and marine engine manufacturer Brunswick Corporation continued to produce strong results. We had sold this stock after the company experienced a drop in demand during last spring’s cold and wet conditions; however, we bought back its shares after seeing more attractive data points for the firm and industry. Brunswick subsequently realized a resurgence in boat orders during the late summer and fall of 2013. In addition, the Fund benefited from its position in diversified consumer product manufacturer Jarden Corporation. The company, which produces a broad array of items such as skis, camping equipment and small appliances, continued to generate significant free cash flow, which its management used to make acquisitions and buy back shares.

Strength in the industrials sector was driven by positions in Boeing Company, Emerson Electric Company and Eaton Corporation PLC. We continued to hold the Fund’s Boeing position throughout the issues with its lithium ion battery on the company’s flagship Dreamliner airplane. We believed the company would benefit from secular demand for commercial aircrafts as global growth improved. Boeing subsequently announced a strong first-quarter earnings. The company continues to generate significant free cash flow as its new battery design has been accepted and the Dreamliner is back in production. In addition, the Fund benefited from a position in electrical products conglomerate Emerson

Nuveen Investments 7

Portfolio Managers’ Comments (continued)

Electric, which we purchased at an attractive valuation. Emerson Electric has been rewarded as its strong management team executes well on its value-enhancing strategy, which includes divesting out of its non-core businesses. At the same time, the company is using its strong free cash flow to make acquisitions in its core business area. Eaton, a leading provider of electrical, hydraulic and mechanical power solutions, also performed well. The company completed its acquisition of competitor Cooper Industries PLC, which is proving favorable in terms of both revenue-generating and cost-saving synergies. Eaton also benefited from improving economic conditions in Europe as the company has heavy exposure to the region.

Within the financials sector, Bank of America Corp., which we originally bought at an attractive valuation, advanced on the heels of the company’s strong performance in 2012. The firm benefited from the settlement of several outstanding litigations, which has removed some of the uncertainty surrounding its stock price. In addition, Bank of America’s results were aided by the strong mortgage re-financing market and expectations that significant cost-cutting efforts would start positively impacting the company’s bottom line. Fund results were also enhanced by our ownership in multiple-line insurance and investment management company Lincoln National Corp. Its stock was also attractively valued when we purchased it, selling at below tangible book value. Lincoln National subsequently beat earnings expectations in the second quarter as the firm benefited from the strong equity market along with the recent rise in long-term interest rates. Offsetting some of the Fund’s strength in the financial sector, we owned a fairly large position in Capital One Financial Corporation, a diversified credit card and banking company that missed its fourth-quarter 2012 earnings estimates somewhat significantly. This was due to higher-than-expected integration expenses from recent acquisitions, higher increases in charge-offs and delinquencies from recently acquired credit card portfolios and increased marketing costs. The resulting decline in credit quality, which we haven’t seen for quite some time in a financial company, caused us to sell Capital One.

The Fund continued to experience strong results within the consumer staples sector from Tyson Foods Inc., a leading producer of protein food products. The company saw its stock continually revalued higher as retail meat prices remained robust and its largest input cost (grain) declined. These favorable trends led to higher margins and upward earnings revisions. We sold out of the Fund’s Tyson Foods position during the reporting period after posting solid gains in the stock.

Within the energy sector the Fund benefited from having no exposure to Exxon Mobil Corp., a large component of the S&P 500^® Index. Exxon Mobil, which is considered to be the safest and most defensive name in its sector, could not keep up with the overall bull market or the strongly advancing energy sector. Additionally, underweight positions in two other defensive sectors, utilities and telecommunications services, also helped Fund performance. The Fund had virtually no exposure within the utilities sector during this reporting period, which proved beneficial as the increase in interest rates reduced the spread between utility dividend yields and the 10-year Treasury yield. In addition, stocks in the utilities and telecom sectors are trading near the high end of their five-year historical price-to-book value, making them appear less attractive from a valuation perspective, especially in the face of potentially higher long-term bond yields.

Overall results were positive in the materials sector, led by strong returns from LyondellBasell Industries, one of the world’s largest plastic, chemical and fuel producers. The company benefited from lower natural gas prices in the United States, which helped improve its margins, and its strong free cash flow generation, which it used to buy back stock. We ended up selling the Fund’s position in LyondellBasell after it performed well and reached our price target. However, one of the Fund’s few detractors during the reporting period was also found in the materials sector: fertilizer manufacturer CF Industries Holdings, Inc. This stock had previously performed very well for the Fund as the company benefited from the high usage of fertilizer during 2012’s drought conditions. During this fiscal year, CF Industries gave back

8 Nuveen Investments

some of its gains as the spring’s wet weather conditions led to less demand for fertilizer. This trend, combined with a tougher pricing environment and greater supply, caused us to sell out of the Fund’s position in CF Industries.

The Fund’s portfolio remains positioned for improving U.S. economic growth in 2014 via an overweight position in the consumer discretionary sector. We are positioned with an overweight to industrials in an attempt to benefit from better global economic growth as Europe continues to emerge from recession and China stabilizes. However, we will continue to closely monitor the risks facing the markets, specifically U.S. and global economic data, to ensure that this cyclical exposure is appropriate for the Fund’s portfolio. We remain optimistic that long-term interest rates in the U.S. will continue to rise modestly, which may put pressure on sectors that we still perceive as overvalued such as consumer staples, telecommunications services and utilities. We will continue to take into account these broader themes as we search for new ideas with attractive fundamentals, below average valuations and positive potential catalysts.

Nuveen Small Cap Select Fund

How did the Fund perform during the twelve-month reporting period ended October 31, 2013?

The tables in the Fund Performance and Expense Ratios section of this report provide Class A Share total returns for the Fund for the one-year, five-year and ten-year periods ended October 31, 2013. The Fund’s Class A Shares at net asset value (NAV) underperformed both the Russell 2000^® Index and the Lipper classification average over the twelve-month period.

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

The Fund seeks to provide long-term capital appreciation by investing primarily in the common stocks of companies with market capitalizations of less than $3 billion at the time of purchase. During this reporting period, we continued to execute on our strategy of investing in well run, small-cap companies that we believe offer good value in order to generate competitive returns for the Fund. We continued to tap into our firm’s strong fundamental research capabilities in order to find what we believe to be the best ideas within the small-cap universe. These companies exhibit strong cash flows and attractive valuations, plus have identifiable, near-term catalysts that could be realized over the next 12-24 months.

Small-cap stocks produced strong returns as the overall backdrop for the asset class remained favorable during the Fund’s reporting period. The best performing segments of the market continued to include those areas with the greatest exposure to the strengthening U.S. economy. Cyclical sectors within the small-cap market led the way, including industrials, technology and consumer discretionary, while the more defensive sectors tied to the domestic economy, such as consumer staples and health care, also performed very well. However, cyclical sectors with more commodity price sensitivity such as materials lagged due to concerns about China’s slowing economy. Also, the interest rate sensitive utilities sector produced the weakest results after the Fed announced a potential tapering of its monetary policy sooner than the market expected, which drove interest rates higher.

While the Fund produced attractive absolute returns, it underperformed the Russell 2000^® Index and the Lipper peer average primarily due to stock selection during the reporting period. The main detractors for the Fund were found in the consumer discretionary and technology sectors. In consumer discretionary, Ascena Retail Group Inc., a specialty retailer of apparel for women and ‘tween girls’, was the most notable underperformer as it lagged the rest of the specialty retail group. The company, which operates well-known store brands such as Dressbarn, Maurices and Justice, bought out the parent of Lane Bryant in 2012. As Ascena Retail attempted to improve Lane Bryant’s margins to levels

Nuveen Investments 9

Portfolio Managers’ Comments (continued)

similar to its other stores, the turnaround story for this underperforming brand was taking longer than the market anticipated. In addition, specialty retailers in general suffered from overall weakness in the retail sector as consumers focused more on durable product purchases instead of apparel. We have continued to hold Ascena Retail as we believe its management team is one of the highest quality and most successful at company turnarounds in the industry. In the technology sector, almost all the Fund’s shortfall resulted from a position in Vocus Inc., an on-line, software-as-a-service (SaaS) marketing company. Shares of Vocus declined as its profitability dropped. After making a strategic acquisition in 2012, the company’s new product line continued to take longer than expected to gain traction. Although Vocus is in the attractive and growing SaaS segment, we sold the Fund’s position after the further weakening of company fundamentals.

In addition, Fund results were hampered by a poorly timed move into housing-related stocks in March. We added positions in two single-family home builders, Meritage Homes Corp. and TRI Pointe Homes Inc., after experiencing steadily improving housing data with the additional favorable backdrop of continued low interest rates. Subsequent to our purchases, the Fed began discussing a potential tapering of its quantitative easing program, causing a sudden spike in interest rates in the summer. The ensuing slowdown in the housing market caused both Meritage and TRI Pointe to sell off in meaningful ways. However, we continue to own both home builders as we believe the housing cycle is still in the early stages of its recovery.

Despite the shortfall versus the benchmarks, the Fund experienced a number of strong small-cap performers during the reporting period. Stock selection in the materials sector was a bright spot as our holdings benefited from increasing demand for their products and/or industry consolidation. The Fund’s top performer was U.S. Silica Holdings Inc., the leading producer and supplier of silica sand used by exploration and production companies in the energy space. U.S. Silica’s stock price marched steadily upward during the reporting period as the company benefited from strong pricing and improving volume trends. The Fund also benefited from ownership of containerboard and packaging firm Rock-Tenn Company, which continued to gain additional synergies from its Smurfit-Stone acquisition during the previous year. While we continue to own U.S. Silica in the Fund’s portfolio, we sold our position in Rock-Tenn as its valuation reached our target and its market capitalization post-acquisition has grown too large for this small-cap focused portfolio.

Strong stock selection in consumer staples was led by a position in Natural Grocers by Vitamin Cottage, Inc. This Colorado-based company, which operates a chain of stores that sell natural and organic groceries and dietary supplements in the western U.S., went public in the summer of 2012. Natural Grocers has consistently beat expectations for comparable-store sales, while continuing to open new locations and post strong earnings growth. Although we appreciate the secular growth theme surrounding the organic food retailing industry, we sold out of the Fund’s position in Natural Grocers due to valuation concerns.

Finally, in the health care sector, the Fund benefited from its position in Align Technology, Inc., a pioneer and leader in the invisible orthodontics market. Align Technology’s leading product, Invisalign, is a clear, removable orthodontic aligner used to straighten teeth. This company has benefited as it continues to drive sales deeper into the orthodontic space, including the teenage and overseas markets. We continue to own Align Technology in the Fund’s portfolio.

Mutual fund investing involves risk; principal loss is possible.

10 Nuveen Investments

Risk Considerations

Nuveen Large Cap Select Fund

Equity investments, such as those held by the Fund, are subject to market risk, derivatives risk, and common stock risk. Foreign investments involve additional risks including currency fluctuations, political and economic instability, and lack of liquidity. These risks are magnified in emerging markets.

Nuveen Small Cap Select Fund

Equity investments, such as those held by the Fund, are subject to market risk, derivatives risk, IPO risk, and common stock risk. Small-cap stocks are subject to greater volatility and liquidity risks. Foreign investments involve additional risks including currency fluctuations, political and economic instability, and lack of liquidity. These risks are magnified in emerging markets.

Nuveen Investments 11

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12 Nuveen Investments

Fund Performance and Expense Ratios

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

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

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

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

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

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

Nuveen Investments 13

Fund Performance and Expense Ratios (continued)

Nuveen Large Cap Select Fund

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

Fund Performance

Average Annual Total Returns as of October 31, 2013

	Average Annual
	1-Year		5-Year		10-Year
Class A Shares at NAV		32.14%		15.20%		6.55%
Class A Shares at maximum Offering Price		24.53%		13.84%		5.92%
S&P 500® Index*		27.18%		15.17%		7.46%
Lipper Large-Cap Core Funds Classification Average*		26.63%		14.22%		7.02%
Class C Shares		31.08%		14.33%		5.73%
Class I Shares		32.43%		15.48%		6.83%

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

	Average Annual
	1-Year		5-Year		10-Year
Class A Shares at NAV		24.87%		10.03%		6.75%
Class A Shares at maximum Offering Price		17.71%		8.74%		6.12%
Class C Shares		23.96%		9.20%		5.92%
Class I Shares		25.22%		10.31%		7.02%

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

Expense Ratios as of Most Recent Prospectus

	Gross Expense Ratios		Net Expense Ratios
Class A Shares		1.41%		1.30%
Class C Shares		2.16%		2.05%
Class I Shares		1.16%		1.05%

The Fund’s investment adviser has contractually agreed to waive fees and/or reimburse other Fund expenses through October 31, 2015, so that total annual Fund operating expenses, after fee waivers and/or expense reimbursements and excluding acquired fund fees and expenses, do not exceed 1.30%, 2.05% and 1.05%, for Class A, Class C and Class I Shares, respectively. Fee waivers and/or expense reimbursements will not be terminated prior to that time without the approval of the Fund’s Board of Directors.

14 Nuveen Investments

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

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

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

Nuveen Investments 15

Fund Performance and Expense Ratios (continued)

Nuveen Small Cap Select Fund

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

Fund Performance

Average Annual Total Returns as of October 31, 2013

	Average Annual
	1-Year		5-Year		10-Year
Class A Shares at NAV		31.74%		17.21%		8.61%
Class A Shares at maximum Offering Price		24.13%		15.84%		7.97%
Russell 2000® Index*		36.28%		17.04%		9.03%
Lipper Small-Cap Core Funds Classification Average*		34.76%		17.45%		9.16%
Class B Shares w/o CDSC		30.69%		16.35%		7.80%
Class B Shares w/CDSC		25.69%		16.24%		7.80%
Class C Shares		30.67%		16.32%		7.79%
Class R3 Shares		31.37%		16.94%		8.36%
Class I Shares		32.02%		17.51%		8.88%

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

	Average Annual
	1-Year		5-Year		10-Year
Class A Shares at NAV		22.24%		11.55%		9.22%
Class A Shares at maximum Offering Price		15.25%		10.23%		8.57%
Class B Shares w/o CDSC		21.26%		10.70%		8.40%
Class B Shares w/CDSC		16.44%		10.57%		8.40%
Class C Shares		21.23%		10.70%		8.40%
Class R3 Shares		21.86%		11.25%		8.97%
Class I Shares		22.44%		11.81%		9.49%

Class A Shares have a maximum 5.75% sales charge (Offering Price). Class A Share purchases of $1 million or more are sold at net asset value without an up-front sales charge but may be subject to a contingent deferred sales charge (CDSC), also known as a back-end sales charge, if redeemed within twelve months of purchase. Class B Shares have a CDSC that begins at 5% for redemptions during the first year and declines periodically until after six years when the charge becomes 0%. Class B Shares automatically convert to Class A Shares eight years after purchase. Class C Shares have a 1% CDSC for redemptions within less than twelve months, which is not reflected in the one-year total return. Class R3 Shares have no sales charge and are only available for purchase by eligible retirement plans. Class I Shares have no sales charge and may be purchased under limited circumstances or by specified classes of investors.

Expense Ratios as of Most Recent Prospectus

	Expense Ratios
Class A Shares		1.36%
Class B Shares		2.11%
Class C Shares		2.11%
Class R3 Shares		1.61%
Class I Shares		1.11%

16 Nuveen Investments

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

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

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

Nuveen Investments 17

Holding Summaries October 31, 2013

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

Nuveen Large Cap Select Fund

Portfolio Allocation¹

Common Stocks	98.4%
Short-Term Investments	1.6%
Other3	(0.0)%	2

Portfolio Composition¹

Software	8.4%
Computers & Peripherals	6.4%
Specialty Retail	6.2%
Oil, Gas & Consumable Fuels	6.1%
Diversified Financial Services	6.0%
Industrial Conglomerates	4.3%
Commercial Banks	4.2%
Electrical Equipment	3.9%
Household Durables	3.7%
Pharmaceuticals	3.5%
Chemicals	3.4%
Health Care Equipment & Supplies	3.1%
Media	2.9%
Biotechnology	2.8%
Insurance	2.8%
Machinery	2.7%
Internet Software & Services	2.7%
Energy Equipment & Services	2.3%
Multiline Retail	2.3%
Leisure Equipment & Products	2.2%
Short-Term Investments	1.6%
Other4	18.5%

Top Five Common Stock Holdings¹

Apple, Inc.	4.0%
Microsoft Corporation	3.2%
General Electric Company	2.8%
Google Inc., Class A	2.7%
Pfizer Inc.	2.3%

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

2 Rounds to less than (0.1)%.

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

4 Other assets less liabilities, which includes investments purchased with collateral from securities lending as presented in the Fund’s Portfolio of Investments and all industries less than 2.2% of net assets.

18 Nuveen Investments

Nuveen Small Cap Select Fund

Portfolio Allocation¹

Common Stocks	98.5%
Short-Term Investments	2.5%
Other2	(1.0)%

Portfolio Composition¹

Commercial Banks	7.0%
Real Estate Investment Trust	5.7%
Specialty Retail	5.3%
Health Care Equipment & Supplies	5.2%
Capital Markets	4.5%
Machinery	4.1%
IT Services	3.9%
Semiconductors & Equipment	3.8%
Oil, Gas & Consumable Fuels	3.6%
Food Products	3.5%
Software	3.5%
Communications Equipment	3.3%
Household Durables	3.3%
Construction & Engineering	3.2%
Insurance	3.0%
Biotechnology	3.0%
Aerospace & Defense	2.7%
Health Care Providers & Services	2.5%
Hotels, Restaurants & Leisure	2.4%
Distributors	2.2%
Electronic Equipment & Instruments	2.0%
Short-Term Investments	2.5%
Other3	19.8%

Top Five Common Stock Holdings¹

East West Bancorp Inc.	2.0%
Waddell & Reed Financial Inc., Class A	1.8%
Treehouse Foods Inc.	1.8%
Energy XXI Ltd.	1.7%
Euronet Worldwide, Inc.	1.7%

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

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

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

Nuveen Investments 19

Expense Examples

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

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

The information under “Actual Performance,” together with the amount you invested, allows you to estimate actual expenses incurred over the reporting period. Simply divide your account value by $1,000 (for example, an $8,600 account value divided by $1,000 = 8.60) and multiply the result by the cost shown for your share class, in the row entitled “Expenses Incurred During Period” to estimate the expenses incurred on your account during this period.

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

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

Nuveen Large Cap Select Fund

	Actual Performance						Hypothetical Performance (5% annualized return before expenses)
	A Shares		C Shares		I Shares		A Shares		C Shares		I Shares
Beginning Account Value (5/01/13)	$	1,000.00	$	1,000.00	$	1,000.00	$	1,000.00	$	1,000.00	$	1,000.00
Ending Account Value (10/31/13)	$	1,146.10	$	1,141.50	$	1,147.70	$	1,018.50	$	1,014.77	$	1,019.76
Expenses Incurred During Period	$	7.19	$	11.17	$	5.85	$	6.77	$	10.51	$	5.50

For each class of the Fund, expenses are equal to the Fund’s annualized net expense ratio of 1.33%, 2.07% and 1.08% for Classes A, C and I, respectively, multiplied by the average account value over the period, multiplied by 184/365 (to reflect the one-half year period).

Nuveen Small Cap Select Fund

	Actual Performance										Hypothetical Performance (5% annualized return before expenses)
	A Shares		B Shares		C Shares		R3 Shares		I Shares		A Shares		B Shares		C Shares		R3 Shares		I Shares
Beginning Account Value (5/01/13)	$	1,000.00	$	1,000.00	$	1,000.00	$	1,000.00	$	1,000.00	$	1,000.00	$	1,000.00	$	1,000.00	$	1,000.00	$	1,000.00
Ending Account Value (10/31/13)	$	1,168.90	$	1,164.40	$	1,163.80	$	1,167.60	$	1,170.60	$	1,018.45	$	1,014.62	$	1,014.62	$	1,017.14	$	1,019.71
Expenses Incurred During Period	$	7.33	$	11.46	$	11.45	$	8.74	$	5.96	$	6.82	$	10.66	$	10.66	$	8.13	$	5.55

For each class of the Fund, expenses are equal to the Fund’s annualized net expense ratio of 1.34%, 2.10%, 2.10%, 1.60% and 1.09% for Classes A, B, C, R3 and I, respectively, multiplied by the average account value over the period, multiplied by 184/365 (to reflect the one-half year period).

20 Nuveen Investments

Report of Independent Registered

Public Accounting Firm

To the Board of Directors and Shareholders of

Nuveen Investment Funds, Inc.:

In our opinion, the accompanying statements of assets and liabilities, including the portfolios of investments, and the related statements of operations and of changes in net assets and the financial highlights present fairly, in all material respects, the financial position of Nuveen Large Cap Select Fund and Nuveen Small Cap Select Fund (each a series of the Nuveen Investment Funds, Inc., hereinafter referred to as the “Funds”) at October 31, 2013, the results of each of their operations for the year then ended, the changes in each of their net assets and the financial highlights for each of the two years in the period then ended, in conformity with accounting principles generally accepted in the United States of America. These financial statements and financial highlights (hereafter referred to as “financial statements”) are the responsibility of the Funds’ management; our responsibility is to express an opinion on these financial statements based on our audits. We conducted our audits of these financial statements in accordance with the standards of the Public Company Accounting Oversight Board (United States). Those standards require that we plan and perform the audit to obtain reasonable assurance about whether the financial statements are free of material misstatement. An audit includes examining, on a test basis, evidence supporting the amounts and disclosures in the financial statements, assessing the accounting principles used and significant estimates made by management, and evaluating the overall financial statement presentation. We believe that our audits, which included confirmation of securities at October 31, 2013 by correspondence with the custodian and brokers, provide a reasonable basis for our opinion. The financial statements of the Funds for the years ended October 31, 2011 and prior were audited by other independent auditors whose report dated December 28, 2011 expressed an unqualified opinion on those statements.

PRICEWATERHOUSECOOPERS LLP

Chicago, IL

December 27, 2013

Nuveen Investments 21

Portfolio of Investments October 31, 2013

Nuveen Large Cap Select Fund

Shares		Description (1)		Value
		LONG-TERM INVESTMENTS – 115.5%
		COMMON STOCKS – 98.4%
		Aerospace & Defense – 2.0%
	6,059	Boeing Company		$	790,700
		Airlines – 1.3%
	20,121	Delta Air Lines, Inc., (2)			530,792
		Auto Components – 1.1%
	4,096	BorgWarner Inc., (2)			422,420
		Automobiles – 1.0%
	4,780	Daimler AG, (2)			390,765
		Biotechnology – 2.8%
	3,248	Celgene Corporation, (3)			482,296
	9,021	Gilead Sciences, Inc., (2), (3)			640,401
		Total Biotechnology			1,122,697
		Capital Markets – 1.0%
	14,054	Morgan Stanley			403,771
		Chemicals – 3.4%
	5,128	Monsanto Company			537,825
	2,593	PPG Industries, Inc.			473,430
	3,730	WR Grace & Company, (3)	��		341,892
		Total Chemicals			1,353,147
		Commercial Banks – 4.2%
	10,874	BNP Paribas SA, (2)			402,229
	22,241	Fifth Third Bancorp.			423,246
	87,421	Lloyds TSB Group PLC, (2), (3)			439,728
	40,450	Regions Financial Corporation			389,534
		Total Commercial Banks			1,654,737
		Commercial Services & Supplies – 1.2%
	23,042	Pitney Bowes Inc., (2)			491,716
		Communications Equipment – 1.4%
	24,004	Cisco Systems, Inc.			540,090
		Computers & Peripherals – 6.4%
	3,046	Apple, Inc.			1,591,078
	20,316	Hewlett-Packard Company			495,101

22 Nuveen Investments

Shares		Description (1)	Value
		Computers & Peripherals (continued)
	6,449	Western Digital Corporation	$	449,044
		Total Computers & Peripherals		2,535,223
		Consumer Finance – 1.0%
	15,845	SLM Corporation		401,988
		Diversified Financial Services – 6.0%
	55,117	Bank of America Corporation		769,433
	17,059	Citigroup Inc.		832,138
	14,830	JPMorgan Chase & Co.		764,338
		Total Diversified Financial Services		2,365,909
		Electrical Equipment – 3.9%
	5,692	Eaton Corporation PLC		401,628
	9,753	Emerson Electric Company		653,158
	4,354	Rockwell Automation, Inc., (2)		480,725
		Total Electrical Equipment		1,535,511
		Energy Equipment & Services – 2.3%
	7,459	Halliburton Company		395,551
	5,501	Schlumberger Limited		515,554
		Total Energy Equipment & Services		911,105
		Food Products – 1.4%
	16,744	Mondelez International Inc., Class A		563,268
		Health Care Equipment & Supplies – 3.1%
	28,384	Boston Scientific Corporation, (3)		331,809
	7,351	Saint Jude Medical Inc., (2)		421,874
	6,430	Stryker Corporation		474,920
		Total Health Care Equipment & Supplies		1,228,603
		Household Durables – 3.7%
	8,275	Jarden Corporation, (3)		458,104
	4,167	Mohawk Industries Inc., (3)		551,794
	3,118	Whirlpool Corporation		455,259
		Total Household Durables		1,465,157
		Industrial Conglomerates – 4.3%
	8,440	Danaher Corporation		608,440
	41,798	General Electric Company		1,092,600
		Total Industrial Conglomerates		1,701,040
		Insurance – 2.8%
	11,476	Lincoln National Corporation		521,125
	7,158	Prudential Financial, Inc.		582,590
		Total Insurance		1,103,715

Nuveen Investments 23

Portfolio of Investments October 31, 2013

Nuveen Large Cap Select Fund (continued)

Shares		Description (1)	Value
		Internet & Catalog Retail – 1.1%
	421	priceline.com Incorporated, (3)	$	443,662
		Internet Software & Services – 2.7%
	1,028	Google Inc., Class A, (3)		1,059,433
		IT Services – 1.8%
	966	MasterCard, Inc., Class A		692,719
		Leisure Equipment & Products – 2.2%
	9,383	Brunswick Corporation, (2)		423,455
	3,445	Polaris Industries Inc., (2)		451,123
		Total Leisure Equipment & Products		874,578
		Life Sciences Tools & Services – 1.1%
	8,456	Agilent Technologies, Inc.		429,227
		Machinery – 2.7%
	6,305	Caterpillar Inc.		525,585
	7,048	Illinois Tool Works, Inc.		555,312
		Total Machinery		1,080,897
		Media – 2.9%
	14,910	Comcast Corporation, Class A		709,418
	2,922	Liberty Media Corporation, (3)		446,803
		Total Media		1,156,221
		Multiline Retail – 2.3%
	7,766	Kohl’s Corporation, (2)		441,109
	9,909	Macy’s, Inc.		456,904
		Total Multiline Retail		898,013
		Office Electronics – 1.0%
	40,722	Xerox Corporation		404,777
		Oil, Gas & Consumable Fuels – 6.1%
	6,731	Anadarko Petroleum Corporation		641,397
	5,105	Chevron Corporation		612,396
	7,980	Cobalt International Energy, Inc., (2), (3)		185,216
	15,677	Marathon Oil Corporation		552,771
	4,358	Occidental Petroleum Corporation		418,717
		Total Oil, Gas & Consumable Fuels		2,410,497
		Paper & Forest Products – 1.0%
	8,908	International Paper Company		397,386
		Pharmaceuticals – 3.5%
	30,166	Pfizer Inc.		925,493
	14,738	Zoetis Incorporated		466,605
		Total Pharmaceuticals		1,392,098

24 Nuveen Investments

Shares		Description (1)	Value
		Professional Services – 1.1%
	11,418	Nielsen Holdings BV, (2)	$	450,326
		Software – 8.4%
	10,147	Adobe Systems Incorporated, (3)		549,967
	12,910	Autodesk, Inc., (3)		515,238
	17,287	CA Inc.		549,035
	35,576	Microsoft Corporation		1,257,612
	20,291	Symantec Corporation		461,417
		Total Software		3,333,269
		Specialty Retail – 6.2%
	9,180	Abercrombie & Fitch Co., Class A, (2)		344,066
	9,214	Best Buy Co., Inc.		394,359
	9,270	Foot Locker, Inc., (2)		321,669
	16,926	Lowe’s Companies, Inc., (2)		842,576
	32,929	Staples, Inc., (2)		530,815
		Total Specialty Retail		2,433,485
		Total Common Stocks (cost $32,098,538)		38,968,942
Shares		Description (1)	Value
		INVESTMENTS PURCHASED WITH COLLATERAL FROM SECURITIES LENDING – 17.1%
		Money Market Funds – 17.1%
	6,758,245	Mount Vernon Securities Lending Prime Portfolio, 0.177%, (4), (5)	$	6,758,245
		Total Investments Purchased with Collateral from Securities Lending (cost $6,758,245)		6,758,245
		Total Long-Term Investments (cost $38,856,783)		45,727,187
Shares		Description (1)	Value
		SHORT-TERM INVESTMENTS – 1.6%
		Money Market Funds – 1.6%
	626,846	First American Treasury Obligations Fund, Class Z, 0.000%, (4)	$	626,846
		Total Short-Term Investments (cost $626,846)		626,846
		Total Investments (cost $39,483,629) – 117.1%		46,354,033
		Other Assets Less Liabilities – (17.1)%		(6,766,240	)
		Net Assets – 100%	$	39,587,793

For Fund portfolio compliance purposes, the Fund’s industry classifications refer to any one or more of the industry sub-classifications used by one or more widely recognized market indexes or ratings group indexes, and/or as defined by Fund management. This definition may not apply for purposes of this report which may combine industry sub-classifications into sectors for reporting ease.

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

(2) Investment, or a portion of investment, is out on loan for securities lending. The total value of securities out on loan as of the end of the reporting period was $6,499,177.

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

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

(5) The Fund may loan securities representing up to one third of the fair value of its total assets (which includes collateral for securities on loan) to broker dealers, banks, and other institutions. The Fund maintains collateral equal to at least 102% of the fair value of the securities loaned. The cash collateral received by the Fund is invested in this money market fund. See Notes to Financial Statements, Note 3 – Portfolio Securities and Investments in Derivatives, Securities Lending for more information.

See accompanying notes to financial statements.

Nuveen Investments 25

Portfolio of Investments October 31, 2013

Nuveen Small Cap Select Fund

Shares		Description (1)	Value
		LONG-TERM INVESTMENTS – 111.2%
		COMMON STOCKS – 98.5%
		Aerospace & Defense – 2.7%
	294,487	Orbital Sciences Corporation, (2)	$	6,793,815
	81,828	Triumph Group Inc., (3)		5,862,976
		Total Aerospace & Defense		12,656,791
		Biotechnology – 3.0%
	13,223	Aegerion Pharmaceuticals Inc., (2)		1,095,129
	30,363	Alnylam Pharmaceuticals, Inc., (2)		1,749,212
	50,720	Celldex Therapeutics, Inc., (2), (3)		1,161,995
	84,486	Cepheid, Inc., (2), (3)		3,440,270
	45,604	Cubist Pharmaceuticals Inc., (2)		2,827,448
	68,466	ISIS Pharmaceuticals, Inc., (2), (3)		2,277,864
	53,006	NPS Pharmaceuticals, Inc., (2)		1,525,513
		Total Biotechnology		14,077,431
		Capital Markets – 4.5%
	131,976	Evercore Partners Inc., Class A, (3)		6,660,829
	533,070	Pennantpark Investment Corporation		6,002,368
	140,886	Waddell & Reed Financial Inc., Class A		8,699,711
		Total Capital Markets		21,362,908
		Chemicals – 1.6%
	316,770	Chemtura Corporation, (2)		7,760,865
		Commercial Banks – 7.0%
	94,383	Banner Corporation		3,611,094
	490,290	Cardinal Financial Corporation, (3)		8,089,785
	282,986	East West Bancorp Inc.		9,533,798
	248,191	Glacier Bancorp, Inc., (3)		6,857,517
	99,030	Texas Capital BancShares, Inc., (2)		5,154,512
		Total Commercial Banks		33,246,706
		Communications Equipment – 3.3%
	332,728	IXIA, (2)		4,718,083
	391,737	JDS Uniphase Corporation, (2)		5,127,837
	140,468	Plantronics Inc.		6,031,696
		Total Communications Equipment		15,877,616

26 Nuveen Investments

Shares		Description (1)	Value
		Construction & Engineering – 3.2%
	182,996	MasTec Inc., (2), (3)	$	5,850,382
	225,543	MYR Group Inc., (2)		5,965,612
	133,509	Primoris Services Corporation		3,476,574
		Total Construction & Engineering		15,292,568
		Distributors – 2.2%
	96,014	Core-Mark Holding Company, Inc.		6,791,070
	64,298	Pool Corporation		3,496,525
		Total Distributors		10,287,595
		Diversified Consumer Services – 1.4%
	110,485	Capella Education Company, (2)		6,730,746
		Diversified Telecommunication Services – 0.8%
	563,416	Cbeyond Inc., (2)		3,628,399
		Electric Utilities – 1.0%
	128,282	UIL Holdings Corporation		4,941,423
		Electrical Equipment – 1.5%
	98,462	Regal-Beloit Corporation		7,220,218
		Electronic Equipment & Instruments – 2.0%
	418,004	Newport Corporation, (2)		6,633,723
	45,473	Rogers Corporation, (2)		2,772,034
		Total Electronic Equipment & Instruments		9,405,757
		Energy Equipment & Services – 1.9%
	83,701	Atwood Oceanics Inc., (2), (3)		4,447,034
	673,796	Parker Drilling Company, (2), (3)		4,851,331
		Total Energy Equipment & Services		9,298,365
		Food Products – 3.5%
	138,087	Boulder Brands Inc., (2), (3)		2,263,246
	548,624	SunOpta, Inc., (2), (3)		5,908,680
	114,922	Treehouse Foods Inc., (2)		8,419,186
		Total Food Products		16,591,112
		Gas Utilities – 0.8%
	91,613	Atmos Energy Corporation, (3)		4,055,708
		Health Care Equipment & Supplies – 5.2%
	79,716	Align Technology, Inc., (2), (3)		4,548,595
	150,107	Integra Lifesciences Holdings Corporation, (2), (3)		6,871,898
	372,551	Merit Medical Systems, Inc., (2)		5,957,090
	171,165	Thoratec Corporation, (2)		7,392,616
		Total Health Care Equipment & Supplies		24,770,199

Nuveen Investments 27

Portfolio of Investments October 31, 2013

Nuveen Small Cap Select Fund (continued)

Shares		Description (1)	Value
		Health Care Providers & Services – 2.5%
	209,855	HealthSouth Corporation	$	7,368,009
	41,327	Medax Inc., (2)		4,505,470
		Total Health Care Providers & Services		11,873,479
		Hotels, Restaurants & Leisure – 2.4%
	137,856	Life Time Fitness Inc., (2), (3)		6,261,420
	190,162	Texas Roadhouse, Inc.		5,214,242
		Total Hotels, Restaurants & Leisure		11,475,662
		Household Durables – 3.3%
	212,569	La Z Boy Inc.		4,906,093
	158,886	Meritage Corporation, (2), (3)		7,211,836
	236,030	Tri Pointe Homes, Incorporated, (2), (3)		3,757,598
		Total Household Durables		15,875,527
		Insurance – 3.0%
	235,046	American Equity Investment Life Holding Company, (3)		4,898,359
	245,599	CNO Financial Group Inc.		3,826,432
	516,782	Maiden Holdings, Ltd		5,658,763
		Total Insurance		14,383,554
		Internet Software & Services – 1.8%
	180,146	Constant Contact Inc., (2)		4,667,583
	146,539	Web.com, Inc., (2)		3,949,226
		Total Internet Software & Services		8,616,809
		IT Services – 3.9%
	188,124	Euronet Worldwide, Inc., (2)		8,164,582
	369,188	ServiceSource International Inc., (2)		3,994,614
	339,920	Sykes Enterprises Inc., (2)		6,363,302
		Total IT Services		18,522,498
		Leisure Equipment & Products – 1.2%
	131,166	Brunswick Corporation, (3)		5,919,522
		Machinery – 4.1%
	146,785	Actuant Corporation, Class A		5,513,245
	224,217	Altra Industrial Motion, Inc.		6,809,470
	125,302	Harsco Corporation		3,493,420
	257,422	Titan International Inc., (3)		3,732,619
		Total Machinery		19,548,754
		Metals & Mining – 0.8%
	109,443	US Silica Holdings Inc., (3)		3,810,805
		Oil, Gas & Consumable Fuels – 3.6%
	139,591	Delek US Holdings Inc.		3,566,550

28 Nuveen Investments

Shares		Description (1)	Value
		Oil, Gas & Consumable Fuels (continued)
	282,253	Energy XXI Ltd.	$	8,202,272
	231,393	Goodrich Petroleum Corporation, (2)		5,412,282
		Total Oil, Gas & Consumable Fuels		17,181,104
		Paper & Forest Products – 1.0%
	55,562	Domtar Corporation		4,706,657
		Pharmaceuticals – 0.8%
	50,805	Salix Pharmaceuticals Limited, (2)		3,645,259
		Professional Services – 1.8%
	398,513	CBIZ Inc., (2), (3)		3,251,866
	221,671	TrueBlue Inc., (2), (3)		5,475,274
		Total Professional Services		8,727,140
		Real Estate Investment Trust – 5.7%
	199,206	CubeSmart		3,639,494
	63,308	EastGroup Properties Inc., (3)		4,030,187
	165,961	LaSalle Hotel Properties		5,153,089
	646,596	MFA Mortgage Investments, Inc.		4,791,276
	147,660	National Retail Properties, Inc., (3)		5,079,504
	54,368	PS Business Parks Inc., (3)		4,430,448
		Total Real Estate Investment Trust		27,123,998
		Road & Rail – 1.3%
	148,348	Con-Way, Inc.		6,111,938
		Semiconductors & Equipment – 3.8%
	741,176	Integrated Device Technology, Inc., (2), (3)		7,886,113
	140,306	MKS Instruments Inc.		4,158,670
	188,337	Semtech Corporation, (2)		5,859,164
		Total Semiconductors & Equipment		17,903,947
		Software – 3.5%
	137,995	Aspen Technology Inc., (2)		5,275,549
	100,164	Guidewire Software Incorporated, (2)		5,080,318
	177,568	Synchronoss Technologies, Inc., (2), (3)		6,147,404
		Total Software		16,503,271
		Specialty Retail – 5.3%
	208,553	Ann Inc., (2)		7,374,434
	274,021	Ascena Retail Group Inc., (2)		5,422,876
	227,207	Kirkland’s, Inc., (2)		4,032,924
	134,046	Tile Shop Holdings Inc., (2)		2,993,247
	183,446	Zumiez, Inc., (2)		5,437,339
		Total Specialty Retail		25,260,820

Nuveen Investments 29

Portfolio of Investments October 31, 2013

Nuveen Small Cap Select Fund (continued)

Shares		Description (1)	Value
		Textiles, Apparel & Luxury Goods – 1.5%
	123,949	G III Apparel Group, Limited, (2)	$	7,030,387
		Thrifts & Mortgage Finance – 1.6%
	489,364	Everbank Financial Corporation		7,399,185
		Total Common Stocks (cost $355,916,516)		468,824,723
Shares		Description (1)	Value
		INVESTMENTS PURCHASED WITH COLLATERAL FROM SECURITIES LENDING – 12.7%
		Money Market Funds – 12.7%
	60,686,692	Mount Vernon Securities Lending Prime Portfolio, 0.177%, (4), (5)	$	60,686,692
		Total Investments Purchased with Collateral from Securities Lending (cost $60,686,692)		60,686,692
		Total Long-Term Investments (cost $416,603,208)		529,511,415
Shares		Description (1)	Value
		SHORT-TERM INVESTMENTS – 2.5%
		Money Market Funds – 2.5%
	12,076,801	First American Treasury Obligations Fund, Class Z, 0.000%, (4)	$	12,076,801
		Total Short-Term Investments (cost $12,076,801)		12,076,801
		Total Investments (cost $428,680,009) – 113.7%		541,588,216
		Other Assets Less Liabilities – (13.7)%		(65,447,346	)
		Net Assets – 100%	$	476,140,870

For Fund portfolio compliance purposes, the Fund’s industry classifications refer to any one or more of the industry sub-classifications used by one or more widely recognized market indexes or ratings group indexes, and/or as defined by Fund management. This definition may not apply for purposes of this report which may combine industry sub-classifications into sectors for reporting ease.

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

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

(3) Investment, or a portion of investment, is out on loan for securities lending. The total value of securities out on loan as of the end of the reporting period was $58,030,706.

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

(5) The Fund may loan securities representing up to one third of the fair value of its total assets (which includes collateral for securities on loan) to broker dealers, banks, and other institutions. The Fund maintains collateral equal to at least 102% of the fair value of the securities loaned. The cash collateral received by the Fund is invested in this money market fund. See Notes to Financial Statements, Note 3 – Portfolio Securities and Investments in Derivatives, Securities Lending for more information.

See accompanying notes to financial statements.

30 Nuveen Investments

Statement of

Assets and Liabilities October 31, 2013

	Large Cap Select			Small Cap Select
Assets
Investments, at value (cost $32,725,384 and $367,993,317, respectively)	$	39,595,788		$	480,901,524
Investment purchased with collateral from securities lending, at value (cost approximates value)		6,758,245			60,686,692
Receivable for:
Dividends		15,478			142,527
Due from broker		1,066			33,338
Investments sold		—			3,261,050
Shares sold		23,359			1,022,025
Other assets		3,179			11,468
Total assets		46,397,115			546,058,624
Liabilities
Payable for:
Collateral from securities lending program		6,758,245			60,686,692
Investments purchased		—			7,472,461
Shares redeemed		14,536			1,140,320
Accrued expenses:
Directors fees		303			13,576
Management fees		26,194			356,294
12b-1 distribution and service fees		1,314			52,880
Other		8,730			195,531
Total liabilities		6,809,322			69,917,754
Net assets	$	39,587,793		$	476,140,870
Class A Shares
Net assets	$	4,625,374		$	161,488,048
Shares outstanding		262,133			10,753,463
Net asset value per share	$	17.65		$	15.02
Offering price per share (net asset value per share plus maximum sales charge of 5.75% of offering price)	$	18.73		$	15.94
Class B Shares
Net assets		N/A		$	1,585,011
Shares outstanding		N/A			145,328
Net asset value and offering price per share		N/A		$	10.91
Class C Shares
Net assets	$	518,338		$	10,330,708
Shares outstanding		31,044			794,502
Net asset value and offering price per share	$	16.70		$	13.00
Class R3 Shares
Net assets		N/A		$	19,673,498
Shares outstanding		N/A			1,358,032
Net asset value and offering price per share		N/A		$	14.49
Class I Shares
Net assets	$	34,444,081		$	283,063,605
Shares outstanding		1,936,675			16,914,944
Net asset value and offering price per share	$	17.79		$	16.73
Net assets consist of:
Capital paid-in	$	96,662,706		$	326,486,494
Undistributed (Over-distribution of) net investment income		178,209			1,290,550
Accumulated net realized gain (loss)		(64,123,526	)		35,455,619
Net unrealized appreciation (depreciation)		6,870,404			112,908,207
Net assets	$	39,587,793		$	476,140,870
Authorized shares – per class		2 billion			2 billion
Par value per share	$	0.0001		$	0.0001

N/A – Fund does not offer share class. At the close of business on March 4, 2013, Large Cap Select liquidated all of its Class R3 Shares.

See accompanying notes to financial statements.

Nuveen Investments 31

Statement of

Operations Year Ended October 31, 2013

	Large Cap Select		Small Cap Select
Investment Income
Dividend and interest income (net of foreign tax withheld of $6,100 and $–, respectively)	$	667,846	$	5,729,091
Securities lending income, net		12,275		381,112
Total investment income		680,121		6,110,203
Expenses
Management fees		283,218		4,064,982
12b-1 service fees – Class A		9,025		397,029
12b-1 distribution and service fees – Class B		N/A		17,661
12b-1 distribution and service fees – Class C		2,789		100,209
12b-1 distribution and service fees – Class R3(1)		184		93,489
Shareholder servicing agent fees and expenses		22,965		690,882
Custodian fees and expenses		17,694		85,558
Directors fees and expenses		1,139		11,920
Professional fees		18,282		26,451
Shareholder reporting expenses		9,723		15,110
Federal and state registration fees		50,038		70,798
Other expenses		5,319		27,603
Total expenses before fee waiver/expense reimbursement		420,376		5,601,692
Fee waiver/expense reimbursement		—		(43,537	)
Net expenses		420,376		5,558,155
Net investment income (loss)		259,745		552,048
Realized and Unrealized Gain (Loss)
Net realized gain (loss) from investments		6,822,162		39,316,560
Change in net unrealized appreciation (depreciation) of investments		3,522,974		87,302,103
Net realized and unrealized gain (loss)		10,345,136		126,618,663
Net increase (decrease) in net assets from operations	$	10,604,881	$	127,170,711

N/A – Fund does not offer share class.

  (1) – At the close of business on March 4, 2013, Large Cap Select liquidated all of its Class R3 Shares.

See accompanying notes to financial statements.

32 Nuveen Investments

Statement of

Changes in Net Assets

	Large Cap Select						Small Cap Select
	Year Ended 10/31/13			Year Ended 10/31/12			Year Ended 10/31/13			Year Ended 10/31/12
Operations
Net investment income (loss)	$	259,745		$	227,174		$	552,048		$	(1,438,470	)
Net realized gain (loss) from:
Investments		6,822,162			5,458,240			39,316,560			72,006,971
Futures contracts		—			—			—			1,762,906
Change in net unrealized appreciation (depreciation) of investments		3,522,974			476,212			87,302,103			(482,307	)
Net increase (decrease) in net assets from operations		10,604,881			6,161,626			127,170,711			71,849,100
Distributions to Shareholders
From net investment income:
Class A		(14,322	)		—			—			—
Class B		N/A			N/A			—			—
Class C		—			—			—			—
Class R3(1)		(250	)		—			—			—
Class I		(234,154	)		(49,038	)		—			—
From accumulated net realized gains:
Class A		—			—			(24,007,903	)		(6,635,027	)
Class B		N/A			N/A			(393,486	)		(85,210	)
Class C		—			—			(1,721,258	)		(355,958	)
Class R3(1)		—			—			(2,881,156	)		(488,508	)
Class I		—			—			(37,556,779	)		(5,892,281	)
Decrease in net assets from distributions to shareholders		(248,726	)		(49,038	)		(66,560,582	)		(13,456,984	)
Fund Share Transactions
Proceeds from sale of shares		3,323,471			2,708,944			82,630,379			104,005,532
Proceeds from shares issued to shareholders due to reinvestment of distributions		132,143			22,258			59,872,466			12,262,815
		3,455,614			2,731,202			142,502,845			116,268,347
Cost of shares redeemed		(12,002,875	)		(32,611,841	)		(174,831,672	)		(313,697,046	)
Net increase (decrease) in net assets from Fund share transactions		(8,547,261	)		(29,880,639	)		(32,328,827	)		(197,428,699	)
Net increase (decrease) in net assets		1,808,894			(23,768,051	)		28,281,302			(139,036,583	)
Net assets at the beginning of period		37,778,899			61,546,950			447,859,568			586,896,151
Net assets at the end of period	$	39,587,793		$	37,778,899		$	476,140,870		$	447,859,568
Undistributed (Over-distribution of) net investment income at the end of period	$	178,209		$	167,190		$	1,290,550		$	(18,982	)

N/A – Fund does not offer share class.

    (1)  At the close of business on March 4, 2013, Large Cap Select liquidated all of its Class R3 Shares.

See accompanying notes to financial statements.

Nuveen Investments 33

Financial

Highlights

Selected data for a share outstanding throughout each period:

Class (Commencement Date)			Investment Operations								Less Distributions
LARGE CAP SELECT
Year Ended October 31,	Beginning Net Asset Value		Net Investment Income (Loss)(a)			Net Realized/ Unrealized Gain (Loss)		Total			From Net Investment Income			From Accumulated Net Realized Gains		Total			Ending Net Asset Value
Class A (1/03)
2013	$	13.42	$	.07		$	4.22	$	4.29		$	(.06	)	$	—	$	(.06	)	$	17.65
2012		11.73		.03			1.66		1.69			—			—		—			13.42
2011		11.65		(.02	)		.10		.08			—			—		—			11.73
2010		9.80		(.01	)		1.92		1.91			(.06	)		—		(.06	)		11.65
2009		8.83		.04			.97		1.01			(.04	)		—		(.04	)		9.80
Class C (1/03)
2013		12.73		(.05	)		4.02		3.97			—			—		—			16.70
2012		11.21		(.06	)		1.58		1.52			—			—		—			12.73
2011		11.22		(.11	)		.10		(.01	)		—			—		—			11.21
2010		9.46		(.08	)		1.84		1.76			—			—		—			11.22
2009		8.56		(.02	)		.93		.91			(.01	)		—		(.01	)		9.46
Class I (1/03)
2013		13.52		.11			4.26		4.37			(.10	)		—		(.10	)		17.79
2012		11.80		.07			1.66		1.73			(.01	)		—		(.01	)		13.52
2011		11.71		.01			.10		.11			(.02	)		—		(.02	)		11.80
2010		9.85		.02			1.92		1.94			(.08	)		—		(.08	)		11.71
2009		8.87		.07			.96		1.03			(.05	)		—		(.05	)		9.85

34 Nuveen Investments

			Ratios/Supplemental Data
					Ratios to Average Net Assets Before Waiver/Reimbursement						Ratios to Average Net Assets After Waiver/Reimbursement(c)
Total Return(b)			Ending Net Assets (000)		Expenses			Net Investment Income (Loss)			Expenses			Net Investment Income (Loss)			Portfolio Turnover Rate(d)
	32.14	%	$	4,625		1.33	%		.43	%		1.33	%		.43	%		117	%
	14.41			2,924		1.43			.26			1.43			.26			127
	.69			2,938		1.20			(.18	)		1.20			(.18	)		139
	19.49			3,487		1.32			(.06	)		1.32			(.06	)		140
	11.54			3,292		1.29			.52			1.29			.52			185
	31.08			518		2.07			(.34	)		2.07			(.34	)		117
	13.65			195		2.18			(.49	)		2.18			(.49	)		127
	(.09	)		183		1.95			(.90	)		1.95			(.90	)		139
	18.60			175		2.07			(.79	)		2.07			(.79	)		140
	10.64			186		2.05			(.23	)		2.05			(.23	)		185
	32.43			34,444		1.08			.72			1.08			.72			117
	14.79			34,554		1.18			.54			1.18			.54			127
	.89			58,314		.95			.07			.95			.07			139
	19.75			130,803		1.07			.21			1.07			.21			140
	11.81			147,231		1.04			.82			1.04			.82			185

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

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

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

(d) 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.

See accompanying notes to financial statements.

Nuveen Investments 35

Financial Highlights (continued)

Selected data for a share outstanding throughout each period:

Class (Commencement Date)			Investment Operations							Less Distributions
SMALL CAP SELECT
Year Ended October 31,	Beginning Net Asset Value		Net Investment Income (Loss)(a)			Net Realized/ Unrealized Gain (Loss)		Total		From Net Investment Income			From Accumulated Net Realized Gains			Total			Ending Net Asset Value
Class A (5/92)
2013	$	13.54	$	—	*	$	3.63	$	3.63	$	—		$	(2.15	)	$	(2.15	)	$	15.02
2012		12.44		(.05	)		1.45		1.40		—			(.30	)		(.30	)		13.54
2011		11.72		(.09	)		.81		.72		—			—			—			12.44
2010		9.53		(.05	)		2.24		2.19		—			—			—			11.72
2009		8.27		(.01	)		1.27		1.26		—			—			—			9.53
Class B (3/95)
2013		10.49		(.07	)		2.64		2.57		—			(2.15	)		(2.15	)		10.91
2012		9.77		(.12	)		1.14		1.02		—			(.30	)		(.30	)		10.49
2011		9.27		(.15	)		.65		.50		—			—			—			9.77
2010		7.60		(.10	)		1.77		1.67		—			—			—			9.27
2009		6.64		(.05	)		1.01		.96		—			—			—			7.60
Class C (9/01)
2013		12.09		(.09	)		3.15		3.06		—			(2.15	)		(2.15	)		13.00
2012		11.22		(.13	)		1.30		1.17		—			(.30	)		(.30	)		12.09
2011		10.65		(.17	)		.74		.57		—			—			—			11.22
2010		8.73		(.12	)		2.04		1.92		—			—			—			10.65
2009		7.63		(.06	)		1.16		1.10		—			—			—			8.73
Class R3 (1/94)
2013		13.17		(.03	)		3.50		3.47		—			(2.15	)		(2.15	)		14.49
2012		12.13		(.08	)		1.42		1.34		—			(.30	)		(.30	)		13.17
2011		11.46		(.12	)		.79		.67		—			—			—			12.13
2010		9.34		(.08	)		2.20		2.12		—			—			—			11.46
2009		8.12		(.03	)		1.25		1.22		—			—			—			9.34
Class I (5/92)
2013		14.82		.04			4.02		4.06		—			(2.15	)		(2.15	)		16.73
2012		13.54		(.02	)		1.60		1.58		—			(.30	)		(.30	)		14.82
2011		12.73		(.06	)		.87		.81		—			—			—			13.54
2010		10.33		(.03	)		2.44		2.41		(.01	)		—			(.01	)		12.73
2009		8.94		.02			1.37		1.39		—			—			—			10.33

36 Nuveen Investments

			Ratios/Supplemental Data
					Ratios to Average Net Assets Before Waiver/Reimbursement						Ratios to Average Net Assets After Waiver/Reimbursement(c)
Total Return(b)			Ending Net Assets (000)		Expenses			Net Investment Income (Loss)			Expenses			Net Investment Income (Loss)			Portfolio Turnover Rate(d)
	31.74	%	$	161,488		1.34	%		(.01	)%		1.33	%		—	%**		78	%
	11.62			155,624		1.36			(.49	)		1.28			(.41	)		71
	6.14			275,994		1.34			(.74	)		1.30			(.70	)		69
	22.98			339,826		1.25			(.49	)		1.24			(.48	)		88
	15.24			295,348		1.26			(.09	)		1.26			(.09	)		99
	30.69			1,585		2.09			(.74	)		2.08			(.73	)		78
	10.88			2,032		2.11			(1.21	)		2.03			(1.13	)		71
	5.39			2,866		2.09			(1.51	)		2.05			(1.45	)		69
	21.97			3,925		2.00			(1.23	)		1.99			(1.22	)		88
	14.46			5,511		2.01			(.80	)		2.01			(.80	)		99
	30.67			10,331		2.09			(.75	)		2.08			(.74	)		78
	10.81			10,058		2.11			(1.21	)		2.03			(1.13	)		71
	5.35			14,009		2.09			(1.50	)		2.05			(1.45	)		69
	21.99			17,393		2.00			(1.24	)		1.99			(1.23	)		88
	14.42			16,938		2.01			(.80	)		2.01			(.80	)		99
	31.37			19,673		1.59			(.25	)		1.58			(.25	)		78
	11.42			18,386		1.61			(.69	)		1.53			(.61	)		71
	5.85			20,044		1.60			(1.00	)		1.55			(.95	)		69
	22.70			18,047		1.50			(.72	)		1.49			(.71	)		88
	15.02			24,701		1.51			(.31	)		1.51			(.31	)		99
	32.02			283,064		1.09			.24			1.08			.25			78
	12.01			261,760		1.11			(.19	)		1.03			(.11	)		71
	6.36			273,983		1.09			(.49	)		1.05			(.45	)		69
	23.30			400,042		1.00			(.24	)		.99			(.23	)		88
	15.55			322,658		1.01			.19			1.01			.19			99

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

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

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

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

* Rounds to less than $.01 per share.

** Rounds to less than .01%.

See accompanying notes to financial statements.

Nuveen Investments 37

Notes to

Financial Statements

1. General Information and Significant Accounting Policies

General Information

Trust Information

Nuveen Investment Funds, Inc. (the “Trust”), is an open-end management investment company registered under the Investment Company Act of 1940, as amended. The Trust is comprised of Nuveen Large Cap Select Fund (“Large Cap Select”) and Nuveen Small Cap Select Fund (“Small Cap Select”), (each a “Fund” and collectively, the “Funds”), as diversified funds, among others. The Trust was incorporated in the state of Maryland on August 20, 1987.

Investment Adviser

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

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

Fund Information

Large Cap Select’s investment objective is capital appreciation. Under normal market conditions, the Fund invests at least 80% of its net assets, plus the amount of any borrowings for investment purposes, in common stocks of large-capitalization companies, defined as companies that have market capitalizations of $5 billion or greater at the time of purchase. At the close of business on March 4, 2013, the Fund liquidated all of its Class R3 Shares, and are no longer offered for sale.

Small Cap Select’s investment objective is capital appreciation. Under normal market conditions, the Fund invests at least 80% of its net assets, plus the amount of any borrowings for investment purposes, in common stocks of small-capitalization companies, defined as companies that have market capitalizations of less than $3 billion at the time of purchase.

Each Fund may invest up to 15% of its total assets in non-dollar denominated equity securities of non-U.S. issuers. Each Fund may invest up to 25% of its assets, collectively, in non-dollar denominated equity securities of non-U.S. issuers and in dollar-denominated equity securities of non-U.S. issuers that are either listed on a U.S. stock exchange or represented by depositary receipts that may or may not be sponsored by a domestic bank. Up to 15% of each Fund’s total assets may be invested in equity securities of emerging market issuers. Each Fund also may invest in options, futures contracts, options on futures contracts and forward foreign currency exchanges contracts (“derivatives”) to manage market or business risk, enhance its return or hedge against adverse movements in currency exchange rates.

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

Significant Accounting Policies

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

Investment Transactions

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

Investment Income

Dividend income is recorded on the ex-dividend date or, for foreign securities, when information is available. Interest income is recorded on an accrual basis. Securities lending income is comprised of fees earned from borrowers and income earned on cash collateral investments, net of lending agent fees.

38 Nuveen Investments

Professional Fees

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

Dividends and Distributions to Shareholders

Dividends from net investment income and net realized gains from investment transactions, if any, are declared and distributed to shareholders at least annually. Furthermore, capital gains are distributed only to the extent they exceed available capital loss carryforwards.

Distributions to shareholders are recorded on the ex-dividend date. The amount and timing of distributions are determined in accordance with federal income tax regulations, which may differ from U.S. GAAP.

The Funds may receive distributions from holdings in Real Estate Investment Trusts (“REITs”). Distributions from REITs may be characterized as ordinary income, net capital gain, or a return of capital to the REIT shareholder. The proper characterization of REIT distributions is generally not known until after the end of each calendar year. The actual character of distributions to Fund shareholders will be reflected on the Form 1099 received by shareholders after the end of the calendar year. Due to the nature of REIT investments, a portion of the distributions received by the Fund shareholder may represent a return of capital.

Share Classes and Sales Charges

Class A Shares are generally sold with an up-front sales charge and incur a .25% annual 12b-1 service fee. Class A Share purchases of $1 million or more are sold at net asset value without an up-front sales charge but may be subject to a contingent deferred sales charge (“CDSC”) if redeemed within twelve months of purchase. Small Cap Select will issue Class B Shares upon the exchange of Class B Shares from another Nuveen mutual fund or for purposes of dividend reinvestment, but Class B Shares are not available for new accounts or for additional investment into existing accounts. Class B Shares were sold without an up-front sales charge but incur a .75% annual 12b-1 distribution fee and a .25% annual 12b-1 service fee. Class B Shares are subject to a CDSC of up to 5% depending upon the length of time the shares are held by the investor (CDSC is reduced to 0% at the end of six years). Class B Shares automatically convert to Class A Shares eight years after purchase. Class C Shares are sold without an up-front sales charge but incur a .75% annual 12b-1 distribution fee and a .25% annual 12b-1 service fee. Class C Shares are subject to a CDSC of 1% if redeemed within twelve months of purchase. Class R3 Shares are sold without an up-front sales charge but incur a .25% annual 12b-1 distribution and a .25% annual 12b-1 service fee. Class I Shares are not subject to any sales charge or 12b-1 distribution or service fees.

Multiclass Operations and Allocations

Income and expenses of the Funds that are not directly attributable to a specific class of shares are prorated among the classes based on the relative net assets of each class. Expenses directly attributable to a class of shares, which presently only include 12b-1 distribution fees and service fees, are recorded to the specific class.

Realized and unrealized capital gains and losses of the Funds are prorated among the classes based on the relative net assets of each class.

Indemnifications

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

Use of Estimates

The preparation of financial statements in conformity with U.S. GAAP requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities at the date of the financial statements and the reported amounts of increases and decreases in net assets from operations during the reporting period. Actual results may differ from those estimates.

Nuveen Investments 39

Notes to Financial Statements (continued)

2. Investment Valuation and Fair Value Measurements

Investment Valuation

Common stocks and other equity-type securities are valued at the last sales price on the securities exchange on which such securities are primarily traded and are generally classified as Level 1 for fair value measurement purposes. Securities primarily traded on the NASDAQ National Market (“NASDAQ”) are valued, except as indicated below, at the NASDAQ Official Closing Price and are generally classified as Level 1. However, securities traded on a securities exchange or NASDAQ for which there were no transactions on a given day or securities not listed on a securities exchange or NASDAQ are valued at the quoted bid price and are generally classified as Level 2.

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

Certain securities may not be able to be priced by the pre-established pricing methods as described above. Such securities may be valued by the Funds’ Board of Directors or its designee at fair value. These securities generally include, but are not limited to, restricted securities (securities which may not be publicly sold without registration under the Securities Act of 1933, as amended) for which a pricing service is unable to provide a market price; securities whose trading has been formally suspended; debt securities that have gone into default and for which there is no current market quotation; a security whose market price is not available from a pre-established pricing source; a security with respect to which an event has occurred that is likely to materially affect the value of the security after the market has closed but before the calculation of a Fund’s net asset value (as may be the case in non-U.S. markets on which the security is primarily traded) or make it difficult or impossible to obtain a reliable market quotation; and a security whose price, as provided by the pricing service, is not deemed to reflect the security’s fair value. As a general principle, the fair value of a security would appear to be the amount that the owner might reasonably expect to receive for it in a current sale. A variety of factors may be considered in determining the fair value of such securities, which may include consideration of the following: yields or prices of investments of comparable quality, type of issue, coupon, maturity and rating, market quotes or indications of value from security dealers, evaluations of anticipated cash flows or collateral, general market conditions and other information and analysis, including the obligor’s credit characteristics considered relevant. These securities are generally classified as Level 2 or Level 3 depending on the priority of the significant inputs. Regardless of the method employed to value a particular security, all valuations are subject to review by the Funds’ Board of Directors or its designee.

Fair Value Measurements

Fair value is defined as the price that the Funds would receive upon selling an investment or transferring a liability in an orderly transaction to an independent buyer in the principal or most advantageous market for the investment. A three-tier hierarchy is used to maximize the use of observable market data and minimize the use of unobservable inputs and to establish classification of fair value measurements for disclosure purposes. Observable inputs reflect the assumptions market participants would use in pricing the asset or liability. Observable inputs are based on market data obtained from sources independent of the reporting entity. Unobservable inputs reflect the reporting entity’s own assumptions about the assumptions market participants would use in pricing the asset or liability. Unobservable inputs are based on the best information available in the circumstances. The following is a summary of the three-tiered hierarchy of valuation input levels.

Level 1 –	Inputs are unadjusted and prices are determined using quoted prices in active markets for identical securities.
Level 2 –	Prices are determined using other significant observable inputs (including quoted prices for similar securities, interest rates, prepayment speeds, credit risk, etc.).
Level 3 –	Prices are determined using significant unobservable inputs (including management’s assumptions in determining the fair value of investments).

40 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:

Large Cap Select	Level 1		Level 2		Level 3		Total
Long-Term Investments*:
Common Stocks	$	38,968,942	$	—	$	—	$	38,968,942
Investments Purchased with Collateral from Securities Lending		6,758,245		—		—		6,758,245
Short-Term Investments:
Money Market Funds		626,846		—		—		626,846
Total	$	46,354,033	$	—	$	—	$	46,354,033
Small Cap Select	Level 1		Level 2		Level 3		Total
Long-Term Investments*:
Common Stocks	$	468,824,723	$	—	$	—	$	468,824,723
Investments Purchased with Collateral from Securities Lending		60,686,692		—		—		60,686,692
Short-Term Investments:
Money Market Funds		12,076,801		—		—		12,076,801
Total	$	541,588,216	$	—	$	—	$	541,588,216

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

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

The Valuation Committee will consider pricing methodologies it deems relevant and appropriate when making 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 of Directors/Trustees, the fair value price is compared against the last available and next available market quotations. The Valuation Committee reviews the results of such testing and fair valuation occurrences are reported to the Board of Directors/Trustees.

3. Portfolio Securities and Investments in Derivatives

Portfolio Securities

Foreign Currency Transactions

To the extent that the Funds invest in securities and/or contracts that are denominated in a currency other than U.S. dollars, the Funds will be subject to currency risk, which is the risk that an increase in the U.S. dollar relative to the foreign currency will reduce returns or portfolio value. Generally, when the U.S. dollar rises in value against a foreign currency, the Funds’ investments denominated in that currency will lose value because their currency is worth fewer U.S. dollars; the opposite effect occurs if the U.S. dollar falls in relative value. Investments and other assets and liabilities denominated in

Nuveen Investments 41

Notes to Financial Statements (continued)

foreign currencies are converted into U.S. dollars on a spot (i.e. cash) basis at the spot rate prevailing in the foreign currency exchange market at the time of valuation. Purchases and sales of investments and income denominated in foreign currencies are translated into U.S. dollars on the respective dates of such transactions.

The books and records of the Funds are maintained in U.S. dollars. Foreign currencies, assets and liabilities are translated into U.S. dollars at 4:00 p.m. Eastern Time. Investment transactions, income and expenses are translated on the respective dates of such transactions. Net realized foreign currency gains and losses resulting from changes in exchange rates include foreign currency gains and losses between trade date and settlement date of the transactions, foreign currency transactions, and the difference between the amounts of interest and dividends recorded on the books of a Fund and the amounts actually received.

The realized gains and losses resulting from changes in foreign currency exchange rates and changes in foreign exchange rates associated with other assets and liabilities on investments and derivatives are recognized as a component of “Net realized gain (loss) from investments and foreign currency,” on the Statement of Operations, when applicable.

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

Securities Lending

In order to generate additional income, each Fund may lend securities representing up to one-third of the value of its total assets (which includes collateral for securities on loan) to broker-dealers, banks or other institutions. Each Fund’s policy is to receive cash collateral equal to at least 102% of the value of securities loaned, which is recognized as “Collateral from securities lending program” on the Statement of Assets and Liabilities. The adequacy of the collateral is monitored on a daily basis. If the value of the securities on loan increases, such that the level of collateralization falls below 102%, additional collateral is received from the borrower, which is recognized as “Due from broker” on the Statement of Assets and Liabilities, when applicable. As with other extensions of credit, there may be risks of delay in recovery of the securities or even loss of rights in the collateral should the borrower of the security fail financially.

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

Income from securities lending, net of fees paid, is recognized on the Statement of Operations as “Securities lending income, net.” Securities lending fees paid by each Fund during the fiscal year ended October 31, 2013, were as follows:

	Large Cap Select		Small Cap Select
Securities lending fees paid	$	1,679	$	69,294

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 fiscal year ended October 31, 2013.

Market and Counterparty Credit Risk

In the normal course of business each Fund may invest in financial instruments and enter into financial transactions where risk of potential loss exists due to changes in the market (market risk) or failure of the other party to the transaction to perform (counterparty credit risk). The potential loss could exceed the value of the financial assets recorded on the financial statements. Financial assets, which potentially expose each Fund to counterparty credit risk, consist principally of cash due from counterparties on forward, option and swap transactions, when applicable. The extent of each Fund’s exposure to counterparty credit risk in respect to these financial assets approximates their carrying value as recorded on the Statement of Assets and Liabilities.

Each Fund helps manage counterparty credit risk by entering into agreements only with counterparties the Adviser believes have the financial resources to honor their obligations and by having the Adviser monitor the financial stability of the counterparties. Additionally, counterparties may be required to pledge collateral daily (based on the daily valuation of the financial asset) on behalf of each Fund with a value approximately equal to the amount of any unrealized gain above a pre-determined threshold. Reciprocally, when each Fund has an unrealized loss, the Funds have instructed the

42 Nuveen Investments

custodian to pledge assets of the Funds as collateral with a value approximately equal to the amount of the unrealized loss above a pre-determined threshold. Collateral pledges are monitored and subsequently adjusted if and when the valuations fluctuate, either up or down, by at least the pre-determined threshold amount.

4. Fund Shares

Transactions in Fund shares were as follows:

	Large Cap Select
	Year Ended 10/31/13						Year Ended 10/31/12
	Shares			Amount			Shares			Amount
Shares sold:
Class A		86,580		$	1,345,676			25,332		$	331,639
Class C		26,018			403,346			1,390			17,576
Class R3(1)		1,190			16,638			1,045			13,038
Class I		97,759			1,557,811			197,949			2,346,691
Shares issued to shareholders due to reinvestment of distributions:
Class A		1,055			14,175			—			—
Class C		—			—			—			—
Class R3(1)		19			251			—			—
Class I		8,707			117,717			1,891			22,258
		221,328			3,455,614			227,607			2,731,202
Shares redeemed:
Class A		(43,427	)		(662,562	)		(57,942	)		(729,523	)
Class C		(10,273	)		(153,956	)		(2,456	)		(29,802	)
Class R3(1)		(9,255	)		(133,842	)		(2,655	)		(34,618	)
Class I		(725,513	)		(11,052,515	)		(2,584,843	)		(31,817,898	)
		(788,468	)		(12,002,875	)		(2,647,896	)		(32,611,841	)
Net increase (decrease)		(567,140	)	$	(8,547,261	)		(2,420,289	)	$	(29,880,639	)

(1) After the close of business on March 4, 2013, Large Cap Select liquidated all of its Class R3 Shares.

	Small Cap Select
	Year Ended 10/31/13						Year Ended 10/31/12
	Shares			Amount			Shares			Amount
Shares sold:
Class A		2,344,689		$	31,242,890			3,405,459		$	44,581,140
Class B – exchanges		408			3,424			55			510
Class C		27,179			300,561			33,316			400,508
Class R3		443,783			5,660,311			362,918			4,572,748
Class I		3,097,591			45,423,193			3,848,641			54,450,626
Shares issued to shareholders due to reinvestment of distributions:
Class A		2,079,011			23,825,468			555,168			6,578,745
Class B		45,369			380,192			8,774			81,068
Class C		163,836			1,636,719			31,587			336,407
Class R3		260,032			2,881,156			42,049			485,669
Class I		2,444,971			31,148,931			369,469			4,780,926
		10,906,869			142,502,845			8,657,436			116,268,347
Shares redeemed:
Class A		(5,160,326	)		(68,844,204	)		(14,663,335	)		(201,595,961	)
Class B		(94,177	)		(908,276	)		(108,436	)		(1,128,129	)
Class C		(228,432	)		(2,624,713	)		(482,065	)		(5,720,510	)
Class R3		(741,925	)		(9,510,031	)		(661,413	)		(8,291,187	)
Class I		(6,294,437	)		(92,944,448	)		(6,784,819	)		(96,961,259	)
		(12,519,297	)		(174,831,672	)		(22,700,068	)		(313,697,046	)
Net increase (decrease)		(1,612,428	)	$	(32,328,827	)		(14,042,632	)	$	(197,428,699	)

Nuveen Investments 43

Notes to Financial Statements (continued)

Class B Shares that converted to Class A Shares (recognized as a component of Class A Shares sold and Class B Shares redeemed) during the fiscal years ended October 31, 2013 and October 31, 2012, were as follows:

Fund	Year Ended 10/31/13		Year Ended 10/31/12
Small Cap Select		15,744		83,248

5. Investment Transactions

Purchases and sales (excluding investments purchased with collateral from securities lending and short-term investments, where applicable) during the fiscal year ended October 31, 2013, were as follows:

	Large Cap Select		Small Cap Select
Purchases	$	43,548,595	$	349,802,353
Sales		51,715,013		447,745,428

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.

For all open tax years and all major taxing jurisdictions, management of the Funds has concluded that there are no significant uncertain tax positions that would require recognition in the financial statements. Open tax years are those that are open for examination by taxing authorities (i.e., generally the last four tax year ends and the interim tax period since then). Furthermore, management of the Funds is also not aware of any tax positions for which it is reasonably possible that the total amounts of unrecognized tax benefits will significantly change in the next twelve months.

The following information is presented on an income tax basis. Differences between amounts for financial statement and federal income tax purposes are primarily due to timing differences in recognizing certain gains and losses on investment transactions. To the extent that differences arise that are permanent in nature, such amounts are reclassified within the capital accounts as detailed below. Temporary differences do not require reclassification. Temporary and permanent differences do not impact the net asset values of the Funds.

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

	Large Cap Select			Small Cap Select
Cost of investments	$	39,579,698		$	431,336,128
Gross unrealized:
Appreciation	$	7,017,541		$	118,527,886
Depreciation		(243,206	)		(8,275,798	)
Net unrealized appreciation (depreciation) of investments	$	6,774,335		$	110,252,088

Permanent differences, primarily due to net operating losses, tax equalization, litigation proceeds and REIT adjustments, resulted in reclassifications among the Funds’ components of net assets as of October 31, 2013, the Funds’ tax year end, as follows:

	Large Cap Select			Small Cap Select
Capital paid-in	$	(9	)	$	(94,882	)
Undistributed (Over-distribution of) net investment income		—			757,484
Accumulated net realized gain (loss)		9			(662,602	)

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

	Large Cap Select		Small Cap Select
Undistributed net ordinary income1	$	189,155	$	8,937,418
Undistributed net long-term capital gains		—		30,487,550

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

44 Nuveen Investments

The tax character of distributions paid during the Funds’ tax years ended October 31, 2013 and October 31, 2012, was designated for purposes of the dividends paid deduction as follows:

2013	Large Cap Select		Small Cap Select
Distributions from net ordinary income1	$	248,726	$	11,605,768
Distributions from net long-term capital gains2		—		54,954,814

2012	Large Cap Select		Small Cap Select
Distributions from net ordinary income1	$	49,038	$	—
Distributions from net long-term capital gains		—		13,456,984

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

²  The Funds designated as a long-term capital gain dividend, pursuant to the Internal Revenue Code Section 852(b)(3), the amount necessary to reduce earnings and profits of the Funds related to net capital gain to zero for the tax year ended October 31, 2013.

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

	Large Cap Select
Expiration:
October 31, 2016	$	9,711,965
October 31, 2017		54,315,490
Not subject to expiration:
Short-term losses		—
Long-term losses		—
Total	$	64,027,455

During the Funds’ tax year ended October 31, 2013, the following Fund utilized capital loss carryforwards as follows:

	Large Cap Select
Utilized capital loss carryforwards	$	6,736,107

7. Management Fees and Other Transactions with Affiliates

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

Each Fund’s management fee consists of two components – a fund-level fee, based only on the amount of assets within each individual Fund, and a complex-level fee, based on the aggregate amount of all eligible fund assets managed by the Adviser. This pricing structure enables each Fund’s shareholders to benefit from growth in the assets within their respective Fund as well as from growth in the amount of complex-wide assets managed by the Adviser.

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

Average Daily Net Assets	Large Cap Select Fund-Level Fee Rate			Small Cap Select Fund-Level Fee Rate
For the first $125 million		.5500	%		.7000	%
For the next $125 million		.5375			.6875
For the next $250 million		.5250			.6750
For the next $500 million		.5125			.6625
For the next $1 billion		.5000			.6500
For net assets over $2 billion		.4750			.6250

Nuveen Investments 45

Notes to Financial Statements (continued)

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

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

* The complex-level fee is calculated based upon the aggregate daily “eligible assets” of all Nuveen Funds. Eligible assets do not include assets attributable to investments in other Nuveen Funds or assets in excess of $2 billion added to the Nuveen Fund complex in connection with the Adviser’s assumption of the management of the former First American Funds effective January 1, 2011. Eligible assets include closed-end fund assets managed by the Adviser that are attributable to 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 October 31, 2013, the complex-level fee rate for each of these Funds was as follows:

Fund	Complex-Level Fee Rate
Large Cap Select		.2000%
Small Cap Select		.2000

The Adviser agreed to reimburse management fees across all share classes of Large Cap Select and Small Cap Select through December 31, 2012, to the extent necessary to maintain Class I Share total annual operating expenses, not including any acquired fund fees and expenses, at the applicable percentage of daily net assets listed in the Maximum Expense Level row of the following table, provided that in no event will the Adviser be required to make any reimbursements that would result in an annualized net management fee of less than the applicable percentage of daily net assets listed in the Minimum Management Fee row of the following table.

	Large Cap Select			Small Cap Select
Maximum Expense Level		1.13	%		1.00%
Minimum Management Fee		.75			.80

Effective August 1, 2013, the Adviser has contractually agreed to waive fees and/or reimburse other Fund expenses of Large Cap Select so that total annual Fund operating expenses, after fee waivers and/or expense reimbursements and excluding acquired fund fees and expenses, do not exceed the percentage of the average daily net assets of any class of Fund shares in the amounts and for the time period stated in the following table:

Large Cap Select	Temporary Expense Cap			Temporary Expense Cap Expiration Date
Class A Shares		1.30	%		October 31, 2015
Class C Shares		2.05			October 31, 2015
Class I Shares		1.05			October 31, 2015

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

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

46 Nuveen Investments

During the fiscal year ended October 31, 2013, Nuveen Securities, LLC (the “Distributor”), a wholly-owned subsidiary of Nuveen, collected sales charges on purchases of Class A Shares, the majority of which were paid out as concessions to financial intermediaries as follows:

	Large Cap Select		Small Cap Select
Sales charges collected (Unaudited)	$	12,538	$	38,419
Paid to financial intermediaries (Unaudited)		11,025		33,648

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

During the fiscal year ended October 31, 2013, the Distributor compensated financial intermediaries directly with commission advances at the time of purchase as follows:

	Large Cap Select		Small Cap Select
Commission advances (Unaudited)	$	200	$	2,485

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

	Large Cap Select		Small Cap Select
12b-1 fees retained (Unaudited)	$	281	$	16,433

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

The Distributor also collected and retained CDSC on share redemptions during the fiscal year ended October 31, 2013, as follows:

	Large Cap Select		Small Cap Select
CDSC retained (Unaudited)	$	—	$	3,271

8. New Accounting Pronouncements

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

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

Nuveen Investments 47

Trustees and Officers (Unaudited)

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

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

Name, Year of Birth & Address	Position(s) Held with the Funds	Year First Elected or Appointed (1)	Principal Occupation(s) Including other Directorships During Past 5 Years	Number of Portfolios in Fund Complex Overseen by Trustee
Independent Trustees:
William J. Schneider 1944 333 W. Wacker Drive Chicago, IL 60606	Chairman of the Board and Trustee	1996	Chairman of Miller-Valentine Partners Ltd., a real estate investment company; formerly, Senior Partner and Chief Operating Officer (retired 2004) of Miller-Valentine Group; owner in several other Miller-Valentine entities; Board Member of Mid-America Health System, Tech Town, Inc., a not-for-profit community development company and WDPR Public Radio Station; formerly, member, Business Advisory Council, Cleveland Federal Reserve Bank and University of Dayton Business School Advisory Council.	206
Robert P. Bremner 1940 333 W. Wacker Drive Chicago, IL 60606	Trustee	1996	Private Investor and Management Consultant; Treasurer and Director, Humanities Council of Washington, D.C.; Board Member, Independent Directors Council affiliated with the Investment Company Institute.	206
Jack B. Evans 1948 333 W. Wacker Drive Chicago, IL 60606	Trustee	1999	President, The Hall-Perrine Foundation, a private philanthropic corporation (since 1996); Chairman, United Fire Group, a publicly held company; formerly, member and President Pro Tem of the Board of Regents for the State of Iowa University System; Director, Source Media Group; Life Trustee of Coe College; formerly, Director, Alliant Energy; formerly, Director, Federal Reserve Bank of Chicago; formerly, President and Chief Operating Officer, SCI Financial Group, Inc., a regional financial services firm.	206
William C. Hunter 1948 333 W. Wacker Drive Chicago, IL 60606	Trustee	2004	Dean Emeritus (since June 30, 2012), formerly, Dean, Tippie College of Business, University of Iowa (2006-2012); Director (since 2004) of Xerox Corporation; Director (since 2005), and President (since July 2012) Beta Gamma Sigma, Inc., The International Honor Society; Director of Wellmark, Inc. (since 2009); formerly, Dean and Distinguished Professor of Finance, School of Business at the University of Connecticut (2003-2006); previously, Senior Vice President and Director of Research at the Federal Reserve Bank of Chicago (1995-2003); formerly, Director (1997-2007), Credit Research Center at Georgetown University.	206
David J. Kundert 1942 333 W. Wacker Drive Chicago, IL 60606	Trustee	2005	Formerly, Director, Northwestern Mutual Wealth Management Company; (2006-2013) retired (since 2004) as Chairman, JPMorgan Fleming Asset Management, President and CEO, Banc One Investment Advisors Corporation, and President, One Group Mutual Funds; prior thereto, Executive Vice President, Banc One Corporation and Chairman and CEO, Banc One Investment Management Group; Regent Emeritus, Member of Investment Committee, Luther College; member of the Wisconsin Bar Association; member of Board of Directors, Friends of Boerner Botanical Gardens; member of Board of Directors and Chair of Investment Committee, Greater Milwaukee Foundation; member of the Board of Directors (Milwaukee), College Possible.	206

48 Nuveen Investments

Name, Year of Birth & Address	Position(s) Held with the Funds	Year First Elected or Appointed (1)	Principal Occupation(s) Including other Directorships During Past 5 Years	Number of Portfolios in Fund Complex Overseen by Trustee
John K. Nelson 1962 333 West Wacker Drive Chicago, IL 60606	Trustee	2013	Senior external advisor to the financial services practice of Deloitte Consulting LLP (since 2012); Member of Board of Directors of Core12 LLC (since 2008), a private firm which develops branding, marketing and communications strategies for clients; Chairman of the Board of Trustees of Marian University (since 2010 as trustee, 2011 as Chairman); Director of The Curran Center for Catholic American Studies (since 2009) and The President’s Council, Fordham University (since 2010); formerly, Chief Executive Officer of ABN AMRO N.V. North America, and Global Head of its Financial Markets Division (2007-2008); prior senior positions held at ABN AMRO include Corporate Executive Vice President and Head of Global Markets—the Americas (2006-2007), CEO of Wholesale Banking—North America and Global Head of Foreign Exchange and Futures Markets (2001-2006), and Regional Commercial Treasurer and Senior Vice President Trading—North America (1996-2001); formerly, Trustee at St. Edmund Preparatory School in New York City.	206
Judith M. Stockdale 1947 333 W. Wacker Drive Chicago, IL 60606	Trustee	1997	Formerly, Executive Director (1994-2012), Gaylord and Dorothy Donnelley Foundation (since 1994); prior thereto, Executive Director, Great Lakes Protection Fund (1990-1994).	206
Carole E. Stone 1947 333 W. Wacker Drive Chicago, IL 60606	Trustee	2007	Director, Chicago Board Options Exchange (since 2006), C2 Options Exchange, Incorporated (since 2009) and CBOE Holdings, Inc. (since 2010); formerly, Commissioner, New York State Commission on Public Authority Reform (2005-2010); formerly, Chair, New York Racing Association Oversight Board (2005-2007).	206
Virginia L. Stringer 1944 333 W. Wacker Drive Chicago, IL 60606	Trustee	2011	Board Member, Mutual Fund Directors Forum; former governance consultant and non-profit board member; former Owner and President, Strategic Management Resources, Inc. a management consulting firm; former Member, Governing Board, Investment Company Institute’s Independent Directors Council; previously, held several executive positions in general management, marketing and human resources at IBM and The Pillsbury Company; Independent Director, First American Fund Complex (1987-2010) and Chair (1997-2010).	206
Terence J. Toth 1959 333 W. Wacker Drive Chicago, IL 60606	Trustee	2008	Managing Partner, Promus Capital (since 2008); Director, Fulcrum IT Service LLC (since 2010), Quality Control Corporation (since 2012) and LogicMark LLC (since 2012); formerly, Director, Legal & General Investment Management America, Inc. (2008-2013); formerly, CEO and President, Northern Trust Global Investments (2004-2007); Executive Vice President, Quantitative Management & Securities Lending (2000-2004); prior thereto, various positions with Northern Trust Company (since 1994); member: Chicago Fellowship Board (since 2005), Catalyst Schools of Chicago Board (since 2008) and Mather Foundation Board (since 2012), and a member of its investment committee; formerly, Member, Northern Trust Mutual Funds Board (2005-2007), Northern Trust Global Investments Board (2004-2007), Northern Trust Japan Board (2004-2007), Northern Trust Securities Inc. Board (2003-2007) and Northern Trust Hong Kong Board (1997-2004).	206

Nuveen Investments 49

Trustees and Officers (Unaudited)(continued)

Name, Year of Birth & Address	Position(s) Held with the Funds	Year First Elected or Appointed (1)	Principal Occupation(s) Including other Directorships During Past 5 Years	Number of Portfolios in Fund Complex Overseen by Trustee
Interested Board Members:
William Adams IV(2) 1955 333 W. Wacker Drive Chicago, IL 60606	Board Member	2013	Senior Executive Vice President, Global Structured Products (since 2010); Co-President of Nuveen Fund Advisors, LLC (since 2011); President (since 2011), formerly, Managing Director (2010-2011) of Nuveen Commodities Asset Management, LLC; Board Member of the Chicago Symphony Orchestra and of Gilda’s Club Chicago; formerly, Executive Vice President, U.S. Structured Products, of Nuveen Investments, Inc. (1999-2010).	135
Thomas S. Schreier, Jr.(2) 1962 333 W. Wacker Drive Chicago, IL 60606	Board Member	2013	Vice Chairman, Wealth Management of Nuveen Investments, Inc. (since 2011); Co-President of Nuveen Fund Advisors, LLC; Chairman of Nuveen Asset Management, LLC (since 2011); Co-Chief Executive Officer of Nuveen Securities, LLC (since 2011); Member of Board of Governors and Chairman’s Council of the Investment Company Institute; formerly, Chief Executive Officer (2000-2010) and Chief Investment Officer (2007-2010) of FAF Advisors, Inc.; formerly, President of First American Funds (2001-2010).	135

Name, Year of Birth & Address	Position(s) Held with the Funds	Year First Elected or Appointed (2)	Principal Occupation(s) During Past 5 Years	Number of Portfolios in Fund Complex Overseen by Officer
Officers of the Funds:
Gifford R. Zimmerman 1956 333 W. Wacker Drive Chicago, IL 60606	Chief Administrative Officer	1988	Managing Director (since 2002), and Assistant Secretary of Nuveen Securities, LLC; Managing Director (since 2004) and Assistant Secretary (since 1994) of Nuveen Investments, Inc.; Managing Director (since 2002), Assistant Secretary (since 1997) and Co-General Counsel (since 2011) of Nuveen Fund Advisors, LLC; Managing Director, Assistant Secretary and Associate General Counsel of Nuveen Asset Management, LLC (since 2011); Managing Director, Associate General Counsel and Assistant Secretary of Symphony Asset Management LLC (since 2003); Vice President and Assistant Secretary of NWQ Investment Management Company, LLC (since 2002), Nuveen Investments Advisers Inc. (since 2002), Santa Barbara Asset Management, LLC (since 2006) and of Winslow Capital Management, LLC, (since 2010); Vice President and Assistant Secretary (since 2013), formerly, Chief Administrative Officer and Chief Compliance Officer (2006-2013) of Nuveen Commodities Asset Management, LLC; Chartered Financial Analyst.	206
Margo L. Cook 1964 333 W. Wacker Drive Chicago, IL 60606	Vice President	2009	Executive Vice President (since 2008) of Nuveen Investments, Inc. and of Nuveen Fund Advisors, LLC (since 2011); Managing Director – Investment Services of Nuveen Commodities Asset Management, LLC (since August 2011), previously, Head of Institutional Asset Management (2007-2008) of Bear Stearns Asset Management; Head of Institutional Asset Management (1986-2007) of Bank of NY Mellon; Chartered Financial Analyst.	206
Lorna C. Ferguson 1945 333 W. Wacker Drive Chicago, IL 60606	Vice President	1998	Managing Director (since 2005) of Nuveen Fund Advisors, LLC and Nuveen Securities, LLC (since 2004).	206
Stephen D. Foy 1954 333 W. Wacker Drive Chicago, IL 60606	Vice President and Controller	1998	Senior Vice President (2010-2011), formerly, Vice President (2005-2010) and Funds Controller of Nuveen Securities, LLC; Senior Vice President (since 2013), formerly, Vice President of Nuveen Fund Advisors, LLC; Chief Financial Officer of Nuveen Commodities Asset Management, LLC (since 2010); Certified Public Accountant.	206

50 Nuveen Investments

Name, Year of Birth & Address	Position(s) Held with the Funds	Year First Elected or Appointed (2)	Principal Occupation(s) During Past 5 Years	Number of Portfolios in Fund Complex Overseen by Officer
Scott S. Grace 1970 333 W. Wacker Drive Chicago, IL 60606	Vice President and Treasurer	2009	Managing Director, Corporate Finance & Development, Treasurer (since 2009) of Nuveen Securities, LLC; Managing Director and Treasurer (since 2009) of Nuveen Fund Advisors, LLC, Nuveen Investments Advisers, Inc., Nuveen Investments Holdings Inc. and (since 2011) Nuveen Asset Management, LLC; Vice President and Treasurer of NWQ Investment Management Company, LLC, Tradewinds Global Investors, LLC, Symphony Asset Management LLC and Winslow Capital Management, LLC.; Vice President of Santa Barbara Asset Management, LLC; formerly, Treasurer (2006-2009), Senior Vice President (2008-2009), previously, Vice President (2006-2008) of Janus Capital Group, Inc.; formerly, Senior Associate in Morgan Stanley’s Global Financial Services Group (2000-2003); Chartered Accountant Designation.	206
Walter M. Kelly 1970 333 W. Wacker Drive Chicago, IL 60606	Chief Compliance Officer and Vice President	2003	Senior Vice President (since 2008) of Nuveen Investments Holdings, Inc.	206
Tina M. Lazar 1961 333 W. Wacker Drive Chicago, IL 60606	Vice President	2002	Senior Vice President of Nuveen Investment Holdings, Inc.	206
Kevin J. McCarthy 1966 333 W. Wacker Drive Chicago, IL 60606	Vice President and Secretary	2007	Managing Director and Assistant Secretary (since 2008), Nuveen Securities, LLC; Managing Director (since 2008), Assistant Secretary (since 2007) and Co-General Counsel (since 2011) of Nuveen Fund Advisors, LLC; Managing Director, Assistant Secretary and Associate General Counsel (since 2011) of Nuveen Asset Management, LLC; Managing Director (since 2008), and Assistant Secretary, Nuveen Investment Holdings, Inc.; Vice President (since 2007) and Assistant Secretary of Nuveen Investments Advisers Inc., NWQ Investment Management Company, LLC, Tradewinds Global Investors LLC, Symphony Asset Management LLC, Santa Barbara Asset Management, LLC, and of Winslow Capital Management, LLC. (since 2010); Vice President and Secretary (since 2010) of Nuveen Commodities Asset Management, LLC.	206
Kathleen L. Prudhomme 1953 901 Marquette Avenue Minneapolis, MN 55402	Vice President and Assistant Secretary	2011	Managing Director, Assistant Secretary and Co-General Counsel (since 2011) of Nuveen Fund Advisors, LLC; Managing Director, Assistant Secretary and Associate General Counsel (since 2011) of Nuveen Asset Management, LLC; Managing Director and Assistant Secretary (since 2011) of Nuveen Securities, LLC; formerly, Deputy General Counsel, FAF Advisors, Inc. (2004-2010).	206
Joel T. Slager 1978 333 West Wacker Drive Chicago, IL 60606	Vice President and Assistant Secretary	2013	Fund Tax Director for Nuveen Funds (since May, 2013); previously, Vice President of Morgan Stanley Investment Management, Inc., Assistant Treasurer of the Morgan Stanley Funds (from 2010 to 2013); Tax Director at PricewaterhouseCoopers LLP (from 2008 to 2010).	206
Jeffery M. Wilson 1956 333 West Wacker Drive Chicago, IL 60606	Vice President	2011	Senior Vice President of Nuveen Securities, LLC (since 2011); formerly, Senior Vice President of FAF Advisors, Inc. (2000-2010).	103

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

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

Nuveen Investments 51

Annual Investment Management Agreement Approval Process (Unaudited)

The Board of Directors (each, a “Board” and each Director, a “Board Member”) of the Funds, including the Board Members who are not parties to the Funds’ advisory or sub-advisory agreements or “interested persons” of any such parties (the “Independent Board Members”), is responsible for approving the advisory agreements (each, an “Investment Management Agreement”) between each Fund and Nuveen Fund Advisors, LLC (the “Adviser”) and the sub-advisory agreements (each, a “Sub-Advisory Agreement”) between the Adviser and Nuveen Asset Management, LLC (the “Sub-Adviser”) (the Investment Management Agreements and the Sub-Advisory Agreements are referred to collectively as the “Advisory Agreements”) and their periodic continuation. Pursuant to the Investment Company Act of 1940, as amended (the “1940 Act”), the Board is required to consider the continuation of the Advisory Agreements on an annual basis. Accordingly, at an in-person meeting held on May 20-22, 2013 (the “May Meeting”), the Board, including a majority of the Independent Board Members, considered and approved the continuation of the Advisory Agreements for the Funds for an additional one-year period.

In preparation for its considerations at the May Meeting, the Board requested and received extensive materials prepared in connection with the review of the Advisory Agreements. The materials provided a broad range of information regarding the Funds, the Adviser and the Sub-Adviser (the Adviser and the Sub-Adviser are collectively, the “Fund Advisers” and each, a “Fund Adviser”). As described in more detail below, the information provided included, among other things, a review of Fund performance, including Fund investment performance assessments against peer groups and appropriate benchmarks; a comparison of Fund fees and expenses relative to peers; a description and assessment of shareholder service levels for the Funds; a summary of the performance of certain service providers; a review of product initiatives and shareholder communications; and an analysis of the Adviser’s profitability with comparisons to comparable peers in the managed fund business. As part of its annual review, the Board also held a separate meeting on April 17-18, 2013, to review the Funds’ investment performance and consider an analysis provided by the Adviser of the Sub-Adviser which generally evaluated the Sub-Adviser’s investment team, investment mandate, organizational structure and history, investment philosophy and process, performance of the applicable Fund, and significant changes to the foregoing. As a result of its review of the materials and discussions, the Board presented the Adviser with questions and the Adviser responded.

The materials and information prepared in connection with the annual review of the Advisory Agreements supplement the information and analysis provided to the Board during the year. In this regard, throughout the year, the Board, acting directly or through its committees, regularly reviews the performance and various services provided by the Adviser and the Sub-Adviser. The Board meets at least quarterly as well as at other times as the need arises. At its quarterly meetings, the Board reviews reports by the Adviser regarding, among other things, fund performance, fund expenses, the performance of the investment teams, and compliance, regulatory and risk management matters. In addition to regular reports, the Adviser provides special reports to the Board or a committee thereof from time to time to enhance the Board’s understanding of various topics that impact some or all the Nuveen funds (such as accounting and financial statement presentations of the various forms of leverage that may be used by a closed-end fund or an update on the valuation policies and procedures), to update the Board on regulatory developments impacting the investment company industry or to update the Board on the business plans or other matters impacting the Adviser. The Board also meets with key investment personnel managing the fund portfolios during the year. In October 2011, the Board also created two standing committees (the Open-End Fund Committee and the Closed-End Fund Committee) to assist the full Board in monitoring and gaining a deeper insight into the distinctive business practices of open-end and closed-end funds. These Committees meet prior to each quarterly Board meeting, and the Adviser provides presentations to these Committees permitting them to delve further into specific matters or initiatives impacting the respective product line.

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

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

52 Nuveen Investments

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

A. Nature, Extent and Quality of Services

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

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

In addition to advisory services, the Board considered the quality and extent of administrative and other non-investment advisory services the Adviser and its affiliates provide to the Funds, including product management, investment services (such as oversight of investment policies and procedures, risk management, and pricing), fund administration, oversight of service providers, shareholder services and communications, administration of Board relations, regulatory and portfolio compliance and legal support. The Board further recognized Nuveen’s additional investments in personnel, including in compliance and risk management.

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

In addition to the foregoing actions, the Board also considered other initiatives related to the open-end Nuveen funds including, among other things, the development of a comprehensive strategic plan and the addition of members to the product strategy team; the commencement of various new funds; the removal of redemption fees for certain funds; the establishment of a working group to enhance the Adviser’s oversight of the disclosures pertaining to Nuveen’s products and services; the acceleration of monthly holdings disclosure for certain funds; and the development of a new share class for certain funds.

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

Nuveen Investments 53

Annual Investment Management Agreement Approval Process (Unaudited)(continued)

B. The Investment Performance of the Funds and Fund Advisers

The Board, including the Independent Board Members, considered the performance history of each Fund over various time periods. The Board reviewed reports, including an analysis of the Funds’ performance and the applicable investment team. In general, in considering a fund’s performance, the Board recognized that a fund’s performance can be reviewed through various measures including the fund’s absolute return, the fund’s return compared to the performance of other peer funds, and the fund’s performance compared to its respective benchmark. Accordingly, the Board reviewed, among other things, each Fund’s historic investment performance as well as information comparing the Fund’s performance information with that of other funds (the “Performance Peer Group”) and with recognized and/or customized benchmarks (i.e., generally benchmarks derived from multiple recognized benchmarks) for the quarter, one-, three- and five-year periods ending December 31, 2012 as well as performance information reflecting the first quarter of 2013. This information supplemented the fund performance information provided to the Board at each of its quarterly meetings.

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

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

In considering the performance data for the Funds, the Independent Board Members noted that the Nuveen Large Cap Select Fund (the “Large Cap Fund”) demonstrated generally favorable performance in comparison to peers and that although such Fund was in the third quartile for the five-year period, it performed in the second quartile for the three-year period and the first quartile for the one-year period and outperformed its benchmark for the one-year period. In addition, the Independent Board Members noted that the Nuveen Small Cap Select Fund (the “Small Cap Fund”) lagged its peers somewhat in the shorter periods, but demonstrated more favorable performance in the longer periods. In this regard, they noted that although the Small Cap Fund was in the third quartile and underperformed its benchmark for the one- and three-year periods, such Fund was in the second quartile and outperformed its benchmark for the five-year period.

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

C. Fees, Expenses and Profitability

1. Fees and Expenses

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

54 Nuveen Investments

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

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

The Independent Board Members observed that the Small Cap Fund had a net management fee and a net expense ratio (including fee waivers and expense reimbursements) that were below its peer averages. In addition, the Independent Board Members recognized that the Large Cap Fund had a higher net management fee and net expense ratio compared to its peer average. In this regard, the Independent Board Members observed that although such Fund’s gross management fee was below its peer group average, its net management fee was higher than its peer average due to differences in fee waivers between such Fund and its peer group average.

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

2. Comparisons with the Fees of Other Clients

The Board recognized that all Nuveen funds have a sub-adviser (which, in the case of the Funds, is an affiliated sub-adviser), and therefore, the overall fund management fee can be divided into two components, the fee retained by the Adviser and the fee paid to the sub-adviser. In general terms, the fee to the Adviser reflects the administrative services it provides to support the funds, and while some administrative services may occur at the sub-adviser level, the fee generally reflects the portfolio management services provided by the sub-adviser. The Independent Board Members reviewed information regarding the nature of services provided by the Adviser, including through the Sub-Adviser, and the range of fees and average fee the Sub-Adviser assessed for such services to other clients. Such other clients include separately managed accounts (both retail and institutional accounts), foreign investment funds offered by Nuveen and funds that are not offered by Nuveen but are sub-advised by one of Nuveen’s investment management teams. In evaluating the comparisons of fees, the Independent Board Members noted that the fee rates charged to the Funds and other clients vary, among other things, because of the different services involved and the additional regulatory and compliance requirements associated with registered investment companies, such as the Funds. Accordingly, the Independent Board Members considered the differences in the product types, including, but not limited to, the services provided, the structure and operations, product distribution and costs thereof, portfolio investment policies, investor profiles, account sizes and regulatory requirements. The Independent Board Members noted, in particular, that the range of services provided to the Funds (as discussed above) is much more extensive than that provided to separately managed accounts. Many of the additional administrative services provided by the Adviser are not required for institutional clients. The Independent Board Members further noted that the management fee rates of the foreign funds advised by the Adviser may vary due to, among other things, differences in the client base, governing bodies, operational complexities and services covered by the management fee. Given the inherent differences in the various products, particularly the extensive services provided to the Funds, the Independent Board Members believe such facts justify the different levels of fees.

3. Profitability of Fund Advisers

In conjunction with their review of fees, the Independent Board Members also considered the profitability of Nuveen for its advisory activities and its financial condition. The Independent Board Members reviewed the revenues and expenses of Nuveen’s advisory activities for the last two calendar years, the allocation methodology used in preparing the profitability data and an analysis of the key drivers behind the changes in revenues and expenses that impacted profitability in 2012. The Independent Board Members noted this information supplemented the profitability information requested and received during the year to help keep them apprised of developments affecting profitability (such as changes in fee waivers and expense reimbursement commitments). In this regard, the Independent Board Members noted that they have an Independent Board Member serve as a point person to review and keep them apprised of changes to the profitability analysis and/or methodologies during the year. The Independent Board Members also considered Nuveen’s revenues for advisory activities, expenses, and profit margin compared to that of various unaffiliated management firms with comparable assets under management (based on asset size and asset composition).

Nuveen Investments 55

Annual Investment Management Agreement Approval Process (Unaudited)(continued)

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

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

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

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

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

In addition to fund-level advisory fee breakpoints, the Board also considered the Funds’ complex-wide fee arrangement. Pursuant to the complex-wide fee arrangement, the fees of the funds in the Nuveen complex are generally reduced as the assets in the fund complex reach certain levels. The complex-wide fee arrangement seeks to provide the benefits of economies of scale to fund shareholders when total fund complex assets increase, even if assets of a particular fund are unchanged or have decreased. The approach reflects the notion that some of Nuveen’s costs are attributable to services provided to all its funds in the complex and therefore all funds benefit if these costs are spread over a larger asset base. In addition, with the acquisition of the funds previously advised by FAF Advisors, Inc. at the end of 2010, the Board noted that a portion of such funds’ assets at the time of acquisition were deemed eligible to be included in the complex-wide fee calculation in order to deliver fee savings to shareholders in the combined complex and such funds were subject to differing complex-level fee rates.

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

E. Indirect Benefits

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

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

56 Nuveen Investments

managing the assets of the Funds and other clients. The Funds’ portfolio transactions are determined by the Sub-Adviser. Accordingly, the Independent Board Members considered that the Sub-Adviser may benefit from its soft dollar arrangements pursuant to which it receives research from brokers that execute the Funds’ portfolio transactions. Similarly, the Board recognized that the research received pursuant to soft dollar arrangements by the Sub-Adviser may also benefit a Fund and shareholders to the extent the research enhances the ability of the Sub-Adviser to manage the Fund. The Independent Board Members noted that the Sub-Adviser’s profitability may be somewhat lower if it did not receive the research services pursuant to the soft dollar arrangements and had to acquire such services directly.

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

F. Other Considerations

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

Nuveen Investments 57

Glossary of Terms Used in this Report

Average Annual Total Return: This is a commonly used method to express an investment’s performance over a particular, usually multi-year time period. It expresses the return that would have been necessary each year to equal the investment’s actual cumulative performance (including change in NAV or offer price and reinvested distributions and capital gains, if any) over the time period being considered.

Beta: A measure of the variability of the change in the share price for a fund in relation to a change in the value of the fund’s market benchmark. Securities with betas higher than 1.0 have been, and are expected to be, more volatile than the benchmark; securities with betas lower than 1.0 have been, and are expected to be, less volatile than the benchmark.

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

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

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

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

Market Capitalization: The market capitalization of a company is equal to the number of the company’s common shares outstanding multiplied by the current price of the company’s stock.

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

MSCI Emerging Markets Index: An unmanaged index considered representative of stocks of developing countries. The index returns assume reinvestment of distributions, but do not reflect any applicable sales charges or management fees.

MSCI Japan Index: A capitalization-weighted index, adjusted for free float. The index is designed to reflect the sectoral diversity of the Japanese equity markets. 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 2000^® Index: An index that measures the performance of the small-cap segment of the U.S. equity universe. The Russell 2000 is a subset of the Russell 3000^® Index representing approximately 10% of the total market capitalization of that index. It includes approximately 2,000 of the smallest securities based on a combination of their market cap and current index membership. The index returns assume reinvestment of distributions, but do not reflect any applicable sales charges or management fees.

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

Tax Equalization: The practice of treating a portion of the distribution made to a redeeming shareholder, which represents his proportionate part of undistributed net investment income and capital gain as a distribution for tax purposes. Such amounts are referred to as the equalization debits (or payments) and will be considered a distribution to the shareholder of net investment income and capital gain for calculation of the fund’s dividends paid deduction.

58 Nuveen Investments

Additional Fund Information
	Fund Manager Nuveen Fund Advisors, LLC 333 West Wacker Drive Chicago, IL 60606 Sub-Adviser Nuveen Asset Management, LLC 333 West Wacker Drive Chicago, IL 60606 Legal Counsel Chapman and Cutler LLP Chicago, IL 60603	Independent Registered Public Accounting Firm PricewaterhouseCoopers LLP Chicago, IL 60606 Custodian U.S. Bank National Association Milwaukee, WI 53202 Transfer Agent and Shareholder Services Boston Financial Data Services, Inc. Nuveen Investor Services P.O. Box 8530 Boston, MA 02266-8530 (800) 257-8787
Distribution Information: The Funds hereby designate their percentages of dividends paid from net ordinary income as dividends qualifying for the 70% dividends received deduction (“DRD”) for corporations and their percentages as qualified dividend income (“QDI”) for individuals under Section 1(h)(11) of the Internal Revenue Code as shown in the accompanying table. The actual qualified dividend income distributions will be reported to shareholders on Form 1099-DIV which will be sent to shareholders shortly after calendar year end.

Fund	% of DRD			% of QDI
Nuveen Large Cap Select Fund		90.00	%		100.00	%
Nuveen Small Cap Select Fund		13.00	%		13.00	%

Quarterly Form N-Q Portfolio of Investments Information: Each Fund is required to file its complete schedule of portfolio holdings with the Securities and Exchange Commission (SEC) for the first and third quarters of each fiscal year on Form N-Q. You may obtain this information directly from the SEC. Visit the SEC on-line at http://www.sec.gov or in person at the SEC’s Public Reference Room in Washington, D.C. Call the SEC toll-free at (800) SEC-0330 for room hours and operation.

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

The Financial Industry Regulatory Authority (FINRA) provides a Public Disclosure Program which supplies certain information regarding the disciplinary history of FINRA members and their associated persons in response to either telephone inquiries at (800) 289-9999 or written inquiries at www.finra.org. FINRA also provides an investor brochure that includes information describing the Public Disclosure Program.

Nuveen Investments 59

Nuveen Investments:
	Serving Investors for Generations
	Since 1898, financial advisors and their clients have relied on Nuveen Investments to provide dependable investment solutions through continued adherence to proven, long-term investing principles. Today, we offer a range of high quality equity and fixed-income solutions designed to be integral components of a well-diversified core portfolio.
		Focused on meeting investor needs. Nuveen Investments provides high-quality investment services designed to help secure the longterm goals of institutional and individual investors as well as the consultants and financial advisors who serve them. Nuveen Investments markets a wide range of specialized investment solutions which provide investors access to capabilities of its high-quality boutique investment affiliates-Nuveen Asset Management, Symphony Asset Management, NWQ Investment Management Company, Santa Barbara Asset Management, Tradewinds Global Investors, Winslow Capital Management, and Gresham Investment Management. In total, Nuveen Investments managed approximately $215 billion as of September 30, 2013.
		Find out how we can help you. To learn more about how the products and services of Nuveen Investments may be able to help you meet your financial goals, talk to your financial advisor, or call us at (800) 257-8787. Please read the information provided carefully before you invest. Investors should consider the investment objective and policies, risk considerations, charges and expenses of any investment carefully. Where applicable, be sure to obtain a prospectus, which contains this and other relevant information. To obtain a prospectus, please contact your securities representative or Nuveen Investments, 333 W. Wacker Dr., Chicago, IL 60606. Please read the prospectus carefully before you invest or send money.
		Learn more about Nuveen Funds at: www.nuveen.com/mf
Distributed by Nuveen Securities, LLC | 333 West Wacker Drive Chicago, IL 60606 | www.nuveen.com

MAN-FSLCT-1013P

ITEM 2. CODE OF ETHICS.

As of the end of the period covered by this report, the registrant has adopted a code of ethics that applies to the registrant’s principal executive officer, principal financial officer, principal accounting officer or controller, or persons performing similar functions. There were no amendments to or waivers from the code during the period covered by this report. The registrant has posted the code of ethics on its website at www.nuveen.com/MutualFunds/ShareholderResources/FundGovernance.aspx. (To view the code, click on Code of Conduct.)

ITEM 3. AUDIT COMMITTEE FINANCIAL EXPERT.

The registrant’s Board of Directors determined that the registrant has at least one “audit committee financial expert” (as defined in Item 3 of Form N-CSR) serving on its Audit Committee. The registrant’s audit committee financial expert is Carole E. Stone, who is “independent” for purposes of Item 3 of Form N-CSR.

Ms. Stone served for five years as Director of the New York State Division of the Budget. As part of her role as Director, Ms. Stone was actively involved in overseeing the development of the State’s operating, local assistance and capital budgets, its financial plan and related documents; overseeing the development of the State’s bond-related disclosure documents and certifying that they fairly presented the State’s financial position; reviewing audits of various State and local agencies and programs; and coordinating the State’s system of internal audit and control. Prior to serving as Director, Ms. Stone worked as a budget analyst/examiner with increasing levels of responsibility over a 30 year period, including approximately five years as Deputy Budget Director. Ms. Stone has also served as Chair of the New York State Racing Association Oversight Board, as Chair of the Public Authorities Control Board, as a Commissioner on the New York State Commission on Public Authority Reform and as a member of the Boards of Directors of several New York State public authorities. These positions have involved overseeing operations and finances of certain entities and assessing the adequacy of project/entity financing and financial reporting. Currently, Ms. Stone is on the Board of Directors of CBOE Holdings, Inc., of the Chicago Board Options Exchange, and of C2 Options Exchange. Ms. Stone’s position on the boards of these entities and as a member of both CBOE Holdings’ Audit Committee and its Finance Committee has involved, among other things, the oversight of audits, audit plans and preparation of financial statements.

ITEM 4. PRINCIPAL ACCOUNTANT FEES AND SERVICES.

The following tables show the amount of fees that PricewaterhouseCoopers LLP, the Funds’ auditor, billed to the Funds’ during the Funds’ last two full fiscal years. The Audit Committee approved in advance all audit services and non-audit services that PricewaterhouseCoopers LLP provided to the Funds, except for those non-audit services that were subject to the pre-approval exception under Rule 2-01 of Regulation S-X (the “pre-approval exception”). The preapproval exception for services provided directly to the Funds waives the pre-approval requirement for services other than audit, review or attest services if: (A) the aggregate amount of all such services provided constitutes no more than 5% of the total amount of revenues paid by the Funds during the fiscal year in which the services are provided; (B) the Funds did not recognize the services as non-audit services at the time of the engagement; and (C) the services are promptly brought to the Audit Committee’s attention, and the Committee (or its delegate) approves the services before the audit is completed.

The Audit Committee has delegated certain pre-approval responsibilities to its Chairman (or, in his absence, any other member of the Audit Committee).

SERVICES THAT THE AUDITOR BILLED TO THE FUNDS

Fiscal Year Ended October 31, 2013	Audit Fees Billed to Funds 1		Audit-Related Fees Billed to Funds 2		Tax Fees Billed to Funds 3		All Other Fees Billed to Funds 4
Fund Name
Nuveen Dividend Value Fund		18,201		1,000		7,200		0
Nuveen Equity Index Fund		15,081		0		3,500		0
Nuveen International Select Fund		17,318		0		38,652		0
Nuveen Large Cap Growth Opportunities Fund		14,330		0		3,500		0
Nuveen Large Cap Select Fund		12,079		0		2,500		0
Nuveen Mid Cap Growth Opportunities Fund		16,663		0		3,500		0
Nuveen Mid Cap Index Fund		13,910		0		5,001		0
Nuveen Mid Cap Value Fund		12,524		0		2,625		0
Nuveen Small Cap Growth Opportunities Fund		12,282		0		3,500		0
Nuveen Small Cap Index Fund		12,337		0		7,377		0
Nuveen Small Cap Select Fund		13,823		0		3,688		0
Nuveen Small Cap Value Fund		12,277		0		2,813		0
Nuveen Tactical Market Opportunities Fund		12,952		0		2,500		0
Total	$	183,778	$	1,000	$	86,356	$	0

¹  “Audit Fees” are the aggregate fees billed for professional services for the audit of the Fund’s annual financial statements and services provided in connection with statutory and regulatory filings or engagements.

²  “Audit-Related Fees” are the aggregate fees billed for assurance and related services reasonably related to the performance of the audit or review of financial statements that are not reported under “Audit Fees”. These fees include offerings related to the Fund’s common shares and leverage.

³  “Tax Fees” are the aggregate fees billed for professional services for tax advice, tax compliance, and tax planning. These fees include: all global withholding tax services; excise and state tax reviews; capital gain, tax equalization and taxable basis calculations performed by the principal accountant.

⁴  “All Other Fees” are the aggregate fees billed for products and services other than “Audit Fees”, “Audit-Related Fees” and “Tax Fees”. These fees represent all “Agreed-Upon Procedures” engagements pertaining to the Fund’s use of leverage.

	Percentage Approved Pursuant to  Pre-approval Exception
	Audit Fees Billed to Funds			Audit-Related Fees Billed to Funds			Tax Fees Billed to Funds			All Other Fees Billed to Funds
Fund Name
Nuveen Dividend Value Fund		0	%		0	%		0	%		0	%
Nuveen Equity Index Fund		0	%		0	%		0	%		0	%
Nuveen International Select Fund		0	%		0	%		0	%		0	%
Nuveen Large Cap Growth Opportunities Fund		0	%		0	%		0	%		0	%
Nuveen Large Cap Select Fund		0	%		0	%		0	%		0	%
Nuveen Mid Cap Growth Opportunities Fund		0	%		0	%		0	%		0	%
Nuveen Mid Cap Index Fund		0	%		0	%		0	%		0	%
Nuveen Mid Cap Value Fund		0	%		0	%		0	%		0	%
Nuveen Small Cap Growth Opportunities Fund		0	%		0	%		0	%		0	%
Nuveen Small Cap Index Fund		0	%		0	%		0	%		0	%
Nuveen Small Cap Select Fund		0	%		0	%		0	%		0	%
Nuveen Small Cap Value Fund		0	%		0	%		0	%		0	%
Nuveen Tactical Market Opportunities Fund		0	%		0	%		0	%		0	%

Fiscal Year Ended October 31, 2012	Audit Fees Billed to Funds 1		Audit-Related Fees Billed to Funds 2		Tax Fees Billed to Funds 3		All Other Fees Billed to Funds 4
Fund Name
Nuveen Dividend Value Fund		16,667		0		0		0
Nuveen Equity Index Fund		14,613		0		0		0
Nuveen International Select Fund		17,078		0		31,145		0
Nuveen Large Cap Growth Opportunities Fund		13,850		0		0		0
Nuveen Large Cap Select Fund		11,411		0		0		0
Nuveen Mid Cap Growth Opportunities Fund		16,326		0		0		0
Nuveen Mid Cap Index Fund		12,776		0		0		0
Nuveen Mid Cap Value Fund		12,186		0		0		0
Nuveen Small Cap Growth Opportunities Fund		11,695		0		0		0
Nuveen Small Cap Index Fund		11,552		0		0		0
Nuveen Small Cap Select Fund		14,065		0		0		0
Nuveen Small Cap Value Fund		11,620		0		0		0
Nuveen Tactical Market Opportunities Fund		11,916		0		0		0
Total	$	175,755	$	0	$	31,145	$	0

¹  “Audit Fees” are the aggregate fees billed for professional services for the audit of the Fund’s annual financial statements and services provided in connection with statutory and regulatory filings or engagements.

²  “Audit-Related Fees” are the aggregate fees billed for assurance and related services reasonably related to the performance of the audit or review of financial statements that are not reported under “Audit Fees”. These fees include offerings related to the Fund’s common shares and leverage.

³  “Tax Fees” are the aggregate fees billed for professional services for tax advice, tax compliance, and tax planning. These fees include: all global withholding tax services; excise and state tax reviews; capital gain, tax equalization and taxable basis calculations performed by the principal accountant.

⁴  “All Other Fees” are the aggregate fees billed for products and services other than “Audit Fees”, “Audit-Related Fees” and “Tax Fees”. These fees represent all “Agreed-Upon Procedures” engagements pertaining to the Fund’s use of leverage.

	Percentage Approved Pursuant to Pre-approval Exception
	Audit Fees Billed to Funds			Audit-Related Fees Billed to Funds			Tax Fees Billed to Funds			All Other Fees Billed to Funds
Fund Name
Nuveen Dividend Value Fund		0	%		0	%		0	%		0	%
Nuveen Equity Index Fund		0	%		0	%		0	%		0	%
Nuveen International Select Fund		0	%		0	%		0	%		0	%
Nuveen Large Cap Growth Opportunities Fund		0	%		0	%		0	%		0	%
Nuveen Large Cap Select Fund		0	%		0	%		0	%		0	%
Nuveen Mid Cap Growth Opportunities Fund		0	%		0	%		0	%		0	%
Nuveen Mid Cap Index Fund		0	%		0	%		0	%		0	%
Nuveen Mid Cap Value Fund		0	%		0	%		0	%		0	%
Nuveen Small Cap Growth Opportunities Fund		0	%		0	%		0	%		0	%
Nuveen Small Cap Index Fund		0	%		0	%		0	%		0	%
Nuveen Small Cap Select Fund		0	%		0	%		0	%		0	%
Nuveen Small Cap Value Fund		0	%		0	%		0	%		0	%
Nuveen Tactical Market Opportunities Fund		0	%		0	%		0	%		0	%

Fiscal Year Ended October 31, 2013	Audit-Related Fees Billed to Adviser  and Affiliated Fund Service Providers			Tax Fees Billed to Adviser and Affiliated Fund Service Providers			All Other Fees Billed to Adviser and Affiliated Fund Service Providers
Nuveen Investment Funds, Inc.	$	0		$	0		$	0
	Percentage Approved Pursuant to Pre-approval Exception
	Audit-Related Fees			Tax Fees Billed to			All Other Fees
	Billed to Adviser and			Adviser and			Billed to Adviser
	Affiliated Fund			Affiliated Fund			and Affiliated Fund
	Service Providers			Service Providers			Service Providers
		0	%		0	%		0	%
Fiscal Year Ended October 31, 2012	Audit-Related Fees Billed to Adviser and Affiliated Fund Service Providers			Tax Fees Billed to Adviser and Affiliated Fund Service Providers			All Other Fees Billed to Adviser and Affiliated Fund Service Providers
Nuveen Investment Funds, Inc.	$	0		$	0		$	0

Percentage Approved Pursuant to Pre-approval Exception
Audit-Related Fees Billed to Adviser  and Affiliated Fund Service Providers			Tax Fees Billed to Adviser and Affiliated Fund Service Providers			All Other Fees Billed to Adviser and Affiliated Fund Service Providers
	0	%		0	%		0	%

			Total Non-Audit Fees
			billed to Adviser and
			Affiliated Fund Service		Total Non-Audit Fees
			Providers (engagements		billed to Adviser and
			related directly to the		Affiliated Fund Service
Fiscal Year Ended October 31, 2013	Total Non-Audit Fees Billed to Funds		operations and financial reporting of the Funds)		Providers (all other engagements)		Total
Fund Name
Nuveen Dividend Value Fund		7,200		0		0		7,200
Nuveen Equity Index Fund		3,500		0		0		3,500
Nuveen International Select Fund		38,652		0		0		38,652
Nuveen Large Cap Growth Opportunities Fund		3,500		0		0		3,500
Nuveen Large Cap Select Fund		2,500		0		0		2,500
Nuveen Mid Cap Growth Opportunities Fund		3,500		0		0		3,500
Nuveen Mid Cap Index Fund		5,001		0		0		5,001
Nuveen Mid Cap Value Fund		2,625		0		0		2,625
Nuveen Small Cap Growth Opportunities Fund		3,500		0		0		3,500
Nuveen Small Cap Index Fund		7,377		0		0		7,377
Nuveen Small Cap Select Fund		3,688		0		0		3,688
Nuveen Small Cap Value Fund		2,813		0		0		2,813
Nuveen Tactical Market Opportunities Fund		2,500		0		0		2,500
Total	$	86,356	$	0	$	0	$	86,356

“Total Non-Audit Fees billed to Funds” for both fiscal year ends represent “Tax Fees” and “All Other Fees” billed to the Funds in their respective amounts from the previous table.

Less than 50 percent of the hours expended on the principal accountant’s engagement to audit the registrant’s financial statements for the most recent fiscal year were attributed to work performed by persons other than the principal accountant’s full-time, permanent employees.

			Total Non-Audit Fees
			billed to Adviser and
			Affiliated Fund Service		Total Non-Audit Fees
			Providers (engagements		billed to Adviser and
			related directly to the		Affiliated Fund Service
Fiscal Year Ended October 31, 2012	Total Non-Audit Fees Billed to Funds		operations and financial reporting of the Funds)		Providers (all other engagements)		Total
Fund Name
Nuveen Dividend Value Fund		0		0		0		0
Nuveen Equity Index Fund		0		0		0		0
Nuveen International Select Fund		31,145		0		0		31,145
Nuveen Large Cap Growth Opportunities Fund		0		0		0		0
Nuveen Large Cap Select Fund		0		0		0		0
Nuveen Mid Cap Growth Opportunities Fund		0		0		0		0
Nuveen Mid Cap Index Fund		0		0		0		0
Nuveen Mid Cap Value Fund		0		0		0		0
Nuveen Small Cap Growth Opportunities Fund		0		0		0		0
Nuveen Small Cap Index Fund		0		0		0		0
Nuveen Small Cap Select Fund		0		0		0		0
Nuveen Small Cap Value Fund		0		0		0		0
Nuveen Tactical Market Opportunities Fund		0		0		0		0
Total	$	31,145	$	0	$	0	$	31,145

“Total Non-Audit Fees billed to Funds” for both fiscal year ends represent “Tax Fees” and “All Other Fees” billed to the Funds in their respective amounts from the previous table.

Audit Committee Pre-Approval Policies and Procedures. Generally, the Audit Committee must approve (i) all non-audit services to be performed for the Funds by the Funds’ independent accountant and (ii) all audit and non-audit services to be performed by the Funds’ independent accountant for the Affiliated Fund Service Providers with respect to the operations and financial reporting of the Funds. Regarding tax and research projects conducted by the independent accountant for the Funds and Affiliated Fund Service Providers (with respect to operations and financial reports of the Trust), such engagements will be (i) pre-approved by the Audit Committee if they are expected to be for amounts greater than $10,000; (ii) reported to the Audit Committee Chairman for his verbal approval prior to engagement if they are expected to be for amounts under $10,000 but greater than $5,000; and (iii) reported to the Audit Committee at the next Audit Committee meeting if they are expected to be for an amount under $5,000.

ITEM 5. AUDIT COMMITTEE OF LISTED REGISTRANTS.

Not applicable to this registrant.

ITEM 6. SCHEDULE OF INVESTMENTS.

a) See Portfolio of Investments in Item 1.

b) Not applicable.

ITEM 7. DISCLOSURE OF PROXY VOTING POLICIES AND PROCEDURES FOR CLOSED-END

MANAGEMENT INVESTMENT COMPANIES.

Not applicable to this registrant.

ITEM 8. PORTFOLIO MANAGERS OF CLOSED-END MANAGEMENT INVESTMENT COMPANIES.

Not applicable to this registrant.

ITEM 9. PURCHASES OF EQUITY SECURITIES BY CLOSED-END MANAGEMENT INVESTMENT COMPANY AND AFFILIATED PURCHASERS.

Not applicable to this registrant.

ITEM 10. SUBMISSION OF MATTERS TO A VOTE OF SECURITY HOLDERS.

There have been no material changes to the procedures by which shareholders may recommend nominees to the registrant’s Board of Trustees implemented after the registrant last provided disclosure in response to this Item.

ITEM 11. CONTROLS AND PROCEDURES.

(a) The registrant’s principal executive and principal financial officers, or persons performing similar functions, have concluded that the registrant’s disclosure controls and procedures (as defined in Rule 30a-3(c) under the Investment Company Act of 1940, as amended (the “1940 Act”) (17 CFR 270.30a-3(c))) are effective, as of a date within 90 days of the filing date of this report that includes the disclosure required by this paragraph, based on their evaluation of the controls and procedures required by Rule 30a-3(b) under the 1940 Act (17 CFR 270.30a-3(b)) and Rules 13a-15(b) or 15d-15(b) under the Securities Exchange Act of 1934, as amended (the “Exchange Act”) (17 CFR 240.13a-15(b) or 240.15d-15(b)).

(b) There were no changes in the registrant’s internal control over financial reporting (as defined in Rule 30a-3(d) under the 1940 Act (17 CFR 270.30a-3(d)) that occurred during the second fiscal quarter of the period covered by this report that has materially affected, or is reasonably likely to materially affect, the registrant’s internal control over financial reporting.

ITEM 12. EXHIBITS.

File the exhibits listed below as part of this Form.

(a)(1)	Any code of ethics, or amendment thereto, that is the subject of the disclosure required by Item 2, to the extent that the registrant intends to satisfy the Item 2 requirements through filing of an exhibit: Not applicable because the code is posted on registrant’s website at www.nuveen.com/MutualFunds/ShareholderResources/FundGovernance.aspx and there were no amendments during the period covered by this report. (To view the code, click on Code of Conduct.)
(a)(2)	A separate certification for each principal executive officer and principal financial officer of the registrant as required by Rule 30a-2(a) under the 1940 Act (17 CFR 270.30a-2(a)) in the exact form set forth below: See EX-99.CERT attached hereto.
(a)(3)	Any written solicitation to purchase securities under Rule 23c-1 under the 1940 Act (17 CFR 270.23c-1) sent or given during the period covered by the report by or on behalf of the registrant to 10 or more persons: Not applicable to this registrant.
(b)	If the report is filed under Section 13(a) or 15(d) of the Exchange Act, provide the certifications required by Rule 30a-2(b) under the 1940 Act (17 CFR 270.30a-2(b)), Rule 13a-14(b) or Rule 15d-14(b) under the Exchange Act (17 CFR 240.13a-14(b) or 240.15d-14(b)), and Section 1350 of Chapter 63 of Title 18 of the United States Code (18 U.S.C. 1350) as an Exhibit. A certification furnished pursuant to this paragraph will not be deemed “filed” for purposes of Section 18 of the Exchange Act (15 U.S.C. 78r), or otherwise subject to the liability of that section. Such certification will not be deemed to be incorporated by reference into any filing under the Securities Act of 1933 or the Exchange Act, except to the extent that the registration specifically incorporates it by reference: See EX-99.906 CERT attached hereto.

SIGNATURES

Pursuant to the requirements of the Securities Exchange Act of 1934 and the Investment Company Act of 1940, the registrant has duly caused this report to be signed on its behalf by the undersigned, thereunto duly authorized.

(Registrant) Nuveen Investment Funds, Inc.

By (Signature and Title)	/s/ Kevin J. McCarthy
	Kevin J. McCarthy
	Vice President and Secretary

Date: January 6, 2014

Pursuant to the requirements of the Securities Exchange Act of 1934 and the Investment Company Act of 1940, this report has been signed below by the following persons on behalf of the registrant and in the capacities and on the dates indicated.

By (Signature and Title)	/s/ Gifford R. Zimmerman
	Gifford R. Zimmerman
	Chief Administrative Officer
	(principal executive officer)

Date: January 6, 2014

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

Date: January 6, 2014