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

UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

FORM N-CSR

CERTIFIED SHAREHOLDER REPORT OF REGISTERED MANAGEMENT

INVESTMENT COMPANIES

Investment Company Act file number 811-05309

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: April 30, 2014

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

Semi-Annual Report  April 30, 2014

	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

NUVEEN INVESTMENTS TO BE ACQUIRED BY TIAA-CREF
On April 14, 2014, TIAA-CREF announced that it had entered into an agreement to acquire Nuveen Investments, the parent company of your fund’s investment adviser, Nuveen Fund Advisors, LLC (“NFAL”) and the Nuveen affiliates that act as sub-advisers to the majority of the Nuveen Funds. TIAA-CREF is a national financial services organization with approximately $569 billion in assets under management (as of March 31, 2014) and is a leading provider of retirement services in the academic, research, medical and cultural fields. Nuveen anticipates that it will operate as a separate subsidiary within TIAA-CREF’s asset management business, and that its current leadership and key investment teams will stay in place. Your fund investment will not change as a result of Nuveen’s change of ownership. You will still own the same fund shares and the underlying value of those shares will not change as a result of the transaction. NFAL and your fund’s sub-adviser(s) will continue to manage your fund according to the same objectives and policies as before, and we do not anticipate any significant changes to your fund’s operations. Under the securities laws, the consummation of the transaction will result in the automatic termination of the investment management agreements between the funds and NFAL and the investment sub-advisory agreements between NFAL and each fund’s sub-adviser(s). New agreements will be presented to the funds’ shareholders for approval, and, if approved, will take effect upon consummation of the transaction or such later time as shareholder approval is obtained. The transaction, expected to be completed by year end, is subject to customary closing conditions.
	Must be preceded by or accompanied by a prospectus. NOT FDIC INSURED MAY LOSE VALUE NO BANK GUARANTEE

Table

of Contents

Chairman’s Letter to Shareholders	4
Portfolio Managers’ Comments	5
Risk Considerations	8
Fund Performance and Expense Ratios	9
Holding Summaries	13
Expense Examples	16
Portfolios of Investments	18
Statement of Assets and Liabilities	107
Statement of Operations	108
Statement of Changes in Net Assets	109
Financial Highlights	112
Notes to Financial Statements	118
Additional Fund Information	129
Glossary of Terms Used in this Report	130
Annual Investment Management Agreement Approval Process	131

Nuveen Investments 3

Chairman’s Letter

to Shareholders

Dear Shareholders,

After significant growth in 2013, domestic and international equity markets have been less compelling during the first part of 2014. Concerns about deflation, political uncertainty in many places and the potential for more fragile economies to impact other countries have produced uncertainty in the markets.

Europe is beginning to emerge slowly from recession in mid-2013, with improved GDP and employment trends in some countries. However, Japan’s deflationary headwinds have resurfaced; and China shows signs of slowing from credit distress combined with declines in manufacturing and exports. Most recently, tensions between Russia and Ukraine may continue to hold back stocks and support government bonds in the near term.

Despite these headwinds, there are some encouraging signs of forward momentum in the markets. In the U.S., the news is more positive with financial risks slowly receding, positive GDP trends, downward trending unemployment and stronger household finances and corporate spending.

It is in such changeable markets that professional investment management is most important. Investment teams who have experienced challenging markets in the past understand how their asset class can behave in rapidly changing times. Remaining committed to their investment disciplines during these times is a critical component to achieving long-term success. In fact, many strong investment track records are established during challenging periods because experienced investment teams understand that volatile markets place a premium on companies and investment ideas that can weather the short-term volatility. By maintaining appropriate time horizons, diversification and relying on practiced investment teams, we believe that investors can achieve their long-term investment objectives.

As always, I encourage you to communicate with your financial consultant if you have any questions about your investment in a Nuveen Fund. On behalf of the other members of 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

June 23, 2014

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 Inc. 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 key investment strategies and the Funds’ performance for the six-month reporting period ended April 30, 2014.

Nuveen Equity Index Fund

How did the Fund perform during the six-month reporting period ended April 30, 2014?

The tables in the Fund Performance and Expense Ratios section of this report provide Class A Share total returns for the Fund for the six-month, one-year, five-year and ten-year periods ended April 30, 2014. The Fund’s Class A Shares at net asset value (NAV) outperformed the Lipper S&P 500^® Index Objective Funds Classification Average, but underperformed the S&P 500^® Index.

What strategies were used to manage the Fund during the six-month 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, 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 utilities, health care and information technology, which all produced returns in excess of 10%. The two lowest performing sectors were telecommunications services, which produced a negative return, and consumer discretionary. 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 generally rising equity prices over the reporting period, these positions added modestly to performance.

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)

Nuveen Mid Cap Index Fund

How did the Fund perform during the six-month reporting period ended April 30, 2014?

The tables in the Fund Performance and Expense Ratios section of this report provide Class A Share total returns for the Fund for the six-month, one-year, five-year and ten-year periods ended April 30, 2014. The Fund’s Class A Shares at net asset value (NAV) underperformed the S&P MidCap 400^® Index and the Lipper Mid-Cap Core Funds Classification Average.

What strategies were used to manage the Fund during the six-month 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, utilities and industrials, each advancing significantly. The lowest performing sectors were telecommunications services, which produced a negative return, and energy. Also during the reporting 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 generally rising equity prices over the reporting period, these positions added modestly to performance.

Nuveen Small Cap Index Fund

How did the Fund perform during the six-month reporting period ended April 30, 2014?

The tables in the Fund Performance and Expense Ratios section of this report provide Class A Share total returns for the Fund for the six-month, one-year, five-year and ten-year periods ended April 30, 2014. The Fund’s Class A Shares at net asset value (NAV) underperformed the Russell 2000^® Index and the Lipper Small-Cap Core Funds Classification Average.

What strategies were used to manage the Fund during the six-month 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 mergers and acquisitions (M&A) activity or delisting. Share changes due to issuance and repurchasing are adjusted monthly. As the mid-summer reconstitution did not occur during the reporting period, only the smaller adjustments occurred, and 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.

6 Nuveen Investments

The Fund performed very similarly to the index during the reporting period. The top performing sectors in the index were utilities, energy and materials. The two lowest performing sectors were telecommunications services and consumer discretionary, which produced negative returns for the reporting period. Also during the reporting 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 generally rising equity prices over the reporting period, these positions added modestly to performance.

Nuveen Investments 7

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.

8 Nuveen Investments

Fund Performance

and Expense Ratios

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

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

Returns may reflect 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 9

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.

Fund Performance

Average Annual Total Returns as of April 30, 2014

	Cumulative		Average Annual
	6-Month		1-Year		5-Year		10-Year
Class A Shares		8.06%		19.69%		18.44%		7.11%
S&P 500® Index*		8.36%		20.44%		19.14%		7.67%
Lipper S&P 500® Index Objective Funds Classification Average*		8.04%		19.76%		18.47%		7.16%
Class B Shares w/o CDSC		7.60%		18.71%		17.54%		6.30%
Class B Shares w/CDSC		2.64%		13.71%		17.44%		6.30%
Class C Shares		7.62%		18.74%		17.55%		6.30%
Class R3 Shares		7.93%		19.38%		18.15%		6.84%
Class I Shares		8.19%		19.95%		18.73%		7.37%

Average Annual Total Returns as of March 31, 2014 (Most Recent Calendar Quarter)

	Cumulative		Average Annual
	6-Month		1-Year		5-Year		10-Year
Class A Shares		12.14%		21.01%		20.45%		6.86%
Class B Shares w/o CDSC		11.74%		20.13%		19.54%		6.06%
Class B Shares w/CDSC		6.74%		15.13%		19.44%		6.06%
Class C Shares		11.73%		20.15%		19.55%		6.06%
Class R3 Shares		12.01%		20.74%		20.15%		6.60%
Class I Shares		12.28%		21.37%		20.76%		7.13%

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

	Share Class
	Class A		Class B		Class C		Class R3		Class I
Gross Expense Ratios		0.71%		1.46%		1.46%		0.97%		0.46%
Net Expense Ratios		0.62%		1.37%		1.37%		0.87%		0.37%

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 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.

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

10 Nuveen Investments

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.

Fund Performance

Average Annual Total Returns as of April 30, 2014

	Cumulative		Average Annual
	6-Month		1-Year		5-Year		10-Year
Class A Shares		5.63%		17.81%		20.32%		9.76%
S&P MidCap 400® Index*		5.94%		18.61%		21.06%		10.34%
Lipper Mid-Cap Core Funds Classification Average*		5.95%		20.09%		19.15%		8.81%
Class C Shares		5.23%		16.95%		19.42%		8.93%
Class R3 Shares		5.45%		17.49%		20.02%		9.46%
Class I Shares		5.67%		18.11%		20.61%		10.02%

Average Annual Total Returns as of March 31, 2014 (Most Recent Calendar Quarter)

	Cumulative		Average Annual
	6-Month		1-Year		5-Year		10-Year
Class A Shares		11.24%		20.43%		24.09%		9.56%
Class C Shares		10.83%		19.48%		23.19%		8.74%
Class R3 Shares		11.06%		20.06%		23.78%		9.27%
Class I Shares		11.33%		20.66%		24.42%		9.82%

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

	Share Class
	Class A		Class C		Class R3		Class I
Gross Expense Ratios		0.78%		1.53%		1.03%		0.53%
Net Expense Ratios		0.75%		1.50%		1.00%		0.50%

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 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.

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

Nuveen Investments 11

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.

Fund Performance

Average Annual Total Returns as of April 30, 2014

	Cumulative		Average Annual
	6-Month		1-Year		5-Year		10-Year
Class A Shares		2.86%		19.81%		19.16%		8.11%
Russell 2000® Index*		3.08%		20.50%		19.84%		8.67%
Lipper Small-Cap Core Funds Classification Average*		4.39%		21.42%		19.73%		8.82%
Class C Shares		2.42%		18.97%		18.27%		7.27%
Class R3 Shares		2.69%		19.54%		18.86%		7.81%
Class I Shares		2.95%		20.12%		19.46%		8.35%

Average Annual Total Returns as of March 31, 2014 (Most Recent Calendar Quarter)

	Cumulative		Average Annual
	6-Month		1-Year		5-Year		10-Year
Class A Shares		9.53%		24.11%		23.63%		7.96%
Class C Shares		9.23%		23.26%		22.73%		7.12%
Class R3 Shares		9.45%		23.76%		23.32%		7.66%
Class I Shares		9.68%		24.43%		23.94%		8.19%

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

	Share Class
	Class A		Class C		Class R3		Class I
Gross Expense Ratios		1.15%		1.90%		1.40%		0.90%
Net Expense Ratios		0.90%		1.65%		1.15%		0.65%

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 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.

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

12 Nuveen Investments

Holding

Summaries April 30, 2014

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

Nuveen Equity Index Fund

Fund Allocation

(% of net assets)

Common Stocks	95.5%
Investments Purchased with Collateral from Securities Lending	10.8%
Short-Term Investments	0.8%
Other Assets Less Liabilities	(7.1)%

Portfolio Composition

(% of net assets)

Oil, Gas & Consumable Fuels	8.2%
Pharmaceuticals	6.0%
Banks	5.7%
Computers & Peripherals	4.0%
Media	3.4%
Software	3.4%
IT Services	3.3%
Internet Software & Services	2.9%
Insurance	2.7%
Aerospace & Defense	2.6%
Chemicals	2.5%
Industrial Conglomerates	2.4%
Diversified Telecommunication Services	2.3%
Biotechnology	2.3%
Food & Staples Retailing	2.3%
Beverages	2.1%
Real Estate Investment Trust	2.1%
Capital Markets	2.0%
Semiconductors & Equipment	2.0%
Specialty Retail	2.0%
Health Care Equipment & Supplies	1.9%
Energy Equipment & Services	1.9%
Household Products	1.9%
Health Care Providers & Services	1.9%
Diversified Financial Services	1.8%
Electric Utilities	1.7%
Machinery	1.7%
Other Industries	18.5%
Investments Purchased with Collateral from Securities Lending	10.8%
Short-Term Investments	0.8%
Other Assets Less Liabilities	(7.1)%

Top Five Common Stock
Holdings

(% of net assets)

Apple, Inc.	3.0%
Exxon Mobil Corporation	2.5%
Microsoft Corporation	1.7%
Johnson & Johnson	1.6%
General Electric Company	1.5%

Nuveen Investments 13

Holding Summaries April 30, 2014 (continued)

Nuveen Mid Cap Index Fund

Fund Allocation

(% of net assets)

Common Stocks	91.8%
Common Stock Rights	0.0%
Investments Purchased with Collateral from Securities Lending	20.2%
Short-Term Investments	7.8%
Other Assets Less Liabilities	(19.8)%

Portfolio Composition

(% of net assets)

Real Estate Investment Trust	7.8%
Machinery	5.2%
Insurance	4.8%
Banks	4.3%
Software	3.9%
Specialty Retail	3.6%
Oil, Gas & Consumable Fuels	3.0%
Chemicals	2.8%
Health Care Providers & Services	2.8%
Health Care Equipment & Supplies	2.8%
Energy Equipment & Services	2.7%
IT Services	2.6%
Electronic Equipment & Instruments	2.6%
Semiconductors & Equipment	2.5%
Capital Markets	2.2%
Aerospace & Defense	1.7%
Food Products	1.7%
Commercial Services & Supplies	1.6%
Electric Utilities	1.6%
Household Durables	1.6%
Metals & Mining	1.6%
Containers & Packaging	1.6%
Gas Utilities	1.4%
Hotels, Restaurants & Leisure	1.4%
Road & Rail	1.3%
Life Sciences Tools & Services	1.2%
Pharmaceuticals	1.2%
Trading Companies & Distributors	1.1%
Other Industries	19.2%
Common Stock Rights	0.0%
Investments Purchased with Collateral from Securities Lending	20.2%
Short-Term Investments	7.8%
Other Assets Less Liabilities	(19.8)%

Top Five Common Stock
Holdings

(% of net assets)

HollyFrontier Company	0.6%
Affiliated Managers Group Inc.	0.6%
Cimarex Energy Company	0.6%
Henry Schein Inc.	0.6%
Trimble Navigation Limited	0.6%

14 Nuveen Investments

Nuveen Small Cap Index Fund

Fund Allocation

(% of net assets)

Common Stocks	97.6%
Exchange-Traded Funds	0.0%
Common Stock Rights	0.0%
Warrants	0.0%
Investments Purchased with Collateral from Securities Lending	26.3%
Short-Term Investments	2.4%
Other Assets Less Liabilities	(26.3)%

Portfolio Composition

(% of net assets)

Real Estate Investment Trust	8.0%
Banks	7.0%
Biotechnology	4.1%
Oil, Gas & Consumable Fuels	4.1%
Software	3.6%
Semiconductors & Equipment	3.6%
Machinery	3.2%
Health Care Equipment & Supplies	3.2%
Specialty Retail	3.1%
Electronic Equipment & Instruments	2.7%
Internet Software & Services	2.7%
Hotels, Restaurants & Leisure	2.6%
Health Care Providers & Services	2.6%
Capital Markets	2.6%
Insurance	2.4%
Chemicals	2.3%
IT Services	2.1%
Commercial Services & Supplies	2.1%
Energy Equipment & Services	1.9%
Aerospace & Defense	1.8%
Communications Equipment	1.7%
Food Products	1.7%
Thrifts & Mortgage Finance	1.6%
Pharmaceuticals	1.5%
Electrical Equipment	1.4%
Electric Utilities	1.4%
Metals & Mining	1.4%
Textiles, Apparel & Luxury Goods	1.3%
Professional Services	1.3%
Other Industries	18.6%
Exchange-Traded Funds	0.0%
Common Stock Rights	0.0%
Warrants	0.0%
Investments Purchased with Collateral from Securities Lending	26.3%
Short-Term Investments	2.4%
Other Assets Less Liabilities	(26.3)%

Top Five Common Stock
Holdings

(% of net assets)

American Realty Capital Properties Inc.	0.4%
Acuity Brands Inc.	0.3%
Rite Aid Corporation	0.3%
Northstar Realty Finance Corporation	0.3%
SunEdison Inc.	0.3%

Nuveen Investments 15

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 (11/01/13)	$	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 (4/30/14)	$	1,080.60	$	1,076.00	$	1,076.20	$	1,079.30	$	1,081.90	$	1,021.72	$	1,018.00	$	1,018.00	$	1,022.96	$	1,020.48
Expenses Incurred During Period	$	3.20	$	7.05	$	7.05	$	1.91	$	4.49	$	3.11	$	6.85	$	6.85	$	1.86	$	4.36

For each class of the Fund, expenses are equal to the Fund’s annualized net expense ratio of .62%, 1.37%, 1.37%, .87% and .37% for Classes A, B, C, R3 and I, respectively, multiplied by the average account value over the period, multiplied by 181/365 (to reflect the one-half year period).

Nuveen 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 (11/01/13)	$	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 (4/30/14)	$	1,056.30	$	1,052.30	$	1,054.50	$	1,056.70	$	1,021.17	$	1,017.46	$	1,019.93	$	1,022.41
Expenses Incurred During Period	$	3.72	$	7.53	$	4.99	$	2.45	$	3.66	$	7.40	$	4.91	$	2.41

For each class of the Fund, expenses are equal to the Fund’s annualized net expense ratio of .73%, 1.48%, .98% and .48% for Classes A, C, R3 and I, respectively, multiplied by the average account value over the period, multiplied by 181/365 (to reflect the one-half year period).

16 Nuveen Investments

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 (11/01/13)	$	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 (4/30/14)	$	1,028.60	$	1,024.20	$	1,026.90	$	1,029.50	$	1,020.78	$	1,017.06	$	1,019.54	$	1,022.02
Expenses Incurred During Period	$	4.07	$	7.83	$	5.33	$	2.82	$	4.06	$	7.80	$	5.31	$	2.81

For each class of the Fund, expenses are equal to the Fund’s annualized net expense ratio of .81%, 1.56%, 1.06% and .56% for Classes A, C, R3 and I, respectively, multiplied by the average account value over the period, multiplied by 181/365 (to reflect the one-half year period).

Nuveen Investments 17

Nuveen Equity Index Fund

Portfolio of Investments April 30, 2014(Unaudited)

Shares		Description (1)	Value
		LONG-TERM INVESTMENTS – 95.5%
		COMMON STOCKS – 95.5%
		Aerospace & Defense – 2.6%
	30,855	Boeing Company	$	3,980,912
	14,669	General Dynamics Corporation		1,605,522
	35,376	Honeywell International Inc.		3,286,430
	3,872	L-3 Communications Holdings, Inc.		446,713
	12,180	Lockheed Martin Corporation, (2)		1,999,225
	9,777	Northrop Grumman Corporation		1,188,003
	6,551	Precision Castparts Corporation		1,657,993
	14,188	Raytheon Company		1,354,670
	6,099	Rockwell Collins, Inc.		473,587
	12,744	Textron Inc., (2)		521,230
	37,986	United Technologies Corporation		4,494,883
		Total Aerospace & Defense		21,009,168
		Air Freight & Logistics – 0.7%
	6,697	C.H. Robinson Worldwide, Inc., (2)		394,453
	9,143	Expeditors International of Washington, Inc.		377,057
	12,532	FedEx Corporation		1,707,485
	32,060	United Parcel Service, Inc., Class B		3,157,910
		Total Air Freight & Logistics		5,636,905
		Airlines – 0.3%
	38,319	Delta Air Lines, Inc.		1,411,289
	32,585	Southwest Airlines Co., (2)		787,579
		Total Airlines		2,198,868
		Auto Components – 0.4%
	10,642	BorgWarner Inc.		661,294
	12,578	Delphi Automotive PLC		840,714
	11,547	Goodyear Tire & Rubber Company		290,984
	29,956	Johnson Controls, Inc.		1,352,214
		Total Auto Components		3,145,206
		Automobiles – 0.7%
	177,922	Ford Motor Company		2,873,440
	56,717	General Motors Company		1,955,602
	9,928	Harley-Davidson, Inc.		734,076
		Total Automobiles		5,563,118

18 Nuveen Investments

Shares		Description (1)	Value
		Banks – 5.7%
	476,769	Bank of America Corporation	$	7,218,283
	32,071	BB&T Corporation		1,197,210
	136,986	Citigroup Inc.		6,562,999
	8,214	Comerica Incorporated, (2)		396,243
	38,413	Fifth Third Bancorp.		791,692
	37,499	Huntington BancShares Inc.		343,491
	170,839	JP Morgan Chase & Co.		9,563,567
	40,124	KeyCorp.		547,291
	5,912	M&T Bank Corporation, (2)		721,323
	24,093	PNC Financial Services Group, Inc.		2,024,776
	64,429	Regions Financial Corporation		653,310
	24,121	SunTrust Banks, Inc.		922,869
	82,223	U.S. Bancorp		3,353,054
	216,017	Wells Fargo & Company		10,723,084
	8,340	Zions Bancorporation, (2)		241,193
		Total Banks		45,260,385
		Beverages – 2.1%
	7,754	Beam Inc.		647,226
	7,313	Brown-Forman Corporation		656,122
	11,294	Coca Cola Enterprises Inc.		513,199
	170,940	Coca-Cola Company		6,972,643
	7,566	Constellation Brands, Inc., Class A, (3)		604,069
	8,900	Dr. Pepper Snapple Group		493,238
	7,144	Molson Coors Brewing Company, Class B		428,426
	6,099	Monster Beverage Corporation, (3)		408,389
	68,684	PepsiCo, Inc.		5,899,269
		Total Beverages		16,622,581
		Biotechnology – 2.3%
	8,924	Alexion Pharmaceuticals Inc., (3)		1,411,777
	34,062	Amgen Inc.		3,806,429
	10,664	Biogen Idec Inc., (3)		3,061,848
	18,318	Celgene Corporation, (2), (3)		2,692,929
	69,396	Gilead Sciences, Inc., (2), (3)		5,446,892
	3,552	Regeneron Pharmaceuticals, Inc., (2), (3)		1,054,553
	10,932	Vertex Pharmaceuticals Inc., (2), (3)		740,096
		Total Biotechnology		18,214,524
		Building Products – 0.1%
	4,320	Allegion PLC		213,192
	17,093	Masco Corporation		343,398
		Total Building Products		556,590

Nuveen Investments 19

Nuveen Equity Index Fund (continued)

Portfolio of Investments April 30, 2014 (Unaudited)

Shares		Description (1)	Value
		Capital Markets – 2.0%
	8,612	Ameriprise Financial, Inc.	$	961,358
	51,207	Bank of New York Company, Inc.		1,734,381
	5,668	BlackRock Inc.		1,706,068
	52,725	Charles Schwab Corporation		1,399,849
	14,163	E*Trade Group Inc., (3)		317,959
	18,215	Franklin Resources, Inc.		953,555
	18,996	Goldman Sachs Group, Inc.		3,035,941
	19,541	Invesco LTD		688,039
	4,728	Legg Mason, Inc., (2)		221,696
	64,797	Morgan Stanley		2,004,171
	10,063	Northern Trust Corporation, (2)		606,296
	19,472	State Street Corporation		1,257,112
	12,202	T. Rowe Price Group Inc.		1,002,150
		Total Capital Markets		15,888,575
		Chemicals – 2.5%
	9,550	Air Products & Chemicals Inc.		1,122,316
	3,105	Airgas, Inc.		329,937
	2,503	CF Industries Holdings, Inc.		613,661
	54,851	Dow Chemical Company		2,737,065
	41,823	E.I. Du Pont de Nemours and Company		2,815,524
	6,878	Eastman Chemical Company		599,555
	12,212	Ecolab Inc.		1,277,864
	5,996	FMC Corporation		461,692
	3,666	International Flavors & Fragrances Inc.		361,174
	18,845	LyondellBasell Industries NV		1,743,163
	23,680	Monsanto Company		2,621,376
	13,733	Mosaic Company		687,199
	6,248	PPG Industries, Inc.		1,209,738
	13,262	Praxair, Inc.		1,731,354
	3,846	Sherwin-Williams Company		768,585
	5,389	Sigma-Aldrich Corporation		518,476
		Total Chemicals		19,598,679
		Commercial Services & Supplies – 0.5%
	8,269	ADT Corporation		250,055
	4,542	Cintas Corporation		267,660
	8,304	Iron Mountain Inc.		236,166
	9,137	Pitney Bowes Inc.		244,872
	12,201	Republic Services, Inc.		428,133
	3,841	Stericycle Inc., (3)		447,246

20 Nuveen Investments

Shares		Description (1)	Value
		Commercial Services & Supplies (continued)
	20,767	Tyco International Ltd.	$	849,370
	19,502	Waste Management, Inc., (2)		866,864
		Total Commercial Services & Supplies		3,590,366
		Communications Equipment – 1.7%
	232,395	Cisco Systems, Inc.		5,370,648
	3,055	F5 Networks, Inc., (3)		321,294
	4,819	Harris Corporation		354,293
	21,355	Juniper Networks Inc., (3)		527,255
	10,193	Motorola Solutions Inc.		648,071
	76,291	QUALCOMM, Inc.		6,004,865
		Total Communications Equipment		13,226,426
		Computers & Peripherals – 4.0%
	40,242	Apple, Inc.		23,746,402
	91,385	EMC Corporation		2,357,733
	85,497	Hewlett-Packard Company		2,826,531
	14,945	NetApp, Inc.		532,191
	10,173	SanDisk Corporation		864,400
	14,832	Seagate Technology		779,867
	9,486	Western Digital Corporation		836,001
		Total Computers & Peripherals		31,943,125
		Construction & Engineering – 0.2%
	7,234	Fluor Corporation		547,614
	5,950	Jacobs Engineering Group, Inc., (3)		343,315
	9,823	Quanta Services Incorporated, (3)		346,555
		Total Construction & Engineering		1,237,484
		Construction Materials – 0.0%
	5,890	Vulcan Materials Company		380,082
		Consumer Finance – 0.9%
	41,226	American Express Company		3,604,389
	25,841	Capital One Financial Corporation		1,909,650
	21,244	Discover Financial Services		1,187,540
	19,340	SLM Corporation		498,005
		Total Consumer Finance		7,199,584
		Containers & Packaging – 0.2%
	4,331	Avery Dennison Corporation		210,746
	6,341	Ball Corporation		356,301
	3,602	Bemis Company, Inc.		144,944
	7,875	MeadWestvaco Corporation		307,676
	7,432	Owens-Illinois, Inc., (3)		236,189

Nuveen Investments 21

Nuveen Equity Index Fund (continued)

Portfolio of Investments April 30, 2014 (Unaudited)

Shares		Description (1)	Value
		Containers & Packaging (continued)
	8,739	Sealed Air Corporation	$	299,835
		Total Containers & Packaging		1,555,691
		Distributors – 0.1%
	6,936	Genuine Parts Company		604,264
		Diversified Consumer Services – 0.1%
	110	Graham Holdings Company		73,835
	12,781	H & R Block Inc.		363,236
		Total Diversified Consumer Services		437,071
		Diversified Financial Services – 1.8%
	81,214	Berkshire Hathaway Inc., Class B, (3)		10,464,424
	14,236	CME Group, Inc.		1,002,072
	5,187	IntercontinentalExchange Group Inc.		1,060,430
	14,558	Leucadia National Corporation		371,520
	12,225	McGraw-Hill Companies, Inc.		903,794
	8,483	Moody’s Corporation		665,916
	5,275	NASDAQ Stock Market, Inc.		194,648
		Total Diversified Financial Services		14,662,804
		Diversified Telecommunication Services – 2.3%
	234,901	AT&T Inc., (2)		8,385,966
	26,074	CenturyLink Inc., (2)		910,243
	46,749	Frontier Communications Corporation, (2)		278,157
	185,933	Verizon Communications Inc.		8,688,649
	28,389	Windstream Holdings Inc.		257,488
		Total Diversified Telecommunication Services		18,520,503
		Electric Utilities – 1.7%
	22,006	American Electric Power Company, Inc.		1,184,143
	31,871	Duke Energy Corporation		2,374,071
	14,698	Edison International		831,319
	8,056	Entergy Corporation		584,060
	38,681	Exelon Corporation		1,354,995
	18,922	FirstEnergy Corp.		638,618
	20,144	NextEra Energy Inc.		2,011,378
	14,230	Northeast Utilities		672,510
	11,301	Pepco Holdings, Inc., (2)		302,415
	4,971	Pinnacle West Capital Corporation		278,127
	29,476	PPL Corporation, (2)		982,730
	40,058	Southern Company		1,835,858
	22,538	Xcel Energy, Inc.		718,286
		Total Electric Utilities		13,768,510

22 Nuveen Investments

Shares		Description (1)	Value
		Electrical Equipment – 0.6%
	11,056	Ametek Inc.	$	582,872
	21,443	Eaton PLC		1,557,620
	31,715	Emerson Electric Company		2,162,329
	6,260	Rockwell Automation, Inc.		746,067
		Total Electrical Equipment		5,048,888
		Electronic Equipment & Instruments – 0.4%
	7,138	Amphenol Corporation, Class A		680,608
	62,805	Corning Incorporated		1,313,253
	6,355	FLIR Systems Inc.		216,324
	8,646	Jabil Circuit Inc.		149,230
	18,508	TE Connectivity Limited		1,091,602
		Total Electronic Equipment & Instruments		3,451,017
		Energy Equipment & Services – 1.9%
	19,724	Baker Hughes Incorporated		1,378,708
	9,779	Cooper Cameron Corporation, (3)		635,244
	3,136	Diamond Offshore Drilling, Inc.		171,257
	10,537	Ensco PLC		531,592
	10,648	FMC Technologies Inc., (2), (3)		603,742
	38,386	Halliburton Company		2,421,005
	4,852	Helmerich & Payne Inc., (2)		527,170
	12,176	Nabors Industries Inc.		310,732
	19,332	National-Oilwell Varco Inc.		1,518,142
	11,851	Noble Corporation PLC		365,129
	5,605	Rowan Companies Inc.		173,307
	58,978	Schlumberger Limited		5,989,216
	15,309	Transocean Inc., (2)		659,359
		Total Energy Equipment & Services		15,284,603
		Food & Staples Retailing – 2.3%
	19,837	Costco Wholesale Corporation		2,294,744
	53,343	CVS Caremark Corporation		3,879,103
	23,303	Kroger Co.		1,072,870
	10,389	Safeway Inc.		353,849
	26,390	Sysco Corporation		961,388
	39,436	Walgreen Co.		2,677,704
	72,989	Wal-Mart Stores, Inc.		5,817,953
	16,781	Whole Foods Market, Inc.		834,016
		Total Food & Staples Retailing		17,891,627
		Food Products – 1.6%
	29,702	Archer-Daniels-Midland Company		1,298,868

Nuveen Investments 23

Nuveen Equity Index Fund (continued)

Portfolio of Investments April 30, 2014 (Unaudited)

Shares		Description (1)	Value
		Food Products (continued)
	8,068	Campbell Soup Company, (2)	$	367,013
	18,967	ConAgra Foods, Inc.		578,683
	28,176	General Mills, Inc.		1,493,892
	6,765	Hershey Foods Corporation		651,064
	6,074	Hormel Foods Corporation		289,669
	4,677	JM Smucker Company		452,172
	11,585	Kellogg Company		774,226
	5,826	Keurig Green Mountain Inc., (2)		545,780
	26,901	Kraft Foods Inc.		1,529,591
	5,917	McCormick & Company, Incorporated		421,290
	9,098	Mead Johnson Nutrition Company, Class A Shares		802,989
	76,737	Mondelez International Inc.		2,735,674
	12,127	Tyson Foods, Inc., Class A		508,970
		Total Food Products		12,449,881
		Gas Utilities – 0.0%
	5,075	AGL Resources Inc.		274,050
		Health Care Equipment & Supplies – 1.9%
	69,614	Abbott Laboratories		2,696,846
	24,506	Baxter International, Inc.		1,783,792
	8,708	Becton, Dickinson and Company		984,265
	59,739	Boston Scientific Corporation, (3)		753,309
	3,500	C. R. Bard, Inc.		480,655
	9,402	CareFusion Corporation, (3)		367,242
	20,335	Covidien PLC		1,448,869
	6,398	DENTSPLY International Inc.		285,543
	4,839	Edwards Lifesciences Corporation, (2), (3)		394,233
	1,723	Intuitive Surgical, Inc., (3)		623,209
	45,150	Medtronic, Inc.		2,655,723
	12,803	Saint Jude Medical Inc.		812,606
	13,296	Stryker Corporation		1,033,764
	4,671	Varian Medical Systems, Inc., (3)		371,578
	7,639	Zimmer Holdings, Inc.		739,455
		Total Health Care Equipment & Supplies		15,431,089
		Health Care Providers & Services – 1.9%
	16,363	Aetna Inc.		1,169,136
	10,340	AmerisourceBergen Corporation		673,961
	15,470	Cardinal Health, Inc.		1,075,320
	12,342	CIGNA Corporation		987,854
	7,983	Davita Inc., (3)		553,222

24 Nuveen Investments

Shares		Description (1)	Value
		Health Care Providers & Services (continued)
	35,009	Express Scripts, Holding Company, (3)	$	2,330,899
	6,949	Humana Inc.		762,653
	3,848	Laboratory Corporation of America Holdings, (3)		379,798
	10,381	McKesson HBOC Inc.		1,756,361
	3,703	Patterson Companies, Inc.		150,712
	6,510	Quest Diagnostics Incorporated, (2)		364,104
	4,640	Tenet Healthcare Corporation, (3)		209,171
	44,626	UnitedHealth Group Incorporated		3,348,735
	12,743	Wellpoint Inc.		1,282,965
		Total Health Care Providers & Services		15,044,891
		Health Care Technology – 0.1%
	13,807	Cerner Corporation, (3)		708,299
		Hotels, Restaurants & Leisure – 1.6%
	19,772	Carnival Corporation		777,237
	1,400	Chipotle Mexican Grill, (3)		697,900
	6,106	Darden Restaurants, Inc.		303,529
	11,129	International Game Technology		139,669
	10,508	Marriott International, Inc., Class A, (2)		608,728
	44,657	McDonald’s Corporation		4,527,327
	34,101	Starbucks Corporation		2,408,213
	8,957	Starwood Hotels & Resorts Worldwide, Inc.		686,554
	6,368	Wyndham Worldwide Corporation		454,293
	3,653	Wynn Resorts Ltd		744,810
	19,982	YUM! Brands, Inc.		1,538,414
		Total Hotels, Restaurants & Leisure		12,886,674
		Household Durables – 0.4%
	12,845	D.R. Horton, Inc., (2)		286,187
	5,547	Garmin Limited, (2)		316,734
	3,159	Harman International Industries Inc.		346,258
	6,266	Leggett and Platt Inc., (2)		205,901
	8,820	Lennar Corporation, Class A		340,364
	2,755	Mohawk Industries Inc., (3)		364,790
	12,582	Newell Rubbermaid Inc.		378,844
	16,124	Pulte Corporation		296,520
	3,494	Whirlpool Corporation		535,910
		Total Household Durables		3,071,508
		Household Products – 1.9%
	6,036	Clorox Company, (2)		547,465
	39,385	Colgate-Palmolive Company		2,650,611

Nuveen Investments 25

Nuveen Equity Index Fund (continued)

Portfolio of Investments April 30, 2014 (Unaudited)

Shares		Description (1)	Value
		Household Products (continued)
	17,116	Kimberly-Clark Corporation	$	1,921,271
	122,322	Procter & Gamble Company		10,097,681
		Total Household Products		15,217,028
		Independent Power & Renewable Electricity Producers – 0.1%
	29,476	AES Corporation		425,928
	14,672	NRG Energy Inc.		480,068
		Total Independent Power & Renewable Electricity Producers		905,996
		Industrial Conglomerates – 2.4%
	28,401	3M Co., (2)		3,950,295
	27,100	Danaher Corporation		1,988,598
	452,634	General Electric Company		12,171,328
	4,490	Roper Industries Inc.		623,886
		Total Industrial Conglomerates		18,734,107
		Insurance – 2.7%
	15,187	Ace Limited		1,553,934
	20,564	AFLAC Incorporated		1,289,774
	20,170	Allstate Corporation		1,148,682
	66,050	American International Group, Inc.		3,509,236
	13,584	AON PLC		1,153,010
	3,233	Assurant Inc., (2)		217,937
	11,080	Chubb Corporation		1,020,246
	6,639	Cincinnati Financial Corporation		323,585
	22,348	Genworth Financial Inc., Class A, (3)		398,912
	20,136	Hartford Financial Services Group, Inc.		722,278
	11,896	Lincoln National Corporation		577,075
	13,807	Loews Corporation		607,094
	24,739	Marsh & McLennan Companies, Inc.		1,219,880
	50,688	MetLife, Inc.		2,653,517
	12,399	Principal Financial Group, Inc.		580,769
	24,707	Progressive Corporation		599,145
	20,888	Prudential Financial, Inc.		1,685,244
	3,995	Torchmark Corporation		318,402
	15,894	Travelers Companies, Inc.		1,439,679
	11,704	Unum Group		388,807
	12,454	XL Capital Ltd, Class A		390,433
		Total Insurance		21,797,639
		Internet & Catalog Retail – 1.2%
	16,782	Amazon.com, Inc., (3)		5,103,910
	4,637	Expedia, Inc.		329,181

26 Nuveen Investments

Shares		Description (1)	Value
		Internet & Catalog Retail (continued)
	2,699	NetFlix.com Inc., (3)	$	869,186
	2,353	priceline.com Incorporated, (3)		2,724,186
	5,182	TripAdvisor Inc., (2), (3)		418,395
		Total Internet & Catalog Retail		9,444,858
		Internet Software & Services – 2.9%
	8,055	Akamai Technologies, Inc., (3)		427,479
	52,567	eBay Inc., (3)		2,724,548
	77,069	Facebook Inc., Class A Shares, (3)		4,607,185
	12,735	Google Inc., Class A, (3)		6,811,697
	12,735	Google Inc., Class C Shares, (3)		6,707,015
	5,668	VeriSign, Inc., (2), (3)		267,416
	42,349	Yahoo! Inc., (3)		1,522,447
		Total Internet Software & Services		23,067,787
		IT Services – 3.3%
	28,738	Accenture Limited		2,305,362
	2,279	Alliance Data Systems Corporation, (2), (3)		551,290
	21,738	Automatic Data Processing, Inc.		1,694,694
	27,403	Cognizant Technology Solutions Corporation, Class A, (3)		1,312,741
	6,573	Computer Sciences Corporation		388,990
	12,678	Fidelity National Information Services		677,386
	11,481	Fiserv, Inc., (3)		697,815
	44,160	International Business Machines Corporation (IBM)		8,676,115
	46,036	MasterCard, Inc.		3,385,948
	15,201	Paychex, Inc.		635,554
	7,183	Teradata Corporation, (2), (3)		326,539
	7,458	Total System Services Inc.		236,941
	22,868	Visa Inc., (2)		4,633,285
	25,829	Western Union Company, (2)		409,906
	50,250	Xerox Corporation		607,523
		Total IT Services		26,540,089
		Leisure Equipment & Products – 0.1%
	5,258	Hasbro, Inc.		290,557
	15,355	Mattel, Inc.		602,146
		Total Leisure Equipment & Products		892,703
		Life Sciences Tools & Services – 0.4%
	15,042	Agilent Technologies, Inc.		812,870
	5,092	Perkinelmer Inc.		213,711
	16,901	Thermo Fisher Scientific, Inc.		1,926,714
	3,842	Waters Corporation, (3)		378,591
		Total Life Sciences Tools & Services		3,331,886

Nuveen Investments 27

Nuveen Equity Index Fund (continued)

Portfolio of Investments April 30, 2014 (Unaudited)

Shares		Description (1)	Value
		Machinery – 1.7%
	28,775	Caterpillar Inc.	$	3,032,885
	7,833	Cummins Inc.		1,181,608
	16,679	Deere & Company		1,556,818
	7,671	Dover Corporation, (2)		662,774
	6,216	Flowserve Corporation		454,079
	17,634	Illinois Tool Works, Inc.		1,502,946
	11,665	Ingersoll Rand Company Limited, Class A		697,567
	4,518	Joy Global Inc., (2)		272,797
	16,560	PACCAR Inc.		1,059,509
	4,952	Pall Corporation		416,711
	6,979	Parker Hannifin Corporation		885,496
	8,903	Pentair Limited		661,404
	2,622	Snap-on Incorporated		304,152
	7,019	Stanley Black & Decker Inc.		602,862
	8,332	Xylem Inc.		313,200
		Total Machinery		13,604,808
		Media – 3.4%
	10,245	Cablevision Systems Corporation		171,092
	24,895	CBS Corporation, Class B		1,437,935
	117,592	Comcast Corporation, Class A, (2)		6,086,562
	21,376	DirecTV, (3)		1,658,778
	10,034	Discovery Communications inc., Class A Shares, (2), (3)		761,581
	10,658	Gannett Company Inc., (2)		289,578
	19,467	Interpublic Group Companies, Inc.		339,115
	22,464	News Corporation, Class A Shares, (3)		382,337
	11,648	Omnicom Group, Inc.		788,337
	4,272	Scripps Networks Interactive, Class A Shares		320,699
	12,517	Time Warner Cable, Class A		1,770,655
	40,270	Time Warner Inc.		2,676,393
	87,557	Twenty First Century Fox Inc., Class A Shares, (2)		2,803,575
	17,978	Viacom Inc., Class B		1,527,770
	73,510	Walt Disney Company, (2)		5,832,283
		Total Media		26,846,690
		Metals & Mining – 0.5%
	50,026	Alcoa Inc.		673,850
	4,870	Allegheny Technologies, Inc., (2)		200,644
	46,848	Freeport-McMoRan Copper & Gold, Inc.		1,610,166
	22,463	Newmont Mining Corporation		557,756
	14,882	Nucor Corporation		770,144

28 Nuveen Investments

Shares		Description (1)	Value
		Metals & Mining (continued)
	6,927	United States Steel Corporation	$	180,241
		Total Metals & Mining		3,992,801
		Multiline Retail – 0.6%
	13,293	Dollar General Corporation, (3)		750,257
	9,387	Dollar Tree Stores Inc., (3)		488,781
	4,312	Family Dollar Stores, Inc.		253,330
	9,081	Kohl’s Corporation, (2)		497,548
	16,623	Macy’s, Inc.		954,659
	6,689	Nordstrom, Inc., (2)		409,902
	28,516	Target Corporation, (2)		1,760,863
		Total Multiline Retail		5,115,340
		Multi-Utilities – 1.2%
	10,946	Ameren Corporation		452,179
	19,346	CenterPoint Energy, Inc.		479,007
	12,733	CMS Energy Corporation		385,937
	13,214	Consolidated Edison, Inc.		766,808
	26,233	Dominion Resources, Inc.		1,902,942
	7,990	DTE Energy Company		624,339
	3,607	Integrys Energy Group, Inc.		221,037
	14,969	NiSource Inc.		543,674
	20,646	PG&E Corporation		941,045
	22,835	Public Service Enterprise Group Incorporated		935,550
	6,367	Scana Corporation		341,781
	10,254	Sempra Energy		1,011,147
	9,553	TECO Energy, Inc., (2)		171,572
	10,193	Wisconsin Energy Corporation		494,157
		Total Multi-Utilities		9,271,175
		Oil, Gas & Consumable Fuels – 8.2%
	22,727	Anadarko Petroleum Corporation		2,250,428
	17,808	Apache Corporation		1,545,734
	19,049	Cabot Oil & Gas Corporation		748,245
	22,842	Chesapeake Energy Corporation, (2)		656,708
	86,129	Chevron Corporation		10,810,912
	55,314	ConocoPhillips		4,110,383
	10,339	CONSOL Energy Inc., (2)		460,189
	16,059	Denbury Resources Inc., (2)		270,112
	17,277	Devon Energy Corporation		1,209,390
	24,644	EOG Resources, Inc.		2,415,112
	6,808	EQT Corporation		742,004

Nuveen Investments 29

Nuveen Equity Index Fund (continued)

Portfolio of Investments April 30, 2014 (Unaudited)

Shares		Description (1)	Value
		Oil, Gas & Consumable Fuels (continued)
	194,948	Exxon Mobil Corporation	$	19,964,625
	12,328	Hess Corporation		1,099,164
	31,356	Kinder Morgan, Inc.		1,024,087
	31,441	Marathon Oil Corporation		1,136,592
	13,288	Marathon Petroleum Corporation		1,235,120
	7,768	Murphy Oil Corporation		492,724
	6,149	Newfield Exploration Company, (3)		208,144
	16,236	Noble Energy, Inc.		1,165,420
	35,854	Occidental Petroleum Corporation		3,433,021
	7,868	ONEOK, Inc.		497,415
	12,923	Peabody Energy Corporation		245,666
	26,509	Phillips 66		2,206,079
	6,447	Pioneer Natural Resources Company, (2)		1,246,012
	8,091	QEP Resources Inc., (2)		248,313
	7,641	Range Resources Corporation, (2)		691,128
	15,921	Southwestern Energy Company, (3)		762,297
	30,235	Spectra Energy Corporation		1,200,632
	5,946	Tesoro Corporation		334,700
	24,023	Valero Energy Corporation		1,373,395
	30,876	Williams Companies, Inc.		1,302,041
		Total Oil, Gas & Consumable Fuels		65,085,792
		Paper & Forest Products – 0.1%
	19,796	International Paper Company		923,483
		Personal Products – 0.1%
	20,288	Avon Products, Inc.		310,001
	11,530	Estee Lauder Companies Inc., Class A		836,732
		Total Personal Products		1,146,733
		Pharmaceuticals – 6.0%
	71,664	AbbVie Inc.		3,732,261
	7,858	Actavis Inc., (2), (3)		1,605,625
	13,466	Allergan, Inc.		2,233,201
	74,170	Bristol-Myers Squibb Company		3,715,175
	44,452	Eli Lilly and Company		2,627,113
	10,759	Forest Laboratories, Inc., (3)		988,860
	7,510	Hospira Inc., (3)		343,958
	127,622	Johnson & Johnson		12,926,831
	132,662	Merck & Company Inc.		7,768,687
	16,778	Mylan Laboratories Inc., (2), (3)		851,987
	6,033	Perrigo Company		873,940

30 Nuveen Investments

Shares		Description (1)	Value
		Pharmaceuticals (continued)
	287,958	Pfizer Inc.	$	9,007,326
	21,570	Zoetis Incorporated		652,708
		Total Pharmaceuticals		47,327,672
		Professional Services – 0.2%
	1,697	Dun and Bradstreet Inc.		187,960
	5,506	Equifax Inc.		389,880
	10,294	Nielsen Holdings BV		483,303
	6,201	Robert Half International Inc.		277,805
		Total Professional Services		1,338,948
		Real Estate Investment Trust – 2.1%
	17,820	American Tower Corporation, (2)		1,488,326
	6,987	Apartment Investment & Management Company, Class A		215,409
	5,488	AvalonBay Communities, Inc.		749,386
	7,526	Boston Properties, Inc.		881,596
	15,172	Crown Castle International Corporation		1,103,460
	15,899	Equity Residential, (2)		945,037
	1,855	Essex Property Trust Inc., (2)		321,397
	14,495	General Growth Properties Inc., (2)		332,950
	20,625	Health Care Property Investors Inc., (2)		863,363
	13,499	Health Care REIT, Inc., (2)		851,652
	36,067	Host Hotels & Resorts Inc., (2)		773,637
	19,618	Kimco Realty Corporation		449,645
	2,377	Macerich Company		154,291
	8,400	Plum Creek Timber Company		366,240
	24,508	Prologis Inc.		995,760
	6,522	Public Storage, Inc., (2)		1,144,676
	14,177	Simon Property Group, Inc.		2,455,456
	13,282	Ventas Inc.		877,675
	8,407	Vornado Realty Trust, (2)		862,558
	26,371	Weyerhaeuser Company		787,174
		Total Real Estate Investment Trust		16,619,688
		Real Estate Management & Development – 0.0%
	12,581	CBRE Group Inc., (3)		335,158
		Road & Rail – 0.9%
	45,457	CSX Corporation		1,282,797
	5,154	Kansas City Southern Industries		519,936
	13,972	Norfolk Southern Corporation		1,320,773
	2,505	Ryder System, Inc.		205,861
	20,529	Union Pacific Corporation		3,909,337
		Total Road & Rail		7,238,704

Nuveen Investments 31

Nuveen Equity Index Fund (continued)

Portfolio of Investments April 30, 2014 (Unaudited)

Shares		Description (1)	Value
		Semiconductors & Equipment – 2.0%
	14,327	Altera Corporation	$	465,914
	14,100	Analog Devices, Inc.		723,189
	54,636	Applied Materials, Inc.		1,041,362
	24,900	Broadcom Corporation, Class A		767,169
	3,188	First Solar Inc., (3)		215,158
	224,306	Intel Corporation		5,986,725
	7,794	KLA-Tencor Corporation, (2)		498,738
	7,322	Lam Research Corporation, (3)		421,820
	10,643	Linear Technology Corporation, (2)		473,614
	25,188	LSI Logic Corporation		280,594
	8,983	Microchip Technology Incorporated, (2)		427,052
	47,860	Micron Technology, Inc., (2), (3)		1,250,103
	25,004	NVIDIA Corporation, (2)		461,824
	48,913	Texas Instruments Incorporated		2,223,096
	12,038	Xilinx, Inc.		568,073
		Total Semiconductors & Equipment		15,804,431
		Software – 3.4%
	20,956	Adobe Systems Incorporated, (3)		1,292,776
	10,680	Autodesk, Inc., (3)		512,854
	14,545	CA Inc.		438,386
	8,289	Citrix Systems, (2), (3)		491,621
	13,967	Electronic Arts Inc., (3)		395,266
	12,781	Intuit, Inc.		968,161
	340,774	Microsoft Corporation		13,767,268
	156,229	Oracle Corporation		6,386,642
	8,551	Red Hat, Inc., (3)		416,006
	25,947	Salesforce.com, Inc., (2), (3)		1,340,163
	31,198	Symantec Corporation		632,695
		Total Software		26,641,838
		Specialty Retail – 2.0%
	1,921	AutoNation Inc., (3)		101,794
	1,521	AutoZone, Inc., (2), (3)		812,047
	9,605	Bed Bath and Beyond Inc., (2), (3)		596,759
	12,332	Best Buy Co., Inc., (2)		319,769
	10,707	CarMax, Inc., (2), (3)		468,752
	5,225	GameStop Corporation, (2)		207,328
	11,951	Gap, Inc.		469,674
	63,531	Home Depot, Inc.		5,051,348
	11,404	L Brands Inc.		618,097

32 Nuveen Investments

Shares		Description (1)	Value
		Specialty Retail (continued)
	47,181	Lowe’s Companies, Inc.	$	2,166,080
	4,798	O’Reilly Automotive Inc., (2), (3)		713,894
	4,679	PetSmart Inc.		316,675
	9,695	Ross Stores, Inc.		660,036
	29,356	Staples, Inc., (2)		366,950
	4,967	Tiffany & Co.		434,563
	32,084	TJX Companies, Inc.		1,866,647
	4,622	Tractor Supply Company		310,783
	4,917	Urban Outfitters, Inc., (3)		175,316
		Total Specialty Retail		15,656,512
		Textiles, Apparel & Luxury Goods – 0.8%
	12,523	Coach, Inc., (2)		559,152
	2,168	Fossil Group Inc., (3)		231,217
	8,094	Michael Kors Holdings Limited, (3)		738,173
	33,555	Nike, Inc., Class B		2,447,837
	3,109	PVH Corporation		390,397
	2,667	Ralph Lauren Corporation		403,704
	7,547	Under Armour, Inc., (3)		368,973
	15,894	VF Corporation, (2)		970,964
		Total Textiles, Apparel & Luxury Goods		6,110,417
		Thrifts & Mortgage Finance – 0.1%
	22,766	Hudson City Bancorp, Inc.		226,749
	13,996	People’s United Financial, Inc.		199,863
		Total Thrifts & Mortgage Finance		426,612
		Tobacco – 1.4%
	89,905	Altria Group, Inc., (2)		3,606,090
	16,340	Lorillard Inc.		970,923
	71,515	Philip Morris International		6,109,524
	14,050	Reynolds American Inc.		792,842
		Total Tobacco		11,479,379
		Trading Companies & Distributors – 0.2%
	12,769	Fastenal Company		639,472
	2,763	W.W. Grainger, Inc., (2)		702,907
		Total Trading Companies & Distributors		1,342,379
		Total Long-Term Investments (cost $298,011,264)		758,603,689

Nuveen Investments 33

Nuveen Equity Index Fund (continued)

Portfolio of Investments April 30, 2014 (Unaudited)

Shares		Description (1)								Value
		INVESTMENTS PURCHASED WITH COLLATERAL FROM SECURITIES LENDING – 10.8%
		Money Market Funds – 10.8%
	85,941,385	Mount Vernon Securities Lending Prime Portfolio, 0.172%, (4), (5)								$	85,941,385
		Total Investments Purchased with Collateral from Securities Lending (cost $85,941,385)									85,941,385
Principal Amount (000)		Description (1)	Coupon			Maturity		Rating (6)		Value
		SHORT-TERM INVESTMENTS – 0.8%
		Money Market Funds – 0.4%
$	3,114,453	First American Treasury Obligations Fund, Class Z		0.000	% (4)		N/A		N/A	$	3,114,453
		U.S. Government and Agency Obligations – 0.4%
	3,000	U.S. Treasury Bills, (7)		0.000	%		7/24/14		AAA		2,999,895
		Total Short-Term Investments (cost $6,114,050)									6,114,348
		Total Investments (cost $390,066,699) – 107.1%									850,659,422
		Other Assets Less Liabilities – (7.1)%									(56,465,099	)
		Net Assets – 100%								$	794,194,323

Investments in Derivatives as of April 30, 2014

Futures Contracts outstanding:

Description	Contract Position		Number of Contracts		Contract Expiration		Notional Value		Unrealized Appreciation (Depreciation)
S&P 500 Index		Long		77		6/14	$	36,149,575	$	120,315

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 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 $84,193,124.

(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.

N/A Not applicable.

ADR American Depositary Receipt.

REIT Real Estate Investment Trust.

See accompanying notes to financial statements.

34 Nuveen Investments

Nuveen Mid Cap Index Fund

Portfolio of Investments April 30, 2014 (Unaudited)

Shares		Description (1)	Value
		LONG-TERM INVESTMENTS – 91.8%
		COMMON STOCKS – 91.8%
		Aerospace & Defense – 1.7%
	12,489	Alliant Techsystems Inc., (2)	$	1,801,164
	40,642	BE Aerospace Inc., (3)		3,567,148
	12,139	Esterline Technologies Corporation, (3)		1,323,394
	73,007	Exelis Inc.		1,353,550
	19,460	Huntington Ingalls Industries Inc.		2,004,380
	20,019	Triumph Group Inc.		1,297,431
		Total Aerospace & Defense		11,347,067
		Air Freight & Logistics – 0.1%
	40,560	UTI Worldwide, Inc., (2)		397,082
		Airlines – 0.5%
	27,259	Alaska Air Group, Inc.		2,564,527
	87,586	JetBlue Airways Corporation, (2), (3)		692,367
		Total Airlines		3,256,894
		Auto Components – 0.2%
	55,719	Gentex Corporation		1,597,464
		Automobiles – 0.2%
	17,084	Thor Industries, Inc.		1,039,903
		Banks – 4.3%
	65,082	Associated Banc-Corp., (2)		1,142,189
	32,504	BancorpSouth Inc., (2)		759,293
	17,402	Bank of Hawaii Corporation, (2)		960,068
	28,951	Cathay General Bancorp.		683,244
	18,492	City National Corporation		1,341,964
	31,406	Commerce Bancshares Inc.		1,365,533
	21,597	Cullen/Frost Bankers, Inc., (2)		1,650,227
	52,844	East West Bancorp Inc.		1,823,646
	93,609	First Horizon National Corporation, (2)		1,075,567
	137,351	First Niagara Financial Group Inc.		1,225,171
	64,316	FirstMerit Corporation		1,247,087
	75,728	Fulton Financial Corporation		923,124
	32,939	Hancock Holding Company		1,111,032
	22,348	International Bancshares Corporation		513,110
	25,441	Pacwest Bancorp.		1,001,612
	18,245	Prosperity Bancshares, Inc.		1,076,455

Nuveen Investments 35

Nuveen Mid Cap Index Fund (continued)

Portfolio of Investments April 30, 2014 (Unaudited)

Shares		Description (1)	Value
		Banks (continued)
	18,340	Signature Bank, (3)	$	2,179,159
	17,493	SVB Financial Group, (3)		1,866,328
	375,448	Synovus Financial Corp.		1,205,188
	63,567	TCF Financial Corporation		998,002
	26,062	Trustmark Corporation		596,038
	30,053	Umpqua Holdings Corporation		499,781
	77,317	Valley National Bancorp., (2)		774,716
	35,024	Webster Financial Corporation		1,055,623
	10,470	Westamerica Bancorp., (2)		532,085
		Total Banks		27,606,242
		Biotechnology – 0.6%
	28,582	Cubist Pharmaceuticals Inc., (2), (3)		2,002,455
	17,926	United Therapeutics Corporation, (3)		1,792,779
		Total Biotechnology		3,795,234
		Building Products – 0.8%
	64,036	Fortune Brands Home & Security		2,551,835
	17,795	Lennox International Inc.		1,491,755
	29,495	Smith AO Corporation		1,379,186
		Total Building Products		5,422,776
		Capital Markets – 2.2%
	20,465	Affiliated Managers Group Inc., (3)		4,056,163
	47,114	Eaton Vance Corporation		1,699,402
	36,598	Federated Investors Inc., (2)		1,044,507
	10,173	Greenhill & Co Inc., (2)		510,176
	59,237	Janus Capital Group Inc., (2)		718,545
	43,893	Raymond James Financial Inc.		2,181,482
	52,183	SEI Investments Company		1,689,686
	33,346	Waddell & Reed Financial, Inc., Class A		2,249,188
		Total Capital Markets		14,149,149
		Chemicals – 2.8%
	31,560	Albemarle Corporation		2,115,782
	28,519	Ashland Inc.		2,754,935
	23,279	Cabot Corporation		1,345,526
	14,168	Cytec Industries, Inc.		1,350,494
	20,873	Interpid Potash Inc., (2), (3)		340,230
	13,528	Minerals Technologies Inc.		804,781
	4,138	NewMarket Corporation, (2)		1,540,660
	31,158	Olin Corporation, (2)		875,540
	20,879	PolyOne Corporation		782,336

36 Nuveen Investments

Shares		Description (1)	Value
		Chemicals (continued)
	51,419	RPM International, Inc.	$	2,193,535
	15,085	Scotts Miracle Gro Company		923,353
	19,419	Sensient Technologies Corporation		1,049,597
	31,715	Valspar Corporation		2,316,464
		Total Chemicals		18,393,233
		Commercial Services & Supplies – 1.6%
	18,609	Brinks Company		473,413
	20,907	Clean Harbors, Inc., (2), (3)		1,254,420
	41,377	Copart Inc., (3)		1,500,744
	19,738	Deluxe Corporation		1,084,603
	17,641	HNI Corporation		621,492
	22,653	Miller (Herman) Inc.		698,392
	12,107	MSA Safety Inc.		638,644
	76,467	R.R. Donnelley & Sons Company		1,345,819
	25,543	Rollins Inc.		768,333
	47,893	Waste Connections Inc.		2,138,901
		Total Commercial Services & Supplies		10,524,761
		Communications Equipment – 0.9%
	23,001	ADTRAN, Inc.		515,912
	39,397	Ciena Corporation, (2), (3)		778,879
	15,969	Interdigital Inc., (2)		554,444
	89,859	JDS Uniphase Corporation, (3)		1,138,514
	16,797	Plantronics Inc.		731,845
	46,884	Polycom Inc., (3)		576,673
	63,417	Riverbed Technology, Inc., (3)		1,233,461
		Total Communications Equipment		5,529,728
		Computers & Peripherals – 0.9%
	36,891	3D Systems Corporation, (2), (3)		1,746,420
	24,703	Diebold Inc., (2)		929,080
	24,452	Lexmark International, Inc., Class A, (2)		1,051,436
	63,795	NCR Corporation, (3)		1,946,385
		Total Computers & Peripherals		5,673,321
		Construction & Engineering – 0.7%
	40,002	AECOM Technology Corporation, (3)		1,296,865
	13,828	Granite Construction Inc.		516,891
	57,359	KBR Inc.		1,455,198
	29,452	URS Corporation		1,387,778
		Total Construction & Engineering		4,656,732

Nuveen Investments 37

Nuveen Mid Cap Index Fund (continued)

Portfolio of Investments April 30, 2014 (Unaudited)

Shares		Description (1)	Value
		Construction Materials – 0.6%
	19,281	Eagle Materials Inc.	$	1,606,686
	17,821	Martin Marietta Materials, (2)		2,215,685
		Total Construction Materials		3,822,371
		Containers & Packaging – 1.6%
	25,881	AptarGroup Inc.		1,744,897
	11,808	Greif Inc.		639,876
	38,066	Packaging Corp. of America		2,536,338
	27,913	Rock-Tenn Company		2,668,762
	17,563	Silgan Holdings, Inc.		873,759
	39,281	Sonoco Products Company		1,652,944
		Total Containers & Packaging		10,116,576
		Distributors – 0.5%
	115,876	LKQ Corporation, (3)		3,374,309
		Diversified Consumer Services – 0.8%
	38,891	Apollo Group, Inc., (2), (3)		1,122,394
	21,964	Devry Education Group Inc., (2)		989,039
	10,713	Matthews International Corporation, (2)		432,270
	82,140	Service Corporation International		1,541,768
	26,496	Sothebys Holdings Inc., (2)		1,114,422
		Total Diversified Consumer Services		5,199,893
		Diversified Financial Services – 0.6%
	33,867	CBOE Holdings Inc.		1,807,143
	46,846	MSCI Inc., Class A Shares, (3)		1,899,137
		Total Diversified Financial Services		3,706,280
		Diversified Telecommunication Services – 0.3%
	58,333	TW Telecom Inc., (3)		1,790,240
		Electric Utilities – 1.6%
	23,456	Cleco Corporation		1,232,613
	59,651	Great Plains Energy Incorporated		1,600,436
	38,240	Hawaiian Electric Industries, (2)		917,378
	19,494	IDACORP, INC		1,094,393
	76,925	OGE Energy Corp.		2,871,610
	30,910	PNM Resources Inc.		855,589
	49,239	Westar Energy Inc., (2)		1,766,695
		Total Electric Utilities		10,338,714
		Electrical Equipment – 1.0%
	16,623	Acuity Brands Inc.		2,070,727
	19,479	General Cable Corporation		499,052

38 Nuveen Investments

Shares		Description (1)	Value
		Electrical Equipment (continued)
	20,730	Hubbell Incorporated, Class B	$	2,440,336
	17,457	Regal-Beloit Corporation		1,304,562
		Total Electrical Equipment		6,314,677
		Electronic Equipment & Instruments – 2.6%
	40,618	Arrow Electronics, Inc., (3)		2,305,072
	53,184	Avnet Inc.		2,293,826
	16,360	FEI Company		1,300,947
	59,114	Ingram Micro, Inc., Class A, (3)		1,593,713
	15,340	Itron Inc., (3)		582,920
	32,864	Knowles Corporation, (3)		917,892
	36,917	National Instruments Corporation		1,008,203
	14,653	Tech Data Corporation, (3)		915,666
	99,263	Trimble Navigation Limited, (3)		3,814,677
	51,266	Vishay Intertechnology Inc., (2)		729,003
	19,760	Zebra Technologies Corporation, Class A, (3)		1,372,134
		Total Electronic Equipment & Instruments		16,834,053
		Energy Equipment & Services – 2.7%
	22,217	Atwood Oceanics Inc., (3)		1,101,075
	7,631	Carbo Ceramics Inc., (2)		1,067,653
	29,557	Dresser Rand Group, Inc., (3)		1,786,425
	14,175	Dril Quip Inc., (3)		1,603,476
	38,405	Helix Energy Solutions Group, (3)		923,256
	41,986	Oceaneering International Inc.		3,076,734
	21,329	Oil States International Inc., (3)		2,071,899
	56,821	Patterson-UTI Energy, Inc.		1,848,387
	61,926	Superior Energy Services, Inc.		2,038,604
	19,203	Tidewater Inc.		978,009
	16,952	Unit Corporation, (3)		1,117,984
		Total Energy Equipment & Services		17,613,502
		Food & Staples Retailing – 0.3%
	77,838	SUPERVALU INC., (3)		544,088
	19,136	United Natural Foods Inc., (3)		1,320,958
		Total Food & Staples Retailing		1,865,046
		Food Products – 1.7%
	36,220	Dean Foods Company		573,725
	66,785	Flowers Foods Inc.		1,370,428
	18,454	Hain Celestial Group Inc., (2), (3)		1,587,413
	47,759	Hillshire Brands Company		1,702,608
	30,062	Ingredion Inc.		2,117,868

Nuveen Investments 39

Nuveen Mid Cap Index Fund (continued)

Portfolio of Investments April 30, 2014 (Unaudited)

Shares		Description (1)	Value
		Food Products (continued)
	7,527	Lancaster Colony Corporation	$	714,162
	12,678	Post Holdings Inc., (2), (3)		662,552
	8,497	Tootsie Roll Industries Inc., (2)		239,530
	67,137	WhiteWave Foods Company, (3)		1,859,024
		Total Food Products		10,827,310
		Gas Utilities – 1.4%
	35,138	Atmos Energy Corporation		1,793,444
	32,421	National Fuel Gas Company, (2)		2,387,482
	11,840	One Gas Inc.		433,107
	67,930	Questar Corporation		1,649,340
	44,176	UGI Corporation		2,062,577
	20,063	WGL Holdings Inc.		798,307
		Total Gas Utilities		9,124,257
		Health Care Equipment & Supplies – 2.8%
	27,370	Align Technology, Inc., (3)		1,379,174
	18,882	Cooper Companies, Inc.		2,490,725
	23,191	Hill Rom Holdings Inc.		866,416
	104,506	Hologic Inc., (2), (3)		2,193,058
	20,995	Idexx Labs Inc., (2), (3)		2,654,608
	19,917	Masimo Corporation, (3)		532,979
	55,284	ResMed Inc., (2)		2,755,907
	20,392	Sirona Dental Systems, Inc., (3)		1,533,886
	22,873	Steris Corporation		1,099,048
	15,953	Teleflex Inc., (2)		1,628,642
	22,247	Thoratec Corporation, (3)		729,257
		Total Health Care Equipment & Supplies		17,863,700
		Health Care Providers & Services – 2.8%
	43,564	Community Health Systems, Inc., (3)		1,650,640
	30,790	Health Net Inc., (3)		1,057,021
	33,812	Henry Schein Inc., (3)		3,862,345
	18,390	Lifepoint Hospitals Inc., (3)		1,028,369
	38,820	Medax Inc., (3)		2,300,085
	40,716	Omnicare, Inc.		2,413,237
	24,573	Owens and Minor Inc., (2)		824,178
	34,612	Universal Health Services, Inc., Class B		2,830,915
	34,357	VCA Antech, Inc., (3)		1,052,355
	16,866	Wellcare Health Plans Inc., (3)		1,137,949
		Total Health Care Providers & Services		18,157,094

40 Nuveen Investments

Shares		Description (1)	Value
		Health Care Technology – 0.2%
	60,904	Allscripts Healthcare Solutions Inc., (3)	$	926,959
	34,033	HMS Holdings Corporation, (3)		550,314
		Total Health Care Technology		1,477,273
		Hotels, Restaurants & Leisure – 1.4%
	14,989	Bally Technologies, Inc., (3)		975,934
	10,819	Bob Evans Farms		507,087
	27,377	Brinker International Inc., (2)		1,345,306
	17,061	Cheesecake Factory Inc., (2)		765,868
	21,829	Dominos Pizza Inc.		1,623,641
	9,909	Intl Speedway Corporation		311,539
	15,369	Life Time Fitness Inc., (2), (3)		737,712
	10,871	Panera Bread Company, (3)		1,662,937
	109,907	The Wendy’s Company		913,327
		Total Hotels, Restaurants & Leisure		8,843,351
		Household Durables – 1.6%
	43,947	Jarden Corporation, (3)		2,511,571
	31,791	KB Home, (2)		524,869
	15,171	MDC Holdings Inc., (2)		418,720
	1,721	NVR Inc., (3)		1,853,517
	23,419	Tempur Pedic International Inc., (2), (3)		1,175,165
	61,339	Toll Brothers Inc., (3)		2,100,247
	20,524	Tupperware Corporation, (2)		1,742,693
		Total Household Durables		10,326,782
		Household Products – 1.0%
	53,626	Church & Dwight Company Inc.		3,700,730
	24,153	Energizer Holdings Inc., (2)		2,697,649
		Total Household Products		6,398,379
		Industrial Conglomerates – 0.3%
	24,692	Carlisle Companies Inc.		2,030,917
		Insurance – 4.8%
	6,538	Alleghany Corporation, Term Loan, (3)		2,667,373
	27,405	American Financial Group Inc.		1,601,274
	49,188	Arthur J. Gallagher & Co.		2,214,444
	26,433	Aspen Insurance Holdings Limited		1,210,103
	45,831	Brown & Brown Inc.		1,364,847
	19,392	Everest Reinsurance Group Ltd		3,064,518
	102,240	Fidelity National Title Group Inc., Class A		3,290,083
	41,981	First American Corporation, (2)		1,116,695

Nuveen Investments 41

Nuveen Mid Cap Index Fund (continued)

Portfolio of Investments April 30, 2014 (Unaudited)

Shares		Description (1)	Value
		Insurance (continued)
	17,079	Hanover Insurance Group Inc.	$	998,268
	38,960	HCC Insurance Holdings Inc.		1,789,822
	20,946	Kemper Corporation		825,482
	14,067	Mercury General Corporation, (2)		673,247
	93,677	Old Republic International Corporation		1,551,291
	17,913	Primerica Inc.		822,028
	30,442	Protective Life Corporation		1,557,108
	28,133	Reinsurance Group of America Inc.		2,158,082
	11,882	RenaisasnceRE Holdings, Limited, (2)		1,202,577
	17,180	StanCorp Financial Group Inc.		1,049,698
	42,760	WR Berkley Corporation		1,891,702
		Total Insurance		31,048,642
		Internet & Catalog Retail – 0.1%
	13,878	Hosting Site Network, Inc.		805,479
		Internet Software & Services – 1.1%
	30,056	AOL Inc., (2), (3)		1,286,697
	27,801	Conversant Inc., (2), (3)		679,456
	19,152	Equinix Inc., (2), (3)		3,596,937
	44,247	Rackspace Hosting Inc., (2), (3)		1,284,048
		Total Internet Software & Services		6,847,138
		IT Services – 2.6%
	28,683	Acxiom Corporation, (3)		810,008
	47,042	Broadridge Financial Solutions, Inc.		1,803,590
	40,770	Convergys Corporation, (2)		878,186
	37,057	CoreLogic Inc., (3)		1,038,708
	11,585	DST Systems Inc.		1,068,021
	36,380	Gartner Inc., (2), (3)		2,508,037
	30,026	Global Payments Inc.		2,006,638
	33,417	Henry Jack and Associates Inc.		1,843,282
	27,679	Leidos Holdings Inc., (2)		1,030,766
	25,535	NeuStar, Inc., (2), (3)		656,760
	16,106	Science Applications International Corporation		628,134
	42,116	VeriFone Holdings Inc., (3)		1,408,359
	15,057	WEX Inc., (3)		1,445,020
		Total IT Services		17,125,509
		Leisure Equipment & Products – 0.7%
	35,100	Brunswick Corporation		1,410,669
	24,807	Polaris Industries Inc., (2)		3,332,324
		Total Leisure Equipment & Products		4,742,993

42 Nuveen Investments

Shares		Description (1)	Value
		Life Sciences Tools & Services – 1.2%
	7,860	Bio-Rad Laboratories Inc., (3)	$	968,431
	19,026	Charles River Laboratories International, Inc., (3)		1,022,077
	21,684	Covance, Inc., (2), (3)		1,914,264
	11,713	Mettler-Toledo International Inc., (3)		2,730,535
	12,729	Techne Corporation		1,136,827
		Total Life Sciences Tools & Services		7,772,134
		Machinery – 5.2%
	37,763	AGCO Corporation, (2)		2,103,399
	19,281	CLARCOR, Inc.		1,113,671
	18,853	Crane Company		1,371,179
	52,463	Donaldson Company, Inc.		2,208,168
	23,773	Graco Inc.		1,723,543
	31,303	Harsco Corporation		749,081
	31,911	IDEX Corporation		2,379,603
	34,886	ITT Industries, Inc.		1,504,982
	30,555	Kennametal Inc., (2)		1,427,835
	32,187	Lincoln Electric Holdings Inc.		2,150,413
	21,928	Nordson Corporation		1,630,347
	34,144	Oshkosh Truck Corporation		1,895,333
	18,158	SPX Corporation		1,849,211
	43,151	Terex Corporation, (2)		1,868,007
	30,969	Timken Company		1,953,525
	30,735	Trinity Industries Inc.		2,306,969
	9,136	Valmont Industries, Inc., (2)		1,360,442
	37,329	Wabtec Corporation		2,782,877
	23,480	Woodward Governor Company		1,052,608
		Total Machinery		33,431,193
		Marine – 0.3%
	22,024	Kirby Corporation, (3)		2,216,055
		Media – 1.1%
	22,410	AMC Networks Inc., Class A Shares, (3)		1,471,665
	39,481	Cinemark Holdings Inc.		1,169,427
	27,601	Dreamworks Animation SKG Inc., (2), (3)		663,252
	17,946	John Wiley and Sons Inc., Class A		1,031,177
	25,298	Lamar Advertising Company, (2), (3)		1,262,876
	13,982	Meredith Corporation		616,187
	47,373	New York Times, Class A, (2)		761,758
		Total Media		6,976,342

Nuveen Investments 43

Nuveen Mid Cap Index Fund (continued)

Portfolio of Investments April 30, 2014 (Unaudited)

Shares		Description (1)	Value
		Metals & Mining – 1.6%
	17,185	Carpenter Technology Inc.	$	1,079,218
	59,477	Cliffs Natural Resources Inc., (2)		1,053,932
	45,355	Commercial Metals Company		870,816
	12,925	Compass Minerals International, Inc., (2)		1,183,930
	29,760	Reliance Steel & Aluminum Company		2,107,603
	25,239	Royal Gold, Inc.		1,670,822
	85,526	Steel Dynamics Inc.		1,562,560
	20,693	Worthington Industries, Inc.		761,502
		Total Metals & Mining		10,290,383
		Multiline Retail – 0.3%
	22,592	Big Lots, Inc., (2), (3)		892,384
	116,904	J.C. Penney Company, Inc., (2), (3)		996,022
		Total Multiline Retail		1,888,406
		Multi-Utilities – 1.1%
	43,043	Alliant Energy Corporation		2,517,155
	17,247	Black Hills Corporation		996,014
	73,276	MDU Resources Group Inc.		2,595,436
	31,927	Vectren Corporation		1,295,278
		Total Multi-Utilities		7,403,883
		Oil, Gas & Consumable Fuels – 3.0%
	18,929	Bill Barrett Corporation, (3)		448,239
	33,548	Cimarex Energy Company		3,996,238
	28,027	Energen Corporation		2,183,584
	32,451	Gulfport Energy Corporation, (3)		2,390,665
	78,903	HollyFrontier Company		4,149,509
	23,706	Rosetta Resources, Inc., (3)		1,122,242
	25,718	SM Energy Company		1,906,475
	28,182	World Fuel Services Corporation, (2)		1,283,408
	77,992	WPX Energy Inc., (3)		1,659,670
		Total Oil, Gas & Consumable Fuels		19,140,030
		Paper & Forest Products – 0.3%
	13,043	Domtar Corporation		1,217,694
	54,079	Louisiana-Pacific Corporation, (3)		886,355
		Total Paper & Forest Products		2,104,049
		Pharmaceuticals – 1.2%
	53,155	Endo International PLC, (2), (3)		3,345,841
	22,821	Mallinckrodt PLC, (2), (3)		1,625,540
	24,275	Salix Pharmaceuticals Limited, (2), (3)		2,670,250
		Total Pharmaceuticals		7,641,631

44 Nuveen Investments

Shares		Description (1)	Value
		Professional Services – 1.0%
	13,044	Corporate Executive Board Company	$	900,297
	15,642	FTI Consulting Inc., (2), (3)		536,521
	29,930	Manpower Inc.		2,434,506
	24,913	Towers Watson & Company, Class A Shares		2,795,737
		Total Professional Services		6,667,061
		Real Estate Investment Trust – 7.8%
	27,333	Alexandria Real Estate Equities Inc.		2,017,722
	40,660	American Campus Communities Inc., (2)		1,553,212
	72,300	BioMed Realty Trust Inc.		1,511,070
	32,921	Camden Property Trust, (2)		2,254,759
	33,283	Corporate Office Properties		890,320
	44,709	Corrections Corporation of America, (2)		1,466,455
	126,584	Duke Realty Corporation		2,217,752
	24,030	Equity One Inc.		541,396
	40,211	Extra Space Storage Inc.		2,104,242
	25,319	Federal Realty Investment Trust, (2)		2,975,995
	31,875	Highwoods Properties, Inc., (2)		1,286,156
	21,765	Home Properties New York, Inc.		1,340,724
	57,246	Hospitality Properties Trust		1,720,242
	29,239	Kilroy Realty Corporation, (2)		1,741,767
	54,811	Liberty Property Trust		2,055,413
	34,250	Mack-Cali Realty Corporation		697,673
	28,983	Mid-America Apartment Communities		2,018,666
	45,932	National Retail Properties, Inc., (2)		1,567,659
	45,073	Omega Healthcare Investors Inc., (2)		1,567,639
	15,712	Potlatch Corporation		600,670
	48,904	Rayonier Inc.		2,205,570
	79,549	Realty Income Corporation, (2)		3,456,404
	35,547	Regency Centers Corporation		1,863,729
	72,984	Senior Housing Properties Trust, (2)		1,712,934
	35,544	SL Green Realty Corporation, (2)		3,721,812
	24,745	Taubman Centers Inc., (2)		1,802,426
	97,302	UDR Inc.		2,516,230
	43,488	Weingarten Realty Trust, (2)		1,356,826
		Total Real Estate Investment Trust		50,765,463
		Real Estate Management & Development – 0.4%
	16,706	Alexander & Baldwin Inc.		623,301
	17,111	Jones Lang LaSalle Inc.		1,982,994
		Total Real Estate Management & Development		2,606,295

Nuveen Investments 45

Nuveen Mid Cap Index Fund (continued)

Portfolio of Investments April 30, 2014 (Unaudited)

Shares		Description (1)	Value
		Road & Rail – 1.3%
	21,863	Con-Way, Inc.	$	928,740
	19,216	Genesee & Wyoming Inc., (3)		1,902,576
	35,134	J.B. Hunt Transports Serives Inc.		2,673,697
	18,068	Landstar System		1,138,103
	19,873	Old Dominion Frght Line, (3)		1,204,900
	17,344	Werner Enterprises, Inc.		444,006
		Total Road & Rail		8,292,022
		Semiconductors & Equipment – 2.5%
	236,520	Advanced Micro Devices, Inc., (2), (3)		967,367
	166,330	Atmel Corporation, (3)		1,292,384
	46,583	Cree, Inc., (2), (3)		2,197,320
	52,495	Cypress Semiconductor Corporation, (3)		497,128
	49,367	Fairchild Semiconductor International Inc., Class A, (3)		628,442
	57,253	Integrated Device Technology, Inc., (3)		668,143
	26,950	International Rectifier Corporation, (3)		701,778
	49,355	Intersil Holding Corporation, Class A		609,041
	109,141	RF Micro Devices, Inc., (3)		921,150
	26,192	Semtech Corporation, (3)		628,084
	15,154	Silicon Laboratories Inc., (3)		681,172
	74,194	Skyworks Solutions Inc., (3)		3,045,664
	97,419	SunEdison Inc., (2), (3)		1,873,367
	73,950	Teradyne Inc., (2)		1,306,697
		Total Semiconductors & Equipment		16,017,737
		Software – 3.9%
	15,463	ACI Worldwide, Inc., (3)		883,710
	12,563	Advent Software Inc.		362,066
	36,169	Ansys Inc., (3)		2,760,056
	109,818	Cadence Design Systems, Inc., (2), (3)		1,708,768
	16,775	CommVault Systems, Inc., (2), (3)		811,910
	82,822	Compuware Corporation		858,036
	17,766	Concur Technologies, Inc., (2), (3)		1,429,630
	15,701	FactSet Research Systems Inc., (2)		1,672,157
	13,921	Fair Isaac Corporation		796,281
	52,997	Fortinet Inc., (3)		1,164,874
	41,941	Informatica Corporation, (3)		1,486,808
	36,789	Mentor Graphics Corporation		761,532
	30,523	Micros Systems, Inc., (3)		1,571,935
	46,392	Parametric Technology Corporation, (3)		1,640,885
	40,114	Rovi Corporation, (3)		894,141

46 Nuveen Investments

Shares		Description (1)	Value
		Software (continued)
	25,234	Solarwinds, Inc., (3)	$	1,017,435
	26,735	Solera Holdings Inc.		1,731,893
	59,668	Synopsys Inc., (3)		2,244,710
	60,494	Tibco Software Inc., (3)		1,187,497
		Total Software		24,984,324
		Specialty Retail – 3.6%
	27,358	Aaron Rents Inc., (2)		806,240
	29,482	Abercrombie & Fitch Co., Class A, (2)		1,083,758
	28,380	Advance Auto Parts, Inc.		3,442,210
	68,037	American Eagle Outfitters, Inc., (2)		786,508
	18,293	Ann Inc., (3)		716,903
	49,417	Ascena Retail Group Inc., (3)		849,972
	18,038	Cabela’s Incorporated, (2), (3)		1,183,473
	62,954	Chico’s FAS, Inc.		999,710
	29,176	CST Brands Inc.		952,013
	38,878	Dick’s Sporting Goods Inc.		2,047,315
	58,258	Foot Locker, Inc.		2,710,745
	23,706	Guess Inc.		637,928
	17,138	Murphy USA Inc., (3)		728,365
	182,661	Office Depot, Inc., (3)		747,083
	21,261	Rent-A-Center Inc., (2)		621,034
	31,384	Signet Jewelers Limited		3,179,827
	33,361	Williams-Sonoma Inc., (2)		2,095,738
		Total Specialty Retail		23,588,822
		Textiles, Apparel & Luxury Goods – 1.1%
	19,773	Carter’s Inc.		1,456,479
	13,369	Deckers Outdoor Corporation, (2), (3)		1,055,483
	38,241	Hanesbrands Inc.		3,139,205
	47,706	Kate Spade & Company, (3)		1,658,738
		Total Textiles, Apparel & Luxury Goods		7,309,905
		Thrifts & Mortgage Finance – 0.6%
	31,848	Astoria Financial Corporation, (2)		422,304
	171,076	New York Community Bancorp Inc., (2)		2,636,281
	40,431	Washington Federal Inc.		872,501
		Total Thrifts & Mortgage Finance		3,931,086
		Tobacco – 0.1%
	9,056	Universal Corporation, (2)		494,186

Nuveen Investments 47

Nuveen Mid Cap Index Fund (continued)

Portfolio of Investments April 30, 2014 (Unaudited)

Shares		Description (1)								Value
		Trading Companies & Distributors – 1.1%
	18,161	GATX Corporation, (2)								$	1,191,906
	18,175	MSC Industrial Direct Inc., Class A									1,655,016
	36,568	United Rentals Inc., (2), (3)									3,431,177
	11,520	Watsco Inc.									1,185,523
		Total Trading Companies & Distributors									7,463,622
		Water Utilities – 0.3%
	68,268	Aqua America Inc., (2)									1,712,844
		Wireless Telecommunication Services – 0.2%
	39,003	Telephone and Data Systems Inc.									1,060,492
		Total Common Stocks (cost $415,966,722)									593,742,036
Shares		Description (1)								Value
		COMMON STOCK RIGHTS – 0.0%
	100,634	Community Health Systems Inc., Stock Right, (3)								$	6,048
		Total Common Stock Rights (cost $0)									6,048
		Total Long-Term Investments (cost $415,966,722)									593,748,084
Shares		Description (1)								Value
		INVESTMENTS PURCHASED WITH COLLATERAL FROM SECURITIES LENDING – 20.2%
		Money Market Funds – 20.2%
	130,695,206	Mount Vernon Securities Lending Prime Portfolio, 0.172%, (4), (5)								$	130,489,406
		Total Investments Purchased with Collateral from Securities Lending (cost $130,489,406)									130,489,406
Principal Amount (000)		Description (1)	Coupon			Maturity		Rating (6)		Value
		SHORT-TERM INVESTMENTS – 7.8%
		Money Market Funds – 7.4%
$	47,742,884	First American Treasury Obligations Fund, Class Z		0.000	% (4)		N/A		N/A	$	47,742,884
		U.S. Government and Agency Obligations – 0.4%
	3,000	U.S. Treasury Bills, (7)		0.000	%		7/24/14		AAA		2,999,895
		Total Short-Term Investments (cost $50,742,498)									50,742,779
		Total Investments (cost $597,198,626) – 119.8%									774,980,269
		Other Assets Less Liabilities – (19.8)%									(127,891,721	)
		Net Assets – 100%								$	647,088,548

Investments in Derivatives as of April 30, 2014

Futures Contracts outstanding:

Description	Contract Position		Number of Contracts		Contract Expiration		Notional Value		Unrealized Appreciation (Depreciation)
S&P MidCap 400 E-Mini Index		Long		397		6/14	$	53,718,070	$	(119,528	)

48 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 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 $127,620,886.

(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.

N/A Not applicable.

ADR American Depositary Receipt.

See accompanying notes to financial statements.

Nuveen Investments 49

Nuveen Small Cap Index Fund

Portfolio of Investments April 30, 2014 (Unaudited)

Shares		Description (1)	Value
		LONG-TERM INVESTMENTS – 97.6%
		COMMON STOCKS – 97.6%
		Aerospace & Defense – 1.8%
	3,312	AAR Corporation	$	85,781
	1,544	Aerovironment, Inc., (2)		52,141
	680	American Science & Engineering Inc.		45,696
	2,690	API Technologies Corporation, (2)		6,133
	1,256	Astronics Corporation, (2)		71,743
	1,654	Cubic Corporation		78,449
	3,903	Curtiss Wright Corporation, (3)		249,558
	6,208	DigitalGlobe Inc., (2)		184,874
	884	Ducommon Inc., (2), (3)		21,455
	1,430	Engility Holdings Inc., (2)		62,405
	292	Erickson Air-Crane Inc., (2), (3)		4,617
	2,607	Esterline Technologies Corporation, (2)		284,215
	5,042	GenCorp Inc., (2), (3)		88,538
	5,529	Heico Corporation		305,864
	1,049	Innovative Solutions & Support, Inc., (2)		7,060
	2,657	Keyw Holding Corporation, (2), (3)		34,142
	3,663	Kratos Defence & Security Solutions Inc., (2)		26,447
	864	LMI Aerospace, Inc., (2), (3)		11,785
	3,776	Moog Inc., CLass A Shares, (2)		247,139
	401	National Presto Industries Inc.		28,976
	4,999	Orbital Sciences Corporation, (2)		146,971
	852	Sparton Corporation, (2)		23,140
	4,268	Taser International, Inc., (2)		68,928
	3,115	Teledyne Technologies Inc., (2)		289,259
		Total Aerospace & Defense		2,425,316
		Air Freight & Logistics – 0.4%
	4,322	Air Transport Servcies Group Inc., (2)		33,841
	2,152	Atlas Air Worldwide Holdings Inc., (2)		75,298
	1,377	Echo Global Logistics, Inc., (2), (3)		26,934
	2,515	Forward Air Corporation		111,238
	3,082	Hub Group, Inc., (2)		137,611
	722	Park Ohio Holdings Corporation, (2)		42,158
	7,562	UTI Worldwide, Inc., (3)		74,032
	4,293	XPO Logistics, Incorporated, (2), (3)		116,512
		Total Air Freight & Logistics		617,624

50 Nuveen Investments

Shares		Description (1)	Value
		Airlines – 0.5%
	1,250	Allegiant Travel Company, (2)	$	146,813
	4,326	Hawaian Holdings Inc., (2), (3)		62,511
	20,324	JetBlue Airways Corporation, (2), (3)		160,661
	4,095	Republic Airways Holdings, Inc., (2)		34,029
	4,323	Skywest Inc.		50,147
	5,024	Spirit Airline Holdings, (2)		285,564
		Total Airlines		739,725
		Auto Components – 1.1%
	5,603	American Axle and Manufacturing Holdings Inc., (2)		98,893
	5,279	Cooper Tire & Rubber		132,767
	13,122	Dana Holding Corporation		277,793
	2,102	Dorman Products, Inc., (2), (3)		120,970
	1,910	Drew Industries Inc., (2)		96,111
	1,643	Federal Mogul Corporation, Class A Shares, (2)		28,292
	821	Fox Factory Holding Corporation, (2), (3)		13,949
	1,171	Fuel Systems Solutions, Inc., (2)		12,272
	2,785	Gentherm Inc., (2)		101,235
	3,934	Modine Manufacturing Company, (2)		64,832
	1,168	Remy International Inc., (3)		30,975
	507	Shiloh Industries, Inc., (2)		10,008
	2,842	Spartan Motors, Inc.		15,091
	1,651	Standard Motor Products Inc., (3)		62,721
	2,374	Stoneridge Inc., (2)		25,378
	1,936	Superior Industries International Inc.		40,927
	5,069	Tenneco Inc., (2)		303,481
	509	Tower International Inc., (2)		14,155
		Total Auto Components		1,449,850
		Automobiles – 0.0%
	2,338	Winnebago Industries Inc., (2), (3)		55,878
		Banks – 7.0%
	1,258	1st Source Corporation		37,098
	2,491	1st United Bancorp Inc/North, (3)		18,234
	609	Access National Corporation		8,983
	655	American National Bankshares, Inc.		13,958
	1,989	Ameris Bancorp., (2)		42,306
	775	Ames National Corporation, (3)		16,918
	888	Arrow Financial Corporation, (3)		22,227
	1,361	Banc of California Inc.		17,108
	590	BancFirst Corporation		34,344

Nuveen Investments 51

Nuveen Small Cap Index Fund (continued)

Portfolio of Investments April 30, 2014 (Unaudited)

Shares		Description (1)	Value
		Banks (continued)
	2,439	Banco Latinoamericano de Exportaciones S.A	$	62,731
	2,738	Bancorp, Inc., (2)		43,315
	7,933	BancorpSouth Inc., (3)		185,315
	511	Bank of Kentucky Financial Corporation		17,635
	453	Bank of Marin Bancorp California		20,571
	2,591	Bank of the Ozarks, Inc., (3)		155,201
	1,621	Banner Corporation		64,094
	327	Bar Harbor Bankshares		12,289
	6,581	BBCN Bancorp Inc.		101,413
	1,526	BNC Bancorp., (3)		24,874
	6,642	Boston Private Financial Holdings Inc.		83,091
	931	Bridge Bancorp Inc.		22,642
	744	Bridge Capital Holdings, (2)		16,666
	1,126	Bryn Mawr Bank		30,717
	272	C & F Financial, Inc.		8,500
	636	Camden National Corporation		24,276
	1,916	Capital Bank Financial Corporation, Class A Shares, (2)		45,697
	1,039	Capital City Bank		14,442
	2,522	Cardinal Financial Corporation, (3)		42,370
	472	Cascade Bancorp., (2)		2,233
	6,569	Cathay General Bancorp.		155,028
	981	Center Bancorp, Inc., (3)		18,158
	2,509	Centerstate Banks of Florida, Inc.		27,524
	58	Central Pacific Financial Corporation		1,089
	284	Century Bancorp, Inc.		9,514
	2,457	Chemical Financial Corporation		68,968
	300	Chemung Financial Corporation		8,577
	1,027	Citizens & Northern Corporation		19,246
	1,305	City Holding Company, (3)		56,102
	1,198	CNB Financial Corporation		19,791
	2,954	Cobiz, Inc., (3)		29,658
	4,252	Columbia Banking Systems Inc.		105,535
	3,334	Community Bank System Inc., (3)		123,991
	1,168	Community Trust Bancorp, Inc.		43,064
	876	CommunityOne Bancorp., (2)		8,541
	145	ConnectOne Bancorp Inc., (2)		6,960
	678	CU Bancorp., (2)		12,306
	1,665	Customers Bancorp Inc., (2)		36,680
	7,654	CVB Financial		110,677

52 Nuveen Investments

Shares		Description (1)	Value
		Banks (continued)
	1,858	Eagle Bancorp, Inc., (2)	$	62,039
	1,856	Enterprise Bancorp, Inc., (3)		33,891
	1,509	Enterprise Financial Services Corporation		26,966
	12,519	F.N.B. Corporation PA		155,736
	623	Farmers Capital Bank Corporation, (2), (3)		13,014
	1,221	Fidelity Southern Corporation, (3)		16,129
	1,150	Financial Institutions, Inc.		26,623
	797	First Bancorp Maine		12,696
	1,640	First Bancorp of North Carolina, Inc., (3)		28,224
	6,009	First Bancorp of Puerto Rico, (2)		30,886
	6,038	First Busey Corporation, (3)		33,209
	8,158	First Commonwealth Financial Corporation		70,077
	1,492	First Community Bancshares, Inc.		22,097
	1,416	First Connecticut Bancorp.		22,444
	4,822	First Financial Bancorp.		78,068
	2,627	First Financial Bankshares, Inc., (3)		155,124
	935	First Financial Corporation, (3)		29,929
	2,002	First Financial Holdings Inc.		115,055
	1,462	First Interstate BancSystem Inc., Montana		36,389
	2,911	First Merchants Corporation		61,771
	6,257	First Midwest Bancorp, Inc.		102,427
	347	First NBC Bank Holding Company, (2)		10,792
	659	First of Long Island Corporation		23,902
	5,538	First Security Group, Inc., (2)		10,522
	13,812	FirstMerit Corporation		267,815
	2,569	Flushing Financial Corporation		49,376
	1,415	German American Bancorp, Inc.		36,847
	6,003	Glacier Bancorp, Inc., (3)		154,037
	859	Great Southern Bancorp.		24,628
	1,226	Guaranty Bancorp.		15,435
	2,812	Hampton Roads Bankshares, Inc., (2), (3)		4,668
	7,073	Hancock Holding Company		238,572
	2,632	Hanmi Financial Corporation		55,983
	1,235	Heartland Financial USA, Inc.		30,011
	1,735	Heritage Commerce Coporation		14,088
	1,262	Heritage Financial Corporation, (3)		20,394
	1,681	Heritage Oaks Bancorp, (2)		12,456
	3,770	Home Bancshares, Inc., (3)		119,547
	1,208	Home Federal Bancorp, Inc.		18,180

Nuveen Investments 53

Nuveen Small Cap Index Fund (continued)

Portfolio of Investments April 30, 2014 (Unaudited)

Shares		Description (1)	Value
		Banks (continued)
	1,609	HomeTrust Bancshares Inc., (2), (3)	$	24,569
	724	Horizon Bancorp.		14,473
	1,369	Hudson Valley Holding Corporation, (3)		25,135
	2,474	IberiaBank Corporation		155,615
	1,907	Independent Bank Corporation		70,788
	316	Independent Bank Group Inc.		15,550
	4,442	International Bancshares Corporation		101,988
	1,491	Intervest Bancshares Corporation, (2), (3)		11,287
	4,207	Investors Bancorp, Inc.		112,453
	2,979	Lakeland Bancorp, Inc., (3)		31,101
	1,368	Lakeland Financial Corporation, (3)		50,069
	504	LCNB Corporation, (3)		8,064
	1,977	Macatawa Bank Corporation		9,628
	1,698	Mainsource Financial Group		28,068
	4,566	MB Financial, Inc.		122,551
	725	Mercantile Bank Corporation		14,145
	468	Merchants Bancshares, Inc.		13,605
	1,178	Metro Bancorp, Inc., (2)		24,055
	443	Middleburg Financial Corporation		7,677
	685	Midsouth Bancorp Inc., (3)		11,453
	565	MidWestOne Financial Group Inc.		13,916
	4,163	National Bank Holdings Corporation, (3)		79,763
	579	National Bankshares, Inc.		18,864
	9,752	National Penn Bancshares, Inc.		95,277
	3,649	NBT Bancorp, Inc.		82,650
	2,105	NewBridge Bancorp., (2)		16,187
	542	Northrim Bancorp, Inc.		13,003
	3,802	OFG Bancorp., (3)		64,862
	8,447	Old National Bancorp., (3)		119,272
	885	OmniAmerican Bancorp Inc.		22,001
	1,490	Pacific Continental Corporation		19,638
	1,386	Pacific Premier Bancorp, Inc., (2), (3)		18,919
	7,761	Pacwest Bancorp.		305,551
	372	Palmetto Bancshares Inc., (2)		5,026
	959	Park National Corporation		69,547
	3,727	Park Sterling Bank Inc.		24,337
	937	Peapack Gladstone Financial Corporation		17,812
	401	Penns Woods Bancorp, Inc.		17,644
	900	Peoples Bancorp, Inc.		23,463

54 Nuveen Investments

Shares		Description (1)	Value
		Banks (continued)
	2,920	Pinnacle Financial Partners, Inc.	$	100,944
	972	Preferred Bank Los Angeles, (2)		20,849
	5,409	Privatebancorp, Inc.		149,126
	5,024	Prosperity Bancshares, Inc.		296,416
	2,546	Renasant Corporation		69,302
	807	Republic Bancorp, Inc.		19,376
	2,476	S&T Bancorp, Inc., (3)		57,592
	2,080	Sandy Spring Bancorp, Inc.		50,024
	1,222	Seacoast Banking Corporation of Florida, (2)		12,957
	1,014	Sierra Bancorp.		15,829
	1,375	Simmons First National Corporation		49,720
	1,560	Southside Bancshares, Inc.		43,025
	1,641	Southwest Bancorp, Inc.		27,405
	2,661	State Bank Financial Corporation		44,119
	6,954	Sterling Bancorp.		83,170
	963	Suffolk Bancorp., (2)		21,119
	3,370	Sun Bancorp, Inc., (2)		12,806
	15,539	Susquehanna Bancshs Inc.		160,984
	1,204	SY Bancorp, Inc., (3)		35,494
	1,440	Taylor Capital Group, Inc., (2)		30,658
	3,399	Texas Capital BancShares, Inc., (2), (3)		190,990
	1,204	Tompkins Financial Corporation		56,757
	3,857	Towne Bank, (3)		59,514
	1,334	Trico Bancshares, (3)		32,350
	546	Tristate Capital Holdings Inc., (2)		7,142
	5,597	Trustmark Corporation		128,003
	2,972	UMB Financial Corporation		174,486
	14,060	Umpqua Holdings Corporation, (3)		233,818
	3,618	Union Bankshares Corporation, (3)		92,585
	5,417	United Bankshares, Inc., (3)		158,447
	3,590	United Community Banks, Inc., (2)		57,979
	1,391	Univest Corporation of Pennsylvania		27,417
	1,005	VantageSouth Bancshares Inc., (2)		6,171
	3,089	ViewPoint Financial Group		80,530
	1,292	Washington Banking Company		22,222
	1,206	Washington Trust Bancorp, Inc.		41,245
	7,521	Webster Financial Corporation		226,683
	2,159	WesBanco, Inc.		65,288
	1,206	West Bancorp, Inc., (3)		17,499

Nuveen Investments 55

Nuveen Small Cap Index Fund (continued)

Portfolio of Investments April 30, 2014 (Unaudited)

Shares		Description (1)	Value
		Banks (continued)
	2,248	Westamerica Bancorp., (3)	$	114,243
	6,173	Western Alliance Bancorporation, (2)		142,411
	5,160	Wilshire Bancorp, Inc.		51,600
	2,668	Wintrust Financial Corporation		119,580
	1,199	Yadkin Financial Inc., (2), (3)		22,961
		Total Banks		9,601,546
		Beverages – 0.2%
	687	Boston Beer Company, (2), (3)		169,029
	389	Coca-Cola Bottling Company Consolidated		31,987
	880	Craft Brewers Alliance Inc., (2)		13,174
	945	National Beverage Corporation, (2)		18,220
		Total Beverages		232,410
		Biotechnology – 4.1%
	6,417	Acadia Pharmaceuticals, Inc., (2), (3)		129,174
	591	Acceleron Pharma Inc., (2), (3)		20,301
	8,047	Achillion Pharmaceuticals, Inc., (2), (3)		22,934
	3,381	Acorda Therapeutics, Inc., (2)		119,856
	2,402	Aegerion Pharmaceuticals Inc., (2)		106,313
	569	Agios Pharmaceutical Inc., (2), (3)		23,932
	4,844	Alnylam Pharmaceuticals, Inc., (2)		239,923
	1,798	AMAG Pharmaceuticals Inc., (2)		32,831
	2,534	Amicus Therapeutics, Inc., (2), (3)		5,625
	2,112	Anacor Pharmaceuticals Inc., (2), (3)		34,785
	18,149	Arena Pharmaceuticals, Inc., (2), (3)		116,154
	349	Argos Therapeutics Inc., (2)		3,099
	4,944	ArQule Inc., (2)		8,009
	10,287	Array Biopharma, Inc., (2)		40,942
	669	Auspex Pharmaceuticals Inc., (2), (3)		14,343
	4,324	Aveo Pharmaceuticals Inc., (2)		5,319
	439	Bind Theraputics Inc., (2)		4,140
	3,077	BioTime Inc., (2)		7,969
	569	Bluebird Bio Inc., (2), (3)		11,266
	447	Cara Therapeutics Inc., (2)		6,432
	10,800	Cell Therapeutics, Inc., (2), (3)		31,860
	526	Celladon Corporation, (2)		6,181
	7,415	Celldex Therapeutics, Inc., (2), (3)		111,225
	320	Cellular Dynamics International Inc., (2)		3,824
	5,593	Cepheid, Inc., (2), (3)		243,184
	6,523	Chelsea Therapeutics International, Inc., (2), (3)		31,832

56 Nuveen Investments

Shares		Description (1)	Value
		Biotechnology (continued)
	2,049	ChemoCentryx Inc., (2), (3)	$	11,229
	707	Chimerix Inc., (2)		13,659
	1,491	Clovis Oncology Inc., (2)		80,618
	499	Conatus Pharmaceuticals Inc., (2), (3)		3,069
	553	Concert Pharmaceuticals Inc., (2)		4,944
	2,881	Coronado Biosciences Inc., (2), (3)		5,013
	7,134	Curis, Inc., (2), (3)		16,123
	2,720	Cytokinetics, Inc., (2)		12,376
	5,265	Cytori Therapeutics, Inc., (2), (3)		11,899
	13,134	Dendreon Corporation, (2), (3)		33,886
	291	Dicerna Pharmaceuticals Inc., (2)		5,462
	1,089	Durata Therapeutics Inc., (2), (3)		14,745
	11,179	Dyax Corporation, (2)		73,893
	21,841	Dynavax Technologies Corporation, (2), (3)		35,601
	278	Eagle Pharmaceuticals Inc., (2)		2,741
	378	Eleven Biotherapeutics Inc., (2), (3)		5,099
	2,287	Emergent BioSolutions, Inc., (2), (3)		60,285
	303	Enanta Pharmaceuticals Inc., (2), (3)		11,275
	3,131	Enzon Inc., (2)		2,787
	558	Epizyme Inc., (2), (3)		12,176
	381	Esperion Therapeutics Inc., (2), (3)		5,254
	6,878	EXACT Sciences Corporation, (2), (3)		82,536
	16,146	Exelixis, Inc., (2), (3)		57,157
	1,869	Fibrocell Science Inc., (2), (3)		7,102
	562	Five Prime Therapeutics Inc., (2)		7,851
	375	Flexion Therapeutics Inc., (2)		4,444
	572	Foundation Medicine Inc., (2)		16,680
	9,796	Galena Biopharma Inc., (2), (3)		24,000
	322	Genocea Biosciences Inc., (2)		6,247
	1,395	Genomic Health, Inc., (2), (3)		36,605
	12,873	Geron Corporation, (2), (3)		25,489
	670	GlycoMimetics Inc., (2)		8,891
	2,186	GTX, Inc., (2), (3)		3,366
	8,018	Halozyme Therapeutics, Inc., (2), (3)		59,734
	531	Harvard Appartus Regenerative Technology Inc., (2)		4,593
	699	Hyperion Therapeutics Inc., (2), (3)		17,223
	9,335	Idenix Pharmaceuticals Inc., (2), (3)		51,436
	7,045	Immunogen, Inc., (2), (3)		91,162

Nuveen Investments 57

Nuveen Small Cap Index Fund (continued)

Portfolio of Investments April 30, 2014 (Unaudited)

Shares		Description (1)	Value
		Biotechnology (continued)
	6,110	Immunomedics, Inc., (2), (3)	$	25,723
	3,990	Infinity Pharmaceuticals, Inc., (2)		38,982
	2,883	Insmed Incorporated, (2)		40,189
	672	Insys Therapeutics Inc., (2)		27,592
	597	Intercept Pharmaceuticals Incorporated, (2), (3)		157,680
	8,163	Intermune, Inc., (2), (3)		261,869
	958	Intrexon Corporation, (2), (3)		18,087
	8,843	Ironwood Pharmacauticals Inc., (2), (3)		97,450
	9,360	ISIS Pharmaceuticals, Inc., (2), (3)		249,070
	992	Kalobios Pharmaceuticals Inc., (2)		2,252
	650	Karyopharm Therapeutics Inc., (2), (3)		17,440
	7,418	Keryx Biopharmaceuticals, Inc., (2), (3)		109,564
	872	Kindred Biosciences Inc., (2)		13,856
	982	Kythera Biopharmaceuticals ,Incorporated, (2)		32,023
	18,945	Lexicon Genetics, Inc., (2), (3)		29,175
	1,484	Ligand Pharmceuticals, Inc., (2), (3)		93,744
	515	MacroGenics Inc., (2)		10,269
	12,396	MannKind Corporation, (2), (3)		81,194
	1,004	MEI Pharma Inc., (2)		7,851
	8,053	Merrimack Pharmaceuticals, Incorporated, (2), (3)		35,353
	7,550	MiMedx Group Inc., (2), (3)		43,639
	3,935	Momenta Pharmaceuticals, Inc., (2)		44,938
	4,549	Nanosphere Inc., (2)		7,779
	9,966	Navidea Biopharmaceuticals Incorporated, (2), (3)		16,643
	6,261	Neurocrine Biosciences Inc., (2), (3)		87,779
	1,527	NewLink Genetics Corporation, (2), (3)		33,594
	15,503	Novavax, Inc., (2), (3)		67,903
	8,361	NPS Pharmaceuticals, Inc., (2)		222,570
	1,222	OncoGenex Pharmacuetical Inc., (2)		4,741
	391	Oncomed Pharamceuticals Inc., (2), (3)		10,299
	495	Onconova Therapeutics Inc., (2), (3)		2,762
	782	Ophthotech Corporation, (2), (3)		26,580
	15,733	Opko Health Inc., (2), (3)		130,112
	9,269	Orexigen Therapeutics Inc., (2), (3)		52,092
	1,382	Osiris Therapeutics, Inc., (2), (3)		19,666
	747	OvaScience Inc., (2)		6,066
	13,324	PDL Biopahrma Inc., (3)		113,121
	14,664	Peregrine Pharmaceuticals, Inc., (2), (3)		25,515
	910	Portola Pharmaceuticals Inc., (2)		21,349

58 Nuveen Investments

Shares		Description (1)	Value
		Biotechnology (continued)
	5,689	Progenics Pharmaceuticals, Inc., (2)	$	20,082
	1,185	Prothena Corporation PLC, (2), (3)		26,070
	943	PTC Therapeutics Inc., (2), (3)		18,426
	1,932	Puma Biotechnology Inc , (2)		145,943
	4,971	Raptor Pharmaceuticals Corporation, (2), (3)		41,110
	604	Receptos Inc., (2)		20,409
	848	Regulus Therapeutics Incorporated, (2)		6,046
	2,620	Repligen Corporation, (2)		41,527
	1,580	Retrophin Inc., (2)		22,578
	7,262	Rigel Pharmaceuticals, Inc., (2), (3)		23,238
	5,542	Sangamo Biosciences, Inc., (2)		76,701
	3,125	Sarepta Therapautics Inc., (2), (3)		116,031
	3,063	SIGA Technologies, Inc., (2), (3)		8,791
	5,275	Spectrum Pharmaceuticals, Inc., (2), (3)		36,239
	798	Stemline Therapeutics Inc., (2), (3)		12,217
	3,131	Sunesis Pharmaceuticals, Inc., (2)		16,062
	1,714	Synageva BioPharma Corporation, (2), (3)		148,038
	6,714	Synergy Pharmaceuticals Inc., (2), (3)		30,146
	4,157	Synta Pharmaceuticals Corporation, (2), (3)		17,501
	2,327	Targacept, Inc., (2)		10,332
	1,227	Tesaro Inc., (2)		30,626
	299	Tetralogic Pharmaceuticals Inc., (2)		1,704
	1,167	Tetraphase Pharmaceuticals Inc., (2)		12,534
	1,495	TG Therapeutics Inc., (2), (3)		7,968
	3,925	Threshold Pharmaceuticals, Inc., (2), (3)		16,093
	614	Trevena Inc., (2)		3,076
	550	Ultragenyx Pharmaceutical Inc., (2)		21,329
	2,764	Vanda Pharmaceuticals, Inc., (2)		38,503
	1,443	Verastem Inc., (2), (3)		12,049
	6,330	Vical, Inc., (2), (3)		7,153
	1,218	Xencor Inc., (2)		12,058
	6,420	XOMA Limited, (2)		28,505
	6,690	ZIOPHARM Oncology, Inc., (2), (3)		24,084
		Total Biotechnology		5,647,783
		Building Products – 0.8%
	2,340	Aaon, Inc.		66,339
	828	American Woodmark Company, (2)		24,848
	2,395	Apogee Enterprises, Inc.		76,089
	3,723	Builders FirstSource, Inc., (2)		29,226

Nuveen Investments 59

Nuveen Small Cap Index Fund (continued)

Portfolio of Investments April 30, 2014 (Unaudited)

Shares		Description (1)	Value
		Building Products (continued)
	1,126	Continental Building Products Inc., (2)	$	19,142
	2,556	Gibraltar Industries Inc., (2)		43,656
	3,719	Griffon Corporation		39,570
	1,502	Insteel Industries, Inc.		30,911
	1,724	NCI Building Systems Inc., (2)		26,963
	611	Norcraft Companies Inc., (2)		9,703
	751	Nortek Inc., (2)		61,702
	555	Patrick Industries, Inc., (2)		22,239
	2,765	PGT, Inc., (2)		27,512
	1,315	Ply Gem Holdings Inc., (2)		16,766
	3,089	Quanex Building Products Corporation		58,197
	3,378	Simpson Manufacturing Company Inc.		110,765
	1,433	Trex Company Inc., (2), (3)		112,519
	1,655	Universal Forest Products Inc., (3)		83,561
	6,388	USG Corporation, (2), (3)		190,746
		Total Building Products		1,050,454
		Capital Markets – 2.6%
	18,730	Apollo Investment Corporation		149,653
	1,579	Arlington Asset Investment Corporation		41,765
	10,589	BGC Partners Inc., Class A		75,923
	6,176	BlackRock Kelso Capital Corporation, (3)		56,078
	1,655	Calamos Asset Management, Inc. Class A, (3)		20,158
	1,122	Capital Southwest Corporation, (3)		39,382
	332	Capitala Finance Corporation		6,102
	781	CIFC Corporation, (3)		6,022
	1,569	Cohen & Steers Inc., (3)		63,560
	8,139	Cowen Group, Inc, Class A, (2), (3)		33,451
	235	Diamond Hill Investment Group, Inc., (2)		27,899
	2,635	Evercore Partners Inc.		140,788
	729	FBR Capital Markets Corporation, (2)		18,808
	1,142	Fidus Investment Corporation, (3)		20,921
	11,398	Fifth Street Finance Corporation		106,115
	4,076	Financial Engines Inc., (3)		180,363
	3,049	FXCM Inc, Class A Shares		47,199
	503	GAMCO Investors Inc.		38,193
	500	Garrison Capital Inc, (3)		7,050
	5,802	GFI Group, Inc., (3)		21,583
	1,751	Gladstone Capital Corporation, (3)		16,932
	1,930	Gladstone Investment Corporation		15,170

60 Nuveen Investments

Shares		Description (1)	Value
		Capital Markets (continued)
	3,109	Golub Capital BDC Inc., (3)	$	51,982
	2,349	Greenhill & Co Inc., (3)		117,802
	1,610	GSV Capital Corporporation, (2), (3)		14,136
	5,130	Hercules Technology Growth Capital, Inc., (3)		70,178
	2,758	HFF Inc., Class A Shares, (2)		93,772
	686	Horizon Technology Finance Corporation, (3)		8,987
	3,168	ICG Group Inc., (2)		64,564
	1,173	INTL FCStone Inc., (2), (3)		22,193
	3,102	Investment Technology Group, (2)		64,025
	12,435	Janus Capital Group Inc., (3)		150,837
	1,309	JMP Group Inc.		9,045
	2,356	KCAP Financial Incorporated, (3)		18,777
	5,921	KCG Holdings Inc., Class A Shares, (2)		58,914
	8,581	Ladenburg Thalmann Financial Services Inc., (2), (3)		23,426
	3,254	Main Street Capital Corporation, (3)		102,306
	1,133	Manning & Napier Inc.		18,830
	573	Marcus & Millichap Inc., (2)		9,472
	5,935	MCG Capital Corporation		19,942
	1,551	Medallion Financial Corporation		21,094
	3,344	Medley Capital Corporation, (3)		43,606
	1,885	MVC Capital Inc.		24,580
	2,886	New Mountain Finance Corporation		41,299
	1,752	NGP Capital Resources Company		11,931
	826	Oppenheimer Holdings Inc., Class A		21,030
	1,226	PennantPark Floating Rate Capital Inc., (3)		17,041
	5,538	Pennantpark Investment Corporation		59,257
	1,345	Piper Jaffray Companies, (2), (3)		58,992
	23,199	Prospect Capital Corporation, (3)		250,781
	946	Pzena Investments Management, Inc.		10,283
	166	RCS Capital Corporation		5,710
	1,748	Safeguard Scientifics Inc., (2)		36,725
	459	Silvercrest Asset Management Corporation Class A		7,987
	3,480	Solar Capital Limited		76,212
	960	Solar Senior Capital Limited, (3)		15,888
	1,439	Stellus Capital Investment Corporation, (3)		19,355
	5,297	Stifel Financial Corporation, (2), (3)		247,741
	2,411	SWS Group Inc., (2)		17,866
	1,871	TCP Capital Corporation, (3)		30,291
	4,379	Technology Investment Capital Corporation, (3)		42,170

Nuveen Investments 61

Nuveen Small Cap Index Fund (continued)

Portfolio of Investments April 30, 2014 (Unaudited)

Shares		Description (1)	Value
		Capital Markets (continued)
	2,826	THL Credit Inc.	$	37,953
	2,297	Triangle Capital Corporation		59,883
	563	Virtus Investment Partners Inc., (2)		104,149
	3,075	Walter Investment Management Corporation , (2), (3)		81,734
	582	Westwood Holding Group Inc.		33,855
	575	WhiteHorse Finance Incorporated		7,843
	8,371	WisdomTree Investments Inc., (2), (3)		94,509
		Total Capital Markets		3,532,068
		Chemicals – 2.3%
	2,451	A Schulman, Inc.		88,040
	1,678	Advanced Emissions Solutions Inc., (2)		38,477
	2,386	American Vanguard Corp., (3)		42,495
	1,657	Arabian American Development Company, (2)		18,111
	5,818	Axiall Corporation		271,119
	2,474	Balchem Corporation		153,264
	4,508	Calgon Carbon Corporation, (2)		90,295
	537	Chase Corporation, Common Stock		16,722
	8,193	Chemtura Corporation, (2)		182,704
	6,037	Ferro Corporation, (2)		78,360
	3,977	Flotek Industries Inc., (2), (3)		111,396
	1,811	FutureFuel Corporation		36,347
	4,193	H.B. Fuller Company		194,262
	785	Hawkins Inc		28,417
	1,830	Innophos Holdings, Inc.		103,285
	1,958	Innospec, Inc.		84,311
	4,560	Interpid Potash Inc., (2), (3)		74,328
	682	KMG Chemicals, Inc.		10,646
	1,727	Koppers Holdings Inc.		73,743
	2,711	Kraton Performance Polymers Inc., (2)		70,622
	2,160	Landec Corporation, (2)		25,618
	1,594	LSB Industries Inc., (2), (3)		60,875
	455	Marrone Bio Innovations Inc., (2), (3)		5,542
	2,905	Minerals Technologies Inc.		172,818
	6,691	Olin Corporation, (3)		188,017
	2,664	OM Group Inc.		78,029
	3,922	OMNOVA Solutions Inc., (2)		35,769
	800	Penford Corporation, (2)		10,080
	8,281	PolyOne Corporation		310,289
	1,095	Quaker Chemical Corporation		81,501

62 Nuveen Investments

Shares		Description (1)	Value
		Chemicals (continued)
	4,170	Sensient Technologies Corporation	$	225,389
	1,570	Stepan Company, (3)		90,793
	1,315	Taminco Corporation, (2)		26,418
	2,051	Tredegar Corporation		42,681
	1,887	Zep Inc.		32,626
		Total Chemicals		3,153,389
		Commercial Services & Supplies – 2.1%
	4,555	ABM Industries Inc.		123,395
	9,462	Acco Brands Corporation, (2)		58,002
	1,843	Acorn Energy Inc., (2), (3)		4,276
	1,789	American Ecology Corporation		79,879
	3,140	ARC Document Solutions, (2)		20,096
	3,851	Brady Corporation		99,317
	3,996	Brinks Company		101,658
	3,219	Casella Waste Systems, Inc., (2)		16,417
	1,467	CECO Environmental Corporation, (3)		23,311
	4,490	Cenveo Inc., (2), (3)		13,874
	96	CompX International Inc.		883
	955	Courier Corporation		13,876
	4,239	Deluxe Corporation		232,933
	2,189	EnerNOC, Inc., (2)		51,660
	2,181	Ennis Inc.		32,628
	1,630	G&K Services, Inc.		86,292
	5,703	Healthcare Services Group, Inc., (3)		165,957
	737	Heritage-Crystal Clean, Inc., (2), (3)		11,792
	3,789	HNI Corporation		133,486
	3,695	Innerworkings, Inc., (2), (3)		26,604
	4,944	Interface, Inc.		88,943
	789	Intersections, Inc.		4,434
	2,703	Kimball International Inc., Class B		45,302
	4,015	Knoll Inc.		73,033
	2,100	McGrath Rentcorp.		66,318
	4,885	Miller (Herman) Inc.		150,605
	3,196	Mobile Mini, Inc.		141,199
	2,360	MSA Safety Inc.		124,490
	1,021	Multi Color Corporation		35,582
	562	NL Industries Inc.		5,637
	1,861	Performant Financial Corporation, (2)		16,209
	2,083	Quad Graphics Inc., (3)		45,097

Nuveen Investments 63

Nuveen Small Cap Index Fund (continued)

Portfolio of Investments April 30, 2014 (Unaudited)

Shares		Description (1)	Value
		Commercial Services & Supplies (continued)
	1,123	Schawk Inc.	$	22,460
	1,285	SP Plus Corporation, (2), (3)		31,380
	7,026	Steelcase Inc.		115,788
	9,484	Swisher Hygiene Inc., (2), (3)		3,807
	1,715	Team, Inc., (2)		73,556
	5,410	Tetra Tech, Inc., (2)		155,105
	1,348	TRC Companies, (2)		7,994
	1,221	UniFirst Corporation		117,509
	3,379	United Stationers, Inc.		126,814
	1,694	Viad Corporation		39,047
	1,775	West Corporation		43,221
		Total Commercial Services & Supplies		2,829,866
		Communications Equipment – 1.7%
	4,939	ADTRAN, Inc.		110,782
	960	Alliance Fiber, (3)		18,451
	344	Applied Optoelectronics Inc., (2)		7,740
	9,709	Arris Group Inc., (2)		253,308
	8,872	Aruba Networks, Inc., (2), (3)		175,399
	5,104	Aviat Networks Inc., (2)		7,707
	822	Bel Fuse, Inc., Class B		17,887
	1,344	Black Box Corporation		28,573
	2,922	CalAmp Corporation, (2)		51,866
	3,337	Calix Inc., (2)		29,399
	8,460	Ciena Corporation, (2), (3)		167,254
	1,402	Comtech Telecom Corporation		44,514
	2,155	Digi International, Inc., (2)		19,093
	6,689	Emulex Corporation, (2)		47,826
	7,750	Extreme Networks Inc., (2)		44,330
	7,787	Finisar Corporation, (2), (3)		203,630
	8,444	Harmonic Inc., (2)		59,361
	10,181	Infinera Corporation, (2)		91,222
	3,430	Interdigital Inc., (3)		119,090
	4,707	IXIA, (2)		58,461
	1,292	KVH Industries, Inc., (2)		17,455
	3,211	Netgear, Inc., (2)		103,715
	1,165	Numerex Corporation, (2), (3)		11,941
	1,587	Oplink Communications, Inc., (2)		27,201
	7,377	Parkervision, Inc., (2), (3)		33,639
	1,539	PCTEL, Inc., (3)		12,697

64 Nuveen Investments

Shares		Description (1)	Value
		Communications Equipment (continued)
	3,607	Plantronics Inc.	$	157,157
	1,713	Procera Networks Inc., (2), (3)		15,862
	3,845	Ruckus Wireless Incorporated, (2)		40,180
	4,906	ShoreTel, Inc., (2)		37,040
	15,845	Sonus Networks, Inc., (2)		51,813
	456	Tessco Technologies Inc.		14,998
	1,050	Ubiquiti Networks Inc., (2), (3)		40,667
	3,297	ViaSat, Inc., (2), (3)		211,700
	3,705	Westell Technologies Inc., Class A, (2)		12,078
		Total Communications Equipment		2,344,036
		Computers & Peripherals – 0.4%
	3,302	Cray, Inc., (2)		94,800
	3,868	Electronics For Imaging, (2)		146,172
	6,782	Fusion-io Inc., (2)		58,529
	1,951	Hutchinson Technology Inc., (2), (3)		5,424
	2,826	Imation Corporation, (2)		12,208
	2,325	Immersion Corporation, (2), (3)		26,366
	7,420	QLogic Corporation, (2)		85,924
	17,692	Quantum Corporation, (2), (3)		19,107
	2,819	Silicon Graphics International Corporation, (2), (3)		34,054
	2,655	Super Micro Computer Inc., (2)		54,056
	1,551	Violin Memory Inc., (2), (3)		5,584
		Total Computers & Peripherals		542,224
		Construction & Engineering – 0.9%
	3,261	Aegion Corporation, (2)		83,123
	1,630	Ameresco Inc., Class A Shares, (2)		10,448
	1,164	Argan, Inc., (2)		31,160
	3,099	Comfort Systems USA Inc.		46,485
	2,756	Dycom Industries Inc., (2)		86,538
	5,593	Emcor Group Inc.		257,222
	3,117	Furmanite Corporation, (2)		32,666
	3,235	Granite Construction Inc.		120,924
	4,950	Great Lakes Dredge & Dock Corporation, (2)		42,719
	1,651	Layne Christensen Company, (2), (3)		28,760
	4,951	MasTec Inc., (2), (3)		195,961
	1,749	MYR Group Inc., (2)		41,032
	786	Northwest Pipe Company, (2), (3)		28,115
	2,271	Orion Marine Group Inc., (2)		26,639
	2,162	Pike Electric Corporation, (2)		20,755

Nuveen Investments 65

Nuveen Small Cap Index Fund (continued)

Portfolio of Investments April 30, 2014 (Unaudited)

Shares		Description (1)	Value
		Construction & Engineering (continued)
	2,941	Primoris Services Corporation	$	82,289
	1,385	Sterling Construction Company, Inc., (2)		10,637
	3,089	Tutor Perini Corporation, (2)		91,434
		Total Construction & Engineering		1,236,907
		Construction Materials – 0.2%
	6,090	Headwater Inc., (2)		76,003
	1,813	Texas Industries Inc., (2), (3)		157,187
	162	United States Lime & Minerals, Inc.		8,758
	1,180	US Concrete, Inc., (2)		29,052
		Total Construction Materials		271,000
		Consumer Finance – 0.7%
	2,378	Cash America International, Inc., (3)		103,562
	1,507	Consumer Portfolio Services, Inc., (2), (3)		10,519
	592	Credit Acceptance Corporation, (2)		77,860
	3,375	DFC Global Corporation, (2)		31,455
	2,084	Encore Capital Group, Inc., (2), (3)		90,070
	4,254	EZCORP, Inc., (2)		44,369
	2,432	First Cash Financial Services, Inc., (2), (3)		118,609
	761	First Marblehead Corporation, (2)		4,003
	2,150	Green Dot Corporation, Class A Shares, (2)		37,346
	1,438	Imperial Holdings, Incorporated, (2)		9,620
	932	JGWPT Holdings Inc., Class A Shares, (2)		13,206
	1,907	Nelnet Inc.		80,590
	856	Nicholas Financial, Inc.		13,456
	4,227	Porfolio Recovery Associates, Inc., (2), (3)		241,573
	448	Regional Management Corporation, (2)		6,872
	2,015	Springleaf Holdings Inc., (2), (3)		46,305
	718	World Acceptance Corporation, (2), (3)		52,127
		Total Consumer Finance		981,542
		Containers & Packaging – 0.3%
	338	AEP Industries, Inc., (2)		12,040
	4,613	Berry Plastics Corporation, (2)		103,746
	17,494	Graphic Packaging Holding Company, (2)		179,488
	2,349	Myers Industries, Inc.		43,926
	464	UFP Technologies, Inc., (2)		11,767
		Total Containers & Packaging		350,967
		Distributors – 0.2%
	1,557	Audiovox Corporation, (2)		18,295
	957	Core-Mark Holding Company, Inc.		77,077

66 Nuveen Investments

Shares		Description (1)	Value
		Distributors (continued)
	3,882	Pool Corporation	$	229,116
	542	Weyco Group, Inc.		13,599
		Total Distributors		338,087
		Diversified Consumer Services – 1.0%
	1,468	American Public Education Inc., (2)		50,793
	1,178	Ascent Media Corporation, (2)		81,011
	1,225	Bridgepoint Education Inc., (2)		19,416
	987	Bright Horizons Family Solutions Inc., (2)		40,250
	922	Capella Education Company		53,808
	4,598	Career Education Corporation, (2), (3)		33,198
	1,309	Carriage Services Inc., (3)		21,062
	6,606	Corinthian Colleges Inc., (2), (3)		7,597
	2,013	Education Management Corporation, (2), (3)		7,992
	3,784	Grand Canyon Education Inc., (2)		163,166
	4,580	Hillenbrand Inc.		139,232
	1,745	Houghton Mifflin Harcourt Company, (2)		35,650
	1,946	ITT Educational Services, Inc., (2), (3)		52,542
	382	JTH Holdings Inc., Class A Shares, (2), (3)		10,390
	2,264	K12, Inc., (2)		53,612
	5,326	LifeLock, Incorporated, (2)		83,618
	2,001	Lincoln Educational Services Corporation		8,164
	2,300	Matthews International Corporation, (3)		92,805
	3,959	Regis Corporation		52,021
	5,690	Sothebys Holdings Inc., (3)		239,321
	1,222	Steiner Leisure Limited, (2)		52,754
	900	Strayer Education Inc., (2)		38,367
	1,768	Universal Technical Institute Inc., (3)		21,234
		Total Diversified Consumer Services		1,358,003
		Diversified Financial Services – 0.3%
	194	California First National Bancorp.		2,877
	918	Gain Capital Holdings Inc., (3)		9,272
	3,126	Marketaxess		168,429
	688	Marlin Business Services Corporation		11,813
	2,188	Newstar Financial, Inc., (2), (3)		24,987
	4,758	PHH Corporation, (2)		113,098
	1,895	PICO Holdings, Inc., (2)		44,059
	1,013	Resource America Inc.		8,621
		Total Diversified Financial Services		383,156

Nuveen Investments 67

Nuveen Small Cap Index Fund (continued)

Portfolio of Investments April 30, 2014 (Unaudited)

Shares		Description (1)	Value
		Diversified Telecommunication Services – 0.6%
	7,280	8X8, Inc., (2)	$	70,616
	766	Atlantic Tele-Network, Inc.		45,324
	2,235	Cbeyond Inc., (2)		22,104
	17,328	Cincinnati Bell Inc., (2)		58,049
	3,935	Cogent Communications Group, Inc.		135,639
	3,343	Consolidated Communications Holdings, Inc., (3)		66,593
	1,730	FairPoint Communications Inc., (2), (3)		23,597
	2,622	General Communication, Inc., (2)		27,374
	862	Hawaiian Telcom Holdco Inc., (2), (3)		22,946
	1,132	Hickory Tech Corporation, (2)		13,437
	1,281	IDT Corporation, (3)		20,291
	4,447	inContact, Inc., (2)		36,688
	2,712	Inteliquent Incn		36,992
	5,350	Iridium Communications Inc., (2), (3)		35,685
	1,287	Lumos Networks Corporation		17,001
	3,020	Orbcomm, Inc., (2)		18,935
	4,009	Premiere Global Services, Inc., (2)		50,994
	640	Straight Path Communications Inc., Class B Shares, (2)		4,480
	5,533	TowerStream Corporation, (2), (3)		10,236
	1,546	VocalTec Communications Limited, (2), (3)		27,333
	12,946	Vonage Holdings Corporation, (2)		49,713
		Total Diversified Telecommunication Services		794,027
		Electric Utilities – 1.4%
	3,326	ALLETE Inc		172,154
	5,038	Cleco Corporation		264,747
	3,352	El Paso Electric Company		126,773
	3,556	Empire District Electric Company		86,482
	1,075	Genie Energy Limited, Class B Shares, (2), (3)		8,708
	4,187	IDACORP, INC		235,058
	2,890	MGE Energy, Inc.		110,456
	1,875	NRG Yield Inc., Class A Shares, (3)		80,325
	3,022	Otter Tail Power Corporation		88,545
	6,638	PNM Resources Inc.		183,740
	5,850	Portland General Electric Company, (3)		195,800
	4,705	UIL Holdings Corporation		172,815
	1,151	Unitil Corp.		38,213
	3,455	UNS Energy Corporation		207,507
		Total Electric Utilities		1,971,323

68 Nuveen Investments

Shares		Description (1)	Value
		Electrical Equipment – 1.4%
	3,570	Acuity Brands Inc., (3)	$	444,715
	4,388	American Superconductor Corporation, (2), (3)		5,617
	2,123	AZZ Inc., (3)		92,181
	25,382	Capstone Turbine Corporation, (2), (3)		52,287
	1,722	Encore Wire Corporation		83,913
	4,011	EnerSys		271,063
	1,331	Enphase Energy Incorporated, (2), (3)		10,049
	3,952	Franklin Electric Company, Inc.		152,824
	16,453	Fuelcell Energy Inc., (2), (3)		37,348
	4,296	Generac Holdings Inc., (2), (3)		252,948
	4,146	General Cable Corporation		106,221
	1,418	Global Power Equipment Group Inc., (3)		24,858
	9,738	GrafTech International Ltd., (2), (3)		109,163
	1,801	LSI Industries, Inc.		13,706
	3,888	Polypore International Inc., (2), (3)		134,836
	767	Powell Industries Inc.		48,566
	167	Power Solutions International Inc., (2)		13,819
	1,802	PowerSecure International, Inc., (2)		40,058
	214	Preformed Line Products Company		12,789
	2,471	Revolution Lighting Technologies Inc., (2), (3)		7,191
	2,260	Thermon Group Holdings Inc., (2)		53,833
	1,473	Vicor Corporation, (2), (3)		12,314
		Total Electrical Equipment		1,980,299
		Electronic Equipment & Instruments – 2.7%
	1,634	Aeroflex Holding Corporation, (2)		12,500
	1,184	Agilysys Inc., (2)		14,847
	2,259	Anixter International Inc., (2)		221,337
	1,197	Badger Meter Inc., (3)		59,311
	3,669	Belden Inc.		270,809
	4,531	Benchmark Electronics Inc., (2)		105,029
	3,419	Checkpoint Systems Inc., (2)		43,661
	7,243	Cognex Corporation, (2)		249,376
	2,029	Coherent Inc., (2)		121,152
	383	Control4 Corporation, (2), (3)		6,764
	2,794	CTS Corporation		49,705
	3,044	Daktronics Inc.		39,633
	1,522	DTS, Inc., (2)		28,324
	1,565	Electro Rent Corporation		25,275
	1,986	Electro Scientific Industries Inc., (3)		16,841

Nuveen Investments 69

Nuveen Small Cap Index Fund (continued)

Portfolio of Investments April 30, 2014 (Unaudited)

Shares		Description (1)	Value
		Electronic Equipment & Instruments (continued)
	2,363	Fabrinet, (2)	$	51,041
	1,424	FARO Technologies, Inc., (2), (3)		56,818
	3,478	FEI Company		276,571
	2,530	GSI Group, Inc., (2)		30,714
	4,255	II VI Inc., (2)		61,272
	3,626	Insight Enterprises Inc., (2)		94,711
	4,731	InvenSense Incorporated, (2), (3)		101,858
	3,294	Itron Inc., (2), (3)		125,172
	3,743	Kemet Corporation, (2)		18,752
	1,842	Littelfuse Inc.		166,793
	2,432	Maxwell Technologies, Inc., (2)		36,626
	1,287	Measurement Specialties, Inc., (2)		82,818
	2,693	Mercury Computer Systems Inc., (2)		37,594
	205	Mesa Laboratories, Inc.		17,569
	3,089	Methode Electronics, Inc.		85,689
	1,318	MTS Systems Corporation		84,971
	732	Multi Fineline Electronix, Inc., (2)		9,062
	2,267	Neonode Incorporated, (2), (3)		12,128
	3,256	Newport Corporation, (2)		60,822
	1,661	OSI Systems Inc., (2)		92,700
	1,736	Park Electrochemical Corporation		46,282
	777	PC Connection, Inc., (2)		15,548
	2,842	Plexus Corporation, (2)		119,137
	2,358	Radisys Corporation, (2)		7,546
	3,373	RealD Inc., (2)		36,968
	948	Richardson Electronics Limited		9,499
	2,356	Rofin Sinar Technologies Inc., (2)		52,303
	1,422	Rogers Corporation, (2)		85,348
	6,898	Sanmina-SCI Corporation, (2)		139,685
	2,323	ScanSource, Inc., (2)		89,226
	3,750	Speed Commerce Inc., (2)		12,375
	2,200	SYNNEX Corporation, (2)		148,236
	4,412	TTM Technologies, Inc., (2)		34,811
	843	Uni-Pixel Inc., (2), (3)		4,611
	3,351	Universal Display Corporation, (2), (3)		87,294
	304	Viasystems Group Inc., (2)		3,654
	1,031	Vishay Precision Group Inc., (2), (3)		16,733
	1,386	Zygo Corporation, (2)		26,667
		Total Electronic Equipment & Instruments		3,704,168

70 Nuveen Investments

Shares		Description (1)	Value
		Energy Equipment & Services – 1.9%
	2,493	Basic Energy Services, Inc., (2)	$	65,865
	719	Bolt Technology Corporation		12,137
	3,012	Bristow Group Inc.		231,322
	3,755	C&J Energy Services Inc., (2), (3)		112,875
	8,161	Cal Dive International Inc., (2), (3)		12,078
	1,649	Carbo Ceramics Inc., (3)		230,712
	2,957	CHC Group Limited, (2)		19,960
	672	Dawson Geophysical Company		18,991
	1,677	ERA Group Incorporated, (2)		47,878
	4,798	Exterran Holdings, Inc., (3)		206,410
	3,279	Forum Energy Technologies Incorporated, (2)		97,911
	1,075	Geospace Technologies Corporation, (2), (3)		62,490
	1,204	Gulf Island Fabrication, Inc., (3)		24,152
	2,224	Gulfmark Offshore Inc.		100,102
	8,828	Helix Energy Solutions Group, (2)		212,225
	13,291	Hercules Offshore Inc., (2)		59,411
	2,983	Hornbeck Offshore Services Inc., (2)		123,586
	11,661	ION Geophysical Corporation, (2), (3)		51,308
	12,692	Key Energy Services Inc., (2)		127,428
	2,173	Matrix Service Company, (2)		67,298
	1,069	Mitcham Industries, Inc., (2)		14,752
	1,031	Natural Gas Services Group, (2)		31,641
	7,179	Newpark Resources Inc., (2), (3)		86,435
	5,944	North Atlantic Drilling Limited, (3)		51,000
	1,188	Nuverra Environmental Solutions, (2), (3)		20,208
	9,926	Parker Drilling Company, (2)		65,809
	1,048	PHI Inc Non-Voting, (2)		46,950
	5,181	Pioneer Energy Services Corporation, (2)		77,560
	987	RigNet, Inc., (2)		46,152
	1,675	SeaCor Smit Inc., (2), (3)		139,678
	2,517	Tesco Corporation, (2)		50,340
	6,522	TETRA Technologies, (2)		81,525
	1,324	TGC Industries Inc., (2)		6,699
	16,750	Vantage Drilling Company, (2), (3)		27,973
	3,331	Willbros Group Inc., (2)		37,007
		Total Energy Equipment & Services		2,667,868
		Food & Staples Retailing – 1.3%
	2,337	Andersons, Inc.		145,572
	3,195	Casey’s General Stores, Inc.		219,369

Nuveen Investments 71

Nuveen Small Cap Index Fund (continued)

Portfolio of Investments April 30, 2014 (Unaudited)

Shares		Description (1)	Value
		Food & Staples Retailing (continued)
	1,308	Fairway Group Holdings Inc., (2), (3)	$	9,064
	986	Ingles Markets, Inc.		22,668
	738	Natural Grocers by Vitamin Cottage Incorporated, (2)		26,273
	1,963	Pantry, Inc., (2)		29,524
	1,572	PriceSmart, Inc.		150,975
	60,700	Rite Aid Corporation, (2)		443,110
	2,286	Roundys Inc.		15,476
	2,962	Spartan Stores, Inc.		63,801
	16,917	SUPERVALU INC., (2), (3)		118,250
	1,504	Susser Holdings Corporation, (2), (3)		116,380
	1,378	The Chef’s Warehouse Inc., (2), (3)		27,684
	4,109	United Natural Foods Inc., (2), (3)		283,644
	527	Village Super Market, Inc.		12,748
	917	Weis Markets Inc.		42,265
		Total Food & Staples Retailing		1,726,803
		Food Products – 1.7%
	241	Alico Inc.		8,416
	1,141	Annie’s Incorporated, (2)		37,094
	4,406	B&G Foods Inc., (3)		144,517
	4,959	Boulder Brands Inc., (2)		73,195
	1,019	Calavo Growers, Inc.		31,681
	1,148	Cal-Maine Foods, Inc.		68,455
	3,871	Chiquita Brands International Inc., (2)		44,439
	13,157	Darling International Inc., (2)		263,272
	1,851	Diamond Foods Inc., (2)		56,585
	503	Farmer Brothers Company, (2)		9,914
	3,155	Fresh Del Monte Produce Inc., (3)		91,148
	218	Griffin Land & Nurseries, Inc.		6,366
	3,200	Hain Celestial Group Inc., (2), (3)		275,264
	1,171	Inventure Group, (2)		14,075
	1,155	J&K Snack Foods Corporation		108,108
	681	John B Sanfillippo & Son, Inc.		15,697
	1,543	Lancaster Colony Corporation		146,400
	384	Lifeway Foods, Inc.		5,764
	834	Limoneira Company		19,157
	1,659	Omega Protein Corporation, (2)		18,846
	5,051	Pilgrim’s Pride Corporation, (2)		110,415
	3,196	Post Holdings Inc., (2), (3)		167,023
	1,917	Sanderson Farms Inc., (3)		157,712

72 Nuveen Investments

Shares		Description (1)	Value
		Food Products (continued)
	24	Seaboard Corproation, (2)	$	58,512
	678	Seneca Foods Corporation, (2)		19,255
	3,962	Snyders Lance Inc.		105,231
	1,679	Tootsie Roll Industries Inc., (3)		47,331
	3,021	Treehouse Foods Inc., (2)		226,092
		Total Food Products		2,329,964
		Gas Utilities – 0.9%
	802	Chesapeake Utilities Corporation		50,735
	572	Delta Natural Gas Company, Inc., (3)		10,908
	2,524	Laclede Group Inc.		119,663
	3,481	New Jersey Resources Corporation		173,110
	2,083	Northwest Natural Gas Company, (3)		92,214
	6,293	Piedmont Natural Gas Company, (3)		225,226
	2,663	South Jersey Industries Inc.		152,989
	3,860	Southwest Gas Corporation		212,339
	4,308	WGL Holdings Inc.		171,415
		Total Gas Utilities		1,208,599
		Health Care Equipment & Supplies – 3.2%
	1,841	Abaxis, Inc., (2), (3)		74,763
	3,229	Abiomed, Inc., (2), (3)		76,495
	6,177	Accuray, Inc., (2), (3)		51,887
	6,095	Align Technology, Inc., (2)		307,127
	5,167	Alphatec Holdings, Inc., (2)		6,975
	947	Analogic Corporation		71,101
	2,053	AngioDynamics, Inc., (2)		27,592
	1,001	Anika Therapeutics, Inc., (2)		42,783
	9,394	Antares Pharma Inc., (2), (3)		26,115
	2,179	Arthrocare Corporation, (2)		105,747
	2,009	AtriCure, Inc., (2)		30,939
	121	ATRION Corporation		34,888
	2,872	Biolase Technology, Inc., (2), (3)		5,544
	2,732	Cantel Medical Corporation		90,593
	2,043	Cardiovascular Systems, Inc., (2)		58,736
	5,809	Cerus Corporation, (2), (3)		25,153
	2,312	Conmed Corporation		107,115
	2,289	CryoLife Inc., (3)		20,784
	1,223	Cutera, Inc., (2)		12,609
	2,303	Cyberonics, (2)		136,245
	1,597	Cynosure, Inc., (2)		39,190

Nuveen Investments 73

Nuveen Small Cap Index Fund (continued)

Portfolio of Investments April 30, 2014 (Unaudited)

Shares		Description (1)	Value
		Health Care Equipment & Supplies (continued)
	1,687	Derma Sciences Inc., (2), (3)	$	17,444
	5,892	DexCom, Inc., (2)		191,136
	5,233	Endologix, Inc., (2)		66,354
	778	Exactech, Inc., (2)		17,287
	2,988	Genmark Diagnostics Inc., (2), (3)		26,743
	4,552	Globus Medical Inc, Class A, (2)		111,160
	1,992	Greatbatch, Inc., (2)		91,692
	3,949	Haemonetics Corporation, (2)		119,892
	1,363	Heartware International Inc., (2)		115,800
	1,001	ICU Medical, Inc., (2)		55,836
	421	Inogen Inc., (2)		5,940
	4,453	Insulet Corporation, (2)		167,566
	1,666	Integra Lifesciences Holdings Corporation, (2), (3)		75,936
	2,668	Invacare Corporation		42,154
	478	LDR Holding Corporation, (2)		11,912
	4,059	Masimo Corporation, (2), (3)		108,619
	1,213	Medical Action Industries, Inc., (2), (3)		7,775
	3,456	Meridian Bioscience, Inc., (3)		69,016
	3,547	Merit Medical Systems, Inc., (2)		45,650
	2,668	Natus Medical, Inc., (2)		66,246
	2,990	Neogen Corporation, (2)		124,907
	3,686	NuVasive, Inc., (2)		124,255
	4,979	Nxstage Medical, Inc., (2)		56,960
	4,628	OraSure Technologies, Inc., (2)		30,313
	1,621	Orthofix International NV, (2)		48,954
	512	Oxford Immunotec Global PLC, (2), (3)		9,165
	1,170	PhotoMedex, Inc., (2), (3)		17,679
	2,340	Quidel Corporation, (2), (3)		50,193
	3,271	Rockwell Medical Technologies, Inc., (2), (3)		33,233
	4,690	RTI Biologics Inc., (2)		20,167
	3,362	Spectranetics Corporation, (2)		71,476
	3,062	STAAR Surgical Company, (2)		52,085
	4,912	Steris Corporation		236,022
	1,208	Surmodics Inc., (2)		26,286
	3,107	Symmetry Medical, Inc., (2)		25,664
	765	Tandem Diabetes Care Inc., (2), (3)		13,441
	2,419	TearLab Corporation, (2), (3)		10,450
	4,777	Thoratec Corporation, (2)		156,590
	2,168	Tornier N.V, (2)		36,791

74 Nuveen Investments

Shares		Description (1)	Value
		Health Care Equipment & Supplies (continued)
	8,531	Unilife Corporation, (2), (3)	$	27,726
	275	Utah Medical Products, Inc.		13,967
	1,376	Vascular Solutions, Inc., (2)		30,148
	419	Veracyte Inc., (2)		5,367
	4,546	Volcano Corporation, (2), (3)		79,828
	5,764	West Pharmaceutical Services Inc.		250,042
	3,123	Wright Medical Group, Inc., (2)		85,414
	1,474	Zeltiq Aesthetics Inc, (2)		26,959
		Total Health Care Equipment & Supplies		4,430,621
		Health Care Providers & Services – 2.6%
	2,952	Acadia Healthcare Company Inc., (2), (3)		124,043
	456	Addus HomeCare Corporation, (2)		9,859
	3,241	Air Methods Corporation, (2), (3)		180,426
	416	Alliance Imaging Inc., (2), (3)		11,839
	688	Almost Family, Inc., (2), (3)		14,771
	2,622	Amedisys, Inc., (2), (3)		35,738
	3,837	AMN Healthcare Services Inc., (2)		47,886
	2,666	AmSurg Corporation, (2)		115,464
	2,038	Bio-Reference Laboratories, Inc., (2), (3)		51,765
	4,858	Bioscrip, Inc., (2)		33,617
	2,387	Capital Senior Living Corporation, (2)		59,031
	4,536	Centene Corporation, (2)		301,190
	1,467	Chemed Corporation, (3)		122,157
	1,046	Chindex International, Inc., (2), (3)		24,926
	951	Corvel Corporation, (2)		43,309
	2,261	Cross Country Healthcare, Inc., (2)		16,030
	3,358	Emeritus Corporation, (2), (3)		100,169
	1,621	Ensign Group Inc.		68,893
	2,522	ExamWorks Group Inc., (2)		92,810
	3,572	Five Star Quality Care Inc., (2)		17,253
	2,610	Gentiva Health Services, Inc., (2)		19,653
	2,890	Hanger Orthopedic Group Inc., (2)		100,196
	7,269	HealthSouth Corporation		251,798
	2,850	Healthways Inc., (2), (3)		51,300
	1,398	IPC The Hospitalist Company, Inc., (2), (3)		56,619
	4,504	Kindred Healthcare Inc.		113,050
	793	Landauer Inc.		34,289
	1,005	LHC Group, Inc., (2)		20,884
	2,093	Magellan Health Services, Inc., (2)		120,808

Nuveen Investments 75

Nuveen Small Cap Index Fund (continued)

Portfolio of Investments April 30, 2014 (Unaudited)

Shares		Description (1)	Value
		Health Care Providers & Services (continued)
	2,362	Molina Healthcare Inc., (2), (3)	$	88,339
	1,067	MWI Veterinary Supply, Inc., (2)		167,135
	896	National Healthcare Corporation, (3)		49,038
	817	National Research Corporation, (2), (3)		12,876
	5,277	Owens and Minor Inc., (3)		176,991
	2,475	Pharmerica Corporation, (2)		67,295
	884	Providence Service Corporation, (2)		35,899
	4,055	Select Medical Corporation		56,608
	1,653	Skilled Healthcare Group Inc., (2)		8,529
	935	Surgical Care Affiliates Inc., (2)		27,470
	5,725	Team Health Holdings Inc., (2), (3)		277,548
	1,974	Triple-S Management Corporation, Class B Shares, (2)		29,571
	3,201	Universal American Corporation, (2)		22,951
	1,005	US Physical Therapy, Inc.		31,004
	90	USMD Holdings Inc., (2)		1,134
	3,623	Wellcare Health Plans Inc., (2)		244,444
		Total Health Care Providers & Services		3,536,605
		Health Care Technology – 0.7%
	3,054	AthenaHealth Inc., (2)		377,597
	924	Computer Programs and Systems, Inc.		58,332
	1,678	Healthstream, Inc., (2)		38,007
	7,308	HMS Holdings Corporation, (2)		118,170
	5,077	MedAssets Inc., (2)		115,908
	4,432	Medidata Solutions, Inc., (2), (3)		160,926
	5,441	Merge Healthcare Incorporated, (2)		12,405
	2,862	Omnicell, Inc., (2)		75,786
	3,325	Quality Systems Inc.		49,110
	1,757	Vocera Communications Incorporated, (2)		26,794
		Total Health Care Technology		1,033,035
		Hotels, Restaurants & Leisure – 2.6%
	106	Biglari Holdings Inc., (2)		45,476
	2,055	BJ’s Restaurants, Inc., (2)		58,670
	4,609	Bloomin Brands, (2)		98,264
	2,324	Bob Evans Farms		108,926
	5,789	Boyd Gaming Corporation, (2)		68,426
	1,632	Bravo Brio Restaurant Group, (2)		24,431
	1,564	Buffalo Wild Wings, Inc., (2)		228,532
	3,532	Caesar’s Entertainment Corporation, (2), (3)		65,236
	1,973	Carrols Restaurant Group, Inc., (2), (3)		13,239

76 Nuveen Investments

Shares		Description (1)	Value
		Hotels, Restaurants & Leisure (continued)
	1,519	CBRL Group Inc.	$	143,910
	4,443	Cheesecake Factory Inc., (3)		199,446
	1,146	Churchill Downs Inc.		100,653
	1,352	Chuy’s Holdings Inc., (2)		48,604
	1,721	ClubCorp Holdings Inc., (3)		32,424
	891	Del Friscos Restaurant Group, (2)		23,175
	7,648	Denny’s Corporation, (2)		51,548
	1,485	Diamond Resorts International Inc., (2)		27,784
	1,378	DineEquity Inc., (3)		104,466
	829	Diversified Restaurant Holdings Inc., (2)		4,153
	499	Einstein Noah Restaurant Group		7,665
	1,863	Fiesta Restaurant Group, (2)		68,204
	557	Ignite Restaurant Group, Incorporated, (2), (3)		7,876
	3,282	Interval Leisure Group Inc., (3)		84,577
	2,320	Intl Speedway Corporation		72,941
	1,495	Intrawest Resorts Holdings Inc., (2), (3)		16,953
	1,764	Isle of Capri Casinos, (2)		11,995
	3,707	Jack in the Box Inc., Term Loan, (2)		198,473
	1,392	Jamba, Inc., (2)		15,396
	5,457	Krispy Kreme Doughnuts Inc., (2), (3)		95,716
	3,588	Life Time Fitness Inc., (2), (3)		172,224
	1,663	Luby’s Inc., (2), (3)		9,013
	1,543	Marcus Corporation		25,814
	2,430	Marriott Vacations World, (2)		132,386
	715	Monarch Casino & Resort, Inc., (2)		11,469
	2,220	Morgans Hotel Group Company, (2)		16,650
	2,405	Multimedia Games, Inc., (2)		70,226
	226	Nathan’s Famous, Inc., (2)		11,137
	513	Noodles & Company, (2), (3)		16,821
	7,984	Orient Express Hotels Limited, (2)		104,590
	2,670	Papa John’s International, Inc.		117,106
	4,866	Pinnacle Entertainment Inc., (2)		113,232
	1,990	Popeye’s Louisiana Kitchen Inc., (2)		75,819
	717	Potbelly Corporation, (2), (3)		12,189
	1,180	Red Robin Gourmet Burgers, Inc., (2)		80,216
	5,078	Ruby Tuesday, Inc., (2)		39,151
	2,986	Ruth’s Chris Steak House, Inc.		37,594
	3,978	Scientific Games Corporation, (2)		47,656
	4,679	Sonic Corporation, (2), (3)		89,088

Nuveen Investments 77

Nuveen Small Cap Index Fund (continued)

Portfolio of Investments April 30, 2014 (Unaudited)

Shares		Description (1)	Value
		Hotels, Restaurants & Leisure (continued)
	969	Speedway Motorsports Inc.	$	17,626
	4,826	Texas Roadhouse, Inc.		119,395
	2,002	Town Sports International		14,034
	2,992	Vail Resorts, Inc.		207,136
		Total Hotels, Restaurants & Leisure		3,567,731
		Household Durables – 1.0%
	905	Bassett Furniture, Inc., (3)		12,480
	2,090	Beazer Homes USA, Inc., (2)		39,626
	775	Blyth Inc., (3)		7,262
	581	Cavco Industries, Inc., (2)		45,289
	706	CSS Industries Inc.		16,923
	2,068	Ethan Allen Interiors Inc., (3)		50,211
	814	EveryWare Global Inc., (2)		2,214
	409	Flexsteel Industries, Inc.		14,037
	2,348	Helen of Troy Limited, (2)		147,220
	896	Hooker Furniture Corporation, (3)		12,410
	9,431	Hovnanian Enterprises Inc., (2), (3)		42,062
	712	Installed Building Products Inc., (2)		9,904
	2,356	Irobot Corporation, (2), (3)		78,926
	6,963	KB Home, (3)		114,959
	4,363	La Z Boy Inc.		105,715
	748	LGI Homes Inc., (2), (3)		11,011
	1,749	Libbey Inc., (2)		46,646
	852	Lifetime Brands, Inc.		16,273
	2,014	M/I Homes, Inc., (2), (3)		44,852
	3,404	MDC Holdings Inc., (3)		93,950
	3,013	Meritage Corporation, (2)		116,242
	412	Nacco Industries Inc.		22,079
	748	New Home Company Inc., (2)		10,285
	3,843	Ryland Group Inc.		147,533
	1,502	Skullcandy Inc., (2)		11,565
	12,350	Standard Pacific Corporation, (2), (3)		98,677
	1,231	Tri Pointe Homes, Incorporated, (2), (3)		19,782
	645	UCP Inc., Class A, (2)		9,127
	1,249	Univeral Electronics Inc., (2)		46,650
	568	WCI Communities Inc., (2), (3)		10,889
	1,146	William Lyon Homes Inc, Class A Shares, (2)		29,911
	2,563	Zagg Inc., (2)		11,149
		Total Household Durables		1,445,859

78 Nuveen Investments

Shares		Description (1)	Value
		Household Products – 0.2%
	3,488	Central Garden & Pet Company, (2)	$	28,846
	2,751	Harbinger Group Inc., (2), (3)		32,077
	402	Oil Dri Corporation		13,471
	463	Orchids Paper Products Company		12,441
	1,792	Spectrum Brands Inc.		137,679
	1,289	WD 40 Company		93,891
		Total Household Products		318,405
		Independent Power & Renewable Electricity Producers – 0.2%
	9,986	Atlantic Power Corporation, (3)		29,658
	8,333	Dynegy Inc., (2), (3)		237,074
	1,473	Ormat Technologies Inc.		39,300
	1,235	Pattern Energy Group Inc.		33,098
		Total Independent Power & Renewable Electricity Producers		339,130
		Industrial Conglomerates – 0.1%
	3,030	Raven Industries, Inc.		93,627
		Insurance – 2.4%
	3,750	Ambac Financial Group, Inc., (2)		113,175
	4,949	American Equity Investment Life Holding Company, (3)		115,411
	1,532	Amerisafe, Inc.		65,340
	2,585	Amtrust Financial Services, Inc., (3)		99,962
	2,265	Argo Group International Holdings Inc.		100,611
	770	Baldwin & Lyons, Class B, (3)		20,028
	519	Blue Capital Reinsurnance Holdings Limited		9,633
	3,620	Citizens Inc., (2), (3)		23,783
	18,515	CNO Financial Group Inc.		319,384
	2,188	Crawford & Co, (3)		24,987
	618	Donegal Group, Inc., B		9,122
	1,535	eHealth, Inc., (2), (3)		64,301
	376	EMC Insurance Group Inc.		12,404
	2,580	Employers Holdings, Inc.		52,503
	794	Enstar Group, Limited, (2)		102,505
	740	FBL Financial Group Inc.		33,085
	952	Fidelity & Guaranty Life		20,411
	9,016	First American Corporation, (3)		239,826
	536	Fortegra Financial Corp, (2)		3,870
	727	Global Indemnity PLC, (2)		19,484
	2,351	Greenlight Capital Re, Ltd, (2)		74,832
	1,184	Hallmark Financial Services, Inc., (2)		9,946
	813	HCI Group Inc., (3)		31,447

Nuveen Investments 79

Nuveen Small Cap Index Fund (continued)

Portfolio of Investments April 30, 2014 (Unaudited)

Shares		Description (1)	Value
		Insurance (continued)
	384	Health Insurance Innnovations Inc., (2)	$	3,875
	5,539	Hilltop Holdings Inc., (2)		123,741
	3,308	Horace Mann Educators Corporation		99,472
	657	Independence Holding Company		8,580
	961	Infinity Property and Casualty Corporation		61,667
	103	Investors Title Company		7,288
	329	Kansas City Life Insurance Company		13,680
	4,153	Maiden Holdings, Ltd		49,005
	4,157	Meadowbrook Insurance Group, Inc.		23,279
	3,578	Montpelier Re Holdings Limited, (3)		109,415
	554	National Interstate Corporation		15,523
	182	National Western Life Insurance Company		42,452
	863	Navigators Group, Inc., (2)		49,165
	1,881	OneBeacon Insurance Group Limited, Class A		29,043
	484	Phoenix Companies Inc., (2), (3)		21,306
	2,263	Platinum Underwriters Holdings Limited		141,913
	4,750	Primerica Inc.		217,978
	3,546	RLI Corporation, (3)		152,691
	1,074	Safety Insurance Group, Inc.		57,685
	4,627	Selective Insurance Group Inc.		106,143
	1,245	State Auto Financial Corporation, (3)		25,473
	1,775	Stewart Information Services Corporation		54,138
	6,791	Symetra Financial Corporation		140,302
	2,113	Third Point Reinsurance Limited, (2)		33,047
	4,787	Tower Group Inc., (3)		11,776
	1,714	United Fire Group Inc.		47,683
	2,268	Universal Insurance Holdings Inc.		33,181
		Total Insurance		3,245,551
		Internet & Catalog Retail – 0.4%
	2,149	1-800-Flowers, (2)		11,712
	1,033	Blue Nile Inc., (2)		35,876
	1,541	FTD Companies Inc., (2), (3)		46,754
	2,819	Hosting Site Network, Inc.		163,615
	2,385	Nutri System Inc.		35,775
	2,000	Orbitz Worldwide Inc., (2)		14,700
	932	Overstock.com, Inc., (2)		14,931
	1,675	PetMed Express, Inc., (3)		21,926
	782	RetailMeNot Inc., (2)		23,311
	3,165	Shutterfly, Inc., (2), (3)		129,543

80 Nuveen Investments

Shares		Description (1)	Value
		Internet & Catalog Retail (continued)
	3,273	ValueVision Media Inc., (2), (3)	$	15,318
	1,832	Vitacost.com, Inc., (2)		12,219
		Total Internet & Catalog Retail		525,680
		Internet Software & Services – 2.7%
	3,520	Angie’s List, (2), (3)		39,811
	3,854	Bankrate Inc., (2)		67,522
	4,006	Bazaarvoice Inc., (2)		26,920
	422	BenefitFocus Inc., (2), (3)		13,673
	3,416	Blucora Inc., (2)		65,758
	2,344	Brightcove Inc., (2)		20,205
	1,008	Carbonite Inc., (2)		9,969
	547	CareCom Inc., (2), (3)		6,701
	529	ChannelAdvisor Corporation, (2)		13,881
	1,247	Chegg Inc., (2), (3)		6,572
	2,975	ComScore Inc., (2)		93,207
	2,560	Constant Contact Inc., (2)		66,202
	5,552	Conversant Inc., (2), (3)		135,691
	3,364	Cornerstone OnDemand Inc., (2)		123,661
	2,378	CoStar Group, Inc., (2)		382,596
	536	Cvent Inc., (2), (3)		14,756
	3,625	DealerTrack Technologies Inc., (2), (3)		165,626
	3,016	Demand Media Inc., (2), (3)		12,547
	1,534	Demandware Incorporated, (2)		76,132
	3,384	Dice Holdings Inc., (2)		25,888
	2,939	Digital River, Inc., (2)		44,937
	1,364	E2open Inc., (2), (3)		23,556
	8,588	Earthlink Holdings Corporation		29,285
	1,090	Egain Communications Corporation, (2)		7,129
	1,810	Endurance International Group Holdings Inc., (2), (3)		22,897
	1,882	Envestnet Inc., (2)		69,352
	2,339	Global Eagle Acquisition Corporation, (2)		25,799
	916	Gogo Inc., (2), (3)		12,384
	4,466	Internap Network Services Corporation, (2)		30,012
	3,200	Intralinks Holdings INc., (2)		29,280
	3,828	J2 Global Inc., (3)		177,466
	4,452	Limelight Networks Inc., (2)		9,216
	2,072	Liquidity Services, Inc., (2), (3)		35,742
	4,590	Liveperson, Inc., (2)		45,441
	2,027	LogMeIn Inc., (2)		92,127

Nuveen Investments 81

Nuveen Small Cap Index Fund (continued)

Portfolio of Investments April 30, 2014 (Unaudited)

Shares		Description (1)	Value
		Internet Software & Services (continued)
	1,891	Marchex, Inc.	$	17,492
	764	Marin Software Inc., (2), (3)		7,166
	627	Marketo Inc., (2)		17,017
	2,941	Millennial Media Incorporated, (2), (3)		18,793
	8,721	Monster Worldwide Inc., (2)		60,088
	3,323	Move, Inc., (2)		35,523
	161	Net Element International Inc., (2), (3)		359
	5,406	NIC, Incorporated, (2)		99,146
	1,899	Open Solutions Inc., (2)		127,537
	2,792	Perficient, Inc., (2)		51,010
	2,613	QuinStreet, Inc., (2), (3)		15,939
	1,871	RealNetworks Inc., (2)		14,107
	600	Reis, Inc., (2)		9,876
	409	Rocket Fuel Inc., (2), (3)		13,117
	2,127	SciQuest Inc., (2)		51,005
	617	Shutterstock Incorporated, (2), (3)		44,739
	1,465	Spark Networks, Incorporated, (2), (3)		6,636
	1,332	SPS Commerce Inc., (2)		68,998
	1,089	Stamps.com Inc., (2)		37,799
	4,386	Support.com, Inc., (2)		10,833
	857	TechTarget Inc., (2), (3)		5,502
	459	Textura Corporation, (2), (3)		8,175
	662	Travelzoo Inc., (2)		11,876
	625	Tremor Video Inc., (2), (3)		2,819
	2,307	Trulia Inc., (2)		78,438
	1,101	United Online, Inc.		13,047
	8,237	Unwired Planet Inc,, (2), (3)		18,780
	2,721	VistaPrint NV, (2), (3)		107,398
	1,566	Vocus, Inc., (2)		28,157
	3,494	Web.com, Inc., (2)		107,301
	2,365	WebMD Health Corporation, Class A, (2), (3)		104,273
	691	Wix.com Limited, (2), (3)		14,159
	2,232	XO Group, Incorporated, (2)		23,704
	681	Xoom Corporation, (2)		15,193
	2,700	Yelp Incorporated, (2)		157,464
	440	YuMe Inc., (2), (3)		2,944
	1,942	Zillow Inc, (2), (3)		211,095
	5,157	Zix Corporation, (2), (3)		16,915
		Total Internet Software & Services		3,656,361

82 Nuveen Investments

Shares		Description (1)	Value
		IT Services – 2.1%
	6,160	Acxiom Corporation, (2)	$	173,958
	4,245	Blackhawk Network Holdings Inc., (2), (3)		101,838
	1,923	CACI International Inc., (2), (3)		133,937
	3,739	Cardtronics Inc., (2)		125,182
	858	Cass Information Systems, Inc., (3)		43,338
	6,217	Ciber, Inc., (2), (3)		26,857
	1,291	Computer Task Group, Inc.		20,411
	8,755	Convergys Corporation, (3)		188,583
	2,823	CSG Systems International Inc., (3)		74,414
	1,594	Datalink Corporation, (2)		20,467
	1,822	EPAM Systems Inc., (2)		56,719
	4,153	Euronet Worldwide, Inc., (2)		190,996
	2,458	Evertec Inc.		57,861
	2,720	Exlservice Holdings, Inc., (2)		76,962
	1,046	Forrester Research, Inc.		37,060
	5,519	Global Cash Access Holdings, Inc., (2)		36,425
	2,007	Hackett Group, Inc.		12,042
	3,028	Heartland Payment Systems Inc.		123,966
	2,614	Higher One Holdings Incn, (2)		15,658
	2,902	IGATE Corporation, (2)		106,213
	4,853	Lionbridge Technologies, Inc., (2)		28,536
	392	Luxoft Holding Inc., (2)		10,580
	1,987	ManTech International Corporation, Class A		59,272
	5,692	Maximus Inc.		242,308
	3,082	ModusLink Global Solutions Inc., (2), (3)		12,451
	1,785	Moneygram International Inc., (2)		23,562
	3,543	Planet Payment Inc., (2)		9,318
	2,403	PRG-Schultz International Inc., (2)		15,451
	9,196	Sapient Corporation, (2)		149,619
	5,090	ServiceSource International Inc., (2)		31,762
	3,272	Sykes Enterprises Inc., (2)		64,753
	1,286	Syntel Inc., (2)		103,292
	1,659	TeleTech Holdings, Inc., (2)		40,032
	4,249	Unisys Corporation, (2)		103,548
	1,704	Virtusa Corporation, (2)		56,181
	3,234	WEX Inc., (2)		310,367
		Total IT Services		2,883,919
		Leisure Equipment & Products – 0.5%
	1,099	Arctic Cat, Inc.		44,938

Nuveen Investments 83

Nuveen Small Cap Index Fund (continued)

Portfolio of Investments April 30, 2014 (Unaudited)

Shares		Description (1)	Value
		Leisure Equipment & Products (continued)
	1,752	Black Diamond Group Inc., (2), (3)	$	19,535
	7,539	Brunswick Corporation		302,992
	5,924	Callaway Golf Company, (3)		51,598
	1,601	JAKKS Pacific Inc., (3)		14,025
	413	Johnson Outdoors, Inc.		8,644
	5,311	LeapFrog Enterprises Inc., (2), (3)		36,380
	682	Malibu Boats Inc., Class A, (2)		15,181
	877	Marine Products Corporation		6,227
	2,586	Nautilus Group, Inc., (2), (3)		21,541
	4,651	Smith & Wesson Holding Corporation, (2), (3)		71,393
	1,610	Sturm, Ruger, & Company, (3)		103,604
		Total Leisure Equipment & Products		696,058
		Life Sciences Tools & Services – 0.5%
	979	Accelerate Diagnostics Inc., (2), (3)		18,043
	5,925	Affymetrix, Inc., (2), (3)		44,023
	1,939	Albany Molecular Research Inc., (2), (3)		31,140
	2,503	Cambrex Corporation, (2)		51,286
	2,119	Fluidigm Corporation, (2)		79,590
	591	Furiex Pharmaceuticals Inc., (2)		61,092
	2,126	Harvard Bioscience, Inc., (2)		8,972
	3,113	Luminex Corporation, (2), (3)		59,801
	2,741	NeoGenomics Inc., (2)		9,073
	4,292	Pacific Biosciences of California Inc., (2)		18,971
	4,737	Parexel International Corporation, (2)		214,823
	9,597	Sequenom, Inc., (2), (3)		26,200
		Total Life Sciences Tools & Services		623,014
		Machinery – 3.2%
	3,340	Accuride Corporation, (2)		18,838
	6,100	Actuant Corporation		206,546
	589	Alamo Group Inc.		31,288
	2,330	Albany International Corporation, Class A		83,833
	2,251	Altra Industrial Motion, Inc., (3)		76,894
	788	American Railcar Industries, (3)		54,719
	1,698	Astec Industries Inc.		67,835
	4,479	Barnes Group Inc.		172,531
	4,102	Blount International Inc., (2)		45,819
	4,015	Briggs & Stratton Corporation, (3)		85,801
	2,526	Chart Industries, Inc., (2), (3)		172,324
	1,464	CIRCOR International Inc.		118,891

84 Nuveen Investments

Shares		Description (1)	Value
		Machinery (continued)
	4,141	CLARCOR, Inc.	$	239,184
	1,625	Columbus McKinnon Corporation NY		43,046
	1,998	Commercial Vehicle Group Inc., (2)		19,401
	1,853	Douglas Dynamics Inc.		31,260
	1,141	Dynamic Material Corporation		23,048
	3,682	Energy Recovery, Inc., (2), (3)		18,815
	1,741	EnPro Industries Inc., (2), (3)		123,977
	2,204	ESCO Technologies Inc.		73,658
	550	ExOne Company, (2), (3)		18,997
	5,204	Federal Signal Corporation, (2)		78,997
	1,003	Freightcar America Inc.		26,339
	670	Global Brass & Copper Holdings Inc.		10,626
	1,571	Gorman-Rupp Company, (3)		48,780
	834	Graham Corporation		24,887
	2,036	Greenbrier Companies Inc., (2), (3)		106,768
	979	Hardinge, Inc.		13,079
	538	Hurco Companies, Inc., (3)		14,343
	877	Hyster-Yale Materials Handling Inc.		84,534
	2,411	John Bean Technologies Corporation		69,895
	933	Kadant Inc.		32,422
	848	LB Foster Company		40,153
	1,072	Lindsay Manufacturing Company, (3)		94,475
	1,420	Lydall Inc., (2)		33,242
	1,147	Manitex International, Inc., (2)		18,880
	8,121	Meritor Inc., (2)		96,396
	1,567	Middleby Corporation, (2)		395,636
	936	Midwest Air Group Inc., (3)		18,130
	4,686	Mueller Industries Inc.		135,613
	13,157	Mueller Water Products Inc.		119,992
	1,425	NN, Incorporated		27,887
	230	OmegaFlex, Inc., (2)		4,639
	1,743	Peerless Manufacturing Company, (2), (3)		9,883
	1,423	Proto Labs Incorporated, (2), (3)		86,148
	1,917	RBC Bearings Inc., (2)		119,352
	2,525	Rexnord Corporation, (2)		67,519
	1,058	Standex International Corporation		62,813
	1,788	Sun Hydraulics Corporation		73,093
	1,540	Tecumseh Products Company, Class A		9,255
	1,533	Tennant Company, (3)		97,790

Nuveen Investments 85

Nuveen Small Cap Index Fund (continued)

Portfolio of Investments April 30, 2014 (Unaudited)

Shares		Description (1)	Value
		Machinery (continued)
	4,460	Titan International Inc.	$	78,095
	3,745	TriMas Corporation, (2)		134,296
	693	Twin Disc, Inc.		20,048
	5,706	Wabash National Corporation, (2), (3)		76,232
	2,377	Watts Water Technologies, Inc.		126,456
	5,730	Woodward Governor Company		256,876
	910	Xerium Technologies, (2)		12,285
		Total Machinery		4,452,559
		Marine – 0.1%
	466	International Shipholding Corp., (3)		12,554
	3,557	Matson Incorporated		84,265
	10,981	Scorpio Bulkers Inc., (2)		98,280
	1,781	Ultrapetrol Limited, (2)		5,040
		Total Marine		200,139
		Media – 1.3%
	1,575	A.H. Belo Corporation, Class A Shares, (3)		18,128
	1,751	AMC Entertainment Holdings Inc., (2)		40,518
	366	Beasley Broadcast Group, Inc.		2,818
	1,921	Carmike Cinemas, Inc., (2)		56,977
	6,380	Central European Media Enterprises Limited, (2), (3)		17,481
	2,888	Crown Media Holdings, Inc., (2), (3)		10,339
	7,739	Cumulus Media, Inc., (2)		49,607
	77	Daily Journal Corporation, (2)		13,575
	1,428	Dex Media Inc., (2), (3)		10,467
	2,605	E.W. Scripps Company, Class A, (2)		44,624
	1,993	Entercom Communications Corporation, (2)		21,524
	4,596	Entravision Communications Corporation		24,405
	1,577	Global Sources, Limited, (2), (3)		14,020
	4,192	Gray Television Inc., (2)		47,160
	3,582	Harte-Hanks Inc.		28,799
	717	Hemisphere Media Group Inc., (2)		8,676
	3,676	Journal Communications Inc., (2)		29,482
	11,729	Live Nation Inc., (2)		244,902
	1,085	Loral Space & Communications, Inc., (2)		78,109
	2,421	Martha Stewart Living Omnimedia Inc., (2)		9,466
	5,065	McClatchy Company, (2)		27,756
	3,153	MDC Partners, Inc.		76,996
	1,634	Media General Inc., (2), (3)		25,033
	2,977	Meredith Corporation		131,196

86 Nuveen Investments

Shares		Description (1)	Value
		Media (continued)
	4,741	National CineMedia, Inc.	$	72,016
	10,751	New York Times, Class A, (3)		172,876
	2,447	Nexstar Broadcasting Group, Inc., (3)		97,513
	867	ReachLocal Inc., (2), (3)		8,670
	1,453	Reading International Inc., A, (2)		10,287
	870	Rentrak Corporation, (2)		49,581
	402	Saga Comunications Inc Class A Shares, (2)		17,809
	866	Salem Communications Corporation		7,629
	2,203	Scholastic Corporation, (3)		72,501
	1,663	SFX Entertainment Inc., (2), (3)		10,909
	5,701	Sinclair Broadcast Group, Series A, (3)		152,388
	2,016	Sizmek Inc., (2)		19,313
	2,392	World Wrestling Entertainment Inc., (3)		46,644
		Total Media		1,770,194
		Metals & Mining – 1.4%
	11,359	AK Steel Holding Corporation, (2), (3)		79,513
	8,658	Allied Nevada Gold Corporation, (2), (3)		29,351
	1,459	AM Castle & Company, (2), (3)		17,917
	2,321	AMCOL International Corp.		106,418
	705	Ampco-Pittsburgh Corporation		14,121
	4,285	Century Aluminum Company, (2)		58,919
	8,457	Coeur d’Alene Mines Corporation, (2)		73,238
	9,741	Commercial Metals Company		187,027
	4,966	General Moly, Inc., (2), (3)		5,463
	5,373	Globe Specialty Metals Inc.		104,129
	2,764	Gold Resource Corp., (3)		12,742
	455	Handy & Harman Limited, (2)		10,288
	1,027	Haynes International Inc.		54,482
	27,737	Hecla Mining Company, (3)		85,153
	4,192	Horsehead Holding Corp., (2), (3)		65,353
	1,462	Kaiser Aluminum Corporation		102,925
	1,712	Materion Corporation		57,609
	9,468	Midway Gold Corporation, (2)		8,658
	12,402	Molycorp Inc., (2), (3)		58,910
	2,810	Noranda Aluminum Hodlings Corporation		9,976
	755	Olympic Steel Inc., (3)		19,902
	11,491	Paramount Gold and Silver Corporation, (2), (3)		11,606
	2,611	RTI International Metals, Inc., (2)		73,526
	2,144	Schnitzer Steel Industries, Inc., (3)		60,182

Nuveen Investments 87

Nuveen Small Cap Index Fund (continued)

Portfolio of Investments April 30, 2014 (Unaudited)

Shares		Description (1)	Value
		Metals & Mining (continued)
	9,841	Stillwater Mining Company, (2)	$	155,291
	5,832	SunCoke Energy Inc., (2)		121,714
	577	Universal Stainless & Alloy Products, Inc., (2), (3)		20,709
	1,788	US Silica Holdings Inc.		80,764
	5,214	Walter Industries Inc., (3)		37,541
	4,405	Worthington Industries, Inc.		162,104
		Total Metals & Mining		1,885,531
		Multiline Retail – 0.1%
	1,126	Bon-Ton Stores, Inc., (3)		12,386
	1,274	Burlington Store Inc., (2)		33,111
	3,060	Freds Inc.		55,753
	740	Gordmans Stores Inc., (2)		3,323
	3,569	Tuesday Morning Corporation, (2)		49,895
		Total Multiline Retail		154,468
		Multi-Utilities – 0.4%
	4,993	Avista Corporation, (3)		160,525
	3,704	Black Hills Corporation		213,906
	2,928	Northwestern Corporation		141,657
		Total Multi-Utilities		516,088
		Oil, Gas & Consumable Fuels – 4.1%
	6,845	Abraxas Petroleum Corporation, (2)		37,374
	176	Adams Resources and Energy, Incorporated		12,683
	1,940	Alon USA Energy, Inc.		31,603
	18,401	Alpha Natural Resources Inc., (2), (3)		79,124
	2,185	Amyris Inc., (2), (3)		7,691
	762	Apco Oil and Gas International Inc., (2)		10,653
	2,907	Approach Resources Inc., (2), (3)		60,320
	17,688	Arch Coal Inc., (3)		81,011
	1,513	Athlon Energy Inc., (2)		61,140
	4,064	Bill Barrett Corporation, (2)		96,236
	2,453	Bonanza Creek Energy Inc., (2)		119,265
	9,818	BPZ Resources, Inc., (2), (3)		26,509
	3,322	Callon Petroleum Company Del, (2)		30,496
	3,777	Carrizo Oil & Gas, Inc., (2)		207,811
	490	Clayton Williams Energy, (2)		70,795
	5,677	Clean Energy Fuels Corporation, (2), (3)		50,241
	5,070	Cloud Peak Energy Inc., (2)		99,828
	4,025	Comstock Resources Inc., (3)		111,895
	1,235	Contango Oil & Gas Company, (2)		59,329

88 Nuveen Investments

Shares		Description (1)	Value
		Oil, Gas & Consumable Fuels (continued)
	3,095	Delek US Holdings Inc.	$	99,009
	1,761	Diamondback Energy, (2), (3)		126,686
	4,721	Emerald Oil Inc., (2), (3)		33,377
	4,197	Endeavor International Corporation, (2), (3)		14,438
	6,615	Energy XXI Limited Bermuda, (3)		158,297
	2,491	EPL Oil & Gas Inc., (2), (3)		97,498
	2,967	Equal Energy Limited		13,441
	1,412	Evolution Petroleum Corporation		16,662
	14,137	Exco Resources Inc., (3)		89,770
	9,942	Forest Oil Corporation, (2)		18,492
	4,785	Frontline Limited, (2), (3)		16,269
	4,451	FX Energy, Inc., (2), (3)		25,148
	2,490	GasLog Limited, (3)		66,682
	4,624	Gastar Exploration Inc., (2)		30,657
	2,611	Goodrich Petroleum Corporation, (2), (3)		65,667
	2,108	Green Plains Renewable Energy, Inc.		63,029
	19,302	Halcon Resources Corporation, (2), (3)		106,547
	672	Hallador Energy Company		6,156
	77	Isramco, Inc., (2)		10,010
	928	Jones Energy Inc, Class A, (2)		14,356
	3,658	Kior Inc., Class A Shares, (2), (3)		2,232
	2,539	Knightsbridge Tankers Limited		30,341
	22,121	Kodiak Oil & Gas Corporation, (2)		281,158
	14,325	Magnum Hunter Resources Corporation, (2)		121,763
	4,849	Matador Resources Company, (2)		139,263
	2,766	Midstates Petroleum Company Incorporated, (2), (3)		16,319
	2,543	Miller Energy Resources Inc., (2), (3)		12,257
	7,411	Nordic American Tanker Shipping Ltd, (3)		63,957
	5,316	Northern Oil and Gas Inc., (2), (3)		82,026
	580	Panhandle Oil and Gas Inc.		25,433
	2,966	PDC Energy Inc., (2)		188,845
	4,601	Penn Virginia Corporation, (2), (3)		76,561
	4,753	Petroquest Energy Inc., (2)		28,613
	10,383	Quicksilver Resources Inc., (2), (3)		33,849
	1,763	Renewable Energy Group Inc., (2)		20,751
	18,824	Rentech, Inc., (2)		39,907
	5,643	Resolute Energy Corporation, (2), (3)		42,323
	3,768	Rex Energy Inc., (2)		79,354
	456	Rex Stores Corporation, (2)		29,804

Nuveen Investments 89

Nuveen Small Cap Index Fund (continued)

Portfolio of Investments April 30, 2014 (Unaudited)

Shares		Description (1)	Value
		Oil, Gas & Consumable Fuels (continued)
	5,091	Rosetta Resources, Inc., (2)	$	241,008
	1,913	RSP Permian Inc., (2)		54,234
	3,173	Sanchez Energy Corporation, (2), (3)		89,732
	15,388	Scorpio Tankers Inc.		138,646
	3,504	SemGroup Corporation, A Shares		223,836
	4,663	Ship Financial International Limited		82,209
	4,364	Solazyme Inc., (2)		46,957
	4,164	Stone Energy Corporation, (2)		204,244
	3,613	Swift Energy Company, (2), (3)		44,548
	4,228	Synergy Resources Corporation, (2), (3)		49,214
	2,742	Targa Resources Corporation		296,109
	5,186	Teekay Tankers Limited, Class A Shares, (3)		18,099
	5,666	Triangle Petroleum Corporation, (2), (3)		54,507
	7,125	Uranium Energy Corporation, (2), (3)		7,624
	10,616	Ur-Energy Inc., (2)		12,739
	4,825	Vaalco Energy Inc., (2)		44,487
	4,098	W&T Offshore Inc.		78,682
	6,073	Warren Resources Inc., (2)		30,790
	4,513	Western Refining Inc., (3)		196,316
	980	Westmoreland Coal Company, (2)		29,018
	3,088	ZaZa Energy Corporation, (2), (3)		1,527
		Total Oil, Gas & Consumable Fuels		5,585,477
		Paper & Forest Products – 0.7%
	1,045	Boise Cascade Company, (2)		26,146
	1,851	Clearwater Paper Corporation, (2)		113,633
	928	Deltic Timber Corporation, (3)		56,376
	3,577	Glatfelter		91,285
	6,806	KapStone Paper and Packaging Corp., (2)		179,542
	11,614	Louisiana-Pacific Corporation, (2), (3)		190,353
	1,332	Neenah Paper, Inc.		67,093
	5,817	Resolute Forest Products, (2)		103,775
	2,614	Schweitzer-Mauduit International Inc.		114,075
	4,117	Wausau Paper Corp.		49,239
		Total Paper & Forest Products		991,517
		Personal Products – 0.2%
	2,135	Elizabeth Arden, Inc., (2)		78,440
	1,680	Female Health Company, (3)		12,701
	1,367	Inter Parfums, Inc.		50,019
	8,775	Lifevantage Corporation, (2), (3)		12,110

90 Nuveen Investments

Shares		Description (1)	Value
		Personal Products (continued)
	1,150	Medifast, Inc., (2)	$	36,398
	909	Nature’s Sunshine Products, (3)		12,144
	713	Nutraceutical International Corporation, (2)		17,768
	945	Revlon Inc., (2)		28,482
	13,875	Star Scientific, Inc., (2), (3)		9,101
	1,442	Synutra International Inc., (2)		8,046
	500	USANA Health Sciences, Inc., (2), (3)		33,930
		Total Personal Products		299,139
		Pharmaceuticals – 1.5%
	1,945	AcelRx Pharmaceuticals Inc., (2), (3)		21,045
	642	Aerie Pharmaceuticals Inc., (2)		10,054
	4,851	Akorn, Inc., (2), (3)		122,342
	1,799	Alimera Sciences, Inc., (2)		10,938
	3,216	Ampio Pharmaceuticals Inc., (2), (3)		19,585
	659	Aratana Therpaeutics Inc., (2)		9,081
	4,109	Auxilium Pharmaceuticals, Inc., (2)		92,494
	12,093	Avanir Pharmaceuticals, (2)		60,223
	3,095	Biodelivery Sciences, Inc., (2), (3)		27,576
	1,647	Cempra Inc., (2), (3)		15,021
	4,436	Corcept Therapeutics, Inc., (2), (3)		19,607
	4,708	DepoMed, Inc., (2)		65,959
	279	Egalet Corporation, (2)		3,225
	2,909	Endocyte Inc., (2), (3)		52,682
	4,619	Horizon Pharma Inc., (2)		65,497
	5,706	Impax Laboratories Inc., (2)		149,212
	1,557	Lannett Company Inc., (2)		53,763
	5,272	Medicines Company, (2)		140,235
	10,392	Nektar Therapautics, (2)		122,314
	2,814	Omeros Corporation, (2), (3)		34,837
	2,470	Pacira Pharmaceuticals, Inc., (2), (3)		169,170
	1,459	Pernix Therapeutics Holdings, Incorporated, (2)		7,018
	2,249	Pozen Inc., (2)		18,802
	4,263	Prestige Brands Holdings Inc., (2)		142,896
	4,323	Questcor Pharmaceuticals Inc., (3)		355,264
	504	Relypsa Inc., (2)		11,254
	1,913	Repros Therapeutics, Inc., (2), (3)		32,272
	573	Revance Therapeutics Inc., (2), (3)		19,642
	1,568	Sagent Pharmaceuticals Inc., (2)		32,442
	4,506	SciClone Pharmaceuticals, Inc., (2)		21,539

Nuveen Investments 91

Nuveen Small Cap Index Fund (continued)

Portfolio of Investments April 30, 2014 (Unaudited)

Shares		Description (1)	Value
		Pharmaceuticals (continued)
	1,142	Sucampo Pharmaceuticals, Inc., (2)	$	7,891
	1,679	Supernus Pharmaceuticals Incorporated, (2), (3)		13,785
	7,191	TherapeuticsMD, (2), (3)		30,202
	8,389	Vivus, Inc., (2), (3)		43,623
	4,544	Xenoport, Inc., (2)		18,449
	8,189	Zogenix Inc., (2), (3)		19,981
		Total Pharmaceuticals		2,039,920
		Professional Services – 1.3%
	4,099	Acacia Research, (3)		65,748
	587	Barrett Business Services, Inc.		29,591
	3,170	CBIZ Inc., (2), (3)		27,167
	1,176	CDI Corporation		18,016
	2,802	Corporate Executive Board Company		193,394
	848	CRA International, Inc., (2)		18,461
	1,099	Exponent, Inc.		77,392
	758	Franklin Covey Company, (2)		15,365
	3,360	FTI Consulting Inc., (2), (3)		115,248
	1,223	GP Strategies Corporation, (2)		32,140
	1,505	Heidrick & Struggles International, Inc.		28,369
	1,950	Huron Consulting Group, Inc., (2)		138,840
	1,644	ICF International, Inc., (2)		64,067
	1,871	Insperity Inc.		59,984
	2,245	Kelly Services, Inc.		47,280
	2,256	KForce Inc.		52,159
	4,057	Korn Ferry International, (2)		117,856
	1,325	Mistras Group Inc., (2)		30,091
	4,203	Navigant Consulting Inc., (2)		70,610
	6,572	Odyssey Marine Exploration Inc., (2), (3)		14,393
	3,811	On Assignment, Inc., (2)		133,385
	13,497	Pendrell Corporation, (2)		22,270
	3,400	Resources Connection, Inc.		46,274
	2,700	RPX Corporation, (2)		44,226
	2,959	The Advisory Board Company, (2), (3)		169,432
	3,390	TrueBlue Inc., (2)		90,683
	343	VSE Corporation, (3)		21,427
	2,079	WageWorks, Incorporated, (2)		88,087
		Total Professional Services		1,831,955
		Real Estate Investment Trust – 8.0%
	4,589	Acadia Realty Trust		124,500

92 Nuveen Investments

Shares		Description (1)	Value
		Real Estate Investment Trust (continued)
	2,327	AG Mortgage Investment Trust Inc.	$	41,165
	1,103	Agree Realty Corporation		32,947
	176	Alexander’s Inc.		60,854
	4,699	Altisource Residential Corporation		132,136
	2,800	American Assets Trust Inc, (3)		95,060
	4,914	American Capital Mortgage Investment Corporation		97,297
	37,605	American Realty Capital Properties Inc,		492,249
	1,141	American Residential Properties Inc., (2), (3)		20,504
	1,635	AmREIT Inc., Class B Shares		27,239
	12,072	Anworth Mortgage Asset Corporation, (3)		65,189
	2,851	Apollo Commercial Real Estate Finance, Inc.		48,496
	2,669	Apollo Residential Mortgage Inc.		43,104
	1,783	Ares Commercial Real Estate Corporation		22,751
	1,583	Armada Hoffler Properties Inc., (3)		15,323
	31,178	Armour Residential REIT Inc., (3)		132,195
	1,529	Ashford Hospitality Prime Inc.		23,455
	5,606	Ashford Hospitality Trust Inc.		57,518
	4,794	Associated Estates Realty Corp.		80,443
	958	Aviv REIT Inc.		25,282
	5,380	Campus Crest Communities Inc.		46,322
	7,388	Capstead Mortgage Corporation, (3)		94,419
	1,007	CatchMark Timber Trust Inc., Class A		13,574
	6,026	Cedar Shopping Centers Inc.		37,301
	19,708	Chambers Street Properties		153,525
	2,192	Chatham Lodging Trust, (3)		44,563
	4,048	Chesapeake Lodging Trust		109,256
	5,791	Colony Financial Inc.		125,954
	1,729	Coresite Realty Corporation		52,596
	14,011	Cousins Properties, Inc.		162,948
	11,102	CubeSmart		206,497
	1,598	CyrusOne Inc.		31,960
	14,552	CYS Investments Inc.		125,147
	24,227	DCT Industrial Trust Inc.		189,455
	16,289	DiamondRock Hospitality Company		199,866
	5,202	Dupont Fabros Technology Inc., (3)		126,044
	4,578	Dynex Capital, Inc., (3)		39,279
	2,522	EastGroup Properties Inc., (3)		159,517
	9,503	Education Realty Trust Inc.		96,931
	537	Ellington Residential Mortgage REIT		8,775

Nuveen Investments 93

Nuveen Small Cap Index Fund (continued)

Portfolio of Investments April 30, 2014 (Unaudited)

Shares		Description (1)	Value
		Real Estate Investment Trust (continued)
	6,850	Empire State Realty Trust Inc.	$	104,805
	4,304	Entertainment Properties Trust		230,737
	5,017	Equity One Inc.		113,033
	3,987	Excel Trust Inc.		50,316
	10,343	FelCor Lodging Trust Inc.		95,466
	8,957	First Industrial Realty Trust, Inc.		164,540
	4,896	First Potomac Realty Trust		63,795
	7,502	Franklin Street Properties Corporation		91,374
	5,966	Geo Group Inc.		200,040
	2,135	Getty Realty Corporation		40,394
	1,169	Gladstone Commercial Corporation, (3)		20,621
	12,041	Glimcher Realty Trust		122,698
	4,556	Government Properties Income Trust, (3)		115,950
	4,949	Gramercy Proprty Trust Inc, (3)		25,834
	1,228	Hannon Armstrong Sustainable Infrastructure Capital Inc., (3)		16,234
	7,988	Healthcare Realty Trust, Inc.		200,898
	16,881	Hersha Hospitality Trust		98,079
	7,487	Highwoods Properties, Inc., (3)		302,100
	3,612	Hudson Pacific Properties Inc., (3)		85,063
	7,110	Inland Real Estate Corporation		74,300
	11,268	Invesco Mortgage Capital Inc.		187,838
	8,406	Investors Real Estate Trust, (3)		73,300
	7,089	iStar Financial Inc., (2)		105,343
	1,125	Javelin Mortgage Investment Corporation		14,861
	10,866	Kite Realty Group Trust		67,369
	8,663	LaSalle Hotel Properties		286,572
	14,974	Lexington Corporate Properties Trust		161,120
	2,894	LTC Properties Inc.		111,795
	13,465	Medical Properties Trust Inc.		181,778
	3,536	Monmouth Real Estate Investment Corporation		33,203
	2,050	National Health Investors Inc.		126,465
	21,086	New Residential Investment		128,625
	7,534	New York Mortgage Trust, Inc.		55,526
	27,169	Northstar Realty Finance Corporation, (3)		435,247
	978	One Liberty Properties Inc.		21,643
	4,593	Parkway Properties Inc.		86,624
	5,118	Pebblebrook Hotel Trust		176,264
	5,667	Penn Real Estate Investment Trust		93,789
	5,872	PennyMac Mortgage Investment Trust		137,640

94 Nuveen Investments

Shares		Description (1)	Value
		Real Estate Investment Trust (continued)
	1,673	Physicians Realty Trust	$	22,954
	3,374	Potlatch Corporation		128,988
	1,411	PS Business Parks Inc.		121,021
	1,171	QTS Realty Trust Inc., Class A Shares, (3)		31,910
	6,771	RAIT Investment Trust		55,387
	5,534	Ramco-Gershenson Properties Trust		91,200
	6,843	Redwood Trust Inc., (3)		149,177
	10,582	Resource Capital Corporation, (3)		58,201
	5,988	Retail Opportunity Investments Corporation		93,652
	1,410	Rexford Industrial Realty Inc.		20,050
	10,307	RLJ Lodging Trust		274,888
	2,168	Rouse Properties Inc.		36,401
	3,676	Ryman Hospitalities Properties, (3)		167,442
	3,111	Sabra Health Care Real Estate Investment Trust Inc.		93,237
	654	Saul Centers Inc.		30,012
	1,576	Select Income REIT		48,509
	1,097	Silver Bay Realty Trust Corporation		16,433
	2,617	Sovran Self Storage Inc.		198,630
	3,487	STAG Industrial Inc.		82,049
	15,109	Strategic Hotels & Resorts Inc., (2)		163,026
	6,652	Summit Hotel Properties Inc., (3)		60,267
	3,354	Sun Communities Inc., (3)		152,842
	15,208	Sunstone Hotel Investors Inc.		217,626
	2,083	Terreno Realty Corporation		38,056
	1,388	UMH Properties Inc.		13,672
	991	Universal Health Realty Income Trust		42,048
	2,078	Urstadt Biddle Properties Inc.		42,412
	5,541	Washington Real Estate Investment Trust, (3)		135,533
	3,312	Western Asset Mortgage Capital Corporation, (3)		48,918
	1,779	Whitestone Real Estate Investment Trust		24,959
	2,665	Winthrop Realty Trust, Inc.		37,044
	470	ZAIS Financial Corporation		7,750
		Total Real Estate Investment Trust		11,067,209
		Real Estate Management & Development – 0.3%
	3,587	Alexander & Baldwin Inc.		133,831
	787	AV Homes Inc., (2), (3)		13,481
	488	Consolidated Tomoka Land Company, (3)		19,291
	2,888	Forestar Real Estate Group Inc., (2)		49,240
	4,720	Kennedy-Wilson Holdings Inc.		103,085

Nuveen Investments 95

Nuveen Small Cap Index Fund (continued)

Portfolio of Investments April 30, 2014 (Unaudited)

Shares		Description (1)	Value
		Real Estate Management & Development (continued)
	965	ReMax Holdings Inc., (3)	$	27,232
	1,148	Tejon Ranch Company, (2)		35,599
		Total Real Estate Management & Development		381,759
		Road & Rail – 0.6%
	2,142	Arkansas Best Corporation		84,438
	1,674	Celadon Group, Inc., (3)		38,519
	3,318	Heartland Express, Inc., (3)		72,200
	4,539	Knight Transportation Inc.		107,710
	1,952	Marten Transport, Ltd.		45,794
	546	Patriot Transportation Holding, Inc., (2), (3)		19,044
	1,754	Quality Distribution, Inc., (2)		22,048
	1,551	Roadrunner Transportation System Inc., (2)		38,201
	2,024	Saia, Inc., (2)		83,328
	6,987	Swift Transportation Company, (2), (3)		168,037
	450	Universal Truckload Services, Inc.		11,097
	3,275	Werner Enterprises, Inc.		83,840
	2,597	YRC Worldwide Inc., (2)		58,251
		Total Road & Rail		832,507
		Semiconductors & Equipment – 3.6%
	3,271	Advanced Energy Industriess Inc., (2)		71,569
	1,447	Alpha & Omega Semiconductor Limited, (2), (3)		10,418
	1,622	Ambarella, Incorporated, (2), (3)		40,307
	5,845	Amkor Technology Inc., (2)		46,468
	6,857	Anadigics Inc., (2), (3)		8,571
	6,092	Applied Micro Circuits Corporation, (2)		59,153
	801	Audience Incorporated, (2)		9,212
	9,027	Axcelis Technologies Inc., (2)		16,158
	5,541	Brooks Automation Inc.		56,684
	1,940	Cabot Microelectronics Corporation, (2)		84,138
	4,279	Cavium Networks Inc., (2)		181,301
	1,845	CEVA, Inc., (2), (3)		29,944
	5,282	Cirrus Logic Inc., (2), (3)		117,789
	2,060	Cohu Inc.		21,218
	13,045	Cypress Semiconductor Corporation, (2)		123,536
	2,991	Diodes Inc., (2)		78,873
	1,647	DSP Group Inc., (2)		13,110
	11,611	Entegris Inc., (2)		128,766
	7,465	Entropic Communications Inc., (2)		27,546
	3,189	Exar Corporation, (2)		34,505

96 Nuveen Investments

Shares		Description (1)	Value
		Semiconductors & Equipment (continued)
	4,496	FormFactor Inc., (2)	$	25,852
	1,711	GSI Technology Inc., (2)		10,865
	11,161	GT Advanced Technologies, Inc., (2), (3)		185,384
	2,628	Hittite Microwave Corporation		155,998
	2,173	Inphi Corporation, (2)		32,139
	10,985	Integrated Device Technology, Inc., (2)		128,195
	2,343	Integrated Silicon Solution, (2), (3)		33,880
	1,438	Intermolecular Inc, (2), (3)		3,911
	5,788	International Rectifier Corporation, (2)		150,720
	10,600	Intersil Holding Corporation, Class A		130,804
	2,016	IXYS Corporation		21,753
	5,526	Kopin Corporation, (2), (3)		18,015
	9,637	Lattice Semiconductor Corporation, (2)		81,144
	3,963	LTX-Credence Corporation, (2)		38,164
	882	MA-COM Technology Solutions Holdings Incorporated, (2)		15,444
	1,928	Maxlinear Inc., (2)		15,173
	3,880	Micrel, Incorporated, (3)		38,645
	7,744	Microsemi Corporation, (2), (3)		182,139
	4,418	MKS Instruments Inc.		124,367
	3,065	Monolithic Power Systems, Inc., (2)		113,712
	3,919	MoSys, Inc., (2), (3)		15,323
	1,926	Nanometrics Inc., (2), (3)		31,317
	1,682	NeoPhotonics Corporation, (2)		9,705
	375	NVE Corporation, (2), (3)		19,691
	4,499	Omnivision Technologies, Inc., (2)		87,865
	2,095	PDF Solutions, Inc., (2)		39,323
	2,202	Peregrine Semiconductor Corporation, (2), (3)		11,825
	1,911	Pericom Semiconductor Corporation, (2)		15,422
	5,064	Photronics Inc., (2)		43,956
	3,798	PLX Technologies Inc., (2)		22,028
	17,003	PMC-Sierra, Inc., (2)		116,301
	2,415	Power Integrations Inc.		114,060
	9,303	Rambus Inc., (2), (3)		112,473
	23,438	RF Micro Devices, Inc., (2)		197,817
	1,764	Rubicon Technology Inc., (2)		17,869
	2,722	Rudolph Technologies, (2)		24,797
	5,613	Semtech Corporation, (2)		134,600
	2,552	Sigma Designs, Inc., (2)		9,621
	6,433	Silicon Image, Inc., (2)		36,089

Nuveen Investments 97

Nuveen Small Cap Index Fund (continued)

Portfolio of Investments April 30, 2014 (Unaudited)

Shares		Description (1)	Value
		Semiconductors & Equipment (continued)
	3,941	Spansion Inc., Class A, (2)	$	70,268
	22,205	SunEdison Inc., (2), (3)		427,000
	3,436	SunPower Corporation, (2), (3)		114,831
	2,708	Synaptics, Inc., (2)		168,302
	4,397	Tessera Technologies Inc., (3)		96,426
	13,606	TriQuint Semiconductor, Inc., (2)		192,933
	1,991	Ultra Clean Holdings, Inc., (2)		16,963
	2,310	Ultratech Stepper Inc., (2), (3)		61,492
	3,263	Veeco Instruments Inc., (2)		120,633
		Total Semiconductors & Equipment		4,994,500
		Software – 3.6%
	3,320	ACI Worldwide, Inc., (2)		189,738
	3,943	Actuate Corporation, (2)		22,199
	2,720	Advent Software Inc.		78,390
	2,000	American Software, Inc.		19,280
	7,809	Aspen Technology Inc., (2)		335,709
	1,995	AVG Technologies NV, (2)		37,366
	345	Barracuda Networks Inc., (2), (3)		8,911
	3,805	Blackbaud, Inc.		115,862
	3,153	Bottomline Technologies, Inc., (2), (3)		99,761
	2,337	Broadsoft Inc., (2), (3)		59,313
	3,356	Callidus Software, Inc., (2)		32,033
	3,874	CommVault Systems, Inc., (2), (3)		187,502
	1,715	Comverse Incorporated, (2)		42,772
	612	Covisint Corporation, (2), (3)		4,321
	618	Cyan Inc., (2)		2,583
	526	Digimarc Corporation, (3)		17,369
	2,591	Ebix, Inc., (3)		40,886
	2,193	Ellie Mae Incorporated, (2), (3)		53,487
	2,621	EPIQ Systems, Inc.		33,523
	313	ePlus, Inc., (2)		15,663
	2,990	Fair Isaac Corporation		171,028
	1,362	Fleetmatics Group Limited, (2), (3)		40,901
	647	Gigamon Inc., (2)		10,203
	5,346	Glu Mobile, Inc., (2), (3)		21,384
	1,399	Guidance Software, Inc., (2), (3)		12,885
	4,066	Guidewire Software Incorporated, (2)		153,532
	1,683	Imperva Incorporated, (2)		38,507
	4,405	Infoblox, Incorporated, (2)		86,426

98 Nuveen Investments

Shares		Description (1)	Value
		Software (continued)
	1,291	Interactive Intelligence Group, (2)	$	80,778
	3,300	Jive Software Inc., (2)		24,684
	6,484	Manhattan Associates Inc., (2)		204,441
	466	Mavenir Systems Inc., (2)		6,953
	7,948	Mentor Graphics Corporation		164,524
	754	Microstrategy Inc., (2)		91,558
	2,077	Mitek Systems Inc., (2), (3)		6,771
	676	Model N Inc., (2)		6,091
	3,186	Monotype Imaging Holdings Inc.		84,142
	3,017	NetScout Systems, Inc., (2)		117,542
	9,968	Parametric Technology Corporation, (2)		352,568
	2,898	Pegasystems, Inc.		48,020
	4,326	Progress Software Corporation, (2)		92,836
	1,911	Proofpoint, Incorporated, (2)		48,616
	1,874	PROS Holdings, Inc., (2)		51,348
	490	QAD Inc A, (3)		9,335
	7,252	QLIK Technologies Inc., (2)		159,399
	1,241	Qualys Incorporated, (2)		23,939
	575	Rally Software Development Corporation, (2)		7,521
	3,879	RealPage Inc., (2), (3)		68,852
	966	Rosetta Stone Inc., (2)		11,505
	1,412	Sapiens International Corporation NV, (2)		11,112
	2,728	SeaChange International, Inc., (2)		25,561
	493	Silver Springs Networks Inc., (2)		7,385
	4,855	SS&C Technologies Holdings Inc., (2)		188,957
	2,428	Synchronoss Technologies, Inc., (2), (3)		73,908
	6,748	Take-Two Interactive Software, Inc., (2), (3)		137,524
	2,582	Tangoe Inc., (2), (3)		38,833
	3,965	TeleCommunication Systems, (2)		10,111
	1,479	TeleNav Inc., (2)		9,066
	10,550	TiVo, Inc., (2)		125,123
	2,625	Tyler Technologies Inc., (2)		214,331
	2,303	Ultimate Software Group, Inc., (2)		275,506
	440	Varonis Systems Inc., (2)		11,119
	2,409	Vasco Data Security International, Inc., (2)		27,487
	4,391	Verint Systems Inc., (2)		192,194
	3,518	VirnetX Holding Corporation, (2), (3)		55,409
	5,588	Vringo Inc., (2)		22,855
		Total Software		5,019,438

Nuveen Investments 99

Nuveen Small Cap Index Fund (continued)

Portfolio of Investments April 30, 2014 (Unaudited)

Shares		Description (1)	Value
		Specialty Retail – 3.1%
	6,540	Aeropostale, Inc., (2), (3)	$	32,504
	670	America’s Car-Mart, Inc., (2), (3)		24,214
	3,932	Ann Inc., (2)		154,095
	2,598	Asbury Automotive Group, Inc., (2)		160,401
	3,367	Barnes & Noble Inc., (2)		55,219
	2,899	bebe stores, inc.		14,640
	1,401	Big 5 Sporting Goods Corporation, (3)		17,106
	1,278	Body Central Corporation, (2), (3)		1,329
	3,605	Brown Shoe Inc.		85,042
	2,328	Buckle Inc., (3)		109,393
	2,296	Cato Corporation		65,413
	1,925	Childrens Place Retail Stores Inc., (3)		92,400
	3,026	Christopher & Banks Corporation, (2)		18,882
	1,288	Citi Trends, Inc., (2)		21,883
	1,871	Conn’s, Inc., (2), (3)		82,754
	1,195	Container Store Group Inc., (2), (3)		32,970
	1,128	Destination Maternity Corporation		27,816
	3,509	Destination XL Group Inc., (2)		18,949
	7,114	Express Inc., (2)		103,651
	4,103	Finish Line, Inc.		112,956
	2,732	Five Below, Incorporated, (2), (3)		110,127
	3,669	Francescas Holdings Corporation, (2), (3)		60,025
	2,002	Genesco Inc., (2)		152,893
	1,812	Group 1 Automotive Inc., (3)		130,700
	1,646	Haverty Furniture Companies Inc.		42,039
	1,070	Hhgregg Inc., (2), (3)		9,223
	2,165	Hibbett Sporting Goods, Inc., (2), (3)		116,585
	2,330	Joseph A Bank Clothiers, Inc., (2)		150,402
	1,162	Kirkland’s, Inc., (2), (3)		19,882
	1,850	Lithia Motors Inc.		137,418
	2,290	Lumber Liquidators Inc., (2)		199,594
	1,945	Marinemax Inc., (2)		31,237
	1,120	Mattress Firm Holding Corporation, (2), (3)		50,613
	3,947	Mens Wearhouse Inc.		187,009
	2,605	Monro Muffler Brake, Inc., (3)		146,922
	2,399	New York & Company Inc., (2)		10,052
	40,010	Office Depot, Inc., (2)		163,641
	1,694	Outerwall Inc., (2), (3)		117,479
	3,848	Pacific Sunwear of California, Inc., (2)		11,082

100 Nuveen Investments

Shares		Description (1)	Value
		Specialty Retail (continued)
	3,520	Penske Auto Group, Inc.	$	161,427
	4,431	Pep Boys – Manny, Moe & Jack, (2)		45,285
	6,933	Pier 1 Imports, Inc., (3)		126,597
	8,307	RadioShack Corporation, (2), (3)		11,879
	4,120	Rent-A-Center Inc., (3)		120,345
	1,473	Restoration Hardware Holdings Incorporated, (2)		91,900
	721	Sears Hometown and Outlet Stores, (2), (3)		17,023
	4,638	Select Comfort Corporation, (2)		85,339
	1,250	Shoe Carnival, Inc.		28,550
	3,245	Sonic Automotive Inc.		78,983
	2,726	Stage Stores Inc., (3)		52,285
	2,306	Stein Mart, Inc.		28,825
	908	Systemax Inc., (2)		15,699
	1,538	Tile Shop Holdings Inc., (2), (3)		21,678
	824	Tilly’s Inc, Class A Shares, (2)		9,311
	818	Trans World Entertainment Corporation, (2)		2,675
	2,530	Vitamin Shoppe Inc., (2), (3)		121,136
	1,415	West Marine, Inc., (2)		15,141
	7,414	Wet Seal Inc., (2), (3)		8,378
	168	Winmark Corporation		12,744
	2,706	Zale Corporation, (2)		57,881
	1,760	Zumiez, Inc., (2)		43,032
		Total Specialty Retail		4,234,653
		Textiles, Apparel & Luxury Goods – 1.3%
	7,749	American Apparel, Inc., (2), (3)		5,009
	1,076	Columbia Sportswear Company		92,514
	7,344	Crocs, Inc., (2)		111,115
	680	Culp Inc., (3)		12,274
	1,399	G III Apparel Group, Limited, (2)		100,406
	4,289	Iconix Brand Group, Inc., (2), (3)		182,283
	10,514	Kate Spade & Company, (2)		365,570
	1,472	Movado Group Inc.		57,820
	1,121	Oxford Industries Inc.		73,997
	1,027	Perry Ellis International, Inc., (2)		15,508
	11,047	Quiksilver Inc., (2)		70,922
	832	R.G. Barry Corporation		15,209
	3,223	Skechers USA Inc., (2)		132,111
	5,013	Steven Madden Limited, (2)		178,513
	3,990	Tumi Holdings Inc., (2)		81,476

Nuveen Investments 101

Nuveen Small Cap Index Fund (continued)

Portfolio of Investments April 30, 2014 (Unaudited)

Shares		Description (1)	Value
		Textiles, Apparel & Luxury Goods (continued)
	1,244	Unifi Inc., (2)	$	27,542
	1,804	Vera Bradley Inc., (2), (3)		51,053
	956	Vince Holding Company, (2)		26,300
	8,362	Wolverine World Wide Inc., (3)		234,972
		Total Textiles, Apparel & Luxury Goods		1,834,594
		Thrifts & Mortgage Finance – 1.6%
	7,359	Astoria Financial Corporation, (3)		97,580
	3,869	Bank Mutual Corporation, (3)		23,291
	1,757	BankFinancial Corporation, (3)		17,289
	602	BBX Capital Corporation, (2)		11,275
	2,472	Beneficial Mutual Bancorp Inc., (2), (3)		32,235
	2,090	Berkshire Hills Bancorp, Inc.		48,969
	1,009	BofI Holdings, Inc., (2)		81,335
	5,841	Brookline Bancorp, Inc.		53,036
	12,414	Capitol Federal Financial Inc.		149,465
	1,640	Charter Financial Corporation		18,040
	701	Clifton Bancorp Inc.		8,125
	2,653	Dime Community Bancshares, Inc.		43,244
	545	Doral Financial Group, (2)		5,210
	1,070	ESB Financial Corporation, (3)		13,503
	730	ESSA Bancorp Inc.		7,585
	973	Essent Group Limited, (2), (3)		18,341
	6,707	Everbank Financial Corporation, (3)		125,555
	858	Federal Agricultural Mortgage Corporation		30,528
	814	First Defiance Financial Corporation		21,994
	226	First Federal Bancshares of Arkansas, Inc., (2), (3)		2,005
	1,262	First Financial Northwest Inc.		12,872
	1,654	Flagstar Bancorp Inc., (2)		29,110
	942	Fox Chase Bancorp.		15,713
	896	Franklin Financial Corporation, (2)		17,884
	106	Hingham Institution for Savings		7,368
	540	Home Bancorp Inc., (2), (3)		10,935
	5,919	Home Loan Servicing Solutions Limited, (3)		131,106
	1,080	HomeStreet Inc., (3)		19,613
	1,195	Kearny Financial Corporation, (2), (3)		17,423
	1,242	Ladder Capital Corporation, (2)		22,219
	695	Meridian Interstate Bancorp, Inc., (2), (3)		17,563
	497	Meta Financial Group, Inc.		20,829
	27,020	MGIC Investment Corporation, (2), (3)		232,370

102 Nuveen Investments

Shares		Description (1)	Value
		Thrifts & Mortgage Finance (continued)
	349	NASB Financial, Inc.	$	8,327
	4,194	Northfield Bancorp Inc.		54,396
	7,811	Northwest Bancshares Inc.		103,808
	1,064	OceanFirst Financial Corporation		17,258
	3,782	Oritani Financial Corporation		56,087
	1,064	PennyMac Financial Services Inc., (2)		16,886
	764	Provident Financial Holdings, Inc.		10,749
	4,974	Provident Financial Services Inc.		86,448
	14,406	Radian Group Inc., (3)		201,396
	1,976	Rockville Financial Inc.		26,004
	679	Stonegate Mortgage Corporation, (2), (3)		8,589
	886	Territorial Bancorp Inc.		18,128
	497	Tree.com Inc., (2)		14,453
	7,850	TrustCo Bank Corporation NY, (3)		51,889
	4,114	United Community Financial Corporation, (2), (3)		13,700
	1,640	United Financial Bancorp.		28,930
	1,372	Walker & Dunlop Inc., (2)		21,513
	673	Waterstone Financial Inc.		7,006
	1,478	Westfield Financial Inc.		10,124
	654	WSFS Financial Corporation		44,223
		Total Thrifts & Mortgage Finance		2,163,524
		Tobacco – 0.2%
	7,303	Alliance One International, Inc., (2), (3)		18,769
	1,944	Universal Corporation, (3)		106,084
	4,320	Vector Group Ltd., (3)		92,016
		Total Tobacco		216,869
		Trading Companies & Distributors – 1.0%
	2,283	Aceto Corporation		49,952
	5,706	Aircastle LTD		100,254
	3,512	Applied Industrial Technologies Inc.		168,295
	4,057	Beacon Roofing Supply Company, (2)		144,348
	2,937	Bluelinx Holdings Inc., (2)		3,847
	1,431	CAI International Inc., (2), (3)		31,124
	789	DXP Enterprises, Inc., (2)		89,323
	2,476	H&E Equipment Services, Inc., (2)		95,450
	1,493	Houston Wire & Cable Company		18,603
	2,253	Kaman Corporation, (3)		94,558
	2,891	Rush Enterprises, Class A, (2), (3)		92,801
	670	Stock Building Supply Holdings Inc., (2), (3)		11,598

Nuveen Investments 103

Nuveen Small Cap Index Fund (continued)

Portfolio of Investments April 30, 2014 (Unaudited)

Shares		Description (1)	Value
		Trading Companies & Distributors (continued)
	2,821	TAL International Group Inc., (3)	$	118,990
	1,776	Textainer Group Holdings Limited, (3)		69,797
	1,435	Titan Machinery, Inc., (2), (3)		25,313
	2,140	Watsco Inc.		220,225
		Total Trading Companies & Distributors		1,334,478
		Transportation Infrastructure – 0.0%
	3,431	Wesco Aircraft Holdings Inc., (2)		69,512
		Water Utilities – 0.2%
	3,214	American States Water Co		97,577
	631	Artesian Resources Corporation		13,895
	3,978	California Water Service Group		89,505
	902	Connecticut Water Service, Inc., (3)		29,315
	1,219	Consolidated Water Company, Limited		14,165
	1,319	Middlesex Water Company		26,815
	1,434	Pure Cycle Corporation, (2), (3)		8,045
	1,289	SJW Corporation		35,099
	1,077	York Water Company, (3)		21,551
		Total Water Utilities		335,967
		Wireless Telecommunication Services – 0.1%
	1,547	Boingo Wireless Inc., (2), (3)		10,210
	4,499	Leap Wireless International, Inc., (5)		11,337
	14,336	NII Holdings Inc., Class B, (2), (3)		12,328
	1,274	NTELOS Holdings Corporation, (3)		17,568
	717	RingCentral Inc., Class A, (2)		10,870
	1,999	Shenandoah Telecommunications Company		56,032
	1,803	USA Mobility Inc.		30,885
		Total Wireless Telecommunication Services		149,230
		Total Common Stocks (cost $96,138,626)		134,281,705
Shares		Description (1), (4)	Value
		EXCHANGE-TRADED FUNDS – 0.0%
	713	Firsthand Technology Value Fund, Incorporated, (3)		13,946
		Total Exchange-Traded Funds (cost $13,279)		13,946
Shares		Description (1)	Value
		COMMON STOCK RIGHTS – 0.0%
	102	Central European Media Enterprises Limited, (3), (5)		—
	692	Clinical Data, Inc., (5)		—
	3,767	Cubist Pharmaceuticals Inc., (2)		1,089
	1,493	Gerber Scientific Inc., (5)		—
	424	Omthera Pharamceuticals Inc., (5)		—
	2,878	Trius Therapeutics Inc., (2), (5)		—
		Total Common Stock Rights (cost $6,958)		1,089

104 Nuveen Investments

Shares		Description (1)								Value
		WARRANTS – 0.0%
	1,328	Magnum Hunter Resources Corporation Warrants, (3), (5)								$	3,104
	157	Tejon Ranch Company, (2), (6)									518
		Total Warrants (cost $855)									3,622
		Total Long-Term Investments (cost $96,159,718)									134,300,362
Shares		Description (1)								Value
		INVESTMENTS PURCHASED WITH COLLATERAL FROM SECURITIES LENDING – 26.3%
		Money Market Funds – 26.3%
	34,196,041	Mount Vernon Securities Lending Prime Portfolio, 0.172%, (7), (8)								$	36,168,341
		Total Investments Purchased with Collateral from Securities Lending (cost $36,168,341)									36,168,341
Principal Amount (000)		Description (1)	Coupon			Maturity		Ratings (9)		Value
		SHORT-TERM INVESTMENTS – 2.4%
		Money Market Funds – 2.0%
$	2,743,815	First American Treasury Obligations Fund, Class Z		0.000	% (7)		N/A		N/A	$	2,743,815
		U.S. Government and Agency Obligations – 0.4%
	600	U.S. Treasury Bills, (10)		0.000	%		7/24/14		AAA		599,979
		Total Short-Term Investments (cost $3,343,734)									3,343,794
		Total Investments (cost $135,671,793) – 126.3%									173,812,497
		Other Assets Less Liabilities – (26.3)%									(36,212,233	)
		Net Assets – 100%								$	137,600,264

Investments in Derivatives as of April 30, 2014

Futures Contracts outstanding:

Description	Contract Position		Number of Contracts		Contract Expiration		Notional Value		Unrealized Appreciation (Depreciation)
Russell 2000 Mini Index		Long		27		6/14	$	3,033,720	$	(95,890	)

Nuveen Investments 105

Nuveen Small Cap Index Fund (continued)

Portfolio of Investments April 30, 2014 (Unaudited)

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 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 $34,425,751.

(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) For fair value measurement disclosure purposes, Warrant categorized as Level 2. See Notes to Financial Statements Note 2 – Investment Valuation and Fair Value Measurement for more information.

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

(8) 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.

(9) 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.

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

N/A Not applicable.

ADR American Depositary Receipt.

REIT Real Estate Investment Trust.

See accompanying notes to financial statements.

106 Nuveen Investments

Statement of

Assets & Liabilities April 30, 2014 (Unaudited)

	Equity Index		Mid Cap Index		Small Cap Index
Assets
Long-term investments, at value (cost $298,011,264, $415,966,722 and $96,159,718, respectively)	$	758,603,689	$	593,748,084	$	134,300,362
Investments purchased with collateral from securities lending, at value (cost approximates value)		85,941,385		130,489,406		36,168,341
Short-term investments, at value (cost $6,114,050, $50,742,498 and $3,343,734, respectively)		6,114,348		50,742,779		3,343,794
Cash		3,206		14		149,405
Receivable for:
Dividends		724,286		264,953		53,271
Due from Adviser		—		—		20,008
Due from broker		7,547		37,268		23,514
Investments sold		30,305,725		2,949,248		50,462
Shares sold		737,781		802,546		331,708
Variation margin on futures contracts		16,368		297,892		19,710
Other assets		19,267		11,321		125
Total assets		882,473,602		779,343,511		174,460,700
Liabilities
Payable for:
Collateral from securities lending program		85,941,385		130,489,406		36,168,341
Investments purchased		239,301		—		274,564
Shares redeemed		1,648,586		1,180,200		305,331
Accrued expenses:
Directors fees		23,433		14,926		1,273
Management fees		54,276		72,347		—
12b-1 distribution and service fees		78,995		137,975		30,196
Other		293,303		360,109		80,731
Total liabilities		88,279,279		132,254,963		36,860,436
Net assets	$	794,194,323	$	647,088,548	$	137,600,264
Class A Shares
Net assets	$	191,729,475	$	205,777,732	$	44,348,556
Shares outstanding		7,118,075		11,633,962		3,053,958
Net asset value (“NAV”) and offering price per share	$	26.94	$	17.69	$	14.52
Class B Shares
Net assets	$	1,552,791		N/A		N/A
Shares outstanding		58,787		N/A		N/A
NAV and offering price per share	$	26.41		N/A		N/A
Class C Shares
Net assets	$	11,955,816	$	12,806,463	$	2,675,316
Shares outstanding		448,879		750,200		192,987
NAV and offering price per share	$	26.63	$	17.07	$	13.86
Class R3 Shares
Net assets	$	69,675,644	$	208,031,069	$	44,913,295
Shares outstanding		2,585,722		11,904,678		3,173,350
NAV and offering price per share	$	26.95	$	17.47	$	14.15
Class I Shares
Net assets	$	519,280,597	$	220,473,284	$	45,663,097
Shares outstanding		19,284,583		12,431,610		3,137,900
NAV and offering price per share	$	26.93	$	17.73	$	14.55
Net assets consist of:
Capital paid-in	$	299,095,544	$	452,148,719	$	97,686,807
Undistributed (Over-distribution of) net investment income		1,906,473		2,136,159		354,619
Accumulated net realized gain (loss)		32,479,268		15,141,555		1,514,024
Net unrealized appreciation (depreciation)		460,713,038		177,662,115		38,044,814
Net assets	$	794,194,323	$	647,088,548	$	137,600,264
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.

Nuveen Investments 107

Statement of

Operations Six Months Ended April 30, 2014 (Unaudited)

	Equity Index			Mid Cap Index			Small Cap Index
Investment Income
Dividend and interest income	$	7,989,402		$	4,279,692		$	876,779
Securities lending income, net		39,556			177,283			130,407
Total investment income		8,028,958			4,456,975			1,007,186
Expenses
Management fees		1,086,316			971,707			230,594
12b-1 service fees – Class A		235,044			245,307			54,555
12b-1 distribution and service fees – Class B		8,749			N/A			N/A
12b-1 distribution and service fees – Class C		56,695			58,999			12,485
12b-1 distribution and service fees – Class R3		165,200			494,407			110,366
Shareholder servicing agent fees and expenses		594,820			583,296			128,131
Custodian fees and expenses		80,686			65,493			74,702
Directors fees and expenses		11,283			9,118			2,022
Professional fees		32,566			23,525			14,233
Shareholder reporting expenses		32,741			58,245			20,683
Federal and state registration fees		35,340			40,097			28,539
Other expenses		21,693			23,065			78,669
Total expenses before fee waiver/expense reimbursement		2,361,133			2,573,259			754,979
Fee waiver/expense reimbursement		(440,632	)		(267,489	)		(185,871	)
Net expenses		1,920,501			2,305,770			569,108
Net investment income (loss)		6,108,457			2,151,205			438,078
Realized and Unrealized Gain (Loss)
Net realized gain (loss) from:
Investments		45,404,131			13,406,291			1,509,580
Future contracts		1,257,960			3,932,943			792,894
Change in net unrealized appreciation (depreciation) of:
Investments		9,318,042			16,443,138			1,739,081
Future contracts		(297,618	)		(1,589,707	)		(529,863	)
Net realized and unrealized gain (loss)		55,682,515			32,192,665			3,511,692
Net increase (decrease) in net assets from operations	$	61,790,972		$	34,343,870		$	3,949,770

N/A – Fund does not offer share class.

See accompanying notes to financial statements.

108 Nuveen Investments

Statement of

Changes in Net Assets (Unaudited)

	Equity Index						Mid Cap Index
	Six Months 4/30/14			Year Ended 10/31/13			Six Months 4/30/14			Year Ended 10/31/13
Operations
Net investment income (loss)	$	6,108,457		$	13,297,744		$	2,151,205		$	4,402,672
Net realized gain (loss) from:
Investments		45,404,131			52,253,862			13,406,291			15,293,322
Futures contracts		1,257,960			5,449,087			3,932,943			5,999,365
Change in net unrealized appreciation (depreciation) of:
Investments		9,318,042			107,601,627			16,443,138			108,525,486
Futures contracts		(297,618	)		833,236			(1,589,707	)		2,220,304
Net increase (decrease) in net assets from operations		61,790,972			179,435,556			34,343,870			136,441,149
Distributions to Shareholders
From net investment income:
Class A		(1,350,267	)		(2,606,436	)		(1,225,635	)		(790,895	)
Class B		(5,848	)		(19,422	)		N/A			N/A
Class C		(37,807	)		(78,170	)		—			—
Class R3		(379,912	)		(602,709	)		(767,824	)		(568,169	)
Class I		(4,367,265	)		(9,873,135	)		(1,934,833	)		(1,643,928	)
From accumulated net realized gains:
Class A		(13,559,790	)		(3,515,075	)		(7,006,416	)		(3,562,726	)
Class B		(138,328	)		(60,618	)		N/A			N/A
Class C		(816,443	)		(199,974	)		(432,841	)		(186,176	)
Class R3		(4,767,202	)		(810,497	)		(7,116,110	)		(3,920,755	)
Class I		(38,641,025	)		(13,293,563	)		(8,216,759	)		(5,623,072	)
Decrease in net assets from distributions to shareholders		(64,063,887	)		(31,059,599	)		(26,700,418	)		(16,295,721	)
Fund Share Transactions
Proceeds from sale of shares		60,786,441			129,600,911			89,869,920			209,556,006
Proceeds from shares issued to shareholders due to reinvestment of distributions		53,674,210			24,380,950			23,558,777			13,377,172
		114,460,651			153,981,861			113,428,697			222,933,178
Cost of shares redeemed		(107,233,417	)		(257,387,549	)		(80,626,280	)		(128,355,020	)
Net increase (decrease) in net assets from Fund share transactions		7,227,234			(103,405,688	)		32,802,417			94,578,158
Net increase (decrease) in net assets		4,954,319			44,970,269			40,445,869			214,723,586
Net assets at the beginning of period		789,240,004			744,269,735			606,642,679			391,919,093
Net assets at the end of period	$	794,194,323		$	789,240,004		$	647,088,548		$	606,642,679
Undistributed (Over-distribution of) net investment income at the end of period	$	1,906,473		$	1,939,115		$	2,136,159		$	3,913,246

N/A – Fund does not offer share class.

See accompanying notes to financial statements.

Nuveen Investments 109

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

	Small Cap Index
	Six Months 4/30/14			Year Ended 10/31/13
Operations
Net investment income (loss)	$	438,078		$	1,098,225
Net realized gain (loss) from:
Investments		1,509,580			4,297,107
Futures contracts		792,894			1,950,317
Change in net unrealized appreciation (depreciation) of:
Investments		1,739,081			23,359,562
Futures contracts		(529,863	)		687,238
Net increase (decrease) in net assets from operations		3,949,770			31,392,449
Distributions to Shareholders
From net investment income:
Class A		(343,366	)		(217,739	)
Class B		N/A			N/A
Class C		(2,125	)		—
Class R3		(240,588	)		(103,962	)
Class I		(499,459	)		(328,679	)
From accumulated net realized gains:
Class A		(2,138,261	)		(1,103,621	)
Class B		N/A			N/A
Class C		(122,652	)		(50,808	)
Class R3		(2,218,626	)		(813,668	)
Class I		(2,498,135	)		(1,276,552	)
Decrease in net assets from distributions to shareholders		(8,063,212	)		(3,895,029	)
Fund Share Transactions
Proceeds from sale of shares		24,598,066			53,528,206
Proceeds from shares issued to shareholders due to reinvestment of distributions		7,014,092			3,120,918
		31,612,158			56,649,124
Cost of shares redeemed		(23,865,755	)		(33,996,665	)
Net increase (decrease) in net assets from Fund share transactions		7,746,403			22,652,459
Net increase (decrease) in net assets		3,632,961			50,149,879
Net assets at the beginning of period		133,967,303			83,817,424
Net assets at the end of period	$	137,600,264		$	133,967,303
Undistributed (Over-distribution of) net investment income at the end of period	$	354,619		$	1,002,079

N/A – Fund does not offer share class.

See accompanying notes to financial statements.

110 Nuveen Investments

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Nuveen Investments 111

Financial

Highlights (Unaudited)

Equity Index

Selected data for a share outstanding throughout each period:

			Investment Operations						Less Distributions
Class (Commencement Date) Year Ended October 31,	Beginning NAV		Net Investment Income (Loss)(a)		Net Realized/ Unrealized Gain (Loss)		Total		From Net Investment Income			From Accumulated Net Realized Gains			Total			Ending NAV
Class A (12/92)
2014(e)	$	27.10	$	.19	$	1.86	$	2.05	$	(.19	)	$	(2.02	)	$	(2.21	)	$	26.94
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)
2014(e)		26.62		.09		1.81		1.90		(.09	)		(2.02	)		(2.11	)		26.41
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)
2014(e)		26.82		.09		1.83		1.92		(.09	)		(2.02	)		(2.11	)		26.63
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)
2014(e)		27.04		.15		1.93		2.08		(.15	)		(2.02	)		(2.17	)		26.95
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)
2014(e)		27.09		.22		1.86		2.08		(.22	)		(2.02	)		(2.24	)		26.93
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

112 Nuveen Investments

			Ratios/Supplemental Data
					Ratios to Average Net Assets Before Waiver/Reimbursement						Ratios to Average Net Assets After Waiver/Reimbursement(c)
Total Return(b)			Ending Net Assets (000)		Expenses			Net Investment Income (Loss)			Expenses			Net Investment Income (Loss)			Portfolio Turnover Rate(d)
	8.06	%	$	191,729		.73	%*		1.31	%*		.62	%*		1.42	%*		2	%
	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
	7.60			1,553		1.48	*		.57	*		1.37	*		.68	*		2
	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
	7.62			11,956		1.48	*		.55	*		1.37	*		.66	*		2
	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
	7.93			69,676		.98	*		1.05	*		.87	*		1.16	*		2
	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
	8.19			519,281		.48	*		1.56	*		.37	*		1.67	*		2
	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 NAV, reinvested dividend income at NAV and reinvested capital gains distributions at NAV, 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.

(e) For the six months ended April 30, 2014.

* Annualized.

See accompanying notes to financial statements.

Nuveen Investments 113

Financial Highlights (Unaudited) (continued)

Mid Cap Index

Selected data for a share outstanding throughout each period:

			Investment Operations							Less Distributions
Class (Commencement Date) Year Ended October 31,	Beginning NAV		Net Investment Income (Loss)(a)			Net Realized/ Unrealized Gain (Loss)		Total		From Net Investment Income			From Accumulated Net Realized Gains			Total			Ending NAV
Class A (11/99)
2014(e)	$	17.50	$	.06		$	.89	$	.95	$	(.11	)	$	(.65	)	$	(.76	)	$	17.69
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)
2014(e)		16.87		(.01	)		.86		.85		—			(.65	)		(.65	)		17.07
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)
2014(e)		17.28		.04			.87		.91		(.07	)		(.65	)		(.72	)		17.47
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)
2014(e)		17.57		.08			.88		.96		(.15	)		(.65	)		(.80	)		17.73
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

114 Nuveen Investments

			Ratios/Supplemental Data
					Ratios to Average Net Assets Before Waiver/Reimbursement						Ratios to Average Net Assets After Waiver/Reimbursement(c)
Total Return(b)			Ending Net Assets (000)		Expenses			Net Investment Income (Loss)			Expenses			Net Investment Income (Loss)			Portfolio Turnover Rate(d)
	5.63	%	$	205,778		.82	%*		.60	%*		.73	%*		.69	%*		5	%
	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
	5.23			12,806		1.57	*		(.15	)*		1.48	*		(.07	)*		5
	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
	5.45			208,031		1.07	*		.35	*		.98	*		.44	*		5
	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
	5.67			220,473		.56	*		.86	*		.48	*		.94	*		5
	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 NAV, reinvested dividend income at NAV and reinvested capital gains distributions at NAV, 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.

(e) For the six months ended April 30, 2014.

* Annualized.

See accompanying notes to financial statements.

Nuveen Investments 115

Financial Highlights (Unaudited) (continued)

Small Cap Index

Selected data for a share outstanding throughout each period:

			Investment Operations							Less Distributions
Class (Commencement Date) Year Ended October 31,	Beginning NAV		Net Investment Income (Loss)(a)			Net Realized/ Unrealized Gain (Loss)		Total		From Net Investment Income			From Accumulated Net Realized Gains			Total			Ending NAV
Class A (12/98)
2014(e)	$	14.99	$	.05		$	.37	$	.42	$	(.12	)	$	(.77	)	$	(.89	)	$	14.52
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)
2014(e)		14.31		—			.33		.33		(.01	)		(.77	)		(.78	)		13.86
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)
2014(e)		14.62		.03			.35		.38		(.08	)		(.77	)		(.85	)		14.15
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)
2014(e)		15.04		.07			.36		.43		(.15	)		(.77	)		(.92	)		14.55
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

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)
	2.86	%	$	44,349		1.08	%*		.36	%*		.81	%*		.63	%*		1	%
	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
	2.42			2,675		1.83	*		(.40	)*		1.56	*		(.13	)*		1
	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
	2.69			44,913		1.33	*		.11	*		1.06	*		.38	*		1
	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
	2.95			45,663		.83	*		.63	*		.56	*		.89	*		1
	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 NAV, reinvested dividend income at NAV and reinvested capital gains distributions at NAV, 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.

(e) For the six months ended April 30, 2014.

* Annualized.

** Round to less than .01%.

See accompanying notes to financial statements.

Nuveen Investments 117

Notes to

Financial Statements (Unaudited)

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

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

Agreement and Plan of Merger

On April 14, 2014, TIAA-CREF, a national financial services organization, announced that it had entered into an agreement (the “Purchase Agreement”) to acquire Nuveen, the parent company of the Adviser. The transaction is expected to be completed by the end of the year, subject to customary closing conditions, including obtaining necessary Nuveen Fund and client consents sufficient to satisfy the terms of the Purchase Agreement and obtaining customary regulatory approvals. There can be no assurance that the transaction described above will be consummated as contemplated or that necessary conditions will be satisfied.

The consummation of the transaction will be deemed to be an “assignment” (as defined in the Investment Company Act of 1940) of the investment management agreements between the Nuveen Funds and the Adviser and the investment sub-advisory agreements between the Adviser and each Nuveen Fund’s sub-adviser or sub-advisers, and will result in automatic termination of each agreement. It is anticipated that the Board of Directors/Trustees of the Nuveen Funds (the “Board”) will consider a new investment management agreement with the Adviser and new investment sub-advisory agreements with each sub-adviser. If approved by the Board, the new agreements will be presented to the Nuveen Funds’ shareholders for approval, and, if so approved by shareholders, will take effect upon consummation of the transaction or such later time as shareholder approval is obtained.

The transaction is not expected to result in any change in the portfolio management of the Funds or in the Funds’ investment objectives or policies.

Investment Objectives and Principal Investment Strategies

Equity Index’s investment objective is to provide investment results that correspond to the performance of the Standard & Poor’s 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. Small Cap Index’s investment objective is to provide investment results that correspond to the performance of the Russell^® 2000 Index.

Under normal market conditions, each Fund invests at least 90% of the sum of its net assets and 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”).

118 Nuveen Investments

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. If a refund is received for workout expenditures paid in a prior reporting period, such amounts will be recognized as “Legal fee refund” on the Statement Operations.

Dividends and Distributions to Shareholders

Dividends from net investment income are declared 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.

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 (“NAV”) 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.

Netting Agreements

In the ordinary course of business, the Funds may enter into transactions subject to International Swaps and Derivative Association, Inc. (“ISDA”) master agreements or other similar arrangements (“netting agreements”). Generally, the right to offset in netting agreements allows each Fund to offset any exposure to a specific counterparty with any collateral received or delivered to that counterparty based on the terms of the agreements. Generally, each Fund manages its cash collateral and securities collateral on a counterparty basis.

Nuveen Investments 119

Notes to Financial Statements (Unaudited) (continued)

As of April 30, 2014, the Funds were invested in securities lending lending transactions that are subject to netting agreements.

Use of Estimates

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

2. Investment Valuation and Fair Value Measurements

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

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. 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.

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 and are generally classified as Level 1.

Investments in investment companies are valued at their respective NAVs on the valuation date and 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 NAV (as may be the case in non-U.S. markets on which the security is primarily traded) or make it difficult or impossible to obtain a reliable market quotation; and a security whose price, as provided by the pricing service, is not deemed to reflect the security’s fair value. As a general principle, the fair value of a security would appear to be the amount that the owner might reasonably expect to receive for it in a current sale. A variety of factors may be considered in determining the fair value of such securities, which may include consideration of the following: yields or prices of investments of comparable quality, type of issue, coupon, maturity and rating, market quotes or indications of value from security dealers, evaluations of anticipated cash flows or collateral, general market conditions and other information and analysis, including the obligor’s credit characteristics considered relevant. These securities are generally classified as Level 2 or Level 3 depending on the priority of the significant inputs. Regardless of the method employed to value a particular security, all valuations are subject to review by the 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

120 Nuveen Investments

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).

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	$	758,603,689		$	—	$	—		$	758,603,689
Investments Purchased with Collateral from Securities Lending		85,941,385			—		—			85,941,385
Short-Term Investments:
Money Market Funds		3,114,453			—		—			3,114,453
U.S. Government and Agency Obligations		—			2,999,895		—			2,999,895
Investments in Derivatives:
Futures Contracts**		120,315			—		—			120,315
Total	$	847,779,842		$	2,999,895	$	—		$	850,779,737
Mid Cap Index
Long-Term Investments*:
Common Stocks	$	593,742,036		$	—	$	—		$	593,742,036
Common Stock Rights		6,048			—		—			6,048
Investments Purchased with Collateral from Securities Lending		130,489,406			—		—			130,489,406
Short-Term Investments:
Money Market Funds		47,742,884			—		—			47,742,884
U.S. Government & Agency Obligations		—			2,999,895		—			2,999,895
Investments in Derivatives:
Futures Contracts**		(119,528	)		—		—			(119,528	)
Total	$	771,860,846		$	2,999,895	$	—		$	774,860,741
Small Cap Index
Long-Term Investments*:
Common Stocks	$	134,270,368		$	—	$	11,337		$	134,281,705
Exchange-Traded Funds		13,946			—		—			13,946
Common Stock Rights		1,089			—		—	****		1,089
Warrants		—			518		3,104			3,622
Investments Purchased with Collateral from Securities Lending		36,168,341			—		—			36,168,341
Short-Term Investments:
Money Market Funds		2,743,815			—		—			2,743,815
U.S. Government & Agency Obligations		—			599,979		—			599,979
Investments in Derivatives:
Futures Contracts**		(95,890	)		—		—			(95,890	)
Total	$	173,101,669		$	600,497	$	14,441		$	173,716,607

* 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

Nuveen Investments 121

Notes to Financial Statements (Unaudited) (continued)

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

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, at value” on the Statement of Assets and Liabilities.

The following table presents the securities out on loan for the Funds that are subject to netting agreements as of the end of the reporting period, and the collateral delivered related to those securities.

Fund	Counterparty	Long-Term Investment, at Value		Collateral Pledged (from) Counterparty*		Net Exposure
Equity Index	U.S. Bank	$	84,193,124	$	84,193,124	$	—
Mid Cap Index	U.S. Bank		127,620,886		127,620,886		—
Small Cap Index	U.S. Bank		34,425,751		34,425,751		—

* As of April 30, 2014, the value of the collateral pledged from the counterparty exceeded the value of the securities out on loan. Refer to the Fund’s Portfolio of Investments for details on the securities out on loan.

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 six months ended April 30, 2014, was as follows:

	Equity Index		Mid Cap Index		Small Cap Index
Security lending fees paid	$	2,767	$	28,611	$	23,719

122 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.

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 Fund’s account with an amount equal to appreciation and conversely if a Fund has unrealized depreciation the clearing broker would debit the 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.

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 six months ended April 30, 2014, 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. These 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 six months ended April 30, 2014, were as follows:

	Equity Index		Mid Cap Index		Small Cap Index
Average notional amount of futures contracts outstanding*		23,548,692		45,806,745		6,804,176

* 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 April 30, 2014, 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 price	Futures contracts	Receivable for variation margin on futures contracts*	$	120,315		—	$	—
Mid Cap Index
Equity price	Futures contracts	Receivable for variation margin on futures contracts*	$	(119,528	)	—	$	—
Small Cap Index
Equity price	Futures contracts	Receivable for variation margin on futures contracts*	$	(95,890	)	—	$	—

* 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.

Nuveen Investments 123

Notes to Financial Statements (Unaudited) (continued)

The following table presents the amount of net realized gain (loss) and change in net unrealized appreciation (depreciation) recognized on futures contracts on the Statement of Operations during the six months ended April 30, 2014, and the primary underlying risk exposure.

Fund	Underlying Risk Exposure	Derivative Instrument		Net Realized Gain (Loss) from Futures Contracts		Change in Net Unrealized Appreciation (Depreciation) of Futures Contracts
Equity Index	Equity price		Futures contracts	$	1,257,960	$	(297,618	)
Mid Cap Index	Equity price		Futures contracts		3,932,943	$	(1,589,707	)
Small Cap Index	Equity price		Futures contracts		792,894	$	(529,863	)

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:

	Equity Index
	Six Months Ended 4/30/14						Year Ended 10/31/13
	Shares			Amount			Shares			Amount
Shares sold:
Class A		736,597		$	19,546,148			1,390,813		$	33,292,600
Class A — automatic conversion of Class B Shares		8,400			226,727			21,020			495,112
Class B — exchanges		125			3,123			542			13,502
Class C		45,183			1,173,603			67,319			1,654,897
Class R3		496,977			13,306,474			1,362,755			33,551,073
Class I		1,000,282			26,530,366			2,501,015			60,593,727
Shares issued to shareholders due to reinvestment of distributions:
Class A		579,633			14,799,933			266,341			6,052,004
Class B		5,658			141,239			3,618			79,059
Class C		28,725			723,189			11,147			246,703
Class R3		195,196			5,147,083			62,181			1,413,171
Class I		1,286,925			32,862,766			732,788			16,590,013
		4,383,701			114,460,651			6,419,539			153,981,861
Shares redeemed:
Class A		(976,779	)		(26,044,924	)		(1,334,700	)		(32,284,867	)
Class B		(15,164	)		(394,679	)		(24,907	)		(591,650	)
Class B — automatic conversion of Class A Shares		(8,559	)		(226,727	)		(21,400	)		(495,112	)
Class C		(25,871	)		(676,338	)		(43,416	)		(1,049,552	)
Class R3		(392,446	)		(10,535,313	)		(648,981	)		(15,753,201	)
Class I		(2,605,563	)		(69,355,436	)		(8,520,280	)		(207,213,167	)
		(4,024,382	)		(107,233,417	)		(10,593,684	)		(257,387,549	)
Net increase (decrease)		359,319		$	7,227,234			(4,174,145	)	$	(103,405,688	)

124 Nuveen Investments

	Mid Cap Index
	Six Months Ended 4/30/14						Year Ended 10/31/13
	Shares			Amount			Shares			Amount
Shares sold:
Class A		2,199,006		$	38,518,797			5,136,695		$	79,951,117
Class C		128,765			2,174,197			292,876			4,467,780
Class R3		1,553,719			26,910,526			3,979,743			61,218,130
Class I		1,263,449			22,266,400			4,112,940			63,918,979
Shares issued to shareholders due to reinvestment of distributions:
Class A		479,770			8,140,858			314,110			4,274,744
Class C		24,377			395,884			13,313			174,797
Class R3		471,324			7,877,667			333,843			4,488,924
Class I		419,344			7,144,368			324,941			4,438,707
		6,539,754			113,428,697			14,508,461			222,933,178
Shares redeemed:
Class A		(1,668,625	)		(29,298,415	)		(2,420,191	)		(37,454,741	)
Class C		(50,388	)		(849,101	)		(57,018	)		(880,513	)
Class R3		(921,953	)		(15,971,555	)		(1,887,851	)		(28,959,655	)
Class I		(1,952,314	)		(34,507,209	)		(3,929,395	)		(61,060,111	)
		(4,593,280	)		(80,626,280	)		(8,294,455	)		(128,355,020	)
Net increase (decrease)		1,946,474		$	32,802,417			6,214,006		$	94,578,158
	Small Cap Index
	Six Months Ended 4/30/14						Year Ended 10/31/13
	Shares			Amount			Shares			Amount
Shares sold:
Class A		610,134		$	9,103,333			1,323,081		$	17,441,128
Class C		43,736			623,083			56,597			705,125
Class R3		590,496			8,609,671			1,553,250			20,000,182
Class I		419,054			6,261,979			1,148,404			15,381,771
Shares issued to shareholders due to reinvestment of distributions:
Class A		171,196			2,468,224			116,899			1,314,518
Class C		8,480			115,665			4,541			48,638
Class R3		175,256			2,454,748			83,750			917,629
Class I		136,461			1,975,455			74,480			840,133
		2,154,813			31,612,158			4,361,002			56,649,124
Shares redeemed:
Class A		(513,304	)		(7,660,874	)		(1,124,307	)		(14,486,992	)
Class C		(9,839	)		(139,123	)		(22,987	)		(302,316	)
Class R3		(421,072	)		(6,108,251	)		(593,535	)		(7,467,504	)
Class I		(655,834	)		(9,957,507	)		(885,982	)		(11,739,853	)
		(1,600,049	)		(23,865,755	)		(2,626,811	)		(33,996,665	)
Net increase (decrease)		554,764		$	7,746,403			1,734,191		$	22,652,459

5. Investment Transactions

Purchases and sales (excluding investments purchased with collateral from securities lending, short-term investments and derivative transactions) during the six months ended April 30, 2014, were as follows:

	Equity Index		Mid Cap Index		Small Cap Index
Purchases	$	12,827,292	$	30,978,605	$	13,541,830
Sales		86,782,000		29,478,698		1,460,680

Nuveen Investments 125

Notes to Financial Statements (Unaudited) (continued)

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 NAVs of the Funds.

As of April 30, 2014, 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	$	403,829,335		$	598,107,726		$	136,117,302
Gross unrealized:
Appreciation	$	468,336,914		$	189,777,480		$	45,368,714
Depreciation		(21,506,827	)		(12,699,137	)		(7,645,819	)
Net unrealized appreciation (depreciation) of investments	$	446,830,087		$	177,078,343		$	37,722,895

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‘ last 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’ last 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’ last tax year ended October 31, 2013, was designated for purposes of the dividends paid deduction as follows:

	Equity Index		Mid Cap Index		Small Cap Index
Distributions from net ordinary income	$	14,598,278		$4,538,315	$	648,672
Distributions from net long-term capital gains2		16,461,321		11,757,406		3,246,357

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.

126 Nuveen Investments

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

The annual fund-level fee 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 April 30, 2014, the complex-level fee rate for each Fund was as follows:

Fund	Rate
Equity Index		.2000	%
Mid Cap Index		.1785
Small Cap Index		.1821

The Adviser has contractually agreed to waive fees and/or reimburse expenses (“Expense Cap”) of each Fund 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, 2015			February 28, 2015			February 28, 2015

N/A – Fund does not offer Class B Shares.

Nuveen Investments 127

Notes to Financial Statements (Unaudited) (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 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 NAV per share with no up-front sales charge. During the six months ended April 30, 2014, 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 six months ended April 30, 2014, 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	$	8,515	$	14,192	$	3,566

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 six months ended April 30, 2014, the Distributor retained such 12b-1 fees as follows:

	Equity Index		Mid Cap Index		Small Cap Index
12b-1 fees retained	$	14,466	$	17,031	$	3,523

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 six months ended April 30, 2014, as follows:

	Equity Index		Mid Cap Index		Small Cap Index
CDSC retained	$	631	$	729	$	63

8. Subsequent Events

Class B Shares

Effective at the close of business on June 23, 2014, Class B shares of Equity Index converted to Class A Shares and are no longer available through an exchange from other Nuveen mutual funds.

128 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

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

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

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

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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 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.

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.

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.

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Annual Investment Management Agreement

Approval Process (Unaudited)

I. The Approval Process

The Board of Directors of each Fund (each, a “Board” and each Director, a “Board Member”), 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 overseeing the performance of the investment adviser and the sub-adviser to the respective Fund and determining whether to approve or continue such Fund’s advisory agreement (each, an “Original Investment Management Agreement”) between the Fund and Nuveen Fund Advisors, LLC (the “Adviser”) and sub-advisory agreement (each, an “Original Sub-Advisory Agreement” and, together with the Original Investment Management Agreement, the “Original Advisory Agreements”) between the Adviser and Nuveen Asset Management, LLC (the “Sub-Adviser”). Pursuant to the Investment Company Act of 1940, as amended (the “1940 Act”), each Board is required to consider the continuation of the respective Original Advisory Agreements on an annual basis. In addition, prior to its annual review, the Board Members were advised of the potential acquisition of Nuveen Investments, Inc. (“Nuveen”) by TIAA-CREF (the “Transaction”). For purposes of this section, references to “Nuveen” herein include all affiliates of Nuveen Investments, Inc. providing advisory, sub-advisory, distribution or other services to the Funds and references to the “Board” refer to the Board of each Fund. In accordance with the 1940 Act and the terms of the Original Advisory Agreements, the completion of the Transaction would terminate each of the Original Investment Management Agreements and the Original Sub-Advisory Agreements. Accordingly, at an in-person meeting held on April 30, 2014 (the “April Meeting”), the Board, including all of the Independent Board Members, performed its annual review of the Original Advisory Agreements and approved the continuation of the Original Advisory Agreements for the Funds. Furthermore, in anticipation of the termination of the Original Advisory Agreements that would occur upon the consummation of the Transaction, the Board also approved for each Fund a new advisory agreement (each, a “New Investment Management Agreement”) between the Fund and the Adviser and a new sub-advisory agreement (each, a “New Sub-Advisory Agreement” and, together with the New Investment Management Agreement, the “New Advisory Agreements”) between the Adviser and the Sub-Adviser, each on behalf of the respective Fund to be effective following the completion of the Transaction and the receipt of the requisite shareholder approval.

Leading up to the April Meeting, the Independent Board Members had several meetings and deliberations, with and without management from Nuveen present and with the advice of legal counsel, regarding the Original Advisory Agreements, the Transaction and its impact and the New Advisory Agreements. At its meeting held on February 25-27, 2014 (the “February Meeting”), the Board Members met with a senior executive representative of TIAA-CREF to discuss the proposed Transaction. At the February Meeting, the Independent Board Members also established an ad hoc committee comprised solely of the Independent Board Members to monitor and evaluate the Transaction and to keep the Independent Board Members updated with developments regarding the Transaction. On March 20, 2014, the ad hoc committee met telephonically to discuss with management of Nuveen, and separately with independent legal counsel, the terms of the proposed Transaction and its impact on, among other things: the governance structure of Nuveen; the strategic plans for Nuveen; the operations of the Nuveen funds (which include the Funds); the quality or level of services provided to the Nuveen funds; key personnel that service the Nuveen funds and/or the Board and the compensation or incentive arrangements to retain such personnel; Nuveen’s capital structure; the regulatory requirements applicable to Nuveen or fund operations; and the Nuveen funds’ fees and expenses, including the funds’ complex-wide fee arrangement. Following the meeting of the ad hoc committee, the Board met in person (two Independent Board Members participating telephonically) in an executive session on March 26, 2014 to further discuss the proposed Transaction. At the executive session, the Board met privately with independent legal counsel to review its duties with respect to reviewing advisory agreements, particularly in the context of a change of control, and to evaluate further the Transaction and its impact on the Nuveen funds, the Adviser and the Sub-Adviser (collectively, the “Fund Advisers” and each, a “Fund Adviser”) and the services provided. Representatives of Nuveen also met with the Board to update the Board Members on developments regarding the Transaction, to respond to questions and to discuss, among other things: the governance of the Fund Advisers following the Transaction; the background, culture (including with respect to regulatory and compliance matters) and resources of TIAA-CREF; the general plans and intentions of TIAA-CREF for Nuveen; the terms and conditions of the Transaction (including financing terms); any benefits or detriments the Transaction may impose on the Nuveen funds, TIAA-CREF or the Fund Advisers; the reaction from the Fund Advisers’ employees knowledgeable of the Transaction; the incentive and retention plans for key personnel of the Fund Advisers; the potential access to additional distribution platforms and economies of scale; and the impact of any additional regulatory schemes that may be applicable to the Nuveen funds given the banking and insurance businesses operated in the TIAA-CREF enterprise. As part of its review, the Board also held a separate meeting on April 15-16, 2014 to review the Nuveen funds’ investment performance and consider an analysis provided by the Adviser of each sub-adviser of the Nuveen funds (including the Sub-Adviser) and the Transaction and its implications to the Nuveen funds. During their review of the materials and discussions, the Independent Board Members presented the Adviser with questions and the Adviser responded. Further, the Independent Board Members met in an executive session with independent legal counsel on April 29, 2014 and April 30, 2014.

In connection with their review of the Original Advisory Agreements and the New Advisory Agreements, the Independent Board Members received extensive information regarding the Funds and the Fund Advisers including, among other things: the nature, extent and quality of services provided by

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each Fund Adviser; the organization and operations of any Fund Adviser; the expertise and background of relevant personnel of each Fund Adviser; a review of each Fund’s performance (including performance comparisons against the performance of 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 fund initiatives and shareholder communications; and an analysis of the Adviser’s profitability with comparisons to peers in the managed fund business. In light of the proposed Transaction, the Independent Board Members, through their independent legal counsel, also requested in writing and received additional information regarding the proposed Transaction and its impact on the provision of services by the Fund Advisers.

The Independent Board Members received, well in advance of the April Meeting, materials which responded to the request for information regarding the Transaction and its impact on Nuveen and the Nuveen funds including, among other things: the structure and terms of the Transaction; the impact of the Transaction on Nuveen, its operations and the nature, quality and level of services provided to the Nuveen funds, including, in particular, any changes to those services that the Nuveen funds may experience following the Transaction; the strategic plan for Nuveen, including any financing arrangements following the Transaction and any cost-cutting efforts that may impact services; the organizational structure of TIAA-CREF, including the governance structure of Nuveen following the Transaction; any anticipated effect on each Nuveen fund’s expense ratios (including changes to advisory and sub-advisory fees) and economies of scale that may be expected; any benefits or conflicts of interest that TIAA-CREF, Nuveen or their affiliates can expect from the Transaction; any benefits or undue burdens or other negative implications that may be imposed on the Nuveen funds as a result of the Transaction; the impact on Nuveen or the Nuveen funds as a result of being subject to additional regulatory schemes that TIAA-CREF must comply with in operating its various businesses; and the costs associated with obtaining necessary shareholder approvals and the bearer of such costs. The Independent Board Members also received a memorandum describing the applicable laws, regulations and duties in approving advisory contracts, including in conjunction with a change of control, from their independent legal counsel.

The materials and information prepared in connection with the review of the Original Advisory Agreements and New Advisory Agreements supplemented 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 reviewed the performance and various services provided by the Adviser and Sub-Adviser. The Board met at least quarterly as well as at other times as the need arose. At its quarterly meetings, the Board reviewed reports by the Adviser regarding, among other things, fund performance, fund expenses, premium and discount levels of closed-end funds, the performance of the investment teams and compliance, regulatory and risk management matters. In addition to regular reports, the Adviser provided 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 distribution channels, oversight of omnibus accounts and leverage management topics), 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 met with key investment personnel managing certain Nuveen fund portfolios during the year.

In addition, the Board has created several standing committees (the Executive Committee; the Dividend Committee; the Audit Committee; the Compliance, Risk Management and Regulatory Oversight Committee; the Nominating and Governance Committee; the Open-End Funds Committee; and the Closed-End Funds Committee). The Open-End Funds Committee and Closed-End Funds Committee are intended to assist the full Board in monitoring and gaining a deeper insight into the distinctive business practices of closed-end and open-end funds. These two Committees have met prior to each quarterly Board meeting, and the Adviser provided presentations to these Committees permitting them to delve further into specific matters or initiatives impacting the respective product line.

Further, the Board continued its program of seeking to have the Board Members or a subset thereof visit each sub-adviser to the Nuveen funds and meet key investment and business personnel at least once over a multiple year rotation. In this regard, the Independent Board Members made site visits to certain equity and fixed income teams of the Sub-Adviser in September 2013 and met with the Sub-Adviser’s municipal team at the August and November 2013 quarterly meetings.

The Board considered the information provided and knowledge gained at these meetings and visits during the year when performing its annual review of the Original Advisory Agreements and its review of the New Advisory Agreements. The Independent Board Members also were assisted throughout the process by independent legal counsel. 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 funds are the result of many years of review and discussion between the Independent Board Members and Nuveen 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 things: (a) the nature, extent and quality of the services provided by the Fund Advisers, (b) the investment performance of the Fund and the Fund Advisers, (c) the advisory fees and costs of the

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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. With respect to the New Advisory Agreements, the Board also considered the Transaction and its impact on the foregoing 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 Original Advisory Agreements and New 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

1. The Original Advisory Agreements

In considering renewal of each Original Advisory Agreement, the Independent Board Members considered the nature, extent and quality of the respective Fund Adviser’s services, including portfolio management 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: each Fund Adviser’s organization and business; the types of services that each Fund Adviser or its affiliates provide to each Fund; the performance record of each Fund (as described in further detail below); and any initiatives Nuveen had taken for the open-end fund product line.

In considering the services provided by the Fund Advisers, the Board recognized that the Adviser provides a myriad of investment management, administrative, compliance, oversight and other services for the Funds, and the Sub-Adviser generally provides the portfolio advisory services to the Funds under the oversight of the Adviser. The Board considered the wide range of services provided by the Adviser to the Nuveen funds beginning with developing the fund and monitoring and analyzing its performance to providing or overseeing the services necessary to support a fund’s daily operations. The Board recognized the Adviser, among other things, provides: (a) product management (such as analyzing ways to better position a fund in the marketplace, maintaining relationships to gain access to distribution platforms and setting dividends); (b) fund administration (such as preparing a fund’s tax returns, regulatory filings and shareholder communications; managing fund budgets and expenses; overseeing a fund’s various service providers; and supporting and analyzing new and existing funds); (c) Board administration (such as supporting the Board and its committees, in relevant part, by organizing and administering the Board and committee meetings and preparing the necessary reports to assist the Board in its duties); (d) compliance (such as monitoring adherence to a fund’s investment policies and procedures and applicable law; reviewing the compliance program periodically and developing new policies or updating existing compliance policies and procedures as considered necessary or appropriate; responding to regulatory requests; and overseeing compliance testing of sub-advisers); (e) legal support (such as preparing or reviewing fund registration statements, proxy statements and other necessary materials; interpreting regulatory requirements and compliance thereof; and maintaining applicable registrations); and (f) investment services (such as overseeing and reviewing sub-advisers and their investment teams; analyzing performance of the funds; overseeing investment and risk management; overseeing the daily valuation process for portfolio securities and developing and recommending valuation policies and methodologies and changes thereto; and participating in fund development, leverage management and the development of investment policies and parameters).

In its review, the Board also considered the new services, initiatives or other changes adopted since the last advisory contract review that were designed to enhance the services and support the Adviser provides to the Nuveen funds. The Board recognized that some initiatives are a multi-year process. In reviewing the activities of 2013, the Board recognized that the year reflected the Adviser’s continued focus on fund rationalization for both closed-end and open-end funds, consolidating certain funds through mergers that were designed to improve efficiencies and economies of scale for shareholders, repositioning various funds through updates in their investment policies and guidelines with the expectation of bringing greater value to shareholders, and liquidating certain funds. As in the past, the Board recognized the Adviser’s significant investment in its technology initiatives, including the continued progress toward a central repository for fund and other Nuveen product data and implementing a data system to support the risk oversight group enabling it to provide more detailed risk analysis for the Nuveen funds. The Board noted the new data system has permitted more in-depth analysis of the investment risks of the Funds and across the complex providing additional feedback and insights to the investment teams and more comprehensive risk reporting to the Board. The Adviser also conducted several workshops for the Board regarding the new data system, including explaining the risk measures being applied and their purpose. The Board also recognized the enhancements in the valuation group within the Adviser, including centralizing the fund pricing process within the valuation group, trending to more automated and expedient reviews and continuing to expand its valuation team. The Board further considered the expansion of personnel in the compliance department enhancing the collective expertise of the group, investments in additional compliance systems and the updates of various compliance policies.

In addition to the foregoing actions, the Board also considered other initiatives related to the open-end funds, including, among other things: the continued focus on enhancing the product line through the development of new funds, including the development of alternative strategies

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reflecting trends in the industry; the enhanced support provided to the Board by providing comprehensive in-depth presentations to the Open-End Funds Committee; and the development of a new class of shares for certain funds.

As noted, the Adviser also oversees the Sub-Adviser who provides the portfolio advisory services to the Funds. In reviewing the portfolio advisory services provided to each Fund, the Nuveen Investment Services Oversight Team of the Adviser analyzes the performance of the Sub-Adviser and may recommend changes to the investment team or investment strategies as appropriate. In assisting the Board’s review of the Sub-Adviser, the Adviser provides a report 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 each Fund, developments affecting the Sub-Adviser or the Funds and their performance. In their review of the Sub-Adviser, the Independent Board Members considered, among other things, the experience and qualifications of the relevant investment personnel, their investment philosophy and strategies, the Sub-Adviser’s organization and stability, its capabilities and any initiatives taken or planned to enhance its current capabilities or support potential growth of business and, as outlined in further detail below, the performance of the Funds. 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 while not providing an inappropriate incentive to take undue risks.

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 Nuveen funds’ compliance policies and procedures; the resources dedicated to compliance; the record of compliance with the policies and procedures; and Nuveen’s supervision of the Funds’ service providers. The Board recognized Nuveen’s commitment to compliance and strong commitment to a culture of compliance. Given the Adviser’s emphasis on monitoring investment risk, the Board has also appointed two Independent Board Members as point persons to review and keep the Board apprised of developments in this area and work with applicable Fund Adviser personnel.

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

2. The New Advisory Agreements

In evaluating the nature, quality and extent of the services expected to be provided by the Fund Advisers under the New Investment Management Agreements and the New Sub-Advisory Agreements, the Board Members concluded that no diminution in the nature, quality and extent of services provided to each Fund and its shareholders by the respective Fund Advisers is expected as a result of the Transaction. In making their determination, the Independent Board Members considered, among other things: the expected impact, if any, of the Transaction on the operations, facilities, organization and personnel of each Fund Adviser; the ability of each Fund Adviser to perform its duties after the Transaction, including any changes to the level or quality of services provided to the Funds; the potential implications of any additional regulatory requirements imposed on the Fund Advisers or the Nuveen funds following the Transaction; and any anticipated changes to the investment and other practices of the Nuveen funds.

The Board noted that the terms of each New Investment Management Agreement, including the fees payable thereunder, are substantially identical to those of the Original Investment Management Agreement relating to the same Fund. Similarly, the terms of each New Sub-Advisory Agreement, including fees payable thereunder, are substantially identical to those of the Original Sub-Advisory Agreement relating to the same Fund. The Board considered that the services to be provided and the standard of care under the New Investment Management Agreements and the New Sub-Advisory Agreements are the same as the corresponding original agreements. The Board Members noted the Transaction also does not alter the allocation of responsibilities between the Adviser and the Sub-Adviser. The Sub-Adviser will continue to furnish an investment program, make investment decisions and place all orders for the purchase and sale of securities, all on behalf of each Fund and subject to oversight of the Board and the Adviser. The Board noted that TIAA-CREF did not anticipate any material changes to the advisory, sub-advisory or other services provided to the Nuveen funds as a result of the Transaction. The Independent Board Members recognized that there were not any planned “cost cutting” measures that could be expected to reduce the nature, extent or quality of services. The Independent Board Members further noted that there were currently no plans for material changes to senior personnel at Nuveen or key personnel who provide services to the Nuveen funds and the Board following the Transaction. The key personnel who have responsibility for the Nuveen funds in each area, including portfolio management, investment oversight, fund management, fund operations, product management, legal/compliance and board support functions, are expected to be the same following the Transaction, although such personnel may have additional reporting requirements to TIAA-CREF. The Board also considered the anticipated incentive plans designed to retain such key personnel. Notwithstanding the foregoing, the Board Members recognized that personnel changes may occur in the future as a result of normal business developments or personal career decisions.

The Board Members also considered Nuveen’s proposed governance structure following the Transaction and noted that Nuveen was expected to remain a stand-alone business within the TIAA-CREF enterprise and operate relatively autonomously from the other TIAA-CREF businesses, but

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would receive the general support and oversight from certain TIAA-CREF functional groups (such as legal, finance, internal audit, compliance, and risk management groups). The Board recognized, however, that Nuveen may be subject to additional reporting requirements as it keeps TIAA-CREF abreast of developments affecting the Nuveen business, may be required to modify certain of its reports, policies and procedures as necessary to conform to the practices followed in the TIAA-CREF enterprise and may need to collaborate with TIAA-CREF with respect to strategic planning for its business.

In considering the implications of the Transaction, the Board Members also recognized the reputation and size of TIAA-CREF and the benefits that the Transaction may bring to the Nuveen funds and Nuveen. In this regard, the Board recognized, among other things, that the increased resources and support that may be available to Nuveen from TIAA-CREF and the improved capital structure of Nuveen Investments, Inc. (the parent of the Adviser) that would result from the significant reduction in its debt level may reinforce and enhance Nuveen’s ability to provide quality services to the Nuveen funds and to invest further into its infrastructure.

Further, with the consummation of the Transaction, the Board recognized the enhanced distribution capabilities for the Nuveen funds as the funds may gain access to TIAA-CREF’s distribution network, particularly through TIAA-CREF’s retirement platform and institutional client base. The Board also considered that investors in TIAA-CREF’s retirement platform may choose to roll their investments as they exit their retirement plans into the Nuveen funds. The Independent Board Members recognized the potential cost savings to the benefit of all shareholders of the Nuveen funds from reduced expenses as assets in the Nuveen fund complex rise pursuant to the complex-wide fee arrangement described in further detail below.

Based on their review, the Independent Board Members found that the expected nature, extent and quality of services to be provided to each Fund under its New Advisory Agreements were satisfactory and supported approval of the New Advisory Agreements.

B. The Investment Performance of the Funds and Fund Advisers

1. The Original Advisory Agreements

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 each Fund’s performance and the applicable investment team. In considering each 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, 2013, as well as performance information reflecting the first quarter of 2014. This information supplemented the Nuveen 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 performance data reflects a snapshot in time, in this case as of the end of the most recent calendar year or quarter. A different performance period, however, could generate significantly different results.

• 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 investment experience of a particular shareholder in a fund will vary depending on when such shareholder invests in such fund, the class held (if multiple classes offered in the fund) and the performance of the fund (or respective class) during that shareholder’s investment period.

• 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 differences in performance among classes could be principally attributed to the variations in distribution and servicing expenses of each class.

• 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 the Performance Peer Groups of the Nuveen funds from highly relevant to less relevant. For funds classified with less relevant Performance Peer Groups, the Board considered a fund’s performance compared to its benchmark to help assess the fund’s comparative performance. A fund was generally considered to have performed comparably to its benchmark if the fund’s performance was within certain thresholds compared to the performance of its benchmark and was considered to have outperformed or underperformed its

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benchmark if the fund’s performance was beyond these thresholds for the one- and three-year periods, subject to certain exceptions.ⁱ 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 fund with its peers and/or benchmarks result in differences in performance results.

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. The Board is aware, however, that shareholders chose to invest or remain invested in a fund knowing that the Adviser manages the fund and knowing the fund’s fee structure.

In considering the performance data, the Independent Board Members noted that the Nuveen Small Cap Index Fund (“Small Cap Index Fund”) and the Nuveen Mid Cap Index Fund (“Mid Cap Index Fund”) had satisfactory performance compared to their respective peers, performing in the second or third quartile over various periods.

With respect to the Nuveen Equity Index Fund (“Equity Index Fund”), the Board noted that, although such Fund appeared to lag its peers in the one- and three-year periods, as an index fund, tracking error is a more appropriate measure of the Fund’s performance. In this regard, Equity Index Fund had provided returns within the expected tracking error of its benchmark.

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

2. The New Advisory Agreements

With respect to the performance of each Fund, the Board considered that the portfolio investment personnel responsible for the management of the respective Fund portfolios were expected to continue to manage such portfolios following the completion of the Transaction and the investment strategies of the Funds were not expected to change as a result of the Transaction. Accordingly, the findings regarding performance outlined above for the Original Advisory Agreements are applicable to the review of the New Advisory Agreements.

C. Fees, Expenses and Profitability

1. Fees and Expenses

The Board evaluated the management fees and expenses of each Fund, reviewing, among other things, such Fund’s gross management fees, net management fees and net expense ratios in absolute terms as well as compared to the 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 average based on the net total expense ratio. The Independent Board Members observed that Equity Index Fund and Mid Cap Index Fund had net management fees and net expense ratios (including fee waivers and expense reimbursements) below their peer averages, while Small Cap Index Fund had a net expense ratio that was slightly higher than its peer average, but a net management fee that was below its peer average.

Based on their review of the fee and expense information provided, the Independent Board Members determined that each Fund’s management fees (as applicable) 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, either affiliated or non-affiliated, 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 and other services it provides to support the Nuveen fund (as described above) and, while some administrative services

136 Nuveen Investments

may occur at the sub-adviser level, the fee to the sub-adviser generally reflects the portfolio management services provided by the sub-adviser. The Independent Board Members considered the fees a Fund Adviser assesses to the Funds compared to that of other clients. With respect to non-municipal funds, such other clients of a Fund Adviser may include: separately managed accounts (both retail and institutional accounts), foreign investment funds offered by Nuveen, collective trust funds and funds that are not offered by Nuveen but are sub-advised by one of Nuveen’s investment management teams.

The Independent Board Members reviewed the nature of services provided by the Adviser, including through its affiliated sub-advisers and the average fee the affiliated sub-advisers assessed such clients as well as the range of fees assessed to the different types of separately managed accounts (such as retail, institutional or wrap accounts) to the extent applicable to the respective sub-adviser. In their review, 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. In evaluating the comparisons of fees, the Independent Board Members noted that the fee rates charged to the Nuveen 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. The Independent Board Members noted that, as a general matter, higher fee levels reflect higher levels of service, increased investment management complexity, greater product management requirements and higher levels of risk or a combination of the foregoing. The Independent Board Members further noted, in particular, that the range of services provided to the Funds (as discussed above) is generally 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 also recognized 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, an analysis of the key drivers behind the changes in revenues and expenses that impacted profitability in 2013 and Nuveen’s consolidated financial statements for 2013. 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 two Independent Board Members served as point persons to review the profitability analysis and methodologies employed, and any changes thereto, and to keep the Board apprised of such changes. The Independent Board Members also considered Nuveen’s revenues for advisory activities, expenses and profit margin compared to that of various unaffiliated management firms.

In reviewing profitability, the Independent Board Members noted the Adviser’s continued investment in its business with expenditures to, among other things, upgrade its investment technology and compliance systems and provide for additional personnel and other resources. The Independent Board Members recognized the Adviser’s continued commitment to its business should enhance the Adviser’s capacity and capabilities in providing the services necessary to meet the needs of the Nuveen funds as they grow or change over time. In addition, in evaluating profitability, the Independent Board Members also noted 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, an adviser’s particular business mix, capital costs, size, types of funds managed and expense allocations. Notwithstanding the foregoing, the Independent Board Members noted the Adviser’s adjusted operating margin appears to be reasonable in relation to other investment advisers and sufficient to operate as a viable investment management firm meeting its obligations to the Nuveen funds. 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 such sub-advisers’ revenues, expenses and profitability margins (pre- and post-tax) for their 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

Nuveen Investments 137

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

that are directly attributable to the management of a Nuveen fund. See Section E below for additional information on indirect benefits the Fund Advisers may receive as a result of its relationship with a Nuveen fund. 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 Funds were reasonable.

4. The New Advisory Agreements

As noted above, the terms of the New Advisory Agreements are substantially identical to their corresponding Original Advisory Agreements. The fee schedule, including the breakpoint schedule and complex-wide fee schedule, in each New Advisory Agreement is identical to that under the corresponding Original Advisory Agreement. The Board Members also noted that Nuveen has committed for a period of two years from the date of closing the Transaction (i) not to increase contractual management fee rates for any Nuveen fund and (ii) not to raise expense cap levels for any Nuveen fund from levels currently in effect or scheduled to go into effect prior to the Transaction. This commitment shall not limit or otherwise affect mergers or liquidations of any funds in the ordinary course. Based on the information provided, the Board Members did not believe that the overall expenses would increase as a result of the Transaction. In addition, the Board Members recognized that the Nuveen funds may gain access to the retirement platform and institutional client base of TIAA-CREF, and the investors in the retirement platforms may roll their investments into one or more Nuveen funds as they exit their retirement plans. The enhanced distribution access may result in additional sales of the Nuveen funds resulting in an increase in total assets under management in the complex and a corresponding decrease in overall management fees if additional breakpoints at the fund-level or complex-wide level are met. Based on its review, the Board determined that the management fees and expenses under each New Advisory Agreement were reasonable.

Further, other than from a potential reduction in the debt level of Nuveen Investments, Inc., the Board recognized that it is difficult to predict with any degree of certainty the impact of the Transaction on Nuveen’s profitability. Given the fee schedule was not expected to change under the New Advisory Agreements, however, the Independent Board Members concluded that each Fund Adviser’s level of profitability for its advisory activities under the respective New Advisory Agreements would continue to be reasonable in light of the services provided.

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

1. The Original Advisory Agreements

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 Nuveen funds’ complex-wide fee arrangement. Pursuant to the complex-wide fee arrangement, the fees of the funds in the Nuveen complex are 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.

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

2. The New Advisory Agreements

As noted, the Independent Board Members recognized that the fund-level and complex-wide schedules will not change under the New Advisory Agreements. Assets in the funds advised by TIAA-CREF or its current affiliates will not be included in the complex-wide fee calculation. Nevertheless, the Nuveen funds may have access to TIAA-CREF’s retirement platform and institutional client base. The access to this distribution network may enhance the distribution of the Nuveen funds which, in turn, may lead to reductions in management and sub-advisory fees if the Nuveen funds reach additional fund-level and complex-wide breakpoint levels. Based on their review, including the considerations in the annual review of the Original Advisory Agreements, the Independent Board Members determined that the fund-level breakpoint schedules and complex-wide fee schedule continue to be appropriate and desirable in ensuring that shareholders participate in the benefits derived from economies of scale under the New Advisory Agreements.

138 Nuveen Investments

E. Indirect Benefits

1. The Original Advisory Agreements

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 include 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 a Fund Adviser in managing the assets of the fund and other clients. Each Fund’s portfolio transactions are allocated 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 applicable Fund’s portfolio transactions. 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. Similarly, the Board recognized that the research received pursuant to soft dollar arrangements by the Sub-Adviser may also benefit the Funds and their shareholders to the extent the research enhances the ability of the Sub-Adviser to manage the Funds. 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.

2. The New Advisory Agreements

The Independent Board Members noted that, as the applicable policies and operations of the Fund Advisers with respect to the Nuveen funds were not anticipated to change significantly after the Transaction, such indirect benefits should remain after the Transaction. The Independent Board Members further noted the benefits the Transaction would provide to TIAA-CREF and Nuveen, including a larger-scale fund complex, certain shared services (noted above) and a broader range of investment capabilities, distribution capabilities and product line. Further, the Independent Board Members noted that Nuveen Investments, Inc. (the parent of the Adviser) would benefit from an improved capital structure through a reduction in its debt level.

F. Other Considerations for the New Advisory Agreements

In addition to the factors above, the Board Members also considered the following with respect to the Nuveen funds:

• Nuveen would rely on the provisions of Section 15(f) of the 1940 Act. In this regard, to help ensure that an unfair burden is not imposed on the Nuveen funds, Nuveen has committed for a period of two years from the date of the closing of the Transaction (i) not to increase contractual management fee rates for any fund and (ii) not to raise expense cap levels for any fund from levels currently in effect or scheduled to go into effect prior to the Transaction. This commitment shall not limit or otherwise affect mergers or liquidations of any funds in the ordinary course.

• The Nuveen funds would not incur any costs in seeking the necessary shareholder approvals for the New Investment Management Agreements or the New Sub-Advisory Agreements (except for any costs attributed to seeking shareholder approvals of fund specific matters unrelated to the Transaction, such as election of Board Members or changes to investment policies, in which case a portion of such costs will be borne by the applicable funds).

• The reputation, financial strength and resources of TIAA-CREF.

• The long-term investment philosophy of TIAA-CREF and anticipated plans to grow Nuveen’s business to the benefit of the Nuveen funds.

• The benefits to the Nuveen funds as a result of the Transaction including: (i) increased resources and support available to Nuveen as well as an improved capital structure that may reinforce and enhance the quality and level of services it provides to the funds; (ii) potential additional distribution capabilities for the funds to access new markets and customer segments through TIAA-CREF’s distribution network, including, in particular, its retirement platforms and institutional client base; and (iii) access to TIAA-CREF’s expertise and investment capabilities in additional asset classes.

G. 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 Original Advisory Agreement and New 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 Original Advisory Agreements be renewed and the New Advisory Agreements be approved.

Nuveen Investments 139

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

II. Approval of Interim Advisory Agreements

At the April Meeting, the Board Members, including the Independent Board Members, unanimously approved for each Fund an interim advisory agreement (the “Interim Investment Management Agreement”) between the respective Fund and the Adviser and an interim sub-advisory agreement (the “Interim Sub-Advisory Agreement”) between the Adviser and the Sub-Adviser. If necessary to assure continuity of advisory services, each respective Interim Investment Management Agreement and Interim Sub-Advisory Agreement will take effect upon the closing of the Transaction if shareholders have not yet approved the corresponding New Investment Management Agreement or New Sub-Advisory Agreement. The terms of each Interim Investment Management Agreement and Interim Sub-Advisory Agreement are substantially identical to those of the corresponding Original Investment Management Agreement and New Investment Management Agreement and the corresponding Original Sub-Advisory Agreement and New Sub-Advisory Agreement, respectively, except for certain term and fee escrow provisions. In light of the foregoing, the Board Members, including the Independent Board Members, unanimously determined that the scope and quality of services to be provided to the Funds under the respective Interim Investment Management Agreements and Interim Sub-Advisory Agreements are at least equivalent to the scope and quality of services provided under the applicable Original Investment Management Agreements and Original Sub-Advisory Agreements.

i The Board recognized that the Adviser considered a fund to have outperformed or underperformed its benchmark if the fund’s performance was higher or lower than the performance of the benchmark by the following thresholds: for open-end funds (+/- 100 basis points for equity funds excluding index funds; +/- 30 basis points for tax exempt fixed income funds; +/- 40 basis points for taxable fixed income funds) and for closed-end funds (assuming 30% leverage) (+/- 130 basis points for equity funds excluding index funds; +/- 39 basis points for tax exempt funds and +/- 52 basis points for taxable fixed income funds).

140 Nuveen Investments

Notes

Nuveen Investments 141

Notes

142 Nuveen Investments

Notes

Nuveen Investments 143

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 $225 billion as of March 31, 2014.
		Find out how we can help you. To learn more about how the products and services of Nuveen Investments may be able to help you meet your financial goals, talk to your financial advisor, or call us at (800) 257-8787. Please read the information provided carefully before you invest. Investors should consider the investment objective and policies, risk considerations, charges and expenses of any investment carefully. Where applicable, be sure to obtain a prospectus, which contains this and other relevant information. To obtain a prospectus, please contact your securities representative or Nuveen Investments, 333 W. Wacker Dr., Chicago, IL 60606. Please read the prospectus carefully before you invest or send money. Learn more about Nuveen Funds at: www.nuveen.com/mf
Distributed by Nuveen Securities, LLC | 333 West Wacker Drive Chicago, IL 60606 | www.nuveen.com

MSA-FIDX-0414D

Mutual Funds

Nuveen Equity Funds

Semi-Annual Report  April 30, 2014

	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

NUVEEN INVESTMENTS TO BE ACQUIRED BY TIAA-CREF
On April 14, 2014, TIAA-CREF announced that it had entered into an agreement to acquire Nuveen Investments, the parent company of your fund’s investment adviser, Nuveen Fund Advisors, LLC (“NFAL”) and the Nuveen affiliates that act as sub-advisers to the majority of the Nuveen Funds. TIAA-CREF is a national financial services organization with approximately $569 billion in assets under management (as of March 31, 2014) and is a leading provider of retirement services in the academic, research, medical and cultural fields. Nuveen anticipates that it will operate as a separate subsidiary within TIAA-CREF’s asset management business, and that its current leadership and key investment teams will stay in place. Your fund investment will not change as a result of Nuveen’s change of ownership. You will still own the same fund shares and the underlying value of those shares will not change as a result of the transaction. NFAL and your fund’s sub-adviser(s) will continue to manage your fund according to the same objectives and policies as before, and we do not anticipate any significant changes to your fund’s operations. Under the securities laws, the consummation of the transaction will result in the automatic termination of the investment management agreements between the funds and NFAL and the investment sub-advisory agreements between NFAL and each fund’s sub-adviser(s). New agreements will be presented to the funds’ shareholders for approval, and, if approved, will take effect upon consummation of the transaction or such later time as shareholder approval is obtained. The transaction, expected to be completed by year end, is subject to customary closing conditions.
	Must be preceded by or accompanied by a prospectus. NOT FDIC INSURED MAY LOSE VALUE NO BANK GUARANTEE

Table

of Contents

Chairman’s Letter to Shareholders	4
Portfolio Managers’ Comments	5
Risk Considerations	10
Fund Performance and Expense Ratios	11
Holding Summaries	16
Expense Examples	19
Portfolios of Investments	21
Statement of Assets and Liabilities	36
Statement of Operations	37
Statement of Changes in Net Assets	38
Financial Highlights	40
Notes to Financial Statements	46
Additional Fund Information	58
Glossary of Terms Used in this Report	59
Annual Investment Management Agreement Approval Process	60

Nuveen Investments 3

Chairman’s Letter

to Shareholders

Dear Shareholders,

After significant growth in 2013, domestic and international equity markets have been less compelling during the first part of 2014. Concerns about deflation, political uncertainty in many places and the potential for more fragile economies to impact other countries have produced uncertainty in the markets.

Europe is beginning to emerge slowly from recession in mid-2013, with improved GDP and employment trends in some countries. However, Japan’s deflationary headwinds have resurfaced; and China shows signs of slowing from credit distress combined with declines in manufacturing and exports. Most recently, tensions between Russia and Ukraine may continue to hold back stocks and support government bonds in the near term.

Despite these headwinds, there are some encouraging signs of forward momentum in the markets. In the U.S., the news is more positive with financial risks slowly receding, positive GDP trends, downward trending unemployment and stronger household finances and corporate spending.

It is in such changeable markets that professional investment management is most important. Investment teams who have experienced challenging markets in the past understand how their asset class can behave in rapidly changing times. Remaining committed to their investment disciplines during these times is a critical component to achieving long-term success. In fact, many strong investment track records are established during challenging periods because experienced investment teams understand that volatile markets place a premium on companies and investment ideas that can weather the short-term volatility. By maintaining appropriate time horizons, diversification and relying on practiced investment teams, we believe that investors can achieve their long-term investment objectives.

As always, I encourage you to communicate with your financial consultant if you have any questions about your investment in a Nuveen Fund. On behalf of the other members of 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

June 23, 2014

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 Inc.

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.

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 key investment strategies and the Funds’ performance for the six-month reporting period ended April 30, 2014.

Nuveen Dividend Value Fund

How did the Fund perform during the six-month reporting period ended April 30, 2014?

The tables in the Fund Performance and Expense Ratios section of this report provide Class A Share total returns for the Fund for the six-month, one-year, five-year and ten-year periods ended April 30, 2014. The Fund’s Class A Shares at net asset value (NAV) underperformed the Russell 1000^® Value Index and the Lipper classification average during the six-month reporting period.

What strategies were used to manage the Fund during the six-month 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 shortfall versus its benchmarks was primarily caused by stock selection in the consumer discretionary, energy, information technology and financial sectors. In consumer discretionary, performance was hindered by our positions in Best Buy Co., Inc. and Staples, Inc. Best Buy was negatively impacted by first quarter earnings that fell short of investors’ bullish expectations. However, we think investors overreacted and believe Best Buy continues to execute on its turnaround plan to cut costs and improve its product

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)

offerings to better compete with online and brick and mortar competitors. Staples was negatively impacted by poor sales, which we believe were partly due to the wet and cold winter weather and a lack of consolidation by industry peers. We continue to await industry restructuring and better small business growth, which should help Staples’ sales and earnings growth and lead to improved valuation.

In the energy sector, underperformance was mainly due to the Fund’s underweight position in Exxon Mobil Corporation, which outperformed the group. The Fund remains underweight as we believe other large integrated oil companies offer greater long-term volume growth and will have the ability to return more cash to investors. Another negative impact on performance was the Fund’s underweight position in U.S. refinery companies. These companies have benefited from the increasing supply of oil in the U.S. and demand for gasoline as the economy improves. However, we believe the stocks do not currently offer compelling value, while refinery profit margins are likely near peak levels and unlikely to improve further.

In the financial sector, the Fund’s shortfall was mainly due to its underweight in Wells Fargo & Company, which outperformed the group. We are maintaining the underweight in Wells Fargo as we believe other banks have better growth prospects and are trading at cheaper valuations. Also, shares of State Street Corporation were negatively impacted by the decline in Treasury yields as well as higher-than-expected expenses during the first quarter. We believe State Street’s management will continue to focus on reducing expenses, while the company’s strong capital ratio should lead to further cash returns to shareholders.

Finally, within the technology sector, stock selection in the semiconductor sector negatively weighed on results. The Fund’s holding of CA, Inc. lagged the group as we believe investors are awaiting more evidence that the company’s cost and sales restructuring are delivering. We continue to be patient as CA pays an attractive dividend yield and we have seen progress on both initiatives by management. In addition, Symantec Corporation underperformed as a result of the abrupt firing of its CEO by the company’s board of directors. This marked the second CEO the board has fired in the past three years; therefore, given the lack of direction at the firm, we sold out of the Fund’s position completely during the reporting period.

The Fund’s attribution during the reporting period benefited from favorable security selection in the health care and material sectors. The materials sector was the Fund’s greatest source of strength versus the benchmark due to favorable stock selection in the petrochemical industry with our holdings in Dow Chemical Company and LyondellBasell Industries. Dow Chemical continued to be helped by improving margins for its commodity products as well as further plans to divest more of its non-core assets. LyondellBasell benefited from the same margin improvement fundamentals as Dow Chemical in its ethylene/polyethylene plastics business. LyondellBasell is also expected to see strong margins from its refining division for the foreseeable future, as oil derivative demand remains strong. Both companies are generating and returning a large amount of cash to shareholders via dividends and share buybacks. In addition, we believe valuations are still attractive for these two stocks.

In the health care sector, the Fund was aided by positions in AstraZeneca plc and Merck & Co., Inc. AstraZeneca benefited from Pfizer announcing it was interested in acquiring the company during the first quarter of 2014. Prior to that announcement, AstraZeneca had already been outperforming due to its improving pipeline as it is one of several firms that has a PD-1 cancer drug in development. Merck benefited during the reporting period as management took a more proactive stance in restructuring the company’s portfolio. Merck announced in May 2014 that it would sell its consumer business for $14.2 billion to Bayer. We expect to see further strategic moves by Merck to extract shareholder value and make it into a more focused company.

Nuveen Mid Cap Value Fund

How did the Fund perform during the six-month reporting period ended April 30, 2014?

The tables in the Fund Performance and Expense Ratios section of this report provide Class A Share total returns for the Fund for the six-month, one-year, five-year and ten-year periods ended April 30, 2014. The Fund’s Class A Shares at net asset value (NAV) underperformed the Russell Midcap^® Value Index and outperformed with the Lipper classification average during the six-month reporting period.

6 Nuveen Investments

What strategies were used to manage the Fund during the six-month 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 $1.8 billion and $21.5 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 or are expected to demonstrate improving fundamentals and have an identifiable catalyst that could close the gap between market value and our 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 sell a holding if the stock price reaches its target, the company’s fundamentals or competitive position significantly deteriorate or if a better alternative exists in the marketplace.

The Fund’s underperformance of its Russell benchmark was primarily driven by negative stock selection and a significant overweight position in the consumer discretionary sector. With severe winter weather across much of the nation weighing on U.S. growth, the Fund’s overall cyclical tilt hindered results as consumer discretionary was the worst performing sector within the Russell Midcap^® Value Index during this reporting period. However, we deemed the weather-related setback affecting this sector as temporary and maintained the Fund’s overweight.

Staples, Inc. was the leading detractor from the consumer discretionary sector during the reporting period. This office supply chain was negatively impacted by poor sales, which were partly due to the cold weather combined with a slower-than-expected merger between two of its industry peers. Although we continued to believe the office supply industry would restructure and employment figures would improve, we sold Staples during the reporting period as we saw increased competition from other retailers who are continuing to build out their office supply offerings. Shares of electronics retailer Best Buy Co., Inc. fell significantly in mid-January 2014 after tripling in value during 2013. The company reported a decline in holiday sales that caused investors to call into question the CEO’s turnaround strategy. However, we continued to hold Best Buy because of our belief that the company’s transformation is on track and will gain momentum going forward. In addition, American mass media company Liberty Media Corporation saw its stock price decline throughout the six-month reporting period after one of its larger holdings (Sirius XM Radio) issued forward-looking guidance for self-pay net subscriber additions in 2014 that was below the level achieved in 2013 and well below analysts’ expectations. We are also maintaining the Fund’s position in Liberty Media because we continue to believe its Sirius XM and Charter Communications holdings are attractive underlying assets. Conversely, we sold our position in specialty apparel retailer Abercrombie & Fitch Co. after it weighed on the Fund’s six-month results. While we originally owned Abercrombie & Fitch because it was exhibiting good cash flow and was an inexpensive stock, we were also anticipating an improvement in its international operations that never materialized. Finally, two other discretionary holdings underperformed during the reporting period mainly due to the negative impact from the weather. Shares fell for boat and marine engine manufacturer Brunswick Corporation after the company lowered guidance for sales and earnings in the first quarter. However, we held onto this stock after Brunswick reaffirmed 2014 guidance as the company looks forward to industry improvements with the warmer weather. On the other hand, we began selling the Fund’s position in department store Kohl’s Corporation after it experienced a significant drop in sales due to a heavy concentration of stores in the central part of the U.S.

Several holdings spread across a variety of sectors aided results during the reporting period, helping the Fund keep pace with its Lipper average. The Fund’s greatest individual contributor was found in consumer staples: coffee roaster Keurig Green Mountain Inc. Shares surged after the company announced a 10-year strategic deal with Coca-Cola to develop a cold beverage platform. Keurig Green Mountain also benefited from above-forecast earnings, improving trends in single-serve coffee sales and the announcement of a new share repurchase authorization. In health care, the Fund was rewarded for a position in pharmaceutical R&D firm Forest Laboratories Inc. Its stock price advanced significantly during the reporting period after Actavis Inc. announced its intent to buy this maker of the Alzheimer’s drug Namenda at a substantial premium in a deal that should close in 2014. Forest Laboratories also continues to report strong earnings as its new CEO re-optimizes the business via share buybacks, acquisitions and cost reductions.

Nuveen Investments 7

Portfolio Managers’ Comments (continued)

We sold the Fund’s position in Forest Laboratories after booking these gains. The Fund was also aided by its ownership in Delta Air Lines, Inc. in the industrials sector. Domestic airlines continued to benefit from the ongoing consolidation that has taken place over the past few years, which has led to a more rational financial and economic model for the industry. With fewer players, less excess capacity and better revenue management, the profitability of the entire industry has improved. Delta is paying down debt, paying a dividend and producing returns in excess of its cost of capital while its valuation is still quite reasonable. As further testament to the company’s strength, Delta was able to report a strong first-quarter earnings beat despite the more than 17,000 flight cancellations in the airline industry due to poor winter weather conditions. In materials, a position in paper products company Domtar Corp. was helpful as it benefited from a reduction in capacity by some of the industry’s bigger players and rising softwood pulp prices. The company’s announced acquisition of Indas, an adult diaper maker, should help boost operating margins and gain exposure to the Pan-European growth markets. Also, semiconductor producer Micron Technology, Inc., which makes memory chips for computers and tablets, continued to see its shares advance strongly during the reporting period. The company continues to benefit from significant consolidation in the semiconductor industry, which has led to improvements in the supply, pricing and competitive landscape. We sold the Fund’s position in Domtar, but still own Micron Technology.

Although the consumer discretionary area was the primary driver of underperformance, two of the Fund’s stronger performing stocks were also found in that sector. Shares of Royal Caribbean Cruises Ltd. trended upward throughout the reporting period despite a higher-than-normal rate of weather-related cancellations for its cruises. Royal Caribbean’s longer term booking trends remain very favorable with double-digit year-over-year increases, which have led the company to raise its 2014 guidance. In addition, the Fund’s position in a long-term favorite Foot Locker, Inc. performed well during the reporting period. The company is partway through its multi-year restructuring program, which is helping it to improve same-store sales, margins and earnings.

Nuveen Small Cap Value Fund

How did the Fund perform during the six-month reporting period ended April 30, 2014?

The tables in the Fund Performance and Expense Ratios section of this report provide Class A Share total returns for the Fund for the six-month, one-year, five-year and ten-year periods ended April 30, 2014. The Fund’s Class A Shares at net asset value (NAV) outperformed the Russell 2000^® Value Index and the Lipper classification average during the six-month period.

What strategies were used to manage the Fund during the six-month 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.

The Fund’s outperformance of its Russell benchmark and Lipper average was primarily driven by stock selection augmented by overweight positioning in cyclical sectors such as industrials and technology, while being underweight in the more defensive sectors such as consumer staples and utilities. The top two individual contributors were found in the information technology sector. Specialty semiconductor manufacturer TriQuint Semiconductor Inc., which primarily serves the smart phone market, continued to show solid growth from its advanced filter product line. At the same time, the company benefited from the announced merger with industry competitor RF Micro Devices, which will further strengthen its competitive positioning. Applied Optoelectronics Inc., a specialty manufacturer of optical components serving the global telecommunications and data center markets, was aided by a solid quarterly milestone while guiding for greater-than-anticipated growth from the data center segment due to a new high profile customer. Additionally, Applied Optoelectronics is expected to benefit from the continued rollout of higher capacity bandwidth in select U.S. metro areas.

8 Nuveen Investments

Stock selection was also strong in the industrials sector, led by key contributors Tutor Perini Corporation and Korn/Ferry International. Tutor Perini, an engineering and construction (E&C) firm focused on large civil infrastructure and commercial non-residential projects, benefited from a better-than-consensus top/bottom line in the fourth quarter of 2013. In addition, the company reported acceleration in backlog growth, up 24% year-over-year and, more importantly, disclosed $6.3 billion in pending awards that should provide visibility into growth through 2015. Meanwhile, Korn/Ferry International, a leading global executive search company and a new investment for the Fund in January, reported solid quarterly results in March, fulfilling our investment thesis of accelerating business momentum.

Holdings spread across several other sectors also aided results, including a standout in the telecommunication services sector. Premiere Global Services, Inc., a leading provider of audio and video conferencing services to global enterprises, executed well on its strategic plan to acquire attractive complementary businesses on an accretive basis that will enhance the company’s organic growth rate. We are pleased that our patient investment process was rewarded with a turnaround for Premiere Global Services as this holding had detracted from results during the Fund’s previous annual reporting period. Also, although the Fund’s overall results were relatively flat in the energy sector, performance was enhanced by our position in Matrix Service Company, a leading North American centric E&C company with a specialty in the energy infrastructure and utility distribution sectors. Matrix continued to demonstrate strong backlog growth and margin expansion from existing projects combined with the announcement of an accretive acquisition that solidifies its diversification into adjacent markets. In the materials sector, the Fund experienced strong results from Headwaters Incorporated, a manufacturer of building products and materials to both the residential and non-residential markets primarily in the U.S. Headwaters continued to show above-consensus margin expansion from strength in its heavy construction segment with emerging potential from its exposure to the residential new build and repair/remodel segments.

The previously mentioned strength in energy was offset by two of the Fund’s exploration and production (E&P) investments that underperformed. Rosetta Resources, Inc., an onshore E&P company with solid core operations in the Eagle Ford Formation in South Texas, recently purchased an emerging resource in the Delaware Basin in West Texas. Its stock came under pressure as the company failed to execute a smooth transition to the new model, falling short of expectations on short-term production growth milestones. While some of the execution issues were out of Rosetta Resources’ control due to weather conditions and local infrastructure issues, the market remained skeptical regarding its new investment. However, we remain constructive on Rosetta Resources as the company has a strong track record of execution, while drilling results from its peers in the Delaware Basin remain favorable. Shares of Energy XXI Ltd., a Gulf of Mexico centric producer of oil and natural gas hydrocarbons, were negatively impacted by a slowing organic growth profile in conjunction with an unsuccessful attempt to find economic oil reserves from one of the company’s high-profile joint ventures. We also remain constructive on this investment as Energy XXI’s management team has refocused its business model toward a more stable production profile through the reallocation of internal resources in conjunction with the recent acquisition of EPL Oil & Gas Inc., another Gulf of Mexico producer with a superior track record of execution. The combined entity should benefit from abundant cost savings synergies and a deep inventory of prospects to add to its reserve base and organic growth profile. We expect Energy XXI to regain its free cash flow generation status later in 2014.

A trio of detractors from the consumer discretionary sector also weighed on the Fund’s six-month results. Branded apparel manufacturer Perry Ellis International experienced a tough September through December period due to order push-backs, weather challenges and end-client transitions that lowered top and bottom line results and guidance going into 2014. We exited the Fund’s position in Perry Ellis as we await stabilization in the company’s orders and gross margins. Also, shares of Bob Evans Farms, Inc., a full-service restaurant and food products firm, experienced a volatile period. Better-than-expected same-store results in spite of weather impacts were not enough to offset one-time cost pressures including plant start-up costs and sow price increases. Viewing the aforementioned setbacks as temporary, we remained constructive on this branded company. Additionally, Einstein Noah Restaurant Group produced a softer-than-expected third quarter result due to a traffic slowdown while rolling out an improved value menu and more stores. As the company comes out of this investment period, we see improved operating results as a catalyst for this holding and have maintained the Fund’s position.

Nuveen Investments 9

Risk Considerations

Nuveen Dividend Value Fund

Mutual fund investing involves risk; principal loss is possible. There is no guarantee the Fund’s investment objectives will be achieved. Dividends are not guaranteed. Prices of equity securities may decline significantly over short or extended periods of time. Non-U.S. investments involve risks such as currency fluctuation, political and economic instability, lack of liquidity and differing legal and accounting standards. These risks are magnified in emerging markets. These and other risk considerations, such as credit, derivatives, high yield securities, and interest rate risks, are described in detail in the Fund’s prospectus.

Nuveen Mid Cap Value Fund

Mutual fund investing involves risk; principal loss is possible. There is no guarantee the Fund’s investment objectives will be achieved. Prices of equity securities may decline significantly over short or extended periods of time. Investments in mid-cap companies are subject to greater volatility than those of larger companies, but may be less volatile than investments in smaller companies. Non-U.S. investments involve risks such as currency fluctuation, political and economic instability, lack of liquidity and differing legal and accounting standards. These risks are magnified in emerging markets. These and other risk considerations, such as derivatives risk, are described in detail in the Fund’s prospectus.

Nuveen Small Cap Value Fund

Mutual fund investing involves risk; principal loss is possible. There is no guarantee the Fund’s investment objectives will be achieved. Prices of equity securities may decline significantly over short or extended periods of time. Investments in smaller companies are subject to greater volatility than those of larger companies. Non-U.S. investments involve risks such as currency fluctuation, political and economic instability, lack of liquidity and differing legal and accounting standards. These risks are magnified in emerging markets. These and other risk considerations, such as derivatives risk, are described in detail in the Fund’s prospectus.

10 Nuveen Investments

Fund Performance

and Expense Ratios

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

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

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

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

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

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

Nuveen Investments 11

Fund Performance and Expense Ratios (continued)

Nuveen Dividend Value Fund

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

Fund Performance

Average Annual Total Returns as of April 30, 2014

	Cumulative		Average Annual
	6-Month		1-Year		5-Year		10-Year
Class A Shares at NAV		6.21%		17.76%		18.27%		8.33%
Class A Shares at maximum Offering Price		0.07%		10.98%		16.87%		7.69%
Russell 1000® Value Index*		9.61%		20.90%		19.52%		7.95%
S&P 500® Index*		8.36%		20.44%		19.14%		7.67%
Lipper Equity Income Funds Classification Average*		7.37%		16.31%		17.51%		7.85%
Class B Shares w/o CDSC		5.87%		16.93%		17.37%		7.52%
Class B Shares w/CDSC		1.12%		11.93%		17.26%		7.52%
Class C Shares		5.88%		16.95%		17.37%		7.53%
Class R3 Shares		6.15%		17.50%		17.95%		8.05%
Class I Shares		6.36%		18.06%		18.56%		8.60%

	Cumulative		Average Annual
	6-Month		1-Year		Since Inception**
Class R6 Shares		6.41%		18.12%		22.00%

Average Annual Total Returns as of March 31, 2014 (Most Recent Calendar Quarter)

	Cumulative		Average Annual
	6-Month		1-Year		5-Year		10-Year
Class A Shares at NAV		9.90%		20.10%		20.13%		8.09%
Class A Shares at maximum Offering Price		3.61%		13.22%		18.72%		7.45%
Class B Shares w/o CDSC		9.47%		19.19%		19.21%		7.27%
Class B Shares w/CDSC		4.56%		14.19%		19.11%		7.27%
Class C Shares		9.42%		19.22%		19.21%		7.27%
Class R3 Shares		9.66%		19.77%		19.80%		7.79%
Class I Shares		9.97%		20.39%		20.43%		8.35%

	Cumulative		Average Annual
	6-Month		1-Year		Since Inception**
Class R6 Shares		10.03%		20.45%		23.25%

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.

12 Nuveen Investments

Expense Ratios as of Most Recent Prospectus

	Share Class
	Class A		Class B		Class C		Class R3		Class R6		Class I
Expense Ratios		1.13%		1.89%		1.88%		1.38%		0.80%		0.88%

* 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 13

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.

Fund Performance

Average Annual Total Returns as of April 30, 2014

	Cumulative		Average Annual
	6-Month		1-Year		5-Year		10-Year
Class A Shares at NAV		7.90%		23.66%		17.09%		8.62%
Class A Shares at maximum Offering Price		1.70%		16.55%		15.72%		7.98%
Russell Midcap® Value Index*		9.69%		22.10%		22.61%		10.77%
Lipper Mid-Cap Value Funds Classification Average*		7.85%		21.90%		20.46%		9.34%
Class B Shares w/o CDSC		7.49%		22.72%		16.23%		7.81%
Class B Shares w/CDSC		2.49%		17.72%		16.12%		7.81%
Class C Shares		7.46%		22.72%		16.21%		7.81%
Class R3 Shares		7.75%		23.36%		16.80%		8.36%
Class I Shares		8.02%		23.96%		17.37%		8.89%

Average Annual Total Returns as of March 31, 2014 (Most Recent Calendar Quarter)

	Cumulative		Average Annual
	6-Month		1-Year		5-Year		10-Year
Class A Shares at NAV		13.46%		24.23%		20.12%		8.28%
Class A Shares at maximum Offering Price		6.95%		17.08%		18.72%		7.64%
Class B Shares w/o CDSC		13.04%		23.28%		19.23%		7.47%
Class B Shares w/CDSC		8.04%		18.28%		19.13%		7.47%
Class C Shares		13.06%		23.34%		19.22%		7.47%
Class R3 Shares		13.32%		23.92%		19.83%		8.02%
Class I Shares		13.60%		24.53%		20.40%		8.54%

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

	Share Class
	Class A		Class B		Class C		Class R3		Class I
Gross Expense Ratios		1.39%		2.14%		2.14%		1.64%		1.13%
Net Expense Rations		1.33%		2.08%		2.08%		1.58%		1.08%

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 1.34%, 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.

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

14 Nuveen Investments

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.

Fund Performance

Average Annual Total Returns as of April 30, 2014

	Cumulative		Average Annual
	6-Month		1-Year		5-Year		10-Year
Class A Shares at NAV		7.36%		23.76%		20.71%		8.93%
Class A Shares at maximum Offering Price		1.17%		16.64%		19.28%		8.28%
Russell 2000® Value Index*		4.97%		19.61%		19.13%		8.37%
Lipper Small-Cap Value Funds Classification Average*		5.83%		22.51%		20.35%		8.80%
Class C Shares		6.98%		22.88%		19.83%		8.12%
Class R3 Shares		7.27%		23.43%		20.41%		8.68%
Class I Shares		7.54%		24.08%		20.99%		9.20%

Average Annual Total Returns as of March 31, 2014 (Most Recent Calendar Quarter)

	Cumulative		Average Annual
	6-Month		1-Year		5-Year		10-Year
Class A Shares at NAV		13.69%		26.54%		24.48%		8.76%
Class A Shares at maximum Offering Price		7.17%		19.27%		23.03%		8.11%
Class C Shares		13.21%		25.58%		23.54%		7.94%
Class R3 Shares		13.52%		26.18%		24.16%		8.50%
Class I Shares		13.80%		26.77%		24.76%		9.01%

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 R3 Shares have no sales charge and are only available for purchase by eligible retirement plans. Class I Shares have no sales charge and may be purchased under limited circumstances or by specified classes of investors.

Expense Ratios as of Most Recent Prospectus

	Share Class
	Class A		Class C		Class R3		Class I
Gross Expense Ratios		1.56%		2.31%		1.81%		1.31%
Net Expense Rations		1.54%		2.29%		1.79%		1.29%

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.

* 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

Holding

Summaries April 30, 2014

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

Nuveen Dividend Value Fund

Fund Allocation

(% of net assets)

Common Stocks	99.1%
Investments Purchased with Collateral from Securities Lending	11.5%
Short-Term Investments	0.9%
Other Assets Less Liabilities	(11.5)%

Portfolio Composition

(% of net assets)

Commercial Banks	12.6%
Oil, Gas & Consumable Fuels	12.2%
Pharmaceuticals	10.0%
Chemicals	4.5%
Insurance	4.1%
Electrical Equipment	4.1%
Industrial Conglomerates	3.9%
Real Estate Investment Trust	3.6%
Computers & Peripherals	3.1%
Electric Utilities	3.0%
Leisure Equipment & Products	2.7%
Specialty Retail	2.7%
Household Products	2.7%
Semiconductors & Equipment	2.5%
Diversified Telecommunication Services	2.4%
Capital Markets	2.4%
Media	2.3%
Consumer Finance	2.0%
Other Industries	18.3%
Investments Purchased with Collateral from Securities Lending	11.5%
Short-Term Investments	0.9%
Other Assets Less Liabilities	(11.5)%

Top Five Common Stock Holdings

(% of net assets)

General Electric Company	3.9%
Pfizer Inc.	3.2%
Procter & Gamble Company	2.7%
Bank of America Corporation	2.5%
Cheveron Corporation	2.5%

16 Nuveen Investments

Nuveen Mid Cap Value Fund

Fund Allocation

(% of net assets)

Common Stocks	99.5%
Investments Purchased with Collateral from Securities Lending	20.7%
Short-Term Investments	0.7%
Other Assets Less Liabilities	(20.9)%

Portfolio Composition

(% of net assets)

Real Estate Investment Trust	8.6%
Insurance	8.4%
Commercial Banks	6.9%
Oil, Gas & Consumable Fuels	6.5%
Health Care Providers & Services	4.6%
Specialty Retail	4.1%
Airlines	4.0%
Software	3.7%
Capital Markets	3.6%
Computers & Peripherals	3.1%
Hotels, Restaurants & Leisure	2.9%
Machinery	2.8%
Multiline Retail	2.8%
Household Durables	2.5%
Energy Equipment & Services	2.3%
Commercial Services & Supplies	2.3%
Road & Rail	2.0%
Industrial Conglomerates	2.0%
Paper & Forest Products	2.0%
Multi-Utilities	1.9%
Electrical Equipment	1.9%
Professional Services	1.7%
Other Industries	18.9%
Investments Purchased with Collateral from Securities Lending	20.7%
Short-Term Investments	0.7%
Other Assets Less Liabilities	(20.9)%

Top Five Common Stock Holdings (% of net assets)

Hartford Financial Services Group, Inc.	2.1%
Unum Group	2.0%
Invesco LTD	2.0%
Host Hotels & Resorts Inc.	2.0%
Carlisle Companies Inc.	2.0%

Nuveen Investments 17

Holding Summaries April 30, 2014 (continued)

Nuveen Small Cap Value Fund

Fund Allocation

(% of net assets)

Common Stocks	96.4%
Investments Purchased with Collateral from Securities Lending	13.6%
Short-Term Investments	3.6%
Other Assets Less Liabilities	(13.6)%

Portfolio Composition

(% of net assets)

Commercial Banks	13.9%
Real Estate Investment Trust	8.0%
Insurance	5.7%
Semiconductors & Equipment	3.8%
Construction & Engineering	3.7%
Oil, Gas & Consumable Fuels	3.6%
Internet Software & Services	3.5%
Energy Equipment & Services	3.4%
Capital Markets	3.3%
Communications Equipment	3.3%
Electric Utilities	2.9%
Household Durables	2.7%
Professional Services	2.5%
Health Care Providers & Services	2.5%
Electrical Equipment	2.4%
Specialty Retail	2.4%
Machinery	2.3%
Thrifts & Mortgage Finance	2.3%
Health Care Equipment & Supplies	2.2%
Hotels, Restaurants & Leisure	2.1%
Other Industries	19.9%
Investments Purchased with Collateral from Securities Lending	13.6%
Short-Term Investments	3.6%
Other Assets Less Liabilities	(13.6)%

Top Five Common Stock Holdings

(% of net assets)

Tutor Perini Corporation	1.9%
Korn Ferry International	1.9%
Emcor Group Inc.	1.8%
Altra Industrial Motion, Inc.	1.7%
Horace Mann Educators Corporation	1.7%

18 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 (11/01/13)	$	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 (4/30/14)	$	1,062.10	$	1,058.70	$	1,058.80	$	1,061.50	$	1,064.10	$	1,063.60	$	1,019.09	$	1,015.37	$	1,015.37	$	1,017.85	$	1,020.78	$	1,020.33
Expenses Incurred During Period	$	5.88	$	9.70	$	9.70	$	7.16	$	4.15	$	4.60	$	5.76	$	9.49	$	9.49	$	7.00	$	4.06	$	4.51

For each class of the Fund, expenses are equal to the Fund’s annualized net expense ratio of 1.15%, 1.90%, 1.90%, 1.40%, 0.81% and ..90% for Classes A, B, C, R3, R6 and I, respectively, multiplied by the average account value over the period, multiplied by 181/365 (to reflect the one-half year period).

Nuveen Investments 19

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 (11/01/13)	$	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 (4/30/14)	$	1,079.00	$	1,074.90	$	1,074.60	$	1,077.50	$	1,080.20	$	1,018.15	$	1,014.43	$	1,014.43	$	1,016.91	$	1,019.39
Expenses Incurred During Period	$	6.91	$	10.75	$	10.75	$	8.19	$	5.62	$	6.71	$	10.44	$	10.44	$	7.95	$	5.46

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 181/365 (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 (11/01/13)	$	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 (4/30/14)	$	1,073.60	$	1,069.80	$	1,072.70	$	1,075.40	$	1,017.60	$	1,013.88	$	1,016.36	$	1,018.84
Expenses Incurred During Period	$	7.46	$	11.29	$	8.74	$	6.18	$	7.25	$	10.99	$	8.50	$	6.01

For each class of the Fund, expenses are equal to the Fund’s annualized net expense ratio of 1.45%, 2.20%, 1.70% and 1.20% for Classes A, C, R3 and I, respectively, multiplied by the average account value over the period, multiplied by 181/365 (to reflect the one-half year period).

20 Nuveen Investments

Nuveen Dividend Value Fund

Portfolio of Investments April 30, 2014 (Unaudited)

Shares		Description (1)	Value
		LONG-TERM INVESTMENTS – 99.1%
		COMMON STOCKS – 99.1%
		Aerospace & Defense – 2.0%
	135,214	General Dynamics Corporation	$	14,799,172
	163,917	United Technologies Corporation		19,396,299
		Total Aerospace & Defense		34,195,471
		Capital Markets – 2.4%
	649,542	Morgan Stanley		20,090,334
	313,445	State Street Corporation		20,236,009
		Total Capital Markets		40,326,343
		Chemicals – 4.5%
	434,644	Dow Chemical Company		21,688,736
	223,780	LyondellBasell Industries NV		20,699,650
	109,092	PPG Industries, Inc.		21,122,393
	108,910	Praxair, Inc.		14,218,201
		Total Chemicals		77,728,980
		Commercial Banks – 12.6%
	2,864,068	Bank of America Corporation		43,361,990
	278,326	BankUnited Inc.		9,181,975
	827,259	Citigroup Inc.		39,633,979
	210,129	Comerica Incorporated, (2)		10,136,623
	211,537	Community Bank System Inc., (2)		7,867,061
	907,857	Fifth Third Bancorp.		18,710,933
	462,064	JP Morgan Chase & Co.		25,866,343
	147,358	M&T Bank Corporation, (2)		17,979,150
	131,129	PNC Financial Services Group, Inc.		11,020,081
	1,226,205	Regions Financial Corporation		12,433,719
	520,314	SunTrust Banks, Inc.		19,907,214
		Total Commerical Banks		216,099,068
		Communications Equipment – 1.0%
	1,364,744	Ericsson LM Telefonaktiebolaget, (2)		16,363,281
		Computers & Peripherals – 3.1%
	43,666	Apple, Inc.		25,766,870
	845,221	Hewlett-Packard Company		27,943,006
		Total Computers & Peripherals		53,709,876

Nuveen Investments 21

Nuveen Dividend Value Fund (continued)

Portfolio of Investments April 30, 2014 (Unaudited)

Shares		Description (1)	Value
		Consumer Finance – 2.0%
	231,008	Capital One Financial Corporation	$	17,071,491
	686,699	SLM Corporation		17,682,499
		Total Consumer Finance		34,753,990
		Diversified Telecommunication Services – 2.4%
	441,906	CenturyLink Inc., (2)		15,426,938
	552,892	Verizon Communications Inc.		25,836,643
		Total Diversified Telecommunication Services		41,263,581
		Electric Utilities – 3.0%
	271,867	Exelon Corporation		9,523,501
	185,000	Pinnacle West Capital Corporation		10,350,750
	449,872	PPL Corporation, (2)		14,998,732
	439,497	Westar Energy Inc., (2)		15,769,152
		Total Electric Utilities		50,642,135
		Electrical Equipment – 4.1%
	343,859	Eaton PLC		24,977,918
	220,688	Emerson Electric Company		15,046,508
	270,515	Regal-Beloit Corporation		20,215,586
	82,357	Rockwell Automation, Inc.		9,815,307
		Total Electrical Equipment		70,055,319
		Energy Equipment & Services – 1.0%
	143,619	Halliburton Company		9,058,050
	118,540	Oceaneering International Inc.		8,686,611
		Total Energy Equipment & Services		17,744,661
		Food & Staples Retailing – 1.0%
	249,003	Walgreen Co.		16,907,304
		Food Products – 0.9%
	363,243	Unilever PLC, ADR		15,554,065
		Health Care Equipment & Supplies – 1.6%
	278,339	Covidien PLC		19,831,654
	107,140	Stryker Corporation		8,330,135
		Total Health Care Equipment & Supplies		28,161,789
		Health Care Providers & Services – 1.3%
	306,518	UnitedHealth Group Incorporated		23,001,111
		Hotels, Restaurants & Leisure – 1.0%
	413,626	Carnival Corporation, (2)		16,259,638
		Household Durables – 0.9%
	103,608	Whirlpool Corporation		15,891,395

22 Nuveen Investments

Shares		Description (1)	Value
		Household Products – 2.7%
	561,355	Procter & Gamble Company	$	46,339,855
		Industrial Conglomerates – 3.9%
	2,486,597	General Electric Company		66,864,593
		Insurance – 4.1%
	481,983	Hartford Financial Services Group, Inc.		17,288,730
	266,845	Lincoln National Corporation		12,944,651
	290,731	Prudential Financial, Inc.		23,456,177
	518,040	Unum Group		17,209,289
		Total Insurance		70,898,847
		Leisure Equipment & Products – 2.7%
	379,722	Hasbro, Inc.		20,983,438
	193,430	Polaris Industries Inc., (2)		25,983,452
		Total Leisure Equipment & Products		46,966,890
		Machinery – 1.0%
	193,008	Dover Corporation, (2)		16,675,891
		Media – 2.3%
	413,120	Cinemark Holdings Inc.		12,236,614
	86,448	Time Warner Cable, Class A		12,228,934
	490,052	Twenty First Century Fox Inc., Class A Shares, (2)		15,691,465
		Total Media		40,157,013
		Metals & Mining – 0.8%
	615,228	Teck Cominco Limited, (2)		14,008,742
		Multiline Retail – 0.6%
	184,908	Kohl’s Corporation, (2)		10,131,109
		Multi-Utilities – 1.0%
	535,736	CMS Energy Corporation		16,238,158
		Oil, Gas & Consumable Fuels – 12.2%
	278,652	Anadarko Petroleum Corporation		27,592,121
	336,897	Chevron Corporation		42,287,311
	157,674	ConocoPhillips		11,716,755
	392,714	Enbridge Energy Partners LP		11,765,711
	351,152	Exxon Mobil Corporation		35,961,476
	240,682	Golar LNG, Limited, (2)		10,638,144
	367,369	Linn Energy LLC		10,477,364
	323,498	Occidental Petroleum Corporation		30,974,934
	512,616	Spectra Energy Corporation		20,355,981
	163,801	Williams Partners LP		8,448,856
		Total Oil, Gas & Consumable Fuels		210,218,653

Nuveen Investments 23

Nuveen Dividend Value Fund (continued)

Portfolio of Investments April 30, 2014 (Unaudited)

Shares		Description (1)	Value
		Pharmaceuticals – 10.0%
	141,277	AstraZeneca PLC, Sponsored ADR	$	11,167,947
	307,046	GlaxoSmithKline PLC, (2)		17,001,137
	278,078	Johnson & Johnson		28,166,521
	701,989	Merck & Co., Inc.		41,108,476
	1,732,828	Pfizer Inc.		54,202,860
	414,262	Teva Pharmaceutical Industries Limited, Sponsored ADR		20,240,841
		Total Pharmaceuticals		171,887,782
		Real Estate Investment Trust – 3.6%
	174,072	Liberty Property Trust		6,527,700
	1,503,732	MFA Mortgage Investments, Inc.		11,924,595
	109,370	Mid-America Apartment Communities		7,617,621
	220,369	National Retail Properties, Inc.		7,521,194
	499,337	Redwood Trust Inc., (2)		10,885,547
	630,567	Starwood Property Trust Inc.		15,165,136
	101,663	Starwood Waypoint Residential Trust, (3)		2,762,184
		Total Real Estate Investment Trust		62,403,977
		Semiconductors & Equipment – 2.5%
	882,980	Intel Corporation		23,566,736
	337,676	Maxim Integrated Products, Inc.		10,954,209
	199,222	Texas Instruments Incorporated		9,054,640
		Total Semiconductors & Equipment		43,575,585
		Software – 2.0%
	550,682	CA Inc.		16,597,555
	444,720	Microsoft Corporation		17,966,688
		Total Software		34,564,243
		Specialty Retail – 2.7%
	687,934	Best Buy Co., Inc., (2)		17,838,129
	288,454	Lowe’s Companies, Inc.		13,242,923
	1,233,260	Staples, Inc., (2)		15,415,750
		Total Specialty Retail		46,496,802
		Tobacco – 1.7%
	393,288	Altria Group, Inc.		15,774,782
	152,115	Philip Morris International		12,995,183
		Total Tobacco		28,769,965
		Wireless Telecommunication Services – 0.5%
	235,261	Vodafone Group PLC, Sponsored ADR		8,930,508
		Total Long-Term Investments (cost $1,191,553,424)		1,703,786,620

24 Nuveen Investments

Shares		Description (1)	Value
		INVESTMENTS PURCHASED WITH COLLATERAL FROM SECURITIES LENDING – 11.5%
		Money Market Funds – 11.5%
	197,700,345	Mount Vernon Securities Lending Prime Portfolio, 0.172%, (4), (5)	$	197,700,345
		Total Investments Purchased with Collateral from Securities Lending (cost $197,700,345)		197,700,345
Shares		Description (1)	Value
		SHORT-TERM INVESTMENTS – 0.9%
		Money Market Funds – 0.9%
	15,695,453	First American Treasury Obligations Fund, Class Z, 0.000%, (4)	$	15,695,453
		Total Short-Term Investments (cost $15,695,453)		15,695,453
		Total Investments (cost $1,404,949,222) – 111.5%		1,917,182,418
		Other Assets Less Liabilities – (11.5)%		(196,977,633	)
		Net Assets – 100%	$	1,720,204,785

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 securities out on loan as of the end of the reporting period was $191,225,511.

(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 25

Nuveen Mid Cap Value Fund

Portfolio of Investments April 30, 2014 (Unaudited)

Shares		Description (1)	Value
		LONG-TERM INVESTMENTS – 99.5%
		COMMON STOCKS – 99.5%
		Aerospace & Defense – 1.0%
	14,895	Huntington Ingalls Industries Inc.	$	1,534,185
		Airlines – 4.0%
	40,874	American Airlines Group Inc., (2)		1,433,451
	57,039	Delta Air Lines, Inc.		2,100,746
	96,862	Southwest Airlines Co., (3)		2,341,155
		Total Airlines		5,875,352
		Building Products – 1.3%
	95,765	Masco Corporation, (3)		1,923,919
		Capital Markets – 3.6%
	85,071	Invesco LTD		2,995,350
	46,801	Raymond James Financial Inc.		2,326,010
		Total Capital Markets		5,321,360
		Commercial Banks – 6.9%
	63,958	East West Bancorp Inc.		2,207,191
	112,236	Fifth Third Bancorp.		2,313,184
	183,508	Regions Financial Corporation		1,860,771
	40,600	Wintrust Financial Corporation		1,819,692
	65,848	Zions Bancorporation, (3)		1,904,324
		Total Commercial Banks		10,105,162
		Commercial Services & Supplies – 2.3%
	56,462	Pitney Bowes Inc.		1,513,182
	111,907	Steelcase Inc.		1,844,227
		Total Commercial Services & Supplies		3,357,409
		Communications Equipment – 1.2%
	71217	Juniper Networks, Inc.		1,758,348
		Computers & Peripherals – 3.1%
	35,239	Lexmark International, Inc., Class A, (3)		1,515,277
	14,484	SanDisk Corporation		1,230,705
	20,507	Western Digital Corporation		1,807,282
		Total Computers & Peripherals		4,553,264
		Consumer Finance – 1.5%
	85,620	SLM Corporation		2,204,715

26 Nuveen Investments

Shares		Description (1)	Value
		Electrical Equipment – 1.9%
	19,447	Regal-Beloit Corporation	$	1,453,274
	10,708	Rockwell Automation, Inc., (3)		1,276,179
		Total Electrical Equipment		2,729,453
		Energy Equipment & Services – 2.3%
	19,333	FMC Technologies Inc., (2), (3)		1,096,181
	60,567	Nabors Industries Inc.		1,545,670
	10,244	Oceaneering International Inc.		750,680
		Total Energy Equipment & Services		3,392,531
		Food Products – 0.7%
	10,640	Keurig Green Mountain Inc., (3)		996,755
		Health Care Equipment & Supplies – 1.5%
	107,888	Hologic Inc., (2)		2,264,030
		Health Care Providers & Services – 4.6%
	30,316	Cardinal Health, Inc.		2,107,265
	18,388	CIGNA Corporation		1,471,776
	15,585	HCA Holdings, Inc., (2)		810,420
	17,939	Omnicare, Inc.		1,063,245
	15,188	Universal Health Services, Inc., Class B		1,242,227
		Total Health Care Providers & Services		6,694,933
		Hotels, Restaurants & Leisure – 2.9%
	19,383	Jack in the Box Inc., Term Loan, (2)		1,037,766
	26,108	Marriott International, Inc., Class A, (3)		1,512,436
	32,676	Royal Caribbean Cruises Ltd.		1,736,076
		Total Hotels, Restaurants & Leisure		4,286,278
		Household Durables – 2.5%
	24,096	Jarden Corporation, (2)		1,377,086
	17,575	Mohawk Industries Inc., (2)		2,327,106
		Total Household Durables		3,704,192
		Independent Power Producers & Energy Traders – 1.5%
	68,233	NRG Energy Inc.		2,232,584
		Industrial Conglomerates – 2.0%
	36,135	Carlisle Companies Inc.		2,972,104
		Insurance – 8.4%
	42,235	Endurance Specialty Holdings Limited, (3)		2,146,383
	110,583	Genworth Financial Inc., Class A, (2)		1,973,907
	85,904	Hartford Financial Services Group, Inc.		3,081,376
	43,384	Lincoln National Corporation		2,104,558
	90,338	Unum Group		3,001,028
		Total Insurance		12,307,252

Nuveen Investments 27

Nuveen Mid Cap Value Fund (continued)

Portfolio of Investments April 30, 2014 (Unaudited)

Shares		Description (1)	Value
		Internet Software & Services – 1.0%
	32,563	AOL Inc., (2)	$	1,394,022
		IT Services – 1.0%
	122,978	Xerox Corporation		1,486,804
		Leisure Equipment & Products – 1.5%
	24,629	Brunswick Corporation		989,840
	9,123	Polaris Industries Inc., (3)		1,225,493
		Total Leisure Equipment & Products		2,215,333
		Machinery – 2.8%
	22,404	Dover Corporation		1,935,706
	39,125	Oshkosh Truck Corporation		2,171,829
		Total Machinery		4,107,535
		Media – 1.2%
	13,327	Liberty Media Corporation, Class A, (2)		1,728,645
		Multiline Retail – 2.8%
	43,719	Kohl’s Corporation, (2), (3)		2,395,364
	29,124	Macy’s, Inc.		1,672,591
		Total Multiline Retail		4,067,955
		Multi-Utilities – 1.9%
	27,730	Sempra Energy		2,734,455
		Oil, Gas & Consumable Fuels – 6.5%
	36,816	Delek US Holdings Inc.		1,177,744
	18,859	Gulfport Energy Corporation, (2)		1,389,343
	46,655	Matador Resources Company, (2)		1,339,932
	16,049	Noble Energy, Inc.		1,151,997
	22,506	PDC Energy Inc., (2)		1,432,957
	87,029	Peabody Energy Corporation		1,654,421
	19,689	Whiting Petroleum Corporation, (2)		1,451,473
		Total Oil, Gas & Consumable Fuels		9,597,867
		Paper & Forest Products – 2.0%
	54,633	KapStone Paper and Packaging Corp., (2)		1,441,219
	89,249	Louisiana-Pacific Corporation, (2), (3)		1,462,791
		Total Paper & Forest Products		2,904,010
		Pharmaceuticals – 1.0%
	27,747	Mylan Laboratories Inc., (2), (3)		1,408,993
		Professional Services – 1.7%
	31,379	Manpower Inc.		2,552,368

28 Nuveen Investments

Shares		Description (1)	Value
		Real Estate Investment Trust – 8.6%
	87,083	CubeSmart	$	1,619,744
	136,505	Developers Diversified Realty Corporation, (3)		2,343,791
	138,980	Host Hotels & Resorts Inc., (3)		2,981,121
	228,304	MFA Mortgage Investments, Inc.		1,810,451
	19,639	SL Green Realty Corporation, (3)		2,056,400
	75,800	Starwood Property Trust Inc.		1,822,990
		Total Real Estate Investment Trust		12,634,497
		Real Estate Management & Development – 1.2%
	14,980	Jones Lang LaSalle Inc.		1,736,032
		Road & Rail – 2.0%
	36,132	Con-Way, Inc.		1,534,887
	60,290	Swift Transportation Company, (2), (3)		1,449,975
		Total Road & Rail		2,984,862
		Semiconductors & Equipment – 0.9%
	52,817	Micron Technology, Inc., (2), (3)		1,379,580
		Software – 3.7%
	33,646	Autodesk, Inc., (2)		1,615,681
	66,501	CA Inc.		2,004,340
	62,179	Electronic Arts Inc., (2)		1,759,666
		Total Software		5,379,687
		Specialty Retail – 4.1%
	93,886	Best Buy Co., Inc., (3)		2,434,464
	45,249	Foot Locker, Inc.		2,105,436
	22,124	Outerwall Inc., (2), (3)		1,534,299
		Total Specialty Retail		6,074,199
		Thrifts & Mortgage Finance – 1.0%
	75,655	Everbank Financial Corporation, (3)		1,416,262
		Water Utilities – 1.4%
	44,303	American Water Works Company		2,017,112
		Total Long-Term Investments (cost $125,275,236)		146,034,044
Shares		Description (1)	Value
		INVESTMENTS PURCHASED WITH COLLATERAL FROM SECURITIES LENDING – 20.7%
		Money Market Funds – 20.7%
	30,335,290	Mount Vernon Securities Lending Prime Portfolio, 0.172%, (4), (5)	$	30,335,290
		Total Investments Purchased with Collateral from Securities Lending (cost $30,335,290)		30,335,290

Nuveen Investments 29

Nuveen Mid Cap Value Fund (continued)

Portfolio of Investments April 30, 2014 (Unaudited)

Shares		Description (1)	Value
		SHORT-TERM INVESTMENTS – 0.7%
		Money Market Funds – 0.7%
	974,724	First American Treasury Obligations Fund, Class Z, 0.000%, (4)	$	974,724
		Total Short-Term Investments (cost $974,724)		974,724
		Total Investments (cost $156,585,250) – 120.9%		177,344,058
		Other Assets Less Liabilities – (20.9)%		(30,718,093	)
		Net Assets – 100%	$	146,625,965

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 securities out on loan as of the end of the reporting period was $29,449,230.

(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

Nuveen Small Cap Value Fund

Portfolio of Investments April 30, 2014 (Unaudited)

Shares		Description (1)	Value
		LONG-TERM INVESTMENTS – 96.4%
		COMMON STOCKS – 96.4%
		Auto Components – 1.0%
	53,600	Dana Holding Corporation, (3)	$	1,134,712
		Automobiles – 1.3%
	25,000	Thor Industries, Inc., (3)		1,521,750
		Capital Markets – 3.3%
	83,121	JMP Group Inc.		574,366
	77,417	Manning & Napier Inc.		1,286,671
	77,311	New Mountain Finance Corporation		1,106,320
	88,052	Pennantpark Investment Corporation, (3)		942,156
		Total Capital Markets		3,909,513
		Chemicals – 2.1%
	41,102	Chemtura Corporation, (2)		916,575
	26,000	Minerals Technologies Inc.		1,546,740
		Total Chemicals		2,463,315
		Commercial Banks – 13.9%
	45,542	Banner Corporation		1,800,731
	76,500	Customers Bancorp Inc., (2)		1,685,295
	56,000	East West Bancorp Inc.		1,932,560
	54,500	Heartland Financial USA, Inc.		1,324,350
	43,100	Renasant Corporation		1,173,182
	62,687	Square 1 Financial Inc., Class A, (2)		1,181,650
	8,878	SVB Financial Group, (2)		947,194
	30,131	Texas Capital BancShares, Inc., (2), (3)		1,693,061
	64,131	Webster Financial Corporation		1,932,908
	62,094	Western Alliance Bancorporation, (2)		1,432,509
	30,324	Wintrust Financial Corporation, (3)		1,359,122
		Total Commercial Banks		16,462,562
		Commercial Services & Supplies – 1.8%
	10,564	G&K Services, Inc.		559,258
	95,101	Steelcase Inc.		1,567,264
		Total Commercial Services & Supplies		2,126,522
		Communications Equipment – 3.3%
	47,120	Applied Optoelectronics Inc., (2)		1,060,200
	45,791	Netgear, Inc., (2)		1,479,049
	30,750	Plantronics Inc.		1,339,778
		Total Communications Equipment		3,879,027

Nuveen Investments 31

Nuveen Small Cap Value Fund (continued)

Portfolio of Investments April 30, 2014 (Unaudited)

Shares		Description (1)	Value
		Construction & Engineering – 3.7%
	47,125	Emcor Group Inc.	$	2,167,279
	76,717	Tutor Perini Corporation, (2)		2,270,823
		Total Construction & Engineering		4,438,102
		Construction Materials – 1.4%
	127,707	Headwaters Incorporated, (2), (3)		1,593,783
		Diversified Financial Services – 0.9%
	42,500	PHH Corporation, (2), (3)		1,010,225
		Diversified Telecommunication Services – 1.3%
	125,000	Premiere Global Services, Inc., (2)		1,590,000
		Electric Utilities – 2.9%
	47,506	El Paso Electric Company		1,796,677
	45,885	UIL Holdings Corporation		1,685,356
		Total Electric Utilities		3,482,033
		Electrical Equipment – 2.4%
	38,287	Babcock & Wilcox Company		1,332,005
	19,833	Regal-Beloit Corporation		1,482,120
		Total Electrical Equipment		2,814,125
		Electronic Equipment & Instruments – 1.5%
	124,033	Vishay Intertechnology Inc., (3)		1,763,749
		Energy Equipment & Services – 3.4%
	33,959	Dawson Geophysical Company		959,681
	41,909	Matrix Service Company, (2)		1,297,922
	55,161	Patterson-UTI Energy, Inc.		1,794,387
		Total Energy Equipment & Services		4,051,990
		Food & Staples Retailing – 0.7%
	37,737	Spartan Stores, Inc.		812,855
		Gas Utilities – 1.3%
	28,255	Southwest Gas Corporation		1,554,308
		Health Care Equipment & Supplies – 2.2%
	620,000	Alphatec Holdings, Inc., (2)		837,000
	16,810	Conmed Corporation		778,807
	82,710	Nxstage Medical, Inc., (2)		946,202
		Total Health Care Equipment & Supplies		2,562,009
		Health Care Providers & Services – 2.5%
	31,738	Hanger Orthopedic Group Inc., (2)		1,100,356
	15,315	Medax Inc., (2)		907,414
	30,385	US Physical Therapy, Inc., (3)		937,377
		Total Health Care Providers & Services		2,945,147

32 Nuveen Investments

Shares		Description (1)	Value
		Hotels, Restaurants & Leisure – 2.1%
	22,000	Bob Evans Farms, Inc.	$	1,031,140
	95,082	Einstein Noah Restaurant Group		1,460,460
		Total Hotels, Restaurants & Leisure		2,491,600
		Household Durables – 2.7%
	63,956	La Z Boy Inc.		1,549,654
	23,000	Meritage Corporation, (2)		887,340
	50,042	Tri Pointe Homes, Incorporated, (2), (3)		804,175
		Total Household Durables		3,241,169
		Insurance – 5.7%
	82,178	American Equity Investment Life Holding Company, (3)		1,916,391
	92,463	CNO Financial Group Inc.		1,594,987
	24,000	Endurance Specialty Holdings Limited, (3)		1,219,680
	65,735	Horace Mann Educators Corporation		1,976,651
		Total Insurance		6,707,709
		Internet Software & Services – 3.5%
	59,000	Constant Contact Inc., (2)		1,525,740
	101,500	Dice Holdings Inc., (2)		776,475
	103,445	Perficient, Inc., (2)		1,889,940
		Total Internet Software & Services		4,192,155
		Leisure Equipment & Products – 1.0%
	52,945	Malibu Boats Inc., Class A, (2)		1,178,556
		Machinery – 2.3%
	21,884	Actuant Corporation		740,992
	59,000	Altra Industrial Motion, Inc., (3)		2,015,440
		Total Machinery		2,756,432
		Metals & Mining – 1.8%
	77,262	Commercial Metals Company		1,483,430
	8,404	Kaiser Aluminum Corporation		591,642
		Total Metals & Mining		2,075,072
		Oil, Gas & Consumable Fuels – 3.6%
	38,805	Bill Barrett Corporation, (2), (3)		918,902
	66,118	Energy XXI Ltd., (3)		1,582,204
	37,414	Rosetta Resources, Inc., (2)		1,771,179
		Total Oil, Gas & Consumable Fuels		4,272,285
		Professional Services – 2.5%
	77,000	Korn/Ferry International, (2)		2,236,850
	29,000	TrueBlue Inc., (2)		775,750
		Total Professional Services		3,012,600

Nuveen Investments 33

Nuveen Small Cap Value Fund (continued)

Portfolio of Investments April 30, 2014 (Unaudited)

Shares		Description (1)	Value
		Real Estate Investment Trust – 8.0%
	67,000	Associated Estates Realty Corp.	$	1,124,260
	92,000	Brandywine Realty Trust		1,338,600
	86,500	CubeSmart		1,608,900
	21,000	Entertainment Properties Trust, (3)		1,125,810
	142,189	Kite Realty Group Trust		881,572
	50,000	LaSalle Hotel Properties		1,654,000
	224,871	MFA Mortgage Investments, Inc.		1,783,227
		Total Real Estate Investment Trust		9,516,369
		Road & Rail – 2.1%
	32,402	Celadon Group, Inc.		745,570
	42,065	Saia, Inc., (2), (3)		1,731,816
		Total Road & Rail		2,477,386
		Semiconductors & Equipment – 3.8%
	148,176	Cypress Semiconductor Corporation, (2), (3)		1,403,227
	107,898	Integrated Device Technology, Inc., (2)		1,259,170
	34,226	MKS Instruments Inc.		963,462
	64,117	TriQuint Semiconductor, Inc., (2)		909,179
		Total Semiconductors & Equipment		4,535,038
		Software – 0.8%
	25,790	Parametric Technology Corporation, (2)		912,192
		Specialty Retail – 2.4%
	35,000	Ann Inc., (2)		1,371,650
	18,749	Genesco Inc., (2)		1,431,861
		Total Specialty Retail		2,803,511
		Textiles, Apparel & Luxury Goods – 0.9%
	27,220	Movado Group Inc.		1,069,201
		Thrifts & Mortgage Finance – 2.3%
	87,500	Everbank Financial Corporation, (3)		1,638,000
	16,500	WSFS Financial Corporation		1,115,730
		Total Thrifts & Mortgage Finance		2,753,730
		Total Long-Term Investments (cost $91,511,900)		114,110,732
Shares		Description (1)	Value
		INVESTMENTS PURCHASED WITH COLLATERAL FROM SECURITIES LENDING – 13.6%
		Money Market Funds – 13.6%
	16,141,537	Mount Vernon Securities Lending Prime Portfolio, 0.172%, (4), (5)	$	16,141,537
		Total Investments Purchased with Collateral from Securities Lending (cost $16,141,537)		16,141,537

34 Nuveen Investments

Shares		Description (1)	Value
		SHORT-TERM INVESTMENTS – 3.6%
		Money Market Funds – 3.6%
	4,203,291	First American Treasury Obligations Fund, Class Z, 0.000%, (4)	$	4,203,291
		Total Short-Term Investments (cost $4,203,291)		4,203,291
		Total Investments (cost $111,856,728) – 113.6%		134,455,560
		Other Assets Less Liabilities – (13.6)%		(16,088,884	)
		Net Assets – 100%	$	118,366,676

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 securities out on loan as of the end of the reporting period was $15,533,279.

(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

Statement of

Assets and Liabilities April 30, 2014 (Unaudited)

	Dividend Value		Mid Cap Value			Small Cap Value
Assets
Long-term investments, at value (cost $1,191,553,424, $125,275,236 and $91,511,900, respectively)	$	1,703,786,620	$	146,034,044		$	114,110,732
Investments purchased with collateral from securities lending, at value (cost approximates value)		197,700,345		30,335,290			16,141,537
Short-term investments, at value (cost approximates value)		15,695,453		974,724			4,203,291
Cash		500,834		—			—
Receivable for:
Dividends		1,779,964		61,638			46,168
Due from broker		29,209		8,294			2,193
Investments sold		8,238,032		—			565,115
Shares sold		2,767,421		89,477			320,772
Other assets		35,018		4,471			111
Total assets		1,930,532,896		177,507,938			135,389,919
Liabilities
Payable for:
Collateral from securities lending program		197,700,345		30,335,290			16,141,537
Investments purchased		9,045,316		—			616,869
Shares redeemed		1,618,236		383,606			103,618
Accrued expenses:
Management fees		1,055,427		92,775			100,912
Directors fees		44,089		5,235			1,002
12b-1 distribution and service fees		153,196		18,218			16,135
Other		711,502		46,849			43,170
Total liabilities		210,328,111		30,881,973			17,023,243
Net assets	$	1,720,204,785	$	146,625,965		$	118,366,676
Class A Shares
Net assets	$	398,648,116	$	37,527,916		$	46,694,920
Shares outstanding		23,558,117		1,127,394			2,569,177
Net asset value (“NAV”) per share	$	16.92	$	33.29		$	18.18
Offering price per share (NAV per share plus maximum sales charge of 5.75% of offering price)	$	17.95	$	35.32		$	19.29
Class B Shares
Net assets	$	1,014,196	$	861,256			N/A
Shares outstanding		60,604		27,544			N/A
NAV and offering price per share	$	16.73	$	31.27			N/A
Class C Shares
Net assets	$	65,957,117	$	7,728,018		$	2,727,824
Shares outstanding		3,946,046		241,611			172,754
NAV and offering price per share	$	16.71	$	31.99		$	15.79
Class R3 Shares
Net assets	$	44,458,738	$	8,289,068		$	10,433,465
Shares outstanding		2,632,744		250,238			584,760
NAV and offering price per share	$	16.89	$	33.12		$	17.84
Class R6 Shares
Net assets	$	62,807,123		N/A			N/A
Shares outstanding		3,676,876		N/A			N/A
NAV and offering price per share	$	17.08		N/A			N/A
Class I Shares
Net assets	$	1,147,319,495	$	92,219,707		$	58,510,467
Shares outstanding		67,211,523		2,763,976			3,117,357
NAV and offering price per share	$	17.07	$	33.36		$	18.77
Net assets consist of:
Capital paid-in	$	1,152,079,756	$	143,670,830		$	109,350,232
Undistributed (Over-distribution of) net investment income		2,088,086		733,149			93,869
Accumulated net realized gain (loss)		53,803,747		(18,536,822	)		(13,676,257	)
Net unrealized appreciation (depreciation)		512,233,196		20,758,808			22,598,832
Net assets	$	1,720,204,785	$	146,625,965		$	118,366,676
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.

36 Nuveen Investments

Statement of

Operations Six Months Ended April 30, 2014 (Unaudited)

	Dividend Value		Mid Cap Value			Small Cap Value
Investment Income
Dividend and interest income (net of foreign tax withheld of $168,851, $— and $—, respectively)	$	26,032,595	$	1,596,994		$	839,594
Securities lending income, net		218,495		56,468			17,538
Total investment income		26,251,090		1,653,462			857,132
Expenses
Management fees		6,326,499		655,453			491,512
12b-1 service fees – Class A		483,699		46,056			57,526
12b-1 distribution and service fees – Class B		5,553		5,115			N/A
12b-1 distribution and service fees – Class C		315,892		39,879			14,757
12b-1 distribution and service fees – Class R3		102,741		21,229			23,573
Shareholder servicing agent fees and expenses		859,235		132,155			112,057
Custodian fees and expenses		139,289		16,461			14,775
Directors fees and expenses		24,082		2,108			1,596
Professional fees		45,368		14,431			13,231
Shareholder reporting expenses		73,457		11,580			14,648
Federal and state registration fees		59,869		31,131			26,410
Other expenses		7,472		3,758			4,155
Total expenses before fee waiver/expense reimbursement		8,443,156		979,356			774,240
Fee waiver/expense reimbursement		—		(74,531	)		(21,951	)
Net expenses		8,443,156		904,825			752,289
Net investment income (loss)		17,807,934		748,637			104,843
Realized and Unrealized Gain (Loss)
Net realized gain (loss) from investments		69,184,612		13,239,884			7,247,973
Change in net unrealized appreciation (depreciation) of investments		16,519,250		(2,773,171	)		347,672
Net realized and unrealized gain (loss)		85,703,862		10,466,713			7,595,645
Net increase (decrease) in net assets from operations	$	103,511,796	$	11,215,350		$	7,700,488

N/A – Fund does not offer share class.

See accompanying notes to financial statements.

Nuveen Investments 37

Statement of

Changes in Net Assets (Unaudited)

	Dividend Value
	Six Months Ended 4/30/14			Year Ended 10/31/13
Operations
Net investment income (loss)	$	17,807,934		$	31,999,965
Net realized gain (loss) from investments		69,184,612			165,763,410
Change in net unrealized appreciation (depreciation) of investments		16,519,250			180,627,113
Net increase (decrease) in net assets from operations		103,511,796			378,390,488
Distributions to Shareholders
From net investment income:
Class A		(3,958,443	)		(6,061,320	)
Class B		(6,875	)		(15,883	)
Class C		(406,025	)		(459,457	)
Class R3		(374,870	)		(486,136	)
Class R6(1)		(722,023	)		(900,233	)
Class I		(12,936,795	)		(23,887,985	)
From accumulated net realized gains:
Class A		(37,034,624	)		(7,596,475	)
Class B		(110,183	)		(39,707	)
Class C		(5,985,814	)		(834,161	)
Class R3		(3,817,556	)		(623,435	)
Class R6(1)		(6,011,872	)		—
Class I		(108,753,346	)		(28,858,444	)
Decrease in net assets from distributions to shareholders		(180,118,426	)		(69,763,236	)
Fund Share Transactions
Proceeds from sale of shares		180,063,600			429,254,691
Proceeds from shares issued to shareholders due to reinvestment of distributions		121,975,085			41,984,713
		302,038,685			471,239,404
Cost of shares redeemed		(208,076,983	)		(475,077,918	)
Net increase (decrease) in net assets from Fund share transactions		93,961,702			(3,838,514	)
Net increase (decrease) in net assets		17,355,072			304,788,738
Net assets at the beginning of period		1,702,849,713			1,398,060,975
Net assets at the end of period	$	1,720,204,785		$	1,702,849,713
Undistributed (Over-distribution of) net investment income at the end of period	$	2,088,086		$	2,685,183

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

See accompanying notes to financial statements.

38 Nuveen Investments

	Mid Cap Value						Small Cap Value
	Six Months Ended 4/30/14			Year Ended 10/31/13			Six Months Ended 4/30/14			Year Ended 10/31/13
Operations
Net investment income (loss)	$	748,637		$	798,096		$	104,843		$	416,567
Net realized gain (loss) from investments		13,239,884			24,372,068			7,247,973			11,086,813
Change in net unrealized appreciation (depreciation) of investments		(2,773,171	)		18,265,979			347,672			15,049,748
Net increase (decrease) in net assets from operations		11,215,350			43,436,143			7,700,488			26,553,128
Distributions to Shareholders
From net investment income:
Class A		(180,382	)		(366,544	)		(158,852	)		(126,553	)
Class B		—			(4,764	)		N/A			N/A
Class C		—			(24,117	)		—			—
Class R3		(23,054	)		(75,223	)		(11,164	)		(5,043	)
Class R6		N/A			N/A			N/A			N/A
Class I		(654,623	)		(1,195,031	)		(281,445	)		(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		(858,059	)		(1,665,679	)		(451,461	)		(399,056	)
Fund Share Transactions
Proceeds from sale of shares		8,204,938			15,873,293			20,201,814			28,341,425
Proceeds from shares issued to shareholders due to reinvestment of distributions		474,117			958,067			363,681			311,768
		8,679,055			16,831,360			20,565,495			28,653,193
Cost of shares redeemed		(15,996,109	)		(75,923,914	)		(14,800,369	)		(27,126,571	)
Net increase (decrease) in net assets from Fund share transactions		(7,317,054	)		(59,092,554	)		5,765,126			1,526,622
Net increase (decrease) in net assets		3,040,237			(17,322,090	)		13,014,153			27,680,694
Net assets at the beginning of period		143,585,728			160,907,818			105,352,523			77,671,829
Net assets at the end of period	$	146,625,965		$	143,585,728		$	118,366,676		$	105,352,523
Undistributed (Over-distribution of) net investment income at the end of period	$	733,149		$	842,571		$	93,869		$	440,487

N/A – Fund does not offer share class.

See accompanying notes to financial statements.

Nuveen Investments 39

Financial

Highlights (Unaudited)

Dividend Value

Selected data for a share outstanding throughout each period:

			Investment Operations						Less Distributions
Class (Commencement Date) Year Ended October 31,	Beginning NAV		Net Investment Income (Loss)(a)		Net Realized/ Unrealized Gain (Loss)		Total		From Net Investment Income			From Accumulated Net Realized Gains			Total			Ending NAV
Class A (12/92)
2014(f)	$	17.79	$	.16	$	.84	$	1.00	$	(.17	)	$	(1.70	)	$	(1.87	)	$	16.92
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)
2014(f)		17.61		.10		.82		.92		(.10	)		(1.70	)		(1.80	)		16.73
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)
2014(f)		17.59		.10		.82		.92		(.10	)		(1.70	)		(1.80	)		16.71
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)
2014(f)		17.75		.14		.85		.99		(.15	)		(1.70	)		(1.85	)		16.89
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)
2014(f)		17.93		.20		.84		1.04		(.19	)		(1.70	)		(1.89	)		17.08
2013(d)		15.36		.22		2.60		2.82		(.25	)		—			(.25	)		17.93
Class I (8/94)
2014(f)		17.93		.19		.84		1.03		(.19	)		(1.70	)		(1.89	)		17.07
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

40 Nuveen Investments

			Ratios/Supplemental Data
					Ratios to Average Net Assets Before Waiver/Reimbursement						Ratios to Average Net Assets After Waiver/Reimbursement(c)
Total Return(b)			Ending Net Assets (000)		Expenses			Net Investment Income (Loss)			Expenses			Net Investment Income (Loss)			Portfolio Turnover Rate(e)
	6.21	%	$	398,648		1.15	%*		1.97	%*		1.15	%*		1.97	%*		13	%
	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
	5.87			1,014		1.90	*		1.20	*		1.90	*		1.20	*		13
	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
	5.88			65,957		1.90	*		1.22	*		1.90	*		1.22	*		13
	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
	6.15			44,459		1.40	*		1.73	*		1.40	*		1.73	*		13
	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
	6.41			62,807		.81	*		2.32	*		81	*		2.32	*		13
	18.52			67,620		.80	*		1.98	*		.80	*		1.98	*		44
	6.36			1,147,319		.90	*		2.22	*		.90	*		2.22	*		13
	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 NAV without any sales charge, reinvested dividend income at NAV and reinvested capital gains distributions at NAV, 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.

(f) For the six months ended April 30, 2014.

* Annualized.

See accompanying notes to financial statements.

Nuveen Investments 41

Financial Highlights (Unaudited)(continued)

Mid Cap Value

Selected data for a share outstanding throughout each period:

			Investment Operations									Less Distributions
Class (Commencement Date) Year Ended October 31,	Beginning NAV		Net Investment Income (Loss)(a)			Net Realized/ Unrealized Gain (Loss)			Total			From Net Investment Income			From Accumulated Net Realized Gains		Total			Ending NAV
Class A (12/87)
2014(e)	$	31.00	$	.15		$	2.30		$	2.45		$	(.16	)	$	—	$	(.16	)	$	33.29
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)
2014(e)		29.09		.03			2.15			2.18			—			—		—			31.27
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)
2014(e)		29.76		.03			2.20			2.23			—			—		—			31.99
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)
2014(e)		30.82		.11			2.28			2.39			(.09	)		—		(.09	)		33.12
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)
2014(e)		31.10		.19			2.30			2.49			(.23	)		—		(.23	)		33.36
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

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)
	7.90	%	$	37,528		1.44	%*		.83	%*		1.34	%*		.93	%*		65	%
	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
	7.49			861		2.19	*		.06	*		2.09	*		.17	*		65
	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
	7.46			7,728		2.19	*		.06	*		2.09	*		.17	*		65
	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
	7.75			8,289		1.69	*		.60	*		1.59	*		.70	*		65
	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
	8.02			92,220		1.19	*		1.08	*		1.09	*		1.18	*		65
	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 NAV without any sales charge, reinvested dividend income at NAV and reinvested capital gains distributions at NAV, 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.

(e) For the six months ended April 30, 2014.

* Annualized.

See accompanying notes to financial statements.

Nuveen Investments 43

Financial Highlights (Unaudited)(continued)

Small Cap Value

Selected data for a share outstanding throughout each period:

			Investment Operations							Less Distributions
Class (Commencement Date) Year Ended October 31,	Beginning NAV		Net Investment Income (Loss)(a)			Net Realized/ Unrealized Gain (Loss)		Total		From Net Investment Income			From Accumulated Net Realized Gains		Total			Ending NAV
Class A (8/94)
2014(e)	$	16.98	$	.01		$	1.25	$	1.26	$	(.06	)	$	—	$	(.06	)	$	18.18
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)
2014(e)		14.76		(.05	)		1.08		1.03		—			—		—			15.79
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)
2014(e)		16.65		(.01	)		1.22		1.21		(.02	)		—		(.02	)		17.84
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)
2014(e)		17.55		.03			1.29		1.32		(.10	)		—		(.10	)		18.77
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

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 (Loss) Income			Portfolio Turnover Rate(d)
	7.36	%	$	46,695		1.48	%*		.09	%*		1.45	%*		.12	%*		26	%
	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
	6.98			2,728		2.23	*		(.68	)*		2.20	*		(.65	)*		26
	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
	7.27			10,433		1.74	*		(.17	)*		1.70	*		(.13	)*		26
	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
	7.54			58,510		1.24	*		.32	*		1.20	*		.36	*		26
	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 NAV without any sales charge, reinvested dividend income at NAV and reinvested capital gains distributions at NAV, 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.

(e) For the six months ended April 30, 2014.

* Annualized.

See accompanying notes to financial statements.

Nuveen Investments 45

Notes to

Financial Statements (Unaudited)

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

The Funds’ investment advisor is Nuveen Fund Advisors, LLC (the “Adviser”), a wholly owned subsidiary of Nuveen Investments, Inc. (“Nuveen”).

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

Agreement and Plan of Merger

On April 14, 2014, TIAA-CREF, a national financial services organization, announced that it had entered into an agreement (the “Purchase Agreement”) to acquire Nuveen, the parent company of the Adviser. The transaction is expected to be completed by the end of the year, subject to customary closing conditions, including obtaining necessary Nuveen Fund and client consents sufficient to satisfy the terms of the Purchase Agreement and obtaining customary regulatory approvals. There can be no assurance that the transaction described above will be consummated as contemplated or that necessary conditions will be satisfied.

The consummation of the transaction will be deemed to be an “assignment” (as defined in the Investment Company Act of 1940) of the investment management agreements between the Nuveen Funds and the Adviser and the investment sub-advisory agreements between the Adviser and each Nuveen Fund’s sub-adviser or sub-advisers, and will result in automatic termination of each agreement. It is anticipated that the Board of Directors/Trustees of the Nuveen Funds (the “Board”) will consider a new investment management agreement with the Adviser and new investment sub-advisory agreements with each sub-adviser. If approved by the Board, the new agreements will be presented to the Nuveen Funds’ shareholders for approval, and, if so approved by shareholders, will take effect upon consummation of the transaction or such later time as shareholder approval is obtained.

The transaction is not expected to result in any change in the portfolio management of the Funds or in the Funds’ investment objectives or policies.

Investment Objectives and Principal Investment Strategies

Dividend Value’s investment objective is long-term growth of capital and income. Under normal market conditions, the Fund invests at least 80% of the sum of its net assets and the amount of any borrowings for investment purposes in equity securities. 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 the sum of its net assets and the amount of any borrowings for investment purposes in common stocks of mid-capitalization companies. At the time of purchase, mid-capitalization companies are defined as companies that have market capitalizations within the market capitalization range of the companies in the Russell Midcap^® Index immediately after its most recent reconstitution. 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 $1.8 billion to $21.5 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.

46 Nuveen Investments

Small Cap Value’s investment objective is capital appreciation. Under normal market conditions, the Fund invests at least 80% of the sum of its net assets and the amount of any borrowings for investment purposes in common stocks of small-capitalization companies, defined as companies that have market capitalizations of less than $3 billion. 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 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.

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. If a refund is received for workout expenditures paid in a prior reporting period, such amounts will be recognized as “Legal fee refund” on the Statement 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.

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 (“NAV”) without an up-front sales charge but may be subject to a contingent deferred sales charge (“CDSC”) if redeemed within twelve months of purchase. Dividend Value and Mid Cap Value issued 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 were not available for new accounts or for additional investment into existing accounts. Class B Shares were sold without an up-front sales charge but incurred 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

Nuveen Investments 47

Notes to Financial Statements (Unaudited)(continued)

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 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 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, 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.

Netting Agreements

In the ordinary course of business, the Funds may enter into transactions subject to enforceable International Swaps and Derivative Association, Inc. (“ISDA”) master agreements or other similar arrangements (“netting agreements”). Generally, the right to offset in netting agreements allows each Fund to offset any exposure to a specific counterparty with any collateral received or delivered to that counterparty based on the terms of the agreements. Generally, a Fund manages its cash collateral and securities collateral on a counterparty basis.

As of April 30, 2014, the Funds were invested in securities lending transactions that are subject to netting agreements.

Use of Estimates

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

2. Investment Valuation and Fair Value Measurements

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

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

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

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

48 Nuveen Investments

price; securities whose trading has been formally suspended; debt securities that have gone into default and for which there is no current market quotation; a security whose market price is not available from a pre-established pricing source; a security with respect to which an event has occurred that is likely to materially affect the value of the security after the market has closed but before the calculation of a Fund’s NAV (as may be the case in non-U.S. markets on which the security is primarily traded) or make it difficult or impossible to obtain a reliable market quotation; and a security whose price, as provided by the pricing service, is not deemed to reflect the security’s fair value. As a general principle, the fair value of a security would appear to be the amount that the owner might reasonably expect to receive for it in a current sale. A variety of factors may be considered in determining the fair value of such securities, which may include consideration of the following: yields or prices of investments of comparable quality, type of issue, coupon, maturity and rating, market quotes or indications of value from security dealers, evaluations of anticipated cash flows or collateral, general market conditions and other information and analysis, including the obligor’s credit characteristics considered relevant. These securities are generally classified as Level 2 or Level 3 depending on the priority of the significant inputs. Regardless of the method employed to value a particular security, all valuations are subject to review by the 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:

Dividend Value	Level 1		Level 2		Level 3		Total
Long-Term Investments*:
Common Stocks	$	1,703,786,620	$	—	$	—	$	1,703,786,620
Investments Purchased with Collateral from Securities Lending		197,700,345		—		—		197,700,345
Short-Term Investments:
Money Market Funds		15,695,453		—		—		15,695,453
Total	$	1,917,182,418	$	—	$	—	$	1,917,182,418
Mid Cap Value
Long-Term Investments*:
Common Stocks	$	146,034,044	$	—	$	—	$	146,034,044
Investments Purchased with Collateral from Securities Lending		30,335,290		—		—		30,335,290
Short-Term Investments:
Money Market Funds		974,724		—		—		974,724
Total	$	177,344,058	$	—	$	—	$	177,344,058
Small Cap Value
Long-Term Investments*:
Common Stocks	$	114,110,732	$	—	$	—	$	114,110,732
Investments Purchased with Collateral from Securities Lending		16,141,537		—		—		16,141,537
Short-Term Investments:
Money Market Funds		4,203,291		—		—		4,203,291
Total	$	134,455,560	$	—	$	—	$	134,455,560

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

Nuveen Investments 49

Notes to Financial Statements (Unaudited)(continued)

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

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

50 Nuveen Investments

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, at value” on the Statement of Assets and Liabilities.

The following table presents the securities out on loan for the Funds that are subject to netting agreements as of the end of the reporting period, and the collateral delivered related to those securities.

Fund	Counterparty	Long-Term Investment, at Value		Collateral Pledged (From) Counterparty*			Net Exposure
Dividend Value	U.S. Bank	$	191,225,511	$	191,225,511	)	$	—
Mid Cap Value	U.S. Bank		29,449,230		(29,449,230	)		—
Small Cap Value	U.S. Bank		15,533,279		(15,533,279	)		—

* As of April 30, 2014, the value of the collateral pledged from the counterparty exceeded the value of the securities out on loan. Refer to the Fund’s Portfolio of Investments for details on the securities out on loan.

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 six months ended April 30, 2014, was as follows:

	Dividend Value		Mid Cap Value		Small Cap Value
Securities lending fees paid	$	36,521	$	10,033	$	2,090

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 six months ended April 30, 2014.

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.

Nuveen Investments 51

Notes to Financial Statements (Unaudited)(continued)

4. Fund Shares

Transactions in Fund shares were as follows:

	Dividend Value
	Six Months Ended 4/30/14						Year Ended 10/31/13
	Shares			Amount			Shares			Amount
Shares sold:
Class A		2,653,745		$	44,651,266			5,913,434		$	95,908,203
Class A – automatic conversion of Class B Shares		4,975			84,561			14,618			225,266
Class B – exchanges		4,880			81,167			9,042			143,868
Class C		696,727			11,601,341			1,634,902			26,844,001
Class R3		529,038			8,872,240			1,165,684			18,794,315
Class R6(1)		47,897			809,062			884,689			15,362,104
Class R6(1) – exchange of Class I Shares		—			—			3,668,683			56,350,962
Class I		6,735,602			113,963,963			13,462,045			216,508,837
Shares issued to shareholders due to reinvestment of distributions:
Class A		2,363,850			38,310,127			854,677			12,763,058
Class B		6,727			107,534			3,580			51,899
Class C		327,958			5,237,222			77,243			1,129,896
Class R3		247,745			4,004,319			71,415			1,064,183
Class R6(1)		365,961			5,988,090			54,536			900,233
Class I		4,181,184			68,327,793			1,743,392			26,075,444
		18,166,289			302,038,685			29,557,940			472,122,269
Shares redeemed:
Class A		(3,066,722	)		(51,248,584	)		(3,896,951	)		(61,661,861	)
Class B		(17,274	)		(290,822	)		(31,981	)		(503,335	)
Class B – automatic conversion to Class A Shares		(5,029	)		(84,561	)		(14,763	)		(225,266	)
Class C		(475,631	)		(7,835,172	)		(342,119	)		(5,399,404	)
Class R3		(317,688	)		(5,279,429	)		(548,501	)		(8,818,904	)
Class R6(1)		(508,109	)		(8,894,271	)		(836,781	)		(14,461,170	)
Class I		(7,929,070	)		(134,444,144	)		(20,171,509	)		(328,539,881	)
Class I – exchange to Class R6(1) Shares		—			—			(3,668,683	)		(56,350,962	)
		(12,319,523	)		(208,076,983	)		(29,511,288	)		(475,960,783	)
Net increase (decrease)		5,846,766		$	93,961,702			46,652		$	(3,838,514	)

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

52 Nuveen Investments

	Mid Cap Value
	Six Months Ended 4/30/14						Year Ended 10/31/13
	Shares			Amount			Shares			Amount
Shares sold:
Class A		70,575		$	2,289,490			176,645		$	4,729,766
Class A – automatic conversion of Class B Shares		3,172			101,601			4,274			111,572
Class B		—			—			149			3,585
Class C		6,527			205,141			35,129			928,204
Class R3		28,673			925,955			67,276			1,809,518
Class I		144,854			4,682,751			299,898			8,290,648
Shares issued to shareholders due to reinvestment of distributions:
Class A		5,453			178,246			15,342			357,321
Class B		—			—			210			4,622
Class C		—			—			1,012			22,773
Class R3		708			23,054			3,235			75,055
Class I		8,333			272,817			21,368			498,296
		268,295			8,679,055			624,538			16,831,360
Shares redeemed:
Class A		(104,037	)		(3,378,378	)		(578,915	)		(15,652,273	)
Class B		(10,736	)		(329,888	)		(26,157	)		(652,671	)
Class B – automatic conversion to Class A Shares		(3,376	)		(101,601	)		(4,538	)		(111,572	)
Class C		(35,189	)		(1,108,374	)		(118,318	)		(3,012,864	)
Class R3		(51,731	)		(1,675,820	)		(212,784	)		(5,682,457	)
Class I		(289,820	)		(9,402,048	)		(1,983,549	)		(50,812,077	)
		(494,889	)		(15,996,109	)		(2,924,261	)		(75,923,914	)
Net increase (decrease)		(226,594	)	$	(7,317,054	)		(2,299,723	)	$	(59,092,554	)
	Small Cap Value
	Six Months Ended 4/30/14						Year Ended 10/31/13
	Shares			Amount			Shares			Amount
Shares sold:
Class A		207,786		$	3,706,348			568,795		$	8,649,676
Class C		23,851			373,611			117,817			1,568,728
Class R3		191,356			3,348,342			443,559			6,431,538
Class I		683,154			12,773,513			752,219			11,691,483
Shares issued to shareholders due to reinvestment of distributions:
Class A		8,667			156,692			9,682			124,510
Class C		—			—			—			—
Class R3		611			10,859			397			5,021
Class I		10,516			196,130			13,743			182,237
		1,125,941			20,565,495			1,906,212			28,653,193
Shares redeemed:
Class A		(310,675	)		(5,537,997	)		(464,882	)		(6,833,730	)
Class C		(74,488	)		(1,143,029	)		(18,463	)		(242,312	)
Class R3		(120,501	)		(2,111,672	)		(144,817	)		(2,166,467	)
Class I		(327,119	)		(6,007,671	)		(1,189,506	)		(17,884,062	)
		(832,783	)		(14,800,369	)		(1,817,668	)		(27,126,571	)
Net increase (decrease)		293,158		$	5,765,126			88,544		$	1,526,622

Nuveen Investments 53

Notes to Financial Statements (Unaudited)(continued)

5. Investment Transactions

Purchases and sales (excluding investments purchased with collateral from securities lending and short-term investments) during the six months ended April 30, 2014, were as follows:

	Dividend Value		Mid Cap Value		Small Cap Value
Purchases	$	212,353,374	$	95,182,034	$	32,066,720
Sales		266,462,682		100,276,163		28,125,306

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 NAVs of the Funds.

As of April 30, 2014, 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	$	1,407,946,497		$	156,730,698		$	111,896,350
Gross unrealized:
Appreciation	$	517,501,355		$	22,023,172		$	24,449,422
Depreciation		(8,265,434	)		(1,409,812	)		(1,890,212	)
Net unrealized appreciation (depreciation) of investments	$	509,235,921		$	20,613,360		$	22,559,210

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’ last 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’ last 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.

54 Nuveen Investments

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

	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 gains		37,952,222		—		—

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

As of October 31, 2013, the Funds’ last 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.

	Dividend2 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

²  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’ last 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

Nuveen Investments 55

Notes to Financial Statements (Unaudited)(continued)

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 April 30, 2014, the complex-level fee rate for each Fund was as follows:

Fund	Complex-Level Fee Rate
Dividend Value		.1869	%
Mid Cap Value		.2000
Small Cap Value		.1931

The Adviser has contractually agreed to waive fees and/or reimburse 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:

	Class A Shares			Class B Shares			Class C Shares			Class R3 Shares			Class I Shares			Expiration date
Mid Cap Value		1.34	%		2.09	%		2.09	%		1.59	%		1.09	%		February 28, 2015
Small Cap Value		1.45			N/A			2.20			1.70			1.20			February 28, 2015

N/A – Fund does not offer share class.

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 six months ended April 30, 2014, 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	$	250,874	$	16,562	$	19,023
Paid to financial intermediaries		221,813		14,679		17,475

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.

56 Nuveen Investments

During the six months ended April 30, 2014, 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	$	88,192	$	3,022	$	8,728

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 six months ended April 30, 2014, the Distributor retained such 12b-1 fees as follows:

	Dividend Value		Mid Cap Value		Small Cap Value
12b-1 fees retained	$	90,347	$	5,881	$	3,084

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 six months ended April 30, 2014, as follows:

	Dividend Value		Mid Cap Value		Small Cap Value
CDSC retained	$	10,096	$	169	$	4,078

8. Subsequent Events

Class B Shares

Effective at the close of business on June 23, 2014, Class B Shares of Dividend Value and Mid Cap Value converted to Class A Shares and are no longer available through an exchange from other Nuveen mutual funds.

Nuveen Investments 57

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

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

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

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

58 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.

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.

Nuveen Investments 59

Annual Investment Management Agreement

Approval Process (Unaudited)

I. The Approval Process

The Board of Directors of each Fund (each, a “Board” and each Director, a “Board Member”), 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 overseeing the performance of the investment adviser and the sub-adviser to the respective Fund and determining whether to approve or continue such Fund’s advisory agreement (each, an “Original Investment Management Agreement”) between the Fund and Nuveen Fund Advisors, LLC (the “Adviser”) and sub-advisory agreement (each, an “Original Sub-Advisory Agreement” and, together with the Original Investment Management Agreement, the “Original Advisory Agreements”) between the Adviser and Nuveen Asset Management, LLC (the “Sub-Adviser”). Pursuant to the Investment Company Act of 1940, as amended (the “1940 Act”), each Board is required to consider the continuation of the respective Original Advisory Agreements on an annual basis. In addition, prior to its annual review, the Board Members were advised of the potential acquisition of Nuveen Investments, Inc. (“Nuveen”) by TIAA-CREF (the “Transaction”). For purposes of this section, references to “Nuveen” herein include all affiliates of Nuveen Investments, Inc. providing advisory, sub-advisory, distribution or other services to the Funds and references to the “Board” refer to the Board of each Fund. In accordance with the 1940 Act and the terms of the Original Advisory Agreements, the completion of the Transaction would terminate each of the Original Investment Management Agreements and the Original Sub-Advisory Agreements. Accordingly, at an in-person meeting held on April 30, 2014 (the “April Meeting”), the Board, including all of the Independent Board Members, performed its annual review of the Original Advisory Agreements and approved the continuation of the Original Advisory Agreements for the Funds. Furthermore, in anticipation of the termination of the Original Advisory Agreements that would occur upon the consummation of the Transaction, the Board also approved for each Fund a new advisory agreement (each, a “New Investment Management Agreement”) between the Fund and the Adviser and a new sub-advisory agreement (each, a “New Sub-Advisory Agreement” and, together with the New Investment Management Agreement, the “New Advisory Agreements”) between the Adviser and the Sub-Adviser, each on behalf of the respective Fund to be effective following the completion of the Transaction and the receipt of the requisite shareholder approval.

Leading up to the April Meeting, the Independent Board Members had several meetings and deliberations, with and without management from Nuveen present and with the advice of legal counsel, regarding the Original Advisory Agreements, the Transaction and its impact and the New Advisory Agreements. At its meeting held on February 25-27, 2014 (the “February Meeting”), the Board Members met with a senior executive representative of TIAA-CREF to discuss the proposed Transaction. At the February Meeting, the Independent Board Members also established an ad hoc committee comprised solely of the Independent Board Members to monitor and evaluate the Transaction and to keep the Independent Board Members updated with developments regarding the Transaction. On March 20, 2014, the ad hoc committee met telephonically to discuss with management of Nuveen, and separately with independent legal counsel, the terms of the proposed Transaction and its impact on, among other things: the governance structure of Nuveen; the strategic plans for Nuveen; the operations of the Nuveen funds (which include the Funds); the quality or level of services provided to the Nuveen funds; key personnel that service the Nuveen funds and/or the Board and the compensation or incentive arrangements to retain such personnel; Nuveen’s capital structure; the regulatory requirements applicable to Nuveen or fund operations; and the Nuveen funds’ fees and expenses, including the funds’ complex-wide fee arrangement. Following the meeting of the ad hoc committee, the Board met in person (two Independent Board Members participating telephonically) in an executive session on March 26, 2014 to further discuss the proposed Transaction. At the executive session, the Board met privately with independent legal counsel to review its duties with respect to reviewing advisory agreements, particularly in the context of a change of control, and to evaluate further the Transaction and its impact on the Nuveen funds, the Adviser and the Sub-Adviser (collectively, the “Fund Advisers” and each, a “Fund Adviser”) and the services provided. Representatives of Nuveen also met with the Board to update the Board Members on developments regarding the Transaction, to respond to questions and to discuss, among other things: the governance of the Fund Advisers following the Transaction; the background, culture (including with respect to regulatory and compliance matters) and resources of TIAA-CREF; the general plans and intentions of TIAA-CREF for Nuveen; the terms and conditions of the Transaction (including financing terms); any benefits or detriments the Transaction may impose on the Nuveen funds, TIAA-CREF or the Fund Advisers; the reaction from the Fund Advisers’ employees knowledgeable of the Transaction; the incentive and retention plans for key personnel of the Fund Advisers; the potential access to additional distribution platforms and economies of scale; and the impact of any additional regulatory schemes that may be applicable to the Nuveen funds given the banking and insurance businesses operated in the TIAA-CREF enterprise. As part of its review, the Board also held a separate meeting on April 15-16, 2014 to review the Nuveen funds’ investment performance and consider an analysis provided by the Adviser of each sub-adviser of the Nuveen funds (including the Sub-Adviser) and the Transaction and its implications to the Nuveen funds. During their review of the materials and discussions, the Independent Board Members presented the Adviser with questions and the Adviser responded. Further, the Independent Board Members met in an executive session with independent legal counsel on April 29, 2014 and April 30, 2014.

60 Nuveen Investments

In connection with their review of the Original Advisory Agreements and the New Advisory Agreements, the Independent Board Members received extensive information regarding the Funds and the Fund Advisers including, among other things: the nature, extent and quality of services provided by each Fund Adviser; the organization and operations of any Fund Adviser; the expertise and background of relevant personnel of each Fund Adviser; a review of each Fund’s performance (including performance comparisons against the performance of 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 fund initiatives and shareholder communications; and an analysis of the Adviser’s profitability with comparisons to peers in the managed fund business. In light of the proposed Transaction, the Independent Board Members, through their independent legal counsel, also requested in writing and received additional information regarding the proposed Transaction and its impact on the provision of services by the Fund Advisers.

The Independent Board Members received, well in advance of the April Meeting, materials which responded to the request for information regarding the Transaction and its impact on Nuveen and the Nuveen funds including, among other things: the structure and terms of the Transaction; the impact of the Transaction on Nuveen, its operations and the nature, quality and level of services provided to the Nuveen funds, including, in particular, any changes to those services that the Nuveen funds may experience following the Transaction; the strategic plan for Nuveen, including any financing arrangements following the Transaction and any cost-cutting efforts that may impact services; the organizational structure of TIAA-CREF, including the governance structure of Nuveen following the Transaction; any anticipated effect on each Nuveen fund’s expense ratios (including changes to advisory and sub-advisory fees) and economies of scale that may be expected; any benefits or conflicts of interest that TIAA-CREF, Nuveen or their affiliates can expect from the Transaction; any benefits or undue burdens or other negative implications that may be imposed on the Nuveen funds as a result of the Transaction; the impact on Nuveen or the Nuveen funds as a result of being subject to additional regulatory schemes that TIAA-CREF must comply with in operating its various businesses; and the costs associated with obtaining necessary shareholder approvals and the bearer of such costs. The Independent Board Members also received a memorandum describing the applicable laws, regulations and duties in approving advisory contracts, including in conjunction with a change of control, from their independent legal counsel.

The materials and information prepared in connection with the review of the Original Advisory Agreements and New Advisory Agreements supplemented 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 reviewed the performance and various services provided by the Adviser and Sub-Adviser. The Board met at least quarterly as well as at other times as the need arose. At its quarterly meetings, the Board reviewed reports by the Adviser regarding, among other things, fund performance, fund expenses, premium and discount levels of closed-end funds, the performance of the investment teams and compliance, regulatory and risk management matters. In addition to regular reports, the Adviser provided 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 distribution channels, oversight of omnibus accounts and leverage management topics), 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 met with key investment personnel managing certain Nuveen fund portfolios during the year.

In addition, the Board has created several standing committees (the Executive Committee; the Dividend Committee; the Audit Committee; the Compliance, Risk Management and Regulatory Oversight Committee; the Nominating and Governance Committee; the Open-End Funds Committee; and the Closed-End Funds Committee). The Open-End Funds Committee and Closed-End Funds Committee are intended to assist the full Board in monitoring and gaining a deeper insight into the distinctive business practices of closed-end and open-end funds. These two Committees have met prior to each quarterly Board meeting, and the Adviser provided presentations to these Committees permitting them to delve further into specific matters or initiatives impacting the respective product line.

Further, the Board continued its program of seeking to have the Board Members or a subset thereof visit each sub-adviser to the Nuveen funds and meet key investment and business personnel at least once over a multiple year rotation. In this regard, the Independent Board Members made site visits to certain equity and fixed income teams of the Sub-Adviser in September 2013 and met with the Sub-Adviser’s municipal team at the August and November 2013 quarterly meetings.

The Board considered the information provided and knowledge gained at these meetings and visits during the year when performing its annual review of the Original Advisory Agreements and its review of the New Advisory Agreements. The Independent Board Members also were assisted throughout the process by independent legal counsel. 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 funds are the result of many years of review and discussion between the Independent Board Members and Nuveen 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 61

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

The Board considered all factors it believed relevant with respect to each Fund, including, among other things: (a) the nature, extent and quality of the services provided by the Fund Advisers, (b) the investment performance of the Fund and the 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. With respect to the New Advisory Agreements, the Board also considered the Transaction and its impact on the foregoing 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 Original Advisory Agreements and New 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

1. The Original Advisory Agreements

In considering renewal of each Original Advisory Agreement, the Independent Board Members considered the nature, extent and quality of the respective Fund Adviser’s services, including portfolio management 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: each Fund Adviser’s organization and business; the types of services that each Fund Adviser or its affiliates provide to each Fund; the performance record of each Fund (as described in further detail below); and any initiatives Nuveen had taken for the open-end fund product line.

In considering the services provided by the Fund Advisers, the Board recognized that the Adviser provides a myriad of investment management, administrative, compliance, oversight and other services for the Funds, and the Sub-Adviser generally provides the portfolio advisory services to the Funds under the oversight of the Adviser. The Board considered the wide range of services provided by the Adviser to the Nuveen funds beginning with developing the fund and monitoring and analyzing its performance to providing or overseeing the services necessary to support a fund’s daily operations. The Board recognized the Adviser, among other things, provides: (a) product management (such as analyzing ways to better position a fund in the marketplace, maintaining relationships to gain access to distribution platforms and setting dividends); (b) fund administration (such as preparing a fund’s tax returns, regulatory filings and shareholder communications; managing fund budgets and expenses; overseeing a fund’s various service providers; and supporting and analyzing new and existing funds); (c) Board administration (such as supporting the Board and its committees, in relevant part, by organizing and administering the Board and committee meetings and preparing the necessary reports to assist the Board in its duties); (d) compliance (such as monitoring adherence to a fund’s investment policies and procedures and applicable law; reviewing the compliance program periodically and developing new policies or updating existing compliance policies and procedures as considered necessary or appropriate; responding to regulatory requests; and overseeing compliance testing of sub-advisers); (e) legal support (such as preparing or reviewing fund registration statements, proxy statements and other necessary materials; interpreting regulatory requirements and compliance thereof; and maintaining applicable registrations); and (f) investment services (such as overseeing and reviewing sub-advisers and their investment teams; analyzing performance of the funds; overseeing investment and risk management; overseeing the daily valuation process for portfolio securities and developing and recommending valuation policies and methodologies and changes thereto; and participating in fund development, leverage management and the development of investment policies and parameters).

In its review, the Board also considered the new services, initiatives or other changes adopted since the last advisory contract review that were designed to enhance the services and support the Adviser provides to the Nuveen funds. The Board recognized that some initiatives are a multi-year process. In reviewing the activities of 2013, the Board recognized that the year reflected the Adviser’s continued focus on fund rationalization for both closed-end and open-end funds, consolidating certain funds through mergers that were designed to improve efficiencies and economies of scale for shareholders, repositioning various funds through updates in their investment policies and guidelines with the expectation of bringing greater value to shareholders, and liquidating certain funds. As in the past, the Board recognized the Adviser’s significant investment in its technology initiatives, including the continued progress toward a central repository for fund and other Nuveen product data and implementing a data system to support the risk oversight group enabling it to provide more detailed risk analysis for the Nuveen funds. The Board noted the new data system has permitted more in-depth analysis of the investment risks of the Funds and across the complex providing additional feedback and insights to the investment teams and more comprehensive risk reporting to the Board. The Adviser also conducted several workshops for the Board regarding the new data system, including explaining the risk measures being applied and their purpose. The Board also recognized the enhancements in the valuation group within the Adviser, including centralizing the fund pricing process within the valuation group, trending to more automated and expedient reviews and continuing to expand its valuation team. The Board further considered the expansion of personnel in the compliance department enhancing the collective expertise of the group, investments in additional compliance systems and the updates of various compliance policies.

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In addition to the foregoing actions, the Board also considered other initiatives related to the open-end funds, including, among other things: the continued focus on enhancing the product line through the development of new funds, including the development of alternative strategies reflecting trends in the industry; the enhanced support provided to the Board by providing comprehensive in-depth presentations to the Open-End Funds Committee; and the development of a new class of shares for certain funds.

As noted, the Adviser also oversees the Sub-Adviser who provides the portfolio advisory services to the Funds. In reviewing the portfolio advisory services provided to each Fund, the Nuveen Investment Services Oversight Team of the Adviser analyzes the performance of the Sub-Adviser and may recommend changes to the investment team or investment strategies as appropriate. In assisting the Board’s review of the Sub-Adviser, the Adviser provides a report 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 each Fund, developments affecting the Sub-Adviser or the Funds and their performance. In their review of the Sub-Adviser, the Independent Board Members considered, among other things, the experience and qualifications of the relevant investment personnel, their investment philosophy and strategies, the Sub-Adviser’s organization and stability, its capabilities and any initiatives taken or planned to enhance its current capabilities or support potential growth of business and, as outlined in further detail below, the performance of the Funds. 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 while not providing an inappropriate incentive to take undue risks.

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 Nuveen funds’ compliance policies and procedures; the resources dedicated to compliance; the record of compliance with the policies and procedures; and Nuveen’s supervision of the Funds’ service providers. The Board recognized Nuveen’s commitment to compliance and strong commitment to a culture of compliance. Given the Adviser’s emphasis on monitoring investment risk, the Board has also appointed two Independent Board Members as point persons to review and keep the Board apprised of developments in this area and work with applicable Fund Adviser personnel.

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

2. The New Advisory Agreements

In evaluating the nature, quality and extent of the services expected to be provided by the Fund Advisers under the New Investment Management Agreements and the New Sub-Advisory Agreements, the Board Members concluded that no diminution in the nature, quality and extent of services provided to each Fund and its shareholders by the respective Fund Advisers is expected as a result of the Transaction. In making their determination, the Independent Board Members considered, among other things: the expected impact, if any, of the Transaction on the operations, facilities, organization and personnel of each Fund Adviser; the ability of each Fund Adviser to perform its duties after the Transaction, including any changes to the level or quality of services provided to the Funds; the potential implications of any additional regulatory requirements imposed on the Fund Advisers or the Nuveen funds following the Transaction; and any anticipated changes to the investment and other practices of the Nuveen funds.

The Board noted that the terms of each New Investment Management Agreement, including the fees payable thereunder, are substantially identical to those of the Original Investment Management Agreement relating to the same Fund. Similarly, the terms of each New Sub-Advisory Agreement, including fees payable thereunder, are substantially identical to those of the Original Sub-Advisory Agreement relating to the same Fund. The Board considered that the services to be provided and the standard of care under the New Investment Management Agreements and the New Sub-Advisory Agreements are the same as the corresponding original agreements. The Board Members noted the Transaction also does not alter the allocation of responsibilities between the Adviser and the Sub-Adviser. The Sub-Adviser will continue to furnish an investment program, make investment decisions and place all orders for the purchase and sale of securities, all on behalf of each Fund and subject to oversight of the Board and the Adviser. The Board noted that TIAA-CREF did not anticipate any material changes to the advisory, sub-advisory or other services provided to the Nuveen funds as a result of the Transaction. The Independent Board Members recognized that there were not any planned “cost cutting” measures that could be expected to reduce the nature, extent or quality of services. The Independent Board Members further noted that there were currently no plans for material changes to senior personnel at Nuveen or key personnel who provide services to the Nuveen funds and the Board following the Transaction. The key personnel who have responsibility for the Nuveen funds in each area, including portfolio management, investment oversight, fund management, fund operations, product management, legal/compliance and board support functions, are expected to be the same following the Transaction, although such personnel may have additional reporting requirements to TIAA-CREF. The Board also considered the anticipated incentive plans designed to retain such key personnel. Notwithstanding the foregoing, the Board Members recognized that personnel changes may occur in the future as a result of normal business developments or personal career decisions.

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

The Board Members also considered Nuveen’s proposed governance structure following the Transaction and noted that Nuveen was expected to remain a stand-alone business within the TIAA-CREF enterprise and operate relatively autonomously from the other TIAA-CREF businesses, but would receive the general support and oversight from certain TIAA-CREF functional groups (such as legal, finance, internal audit, compliance, and risk management groups). The Board recognized, however, that Nuveen may be subject to additional reporting requirements as it keeps TIAA-CREF abreast of developments affecting the Nuveen business, may be required to modify certain of its reports, policies and procedures as necessary to conform to the practices followed in the TIAA-CREF enterprise and may need to collaborate with TIAA-CREF with respect to strategic planning for its business.

In considering the implications of the Transaction, the Board Members also recognized the reputation and size of TIAA-CREF and the benefits that the Transaction may bring to the Nuveen funds and Nuveen. In this regard, the Board recognized, among other things, that the increased resources and support that may be available to Nuveen from TIAA-CREF and the improved capital structure of Nuveen Investments, Inc. (the parent of the Adviser) that would result from the significant reduction in its debt level may reinforce and enhance Nuveen’s ability to provide quality services to the Nuveen funds and to invest further into its infrastructure.

Further, with the consummation of the Transaction, the Board recognized the enhanced distribution capabilities for the Nuveen funds as the funds may gain access to TIAA-CREF’s distribution network, particularly through TIAA-CREF’s retirement platform and institutional client base. The Board also considered that investors in TIAA-CREF’s retirement platform may choose to roll their investments as they exit their retirement plans into the Nuveen funds. The Independent Board Members recognized the potential cost savings to the benefit of all shareholders of the Nuveen funds from reduced expenses as assets in the Nuveen fund complex rise pursuant to the complex-wide fee arrangement described in further detail below.

Based on their review, the Independent Board Members found that the expected nature, extent and quality of services to be provided to each Fund under its New Advisory Agreements were satisfactory and supported approval of the New Advisory Agreements.

B. The Investment Performance of the Funds and Fund Advisers

1. The Original Advisory Agreements

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 each Fund’s performance and the applicable investment team. In considering each 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, 2013, as well as performance information reflecting the first quarter of 2014. This information supplemented the Nuveen 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 performance data reflects a snapshot in time, in this case as of the end of the most recent calendar year or quarter. A different performance period, however, could generate significantly different results.

• 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 investment experience of a particular shareholder in a fund will vary depending on when such shareholder invests in such fund, the class held (if multiple classes offered in the fund) and the performance of the fund (or respective class) during that shareholder’s investment period.

• 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 differences in performance among classes could be principally attributed to the variations in distribution and servicing expenses of each class.

• 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 the Performance Peer Groups of the Nuveen funds from highly relevant to less relevant. For funds classified with less relevant Performance Peer Groups, the Board considered a fund’s performance compared to its benchmark to help assess the fund’s comparative performance. A fund was generally considered to have performed comparably to its benchmark if the fund’s performance was within certain thresholds compared to the performance of its benchmark and was considered to have outperformed or underperformed its

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benchmark if the fund’s performance was beyond these thresholds for the one- and three-year periods, subject to certain exceptions.ⁱ 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 fund with its peers and/or benchmarks result in differences in performance results.

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. The Board is aware, however, that shareholders chose to invest or remain invested in a fund knowing that the Adviser manages the fund and knowing the fund’s fee structure.

In considering the performance data, the Independent Board Members noted the following:

The Nuveen Dividend Value Fund (“Dividend Value Fund”) demonstrated generally favorable performance in comparison to its peers, performing in the first quartile over various periods. The Nuveen Small Cap Value Fund (“Small Cap Value Fund”) also demonstrated generally favorable performance in comparison to its peers. In this regard, although Small Cap Value Fund performed in the third quartile in the five-year period, it performed in the second quartile in the one-year period and the first quartile in the three-year period. The Nuveen Mid Cap Value Fund (“Mid Cap Value Fund”) lagged its peers over the longer periods, but had better performance in the shorter periods. In this regard, although Mid Cap Value Fund was in the fourth quartile in the three- and five-year periods, it was in the first quartile for the one-year period and outperformed its benchmark in the one-year period.

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

2. The New Advisory Agreements

With respect to the performance of each Fund, the Board considered that the portfolio investment personnel responsible for the management of the respective Fund portfolios were expected to continue to manage such portfolios following the completion of the Transaction and the investment strategies of the Funds were not expected to change as a result of the Transaction. Accordingly, the findings regarding performance outlined above for the Original Advisory Agreements are applicable to the review of the New Advisory Agreements.

C. Fees, Expenses and Profitability

1. Fees and Expenses

The Board evaluated the management fees and expenses of each Fund, reviewing, among other things, such Fund’s gross management fees, net management fees and net expense ratios in absolute terms as well as compared to the 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 average based on the net total expense ratio. The Independent Board Members observed the following with respect to the Funds’ net management fees and net expense ratios (including fee waivers and expense reimbursements).

The Board noted that Dividend Value Fund had a net management fee that was slightly higher than its peer average, but a net expense ratio that was in line with its peer average. In addition, the Board noted that Mid Cap Value Fund and Small Cap Value Fund had slightly higher or higher net management fees and slightly higher net expense ratios than their respective peer averages. With respect to Mid Cap Value Fund, the Board noted that the higher expense ratio compared to peers was generally attributed to an outlier in the peer group that lowered the peer average. With respect to Small Cap Value Fund, although such Fund had a slightly higher expense ratio compared to its peer average, the Board noted that the temporary expense cap on the Fund was reduced in 2013, and the Adviser agreed to reduce the temporary expense cap further by five basis points.

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

Based on their review of the fee and expense information provided, the Independent Board Members determined that each Fund’s management fees (as applicable) 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, either affiliated or non-affiliated, 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 and other services it provides to support the Nuveen fund (as described above) and, while some administrative services may occur at the sub-adviser level, the fee to the sub-adviser generally reflects the portfolio management services provided by the sub-adviser. The Independent Board Members considered the fees a Fund Adviser assesses to the Funds compared to that of other clients. With respect to non-municipal funds, such other clients of a Fund Adviser may include: separately managed accounts (both retail and institutional accounts), foreign investment funds offered by Nuveen, collective trust funds and funds that are not offered by Nuveen but are sub-advised by one of Nuveen’s investment management teams.

The Independent Board Members reviewed the nature of services provided by the Adviser, including through its affiliated sub-advisers and the average fee the affiliated sub-advisers assessed such clients as well as the range of fees assessed to the different types of separately managed accounts (such as retail, institutional or wrap accounts) to the extent applicable to the respective sub-adviser. In their review, 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. In evaluating the comparisons of fees, the Independent Board Members noted that the fee rates charged to the Nuveen 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. The Independent Board Members noted that, as a general matter, higher fee levels reflect higher levels of service, increased investment management complexity, greater product management requirements and higher levels of risk or a combination of the foregoing. The Independent Board Members further noted, in particular, that the range of services provided to the Funds (as discussed above) is generally 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 also recognized 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, an analysis of the key drivers behind the changes in revenues and expenses that impacted profitability in 2013 and Nuveen’s consolidated financial statements for 2013. 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 two Independent Board Members served as point persons to review the profitability analysis and methodologies employed, and any changes thereto, and to keep the Board apprised of such changes. The Independent Board Members also considered Nuveen’s revenues for advisory activities, expenses and profit margin compared to that of various unaffiliated management firms.

In reviewing profitability, the Independent Board Members noted the Adviser’s continued investment in its business with expenditures to, among other things, upgrade its investment technology and compliance systems and provide for additional personnel and other resources. The Independent Board Members recognized the Adviser’s continued commitment to its business should enhance the Adviser’s capacity and capabilities in providing the services necessary to meet the needs of the Nuveen funds as they grow or change over time. In addition, in evaluating profitability, the Independent Board Members also noted 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, an adviser’s particular business mix, capital costs, size, types of funds managed and expense allocations. Notwithstanding the foregoing, the Independent Board Members noted the Adviser’s adjusted operating margin appears to be reasonable in relation to other investment advisers and sufficient to operate as a viable investment management firm meeting its obligations to the Nuveen funds. 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.

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With respect to sub-advisers affiliated with Nuveen, including the Sub-Adviser, the Independent Board Members reviewed such sub-advisers’ revenues, expenses and profitability margins (pre- and post-tax) for their 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 a Nuveen fund. See Section E below for additional information on indirect benefits the Fund Advisers may receive as a result of its relationship with a Nuveen fund. 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 Funds were reasonable.

4. The New Advisory Agreements

As noted above, the terms of the New Advisory Agreements are substantially identical to their corresponding Original Advisory Agreements. The fee schedule, including the breakpoint schedule and complex-wide fee schedule, in each New Advisory Agreement is identical to that under the corresponding Original Advisory Agreement. The Board Members also noted that Nuveen has committed for a period of two years from the date of closing the Transaction (i) not to increase contractual management fee rates for any Nuveen fund and (ii) not to raise expense cap levels for any Nuveen fund from levels currently in effect or scheduled to go into effect prior to the Transaction. This commitment shall not limit or otherwise affect mergers or liquidations of any funds in the ordinary course. Based on the information provided, the Board Members did not believe that the overall expenses would increase as a result of the Transaction. In addition, the Board Members recognized that the Nuveen funds may gain access to the retirement platform and institutional client base of TIAA-CREF, and the investors in the retirement platforms may roll their investments into one or more Nuveen funds as they exit their retirement plans. The enhanced distribution access may result in additional sales of the Nuveen funds resulting in an increase in total assets under management in the complex and a corresponding decrease in overall management fees if additional breakpoints at the fund-level or complex-wide level are met. Based on its review, the Board determined that the management fees and expenses under each New Advisory Agreement were reasonable.

Further, other than from a potential reduction in the debt level of Nuveen Investments, Inc., the Board recognized that it is difficult to predict with any degree of certainty the impact of the Transaction on Nuveen’s profitability. Given the fee schedule was not expected to change under the New Advisory Agreements, however, the Independent Board Members concluded that each Fund Adviser’s level of profitability for its advisory activities under the respective New Advisory Agreements would continue to be reasonable in light of the services provided.

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

1. The Original Advisory Agreements

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 Nuveen funds’ complex-wide fee arrangement. Pursuant to the complex-wide fee arrangement, the fees of the funds in the Nuveen complex are 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.

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

2. The New Advisory Agreements

As noted, the Independent Board Members recognized that the fund-level and complex-wide schedules will not change under the New Advisory Agreements. Assets in the funds advised by TIAA-CREF or its current affiliates will not be included in the complex-wide fee calculation. Nevertheless, the Nuveen funds may have access to TIAA-CREF’s retirement platform and institutional client base. The access to this distribution network may enhance the distribution of the Nuveen funds which, in turn, may lead to reductions in management and sub-advisory fees if the Nuveen funds reach additional fund-level and complex-wide breakpoint levels. Based on their review, including the considerations in the annual

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review of the Original Advisory Agreements, the Independent Board Members determined that the fund-level breakpoint schedules and complex-wide fee schedule continue to be appropriate and desirable in ensuring that shareholders participate in the benefits derived from economies of scale under the New Advisory Agreements.

E. Indirect Benefits

1. The Original Advisory Agreements

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 include 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 a Fund Adviser in managing the assets of the fund and other clients. Each Fund’s portfolio transactions are allocated 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 applicable Fund’s portfolio transactions. 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. Similarly, the Board recognized that the research received pursuant to soft dollar arrangements by the Sub-Adviser may also benefit the Funds and their shareholders to the extent the research enhances the ability of the Sub-Adviser to manage the Funds. 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.

2. The New Advisory Agreements

The Independent Board Members noted that, as the applicable policies and operations of the Fund Advisers with respect to the Nuveen funds were not anticipated to change significantly after the Transaction, such indirect benefits should remain after the Transaction. The Independent Board Members further noted the benefits the Transaction would provide to TIAA-CREF and Nuveen, including a larger-scale fund complex, certain shared services (noted above) and a broader range of investment capabilities, distribution capabilities and product line. Further, the Independent Board Members noted that Nuveen Investments, Inc. (the parent of the Adviser) would benefit from an improved capital structure through a reduction in its debt level.

F. Other Considerations for the New Advisory Agreements

In addition to the factors above, the Board Members also considered the following with respect to the Nuveen funds:

• Nuveen would rely on the provisions of Section 15(f) of the 1940 Act. In this regard, to help ensure that an unfair burden is not imposed on the Nuveen funds, Nuveen has committed for a period of two years from the date of the closing of the Transaction (i) not to increase contractual management fee rates for any fund and (ii) not to raise expense cap levels for any fund from levels currently in effect or scheduled to go into effect prior to the Transaction. This commitment shall not limit or otherwise affect mergers or liquidations of any funds in the ordinary course.

• The Nuveen funds would not incur any costs in seeking the necessary shareholder approvals for the New Investment Management Agreements or the New Sub-Advisory Agreements (except for any costs attributed to seeking shareholder approvals of fund specific matters unrelated to the Transaction, such as election of Board Members or changes to investment policies, in which case a portion of such costs will be borne by the applicable funds).

• The reputation, financial strength and resources of TIAA-CREF.

• The long-term investment philosophy of TIAA-CREF and anticipated plans to grow Nuveen’s business to the benefit of the Nuveen funds.

• The benefits to the Nuveen funds as a result of the Transaction including: (i) increased resources and support available to Nuveen as well as an improved capital structure that may reinforce and enhance the quality and level of services it provides to the funds; (ii) potential additional distribution capabilities for the funds to access new markets and customer segments through TIAA-CREF’s distribution network, including, in particular, its retirement platforms and institutional client base; and (iii) access to TIAA-CREF’s expertise and investment capabilities in additional asset classes.

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G. 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 Original Advisory Agreement and New 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 Original Advisory Agreements be renewed and the New Advisory Agreements be approved.

II. Approval of Interim Advisory Agreements

At the April Meeting, the Board Members, including the Independent Board Members, unanimously approved for each Fund an interim advisory agreement (the “Interim Investment Management Agreement”) between the respective Fund and the Adviser and an interim sub-advisory agreement (the “Interim Sub-Advisory Agreement”) between the Adviser and the Sub-Adviser. If necessary to assure continuity of advisory services, each respective Interim Investment Management Agreement and Interim Sub-Advisory Agreement will take effect upon the closing of the Transaction if shareholders have not yet approved the corresponding New Investment Management Agreement or New Sub-Advisory Agreement. The terms of each Interim Investment Management Agreement and Interim Sub-Advisory Agreement are substantially identical to those of the corresponding Original Investment Management Agreement and New Investment Management Agreement and the corresponding Original Sub-Advisory Agreement and New Sub-Advisory Agreement, respectively, except for certain term and fee escrow provisions. In light of the foregoing, the Board Members, including the Independent Board Members, unanimously determined that the scope and quality of services to be provided to the Funds under the respective Interim Investment Management Agreements and Interim Sub-Advisory Agreements are at least equivalent to the scope and quality of services provided under the applicable Original Investment Management Agreements and Original Sub-Advisory Agreements.

i The Board recognized that the Adviser considered a fund to have outperformed or underperformed its benchmark if the fund’s performance was higher or lower than the performance of the benchmark by the following thresholds: for open-end funds (+/- 100 basis points for equity funds excluding index funds; +/- 30 basis points for tax exempt fixed income funds; +/- 40 basis points for taxable fixed income funds) and for closed-end funds (assuming 30% leverage) (+/- 130 basis points for equity funds excluding index funds; +/- 39 basis points for tax exempt funds and +/- 52 basis points for taxable fixed income funds).

Nuveen Investments 69

Notes

70 Nuveen Investments

Notes

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 $225 billion as of March 31, 2014.
		Find out how we can help you. To learn more about how the products and services of Nuveen Investments may be able to help you meet your financial goals, talk to your financial advisor, or call us at (800) 257-8787. Please read the information provided carefully before you invest. Investors should consider the investment objective and policies, risk considerations, charges and expenses of any investment carefully. Where applicable, be sure to obtain a prospectus, which contains this and other relevant information. To obtain a prospectus, please contact your securities representative or Nuveen Investments, 333 W. Wacker Dr., Chicago, IL 60606. Please read the prospectus carefully before you invest or send money. Learn more about Nuveen Funds at: www.nuveen.com/mf
Distributed by Nuveen Securities, LLC | 333 West Wacker Drive Chicago, IL 60606 | www.nuveen.com

MSA-FSTK-0414P

Mutual Funds

Nuveen Equity Funds

Semi-Annual Report  April 30, 2014

	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

NUVEEN INVESTMENTS TO BE ACQUIRED BY TIAA-CREF
On April 14, 2014, TIAA-CREF announced that it had entered into an agreement to acquire Nuveen Investments, the parent company of your fund’s investment adviser, Nuveen Fund Advisors, LLC (“NFAL”) and the Nuveen affiliates that act as sub-advisers to the majority of the Nuveen Funds. TIAA-CREF is a national financial services organization with approximately $569 billion in assets under management (as of March 31, 2014) and is a leading provider of retirement services in the academic, research, medical and cultural fields. Nuveen anticipates that it will operate as a separate subsidiary within TIAA-CREF’s asset management business, and that its current leadership and key investment teams will stay in place. Your fund investment will not change as a result of Nuveen’s change of ownership. You will still own the same fund shares and the underlying value of those shares will not change as a result of the transaction. NFAL and your fund’s sub-adviser(s) will continue to manage your fund according to the same objectives and policies as before, and we do not anticipate any significant changes to your fund’s operations. Under the securities laws, the consummation of the transaction will result in the automatic termination of the investment management agreements between the funds and NFAL and the investment sub-advisory agreements between NFAL and each fund’s sub-adviser(s). New agreements will be presented to the funds’ shareholders for approval, and, if approved, will take effect upon consummation of the transaction or such later time as shareholder approval is obtained. The transaction, expected to be completed by year end, is subject to customary closing conditions.
	Must be preceded by or accompanied by a prospectus. NOT FDIC INSURED MAY LOSE VALUE NO BANK GUARANTEE

Table

of Contents

Chairman’s Letter to Shareholders	4
Portfolio Managers’ Comments	5
Risk Considerations	10
Fund Performance and Expense Ratios	11
Holding Summaries	14
Expense Examples	16
Portfolios of Investments	18
Statement of Assets and Liabilities	35
Statement of Operations	36
Statement of Changes in Net Assets	37
Financial Highlights	38
Notes to Financial Statements	42
Additional Fund Information	55
Glossary of Terms Used in this Report	56
Annual Investment Management Agreement Approval Process	57

Nuveen Investments 3

Chairman’s Letter

to Shareholders

Dear Shareholders,

After significant growth in 2013, domestic and international equity markets have been less compelling during the first part of 2014. Concerns about deflation, political uncertainty in many places and the potential for more fragile economies to impact other countries have produced uncertainty in the markets.

Europe is beginning to emerge slowly from recession in mid-2013, with improved GDP and employment trends in some countries. However, Japan’s deflationary headwinds have resurfaced; and China shows signs of slowing from credit distress combined with declines in manufacturing and exports. Most recently, tensions between Russia and Ukraine may continue to hold back stocks and support government bonds in the near term.

Despite these headwinds, there are some encouraging signs of forward momentum in the markets. In the U.S., the news is more positive with financial risks slowly receding, positive GDP trends, downward trending unemployment and stronger household finances and corporate spending.

It is in such changeable markets that professional investment management is most important. Investment teams who have experienced challenging markets in the past understand how their asset class can behave in rapidly changing times. Remaining committed to their investment disciplines during these times is a critical component to achieving long-term success. In fact, many strong investment track records are established during challenging periods because experienced investment teams understand that volatile markets place a premium on companies and investment ideas that can weather the short-term volatility. By maintaining appropriate time horizons, diversification and relying on practiced investment teams, we believe that investors can achieve their long-term investment objectives.

As always, I encourage you to communicate with your financial consultant if you have any questions about your investment in a Nuveen Fund. On behalf of the other members of 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

June 23, 2014

4 Nuveen Investments

Portfolio Managers’

Comments

Nuveen International Select Fund

Nuveen Tactical Market Opportunities Fund

Throughout this reporting period, the Nuveen International Select Fund was managed by a team of managers associated with three different sub-advisers: Nuveen Asset Management, LLC (Nuveen Asset Management), an affiliate of Nuveen Investments, Inc.; Altrinsic Global Advisors, LLC (Altrinsic); and Lazard Asset Management LLC (Lazard).

Effective as of the close of business on June 27, 2014, Altrinsic and Lazard will no longer serve as investment sub-advisers to the Nuveen International Select Fund and Nuveen Asset Management will become the Fund’s sole sub-adviser. The Fund’s assets that had been managed by Altrinsic and Lazard will be transitioned to Nuveen Asset Management and its portfolio will be repositioned consistent with the investment strategies employed by that firm’s international growth team. Effective July 7, 2014, Tracy Stouffer will become the Fund’s sole portfolio manager primarily responsible for its management. Also effective as of the close of business on July 7, 2014, the Nuveen International Select Fund’s principal investment strategies will change to the following: Under normal market conditions, the Fund invests at least 80% of its net assets in non-U.S. equity securities. The Fund may invest in equity securities issued by companies with small-, mid- and large-capitalizations. The Fund may invest up to 30% of its net assets in companies located in emerging market countries.

In addition, the Board of Directors of the Nuveen International Select Fund has approved the reorganization of the Fund into the Nuveen International Growth Fund. In order for the reorganization to occur, it must be approved by the shareholders of the Nuveen International Select Fund. A special meeting of the Fund’s shareholders for the purpose of voting on the reorganization is expected to be held in September 2014. If the required approval is obtained, it is anticipated that the reorganization will be consummated shortly after the special shareholder meeting. Further information regarding the proposed reorganization will be contained in proxy materials that are expected to be sent to shareholders of the Fund in July 2014.

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

Here the portfolio management teams for the Funds examine key investment strategies and the Funds’ performance for the six-month reporting period ended April 30, 2014.

Nuveen International Select Fund

How did the Fund perform during the six-month reporting period ended April 30, 2014?

The tables in the Fund Performance and Expense Ratios section of this report provide Class A Share total returns for the Fund for the six-month, one-year, five-year and since inception periods ended April 30, 2014. The Fund’s Class A Shares at net asset value (NAV) underperformed the MSCI All Country World Investable Market Index (ex U.S.) and the Lipper classification average during the six-month reporting period.

What strategies were used to manage the Fund during the six-month 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

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)

companies that provide exposure to foreign issuers. During this reporting period, Altrinsic selected stocks for the Fund according to the developed markets value style. Lazard selected stocks for the Fund according to the emerging market style. The Fund’s other sub-adviser, Nuveen Asset Management, selected stocks for the Fund in the infrastructure sector and 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.

During the six-month reporting period, the Fund underperformed the MSCI All Country World Investable Market Index (ex U.S.) and Lipper classification average primarily due to several unsuccessful style tilts and country/currency weights. However, stock selection by the individual sub-advisers and sector weights were for the most part successful.

The Fund’s overwhelming negative in terms of style effects was its significant underweight to value stocks. In the overseas markets, more value-oriented and dividend-yielding stocks continued to outperform growth stocks for much of this reporting period. The primary reason the Fund was so underweight value was because its value-oriented manager stayed closer to a moderate “blend” style, while its growth manager ran a slightly more aggressive, momentum-oriented growth strategy. Because this strategy allocates to multiple sub-advisers, we depend on their selection of individual stocks and don’t attempt to offset the value/growth tilts within the Fund’s portfolio.

In terms of unsuccessful country weights, we consciously held a short position on Turkey as tensions were rising ahead of the elections held in that country. However, the elections reaffirmed that Turkey’s prime minister is in strong control and the country’s stock markets rebounded sharply. We also had detrimental overweights in both Russia and Brazil due to individual positions held by the Fund that we were unable to offset because of the lack of futures contracts in those countries. When the tensions in Ukraine escalated in March, the Russian stock market fell fairly steeply. Likewise, stocks continued to be volatile in Brazil as concerns about inflation and the country’s stagnant economy were ongoing. On the positive side, however, the Fund did benefit from a short futures position in the Hang Seng Index during the reporting period. China’s economy and markets have been in a slump for some time now and we chose to underweight the country even further as our managers were not very exposed there.

In terms of currency selection, our underweight to the British pound hindered results during this reporting period. Much of the Fund’s U.K. exposure was through futures contracts on the FTSE 100 Index (a basket of the 100 largest companies listed on the London Stock Exchange), which do not include the currency exposure. However, we did not anticipate the pound improving and failed to put on a currency bet to offset the underweight. The British pound strengthened more than 5% versus the dollar as the U.K.’s economic performance was fairly favorable, especially in relation to the rest of Europe. Conversely though, the Fund’s strong overweight to the U.S. dollar was beneficial during the reporting period. Some of the Fund’s U.S. dollar exposure resulted from 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. Other U.S. dollar exposure was the result of futures contracts from other countries that do not include the effect of the countries’ currencies. The Fund’s exposure was beneficial as the U.S. dollar strengthened during the reporting period. Also, the Fund’s underweight to the Canadian dollar modestly added to performance. Our Canadian exposure is largely from a futures position in the Toronto Stock Exchange (TSX), which does not give the Fund actual Canadian dollar exposure because it is U.S. dollar-denominated. We used the TSX position to bring the Fund closer to benchmark weight in Canadian stocks as the Fund generally do not have much exposure in that country. However, the resulting underweight to the Canadian dollar was beneficial as the currency weakened about 4% during the reporting period.

Stock selection by the Fund’s sub-advisers was a positive contributor to performance. For example, the Fund benefited from a position in Norwegian firm BW LPG Ltd., the world’s largest player involved in the transport of liquefied petroleum gas (LPG) that was newly issued in November 2013. BW LPG is benefiting from rising LPG supply due to U.S. shale extraction, increasing propane demand for heating purposes and increasing trade in petrochemicals that use LPG as feedstock, primarily in China. Spanish pharmaceutical and chemical company Grifols SA, the world’s third-largest blood and plasma products maker, was a very successful

6 Nuveen Investments

out-of-index position for the Fund. Grifols reported a significant rise in first quarter profits, aided by its acquisition of Novartis’ transfusion diagnostic business. The Fund also benefited from a position in Let’s Gowex SA, a Spanish company that develops wireless smart cities, which was a top contributor during the reporting period. Let’s Gowex is a key beneficiary of the twin drivers of the exponential growth of mobile data traffic and the build-out of public WiFi networks. In addition, shares of Danish company Vestas Wind Systems A/S, which makes wind turbines, advanced strongly as renewable energy resources become increasingly important in Europe. The company is also benefiting from a significant increase in new orders for its turbines to be used in wind farms across North America. Finally, the Fund benefited from its lack of exposure to Toyota Motor Corporation, which is a large component in the MSCI benchmark. Toyota’s shares performed poorly during the reporting period as the company was hit with a $1 billion settlement in March, one of the largest fines ever paid by an automaker. The company’s sales and profitability have also been challenged by the Japanese yen, which hasn’t softened as much as investors had anticipated.

The Fund also experienced several individual detractors during the reporting period, including Sberbank of Russia, the country’s largest bank by assets and its biggest lender. Sberbank’s shares took a hit after the instability caused by the crisis with Ukraine drew Western economic sanctions that impede the flow of assets in and out of Russia. The bank remains under pressure due to the falling Russian Ruble currency, an economy on the verge of recession and growing emerging market uncertainty. Two other Fund underperformers were from the U.K.: Blinkx plc, which provides a search engine for video and audio clips and a contextual advertising platform for online video, and Perform Group plc, a leading digital marketing company. Blinkx saw its share price fall sharply in response to a well-publicized blog authored by a Harvard professor alleging that the company used advertising software (adware) to boost views of online video ads and inflate revenues. Management has refuted the allegations and we expect confidence to return to the company’s investor and customer base. The stock price for Perform Group also fell significantly during the six-month reporting period after issuing a profit warning due to advertising and sponsorship weakness in the fourth quarter of 2013, resulting in estimate and price target downgrades. However, because Perform benefits from a number of growth drivers, including online betting, online video consumption and the use of digital sports content, we are maintaining the Fund’s position as we wait for a catalyst for the stock.

The effects of the Fund’s sector and industry weights produced modestly positive results and were often driven by the underlying stocks selected by the sub-advisers. For example, the Fund sharply underweighted financial stocks, which was a relatively successful strategy during this reporting period. In particular, we under-emphasized European financials because of ongoing concerns about banking practices and the quality of these companies’ balance sheets. In addition, the European Central Bank (ECB) may need to further loosen monetary policy or implement a negative deposit rate, which will negatively impact banks’ profitability. We also tilted away from Chinese banks due to concerns in Asia about money invested in construction projects that may not be repaid. Additionally, the Fund had a significant overweight in industrials, which was beneficial as the sector outperformed; however, an overweight position in the lagging consumer discretionary sector was a detractor.

In addition to the previously mentioned futures contracts, the Fund used 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. For example, performance benefited from our short futures position in the Russell 2000^® Index. We added this overlay to offset what we deemed to be too strong of a technology, high price/earnings ratio and small company emphasis by the Fund’s sub-advisers. We also used other long and short futures contracts 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 six-month period ended April 30, 2014?

The tables in the Fund Performance and Expense Ratios section of this report provide Class A Share total returns for the Fund for the six-month, one-year and since-inception periods ended April 30, 2014. The Fund’s Class A Shares at net asset value (NAV) outperformed the BofA/Merrill Lynch 3-Month U.S. Treasury Bill Index, but underperformed the Lipper classification average over the six-month reporting 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.

Nuveen Investments 7

Portfolio Managers’ Comments (continued)

What strategies were used to manage the Fund during the six-month 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 on an annualized basis. 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.

Fund performance was generally in line with its objectives over the six-month reporting period, including positive returns for each of the past five months of the reporting period. However, continued gains will be necessary to fully recover the performance shortfall that occurred from May through November of last year. During this reporting period, the Fund’s portfolio focused primarily on hedged income generation 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 maintained moderate market directional positions in some of the depressed sectors that contributed to the performance shortfall last year. The Fund’s portfolio was positioned moderately from a risk standpoint in relation to the level of risk allowed by this strategy, reflecting a focus on paired positioning and the limited directional opportunities we perceive to be available in today’s market.

Throughout the first several months of 2014, we maintained modest net equity market exposure, although we were active in incrementally increasing and decreasing the level of exposure in response to the market swings that have occurred year to date. The Fund’s equity directional exposure was focused on mortgage real estate investment trusts (REITs), non U.S. equities in aggregate and frontier markets in particular. Directional exposure was a positive contributor to performance, as was our long/short positioning. The largest long/short equity position and biggest contributor to performance was a long position in the S&P 500^® paired with a short position in the Russell 2000^®. The performance differential in favor of the S&P 500^® has been significant on a year-to-date basis. We also complemented this position with a blended long position of the mid-cap and NASDAQ indexes and short position in the Russell 2000^®, which was also an incrementally positive contributor. Given the sharp underperformance of the Russell 2000^®, we have tactically eliminated the latter and sharply reduced the former positions to defend against a possible snap-back, but anticipate further small-cap underperformance. We also see an unfavorable risk/reward trade-off from significant, unhedged directional equity market exposure with exposure beyond negligible levels taken only on an opportunistic basis.

In addition to the style-based long/short positions discussed above, the Fund maintained a sizable long/short sector-relative strategy throughout the first months of the year that made a positive contribution and featured a steady short position in the consumer discretionary sector and variable weightings in the remaining sectors. A long position in China H shares matched with a short position in the SGX CNX Nifty Index Future (Indian Nifty) late last year was incrementally positive, while a similar long position in South Korea matched with a short position in the Indian Nifty was incrementally negative. Both positions have been closed and replaced with a long position in Canada matched with a short position in Mexican and Australian equities. We also held a long MSCI ACWI ex U.S. Index-replicating ETF hedged with a short position in the S&P 500^®, which has been an insignificant contributor to performance.

Directional fixed income exposure was limited to positions in Australian Treasury futures, domestic municipal high yield and peso-denominated Mexican bonds. The interest rate sensitivity (duration) of these positions was partially hedged with short positions in five-year U.S. Treasury futures and 10-year German Bund futures on a macro basis. In addition, specific long/short Treasury positions featuring long U.S. Treasury futures matched with 10-year German Bund futures and 10-year Australian Treasury futures matched with short U.K. gilt futures were included in the portfolio. Each of these positions was additive to the Fund with the exception of the Treasury/Bund position, which underperformed as German yields fell at a much faster pace than the yields of other countries. While

8 Nuveen Investments

domestic interest rates rising at a faster pace than those elsewhere, given the closer proximity of the Federal Reserve to monetary tightening versus other major central banks. The U.S. dollar has essentially been flat year to date, although we anticipate a moderate strengthening as the year progresses.

A number of other positions contributed to performance and have been removed from the Fund’s portfolio because of price appreciation or remain in the portfolio at much reduced allocations. These include dollar-denominated emerging market debt, global preferred securities, REITS and corporate bonds.

Throughout the reporting 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, except for the equity put options which were an insignificant contributor to performance during the reporting period.

Nuveen Investments 9

Risk Considerations

Nuveen International Select Fund

Mutual fund investing involves risk; principal loss is possible. There is no guarantee the Fund’s investment objectives will be achieved. Prices of equity securities may decline significantly over short or extended periods of time. Non-U.S. investments involve risks such as currency fluctuation, political and economic instability, lack of liquidity and differing legal and accounting standards. These risks are magnified in emerging markets. These and other risk considerations, such as derivatives, infrastructure sector, and smaller company risks, are described in detail in the Fund’s prospectus.

Nuveen Tactical Market Opportunities Fund

Mutual fund investing involves risk; principal loss is possible. There is no guarantee that the fund will achieve its investment objective and the portfolio manager’s 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 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.

10 Nuveen Investments

Fund Performance

and Expense Ratios

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

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

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

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

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

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

Nuveen Investments 11

Fund Performance and Expense Ratios (continued)

Nuveen International Select Fund

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

Fund Performance

Average Annual Total Returns as of April 30, 2014

	Cumulative		Average Annual
	6-Month		1-Year		5-Year		Since Inception*
Class A Shares at NAV		0.09%		5.97%		10.98%		2.03%
Class A Shares at maximum Offering Price		(5.69)%		(0.10)%		9.69%		1.21%
MSCI All Country World Investable Market Index (ex U.S.)**		3.36%		10.61%		13.90%		3.12%
Lipper International Multi-Cap Growth Funds Classification Average**		2.89%		11.20%		13.61%		2.13%
Class C Shares		(0.43)%		5.09%		10.15%		1.26%
Class I Shares		0.13%		6.21%		11.25%		2.28%

Average Annual Total Returns as of March 31, 2014 (Most Recent Calendar Quarter)

	Cumulative		Average Annual
	6-Month		1-Year		5-Year		Since Inception*
Class A Shares at NAV		5.12%		10.75%		13.61%		2.22%
Class A Shares at maximum Offering Price		(0.89)%		4.41%		12.28%		1.39%
Class C Shares		4.75%		9.87%		12.75%		1.45%
Class I Shares		5.26%		10.99%		13.89%		2.47%

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

Expense Ratios as of Most Recent Prospectus

	Share Class
	Class A		Class C		Class I
Gross Expense Ratios		1.51%		2.28%		1.29%
Net Expense Ratios		1.31%		2.08%		1.09%

The Fund’s investment adviser has agreed to voluntarily lower the fund-level management fee by 0.20% across all breakpoint levels through October 31, 2015. This fee waiver will not be terminated prior to that time without the approval of the Fund’s Board of Directors.

* 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.

12 Nuveen Investments

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.

Fund Performance

Average Annual Total Returns as of April 30, 2014*

	Cumulative		Average Annual
	6-Month		1-Year		Since Inception**
Class A Shares at NAV		1.78%		(4.14)%		2.78%
Class A Shares at maximum Offering Price		(4.06)%		(9.63)%		1.38%
BofA/Merrill Lynch 3-Month U.S. Treasury Bill Index***		0.03%		0.06%		0.10%
Lipper Flexible Portfolio Funds Classification Average***		3.90%		6.34%		8.24%
Class C Shares		1.32%		(4.88)%		1.97%
Class I Shares		1.96%		(3.87)%		3.06%

Average Annual Total Returns as of March 31, 2014 (Most Recent Calendar Quarter)

	Cumulative		Average Annual
	6-Month		1-Year		Since Inception**
Class A Shares at NAV		1.03%		(3.31)%		2.65%
Class A Shares at maximum Offering Price		(4.76)%		(8.86)%		1.23%
Class C Shares		0.57%		(4.06)%		1.85%
Class I Shares		1.12%		(3.13)%		2.92%

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

Expense Ratios as of Most Recent Prospectus

	Share Class
	Class A		Class C		Class I
Expense Ratios		1.33%		2.08%		1.08%

* 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 13

Holding

Summaries April 30, 2014

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

Nuveen International Select Fund

Fund Allocation

(% of net assets)

Common Stocks	91.8%
Common Stock Rights	0.0%
Master Limited Partnerships (MLP) & MLP Affiliates	0.1%
Exchange-Traded Funds	1.6%
Short-Term Investments	7.9%
Other Assets Less Liabilities	(1.4)%

Portfolio Composition

(% of net assets)

Banks	9.5%
Oil, Gas & Consumable Fuels	8.8%
Pharmaceuticals	6.7%
Insurance	3.8%
Wireless Telecommunication Services	3.5%
Machinery	3.3%
Media	2.7%
Food & Staples Retailing	2.7%
Semiconductors & Equipment	2.5%
Food Products	2.3%
Metals & Mining	2.2%
Transportation Infrastructure	2.0%
Aerospace & Defense	1.9%
Energy Equipment & Services	1.8%
Construction Materials	1.8%
Beverages	1.7%
Automobiles	1.7%
IT Services	1.6%
Capital Markets	1.5%
Diversified Financial Services	1.5%
Real Estate Management & Development	1.5%
Textiles, Apparel & Luxury Goods	1.4%
Electronic Equipment & Instruments	1.4%
Construction & Engineering	1.4%
Hotels, Restaurants & Leisure	1.3%
Industrial Conglomerates	1.2%
Tobacco	1.2%
Other Industries	19.0%
Common Stock Rights	0.0%
Exchange-Traded Funds	1.6%
Short-Term Investments	7.9%
Other Assets Less Liabilities	(1.4)%

Country Allocation

(% of net assets)

United States	12.0%
United Kingdom	10.5%
Japan	9.5%
Canada	7.5%
Germany	6.9%
France	5.6%
Switzerland	5.4%
Brazil	4.6%
South Korea	3.4%
Netherlands	2.6%
South Africa	2.3%
Other Countries	31.1%
Other Assets Less Liabilities	(1.4)%

Top Five Common Stock Holdings

(% of net assets)

Roche Holding	1.0%
Sanofi-Aventis	1.0%
Novartis	1.0%
GlaxoSmithKline	1.0%
Daimler	0.9%

14 Nuveen Investments

Nuveen Tactical Market Opportunities Fund

Fund Allocation¹

(% of net assets)

Exchange-Traded Funds	49.2%
U.S. Government and Agency Obligations	1.5%
Sovereign Debt	6.6%
Short-Term Investments	41.6%
Other Assets Less Liabilities	1.1%

Portfolio Allocation^2,3

Long-Fixed Income	55.7%
Short-Fixed Income	(30.6)%
Net Fixed Income	25.1%
Long Equity	48.0%
Short Equity	(24.4)%
Net Equity	23.6%
Long Currency	1.2%
Short Currency	(4.5)%
Net Currency	(3.3)%

Total Exposure³

Total Net Exposure	45.4%
Total Gross Exposure	153.0%

Top 5 Long Positions⁵

U.S. Dollar Index	17.7%
Australian 10-Year Bond	13.8%
Market Vectors High-Yield Municipal Index ETF	9.3%
U.S. 10-Year Treasury Note	6.4%
iShares® MSCI ACWI ETF	6.3%

Top 5 Short Positions⁵

S&P 500 E-Mini	(16.6)%
U.S. 5-Year Treasury Note	(14.4)%
Euro-Bund	(12.3)%
Russell 2000 Mini Index	(6.8)%
Long Gilt	(3.8)%

1 Fund Allocation reports the percentage breakdown of the Fund’s cash investment as shown in the Fund’s portfolio of investments.

2 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.

3 Percentages are calculated based upon the market value of total investments as presented in the Fund’s portfolio of investments.

4 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.

5 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 15

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 (11/01/13)	$	1,000.00	$	1,000.00	$	1,000.00	$	1,000.00	$	1,000.00	$	1,000.00
Ending Account Value (4/30/14)	$	1,000.90	$	995.70	$	1,001.30	$	1,017.60	$	1,013.88	$	1,018.84
Expenses Incurred During Period	$	7.19	$	10.89	$	5.95	$	7.25	$	10.99	$	6.01

For each class of the Fund, expenses are equal to the Fund’s annualized net expense ratio of 1.45%, 2.20% and 1.20% for Classes A, C and I, respectively, multiplied by the average account value over the period, multiplied by 181/365 (to reflect the one-half year period).

16 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 (11/01/13)	$	1,000.00	$	1,000.00	$	1,000.00	$	1,000.00	$	1,000.00	$	1,000.00
Ending Account Value (4/30/14)	$	1,017.80	$	1,013.20	$	1,019.60	$	1,019.14	$	1,015.42	$	1,020.38
Expenses Incurred During Period	$	5.70	$	9.43	$	4.46	$	5.71	$	9.44	$	4.46

For each class of the Fund, expenses are equal to the Fund’s annualized net expense ratio of 1.14%, 1.89% and .89% for Classes A, C and I, respectively, multiplied by the average account value over the period, multiplied by 181/365 (to reflect the one-half year period).

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 17

Nuveen International Select Fund

Portfolio of Investments April 30, 2014(Unaudited)

Shares		Description (1)	Value
		LONG-TERM INVESTMENTS – 93.5%
		COMMON STOCKS – 91.8%
		Argentina – 0.2%
	34,054	YPF Sociedad Anonima	$	969,177
		Australia – 0.8%
	15,299	Asciano Group		76,891
	26,715	Aurizon Holdings		128,558
	27,818	DUET Group		56,079
	328,490	G8 Education Ltd		1,425,126
	19,297	Macquarie Atlas Roads Group		55,752
	17,797	Rea Group Limited		773,265
	57,142	Sydney Airport		224,018
	78,866	Transurban Group		532,646
		Total Australia		3,272,335
		Austria – 0.1%
	5,412	Flughafen Wien		530,763
		Belgium – 0.0%
	3,315	bpost		74,666
	510	Elia System Operator		27,042
		Total Belgium		101,708
		Bermuda – 1.3%
	1,302,892	Biosensors International Group		987,275
	115,747	Bw Lpg Ltd		1,479,867
	66,570	Genpact Limited, (2)		1,122,370
	34,734	Golar LNG		1,535,243
	515,755	Hankore Environment, (2)		46,487
		Total Bermuda		5,171,242
		Brazil – 4.6%
	8,470	Alupar Investimento		60,018
	136,700	Ambev Sa		991,075
	271,043	Banco do Brasil		2,855,387
	131,200	BB Seguridade Participacoes		1,544,568
	120,806	Cielo		2,107,028
	31,413	Companhia Brasileira de Distribuicao, Class A, ADR		1,494,002
	110,953	Companhia de Concessoes Rodoviarias		869,810
	943	Companhia de Saneamento de Minas Gerais		14,734
	21,900	Companhia Energetica de Minas Gerais, ADR		165,126

18 Nuveen Investments

Shares		Description (1)	Value
		Brazil (continued)
	4,032	CPFL Energias Renovaveis, (2)	$	25,280
	81,072	Embraer S A		2,788,877
	98,200	Hypermarcas		724,471
	18,200	Localiza Rent A Ca		272,214
	38,000	Natura Cosmeticos		654,423
	86,595	Souza Cruz		794,589
	58,000	Ultrapar Participa		1,446,781
	58,500	Vale, ADR		773,370
	56,100	Via Varejo Sa		603,835
	7,128	Wilson Sons		101,498
		Total Brazil		18,287,086
		Canada – 7.5%
	97,300	Africa Oil Corp.		734,155
	53,100	Alimentation Couche Tard, Inc.		1,496,518
	1,021	AltaGas		43,502
	270,200	Americas Petrogas, Inc.		340,200
	77,300	Bellatrix Exploration Ltd Com		751,807
	37,200	Black Diamond Group Ltd		1,169,574
	20,900	Boyd Group Income Fund		758,353
	161,300	Canacol Energy Ltd		1,215,581
	35,900	Canadian Natural Resources		1,462,793
	2,608	Canadian Utilities, Class A, Class A		96,344
	16,118	Cenovus Energy		480,136
	37,200	Concordia Healthcare Corp.		831,192
	92,600	Deethree Exploration Ltd		991,856
	73,800	Detour Gold Corp.		734,600
	14,753	Enbridge		712,422
	30,297	EnCana		701,830
	76,000	Enerplus Corp.		1,685,653
	2,292	Fortis		67,335
	9,103	Gibson Energy		243,012
	29,000	Gildan Activewear, Inc.		1,482,478
	26,752	Imax, (2)		685,921
	3,166	Inter Pipeline Ltd		86,079
	1,239	Keyera		82,408
	177,280	Kinross Gold		719,763
	431,000	Neulion, Inc.		357,840
	117,700	Pacific Rubiales Energy		1,921,129
	39,700	Paramount Resources Ltd – A		2,160,219

Nuveen Investments 19

Nuveen International Select Fund (continued)

Portfolio of Investments April 30, 2014 (Unaudited)

Shares		Description (1)	Value
		Canada (continued)
	38,300	Pembina Pipeline	$	1,505,024
	88,000	Precision Drilling Corp.		1,144,108
	4,906	Progressive Waste Solutions		119,559
	42,200	Secure Energy Services, Inc.		756,947
	18,200	Shawcor Ltd New Com		810,660
	189,640	Talisman Energy		1,960,331
	4,926	Transalta Renewables, Inc.		50,112
	10,847	TransCanada		505,796
	3,109	Veresen		45,980
	4,725	Westshore Terminals Investment		153,556
	70,166	Yamana Gold		524,842
		Total Canada		29,589,615
		Cayman Islands – 1.3%
	153,000	Airtac Internation		1,644,099
	7,600	Baidu, ADR, (2)		1,169,260
	14,479	Eurasia Drilling Co Ltd, (3)		356,907
	43,300	Nord Anglia Education, Inc., (2)		859,505
	254,400	Wynn Macau		1,002,447
		Total Cayman Islands		5,032,218
		Chile – 0.0%
	76,508	Aguas Andinas, Class A		47,199
	1,796	Empresa Nacional de Electrcidad, ADR		79,150
	4,160	Enersis, ADR		66,976
		Total Chile		193,325
		China – 1.1%
	3,359,350	China Construction Bank, Class H		2,318,153
	98,000	China Shenhua Energy		265,447
	8,917	ENN Energy Holdings		62,338
	17,700	NetEase.com, ADR		1,205,193
	124,600	Weichai Power, Class H		433,925
		Total China		4,285,056
		Denmark – 1.4%
	6,091	Alk-abello A/S		843,456
	20	AP Moller – Maersk, Class B		47,658
	42,903	Novo-nordisk A/S		1,935,420
	17,032	Ow Bunker A/S		560,347
	51,644	Vestas Wind Systems A/S		2,292,302
		Total Denmark		5,679,183

20 Nuveen Investments

Shares		Description (1)	Value
		Egypt – 0.2%
	144,179	Commercial International Bank	$	725,220
		Finland – 0.6%
	24,426	Basware Oyj		1,153,187
	4,082,438	Outokumpu Oyj		1,246,027
		Total Finland		2,399,214
		France – 5.6%
	29,584	Accor		1,446,365
	2,537	Aeroports de Paris		315,471
	44,124	Carrefour		1,715,865
	25,042	Compagnie de Saint-Gobain		1,529,341
	29,490	DANONE		2,174,928
	2,337	Eurofins Scientific		648,446
	3,044	GDF Suez		76,755
	76,650	Groupe Eurotunnel		1,028,203
	38,606	Jc Decaux Sa		1,582,696
	5,846	L’oreal		1,005,694
	723	Rubis		51,436
	26,932	Safran		1,810,101
	36,740	Sanofi-Aventis		3,976,769
	3,197	Suez Environnement		62,760
	19,010	Technip		2,138,889
	17,100	Total SA		1,221,293
	10,669	Valeo		1,461,511
	880	Vinci		66,342
		Total France		22,312,865
		Germany – 6.9%
	14,372	Adidas		1,533,904
	12,250	Allianz		2,121,826
	78,236	Commerzbank Ag		1,389,861
	19,610	Cts Eventim		1,248,750
	39,683	Daimler		3,673,761
	44,492	Deutsche Boerse		3,258,508
	72,791	E.ON		1,392,098
	5,137	Fraport Frankfurt Airport		379,075
	22,801	HeidelbergCement		1,977,689
	17,436	Henkel KGAA		1,941,714
	7,962	Jungheinrich		591,517
	28,588	Osram Licht		1,496,428
	17,117	Siemens		2,255,986

Nuveen Investments 21

Nuveen International Select Fund (continued)

Portfolio of Investments April 30, 2014 (Unaudited)

Shares		Description (1)	Value
		Germany (continued)
	35,521	Symrise	$	1,792,559
	23,551	United Internet		1,010,916
	26,185	Wirecard		1,097,641
		Total Germany		27,162,233
		Great Britain – 0.5%
	486,542	Barclays		2,071,755
		Hong Kong – 2.1%
	27,515	APT Satellite Holdings Limited		34,496
	20,352	Beijing Enterprises Holdings		176,929
	80,889	Cheung Kong Holdings		1,377,198
	830,000	China Animal Healthcare Ltd		541,703
	130,848	China Everbright International		164,046
	103,981	China Merchants Holdings International		325,236
	181,484	China Mobile		1,725,198
	33,011	China Mobile Limited		1,565,712
	231	China Resources Gas Group		684
	586,000	CNOOC		968,989
	206,728	COSCO Pacific		276,777
	35,816	Guangdong Investment		38,944
	17,442	Hong Kong & China Gas		40,225
	918,000	Huabao International Holdings		434,552
	1,230,000	Lijun International		502,918
	19,005	MTR		71,701
	4,187	Power Assets Holdings		36,184
	10,698	Sinopec Kantons Holdings		9,976
	84,810	Towngas China		96,701
		Total Hong Kong		8,388,169
		Hungary – 0.3%
	54,626	Otp Bank Plc		1,040,366
		India – 1.4%
	33,811	Axis Bank		850,502
	72,244	Bank of India		280,460
	230,093	Bharat Heavy Electricals		688,391
	16,800	Dr Reddy’s Labs Ltd		757,176
	1,261	GAIL India, GDR		46,896
	107,601	Jindal Steel & Power		455,362
	85,023	Power Grid		149,141
	70,038	Punjab National Bank		909,687
	39,762	Tata Consultancy Services		1,443,206
		Total India		5,580,821

22 Nuveen Investments

Shares		Description (1)	Value
		Indonesia – 1.5%
	1,178,600	Astra International	$	756,918
	1,999,465	Bank of Mandiri		1,699,152
	107,300	Jasa Marga		54,757
	445,100	Semen Gresik Persero		571,702
	51,700	Tambang Batubara Bukit Asam		44,159
	44,300	Telekomunikasi Indonesia, ADR		1,758,710
	246,972	Tower Bersama Infrastructure		138,850
	389,619	United Tractors		731,283
		Total Indonesia		5,755,531
		Ireland – 1.6%
	5,634,905	Bank of Ireland		2,212,373
	39,472	Covidien		2,812,380
	18,789	Kerry Group		1,472,778
		Total Ireland		6,497,531
		Italy – 2.2%
	29,788	Atlantia		774,868
	46,046	Azimut Holding S.p.a		1,434,146
	442,451	Banca Intesa		1,510,030
	5,140	Ei Towers S.p.a.		292,370
	27,841	Hera		81,963
	154,096	Italcementi		1,870,616
	32,198	Luxottica Group S.p.a		1,843,013
	10,447	Snam Rete Gas		62,786
	5,803	Societa Iniziative Autostradali e Servizi		68,915
	32,353	Terna-Rete Elettrica Nationale		175,051
	20,799	Yoox Spa		745,624
		Total Italy		8,859,382
		Japan – 9.5%
	138,565	AMADA		1,001,609
	37,800	Asics Corp.		735,406
	28,400	Colopl, Inc.		733,091
	2,142	East Japan Railway		156,153
	118,370	INPEX		1,722,840
	4,303	Japan Airport Terminal		99,036
	94,600	Japan Display, Inc.		582,951
	21,814	Japan Exchange Group		430,583
	10,171	Kamigumi, WI/DD		96,900
	173,237	Kyowa Hakko Kirin		1,972,396
	50,900	M3, Inc.		698,017

Nuveen Investments 23

Nuveen International Select Fund (continued)

Portfolio of Investments April 30, 2014 (Unaudited)

Shares		Description (1)	Value
		Japan (continued)
	127,400	Matsushita Electric Industrial	$	1,394,440
	129,621	Mitsubishi		2,317,672
	5,311	Mitsubishi Logistics		76,157
	37,000	Mitsui Fudosan		1,093,334
	98,463	Mitsui Sumitomo Insurance Group		2,205,510
	10,835	Nintendo		1,138,239
	80,731	NKSJ Holdings		2,012,846
	54,100	ORIX		781,589
	28,957	Osaka Gas		109,047
	8,200	Sawai Pharm Co Ltd		507,713
	9,052	SMC		2,149,335
	20,700	Softbank		1,536,783
	25,967	Sugi Holdings		1,168,369
	660,505	Sumitomo Mitsui Trust		2,719,935
	87,523	Suzuki Motor		2,255,814
	726,207	The Bank of Yokohama		3,643,999
	81,786	THK		1,730,358
	31,930	Tokio Marine Holdings, WI/DD		940,394
	9,122	Tokyo Gas		47,736
	88,700	Topcon Corporation		1,546,947
		Total Japan		37,605,199
		Jersey – 0.9%
	226,254	Glencore Xstrata		1,216,686
	37,449	Shire		2,135,860
		Total Jersey		3,352,546
		Luxembourg – 0.5%
	11,469	Oriflame Cosmetics, SDR		292,449
	40,513	SES		1,525,701
		Total Luxembourg		1,818,150
		Malaysia – 0.2%
	27,800	British American Tobacco		521,010
	14,227	Petronas Gas		102,384
		Total Malaysia		623,394
		Mexico – 1.6%
	123,592	Cemex, ADR, (2)		1,562,197
	411,200	Empresas Ica Sab		736,107
	946	Grupo Aeroportuario del Centro Norte, ADR		27,850
	1,467	Grupo Aeroportuario del Sureste, ADR		179,341
	167,316	Grupo Mexico, Series B		503,889

24 Nuveen Investments

Shares		Description (1)	Value
		Mexico (continued)
	76,805	Grupo Televisa, ADR	$	2,519,972
	23,872	Infraestructura En		124,882
	191,300	Kimberly-Clark de Mexico, Series A		499,205
	25,572	OHL Mexico		68,021
	2,432	Promotora Y Operad		33,963
		Total Mexico		6,255,427
		Netherlands – 2.6%
	17,480	Chicago Bridge & Iron		1,399,624
	24,500	Constellium Nv, (2)		747,740
	32,598	European Aeronautic Defence and Space		2,238,173
	41,711	Heineken		2,893,382
	5,246	Koninklijke Vopak		261,172
	31,092	Nxp Semiconductors NV, (2)		1,853,705
	18,117	Oci N.v.		774,773
		Total Netherlands		10,168,569
		New Zealand – 0.1%
	60,931	Auckland International Airport		208,586
	36,061	Infratil		71,520
	12,457	Port of Tauranga		154,680
		Total New Zealand		434,786
		Norway – 0.8%
	26,421	Avance Gas Holdings L		571,152
	70,277	Epic Gas Ltd		532,017
	2,633	Hafslund, Class B		21,483
	126,036	Hexagon Composites		780,264
	2,034,155	REC Silicon ASA		1,132,006
		Total Norway		3,036,922
		Panama – 0.5%
	53,770	Carnival		2,113,699
		Philippines – 1.0%
	173,091	International Container Terminal Services		419,721
	19,700	Philippine Long Distance Telephone, ADR		1,270,650
	727,900	Puregold Price Club		750,269
	1,057,680	Robinsons Retail Holdings		1,589,604
		Total Philippines		4,030,244
		Poland – 0.0%
	6,648	Energa Sa		39,634

Nuveen Investments 25

Nuveen International Select Fund (continued)

Portfolio of Investments April 30, 2014 (Unaudited)

Shares		Description (1)	Value
		Portugal – 0.2%
	152,801	Espirito Santo Sau	$	737,719
		Russia – 1.7%
	529,599	Alrosa Zao		547,178
	213,572	Gazprom OAO, ADR		1,540,281
	8,699	LUKOIL, ADR		459,742
	8,971	Magnit, GDR, (3)		355,782
	86,650	Mobile TeleSystems, ADR		1,452,254
	1,011,862	Sberbank		2,059,228
	37,140	Sberbank Russia		313,090
		Total Russia		6,727,555
		Singapore – 1.1%
	154,642	CitySpring Infrastructure Trust		58,591
	83,730	ComfortDelGro		141,587
	1,026,000	Global Logistic Properties		2,332,376
	2,441,285	Golden Agri-Resources		1,187,831
	203,837	Hutchison Port Holdings Trust		138,609
	23,988	Hyflux		22,960
	37,626	K-Green Trust		31,513
	51,122	Parkway Life, REIT		102,350
	37,474	Singapore Airport Terminal Services		94,754
	82,956	Singapore Post		93,629
		Total Singapore		4,204,200
		South Africa – 2.3%
	46,143	Bidvest Group		1,265,363
	33,000	Imperial Holdings		614,611
	59,498	MTN Group		1,192,222
	28,089	Nedbank Group		601,135
	165,115	PPC, WI/DD		480,255
	107,719	Sanlam		575,942
	79,449	Shoprite Holdings		1,326,781
	42,622	Standard Bank Group		559,407
	20,124	Tiger Brands		537,775
	64,562	Truworths International		517,637
	61,990	Vodacom Group		739,190
	79,261	Woolworths Holdings		538,678
		Total South Africa		8,948,996
		South Korea – 3.4%
	9,525	Hanssem Co.		778,002
	8,876	Hotel Shilla		746,467

26 Nuveen Investments

Shares		Description (1)	Value
		South Korea (continued)
	5,108	Hyundai Mobis	$	1,458,299
	7,465	I-sens, Inc.		374,225
	36,950	KB Financial Group		1,258,724
	153,872	Korea Life Insurance		1,000,697
	12,851	KT&G		1,029,771
	1,082	NHN		772,782
	2,083	Samsung Electronics, GDR		2,707,315
	41,686	Shinhan Financial Group, ADR		1,815,417
	26,930	Sk Hynix, Inc., WI/DD		1,046,395
	7,717	Woongjin Coway		608,667
		Total South Korea		13,596,761
		Spain – 0.9%
	5,032	Abertis Infraestructuras		113,129
	17,035	Carbures Europe Sa		777,305
	2,063	Edp Renovaveis Sa		14,130
	7,977	Ferrovial		177,070
	38,199	Grifols SA		1,567,687
	23,590	Iberdrola		164,783
	63,967	Mediaset Espana		708,181
	611	Red Electrica		50,250
		Total Spain		3,572,535
		Sweden – 1.8%
	36,248	Arcam AB		939,342
	104,093	Cybaero AB, (2), (4)		500,098
	245,490	Ericsson		2,963,761
	58,695	Recipharm AB		785,344
	65,507	Svenska Cellulosa, Class B		1,834,583
		Total Sweden		7,023,128
		Switzerland – 5.4%
	2,453	Burckhardt Compression		1,270,956
	49,381	Credit Suisse Group		1,565,985
	263	Dufry Ag, (2)		43,450
	600	Flughafen Zuerich		378,025
	42,382	Foster Wheeler		1,452,855
	6,392	Leonteq Ag		1,218,700
	83,342	Meyer Burger Techn		1,027,452
	46,918	Nestle		3,622,404
	45,649	Novartis		3,957,526
	13,845	Roche Holding		4,058,641

Nuveen Investments 27

Nuveen International Select Fund (continued)

Portfolio of Investments April 30, 2014 (Unaudited)

Shares		Description (1)	Value
		Switzerland (continued)
	2,789	Syngenta	$	1,104,699
	84,955	UBS		1,776,130
		Total Switzerland		21,476,823
		Taiwan – 1.5%
	391,000	Delta Electronics		2,395,357
	336,077	Hon Hai Precision Industry		963,781
	650,959	Taiwan Semiconductor Manufacturing		2,554,429
		Total Taiwan		5,913,567
		Thailand – 0.7%
	139,879	Bangkok Bank Thb10 NVDR		814,808
	506,800	CP ALL		657,775
	122,077	PTT Exploration and Production Public Company		601,709
	50,300	Siam Cement		677,713
		Total Thailand		2,752,005
		Turkey – 1.0%
	180,397	Akbank T.A.S.		629,644
	242,101	Koc Holding		1,081,202
	56,000	Turkcell Iletisim Hizmetleri, ADR, (2)		810,880
	142,950	Turkiye Garanti Bankasi		523,314
	364,942	Turkiye Is Bankasi, Class C		858,972
		Total Turkey		3,904,012
		United Kingdom – 10.5%
	50,577	Anglo American		1,350,929
	15,949	Aon		1,353,751
	45,976	ARM Holdings		692,031
	69,789	Ashtead Group		1,030,433
	14,469	ASOS		1,044,109
	23,550	BP, ADR		1,192,101
	128,813	Circassia Pharmaceuticals		669,859
	91,889	Diageo		2,819,752
	1,496	Drax Group		16,721
	58,356	Easyjet		1,612,899
	189,982	Foxtons Group Plc		1,020,350
	136,994	GlaxoSmithKline		3,774,806
	27,843	Icon Plc, (2)		1,079,473
	299,152	International Consolidated Airlines Group SA		2,041,050
	117,216	Jazztel		1,798,569
	1,319,014	Lloyds Banking Group		1,678,275
	47,047	London Stock Exchange Group		1,439,339

28 Nuveen Investments

Shares		Description (1)	Value
		United Kingdom (continued)
	32,800	MegaFon (OJSC)	$	847,880
	8,278	National Grid, ADR		588,235
	65,075	Noble Corp Plc		2,004,960
	116,301	Optimal Payments		742,737
	5,958	Pennon Group		76,200
	345,208	Polypipe Group Plc		1,544,542
	153,480	Poundland Group		900,491
	18,939	Rotork		828,509
	40,738	Shanks Group		69,985
	17,405	Stagecoach Group		109,024
	111,608	Standard Chartered		2,414,832
	58,209	Vodafone Group Plc New		2,209,614
	83,124	Willis Group Holdings		3,407,253
	63,856	WPP		1,373,549
		Total United Kingdom		41,732,258
		United States – 2.4%
	970	Allete		50,207
	4,695	American Tower, Class A		392,126
	2,084	American Water Works		94,885
	3,864	Brookfield Infrastructure Partners		150,657
	788	California Water Service Group		17,730
	9,347	CenterPoint Energy		231,432
	2,385	CMS Energy		72,289
	2,333	Connecticut Water Service		75,823
	2,263	Corrections Corporation of America, REIT		74,226
	8,559	Covanta Holding		157,914
	6,248	Dominion Resources		453,230
	2,218	Duke Energy		165,219
	1,149	Genesee & Wyoming, Class A, (2)		113,762
	850	Geo Group		28,501
	3,047	Great Plains Energy		81,751
	3,300	ITC Holdings		122,001
	9,145	Kinder Morgan		298,676
	5,557	NextEra Energy		554,866
	7,658	NiSource		278,139
	1,811	Northeast Utilities		85,588
	1,478	OGE Energy		55,174
	1,843	Oiltanking Partners		152,693
	703	One Gas, Inc.		25,716

Nuveen Investments 29

Nuveen International Select Fund (continued)

Portfolio of Investments April 30, 2014 (Unaudited)

Shares		Description (1)	Value
		United States (continued)
	4,205	ONEOK	$	265,840
	2,425	PG&E		110,532
	27,601	Philip Morris International		2,357,953
	1,232	Pinnacle West Capital		68,930
	4,435	Portland General Electric		148,439
	6,711	PPL		223,745
	7,283	Questar		176,831
	2,283	SBA Communications, Class A, (2)		204,922
	2,082	SemGroup		132,998
	2,621	Sempra Energy		258,457
	714	South Jersey Industries		41,019
	1,780	Sp Plus Corp., (2)		43,468
	7,451	Spectra Energy		295,879
	222	Targa Resources		23,974
	398	Union Pacific		75,791
	42	Unitil		1,394
	15,442	Verizon Communications		721,619
	3,183	Waste Connections		142,153
	2,478	Western Gas Partners		168,505
	11,065	Williams		466,612
		Total United States		9,661,666
		Total Common Stocks (Cost $318,939,236)		363,634,590
Shares		Description (1)	Value
		COMMON STOCK RIGHTS – 0.0%
		Australia – 0.0%
	18,341	Transurban Group Rights, (4)	$	—
		Total Common Stock Rights (cost $3,878)		—
Shares		Description (1)	Value
		MASTER LIMITED PARTNERSHIPS (MLP) & MLP AFFILIATES – 0.1%
		United States – 0.1%
	1,329	Access Midstream Partners LP	$	78,876
	195	Dcp Midstream Partners LP		10,433
	1,842	Enable Midstream Partners LP, (2)		45,571
	397	Enterprise Products Partners LP		29,033
	692	Markwest Energy Partners LP		43,831
	882	Plains All American Pipeline LP		49,216
	6,883	Plains GP Holdings LP		189,764
		Total Master Limited Partnerships (MLP) & MLP Affiliates (cost $412,998)		446,724

30 Nuveen Investments

Shares		Description (1), (5)								Value
		EXCHANGE-TRADED FUNDS – 1.6%
		United States – 1.6%
	139,000	iShares® MSCI Frontier 100 ETF								$	5,168,020
	42,300	iShares® MSCI Poland Capped ETF									1,282,536
		Total Exchange-Traded Funds (cost $6,109,921)									6,450,556
		Total Long-Term Investments (cost $325,466,033)									370,531,870
Shares/ Principal Amount (000)		Description (1)	Coupon			Maturity		Ratings (6)		Value
		SHORT-TERM INVESTMENTS – 7.9%
		Money Market Funds – 4.8%
	18,875,394	State Street Institutional Liquid Reserves Fund		0.070	% (7)		N/A		N/A	$	18,875,393
		U.S. Government and Agency Obligations – 3.1%
$	12,500	U.S. Treasury Bills, (8)		0.000	%		7/24/14		Aaa		12,499,563
		Total Short-Term Investments (cost $31,373,702)									31,374,956
		Total Investments (cost $356,839,735) – 101.4%									401,906,826
		Other Assets Less Liabilities – (1.4)%									(5,548,928	)
		Net Assets – 100%								$	396,357,898

Investments in Derivatives as of April 30, 2014

Futures Contracts outstanding:

Description	Contract Position		Number of Contracts			Contract Expiration		Notional Amount at Value*			Unrealized Appreciation (Depreciation)
Euro STOXX 50		Long		279			6/14	$	12,173,349		$	877,790
Russell 2000 Mini Index		Short		(161	)		6/14		(18,089,960	)		672,293
FTSE MIB Index		Long		69			6/14		10,284,427			650,155
S&P TSX 60 Index		Long		155			6/14		23,647,735			546,684
FTSE 100 Index		Long		97			6/14		11,045,730			462,404
SPI 200		Long		97			6/14		12,320,657			260,956
H-Shares Index		Short		(205	)		5/14		(12,840,016	)		234,620
IBEX 35 Index		Long		66			5/14		9,522,661			226,177
OMX Stockholm 30 Index		Long		233			5/14		4,871,636			86,356
Amsterdam Index		Long		35			5/14		3,852,040			65,351
E-Mini MSCI Emerging Markets Index		Short		(240	)		6/14		(11,934,000	)		62,054
CAC 40 Index		Long		50			6/14		3,057,020			31,946
MSCI Taiwan Index		Long		177			5/14		5,556,030			(87,707	)
Japanese Yen		Short		(74	)		6/14		(9,060,375	)		(92,809	)
NASDAQ 100 E-Mini		Short		(138	)		6/14		(9,862,170	)		(203,523	)
SET50 Index		Short		(152	)		6/14		(4,497,528	)		(236,608	)
DAX Index		Short		(31	)		6/14		(10,340,143	)		(279,481	)
BIST 30 Index		Short		(2,829	)		6/14		(12,185,245	)		(432,806	)
Nikkei 225 Index		Long		222			6/14		15,878,550			(668,103	)
								$	23,400,398		$	2,175,749

* The aggregate Notional Amount at Value of long and short positions is $112,209,835 and $(88,809,437), respectively.

Nuveen Investments 31

Nuveen International Select Fund (continued)

Portfolio of Investments April 30, 2014 (Unaudited)

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) 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) 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.

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

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

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

N/A Not applicable.

ADR American Depositary Receipt

BIST Borsa Istanbul

CAC Cotation Assistée en Continu

DAX Deutscher Aktien Index

ETF Exchange-Traded Fund

FTSE Financial Times Stock Exchange

GDR Global Depositary Receipt

IBEX International Business Exchange

MIB Milano Italia Borsa

MSCI Morgan Stanley Capital International Inc.

NASDAQ National Association of Securities Dealers Automated Quotations

NVDR Non-Voting Depository Receipt

OJSC Open Joint Stock Company

REIT Real Estate Investment Trust

S&P Standard & Poor’s

SDR Swedish Depositary Receipt

SET Stock Exchange of Thailand

SPI Swiss Performance Index

TSX Toronto Stock Exchange

See accompanying notes to financial statements.

32 Nuveen Investments

Nuveen Tactical Market Opportunities Fund

Portfolio of Investments April 30, 2014 (Unaudited)

Shares			Description (1), (2)								Value
			LONG-TERM INVESTMENTS – 57.3%
			EXCHANGE-TRADED FUNDS – 49.2%
			Equity Funds – 26.6%
	60,800		Consumer Staples Select Sector SPDR Fund								$	2,689,792
	22,800		Energy Select Sector SPDR Fund									2,137,272
	151,000		Financial Select Sector SPDR Fund									3,315,960
	59,800		Health Care Select Sector SPDR Fund									3,475,576
	43,800		Industrial Select Sector SPDR Fund									2,322,714
	136,000		iShares® MSCI ACWI ETF									6,439,600
	16,000		iShares® MSCI Frontier 100 ETF									594,880
	14,000		iShares® PHLX Semiconductor ETF									1,094,660
	13,000		iShares® U.S. Telecommunications ETF									381,290
	15,000		Materials Select Sector SPDR Fund									715,500
	121,500		Technology Select Sector SPDR Fund									4,428,675
			Total Equity Funds (cost $25,318,517)									27,595,919
			Fixed Income Funds – 22.6%
	20,000		iShares® JPMorgan USD Emerging Markets Bond ETF									2,243,400
	357,000		iShares® Mortgage Real Estate Capped ETF									4,451,790
	318,000		Market Vectors High-Yield Municipal Index ETF									9,527,280
	100,000		PowerShares Emerging Markets Sovereign Debt Portfolio									2,826,000
	245,000		PowerShares Financial Preferred Portfolio									4,395,300
			Total Fixed Income Funds (cost $24,350,969)									23,443,770
			Total Exchange-Traded Funds (cost $49,669,486)									51,039,689
Principal Amount (000)			Description (1)	Coupon			Maturity		Ratings (3)		Value
			U.S. GOVERNMENT AND AGENCY OBLIGATIONS – 1.5%
$	1,500		U.S. Treasury Bonds		3.625	%		8/15/43		Aaa	$	1,547,812
$	1,500		Total U.S. Government and Agency Obligations (cost $1,431,379)									1,547,812
Principal Amount (000) (4)			Description (1)	Coupon			Maturity		Ratings (3)		Value
			SOVEREIGN DEBT – 6.6%
			Mexico – 6.6%
	30,000	MXN	Mexico Bonos		8.000	%		6/11/20		A	$	2,582,909
	54,000	MXN	Mexico Bonos		6.500	%		6/09/22		A		4,258,107
	84,000	MXN	Total Sovereign Debt (cost $7,466,472)									6,841,016
			Total Long-Term Investments (cost $58,567,337)									59,428,517

Nuveen Investments 33

Nuveen Tactical Market Opportunities Fund (continued)

Portfolio of Investments April 30, 2014 (Unaudited)

Shares/ Principal Amount (000)		Description (1)	Coupon			Maturity		Ratings (3)		Value
		SHORT-TERM INVESTMENTS – 41.6%
		Money Market Funds – 34.3%
	35,512,669	First American Treasury Obligations Fund, Class Z		0.000	% (5)		N/A		N/A	$	35,512,669
		U.S. Government and Agency Obligations – 7.3%
$	7,600	U.S. Treasury Bills, (6)		0.000	%		7/24/14		Aaa		7,599,734
		Total Short-Term Investments (cost $43,111,643)									43,112,403
		Total Investments (cost $101,678,980) – 98.9%									102,540,920
		Other Assets Less Liabilities – 1.1%									1,091,409
		Net Assets – 100%								$	103,632,329

Investments in Derivatives as of April 30, 2014

Futures Contracts outstanding:

Description	Contract Position		Number of Contracts			Contract Expiration		Notional Amount at Value*			Unrealized Appreciation (Depreciation)
Australian 3-Year Bond		Long		51			6/14	$	4,598,590		$	13,995
Australian 10-Year Bond		Long		158			6/14		14,099,830			248,589
Australian Dollar		Short		(13	)		6/14		(1,204,710	)		(40,549	)
Euro		Long		7			6/14		1,213,625			146
Euro-Bund		Short		(63	)		6/14		(12,633,213	)		(117,288	)
Long Gilt		Short		(21	)		6/14		(3,911,883	)		(44,014	)
Mexican Bolsa Index		Short		(17	)		6/14		(529,930	)		211
Mexican Peso		Short		(90	)		6/14		(3,432,375	)		(56,381	)
Russell 2000 Mini Index		Short		(62	)		6/14		(6,966,320	)		286,612
S&P 500 E-Mini		Short		(181	)		6/14		(16,994,995	)		(352,238	)
S&P MidCap 400 E-Mini		Long		18			6/14		2,435,580			1,216
S&P TSX 60 Index		Long		7			6/14		1,067,962			14,282
SPI 200		Short		(4	)		6/14		(508,068	)		170
U.S. 10-Year Treasury Note		Long		53			6/14		6,594,359			11,463
U.S. 5-Year Treasury Note		Short		(124	)		6/14		(14,812,187	)		8,897
U.S. Dollar Index		Long		228			6/14		18,133,298			(82,196	)
								$	(12,850,437	)	$	(107,085	)

* The aggregate Notional Amount at Value of long and short positions is $48,143,244 and $(60,993,681), 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) Ratings: 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.

(4) Principal Amount (000) denominated in U.S. Dollars, unless otherwise noted.

(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

PHLX Philadelphia Stock Exchange

S&P Standard & Poor’s

SPDR Standard & Poor’s Depositary Receipts

SPI Share Price Index

TSX Toronto Stock Exchange

USD United States Dollar

See accompanying notes to financial statements.

34 Nuveen Investments

Statement of

Assets and Liabilities April 30, 2014 (Unaudited)

	International Select		Tactical Market Opportunities
Assets
Long-term investments, at value (cost $325,466,033 and $58,567,337, respectively)	$	370,531,870	$	59,428,517
Short-term investments, at value (cost $31,373,702 and $43,111,643, respectively)		31,374,956		43,112,403
Cash		—		10,966
Cash denominated in foreign currencies, at value (cost $735,283 and $—)		736,802		—
Receivable for:
Cash collateral at brokers for open futures contracts		545,000		320,000
Dividends		814,239		—
Due from broker		9,222		—
Interest		2,334		178,158
Investments sold		5,781,932		1,041,935
Reclaims		479,412		—
Shares sold		91,231		36,259
Variation margin on futures contracts		389,197		48,672
Other assets		15,851		2,672
Total assets		410,772,046		104,179,582
Liabilities
Cash overdraft		181,212		—
Payable for:
Investments purchased		11,590,516		—
Shares redeemed		1,057,806		153,018
Variation margin on futures contracts		942,235		275,784
Accrued expenses:
Directors fees		17,693		3,004
Management fees		281,639		60,461
12b-1 distribution and service fees		7,074		8,360
Other		335,973		46,626
Total liabilities		14,414,148		547,253
Net assets	$	396,357,898	$	103,632,329
Class A Shares
Net assets	$	23,081,654	$	11,625,362
Shares outstanding		2,254,696		1,068,572
Net asset value (“NAV”) per share	$	10.24	$	10.88
Offering price per share (NAV per share plus maximum sales charge of 5.75% of offering price)	$	10.86	$	11.54
Class C Shares
Net assets	$	2,806,851	$	7,043,179
Shares outstanding		277,245		657,362
NAV and offering price per share	$	10.12	$	10.71
Class I Shares
Net assets	$	370,469,393	$	84,963,788
Shares outstanding		36,148,271		7,776,841
NAV and offering price per share	$	10.25	$	10.93
Net assets consist of:
Capital paid-in	$	331,658,319	$	109,339,336
Undistributed (Over-distribution of) net investment income		839,835		1,034,118
Accumulated net realized gain (loss)		16,608,622		(7,496,506	)
Net unrealized appreciation (depreciation)		47,251,122		755,381
Net assets	$	396,357,898	$	103,632,329
Authorized shares – per class		2 Billion		2 Billion
Par value per share	$	0.0001	$	0.0001

See accompanying notes to financial statements.

Nuveen Investments 35

Statement of

Operations Six Months Ended April 30, 2014 (Unaudited)

	International Select			Tactical Market Opportunities
Dividend and interest income (net of foreign tax withheld of $472,781 and $—, respectively)	$	4,820,697		$	1,619,122
Expenses
Management fees		2,229,726			451,877
12b-1 service fees – Class A		29,412			20,058
12b-1 distribution and service fees – Class C		14,575			41,947
Shareholder servicing agent fees and expenses		148,182			34,075
Custodian fees and expenses		369,504			13,145
Directors fees and expenses		5,848			1,495
Professional fees		45,059			15,740
Shareholder reporting expenses		32,373			4,791
Federal and state registration fees		21,332			21,792
Other expenses		5,394			4,540
Total expenses before fee waiver/expense reimbursement		2,901,405			609,460
Fee waiver/expense reimbursement		(274,270	)		(27,929	)
Net expenses		2,627,135			581,531
Net investment income (loss)		2,193,562			1,037,591
Realized and Unrealized Gain (Loss)
Net realized gain (loss) from:
Investments and foreign currency		22,252,149			482,759
Futures contracts		412,182			(2,780,190	)
Options purchased		—			(26,600	)
Change in net unrealized appreciation (depreciation) of:
Investments and foreign currency		(24,721,634	)		2,311,813
Futures contracts		630,287			745,787
Net realized and unrealized gain (loss)		(1,427,016	)		733,569
Net increase (decrease) in net assets from operations	$	766,546		$	1,771,160

See accompanying notes to financial statements.

36 Nuveen Investments

Statement of

Changes in Net Assets (Unaudited)

	International Select						Tactical Market Opportunities
	Six Months Ended 4/30/14			Year Ended 10/31/13			Six Months Ended 4/30/14			Year Ended 10/31/13
Operations
Net investment income (loss)	$	2,193,562		$	4,127,821		$	1,037,591		$	955,555
Net realized gain (loss) from:
Investments and foreign currency		22,252,149			27,281,106			482,759			(3,600,646	)
Futures contracts		412,182			15,284,959			(2,780,190	)		(1,903,274	)
Options purchased		—			—			(26,600	)		(231,600	)
Options written		—			—			—			(71,872	)
Change in net unrealized appreciation (depreciation) of:
Investments and foreign currency		(24,721,634	)		30,214,848			2,311,813			(3,692,925	)
Futures contracts		630,287			(83,129	)		745,787			(1,601,833	)
Net increase (decrease) in net assets from operations		766,546			76,825,605			1,771,160			(10,146,595	)
Distributions to Shareholders
From net investment income:
Class A		(258,697	)		(46,712	)		—			(275,374	)
Class C		(10,862	)		(3,027	)		—			—
Class I		(5,513,978	)		(5,933,545	)		—			(1,210,420	)
From accumulated net realized gains:
Class A		(625,193	)		—			—			(154,299	)
Class C		(80,643	)		—			—			(42,778	)
Class I		(10,977,344	)		—			—			(512,252	)
Return of capital:
Class A		—			—			—			(122,590	)
Class C		—			—			—			—
Class I		—			—			—			(538,850	)
Decrease in net assets from distributions to shareholders		(17,466,717	)		(5,983,284	)		—			(2,856,563	)
Fund Share Transactions
Shares issued in the reorganization		—			93,347,898			—			—
Proceeds from sale of shares		6,231,852			37,702,579			4,859,425			74,222,385
Proceeds from shares issued to shareholders due to reinvestment of distributions		9,447,010			1,792,578			—			2,771,372
		15,678,862			132,843,055			4,859,425			76,993,757
Cost of shares redeemed		(61,356,768	)		(178,277,719	)		(45,119,614	)		(192,374,424	)
Net increase (decrease) in net assets from Fund share transactions		(45,677,906	)		(45,434,664	)		(40,260,189	)		(115,380,667	)
Net increase (decrease) in net assets		(62,378,077	)		25,407,657			(38,489,029	)		(128,383,825	)
Net assets at the beginning of period		458,735,975			433,328,318			142,121,358			270,505,183
Net assets at the end of period	$	396,357,898		$	458,735,975		$	103,632,329		$	142,121,358
Undistributed (Over-distribution of) net investment income at the end of period	$	839,835		$	4,429,810		$	1,034,118		$	(3,473	)

See accompanying notes to financial statements.

Nuveen Investments 37

Financial

Highlights (Unaudited)

International Select

Selected data for a share outstanding throughout each period:

			Investment Operations									Less Distributions
Class (Commencement Date) Year Ended October 31,	Beginning NAV		Net Investment Income (Loss)(a)			Net Realized/ Unrealized Gain (Loss)			Total			From Net Investment Income			From Accumulated Net Realized Gains			Total			Ending NAV
Class A (12/06)
2014(e)	$	10.62	$	.04		$	(.03	)	$	.01		$	(.11	)	$	(.28	)	$	(.39	)	$	10.24
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)
2014(e)		10.48		—	**		(.04	)		(.04	)		(.04	)		(.28	)		(.32	)		10.12
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)
2014(e)		10.65		.05			(.03	)		.02			(.14	)		(.28	)		(.42	)		10.25
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

38 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)
	.09	%	$	23,082		1.58	%*		.69	%*		1.45	%*		.82	%*		84	%
	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
	(.43	)		2,807		2.33	*		(.09	)*		2.20	*		.04	*		84
	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
	.13			370,469		1.33	*		.91	*		1.20	*		1.04	*		84
	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 NAV without any sales charge, reinvested dividend income at NAV and reinvested capital gains distributions at NAV, 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.

(e) For the six months ended April 30, 2014.

* Annualized.

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

See accompanying notes to financial statements.

Nuveen Investments 39

Financial Highlights (Unaudited)(continued)

Tactical Market Opportunities

Selected data for a share outstanding throughout each period:

			Investment Operations									Less Distributions
Class (Commencement Date) Year Ended October 31,	Beginning NAV		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 NAV
Class A (2/11)
2014(h)	$	10.69	$	.09		$	.10		$	.19		$	—		$	—		$	—		$	—		$	10.88
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)
2014(h)		10.57		.05			.09			.14			—			—			—			—			10.71
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)
2014(h)		10.72		.10			.11			.21			—			—			—			—			10.93
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

40 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)
	1.78	%	$	11,625		1.20	%**		1.62	%**		1.17	%**		1.68	%**		23	%
	(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
	1.32			7,043		1.94	**		.83	**		1.91	**		.88	**		23
	(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
	1.96			84,964		.93	**		1.82	**		.91	**		1.87	**		23
	(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 NAV without any sales charge, reinvested dividend income at NAV and reinvested capital gains distributions at NAV, 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.

(h) For the six months ended April 30, 2014.

* Rounds to less than $.01 per share.

** Annualized.

*** Annualized ratio rounds to less than .01%.

See accompanying notes to financial statements.

Nuveen Investments 41

Notes to

Financial Statements (Unaudited)

1. General Information and Significant Accounting Policies

General Information

Trust Information

Nuveen Investment Funds, Inc. (the “Trust” or “NIF”), 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

The Funds’ investment adviser is Nuveen Fund Advisors, LLC (the “Adviser”), a wholly-owned subsidiary of Nuveen Investments, Inc. (“Nuveen”). The Adviser is responsible for each Fund’s overall investment strategy and asset allocation decisions. The Adviser has entered into sub-advisory agreements with Nuveen Asset Management, LLC (“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. NAM, Altrinsic, and Lazard are collectively the “Sub-Advisers.”

Agreement and Plan of Merger

On April 14, 2014, TIAA-CREF, a national financial services organization, announced that it had entered into an agreement (the “Purchase Agreement”) to acquire Nuveen, the parent company of the Adviser. The transaction is expected to be completed by the end of the year, subject to customary closing conditions, including obtaining necessary Nuveen Fund and client consents sufficient to satisfy the terms of the Purchase Agreement and obtaining customary regulatory approvals. There can be no assurance that the transaction described above will be consummated as contemplated or that necessary conditions will be satisfied.

The consummation of the transaction will be deemed to be an “assignment” (as defined in the Investment Company Act of 1940) of the investment management agreements between the Nuveen Funds and the Adviser and the investment sub-advisory agreements between the Adviser and each Nuveen Fund’s sub-adviser or sub-advisers, and will result in automatic termination of each agreement. It is anticipated that the Board of Directors/ Trustees of the Nuveen Funds (the “Board”) will consider a new investment management agreement with the Adviser and new investment sub-advisory agreements with each sub-adviser. If approved by the Board, the new agreements will be presented to the Nuveen Funds’ shareholders for approval, and, if so approved by shareholders, will take effect upon consummation of the transaction or such later time as shareholder approval is obtained.

The transaction is not expected to result in any change in the portfolio management of the Funds or in the Funds’ investment objectives or policies.

Investment Objectives and Principal Investment Strategies

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 utilize 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’ gains exposure to the aformentioned asset classes (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.

42 Nuveen Investments

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).

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

Fiscal Year End Change

During the current fiscal period, Tactical Market Opportunities fiscal year end changed from October 31st to September 30th, as approved by the Fund’s Board of Directors.

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 transactions are determined on the specific identification method, which is the same basis used for federal income tax purposes. Investments purchased on a when-issued/delayed delivery basis may have extended settlement periods. Any investments so purchased are subject to market fluctuation during this period. The Funds have instructed the custodian to earmark securities in the Funds’ portfolios with a current value at least equal to the amount of the when-issued/delayed delivery purchase commitments. As of April 30, 2014, the Funds had outstanding when-issued/delayed delivery purchase commitments as follows:

	International Select		Tactical Market Opportunities
Outstanding when-issued/delayed delivery purchase commitments	$	76,150	$	—

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. If a refund is received for workout expenditures paid in a prior reporting period, such amounts will be recognized as “Legal fee refund” on the Statement 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 (“NAV”) without an up-front sales charge but may be subject to a contingent deferred sales charge (“CDSC”) if redeemed within twelve months of purchase. Class C Shares are sold without an up-front sales charge but incur a .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 43

Notes to Financial Statements (Unaudited)(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 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.

Netting Agreements

In the ordinary course of business, the Funds may enter into transactions subject to International Swaps and Derivative Association, Inc. (“ISDA”) master agreements or other similar arrangements (“netting agreements”). Generally, the right to offset in netting agreements allows each Fund to offset any exposure to a specific counterparty with any collateral received or delivered to that counterparty based on the terms of the agreements. Generally, each Fund manages its cash collateral and securities collateral on a counterparty basis.

As of April 30, 2014, the Funds were not invested in any portfolio securities or derivatives that are subject to netting agreements.

Use of Estimates

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

2. Investment Valuation and Fair Value Measurements

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

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

The ETFs in which the Funds 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 NAVs and 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.

44 Nuveen Investments

Investments initially valued in currencies other than the U.S. dollar are converted to the U.S. dollar using exchange rates obtained from pricing services. As a result, the NAV of the Funds’ shares may be affected by changes in the value of currencies in relation to the U.S. dollar. The value of securities traded in markets outside the United States or denominated in currencies other than the U.S. dollar may be affected significantly on a day that the NYSE is closed and an investor is not able to purchase, redeem or exchange shares. If significant market events occur between the time of determination of the closing price of a foreign security on an exchange and the time that the Funds’ NAV is determined, or if under the Funds’ procedures, the closing price of a foreign security is not deemed to be reliable, the security would be valued at fair value as determined in accordance with procedures established in good faith by the Funds’ Board of 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 quotation; a security whose market price is not available from a pre-established pricing source; a security with respect to which an event has occurred that is likely to materially affect the value of the security after the market has closed but before the calculation of a Fund’s NAV (as may be the case in non-U.S. markets on which the security is primarily traded) or make it difficult or impossible to obtain a reliable market quotation; and a security whose price, as provided by the pricing service, is not deemed to reflect the security’s fair value. As a general principle, the fair value of a security would appear to be the amount that the owner might reasonably expect to receive for it in a current sale. A variety of factors may be considered in determining the fair value of such securities, which may include consideration of the following: yields or prices of investments of comparable quality, type of issue, coupon, maturity and rating, market quotes or indications of value from security dealers, evaluations of anticipated cash flows or collateral, general market conditions and other information and analysis, including the obligor’s credit characteristics considered relevant. These securities are generally classified as Level 2 or Level 3 depending on the priority of the significant inputs. Regardless of the method employed to value a particular security, all valuations are subject to review by the 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	$	362,421,803	$	712,689	$	500,098		$	363,634,590
Common Stock Rights		—		—		—	***		—
Master Limited Partnerships (MLP) & MLP Affiliates		446,724		—		—			446,724
Exchange-Traded Funds		6,450,556		—		—			6,450,556
Short-Term Investments:
Money Market Funds		18,875,393		—		—			18,875,393
U.S. Government and Agency Obligations		—		12,499,563		—			12,499,563
Investments in Derivatives:
Futures Contracts**		2,175,749		—		—			2,175,749
Total	$	390,370,225	$	13,212,252	$	500,098		$	404,082,575

* Refer to the Fund’s Portfolio of Investments for country classifications and breakdown of Common Stocks classified as Level 2, and/or Level 3.

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

*** Value equals zero as of the end of the reporting period. Refer to the Fund’s Portfolio of Investments for securities classified as Level 3.

Nuveen Investments 45

Notes to Financial Statements (Unaudited)(continued)

Tactical Market Opportunities	Level 1			Level 2		Level 3		Total
Long-Term Investments*:
Exchange-Traded Funds	$	51,039,689		$	—	$	—	$	51,039,689
U.S. Government and Agency Obligations		—			1,547,812		—		1,547,812
Sovereign Debt		—			6,841,016		—		6,841,016
Short-Term Investments:
Money Market Funds		35,512,669			—		—		35,512,669
U.S. Government and Agency Obligations		—			7,599,734		—		7,599,734
Investments in Derivatives:
Futures Contracts**		(107,085	)		—		—		(107,085	)
Total	$	86,445,273		$	15,988,562	$	—	$	102,433,835

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

46 Nuveen Investments

International Select may invest in non-U.S. securities. As of April 30, 2014, the Fund’s investments in non-U.S. securities were as follows:

	Value		% of Net Assets
Country:
United Kingdom	$	41,732,258		10.5	%
Japan		37,605,199		9.5
Canada		29,589,615		7.5
Germany		27,162,233		6.9
France		22,312,865		5.6
Switzerland		21,476,823		5.4
Brazil		18,287,086		4.6
South Korea		13,596,761		3.4
Netherlands		10,168,569		2.6
South Africa		8,948,996		2.3
Other countries		123,092,519		31.1
Total non-U.S. securities	$	353,972,924		89.4	%

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.

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 “Cash collateral at 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 Fund’s account with an amount equal to appreciation and conversely if a Fund has unrealized depreciation the clearing broker would debit the 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.

Nuveen Investments 47

Notes to Financial Statements (Unaudited)(continued)

During the six months ended April 30, 2014, 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. These contracts are used as a means to efficiently gain exposure to a broad base of securities.

During the six months ended April 30, 2014, Tactical Market Opportunities continued to invest 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 six months ended April 30, 2014, was as follows:

	International Select		Tactical Market Opportunities
Average notional amount of futures contracts outstanding*	$	206,246,204	$	109,919,216

* 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 April 30, 2014, 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
International Select
Equity	Futures contracts	Receivable for variation margin on futures contracts*	$	1,457,469	Payable for variation margin on futures contracts*	$	2,719,317
		—		—	Payable for variation margin on futures contracts*		(1,908,228	)
Foreign Currency Exchange Rate	Futures contracts	—		—	Payable for variation margin on futures contracts*		(92,809	)
Total			$	1,457,469		$	718,280
Tactical Market Opportunities
Equity	Futures contracts	Receivable for variation margin on futures contracts*	$	15,879	Payable for variation margin on futures contracts*	$	286,612
		—		—	Payable for variation margin on futures contracts*		(352,238	)
Foreign Currency Exchange Rate	Futures contracts	Receivable for variation margin on futures contracts*		146	Payable for variation margin on futures contracts*		(96,930	)
Interest Rate	Futures contracts	Receivable for variation margin on futures contracts*		11,463	Payable for variation margin on futures contracts*		271,481
		—		—	Payable for variation margin on futures contracts*		(243,498	)
Total			$	27,488		$	(134,573	)

* 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.

The following table presents the amount of net realized gain (loss) and change in net unrealized appreciation (depreciation) recognized on futures contracts on the Statement of Operations during the six months ended April 30, 2014, and the primary underlying risk exposure.

Fund	Underlying Risk Exposure	Derivative Instrument	Net Realized Gain (Loss) from Futures Contracts			Change in Net Unrealized Appreciation (Depreciation) of Futures Contracts
International Select	Equity	Futures Contracts	$	(93,161	)	$	723,096
	Foreign currency exchange rate	Futures Contracts		505,343			(92,809	)
Total			$	412,182		$	630,287
Tactical Market Opportunities	Equity	Futures Contracts	$	(2,413,005	)	$	560,413
	Foreign currency exchange rate	Futures Contracts		(228,580	)		(76,860	)
	Interest Rate	Futures Contracts		(138,605	)		262,234
Total			$	(2,780,190	)	$	745,787

48 Nuveen Investments

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/or 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 and/or swaption 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 six months ended April 30, 2014, Tactical Market Opportunities invested in equity put options to generate return and manage the Fund. These put options are purchased as a way to implement views on the direction of implied market volatility as well as hedge against a decline in the market.

The average notional amount of outstanding options purchased during the six months ended April 30, 2014, was as follows:

	Tactical Market Opportunities
Average notional amount of outstanding options purchased*	$	233,333

* 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 on the Statement of Operations during the six months ended April 30, 2014, and the primary underlying risk exposure.

Fund	Underlying Risk Exposure	Derivative Instrument	Net Realized Gain (Loss) from Options Purchased
Tactical Market Opportunities	Equity	Options purchased	$	(26,600	)

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.

Nuveen Investments 49

Notes to Financial Statements (Unaudited)(continued)

4. Fund Shares

Transactions in Fund shares were as follows:

	International Select
	Six Months Ended 4/30/14						Year Ended 10/31/13
	Shares			Amount			Shares			Amount
Shares issued in the reorganization:
Class A		—		$	—			1,889,026		$	20,192,967
Class C		—			—			208,907			2,202,333
Class I		—			—			6,623,463			70,952,598
Shares sold:
Class A		33,739			348,875			121,592			1,187,354
Class C		10,243			105,799			16,654			159,896
Class I		556,646			5,777,178			3,789,821			36,355,329
Shares issued to shareholders due to reinvestment of distributions:
Class A		84,783			872,537			4,487			41,369
Class C		8,235			83,051			324			2,968
Class I		824,932			8,491,422			189,614			1,748,241
		1,518,578			15,678,862			12,843,888			132,843,055
Shares redeemed:
Class A		(148,043	)		(1,532,152	)		(183,863	)		(1,761,734	)
Class C		(30,814	)		(311,942	)		(9,152	)		(87,070	)
Class I		(5,754,263	)		(59,512,674	)		(17,797,058	)		(176,428,915	)
		(5,933,120	)		(61,356,768	)		(17,990,073	)		(178,277,719	)
Net increase (decrease)		(4,414,542	)	$	(45,677,906	)		(5,146,185	)	$	(45,434,664	)
	Tactical Market Opportunities
	Six Months Ended 4/30/14						Year Ended 10/31/13
	Shares			Amount			Shares			Amount
Shares sold:
Class A		41,937		$	448,673			1,540,143		$	17,207,933
Class C		45,452			478,390			476,113			5,242,160
Class I		368,458			3,932,362			4,629,081			51,772,292
Shares issued to shareholders due to reinvestment of distributions:
Class A		—			—			48,593			542,276
Class C		—			—			3,683			40,811
Class I		—			—			195,863			2,188,285
		455,847			4,859,425			6,893,476			76,993,757
Shares redeemed:
Class A		(1,284,773	)		(13,693,292	)		(4,571,350	)		(50,299,290	)
Class C		(346,775	)		(3,655,030	)		(867,879	)		(9,446,801	)
Class I		(2,596,559	)		(27,771,292	)		(12,103,107	)		(132,628,333	)
		(4,228,107	)		(45,119,614	)		(17,542,336	)		(192,374,424	)
Net increase (decrease)		(3,772,260	)	$	(40,260,189	)		(10,648,860	)	$	(115,380,667	)

5. Investment Transactions

Purchases and sales (including maturities but excluding short-term investments and derivative transactions) during the six months ended April 30, 2014, were as follows:

	International Select		Tactical Market Opportunities
Purchases:
Investment securities	$	336,307,291	$	13,518,351
U.S. Government and agency obligations		—		2,426,574
Sales and maturities:
Investment securities		387,900,396		27,102,824
U.S. Government and agency obligations		—		1,023,906

50 Nuveen Investments

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 NAVs of the Funds.

As of April 30, 2014, 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	$	363,727,738		$	101,823,563
Gross unrealized:
Appreciation	$	58,273,057		$	2,602,566
Depreciation		(20,093,969	)		(1,885,209	)
Net unrealized appreciation (depreciation) of investments	$	38,179,088		$	717,357

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’ last 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’ last 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’ last tax year ended October 31, 2013, was designated for purposes of the dividends paid deduction as follows:

	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

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

As of October 31, 2013, the Funds’ last 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.

Nuveen Investments 51

Notes to Financial Statements (Unaudited)(continued)

	Tactical Market Opportunities
Not subject to expiration:
Short-term	$	5,025,424
Long-term		1,159,363
Total	$	6,184,787

During the Funds’ last 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

52 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 April 30, 2014, the complex-level fee rate for each Fund was as follows:

Fund	Rate
International Select		.2000	%
Tactical Market Opportunities		.1723

During the current reporting period, the Adviser had contractually agreed to waive fees and/or reimburse 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			Temporary Expense Cap Expiration Date		Temporary Expense Cap			Temporary Expense Cap Expiration Date
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 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.

During the six months ended April 30, 2014, 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	$	7,622	$	2,713
Paid to financial intermediaries		6,706		2,389

Nuveen Investments 53

Notes to Financial Statements (Unaudited) (continued)

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 six months ended April 30, 2014, the Distributor compensated financial intermediaries directly with commission advances at the time of purchase as follows:

	International Select		Tactical Market Opportunities
Commission advances	$	421	$	4,223

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 six months ended April 30, 2014, the Distributor retained such 12b-1 fees as follows:

	International Select		Tactical Market Opportunities
12b-1 fees retained	$	2,803	$	12,508

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 six months ended April 30, 2014, as follows:

	International Select		Tactical Market Opportunities
CDSC retained	$	—	$	18,754

8. Subsequent Events for International Select

Fund Reorganization

On April 30, 2014, the Board of Directors/Trustees of NIF and Nuveen Investment Trust II (“NIT II”) approved the reorganization of International Select (the “Acquired Fund”), a series of NIF, into Nuveen International Growth Fund (the “Acquiring Fund”), a series of NIT II.

In order for the reorganization to occur, it must be approved by the shareholders of the Acquired Fund. A special meeting of the Acquired Fund’s shareholders for the purpose of voting on the reorganization is expected to be held in September 2014. If the required shareholder approvals are obtained on the meeting date, it is anticipated that the reorganization will be consummated shortly after the special shareholder meeting. Upon shareholder approval of the reorganization, the Acquired Fund will transfer all of its assets and liabilities to the Acquiring Fund in exchange for Acquiring Fund shares of equal value. These Acquiring Fund shares will then be distributed to the shareholders of the Acquired Fund and the Acquired Funds will be terminated. As a result of the reorganization, shareholders of the Acquired Fund will become shareholders of each Acquiring Fund. The shareholders of each Acquired Fund will receive Acquiring Fund shares with a total value equal to the total value of their Acquired Fund shares immediately prior to the closing of the reorganization. Further information regarding the proposed reorganization of the Acquired Fund will be contained in proxy materials that are expected to be sent to the Acquired Funds’ shareholders in July 2014.

Investment Adviser Changes

Effective as of the close of business on June 27, 2014, Altrinsic and Lazard no longer serve as investment sub-advisers to International Select. The third existing sub-adviser to International Select, NAM, will become the Fund’s sole sub-adviser. The Fund’s assets that had been managed by Altrinsic and Lazard will be transitioned to NAM’s management and the portfolio will be repositioned consistent with the investment strategies employed by NAM’s international growth team.

Management Fees

Effective June 27, 2014, the Adviser has agreed to voluntarily lower the fund-level management fee of International Select by 0.20% across all breakpoint levels through October 31, 2015.

Principal Investment Strategy Change

Effective July 7, 2014, International Select’s principal investment strategies will change. Under normal market conditions, the Fund will invest at least 80% of its net assets in non-U.S. equity securities. The Fund may invest in equity securities issued by companies with small-, mid- and large-capitalizations. The Fund may invest up to 30% of its net assets in companies located in emerging market countries.

54 Nuveen Investments

Additional

Fund Information

Fund Manager Nuveen Fund Advisors, LLC 333 West Wacker Drive Chicago, IL 60606   Sub-Adviser Nuveen Asset Management, LLC 333 West Wacker Drive Chicago, IL 60606   Legal Counsel Chapman and Cutler LLP Chicago, IL 60603 Independent Registered
Public Accounting Firm PricewaterhouseCoopers LLP Chicago, IL 60606   Custodian State Street Bank & Trust Company Boston, MA 02111   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.

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

Nuveen Investments 55

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.

Chicago Board Options Exchange (CBOE) Volatility Index (the “VIX”): A measure of market expectations of 30-day volatility. It is constructed using the implied volatilities of a wide range of S&P 500 index options. 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 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.

56 Nuveen Investments

Annual Investment Management Agreement

Approval Process (Unaudited)

I. The Approval Process

The Board of Directors of each Fund (each, a “Board” and each Director, a “Board Member”), 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 overseeing the performance of the investment adviser and the sub-adviser to the respective Fund and determining whether to approve or continue such Fund’s advisory agreement (each, an “Original Investment Management Agreement”) between the Fund and Nuveen Fund Advisors, LLC (the “Adviser”) and sub-advisory agreement (each, an “Original Sub-Advisory Agreement” and, together with the Original Investment Management Agreement, the “Original Advisory Agreements”) between the Adviser and Nuveen Asset Management, LLC (the “Sub-Adviser”). Pursuant to the Investment Company Act of 1940, as amended (the “1940 Act”), each Board is required to consider the continuation of the respective Original Advisory Agreements on an annual basis. In addition, prior to its annual review, the Board Members were advised of the potential acquisition of Nuveen Investments, Inc. (“Nuveen”) by TIAA-CREF (the “Transaction”). For purposes of this section, references to “Nuveen” herein include all affiliates of Nuveen Investments, Inc. providing advisory, sub-advisory, distribution or other services to the Funds and references to the “Board” refer to the Board of each Fund. In accordance with the 1940 Act and the terms of the Original Advisory Agreements, the completion of the Transaction would terminate each of the Original Investment Management Agreements and the Original Sub-Advisory Agreements. Accordingly, at an in-person meeting held on April 30, 2014 (the “April Meeting”), the Board, including all of the Independent Board Members, performed its annual review of the Original Advisory Agreements and approved the continuation of the Original Advisory Agreements for the Funds. Furthermore, in anticipation of the termination of the Original Advisory Agreements that would occur upon the consummation of the Transaction, the Board also approved for each Fund a new advisory agreement (each, a “New Investment Management Agreement”) between the Fund and the Adviser and a new sub-advisory agreement (each, a “New Sub-Advisory Agreement” and, together with the New Investment Management Agreement, the “New Advisory Agreements”) between the Adviser and the Sub-Adviser, each on behalf of the respective Fund to be effective following the completion of the Transaction and the receipt of the requisite shareholder approval.

Leading up to the April Meeting, the Independent Board Members had several meetings and deliberations, with and without management from Nuveen present and with the advice of legal counsel, regarding the Original Advisory Agreements, the Transaction and its impact and the New Advisory Agreements. At its meeting held on February 25-27, 2014 (the “February Meeting”), the Board Members met with a senior executive representative of TIAA-CREF to discuss the proposed Transaction. At the February Meeting, the Independent Board Members also established an ad hoc committee comprised solely of the Independent Board Members to monitor and evaluate the Transaction and to keep the Independent Board Members updated with developments regarding the Transaction. On March 20, 2014, the ad hoc committee met telephonically to discuss with management of Nuveen, and separately with independent legal counsel, the terms of the proposed Transaction and its impact on, among other things: the governance structure of Nuveen; the strategic plans for Nuveen; the operations of the Nuveen funds (which include the Funds); the quality or level of services provided to the Nuveen funds; key personnel that service the Nuveen funds and/or the Board and the compensation or incentive arrangements to retain such personnel; Nuveen’s capital structure; the regulatory requirements applicable to Nuveen or fund operations; and the Nuveen funds’ fees and expenses, including the funds’ complex-wide fee arrangement. Following the meeting of the ad hoc committee, the Board met in person (two Independent Board Members participating telephonically) in an executive session on March 26, 2014 to further discuss the proposed Transaction. At the executive session, the Board met privately with independent legal counsel to review its duties with respect to reviewing advisory agreements, particularly in the context of a change of control, and to evaluate further the Transaction and its impact on the Nuveen funds, the Adviser and the Sub-Adviser (collectively, the “Fund Advisers” and each, a “Fund Adviser”) and the services provided. Representatives of Nuveen also met with the Board to update the Board Members on developments regarding the Transaction, to respond to questions and to discuss, among other things: the governance of the Fund Advisers following the Transaction; the background, culture (including with respect to regulatory and compliance matters) and resources of TIAA-CREF; the general plans and intentions of TIAA-CREF for Nuveen; the terms and conditions of the Transaction (including financing terms); any benefits or detriments the Transaction may impose on the Nuveen funds, TIAA-CREF or the Fund Advisers; the reaction from the Fund Advisers’ employees knowledgeable of the Transaction; the incentive and retention plans for key personnel of the Fund Advisers; the potential access to additional distribution platforms and economies of scale; and the impact of any additional regulatory schemes that may be applicable to the Nuveen funds given the banking and insurance businesses operated in the TIAA-CREF enterprise. As part of its review, the Board also held a separate meeting on April 15-16, 2014 to review the Nuveen funds’ investment performance and consider an analysis provided by the Adviser of each sub-adviser of the Nuveen funds (including the Sub-Adviser) and the Transaction and its implications to the Nuveen funds. During their review of the materials and discussions, the Independent Board Members presented the Adviser with questions and the Adviser responded. Further, the Independent Board Members met in an executive session with independent legal counsel on April 29, 2014 and April 30, 2014.

Nuveen Investments 57

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

In connection with their review of the Original Advisory Agreements and the New Advisory Agreements, the Independent Board Members received extensive information regarding the Funds and the Fund Advisers including, among other things: the nature, extent and quality of services provided by each Fund Adviser; the organization and operations of any Fund Adviser; the expertise and background of relevant personnel of each Fund Adviser; a review of each Fund’s performance (including performance comparisons against the performance of 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 fund initiatives and shareholder communications; and an analysis of the Adviser’s profitability with comparisons to peers in the managed fund business. In light of the proposed Transaction, the Independent Board Members, through their independent legal counsel, also requested in writing and received additional information regarding the proposed Transaction and its impact on the provision of services by the Fund Advisers.

The Independent Board Members received, well in advance of the April Meeting, materials which responded to the request for information regarding the Transaction and its impact on Nuveen and the Nuveen funds including, among other things: the structure and terms of the Transaction; the impact of the Transaction on Nuveen, its operations and the nature, quality and level of services provided to the Nuveen funds, including, in particular, any changes to those services that the Nuveen funds may experience following the Transaction; the strategic plan for Nuveen, including any financing arrangements following the Transaction and any cost-cutting efforts that may impact services; the organizational structure of TIAA-CREF, including the governance structure of Nuveen following the Transaction; any anticipated effect on each Nuveen fund’s expense ratios (including changes to advisory and sub-advisory fees) and economies of scale that may be expected; any benefits or conflicts of interest that TIAA-CREF, Nuveen or their affiliates can expect from the Transaction; any benefits or undue burdens or other negative implications that may be imposed on the Nuveen funds as a result of the Transaction; the impact on Nuveen or the Nuveen funds as a result of being subject to additional regulatory schemes that TIAA-CREF must comply with in operating its various businesses; and the costs associated with obtaining necessary shareholder approvals and the bearer of such costs. The Independent Board Members also received a memorandum describing the applicable laws, regulations and duties in approving advisory contracts, including in conjunction with a change of control, from their independent legal counsel.

The materials and information prepared in connection with the review of the Original Advisory Agreements and New Advisory Agreements supplemented 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 reviewed the performance and various services provided by the Adviser and Sub-Adviser. The Board met at least quarterly as well as at other times as the need arose. At its quarterly meetings, the Board reviewed reports by the Adviser regarding, among other things, fund performance, fund expenses, premium and discount levels of closed-end funds, the performance of the investment teams and compliance, regulatory and risk management matters. In addition to regular reports, the Adviser provided 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 distribution channels, oversight of omnibus accounts and leverage management topics), 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 met with key investment personnel managing certain Nuveen fund portfolios during the year.

In addition, the Board has created several standing committees (the Executive Committee; the Dividend Committee; the Audit Committee; the Compliance, Risk Management and Regulatory Oversight Committee; the Nominating and Governance Committee; the Open-End Funds Committee; and the Closed-End Funds Committee). The Open-End Funds Committee and Closed-End Funds Committee are intended to assist the full Board in monitoring and gaining a deeper insight into the distinctive business practices of closed-end and open-end funds. These two Committees have met prior to each quarterly Board meeting, and the Adviser provided presentations to these Committees permitting them to delve further into specific matters or initiatives impacting the respective product line.

Further, the Board continued its program of seeking to have the Board Members or a subset thereof visit each sub-adviser to the Nuveen funds and meet key investment and business personnel at least once over a multiple year rotation. In this regard, the Independent Board Members made site visits to certain equity and fixed income teams of the Sub-Adviser in September 2013 and met with the Sub-Adviser’s municipal team at the August and November 2013 quarterly meetings.

The Board considered the information provided and knowledge gained at these meetings and visits during the year when performing its annual review of the Original Advisory Agreements and its review of the New Advisory Agreements. The Independent Board Members also were assisted throughout the process by independent legal counsel. 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 funds are the result of many years of review and discussion between the Independent Board Members and Nuveen 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.

58 Nuveen Investments

The Board considered all factors it believed relevant with respect to each Fund, including, among other things: (a) the nature, extent and quality of the services provided by the Fund Advisers, (b) the investment performance of the Fund and the 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. With respect to the New Advisory Agreements, the Board also considered the Transaction and its impact on the foregoing 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 Original Advisory Agreements and New 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

1. The Original Advisory Agreements

In considering renewal of each Original Advisory Agreement, the Independent Board Members considered the nature, extent and quality of the respective Fund Adviser’s services, including portfolio management 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: each Fund Adviser’s organization and business; the types of services that each Fund Adviser or its affiliates provide to each Fund; the performance record of each Fund (as described in further detail below); and any initiatives Nuveen had taken for the open-end fund product line.

In considering the services provided by the Fund Advisers, the Board recognized that the Adviser provides a myriad of investment management, administrative, compliance, oversight and other services for the Funds, and the Sub-Adviser generally provides the portfolio advisory services to the Funds under the oversight of the Adviser. The Board considered the wide range of services provided by the Adviser to the Nuveen funds beginning with developing the fund and monitoring and analyzing its performance to providing or overseeing the services necessary to support a fund’s daily operations. The Board recognized the Adviser, among other things, provides: (a) product management (such as analyzing ways to better position a fund in the marketplace, maintaining relationships to gain access to distribution platforms and setting dividends); (b) fund administration (such as preparing a fund’s tax returns, regulatory filings and shareholder communications; managing fund budgets and expenses; overseeing a fund’s various service providers; and supporting and analyzing new and existing funds); (c) Board administration (such as supporting the Board and its committees, in relevant part, by organizing and administering the Board and committee meetings and preparing the necessary reports to assist the Board in its duties); (d) compliance (such as monitoring adherence to a fund’s investment policies and procedures and applicable law; reviewing the compliance program periodically and developing new policies or updating existing compliance policies and procedures as considered necessary or appropriate; responding to regulatory requests; and overseeing compliance testing of sub-advisers); (e) legal support (such as preparing or reviewing fund registration statements, proxy statements and other necessary materials; interpreting regulatory requirements and compliance thereof; and maintaining applicable registrations); and (f) investment services (such as overseeing and reviewing sub-advisers and their investment teams; analyzing performance of the funds; overseeing investment and risk management; overseeing the daily valuation process for portfolio securities and developing and recommending valuation policies and methodologies and changes thereto; and participating in fund development, leverage management and the development of investment policies and parameters).

In its review, the Board also considered the new services, initiatives or other changes adopted since the last advisory contract review that were designed to enhance the services and support the Adviser provides to the Nuveen funds. The Board recognized that some initiatives are a multi-year process. In reviewing the activities of 2013, the Board recognized that the year reflected the Adviser’s continued focus on fund rationalization for both closed-end and open-end funds, consolidating certain funds through mergers that were designed to improve efficiencies and economies of scale for shareholders, repositioning various funds through updates in their investment policies and guidelines with the expectation of bringing greater value to shareholders, and liquidating certain funds. As in the past, the Board recognized the Adviser’s significant investment in its technology initiatives, including the continued progress toward a central repository for fund and other Nuveen product data and implementing a data system to support the risk oversight group enabling it to provide more detailed risk analysis for the Nuveen funds. The Board noted the new data system has permitted more in-depth analysis of the investment risks of the Funds and across the complex providing additional feedback and insights to the investment teams and more comprehensive risk reporting to the Board. The Adviser also conducted several workshops for the Board regarding the new data system, including explaining the risk measures being applied and their purpose. The Board also recognized the enhancements in the valuation group within the Adviser, including centralizing the fund pricing process within the valuation group, trending to more automated and expedient reviews and continuing to expand its valuation team. The Board further considered the expansion of personnel in the compliance department enhancing the collective expertise of the group, investments in additional compliance systems and the updates of various compliance policies.

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In addition to the foregoing actions, the Board also considered other initiatives related to the open-end funds, including, among other things: the continued focus on enhancing the product line through the development of new funds, including the development of alternative strategies reflecting trends in the industry; the enhanced support provided to the Board by providing comprehensive in-depth presentations to the Open-End Funds Committee; and the development of a new class of shares for certain funds.

As noted, the Adviser also oversees the Sub-Adviser who provides the portfolio advisory services to the Funds. In reviewing the portfolio advisory services provided to each Fund, the Nuveen Investment Services Oversight Team of the Adviser analyzes the performance of the Sub-Adviser and may recommend changes to the investment team or investment strategies as appropriate. In assisting the Board’s review of the Sub-Adviser, the Adviser provides a report 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 each Fund, developments affecting the Sub-Adviser or the Funds and their performance. In their review of the Sub-Adviser, the Independent Board Members considered, among other things, the experience and qualifications of the relevant investment personnel, their investment philosophy and strategies, the Sub-Adviser’s organization and stability, its capabilities and any initiatives taken or planned to enhance its current capabilities or support potential growth of business and, as outlined in further detail below, the performance of the Funds. 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 while not providing an inappropriate incentive to take undue risks.

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 Nuveen funds’ compliance policies and procedures; the resources dedicated to compliance; the record of compliance with the policies and procedures; and Nuveen’s supervision of the Funds’ service providers. The Board recognized Nuveen’s commitment to compliance and strong commitment to a culture of compliance. Given the Adviser’s emphasis on monitoring investment risk, the Board has also appointed two Independent Board Members as point persons to review and keep the Board apprised of developments in this area and work with applicable Fund Adviser personnel.

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

2. The New Advisory Agreements

In evaluating the nature, quality and extent of the services expected to be provided by the Fund Advisers under the New Investment Management Agreements and the New Sub-Advisory Agreements, the Board Members concluded that no diminution in the nature, quality and extent of services provided to each Fund and its shareholders by the respective Fund Advisers is expected as a result of the Transaction. In making their determination, the Independent Board Members considered, among other things: the expected impact, if any, of the Transaction on the operations, facilities, organization and personnel of each Fund Adviser; the ability of each Fund Adviser to perform its duties after the Transaction, including any changes to the level or quality of services provided to the Funds; the potential implications of any additional regulatory requirements imposed on the Fund Advisers or the Nuveen funds following the Transaction; and any anticipated changes to the investment and other practices of the Nuveen funds.

The Board noted that the terms of each New Investment Management Agreement, including the fees payable thereunder, are substantially identical to those of the Original Investment Management Agreement relating to the same Fund. Similarly, the terms of each New Sub-Advisory Agreement, including fees payable thereunder, are substantially identical to those of the Original Sub-Advisory Agreement relating to the same Fund. The Board considered that the services to be provided and the standard of care under the New Investment Management Agreements and the New Sub-Advisory Agreements are the same as the corresponding original agreements. The Board Members noted the Transaction also does not alter the allocation of responsibilities between the Adviser and the Sub-Adviser. The Sub-Adviser will continue to furnish an investment program, make investment decisions and place all orders for the purchase and sale of securities, all on behalf of each Fund and subject to oversight of the Board and the Adviser. The Board noted that TIAA-CREF did not anticipate any material changes to the advisory, sub-advisory or other services provided to the Nuveen funds as a result of the Transaction. The Independent Board Members recognized that there were not any planned “cost cutting” measures that could be expected to reduce the nature, extent or quality of services. The Independent Board Members further noted that there were currently no plans for material changes to senior personnel at Nuveen or key personnel who provide services to the Nuveen funds and the Board following the Transaction. The key personnel who have responsibility for the Nuveen funds in each area, including portfolio management, investment oversight, fund management, fund operations, product management, legal/compliance and board support functions, are expected to be the same following the Transaction, although such personnel may have additional reporting requirements to TIAA-CREF. The Board also considered the anticipated incentive plans designed to retain such key personnel. Notwithstanding the foregoing, the Board Members recognized that personnel changes may occur in the future as a result of normal business developments or personal career decisions.

The Board Members also considered Nuveen’s proposed governance structure following the Transaction and noted that Nuveen was expected to remain a stand-alone business within the TIAA-CREF enterprise and operate relatively autonomously from the other TIAA-CREF businesses, but

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would receive the general support and oversight from certain TIAA-CREF functional groups (such as legal, finance, internal audit, compliance, and risk management groups). The Board recognized, however, that Nuveen may be subject to additional reporting requirements as it keeps TIAA-CREF abreast of developments affecting the Nuveen business, may be required to modify certain of its reports, policies and procedures as necessary to conform to the practices followed in the TIAA-CREF enterprise and may need to collaborate with TIAA-CREF with respect to strategic planning for its business.

In considering the implications of the Transaction, the Board Members also recognized the reputation and size of TIAA-CREF and the benefits that the Transaction may bring to the Nuveen funds and Nuveen. In this regard, the Board recognized, among other things, that the increased resources and support that may be available to Nuveen from TIAA-CREF and the improved capital structure of Nuveen Investments, Inc. (the parent of the Adviser) that would result from the significant reduction in its debt level may reinforce and enhance Nuveen’s ability to provide quality services to the Nuveen funds and to invest further into its infrastructure.

Further, with the consummation of the Transaction, the Board recognized the enhanced distribution capabilities for the Nuveen funds as the funds may gain access to TIAA-CREF’s distribution network, particularly through TIAA-CREF’s retirement platform and institutional client base. The Board also considered that investors in TIAA-CREF’s retirement platform may choose to roll their investments as they exit their retirement plans into the Nuveen funds. The Independent Board Members recognized the potential cost savings to the benefit of all shareholders of the Nuveen funds from reduced expenses as assets in the Nuveen fund complex rise pursuant to the complex-wide fee arrangement described in further detail below.

Based on their review, the Independent Board Members found that the expected nature, extent and quality of services to be provided to each Fund under its New Advisory Agreements were satisfactory and supported approval of the New Advisory Agreements.

B. The Investment Performance of the Funds and Fund Advisers

1. The Original Advisory Agreements

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 each Fund’s performance and the applicable investment team. In considering each 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, 2013, as well as performance information reflecting the first quarter of 2014 (or for such shorter periods available for Nuveen Tactical Market Opportunities Fund (“Tactical Market Opportunities Fund”), which did not exist for part of the foregoing time frame). This information supplemented the Nuveen 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 performance data reflects a snapshot in time, in this case as of the end of the most recent calendar year or quarter. A different performance period, however, could generate significantly different results.

• 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 investment experience of a particular shareholder in a fund will vary depending on when such shareholder invests in such fund, the class held (if multiple classes offered in the fund) and the performance of the fund (or respective class) during that shareholder’s investment period.

• 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 differences in performance among classes could be principally attributed to the variations in distribution and servicing expenses of each class.

• 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 the Performance Peer Groups of the Nuveen funds from highly relevant to less relevant. For funds classified with less relevant Performance Peer Groups, the Board considered a fund’s performance compared to its benchmark to help assess the fund’s comparative performance. A fund was generally considered to have performed comparably to its benchmark if the fund’s performance was

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within certain thresholds compared to the performance of its benchmark and was considered to have outperformed or underperformed its benchmark if the fund’s performance was beyond these thresholds for the one- and three-year periods, subject to certain exceptions.ⁱ 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 fund with its peers and/or benchmarks result in differences in performance results.

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. The Board is aware, however, that shareholders chose to invest or remain invested in a fund knowing that the Adviser manages the fund and knowing the fund’s fee structure.

In considering the performance data, the Independent Board Members noted that the Nuveen International Select Fund (“International Select Fund”) demonstrated satisfactory performance. In this regard, although the Fund performed in the fourth quartile in the three-year period, it was in the third quartile in the one- and five-year periods. Based on their review, the Independent Board Members determined that the Fund’s investment performance had been satisfactory. The Independent Board Members, however, recognized that they have approved various changes to the Fund’s investment strategies and portfolio management and recommended the reorganization of the Fund in seeking to improve performance.

The Board also noted that Tactical Market Opportunities Fund was relatively new with a shorter performance history available, thereby limiting the ability to make a meaningful assessment of performance. The Board, however, further noted that such Fund underperformed in the one-year period ending December 31, 2013, performing in the fourth quartile. In addition, the Board noted that such Fund had three-year performance as of March 31, 2014 and was in the third quartile for such period. While the Board recognized that the performance history of Tactical Market Opportunities Fund was limited, the Board intends to continue to monitor the Fund closely.

2. The New Advisory Agreements

With respect to the performance of each Fund, the Board considered that the portfolio investment personnel responsible for the management of the respective Fund portfolios were expected to continue to manage such portfolios following the completion of the Transaction and the investment strategies of the Funds were not expected to change as a result of the Transaction. Accordingly, the findings regarding performance outlined above for the Original Advisory Agreements are applicable to the review of the New Advisory Agreements. Notwithstanding the foregoing, with respect to International Select Fund, the Board recognized that, unrelated to the Transaction, the Sub-Adviser would become the Fund’s sole sub-adviser and would be responsible for managing such Fund’s portfolio after the termination of the Fund’s external sub-advisers.

C. Fees, Expenses and Profitability

1. Fees and Expenses

The Board evaluated the management fees and expenses of each Fund, reviewing, among other things, such Fund’s gross management fees, net management fees and net expense ratios in absolute terms as well as compared to the 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 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) 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 (as applicable) to a Fund Adviser were reasonable in light of the nature, extent and quality of services provided to the Fund.

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2. Comparisons with the Fees of Other Clients

The Board recognized that all Nuveen funds have a sub-adviser, either affiliated or non-affiliated, 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 and other services it provides to support the Nuveen fund (as described above) and, while some administrative services may occur at the sub-adviser level, the fee to the sub-adviser generally reflects the portfolio management services provided by the sub-adviser. The Independent Board Members considered the fees a Fund Adviser assesses to the Funds compared to that of other clients. With respect to non-municipal funds, such other clients of a Fund Adviser may include: separately managed accounts (both retail and institutional accounts), foreign investment funds offered by Nuveen, collective trust funds and funds that are not offered by Nuveen but are sub-advised by one of Nuveen’s investment management teams.

The Independent Board Members reviewed the nature of services provided by the Adviser, including through its affiliated sub-advisers and the average fee the affiliated sub-advisers assessed such clients as well as the range of fees assessed to the different types of separately managed accounts (such as retail, institutional or wrap accounts) to the extent applicable to the respective sub-adviser. In their review, 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. In evaluating the comparisons of fees, the Independent Board Members noted that the fee rates charged to the Nuveen 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. The Independent Board Members noted that, as a general matter, higher fee levels reflect higher levels of service, increased investment management complexity, greater product management requirements and higher levels of risk or a combination of the foregoing. The Independent Board Members further noted, in particular, that the range of services provided to the Funds (as discussed above) is generally 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 also recognized 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, an analysis of the key drivers behind the changes in revenues and expenses that impacted profitability in 2013 and Nuveen’s consolidated financial statements for 2013. 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 two Independent Board Members served as point persons to review the profitability analysis and methodologies employed, and any changes thereto, and to keep the Board apprised of such changes. The Independent Board Members also considered Nuveen’s revenues for advisory activities, expenses and profit margin compared to that of various unaffiliated management firms.

In reviewing profitability, the Independent Board Members noted the Adviser’s continued investment in its business with expenditures to, among other things, upgrade its investment technology and compliance systems and provide for additional personnel and other resources. The Independent Board Members recognized the Adviser’s continued commitment to its business should enhance the Adviser’s capacity and capabilities in providing the services necessary to meet the needs of the Nuveen funds as they grow or change over time. In addition, in evaluating profitability, the Independent Board Members also noted 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, an adviser’s particular business mix, capital costs, size, types of funds managed and expense allocations. Notwithstanding the foregoing, the Independent Board Members noted the Adviser’s adjusted operating margin appears to be reasonable in relation to other investment advisers and sufficient to operate as a viable investment management firm meeting its obligations to the Nuveen funds. 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 such sub-advisers’ revenues, expenses and profitability margins (pre- and post-tax) for their 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.

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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 a Nuveen fund. See Section E below for additional information on indirect benefits the Fund Advisers may receive as a result of its relationship with a Nuveen fund. 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 Funds were reasonable.

4. The New Advisory Agreements

As noted above, the terms of the New Advisory Agreements are substantially identical to their corresponding Original Advisory Agreements. The fee schedule, including the breakpoint schedule and complex-wide fee schedule, in each New Advisory Agreement is identical to that under the corresponding Original Advisory Agreement. The Board Members also noted that Nuveen has committed for a period of two years from the date of closing the Transaction (i) not to increase contractual management fee rates for any Nuveen fund and (ii) not to raise expense cap levels for any Nuveen fund from levels currently in effect or scheduled to go into effect prior to the Transaction. This commitment shall not limit or otherwise affect mergers or liquidations of any funds in the ordinary course. Based on the information provided, the Board Members did not believe that the overall expenses would increase as a result of the Transaction. In addition, the Board Members recognized that the Nuveen funds may gain access to the retirement platform and institutional client base of TIAA-CREF, and the investors in the retirement platforms may roll their investments into one or more Nuveen funds as they exit their retirement plans. The enhanced distribution access may result in additional sales of the Nuveen funds resulting in an increase in total assets under management in the complex and a corresponding decrease in overall management fees if additional breakpoints at the fund-level or complex-wide level are met. Based on its review, the Board determined that the management fees and expenses under each New Advisory Agreement were reasonable.

Further, other than from a potential reduction in the debt level of Nuveen Investments, Inc., the Board recognized that it is difficult to predict with any degree of certainty the impact of the Transaction on Nuveen’s profitability. Given the fee schedule was not expected to change under the New Advisory Agreements, however, the Independent Board Members concluded that each Fund Adviser’s level of profitability for its advisory activities under the respective New Advisory Agreements would continue to be reasonable in light of the services provided.

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

1. The Original Advisory Agreements

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 Nuveen funds’ complex-wide fee arrangement. Pursuant to the complex-wide fee arrangement, the fees of the funds in the Nuveen complex are 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.

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

2. The New Advisory Agreements

As noted, the Independent Board Members recognized that the fund-level and complex-wide schedules will not change under the New Advisory Agreements. Assets in the funds advised by TIAA-CREF or its current affiliates will not be included in the complex-wide fee calculation. Nevertheless, the Nuveen funds may have access to TIAA-CREF’s retirement platform and institutional client base. The access to this distribution network may enhance the distribution of the Nuveen funds which, in turn, may lead to reductions in management and sub-advisory fees if the Nuveen funds reach additional fund-level and complex-wide breakpoint levels. Based on their review, including the considerations in the annual review of the Original Advisory Agreements, the Independent Board Members determined that the fund-level breakpoint schedules and complex-wide fee schedule continue to be appropriate and desirable in ensuring that shareholders participate in the benefits derived from economies of scale under the New Advisory Agreements.

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E. Indirect Benefits

1. The Original Advisory Agreements

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 include 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 a Fund Adviser in managing the assets of the fund and other clients. Each Fund’s portfolio transactions are allocated 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 applicable Fund’s portfolio transactions. 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. Similarly, the Board recognized that the research received pursuant to soft dollar arrangements by the Sub-Adviser may also benefit the Funds and their shareholders to the extent the research enhances the ability of the Sub-Adviser to manage the Funds. 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.

2. The New Advisory Agreements

The Independent Board Members noted that, as the applicable policies and operations of the Fund Advisers with respect to the Nuveen funds were not anticipated to change significantly after the Transaction, such indirect benefits should remain after the Transaction. The Independent Board Members further noted the benefits the Transaction would provide to TIAA-CREF and Nuveen, including a larger-scale fund complex, certain shared services (noted above) and a broader range of investment capabilities, distribution capabilities and product line. Further, the Independent Board Members noted that Nuveen Investments, Inc. (the parent of the Adviser) would benefit from an improved capital structure through a reduction in its debt level.

F. Other Considerations for the New Advisory Agreements

In addition to the factors above, the Board Members also considered the following with respect to the Nuveen funds:

• Nuveen would rely on the provisions of Section 15(f) of the 1940 Act. In this regard, to help ensure that an unfair burden is not imposed on the Nuveen funds, Nuveen has committed for a period of two years from the date of the closing of the Transaction (i) not to increase contractual management fee rates for any fund and (ii) not to raise expense cap levels for any fund from levels currently in effect or scheduled to go into effect prior to the Transaction. This commitment shall not limit or otherwise affect mergers or liquidations of any funds in the ordinary course.

• The Nuveen funds would not incur any costs in seeking the necessary shareholder approvals for the New Investment Management Agreements or the New Sub-Advisory Agreements (except for any costs attributed to seeking shareholder approvals of fund specific matters unrelated to the Transaction, such as election of Board Members or changes to investment policies, in which case a portion of such costs will be borne by the applicable funds).

• The reputation, financial strength and resources of TIAA-CREF.

• The long-term investment philosophy of TIAA-CREF and anticipated plans to grow Nuveen’s business to the benefit of the Nuveen funds.

• The benefits to the Nuveen funds as a result of the Transaction including: (i) increased resources and support available to Nuveen as well as an improved capital structure that may reinforce and enhance the quality and level of services it provides to the funds; (ii) potential additional distribution capabilities for the funds to access new markets and customer segments through TIAA-CREF’s distribution network, including, in particular, its retirement platforms and institutional client base; and (iii) access to TIAA-CREF’s expertise and investment capabilities in additional asset classes.

G. 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 Original Advisory Agreement and New 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 Original Advisory Agreements be renewed and the New Advisory Agreements be approved.

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

II. Approval of Interim Advisory Agreements

At the April Meeting, the Board Members, including the Independent Board Members, unanimously approved for each Fund an interim advisory agreement (the “Interim Investment Management Agreement”) between the respective Fund and the Adviser and an interim sub-advisory agreement (the “Interim Sub-Advisory Agreement”) between the Adviser and the Sub-Adviser. If necessary to assure continuity of advisory services, each respective Interim Investment Management Agreement and Interim Sub-Advisory Agreement will take effect upon the closing of the Transaction if shareholders have not yet approved the corresponding New Investment Management Agreement or New Sub-Advisory Agreement. The terms of each Interim Investment Management Agreement and Interim Sub-Advisory Agreement are substantially identical to those of the corresponding Original Investment Management Agreement and New Investment Management Agreement and the corresponding Original Sub-Advisory Agreement and New Sub-Advisory Agreement, respectively, except for certain term and fee escrow provisions. In light of the foregoing, the Board Members, including the Independent Board Members, unanimously determined that the scope and quality of services to be provided to the Funds under the respective Interim Investment Management Agreements and Interim Sub-Advisory Agreements are at least equivalent to the scope and quality of services provided under the applicable Original Investment Management Agreements and Original Sub-Advisory Agreements.

ⁱ  The Board recognized that the Adviser considered a fund to have outperformed or underperformed its benchmark if the fund’s performance was higher or lower than the performance of the benchmark by the following thresholds: for open-end funds (+/- 100 basis points for equity funds excluding index funds; +/- 30 basis points for tax exempt fixed income funds; +/- 40 basis points for taxable fixed income funds) and for closed-end funds (assuming 30% leverage) (+/- 130 basis points for equity funds excluding index funds; +/- 39 basis points for tax exempt funds and +/- 52 basis points for taxable fixed income funds).

66 Nuveen Investments

Notes

Nuveen Investments 67

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 $225 billion as of March 31, 2014.
		Find out how we can help you. To learn more about how the products and services of Nuveen Investments may be able to help you meet your financial goals, talk to your financial advisor, or call us at (800) 257-8787. Please read the information provided carefully before you invest. Investors should consider the investment objective and policies, risk considerations, charges and expenses of any investment carefully. Where applicable, be sure to obtain a prospectus, which contains this and other relevant information. To obtain a prospectus, please contact your securities representative or Nuveen Investments, 333 W. Wacker Dr., Chicago, IL 60606. Please read the prospectus carefully before you invest or send money. Learn more about Nuveen Funds at: www.nuveen.com/mf
Distributed by Nuveen Securities, LLC | 333 West Wacker Drive Chicago, IL 60606 | www.nuveen.com

MSA-FQTII-0414P

Mutual Funds

Nuveen Equity Funds

Semi-Annual Report  April 30, 2014

	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

NUVEEN INVESTMENTS TO BE ACQUIRED BY TIAA-CREF
On April 14, 2014, TIAA-CREF announced that it had entered into an agreement to acquire Nuveen Investments, the parent company of your fund’s investment adviser, Nuveen Fund Advisors, LLC (“NFAL”) and the Nuveen affiliates that act as sub-advisers to the majority of the Nuveen Funds. TIAA-CREF is a national financial services organization with approximately $569 billion in assets under management (as of March 31, 2014) and is a leading provider of retirement services in the academic, research, medical and cultural fields. Nuveen anticipates that it will operate as a separate subsidiary within TIAA-CREF’s asset management business, and that its current leadership and key investment teams will stay in place. Your fund investment will not change as a result of Nuveen’s change of ownership. You will still own the same fund shares and the underlying value of those shares will not change as a result of the transaction. NFAL and your fund’s sub-adviser(s) will continue to manage your fund according to the same objectives and policies as before, and we do not anticipate any significant changes to your fund’s operations. Under the securities laws, the consummation of the transaction will result in the automatic termination of the investment management agreements between the funds and NFAL and the investment sub-advisory agreements between NFAL and each fund’s sub-adviser(s). New agreements will be presented to the funds’ shareholders for approval, and, if approved, will take effect upon consummation of the transaction or such later time as shareholder approval is obtained. The transaction, expected to be completed by year end, is subject to customary closing conditions.
	Must be preceded by or accompanied by a prospectus. NOT FDIC INSURED MAY LOSE VALUE NO BANK GUARANTEE

Table

of Contents

Chairman’s Letter to Shareholders	4
Portfolio Managers’ Comments	5
Risk Considerations	12
Fund Performance and Expense Ratios	13
Holding Summaries	19
Expense Examples	22
Portfolios of Investments	24
Statement of Assets and Liabilities	39
Statement of Operations	40
Statement of Changes in Net Assets	41
Financial Highlights	42
Notes to Financial Statements	48
Additional Fund Information	60
Glossary of Terms Used in this Report	61
Annual Investment Management Agreement Approval Process	62

Nuveen Investments 3

Chairman’s Letter

to Shareholders

Dear Shareholders,

After significant growth in 2013, domestic and international equity markets have been less compelling during the first part of 2014. Concerns about deflation, political uncertainty in many places and the potential for more fragile economies to impact other countries have produced uncertainty in the markets.

Europe is beginning to emerge slowly from recession in mid-2013, with improved GDP and employment trends in some countries. However, Japan’s deflationary headwinds have resurfaced; and China shows signs of slowing from credit distress combined with declines in manufacturing and exports. Most recently, tensions between Russia and Ukraine may continue to hold back stocks and support government bonds in the near term.

Despite these headwinds, there are some encouraging signs of forward momentum in the markets. In the U.S., the news is more positive with financial risks slowly receding, positive GDP trends, downward trending unemployment and stronger household finances and corporate spending.

It is in such changeable markets that professional investment management is most important. Investment teams who have experienced challenging markets in the past understand how their asset class can behave in rapidly changing times. Remaining committed to their investment disciplines during these times is a critical component to achieving long-term success. In fact, many strong investment track records are established during challenging periods because experienced investment teams understand that volatile markets place a premium on companies and investment ideas that can weather the short-term volatility. By maintaining appropriate time horizons, diversification and relying on practiced investment teams, we believe that investors can achieve their long-term investment objectives.

As always, I encourage you to communicate with your financial consultant if you have any questions about your investment in a Nuveen Fund. On behalf of the other members of 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

June 23, 2014

4 Nuveen Investments

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 Inc.

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 key investment strategies and the Funds’ performance for the six-month reporting period ended April 30, 2014.

Nuveen Large Cap Growth Opportunities Fund

How did the Fund perform during the six-month reporting period ended April 30, 2014?

The tables in the Fund Performance and Expense Ratios section of this report provide Class A Share total returns for the Fund for the six-month, one-year, five-year and ten-year periods ended April 30, 2014. The Fund’s Class A Shares at net asset value (NAV) underperformed the Russell 1000^® Growth Index and the Lipper classification average during the six-month reporting period.

What strategies were used to manage the Fund during the six-month 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.

In a reversal from the previous reporting period where companies with higher growth rates were in favor, the Fund experienced difficult results during this six-month reporting period. Midway through this reporting period the market experienced a rather quick and dramatic shift away from last year’s winners, particularly the higher growth, higher price/earnings ratio stocks that we typically favor, and toward 2013’s laggards and lower valuation stocks. Therefore, our stock selection was challenging across a number of sectors, including information technology, health care, consumer discretionary and consumer staples, and was the primary cause of the Fund’s underperformance. In addition, the Fund’s overweight position within the more cyclical consumer discretionary area weighed on results as it was the second worst performing sector within the Russell 1000^® Growth Index during this reporting period.

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)

In terms of detractors in the two consumer sectors, a newer position in coffee roaster Keurig Green Mountain Inc. underperformed for the Fund during the reporting period. We purchased this stock after the company announced a 10-year strategic deal with Coca-Cola to develop a cold beverage platform. Subsequently, this name got caught in the high growth downdraft later in the reporting period and we missed out on its earlier strong gains. However, we continue to own Keurig Green Mountain as we are optimistic about its outlook based on the recent successes of its new CEO in terms of expanding margins, stabilizing its core coffee business and exploring new areas of growth. Also, natural and organic grocery store chain Whole Foods Market Inc. hindered results as its growth rate decelerated while competition gradually rose and expenses increased. We sold out of Whole Foods due to persistent relative weakness in sales below company forecasts. In addition, Discovery Communications Inc. detracted as content providers generally underperformed because of concerns about distributor consolidation in the wake of Comcast’s proposed merger with Time Warner Cable. Investors also questioned whether recent acquisitions made by the company may make organic growth more challenging. However, we continue to like and hold Discovery Communications due to its strong programming assets and its uniquely large exposure to non-U.S. pay TV markets.

In technology, a new software company that we added during the reporting period, Concur Technologies Inc., weakened during the mid-period sell-off. The company provides travel and expense-related software for employees to use for booking and reimbursing business trips. We continued to like the growth prospects for Concur Technologies and held onto the stock. In addition, a trio of technology giants that we either underweighted (Microsoft Corporation and Apple Inc.) or didn’t own at all (Oracle Corporation) experienced their share prices advance fairly significantly during the reporting period. The Fund’s lack of exposure was based on our skepticism that these more mature companies can successfully reinvigorate growth as each business struggles to stay relevant. However, Microsoft benefited from an announcement by its new CEO about future plans for the company, which included offering a Microsoft Office software suite for iPads and a greater focus on cloud and mobility solutions. Investors also appeared to have renewed interest in Apple after the company announced a 7-for-1 stock split in April, while anticipation grew for the release of its latest iPhone model. Meanwhile, shares of database software maker Oracle rose in part due to the market’s rotation away from high-growth, new technology companies toward slow-growth, old technology companies, combined with some emerging signs of success with its web-based software solutions.

In the health care sector, biotechnology firm Isis Pharmaceuticals, Inc. underperformed despite the announcement of promising interim data on its dosing study for muscle atrophy. We sold our Isis Pharmaceuticals’ shares after they fell along with the entire high momentum biotechnology segment, which came under significant pressure in the second half of the reporting period. Similarly, life sciences tools firm Illumina, Inc. got caught in the market rotation away from companies with relatively high valuations in February and March. However, we continued to like and own Illumina as the company is the leader in next-generation sequencing, an exciting new area of medicine that enables health care providers to provide more precise and customized health strategies. Finally, an underweight position in Allergan, Inc., which focuses on the development of ophthalmic and other specialty drugs, was a significant detractor. Shares of Allergan advanced sharply after Canadian firm Valeant Pharmaceuticals and Pershing Square Capital Management publically proposed a merger with the firm. Allergan has resisted the merger and the outcome is uncertain.

On the positive side, the Fund benefited from owning two airline stocks in the industrials sector: Delta Air Lines, Inc. and Southwest Airlines Co. Domestic airlines continued to benefit from the ongoing consolidation that has taken place over the past few years, which has led to a more rational financial and economic model for the industry. With fewer players, less excess capacity and better revenue management, the profitability of the entire industry has improved. Both Delta, which we’ve owned for some time, and Southwest, which we bought during the reporting period, are paying down debt and producing returns in excess of their cost of capital while valuations are still quite reasonable. As further testament to Delta’s strength, the company is also paying a dividend and was able to report a strong first-quarter earnings beat despite more than 17,000 flight cancellations in the airline industry due to poor winter weather conditions.

Although technology detracted from performance overall, one of the Fund’s stronger performing stocks was found in that sector. We initiated an out-of-index position in online real estate company Zillow Inc. in March and it subsequently performed well. Zillow is well positioned as it continues to gain market share, while at the same time more real estate advertising dollars shift to online and mobile. We also like this holding in the context of the current U.S. housing cycle.

6 Nuveen Investments

In addition to the sales discussed earlier, we no longer own several longer-term positions from the consumer sectors including: Ralph Lauren Corporation, Dollar Tree Inc. and Costco Wholesale Corporation. We are seeing a concerning trend toward weaker spending patterns for particularly for lower income consumers. We remained focused on searching for new growth opportunities that have strong potential as future industry leaders. To that end, we invested the proceeds from the sales into several attractive new prospects including three reasonably valued pharmaceutical stocks: Mylan Inc., Actavis plc and Valeant Pharmaceuticals International Inc. These Companies are benefiting from the high level of consolidation activity in the pharmaceutical space. We also initiated a position in 21st Century Fox, a diversified international media and entertainment provider. We believe this company will continue to benefit from the increasing value of content providers for domestic and European pay TV markets. In addition, we added a position in drugstore chain CVS Caremark Corporation during the reporting period. The company made a big bet several years ago to go to market as an integrated prescription benefit manager (PBM) and drugstore. This integrated solution is working well for both the company and consumers, allowing CVS Caremark to generate free cash flow and good margins, while giving cash back to shareholders.

Nuveen Mid Cap Growth Opportunities Fund

How did the Fund perform during the six-month reporting period ended April 30, 2014?

The tables in the Fund Performance and Expense Ratios section of this report provide Class A Share total returns for the Fund for the six-month, one-year, five-year and ten-year periods ended April 30, 2014. The Fund’s Class A Shares at net asset value (NAV) outperformed the Lipper classification average, but underperformed the Russell Midcap^® Growth Index during the six-month reporting period.

What strategies were used to manage the Fund during the six-month 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 $1.8 billion and $21.5 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.

During the six-month reporting period, several holdings spread across a variety of sectors helped the Fund outpace its Lipper average, including two standouts in the consumer areas. The Fund’s greatest individual contributor was found in consumer staples: coffee roaster Keurig Green Mountain Inc. Its shares surged after the company announced a 10-year strategic deal with Coca-Cola to develop a cold beverage platform. Keurig Green Mountain also benefited from above-forecast earnings, improving trends in single-serve coffee sales and the announcement of a new share repurchase authorization. Although consumer discretionary in general was not a strong overall sector for the Fund during this reporting period, another one of its best performing stocks was found in that area. Wynn Resorts Ltd., a developer of luxury casino resort properties, saw its stock advance significantly. The company is benefiting from improved gaming activity coming out of the Chinese gaming enclave of Macau, which makes up about 75% of its earnings stream.

In the health care sector, the Fund was rewarded for positions in three pharmaceutical companies. We added Jazz Pharmaceuticals plc, a developer of products in focused therapeutic areas such as narcolepsy, oncology, pain and psychiatry. Its shares subsequently advanced as the company continued to produce a durable earnings stream and raise guidance. Also, Salix Pharmaceuticals, Ltd., which mainly develops treatments for gastrointestinal diseases, made an offer to acquire Santarus Inc., which closed midway through the period. Investors applauded the very accretive and tax beneficial deal, which solidifies Salix Pharmaceuticals as the largest U.S. specialty pharmaceutical company focused on gastroenterology. In addition, the Fund benefited from our purchase during the reporting period of Mylan Inc., a generic and branded pharmaceutical company. The company looked attractive to us based on its

Nuveen Investments 7

Portfolio Managers’ Comments (continued)

new growth drivers, most importantly its focus on injectable pharmaceuticals. Shares of Mylan subsequently advanced as it benefited from several potentially profitable generics in the pipeline, as well as consolidation rumors and activity within the pharmaceutical space.

The Fund was also aided by its ownership in Delta Air Lines, Inc. and Diamondback Energy, Inc. In the case of Delta, domestic airlines have continued to benefit from the ongoing consolidation that has taken place over the past few years, which has led to a more rational financial and economic model for the industry. With fewer players, less excess capacity and better revenue management, the profitability of the entire industry has improved. Delta is paying down debt, paying a dividend and producing returns in excess of its cost of capital while its valuation is still quite reasonable. As further testament to the company’s strength, Delta was able to report a stronger than forecasted first-quarter earnings despite more than 17,000 flight cancellations in the airline industry due to poor winter weather conditions. Diamondback, an attractively valued energy production company, benefited as production coming out of its Permian Basin acreage in West Texas continued to be greater than investors had anticipated.

Stock selection and an overweight position in the technology sector were the primary detractors for the Fund versus its Russell benchmark. Midway through this reporting period the market underwent a rather quick and dramatic shift away from last year’s winners, particularly higher growth, higher price earnings ratio (p/e) stocks, and toward 2013’s laggards and lower valuation stocks. Three of the Fund’s technology holdings that had previously benefited from their focus on off-premise “cloud” software were taken down in this late February/early March sell-off including Ultimate Software Group Inc. This cloud-based provider of human resources software, which allows employees to manage their payroll and benefits, is exhibiting a strong growth rate as it consistently takes market share away from traditional payroll processors. Also, NetSuite Inc., which sells application software to help firms run their businesses using cloud-based technology, underperformed despite producing strong revenue and earnings growth. We continue to like the growth prospects for both Ultimate Software and NetSuite and still own the stocks. On the other hand, we did decide to sell the Fund’s position in Cornerstone Ondemand Inc., a cloud-based provider of talent management software solutions that also sold off primarily because of its valuation, while results and fundamentals were fairly good. However, the company’s billings level came in slightly short of estimates, which is a primary metric we track as we monitor that stock.

While our Fund’s top contributor was found in consumer staples, its greatest individual detractor was from that sector as well. After posting stellar gains throughout 2013, shares of Nu Skin Enterprises Inc. plunged in January after a state-run newspaper in China claimed the company used illegal sales practices, launching an investigation by authorities. Toward the end of the reporting period, Chinese regulators fined this developer and marketer of skin care and nutritional products $540,000, signaling an end to the investigation.

Two of the Fund’s biotechnology holdings, Isis Pharmaceuticals, Inc. and Alnylam Pharmaceuticals Inc., fell short in the health care sector. Both companies saw their share prices decline along with the entire higher valuation, higher momentum biotechnology segment, which came under significant selling pressure in the second half of the reporting period. However, we continue to like and own both Isis and Alnylam as we see the potential for exciting growth prospects ahead for both companies.

In consumer discretionary, the Fund’s position in health and nutrition retailer GNC Holdings Inc. detracted during the reporting period. The company’s fourth-quarter results were softer than expected considering all of the positive trends surrounding the health and wellness industry, although the weakness was partially due to poor winter weather conditions combined with increased promotional activity that weighed on margins. However, we sold the Fund’s position in GNC as the company also issued guidance for first-quarter and full-year 2014 that was weaker than expected. Our position in discount retailer Dollar Tree, Inc. also underperformed in the sector. We sold our position in Dollar Tree after some of its competitors announced poor fourth-quarter results, which this company subsequently reported as well. In general, we are concerned about a growing trend toward very tepid spending patterns for low-end consumers.

In addition to the sales discussed, we no longer own Ralph Lauren Corporation, CarMax Inc. and Ross Stores Inc. due to widespread weakness in the retail sector. We also eliminated the Fund’s position in railroad Kansas City Southern, which owns an unparalleled network of cross-border rail assets connecting the U.S. to Mexico. Its growth rate, which is leveraged to new Mexican auto

8 Nuveen Investments

manufacturing plants, has recently come under pressure due to building delays. The Fund also no longer owns LinkedIn Corporation, which we’ve owned since its IPO, as the company’s previously strong growth rate showed a modest deceleration and investors became concerned that the shift from desktop to mobile device usage would cause advertising growth to weaken. While we like some of LinkedIn’s recent investments in China and its acquisition of a company called Bright, these moves won’t contribute to revenue in a significant way in the near term.

We put the proceeds from these sales to work in what we believe are exceptional growth companies that have the potential to become future industry leaders. For example, we added positions in two on-line travel agencies, Expedia Inc. and Ctrip.com International Ltd. We believe both will benefit from the trend away from traditional travel agents and toward on-line booking, while Expedia is also being aided by a recently completed strategic marketing deal with Travelocity and a change in its business model. We also bought another leading domestic airline, Southwest Airlines Co., during the reporting period. In addition to the attractive industry fundamentals discussed earlier that helped Delta during the reporting period, Southwest Airlines should also benefit from expanding its domestic services out of Dallas and LaGuardia, as well as international expansion. We purchased Deckers Outdoor Corporation, a designer and wholesaler of footwear brands including Uggs, which represents the bulk of its revenues. We believe the company is going to have higher revenues and earnings than consensus as it benefits from an expanded product line, the unusually cold winter weather, declining sheepskin costs and its new synthetic sheepskin product that is lowering the costs of goods. Finally, we added temporary and permanent employment company ManpowerGroup Inc. to the Fund. Its industry has historically been a growth area due to the increased penetration of temporary versus full-time employment. We also believe Manpower will benefit from the improving employment situation in the U.S., new tax laws in France that give temporary workers the same tax rate as independent contractors and wage inflation in emerging market regions.

Nuveen Small Cap Growth Opportunities Fund

How did the Fund perform during the six-month reporting period ended April 30, 2014?

The tables in the Fund Performance and Expense Ratios section of this report provide Class A Share total returns for the Fund for the six-month, one-year, five-year and ten-year periods ended April 30, 2014. The Fund’s Class A Shares at net asset value (NAV) outperformed the Russell 2000^® Growth Index and the Lipper classification average during the six-month reporting period.

What strategies were used to manage the Fund during the six-month 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.

Small-cap equities experienced a moderate increase in volatility during the reporting period. Positive investor sentiment during the latter stages of 2013, driven by the consistency of the Federal Reserve’s monetary stimulus program, transitioned to a more cautious tone as the market paused to consider the potential effects of central bank tapering. These concerns were compounded by unfavorable weather conditions across the country that created headwinds for consumers, homebuilders and industrial producers and dampened first quarter GDP to a paltry +0.1% rate of growth. Despite these headwinds, small-cap stocks generated a modestly positive return, and the Fund outperformed the Russell 2000^® Growth Index and its Lipper classification average as security valuation, once again, became a more relevant factor in the marketplace.

Security selection within the health care sector was the most positive contributor to the Fund’s relative performance and was derived primarily from the biotechnology group. Shares of Intercept Pharmaceuticals Inc. rose dramatically when the company announced

Nuveen Investments 9

Portfolio Managers’ Comments (continued)

that a government-sponsored study evaluating its bile acid analog in the treatment of non-alcoholic steatohepatitis was stopped early for efficacy, suggesting the compound had an impact on arresting liver fibrosis in a disease that could be a $1 billion opportunity. Additionally, Karyopharm Therapeutics Inc., led by a management team that has successfully developed other oncology assets, reported encouraging early-stage data for its novel cancer drug Silenexor in five hematology indications and shares responded positively. In the central nervous system disorder area, Alkermes plc reported positive pivotal data for its long-acting, injectable schizophrenia drug, which may be approved by the FDA in 2015. The company also finalized plans for another compound in treatment-resistant depression, an area of substantial medical need. Lastly, in the medical devices group, shares of Globus Medical Inc., a manufacturer of spinal implant technology, reacted positively to better-than-expected fourth quarter earnings driven by best-in-class operating margins. Globus Medical also gave a favorable 2014 outlook supported by a strong year for product approvals and a recently expanded distribution model.

The Fund’s consumer discretionary sector holdings also contributed positively to relative performance. Del Frisco’s Restaurant Group Inc., with its three brands focused on higher-end steakhouse and grill concepts, provided slightly softer guidance for 2014 that was driven primarily by a lower base of revenues exiting 2013 coupled with adverse weather conditions. However, this news was well anticipated by the market and shares reacted positively as the overhang was lifted. The Fund’s investment in G-III Apparel Group Ltd. benefited as the company substantially beat third quarter 2013 estimates and raised its full-year guidance. With roughly half of its business in outerwear, last year’s earlier and colder winter aided the company’s gross margin and should bode well for this year’s order book given currently lean inventories at the retailer level.

The Fund’s industrial holdings also aided relative performance. MasTec Inc., an investment play on the build-out of energy and telecommunications infrastructure, continued to experience end-market growth that translated to a 22% increase in backlog during the fourth quarter. This news, coupled with an announcement of new business with Google’s fiber-to-the-home initiative, sent MasTec’s shares higher. In the aerospace group, rocket manufacturer Orbital Sciences Corporation finally moved to the production phase of the Antares rocket program, which will service the International Space Station, and stands to produce strong free cash flow through the course of 2014. At the end of April, Orbital Sciences also announced that it would be acquired by another aerospace and defense company, Alliant Techsystems, at which point we reduced shares held. Lastly, we initiated a new position in Tutor Perini Corporation, a leading construction services company that should benefit from rising momentum as the non-residential building cycle turns higher. During the first calendar quarter, Tutor Perini reported a backlog of $7 billion, up 24% year-over-year and, more importantly, disclosed $6.3 billion in pending awards that should provide visibility into growth through 2015.

The most significant detractor to relative performance was stock selection in the information technology sector. The Fund’s shares of Infoblox Inc., the leading software vendor of IP address management solutions for enterprise customers, were negatively impacted when the company pre-announced disappointing sales for its February quarter. It also lowered expectations for fiscal year results, citing poor close rates on deals greater than $1 million and lower government spend. While the market for Infoblox’s products remains strong, we anticipate that its sales execution issue could persist, and, therefore, we eliminated the position. In the semiconductor group, shares of Semtech Corporation fell after this designer of high performance analog chips issued a disappointing November quarterly earnings report and guidance, resulting from the loss of a major design in 100 gigabit optical networks, as well as a design push-out by a major handset customer. Shares of Constant Contact Inc. also performed poorly during the reporting period, despite generally in-line calendar fourth quarter results and 2014 guidance. We believe investors may have been disappointed by the company’s flat guidance for net customer additions, an outlook that could be viewed as conservative. Lastly, shares of SunEdison Inc., a name not held by the Fund but a large weight in the benchmark, performed strongly. The company unveiled plans to both spin off its semiconductor business and create a new corporate entity to facilitate additional solar energy projects on its balance sheet. The Fund purchased shares of SunEdison late in the six-month reporting period.

In the consumer staples sector, the Fund’s investment in Annie’s Inc., a leading manufacturer and distributor of natural and organic food products most known for its macaroni and cheese, underperformed. The company reported fiscal third quarter earnings that missed investors’ expectations and lowered guidance for the year on deferred productivity gains in manufacturing coupled with higher organic wheat costs that will weigh on margins in the short term.

10 Nuveen Investments

We believe weather-related issues have masked the broader underlying strength of the domestic economy that is unfolding with continued high levels of consumer confidence, gains in employment, increasing housing activity and robust projections for capital spending. The anticipation of growth picking up in the United States has diminished the scarcity value associated with high-growth, momentum-oriented groups such as biotechnology, Internet and Software-as-a-Service, to the benefit of groups and names more directly exposed to the ebb and flow of the economic cycle. We would also expect that as the year unfolds valuation will continue to factor increasingly into investment performance and investors will seek out higher quality stocks with attractive growth profiles.

The Fund’s largest relative sector overweight compared to the benchmark Russell 2000^® Growth Index had been in the consumer discretionary sector, given the attractive valuations created by the negative investor sentiment associated with weather-related issues impacting housing orders and retail sales. With many of these catalysts having played out, we have since moderated this overweight in favor of a larger weight in the information technology sector, where we are finding attractive opportunities among semiconductor manufacturers and communications equipment providers. Lastly, in the health care sector, the correction among biotechnology stocks has created attractive buying opportunities in higher quality unit growth stories in the medical device and pharmaceutical sub-groups.

Nuveen Investments 11

Risk Considerations

Nuveen Large Cap Growth Opportunities Fund

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

Nuveen Mid Cap Growth Opportunities Fund

Mutual fund investing involves risk; principal loss is possible. There is no guarantee that the Fund’s investment objectives will be achieved. Prices of equity securities may decline significantly over short or extended periods of time. Investments in mid-cap companies are subject to greater volatility than those of larger companies, but may be less volatile than investments in smaller companies. These and other risk considerations, such as derivatives, investment focus (growth style), and non-U.S./emerging markets risks, are described in detail in the Fund’s prospectus.

Nuveen Small Cap Growth Opportunities Fund

Mutual fund investing involves risk; principal loss is possible. There is no guarantee that the Fund’s investment objectives will be achieved. Prices of equity securities may decline significantly over short or extended periods of time. Investments in smaller companies are subject to greater volatility than those of larger companies. These and other risk considerations, such as derivatives, investment focus (growth style), and non-U.S./emerging markets risks, are described in detail in the Fund’s prospectus.

12 Nuveen Investments

Fund Performance

and Expense Ratios

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

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

Returns may reflect 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 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 section.

Fund Performance

Average Annual Total Returns as of April 30, 2014

	Cumulative		Average Annual
	6-Month		1-Year		5-Year		10-Year
Class A Shares at NAV		0.31%		16.72%		16.83%		7.36%
Class A Shares at maximum Offering Price		(5.45)%		10.00%		15.45%		6.72%
Russell 1000® Growth Index*		6.95%		20.66%		19.47%		7.99%
Lipper Large-Cap Growth Funds Classification Average*		4.73%		20.17%		17.26%		7.20%
Class B Shares w/o CDSC		(0.03)%		15.84%		15.97%		6.57%
Class B Shares w/CDSC		(4.17)%		11.04%		15.86%		6.57%
Class C Shares		0.00%		15.91%		15.97%		6.56%
Class R3 Shares		0.19%		16.42%		16.53%		7.09%
Class I Shares		0.45%		17.03%		17.12%		7.63%

	Cumulative		Average Annual
	6-Month		1-Year		Since Inception**
Class R6 Shares		0.50%		17.14%		18.09%

Average Annual Total Returns as of March 31, 2014 (Most Recent Calendar Quarter)

	Cumulative		Average Annual
	6-Month		1-Year		5-Year		10-Year
Class A Shares at NAV		8.68%		21.84%		19.44%		7.47%
Class A Shares at maximum Offering Price		2.43%		14.82%		18.03%		6.83%
Class B Shares w/o CDSC		8.28%		20.89%		18.56%		6.68%
Class B Shares w/CDSC		3.80%		15.89%		18.46%		6.68%
Class C Shares		8.35%		20.97%		18.56%		6.67%
Class R3 Shares		8.56%		21.53%		19.14%		7.21%
Class I Shares		8.85%		22.14%		19.73%		7.74%

	Cumulative		Average Annual
	6-Month		1-Year		Since Inception**
Class R6 Shares		8.89%		22.25%		23.33%

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.

14 Nuveen Investments

Expense Ratios as of Most Recent Prospectus

	Share Class
	Class A		Class B		Class C		Class R3		Class R6		Class I
Expense Ratios		1.24%		1.99%		1.99%		1.49%		0.91%		0.99%

* 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 15

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 section.

Fund Performance

Average Annual Total Returns as of April 30, 2014

	Cumulative		Average Annual
	6-Month		1-Year		5-Year		10-Year
Class A Shares at NAV		4.91%		21.66%		19.62%		9.79%
Class A Shares at maximum Offering Price		(1.13)%		14.66%		18.20%		9.14%
Russell Midcap® Growth Index*		6.04%		20.62%		21.10%		9.63%
Lipper Mid-Cap Growth Funds Classification Average*		3.19%		19.49%		19.10%		8.71%
Class B Shares w/o CDSC		4.50%		20.72%		18.71%		8.96%
Class B Shares w/CDSC		0.36%		15.94%		18.61%		8.96%
Class C Shares		4.51%		20.74%		18.72%		8.97%
Class R3 Shares		4.77%		21.36%		19.32%		9.52%
Class I Shares		5.03%		21.95%		19.92%		10.06%

	Cumulative		Average Annual
	6-Month		1-Year		Since Inception**
Class R6 Shares		5.11%		22.13%		22.12%

Average Annual Total Returns as of March 31, 2014 (Most Recent Calendar Quarter)

	Cumulative		Average Annual
	6-Month		1-Year		5-Year		10-Year
Class A Shares at NAV		12.04%		27.78%		23.29%		9.82%
Class A Shares at maximum Offering Price		5.60%		20.43%		21.84%		9.17%
Class B Shares w/o CDSC		11.62%		26.81%		22.36%		8.99%
Class B Shares w/CDSC		7.20%		21.81%		22.27%		8.99%
Class C Shares		11.64%		26.85%		22.37%		9.00%
Class R3 Shares		11.93%		27.48%		22.99%		9.55%
Class I Shares		12.18%		28.10%		23.60%		10.09%

	Cumulative		Average Annual
	6-Month		1-Year		Since Inception**
Class R6 Shares		12.27%		28.25%		28.64%

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

	Share Class
	Class A		Class B		Class C		Class R3		Class R6		Class I
Expense Ratios		1.30%		2.06%		2.05%		1.55%		0.92%		1.05%

* 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 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 section.

Fund Performance

Average Annual Total Returns as of April 30, 2014

	Cumulative		Average Annual
	6-Month		1-Year		5-Year		10-Year
Class A Shares at NAV		3.39%		24.72%		21.01%		7.36%
Class A Shares at maximum Offering Price		(2.57)%		17.56%		19.59%		6.73%
Russell 2000® Growth Index*		1.27%		21.46%		20.50%		8.85%
Lipper Small-Cap Growth Funds Classification Average*		0.43%		21.03%		20.16%		8.40%
Class C Shares		3.03%		23.77%		20.12%		6.57%
Class R3 Shares		3.24%		24.41%		20.70%		7.11%
Class I Shares		3.52%		25.00%		21.32%		7.62%

Average Annual Total Returns as of March 31, 2014 (Most Recent Calendar Quarter)

	Cumulative		Average Annual
	6-Month		1-Year		5-Year		10-Year
Class A Shares at NAV		9.85%		27.61%		26.08%		7.27%
Class A Shares at maximum Offering Price		3.53%		20.28%		24.58%		6.64%
Class C Shares		9.47%		26.70%		25.14%		6.47%
Class R3 Shares		9.72%		27.30%		25.76%		7.02%
Class I Shares		9.97%		27.90%		26.41%		7.53%

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

Expense Ratios as of Most Recent Prospectus

	Share Class
	Class A		Class C		Class R3		Class I
Gross Expense Ratios		1.55%		2.30%		1.80%		1.30%
Net Expense Ratios		1.46%		2.22%		1.72%		1.22%

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 1.47%, 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.

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

18 Nuveen Investments

Holding

Summaries April 30, 2014

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

Nuveen Large Cap Growth Opportunities Fund

Fund Allocation

(% of net assets)

Common Stocks	99.8%
Investments Purchased with Collateral from Securities Lending	23.1%
Short-Term Investments	0.3%
Other Assets Less Liabilities	(23.2)%

Portfolio Composition

(% of net assets)

Internet Software & Services	8.9%
Software	6.9%
Pharmaceuticals	6.5%
Media	6.4%
IT Services	6.1%
Internet & Catalog Retail	5.5%
Biotechnology	5.2%
Computers & Peripherals	4.8%
Machinery	4.5%
Hotels, Restaurants & Leisure	4.1%
Specialty Retail	3.8%
Airlines	3.6%
Oil, Gas & Consumable Fuels	3.2%
Chemicals	3.2%
Aerospace & Defense	3.1%
Road & Rail	1.9%
Semiconductors & Equipment	1.7%
Consumer Finance	1.6%
Other Industries	18.8%
Investments Purchased with Collateral from Securities Lending	23.1%
Short-Term Investments	0.3%
Other Assets Less Liabilities	(23.2)%

Top Five Common Stock Holdings

(% of net assets)

Apple, Inc.	4.8%
Gilead Sciences, Inc.	2.9%
Facebook Inc., Class A	2.7%
MasterCard, Inc., Class A	2.5%
Visa Inc., Class A	2.4%

Nuveen Investments 19

Holding Summaries April 30, 2014 (continued)

Nuveen Mid Cap Growth Opportunities Fund

Fund Allocation

(% of net assets)

Common Stocks	97.1%
Investments Purchased with Collateral from Securities Lending	17.5%
Short-Term Investments	3.3%
Other Assets Less Liabilities	(17.9)%

Portfolio Composition

(% of net assets)

Pharmaceuticals	6.6%
Capital Markets	6.3%
Oil, Gas & Consumable Fuels	6.1%
Software	6.1%
Machinery	5.2%
Internet & Catalog Retail	5.1%
Biotechnology	4.6%
Airlines	4.2%
Diversified Financial Services	4.1%
IT Services	3.7%
Professional Services	3.1%
Hotels, Restaurants & Leisure	3.0%
Chemicals	2.7%
Textiles, Apparel & Luxury Goods	2.5%
Electronic Equipment & Instruments	2.4%
Household Durables	2.4%
Specialty Retail	2.3%
Internet Software & Services	2.2%
Auto Components	2.1%
Road & Rail	1.9%
Semiconductors & Equipment	1.8%
Other Industries	18.7%
Investments Purchased with Collateral from Securities Lending	17.5%
Short-Term Investments	3.3%
Other Assets Less Liabilities	(17.9)%

Top Five Common Stock Holdings

(% of net assets)

BorgWarner Inc.	2.1%
Delta Air Lines, Inc.	2.0%
Alexion Pharmaceuticals Inc.	1.9%
Mylan Laboratories Inc.	1.9%
Salix Pharmaceuticals Limited	1.9%

20 Nuveen Investments

Nuveen Small Cap Growth Opportunities 
Fund

Fund Allocation

(% of net assets)

Common Stocks	98.5%
Investments Purchased with Collateral from Securities Lending	27.6%
Short-Term Investments	1.5%
Other Assets Less Liabilities	(27.6)%

Portfolio Composition

(% of net assets)

Software	9.4%
Health Care Equipment & Supplies	7.8%
Biotechnology	6.5%
Semiconductors & Equipment	5.8%
Banks	5.1%
Internet Software & Services	4.5%
Oil, Gas & Consumable Fuels	4.2%
Specialty Retail	4.2%
Communications Equipment	3.3%
Construction & Engineering	3.1%
Machinery	3.0%
Capital Markets	2.9%
Hotels, Restaurants & Leisure	2.9%
Health Care Providers & Services	2.9%
Commercial Services & Supplies	2.6%
Textiles, Apparel & Luxury Goods	2.5%
Leisure Equipment & Products	2.5%
Food Products	2.4%
Electrical Equipment	1.8%
Road & Rail	1.8%
Other Industries	19.3%
Investments Purchased with Collateral from Securities Lending	27.6%
Short-Term Investments	1.5%
Other Assets Less Liabilities	(27.6)%

Top Five Common Stock Holdings

(% of net assets)

Cathay General Bancorp.	1.9%
East West Bancorp Inc.	1.9%
Altra Industrial Motion, Inc.	1.8%
Swift Transportation Company, Class A	1.8%
Cadence Design Systems, Inc.	1.7%

Nuveen Investments 21

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 (11/01/13)	$	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 (4/30/14)	$	1,003.10	$	999.70	$	1,000.00	$	1,001.90	$	1,005.00	$	1,004.50	$	1,018.60	$	1,014.88	$	1,014.88	$	1,017.36	$	1,020.33	$	1,019.84
Expenses Incurred During Period	$	6.21	$	9.92	$	9.92	$	7.45	$	4.47	$	4.97	$	6.26	$	9.99	$	9.99	$	7.50	$	4.51	$	5.01

For each class of the Fund, expenses are equal to the Fund’s annualized net expense ratio of 1.25%, 2.00%, 2.00%, 1.50%, .90% and 1.00% for Classes A, B, C, R3, R6 and I, respectively, multiplied by the average account value over the period, multiplied by 181/365 (to reflect the one-half year period).

22 Nuveen Investments

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 (11/01/13)	$	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 (4/30/14)	$	1,049.10	$	1,045.00	$	1,045.10	$	1,047.70	$	1,051.10	$	1,050.30	$	1,018.35	$	1,014.63	$	1,014.63	$	1,017.11	$	1,020.23	$	1,019.59
Expenses Incurred During Period	$	6.60	$	10.39	$	10.39	$	7.87	$	4.68	$	5.34	$	6.51	$	10.24	$	10.24	$	7.75	$	4.61	$	5.26

For each class of the Fund, expenses are equal to the Fund’s annualized net expense ratio of 1.30%, 2.05%, 2.05%, 1.55%, .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 181/365 (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 (11/01/13)	$	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 (4/30/14)	$	1,033.90	$	1,030.30	$	1,032.40	$	1,035.20	$	1,017.50	$	1,013.79	$	1,016.27	$	1,018.74
Expenses Incurred During Period	$	7.41	$	11.18	$	8.67	$	6.16	$	7.35	$	11.08	$	8.60	$	6.11

For each class of the Fund, expenses are equal to the Fund’s annualized net expense ratio of 1.47%, 2.22%, 1.72% and 1.22% for Classes A, C, R3 and I, respectively, multiplied by the average account value over the period, multiplied by 181/365 (to reflect the one-half year period).

Nuveen Investments 23

Nuveen Large Cap Growth Opportunities Fund

Portfolio of Investments April 30, 2014(Unaudited)

Shares		Description (1)	Value
		LONG-TERM INVESTMENTS – 119.9%
		COMMON STOCKS – 99.8%
		Aerospace & Defense – 3.1%
	69,900	Boeing Company	$	9,018,498
	34,844	Precision Castparts Corporation		8,818,668
		Total Aerospace & Defense		17,837,166
		Airlines – 3.6%
	265,378	Delta Air Lines, Inc.		9,773,872
	78,469	Ryanair Holdings PLC, (2)		4,196,522
	294,196	Southwest Airlines Co., (3)		7,110,717
		Total Airlines		21,081,111
		Auto Components – 1.4%
	126,989	BorgWarner Inc., (3)		7,891,096
		Automobiles – 1.4%
	106,099	Harley-Davidson, Inc.		7,844,960
		Biotechnology – 5.2%
	39,809	Biogen Idec Inc., (2)		11,429,960
	212,773	Gilead Sciences, Inc., (2), (3)		16,700,553
	63,429	ISIS Pharmaceuticals, Inc., (2), (3)		1,687,846
		Total Biotechnology		29,818,359
		Capital Markets – 1.0%
	208,814	Charles Schwab Corporation		5,544,012
		Chemicals – 3.2%
	56,828	Ecolab Inc.		5,946,482
	39,580	PPG Industries, Inc.		7,663,480
	50,467	WR Grace & Company, (2)		4,648,011
		Total Chemicals		18,257,973
		Computers & Peripherals – 4.8%
	47,353	Apple, Inc.		27,942,532
		Construction & Engineering – 0.9%
	66,484	Chicago Bridge & Iron Company N.V.		5,323,374
		Consumer Finance – 1.6%
	109,322	American Express Company		9,558,022
		Energy Equipment & Services – 1.6%
	150,805	Halliburton Company		9,511,271

24 Nuveen Investments

Shares		Description (1)	Value
		Food & Staples Retailing – 1.2%
	95,634	CVS Caremark Corporation	$	6,954,504
		Food Products – 0.7%
	46,146	Keurig Green Mountain Inc., (3)		4,322,957
		Health Care Providers & Services – 1.4%
	46,604	McKesson HBOC Inc.		7,884,931
		Health Care Technology – 1.6%
	24,603	AthenaHealth Inc., (2)		3,041,915
	123,312	Cerner Corporation, (2)		6,325,906
		Total Health Care Technology		9,367,821
		Hotels, Restaurants & Leisure – 4.1%
	111,670	Las Vegas Sands		8,836,447
	125,572	Starbucks Corporation		8,867,895
	76,182	Starwood Hotels & Resorts Worldwide, Inc.		5,839,350
		Total Hotels, Restaurants & Leisure		23,543,692
		Household Durables – 1.3%
	133,969	Jarden Corporation, (2)		7,656,328
		Industrial Conglomerates – 1.4%
	109,730	Danaher Corporation		8,051,987
		Internet & Catalog Retail – 5.5%
	31,962	Amazon.com, Inc., (2)		9,720,603
	16,677	Netflix.com Inc., (2)		5,370,661
	11,205	priceline.com Incorporated, (2)		12,972,589
	47,512	TripAdvisor Inc., (2), (3)		3,836,119
		Total Internet & Catalog Retail		31,899,972
		Internet Software & Services – 8.9%
	258,064	Facebook Inc., Class A, (2)		15,427,066
	23,448	Google Inc., Class A, (2)		12,541,866
	23,448	Google Inc., Class C, (2)		12,349,124
	211,183	Pandora Media, Inc., (2)		4,945,906
	42,602	Yelp Inc., Class A, (2)		2,484,549
	33,579	Zillow, Inc., Class A, (2), (3)		3,650,037
		Total Internet Software & Services		51,398,548
		IT Services – 6.1%
	27,836	Alliance Data Systems Corporation, (2), (3)		6,733,528
	192,967	MasterCard, Inc., Class A		14,192,723
	69,439	Visa Inc., Class A, (3)		14,069,036
		Total IT Services		34,995,287

Nuveen Investments 25

Nuveen Large Cap Growth Opportunities Fund (continued)

Portfolio of Investments April 30, 2014 (Unaudited)

Shares		Description (1)	Value
		Leisure Equipment & Products – 1.0%
	41,151	Polaris Industries Inc., (3)	$	5,527,814
		Life Sciences Tools & Services – 0.8%
	33,415	Illumina Inc., (2), (3)		4,539,428
		Machinery – 4.5%
	62,923	Cummins Inc.		9,491,935
	81,522	Flowserve Corporation		5,955,182
	79,376	Graco Inc.		5,754,760
	66,400	Wabtec Corporation		4,950,120
		Total Machinery		26,151,997
		Marine – 0.8%
	43,685	Kirby Corporation, (2)		4,395,585
		Media – 6.4%
	108,755	CBS Corporation, Class B		6,281,689
	78,953	Discovery Communications inc., Class A, (2), (3)		5,992,533
	91,486	Liberty Global PLC Class A, (2)		3,642,973
	91,486	Liberty Global PLC Class C, (2)		3,515,807
	111,330	The Walt Disney Company, (3)		8,832,922
	267,129	Twenty First Century Fox Inc., Class A, (3)		8,553,471
		Total Media		36,819,395
		Oil, Gas & Consumable Fuels – 3.2%
	72,005	Diamondback Energy Inc., (2), (3)		5,180,040
	33,073	Pioneer Natural Resources Company, (3)		6,392,019
	93,452	Whiting Petroleum Corporation, (2)		6,889,281
		Total Oil, Gas & Consumable Fuels		18,461,340
		Pharmaceuticals – 6.5%
	38,920	Actavis Inc., (2), (3)		7,952,524
	33,138	Allergan, Inc.		5,495,606
	167,044	Bristol-Myers Squibb Company		8,367,234
	147,742	Mylan Laboratories Inc., (2), (3)		7,502,339
	166,768	Pfizer Inc.		5,216,503
	21,042	Valeant Pharmaceuticals International, (2)		2,813,526
		Total Pharmaceuticals		37,347,732
		Real Estate Investment Trust – 1.4%
	98,319	American Tower Corporation (REIT), (3)		8,211,603
		Road & Rail – 1.9%
	119,569	Swift Transportation Company, Class A, (2), (3)		2,875,634
	41,555	Union Pacific Corporation		7,913,319
		Total Road & Rail		10,788,953

26 Nuveen Investments

Shares		Description (1)	Value
		Semiconductors & Equipment – 1.7%
	292,596	Applied Materials, Inc.	$	5,576,880
	93,278	ARM Holdings PLC, Sponsored ADR, (3)		4,246,015
		Total Semiconductors & Equipment		9,822,895
		Software – 6.9%
	102,531	Adobe Systems Incorporated, (2)		6,325,137
	30,271	Concur Technologies, Inc., (2), (3)		2,435,907
	200,821	Microsoft Corporation		8,113,168
	50,583	NetSuite Inc., (2), (3)		3,910,572
	91,556	Salesforce.com, Inc., (2), (3)		4,728,867
	82,657	ServiceNow Inc., (2)		4,109,706
	48,933	Splunk Inc., (2)		2,670,274
	35,683	Tableau Software Inc., Class A, (2)		1,972,199
	21,885	Ultimate Software Group, Inc., (2)		2,618,103
	40,428	Workday Inc., Class A, (2)		2,954,074
		Total Software		39,838,007
		Specialty Retail – 3.8%
	81,032	CarMax, Inc., (2), (3)		3,547,581
	106,316	Home Depot, Inc.		8,453,185
	95,168	TJX Companies, Inc.		5,536,874
	67,078	Tractor Supply Company		4,510,325
		Total Specialty Retail		22,047,965
		Trading Companies & Distributors – 0.9%
	19,906	W.W. Grainger, Inc., (3)		5,064,083
		Total Long-Term Investments (cost $420,277,192)		575,702,700
Shares		Description (1)	Value
		INVESTMENTS PURCHASED WITH COLLATERAL FROM SECURITIES LENDING – 23.1%
		Money Market Funds – 23.1%
	133,568,099	Mount Vernon Securities Lending Prime Portfolio, 0.172%, (4), (5)	$	133,568,099
		Total Investments Purchased with Collateral from Securities Lending (cost $133,568,099)		133,568,099
Shares		Description (1)	Value
		SHORT-TERM INVESTMENTS – 0.3%
		Money Market Funds – 0.3%
	1,971,778	First American Treasury Obligations Fund, Class Z, 0.000%, (4)	$	1,971,778
		Total Short-Term Investments (cost $1,971,778)		1,971,778
		Total Investments (cost $555,817,069) – 123.2%		711,242,577
		Other Assets Less Liabilities – (23.2)%		(133,939,985	)
		Net Assets – 100%	$	577,302,592

Nuveen Investments 27

Nuveen Large Cap Growth Opportunities Fund (continued)

Portfolio of Investments April 30, 2014 (Unaudited)

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 $131,682,037.

(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.

28 Nuveen Investments

Nuveen Mid Cap Growth Opportunities Fund

Portfolio of Investments April 30, 2014 (Unaudited)

Shares		Description (1)	Value
		LONG-TERM INVESTMENTS – 114.6%
		COMMON STOCKS – 97.1%
		Airlines – 4.2%
	697,592	Delta Air Lines, Inc.	$	25,692,313
	223,074	Ryanair Holdings PLC, Sponsored ADR, (2)		11,929,998
	603,214	Southwest Airlines Co.		14,579,682
		Total Airlines		52,201,993
		Auto Components – 2.1%
	428,703	BorgWarner Inc., (3)		26,639,604
		Automobiles – 1.7%
	289,512	Harley-Davidson, Inc.		21,406,517
		Beverages – 1.4%
	269,075	Monster Beverage Corporation, (2)		18,017,262
		Biotechnology – 4.6%
	153,453	Alexion Pharmaceuticals Inc., (2)		24,276,265
	116,022	Alnylam Pharmaceuticals, Inc., (2)		5,746,570
	277,243	Grifols SA		11,378,053
	304,804	ISIS Pharmaceuticals, Inc., (2), (3)		8,110,834
	25,603	Regeneron Pharmaceuticals, Inc., (2), (3)		7,601,275
		Total Biotechnology		57,112,997
		Capital Markets – 6.3%
	102,320	Affiliated Managers Group Inc., (2)		20,279,824
	227,882	Evercore Partners Inc., Class A		12,175,735
	416,070	Lazard Limited		19,576,094
	197,719	LPL Financial Holdings Inc.		9,361,995
	537,920	TD Ameritrade Holding Corporation, (3)		17,159,648
		Total Capital Markets		78,553,296
		Chemicals – 2.7%
	99,219	PPG Industries, Inc.		19,210,783
	161,383	W.R. Grace & Co., (2)		14,863,374
		Total Chemicals		34,074,157
		Communications Equipment – 1.4%
	165,572	F5 Networks, Inc., (2)		17,413,207
		Construction & Engineering – 1.4%
	217,854	Chicago Bridge & Iron Company N.V.		17,443,570

Nuveen Investments 29

Nuveen Mid Cap Growth Opportunities Fund (continued)

Portfolio of Investments April 30, 2014 (Unaudited)

Shares		Description (1)	Value
		Containers & Packaging – 1.2%
	220,914	Packaging Corp. of America	$	14,719,500
		Diversified Consumer Services – 0.7%
	578,096	LifeLock, Incorporated, (2)		9,076,107
		Diversified Financial Services – 4.1%
	286,835	CBOE Holdings Inc.		15,305,516
	104,600	IntercontinentalExchange Group Inc.		21,384,424
	194,858	Moody’s Corporation, (3)		15,296,353
		Total Diversified Financial Services		51,986,293
		Electrical Equipment – 0.8%
	80,759	Rockwell Automation, Inc., (3)		9,624,858
		Electronic Equipment & Instruments – 2.4%
	213,268	Amphenol Corporation, Class A		20,335,104
	113,690	Littelfuse Inc.		10,294,630
		Total Electronic Equipment & Instruments		30,629,734
		Food Products – 1.6%
	212,608	Keurig Green Mountain Inc., (3)		19,917,117
		Health Care Providers & Services – 0.7%
	82,030	Henry Schein Inc., (2)		9,370,287
		Health Care Technology – 0.9%
	89,552	AthenaHealth Inc., (2), (3)		11,072,209
		Hotels, Restaurants & Leisure – 3.0%
	199,285	Starwood Hotels & Resorts Worldwide, Inc.		15,275,195
	107,962	Wynn Resorts Ltd		22,012,372
		Total Hotels, Restaurants & Leisure		37,287,567
		Household Durables – 2.4%
	308,871	Jarden Corporation, (2)		17,651,978
	91,631	Mohawk Industries Inc., (2)		12,132,861
		Total Household Durables		29,784,839
		Industrial Conglomerates – 1.7%
	151,220	Roper Industries Inc.		21,012,019
		Internet & Catalog Retail – 5.1%
	157,523	CTRIP.com, (2), (3)		7,362,625
	199,229	Expedia, Inc.		14,143,267
	58,863	Netflix.com Inc., (2)		18,956,241
	10,030	priceline.com Incorporated, (2)		11,612,233
	140,989	TripAdvisor Inc., (2)		11,383,452
		Total Internet & Catalog Retail		63,457,818

30 Nuveen Investments

Shares		Description (1)	Value
		Internet Software & Services – 2.2%
	133,357	Cornerstone OnDemand, Inc., (2)	$	4,902,203
	198,720	Criteo SA, Sponsored ADR, (2)		6,355,066
	377,130	Pandora Media, Inc., (2)		8,832,385
	123,516	Yelp Inc., Class A, (2)		7,203,453
		Total Internet Software & Services		27,293,107
		IT Services – 3.7%
	70,850	Alliance Data Systems Corporation, (2), (3)		17,138,615
	273,935	Gartner Inc., (2), (3)		18,885,079
	112,080	WEX Inc., (2)		10,756,318
		Total IT Services		46,780,012
		Leisure Equipment & Products – 1.4%
	132,808	Polaris Industries Inc., (3)		17,840,099
		Life Sciences Tools & Services – 1.1%
	281,345	Quintiles Transnational Corporation, (2), (3)		13,259,790
		Machinery – 5.2%
	235,821	Flowserve Corporation		17,226,724
	113,666	Graco Inc.		8,240,785
	192,473	WABCO Holdings Inc., (2)		20,596,536
	253,131	Wabtec Corporation		18,870,916
		Total Machinery		64,934,961
		Marine – 1.2%
	149,402	Kirby Corporation, (2)		15,032,829
		Oil, Gas & Consumable Fuels – 6.1%
	163,834	Concho Resources Inc., (2)		21,372,145
	237,311	Diamondback Energy Inc., (2), (3)		17,072,153
	220,013	Gulfport Energy Corporation, (2)		16,208,358
	404,193	Matador Resources Company, (2)		11,608,423
	140,976	Whiting Petroleum Corporation, (2)		10,392,751
		Total Oil, Gas & Consumable Fuels		76,653,830
		Paper & Forest Products – 1.1%
	513,851	KapStone Paper and Packaging Corp., (2)		13,555,389
		Personal Products – 0.4%
	74,498	Nu Skin Enterprises, Inc., Class A		6,481,326
		Pharmaceuticals – 6.6%
	81,726	Actavis Inc., (2), (3)		16,699,074
	145,572	Jazz Pharmaceuticals, Inc., (2)		19,637,663
	459,825	Mylan Laboratories Inc., (2), (3)		23,349,914
	212,059	Salix Pharmaceuticals Limited, (2), (3)		23,326,490
		Total Pharmaceuticals		83,013,141

Nuveen Investments 31

Nuveen Mid Cap Growth Opportunities Fund (continued)

Portfolio of Investments April 30, 2014 (Unaudited)

Shares		Description (1)	Value
		Professional Services – 3.1%
	181,411	IHS Inc., Class A, (2)	$	21,883,609
	202,838	Manpower Inc.		16,498,843
		Total Professional Services		38,382,452
		Road & Rail – 1.9%
	372,711	Knight Transportation Inc.		8,844,432
	640,434	Swift Transportation Company, Class A, (2), (3)		15,402,438
		Total Road & Rail		24,246,870
		Semiconductors & Equipment – 1.8%
	1,214,717	Applied Materials, Inc.		23,152,506
		Software – 6.1%
	287,419	Aspen Technology Inc., (2)		12,356,143
	421,238	Electronic Arts Inc., (2)		11,921,035
	117,141	NetSuite Inc., (2), (3)		9,056,171
	212,367	ServiceNow Inc., (2)		10,558,887
	193,068	Splunk Inc., (2)		10,535,721
	136,892	Tableau Software Inc., Class A, (2)		7,566,021
	59,849	Ultimate Software Group, Inc., (2)		7,159,736
	101,123	Workday Inc., Class A, (2)		7,389,058
		Total Software		76,542,772
		Specialty Retail – 2.3%
	26,878	AutoZone, Inc., (2), (3)		14,349,895
	125,892	PetSmart Inc., (3)		8,520,371
	93,898	Tractor Supply Company		6,313,702
		Total Specialty Retail		29,183,968
		Textiles, Apparel & Luxury Goods – 2.5%
	189,214	Deckers Outdoor Corporation, (2), (3)		14,938,445
	174,042	Michael Kors Holdings Limited, (2)		15,872,624
		Total Textiles, Apparel & Luxury Goods		30,811,069
		Total Long-Term Investments (cost $1,001,958,486)		1,217,965,072
Shares		Description (1)	Value
		INVESTMENTS PURCHASED WITH COLLATERAL FROM SECURITIES LENDING – 17.5%
		Money Market Funds – 17.5%
	219,024,271	Mount Vernon Securities Lending Prime Portfolio, 0.172%, (4), (5)	$	219,024,271
		Total Investments Purchased with Collateral from Securities Lending (cost $219,024,271)		219,024,271

32 Nuveen Investments

Shares		Description (1)	Value
		SHORT-TERM INVESTMENTS – 3.3%
		Money Market Funds – 3.3%
	40,971,046	First American Treasury Obligations Fund, Class Z, 0.000%, (4)	$	40,971,046
		Total Short-Term Investments (cost $40,971,046)		40,971,046
		Total Investments (cost $1,261,953,803) – 117.9%		1,477,960,389
		Other Assets Less Liabilities – (17.9)%		(224,560,166	)
		Net Assets – 100%	$	1,253,400,223

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 $213,715,134.

(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 33

Nuveen Small Cap Growth Opportunities Fund

Portfolio of Investments April 30, 2014(Unaudited)

Shares		Description (1)	Value
		LONG-TERM INVESTMENTS – 126.1%
		COMMON STOCKS – 98.5%
		Aerospace & Defense – 1.5%
	45,247	Orbital Sciences Corporation, (2)	$	1,330,262
		Auto Components – 1.6%
	22,955	Tenneco Inc., (2)		1,374,316
		Automobiles – 1.3%
	18,582	Thor Industries, Inc., (3)		1,131,086
		Banks – 5.1%
	72,497	Cathay General Bancorp.		1,710,929
	49,487	East West Bancorp Inc.		1,707,796
	46,066	Western Alliance Bancorporation, (2)		1,062,743
		Total Banks		4,481,468
		Biotechnology – 6.5%
	9,514	Alkermes Inc., (2)		440,118
	11,329	Alnylam Pharmaceuticals, Inc., (2)		561,125
	27,610	Cepheid, Inc., (2), (3)		1,200,483
	13,564	Cubist Pharmaceuticals Inc., (2), (3)		950,294
	1,670	Intercept Pharmaceuticals Incorporated, (2), (3)		441,080
	20,907	Intermune, Inc., (2), (3)		670,697
	17,291	ISIS Pharmaceuticals, Inc., (2), (3)		460,114
	10,203	Karyopharm Therapeutics Inc., (2), (3)		273,746
	47,004	Keryx Biopharmaceuticals, Inc., (2), (3)		694,249
		Total Biotechnology		5,691,906
		Capital Markets – 2.9%
	22,899	Evercore Partners Inc., Class A		1,223,494
	28,823	Stifel Financial Corporation, (2), (3)		1,348,052
		Total Capital Markets		2,571,546
		Chemicals – 1.5%
	28,646	H.B. Fuller Company		1,327,169
		Commercial Services & Supplies – 2.6%
	62,626	Interface, Inc.		1,126,642
	71,410	Steelcase Inc., Class A		1,176,837
		Total Commercial Services & Supplies		2,303,479
		Communications Equipment – 3.3%
	54,144	Finisar Corporation, (2), (3)		1,415,866
	34,263	Plantronics Inc.		1,492,839
		Total Communications Equipment		2,908,705

34 Nuveen Investments

Shares		Description (1)	Value
		Construction & Engineering – 3.1%
	34,679	MasTec Inc., (2), (3)	$	1,372,595
	45,519	Tutor Perini Corporation, (2)		1,347,362
		Total Construction & Engineering		2,719,957
		Distributors – 1.5%
	22,006	Pool Corporation, (3)		1,298,794
		Diversified Consumer Services – 1.2%
	18,625	Capella Education Company		1,086,955
		Electrical Equipment – 1.8%
	4,920	Acuity Brands Inc., (3)		612,884
	42,021	Thermon Group Holdings Inc., (2)		1,000,940
		Total Electrical Equipment		1,613,824
		Energy Equipment & Services – 1.4%
	10,887	Dril-Quip Inc., (2)		1,231,537
		Food Products – 2.4%
	26,676	Annie’s Incorporated, (2)		867,237
	16,782	Treehouse Foods Inc., (2)		1,255,965
		Total Food Products		2,123,202
		Health Care Equipment & Supplies – 7.8%
	27,374	Align Technology, Inc., (2)		1,379,376
	91,428	Endologix, Inc., (2)		1,159,307
	50,291	Globus Medical Inc, Class A, (2)		1,228,106
	93,475	Nxstage Medical, Inc., (2)		1,069,354
	45,240	Quidel Corporation, (2), (3)		970,398
	50,727	Spectranetics Corporation, (2)		1,078,456
		Total Health Care Equipment & Supplies		6,884,997
		Health Care Providers & Services – 2.9%
	37,451	HealthSouth Corporation		1,297,303
	25,467	Team Health Holdings Inc., (2), (3)		1,234,640
		Total Health Care Providers & Services		2,531,943
		Health Care Technology – 1.3%
	9,022	AthenaHealth Inc., (2)		1,115,480
		Hotels, Restaurants & Leisure – 2.9%
	52,876	Del Friscos Restaurant Group, (2)		1,375,305
	17,186	Red Robin Gourmet Burgers, Inc., (2)		1,168,304
		Total Hotels, Restaurants & Leisure		2,543,609
		Household Durables – 1.1%
	38,504	La-Z-Boy Inc.		932,952

Nuveen Investments 35

Nuveen Small Cap Growth Opportunities Fund (continued)

Portfolio of Investments April 30, 2014 (Unaudited)

Shares		Description (1)	Value
		Internet & Catalog Retail – 1.1%
	24,588	Shutterfly, Inc., (2), (3)	$	1,006,387
		Internet Software & Services – 4.5%
	24,733	DealerTrack Technologies Inc., (2), (3)		1,130,051
	56,436	Perficient, Inc., (2)		1,031,086
	12,267	Shutterstock Incorporated, (2)		889,480
	28,860	Web.com Group, Inc., (2)		886,291
		Total Internet Software & Services		3,936,908
		IT Services – 1.3%
	27,924	Heartland Payment Systems Inc., (3)		1,143,209
		Leisure Equipment & Products – 2.5%
	21,404	Arctic Cat, Inc.		875,210
	31,874	Brunswick Corporation		1,281,016
		Total Leisure Equipment & Products		2,156,226
		Machinery – 3.0%
	31,687	Actuant Corporation, Class A		1,072,922
	45,996	Altra Industrial Motion, Inc., (3)		1,571,223
		Total Machinery		2,644,145
		Oil, Gas & Consumable Fuels – 4.2%
	31,935	Athlon Energy Inc., (2)		1,290,493
	14,164	Diamondback Energy Inc., (2), (3)		1,018,958
	30,135	Oasis Petroleum Inc., (2), (3)		1,401,579
		Total Oil, Gas & Consumable Fuels		3,711,030
		Paper & Forest Products – 1.0%
	56,139	Louisiana-Pacific Corporation, (2), (3)		920,118
		Pharmaceuticals – 0.8%
	58,080	Nektar Therapautics, (2), (3)		683,602
		Professional Services – 1.4%
	46,108	TrueBlue Inc., (2)		1,233,389
		Road & Rail – 1.8%
	64,581	Swift Transportation Company, Class A, (2), (3)		1,553,173
		Semiconductors & Equipment – 5.8%
	28,634	Cavium Networks Inc., (2), (3)		1,213,223
	93,880	MaxLinear, Inc., Class A, (2)		738,836
	29,208	SunEdison Inc., (2), (3)		561,670
	17,771	Synaptics, Inc., (2), (3)		1,104,468
	80,970	Teradyne Inc., (3)		1,430,740
		Total Semiconductors & Equipment		5,048,937

36 Nuveen Investments

Shares		Description (1)	Value
		Software – 9.4%
	20,101	Aspen Technology Inc., (2)	$	864,142
	97,695	Cadence Design Systems, Inc., (2), (3)		1,520,134
	58,923	Infoblox, Incorporated, (2)		1,156,069
	25,418	Micros Systems, Inc., (2)		1,309,027
	32,927	Solarwinds, Inc., (2)		1,327,617
	36,366	Synchronoss Technologies, Inc., (2)		1,106,981
	8,042	Ultimate Software Group, Inc., (2)		962,064
	591,081	VideoPropulsion Inc., (2), (4)		—
		Total Software		8,246,034
		Specialty Retail – 4.2%
	26,827	Ann Inc., (2)		1,051,350
	11,952	Genesco Inc., (2)		912,774
	74,782	Sportsman’s Warehouse Holdings Inc., (2), (3)		787,454
	81,621	Tilly’s Inc, Class A, (2)		922,317
		Total Specialty Retail		3,673,895
		Textiles, Apparel & Luxury Goods – 2.5%
	15,693	G-III Apparel Group, Ltd., (2)		1,126,287
	38,987	Vera Bradley Inc., (2), (3)		1,103,332
		Total Textiles, Apparel & Luxury Goods		2,229,619
		Trading Companies & Distributors – 1.3%
	38,361	MRC Global Inc., (2)		1,119,756
		Total Long-Term Investments (cost $71,314,453)		86,509,615
Shares		Description (1)	Value
		INVESTMENTS PURCHASED WITH COLLATERAL FROM SECURITIES LENDING – 27.6%
		Money Market Funds – 27.6%
	24,216,118	Mount Vernon Securities Lending Prime Portfolio, 0.172%, (5), (6)	$	24,216,118
		Total Investments Purchased with Collateral from Securities Lending (cost $24,216,118)		24,216,118
Shares		Description (1)	Value
		SHORT-TERM INVESTMENTS – 1.5%
		Money Market Funds – 1.5%
	1,309,067	First American Treasury Obligations Fund, Class Z, 0.000%, (5)	$	1,309,067
		Total Short-Term Investments (cost $1,309,067)		1,309,067
		Total Investments (cost $96,839,638) – 127.6%		112,034,800
		Other Assets Less Liabilities – (27.6)%		(24,266,725	)
		Net Assets – 100%	$	87,768,075

Nuveen Investments 37

Nuveen Small Cap Growth Opportunities Fund (continued)

Portfolio of Investments April 30, 2014 (Unaudited)

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 $23,694,812.

(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.

38 Nuveen Investments

Statement of

Assets and Liabilities April 30, 2014 (Unaudited)

	Large Cap Growth Opportunities			Mid Cap Growth Opportunities			Small Cap Growth Opportunities
Assets
Long-term investments, at value (cost $420,277,192, $1,001,958,486 and $71,314,453, respectively)	$	575,702,700		$	1,217,965,072		$	86,509,615
Investments purchased with collateral from securities lending, at value (cost approximates value)		133,568,099			219,024,271			24,216,118
Short-term investments, at value (cost approximates value)		1,971,778			40,971,046			1,309,067
Receivable for:
Dividends		220,272			249,483			12,938
Due from broker		13,112			33,821			3,945
Investments sold		16,033,242			26,153,615			1,211,325
Shares sold		801,958			1,958,451			67,690
Other assets		14,606			29,031			116
Total assets		728,325,767			1,506,384,790			113,330,814
Liabilities
Payable for:
Collateral from securities lending program		133,568,099			219,024,271			24,216,118
Investments purchased		16,431,803			31,410,578			1,011,789
Shares redeemed		356,458			980,618			228,840
Accrued expenses:
Directors fees		17,817			35,916			839
Management fees		398,039			889,652			64,191
12b-1 distribution and service fees		48,586			120,824			11,442
Other		202,373			522,708			29,520
Total liabilities		151,023,175			252,984,567			25,562,739
Net assets	$	577,302,592		$	1,253,400,223		$	87,768,075
Class A Shares
Net assets	$	152,419,864		$	367,757,518		$	40,447,352
Shares outstanding		4,148,401			8,301,142			1,747,486
Net asset value (“NAV”) per share	$	36.74		$	44.30		$	23.15
Offering price per share (NAV per share plus maximum sales charge of 5.75% of offering price)	$	38.98		$	47.00		$	24.56
Class B Shares
Net assets	$	680,014		$	1,191,521			N/A
Shares outstanding		21,326			33,561			N/A
NAV and offering price per share	$	31.89		$	35.50			N/A
Class C Shares
Net assets	$	14,555,974		$	23,924,707		$	2,391,822
Shares outstanding		444,063			628,919			120,299
NAV and offering price per share	$	32.78		$	38.04		$	19.88
Class R3 Shares
Net assets	$	9,750,733		$	67,229,900		$	2,041,801
Shares outstanding		272,745			1,573,887			91,124
NAV and offering price per share	$	35.75		$	42.72		$	22.41
Class R6 Shares
Net assets	$	25,255,019		$	31,858,916			N/A
Shares outstanding		650,371			643,646			N/A
NAV and offering price per share	$	38.83		$	49.50			N/A
Class I Shares
Net assets	$	374,640,988		$	761,437,661		$	42,887,100
Shares outstanding		9,660,361			15,407,306			1,661,235
NAV and offering price per share	$	38.78		$	49.42		$	25.82
Net assets consist of:
Capital paid-in	$	373,817,099		$	901,879,815		$	65,932,799
Undistributed (Over-distribution of) net investment income		(822,104	)		(2,817,215	)		(487,288	)
Accumulated net realized gain (loss)		48,882,089			138,331,037			7,127,402
Net unrealized appreciation (depreciation)		155,425,508			216,006,586			15,195,162
Net assets	$	577,302,592		$	1,253,400,223		$	87,768,075
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.

Nuveen Investments 39

Statement of

Operations Six Months Ended April 30, 2014 (Unaudited)

	Large Cap Growth Opportunities			Mid Cap Growth Opportunities			Small Cap Growth Opportunities
Investment Income
Dividend and interest income (net of foreign tax withheld of $715, $11,616 and $—, respectively)	$	2,459,763		$	4,303,172		$	145,215
Securities lending income, net		81,359			226,227			18,130
Total investment income		2,541,122			4,529,399			163,345
Expenses
Management fees		2,520,938			5,427,142			466,785
12b-1 service fees – Class A		199,033			460,806			52,979
12b-1 distribution and service fees – Class B		4,406			7,758			N/A
12b-1 distribution and service fees – Class C		75,246			117,580			12,372
12b-1 distribution and service fees – Class R3		27,571			127,712			5,126
Shareholder servicing agent fees and expenses		341,947			902,651			84,760
Custodian fees and expenses		54,014			109,185			13,440
Directors fees and expenses		8,746			18,167			1,334
Professional fees		25,166			37,068			13,488
Shareholder reporting expenses		35,494			50,726			10,624
Federal and state registration fees		42,066			45,634			27,364
Other expenses		4,601			5,192			4,016
Total expenses before fee waiver/expense reimbursement		3,339,228			7,309,621			692,288
Fee waiver/expense reimbursement		—			—			(52,345	)
Net expenses		3,339,228			7,309,621			639,943
Net investment income (loss)		(798,106	)		(2,780,222	)		(476,598	)
Realized and Unrealized Gain (Loss)
Net realized gain (loss) from investments		49,797,965			139,756,073			7,802,863
Change in net unrealized appreciation (depreciation) of investments		(45,474,616	)		(75,734,159	)		(4,105,941	)
Net realized and unrealized gain (loss)		4,323,349			64,021,914			3,696,922
Net increase (decrease) in net assets from operations	$	3,525,243		$	61,241,692		$	3,220,324

N/A – Fund does not offer share class.

See accompanying notes to financial statements.

40 Nuveen Investments

Statement of

Changes in Net Assets (Unaudited)

	Large Cap Growth Opportunities						Mid Cap Growth Opportunities						Small Cap Growth Opportunities
	Six Months Ended 4/30/14			Year Ended 10/31/13			Six Months Ended 4/30/14			Year Ended 10/31/13			Six Months Ended 4/30/14			Year Ended 10/31/13
Operations
Net investment income (loss)	$	(798,106	)	$	186,475		$	(2,780,222	)	$	(2,686,015	)	$	(476,598	)	$	(856,488	)
Net realized gain (loss) from investments and foreign currency		49,797,965			94,718,412			139,756,073			212,160,627			7,802,863			17,137,320
Change in net unrealized appreciation (depreciation) of investments and foreign currency		(45,474,616	)		53,500,002			(75,734,159	)		98,520,305			(4,105,941	)		13,068,234
Net increase (decrease) in net assets from operations		3,525,243			148,404,889			61,241,692			307,994,917			3,220,324			29,349,066
Distributions to Shareholders
From net investment income:
Class A		—			—			—			—			—			—
Class B(1)		—			—			—			—			N/A			—
Class C		—			—			—			—			—			—
Class R3		—			—			—			—			—			—
Class R6(2)		—			—			—			—			N/A			N/A
Class I		—			—			—			—			—			—
From accumulated net realized gains:
Class A		(24,065,643	)		(1,591,399	)		(62,993,417	)		(22,356,020	)		(7,268,048	)		(2,910,523	)
Class B(1)		(170,802	)		(18,638	)		(356,324	)		(215,259	)		N/A			(56,611	)
Class C		(2,511,114	)		(155,108	)		(4,481,915	)		(1,457,568	)		(475,333	)		(141,702	)
Class R3		(1,764,930	)		(117,432	)		(8,738,211	)		(2,936,652	)		(356,349	)		(179,503	)
Class R6(2)		(4,240,519	)		—			(4,324,392	)		—			N/A			N/A
Class I		(61,056,809	)		(4,695,017	)		(126,230,200	)		(50,385,296	)		(7,704,173	)		(3,641,578	)
Decrease in net assets from distributions to shareholders		(93,809,817	)		(6,577,594	)		(207,124,459	)		(77,350,795	)		(15,803,903	)		(6,929,917	)
Fund Share Transactions
Proceeds from sale of shares		54,873,868			114,942,764			156,278,372			168,827,689			8,319,288			14,883,118
Proceeds from shares issued to shareholders due to reinvestment of distributions		65,361,328			4,260,866			177,933,816			63,480,998			11,385,858			4,581,429
		120,235,196			119,203,630			334,212,188			232,308,687			19,705,146			19,464,547
Cost of shares redeemed		(78,229,234	)		(210,714,464	)		(164,058,624	)		(344,129,810	)		(12,749,625	)		(36,554,233	)
Net increase (decrease) in net assets from Fund share transactions		42,005,962			(91,510,834	)		170,153,564			(111,821,123	)		6,955,521			(17,089,686	)
Net increase (decrease) in net assets		(48,278,612	)		50,316,461			24,270,797			118,822,999			(5,628,058	)		5,329,463
Net assets at the beginning of period		625,581,204			575,264,743			1,229,129,426			1,110,306,427			93,396,133			88,066,670
Net assets at the end of period	$	577,302,592		$	625,581,204		$	1,253,400,223		$	1,229,129,426		$	87,768,075		$	93,396,133
Undistributed (Over-distribution of) net investment income at the end of period	$	(822,104	)	$	(23,998	)	$	(2,817,215	)	$	(36,993	)	$	(487,288	)	$	(10,690	)

N/A – Fund does not offer, or no longer offers, share class.

  (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 41

Financial

Highlights (Unaudited)

Large Cap Growth Opportunities

Selected data for a share outstanding throughout each period:

			Investment Operations							Less Distributions
Class (Commencement Date) Year Ended October 31,	Beginning NAV		Net Investment Income (Loss)(a)			Net Realized/ Unrealized Gain (Loss)		Total		From Net Investment Income			From Accumulated Net Realized Gains			Total			Ending NAV
Class A (1/95)
2014(f)	$	43.26	$	(.08	)	$	.30	$	.22	$	—		$	(6.74	)	$	(6.74	)	$	36.74
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)
2014(f)		38.54		(.20	)		.29		.09		—			(6.74	)		(6.74	)		31.89
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)
2014(f)		39.42		(.21	)		.31		.10		—			(6.74	)		(6.74	)		32.78
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)
2014(f)		42.32		(.13	)		.30		.17		—			(6.74	)		(6.74	)		35.75
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)
2014(f)		45.27		(.01	)		.31		.30		—			(6.74	)		(6.74	)		38.83
2013(d)		37.47		(.02	)		7.82		7.80		—			—			—			45.27
Class I (12/92)
2014(f)		45.24		(.03	)		.31		.28		—			(6.74	)		(6.74	)		38.78
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

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(e)
	.31	%	$	152,420		1.25	%*		(.41	)%*		1.25	%*		(.41	)%*		32	%
	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
	(.03	)		680		2.00	*		(1.15	)*		2.00	*		(1.15	)*		32
	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
	.00			14,556		2.00	*		(1.17	)*		2.00	*		(1.17	)*		32
	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
	.19			9,751		1.50	*		(.66	)*		1.50	*		(.66	)*		32
	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
	.50			25,255		.90	*		(.06	)*		.90	*		(.06	)*		32
	20.82			28,966		.91	*		(.06	)*		.91	*		(.06	)*		72
	.45			374,641		1.00	*		(.17	)*		1.00	*		(.17	)*		32
	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 NAV without any sales charge, reinvested dividend income at NAV and reinvested capital gains distributions at NAV, 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.

(f) For the six months ended April 30, 2014.

* Annualized.

See accompanying notes to financial statements.

Nuveen Investments 43

Financial Highlights (Unaudited) (continued)

Mid Cap Growth Opportunities

Selected data for a share outstanding throughout each period:

			Investment Operations							Less Distributions
Class (Commencement Date) Year Ended October 31,	Beginning NAV		Net Investment Income (Loss)(a)			Net Realized/ Unrealized Gain (Loss)		Total		From Net Investment Income			From Accumulated Net Realized Gains			Total			Ending NAV
Class A (1/95)
2014(f)	$	51.11	$	(.14	)	$	2.48	$	2.34	$	—		$	(9.15	)	$	(9.15	)	$	44.30
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)
2014(f)		42.86		(.25	)		2.04		1.79		—			(9.15	)		(9.15	)		35.50
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)
2014(f)		45.29		(.27	)		2.17		1.90		—			(9.15	)		(9.15	)		38.04
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)
2014(f)		49.65		(.19	)		2.41		2.22		—			(9.15	)		(9.15	)		42.72
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)
2014(f)		55.97		(.06	)		2.74		2.68		—			(9.15	)		(9.15	)		49.50
2013(d)		46.61		(.05	)		9.41		9.36		—			—			—			55.97
Class I (12/89)
2014(f)		55.93		(.09	)		2.73		2.64		—			(9.15	)		(9.15	)		49.42
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

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)
	4.91	%	$	367,758		1.30	%*		(.58	)%*		1.30	%*		(.58	)%*		48	%
	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
	4.50			1,192		2.05	*		(1.29	)*		2.05	*		(1.29	)*		48
	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
	4.51			23,925		2.05	*		(1.34	)*		2.05	*		(1.34	)*		48
	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
	4.77			67,230		1.55	*		(.84	)*		1.55	*		(.84	)*		48
	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
	5.11			31,859		.92	*		(.22	)*		.92	*		(.22	)*		48
	20.12			25,874		.92	*		(.14	)*		.92	*		(.14	)*		108
	5.03			761,438		1.05	*		(.33	)*		1.05	*		(.33	)*		48
	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 NAV without any sales charge, reinvested dividend income at NAV and reinvested capital gains distributions at NAV, 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.

(f) For the six months ended April 30, 2014.

* Annualized.

See accompanying notes to financial statements.

Nuveen Investments 45

Financial Highlights (Unaudited) (continued)

Small Cap Growth Opportunities

Selected data for a share outstanding throughout each period:

			Investment Operations							Less Distributions
Class (Commencement Date) Year Ended October 31,	Beginning NAV		Net Investment Income (Loss)(a)			Net Realized/ Unrealized Gain (Loss)		Total		From Net Investment Income		From Accumulated Net Realized Gains			Total			Ending NAV
Class A (8/95)
2014(e)	$	27.13	$	(.14	)	$	.97	$	.83	$	—	$	(4.81	)	$	(4.81	)	$	23.15
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)
2014(e)		24.05		(.20	)		.84		.64		—		(4.81	)		(4.81	)		19.88
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)
2014(e)		26.45		(.16	)		.93		.77		—		(4.81	)		(4.81	)		22.41
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)
2014(e)		29.68		(.12	)		1.07		.95		—		(4.81	)		(4.81	)		25.82
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

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)
	3.39	%	$	40,447		1.58	%*		(1.23	)%*		1.47	%*		(1.12	)%*		51	%
	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
	3.03			2,392		2.33	*		(1.98	)*		2.22	*		(1.87	)*		51
	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
	3.24			2,042		1.83	*		(1.48	)*		1.72	*		(1.37	)*		51
	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
	3.52			42,887		1.33	*		(.98	)*		1.22	*		(.87	)*		51
	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 NAV without any sales charge, reinvested dividend income at NAV and reinvested capital gains distributions at NAV, 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.

(e) For the six months ended April 30, 2014.

* Annualized.

See accompanying notes to financial statements.

Nuveen Investments 47

Notes to

Financial Statements (Unaudited)

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

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

Agreement and Plan of Merger

On April 14, 2014, TIAA-CREF, a national financial services organization, announced that it had entered into an agreement (the “Purchase Agreement”) to acquire Nuveen, the parent company of the Adviser. The transaction is expected to be completed by the end of the year, subject to customary closing conditions, including obtaining necessary Nuveen Fund and client consents sufficient to satisfy the terms of the Purchase Agreement and obtaining customary regulatory approvals. There can be no assurance that the transaction described above will be consummated as contemplated or that necessary conditions will be satisfied.

The consummation of the transaction will be deemed to be an “assignment” (as defined in the Investment Company Act of 1940) of the investment management agreements between the Nuveen Funds and the Adviser and the investment sub-advisory agreements between the Adviser and each Nuveen Fund’s sub-adviser or sub-advisers, and will result in automatic termination of each agreement. It is anticipated that the Board of Directors/ Trustees of the Nuveen Funds (the “Board”) will consider a new investment management agreement with the Adviser and new investment sub-advisory agreements with each sub-adviser. If approved by the Board, the new agreements will be presented to the Nuveen Funds’ shareholders for approval, and, if so approved by shareholders, will take effect upon consummation of the transaction or such later time as shareholder approval is obtained.

The transaction is not expected to result in any change in the portfolio management of the Funds or in the Funds’ investment objectives or policies.

Investment Objectives and Principal Investment Strategies

Large Cap Growth Opportunities’ investment objective is long-term growth of capital. Under normal market conditions, the Fund invests at least 80% of the sum of its net assets and the amount of any borrowings for investment purposes, in common stocks of large-capitalization companies, defined as companies that have market capitalizations of $5 billion or greater.

Mid Cap Growth Opportunities’ investment objective is capital appreciation. Under normal market conditions, the Fund invests at least 80% of the sum of its net assets and the amount of any borrowings for investment purposes, in common stocks of mid-capitalization companies. At the time of any purchase, mid-capitalization companies are defined as companies that have market capitalizations within the market capitalization range of the companies in the Russell Midcap^® Index immediately after its most recent reconstitution. 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 $1.8 billion to $21.5 billion.

Small Cap Growth Opportunities’ investment objective is growth of capital. Under normal market conditions, the Fund invests at least 80% of the sum of its net assets and the amount of any borrowings for investment purposes, in common stocks of small-capitalization companies, defined as companies that have market capitalizations of less than $3 billion.

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.

48 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. If a refund is received for workout expenditures paid in a prior reporting period, such amounts will be recognized as “Legal fee refund” on the Statement 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 (“NAV”) without an up-front sales charge but may be subject to a contingent deferred sales charge (“CDSC”) if redeemed within twelve months of purchase. Large Cap Growth Opportunities and Mid Cap Growth Opportunities issued 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 were 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 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 49

Notes to Financial Statements (Unaudited)(continued)

Netting Agreements

In the ordinary course of business, the Funds may enter into transactions subject to International Swaps and Derivative Association, Inc. (“ISDA”) master agreements or other similar arrangements (“netting agreements”). Generally, the right to offset in netting agreements allows each Fund to offset any exposure to a specific counterparty with any collateral received or delivered to that counterparty based on the terms of the agreements. Generally, each Fund manages its cash collateral and securities collateral on a counterparty basis.

As of April 30, 2014, the Funds were invested in securities lending transactions that are subject to netting agreements.

Use of Estimates

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

2. Investment Valuation and Fair Value Measurements

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

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

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

Certain securities may not be able to be priced by the pre-established pricing methods as described above. Such securities may be valued by the Funds’ Board of 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 NAV (as may be the case in non-U.S. markets on which the security is primarily traded) or make it difficult or impossible to obtain a reliable market quotation; and a security whose price, as provided by the pricing service, is not deemed to reflect the security’s fair value. As a general principle, the fair value of a security would appear to be the amount that the owner might reasonably expect to receive for it in a current sale. A variety of factors may be considered in determining the fair value of such securities, which may include consideration of the following: yields or prices of investments of comparable quality, type of issue, coupon, maturity and rating, market quotes or indications of value from security dealers, evaluations of anticipated cash flows or collateral, general market conditions and other information and analysis, including the obligor’s credit characteristics considered relevant. These securities are generally classified as Level 2 or Level 3 depending on the priority of the significant inputs. Regardless of the method employed to value a particular security, all valuations are subject to review by the 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.

50 Nuveen Investments

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:

Large Cap Growth Opportunities	Level 1		Level 2		Level 3			Total
Long-Term Investments*:
Common Stocks	$	575,702,700	$	—	$	—		$	575,702,700
Investments Purchased with Collateral from Securities Lending		133,568,099		—		—			133,568,099
Short-Term Investments:
Money Market Funds		1,971,778		—		—			1,971,778
Total	$	711,242,577	$	—	$	—		$	711,242,577
Mid Cap Growth Opportunities
Long-Term Investments*:
Common Stocks	$	1,217,965,072	$	—	$	—		$	1,217,965,072
Investments Purchased with Collateral from Securities Lending		219,024,271		—		—			219,024,271
Short-Term Investments:
Money Market Funds		40,971,046		—		—			40,971,046
Total	$	1,477,960,389	$	—	$	—		$	1,477,960,389
Small Cap Growth Opportunities
Long-Term Investments*:
Common Stocks	$	86,509,615	$	—	$	—	**	$	86,509,615
Investments Purchased with Collateral from Securities Lending		24,216,118		—		—			24,216,118
Short-Term Investments:
Money Market Funds		1,309,067		—		—			1,309,067
Total	$	112,034,800	$	—	$	—	**	$	112,034,800

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

** Value equals zero as of the end of the reporting period. 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.

Nuveen Investments 51

Notes to Financial Statements (Unaudited)(continued)

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,” 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,” 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, at value” on the Statement of Assets and Liabilities.

The following table presents the securities out on loan for the Funds that are subject to netting agreements as of the end of the reporting period, and the collateral delivered related to those securities.

Fund	Counterparty	Long-Term Investments, at Value		Collateral Pledged (From) Counterparty*			Net Exposure
Large Cap Growth Opportunities	U.S. Bank	$	131,682,037	$	(131,682,037	)	$	—
Mid Cap Growth Opportunities	U.S. Bank		213,715,134		(213,715,134	)		—
Small Cap Growth Opportunities	U.S. Bank		23,694,812		(23,694,812	)		—

* As of April 30, 2014, the value of the collateral pledged from the counterparty exceeded the value of the securities out on loan. Refer to the Fund’s Portfolio of Investments for details on the securities out on loan.

52 Nuveen Investments

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 six months ended April 30, 2014, was as follows:

	Large Cap Growth Opportunities		Mid Cap Growth Opportunities		Small Cap Growth Opportunities
Securities lending fees paid	$	6,189	$	25,263	$	2,123

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 six months ended April 30, 2014.

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.

Nuveen Investments 53

Notes to Financial Statements (Unaudited)(continued)

4. Fund Shares

Transactions in Fund shares were as follows:

	Large Cap Growth Opportunities
	Six Months Ended 4/30/14						Year Ended 10/31/13
	Shares			Amount			Shares			Amount
Shares sold:
Class A		355,717		$	13,922,138			823,108		$	30,676,675
Class A – automatic conversion of Class B Shares		3,349			132,288			8,987			328,456
Class B – exchanges		122			4,030			1,077			34,962
Class C		81,089			2,785,117			142,887			4,743,351
Class R3		27,280			1,036,856			92,524			3,365,668
Class R6(1)		8,132			330,288			122,336			5,216,225
Class R6(1) – exchange of Class I Shares		—			—			591,770			22,173,634
Class I		851,215			36,663,151			1,263,806			48,403,793
Shares issued to shareholders due to reinvestment of distributions:
Class A		630,386			23,444,052			44,624			1,507,852
Class B		5,225			169,118			607			18,394
Class C		49,147			1,634,630			3,158			97,877
Class R3		46,697			1,691,378			3,455			114,428
Class R6(1)		99,034			3,887,080			—			—
Class I		880,547			34,535,070			71,535			2,522,315
		3,037,940			120,235,196			3,169,874			119,203,630
Shares redeemed:
Class A		(673,698	)		(27,563,715	)		(997,597	)		(37,345,726	)
Class B		(7,714	)		(264,154	)		(12,436	)		(418,617	)
Class B – automatic conversion of Class A Shares		(3,831	)		(132,288	)		(10,036	)		(328,456	)
Class C		(65,725	)		(2,295,806	)		(123,684	)		(4,173,300	)
Class R3		(68,750	)		(2,640,395	)		(117,251	)		(4,200,986	)
Class R6(1)		(96,637	)		(4,009,049	)		(74,264	)		(3,085,237	)
Class I		(990,099	)		(41,323,827	)		(3,587,032	)		(138,988,508	)
Class I – exchange to Class R6 Shares		—			—			(591,770	)		(22,173,634	)
		(1,906,454	)		(78,229,234	)		(5,514,070	)		(210,714,464	)
Net increase (decrease)		1,131,486		$	42,005,962			(2,344,196	)	$	(91,510,834	)

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

54 Nuveen Investments

	Mid Cap Growth Opportunities
	Six Months Ended 4/30/14						Year Ended 10/31/13
	Shares			Amount			Shares			Amount
Shares sold:
Class A		1,073,109		$	49,652,228			967,888		$	43,279,883
Class A – automatic conversion of Class B Shares		2,452			117,329			6,681			293,814
Class B – exchanges		416			15,180			56			2,000
Class C		87,339			3,528,364			93,837			3,753,518
Class R3		622,526			26,753,434			237,619			10,411,156
Class R6(1)		161,612			8,304,027			280,298			15,265,317
Class R6(1) – exchange of Class I Shares		—			—			214,584			10,001,758
Class I		1,314,445			67,907,810			1,771,048			85,820,243
Shares issued to shareholders due to reinvestment of distributions:
Class A		1,436,403			62,339,930			560,975			22,119,255
Class B		9,969			347,701			6,290			209,390
Class C		103,317			3,860,963			35,529			1,249,541
Class R3		208,302			8,725,765			76,412			2,933,461
Class R6(1)		81,352			3,939,057			—			—
Class I		2,040,943			98,720,400			858,554			36,969,351
		7,142,185			334,212,188			5,109,771			232,308,687
Shares redeemed:
Class A		(1,157,982	)		(53,764,398	)		(1,821,251	)		(81,706,324	)
Class B		(18,281	)		(698,276	)		(24,951	)		(932,323	)
Class B – automatic conversion of Class A Shares		(3,004	)		(117,329	)		(7,906	)		(293,814	)
Class C		(51,491	)		(2,087,863	)		(107,877	)		(4,259,516	)
Class R3		(206,936	)		(9,140,581	)		(304,025	)		(13,132,273	)
Class R6(1)		(61,605	)		(3,237,004	)		(32,595	)		(1,652,857	)
Class I		(1,839,301	)		(95,013,173	)		(4,719,486	)		(232,150,945	)
Class I – exchange to Class R6 Shares		—			—			(214,584	)		(10,001,758	)
		(3,338,600	)		(164,058,624	)		(7,232,675	)		(344,129,810	)
Net increase (decrease)		3,803,585		$	170,153,564			(2,122,904	)	$	(111,821,123	)
	Small Cap Growth Opportunities
	Six Months Ended 4/30/14						Year Ended 10/31/13
	Shares			Amount			Shares			Amount
Shares sold:
Class A		80,526		$	2,006,051			125,377		$	2,921,044
Class A – automatic conversion of Class B Shares		—			—			21,591			578,617
Class C		12,757			275,842			31,386			664,912
Class R3		10,734			257,272			31,619			702,677
Class I		211,521			5,780,123			378,613			10,015,868
Shares issued to shareholders due to reinvestment of distributions:
Class A		310,819			7,052,473			139,900			2,770,011
Class B(2)		—			—			3,379			56,611
Class C		23,622			461,582			7,502			132,547
Class R3		16,212			356,349			9,277			179,503
Class I		139,061			3,515,454			66,763			1,442,757
		805,252			19,705,146			815,407			19,464,547
Shares redeemed:
Class A		(153,645	)		(3,742,197	)		(438,406	)		(10,180,374	)
Class B(2)		—			—			(15,365	)		(305,023	)
Class B(2) – automatic conversion of Class A Shares		—			—			(25,623	)		(578,617	)
Class C		(13,777	)		(292,006	)		(22,982	)		(464,777	)
Class R3		(9,205	)		(215,974	)		(82,576	)		(1,806,471	)
Class I		(311,146	)		(8,499,448	)		(912,572	)		(23,218,971	)
		(487,773	)		(12,749,625	)		(1,497,524	)		(36,554,233	)
Net increase (decrease)		317,479		$	6,955,521			(682,117	)	$	(17,089,686	)

⁽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.

Nuveen Investments 55

Notes to Financial Statements (Unaudited)(continued)

5. Investment Transactions

Purchases and sales (excluding investments purchased with collateral from securities lending and short-term investments) during the six months ended April 30, 2014, were as follows:

	Large Cap Growth Opportunities		Mid Cap Growth Opportunities		Small Cap Growth Opportunities
Purchases	$	198,542,598	$	602,432,763	$	46,573,636
Sales		252,647,384		648,264,258		52,066,760

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 NAVs of the Funds.

As of April 30, 2014, 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	$	556,392,557		$	1,263,592,218		$	97,524,053
Gross unrealized:
Appreciation	$	164,172,220		$	239,269,273		$	17,406,350
Depreciation		(9,322,200	)		(24,901,102	)		(2,895,603	)
Net unrealized appreciation (depreciation) of investments	$	154,850,020		$	214,368,171		$	14,510,747

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’ last 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	)

The tax components of undistributed net ordinary income and net long-term capital gains as of October 31, 2013, the Funds’ last 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.

56 Nuveen Investments

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

	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		6,577,594		77,350,795		4,999,973

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

During the Funds’ last 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

Nuveen Investments 57

Notes to Financial Statements (Unaudited)(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 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 April 30, 2014, the complex-level fee rate for each Fund was as follows:

Fund	Complex-Level Fee Rate
Large Cap Growth Opportunities	.1953%
Mid Cap Growth Opportunities	.1927
Small Cap Growth Opportunities	.2000

The Adviser has contractually agreed to waive fees and/or reimburse 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 C Shares		Class R3 Shares		Class I Shares		Expiration Date
Small Cap Growth Opportunities	1.47%		2.22%		1.72%		1.22%		February 28, 2015

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 six months ended April 30, 2014, 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	$	35,893	$	87,105	$	12,046
Paid to financial intermediaries		31,511		77,042		10,562

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 six months ended April 30, 2014, 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	$	13,878	$	26,064	$	1,873

58 Nuveen Investments

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 six months ended April 30, 2014, 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	$	14,110	$	18,525	$	2,130

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 six months ended April 30, 2014, as follows:

	Large Cap Growth Opportunities		Mid Cap Growth Opportunities		Small Cap Growth Opportunities
CDSC retained	$	5,665	$	1,548	$	198

8. Subsequent Events

Effective at the close of business on June 23, 2014 Class B Shares of Large Cap Growth Opportunities and Mid Cap Growth Opportunities converted to Class A Shares and are no longer available through an exchange from other Nuveen mutual funds.

Nuveen Investments 59

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

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

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

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

60 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.

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.

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.

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.

Nuveen Investments 61

Annual Investment Management Agreement

Approval Process (Unaudited)

I. The Approval Process

The Board of Directors of each Fund (each, a “Board” and each Director, a “Board Member”), 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 overseeing the performance of the investment adviser and the sub-adviser to the respective Fund and determining whether to approve or continue such Fund’s advisory agreement (each, an “Original Investment Management Agreement”) between the Fund and Nuveen Fund Advisors, LLC (the “Adviser”) and sub-advisory agreement (each, an “Original Sub-Advisory Agreement” and, together with the Original Investment Management Agreement, the “Original Advisory Agreements”) between the Adviser and Nuveen Asset Management, LLC (the “Sub-Adviser”). Pursuant to the Investment Company Act of 1940, as amended (the “1940 Act”), each Board is required to consider the continuation of the respective Original Advisory Agreements on an annual basis. In addition, prior to its annual review, the Board Members were advised of the potential acquisition of Nuveen Investments, Inc. (“Nuveen”) by TIAA-CREF (the “Transaction”). For purposes of this section, references to “Nuveen” herein include all affiliates of Nuveen Investments, Inc. providing advisory, sub-advisory, distribution or other services to the Funds and references to the “Board” refer to the Board of each Fund. In accordance with the 1940 Act and the terms of the Original Advisory Agreements, the completion of the Transaction would terminate each of the Original Investment Management Agreements and the Original Sub-Advisory Agreements. Accordingly, at an in-person meeting held on April 30, 2014 (the “April Meeting”), the Board, including all of the Independent Board Members, performed its annual review of the Original Advisory Agreements and approved the continuation of the Original Advisory Agreements for the Funds. Furthermore, in anticipation of the termination of the Original Advisory Agreements that would occur upon the consummation of the Transaction, the Board also approved for each Fund a new advisory agreement (each, a “New Investment Management Agreement”) between the Fund and the Adviser and a new sub-advisory agreement (each, a “New Sub-Advisory Agreement” and, together with the New Investment Management Agreement, the “New Advisory Agreements”) between the Adviser and the Sub-Adviser, each on behalf of the respective Fund to be effective following the completion of the Transaction and the receipt of the requisite shareholder approval.

Leading up to the April Meeting, the Independent Board Members had several meetings and deliberations, with and without management from Nuveen present and with the advice of legal counsel, regarding the Original Advisory Agreements, the Transaction and its impact and the New Advisory Agreements. At its meeting held on February 25-27, 2014 (the “February Meeting”), the Board Members met with a senior executive representative of TIAA-CREF to discuss the proposed Transaction. At the February Meeting, the Independent Board Members also established an ad hoc committee comprised solely of the Independent Board Members to monitor and evaluate the Transaction and to keep the Independent Board Members updated with developments regarding the Transaction. On March 20, 2014, the ad hoc committee met telephonically to discuss with management of Nuveen, and separately with independent legal counsel, the terms of the proposed Transaction and its impact on, among other things: the governance structure of Nuveen; the strategic plans for Nuveen; the operations of the Nuveen funds (which include the Funds); the quality or level of services provided to the Nuveen funds; key personnel that service the Nuveen funds and/or the Board and the compensation or incentive arrangements to retain such personnel; Nuveen’s capital structure; the regulatory requirements applicable to Nuveen or fund operations; and the Nuveen funds’ fees and expenses, including the funds’ complex-wide fee arrangement. Following the meeting of the ad hoc committee, the Board met in person (two Independent Board Members participating telephonically) in an executive session on March 26, 2014 to further discuss the proposed Transaction. At the executive session, the Board met privately with independent legal counsel to review its duties with respect to reviewing advisory agreements, particularly in the context of a change of control, and to evaluate further the Transaction and its impact on the Nuveen funds, the Adviser and the Sub-Adviser (collectively, the “Fund Advisers” and each, a “Fund Adviser”) and the services provided. Representatives of Nuveen also met with the Board to update the Board Members on developments regarding the Transaction, to respond to questions and to discuss, among other things: the governance of the Fund Advisers following the Transaction; the background, culture (including with respect to regulatory and compliance matters) and resources of TIAA-CREF; the general plans and intentions of TIAA-CREF for Nuveen; the terms and conditions of the Transaction (including financing terms); any benefits or detriments the Transaction may impose on the Nuveen funds, TIAA-CREF or the Fund Advisers; the reaction from the Fund Advisers’ employees knowledgeable of the Transaction; the incentive and retention plans for key personnel of the Fund Advisers; the potential access to additional distribution platforms and economies of scale; and the impact of any additional regulatory schemes that may be applicable to the Nuveen funds given the banking and insurance businesses operated in the TIAA-CREF enterprise. As part of its review, the Board also held a separate meeting on April 15-16, 2014 to review the Nuveen funds’ investment performance and consider an analysis provided by the Adviser of each sub-adviser of the Nuveen funds (including the Sub-Adviser) and the Transaction and its implications to the Nuveen funds. During their review of the materials and discussions, the Independent Board Members presented the Adviser with questions and the Adviser responded. Further, the Independent Board Members met in an executive session with independent legal counsel on April 29, 2014 and April 30, 2014.

In connection with their review of the Original Advisory Agreements and the New Advisory Agreements, the Independent Board Members received extensive information regarding the Funds and the Fund Advisers including, among other things: the nature, extent and quality of services provided by

62 Nuveen Investments

each Fund Adviser; the organization and operations of any Fund Adviser; the expertise and background of relevant personnel of each Fund Adviser; a review of each Fund’s performance (including performance comparisons against the performance of 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 fund initiatives and shareholder communications; and an analysis of the Adviser’s profitability with comparisons to peers in the managed fund business. In light of the proposed Transaction, the Independent Board Members, through their independent legal counsel, also requested in writing and received additional information regarding the proposed Transaction and its impact on the provision of services by the Fund Advisers.

The Independent Board Members received, well in advance of the April Meeting, materials which responded to the request for information regarding the Transaction and its impact on Nuveen and the Nuveen funds including, among other things: the structure and terms of the Transaction; the impact of the Transaction on Nuveen, its operations and the nature, quality and level of services provided to the Nuveen funds, including, in particular, any changes to those services that the Nuveen funds may experience following the Transaction; the strategic plan for Nuveen, including any financing arrangements following the Transaction and any cost-cutting efforts that may impact services; the organizational structure of TIAA-CREF, including the governance structure of Nuveen following the Transaction; any anticipated effect on each Nuveen fund’s expense ratios (including changes to advisory and sub-advisory fees) and economies of scale that may be expected; any benefits or conflicts of interest that TIAA-CREF, Nuveen or their affiliates can expect from the Transaction; any benefits or undue burdens or other negative implications that may be imposed on the Nuveen funds as a result of the Transaction; the impact on Nuveen or the Nuveen funds as a result of being subject to additional regulatory schemes that TIAA-CREF must comply with in operating its various businesses; and the costs associated with obtaining necessary shareholder approvals and the bearer of such costs. The Independent Board Members also received a memorandum describing the applicable laws, regulations and duties in approving advisory contracts, including in conjunction with a change of control, from their independent legal counsel.

The materials and information prepared in connection with the review of the Original Advisory Agreements and New Advisory Agreements supplemented 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 reviewed the performance and various services provided by the Adviser and Sub-Adviser. The Board met at least quarterly as well as at other times as the need arose. At its quarterly meetings, the Board reviewed reports by the Adviser regarding, among other things, fund performance, fund expenses, premium and discount levels of closed-end funds, the performance of the investment teams and compliance, regulatory and risk management matters. In addition to regular reports, the Adviser provided 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 distribution channels, oversight of omnibus accounts and leverage management topics), 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 met with key investment personnel managing certain Nuveen fund portfolios during the year.

In addition, the Board has created several standing committees (the Executive Committee; the Dividend Committee; the Audit Committee; the Compliance, Risk Management and Regulatory Oversight Committee; the Nominating and Governance Committee; the Open-End Funds Committee; and the Closed-End Funds Committee). The Open-End Funds Committee and Closed-End Funds Committee are intended to assist the full Board in monitoring and gaining a deeper insight into the distinctive business practices of closed-end and open-end funds. These two Committees have met prior to each quarterly Board meeting, and the Adviser provided presentations to these Committees permitting them to delve further into specific matters or initiatives impacting the respective product line.

Further, the Board continued its program of seeking to have the Board Members or a subset thereof visit each sub-adviser to the Nuveen funds and meet key investment and business personnel at least once over a multiple year rotation. In this regard, the Independent Board Members made site visits to certain equity and fixed income teams of the Sub-Adviser in September 2013 and met with the Sub-Adviser’s municipal team at the August and November 2013 quarterly meetings.

The Board considered the information provided and knowledge gained at these meetings and visits during the year when performing its annual review of the Original Advisory Agreements and its review of the New Advisory Agreements. The Independent Board Members also were assisted throughout the process by independent legal counsel. 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 funds are the result of many years of review and discussion between the Independent Board Members and Nuveen 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 things: (a) the nature, extent and quality of the services provided by the Fund Advisers, (b) the investment performance of the Fund and the Fund Advisers, (c) the advisory fees and costs of the

Nuveen Investments 63

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

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. With respect to the New Advisory Agreements, the Board also considered the Transaction and its impact on the foregoing 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 Original Advisory Agreements and New 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

1. The Original Advisory Agreements

In considering renewal of each Original Advisory Agreement, the Independent Board Members considered the nature, extent and quality of the respective Fund Adviser’s services, including portfolio management 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: each Fund Adviser’s organization and business; the types of services that each Fund Adviser or its affiliates provide to each Fund; the performance record of each Fund (as described in further detail below); and any initiatives Nuveen had taken for the open-end fund product line.

In considering the services provided by the Fund Advisers, the Board recognized that the Adviser provides a myriad of investment management, administrative, compliance, oversight and other services for the Funds, and the Sub-Adviser generally provides the portfolio advisory services to the Funds under the oversight of the Adviser. The Board considered the wide range of services provided by the Adviser to the Nuveen funds beginning with developing the fund and monitoring and analyzing its performance to providing or overseeing the services necessary to support a fund’s daily operations. The Board recognized the Adviser, among other things, provides: (a) product management (such as analyzing ways to better position a fund in the marketplace, maintaining relationships to gain access to distribution platforms and setting dividends); (b) fund administration (such as preparing a fund’s tax returns, regulatory filings and shareholder communications; managing fund budgets and expenses; overseeing a fund’s various service providers; and supporting and analyzing new and existing funds); (c) Board administration (such as supporting the Board and its committees, in relevant part, by organizing and administering the Board and committee meetings and preparing the necessary reports to assist the Board in its duties); (d) compliance (such as monitoring adherence to a fund’s investment policies and procedures and applicable law; reviewing the compliance program periodically and developing new policies or updating existing compliance policies and procedures as considered necessary or appropriate; responding to regulatory requests; and overseeing compliance testing of sub-advisers); (e) legal support (such as preparing or reviewing fund registration statements, proxy statements and other necessary materials; interpreting regulatory requirements and compliance thereof; and maintaining applicable registrations); and (f) investment services (such as overseeing and reviewing sub-advisers and their investment teams; analyzing performance of the funds; overseeing investment and risk management; overseeing the daily valuation process for portfolio securities and developing and recommending valuation policies and methodologies and changes thereto; and participating in fund development, leverage management and the development of investment policies and parameters).

In its review, the Board also considered the new services, initiatives or other changes adopted since the last advisory contract review that were designed to enhance the services and support the Adviser provides to the Nuveen funds. The Board recognized that some initiatives are a multi-year process. In reviewing the activities of 2013, the Board recognized that the year reflected the Adviser’s continued focus on fund rationalization for both closed-end and open-end funds, consolidating certain funds through mergers that were designed to improve efficiencies and economies of scale for shareholders, repositioning various funds through updates in their investment policies and guidelines with the expectation of bringing greater value to shareholders, and liquidating certain funds. As in the past, the Board recognized the Adviser’s significant investment in its technology initiatives, including the continued progress toward a central repository for fund and other Nuveen product data and implementing a data system to support the risk oversight group enabling it to provide more detailed risk analysis for the Nuveen funds. The Board noted the new data system has permitted more in-depth analysis of the investment risks of the Funds and across the complex providing additional feedback and insights to the investment teams and more comprehensive risk reporting to the Board. The Adviser also conducted several workshops for the Board regarding the new data system, including explaining the risk measures being applied and their purpose. The Board also recognized the enhancements in the valuation group within the Adviser, including centralizing the fund pricing process within the valuation group, trending to more automated and expedient reviews and continuing to expand its valuation team. The Board further considered the expansion of personnel in the compliance department enhancing the collective expertise of the group, investments in additional compliance systems and the updates of various compliance policies.

In addition to the foregoing actions, the Board also considered other initiatives related to the open-end funds, including, among other things: the continued focus on enhancing the product line through the development of new funds, including the development of alternative strategies

64 Nuveen Investments

reflecting trends in the industry; the enhanced support provided to the Board by providing comprehensive in-depth presentations to the Open-End Funds Committee; and the development of a new class of shares for certain funds.

As noted, the Adviser also oversees the Sub-Adviser who provides the portfolio advisory services to the Funds. In reviewing the portfolio advisory services provided to each Fund, the Nuveen Investment Services Oversight Team of the Adviser analyzes the performance of the Sub-Adviser and may recommend changes to the investment team or investment strategies as appropriate. In assisting the Board’s review of the Sub-Adviser, the Adviser provides a report 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 each Fund, developments affecting the Sub-Adviser or the Funds and their performance. In their review of the Sub-Adviser, the Independent Board Members considered, among other things, the experience and qualifications of the relevant investment personnel, their investment philosophy and strategies, the Sub-Adviser’s organization and stability, its capabilities and any initiatives taken or planned to enhance its current capabilities or support potential growth of business and, as outlined in further detail below, the performance of the Funds. 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 while not providing an inappropriate incentive to take undue risks.

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 Nuveen funds’ compliance policies and procedures; the resources dedicated to compliance; the record of compliance with the policies and procedures; and Nuveen’s supervision of the Funds’ service providers. The Board recognized Nuveen’s commitment to compliance and strong commitment to a culture of compliance. Given the Adviser’s emphasis on monitoring investment risk, the Board has also appointed two Independent Board Members as point persons to review and keep the Board apprised of developments in this area and work with applicable Fund Adviser personnel.

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

2. The New Advisory Agreements

In evaluating the nature, quality and extent of the services expected to be provided by the Fund Advisers under the New Investment Management Agreements and the New Sub-Advisory Agreements, the Board Members concluded that no diminution in the nature, quality and extent of services provided to each Fund and its shareholders by the respective Fund Advisers is expected as a result of the Transaction. In making their determination, the Independent Board Members considered, among other things: the expected impact, if any, of the Transaction on the operations, facilities, organization and personnel of each Fund Adviser; the ability of each Fund Adviser to perform its duties after the Transaction, including any changes to the level or quality of services provided to the Funds; the potential implications of any additional regulatory requirements imposed on the Fund Advisers or the Nuveen funds following the Transaction; and any anticipated changes to the investment and other practices of the Nuveen funds.

The Board noted that the terms of each New Investment Management Agreement, including the fees payable thereunder, are substantially identical to those of the Original Investment Management Agreement relating to the same Fund. Similarly, the terms of each New Sub-Advisory Agreement, including fees payable thereunder, are substantially identical to those of the Original Sub-Advisory Agreement relating to the same Fund. The Board considered that the services to be provided and the standard of care under the New Investment Management Agreements and the New Sub-Advisory Agreements are the same as the corresponding original agreements. The Board Members noted the Transaction also does not alter the allocation of responsibilities between the Adviser and the Sub-Adviser. The Sub-Adviser will continue to furnish an investment program, make investment decisions and place all orders for the purchase and sale of securities, all on behalf of each Fund and subject to oversight of the Board and the Adviser. The Board noted that TIAA-CREF did not anticipate any material changes to the advisory, sub-advisory or other services provided to the Nuveen funds as a result of the Transaction. The Independent Board Members recognized that there were not any planned “cost cutting” measures that could be expected to reduce the nature, extent or quality of services. The Independent Board Members further noted that there were currently no plans for material changes to senior personnel at Nuveen or key personnel who provide services to the Nuveen funds and the Board following the Transaction. The key personnel who have responsibility for the Nuveen funds in each area, including portfolio management, investment oversight, fund management, fund operations, product management, legal/compliance and board support functions, are expected to be the same following the Transaction, although such personnel may have additional reporting requirements to TIAA-CREF. The Board also considered the anticipated incentive plans designed to retain such key personnel. Notwithstanding the foregoing, the Board Members recognized that personnel changes may occur in the future as a result of normal business developments or personal career decisions.

The Board Members also considered Nuveen’s proposed governance structure following the Transaction and noted that Nuveen was expected to remain a stand-alone business within the TIAA-CREF enterprise and operate relatively autonomously from the other TIAA-CREF businesses, but

Nuveen Investments 65

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

would receive the general support and oversight from certain TIAA-CREF functional groups (such as legal, finance, internal audit, compliance, and risk management groups). The Board recognized, however, that Nuveen may be subject to additional reporting requirements as it keeps TIAA-CREF abreast of developments affecting the Nuveen business, may be required to modify certain of its reports, policies and procedures as necessary to conform to the practices followed in the TIAA-CREF enterprise and may need to collaborate with TIAA-CREF with respect to strategic planning for its business.

In considering the implications of the Transaction, the Board Members also recognized the reputation and size of TIAA-CREF and the benefits that the Transaction may bring to the Nuveen funds and Nuveen. In this regard, the Board recognized, among other things, that the increased resources and support that may be available to Nuveen from TIAA-CREF and the improved capital structure of Nuveen Investments, Inc. (the parent of the Adviser) that would result from the significant reduction in its debt level may reinforce and enhance Nuveen’s ability to provide quality services to the Nuveen funds and to invest further into its infrastructure.

Further, with the consummation of the Transaction, the Board recognized the enhanced distribution capabilities for the Nuveen funds as the funds may gain access to TIAA-CREF’s distribution network, particularly through TIAA-CREF’s retirement platform and institutional client base. The Board also considered that investors in TIAA-CREF’s retirement platform may choose to roll their investments as they exit their retirement plans into the Nuveen funds. The Independent Board Members recognized the potential cost savings to the benefit of all shareholders of the Nuveen funds from reduced expenses as assets in the Nuveen fund complex rise pursuant to the complex-wide fee arrangement described in further detail below.

Based on their review, the Independent Board Members found that the expected nature, extent and quality of services to be provided to each Fund under its New Advisory Agreements were satisfactory and supported approval of the New Advisory Agreements.

B. The Investment Performance of the Funds and Fund Advisers

1. The Original Advisory Agreements

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 each Fund’s performance and the applicable investment team. In considering each 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, 2013, as well as performance information reflecting the first quarter of 2014. This information supplemented the Nuveen 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 performance data reflects a snapshot in time, in this case as of the end of the most recent calendar year or quarter. A different performance period, however, could generate significantly different results.

• 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 investment experience of a particular shareholder in a fund will vary depending on when such shareholder invests in such fund, the class held (if multiple classes offered in the fund) and the performance of the fund (or respective class) during that shareholder’s investment period.

• 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 differences in performance among classes could be principally attributed to the variations in distribution and servicing expenses of each class.

• 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 the Performance Peer Groups of the Nuveen funds from highly relevant to less relevant. For funds classified with less relevant Performance Peer Groups, the Board considered a fund’s performance compared to its benchmark to help assess the fund’s comparative performance. A fund was generally considered to have performed comparably to its benchmark if the fund’s performance was within certain thresholds compared to the performance of its benchmark and was considered to have outperformed or underperformed its

66 Nuveen Investments

benchmark if the fund’s performance was beyond these thresholds for the one- and three-year periods, subject to certain exceptions.ⁱ 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 fund with its peers and/or benchmarks result in differences in performance results.

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. The Board is aware, however, that shareholders chose to invest or remain invested in a fund knowing that the Adviser manages the fund and knowing the fund’s fee structure.

In considering the performance data, the Independent Board Members noted that the Nuveen Mid Cap Growth Opportunities Fund (“Mid Cap Growth Opportunities Fund”) had demonstrated generally favorable performance in comparison to its peers, performing in the first or second quartile over various periods, and that the Nuveen Large Cap Growth Opportunities Fund (“Large Cap Growth Opportunities Fund”) had demonstrated satisfactory performance compared to its peers, performing in the second or third quartile over various periods. In addition, the Board noted that the Nuveen Small Cap Growth Opportunities Fund (“Small Cap Growth Opportunities Fund”) had also demonstrated satisfactory performance. In this regard, although the Fund performed in the fourth quartile in the three-year period, it was in the third quartile in the one-year period and the second quartile in the five-year period.

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

2. The New Advisory Agreements

With respect to the performance of each Fund, the Board considered that the portfolio investment personnel responsible for the management of the respective Fund portfolios were expected to continue to manage such portfolios following the completion of the Transaction and the investment strategies of the Funds were not expected to change as a result of the Transaction. Accordingly, the findings regarding performance outlined above for the Original Advisory Agreements are applicable to the review of the New Advisory Agreements.

C. Fees, Expenses and Profitability

1. Fees and Expenses

The Board evaluated the management fees and expenses of each Fund, reviewing, among other things, such Fund’s gross management fees, net management fees and net expense ratios in absolute terms as well as compared to the 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 average based on the net total expense ratio. The Independent Board Members observed that the Funds had net management fees that were slightly higher or higher than the respective peer averages, but net expense ratios (including fee waivers and expense reimbursements) that were below or in line with the 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 (as applicable) 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, either affiliated or non-affiliated, 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

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

reflects the administrative and other services it provides to support the Nuveen fund (as described above) and, while some administrative services may occur at the sub-adviser level, the fee to the sub-adviser generally reflects the portfolio management services provided by the sub-adviser. The Independent Board Members considered the fees a Fund Adviser assesses to the Funds compared to that of other clients. With respect to non-municipal funds, such other clients of a Fund Adviser may include: separately managed accounts (both retail and institutional accounts), foreign investment funds offered by Nuveen, collective trust funds and funds that are not offered by Nuveen but are sub-advised by one of Nuveen’s investment management teams.

The Independent Board Members reviewed the nature of services provided by the Adviser, including through its affiliated sub-advisers and the average fee the affiliated sub-advisers assessed such clients as well as the range of fees assessed to the different types of separately managed accounts (such as retail, institutional or wrap accounts) to the extent applicable to the respective sub-adviser. In their review, 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. In evaluating the comparisons of fees, the Independent Board Members noted that the fee rates charged to the Nuveen 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. The Independent Board Members noted that, as a general matter, higher fee levels reflect higher levels of service, increased investment management complexity, greater product management requirements and higher levels of risk or a combination of the foregoing. The Independent Board Members further noted, in particular, that the range of services provided to the Funds (as discussed above) is generally 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 also recognized 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, an analysis of the key drivers behind the changes in revenues and expenses that impacted profitability in 2013 and Nuveen’s consolidated financial statements for 2013. 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 two Independent Board Members served as point persons to review the profitability analysis and methodologies employed, and any changes thereto, and to keep the Board apprised of such changes. The Independent Board Members also considered Nuveen’s revenues for advisory activities, expenses and profit margin compared to that of various unaffiliated management firms.

In reviewing profitability, the Independent Board Members noted the Adviser’s continued investment in its business with expenditures to, among other things, upgrade its investment technology and compliance systems and provide for additional personnel and other resources. The Independent Board Members recognized the Adviser’s continued commitment to its business should enhance the Adviser’s capacity and capabilities in providing the services necessary to meet the needs of the Nuveen funds as they grow or change over time. In addition, in evaluating profitability, the Independent Board Members also noted 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, an adviser’s particular business mix, capital costs, size, types of funds managed and expense allocations. Notwithstanding the foregoing, the Independent Board Members noted the Adviser’s adjusted operating margin appears to be reasonable in relation to other investment advisers and sufficient to operate as a viable investment management firm meeting its obligations to the Nuveen funds. 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 such sub-advisers’ revenues, expenses and profitability margins (pre- and post-tax) for their 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.

68 Nuveen Investments

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 a Nuveen fund. See Section E below for additional information on indirect benefits the Fund Advisers may receive as a result of its relationship with a Nuveen fund. 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 Funds were reasonable.

4. The New Advisory Agreements

As noted above, the terms of the New Advisory Agreements are substantially identical to their corresponding Original Advisory Agreements. The fee schedule, including the breakpoint schedule and complex-wide fee schedule, in each New Advisory Agreement is identical to that under the corresponding Original Advisory Agreement. The Board Members also noted that Nuveen has committed for a period of two years from the date of closing the Transaction (i) not to increase contractual management fee rates for any Nuveen fund and (ii) not to raise expense cap levels for any Nuveen fund from levels currently in effect or scheduled to go into effect prior to the Transaction. This commitment shall not limit or otherwise affect mergers or liquidations of any funds in the ordinary course. Based on the information provided, the Board Members did not believe that the overall expenses would increase as a result of the Transaction. In addition, the Board Members recognized that the Nuveen funds may gain access to the retirement platform and institutional client base of TIAA-CREF, and the investors in the retirement platforms may roll their investments into one or more Nuveen funds as they exit their retirement plans. The enhanced distribution access may result in additional sales of the Nuveen funds resulting in an increase in total assets under management in the complex and a corresponding decrease in overall management fees if additional breakpoints at the fund-level or complex-wide level are met. Based on its review, the Board determined that the management fees and expenses under each New Advisory Agreement were reasonable.

Further, other than from a potential reduction in the debt level of Nuveen Investments, Inc., the Board recognized that it is difficult to predict with any degree of certainty the impact of the Transaction on Nuveen’s profitability. Given the fee schedule was not expected to change under the New Advisory Agreements, however, the Independent Board Members concluded that each Fund Adviser’s level of profitability for its advisory activities under the respective New Advisory Agreements would continue to be reasonable in light of the services provided.

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

1. The Original Advisory Agreements

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 Nuveen funds’ complex-wide fee arrangement. Pursuant to the complex-wide fee arrangement, the fees of the funds in the Nuveen complex are 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.

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

2. The New Advisory Agreements

As noted, the Independent Board Members recognized that the fund-level and complex-wide schedules will not change under the New Advisory Agreements. Assets in the funds advised by TIAA-CREF or its current affiliates will not be included in the complex-wide fee calculation. Nevertheless, the Nuveen funds may have access to TIAA-CREF’s retirement platform and institutional client base. The access to this distribution network may enhance the distribution of the Nuveen funds which, in turn, may lead to reductions in management and sub-advisory fees if the Nuveen funds reach additional fund-level and complex-wide breakpoint levels. Based on their review, including the considerations in the annual review of the Original Advisory Agreements, the Independent Board Members determined that the fund-level breakpoint schedules and complex-wide fee schedule continue to be appropriate and desirable in ensuring that shareholders participate in the benefits derived from economies of scale under the New Advisory Agreements.

Nuveen Investments 69

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

E. Indirect Benefits

1. The Original Advisory Agreements

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 include 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 a Fund Adviser in managing the assets of the fund and other clients. Each Fund’s portfolio transactions are allocated 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 applicable Fund’s portfolio transactions. 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. Similarly, the Board recognized that the research received pursuant to soft dollar arrangements by the Sub-Adviser may also benefit the Funds and their shareholders to the extent the research enhances the ability of the Sub-Adviser to manage the Funds. 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.

2. The New Advisory Agreements

The Independent Board Members noted that, as the applicable policies and operations of the Fund Advisers with respect to the Nuveen funds were not anticipated to change significantly after the Transaction, such indirect benefits should remain after the Transaction. The Independent Board Members further noted the benefits the Transaction would provide to TIAA-CREF and Nuveen, including a larger-scale fund complex, certain shared services (noted above) and a broader range of investment capabilities, distribution capabilities and product line. Further, the Independent Board Members noted that Nuveen Investments, Inc. (the parent of the Adviser) would benefit from an improved capital structure through a reduction in its debt level.

F. Other Considerations for the New Advisory Agreements

In addition to the factors above, the Board Members also considered the following with respect to the Nuveen funds:

• Nuveen would rely on the provisions of Section 15(f) of the 1940 Act. In this regard, to help ensure that an unfair burden is not imposed on the Nuveen funds, Nuveen has committed for a period of two years from the date of the closing of the Transaction (i) not to increase contractual management fee rates for any fund and (ii) not to raise expense cap levels for any fund from levels currently in effect or scheduled to go into effect prior to the Transaction. This commitment shall not limit or otherwise affect mergers or liquidations of any funds in the ordinary course.

• The Nuveen funds would not incur any costs in seeking the necessary shareholder approvals for the New Investment Management Agreements or the New Sub-Advisory Agreements (except for any costs attributed to seeking shareholder approvals of fund specific matters unrelated to the Transaction, such as election of Board Members or changes to investment policies, in which case a portion of such costs will be borne by the applicable funds).

• The reputation, financial strength and resources of TIAA-CREF.

• The long-term investment philosophy of TIAA-CREF and anticipated plans to grow Nuveen’s business to the benefit of the Nuveen funds.

• The benefits to the Nuveen funds as a result of the Transaction including: (i) increased resources and support available to Nuveen as well as an improved capital structure that may reinforce and enhance the quality and level of services it provides to the funds; (ii) potential additional distribution capabilities for the funds to access new markets and customer segments through TIAA-CREF’s distribution network, including, in particular, its retirement platforms and institutional client base; and (iii) access to TIAA-CREF’s expertise and investment capabilities in additional asset classes.

G. 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 Original Advisory Agreement and New 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 Original Advisory Agreements be renewed and the New Advisory Agreements be approved.

70 Nuveen Investments

II. Approval of Interim Advisory Agreements

At the April Meeting, the Board Members, including the Independent Board Members, unanimously approved for each Fund an interim advisory agreement (the “Interim Investment Management Agreement”) between the respective Fund and the Adviser and an interim sub-advisory agreement (the “Interim Sub-Advisory Agreement”) between the Adviser and the Sub-Adviser. If necessary to assure continuity of advisory services, each respective Interim Investment Management Agreement and Interim Sub-Advisory Agreement will take effect upon the closing of the Transaction if shareholders have not yet approved the corresponding New Investment Management Agreement or New Sub-Advisory Agreement. The terms of each Interim Investment Management Agreement and Interim Sub-Advisory Agreement are substantially identical to those of the corresponding Original Investment Management Agreement and New Investment Management Agreement and the corresponding Original Sub-Advisory Agreement and New Sub-Advisory Agreement, respectively, except for certain term and fee escrow provisions. In light of the foregoing, the Board Members, including the Independent Board Members, unanimously determined that the scope and quality of services to be provided to the Funds under the respective Interim Investment Management Agreements and Interim Sub-Advisory Agreements are at least equivalent to the scope and quality of services provided under the applicable Original Investment Management Agreements and Original Sub-Advisory Agreements.

i The Board recognized that the Adviser considered a fund to have outperformed or underperformed its benchmark if the fund’s performance was higher or lower than the performance of the benchmark by the following thresholds: for open-end funds (+/- 100 basis points for equity funds excluding index funds; +/- 30 basis points for tax exempt fixed income funds; +/- 40 basis points for taxable fixed income funds) and for closed-end funds (assuming 30% leverage) (+/- 130 basis points for equity funds excluding index funds; +/- 39 basis points for tax exempt funds and +/- 52 basis points for taxable fixed income funds).

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 $225 billion as of March 31, 2014.
		Find out how we can help you. To learn more about how the products and services of Nuveen Investments may be able to help you meet your financial goals, talk to your financial advisor, or call us at (800) 257-8787. Please read the information provided carefully before you invest. Investors should consider the investment objective and policies, risk considerations, charges and expenses of any investment carefully. Where applicable, be sure to obtain a prospectus, which contains this and other relevant information. To obtain a prospectus, please contact your securities representative or Nuveen Investments, 333 W. Wacker Dr., Chicago, IL 60606. Please read the prospectus carefully before you invest or send money. Learn more about Nuveen Funds at: www.nuveen.com/mf
Distributed by Nuveen Securities, LLC | 333 West Wacker Drive Chicago, IL 60606 | www.nuveen.com

MSA-FCGO-0414P

Mutual Funds

Nuveen Equity Funds

Semi-Annual Report  April 30, 2014

	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

NUVEEN INVESTMENTS TO BE ACQUIRED BY TIAA-CREF
On April 14, 2014, TIAA-CREF announced that it had entered into an agreement to acquire Nuveen Investments, the parent company of your fund’s investment adviser, Nuveen Fund Advisors, LLC (“NFAL”) and the Nuveen affiliates that act as sub-advisers to the majority of the Nuveen Funds. TIAA-CREF is a national financial services organization with approximately $569 billion in assets under management (as of March 31, 2014) and is a leading provider of retirement services in the academic, research, medical and cultural fields. Nuveen anticipates that it will operate as a separate subsidiary within TIAA-CREF’s asset management business, and that its current leadership and key investment teams will stay in place. Your fund investment will not change as a result of Nuveen’s change of ownership. You will still own the same fund shares and the underlying value of those shares will not change as a result of the transaction. NFAL and your fund’s sub-adviser(s) will continue to manage your fund according to the same objectives and policies as before, and we do not anticipate any significant changes to your fund’s operations. Under the securities laws, the consummation of the transaction will result in the automatic termination of the investment management agreements between the funds and NFAL and the investment sub-advisory agreements between NFAL and each fund’s sub-adviser(s). New agreements will be presented to the funds’ shareholders for approval, and, if approved, will take effect upon consummation of the transaction or such later time as shareholder approval is obtained. The transaction, expected to be completed by year end, is subject to customary closing conditions.
	Must be preceded by or accompanied by a prospectus. NOT FDIC INSURED MAY LOSE VALUE NO BANK GUARANTEE

Table

of Contents

Chairman’s Letter to Shareholders	4
Portfolio Managers’ Comments	5
Risk Considerations	10
Fund Performance and Expense Ratios	11
Holding Summaries	14
Expense Examples	16
Portfolios of Investments	17
Statement of Assets and Liabilities	27
Statement of Operations	28
Statement of Changes in Net Assets	29
Financial Highlights	30
Notes to Financial Statements	34
Additional Fund Information	45
Glossary of Terms Used in this Report	46
Annual Investment Management Agreement Approval Process	47

Nuveen Investments 3

Chairman’s Letter

to Shareholders

Dear Shareholders,

After significant growth in 2013, domestic and international equity markets have been less compelling during the first part of 2014. Concerns about deflation, political uncertainty in many places and the potential for more fragile economies to impact other countries have produced uncertainty in the markets.

Europe is beginning to emerge slowly from recession in mid-2013, with improved GDP and employment trends in some countries. However, Japan’s deflationary headwinds have resurfaced; and China shows signs of slowing from credit distress combined with declines in manufacturing and exports. Most recently, tensions between Russia and Ukraine may continue to hold back stocks and support government bonds in the near term.

Despite these headwinds, there are some encouraging signs of forward momentum in the markets. In the U.S., the news is more positive with financial risks slowly receding, positive GDP trends, downward trending unemployment and stronger household finances and corporate spending.

It is in such changeable markets that professional investment management is most important. Investment teams who have experienced challenging markets in the past understand how their asset class can behave in rapidly changing times. Remaining committed to their investment disciplines during these times is a critical component to achieving long-term success. In fact, many strong investment track records are established during challenging periods because experienced investment teams understand that volatile markets place a premium on companies and investment ideas that can weather the short-term volatility. By maintaining appropriate time horizons, diversification and relying on practiced investment teams, we believe that investors can achieve their long-term investment objectives.

As always, I encourage you to communicate with your financial consultant if you have any questions about your investment in a Nuveen Fund. On behalf of the other members of 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

June 23, 2014

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 Inc.

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.

Mark Traster, CFA, and Gregory Ryan, CFA, are the portfolio managers for the Nuveen Small Cap Select Fund. Mark assumed portfolio manager responsibilities in 2008 and Gregory joined the portfolio management team for the Fund in 2013.

On the following pages, the portfolio management teams for the Funds examine key investment strategies and the Funds’ performance for the six-month reporting period ended April 30, 2014.

Nuveen Large Cap Select Fund

How did the Fund perform during the six-month reporting period ended April 30, 2014?

The tables in the Fund Performance and Expense Ratios section of this report provide Class A Share total returns for the Fund for the six-month, one-year, five-year and ten-year periods ended April 30, 2014. The Fund’s Class A Shares at net asset value (NAV) underperformed the S&P 500^® Index and the Lipper classification average during the six-month reporting period.

What strategies were used to manage the Fund during the six-month 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 this six-month reporting period, 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.

The Fund’s underperformance of its benchmarks was primarily driven by stock selection in three sectors: consumer discretionary, health care and financials. As severe winter weather across much of the nation weighed on U.S. growth, the Fund’s overall cyclical tilt also hindered results during the six-month reporting period. In particular, a fairly significant overweight in consumer discretionary stocks detracted from the Fund’s total return as the sector was the second worst performing area within the S&P 500^® Index. However, we deemed the weather-related setback affecting this sector as temporary and maintained the Fund’s overweight. The three greatest individual laggards from the discretionary area included office supplies chain Staples Inc., electronics retailer Best Buy Co. Inc. and American mass media company Liberty Media Corporation. Staples was negatively impacted by poor sales, which were partly due to the cold weather combined with a slower-than-expected merger between two of its industry peers. Although we continued to believe the office supply industry would restructure and employment figures would improve, we sold Staples during the

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)

reporting period as we saw increased competition from other retailers who continued to build out their office supply offerings. In the case of Best Buy, its shares fell significantly in mid-January 2014 after tripling in value during 2013. The company reported a decline in holiday sales, which caused investors to call its CEO’s turnaround strategy into question. However, we continued to hold Best Buy because of our belief that the turnaround is on track and will gain momentum going forward. The third company, Liberty Media, experienced its stock price decline throughout the six-month reporting period after one of its larger holdings (Sirius XM Radio) issued forward-looking guidance for self-pay net subscriber additions in 2014 that was below the level achieved in 2013 and well below analysts’ expectations. We are also maintaining the Fund’s position in Liberty Media because we continue to believe its Sirius XM and Charter Communications holdings are attractive underlying assets.

Within the health care sector, stock selection was weak in the biotechnology and insurance industries. In biotechnology, we purchased a position in Isis Pharmaceuticals, Inc. during the six-month reporting period, which subsequently underperformed. Although Isis Pharmaceuticals announced promising interim data on a dosing study for muscle atrophy, its shares fell as the entire high momentum biotechnology segment came under significant selling pressure in the second half of the reporting period. The Fund’s position in global health insurer Cigna Corporation also detracted after the company reported fourth quarter earnings per share that were below estimates due to widespread weakness across most of its divisions, while introducing 2014 guidance that fell short of street expectations. We sold out of both Isis Pharmaceuticals and Cigna during the reporting period. In addition, the Fund was hindered by an underweight position in the managed care industry, which performed well as enrollment increased for the Affordable Care Act.

The financial sector was also a detractor for the Fund during the reporting period as interest rates declined, banking was slow and the investment banking environment remained challenging. The Fund was negatively impacted by its lack of exposure to the real estate investment trust (REIT) industry, which is more defensive and benefited from the drop in long-term rates during the reporting period. At the same time, our holdings in major diversifieds, banks and insurance companies generally underperformed. For the most part, we maintained the Fund’s financial positions as we expect economic numbers to bounce back and interest rates to move higher, which should benefit these companies.

A final negative contributor was the Fund’s significant underweight position in Exxon Mobil Corp., one of the largest weights in the S&P 500^® Index and also one of the most defensive names in the energy sector. Exxon Mobil performed very well during the reporting period driven by the company’s desire to lower capital expenditures and increase its oil and gas production. We continued to favor energy companies that have demonstrated production growth in the Fund.

On the positive side, an overweight position and several individual holdings in the industrials sector aided results. The Fund was rewarded for its ownership in Delta Air Lines, Inc. as domestic airlines continued to benefit from the ongoing consolidation that has taken place over the past few years, which has led to a more rational financial and economic model for the industry. With fewer players, less excess capacity and better revenue management, the profitability of the entire industry has improved. Delta is paying down debt and producing returns in excess of its cost of capital while its valuation is still quite reasonable. As further testament to the company’s strength, Delta’s shares were able to advance significantly despite the more than 17,000 flight cancellations in the industry due to poor winter weather conditions. Another outperformer in industrials was Pitney Bowes Inc., a developer of software, hardware and services to help companies grow their businesses by more effectively managing their physical and digital communications. Pitney Bowes continued to report favorable quarterly results, driven by strength in its digital commerce division as well as good execution by its new management team in terms of the divestiture of non-core businesses and cost reductions.

Although health care detracted from performance overall, one of the Fund’s strongest performing stocks during the reporting period was also from that sector. Shares of Allergan, Inc. which focuses on ophthalmic and other specialty drugs, advanced sharply after Canadian firm Valeant Pharmaceuticals and Pershing Square Capital Management publically proposed a merger with the firm. Allergan has resisted the merger and the outcome is uncertain.

Several positions within the technology sector also aided the Fund’s results during the reporting period. Western Digital Corporation, a manufacturer of hard disk drives, benefited from a consolidated industry which is allowing for more disciplined pricing.

6 Nuveen Investments

Shares of 3D design software company Autodesk Inc. advanced as the construction and manufacturing industries in North America and Europe showed improvement. Autodesk is also in the process of converting its user base to an annual subscription model, which should help drive recurring revenues as a larger portion of total revenues. In addition, the Fund benefited from a position in Hewlett-Packard Co., a designer and manufacturer of personal computers, printers and storage devices. The company significantly outperformed the broader market due to its management team’s aggressive efforts to cut costs, streamline operations and focus on business services.

Although we believe the U.S. slowdown in the first part of 2014 was weather related, we added modestly to the Fund’s exposure to the utilities and telecommunications services sectors. These positions will help diversify the Fund if the economy doesn’t improve as quickly as we anticipate. In addition, long-term rates declined during the reporting period and these sectors benefit from lower interest rates. The Fund remains overweight in the consumer discretionary sector as we continue to believe these companies will be the biggest beneficiaries of improving U.S. growth. We are also overweighting industrial companies, especially those with European exposure as that region has emerged from recession. At the same time, the Fund has underweight positions in sectors and companies that are more closely tied to emerging market growth such as metals and mining companies.

Nuveen Small Cap Select Fund

How did the Fund perform during the six-month reporting period ended April 30, 2014?

The tables in the Fund Performance and Expense Ratios section of this report provide Class A Share total returns for the Fund for the six-month, one-year, five-year and ten-year periods ended April 30, 2014. The Fund’s Class A Shares at net asset value (NAV) underperformed the Russell 2000^® Index and the Lipper classification average over the six-month period.

What strategies were used to manage the Fund during the six-month 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 somewhat lackluster returns over the six-month reporting period as the Russell 2000^® Index gained 3.08%. However, this modestly positive return masked the extreme weakness in growth stocks as investors rotated aggressively away from stocks that had performed so well in 2013 and into more defensive, value-oriented stocks midway through this time frame. The divergence in returns among sectors within the Russell 2000^® Index was significant as the highly defensive utilities sector rose 8.86% during the reporting period followed closely by the energy sector. Meanwhile 2013’s bright spot, the more cyclical consumer discretionary sector, lagged with a -0.57% return over the six-month reporting period.

The primary cause of the Fund’s underperformance of the Russell 2000^® Index and the Lipper average was stock selection in the technology, health care and energy sectors. In technology, the largest detractor to the Fund’s relative performance during the reporting period was Infoblox Inc., the leading software vendor of IP address management solutions for enterprise customers. In February, the company pre-announced disappointing sales for the quarter and also lowered expectations for fiscal year results, citing poor close rates on deals greater than $1 million and lower government spending. Also, shares of software provider ServiceSource International, Inc. underperformed as bookings came in below expectations and the company announced the departure of its head of sales. ServiceSource’s software solutions drive increased renewals of maintenance, support and subscription agreements for technology companies. We exited the Fund’s positions in ServiceSource. A third laggard in the technology space was FleetMatics Group Ltd., a provider of fleet management solutions delivered via software-as-a-service (SaaS) that help businesses improve the productivity of their vehicles. Although FleetMatics reported strong top line and earnings per share (EPS) for the most recent quarter,

Nuveen Investments 7

Portfolio Managers’ Comments (continued)

investors were concerned about its announcement of aggressive and costly investments in four key areas that will put pressure on EPS for calendar year 2014. However, we believed much of the company’s underperformance was simply the result of the broadening of the market, which led higher growth/higher multiple names to fall out of favor; therefore, we maintained a position in FleetMatics as fundamentals remain strong.

The shortfall in health care was partly due to a position in Thoratec Corporation, a leading developer of medical devices used for mechanical circulatory support for the treatment of heart failure. Late in 2013, an industry journal reported increasing levels of blood clots since Thoratec’s device was introduced, which caused weakness in the stock as investors became concerned about potential market share losses. However, the company responded to this report with data of its own and has managed to maintain its share of this growing market; therefore, we have maintained the Fund’s position. Another laggard in health care was Merit Medical Systems, Inc., which manufactures and distributes disposable medical devices used in interventional and diagnostic procedures. After reporting a strong second half in 2013, which saw organic growth and margin improvement, progress on margins slowed in early 2014 as the company restructured its sales force. However, Merit Medical continues to see significant revenue momentum and we have held onto the stock.

In energy, the second strongest performing sector within the Russell 2000^® Index, our performance was negatively impacted by a lack of exposure to the more momentum-driven petroleum exploration and production (E&P) names. Also, the Fund’s positions in Goodrich Petroleum Corporation and Energy XXI Limited underperformed.

Despite coming up short of its benchmarks, the Fund experienced a number of strong small-cap performers during the reporting period. Stock selection in the financial sector was a bright spot as our performance was driven by the Fund’s positioning for an improving U.S. economy with an outlook for a steepening yield curve. The Fund’s overweights in cyclically sensitive real estate investment trusts (REITs) and life insurance companies performed well in this environment. Additionally, EverBank Financial Corp. was a solid performer for the Fund as the company showed significant progress in growing its commercial lending platform, which will help to diversify its heavy exposure to mortgages.

In industrials, three holdings experienced favorable performance including rocket manufacturer Orbital Sciences Corporation and two engineering and construction (E&C) related companies: MasTec Inc. and Tutor Perini Corporation. Orbital Sciences saw its shares advance as the company finally moved to the production phase of its Antares rocket program, which will service the International Space Station, and stands to produce strong free cash flow through the course of 2014. MasTec, an infrastructure construction company focused on oil and gas pipelines, telecommunications and utility infrastructure, continued to experience end-market growth that translated to a significant increase in its backlog during the reporting period. This growth, coupled with an announcement of new business with Google’s fiber-to-the-home initiative, sent MasTec’s shares higher. In addition, Tutor Perini, an E&C firm focused on large civil infrastructure and commercial non-residential construction projects, benefited from a better-than-consensus top/bottom line in the fourth quarter of 2013. In addition, the company reported acceleration in backlog growth and, more importantly, disclosed $6.3 billion in pending awards that should provide visibility into growth through 2015.

Strong stock selection in consumer discretionary was led by a position in G-III Apparel Group Ltd., a leading clothing manufacturer and retailer. Slightly more than one-third of G-III’s business is outerwear that it makes for a number of licensed and owned brands. The significantly colder fall and winter weather conditions allowed the company’s customers to sell through outerwear far better than in previous years, which led to better margins due to lower levels of promotional allowances and merchandise returns. We continue to hold G-III stock as we believe the company is well positioned for 2014 given lower inventory levels going into the fall selling season. The Fund also benefited from a position in Thor Industries Inc., a leading recreational vehicle manufacturer that continues to benefit from the ongoing recovery of this very cyclical industry. Towable vehicles have now recovered to 85% of prior peak levels, while motorhomes, which carry bigger price tags, have joined that recovery. Industry consolidation and new lower-priced products have allowed Thor to lead the recovery. Additionally, the company has been executing well on a three-year strategic plan that will move its ultimate peak margin higher than last cycle. Therefore, we remain holders of this position.

8 Nuveen Investments

During the reporting period, we did not make any significant changes to the Fund’s sector positioning. We continue to maintain a pro-cyclical tilt with overweights in the consumer discretionary and industrials sectors, while we have brought the Fund’s exposure to materials to an equal weight after historically underweighting the sector. The Fund remains underweight in the consumer staples, utilities and financials sectors. Within the consumer sector, we have tilted the Fund’s overweight toward durables. Given consumers’ strengthening balance sheets, improvements in home equity and the low interest rate environment, we believe the consumer is becoming more confident in spending money on durable products.

Also during the period, we invested in Russell 2000^® E-Mini Index futures to convert cash into the equivalent of an Russell 2000^® Index holding in order to manage cash flow activity and minimize tracking error to the Fund’s benchmark index. These contracts were used as a means to efficiently gain exposure to a broad base of equity securities. Due to mostly higher equity prices during the period, these positions had a moderately positive impact to performance.

Nuveen Investments 9

Risk Considerations

Nuveen Large Cap Select Fund

Mutual fund investing involves risk; principal loss is possible. 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

Mutual fund investing involves risk; principal loss is possible. 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.

10 Nuveen Investments

Fund Performance

and Expense Ratios

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

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

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

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

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

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

Nuveen Investments 11

Fund Performance and Expense Ratios (continued)

Nuveen 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.

Fund Performance

Average Annual Total Returns as of April 30, 2014

	Cumulative		Average Annual
	6-Month		1-Year		5-Year		10-Year
Class A Shares at NAV		4.87%		20.19%		17.89%		6.74%
Class A Shares at maximum Offering Price		(1.18)%		13.27%		16.50%		6.10%
S&P 500® Index*		8.36%		20.44%		19.14%		7.67%
Lipper Large-Cap Core Funds Classification Average*		7.47%		19.31%		17.68%		7.18%
Class C Shares		4.49%		19.28%		17.00%		5.92%
Class I Shares		5.00%		20.52%		18.18%		7.01%

Average Annual Total Returns as of March 31, 2014 (Most Recent Calendar Quarter)

	Cumulative		Average Annual
	6-Month		1-Year		5-Year		10-Year
Class A Shares at NAV		10.62%		22.80%		20.24%		6.60%
Class A Shares at maximum Offering Price		4.28%		15.75%		18.82%		5.97%
Class C Shares		10.22%		21.93%		19.35%		5.77%
Class I Shares		10.78%		23.20%		20.56%		6.87%

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

Expense Ratios as of Most Recent Prospectus

	Share Class
	Class A		Class C		Class I
Gross Expense Ratios		1.33%		2.07%		1.08%
Net Expense Ratios		1.30%		2.05%		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.

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

12 Nuveen Investments

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.

Fund Performance

Average Annual Total Returns as of April 30, 2014

	Cumulative		Average Annual
	6-Month		1-Year		5-Year		10-Year
Class A Shares at NAV		1.52%		18.66%		17.56%		7.95%
Class A Shares at maximum Offering Price		(4.34)%		11.87%		16.19%		7.31%
Russell 2000® Index*		3.08%		20.50%		19.84%		8.67%
Lipper Small-Cap Core Funds Classification Average*		4.39%		21.42%		19.73%		8.82%
Class B Shares w/o CDSC		1.13%		17.75%		16.68%		7.14%
Class B Shares w/CDSC		(3.31)%		12.75%		16.57%		7.14%
Class C Shares		1.17%		17.74%		16.68%		7.13%
Class R3 Shares		1.34%		18.33%		17.28%		7.68%
Class I Shares		1.60%		18.94%		17.86%		8.21%

Average Annual Total Returns as of March 31, 2014 (Most Recent Calendar Quarter)

	Cumulative		Average Annual
	6-Month		1-Year		5-Year		10-Year
Class A Shares at NAV		8.94%		19.47%		21.62%		7.99%
Class A Shares at maximum Offering Price		2.68%		12.61%		20.19%		7.35%
Class B Shares w/o CDSC		8.54%		18.61%		20.71%		7.18%
Class B Shares w/CDSC		3.78%		13.61%		20.61%		7.18%
Class C Shares		8.60%		18.57%		20.73%		7.18%
Class R3 Shares		8.81%		19.09%		21.34%		7.73%
Class I Shares		9.17%		19.76%		21.95%		8.26%

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

	Share Class
	Class A		Class B		Class C		Class R3		Class I
Expense Ratios		1.45%		2.20%		2.20%		1.70%		1.20%

* 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

Holding Summaries April 30, 2014

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

Nuveen Large Cap Select Fund

Fund Allocation

(% of net assets)

Common Stocks	98.9%
Investments Purchased with Collateral from Securities Lending	13.2%
Short-Term Investments	1.1%
Other Assets Less Liabilities	(13.2)%

Portfolio Composition

(% of net assets)

Banks	10.5%
Software	8.1%
Oil, Gas & Consumable Fuels	6.3%
Pharmaceuticals	6.3%
Computers & Peripherals	5.2%
Electrical Equipment	5.0%
Specialty Retail	3.8%
Capital Markets	3.7%
Airlines	3.6%
Media	3.3%
Energy Equipment & Services	3.0%
Aerospace & Defense	2.8%
Internet Software & Services	2.8%
Chemicals	2.6%
Industrial Conglomerates	2.4%
Insurance	2.3%
Diversified Telecommunication Services	2.2%
Machinery	2.1%
Household Durables	1.9%
Hotels, Restaurants & Leisure	1.8%
Other Industries	19.2%
Investments Purchased with Collateral from Securities Lending	13.2%
Short-Term Investments	1.1%
Other Assets Less Liabilities	(13.2)%

Top Five Common Stock Holdings

(% of net assets)

Microsoft Corporation	3.6%
Walt Disney Company	2.3%
JPMorgan Chase & Co.	2.3%
Verizon Communications Inc.	2.2%
Hewlett-Packard Company	2.1%

14 Nuveen Investments

Nuveen Small Cap Select Fund

Fund Allocation

(% of net assets)

Common Stocks	99.4%
Investments Purchased with Collateral from Securities Lending	19.1%
Short-Term Investments	0.9%
Other Assets Less Liabilities	(19.4)%

Portfolio Composition

(% of net assets)

Banks	8.2%
Health Care Equipment & Supplies	7.3%
Real Estate Investment Trust	6.0%
Software	5.3%
Oil, Gas & Consumable Fuels	4.4%
Construction & Engineering	4.0%
Insurance	4.0%
Specialty Retail	3.9%
Hotels, Restaurants & Leisure	3.8%
Communications Equipment	3.8%
Machinery	3.1%
Food Product	2.9%
Professional Services	2.8%
Health Care Providers & Services	2.6%
Internet Software & Services	2.6%
Paper & Forest Products	2.4%
Capital Markets	2.4%
Semiconductors & Equipment	2.3%
Textiles, Apparel & Luxury Goods	1.9%
Biotechnology	1.7%
Electric Utilities	1.6%
Road & Rail	1.5%
IT Services	1.5%
Other Industries	19.4%
Investments Purchased with Collateral from Securities Lending	19.1%
Short-Term Investments	0.9%
Other Assets Less Liabilities	(19.4)%

Top Five Common Stock Holdings

(% of net assets)

Tutor Perini Corporation	1.8%
Treehouse Foods Inc.	1.7%
Life Time Fitness Inc.	1.6%
UIL Holdings Corporation	1.6%
HealthSouth Corporation	1.6%

Nuveen Investments 15

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 (11/01/13)	$	1,000.00	$	1,000.00	$	1,000.00	$	1,000.00	$	1,000.00	$	1,000.00
Ending Account Value (4/30/14)	$	1,048.70	$	1,044.90	$	1,050.00	$	1,018.35	$	1,014.63	$	1,019.59
Expenses Incurred During Period	$	6.60	$	10.39	$	5.34	$	6.51	$	10.24	$	5.26

For each class of the Fund, expenses are equal to the Fund’s annualized net expense ratio of 1.30%, 2.05% and 1.05% for Classes A, C and I, respectively, multiplied by the average account value over the period, multiplied by 181/365 (to reflect the one-half year period).

Nuveen 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 (11/01/13)	$	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 (4/30/14)	$	1,015.20	$	1,011.30	$	1,011.70	$	1,013.40	$	1,016.00	$	1,017.80	$	1,014.08	$	1,014.08	$	1,016.56	$	1,019.04
Expenses Incurred During Period	$	7.05	$	10.77	$	10.77	$	8.29	$	5.80	$	7.05	$	10.79	$	10.79	$	8.30	$	5.81

For each class of the Fund, expenses are equal to the Fund’s annualized net expense ratio of 1.41%, 2.16%, 2.16%, 1.66% and 1.16% for Classes A, B, C, R3 and I, respectively, multiplied by the average account value over the period, multiplied by 181/365 (to reflect the one-half year period).

16 Nuveen Investments

Nuveen Large Cap Select Fund

Portfolio of Investments April 30, 2014 (Unaudited)

Shares		Description (1)	Value
		LONG-TERM INVESTMENTS – 98.9%
		COMMON STOCKS – 98.9%
		Aerospace & Defense – 2.8%
	4,877	Boeing Company	$	629,231
	5,067	Raytheon Company		483,797
		Total Aerospace & Defense		1,113,028
		Airlines – 3.6%
	11,547	American Airlines Group Inc., (2)		404,953
	15,358	Delta Air Lines, Inc.		565,635
	19,937	Southwest Airlines Co., (3)		481,877
		Total Airlines		1,452,465
		Banks – 10.5%
	50,292	Bank of America Corporation		761,421
	21,223	Bank of Ireland, (2), (3)		365,460
	26,413	Barclays PLC		451,926
	8,328	Citigroup Inc.		398,994
	21,091	Fifth Third Bancorp.		434,686
	16,438	JPMorgan Chase & Co.		920,199
	72,838	Lloyds TSB Group PLC, (2), (3)		376,572
	50,034	Regions Financial Corporation		507,345
		Total Banks		4,216,603
		Biotechnology – 1.5%
	7,805	Gilead Sciences, Inc., (2), (3)		612,614
		Building Products – 0.9%
	18,038	Masco Corporation		362,383
		Capital Markets – 3.7%
	9,001	Credit Suisse Group, (3)		285,062
	18,036	Invesco LTD		635,048
	17,813	Morgan Stanley		550,956
		Total Capital Markets		1,471,066
		Chemicals – 2.6%
	12,432	Dow Chemical Company		620,357
	2,195	PPG Industries, Inc.		424,996
		Total Chemicals		1,045,353
		Commercial Services & Supplies – 1.2%
	17,303	Pitney Bowes Inc., (3)		463,720

Nuveen Investments 17

Nuveen Large Cap Select Fund (continued)

Portfolio of Investments April 30, 2014 (Unaudited)

Shares		Description (1)	Value
		Communications Equipment – 1.0%
	32,835	Ericsson LM Telefonaktiebolaget	$	393,692
		Computers & Peripherals – 5.2%
	1,325	Apple, Inc.		781,869
	25,571	Hewlett-Packard Company		845,377
	5,136	Western Digital Corporation		452,636
		Total Computers & Peripherals		2,079,882
		Construction & Engineering – 1.1%
	5,935	Fluor Corporation		449,280
		Diversified Telecommunication Services – 2.2%
	18,494	Verizon Communications Inc.		864,225
		Electrical Equipment – 5.0%
	8,021	Eaton PLC		582,645
	9,392	Emerson Electric Company		640,347
	5,306	Regal-Beloit Corporation		396,517
	3,119	Rockwell Automation, Inc., (3)		371,722
		Total Electrical Equipment		1,991,231
		Energy Equipment & Services – 3.0%
	9,958	Halliburton Company		628,051
	5,569	Schlumberger Limited		565,532
		Total Energy Equipment & Services		1,193,583
		Food & Staples Retailing – 1.5%
	8,303	CVS Caremark Corporation		603,794
		Food Products – 0.8%
	3,319	Keurig Green Mountain Inc., (3)		310,924
		Health Care Equipment & Supplies – 1.3%
	6,509	Stryker Corporation		506,075
		Health Care Providers & Services – 1.2%
	2,899	McKesson HBOC Inc.		490,482
		Hotels, Restaurants & Leisure – 1.8%
	4,039	Las Vegas Sands		319,606
	7,024	Marriott International, Inc., Class A, (3)		406,900
		Total Hotels, Restaurants & Leisure		726,506
		Household Durables – 1.9%
	6,745	Jarden Corporation, (2)		385,477
	2,822	Mohawk Industries Inc., (2)		373,661
		Total Household Durables		759,138

18 Nuveen Investments

Shares		Description (1)	Value
		Industrial Conglomerates – 2.4%
	5,427	Carlisle Companies Inc.	$	446,371
	6,940	Danaher Corporation		509,257
		Total Industrial Conglomerates		955,628
		Insurance – 2.3%
	9,098	Lincoln National Corporation		441,344
	6,041	Prudential Financial, Inc.		487,388
		Total Insurance		928,732
		Internet & Catalog Retail – 1.1%
	393	priceline.com Incorporated, (2)		454,996
		Internet Software & Services – 2.8%
	1,038	Google Inc., Class A, (2)		555,205
	1,038	Google Inc., Class C, (2)		546,673
		Total Internet Software & Services		1,101,878
		IT Services – 1.4%
	7,500	MasterCard, Inc.		551,625
		Leisure Equipment & Products – 1.8%
	9,500	Brunswick Corporation		381,805
	2,561	Polaris Industries Inc., (3)		344,019
		Total Leisure Equipment & Products		725,824
		Machinery – 2.1%
	4,743	Dover Corporation		409,795
	5,116	Illinois Tool Works, Inc.		436,037
		Total Machinery		845,832
		Marine – 1.0%
	3,908	Kirby Corporation, (2)		393,223
		Media – 3.3%
	2,958	Liberty Media Corporation, Class A, (2), (3)		383,682
	11,651	Walt Disney Company, (3)		924,390
		Total Media		1,308,072
		Multiline Retail – 1.2%
	8,514	Macy’s, Inc.		488,959
		Multi-Utilities – 1.2%
	4,877	Sempra Energy		480,921
		Oil, Gas & Consumable Fuels – 6.3%
	6,400	Anadarko Petroleum Corporation		633,728
	6,668	Occidental Petroleum Corporation		638,461
	5,589	PDC Energy Inc., (2), (3)		355,852

Nuveen Investments 19

Nuveen Large Cap Select Fund (continued)

Portfolio of Investments April 30, 2014 (Unaudited)

Shares		Description (1)	Value
		Oil, Gas & Consumable Fuels (continued)
	2,501	Pioneer Natural Resources Company	$	483,368
	7,492	Valero Energy Corporation		428,318
		Total Oil, Gas & Consumable Fuels		2,539,727
		Paper & Forest Products – 1.0%
	9,018	International Paper Company		420,690
		Pharmaceuticals – 6.3%
	3,918	Allergan, Inc.		649,761
	11,136	Bristol-Myers Squibb Company		557,802
	14,418	Merck & Company Inc.		844,318
	9,311	Mylan Laboratories Inc., (2), (3)		472,813
		Total Pharmaceuticals		2,524,694
		Software – 8.1%
	6,912	Adobe Systems Incorporated, (2)		426,401
	11,714	Autodesk, Inc., (2)		562,506
	13,032	CA Inc.		392,784
	14,072	Electronic Arts Inc., (2)		398,238
	36,018	Microsoft Corporation		1,455,127
		Total Software		3,235,056
		Specialty Retail – 3.8%
	16,251	Best Buy Co., Inc., (3)		421,389
	9,385	Foot Locker, Inc.		436,685
	14,862	Lowe’s Companies, Inc.		682,315
		Total Specialty Retail		1,540,389
		Total Long-Term Investments (cost $34,469,926)		39,602,290
Shares		Description (1)	Value
		INVESTMENTS PURCHASED WITH COLLATERAL FROM SECURITIES LENDING – 13.2%
		Money Market Funds – 13.2%
	5,273,843	Mount Vernon Securities Lending Prime Portfolio, 0.172%, (4), (5)	$	5,273,843
		Total Investments Purchased with Collateral from Securities Lending (cost $5,273,843)		5,273,843
Shares		Description (1)	Value
		SHORT-TERM INVESTMENTS – 1.1%
		Money Market Funds – 1.1%
	448,358	First American Treasury Obligations Fund, Class Z, 0.000%, (4)	$	448,358
		Total Short-Term Investments (cost $448,358)		448,358
		Total Investments (cost $40,192,127) – 113.2%		45,324,491
		Other Assets Less Liabilities – (13.2)%		(5,273,032	)
		Net Assets – 100%	$	40,051,459

20 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 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 $5,147,836.

(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 21

Nuveen Small Cap Select Fund

Portfolio of Investments April 30, 2014 (Unaudited)

Shares		Description (1)	Value
		LONG-TERM INVESTMENTS – 99.4%
		COMMON STOCKS – 99.4%
		Aerospace & Defense – 1.4%
	177,793	Orbital Sciences Corporation, (2)	$	5,227,114
		Auto Components – 1.1%
	65,978	Tenneco Inc., (2)		3,950,103
		Automobiles – 1.5%
	90,010	Thor Industries, Inc.		5,478,909
		Banks – 8.2%
	103,664	Banner Corporation		4,098,875
	219,032	Cardinal Financial Corporation, (3)		3,679,738
	161,661	East West Bancorp Inc.		5,578,921
	211,442	Glacier Bancorp, Inc., (3)		5,425,602
	161,265	Square 1 Financial Inc., Class A, (2)		3,039,845
	78,567	Texas Capital BancShares, Inc., (2), (3)		4,414,680
	187,893	Western Alliance Bancorporation, (2)		4,334,692
		Total Banks		30,572,353
		Biotechnology – 1.7%
	18,404	Alnylam Pharmaceuticals, Inc., (2)		911,550
	18,803	Cepheid, Inc., (2), (3)		817,554
	2,427	Intercept Pharmaceuticals Incorporated, (2), (3)		641,019
	24,640	Intermune, Inc., (2)		790,451
	28,291	ISIS Pharmaceuticals, Inc., (2), (3)		752,824
	60,195	Keryx Biopharmaceuticals, Inc., (2), (3)		889,080
	23,204	NPS Pharmaceuticals, Inc., (2)		617,690
	5,050	Puma Biotechnology Inc , (2)		381,477
	4,933	Synageva BioPharma Corporation, (2)		426,063
		Total Biotechnology		6,227,708
		Capital Markets – 2.4%
	96,090	Evercore Partners Inc.		5,134,089
	343,399	Pennantpark Investment Corporation, (3)		3,674,369
		Total Capital Markets		8,808,458
		Chemicals – 1.3%
	101,770	H.B. Fuller Company		4,715,004
		Commercial Services & Supplies – 1.3%
	298,378	Steelcase Inc.		4,917,269

22 Nuveen Investments

Shares		Description (1)	Value
		Communications Equipment – 3.8%
	187,145	Finisar Corporation, (2), (3)	$	4,893,842
	347,866	JDS Uniphase Corporation, (2)		4,407,462
	110,570	Plantronics Inc.		4,817,535
		Total Communications Equipment		14,118,839
		Construction & Engineering – 4.0%
	143,725	MasTec Inc., (2), (3)		5,688,636
	90,681	Primoris Services Corporation		2,537,254
	233,842	Tutor Perini Corporation, (2)		6,921,723
		Total Construction & Engineering		15,147,613
		Construction Materials – 0.6%
	172,652	Headwater Inc., (2)		2,154,697
		Distributors – 1.3%
	84,423	Pool Corporation		4,982,645
		Diversified Consumer Services – 1.1%
	73,390	Capella Education Company		4,283,040
		Electric Utilities – 1.6%
	162,278	UIL Holdings Corporation		5,960,471
		Electrical Equipment – 1.2%
	57,851	Regal-Beloit Corporation		4,323,205
		Electronic Equipment & Instruments – 1.4%
	376,562	Vishay Intertechnology Inc., (3)		5,354,712
		Energy Equipment & Services – 1.0%
	577,389	Parker Drilling Company, (2)		3,828,089
		Food Products – 2.9%
	393,187	SunOpta, Inc., (2), (3)		4,588,492
	83,242	Treehouse Foods Inc., (2)		6,229,831
		Total Food Products		10,818,323
		Gas Utilities – 1.2%
	86,731	Atmos Energy Corporation		4,426,750
		Health Care Equipment & Supplies – 7.3%
	96,179	Align Technology, Inc., (2)		4,846,460
	186,246	Endologix, Inc., (2)		2,361,599
	26,784	Heartware International Inc., (2)		2,275,569
	106,874	Integra Lifesciences Holdings Corporation, (2), (3)		4,871,317
	364,107	Merit Medical Systems, Inc., (2)		4,686,057
	327,489	Nxstage Medical, Inc., (2)		3,746,474
	137,321	Thoratec Corporation, (2)		4,501,382
		Total Health Care Equipment & Supplies		27,288,858

Nuveen Investments 23

Nuveen Small Cap Select Fund (continued)

Portfolio of Investments April 30, 2014 (Unaudited)

Shares		Description (1)	Value
		Health Care Providers & Services – 2.6%
	169,860	HealthSouth Corporation	$	5,883,950
	64,547	Medax Inc., (2)		3,824,410
		Total Health Care Providers & Services		9,708,360
		Hotels, Restaurants & Leisure – 3.8%
	127,563	Life Time Fitness Inc., (2), (3)		6,123,024
	51,969	Red Robin Gourmet Burgers, Inc., (2)		3,532,853
	190,694	Texas Roadhouse, Inc.		4,717,770
		Total Hotels, Restaurants & Leisure		14,373,647
		Household Durables – 1.2%
	191,611	La Z Boy Inc.		4,642,735
		Insurance – 4.0%
	224,906	American Equity Investment Life Holding Company, (3)		5,244,808
	280,695	CNO Financial Group Inc.		4,841,989
	168,109	Horace Mann Educators Corporation		5,055,038
		Total Insurance		15,141,835
		Internet Software & Services – 2.6%
	182,092	Constant Contact Inc., (2)		4,708,899
	270,347	Perficient, Inc., (2)		4,939,240
		Total Internet Software & Services		9,648,139
		IT Services – 1.5%
	119,821	Euronet Worldwide, Inc., (2)		5,510,568
		Leisure Equipment & Products – 1.3%
	120,958	Brunswick Corporation		4,861,302
		Machinery – 3.1%
	173,377	Actuant Corporation		5,870,545
	172,134	Altra Industrial Motion, Inc., (3)		5,880,097
		Total Machinery		11,750,642
		Oil, Gas & Consumable Fuels – 4.4%
	47,814	Athlon Energy Inc., (2)		1,932,164
	197,240	Energy XXI Limited Bermuda, (3)		4,719,953
	96,072	Oasis Petroleum Inc., (2)		4,468,309
	114,992	Rosetta Resources, Inc., (2)		5,443,721
		Total Oil, Gas & Consumable Fuels		16,564,147
		Paper & Forest Products – 2.4%
	190,118	KapStone Paper and Packaging Corp., (2)		5,015,313
	247,669	Louisiana-Pacific Corporation, (2)		4,059,295
		Total Paper & Forest Products		9,074,608

24 Nuveen Investments

Shares		Description (1)	Value
		Pharmaceuticals – 0.2%
	75,430	Nektar Therapeutics, (2)	$	887,811
		Professional Services – 2.8%
	304,522	CBIZ Inc., (2), (3)		2,609,754
	136,043	Korn Ferry International, (2)		3,952,049
	149,715	TrueBlue Inc., (2)		4,004,876
		Total Professional Services		10,566,679
		Real Estate Investment Trust – 6.0%
	164,357	Chesapeake Lodging Trust		4,435,995
	248,123	CubeSmart		4,615,088
	48,757	EastGroup Properties Inc., (3)		3,083,880
	140,612	LaSalle Hotel Properties		4,651,445
	711,254	MFA Mortgage Investments, Inc.		5,640,244
		Total Real Estate Investment Trust		22,426,652
		Road & Rail – 1.5%
	239,534	Swift Transportation Company, (2), (3)		5,760,793
		Semiconductors & Equipment – 2.3%
	366,680	Integrated Device Technology, Inc., (2)		4,279,156
	159,637	MKS Instruments Inc.		4,493,782
		Total Semiconductors & Equipment		8,772,938
		Software – 5.3%
	141,853	A10 Networks, Inc.		1,856,856
	83,897	Fleetmatics Group Limited, (2), (3)		2,519,427
	135,952	Infoblox, Incorporated, (2)		2,667,378
	165,536	Parametric Technology Corporation, (2)		5,855,008
	169,949	Synchronoss Technologies, Inc., (2), (3)		5,173,248
	15,057	Ultimate Software Group, Inc., (2)		1,801,269
		Total Software		19,873,186
		Specialty Retail – 3.9%
	84,065	Ann Inc., (2)		3,294,507
	228,121	Kirkland’s, Inc., (2)		3,903,150
	334,245	Sportsman’s Warehouse Holdings Inc., (2), (3)		3,519,600
	353,110	Tilly’s Inc, Class A Shares, (2)		3,990,143
		Total Specialty Retail		14,707,400
		Textiles, Apparel & Luxury Goods – 1.9%
	56,774	G III Apparel Group, Limited, (2)		4,074,670
	110,813	Vera Bradley Inc., (2), (3)		3,136,008
		Total Textiles, Apparel & Luxury Goods		7,210,678
		Thrifts & Mortgage Finance – 1.0%
	198,770	Everbank Financial Corporation, (3)		3,720,974

Nuveen Investments 25

Nuveen Small Cap Select Fund (continued)

Portfolio of Investments April 30, 2014 (Unaudited)

Shares		Description (1)	Value
		Trading Companies & Distributors – 1.3%
	167,048	MRC Global Inc., (2)	$	4,876,131
		Total Long-Term Investments (cost $308,162,806)		372,663,385
Shares		Description (1)	Value
		INVESTMENTS PURCHASED WITH COLLATERAL FROM SECURITIES LENDING – 19.1%
		Money Market Funds – 19.1%
	71,776,791	Mount Vernon Securities Lending Prime Portfolio, 0.172%, (4), (5)	$	71,776,791
		Total Investments Purchased with Collateral from Securities Lending (cost $71,776,791)		71,776,791
Shares		Description (1)	Value
		SHORT-TERM INVESTMENTS – 0.9%
		Money Market Funds – 0.9%
	3,210,152	First American Treasury Obligations Fund, Class Z, 0.000%, (4)	$	3,210,152
		Total Short-Term Investments (cost $3,210,152)		3,210,152
		Total Investments (cost $383,149,749) – 119.4%		447,650,328
		Other Assets Less Liabilities – (19.4)%		(72,621,858	)
		Net Assets – 100%	$	375,028,470

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 $69,012,868.

(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.

26 Nuveen Investments

Statement of

Assets and Liabilities April 30, 2014 (Unaudited)

	Large Cap Select			Small Cap Select
Assets
Long-term investments, at value (cost $34,469,926 and $308,162,806, respectively)	$	39,602,290		$	372,663,385
Investment purchased with collateral from securities lending, at value (cost approximates value)		5,273,843			71,776,791
Short-term investments, at value (cost approximates value)		448,358			3,210,152
Receivable for:
Dividends		19,350			41,311
Due from broker		1,435			11,659
Investments sold		—			3,637,722
Reclaims		1,717			—
Shares sold		16,297			324,297
Other assets		49			12,515
Total assets		45,363,339			451,677,832
Liabilities
Payable for:
Collateral from securities lending program		5,273,843			71,776,791
Investments purchased		—			3,754,134
Shares redeemed		5,884			510,981
Accrued expenses:
Directors fees		366			14,671
Management fees		29,575			280,380
12b-1 distribution and service fees		1,719			45,571
Other		493			266,834
Total liabilities		5,311,880			76,649,362
Net assets	$	40,051,459		$	375,028,470
Class A Shares
Net assets	$	5,985,591		$	144,343,575
Shares outstanding		324,198			10,409,647
Net asset value (“NAV”) per share	$	18.46		$	13.87
Offering price per share (NAV per share plus maximum sales charge of 5.75% of offering price)	$	19.59		$	14.72
Class B Shares
Net assets		N/A		$	1,205,731
Shares outstanding		N/A			124,593
NAV and offering price per share		N/A		$	9.68
Class C Shares
Net assets	$	594,245		$	9,487,218
Shares outstanding		34,050			804,123
NAV and offering price per share	$	17.45		$	11.80
Class R3 Shares
Net assets		N/A		$	15,187,103
Shares outstanding		N/A			1,139,128
NAV and offering price per share		N/A		$	13.33
Class I Shares
Net assets	$	33,471,623		$	204,804,843
Shares outstanding		1,800,339			13,137,691
NAV and offering price per share	$	18.59		$	15.59
Net assets consist of:
Capital paid-in	$	95,356,623		$	256,126,456
Undistributed (Over-distribution of) net investment income		85,686			(544,488	)
Accumulated net realized gain (loss)		(60,523,214	)		54,945,923
Net unrealized appreciation (depreciation)		5,132,364			64,500,579
Net assets	$	40,051,459		$	375,028,470
Authorized shares – per class		2 billion			2 billion
Par value per share	$	0.0001		$	0.0001

N/A – Fund does not offer share class.

See accompanying notes to financial statements.

Nuveen Investments 27

Statement of

Operations Six Months Ended April 30, 2014 (Unaudited)

	Large Cap Select			Small Cap Select
Investment Income
Dividend and interest income (net of foreign tax withheld of $2,268 and $–, respectively)	$	312,956		$	2,211,762
Securities lending income, net		7,350			63,661
Total investment income		320,306			2,275,423
Expenses
Management fees		152,773			1,912,630
12b-1 service fees – Class A		6,981			189,237
12b-1 distribution and service fees – Class B		N/A			7,215
12b-1 distribution and service fees – Class C		2,872			49,350
12b-1 distribution and service fees – Class R3		N/A			43,566
Shareholder servicing agent fees and expenses		24,670			461,507
Custodian fees and expenses		8,588			41,714
Directors fees and expenses		589			6,177
Professional fees		12,258			20,504
Shareholder reporting expenses		5,474			28,171
Federal and state registration fees		20,485			34,170
Other expenses		4,086			4,289
Total expenses before fee waiver/expense reimbursement		238,776			2,798,530
Fee waiver/expense reimbursement		(15,054	)		—
Net expenses		223,722			2,798,530
Net investment income (loss)		96,584			(523,107	)
Realized and Unrealized Gain (Loss)
Net realized gain (loss) from:
Investments		3,600,312			57,000,608
Futures contracts		—			560,086
Change in net unrealized appreciation (depreciation) of investments		(1,738,040	)		(48,407,628	)
Net realized and unrealized gain (loss)		1,862,272			9,153,066
Net increase (decrease) in net assets from operations	$	1,958,856		$	8,629,959

N/A – Fund does not offer share class.

See accompanying notes to financial statements.

28 Nuveen Investments

Statement of

Changes in Net Assets (Unaudited)

	Large Cap Select						Small Cap Select
	Six Months Ended 4/30/14			Year Ended 10/31/13			Six Months Ended 4/30/14			Year Ended 10/31/13
Operations
Net investment income (loss)	$	96,584		$	259,745		$	(523,107	)	$	552,048
Net realized gain (loss) from:
Investments		3,600,312			6,822,162			57,000,608			39,316,560
Futures contracts		—			—			560,086			—
Change in net unrealized appreciation (depreciation) of investments		(1,738,040	)		3,522,974			(48,407,628	)		87,302,103
Net increase (decrease) in net assets from operations		1,958,856			10,604,881			8,629,959			127,170,711
Distributions to Shareholders
From net investment income:
Class A		(14,541	)		(14,322	)		(244,437	)		—
Class B		N/A			N/A			—			—
Class C		—			—			—			—
Class R3(1)		N/A			(250	)		—			—
Class I		(174,566	)		(234,154	)		(1,067,494	)		—
From accumulated net realized gains:
Class A		—			—			(13,668,811	)		(24,007,903	)
Class B		N/A			N/A			(188,626	)		(393,486	)
Class C		—			—			(1,027,234	)		(1,721,258	)
Class R3(1)		N/A			—			(1,736,664	)		(2,881,156	)
Class I		—			—			(21,449,055	)		(37,556,779	)
Decrease in net assets from distributions to shareholders		(189,107	)		(248,726	)		(39,382,321	)		(66,560,582	)
Fund Share Transactions
Proceeds from sale of shares		1,986,145			3,323,471			36,454,290			82,630,379
Proceeds from shares issued to shareholders due to reinvestment of distributions		113,474			132,143			36,227,694			59,872,466
		2,099,619			3,455,614			72,681,984			142,502,845
Cost of shares redeemed		(3,405,702	)		(12,002,875	)		(143,042,022	)		(174,831,672	)
Net increase (decrease) in net assets from Fund share transactions		(1,306,083	)		(8,547,261	)		(70,360,038	)		(32,328,827	)
Net increase (decrease) in net assets		463,666			1,808,894			(101,112,400	)		28,281,302
Net assets at the beginning of period		39,587,793			37,778,899			476,140,870			447,859,568
Net assets at the end of period	$	40,051,459		$	39,587,793		$	375,028,470		$	476,140,870
Undistributed (Over-distribution of) net investment income at the end of period	$	85,686		$	178,209		$	(544,488	)	$	1,290,550

N/A – Fund does not offer, or no longer offers, 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 29

Financial

Highlights (Unaudited)

Large Cap Select

Selected data for a share outstanding throughout the period:

			Investment Operations								Less Distributions
Class (Commencement Date) Year Ended October 31,	Beginning NAV		Net Investment Income (Loss)(a)			Net Realized/ Unrealized Gain (Loss)		Total			From Net Investment Income			From Accumulated Net Realized Gains		Total			Ending NAV
Class A (1/03)
2014(e)	$	17.65	$	.02		$	.84	$	.86		$	(.05	)	$	—	$	(.05	)	$	18.46
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)
2014(e)		16.70		(.04	)		.79		.75			—			—		—			17.45
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)
2014(e)		17.79		.05			.84		.89			(.09	)		—		(.09	)		18.59
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

30 Nuveen Investments

			Ratios/Supplemental Data
					Ratios to Average Net Assets Before Waiver/Reimbursement						Ratios to Average Net Assets After Waiver/Reimbursement(c)
Total Return(b)			Ending Net Assets (000)		Expenses			Net Investment Income (Loss)			Expenses			Net Investment Income (Loss)			Portfolio Turnover Rate(d)
	4.87	%	$	5,986		1.37	%*		.19	%*		1.30	%*		.26	%*		76	%
	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
	4.49			594		2.12	*		(.56	)*		2.05	*		(.49	)*		76
	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
	5.00			33,472		1.12	*		.45	*		1.05	*		.53	*		76
	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 NAV without any sales charge, reinvested dividend income at NAV and reinvested capital gains distributions at NAV, 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.

(e) For the six months ended April 30, 2014.

* Annualized.

See accompanying notes to financial statements.

Nuveen Investments 31

Financial Highlights (Unaudited) (continued)

Small Cap Select

Selected data for a share outstanding throughout each period:

			Investment Operations							Less Distributions
Class (Commencement Date) Year Ended October 31,	Beginning NAV		Net Investment Income (Loss)(a)			Net Realized/ Unrealized Gain (Loss)		Total		From Net Investment Income			From Accumulated Net Realized Gains			Total			Ending NAV
Class A (5/92)
2014(e)	$	15.02	$	(.03	)	$	.24	$	.21	$	(.02	)	$	(1.34	)	$	(1.36	)	$	13.87
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)
2014(e)		10.91		(.06	)		.17		.11		—			(1.34	)		(1.34	)		9.68
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)
2014(e)		13.00		(.07	)		.21		.14		—			(1.34	)		(1.34	)		11.80
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)
2014(e)		14.49		(.04	)		.22		.18		—			(1.34	)		(1.34	)		13.33
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)
2014(e)		16.73		(.01	)		.27		.26		(.06	)		(1.34	)		(1.40	)		15.59
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

32 Nuveen Investments

			Ratios/Supplemental Data
					Ratios to Average Net Assets Before Waiver/Reimbursement						Ratios to Average Net Assets After Waiver/Reimbursement(c)
Total Return(b)			Ending Net Assets (000)		Expenses			Net Investment Income (Loss)			Expenses			Net Investment Income (Loss)			Portfolio Turnover Rate(d)
	1.52	%	$	144,344		1.41	%***		(.37	)%***		1.41	%***		(.37	)%***		51	%
	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
	1.13			1,206		2.16	***		(1.11	)***		2.16	***		(1.11	)***		51
	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
	1.17			9,487		2.16	***		(1.12	)***		2.16	***		(1.12	)***		51
	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
	1.34			15,187		1.66	***		(.61	)***		1.66	***		(.61	)***		51
	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
	1.60			204,805		1.16	***		(.10	)***		1.16	***		(.10	)***		51
	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 NAV without any sales charge, reinvested dividend income at NAV and reinvested capital gains distributions at NAV, 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.

(e) For the six months ended April 30, 2014.

* Rounds to less than $.01 per share.

** Rounds to less than .01%.

*** Annualized.

See accompanying notes to financial statements.

Nuveen Investments 33

Notes to

Financial Statements (Unaudited)

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

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

Agreement and Plan of Merger

On April 14, 2014, TIAA-CREF, a national financial services organization, announced that it had entered into an agreement (the “Purchase Agreement”)

to acquire Nuveen, the parent company of the Adviser. The transaction is expected to be completed by the end of the year, subject to customary closing conditions, including obtaining necessary Nuveen Fund and client consents sufficient to satisfy the terms of the Purchase Agreement and obtaining customary regulatory approvals. There can be no assurance that the transaction described above will be consummated as contemplated or that necessary conditions will be satisfied.

The consummation of the transaction will be deemed to be an “assignment” (as defined in the Investment Company Act of 1940) of the investment management agreements between the Nuveen Funds and the Adviser and the investment sub-advisory agreements between the Adviser and each Nuveen Fund’s sub-adviser or sub-advisers, and will result in automatic termination of each agreement. It is anticipated that the Board of Directors/Trustees of the Nuveen Funds (the “Board”) will consider a new investment management agreement with the Adviser and new investment sub-advisory agreements with each sub-adviser. If approved by the Board, the new agreements will be presented to the Nuveen Funds’ shareholders for approval, and, if so approved by shareholders, will take effect upon consummation of the transaction or such later time as shareholder approval is obtained.

The transaction is not expected to result in any change in the portfolio management of the Funds or in the Funds’ investment objectives or policies.

Investment Objectives and Principal Investment Strategies

Large Cap Select’s investment objective is capital appreciation. Under normal market conditions, the Fund invests at least 80% of the sum of its net assets and the amount of any borrowings for investment purposes, in common stocks of large-capitalization companies, defined as companies that have market capitalizations of $5 billion or greater.

Small Cap Select’s investment objective is capital appreciation. Under normal market conditions, the Fund invests at least 80% of the sum of its net assets and the amount of any borrowings for investment purposes, in common stocks of small-capitalization companies, defined as companies that have market capitalizations of less than $3 billion.

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”).

34 Nuveen Investments

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. If a refund is received for workout expenditures paid in a prior reporting period, such amounts will be recognized as “Legal fee refund” on the Statement 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 (“NAV”) without an up-front sales charge but may be subject to a contingent deferred sales charge (“CDSC”) if redeemed within twelve months of purchase. Small Cap Select issued 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 were not available for new accounts or for additional investment into existing accounts. Class B Shares were sold without an up-front sales charge but incurred 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.

Netting Agreements

In the ordinary course of business, the Funds may enter into transactions subject to International Swaps and Derivative Association, Inc. (“ISDA”) master agreements or other similar arrangements (“netting agreements”). Generally, the right to offset in netting agreements allows each Fund to offset any exposure to a specific counterparty with any collateral received or delivered to that counterparty based on the terms of the agreements. Generally, each Fund manages its cash collateral and securities collateral on a counterparty basis.

Nuveen Investments 35

Notes to Financial Statements (Unaudited)(continued)

As of April 30, 2014, the Funds were invested in securities lending transactions that are subject to netting agreements.

Use of Estimates

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

2. Investment Valuation and Fair Value Measurements

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

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. 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 NAVs on the valuation date and are generally classified as Level 1.

Certain securities may not be able to be priced by the pre-established pricing methods as described above. Such securities may be valued by the Funds’ Board of 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 NAV (as may be the case in non-U.S. markets on which the security is primarily traded) or make it difficult or impossible to obtain a reliable market quotation; and a security whose price, as provided by the pricing service, is not deemed to reflect the security’s fair value. As a general principle, the fair value of a security would appear to be the amount that the owner might reasonably expect to receive for it in a current sale. A variety of factors may be considered in determining the fair value of such securities, which may include consideration of the following: yields or prices of investments of comparable quality, type of issue, coupon, maturity and rating, market quotes or indications of value from security dealers, evaluations of anticipated cash flows or collateral, general market conditions and other information and analysis, including the obligor’s credit characteristics considered relevant. These securities are generally classified as Level 2 or Level 3 depending on the priority of the significant inputs. Regardless of the method employed to value a particular security, all valuations are subject to review by the 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).

36 Nuveen Investments

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

Large Cap Select	Level 1		Level 2		Level 3		Total
Long-Term Investments*:
Common Stocks	$	39,602,290	$	—	$	—	$	39,602,290
Investments Purchased with Collateral from Securities Lending		5,273,843		—		—		5,273,843
Short-Term Investments:
Money Market Funds		448,358		—		—		448,358
Total	$	45,324,491	$	—	$	—	$	45,324,491
Small Cap Select
Long-Term Investments*:
Common Stocks	$	372,663,385	$	—	$	—	$	372,663,385
Investments Purchased with Collateral from Securities Lending		71,776,791		—		—		71,776,791
Short-Term Investments:
Money Market Funds		3,210,152		—		—		3,210,152
Total	$	447,650,328	$	—	$	—	$	447,650,328

* 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 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.

Nuveen Investments 37

Notes to Financial Statements (Unaudited)(continued)

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,” 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,” 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, at value” on the Statement of Assets and Liabilities.

The following table presents the securities out on loan for the Funds that are subject to netting agreements as of the end of the reporting period, and the collateral delivered related to those securities.

Fund	Counterparty	Long-Term Investments, at Value		Collateral Pledged (From) Counterparty*			Net Exposure
Large Cap Select	U.S. Bank	$	5,147,836	$	(5,147,836	)	$	—
Small Cap Select	U.S. Bank		69,012,868		(69,012,868	)		—

* As of April 30, 2014, the value of the collateral pledged from the counterparty exceeded the value of the securities out on loan. Refer to the Fund’s Portfolio of Investments for details on the securities out on loan.

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 six months ended April 30, 2014, was as follows:

	Large Cap Select		Small Cap Select
Securities lending fees paid	$	1,117	$	10,450

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 “Cash collateral at 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

38 Nuveen Investments

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.

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 six months ended April 30, 2014, Small Cap Select utilized futures contracts on the Russell 2000 E-Mini Index 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 average notional amount of futures contracts outstanding during the six months ended April 30, 2014, was as follows:

	Small Cap Select
Average notional amount of futures contracts outstanding*	$	—	**

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

** The Fund did not hold any futures contracts at the beginning of the fiscal year or at the end of each quarter within the current fiscal year.

The following table presents the amount of net realized gain (loss) recognized on futures contracts on the Statement of Operations during the six months ended April 30, 2014, and the primary underlying risk exposure.

Fund	Underlying Risk Exposure	Derivative Instrument	Net Realized Gain (Loss) from Futures Contracts
Small Cap Select	Equity price	Futures contracts	$	560,086

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.

Nuveen Investments 39

Notes to Financial Statements (Unaudited)(continued)

4. Fund Shares

Transactions in Fund shares were as follows:

	Large Cap Select
	Six Months Ended 4/30/14						Year Ended 10/31/13
	Shares			Amount			Shares			Amount
Shares sold:
Class A		80,757		$	1,505,353			86,580		$	1,345,676
Class C		5,250			93,380			26,018			403,346
Class R3(1)		—			—			1,190			16,638
Class I		21,155			387,412			97,759			1,557,811
Shares issued to shareholders due to reinvestment of distributions:
Class A		773			14,468			1,055			14,175
Class C		—			—			—			—
Class R3(1)		—			—			19			251
Class I		5,258			99,006			8,707			117,717
		113,193			2,099,619			221,328			3,455,614
Shares redeemed:
Class A		(19,465	)		(356,974	)		(43,427	)		(662,562	)
Class C		(2,244	)		(39,925	)		(10,273	)		(153,956	)
Class R3(1)		—			—			(9,255	)		(133,842	)
Class I		(162,749	)		(3,008,803	)		(725,513	)		(11,052,515	)
		(184,458	)		(3,405,702	)		(788,468	)		(12,002,875	)
Net increase (decrease)		(71,265	)	$	(1,306,083	)		(567,140	)	$	(8,547,261	)

⁽¹⁾  After the close of business on March 4, 2013, Large Cap Select liquidated all of its Class R3 Shares.

	Small Cap Select
	Six Months Ended 4/30/14						Year Ended 10/31/13
	Shares			Amount			Shares			Amount
Shares sold:
Class A		1,045,400		$	14,976,963			2,328,945		$	31,038,192
Class A – automatic conversion of Class B Shares		4,970			71,253			15,744			204,698
Class B – exchanges		1,142			11,203			408			3,424
Class C		15,237			185,219			27,179			300,561
Class R3		170,722			2,355,963			443,783			5,660,311
Class I		1,179,739			18,853,689			3,097,591			45,423,193
Shares issued to shareholders due to reinvestment of distributions:
Class A		1,010,359			13,831,278			2,079,011			23,825,468
Class B		19,288			184,391			45,369			380,192
Class C		83,475			973,319			163,836			1,636,719
Class R3		132,066			1,736,664			260,032			2,881,156
Class I		1,264,294			19,502,042			2,444,971			31,148,931
		4,926,692			72,681,984			10,906,869			142,502,845
Shares redeemed:
Class A		(2,404,545	)		(34,409,355	)		(5,160,326	)		(68,844,204	)
Class B		(34,141	)		(337,781	)		(72,872	)		(703,578	)
Class B – automatic conversion to Class A Shares		(7,024	)		(71,253	)		(21,305	)		(204,698	)
Class C		(89,091	)		(1,097,193	)		(228,432	)		(2,624,713	)
Class R3		(521,692	)		(7,201,715	)		(741,925	)		(9,510,031	)
Class I		(6,221,286	)		(99,924,725	)		(6,294,437	)		(92,944,448	)
		(9,277,779	)		(143,042,022	)		(12,519,297	)		(174,831,672	)
Net increase (decrease)		(4,351,087	)	$	(70,360,038	)		(1,612,428	)	$	(32,328,827	)

40 Nuveen Investments

5. Investment Transactions

Purchases and sales (excluding investments purchased with collateral from securities lending, short-term investments and derivative transactions) during the six months ended April 30, 2014, were as follows:

	Large Cap Select		Small Cap Select
Purchases	$	30,730,583	$	216,542,722
Sales		31,938,956		321,180,764

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 NAVs of the Funds.

As of April 30, 2014, 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	$	40,288,196		$	385,805,868
Gross unrealized:
Appreciation	$	5,501,014		$	71,949,338
Depreciation		(464,719	)		(10,104,878	)
Net unrealized appreciation (depreciation) of investments	$	5,036,295		$	61,844,460

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’ last 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’ last 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.

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

	Large Cap Select		Small Cap Select
Distributions from net ordinary income1	$	248,726	$	11,605,768
Distributions from net long-term capital gains		—		54,954,814

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

Nuveen Investments 41

Notes to Financial Statements (Unaudited)(continued)

As of October 31, 2013, the Funds’ last 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’ last 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

42 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 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 April 30, 2014, the complex-level fee rate for each Fund was as follows:

Fund	Complex-Level Fee Rate
Large Cap Select		.2000%
Small Cap Select		.2000

The Adviser has contractually agreed to waive fees and/or reimburse 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:

Fund	Class A Shares		Class C Shares		Class I Shares		Expiration Date
Large Cap Select		1.30%		2.05%		1.05%		October 31, 2015

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.

During the six months ended April 30, 2014, 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	$	4,381	$	18,909
Paid to financial intermediaries		3,926		16,640

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 six months ended April 30, 2014, the Distributor compensated financial intermediaries directly with commission advances at the time of purchase as follows:

	Large Cap Select		Small Cap Select
Commission advances	$	839	$	1,478

Nuveen Investments 43

Notes to Financial Statements (Unaudited)(continued)

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 six months ended April 30, 2014, the Distributor retained such 12b-1 fees as follows:

	Large Cap Select		Small Cap Select
12b-1 fees retained	$	251	$	6,542

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 six months ended April 30, 2014, as follows:

	Large Cap Select		Small Cap Select
CDSC retained	$	3	$	328

8. Subsequent Events

Class B Shares

Effective at the close of business on June 23, 2014, Class B Shares of Small Cap Select converted to Class A Shares and are no longer available through an exchange from other Nuveen mutual funds.

44 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

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

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

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

Nuveen Investments 45

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.

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.

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.

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.

46 Nuveen Investments

Annual Investment Management Agreement

Approval Process (Unaudited)

I. The Approval Process

The Board of Directors of each Fund (each, a “Board” and each Director, a “Board Member”), 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 overseeing the performance of the investment adviser and the sub-adviser to the respective Fund and determining whether to approve or continue such Fund’s advisory agreement (each, an “Original Investment Management Agreement”) between the Fund and Nuveen Fund Advisors, LLC (the “Adviser”) and sub-advisory agreement (each, an “Original Sub-Advisory Agreement” and, together with the Original Investment Management Agreement, the “Original Advisory Agreements”) between the Adviser and Nuveen Asset Management, LLC (the “Sub-Adviser”). Pursuant to the Investment Company Act of 1940, as amended (the “1940 Act”), each Board is required to consider the continuation of the respective Original Advisory Agreements on an annual basis. In addition, prior to its annual review, the Board Members were advised of the potential acquisition of Nuveen Investments, Inc. (“Nuveen”) by TIAA-CREF (the “Transaction”). For purposes of this section, references to “Nuveen” herein include all affiliates of Nuveen Investments, Inc. providing advisory, sub-advisory, distribution or other services to the Funds and references to the “Board” refer to the Board of each Fund. In accordance with the 1940 Act and the terms of the Original Advisory Agreements, the completion of the Transaction would terminate each of the Original Investment Management Agreements and the Original Sub-Advisory Agreements. Accordingly, at an in-person meeting held on April 30, 2014 (the “April Meeting”), the Board, including all of the Independent Board Members, performed its annual review of the Original Advisory Agreements and approved the continuation of the Original Advisory Agreements for the Funds. Furthermore, in anticipation of the termination of the Original Advisory Agreements that would occur upon the consummation of the Transaction, the Board also approved for each Fund a new advisory agreement (each, a “New Investment Management Agreement”) between the Fund and the Adviser and a new sub-advisory agreement (each, a “New Sub-Advisory Agreement” and, together with the New Investment Management Agreement, the “New Advisory Agreements”) between the Adviser and the Sub-Adviser, each on behalf of the respective Fund to be effective following the completion of the Transaction and the receipt of the requisite shareholder approval.

Leading up to the April Meeting, the Independent Board Members had several meetings and deliberations, with and without management from Nuveen present and with the advice of legal counsel, regarding the Original Advisory Agreements, the Transaction and its impact and the New Advisory Agreements. At its meeting held on February 25-27, 2014 (the “February Meeting”), the Board Members met with a senior executive representative of TIAA-CREF to discuss the proposed Transaction. At the February Meeting, the Independent Board Members also established an ad hoc committee comprised solely of the Independent Board Members to monitor and evaluate the Transaction and to keep the Independent Board Members updated with developments regarding the Transaction. On March 20, 2014, the ad hoc committee met telephonically to discuss with management of Nuveen, and separately with independent legal counsel, the terms of the proposed Transaction and its impact on, among other things: the governance structure of Nuveen; the strategic plans for Nuveen; the operations of the Nuveen funds (which include the Funds); the quality or level of services provided to the Nuveen funds; key personnel that service the Nuveen funds and/or the Board and the compensation or incentive arrangements to retain such personnel; Nuveen’s capital structure; the regulatory requirements applicable to Nuveen or fund operations; and the Nuveen funds’ fees and expenses, including the funds’ complex-wide fee arrangement. Following the meeting of the ad hoc committee, the Board met in person (two Independent Board Members participating telephonically) in an executive session on March 26, 2014 to further discuss the proposed Transaction. At the executive session, the Board met privately with independent legal counsel to review its duties with respect to reviewing advisory agreements, particularly in the context of a change of control, and to evaluate further the Transaction and its impact on the Nuveen funds, the Adviser and the Sub-Adviser (collectively, the “Fund Advisers” and each, a “Fund Adviser”) and the services provided. Representatives of Nuveen also met with the Board to update the Board Members on developments regarding the Transaction, to respond to questions and to discuss, among other things: the governance of the Fund Advisers following the Transaction; the background, culture (including with respect to regulatory and compliance matters) and resources of TIAA-CREF; the general plans and intentions of TIAA-CREF for Nuveen; the terms and conditions of the Transaction (including financing terms); any benefits or detriments the Transaction may impose on the Nuveen funds, TIAA-CREF or the Fund Advisers; the reaction from the Fund Advisers’ employees knowledgeable of the Transaction; the incentive and retention plans for key personnel of the Fund Advisers; the potential access to additional distribution platforms and economies of scale; and the impact of any additional regulatory schemes that may be applicable to the Nuveen funds given the banking and insurance businesses operated in the TIAA-CREF enterprise. As part of its review, the Board also held a separate meeting on April 15-16, 2014 to review the Nuveen funds’ investment performance and consider an analysis provided by the Adviser of each sub-adviser of the Nuveen funds (including the Sub-Adviser) and the Transaction and its implications to the Nuveen funds. During their review of the materials and discussions, the Independent Board Members presented the Adviser with questions and the Adviser responded. Further, the Independent Board Members met in an executive session with independent legal counsel on April 29, 2014 and April 30, 2014.

Nuveen Investments 47

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

In connection with their review of the Original Advisory Agreements and the New Advisory Agreements, the Independent Board Members received extensive information regarding the Funds and the Fund Advisers including, among other things: the nature, extent and quality of services provided by each Fund Adviser; the organization and operations of any Fund Adviser; the expertise and background of relevant personnel of each Fund Adviser; a review of each Fund’s performance (including performance comparisons against the performance of 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 fund initiatives and shareholder communications; and an analysis of the Adviser’s profitability with comparisons to peers in the managed fund business. In light of the proposed Transaction, the Independent Board Members, through their independent legal counsel, also requested in writing and received additional information regarding the proposed Transaction and its impact on the provision of services by the Fund Advisers.

The Independent Board Members received, well in advance of the April Meeting, materials which responded to the request for information regarding the Transaction and its impact on Nuveen and the Nuveen funds including, among other things: the structure and terms of the Transaction; the impact of the Transaction on Nuveen, its operations and the nature, quality and level of services provided to the Nuveen funds, including, in particular, any changes to those services that the Nuveen funds may experience following the Transaction; the strategic plan for Nuveen, including any financing arrangements following the Transaction and any cost-cutting efforts that may impact services; the organizational structure of TIAA-CREF, including the governance structure of Nuveen following the Transaction; any anticipated effect on each Nuveen fund’s expense ratios (including changes to advisory and sub-advisory fees) and economies of scale that may be expected; any benefits or conflicts of interest that TIAA-CREF, Nuveen or their affiliates can expect from the Transaction; any benefits or undue burdens or other negative implications that may be imposed on the Nuveen funds as a result of the Transaction; the impact on Nuveen or the Nuveen funds as a result of being subject to additional regulatory schemes that TIAA-CREF must comply with in operating its various businesses; and the costs associated with obtaining necessary shareholder approvals and the bearer of such costs. The Independent Board Members also received a memorandum describing the applicable laws, regulations and duties in approving advisory contracts, including in conjunction with a change of control, from their independent legal counsel.

The materials and information prepared in connection with the review of the Original Advisory Agreements and New Advisory Agreements supplemented 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 reviewed the performance and various services provided by the Adviser and Sub-Adviser. The Board met at least quarterly as well as at other times as the need arose. At its quarterly meetings, the Board reviewed reports by the Adviser regarding, among other things, fund performance, fund expenses, premium and discount levels of closed-end funds, the performance of the investment teams and compliance, regulatory and risk management matters. In addition to regular reports, the Adviser provided 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 distribution channels, oversight of omnibus accounts and leverage management topics), 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 met with key investment personnel managing certain Nuveen fund portfolios during the year.

In addition, the Board has created several standing committees (the Executive Committee; the Dividend Committee; the Audit Committee; the Compliance, Risk Management and Regulatory Oversight Committee; the Nominating and Governance Committee; the Open-End Funds Committee; and the Closed-End Funds Committee). The Open-End Funds Committee and Closed-End Funds Committee are intended to assist the full Board in monitoring and gaining a deeper insight into the distinctive business practices of closed-end and open-end funds. These two Committees have met prior to each quarterly Board meeting, and the Adviser provided presentations to these Committees permitting them to delve further into specific matters or initiatives impacting the respective product line.

Further, the Board continued its program of seeking to have the Board Members or a subset thereof visit each sub-adviser to the Nuveen funds and meet key investment and business personnel at least once over a multiple year rotation. In this regard, the Independent Board Members made site visits to certain equity and fixed income teams of the Sub-Adviser in September 2013 and met with the Sub-Adviser’s municipal team at the August and November 2013 quarterly meetings.

The Board considered the information provided and knowledge gained at these meetings and visits during the year when performing its annual review of the Original Advisory Agreements and its review of the New Advisory Agreements. The Independent Board Members also were assisted throughout the process by independent legal counsel. 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 funds are the result of many years of review and discussion between the Independent Board Members and Nuveen 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.

48 Nuveen Investments

The Board considered all factors it believed relevant with respect to each Fund, including, among other things: (a) the nature, extent and quality of the services provided by the Fund Advisers, (b) the investment performance of the Fund and the 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. With respect to the New Advisory Agreements, the Board also considered the Transaction and its impact on the foregoing 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 Original Advisory Agreements and New 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

1. The Original Advisory Agreements

In considering renewal of each Original Advisory Agreement, the Independent Board Members considered the nature, extent and quality of the respective Fund Adviser’s services, including portfolio management 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: each Fund Adviser’s organization and business; the types of services that each Fund Adviser or its affiliates provide to each Fund; the performance record of each Fund (as described in further detail below); and any initiatives Nuveen had taken for the open-end fund product line.

In considering the services provided by the Fund Advisers, the Board recognized that the Adviser provides a myriad of investment management, administrative, compliance, oversight and other services for the Funds, and the Sub-Adviser generally provides the portfolio advisory services to the Funds under the oversight of the Adviser. The Board considered the wide range of services provided by the Adviser to the Nuveen funds beginning with developing the fund and monitoring and analyzing its performance to providing or overseeing the services necessary to support a fund’s daily operations. The Board recognized the Adviser, among other things, provides: (a) product management (such as analyzing ways to better position a fund in the marketplace, maintaining relationships to gain access to distribution platforms and setting dividends); (b) fund administration (such as preparing a fund’s tax returns, regulatory filings and shareholder communications; managing fund budgets and expenses; overseeing a fund’s various service providers; and supporting and analyzing new and existing funds); (c) Board administration (such as supporting the Board and its committees, in relevant part, by organizing and administering the Board and committee meetings and preparing the necessary reports to assist the Board in its duties); (d) compliance (such as monitoring adherence to a fund’s investment policies and procedures and applicable law; reviewing the compliance program periodically and developing new policies or updating existing compliance policies and procedures as considered necessary or appropriate; responding to regulatory requests; and overseeing compliance testing of sub-advisers); (e) legal support (such as preparing or reviewing fund registration statements, proxy statements and other necessary materials; interpreting regulatory requirements and compliance thereof; and maintaining applicable registrations); and (f) investment services (such as overseeing and reviewing sub-advisers and their investment teams; analyzing performance of the funds; overseeing investment and risk management; overseeing the daily valuation process for portfolio securities and developing and recommending valuation policies and methodologies and changes thereto; and participating in fund development, leverage management and the development of investment policies and parameters).

In its review, the Board also considered the new services, initiatives or other changes adopted since the last advisory contract review that were designed to enhance the services and support the Adviser provides to the Nuveen funds. The Board recognized that some initiatives are a multi-year process. In reviewing the activities of 2013, the Board recognized that the year reflected the Adviser’s continued focus on fund rationalization for both closed-end and open-end funds, consolidating certain funds through mergers that were designed to improve efficiencies and economies of scale for shareholders, repositioning various funds through updates in their investment policies and guidelines with the expectation of bringing greater value to shareholders, and liquidating certain funds. As in the past, the Board recognized the Adviser’s significant investment in its technology initiatives, including the continued progress toward a central repository for fund and other Nuveen product data and implementing a data system to support the risk oversight group enabling it to provide more detailed risk analysis for the Nuveen funds. The Board noted the new data system has permitted more in-depth analysis of the investment risks of the Funds and across the complex providing additional feedback and insights to the investment teams and more comprehensive risk reporting to the Board. The Adviser also conducted several workshops for the Board regarding the new data system, including explaining the risk measures being applied and their purpose. The Board also recognized the enhancements in the valuation group within the Adviser, including centralizing the fund pricing process within the valuation group, trending to more automated and expedient reviews and continuing to expand its valuation team. The Board further considered the expansion of personnel in the compliance department enhancing the collective expertise of the group, investments in additional compliance systems and the updates of various compliance policies.

Nuveen Investments 49

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

In addition to the foregoing actions, the Board also considered other initiatives related to the open-end funds, including, among other things: the continued focus on enhancing the product line through the development of new funds, including the development of alternative strategies reflecting trends in the industry; the enhanced support provided to the Board by providing comprehensive in-depth presentations to the Open-End Funds Committee; and the development of a new class of shares for certain funds.

As noted, the Adviser also oversees the Sub-Adviser who provides the portfolio advisory services to the Funds. In reviewing the portfolio advisory services provided to each Fund, the Nuveen Investment Services Oversight Team of the Adviser analyzes the performance of the Sub-Adviser and may recommend changes to the investment team or investment strategies as appropriate. In assisting the Board’s review of the Sub-Adviser, the Adviser provides a report 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 each Fund, developments affecting the Sub-Adviser or the Funds and their performance. In their review of the Sub-Adviser, the Independent Board Members considered, among other things, the experience and qualifications of the relevant investment personnel, their investment philosophy and strategies, the Sub-Adviser’s organization and stability, its capabilities and any initiatives taken or planned to enhance its current capabilities or support potential growth of business and, as outlined in further detail below, the performance of the Funds. 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 while not providing an inappropriate incentive to take undue risks.

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 Nuveen funds’ compliance policies and procedures; the resources dedicated to compliance; the record of compliance with the policies and procedures; and Nuveen’s supervision of the Funds’ service providers. The Board recognized Nuveen’s commitment to compliance and strong commitment to a culture of compliance. Given the Adviser’s emphasis on monitoring investment risk, the Board has also appointed two Independent Board Members as point persons to review and keep the Board apprised of developments in this area and work with applicable Fund Adviser personnel.

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

2. The New Advisory Agreements

In evaluating the nature, quality and extent of the services expected to be provided by the Fund Advisers under the New Investment Management Agreements and the New Sub-Advisory Agreements, the Board Members concluded that no diminution in the nature, quality and extent of services provided to each Fund and its shareholders by the respective Fund Advisers is expected as a result of the Transaction. In making their determination, the Independent Board Members considered, among other things: the expected impact, if any, of the Transaction on the operations, facilities, organization and personnel of each Fund Adviser; the ability of each Fund Adviser to perform its duties after the Transaction, including any changes to the level or quality of services provided to the Funds; the potential implications of any additional regulatory requirements imposed on the Fund Advisers or the Nuveen funds following the Transaction; and any anticipated changes to the investment and other practices of the Nuveen funds.

The Board noted that the terms of each New Investment Management Agreement, including the fees payable thereunder, are substantially identical to those of the Original Investment Management Agreement relating to the same Fund. Similarly, the terms of each New Sub-Advisory Agreement, including fees payable thereunder, are substantially identical to those of the Original Sub-Advisory Agreement relating to the same Fund. The Board considered that the services to be provided and the standard of care under the New Investment Management Agreements and the New Sub-Advisory Agreements are the same as the corresponding original agreements. The Board Members noted the Transaction also does not alter the allocation of responsibilities between the Adviser and the Sub-Adviser. The Sub-Adviser will continue to furnish an investment program, make investment decisions and place all orders for the purchase and sale of securities, all on behalf of each Fund and subject to oversight of the Board and the Adviser. The Board noted that TIAA-CREF did not anticipate any material changes to the advisory, sub-advisory or other services provided to the Nuveen funds as a result of the Transaction. The Independent Board Members recognized that there were not any planned “cost cutting” measures that could be expected to reduce the nature, extent or quality of services. The Independent Board Members further noted that there were currently no plans for material changes to senior personnel at Nuveen or key personnel who provide services to the Nuveen funds and the Board following the Transaction. The key personnel who have responsibility for the Nuveen funds in each area, including portfolio management, investment oversight, fund management, fund operations, product management, legal/compliance and board support functions, are expected to be the same following the Transaction, although such personnel may have additional reporting requirements to TIAA-CREF. The Board also considered the anticipated incentive plans designed to retain such key personnel. Notwithstanding the foregoing, the Board Members recognized that personnel changes may occur in the future as a result of normal business developments or personal career decisions.

The Board Members also considered Nuveen’s proposed governance structure following the Transaction and noted that Nuveen was expected to remain a stand-alone business within the TIAA-CREF enterprise and operate relatively autonomously from the other TIAA-CREF businesses, but

50 Nuveen Investments

would receive the general support and oversight from certain TIAA-CREF functional groups (such as legal, finance, internal audit, compliance, and risk management groups). The Board recognized, however, that Nuveen may be subject to additional reporting requirements as it keeps TIAA-CREF abreast of developments affecting the Nuveen business, may be required to modify certain of its reports, policies and procedures as necessary to conform to the practices followed in the TIAA-CREF enterprise and may need to collaborate with TIAA-CREF with respect to strategic planning for its business.

In considering the implications of the Transaction, the Board Members also recognized the reputation and size of TIAA-CREF and the benefits that the Transaction may bring to the Nuveen funds and Nuveen. In this regard, the Board recognized, among other things, that the increased resources and support that may be available to Nuveen from TIAA-CREF and the improved capital structure of Nuveen Investments, Inc. (the parent of the Adviser) that would result from the significant reduction in its debt level may reinforce and enhance Nuveen’s ability to provide quality services to the Nuveen funds and to invest further into its infrastructure.

Further, with the consummation of the Transaction, the Board recognized the enhanced distribution capabilities for the Nuveen funds as the funds may gain access to TIAA-CREF’s distribution network, particularly through TIAA-CREF’s retirement platform and institutional client base. The Board also considered that investors in TIAA-CREF’s retirement platform may choose to roll their investments as they exit their retirement plans into the Nuveen funds. The Independent Board Members recognized the potential cost savings to the benefit of all shareholders of the Nuveen funds from reduced expenses as assets in the Nuveen fund complex rise pursuant to the complex-wide fee arrangement described in further detail below.

Based on their review, the Independent Board Members found that the expected nature, extent and quality of services to be provided to each Fund under its New Advisory Agreements were satisfactory and supported approval of the New Advisory Agreements.

B. The Investment Performance of the Funds and Fund Advisers

1. The Original Advisory Agreements

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 each Fund’s performance and the applicable investment team. In considering each 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, 2013, as well as performance information reflecting the first quarter of 2014. This information supplemented the Nuveen 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 performance data reflects a snapshot in time, in this case as of the end of the most recent calendar year or quarter. A different performance period, however, could generate significantly different results.

• 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 investment experience of a particular shareholder in a fund will vary depending on when such shareholder invests in such fund, the class held (if multiple classes offered in the fund) and the performance of the fund (or respective class) during that shareholder’s investment period.

• 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 differences in performance among classes could be principally attributed to the variations in distribution and servicing expenses of each class.

• 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 the Performance Peer Groups of the Nuveen funds from highly relevant to less relevant. For funds classified with less relevant Performance Peer Groups, the Board considered a fund’s performance compared to its benchmark to help assess the fund’s comparative performance. A fund was generally considered to have performed comparably to its benchmark if the fund’s performance was within certain thresholds compared to the performance of its benchmark and was considered to have outperformed or underperformed its

Nuveen Investments 51

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

benchmark if the fund’s performance was beyond these thresholds for the one- and three-year periods, subject to certain exceptions.ⁱ 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 fund with its peers and/or benchmarks result in differences in performance results.

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. The Board is aware, however, that shareholders chose to invest or remain invested in a fund knowing that the Adviser manages the fund and knowing the fund’s fee structure.

In considering the performance data, the Independent Board Members noted that the Nuveen Large Cap Select Fund (“Large Cap Select Fund”) demonstrated generally favorable performance in comparison to its peers. In this regard, although the Fund was in the third quartile in the three-year period, it performed in the first quartile in the one- and five-year periods, outperformed its benchmark in the one-year period and demonstrated comparable performance to its benchmark in the five-year period.

The Board also noted that the Nuveen Small Cap Select Fund (“Small Cap Select Fund”) lagged its peers and benchmark over various periods. Although the Fund was in the third quartile and provided comparable performance to its benchmark in the five-year period, it was in the fourth quartile and underperformed its benchmark in the one- and three-year periods. As described above, for Nuveen funds with challenged performance, the Board considered and discussed the factors contributing to the performance results and considered any steps that have been or should be taken to address performance issues. The Board noted that, although Small Cap Select Fund underperformed its benchmark and lagged its peers in recent years, it also posted strong absolute returns in 2013. In addition, the Board noted the changes to the portfolio management team of the Fund. The Board will continue to monitor the Fund and any steps proposed or taken to address performance challenges.

Except as otherwise noted above, based on their review, the Independent Board Members determined that each Fund’s investment performance had been satisfactory.

2. The New Advisory Agreements

With respect to the performance of each Fund, the Board considered that the portfolio investment personnel responsible for the management of the respective Fund portfolios were expected to continue to manage such portfolios following the completion of the Transaction and the investment strategies of the Funds were not expected to change as a result of the Transaction. Accordingly, the findings regarding performance outlined above for the Original Advisory Agreements are applicable to the review of the New Advisory Agreements.

C. Fees, Expenses and Profitability

1. Fees and Expenses

The Board evaluated the management fees and expenses of each Fund, reviewing, among other things, such Fund’s gross management fees, net management fees and net expense ratios in absolute terms as well as compared to the 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 average based on the net total expense ratio. The Independent Board Members observed that Small Cap Select Fund had a net management fee in line with its peer average and a net expense ratio (including fee waivers and expense reimbursements) below its peer average, while Large Cap Select Fund had a net management fee that was higher than its peer average, but a net expense ratio that was in line with its peer average.

52 Nuveen Investments

Based on their review of the fee and expense information provided, the Independent Board Members determined that each Fund’s management fees (as applicable) 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, either affiliated or non-affiliated, 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 and other services it provides to support the Nuveen fund (as described above) and, while some administrative services may occur at the sub-adviser level, the fee to the sub-adviser generally reflects the portfolio management services provided by the sub-adviser. The Independent Board Members considered the fees a Fund Adviser assesses to the Funds compared to that of other clients. With respect to non-municipal funds, such other clients of a Fund Adviser may include: separately managed accounts (both retail and institutional accounts), foreign investment funds offered by Nuveen, collective trust funds and funds that are not offered by Nuveen but are sub-advised by one of Nuveen’s investment management teams.

The Independent Board Members reviewed the nature of services provided by the Adviser, including through its affiliated sub-advisers and the average fee the affiliated sub-advisers assessed such clients as well as the range of fees assessed to the different types of separately managed accounts (such as retail, institutional or wrap accounts) to the extent applicable to the respective sub-adviser. In their review, 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. In evaluating the comparisons of fees, the Independent Board Members noted that the fee rates charged to the Nuveen 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. The Independent Board Members noted that, as a general matter, higher fee levels reflect higher levels of service, increased investment management complexity, greater product management requirements and higher levels of risk or a combination of the foregoing. The Independent Board Members further noted, in particular, that the range of services provided to the Funds (as discussed above) is generally 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 also recognized 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, an analysis of the key drivers behind the changes in revenues and expenses that impacted profitability in 2013 and Nuveen’s consolidated financial statements for 2013. 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 two Independent Board Members served as point persons to review the profitability analysis and methodologies employed, and any changes thereto, and to keep the Board apprised of such changes. The Independent Board Members also considered Nuveen’s revenues for advisory activities, expenses and profit margin compared to that of various unaffiliated management firms.

In reviewing profitability, the Independent Board Members noted the Adviser’s continued investment in its business with expenditures to, among other things, upgrade its investment technology and compliance systems and provide for additional personnel and other resources. The Independent Board Members recognized the Adviser’s continued commitment to its business should enhance the Adviser’s capacity and capabilities in providing the services necessary to meet the needs of the Nuveen funds as they grow or change over time. In addition, in evaluating profitability, the Independent Board Members also noted 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, an adviser’s particular business mix, capital costs, size, types of funds managed and expense allocations. Notwithstanding the foregoing, the Independent Board Members noted the Adviser’s adjusted operating margin appears to be reasonable in relation to other investment advisers and sufficient to operate as a viable investment management firm meeting its obligations to the Nuveen funds. 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.

Nuveen Investments 53

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

With respect to sub-advisers affiliated with Nuveen, including the Sub-Adviser, the Independent Board Members reviewed such sub-advisers’ revenues, expenses and profitability margins (pre- and post-tax) for their 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 a Nuveen fund. See Section E below for additional information on indirect benefits the Fund Advisers may receive as a result of its relationship with a Nuveen fund. 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 Funds were reasonable.

4. The New Advisory Agreements

As noted above, the terms of the New Advisory Agreements are substantially identical to their corresponding Original Advisory Agreements. The fee schedule, including the breakpoint schedule and complex-wide fee schedule, in each New Advisory Agreement is identical to that under the corresponding Original Advisory Agreement. The Board Members also noted that Nuveen has committed for a period of two years from the date of closing the Transaction (i) not to increase contractual management fee rates for any Nuveen fund and (ii) not to raise expense cap levels for any Nuveen fund from levels currently in effect or scheduled to go into effect prior to the Transaction. This commitment shall not limit or otherwise affect mergers or liquidations of any funds in the ordinary course. Based on the information provided, the Board Members did not believe that the overall expenses would increase as a result of the Transaction. In addition, the Board Members recognized that the Nuveen funds may gain access to the retirement platform and institutional client base of TIAA-CREF, and the investors in the retirement platforms may roll their investments into one or more Nuveen funds as they exit their retirement plans. The enhanced distribution access may result in additional sales of the Nuveen funds resulting in an increase in total assets under management in the complex and a corresponding decrease in overall management fees if additional breakpoints at the fund-level or complex-wide level are met. Based on its review, the Board determined that the management fees and expenses under each New Advisory Agreement were reasonable.

Further, other than from a potential reduction in the debt level of Nuveen Investments, Inc., the Board recognized that it is difficult to predict with any degree of certainty the impact of the Transaction on Nuveen’s profitability. Given the fee schedule was not expected to change under the New Advisory Agreements, however, the Independent Board Members concluded that each Fund Adviser’s level of profitability for its advisory activities under the respective New Advisory Agreements would continue to be reasonable in light of the services provided.

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

1. The Original Advisory Agreements

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 Nuveen funds’ complex-wide fee arrangement. Pursuant to the complex-wide fee arrangement, the fees of the funds in the Nuveen complex are 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.

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

2. The New Advisory Agreements

As noted, the Independent Board Members recognized that the fund-level and complex-wide schedules will not change under the New Advisory Agreements. Assets in the funds advised by TIAA-CREF or its current affiliates will not be included in the complex-wide fee calculation. Nevertheless, the Nuveen funds may have access to TIAA-CREF’s retirement platform and institutional client base. The access to this distribution network may enhance the distribution of the Nuveen funds which, in turn, may lead to reductions in management and sub-advisory fees if the Nuveen funds reach additional fund-level and complex-wide breakpoint levels. Based on their review, including the considerations in the annual

54 Nuveen Investments

review of the Original Advisory Agreements, the Independent Board Members determined that the fund-level breakpoint schedules and complex-wide fee schedule continue to be appropriate and desirable in ensuring that shareholders participate in the benefits derived from economies of scale under the New Advisory Agreements.

E. Indirect Benefits

1. The Original Advisory Agreements

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 include 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 a Fund Adviser in managing the assets of the fund and other clients. Each Fund’s portfolio transactions are allocated 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 applicable Fund’s portfolio transactions. 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. Similarly, the Board recognized that the research received pursuant to soft dollar arrangements by the Sub-Adviser may also benefit the Funds and their shareholders to the extent the research enhances the ability of the Sub-Adviser to manage the Funds. 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.

2. The New Advisory Agreements

The Independent Board Members noted that, as the applicable policies and operations of the Fund Advisers with respect to the Nuveen funds were not anticipated to change significantly after the Transaction, such indirect benefits should remain after the Transaction. The Independent Board Members further noted the benefits the Transaction would provide to TIAA-CREF and Nuveen, including a larger-scale fund complex, certain shared services (noted above) and a broader range of investment capabilities, distribution capabilities and product line. Further, the Independent Board Members noted that Nuveen Investments, Inc. (the parent of the Adviser) would benefit from an improved capital structure through a reduction in its debt level.

F. Other Considerations for the New Advisory Agreements

In addition to the factors above, the Board Members also considered the following with respect to the Nuveen funds:

• Nuveen would rely on the provisions of Section 15(f) of the 1940 Act. In this regard, to help ensure that an unfair burden is not imposed on the Nuveen funds, Nuveen has committed for a period of two years from the date of the closing of the Transaction (i) not to increase contractual management fee rates for any fund and (ii) not to raise expense cap levels for any fund from levels currently in effect or scheduled to go into effect prior to the Transaction. This commitment shall not limit or otherwise affect mergers or liquidations of any funds in the ordinary course.

• The Nuveen funds would not incur any costs in seeking the necessary shareholder approvals for the New Investment Management Agreements or the New Sub-Advisory Agreements (except for any costs attributed to seeking shareholder approvals of fund specific matters unrelated to the Transaction, such as election of Board Members or changes to investment policies, in which case a portion of such costs will be borne by the applicable funds).

• The reputation, financial strength and resources of TIAA-CREF.

• The long-term investment philosophy of TIAA-CREF and anticipated plans to grow Nuveen’s business to the benefit of the Nuveen funds.

• The benefits to the Nuveen funds as a result of the Transaction including: (i) increased resources and support available to Nuveen as well as an improved capital structure that may reinforce and enhance the quality and level of services it provides to the funds; (ii) potential additional distribution capabilities for the funds to access new markets and customer segments through TIAA-CREF’s distribution network, including, in particular, its retirement platforms and institutional client base; and (iii) access to TIAA-CREF’s expertise and investment capabilities in additional asset classes.

Nuveen Investments 55

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

G. 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 Original Advisory Agreement and New 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 Original Advisory Agreements be renewed and the New Advisory Agreements be approved.

II. Approval of Interim Advisory Agreements

At the April Meeting, the Board Members, including the Independent Board Members, unanimously approved for each Fund an interim advisory agreement (the “Interim Investment Management Agreement”) between the respective Fund and the Adviser and an interim sub-advisory agreement (the “Interim Sub-Advisory Agreement”) between the Adviser and the Sub-Adviser. If necessary to assure continuity of advisory services, each respective Interim Investment Management Agreement and Interim Sub-Advisory Agreement will take effect upon the closing of the Transaction if shareholders have not yet approved the corresponding New Investment Management Agreement or New Sub-Advisory Agreement. The terms of each Interim Investment Management Agreement and Interim Sub-Advisory Agreement are substantially identical to those of the corresponding Original Investment Management Agreement and New Investment Management Agreement and the corresponding Original Sub-Advisory Agreement and New Sub-Advisory Agreement, respectively, except for certain term and fee escrow provisions. In light of the foregoing, the Board Members, including the Independent Board Members, unanimously determined that the scope and quality of services to be provided to the Funds under the respective Interim Investment Management Agreements and Interim Sub-Advisory Agreements are at least equivalent to the scope and quality of services provided under the applicable Original Investment Management Agreements and Original Sub-Advisory Agreements.

ⁱ  The Board recognized that the Adviser considered a fund to have outperformed or underperformed its benchmark if the fund’s performance was higher or lower than the performance of the benchmark by the following thresholds: for open-end funds (+/- 100 basis points for equity funds excluding index funds; +/- 30 basis points for tax exempt fixed income funds; +/- 40 basis points for taxable fixed income funds) and for closed-end funds (assuming 30% leverage) (+/- 130 basis points for equity funds excluding index funds; +/- 39 basis points for tax exempt funds and +/- 52 basis points for taxable fixed income funds).

56 Nuveen Investments

Notes

Nuveen Investments 57

Notes

58 Nuveen Investments

Notes

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 $225 billion as of March 31, 2014.
		Find out how we can help you. To learn more about how the products and services of Nuveen Investments may be able to help you meet your financial goals, talk to your financial advisor, or call us at (800) 257-8787. Please read the information provided carefully before you invest. Investors should consider the investment objective and policies, risk considerations, charges and expenses of any investment carefully. Where applicable, be sure to obtain a prospectus, which contains this and other relevant information. To obtain a prospectus, please contact your securities representative or Nuveen Investments, 333 W. Wacker Dr., Chicago, IL 60606. Please read the prospectus carefully before you invest or send money.
		Learn more about Nuveen Funds at: www.nuveen.com/mf
Distributed by Nuveen Securities, LLC | 333 West Wacker Drive Chicago, IL 60606 | www.nuveen.com

MSA-FSLCT-0414P

Item 2. Code of Ethics.

Not applicable to this filing.

Item 3. Audit Committee Financial Expert.

Not applicable to this filing.

Item 4. Principal Accountant Fees and Services.

Not applicable to this filing.

Item 5. Audit Committee of Listed Registrants.

Not applicable to this registrant.

Item 6. Schedule of Investments.

(a) See Portfolio of Investments in Item 1.

(b) Not applicable.

Item 7. Disclosure of Proxy Voting Policies and Procedures for Closed-End Management Investment Companies.

Not applicable to this registrant.

Item 8. Portfolio Managers of Closed-End Management Investment Companies.

Not applicable to this registrant.

Item 9. Purchases of Equity Securities by Closed-End Management Investment Company and Affiliated Purchasers.

Not applicable to this registrant.

Item 10. Submission of Matters to a Vote of Security Holders.

There have been no material changes to the procedures by which shareholders may recommend nominees to the registrant’s Board implemented after the registrant last provided disclosure in response to this Item.

Item 11. Controls and Procedures.

(a) The registrant’s principal executive and principal financial officers, or persons performing similar functions, have concluded that the registrant’s disclosure controls and procedures (as defined in Rule 30a-3(c) under the Investment Company Act of 1940, as amended (the “1940 Act”) (17 CFR 270.30a-3(c))) are effective, as of a date within 90 days of the filing date of this report that includes the disclosure required by this paragraph, based on their evaluation of the controls and procedures required by Rule 30a-3(b) under the 1940 Act (17 CFR 270.30a-3(b)) and Rules 13a-15(b) or 15d-15(b) under the Securities Exchange Act of 1934, as amended (the “Exchange Act”) (17 CFR 240.13a-15(b) or 240.15d-15(b)).

(b) There were no changes in the registrant’s internal control over financial reporting (as defined in Rule 30a-3(d) under the 1940 Act (17 CFR 270.30a-3(d)) that occurred during the second fiscal quarter of the period covered by this report that has materially affected, or is reasonably likely to materially affect, the registrant’s internal control over financial reporting.

Item 12. Exhibits.

File the exhibits listed below as part of this Form.

(a)(1) Any code of ethics, or amendment thereto, that is the subject of the disclosure required by Item 2, to the extent that the registrant intends to satisfy the Item 2 requirements through filing of an exhibit: Not applicable to this filing.

(a)(2) A separate certification for each principal executive officer and principal financial officer of the registrant as required by Rule 30a-2(a) under the 1940 Act (17 CFR 270.30a-2(a)) in the exact form set forth below: See EX-99.CERT attached hereto.

(a)(3) Any written solicitation to purchase securities under Rule 23c-1 under the 1940 Act (17 CFR 270.23c-1) sent or given during the period covered by the report by or on behalf of the registrant to 10 or more persons: Not applicable to this registrant.

(b) If the report is filed under Section 13(a) or 15(d) of the Exchange Act, provide the certifications required by Rule 30a-2(b) under the 1940 Act (17 CFR 270.30a-2(b)), Rule 13a-14(b) or Rule 15d-14(b) under the Exchange Act (17 CFR 240.13a-14(b) or 240.15d-14(b)), and Section 1350 of Chapter 63 of Title 18 of the United States Code (18 U.S.C. 1350) as an Exhibit. A certification furnished pursuant to this paragraph will not be deemed “filed” for purposes of Section 18 of the Exchange Act (15 U.S.C. 78r), or otherwise subject to the liability of that section. Such certification will not be deemed to be incorporated by reference into any filing under the Securities Act of 1933 or the Exchange Act, except to the extent that the registration specifically incorporates it by reference: See EX-99.906 CERT attached hereto.

SIGNATURES

Pursuant to the requirements of the Securities Exchange Act of 1934 and the Investment Company Act of 1940, the registrant has duly caused this report to be signed on its behalf by the undersigned, thereunto duly authorized.

(Registrant) Nuveen Investment Funds, Inc.

By	(Signature and Title)	/s/ Kevin J. McCarthy
		Kevin J. McCarthy Vice President and Secretary

Date: July 7, 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: July 7, 2014

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

Date: July 7, 2014