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, 2015

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

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

Item 1. Reports to Stockholders.

Mutual Funds

Nuveen Index Funds

Semi-Annual Report  April 30, 2015

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

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Table

of Contents

Chairman’s Letter to Shareholders	4
Portfolio Managers’ Comments	5
Risk Considerations	8
Fund Performance and Expense Ratios	9
Holding Summaries	13
Expense Examples	16
Shareholder Meeting Report	18
Portfolios of Investments	19
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

Nuveen Investments 3

Chairman’s Letter

to Shareholders

Dear Shareholders,

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

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

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

And, the same is true for investors like you. Maintaining an appropriate time horizon, diversification and relying on practiced investment teams are among your best strategies for achieving your long-term investment objectives. Additionally, I encourage you to communicate with your financial consultant if you have questions about your investment in a Nuveen Fund. On behalf of the other members of the Nuveen Fund Board, we look forward to continuing to earn your trust in the months and years ahead.

Sincerely,

William J. Schneider

Chairman of the Board

June 22, 2015

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. During this reporting period, David A. Friar and Michael N. Lindh, CFA and CPA, were the portfolio managers for the Funds. David has managed the Nuveen Equity Index Fund since 2000 and the Nuveen Mid Cap Index Fund and the Nuveen Small Cap Index Fund since 2001. Michael was named co-manager of all three Funds effective September 30, 2014.

On the following pages, the portfolio managers examine key investment strategies and the Funds’ performance for the six-month reporting period ended April 30, 2015.

Nuveen Equity Index Fund

How did the Fund perform during the six-month reporting period ended April 30, 2015?

The tables in the Fund Performance and Expense Ratios section of this report provide total returns for the Fund for the six-month, one-year, five-year and ten-year periods ended April 30, 2015. Comparative performance information is provided for the Fund’s Class A Shares at net asset value (NAV). The Fund’s Class A Shares at NAV outperformed the Lipper S&P 500^® Index Objective Funds Classification Average, but underperformed the S&P 500^® Index during the six-month reporting period.

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

The Fund’s investment objective is 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 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 S&P 500^® Index during the reporting period. The index experienced a divergence of returns among sectors as the top performer, consumer discretionary, rose more than 11%, followed by health care, up more than 7%. Only two sectors in the S&P 500^® Index produced negative returns over the six-month reporting period, energy, which was down more than 4%, and utilities, which fell 1%.

We also 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 during the reporting period, these positions modestly benefited 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.

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

Nuveen Investments 5

Portfolio Managers’ Comments (continued)

Nuveen Mid Cap Index Fund

How did the Fund perform during the six-month reporting period ended April 30, 2015?

The tables in the Fund Performance and Expense Ratios section of this report provide total returns for the Fund for the six-month, one-year, five-year and ten-year periods ended April 30, 2015. Comparative performance information is provided for the Fund’s Class A Shares at net asset value (NAV). The Fund’s Class A Shares at NAV outperformed the Lipper Mid-Cap Core Funds Classification Average, but underperformed the S&P MidCap 400^® Index for the six-month reporting period.

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

The Fund’s investment objective is 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 merger and acquisition 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 S&P MidCap 400^® Index during the reporting period. The index experienced a fairly wide divergence of returns among sectors as the top performer, health care, rose more than 16%, followed by information technology, up more than 11%. Only two sectors in the S&P MidCap 400^® produced negative returns over the six-month reporting period, energy, which was down more than 9%, and utilities, which fell 2%.

We also continued to invest in e-mini S&P MidCap 400^® 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 modestly benefited performance.

Nuveen Small Cap Index Fund

How did the Fund perform during the six-month reporting period ended April 30, 2015?

The tables in the Fund Performance and Expense Ratios section of this report provide total returns for the Fund for the six-month, one-year, five-year and ten-year periods ended April 30, 2015. Comparative performance information is provided for the Fund’s Class A Shares at net asset value (NAV). The Fund’s Class A Shares at NAV outperformed the Lipper Small-Cap Core Funds Classification Average, but underperformed the Russell 2000^® Index for the six-month reporting period.

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

The Fund’s investment objective is 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 merger and acquisition activity or delisting. Share changes due to issuance and repurchasing are adjusted monthly. During the reporting period, these changes resulted in an approximately 12% 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 Russell 2000^® Index during the reporting period. The index experienced a fairly wide divergence of returns among sectors as the top performer, health care, rose more than 13%, followed by information technology, up more than 9%. Only one sector in the Russell 2000^® Index, energy, produced a negative return over the six-month reporting period, falling more than 14%.

We also continued to invest in e-mini Russell 2000^® 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 modestly benefited 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 an agreement by the investment adviser to waive certain fees and/or reimburse expenses during the periods presented. If any such waivers and/or reimbursements had not been in place, returns would have been reduced. See Notes to Financial Statements, Note 7—Management Fees and Other Transactions with Affiliates for more information. For the most recent month-end performance visit www.nuveen.com or call (800) 257-8787.

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

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

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

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

Fund Performance

Average Annual Total Returns as of April 30, 2015

	Cumulative		Average Annual
	6-Month		1-Year		5-Year		10-Year
Class A Shares		4.14%		12.32%		13.63%		7.76%
S&P 500® Index		4.40%		12.98%		14.33%		8.32%
Lipper S&P 500® Index Objective Funds Classification Average		4.02%		12.23%		13.67%		7.78%
Class C Shares		3.72%		11.52%		12.79%		6.95%
Class R3 Shares		4.01%		12.05%		13.36%		7.49%
Class I Shares		4.27%		12.60%		13.92%		8.02%

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

	Cumulative		Average Annual
	6-Month		1-Year		5-Year		10-Year
Class A Shares		5.64%		12.09%		13.77%		7.45%
Class C Shares		5.23%		11.23%		12.92%		6.65%
Class R3 Shares		5.47%		11.77%		13.49%		7.18%
Class I Shares		5.74%		12.33%		14.05%		7.71%

Indexes and Lipper averages are not available for direct investment.

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% CDSC for redemptions within less than twelve months of purchase, 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		0.73%		1.48%		0.98%		0.48%
Net Expense Ratios		0.62%		1.37%		0.87%		0.37%

The Fund’s investment adviser has agreed to waive fees and/or reimburse other Fund expenses through September 30, 2016, so that total annual Fund operating expenses (excluding 12b-1 distribution and/or service fees, interest expenses, taxes, acquired fund fees and expenses, fees incurred in acquiring and disposing of portfolio securities and extraordinary expenses) do not exceed 0.37% of the average daily net assets of any class of Fund shares. Fee waivers and/or expense reimbursements will not be terminated prior to that time without the approval of the Fund’s Board of Directors.

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

Fund Performance

Average Annual Total Returns as of April 30, 2015

	Cumulative		Average Annual
	6-Month		1-Year		5-Year		10-Year
Class A Shares		6.17%		11.51%		13.72%		10.00%
S&P MidCap 400® Index		6.53%		12.28%		14.41%		10.59%
Lipper Mid-Cap Core Funds Classification Average		5.31%		10.17%		12.77%		8.95%
Class C Shares		5.79%		10.69%		12.87%		9.17%
Class R3 Shares		6.04%		11.26%		13.43%		9.71%
Class I Shares		6.29%		11.81%		13.99%		10.26%

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

	Cumulative		Average Annual
	6-Month		1-Year		5-Year		10-Year
Class A Shares		11.55%		11.36%		14.99%		9.72%
Class C Shares		11.11%		10.54%		14.12%		8.90%
Class R3 Shares		11.43%		11.11%		14.70%		9.44%
Class I Shares		11.66%		11.66%		15.28%		9.99%

Indexes and Lipper averages are not available for direct investment.

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 of purchase, 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		0.81%		1.56%		1.06%		0.56%
Net Expense Ratios		0.74%		1.49%		0.99%		0.49%

The Fund’s investment adviser has agreed to waive fees and/or reimburse other Fund expenses through September 30, 2016, so that total annual Fund operating expenses (excluding 12b-1 distribution and/or service fees, interest expenses, taxes, acquired fund fees and expenses, fees incurred in acquiring and disposing of portfolio securities and extraordinary expenses) do not exceed 0.50% of the average daily net assets of any class of Fund shares. Fee waivers and/or expense reimbursements will not be terminated prior to that time without the approval of the Fund’s Board of Directors.

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

Fund Performance

Average Annual Total Returns as of April 30, 2015

	Cumulative		Average Annual
	6-Month		1-Year		5-Year		10-Year
Class A Shares		4.33%		9.07%		12.09%		8.62%
Russell 2000® Index		4.65%		9.71%		12.73%		9.18%
Lipper Small-Cap Core Funds Classification Average		3.84%		7.15%		12.04%		8.79%
Class C Shares		3.96%		8.24%		11.25%		7.80%
Class R3 Shares		4.24%		8.81%		11.81%		8.35%
Class I Shares		4.44%		9.32%		12.37%		8.88%

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

	Cumulative		Average Annual
	6-Month		1-Year		5-Year		10-Year
Class A Shares		14.14%		7.64%		13.93%		8.25%
Class C Shares		13.61%		6.76%		13.06%		7.43%
Class R3 Shares		13.93%		7.35%		13.62%		7.98%
Class I Shares		14.22%		7.88%		14.21%		8.52%

Indexes and Lipper averages are not available for direct investment.

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 of purchase, 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		1.09%		1.84%		1.34%		0.84%
Net Expense Ratios		0.87%		1.62%		1.12%		0.62%

The Fund’s investment adviser has agreed to waive fees and/or reimburse other Fund expenses through September 30, 2016, so that total annual fund operating expenses (excluding 12b-1 distribution and/or service fees, interest expenses, taxes, acquired fund fees and expenses, fees incurred in acquiring and disposing of portfolio securities and extraordinary expenses) do not exceed 0.58% of the average daily net assets of any class of Fund shares. Fee waivers and/or expense reimbursements will not be terminated prior to that time without the approval of the Fund’s Board of Directors.

12 Nuveen Investments

Holding

Summaries as of April 30, 2015

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	96.3%
Common Stock Rights	0.0%
Investments Purchased with Collateral from Securities Lending	8.9%
Money Market Funds	3.3%
U.S. Government and Agency Obligations	0.4%
Other Assets Less Liabilities	(8.9)%
Net Assets	100%

Portfolio Composition

(% of net assets)

Oil, Gas & Consumable Fuels	6.8%
Pharmaceuticals	6.1%
Banks	5.7%
Technology Hardware, Storage & Peripherals	4.8%
Software	3.8%
Media	3.5%
IT Services	3.3%
Internet Software & Services	3.1%
Biotechnology	2.8%
Insurance	2.6%
Aerospace & Defense	2.6%
Health Care Providers & Services	2.5%
Chemicals	2.3%
Semiconductors & Semiconductor Equipment	2.3%
Food & Staples Retailing	2.3%
Industrial Conglomerates	2.3%
Specialty Retail	2.3%
Diversified Telecommunication Services	2.2%
Capital Markets	2.2%
Real Estate Investment Trust	2.2%
Beverages	2.0%
Health Care Equipment & Supplies	2.0%
Diversified Financial Services	1.9%
Household Products	1.7%
Hotels, Restaurants & Leisure	1.7%
Electric Utilities	1.6%
Other	19.7%
Common Stock Rights	0.0%
Investments Purchased with Collateral from Securities Lending	8.9%
Money Market Funds	3.3%
U.S. Government and Agency Obligations	0.4%
Other Assets Less Liabilities	(8.9)%
Net Assets	100%

Top Five Common Stock
Holdings

(% of net assets)

Apple, Inc.	3.8%
Microsoft Corporation	2.1%
Exxon Mobil Corporation	1.9%
Johnson & Johnson	1.5%
General Electric Company	1.4%

Nuveen Investments 13

Holding Summaries as of April 30, 2015(continued)

Nuveen Mid Cap Index Fund

Fund Allocation

(% of net assets)

Common Stocks	92.2%
Common Stock Rights	0.0%
Investments Purchased with Collateral from Securities Lending	16.3%
Money Market Funds	7.4%
U.S. Government and Agency Obligations	0.4%
Other Assets Less Liabilities	(16.3)%
Net Assets	100%

Portfolio Composition

(% of net assets)

Real Estate Investment Trust	8.2%
Banks	4.7%
Insurance	4.6%
Machinery	4.5%
Software	4.5%
Specialty Retail	4.1%
Electronic Equipment, Instruments & Components	3.4%
Health Care Equipment & Supplies	3.3%
IT Services	3.2%
Chemicals	3.1%
Health Care Providers & Services	2.7%
Semiconductors & Semiconductor Equipment	2.4%
Oil, Gas & Consumable Fuels	2.3%
Energy Equipment & Services	2.3%
Food Products	1.9%
Containers & Packaging	1.8%
Capital Markets	1.7%
Hotels, Restaurants & Leisure	1.7%
Aerospace & Defense	1.7%
Household Durables	1.7%
Metals & Mining	1.6%
Commercial Services & Supplies	1.6%
Electric Utilities	1.5%
Gas Utilities	1.5%
Road & Rail	1.4%
Media	1.3%
Other	19.5%
Common Stock Rights	0.0%
Investments Purchased with Collateral from Securities Lending	16.3%
Money Market Funds	7.4%
U.S. Government and Agency Obligations	0.4%
Other Assets Less Liabilities	(16.3)%
Net Assets	100%

Top Five Common Stock
Holdings

(% of net assets)

Church & Dwight Company Inc.	0.6%
Signet Jewelers Limited	0.6%
Advance Auto Parts, Inc.	0.6%
Qorvo Inc.	0.6%
Mettler-Toledo International Inc.	0.5%

14 Nuveen Investments

Nuveen Small Cap Index Fund

Fund Allocation

(% of net assets)

Common Stocks	97.0%
Exchange-Traded Funds	0.0%
Common Stock Rights	0.0%
Warrants	0.0%
Investments Purchased with Collateral from Securities Lending	23.4%
Money Market Funds	2.8%
U.S. Government and Agency Obligations	0.2%
Other Assets Less Liabilities	(23.4)%
Net Assets	100%

Portfolio Composition

(% of net assets)

Real Estate Investment Trust	8.4%
Banks	7.5%
Biotechnology	5.9%
Software	4.6%
Semiconductors & Semiconductor Equipment	3.7%
Health Care Equipment & Supplies	3.4%
Hotels, Restaurants & Leisure	3.1%
Specialty Retail	3.1%
Machinery	2.9%
Oil, Gas & Consumable Fuels	2.6%
Electronic Equipment, Instruments & Components	2.5%
Health Care Providers & Services	2.5%
IT Services	2.5%
Insurance	2.4%
Internet Software & Services	2.2%
Commercial Services & Supplies	2.1%
Chemicals	2.1%
Pharmaceuticals	1.8%
Thrifts & Mortgage Finance	1.7%
Aerospace & Defense	1.6%
Communications Equipment	1.6%
Capital Markets	1.5%
Food Products	1.4%
Media	1.4%
Professional Services	1.4%
Energy Equipment & Services	1.3%
Auto Components	1.2%
Electric Utilities	1.2%
Other	19.4%
Exchange-Traded Funds	0.0%
Common Stock Rights	0.0%
Warrants	0.0%
Investments Purchased with Collateral from Securities Lending	23.4%
Money Market Funds	2.8%
U.S. Government and Agency Obligations	0.2%
Other Assets Less Liabilities	(23.4)%
Net Assets	100%

Top Five Common Stock
Holdings

(% of net assets)

Qorvo Inc.	0.5%
ISIS Pharmaceuticals, Inc.	0.4%
JetBlue Airways Corporation	0.3%
DexCom, Inc.	0.3%
Office Depot, 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 period ended April 30, 2015.

The beginning of the period is November 1, 2014.

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

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

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

Nuveen Equity Index Fund

	Share Class
	Class A		Class C		Class R3		Class I
Actual Performance
Beginning Account Value	$	1,000.00	$	1,000.00	$	1,000.00	$	1,000.00
Ending Account Value	$	1,041.40	$	1,037.20	$	1,040.10	$	1,042.70
Expenses Incurred During Period	$	3.14	$	6.92	$	4.40	$	1.87
Hypothetical Performance (5% annualized return before expenses)
Beginning Account Value	$	1,000.00	$	1,000.00	$	1,000.00	$	1,000.00
Ending Account Value	$	1,021.72	$	1,018.00	$	1,020.48	$	1,022.96
Expenses Incurred During Period	$	3.11	$	6.85	$	4.36	$	1.86

For each class of the Fund, expenses are equal to the Fund’s annualized net expense ratio of 0.62%, 1.37%, 0.87% and 0.37% 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 Mid Cap Index Fund

	Share Class
	Class A		Class C		Class R3		Class I
Actual Performance
Beginning Account Value	$	1,000.00	$	1,000.00	$	1,000.00	$	1,000.00
Ending Account Value	$	1,061.70	$	1,057.90	$	1,060.40	$	1,062.90
Expenses Incurred During Period	$	3.73	$	7.55	$	5.01	$	2.46
Hypothetical Performance (5% annualized return before expenses)
Beginning Account Value	$	1,000.00	$	1,000.00	$	1,000.00	$	1,000.00
Ending Account Value	$	1,021.17	$	1,017.46	$	1,019.93	$	1,022.41
Expenses Incurred During Period	$	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 0.73%, 1.48%, 0.98% and 0.48% 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).

Nuveen Small Cap Index Fund

	Share Class
	Class A		Class C		Class R3		Class I
Actual Performance
Beginning Account Value	$	1,000.00	$	1,000.00	$	1,000.00	$	1,000.00
Ending Account Value	$	1,043.30	$	1,039.60	$	1,042.40	$	1,044.40
Expenses Incurred During Period	$	4.10	$	7.89	$	5.37	$	2.84
Hypothetical Performance (5% annualized return before expenses)
Beginning Account Value	$	1,000.00	$	1,000.00	$	1,000.00	$	1,000.00
Ending Account Value	$	1,021.12	$	1,017.34	$	1,019.86	$	1,022.38
Expenses Incurred During Period	$	4.13	$	7.93	$	5.40	$	2.85

For each class of the Fund, expenses are equal to the Fund’s annualized net expense ratio of 0.81%, 1.56%, 1.06% and 0.56% 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

Shareholder Meeting Report

A special meeting was held in the offices of Nuveen Investments on December 22, 2014 for Nuveen Mid Cap Index Fund and Nuveen Small Cap Index Fund; at this meeting the shareholders were asked to vote to approve a new investment management agreement between the Corporation and Nuveen Fund Advisors, LLC, to approve a new sub-advisory agreement between Nuveen Fund Advisors and Nuveen Asset Management, LLC, to revise the fundamental policy related to the purchase and sale of commodities, to eliminate the fundamental policy related to investing for control and to ratify the selection of PricewaterhouseCoopers LLP as each Fund’s independent registered public accounting firm for the current fiscal year.

	Nuveen Mid Cap Index Fund		Nuveen Small Cap Index Fund
To approve a new investment management agreement between the Corporation and Nuveen Fund Advisors, LLC.
For		15,675,871		4,078,758
Against		133,948		43,962
Abstain		395,355		245,393
Broker Non-Votes		2,260,960		442,162
Total		18,466,134		4,810,275
To approve a new sub-advisory agreement between Nuveen Fund Advisors and Nuveen Asset Management, LLC.
For		15,672,093		4,073,867
Against		135,937		45,660
Abstain		397,143		248,584
Broker Non-Votes		2,260,961		442,164
Total		18,466,134		4,810,275
To approve revisions to, or elimination of, certain fundamental investment policies as follows:
a. Revise the fundamental policy related to the purchase and sale of commodities.
For		15,636,221		4,071,453
Against		155,086		51,389
Abstain		413,867		245,269
Broker Non-Votes		2,260,960		442,164
Total		18,466,134		4,810,275
b. Eliminate the fundamental policy related to investing for control.
For		15,567,705		4,063,261
Against		176,881		50,445
Abstain		460,583		254,403
Broker Non-Votes		2,260,965		442,166
Total		18,466,134		4,810,275
To ratify the selection of PricewaterhouseCoopers LLP as each Fund’s independent registered public accounting firm for the current fiscal year.
For		17,984,437		4,546,520
Against		100,945		44,332
Abstain		380,752		219,423
Total		18,466,134		4,810,275

18 Nuveen Investments

Nuveen Equity Index Fund

Portfolio of Investments April 30, 2015 (Unaudited)

Shares		Description (1)	Value
		LONG-TERM INVESTMENTS – 96.3%
		COMMON STOCKS – 96.3%
		Aerospace & Defense – 2.6%
	29,285	Boeing Company	$	4,197,712
	13,878	General Dynamics Corporation		1,905,727
	34,195	Honeywell International Inc., (2)		3,450,959
	3,872	L-3 Communications Holdings, Inc.		444,932
	11,788	Lockheed Martin Corporation		2,199,641
	9,086	Northrop Grumman Corporation, (2)		1,399,607
	6,269	Precision Castparts Corporation		1,295,740
	13,577	Raytheon Company		1,412,008
	5,904	Rockwell Collins, Inc., (2)		574,636
	12,744	Textron Inc.		560,481
	37,175	United Technologies Corporation		4,228,656
		Total Aerospace & Defense		21,670,099
		Air Freight & Logistics – 0.7%
	6,430	C.H. Robinson Worldwide, Inc., (2)		414,028
	8,526	Expeditors International of Washington, Inc.		390,747
	11,599	FedEx Corporation		1,966,842
	30,736	United Parcel Service, Inc., Class B		3,089,890
		Total Air Freight & Logistics		5,861,507
		Airlines – 0.5%
	27,751	American Airlines Group Inc.		1,339,957
	37,127	Delta Air Lines, Inc.		1,657,349
	32,585	Southwest Airlines Co.		1,321,648
		Total Airlines		4,318,954
		Auto Components – 0.4%
	9,980	BorgWarner Inc.		590,816
	12,578	Delphi Automotive PLC		1,043,974
	11,547	Goodyear Tire & Rubber Company		327,531
	29,101	Johnson Controls, Inc.		1,466,108
		Total Auto Components		3,428,429
		Automobiles – 0.6%
	169,475	Ford Motor Company		2,677,705
	56,717	General Motors Company		1,988,498
	9,502	Harley-Davidson, Inc.		534,107
		Total Automobiles		5,200,310

Nuveen Investments 19

Nuveen Equity Index Fund (continued)

Portfolio of Investments April 30, 2015 (Unaudited)

Shares		Description (1)	Value
		Banks – 5.7%
	459,505	Bank of America Corporation	$	7,319,915
	31,443	BB&T Corporation		1,203,952
	132,477	Citigroup Inc.		7,063,674
	7,902	Comerica Incorporated, (2)		374,634
	36,454	Fifth Third Bancorp.		729,080
	35,700	Huntington BancShares Inc.		387,702
	164,355	JP Morgan Chase & Co.		10,397,097
	38,314	KeyCorp.		553,637
	5,767	M&T Bank Corporation, (2)		690,137
	13,559	People’s United Financial, Inc.		204,876
	23,620	PNC Financial Services Group, Inc.		2,166,663
	60,236	Regions Financial Corporation		592,120
	23,200	SunTrust Banks, Inc.		962,800
	78,738	U.S. Bancorp		3,375,498
	207,582	Wells Fargo & Company		11,437,768
	8,340	Zions Bancorporation		236,314
		Total Banks		47,695,867
		Beverages – 2.0%
	6,904	Brown-Forman Corporation, (2)		622,948
	170,940	Coca-Cola Company		6,933,326
	9,871	Coca-Cola Enterprises Inc.		438,371
	7,323	Constellation Brands, Inc., Class A		849,029
	8,900	Dr. Pepper Snapple Group		663,762
	7,144	Molson Coors Brewing Company, Class B		525,155
	6,099	Monster Beverage Corporation, (3)		836,234
	65,841	PepsiCo, Inc.		6,262,796
		Total Beverages		17,131,621
		Biotechnology – 2.8%
	8,643	Alexion Pharmaceuticals Inc., (3)		1,462,655
	33,193	Amgen Inc.		5,241,507
	10,318	Biogen Inc., (3)		3,858,210
	34,936	Celgene Corporation, (2), (3)		3,775,184
	66,054	Gilead Sciences, Inc.		6,639,088
	3,223	Regeneron Pharmaceuticals, Inc., (2), (3)		1,474,394
	10,403	Vertex Pharmaceuticals Inc., (3)		1,282,482
		Total Biotechnology		23,733,520
		Building Products – 0.1%
	4,198	Allegion PLC		256,708

20 Nuveen Investments

Shares		Description (1)	Value
		Building Products (continued)
	15,575	Masco Corporation, (2)	$	412,582
		Total Building Products		669,290
		Capital Markets – 2.2%
	2,427	Affiliated Managers Group Inc., (3)		548,818
	8,181	Ameriprise Financial, Inc.		1,024,916
	49,447	Bank of New York Mellon Corp.		2,093,586
	5,513	BlackRock Inc.		2,006,401
	50,117	Charles Schwab Corporation		1,528,569
	12,615	E*Trade Group Inc., (3)		363,186
	17,214	Franklin Resources, Inc.		887,554
	17,905	Goldman Sachs Group, Inc.		3,516,900
	18,906	Invesco LTD		783,087
	4,453	Legg Mason, Inc.		234,450
	64,797	Morgan Stanley		2,417,576
	9,676	Northern Trust Corporation, (2)		707,799
	18,506	State Street Corporation		1,427,183
	11,494	T. Rowe Price Group Inc.		933,083
		Total Capital Markets		18,473,108
		Chemicals – 2.3%
	8,378	Air Products & Chemicals Inc., (2)		1,201,657
	2,932	Airgas, Inc.		296,953
	2,171	CF Industries Holdings, Inc.		624,097
	49,047	Dow Chemical Company		2,501,397
	39,993	E.I. Du Pont de Nemours and Company		2,927,488
	6,516	Eastman Chemical Company		496,650
	12,212	Ecolab Inc., (2)		1,367,500
	5,819	FMC Corporation		345,125
	3,546	International Flavors & Fragrances Inc.		406,904
	18,581	LyondellBasell Industries NV		1,923,505
	21,153	Monsanto Company		2,410,596
	13,733	Mosaic Company		604,252
	6,022	PPG Industries, Inc.		1,334,234
	12,760	Praxair, Inc.		1,555,827
	3,632	Sherwin-Williams Company		1,009,696
	5,198	Sigma-Aldrich Corporation		722,106
		Total Chemicals		19,727,987
		Commercial Services & Supplies – 0.4%
	7,603	ADT Corporation, (2)		285,873
	4,222	Cintas Corporation, (2)		337,549

Nuveen Investments 21

Nuveen Equity Index Fund (continued)

Portfolio of Investments April 30, 2015 (Unaudited)

Shares		Description (1)	Value
		Commercial Services & Supplies (continued)
	8,862	Pitney Bowes Inc.	$	198,243
	11,035	Republic Services, Inc.		448,352
	3,705	Stericycle Inc., (3)		494,358
	18,286	Tyco International PLC		720,103
	19,502	Waste Management, Inc.		965,934
		Total Commercial Services & Supplies		3,450,412
		Communications Equipment – 1.6%
	222,817	Cisco Systems, Inc.		6,423,814
	3,055	F5 Networks, Inc., (3)		372,771
	4,578	Harris Corporation, (2)		367,339
	17,547	Juniper Networks Inc., (2)		463,767
	9,647	Motorola Solutions Inc.		576,408
	73,236	QUALCOMM, Inc.		4,980,048
		Total Communications Equipment		13,184,147
		Construction & Engineering – 0.1%
	6,883	Fluor Corporation		413,944
	5,814	Jacobs Engineering Group, Inc., (2), (3)		249,188
	9,473	Quanta Services Incorporated, (3)		273,864
		Total Construction & Engineering		936,996
		Construction Materials – 0.1%
	2,751	Martin Marietta Materials, (2)		392,430
	5,890	Vulcan Materials Company		503,713
		Total Construction Materials		896,143
		Consumer Finance – 0.8%
	39,329	American Express Company		3,046,031
	24,527	Capital One Financial Corporation		1,983,008
	20,184	Discover Financial Services		1,170,066
	18,559	Navient Corporation		362,643
		Total Consumer Finance		6,561,748
		Containers & Packaging – 0.2%
	4,096	Avery Dennison Corporation		227,697
	6,050	Ball Corporation		444,131
	7,362	MeadWestvaco Corporation		359,266
	7,203	Owens-Illinois, Inc., (3)		172,224
	8,739	Sealed Air Corporation, (2)		398,498
		Total Containers & Packaging		1,601,816
		Distributors – 0.1%
	6,690	Genuine Parts Company		601,097

22 Nuveen Investments

Shares		Description (1)	Value
		Diversified Consumer Services – 0.1%
	12,021	H & R Block Inc.	$	363,515
		Diversified Financial Services – 1.9%
	79,660	Berkshire Hathaway Inc., Class B, (3)		11,248,789
	13,802	CME Group, Inc.		1,254,740
	4,958	Intercontinental Exchange Group, Inc.		1,113,220
	14,558	Leucadia National Corporation		346,044
	11,837	McGraw-Hill Companies, Inc., (2)		1,234,599
	8,121	Moody’s Corporation		873,170
	5,162	NASDAQ Stock Market, Inc.		251,028
		Total Diversified Financial Services		16,321,590
		Diversified Telecommunication Services – 2.2%
	226,609	AT&T Inc.		7,849,736
	24,915	CenturyLink Inc., (2)		895,943
	44,316	Frontier Communications Corporation, (2)		304,008
	12,147	Level 3 Communications Inc., (3)		679,503
	181,132	Verizon Communications Inc.		9,136,298
		Total Diversified Telecommunication Services		18,865,488
		Electric Utilities – 1.6%
	21,354	American Electric Power Company, Inc.		1,214,402
	30,906	Duke Energy Corporation, (2)		2,397,378
	14,236	Edison International		867,542
	7,849	Entergy Corporation		605,786
	13,807	Eversource Energy		673,229
	38,681	Exelon Corporation		1,315,928
	18,367	FirstEnergy Corp.		659,559
	19,068	NextEra Energy Inc., (2)		1,924,533
	10,968	Pepco Holdings, Inc.		284,949
	4,824	Pinnacle West Capital Corporation		295,229
	29,476	PPL Corporation		1,003,068
	39,138	Southern Company		1,733,813
	22,082	Xcel Energy, Inc.		748,801
		Total Electric Utilities		13,724,217
		Electrical Equipment – 0.5%
	11,056	Ametek Inc., (2)		579,556
	20,796	Eaton PLC		1,429,309
	30,497	Emerson Electric Company		1,794,139
	6,260	Rockwell Automation, Inc., (2)		742,436
		Total Electrical Equipment		4,545,440

Nuveen Investments 23

Nuveen Equity Index Fund (continued)

Portfolio of Investments April 30, 2015 (Unaudited)

Shares		Description (1)	Value
		Electronic Equipment, Instruments & Components – 0.4%
	14,276	Amphenol Corporation, Class A	$	790,462
	56,414	Corning Incorporated		1,180,745
	6,193	FLIR Systems Inc.		191,302
	17,884	TE Connectivity Limited		1,190,180
		Total Electronic Equipment, Instruments & Components		3,352,689
		Energy Equipment & Services – 1.4%
	19,724	Baker Hughes Incorporated		1,350,305
	8,866	Cooper Cameron Corporation, (3)		486,034
	2,936	Diamond Offshore Drilling, Inc., (2)		98,268
	10,213	Ensco PLC		278,611
	10,648	FMC Technologies Inc., (3)		469,577
	38,386	Halliburton Company		1,878,995
	4,852	Helmerich & Payne Inc., (2)		378,310
	18,799	National-Oilwell Varco Inc., (2)		1,022,854
	11,110	Noble Corporation PLC		192,314
	56,649	Schlumberger Limited		5,359,562
	14,876	Transocean Inc., (2)		279,966
		Total Energy Equipment & Services		11,794,796
		Food & Staples Retailing – 2.3%
	19,151	Costco Wholesale Corporation		2,739,551
	50,605	CVS Caremark Corporation		5,024,570
	21,364	Kroger Co., (2)		1,472,193
	25,639	Sysco Corporation		949,412
	38,454	Walgreens Boots Alliance Inc.		3,188,990
	68,998	Wal-Mart Stores, Inc.		5,385,294
	15,785	Whole Foods Market, Inc.		753,892
		Total Food & Staples Retailing		19,513,902
		Food Products – 1.6%
	28,207	Archer-Daniels-Midland Company		1,378,758
	7,819	Campbell Soup Company, (2)		349,587
	18,462	ConAgra Foods, Inc.		667,401
	26,765	General Mills, Inc.		1,481,175
	6,519	Hershey Foods Corporation		599,226
	5,871	Hormel Foods Corporation		319,089
	4,449	JM Smucker Company, (2)		515,728
	11,172	Kellogg Company		707,523
	5,322	Keurig Green Mountain Inc.		619,321
	25,954	Kraft Foods Inc.		2,199,602
	5,672	McCormick & Company, Incorporated		427,102

24 Nuveen Investments

Shares		Description (1)	Value
		Food Products (continued)
	9,098	Mead Johnson Nutrition Company, Class A Shares	$	872,680
	73,667	Mondelez International Inc.		2,826,603
	12,127	Tyson Foods, Inc., Class A		479,017
		Total Food Products		13,442,812
		Gas Utilities – 0.0%
	5,075	AGL Resources Inc.		255,120
		Health Care Equipment & Supplies – 2.0%
	65,707	Abbott Laboratories, (2)		3,050,119
	23,670	Baxter International, Inc.		1,627,076
	9,071	Becton, Dickinson and Company		1,277,832
	57,928	Boston Scientific Corporation, (3)		1,032,277
	3,262	C. R. Bard, Inc.		543,384
	6,196	DENTSPLY International Inc.		315,996
	4,634	Edwards Lifesciences Corporation, (3)		586,896
	1,571	Intuitive Surgical, Inc., (3)		779,185
	61,673	Medtronic, PLC		4,591,555
	12,440	Saint Jude Medical Inc., (2)		871,422
	13,068	Stryker Corporation		1,205,392
	4,509	Varian Medical Systems, Inc., (2), (3)		400,625
	7,382	Zimmer Holdings, Inc.		810,839
		Total Health Care Equipment & Supplies		17,092,598
		Health Care Providers & Services – 2.5%
	15,495	Aetna Inc.		1,655,951
	9,314	AmerisourceBergen Corporation		1,064,590
	11,984	Anthem Inc.		1,808,745
	14,711	Cardinal Health, Inc.		1,240,726
	11,528	CIGNA Corporation		1,436,850
	7,507	Davita Inc., (3)		608,818
	32,573	Express Scripts, Holding Company, (2), (3)		2,814,307
	8,167	HCA Holdings Inc., (3)		604,440
	6,740	Humana Inc., (2)		1,116,144
	3,709	Laboratory Corporation of America Holdings, (3)		443,448
	10,120	McKesson HBOC Inc.		2,260,808
	3,703	Patterson Companies, Inc.		173,874
	6,310	Quest Diagnostics Incorporated		450,660
	4,278	Tenet Healthcare Corporation, (3)		204,745
	42,456	UnitedHealth Group Incorporated		4,729,598
	3,986	Universal Health Services, Inc., Class B		466,163
		Total Health Care Providers & Services		21,079,867

Nuveen Investments 25

Nuveen Equity Index Fund (continued)

Portfolio of Investments April 30, 2015 (Unaudited)

Shares		Description (1)	Value
		Health Care Technology – 0.1%
	13,264	Cerner Corporation, (3)	$	952,488
		Hotels, Restaurants & Leisure – 1.7%
	19,772	Carnival Corporation		869,375
	1,356	Chipotle Mexican Grill, (2), (3)		842,537
	5,781	Darden Restaurants, Inc.		368,654
	9,522	Marriott International, Inc., Class A, (2)		762,236
	42,906	McDonald’s Corporation		4,142,574
	7,285	Royal Caribbean Cruises Limited, (2)		495,817
	65,648	Starbucks Corporation		3,254,828
	7,803	Starwood Hotels & Resorts Worldwide, Inc., (2)		670,668
	5,470	Wyndham Worldwide Corporation, (2)		467,138
	3,653	Wynn Resorts Ltd		405,739
	19,211	YUM! Brands, Inc.		1,651,378
		Total Hotels, Restaurants & Leisure		13,930,944
		Household Durables – 0.4%
	12,845	D.R. Horton, Inc.		326,263
	5,303	Garmin Limited		239,643
	3,159	Harman International Industries Inc.		411,870
	5,998	Leggett and Platt Inc.		254,735
	7,771	Lennar Corporation, Class A		355,912
	2,755	Mohawk Industries Inc., (2), (3)		477,993
	11,964	Newell Rubbermaid Inc.		456,187
	14,784	Pulte Corporation		285,331
	3,407	Whirlpool Corporation		598,269
		Total Household Durables		3,406,203
		Household Products – 1.7%
	5,631	Clorox Company		597,449
	37,514	Colgate-Palmolive Company		2,523,942
	16,339	Kimberly-Clark Corporation		1,792,225
	118,314	Procter & Gamble Company		9,407,146
		Total Household Products		14,320,762
		Independent Power & Renewable Electricity Producers – 0.1%
	29,476	AES Corporation		390,557
	14,672	NRG Energy Inc.		370,321
		Total Independent Power & Renewable Electricity Producers		760,878
		Industrial Conglomerates – 2.3%
	28,401	3M Co.		4,441,632
	26,638	Danaher Corporation		2,181,119

26 Nuveen Investments

Shares		Description (1)	Value
		Industrial Conglomerates (continued)
	438,446	General Electric Company	$	11,873,115
	4,490	Roper Technologies, Inc.		755,083
		Total Industrial Conglomerates		19,250,949
		Insurance – 2.6%
	14,668	Ace Limited		1,569,329
	19,797	AFLAC Incorporated		1,248,003
	18,938	Allstate Corporation, (2)		1,319,221
	62,350	American International Group, Inc.		3,509,681
	12,692	AON PLC		1,221,351
	3,120	Assurant Inc.		191,755
	10,509	Chubb Corporation		1,033,560
	6,436	Cincinnati Financial Corporation, (2)		325,919
	21,700	Genworth Financial Inc., Class A, (3)		190,743
	19,566	Hartford Financial Services Group, Inc.		797,706
	11,408	Lincoln National Corporation		644,438
	13,322	Loews Corporation		554,728
	23,784	Marsh & McLennan Companies, Inc.		1,335,709
	49,147	MetLife, Inc.		2,520,750
	11,944	Principal Financial Group, Inc.		610,577
	23,519	Progressive Corporation		627,017
	20,101	Prudential Financial, Inc.		1,640,242
	5,652	Torchmark Corporation		317,134
	14,815	Travelers Companies, Inc.		1,497,945
	11,133	Unum Group		380,303
	11,601	XL Capital Ltd, Class A		430,165
		Total Insurance		21,966,276
		Internet & Catalog Retail – 1.4%
	16,555	Amazon.com, Inc., (2), (3)		6,982,568
	4,335	Expedia, Inc., (2)		408,487
	2,626	NetFlix.com Inc., (2), (3)		1,461,369
	2,292	priceline.com Incorporated, (3)		2,837,061
	5,182	TripAdvisor Inc., (3)		417,099
		Total Internet & Catalog Retail		12,106,584
		Internet Software & Services – 3.1%
	7,786	Akamai Technologies, Inc., (2), (3)		574,451
	49,356	eBay Inc., (3)		2,875,481
	912	Equinix Inc.		233,408
	90,860	Facebook Inc., Class A Shares, (3)		7,157,042
	12,414	Google Inc., Class A, (3)		6,812,431

Nuveen Investments 27

Nuveen Equity Index Fund (continued)

Portfolio of Investments April 30, 2015 (Unaudited)

Shares		Description (1)	Value
		Internet Software & Services (continued)
	12,447	Google Inc., Class C Shares, (3)	$	6,688,314
	4,916	VeriSign, Inc., (2), (3)		312,215
	40,418	Yahoo! Inc., (3)		1,720,392
		Total Internet Software & Services		26,373,734
		IT Services – 3.3%
	27,584	Accenture Limited		2,555,658
	2,794	Alliance Data Systems Corporation, (3)		830,684
	21,015	Automatic Data Processing, Inc.		1,776,608
	26,564	Cognizant Technology Solutions Corporation, Class A, (3)		1,555,057
	6,339	Computer Sciences Corporation		408,549
	12,678	Fidelity National Information Services		792,248
	10,890	Fiserv, Inc., (3)		845,064
	40,539	International Business Machines Corporation (IBM)		6,943,925
	43,010	MasterCard, Inc., (2)		3,879,932
	14,279	Paychex, Inc.		690,961
	6,773	Teradata Corporation, (3)		297,944
	7,221	Total System Services Inc.		285,663
	86,044	Visa Inc., (2)		5,683,206
	23,150	Western Union Company, (2)		469,482
	47,365	Xerox Corporation		544,698
		Total IT Services		27,559,679
		Leisure Products – 0.1%
	5,013	Hasbro, Inc.		354,870
	14,762	Mattel, Inc.		415,698
		Total Leisure Products		770,568
		Life Sciences Tools & Services – 0.4%
	14,574	Agilent Technologies, Inc.		602,926
	4,935	Perkinelmer Inc.		252,968
	16,901	Thermo Fisher Scientific, Inc.		2,124,118
	3,668	Waters Corporation, (3)		459,197
		Total Life Sciences Tools & Services		3,439,209
		Machinery – 1.5%
	27,435	Caterpillar Inc.		2,383,553
	7,474	Cummins Inc.		1,033,355
	15,662	Deere & Company, (2)		1,417,724
	7,278	Dover Corporation, (2)		551,090
	6,216	Flowserve Corporation		363,822
	15,940	Illinois Tool Works, Inc.		1,491,665
	11,665	Ingersoll Rand Company Limited, Class A		768,024

28 Nuveen Investments

Shares		Description (1)	Value
		Machinery (continued)
	4,289	Joy Global Inc., (2)	$	182,883
	15,502	PACCAR Inc.		1,013,056
	4,666	Pall Corporation		454,095
	6,501	Parker Hannifin Corporation		775,959
	8,414	Pentair Limited, (2)		522,930
	2,539	Snap-on Incorporated		379,707
	6,828	Stanley Black & Decker Inc.		673,924
	7,983	Xylem Inc.		295,531
		Total Machinery		12,307,318
		Media – 3.5%
	10,245	Cablevision Systems Corporation, (2)		204,695
	21,178	CBS Corporation, Class B		1,315,789
	113,091	Comcast Corporation, Class A, (2)		6,532,136
	21,376	DirecTV, (3)		1,938,910
	6,466	Discovery Communications Inc., Class A Shares, (2), (3)		209,240
	10,034	Discovery Communications Inc., Class C Shares, (3)		303,328
	9,860	Gannett Company Inc., (2)		338,395
	18,413	Interpublic Group of Companies, Inc.		383,727
	21,759	News Corporation, Class A Shares, (3)		343,357
	10,974	Omnicom Group, Inc., (2)		831,390
	4,272	Scripps Networks Interactive, Class A Shares, (2)		298,442
	12,517	Time Warner Cable, Class A		1,946,644
	37,352	Time Warner Inc.		3,152,944
	82,299	Twenty First Century Fox Inc., Class A Shares, (2)		2,804,750
	16,637	Viacom Inc., Class B		1,155,440
	69,007	Walt Disney Company		7,502,441
		Total Media		29,261,628
		Metals & Mining – 0.4%
	50,026	Alcoa Inc.		671,349
	4,870	Allegheny Technologies, Inc.		165,531
	45,403	Freeport-McMoRan, Inc.		1,056,528
	22,463	Newmont Mining Corporation		595,045
	13,932	Nucor Corporation		680,718
		Total Metals & Mining		3,169,171
		Multiline Retail – 0.8%
	13,293	Dollar General Corporation		966,534
	8,985	Dollar Tree Stores Inc., (3)		686,544
	4,183	Family Dollar Stores, Inc.		326,860
	9,081	Kohl’s Corporation, (2)		650,654

Nuveen Investments 29

Nuveen Equity Index Fund (continued)

Portfolio of Investments April 30, 2015 (Unaudited)

Shares		Description (1)	Value
		Multiline Retail (continued)
	15,430	Macy’s, Inc.	$	997,241
	6,228	Nordstrom, Inc.		470,588
	27,692	Target Corporation		2,182,960
		Total Multiline Retail		6,281,381
		Multi-Utilities – 1.1%
	10,602	Ameren Corporation		434,046
	19,346	CenterPoint Energy, Inc.		405,686
	12,016	CMS Energy Corporation		407,703
	12,799	Consolidated Edison, Inc., (2)		787,778
	26,233	Dominion Resources, Inc.		1,880,381
	7,734	DTE Energy Company, (2)		615,858
	3,494	Integrys Energy Group, Inc.		255,411
	13,778	NiSource Inc.		598,241
	20,646	PG&E Corporation		1,092,586
	22,107	Public Service Enterprise Group Incorporated, (2)		918,325
	6,207	Scana Corporation		328,847
	10,254	Sempra Energy		1,088,667
	9,553	TECO Energy, Inc.		181,029
	9,854	Wisconsin Energy Corporation, (2)		484,028
		Total Multi-Utilities		9,478,586
		Oil, Gas & Consumable Fuels – 6.8%
	22,727	Anadarko Petroleum Corporation		2,138,611
	16,713	Apache Corporation, (2)		1,143,169
	18,235	Cabot Oil & Gas Corporation		616,708
	22,842	Chesapeake Energy Corporation, (2)		360,218
	82,977	Chevron Corporation		9,215,426
	2,781	Cimarex Energy Company		345,956
	53,727	ConocoPhillips, (2)		3,649,138
	10,339	CONSOL Energy Inc.		335,811
	16,872	Devon Energy Corporation		1,150,839
	23,922	EOG Resources, Inc.		2,367,082
	6,808	EQT Corporation		612,312
	186,352	Exxon Mobil Corporation		16,281,571
	12,328	Hess Corporation		948,023
	74,246	Kinder Morgan, Inc.		3,188,866
	29,472	Marathon Oil Corporation		916,579
	12,380	Marathon Petroleum Corporation		1,220,297
	7,293	Murphy Oil Corporation, (2)		347,220
	6,149	Newfield Exploration Company, (3)		241,287

30 Nuveen Investments

Shares		Description (1)	Value
		Oil, Gas & Consumable Fuels (continued)
	16,236	Noble Energy, Inc.	$	823,490
	34,066	Occidental Petroleum Corporation		2,728,687
	7,868	ONEOK, Inc.		378,451
	24,421	Phillips 66		1,936,830
	6,447	Pioneer Natural Resources Company		1,113,913
	7,240	QEP Resources Inc.		162,900
	7,641	Range Resources Corporation		485,662
	15,921	Southwestern Energy Company, (2), (3)		446,266
	30,235	Spectra Energy Corporation		1,126,254
	5,603	Tesoro Corporation		480,905
	23,070	Valero Energy Corporation		1,312,683
	29,389	Williams Companies, Inc., (2)		1,504,423
		Total Oil, Gas & Consumable Fuels		57,579,577
		Paper & Forest Products – 0.1%
	18,659	International Paper Company		1,002,361
		Personal Products – 0.1%
	9,830	Estee Lauder Companies Inc., Class A		799,081
		Pharmaceuticals – 6.1%
	69,551	AbbVie Inc.		4,497,168
	16,218	Actavis PLC, (2), (3)		4,587,423
	72,445	Bristol-Myers Squibb Company		4,616,920
	42,963	Eli Lilly and Company, (2)		3,087,751
	7,802	Endo International PLC, (3)		655,875
	7,510	Hospira Inc.		655,548
	123,236	Johnson & Johnson		12,225,008
	4,949	Mallinckrodt PLC, (2), (3)		560,128
	126,048	Merck & Company Inc.		7,507,419
	16,778	Mylan NV, (2), (3)		1,212,378
	5,847	Perrigo Company		1,071,638
	277,073	Pfizer Inc.		9,401,087
	21,570	Zoetis Incorporated		958,139
		Total Pharmaceuticals		51,036,482
		Professional Services – 0.2%
	1,590	Dun and Bradstreet Inc.		202,995
	5,322	Equifax Inc.		515,861
	10,294	Nielsen Holdings N.V.		462,612
	6,007	Robert Half International Inc.		333,088
		Total Professional Services		1,514,556

Nuveen Investments 31

Nuveen Equity Index Fund (continued)

Portfolio of Investments April 30, 2015 (Unaudited)

Shares		Description (1)	Value
		Real Estate Investment Trust – 2.2%
	17,820	American Tower Corporation, REIT	$	1,684,525
	6,987	Apartment Investment & Management Company, Class A		263,620
	5,488	AvalonBay Communities, Inc.		901,898
	7,526	Boston Properties, Inc.		995,765
	15,172	Crown Castle International Corporation		1,267,317
	15,899	Equity Residential		1,174,300
	1,855	Essex Property Trust Inc.		411,717
	23,234	General Growth Properties Inc.		636,612
	20,048	Health Care Property Investors Inc.		807,734
	13,499	Health Care REIT, Inc.		972,198
	33,075	Host Hotels & Resorts Inc.		666,131
	8,124	Iron Mountain Inc., (2)		280,197
	17,960	Kimco Realty Corporation		432,836
	2,377	Macerich Company		194,344
	7,739	Plum Creek Timber Company		326,586
	24,508	Prologis Inc.		985,222
	6,336	Public Storage, Inc.		1,190,598
	14,177	Simon Property Group, Inc.		2,572,984
	13,282	Ventas Inc., (2)		915,130
	8,407	Vornado Realty Trust		870,040
	23,085	Weyerhaeuser Company		727,408
		Total Real Estate Investment Trust		18,277,162
		Real Estate Management & Development – 0.1%
	12,581	CBRE Group Inc., (3)		482,356
		Road & Rail – 0.9%
	43,678	CSX Corporation		1,576,339
	4,821	Kansas City Southern Industries		494,104
	13,699	Norfolk Southern Corporation		1,381,544
	2,505	Ryder System, Inc.		238,877
	39,214	Union Pacific Corporation		4,165,703
		Total Road & Rail		7,856,567
		Semiconductors & Semiconductor Equipment – 2.3%
	13,502	Altera Corporation		562,763
	14,100	Analog Devices, Inc., (2)		871,944
	54,636	Applied Materials, Inc.		1,081,246
	10,350	Avago Technologies Limited		1,209,708
	23,500	Broadcom Corporation, Class A		1,038,818
	3,188	First Solar Inc., (3)		190,228
	216,341	Intel Corporation		7,041,900

32 Nuveen Investments

Shares			Description (1)	Value
			Semiconductors & Semiconductor Equipment (continued)
	7,225		KLA-Tencor Corporation	$	424,830
	7,322		Lam Research Corporation		553,397
	10,643		Linear Technology Corporation		490,962
	8,983		Microchip Technology Incorporated, (2)		428,085
	46,791		Micron Technology, Inc., (3)		1,316,231
	22,496		NVIDIA Corporation		499,299
	8,386		Skyworks Solutions Inc.		773,609
	46,648		Texas Instruments Incorporated		2,528,788
	12,038		Xilinx, Inc.		521,968
			Total Semiconductors & Semiconductor Equipment		19,533,776
			Software – 3.8%
	20,956		Adobe Systems Incorporated, (3)		1,593,913
	9,930		Autodesk, Inc., (3)		564,322
	14,003		CA Technologies, (2)		444,875
	—	(4)	CDK Global Inc.		5
	7,186		Citrix Systems, (3)		482,612
	13,967		Electronic Arts Inc., (3)		811,343
	12,781		Intuit, Inc.		1,282,318
	357,522		Microsoft Corporation		17,389,867
	142,103		Oracle Corporation		6,198,533
	8,551		Red Hat, Inc., (3)		643,548
	25,578		Salesforce.com, Inc., (3)		1,862,590
	30,171		Symantec Corporation		752,012
			Total Software		32,025,938
			Specialty Retail – 2.3%
	1,921		AutoNation Inc., (3)		118,238
	1,425		AutoZone, Inc., (2), (3)		958,541
	8,094		Bed Bath and Beyond Inc., (3)		570,303
	12,332		Best Buy Co., Inc.		427,304
	9,580		CarMax, Inc., (3)		652,494
	4,924		GameStop Corporation, (2)		189,771
	11,951		Gap, Inc.		473,738
	58,811		Home Depot, Inc.		6,291,601
	10,730		L Brands Inc.		958,833
	43,133		Lowe’s Companies, Inc.		2,970,138
	4,534		O’Reilly Automotive Inc., (2), (3)		987,641
	9,168		Ross Stores, Inc.		906,532
	28,149		Staples, Inc., (2)		459,392
	4,967		Tiffany & Co.		434,513

Nuveen Investments 33

Nuveen Equity Index Fund (continued)

Portfolio of Investments April 30, 2015 (Unaudited)

Shares		Description (1)	Value
		Specialty Retail (continued)
	30,279	TJX Companies, Inc.	$	1,954,207
	4,622	Tractor Supply Company		397,769
	4,461	Urban Outfitters, Inc., (3)		178,618
		Total Specialty Retail		18,929,633
		Technology Hardware, Storage & Peripherals – 4.8%
	258,803	Apple, Inc.		32,389,192
	88,646	EMC Corporation		2,385,464
	81,549	Hewlett-Packard Company		2,688,671
	13,950	NetApp, Inc.		505,688
	9,798	SanDisk Corporation		655,878
	14,281	Seagate Technology		838,580
	9,486	Western Digital Corporation		927,162
		Total Technology Hardware, Storage & Peripherals		40,390,635
		Textiles, Apparel & Luxury Goods – 0.8%
	12,001	Coach, Inc., (2)		458,558
	2,034	Fossil Group Inc., (3)		170,815
	5,857	Hanesbrands Inc.		182,036
	8,094	Michael Kors Holdings Limited, (3)		500,695
	30,732	Nike, Inc., Class B		3,037,551
	3,109	PVH Corporation		321,315
	2,667	Ralph Lauren Corporation		355,804
	7,547	Under Armour, Inc., (3)		585,270
	15,070	VF Corporation		1,091,520
		Total Textiles, Apparel & Luxury Goods		6,703,564
		Thrifts & Mortgage Finance – 0.0%
	21,026	Hudson City Bancorp, Inc.		195,542
		Tobacco – 1.4%
	86,669	Altria Group, Inc.		4,337,783
	15,731	Lorillard Inc.		1,098,968
	68,260	Philip Morris International		5,697,662
	13,465	Reynolds American Inc.		986,985
		Total Tobacco		12,121,398
		Trading Companies & Distributors – 0.2%
	11,931	Fastenal Company, (2)		508,499
	4,352	United Rentals Inc., (3)		420,316
	2,660	W.W. Grainger, Inc.		660,824
		Total Trading Companies & Distributors		1,589,639
		Total Common Stocks (cost $299,109,193)		810,869,710

34 Nuveen Investments

Shares		Description (1)							Value
		COMMON STOCK RIGHTS – 0.0%
	10,067	Safeway Incorporated, (5)							$	1,711
	10,067	Safeway Incorporated, (5)								101
		Total Common Stock Rights (cost $—)								1,812
		Total Long-Term Investments (cost $299,109,193)								810,871,522
Shares		Description (1)							Value
		INVESTMENTS PURCHASED WITH COLLATERAL FROM SECURITIES LENDING – 8.9%
		Money Market Funds – 8.9%
	75,338,236	Mount Vernon Securities Lending Prime Portfolio, 0.204%, (6), (7)							$	75,338,236
		Total Investments Purchased with Collateral from Securities Lending (cost $75,338,236)								75,338,236
Shares/ Principal Amount (000)		Description (1)	Coupon		Maturity		Ratings (8)		Value
		SHORT-TERM INVESTMENTS – 3.7%
		Money Market Funds – 3.3%
	28,069,214	First American Treasury Obligations Fund, Class Z		0.000% (6)		N/A		N/A	$	28,069,214
		U.S. Government and Agency Obligations – 0.4%
$	3,000	U.S. Treasury Bills, (9)		0.000%		11/12/15		AAA		2,998,944
		Total Short-Term Investments (cost $31,067,224)								31,068,158
		Total Investments (cost $405,514,653) – 108.9%								917,277,916
		Other Assets Less Liabilities – (8.9)% (10)								(74,847,839	)
		Net Assets – 100%							$	842,430,077

Investments in Derivatives as of April 30, 2015

Futures Contracts outstanding:

Description	Contract Position		Number of Contracts		Contract Expiration		Notional Amount at Value		Variation Margin Receivable/ (Payable)			Unrealized Appreciation (Depreciation)
S&P 500® Index		Long		58		6/15	$	30,144,050	$	(291,450	)	$	518,190

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

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

(2) Investment, or a portion of investment, is out on loan for securities lending. The total value of the securities out on loan as of the end of the reporting period was $72,388,970.

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

(4) Shares round to less than 1.

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

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

(7) The Fund may loan securities representing up to one third of the fair value of its total assets (which includes collateral for securities on loan) to broker dealers, banks, and other institutions. The Fund maintains collateral equal to at least 100% 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.

(8) 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.

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

(10) Other assets less liabilities includes the unrealized appreciation (depreciation) of certain over-the-counter derivatives as presented on the Statement of Assets and Liabilities. The unrealized appreciation (depreciation) of exchange-cleared and exchange-traded derivatives is recognized as part of the cash collateral at brokers and/or the receivable or payable for variation margin as presented on the Statement of Assets and Liabilities, when applicable.

N/A Not applicable

REIT Real Estate Investment Trust

See accompanying notes to financial statements.

Nuveen Investments 35

Nuveen Mid Cap Index Fund

Portfolio of Investments April 30, 2015 (Unaudited)

Shares		Description (1)	Value
		LONG-TERM INVESTMENTS – 92.2%
		COMMON STOCKS – 92.2%
		Aerospace & Defense – 1.7%
	39,964	BE Aerospace Inc., (2)	$	2,389,448
	12,914	Esterline Technologies Corporation, (3)		1,437,199
	76,570	Exelis Inc.		1,877,496
	19,837	Huntington Ingalls Industries Inc.		2,610,351
	19,982	KLX Inc., (3)		837,446
	20,734	Orbital ATK, Inc.		1,516,899
	1,771	Teledyne Technologies Inc., (3)		185,902
	21,065	Triumph Group Inc.		1,247,891
		Total Aerospace & Defense		12,102,632
		Airlines – 0.8%
	55,515	Alaska Air Group, Inc.		3,556,291
	102,105	JetBlue Airways Corporation, (2), (3)		2,096,216
		Total Airlines		5,652,507
		Auto Components – 0.4%
	46,504	Dana Holding Corporation, (2)		1,003,091
	117,874	Gentex Corporation		2,045,114
		Total Auto Components		3,048,205
		Automobiles – 0.2%
	18,086	Thor Industries, Inc.		1,088,235
		Banks – 4.7%
	65,082	Associated Banc-Corp., (2)		1,224,192
	34,136	BancorpSouth Inc.		826,433
	17,947	Bank of Hawaii Corporation, (2)		1,083,819
	29,910	Cathay General Bancorp.		854,828
	19,315	City National Corporation, (2)		1,800,158
	34,315	Commerce Bancshares Inc., (2)		1,465,594
	21,597	Cullen/Frost Bankers, Inc., (2)		1,575,285
	57,920	East West Bancorp Inc.		2,350,973
	95,564	First Horizon National Corporation, (2)		1,361,787
	142,966	First Niagara Financial Group Inc.		1,300,276
	66,791	FirstMerit Corporation		1,293,742
	76,330	Fulton Financial Corporation		928,173
	33,236	Hancock Holding Company		967,500
	22,992	International Bancshares Corporation		597,332

36 Nuveen Investments

Shares		Description (1)	Value
		Banks (continued)
	38,710	Pacwest Bancorp., (2)	$	1,745,821
	24,224	Prosperity Bancshares, Inc.		1,292,108
	20,196	Signature Bank, (3)		2,708,082
	20,129	SVB Financial Group, (3)		2,672,326
	56,137	Synovus Financial Corp.		1,552,766
	67,305	TCF Financial Corporation		1,053,996
	27,240	Trustmark Corporation		648,312
	75,358	Umpqua Holdings Corporation		1,281,840
	80,975	Valley National Bancorp., (2)		763,594
	36,481	Webster Financial Corporation		1,307,114
		Total Banks		32,656,051
		Beverages – 0.1%
	2,777	Boston Beer Company, (2), (3)		688,141
		Biotechnology – 0.4%
	17,926	United Therapeutics Corporation, (3)		2,862,603
		Building Products – 1.0%
	67,073	Fortune Brands Home & Security		2,991,456
	17,795	Lennox International Inc.		1,885,558
	30,742	Smith AO Corporation		1,964,414
		Total Building Products		6,841,428
		Capital Markets – 1.7%
	48,763	Eaton Vance Corporation, (2)		2,003,184
	38,208	Federated Investors Inc., (2)		1,314,355
	60,651	Janus Capital Group Inc., (2)		1,085,653
	50,145	Raymond James Financial Inc.		2,834,697
	57,395	SEI Investments Company		2,620,656
	11,837	Stifel Financial Corporation, (3)		625,467
	34,425	Waddell & Reed Financial, Inc., Class A		1,697,841
		Total Capital Markets		12,181,853
		Chemicals – 3.1%
	38,567	Albemarle Corporation		2,302,450
	28,786	Ashland Inc.		3,637,399
	24,225	Cabot Corporation		1,035,377
	28,336	Cytec Industries, Inc.		1,566,697
	13,928	Minerals Technologies Inc.		943,343
	4,470	NewMarket Corporation		1,997,643
	31,914	Olin Corporation, (2)		942,420
	38,020	PolyOne Corporation		1,484,681
	53,822	RPM International, Inc.		2,558,698

Nuveen Investments 37

Nuveen Mid Cap Index Fund (continued)

Portfolio of Investments April 30, 2015 (Unaudited)

Shares		Description (1)	Value
		Chemicals (continued)
	17,575	Scotts Miracle Gro Company	$	1,133,763
	19,978	Sensient Technologies Corporation		1,305,762
	31,715	Valspar Corporation		2,572,087
		Total Chemicals		21,480,320
		Commercial Services & Supplies – 1.6%
	22,336	Clean Harbors, Inc., (2), (3)		1,234,064
	45,312	Copart Inc., (3)		1,611,748
	20,219	Deluxe Corporation		1,309,180
	18,218	HNI Corporation		849,688
	23,929	Miller (Herman) Inc.		655,894
	12,823	MSA Safety Inc.		586,524
	80,624	R.R. Donnelley & Sons Company, (2)		1,501,219
	38,928	Rollins Inc.		965,414
	50,066	Waste Connections Inc.		2,373,629
		Total Commercial Services & Supplies		11,087,360
		Communications Equipment – 0.9%
	53,115	Arris Group Inc., (3)		1,788,648
	42,423	Ciena Corporation, (2), (3)		903,610
	16,341	Interdigital Inc.		894,180
	94,805	JDS Uniphase Corporation, (2), (3)		1,200,231
	17,186	Plantronics Inc.		915,498
	55,802	Polycom Inc., (3)		728,216
		Total Communications Equipment		6,430,383
		Construction & Engineering – 0.4%
	48,458	AECOM, (2), (3)		1,529,334
	14,689	Granite Construction Inc.		509,855
	59,455	KBR Inc.		1,038,679
		Total Construction & Engineering		3,077,868
		Construction Materials – 0.2%
	20,215	Eagle Materials Inc.		1,685,729
		Consumer Finance – 0.2%
	170,772	SLM Corporation		1,740,167
		Containers & Packaging – 1.8%
	26,438	AptarGroup Inc.		1,641,007
	24,255	Bemis Company, Inc.		1,091,475
	12,325	Greif Inc., (2)		502,367
	39,714	Packaging Corp. of America		2,747,812
	57,980	Rock-Tenn Company		3,651,580

38 Nuveen Investments

Shares		Description (1)	Value
		Containers & Packaging (continued)
	17,563	Silgan Holdings, Inc.	$	946,119
	41,221	Sonoco Products Company		1,842,166
		Total Containers & Packaging		12,422,526
		Distributors – 0.5%
	121,930	LKQ Corporation, (3)		3,300,645
		Diversified Consumer Services – 0.9%
	40,055	Apollo Group, Inc., (3)		672,323
	23,083	Devry Education Group Inc., (2)		698,030
	1,351	Graham Holdings Company, (2)		1,381,978
	86,251	Service Corporation International, (2)		2,387,428
	27,846	Sothebys Holdings Inc., (2)		1,189,303
		Total Diversified Consumer Services		6,329,062
		Diversified Financial Services – 0.7%
	34,731	CBOE Holdings Inc.		1,954,313
	47,140	MSCI Inc., Class A Shares		2,884,497
		Total Diversified Financial Services		4,838,810
		Diversified Telecommunication Services – 0.1%
	40,115	Windstream Holdings Inc.		468,543
		Electric Utilities – 1.5%
	23,456	Cleco Corporation		1,274,834
	62,100	Great Plains Energy Incorporated		1,625,778
	40,990	Hawaiian Electric Industries, (2)		1,282,987
	20,320	IDACORP, INC		1,225,906
	80,438	OGE Energy Corp.		2,628,714
	32,174	PNM Resources Inc.		893,794
	49,239	Westar Energy Inc.		1,853,848
		Total Electric Utilities		10,785,861
		Electrical Equipment – 1.0%
	17,454	Acuity Brands Inc.		2,913,945
	21,752	Hubbell Incorporated, Class B		2,367,270
	18,228	Regal-Beloit Corporation		1,425,430
		Total Electrical Equipment		6,706,645
		Electronic Equipment, Instruments & Components – 3.4%
	40,618	Arrow Electronics, Inc., (3)		2,425,301
	55,904	Avnet Inc.		2,383,188
	17,612	Belden Inc.		1,478,527
	31,769	Cognex Corporation		1,426,110
	17,068	FEI Company		1,287,951

Nuveen Investments 39

Nuveen Mid Cap Index Fund (continued)

Portfolio of Investments April 30, 2015 (Unaudited)

Shares		Description (1)	Value
		Electronic Equipment, Instruments & Components (continued)
	62,691	Ingram Micro, Inc., Class A, (2), (3)	$	1,577,306
	11,782	IPG Photonics Corporation, (2), (3)		1,043,650
	15,884	Itron Inc., (3)		569,600
	62,781	Jabil Circuit Inc., (2)		1,413,828
	55,184	Keysight Technologies, Inc., (3)		1,846,457
	34,346	Knowles Corporation, (2), (3)		658,413
	39,739	National Instruments Corporation		1,136,535
	15,445	Tech Data Corporation, (3)		870,635
	105,376	Trimble Navigation Limited, (3)		2,679,712
	54,793	Vishay Intertechnology Inc., (2)		694,775
	20,393	Zebra Technologies Corporation, Class A, (3)		1,877,787
		Total Electronic Equipment, Instruments & Components		23,369,775
		Energy Equipment & Services – 2.3%
	23,371	Atwood Oceanics Inc., (2)		780,124
	29,557	Dresser Rand Group, Inc., (3)		2,443,477
	16,432	Dril Quip Inc., (3)		1,309,959
	39,646	Helix Energy Solutions Group, (3)		653,366
	115,453	Nabors Industries Inc.		1,928,065
	43,625	Oceaneering International Inc.		2,404,174
	21,329	Oil States International Inc., (3)		1,015,047
	58,365	Patterson-UTI Energy, Inc.		1,304,458
	49,522	Rowan Companies Inc.		1,049,371
	63,254	Superior Energy Services, Inc.		1,612,977
	20,012	Tidewater Inc., (2)		554,132
	17,822	Unit Corporation, (3)		620,918
		Total Energy Equipment & Services		15,676,068
		Food & Staples Retailing – 0.3%
	79,877	SUPERVALU INC.		702,119
	20,044	United Natural Foods Inc., (3)		1,352,168
		Total Food & Staples Retailing		2,054,287
		Food Products – 1.9%
	37,756	Dean Foods Company		613,535
	70,997	Flowers Foods Inc., (2)		1,586,073
	40,484	Hain Celestial Group Inc., (2), (3)		2,438,756
	30,062	Ingredion Inc.		2,386,923
	7,841	Lancaster Colony Corporation		703,024
	20,881	Post Holdings Inc., (2), (3)		980,154
	8,751	Tootsie Roll Industries Inc., (2)		271,106
	12,842	Treehouse Foods Inc., (3)		1,043,541

40 Nuveen Investments

Shares		Description (1)	Value
		Food Products (continued)
	70,235	WhiteWave Foods Company, (3)	$	3,088,233
		Total Food Products		13,111,345
		Gas Utilities – 1.5%
	40,468	Atmos Energy Corporation		2,185,272
	33,934	National Fuel Gas Company, (2)		2,187,046
	20,994	One Gas Inc.		881,118
	70,747	Questar Corporation		1,658,310
	66,264	UGI Corporation		2,306,650
	20,965	WGL Holdings Inc.		1,153,285
		Total Gas Utilities		10,371,681
		Health Care Equipment & Supplies – 3.3%
	29,018	Align Technology, Inc., (3)		1,707,419
	19,364	Cooper Companies, Inc.		3,448,147
	13,186	Halyard Health Inc., (3)		639,257
	23,191	Hill Rom Holdings Inc.		1,158,159
	101,712	Hologic Inc., (3)		3,431,763
	19,050	Idexx Labs Inc., (3)		2,388,299
	56,683	ResMed Inc.		3,624,311
	22,356	Sirona Dental Systems, Inc., (3)		2,073,519
	23,867	Steris Corporation, (2)		1,587,156
	15,953	Teleflex Inc., (2)		1,961,581
	22,247	Thoratec Corporation, (3)		892,327
		Total Health Care Equipment & Supplies		22,911,938
		Health Care Providers & Services – 2.7%
	42,730	Centene Corporation, (3)		2,648,833
	46,557	Community Health Systems, Inc., (3)		2,499,180
	32,396	Health Net Inc., (3)		1,705,649
	18,390	Lifepoint Hospitals Inc., (3)		1,377,043
	38,820	Medax Inc., (3)		2,747,680
	40,716	Omnicare, Inc., (2)		3,582,194
	25,485	Owens and Minor Inc.		859,354
	34,357	VCA Antech, Inc., (3)		1,751,176
	17,721	Wellcare Health Plans Inc., (3)		1,372,137
		Total Health Care Providers & Services		18,543,246
		Health Care Technology – 0.2%
	64,524	Allscripts Healthcare Solutions Inc., (3)		858,169
	35,411	HMS Holdings Corporation, (2), (3)		602,341
		Total Health Care Technology		1,460,510

Nuveen Investments 41

Nuveen Mid Cap Index Fund (continued)

Portfolio of Investments April 30, 2015 (Unaudited)

Shares		Description (1)	Value
		Hotels, Restaurants & Leisure – 1.7%
	27,377	Brinker International Inc.	$	1,515,864
	7,312	Buffalo Wild Wings, Inc., (2), (3)		1,164,802
	17,061	Cheesecake Factory Inc., (2)		855,268
	22,471	Dominos Pizza Inc., (2)		2,423,497
	30,398	Dunkin Brands Group Inc.		1,584,040
	11,274	Intl Speedway Corporation		409,923
	15,369	Life Time Fitness Inc., (3)		1,098,884
	10,871	Panera Bread Company, (2), (3)		1,983,740
	109,907	The Wendy’s Company		1,112,259
		Total Hotels, Restaurants & Leisure		12,148,277
		Household Durables – 1.7%
	72,697	Jarden Corporation, (2)		3,720,632
	36,339	KB Home, (2)		526,552
	15,777	MDC Holdings Inc., (2)		423,455
	1,485	NVR Inc., (3)		1,969,838
	24,558	Tempur Pedic International Inc., (3)		1,495,828
	64,626	Toll Brothers Inc., (3)		2,296,808
	20,524	Tupperware Corporation		1,372,235
		Total Household Durables		11,805,348
		Household Products – 1.1%
	53,626	Church & Dwight Company Inc.		4,352,821
	24,911	Energizer Holdings Inc.		3,403,341
		Total Household Products		7,756,162
		Industrial Conglomerates – 0.4%
	25,887	Carlisle Companies Inc.		2,498,096
		Insurance – 4.6%
	6,538	Alleghany Corporation, Term Loan, (3)		3,095,874
	28,928	American Financial Group Inc.		1,828,250
	63,456	Arthur J. Gallagher & Co.		3,035,100
	26,433	Aspen Insurance Holdings Limited		1,235,214
	48,019	Brown & Brown Inc.		1,534,207
	55,519	CNO Financial Group Inc.		943,823
	19,180	Everest Reinsurance Group Ltd		3,431,494
	43,155	First American Corporation		1,501,362
	17,796	Hanover Insurance Group Inc.		1,220,272
	38,960	HCC Insurance Holdings Inc.		2,219,162
	20,946	Kemper Corporation		789,036
	14,657	Mercury General Corporation, (2)		805,256
	97,875	Old Republic International Corporation		1,496,509

42 Nuveen Investments

Shares		Description (1)	Value
		Insurance (continued)
	21,981	Primerica Inc.	$	1,015,962
	28,133	Reinsurance Group of America Inc.		2,577,545
	16,378	RenaisasnceRE Holdings, Limited, (2)		1,678,581
	17,667	StanCorp Financial Group Inc.		1,273,437
	42,760	WR Berkley Corporation		2,094,812
		Total Insurance		31,775,896
		Internet & Catalog Retail – 0.1%
	13,878	Hosting Site Network, Inc.		866,265
		Internet Software & Services – 0.5%
	32,290	AOL Inc., (3)		1,288,371
	47,058	Rackspace Hosting Inc., (3)		2,536,426
		Total Internet Software & Services		3,824,797
		IT Services – 3.2%
	31,085	Acxiom Corporation, (3)		542,744
	48,742	Broadridge Financial Solutions, Inc.		2,628,169
	40,988	Convergys Corporation, (2)		929,608
	37,097	CoreLogic Inc.		1,450,864
	14,108	DST Systems Inc.		1,623,549
	36,380	Gartner Inc., (2), (3)		3,018,812
	27,542	Global Payments Inc.		2,761,912
	34,154	Henry Jack and Associates Inc.		2,271,583
	27,679	Leidos Holdings Inc.		1,152,554
	21,382	Maximus Inc.		1,368,662
	22,658	NeuStar, Inc., (2), (3)		679,740
	16,476	Science Applications International Corporation		825,448
	45,128	VeriFone Holdings Inc., (3)		1,614,229
	15,653	WEX Inc., (3)		1,764,250
		Total IT Services		22,632,124
		Leisure Products – 1.0%
	37,454	Brunswick Corporation		1,874,198
	25,519	Polaris Industries Inc.		3,495,082
	29,657	Vista Outdoor Inc., (3)		1,297,790
		Total Leisure Products		6,667,070
		Life Sciences Tools & Services – 1.1%
	8,149	Bio-Rad Laboratories Inc., (2), (3)		1,095,633
	13,448	Bio-Techne Corporation		1,290,470
	19,537	Charles River Laboratories International, Inc., (3)		1,351,179
	11,802	Mettler-Toledo International Inc., (3)		3,741,351
		Total Life Sciences Tools & Services		7,478,633

Nuveen Investments 43

Nuveen Mid Cap Index Fund (continued)

Portfolio of Investments April 30, 2015 (Unaudited)

Shares		Description (1)	Value
		Machinery – 4.5%
	35,283	AGCO Corporation, (2)	$	1,817,427
	20,365	CLARCOR, Inc.		1,323,725
	19,965	Crane Company		1,220,061
	53,124	Donaldson Company, Inc.		1,985,244
	24,485	Graco Inc.		1,753,616
	32,614	Harsco Corporation		524,433
	32,565	IDEX Corporation, (2)		2,442,701
	37,040	ITT Industries, Inc.		1,468,636
	31,735	Kennametal Inc.		1,123,736
	32,486	Lincoln Electric Holdings Inc.		2,172,014
	24,173	Nordson Corporation, (2)		1,925,379
	34,310	Oshkosh Truck Corporation		1,847,250
	18,158	SPX Corporation		1,398,166
	44,553	Terex Corporation, (2)		1,223,425
	30,969	Timken Company		1,216,772
	62,574	Trinity Industries Inc.		1,695,130
	10,858	Valmont Industries, Inc., (2)		1,368,325
	38,958	Wabtec Corporation		3,664,000
	23,835	Woodward Governor Company		1,121,437
		Total Machinery		31,291,477
		Marine – 0.3%
	23,018	Kirby Corporation, (3)		1,807,604
		Media – 1.3%
	23,873	AMC Networks Inc., Class A Shares, (2), (3)		1,800,979
	42,058	Cinemark Holdings Inc.		1,792,933
	29,059	Dreamworks Animation SKG Inc., (2), (3)		757,278
	18,915	John Wiley and Sons Inc., Class A		1,075,885
	57,485	Live Nation Inc., (3)		1,440,574
	14,948	Meredith Corporation		777,894
	50,986	New York Times, Class A, (2)		682,703
	45,071	Time Inc.		1,028,971
		Total Media		9,357,217
		Metals & Mining – 1.6%
	21,446	Carpenter Technology Inc., (2)		927,540
	47,560	Commercial Metals Company		789,496
	13,545	Compass Minerals International, Inc.		1,196,430
	31,390	Reliance Steel & Aluminum Company		2,031,561
	26,244	Royal Gold, Inc., (2)		1,693,525
	96,647	Steel Dynamics Inc.		2,138,798

44 Nuveen Investments

Shares		Description (1)	Value
		Metals & Mining (continued)
	15,484	TimkenSteel Corporation	$	451,978
	58,448	United States Steel Corporation, (2)		1,403,921
	21,024	Worthington Industries, Inc.		568,279
		Total Metals & Mining		11,201,528
		Multiline Retail – 0.3%
	22,592	Big Lots, Inc., (2)		1,029,517
	123,108	J.C. Penney Company, Inc., (2)		1,021,796
		Total Multiline Retail		2,051,313
		Multi-Utilities – 1.0%
	44,810	Alliant Energy Corporation		2,709,661
	18,027	Black Hills Corporation		888,551
	77,395	MDU Resources Group Inc.		1,725,135
	33,310	Vectren Corporation		1,437,993
		Total Multi-Utilities		6,761,340
		Oil, Gas & Consumable Fuels – 2.3%
	123,667	California Resources Corporation		1,150,103
	140,966	Denbury Resources Inc., (2)		1,241,910
	29,399	Energen Corporation		2,092,327
	34,506	Gulfport Energy Corporation, (3)		1,688,724
	80,253	HollyFrontier Company		3,112,211
	109,466	Peabody Energy Corporation, (2)		517,774
	24,816	Rosetta Resources, Inc., (3)		566,549
	27,086	SM Energy Company		1,570,175
	23,405	Western Refining Inc.		1,030,990
	29,074	World Fuel Services Corporation, (2)		1,613,607
	81,654	WPX Energy Inc., (2), (3)		1,122,743
		Total Oil, Gas & Consumable Fuels		15,707,113
		Paper & Forest Products – 0.3%
	26,244	Domtar Corporation		1,134,266
	57,007	Louisiana-Pacific Corporation, (2), (3)		868,787
		Total Paper & Forest Products		2,003,053
		Personal Products – 0.2%
	164,919	Avon Products, Inc., (2)		1,347,388
		Pharmaceuticals – 0.2%
	31,395	Akorn, Inc., (2), (3)		1,307,288
		Professional Services – 1.1%
	13,653	CEB Inc.		1,144,531
	16,502	FTI Consulting Inc., (3)		678,397

Nuveen Investments 45

Nuveen Mid Cap Index Fund (continued)

Portfolio of Investments April 30, 2015 (Unaudited)

Shares		Description (1)	Value
		Professional Services (continued)
	32,162	Manpower Inc.	$	2,744,383
	25,841	Towers Watson & Company, Class A Shares		3,279,352
		Total Professional Services		7,846,663
		Real Estate Investment Trust – 8.2%
	28,940	Alexandria Real Estate Equities Inc.		2,673,477
	42,376	American Campus Communities Inc.		1,700,973
	77,759	BioMed Realty Trust Inc.		1,613,499
	33,246	Camden Property Trust		2,496,110
	48,138	Communications Sales & Leasing, Inc.		1,447,991
	35,386	Corporate Office Properties		933,837
	47,003	Corrections Corporation of America, (2)		1,729,240
	35,320	Douglas Emmett Inc.		1,006,620
	133,090	Duke Realty Corporation		2,636,513
	25,575	Equity One Inc.		629,912
	44,491	Extra Space Storage Inc., (2)		2,933,292
	27,173	Federal Realty Investment Trust, (2)		3,632,215
	36,402	Highwoods Properties, Inc., (2)		1,566,742
	23,076	Home Properties New York, Inc.		1,697,471
	60,484	Hospitality Properties Trust		1,819,359
	33,210	Kilroy Realty Corporation		2,357,578
	26,516	Lamar Advertising Company, (2)		1,536,867
	42,033	LaSalle Hotel Properties		1,542,191
	59,658	Liberty Property Trust		2,078,485
	35,811	Mack-Cali Realty Corporation, (2)		642,807
	30,298	Mid-America Apartment Communities		2,260,534
	49,760	National Retail Properties, Inc., (2)		1,910,784
	51,514	Omega Healthcare Investors Inc., (2)		1,859,140
	16,396	Potlatch Corporation		605,176
	51,082	Rayonier Inc.		1,307,188
	37,298	Regency Centers Corporation		2,341,568
	82,290	Senior Housing Properties Trust		1,684,476
	20,063	Tanger Factory Outlet Centers		673,716
	25,553	Taubman Centers Inc.		1,840,072
	101,560	UDR Inc.		3,328,121
	12,504	Urban Edge Properties		282,966
	45,397	Weingarten Realty Trust		1,487,206
	62,741	WP GLIMCHER, Inc.		941,115
		Total Real Estate Investment Trust		57,197,241

46 Nuveen Investments

Shares		Description (1)	Value
		Real Estate Management & Development – 0.5%
	17,321	Alexander & Baldwin Inc.	$	701,154
	18,000	Jones Lang LaSalle Inc.		2,989,080
		Total Real Estate Management & Development		3,690,234
		Road & Rail – 1.4%
	23,046	Con-Way, Inc.		947,191
	20,603	Genesee & Wyoming Inc., (3)		1,915,049
	36,945	J.B. Hunt Transports Services Inc., (2)		3,221,604
	18,068	Landstar System, (2)		1,125,817
	28,192	Old Dominion Freight Line, (2), (3)		2,005,297
	17,344	Werner Enterprises, Inc.		466,033
		Total Road & Rail		9,680,991
		Semiconductors & Semiconductor Equipment – 2.4%
	261,638	Advanced Micro Devices, Inc., (2), (3)		591,302
	170,037	Atmel Corporation, (2)		1,288,880
	44,533	Cree, Inc., (2), (3)		1,410,805
	125,907	Cypress Semiconductor Corporation, (2)		1,677,081
	50,463	Fairchild Semiconductor International Inc., Class A, (3)		916,660
	57,253	Integrated Device Technology, Inc., (3)		1,041,432
	52,016	Intersil Holding Corporation, Class A, (2)		694,414
	58,312	Qorvo Inc., (3)		3,843,343
	27,175	Semtech Corporation, (3)		632,906
	16,148	Silicon Laboratories Inc., (3)		834,367
	100,837	SunEdison Inc., (2), (3)		2,553,193
	82,674	Teradyne Inc.		1,508,801
		Total Semiconductors & Semiconductor Equipment		16,993,184
		Software – 4.5%
	46,389	ACI Worldwide, Inc., (2), (3)		1,068,339
	17,878	Advent Software Inc.		776,084
	37,429	Ansys Inc., (3)		3,212,905
	116,942	Cadence Design Systems, Inc., (2), (3)		2,180,968
	59,447	CDK Global Inc.		2,848,700
	17,917	CommVault Systems, Inc., (3)		819,703
	15,701	FactSet Research Systems Inc., (2)		2,471,180
	13,921	Fair Isaac Corporation		1,231,452
	55,330	Fortinet Inc., (3)		2,088,154
	44,348	Informatica Corporation, (3)		2,131,808
	39,112	Mentor Graphics Corporation, (2)		935,950
	47,914	Parametric Technology Corporation, (3)		1,837,023
	40,114	Rovi Corporation, (3)		742,510

Nuveen Investments 47

Nuveen Mid Cap Index Fund (continued)

Portfolio of Investments April 30, 2015 (Unaudited)

Shares		Description (1)	Value
		Software (continued)
	26,494	Solarwinds, Inc., (3)	$	1,292,377
	27,791	Solera Holdings Inc.		1,348,419
	62,501	Synopsys Inc., (3)		2,930,047
	10,712	Tyler Technologies Inc., (3)		1,306,328
	11,450	Ultimate Software Group, Inc., (2), (3)		1,903,219
		Total Software		31,125,166
		Specialty Retail – 4.1%
	29,177	Aaron Rents Inc.		992,018
	29,482	Abercrombie & Fitch Co., Class A, (2)		662,755
	29,469	Advance Auto Parts, Inc.		4,214,066
	69,104	American Eagle Outfitters, Inc., (2)		1,099,445
	18,293	Ann Inc., (3)		692,573
	52,240	Ascena Retail Group Inc., (3)		783,078
	18,934	Cabela’s Incorporated, (2), (3)		998,579
	62,954	Chico’s FAS, Inc.		1,061,404
	30,545	CST Brands Inc.		1,274,032
	40,127	Dick’s Sporting Goods Inc.		2,177,291
	58,899	Foot Locker, Inc., (2)		3,501,546
	24,103	Guess Inc.		441,326
	17,941	Murphy USA Inc., (3)		1,172,086
	196,559	Office Depot, Inc., (2), (3)		1,812,274
	21,325	Rent-A-Center Inc.		631,220
	32,396	Signet Jewelers Limited		4,345,274
	35,358	Williams-Sonoma Inc.		2,599,874
		Total Specialty Retail		28,458,841
		Technology Hardware, Storage & Peripherals – 0.7%
	41,665	3D Systems Corporation, (2), (3)		1,045,375
	26,092	Diebold Inc., (2)		907,219
	25,150	Lexmark International, Inc., Class A, (2)		1,116,409
	67,819	NCR Corporation, (3)		1,860,953
		Total Technology Hardware, Storage & Peripherals		4,929,956
		Textiles, Apparel & Luxury Goods – 0.7%
	21,689	Carter’s Inc.		2,165,864
	13,985	Deckers Outdoor Corporation, (2), (3)		1,034,890
	51,116	Kate Spade & Company, (2), (3)		1,671,493
		Total Textiles, Apparel & Luxury Goods		4,872,247
		Thrifts & Mortgage Finance – 0.6%
	178,800	New York Community Bancorp Inc., (2)		3,073,572

48 Nuveen Investments

Shares		Description (1)							Value
		Thrifts & Mortgage Finance (continued)
	40,929	Washington Federal Inc.							$	884,066
		Total Thrifts & Mortgage Finance								3,957,638
		Trading Companies & Distributors – 0.7%
	18,597	GATX Corporation								1,011,677
	19,131	MSC Industrial Direct Inc., Class A, (2)								1,359,449
	43,336	NOW Inc., (2), (3)								1,035,730
	11,520	Watsco Inc.								1,385,741
		Total Trading Companies & Distributors								4,792,597
		Water Utilities – 0.3%
	71,520	Aqua America Inc.								1,918,166
		Wireless Telecommunication Services – 0.1%
	39,973	Telephone and Data Systems Inc.								1,067,678
		Total Common Stocks (cost $445,577,301)								641,793,015
Shares		Description (1)							Value
		COMMON STOCK RIGHTS – 0.0%
	100,634	Community Health Systems Inc.							$	1,620
		Total Common Stock Rights (cost $—)								1,620
		Total Long-Term Investments (cost $445,577,301)								641,794,635
Shares		Description (1)							Value
		INVESTMENTS PURCHASED WITH COLLATERAL FROM SECURITIES LENDING – 16.3%
		Money Market Funds – 16.3%
	112,980,138	Mount Vernon Securities Lending Prime Portfolio, 0.204%, (4), (5)							$	112,980,138
		Total Investments Purchased with Collateral from Securities Lending (cost $112,980,138)								112,980,138
Shares/ Principal Amount (000)		Description (1)	Coupon		Maturity		Ratings (6)		Value
		SHORT-TERM INVESTMENTS – 7.8%
		Money Market Funds – 7.4%
	51,478,930	First American Treasury Obligations Fund, Class Z		0.000% (4)		N/A		N/A	$	51,478,930
		U.S. Government and Agency Obligations – 0.4%
$	3,000	U.S. Treasury Bills, (7)		0.000%		11/12/15		AAA		2,998,944
		Total Short-Term Investments (cost $54,476,939)								54,477,874
		Total Investments (cost $613,034,378) – 116.3%								809,252,647
		Other Assets Less Liabilities – (16.3)% (8)								(113,181,540	)
		Net Assets – 100%							$	696,071,107

Nuveen Investments 49

Nuveen Mid Cap Index Fund (continued)

Portfolio of Investments April 30, 2015 (Unaudited)

Investments in Derivatives as of April 30, 2015

Futures Contracts outstanding:

Description	Contract Position		Number of Contracts		Contract Expiration		Notional Amount at Value		Variation Margin Receivable/ (Payable)			Unrealized Appreciation (Depreciation)
S&P MidCap 400® E-Mini Index		Long		357		6/15	$	53,425,050	$	(578,340	)	$	(588,871	)

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

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

(2) Investment, or a portion of investment, is out on loan for securities lending. The total value of the securities out on loan as of the end of the reporting period was $107,967,261.

(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 100% 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: Using the highest of Standard & Poor’s Group (“Standard & Poor’s”), Moody’s Investors Service, Inc. (“Moody’s”) or Fitch, Inc. (“Fitch”) rating. Ratings below BBB by Standard & Poor’s, Baa by Moody’s or BBB by Fitch are considered to be below investment grade. Holdings designated N/R are not rated by any of these national rating agencies.

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

(8) Other assets less liabilities includes the unrealized appreciation (depreciation) of certain over-the-counter derivatives as presented on the Statement of Assets and Liabilities. The unrealized appreciation (depreciation) of exchange-cleared and exchange-traded derivatives is recognized as part of the cash collateral at brokers and/or the receivable or payable for variation margin as presented on the Statement of Assets and Liabilities, when applicable.

N/A Not applicable

See accompanying notes to financial statements.

50 Nuveen Investments

Nuveen Small Cap Index Fund

Portfolio of Investments April 30, 2015 (Unaudited)

Shares		Description (1)	Value
		LONG-TERM INVESTMENTS – 97.0%
		COMMON STOCKS – 97.0%
		Aerospace & Defense – 1.6%
	3,069	AAR Corporation	$	92,807
	4,638	Aerojet Rocketdyne Holdings Inc., (2)		91,183
	1,478	Aerovironment, Inc., (2)		37,837
	610	American Science & Engineering Inc.		22,826
	1,461	Astronics Corporation, (2), (3)		98,340
	1,598	Cubic Corporation		79,229
	3,738	Curtiss Wright Corporation		273,098
	5,852	DigitalGlobe Inc., (2)		188,259
	842	Ducommon Inc.		25,597
	1,361	Engility Holdings Inc., (2)		37,931
	489	Erickson Inc., (2)		1,736
	2,468	Esterline Technologies Corporation, (2)		274,664
	5,158	Heico Corporation, (3)		288,023
	2,537	Keyw Holding Corporation, (2), (3)		24,482
	3,663	Kratos Defence & Security Solutions Inc., (2), (3)		20,037
	864	LMI Aerospace, Inc., (2)		9,755
	3,450	Moog Inc., Class A Shares, (2)		241,086
	374	National Presto Industries Inc.		23,405
	204	SIFCO Industries, Incorporated		2,972
	785	Sparton Corporation, (2)		20,229
	4,178	Taser International, Inc., (2), (3)		126,134
	2,911	Teledyne Technologies Inc., (2)		305,568
		Total Aerospace & Defense		2,285,198
		Air Freight & Logistics – 0.5%
	4,322	Air Transport Services Group Inc., (2)		40,281
	2,035	Atlas Air Worldwide Holdings Inc., (2)		99,186
	1,822	Echo Global Logistics, Inc., (2)		52,656
	2,419	Forward Air Corporation		121,845
	2,852	Hub Group, Inc., (2)		113,795
	722	Park Ohio Holdings Corporation		33,450
	7,096	UTI Worldwide, Inc., (3)		64,077
	4,074	XPO Logistics, Incorporated, (2), (3)		197,589
		Total Air Freight & Logistics		722,879

Nuveen Investments 51

Nuveen Small Cap Index Fund (continued)

Portfolio of Investments April 30, 2015 (Unaudited)

Shares		Description (1)	Value
		Airlines – 0.6%
	1,071	Allegiant Travel Company	$	164,677
	3,494	Hawaiian Holdings Inc., (2), (3)		80,642
	20,316	JetBlue Airways Corporation, (2), (3)		417,087
	3,861	Republic Airways Holdings, Inc., (2)		47,259
	3,962	Skywest Inc.		54,081
	1,187	Virgin America Inc., (2), (3)		34,114
		Total Airlines		797,860
		Auto Components – 1.2%
	5,248	American Axle and Manufacturing Holdings Inc.		130,833
	4,501	Cooper Tire & Rubber		191,247
	1,062	Cooper-Standard Holdings Inc., (2)		64,803
	12,646	Dana Holding Corporation, (3)		272,774
	2,095	Dorman Products, Inc., (2), (3)		98,109
	1,833	Drew Industries Inc., (2)		103,876
	2,326	Federal Mogul Corporation, Class A Shares, (2)		30,005
	821	Fox Factory Holding Corporation, (2)		12,496
	1,171	Fuel Systems Solutions, Inc., (2)		12,998
	2,735	Gentherm Inc., (2)		144,217
	884	Metaldyne Performance Group Inc.		15,965
	3,697	Modine Manufacturing Company		45,436
	1,384	Motorcar Parts of America, Inc., (2)		40,454
	2,384	Remy International Inc.		53,044
	669	Shiloh Industries, Inc., (2)		7,780
	2,842	Spartan Motors, Inc.		13,386
	1,535	Standard Motor Products Inc.		58,023
	2,190	Stoneridge Inc., (2)		26,368
	268	Strattec Security Corporation, (3)		20,119
	1,936	Superior Industries International Inc.		36,010
	4,721	Tenneco Inc., (2)		275,942
	1,662	Tower International Inc., (2)		42,979
		Total Auto Components		1,696,864
		Automobiles – 0.0%
	2,112	Winnebago Industries Inc., (3)		43,740
		Banks – 7.5%
	1,164	1st Source Corporation, (3)		36,224
	613	American National Bankshares, Inc.		13,799
	1,951	Ameris Bancorp.		48,755
	775	Ames National Corporation		19,329
	848	Arrow Financial Corporation, (3)		22,099

52 Nuveen Investments

Shares		Description (1)	Value
		Banks (continued)
	2,567	Banc of California Inc., (3)	$	31,831
	551	BancFirst Corporation		31,804
	2,304	Banco Latinoamericano de Exportaciones S.A		73,198
	2,566	Bancorp, Inc., (2)		24,993
	7,448	BancorpSouth Inc.		180,316
	487	Bank of Kentucky Financial Corporation		23,322
	453	Bank of Marin Bancorp California		22,840
	6,178	Bank of the Ozarks, Inc.		239,459
	1,518	Banner Corporation		68,644
	6,165	BBCN Bancorp Inc.		87,481
	1,948	Berkshire Hills Bancorp, Inc., (3)		54,563
	2,207	Blue Hills Bancorp, Inc., (2)		29,618
	1,526	BNC Bancorp.		27,850
	6,205	Boston Private Financial Holdings Inc.		81,596
	931	Bridge Bancorp Inc.		23,526
	744	Bridge Capital Holdings, (2)		20,125
	1,126	Bryn Mawr Bank		33,881
	575	Camden National Corporation		22,034
	1,879	Capital Bank Financial Corporation, Class A Shares		50,958
	825	Capital City Bank		11,608
	2,522	Cardinal Financial Corporation		52,029
	2,498	Cascade Bancorp., (2)		12,040
	6,176	Cathay General Bancorp.		176,510
	2,509	Centerstate Banks of Florida, Inc.		30,509
	1,327	Central Pacific Financial Corporation		30,388
	284	Century Bancorp, Inc.		10,971
	2,457	Chemical Financial Corporation		75,921
	964	Citizens & Northern Corporation, (3)		19,126
	1,217	City Holding Company, (3)		55,945
	1,198	CNB Financial Corporation		20,582
	2,954	Cobiz, Inc.		35,478
	4,079	Columbia Banking Systems Inc.		121,146
	3,156	Community Bank System Inc.		110,302
	1,211	Community Trust Bancorp, Inc.		38,849
	876	CommunityOne Bancorp., (2)		8,629
	1,358	ConnectOne Bancorp, Inc., (3)		26,101
	678	CU Bancorp., (2)		14,048
	1,831	Customers Bancorp Inc., (2)		46,160
	8,214	CVB Financial, (3)		128,549

Nuveen Investments 53

Nuveen Small Cap Index Fund (continued)

Portfolio of Investments April 30, 2015 (Unaudited)

Shares		Description (1)	Value
		Banks (continued)
	1,765	Eagle Bancorp, Inc., (2)	$	65,058
	604	Enterprise Bancorp, Inc.		12,962
	1,509	Enterprise Financial Services Corporation		30,980
	12,519	F.N.B. Corporation PA		166,127
	639	FCB Financial Holdings, Inc., Class A Shares, (2)		17,100
	1,221	Fidelity Southern Corporation		20,513
	1,075	Financial Institutions, Inc.		25,316
	797	First Bancorp Maine		13,294
	1,640	First Bancorp of North Carolina, Inc., (3)		26,617
	8,409	First Bancorp of Puerto Rico, (2)		50,538
	6,038	First Busey Corporation		37,677
	319	First Business Financial Services, Inc.		14,489
	655	First Citizens Bancshs Inc.		157,423
	7,292	First Commonwealth Financial Corporation		65,774
	1,269	First Community Bancshares, Inc.		21,268
	1,253	First Connecticut Bancorp., (3)		18,519
	4,476	First Financial Bancorp.		77,256
	4,966	First Financial Bankshares, Inc., (3)		143,815
	935	First Financial Corporation		31,743
	1,404	First Interstate BancSystem Inc., Montana		37,992
	2,911	First Merchants Corporation		65,701
	5,838	First Midwest Bancorp, Inc.		99,830
	1,158	First NBC Bank Holding Company, (2)		40,738
	989	First of Long Island Corporation		24,745
	12,825	FirstMerit Corporation		248,420
	2,346	Flushing Financial Corporation		44,949
	1,066	German American Bancorp, Inc., (3)		30,498
	5,776	Glacier Bancorp, Inc.		152,140
	859	Great Southern Bancorp.		33,862
	1,424	Great Western Bancorp Inc., (3)		31,143
	1,144	Guaranty Bancorp.		18,007
	2,812	Hampton Roads Bankshares, Inc., (2)		5,005
	6,382	Hancock Holding Company		185,780
	2,469	Hanmi Financial Corporation		52,540
	1,235	Heartland Financial USA, Inc.		42,496
	1,614	Heritage Commerce Corporation		14,381
	2,411	Heritage Financial Corporation		40,746
	1,681	Heritage Oaks Bancorp		13,398
	5,822	Hilltop Holdings Inc., (2)		117,080

54 Nuveen Investments

Shares		Description (1)	Value
		Banks (continued)
	4,199	Home Bancshares, Inc., (3)	$	138,063
	1,609	HomeTrust Bancshares Inc., (2)		25,165
	724	Horizon Bancorp.		16,905
	1,142	Hudson Valley Holding Corporation		28,253
	2,437	IberiaBank Corporation		151,849
	1,907	Independent Bank Corporation, Massachusetts		79,560
	1,778	Independent Bank Corporation, Michigan		23,541
	709	Independent Bank Group Inc.		27,297
	4,442	International Bancshares Corporation		115,403
	27,781	Investors Bancorp, Inc.		328,927
	3,127	Lakeland Bancorp, Inc.		35,491
	1,282	Lakeland Financial Corporation		50,062
	3,089	LegacyTexas Financial Group Inc.		78,615
	1,977	Macatawa Bank Corporation, (3)		10,379
	1,698	Mainsource Financial Group		32,687
	5,150	MB Financial, Inc.		155,170
	1,305	Mercantile Bank Corporation		25,865
	400	Merchants Bancshares, Inc.		11,784
	1,099	Metro Bancorp, Inc.		28,178
	646	Midsouth Bancorp Inc.		8,379
	565	MidWestOne Financial Group Inc.		16,526
	3,188	National Bank Holdings Corporation		60,572
	538	National Bankshares, Inc., (3)		15,607
	9,614	National Penn Bancshares, Inc.		99,986
	3,388	NBT Bancorp, Inc.		81,820
	2,608	NewBridge Bancorp.		20,994
	542	Northrim Bancorp, Inc.		13,507
	3,490	OFG Bancorp., (3)		49,174
	675	Old Line Bancshares, Inc.		10,841
	8,447	Old National Bancorp.		115,386
	412	Opus Bank		12,896
	1,490	Pacific Continental Corporation		19,221
	1,335	Pacific Premier Bancorp, Inc., (2)		20,906
	372	Palmetto Bancshares Inc.		6,752
	959	Park National Corporation		79,175
	3,464	Park Sterling Bank Inc.		23,209
	937	Peapack Gladstone Financial Corporation		19,611
	401	Penns Woods Bancorp, Inc., (3)		17,480
	900	Peoples Bancorp, Inc.		20,871

Nuveen Investments 55

Nuveen Small Cap Index Fund (continued)

Portfolio of Investments April 30, 2015 (Unaudited)

Shares		Description (1)	Value
		Banks (continued)
	586	Peoples Financial Services Corporation	$	23,024
	2,759	Pinnacle Financial Partners, Inc.		131,466
	910	Preferred Bank Los Angeles		25,644
	5,409	Privatebancorp, Inc.		200,512
	5,024	Prosperity Bancshares, Inc.		267,980
	2,546	Renasant Corporation, (3)		75,642
	807	Republic Bancorp, Inc.		19,190
	2,495	Republic First Bancorp, Inc., (2)		8,982
	2,304	S&T Bancorp, Inc., (3)		61,978
	2,080	Sandy Spring Bancorp, Inc.		54,205
	1,222	Seacoast Banking Corporation of Florida, (2)		17,065
	1,014	Sierra Bancorp.		16,609
	1,265	Simmons First National Corporation		55,344
	1,870	South State Corporation		126,636
	1,944	Southside Bancshares, Inc.		53,135
	1,534	Southwest Bancorp, Inc.		26,431
	534	Square 1 Financial Inc., Class A, (2)		13,809
	2,492	State Bank Financial Corporation		49,865
	6,484	Sterling Bancorp., (3)		84,162
	772	Stonegate Bank		22,110
	963	Suffolk Bancorp., (3)		23,073
	674	Sun Bancorp, Inc., (2)		12,759
	14,551	Susquehanna Bancshs Inc.		195,565
	1,204	SY Bancorp, Inc., (3)		41,899
	1,444	Talmer Bancorp Inc., Class A		22,209
	3,340	Texas Capital BancShares, Inc., (2)		175,884
	1,204	Tompkins Financial Corporation		62,789
	3,434	Towne Bank		56,833
	1,334	Trico Bancshares		31,109
	1,712	Tristate Capital Holdings Inc., (2), (3)		21,400
	5,230	Trustmark Corporation		124,474
	2,926	UMB Financial Corporation		145,686
	12,921	Umpqua Holdings Corporation		219,786
	3,618	Union Bankshares Corporation		78,728
	5,357	United Bankshares, Inc., (3)		201,316
	3,590	United Community Banks, Inc.		66,810
	1,259	Univest Corporation of Pennsylvania		24,563
	17,586	Valley National Bancorp., (3)		165,836
	1,206	Washington Trust Bancorp, Inc.		44,646

56 Nuveen Investments

Shares		Description (1)	Value
		Banks (continued)
	7,004	Webster Financial Corporation	$	250,953
	2,574	WesBanco, Inc.		81,107
	1,206	West Bancorp, Inc., (3)		22,866
	2,040	Westamerica Bancorp.		88,842
	5,852	Western Alliance Bancorporation, (2)		180,944
	5,160	Wilshire Bancorp, Inc.		54,438
	3,609	Wintrust Financial Corporation, (3)		175,903
	1,513	Yadkin Financial Inc., (2)		29,776
		Total Banks		10,599,146
		Beverages – 0.2%
	646	Boston Beer Company, (2), (3)		160,079
	362	Coca-Cola Bottling Company Consolidated		40,906
	852	Craft Brewers Alliance Inc., (2)		11,204
	945	National Beverage Corporation, (2)		21,121
		Total Beverages		233,310
		Biotechnology – 5.9%
	6,111	Acadia Pharmaceuticals, Inc., (2)		208,813
	1,275	Acceleron Pharma Inc., (2)		35,254
	8,819	Achillion Pharmaceuticals, Inc., (2), (3)		77,166
	3,230	Acorda Therapeutics, Inc., (2)		97,126
	1,935	Actinium Pharmaceuticals Inc., (2), (3)		4,876
	235	Adamas Pharmaceuticals Inc., (2)		4,058
	2,287	Aegerion Pharmaceuticals Inc., (2), (3)		53,196
	4,827	Agenus Inc., (2)		31,906
	1,134	Agios Pharmaceutical Inc., (2)		104,714
	631	Akebia Therapeutics Inc., (2)		4,840
	778	Alder Biopharmaceuticals Inc., (2)		19,839
	2,024	AMAG Pharmaceuticals Inc., (2), (3)		103,163
	2,555	Anacor Pharmaceuticals Inc., (2)		134,623
	453	Applied Genetic Technologies Corporation, (2)		8,670
	396	Ardelyx, Inc., (2)		4,158
	18,682	Arena Pharmaceuticals, Inc., (2), (3)		81,454
	12,784	Ariad Pharmaceuticals, Inc., (2), (3)		110,837
	10,802	Array Biopharma, Inc., (2)		67,513
	4,234	Arrowhead Research Corporation, (2), (3)		29,215
	536	Atara Biotherapeutics Inc., (2)		22,217
	805	Auspex Pharmaceuticals Inc., (2)		81,216
	555	Avalanche Biotechnologies Inc., (2)		17,682
	652	Bellicum Pharmaceuticals, Inc., (2)		15,635

Nuveen Investments 57

Nuveen Small Cap Index Fund (continued)

Portfolio of Investments April 30, 2015 (Unaudited)

Shares		Description (1)	Value
		Biotechnology (continued)
	5,434	BioCryst Pharmaceuticals, Inc., (2), (3)	$	50,482
	292	BioSpecifics Technologies Corporation, (2)		11,187
	4,198	BioTime Inc., (2), (3)		21,536
	1,906	Bluebird Bio Inc., (2)		253,860
	619	Calithera Biosciences, Inc., (2)		6,196
	447	Cara Therapeutics Inc., (2)		4,805
	7,583	Celldex Therapeutics, Inc., (2), (3)		181,992
	783	Cellular Dynamics International Inc., (2)		12,935
	5,408	Cepheid, Inc., (2)		303,389
	2,049	ChemoCentryx Inc., (2), (3)		13,708
	2,341	Chimerix Inc., (2)		79,594
	1,913	Clovis Oncology Inc., (2)		153,729
	526	Coherus Biosciences Inc., (2)		11,451
	11,611	CTI BioPharma Corp., (2), (3)		20,668
	2,720	Cytokinetics, Inc., (2)		17,109
	7,111	Cytori Therapeutics, Inc., (2), (3)		6,222
	4,500	CytRx Corporation, (2), (3)		19,755
	291	Dicerna Pharmaceuticals Inc., (2), (3)		5,840
	11,240	Dyax Corporation, (2)		268,748
	2,239	Dynavax Technologies Corporation, (2), (3)		45,037
	378	Eleven Biotherapeutics Inc., (2)		4,476
	2,287	Emergent BioSolutions, Inc., (2)		67,901
	801	Enanta Pharmaceuticals Inc., (2), (3)		27,426
	1,210	Epizyme Inc., (2)		19,735
	518	Esperion Therapeutics Inc., (2)		49,277
	6,840	EXACT Sciences Corporation, (2), (3)		142,956
	15,100	Exelixis, Inc., (2), (3)		38,807
	721	FibroGen, Inc., (2)		16,763
	1,574	Five Prime Therapeutics Inc., (2)		31,574
	466	Flexion Therapeutics Inc., (2)		7,465
	182	Foundation Medicine Inc., (2)		8,283
	1,454	Galectin Therapeutics Inc., (2)		4,347
	11,572	Galena Biopharma Inc., (2)		15,622
	421	Genocea Biosciences Inc., (2)		4,311
	1,295	Genomic Health, Inc., (2)		35,056
	12,171	Geron Corporation, (2), (3)		44,059
	8,020	Halozyme Therapeutics, Inc., (2), (3)		119,257
	1,807	Heron Therapeutics Inc., (2)		19,516
	1,055	Hyperion Therapeutics Inc., (2)		48,488

58 Nuveen Investments

Shares		Description (1)	Value
		Biotechnology (continued)
	6,653	Idera Pharmaceuticals, Inc., (2)	$	18,695
	556	Immune Design Corporation, (2)		12,471
	6,656	Immunogen, Inc., (2)		55,045
	6,413	Immunomedics, Inc., (2), (3)		23,087
	3,765	Infinity Pharmaceuticals, Inc., (2)		47,703
	4,666	Inovio Pharmaceuticals Inc., (2), (3)		38,075
	4,762	Insmed Incorporated, (2)		95,430
	774	Insys Therapeutics Inc., (2)		40,689
	2,928	Intrexon Corporation, (2), (3)		113,694
	564	Invitae Corporation, (2)		6,176
	9,268	Ironwood Pharmaceuticals Inc., (2)		126,601
	9,119	ISIS Pharmaceuticals, Inc., (2), (3)		517,230
	1,148	Karyopharm Therapeutics Inc., (2)		31,180
	7,809	Keryx Biopharmaceuticals, Inc., (2), (3)		83,244
	872	Kindred Biosciences Inc., (2)		5,947
	729	Kite Pharma Inc., (2), (3)		36,727
	1,527	Kythera Biopharmaceuticals ,Incorporated, (2), (3)		66,715
	17,724	Lexicon Genetics, Inc., (2), (3)		17,724
	1,522	Ligand Pharmaceuticals, Inc., (2), (3)		118,168
	291	Loxo Oncology Inc., (2)		3,306
	1,549	MacroGenics Inc., (2)		44,317
	17,687	MannKind Corporation, (2), (3)		75,877
	7,615	Merrimack Pharmaceuticals, Incorporated, (2), (3)		84,527
	7,221	MiMedx Group Inc., (2)		67,877
	664	Mirati Therapeutics, Inc., (2)		18,453
	3,726	Momenta Pharmaceuticals, Inc., (2)		65,019
	3,110	NanoViricides, Inc., (2)		5,349
	12,159	Navidea Biopharmaceuticals Incorporated, (2)		16,415
	1,910	NeoStem Inc., (2), (3)		5,501
	5,546	Neuralstem Inc., (2), (3)		9,373
	6,529	Neurocrine Biosciences Inc., (2)		222,574
	1,527	NewLink Genetics Corporation, (2), (3)		68,104
	3,382	Northwest Biotherapeutics, Inc., (2)		26,583
	20,738	Novavax, Inc., (2), (3)		160,305
	1,632	Ohr Pharmaceutical Inc., (2), (3)		4,586
	980	Oncomed Pharmaceuticals Inc., (2)		23,500
	7,294	Oncothyreon Inc., (2)		10,941
	1,076	Ophthotech Corporation, (2)		48,721
	15,283	Opko Health Inc., (2), (3)		210,294

Nuveen Investments 59

Nuveen Small Cap Index Fund (continued)

Portfolio of Investments April 30, 2015 (Unaudited)

Shares		Description (1)	Value
		Biotechnology (continued)
	9,269	Orexigen Therapeutics Inc., (2), (3)	$	60,897
	4,846	Organovo Holdings Inc., (2), (3)		22,001
	1,382	Osiris Therapeutics, Inc., (2)		20,965
	578	Otonomy, Inc., (2), (3)		15,167
	1,325	OvaScience Inc., (2), (3)		32,787
	12,455	PDL Biopahrma Inc., (3)		83,075
	13,687	Peregrine Pharmaceuticals, Inc., Reg S, (2)		17,930
	3,560	Portola Pharmaceuticals Inc., (2)		127,056
	5,394	Progenics Pharmaceuticals, Inc., (2)		26,700
	2,377	Prothena Corporation PLC, (2), (3)		77,039
	1,895	PTC Therapeutics Inc., (2)		111,331
	1,905	Puma Biotechnology Inc. , (2), (3)		344,005
	682	Radius Health Inc., (2)		24,443
	6,177	Raptor Pharmaceuticals Corporation, (2), (3)		62,511
	1,700	Receptos Inc., (2)		250,478
	1,191	Regulus Therapeutics Incorporated, (2), (3)		14,947
	2,484	Repligen Corporation, (2), (3)		73,303
	2,126	Retrophin Inc., (2), (3)		45,794
	6,789	Rigel Pharmaceuticals, Inc., (2)		28,921
	462	Sage Therapeutics, Inc., (2)		24,486
	5,271	Sangamo Biosciences, Inc., (2)		65,202
	3,154	Sarepta Therapeutics Inc., (2), (3)		38,479
	621	Spark Therapeutics, Inc., (2)		35,565
	5,086	Spectrum Pharmaceuticals, Inc., (2), (3)		28,736
	1,150	Stemline Therapeutics Inc., (2)		15,974
	3,991	Sunesis Pharmaceuticals, Inc., (2)		9,339
	1,791	Synageva BioPharma Corporation, (2), (3)		164,700
	7,268	Synergy Pharmaceuticals Inc., (2), (3)		25,438
	6,121	Synta Pharmaceuticals Corporation, (2)		13,772
	481	T2 Biosystems, Inc., (2)		7,441
	1,653	Tesaro Inc., (2), (3)		90,039
	2,249	TG Therapeutics Inc., (2)		31,396
	3,925	Threshold Pharmaceuticals, Inc., (2), (3)		13,895
	1,246	Tobira Therapeutics Inc., (2), (3)		1,470
	458	Tokai Pharmaceuticals, Inc., (2)		4,580
	597	Ultragenyx Pharmaceutical Inc., (2)		33,689
	2,606	Vanda Pharmaceuticals, Inc., (2), (3)		23,845
	2,180	Verastem Inc., (2), (3)		18,094
	560	Versartis Inc., (2)		9,565

60 Nuveen Investments

Shares		Description (1)	Value
		Biotechnology (continued)
	434	Vitae Pharmaceuticals, Inc., (2)	$	5,785
	418	Vital Therapies Inc., (2)		10,162
	1,449	Xencor Inc., (2)		20,605
	7,014	XOMA Limited, (2)		21,042
	614	Zafgen Inc., (2)		19,108
	7,022	ZIOPHARM Oncology, Inc., (2), (3)		61,864
		Total Biotechnology		8,371,577
		Building Products – 0.9%
	3,277	Aaon, Inc.		78,550
	1,226	Advanced Drainage Systems, Inc.		34,328
	828	American Woodmark Company		41,980
	2,258	Apogee Enterprises, Inc.		118,816
	3,723	Builders FirstSource, Inc., (2)		47,505
	908	Continental Building Products Inc., (2)		19,985
	2,392	Gibraltar Industries Inc.		39,612
	3,719	Griffon Corporation		62,516
	1,416	Insteel Industries, Inc.		28,688
	2,283	Masonite International Corporation, (2)		151,135
	2,263	NCI Building Systems Inc., (2)		35,031
	576	Norcraft Companies Inc., (2)		14,872
	708	Nortek Inc., (2)		59,911
	632	Patrick Industries, Inc., (2)		37,958
	3,664	PGT, Inc., (2)		41,476
	1,722	Ply Gem Holdings Inc., (2)		23,385
	2,908	Quanex Building Products Corporation		56,124
	3,205	Simpson Manufacturing Company Inc.		105,060
	2,606	Trex Company Inc., (2), (3)		122,274
	1,554	Universal Forest Products Inc.		85,967
		Total Building Products		1,205,173
		Capital Markets – 1.5%
	1,579	Arlington Asset Investment Corporation, (3)		34,233
	64	Ashford Inc., (2)		6,384
	13,514	BGC Partners Inc., Class A		135,613
	1,324	Calamos Asset Management, Inc. Class A		16,378
	781	CIFC Corporation		5,858
	1,503	Cohen & Steers Inc.		56,904
	8,950	Cowen Group, Inc., Class A, (2)		50,031
	235	Diamond Hill Investment Group, Inc.		42,817
	2,566	Evercore Partners Inc.		123,784

Nuveen Investments 61

Nuveen Small Cap Index Fund (continued)

Portfolio of Investments April 30, 2015 (Unaudited)

Shares		Description (1)	Value
		Capital Markets (continued)
	621	FBR Capital Markets Corporation, (2)	$	13,327
	3,991	Financial Engines Inc., (3)		168,300
	3,534	FXCM Inc., Class A Shares, (3)		7,103
	503	GAMCO Investors Inc.		38,887
	2,193	Greenhill & Co Inc.		86,733
	2,545	HFF Inc., Class A Shares, (2)		99,739
	1,173	INTL FCStone Inc., (2)		37,653
	2,792	Investment Technology Group		79,544
	11,596	Janus Capital Group Inc., (3)		207,568
	3,497	KCG Holdings Inc., Class A Shares, (2)		44,901
	7,739	Ladenburg Thalmann Financial Services Inc., (2), (3)		26,080
	1,059	Manning & Napier Inc.		11,257
	464	Medley Management Inc., Class A Shares		5,317
	571	Moelis & Company		15,446
	1,876	OM Asset Management PLC		36,319
	826	Oppenheimer Holdings Inc., Class A		19,733
	1,172	Piper Jaffray Companies, (2)		59,127
	946	Pzena Investments Management, Inc.		8,703
	761	RCS Capital Corporation, (3)		6,537
	1,600	Safeguard Scientifics Inc., (2), (3)		28,784
	459	Silvercrest Asset Management Corporation Class A		7,156
	5,078	Stifel Financial Corporation, (2)		268,322
	549	Virtus Investment Partners Inc.		73,357
	2,920	Walter Investment Management Corporation, (3)		51,421
	582	Westwood Holding Group Inc.		34,099
	8,371	WisdomTree Investments Inc., (3)		159,384
		Total Capital Markets		2,066,799
		Chemicals – 2.1%
	2,265	A Schulman, Inc.		96,149
	2,230	American Vanguard Corp.		24,329
	5,424	Axiall Corporation		221,299
	2,360	Balchem Corporation		123,711
	4,132	Calgon Carbon Corporation		91,689
	537	Chase Corporation, Common Stock		19,230
	5,614	Chemtura Corporation, (2), (3)		169,150
	5,563	Ferro Corporation		75,045
	4,172	Flotek Industries Inc., (2)		59,618
	1,811	FutureFuel Corporation		19,686
	3,886	H.B. Fuller Company		162,318

62 Nuveen Investments

Shares		Description (1)	Value
		Chemicals (continued)
	785	Hawkins Inc.	$	30,968
	1,702	Innophos Holdings, Inc.		89,934
	1,891	Innospec, Inc.		82,637
	4,326	Interpid Potash Inc., (2)		54,205
	682	KMG Chemicals, Inc.		19,969
	1,587	Koppers Holdings Inc.		35,676
	2,543	Kraton Performance Polymers Inc., (2)		57,319
	1,690	Kronos Worldwide Inc.		22,731
	1,500	LSB Industries Inc., (2)		63,615
	1,078	Marrone Bio Innovations Inc., (2)		3,601
	2,674	Minerals Technologies Inc.		181,110
	6,127	Olin Corporation, (3)		180,930
	2,490	OM Group Inc.		74,800
	3,922	OMNOVA Solutions Inc., (2)		31,337
	7,301	PolyOne Corporation		285,104
	1,025	Quaker Chemical Corporation		85,301
	17,660	Rentech, Inc., (2)		21,192
	3,298	Senomyx, Inc., (2), (3)		19,095
	3,835	Sensient Technologies Corporation		250,656
	1,491	Stepan Company		75,937
	1,657	Trecora Resources, (2)		19,884
	1,927	Tredegar Corporation		39,446
	925	Trinseo SA, (2), (3)		21,062
	4,766	Tronox Limited, Class A		99,848
	1,887	Zep Inc.		37,514
		Total Chemicals		2,946,095
		Commercial Services & Supplies – 2.1%
	4,333	ABM Industries Inc.		138,873
	8,850	Acco Brands Corporation, (2)		69,650
	1,672	American Ecology Corporation		78,434
	3,140	ARC Document Solutions, (2)		26,816
	3,722	Brady Corporation		99,117
	3,756	Brinks Company		99,421
	3,219	Casella Waste Systems, Inc., (2)		17,640
	1,467	CECO Environmental Corporation		17,296
	4,490	Cenveo Inc., (2)		8,890
	7,281	Civeo Corporation		34,002
	3,883	Deluxe Corporation		251,424
	2,028	Ennis Inc.		31,191

Nuveen Investments 63

Nuveen Small Cap Index Fund (continued)

Portfolio of Investments April 30, 2015 (Unaudited)

Shares		Description (1)	Value
		Commercial Services & Supplies (continued)
	1,548	G&K Services, Inc.	$	109,289
	5,450	Healthcare Services Group, Inc., (3)		164,972
	737	Heritage-Crystal Clean, Inc., (2)		8,638
	3,498	HNI Corporation		163,147
	2,829	Innerworkings, Inc., (2), (3)		17,908
	4,944	Interface, Inc.		107,433
	2,703	Kimball International Inc., Class B		27,354
	3,755	Knoll Inc.		85,501
	2,313	Matthews International Corporation		112,250
	2,007	McGrath Rentcorp.		66,452
	4,595	Miller (Herman) Inc.		125,949
	3,623	Mobile Mini, Inc., (3)		139,630
	2,360	MSA Safety Inc.		107,946
	963	Multi Color Corporation		60,457
	562	NL Industries Inc.		4,142
	2,308	Performant Financial Corporation, (2)		6,855
	2,230	Quad Graphics Inc.		48,034
	1,028	Quest Resource Holding Corporation, (2), (3)		1,244
	1,193	SP Plus Corporation, (2)		27,153
	6,411	Steelcase Inc.		112,641
	1,585	Team, Inc., (2)		61,942
	5,037	Tetra Tech, Inc.		136,553
	1,145	UniFirst Corporation		129,648
	3,054	United Stationers, Inc.		124,023
	1,586	Viad Corporation		42,140
	2,985	West Corporation		92,386
		Total Commercial Services & Supplies		2,956,441
		Communications Equipment – 1.6%
	4,375	ADTRAN, Inc.		72,669
	768	Aerohive Networks Inc., (2)		4,677
	960	Alliance Fiber		17,626
	1,146	Applied Optoelectronics Inc., (2), (3)		16,365
	8,281	Aruba Networks, Inc., (2)		203,795
	822	Bel Fuse, Inc., Class B		16,876
	1,253	Black Box Corporation		24,935
	2,787	CalAmp Corporation, (2)		54,932
	3,217	Calix Inc., (2)		23,774
	8,145	Ciena Corporation, (2), (3)		173,489
	885	Clearfield Inc., (2), (3)		11,992

64 Nuveen Investments

Shares		Description (1)	Value
		Communications Equipment (continued)
	1,189	Comtech Telecom Corporation	$	34,362
	2,155	Digi International, Inc., (2)		21,766
	5,504	Emulex Corporation, (2)		44,142
	7,484	Extreme Networks Inc., (2)		18,860
	8,006	Finisar Corporation, (2), (3)		162,762
	7,350	Harmonic Inc., (2)		51,524
	9,996	Infinera Corporation, (2)		187,925
	2,879	Interdigital Inc.		157,539
	4,467	IXIA, (2)		53,515
	1,292	KVH Industries, Inc., (2)		17,429
	2,832	Netgear, Inc., (2)		85,725
	1,165	Numerex Corporation, (2)		12,803
	7,552	Oclaro Inc., (2)		14,500
	7,377	Parkervision, Inc., (2), (3)		5,016
	3,299	Plantronics Inc.		175,738
	10,714	Polycom Inc., (2)		139,818
	1,603	Procera Networks Inc., (2)		18,451
	5,028	Ruckus Wireless Incorporated, (2)		58,727
	4,906	ShoreTel, Inc., (2)		34,146
	3,812	Sonus Networks, Inc., (2), (3)		30,191
	456	Tessco Technologies Inc.		11,523
	2,305	Ubiquiti Networks Inc.		65,854
	3,208	ViaSat, Inc., (2), (3)		192,865
		Total Communications Equipment		2,216,311
		Construction & Engineering – 0.7%
	2,946	Aegion Corporation, (2)		54,265
	1,630	Ameresco Inc., Class A Shares, (2)		10,954
	1,010	Argan, Inc., (2)		32,633
	2,921	Comfort Systems USA Inc.		60,435
	2,633	Dycom Industries Inc., (2)		121,065
	5,218	Emcor Group Inc.		232,879
	2,917	Furmanite Corporation, (2)		21,294
	3,033	Granite Construction Inc.		105,275
	4,640	Great Lakes Dredge & Dock Corporation		26,912
	1,538	Layne Christensen Company, (2), (3)		10,335
	5,075	MasTec Inc., (2)		91,046
	1,653	MYR Group Inc., (2)		48,466
	737	Northwest Pipe Company, (2)		17,865
	2,127	Orion Marine Group Inc., (2)		17,909

Nuveen Investments 65

Nuveen Small Cap Index Fund (continued)

Portfolio of Investments April 30, 2015 (Unaudited)

Shares		Description (1)	Value
		Construction & Engineering (continued)
	2,941	Primoris Services Corporation	$	56,555
	1,385	Sterling Construction Company, Inc., (2)		6,080
	2,886	Tutor Perini Corporation, (2)		61,183
		Total Construction & Engineering		975,151
		Construction Materials – 0.1%
	5,696	Headwater Inc., (2)		100,136
	162	United States Lime & Minerals, Inc.		10,692
	1,101	US Concrete, Inc., (2)		39,966
		Total Construction Materials		150,794
		Consumer Finance – 0.7%
	2,181	Cash America International, Inc.		56,532
	1,507	Consumer Portfolio Services, Inc., (2)		9,630
	499	Credit Acceptance Corporation, (2)		117,864
	1,994	Encore Capital Group, Inc., (2), (3)		80,637
	1,996	Enova International, Inc., (2)		36,946
	3,988	EZCORP, Inc., (2), (3)		36,690
	2,246	First Cash Financial Services, Inc., (2)		108,572
	2,415	Green Dot Corporation, Class A Shares, (2)		38,882
	932	JG Wentworth Company, (2)		9,376
	1,615	Nelnet Inc.		72,304
	222	Nicholas Financial, Inc.		2,804
	3,883	PRA Group Inc., (2), (3)		212,691
	861	Regional Management Corporation, (2)		13,905
	1,903	Springleaf Holdings Inc., (2), (3)		95,150
	610	World Acceptance Corporation, (2), (3)		51,618
		Total Consumer Finance		943,601
		Containers & Packaging – 0.5%
	338	AEP Industries, Inc., (2)		16,934
	6,973	Berry Plastics Corporation, (2)		238,616
	25,356	Graphic Packaging Holding Company		357,520
	2,141	Myers Industries, Inc.		34,620
	464	UFP Technologies, Inc., (2)		9,415
		Total Containers & Packaging		657,105
		Distributors – 0.2%
	1,557	Audiovox Corporation, (2)		14,838
	1,787	Core-Mark Holding Company, Inc., (3)		94,193
	3,498	Pool Corporation, (3)		226,985
	542	Weyco Group, Inc., (3)		15,447
		Total Distributors		351,463

66 Nuveen Investments

Shares		Description (1)	Value
		Diversified Consumer Services – 0.9%
	795	2U Inc., (2)	$	21,155
	1,356	American Public Education Inc., (2)		37,819
	1,077	Ascent Media Corporation, (2)		43,123
	1,225	Bridgepoint Education Inc., (2)		10,743
	2,380	Bright Horizons Family Solutions Inc., (2)		119,666
	848	Capella Education Company		45,817
	5,213	Career Education Corporation, (2)		21,895
	1,243	Carriage Services Inc.		29,385
	5,712	Chegg Inc., (2), (3)		42,440
	557	Collectors Universe, Inc.		12,828
	3,618	Grand Canyon Education Inc., (2)		163,823
	8,454	Houghton Mifflin Harcourt Company, (2)		193,258
	1,812	ITT Educational Services, Inc., (2), (3)		9,567
	2,667	K12, Inc., (2)		43,125
	295	Liberty Tax Inc., Class A Shares		8,172
	6,242	LifeLock, Incorporated, (2), (3)		91,196
	3,385	Regis Corporation		55,920
	4,725	Sothebys Holdings Inc., (3)		201,805
	1,140	Steiner Leisure Limited, (2)		54,994
	840	Strayer Education Inc.		42,605
	1,768	Universal Technical Institute Inc.		14,940
	2,148	Weight Watcher’s International Inc., (3)		18,365
		Total Diversified Consumer Services		1,282,641
		Diversified Financial Services – 0.3%
	1,796	Gain Capital Holdings Inc.		17,744
	2,926	Marketaxess		251,197
	688	Marlin Business Services Corporation		13,739
	2,188	Newstar Financial, Inc., (2), (3)		25,162
	890	On Deck Capital, Inc., (2), (3)		17,133
	3,936	PHH Corporation, (2), (3)		98,872
	1,765	PICO Holdings, Inc., (2)		31,788
	1,013	Resource America Inc.		8,651
	633	Tiptree Financial Inc., Class A		4,266
		Total Diversified Financial Services		468,552
		Diversified Telecommunication Services – 0.6%
	6,868	8X8, Inc., (2), (3)		59,958
	728	Atlantic Tele-Network, Inc.		48,063
	16,215	Cincinnati Bell Inc., (2)		55,617
	3,614	Cogent Communications Group, Inc.		126,454

Nuveen Investments 67

Nuveen Small Cap Index Fund (continued)

Portfolio of Investments April 30, 2015 (Unaudited)

Shares		Description (1)	Value
		Diversified Telecommunication Services (continued)
	3,909	Consolidated Communications Holdings, Inc.	$	82,363
	1,730	FairPoint Communications Inc., (2)		34,116
	2,622	General Communication, Inc., (2)		41,585
	21,294	Globalstar, Inc., (2), (3)		55,151
	822	Hawaiian Telcom Holdco Inc., (2), (3)		21,651
	1,281	IDT Corporation		21,815
	4,709	inContact, Inc., (2), (3)		48,738
	2,517	Inteliquent Inc.		47,848
	2,121	Intelsat SA, (2), (3)		26,703
	6,253	Iridium Communications Inc., (2), (3)		63,593
	1,459	Lumos Networks Corporation		20,630
	3,454	Orbcomm, Inc., (2)		20,793
	3,741	Premiere Global Services, Inc., (2)		38,196
	1,382	VocalTec Communications Limited, (2), (3)		8,983
	12,946	Vonage Holdings Corporation, (2)		59,940
		Total Diversified Telecommunication Services		882,197
		Electric Utilities – 1.2%
	3,286	ALLETE Inc.		165,286
	4,607	Cleco Corporation		250,390
	3,127	El Paso Electric Company		116,356
	3,351	Empire District Electric Company		78,983
	3,902	IDACORP, INC		235,408
	2,689	MGE Energy, Inc.		111,540
	2,828	Otter Tail Power Corporation		84,585
	6,177	PNM Resources Inc.		171,597
	5,850	Portland General Electric Company, (3)		205,686
	4,384	UIL Holdings Corporation		218,674
	1,077	Unitil Corp.		36,833
		Total Electric Utilities		1,675,338
		Electrical Equipment – 1.0%
	1,984	AZZ Inc.		92,038
	25,503	Capstone Turbine Corporation, (2), (3)		16,021
	1,606	Encore Wire Corporation		72,286
	3,639	EnerSys		247,088
	1,331	Enphase Energy Incorporated, (2)		16,731
	3,700	Franklin Electric Company, Inc., (3)		133,792
	17,816	Fuelcell Energy Inc., (2), (3)		21,914
	5,339	Generac Holdings Inc., (2), (3)		222,583
	3,925	General Cable Corporation		64,017

68 Nuveen Investments

Shares		Description (1)	Value
		Electrical Equipment (continued)
	1,418	Global Power Equipment Group Inc.	$	17,229
	9,115	GrafTech International Ltd., (2)		44,117
	1,801	LSI Industries, Inc.		16,137
	12,959	Plug Power Inc., (2), (3)		32,916
	3,497	Polypore International Inc., (2)		204,784
	720	Powell Industries Inc.		23,897
	362	Power Solutions International Inc., (2), (3)		23,096
	1,802	PowerSecure International, Inc., (2), (3)		23,624
	214	Preformed Line Products Company		8,977
	2,471	Revolution Lighting Technologies Inc., (2), (3)		2,891
	553	TCP International Holdings Limited		2,063
	2,260	Thermon Group Holdings Inc., (2)		52,590
	1,273	Vicor Corporation		19,413
		Total Electrical Equipment		1,358,204
		Electronic Equipment, Instruments & Components – 2.5%
	1,184	Agilysys Inc., (3)		11,141
	2,107	Anixter International Inc., (2), (3)		148,754
	1,120	Badger Meter Inc.		69,686
	3,381	Belden Inc.		283,835
	4,182	Benchmark Electronics Inc., (2)		98,402
	3,419	Checkpoint Systems Inc., (2)		35,421
	6,736	Cognex Corporation		302,379
	1,934	Coherent Inc., (2)		116,040
	886	Control4 Corporation, (2), (3)		10,384
	2,794	CTS Corporation		50,124
	1,664	CUI Global Inc., (2)		9,169
	3,044	Daktronics Inc.		32,662
	1,316	DTS, Inc., (2)		47,179
	1,273	Electro Rent Corporation		13,799
	1,986	Electro Scientific Industries Inc.		11,320
	2,724	Fabrinet, (2)		49,332
	1,336	FARO Technologies, Inc., (2)		53,213
	3,277	FEI Company		247,282
	2,530	GSI Group, Inc., (2)		33,598
	4,075	II VI Inc., (2)		72,494
	3,174	Insight Enterprises Inc., (2)		90,840
	5,513	InvenSense Incorporated, (2), (3)		82,254
	3,049	Itron Inc., (2)		109,337
	3,743	Kemet Corporation, (2)		16,170

Nuveen Investments 69

Nuveen Small Cap Index Fund (continued)

Portfolio of Investments April 30, 2015 (Unaudited)

Shares		Description (1)	Value
		Electronic Equipment, Instruments & Components (continued)
	2,027	Kimball Electronics Inc., (2)	$	25,925
	1,745	Littelfuse Inc.		170,993
	2,322	Maxwell Technologies, Inc., (2), (3)		13,003
	2,578	Mercury Computer Systems Inc., (2)		35,602
	205	Mesa Laboratories, Inc.		17,402
	2,941	Methode Electronics, Inc.		124,875
	1,175	MTS Systems Corporation		82,932
	732	Multi Fineline Electronix, Inc., (2)		17,114
	3,091	Newport Corporation, (2)		58,945
	1,546	OSI Systems Inc., (2)		103,907
	1,619	Park Electrochemical Corporation		35,165
	777	PC Connection, Inc., (2)		18,873
	2,630	Plexus Corporation, (2), (3)		113,222
	3,119	RealD Inc., (2)		38,301
	2,174	Rofin Sinar Technologies Inc., (2)		51,437
	1,405	Rogers Corporation, (2)		102,158
	6,384	Sanmina-SCI Corporation, (2)		129,787
	2,211	ScanSource, Inc., (2)		88,108
	3,750	Speed Commerce Inc., (2)		1,131
	2,200	SYNNEX Corporation, (3)		168,300
	4,412	TTM Technologies, Inc., (2)		41,252
	3,144	Universal Display Corporation, (2), (3)		138,556
	417	Viasystems Group Inc., (2)		7,414
	987	Vishay Precision Group Inc., (2)		14,084
		Total Electronic Equipment, Instruments & Components		3,593,301
		Energy Equipment & Services – 1.3%
	452	Aspen Aerogels, Inc., (2)		2,956
	2,493	Basic Energy Services, Inc., (2)		25,404
	2,759	Bristow Group Inc.		171,417
	3,571	C&J Energy Services Inc., (2)		62,314
	1,530	Carbo Ceramics Inc., (3)		67,672
	2,601	CHC Group Limited, (2)		3,095
	1,577	ERA Group Incorporated, (2)		34,978
	4,543	Exterran Holdings, Inc.		168,409
	1,936	FMSA Holdings Inc., (2), (3)		17,017
	4,622	Forum Energy Technologies Incorporated, (2)		107,508
	1,018	Geospace Technologies Corporation, (2), (3)		21,989
	982	Glori Energy Inc., (2), (3)		1,630
	1,204	Gulf Island Fabrication, Inc., (3)		15,881

70 Nuveen Investments

Shares		Description (1)	Value
		Energy Equipment & Services (continued)
	2,089	Gulfmark Offshore Inc., (3)	$	31,356
	8,185	Helix Energy Solutions Group, (2)		134,889
	12,460	Hercules Offshore Inc., (2), (3)		10,032
	2,812	Hornbeck Offshore Services Inc., (2)		64,254
	798	Independence Contract Drilling Inc., (2)		6,113
	10,021	ION Geophysical Corporation, (2)		22,848
	10,187	Key Energy Services Inc., (2)		24,856
	2,049	Matrix Service Company, (2)		45,017
	18,424	McDermott International Inc., (2), (3)		96,726
	1,069	Mitcham Industries, Inc., (2), (3)		5,238
	967	Natural Gas Services Group, (2)		24,513
	6,580	Newpark Resources Inc., (2)		67,511
	1,467	Nordic American Offshore Limited, (3)		13,834
	5,543	North Atlantic Drilling Limited, (3)		8,536
	1,188	Nuverra Environmental Solutions, (2), (3)		4,823
	9,394	Parker Drilling Company, (2)		35,228
	1,048	PHI Inc. Non-Voting, (2)		32,834
	4,866	Pioneer Energy Services Corporation, (2)		36,252
	1,076	Profire Energy Inc., (2)		1,775
	928	RigNet, Inc., (2)		34,763
	1,599	SeaCor Smit Inc., (2)		116,183
	2,517	Tesco Corporation, (3)		32,369
	6,121	TETRA Technologies, (2)		44,194
	4,170	US Silica Holdings Inc., (3)		155,750
	16,750	Vantage Drilling Company, (2), (3)		6,675
	3,331	Willbros Group Inc., (2)		8,328
		Total Energy Equipment & Services		1,765,167
		Food & Staples Retailing – 0.9%
	2,187	Andersons, Inc.		93,363
	2,985	Casey’s General Stores, Inc.		245,307
	1,346	Diplomat Pharmacy, Inc., (2), (3)		48,214
	1,489	Fairway Group Holdings Inc., (2), (3)		7,907
	3,321	Fresh Market Inc., (2), (3)		116,700
	986	Ingles Markets, Inc.		41,274
	2,541	Liberator Medical Holdings Inc.		7,166
	693	Natural Grocers by Vitamin Cottage Incorporated, (2), (3)		18,240
	1,451	PriceSmart, Inc., (3)		116,747
	3,167	Roundys Inc.		15,962
	1,042	Smart & Final Stores, Inc., (2)		18,047

Nuveen Investments 71

Nuveen Small Cap Index Fund (continued)

Portfolio of Investments April 30, 2015 (Unaudited)

Shares		Description (1)	Value
		Food & Staples Retailing (continued)
	2,962	SpartanNash Co	$	89,364
	15,722	SUPERVALU INC., (3)		138,196
	1,378	The Chef’s Warehouse Inc., (2), (3)		25,093
	3,848	United Natural Foods Inc., (2)		259,586
	527	Village Super Market, Inc.		16,827
	854	Weis Markets Inc.		37,875
		Total Food & Staples Retailing		1,295,868
		Food Products – 1.4%
	226	Alico Inc., (3)		10,570
	4,161	B&G Foods Inc., (3)		126,494
	4,723	Boulder Brands Inc., (2)		45,057
	1,019	Calavo Growers, Inc.		51,612
	2,296	Cal-Maine Foods, Inc., (3)		102,654
	12,763	Darling International Inc., (2), (3)		174,343
	7,249	Dean Foods Company		117,796
	1,714	Diamond Foods Inc.		48,061
	503	Farmer Brothers Company		12,540
	2,801	Fresh Del Monte Produce Inc., (3)		103,441
	928	Freshpet, Inc., (2), (3)		20,119
	1,171	Inventure Group, (2)		11,417
	1,155	J&K Snack Foods Corporation		120,501
	641	John B Sanfillippo & Son, Inc.		33,338
	1,435	Lancaster Colony Corporation		128,662
	2,076	Landec Corporation, (2)		29,500
	384	Lifeway Foods, Inc.		7,761
	834	Limoneira Company		19,132
	1,659	Omega Protein Corporation, (2)		21,202
	4,047	Post Holdings Inc., (2), (3)		189,966
	1,789	Sanderson Farms Inc., (3)		134,390
	22	Seaboard Corporation		79,200
	633	Seneca Foods Corporation, (2)		18,243
	3,693	Snyders Lance Inc.		109,054
	1,502	Tootsie Roll Industries Inc., (3)		46,532
	3,263	Treehouse Foods Inc., (2)		265,151
		Total Food Products		2,026,736
		Gas Utilities – 1.0%
	1,129	Chesapeake Utilities Corporation, (3)		53,944
	2,783	Laclede Group Inc., (3)		144,521
	6,534	New Jersey Resources Corporation		199,352

72 Nuveen Investments

Shares		Description (1)	Value
		Gas Utilities (continued)
	2,083	Northwest Natural Gas Company, (3)	$	97,276
	4,031	One Gas Inc.		169,181
	6,044	Piedmont Natural Gas Company, (3)		226,287
	2,557	South Jersey Industries Inc.		134,882
	3,606	Southwest Gas Corporation		198,330
	4,025	WGL Holdings Inc.		221,415
		Total Gas Utilities		1,445,188
		Health Care Equipment & Supplies – 3.4%
	1,741	Abaxis, Inc.		111,424
	3,097	Abiomed, Inc., (2)		195,792
	5,954	Accuray, Inc., (2), (3)		48,406
	947	Analogic Corporation		80,022
	1,917	AngioDynamics, Inc., (2)		31,995
	1,118	Anika Therapeutics, Inc., (2)		38,146
	9,053	Antares Pharma Inc., (2), (3)		22,180
	2,126	AtriCure, Inc., (2)		46,793
	121	ATRION Corporation		39,307
	2,622	Cantel Medical Corporation		117,439
	2,145	Cardiovascular Systems, Inc., (2)		67,139
	6,943	Cerus Corporation, (2), (3)		30,827
	2,111	Conmed Corporation		106,036
	2,178	CryoLife Inc.		22,216
	2,081	Cyberonics, (2)		126,754
	1,597	Cynosure, Inc., (2)		53,372
	1,687	Derma Sciences Inc., (2), (3)		13,327
	5,811	DexCom, Inc., (2)		392,649
	4,964	Endologix, Inc., (2), (3)		77,240
	409	Entellus Medical, Inc., (2)		11,256
	757	Exactech, Inc., (2)		16,540
	3,228	Genmark Diagnostics Inc., (2), (3)		30,989
	5,101	Globus Medical Inc., Class A, (2)		121,863
	1,930	Greatbatch, Inc., (2)		104,066
	3,949	Haemonetics Corporation, (2)		160,053
	1,318	Heartware International Inc., (2), (3)		99,786
	1,001	ICU Medical, Inc., (2)		84,454
	396	Inogen Inc., (2)		14,549
	4,298	Insulet Corporation, (2)		128,295
	1,937	Integra Lifesciences Holdings Corporation, (2), (3)		113,857
	2,494	Invacare Corporation		50,055

Nuveen Investments 73

Nuveen Small Cap Index Fund (continued)

Portfolio of Investments April 30, 2015 (Unaudited)

Shares		Description (1)	Value
		Health Care Equipment & Supplies (continued)
	711	K2M Group Holdings Inc., (2)	$	14,938
	1,288	LDR Holding Corporation, (2)		43,599
	3,752	Masimo Corporation, (2)		126,668
	3,223	Meridian Bioscience, Inc., (3)		57,112
	3,333	Merit Medical Systems, Inc., (2)		64,694
	2,493	Natus Medical, Inc., (2)		94,011
	2,843	Neogen Corporation, (2), (3)		126,627
	623	Nevro Corporation, (2), (3)		28,047
	3,615	NuVasive, Inc., (2)		161,699
	4,764	Nxstage Medical, Inc., (2)		87,324
	4,331	OraSure Technologies, Inc., (2)		27,285
	1,429	Orthofix International NV, (2)		46,171
	1,290	Oxford Immunotec Global PLC, (2)		17,118
	1,170	PhotoMedex, Inc., (2), (3)		2,410
	2,210	Quidel Corporation, (2), (3)		51,493
	3,634	Rockwell Medical Technologies, Inc., (2), (3)		35,286
	404	Roka Bioscience, Inc., (2)		1,184
	4,690	RTI Biologics Inc., (2)		26,264
	311	Second Sight Medical Products, Inc., (2), (3)		3,614
	445	Sientra, Inc., (2)		7,779
	3,224	Spectranetics Corporation, (2)		82,696
	2,977	STAAR Surgical Company, (2), (3)		26,346
	4,582	Steris Corporation, (3)		304,703
	1,054	Surmodics Inc., (2)		26,582
	727	Symmetry Surgical Inc., (2)		5,620
	838	Tandem Diabetes Care Inc., (2), (3)		11,187
	4,158	Thoratec Corporation, (2)		166,777
	2,758	Tornier N.V, (2), (3)		71,349
	2,313	TransEnterix Inc., (2)		8,697
	599	TriVascular Technologies Inc., (2)		4,373
	9,653	Unilife Corporation, (2), (3)		32,338
	275	Utah Medical Products, Inc.		14,825
	1,329	Vascular Solutions, Inc., (2)		42,608
	419	Veracyte Inc., (2)		3,834
	5,480	West Pharmaceutical Services Inc.		291,974
	3,871	Wright Medical Group, Inc., (2), (3)		98,207
	2,255	Zeltiq Aesthetics Inc., (2), (3)		69,229
		Total Health Care Equipment & Supplies		4,841,495

74 Nuveen Investments

Shares		Description (1)	Value
		Health Care Providers & Services – 2.5%
	445	AAC Holdings, Inc., (2), (3)	$	15,424
	3,317	Acadia Healthcare Company Inc., (2), (3)		227,215
	2,283	Aceto Corporation		44,245
	456	Addus HomeCare Corporation, (2)		12,239
	437	Adeptus Health Inc., Class A Shares, (2), (3)		27,736
	3,037	Air Methods Corporation, (2), (3)		138,791
	416	Alliance Imaging Inc., (2)		8,848
	648	Almost Family, Inc., (2)		28,045
	2,118	Amedisys, Inc., (2)		58,902
	3,607	AMN Healthcare Services Inc., (2)		82,276
	3,284	AmSurg Corporation, (2), (3)		205,972
	1,905	Bio-Reference Laboratories, Inc., (2), (3)		63,094
	5,306	Bioscrip, Inc., (2), (3)		24,938
	2,047	BioTelemetry Inc., (2)		16,396
	2,250	Capital Senior Living Corporation, (2)		58,883
	1,361	Chemed Corporation, (3)		156,855
	906	Civitas Solutions Inc., (2), (3)		16,988
	860	Corvel Corporation, (2)		30,736
	2,413	Cross Country Healthcare, Inc., (2)		26,784
	1,551	Ensign Group Inc.		65,313
	2,691	ExamWorks Group Inc., (2)		110,196
	3,338	Five Star Quality Care Inc., (2)		14,187
	1,653	Genesis Healthcare Inc., (2)		11,422
	2,731	Hanger Orthopedic Group Inc., (2)		61,011
	841	HealthEquity, Inc., (2)		22,043
	6,833	HealthSouth Corporation, (3)		308,988
	2,437	Healthways Inc., (2)		42,404
	1,329	IPC The Hospitalist Company, Inc., (2)		65,015
	6,050	Kindred Healthcare Inc.		138,848
	740	Landauer Inc.		23,872
	958	LHC Group, Inc., (2)		30,713
	2,093	Magellan Health Services, Inc., (2)		132,487
	2,342	Molina Healthcare Inc., (2)		138,717
	799	National Healthcare Corporation, (3)		50,577
	817	National Research Corporation		11,781
	4,893	Owens and Minor Inc.		164,992
	2,327	Pharmerica Corporation, (2)		66,692
	884	Providence Service Corporation, (2)		37,588
	2,536	RadNet, Inc., (2)		21,252

Nuveen Investments 75

Nuveen Small Cap Index Fund (continued)

Portfolio of Investments April 30, 2015 (Unaudited)

Shares		Description (1)	Value
		Health Care Providers & Services (continued)
	6,107	Select Medical Corporation	$	88,857
	935	Surgical Care Affiliates Inc., (2)		35,250
	5,448	Team Health Holdings Inc., (2)		324,537
	1,974	Triple-S Management Corporation, Class B Shares, (2)		36,953
	672	Trupanion Inc., (2), (3)		4,980
	3,201	Universal American Corporation, (2)		31,978
	947	US Physical Therapy, Inc.		44,661
	3,403	Wellcare Health Plans Inc., (2)		263,494
		Total Health Care Providers & Services		3,593,175
		Health Care Technology – 0.5%
	1,004	Castlight Health Inc., Class B, (2), (3)		7,560
	866	Computer Programs and Systems, Inc., (3)		45,318
	513	Connecture, Inc., (2)		5,705
	1,642	Healthstream, Inc., (2), (3)		47,519
	6,799	HMS Holdings Corporation, (2), (3)		115,651
	477	Imprivata Inc., (2)		7,122
	4,730	MedAssets Inc., (2)		95,735
	4,196	Medidata Solutions, Inc., (2)		224,192
	5,441	Merge Healthcare Incorporated, (2)		27,042
	2,862	Omnicell, Inc., (2)		101,687
	3,865	Quality Systems Inc.		60,275
	1,757	Vocera Communications Incorporated, (2)		20,012
		Total Health Care Technology		757,818
		Hotels, Restaurants & Leisure – 3.1%
	7,492	Belmond Limited, Class A, (2)		92,301
	135	Biglari Holdings Inc., (2)		49,344
	1,681	BJ’s Restaurants, Inc., (2)		78,671
	5,986	Bloomin Brands		135,643
	1,915	Bob Evans Farms, (3)		82,383
	6,013	Boyd Gaming Corporation, (2)		79,372
	1,486	Bravo Brio Restaurant Group, (2)		21,889
	1,466	Buffalo Wild Wings, Inc., (2), (3)		233,534
	3,544	Caesars Acquisition Company, Class A, (2)		22,256
	3,977	Caesar’s Entertainment Corporation, (2), (3)		37,742
	2,731	Carrols Restaurant Group, Inc., (2)		24,688
	1,480	CBRL Group Inc., (3)		196,070
	3,619	Cheesecake Factory Inc., (3)		181,420
	1,042	Churchill Downs Inc.		124,175
	1,274	Chuy’s Holdings Inc., (2), (3)		28,818

76 Nuveen Investments

Shares		Description (1)	Value
		Hotels, Restaurants & Leisure (continued)
	1,721	ClubCorp Holdings Inc.	$	37,673
	524	Dave & Buster’s Entertainment Inc., (2)		16,516
	1,832	Del Friscos Restaurant Group, (2)		36,951
	6,754	Denny’s Corporation, (2)		70,309
	2,743	Diamond Resorts International Inc., (2)		87,803
	1,291	DineEquity Inc., (3)		124,491
	637	El Pollo Loco Holdings, Inc., (2), (3)		16,677
	1,216	Empire Resorts, Inc., (2), (3)		6,591
	377	Famous Dave’s of America, Inc., (2)		10,631
	2,077	Fiesta Restaurant Group, (2)		104,992
	445	Habit Restaurants Inc., Class A Shares, (2)		14,738
	557	Ignite Restaurant Group, Incorporated, (2)		1,961
	3,081	Interval Leisure Group Inc.		76,378
	2,159	Intl Speedway Corporation		78,501
	1,042	Intrawest Resorts Holdings Inc., (2)		10,503
	1,764	Isle of Capri Casinos, (2)		25,084
	3,106	Jack in the Box Inc., Term Loan		269,508
	1,334	Jamba, Inc., (2), (3)		21,024
	5,053	Krispy Kreme Doughnuts Inc., (2)		89,943
	3,434	La Quinta Holdings Inc., (2)		82,691
	3,170	Life Time Fitness Inc., (2)		226,655
	1,543	Marcus Corporation		29,888
	2,081	Marriott Vacations World		171,079
	715	Monarch Casino & Resort, Inc., (2)		13,085
	2,220	Morgans Hotel Group Company, (2)		15,207
	226	Nathan’s Famous, Inc., (2)		9,298
	839	Noodles & Company, (2), (3)		16,797
	2,374	Papa John’s International, Inc., (3)		145,692
	470	Papa Murphy’s Holdings Inc., (2), (3)		8,004
	6,095	Penn National Gaming, Inc., (2), (3)		98,008
	4,622	Pinnacle Entertainment Inc., (2)		169,905
	1,835	Popeye’s Louisiana Kitchen Inc., (2)		102,173
	1,158	Potbelly Corporation, (2)		17,382
	1,109	Red Robin Gourmet Burgers, Inc., (2)		83,275
	4,765	Ruby Tuesday, Inc., (2)		34,689
	2,795	Ruth’s Chris Steak House, Inc.		40,667
	3,978	Scientific Games Corporation, (2), (3)		50,401
	444	Shake Shack Inc., Class A Shares, (2), (3)		30,525
	4,215	Sonic Corporation		120,760

Nuveen Investments 77

Nuveen Small Cap Index Fund (continued)

Portfolio of Investments April 30, 2015 (Unaudited)

Shares		Description (1)	Value
		Hotels, Restaurants & Leisure (continued)
	969	Speedway Motorsports Inc.	$	22,190
	4,826	Texas Roadhouse, Inc.		162,154
	2,803	Vail Resorts, Inc.		278,086
	452	Zoe’s Kitchen Inc., (2), (3)		13,845
		Total Hotels, Restaurants & Leisure		4,431,036
		Household Durables – 1.1%
	2,090	Beazer Homes USA, Inc., (2)		36,596
	714	Cavco Industries, Inc., (2)		46,817
	706	CSS Industries Inc.		20,008
	1,957	Ethan Allen Interiors Inc., (3)		47,399
	380	Flexsteel Industries, Inc.		13,684
	2,218	Helen of Troy Limited, (2)		194,319
	9,055	Hovnanian Enterprises Inc., (2), (3)		28,252
	712	Installed Building Products Inc., (2)		14,817
	2,287	Irobot Corporation, (2)		74,145
	6,495	KB Home		94,113
	4,060	La Z Boy Inc.		106,413
	1,108	LGI Homes Inc., (2)		18,249
	1,665	Libbey Inc.		65,518
	809	Lifetime Brands, Inc.		11,771
	1,897	M/I Homes, Inc., (2), (3)		42,796
	3,029	MDC Holdings Inc., (3)		81,298
	3,013	Meritage Corporation, (2), (3)		128,866
	376	Nacco Industries Inc.		18,416
	650	New Home Company Inc., (2)		9,646
	3,638	Ryland Group Inc., (3)		149,958
	1,502	Skullcandy Inc., (2)		16,237
	11,227	Standard Pacific Corporation, (2), (3)		90,939
	1,208	The Dixie Group, Inc., (2)		11,875
	11,366	Tri Pointe Homes, Incorporated, (2)		162,306
	566	Turtle Beach Corporation, (2)		1,245
	645	UCP Inc., Class A, (2)		5,586
	1,234	Univeral Electronics Inc., (2)		66,562
	909	WCI Communities Inc., (2)		21,134
	1,360	William Lyon Homes Inc., Class A Shares, (2)		29,444
		Total Household Durables		1,608,409
		Household Products – 0.2%
	3,488	Central Garden & Pet Company, (2)		34,182
	6,448	HRG Group, Inc., (2)		80,793

78 Nuveen Investments

Shares		Description (1)	Value
		Household Products (continued)
	402	Oil Dri Corporation	$	13,194
	463	Orchids Paper Products Company		9,950
	1,161	WD 40 Company		93,995
		Total Household Products		232,114
		Independent Power & Renewable Electricity Producers – 0.6%
	2,216	Abengoa Yield PLC, (3)		75,145
	9,360	Atlantic Power Corporation, (3)		30,420
	9,530	Dynegy Inc., (2), (3)		317,063
	1,846	NRG Yield Inc., Class A Shares, (3)		90,823
	2,546	Ormat Technologies Inc., (3)		93,158
	3,399	Pattern Energy Group Inc.		98,503
	2,203	TerraForm Power, Inc.		87,085
	1,594	Vivint Solar Inc., (2)		22,507
		Total Independent Power & Renewable Electricity Producers		814,704
		Industrial Conglomerates – 0.0%
	2,825	Raven Industries, Inc.		56,331
		Insurance – 2.4%
	3,490	Ambac Financial Group, Inc., (2)		80,305
	5,765	American Equity Investment Life Holding Company		155,367
	1,448	Amerisafe, Inc.		65,435
	2,330	Amtrust Financial Services, Inc., (3)		138,565
	2,231	Argo Group International Holdings Inc.		109,297
	892	Atlas Financial Holdings Inc., (2)		16,457
	770	Baldwin & Lyons, Class B		17,471
	3,620	Citizens Inc., (2), (3)		20,417
	16,897	CNO Financial Group Inc., (3)		287,249
	2,188	Crawford & Co		17,876
	618	Donegal Group, Inc., B		9,338
	1,378	eHealth, Inc., (2)		16,894
	376	EMC Insurance Group Inc.		13,025
	2,434	Employers Holdings, Inc.		59,414
	662	Enstar Group, Limited, (2)		94,030
	740	FBL Financial Group Inc.		43,120
	1,071	Federated National Holding Company		30,845
	872	Fidelity & Guaranty Life		19,515
	8,286	First American Corporation, (3)		288,270
	634	Global Indemnity PLC, (2), (3)		17,403
	2,198	Greenlight Capital Re, Ltd, (2)		66,797
	1,184	Hallmark Financial Services, Inc., (2)		13,119

Nuveen Investments 79

Nuveen Small Cap Index Fund (continued)

Portfolio of Investments April 30, 2015 (Unaudited)

Shares		Description (1)	Value
		Insurance (continued)
	699	HCI Group Inc.	$	30,462
	535	Heritage Insurance Holdings, Inc., (2)		10,727
	3,159	Horace Mann Educators Corporation		107,311
	657	Independence Holding Company		8,173
	893	Infinity Property and Casualty Corporation		66,216
	329	Kansas City Life Insurance Company		14,766
	3,604	Kemper Corporation		135,763
	3,878	Maiden Holdings, Ltd		56,347
	3,884	Meadowbrook Insurance Group, Inc.		33,169
	3,038	Montpelier Re Holdings Limited, (3)		115,778
	2,752	National General Holdings Corporation		53,224
	554	National Interstate Corporation		15,523
	173	National Western Life Insurance Company		41,453
	812	Navigators Group, Inc., (2)		63,377
	1,758	OneBeacon Insurance Group Limited, Class A		26,511
	443	Phoenix Companies Inc.		15,111
	4,237	Primerica Inc.		195,834
	3,334	RLI Corporation, (3)		165,566
	1,006	Safety Insurance Group, Inc.		58,499
	4,360	Selective Insurance Group Inc.		117,458
	1,245	State Auto Financial Corporation		29,407
	2,026	State National Companies Inc.		19,328
	1,666	Stewart Information Services Corporation		60,809
	5,846	Symetra Financial Corporation		138,843
	4,403	Third Point Reinsurance Limited, (2), (3)		59,352
	1,600	United Fire Group Inc.		47,792
	1,290	United Insurance Holdings Corporation		21,453
	2,417	Universal Insurance Holdings Inc.		58,056
		Total Insurance		3,346,517
		Internet & Catalog Retail – 0.5%
	1,928	1-800-Flowers, (2)		20,379
	940	Blue Nile Inc., (2), (3)		25,577
	3,273	EVINE Live Inc., (2)		19,507
	1,468	FTD Companies Inc., (2)		41,897
	1,210	Gaiam Inc.		7,938
	2,574	Hosting Site Network, Inc., (3)		160,669
	1,278	Lands’ End Inc., (2), (3)		37,548
	2,232	Nutri System Inc.		42,520
	4,002	Orbitz Worldwide Inc., (2)		46,903

80 Nuveen Investments

Shares		Description (1)	Value
		Internet & Catalog Retail (continued)
	932	Overstock.com, Inc., (2)	$	20,010
	1,565	PetMed Express, Inc., (3)		24,774
	2,988	Shutterfly, Inc., (2)		133,743
	2,323	Travelport Worldwide Limited, (3)		36,773
	979	Wayfair Inc., Class A Shares, (2)		31,445
		Total Internet & Catalog Retail		649,683
		Internet Software & Services – 2.2%
	3,168	Actua Corporation, (2)		45,841
	719	Amber Road Inc., (2)		6,298
	3,382	Angie’s List, (2), (3)		19,852
	5,200	Bankrate Inc., (2), (3)		64,480
	3,876	Bazaarvoice Inc., (2)		20,853
	379	BenefitFocus Inc., (2), (3)		13,094
	3,278	Blucora Inc., (2)		44,810
	481	Borderfree Inc., (2)		3,040
	965	Box, Inc., Class A Shares, (2)		16,511
	2,344	Brightcove Inc., (2)		16,220
	1,428	Carbonite Inc., (2)		14,623
	547	CareCom Inc., (2)		3,512
	1,605	ChannelAdvisor Corporation, (2)		16,419
	2,582	Cimpress NV, (2)		216,733
	2,689	ComScore Inc., (2)		140,796
	2,435	Constant Contact Inc., (2)		84,860
	4,122	Cornerstone OnDemand Inc., (2)		118,013
	935	Coupons.com Inc., (2), (3)		11,716
	1,391	Cvent Inc., (2)		37,390
	4,156	DealerTrack Technologies Inc., (2), (3)		163,372
	603	Demand Media Inc., (2)		3,865
	2,330	Demandware Incorporated, (2), (3)		143,528
	3,005	DHI Group Inc., (2)		22,838
	7,938	Earthlink Holdings Corporation		37,547
	2,337	Endurance International Group Holdings Inc., (2), (3)		42,861
	2,641	Envestnet Inc., (2)		135,378
	610	Everyday Health Inc., (2)		7,479
	984	Five9, Inc., (2)		5,343
	1,338	Global Sources, Limited, (2)		7,413
	4,333	Gogo Inc., (2), (3)		91,600
	692	GrubHub Inc., (2), (3)		28,490
	1,239	GTT Communications Inc., (2)		22,624

Nuveen Investments 81

Nuveen Small Cap Index Fund (continued)

Portfolio of Investments April 30, 2015 (Unaudited)

Shares		Description (1)	Value
		Internet Software & Services (continued)
	555	Hortonworks Inc., (2), (3)	$	11,194
	4,213	Internap Network Services Corporation, (2)		39,602
	3,046	Intralinks Holdings Inc., (2)		29,851
	3,689	J2 Global Inc.		255,906
	4,452	Limelight Networks Inc., (2), (3)		16,472
	1,905	Liquidity Services, Inc., (2)		17,831
	4,204	Liveperson, Inc., (2)		39,518
	1,884	LogMeIn Inc., (2)		120,915
	2,650	Marchex, Inc.		11,263
	2,042	Marin Software Inc., (2)		12,334
	1,988	Marketo Inc., (2), (3)		56,559
	5,846	Millennial Media Incorporated, (2), (3)		9,061
	7,058	Monster Worldwide Inc., (2)		41,572
	444	New Relic, Inc., (2)		14,426
	5,059	NIC, Incorporated		86,003
	626	OPOWER Inc., (2), (3)		6,260
	797	Q2 Holdings Inc., (2)		16,219
	2,613	QuinStreet, Inc., (2)		14,189
	1,780	RealNetworks Inc., (2)		11,695
	600	Reis, Inc.		13,638
	2,388	RetailMeNot Inc., (2)		43,891
	603	Rightside Group, Limited, (2)		4,908
	1,423	Rocket Fuel Inc., (2), (3)		11,398
	2,127	SciQuest Inc., (2)		32,692
	1,179	Shutterstock Incorporated, (2)		79,571
	1,257	SPS Commerce Inc., (2)		82,032
	1,089	Stamps.com Inc., (2)		67,398
	1,286	TechTarget Inc., (2)		13,915
	1,445	Textura Corporation, (2), (3)		37,816
	572	Travelzoo Inc., (2)		7,516
	2,861	Tremor Video Inc., (2), (3)		7,153
	603	TrueCar Inc., (2), (3)		9,298
	7,599	Unwired Planet Inc., (2), (3)		4,486
	4,016	Web.com, Inc., (2)		73,774
	3,005	WebMD Health Corporation, Class A, (2), (3)		132,671
	1,075	Wix.com Limited, (2)		20,930
	2,088	XO Group, Incorporated, (2)		33,951
	2,397	Xoom Corporation, (2)		42,355
	1,462	YuMe Inc., (2), (3)		7,500
		Total Internet Software & Services		3,145,162

82 Nuveen Investments

Shares		Description (1)	Value
		IT Services – 2.5%
	5,969	Acxiom Corporation, (2)	$	104,219
	4,079	Blackhawk Network Holdings Inc., (2), (3)		149,985
	1,823	CACI International Inc., (2)		160,862
	3,450	Cardtronics Inc., (2), (3)		130,169
	858	Cass Information Systems, Inc.		44,848
	6,217	Ciber, Inc., (2)		21,946
	1,168	Computer Task Group, Inc.		9,613
	7,869	Convergys Corporation, (3)		178,469
	2,643	CSG Systems International Inc.		76,964
	1,527	Datalink Corporation, (2)		17,652
	2,762	EPAM Systems Inc., (2)		178,729
	3,952	Euronet Worldwide, Inc., (2)		231,113
	5,093	Evertec Inc.		105,578
	2,535	Exlservice Holdings, Inc., (2)		87,280
	846	Forrester Research, Inc.		29,432
	5,107	Global Cash Access Holdings, Inc., (2)		37,792
	2,007	Hackett Group, Inc.		19,267
	2,780	Heartland Payment Systems Inc., (3)		141,502
	2,614	Higher One Holdings Inc., (2)		7,345
	2,853	IGATE Corporation, (3)		135,689
	2,635	Information Services Group Inc., (2)		10,356
	4,853	Lionbridge Technologies, Inc., (2)		26,934
	608	Luxoft Holding Inc., (2)		31,513
	1,858	ManTech International Corporation, Class A		54,309
	5,250	Maximus Inc.		336,053
	2,867	ModusLink Global Solutions Inc., (2)		10,035
	2,263	Moneygram International Inc., (2)		17,538
	4,351	NeuStar, Inc., (2), (3)		130,530
	2,681	Perficient, Inc., (2)		55,309
	2,144	PRG-Schultz International Inc., (2)		9,091
	3,259	Science Applications International Corporation		163,276
	5,090	ServiceSource International Inc., (2)		18,171
	3,055	Sykes Enterprises Inc., (2)		76,467
	2,407	Syntel Inc., (3)		108,363
	1,415	TeleTech Holdings, Inc.		36,705
	3,964	Unisys Corporation, (2)		86,296
	2,017	Virtusa Corporation, (2)		80,277
	3,006	WEX Inc., (2)		338,806
		Total IT Services		3,458,483

Nuveen Investments 83

Nuveen Small Cap Index Fund (continued)

Portfolio of Investments April 30, 2015 (Unaudited)

Shares		Description (1)	Value
		Leisure Products – 0.5%
	1,001	Arctic Cat, Inc.	$	35,525
	1,752	Black Diamond Group Inc., (2)		15,786
	7,192	Brunswick Corporation		359,888
	5,924	Callaway Golf Company		57,344
	799	Escalade, Inc.		14,374
	1,447	JAKKS Pacific Inc., (3)		9,651
	413	Johnson Outdoors, Inc.		13,010
	5,065	LeapFrog Enterprises Inc., (2)		11,447
	648	Malibu Boats Inc., Class A, (2)		13,718
	877	Marine Products Corporation		6,227
	2,419	Nautilus Group, Inc., (2)		40,663
	4,262	Smith & Wesson Holding Corporation, (2), (3)		63,355
	1,504	Sturm, Ruger, & Company, (3)		82,434
		Total Leisure Products		723,422
		Life Sciences Tools & Services – 0.6%
	1,760	Accelerate Diagnostics Inc., (2), (3)		40,128
	5,975	Affymetrix, Inc., (2), (3)		72,477
	1,827	Albany Molecular Research Inc., (2), (3)		32,996
	2,375	Cambrex Corporation, (2)		91,414
	2,757	Enzo Biochem Inc., (2)		7,720
	2,177	Fluidigm Corporation, (2), (3)		81,550
	722	INC Research Holdings Inc., Class A Shares, (2)		24,216
	2,909	Luminex Corporation, (2)		45,148
	810	NanoString Technologies, Inc., (2)		9,671
	4,461	Pacific Biosciences of California Inc., (2)		23,019
	4,411	Parexel International Corporation, (2)		280,429
	1,512	PRA Health Sciences, Inc., (2)		43,062
	9,028	Sequenom, Inc., (2), (3)		40,084
		Total Life Sciences Tools & Services		791,914
		Machinery – 2.9%
	2,985	Accuride Corporation, (2)		12,179
	4,762	Actuant Corporation		113,431
	553	Alamo Group Inc.		34,164
	2,184	Albany International Corporation, Class A, (3)		85,613
	2,100	Altra Industrial Motion, Inc., (3)		55,377
	733	American Railcar Industries		38,878
	247	ARC Group Worldwide Inc., (2)		1,717
	1,523	Astec Industries Inc.		64,088
	4,204	Barnes Group Inc.		168,580

84 Nuveen Investments

Shares		Description (1)	Value
		Machinery (continued)
	3,837	Blount International Inc., (2)	$	50,879
	3,624	Briggs & Stratton Corporation		70,849
	2,363	Chart Industries, Inc., (2)		95,820
	1,370	CIRCOR International Inc.		74,857
	3,911	CLARCOR, Inc.		254,215
	1,625	Columbus McKinnon Corporation NY		41,210
	1,998	Commercial Vehicle Group Inc., (2)		11,508
	1,728	Douglas Dynamics Inc.		37,584
	1,082	Dynamic Material Corporation		14,488
	3,105	Energy Recovery, Inc., (2), (3)		9,222
	1,741	EnPro Industries Inc.		111,441
	2,060	ESCO Technologies Inc.		75,602
	769	ExOne Company, (2), (3)		10,543
	4,877	Federal Signal Corporation		76,666
	936	Freightcar America Inc.		24,420
	1,654	Global Brass & Copper Holdings Inc.		25,207
	1,571	Gorman-Rupp Company, (3)		42,590
	782	Graham Corporation		18,299
	2,139	Greenbrier Companies Inc., (3)		123,399
	6,514	Harsco Corporation		104,745
	4,871	Hillenbrand Inc.		143,159
	538	Hurco Companies, Inc.		17,410
	796	Hyster-Yale Materials Handling Inc.		58,379
	2,260	John Bean Technologies Corporation		87,213
	866	Kadant Inc.		44,131
	848	LB Foster Company		36,235
	947	Lindsay Manufacturing Company, (3)		74,993
	1,320	Lydall Inc., (2)		35,429
	1,147	Manitex International, Inc., (2)		11,367
	7,589	Meritor Inc., (2)		99,568
	936	Midwest Air Group Inc.		20,948
	4,396	Mueller Industries Inc.		154,036
	12,357	Mueller Water Products Inc.		115,662
	1,425	NN, Incorporated		35,853
	230	OmegaFlex, Inc., (2)		6,852
	1,756	Proto Labs Incorporated, (2), (3)		122,920
	1,804	RBC Bearings Inc., (2), (3)		131,674
	5,827	Rexnord Corporation, (2)		154,357
	990	Standex International Corporation		80,061

Nuveen Investments 85

Nuveen Small Cap Index Fund (continued)

Portfolio of Investments April 30, 2015 (Unaudited)

Shares		Description (1)	Value
		Machinery (continued)
	1,788	Sun Hydraulics Corporation	$	69,571
	1,428	Tennant Company		91,806
	3,416	Titan International Inc.		35,492
	3,508	TriMas Corporation, (2)		98,820
	640	Twin Disc, Inc.		11,514
	5,344	Wabash National Corporation, (2), (3)		74,923
	2,210	Watts Water Technologies, Inc., (3)		120,556
	5,142	Woodward Governor Company		241,931
	846	Xerium Technologies, (2)		15,042
		Total Machinery		4,037,473
		Marine – 0.2%
	3,969	Baltic Trading Limited, (3)		5,636
	5,375	Golden Ocean Group Limited, (2), (3)		26,768
	466	International Shipholding Corp.		5,117
	3,333	Matson Incorporated		134,987
	6,401	Navios Maritime Holdings Inc., (3)		24,260
	3,139	Safe Bulkers Inc., (3)		11,238
	10,449	Scorpio Bulkers Inc., (2)		25,182
	1,781	Ultrapetrol Limited, (2), (3)		2,208
		Total Marine		235,396
		Media – 1.4%
	1,575	A.H. Belo Corporation, Class A Shares		10,537
	1,632	AMC Entertainment Holdings Inc.		49,058
	1,877	Carmike Cinemas, Inc., (2)		56,648
	5,684	Central European Media Enterprises Limited, (2), (3)		15,631
	6,173	Cinedigm Corporation, Class A Shares, (2)		5,124
	2,888	Crown Media Holdings, Inc., (2)		10,830
	11,644	Cumulus Media, Inc., (2), (3)		26,548
	77	Daily Journal Corporation, (2)		15,478
	1,200	Dex Media Inc., (2), (3)		3,156
	4,322	E.W. Scripps Company, Class A, (3)		100,659
	1,993	Entercom Communications Corporation, (2)		23,677
	4,596	Entravision Communications Corporation		30,058
	1,579	Eros International PLC, (2), (3)		27,933
	2,957	Global Eagle Acquisition Corporation, (2)		37,761
	3,844	Gray Television Inc.		50,971
	3,818	Harte-Hanks Inc.		25,924
	648	Hemisphere Media Group Inc., (2), (3)		8,191
	1,321	Journal Media Group Inc.		12,272

86 Nuveen Investments

Shares		Description (1)	Value
		Media (continued)
	4,324	Lee Enterprises Inc., (2)	$	12,972
	1,016	Loral Space & Communications, Inc., (2)		70,104
	2,421	Martha Stewart Living Omnimedia Inc., (2)		13,316
	5,065	McClatchy Company		7,040
	3,309	MDC Partners, Inc.		69,290
	6,152	Media General Inc.		103,907
	2,786	Meredith Corporation		144,983
	4,741	National CineMedia, Inc.		72,253
	3,432	New Media Investment Group Inc., (3)		79,382
	10,751	New York Times, Class A, (3)		143,956
	2,375	Nexstar Broadcasting Group, Inc.		138,843
	1,865	Radio One Inc., (2)		6,658
	867	ReachLocal Inc., (2)		2,428
	1,341	Reading International Inc., A, (2)		17,862
	770	Rentrak Corporation, (2), (3)		36,498
	291	Saga Communications Inc. Class A Shares		11,637
	866	Salem Communications Corporation		4,226
	2,057	Scholastic Corporation, (3)		83,596
	3,426	SFX Entertainment Inc., (2), (3)		14,972
	5,325	Sinclair Broadcast Group, Series A, (3)		163,158
	1,774	Sizmek Inc., (2)		12,347
	717	T2 Biosystems, Inc., (2)		9,794
	8,551	Time Inc.		195,219
	2,307	World Wrestling Entertainment Inc., (3)		30,960
		Total Media		1,955,857
		Metals & Mining – 0.9%
	13,731	AK Steel Holding Corporation, (3)		69,753
	1,459	AM Castle & Company, (3)		5,719
	705	Ampco-Pittsburgh Corporation		11,273
	3,988	Century Aluminum Company, (2)		51,405
	10,534	Coeur d’Alene Mines Corporation, (2)		54,987
	9,132	Commercial Metals Company		151,591
	5,150	Globe Specialty Metals Inc.		102,588
	2,764	Gold Resource Corp.		9,315
	312	Handy & Harman Limited, (2)		11,054
	961	Haynes International Inc.		42,736
	28,445	Hecla Mining Company		85,904
	3,933	Horsehead Holding Corp., (2), (3)		58,798
	1,399	Kaiser Aluminum Corporation, (3)		112,438

Nuveen Investments 87

Nuveen Small Cap Index Fund (continued)

Portfolio of Investments April 30, 2015 (Unaudited)

Shares		Description (1)	Value
		Metals & Mining (continued)
	1,598	Materion Corporation	$	63,904
	14,119	Molycorp Inc., (2), (3)		13,029
	3,577	Noranda Aluminum Hodlings Corporation		11,947
	755	Olympic Steel Inc.		8,267
	2,380	RTI International Metals, Inc., (2)		89,607
	885	Ryerson Holding Corporation, (2)		4,903
	2,041	Schnitzer Steel Industries, Inc., (3)		35,554
	9,291	Stillwater Mining Company, (2)		124,778
	5,412	SunCoke Energy Inc.		94,872
	577	Universal Stainless & Alloy Products, Inc., (2)		12,117
	5,214	Walter Industries Inc., (3)		2,645
	3,991	Worthington Industries, Inc.		107,877
		Total Metals & Mining		1,337,061
		Multiline Retail – 0.2%
	1,126	Bon-Ton Stores, Inc., (3)		8,073
	2,222	Burlington Store Inc., (2)		114,589
	2,858	Freds Inc., (3)		48,214
	3,371	Tuesday Morning Corporation, (2), (3)		53,329
		Total Multiline Retail		224,205
		Multi-Utilities – 0.3%
	4,666	Avista Corporation		152,205
	3,462	Black Hills Corporation		170,642
	2,928	Northwestern Corporation, (3)		152,520
		Total Multi-Utilities		475,367
		Oil, Gas & Consumable Fuels – 2.6%
	7,168	Abraxas Petroleum Corporation, (2)		27,238
	166	Adams Resources and Energy, Incorporated		7,736
	1,940	Alon USA Energy, Inc.		31,215
	17,168	Alpha Natural Resources Inc., (2), (3)		13,906
	2,454	American Eagle Energy Corporation, (2), (3)		417
	2,185	Amyris Inc., (2), (3)		4,938
	3,054	Approach Resources Inc., (2), (3)		26,784
	16,464	Arch Coal Inc., (3)		16,039
	1,456	Ardmore Shipping Corporation		17,516
	3,855	Bill Barrett Corporation, (2)		44,718
	3,045	Bonanza Creek Energy Inc., (2)		83,920
	5,104	Callon Petroleum Company Del, (2)		45,630
	3,975	Carrizo Oil & Gas, Inc., (2)		221,527
	456	Clayton Williams Energy, (2), (3)		25,386

88 Nuveen Investments

Shares		Description (1)	Value
		Oil, Gas & Consumable Fuels (continued)
	5,677	Clean Energy Fuels Corporation, (2), (3)	$	56,032
	4,726	Cloud Peak Energy Inc., (2), (3)		30,672
	3,711	Comstock Resources Inc., (3)		19,928
	1,350	Contango Oil & Gas Company, (2)		33,845
	4,604	Delek US Holdings Inc.		169,980
	7,175	DHT Maritime Inc., (3)		57,400
	3,418	Diamondback Energy		282,224
	590	Dorian LPG Limited, (2)		7,823
	2,437	Eclipse Resources Corporation, (2), (3)		15,426
	6,046	Emerald Oil Inc., (2), (3)		3,869
	7,271	Energy XXI Limited Bermuda, (3)		31,774
	1,412	Evolution Petroleum Corporation		9,715
	12,249	Exco Resources Inc., (3)		25,233
	5,656	Frontline Limited, (3)		14,479
	4,451	FX Energy, Inc., (2), (3)		6,009
	3,397	GasLog Limited, (3)		75,719
	5,443	Gastar Exploration Inc., (2), (3)		19,758
	3,475	Goodrich Petroleum Corporation, (2)		13,448
	2,902	Green Plains Renewable Energy, Inc.		90,368
	20,224	Halcon Resources Corporation, (2), (3)		30,134
	672	Hallador Energy Company		7,721
	3,396	Harvest Natural Resources Inc., (2)		2,174
	77	Isramco, Inc., (2)		9,513
	928	Jones Energy Inc., Class A, (2)		9,521
	15,415	Magnum Hunter Resources Corporation, (2), (3)		33,759
	6,111	Matador Resources Company, (2), (3)		169,397
	2,997	Midstates Petroleum Company Incorporated, (2)		3,447
	2,543	Miller Energy Resources Inc., (2), (3)		1,844
	6,632	Navios Maritime Acquisition Corporation		25,268
	6,916	Nordic American Tanker Shipping Ltd		84,583
	4,735	Northern Oil and Gas Inc., (2), (3)		41,857
	1,854	Pacific Ethanol, Inc., (2), (3)		22,174
	1,160	Panhandle Oil and Gas Inc.		26,448
	4,033	Parsley Energy Inc. Class A Shares, (2)		69,932
	3,090	PDC Energy Inc., (2), (3)		175,327
	5,087	Penn Virginia Corporation, (3)		33,981
	4,753	Petroquest Energy Inc., (2)		12,738
	2,679	Renewable Energy Group Inc., (2)		24,674
	6,286	Resolute Energy Corporation, (2), (3)		7,795

Nuveen Investments 89

Nuveen Small Cap Index Fund (continued)

Portfolio of Investments April 30, 2015 (Unaudited)

Shares		Description (1)	Value
		Oil, Gas & Consumable Fuels (continued)
	3,768	Rex Energy Inc., (2), (3)	$	18,840
	487	Rex Stores Corporation, (2)		30,788
	1,503	Ring Energy Inc., (2)		18,246
	5,721	Rosetta Resources, Inc., (2)		130,610
	1,767	RSP Permian Inc., (2)		51,278
	3,951	Sanchez Energy Corporation, (2), (3)		58,040
	12,664	Scorpio Tankers Inc.		118,282
	3,305	SemGroup Corporation, A Shares		278,248
	4,663	Ship Financial International Limited, (3)		73,489
	6,129	Solazyme Inc., (2), (3)		23,597
	4,355	Stone Energy Corporation, (2)		74,340
	3,397	Swift Energy Company, (2), (3)		10,259
	6,270	Synergy Resources Corporation, (2)		75,115
	6,202	Teekay Tankers Limited, Class A Shares		39,073
	1,826	TransAtlantic Petroleum Limited, (2), (3)		10,591
	5,211	Triangle Petroleum Corporation, (2), (3)		31,110
	3,864	Vaalco Energy Inc., (2)		9,544
	951	Vertex Energy Inc., (2), (3)		2,054
	2,888	W&T Offshore Inc., (3)		18,570
	6,073	Warren Resources Inc., (2)		6,559
	3,833	Western Refining Inc.		168,844
	1,163	Westmoreland Coal Company, (2)		33,052
		Total Oil, Gas & Consumable Fuels		3,603,488
		Paper & Forest Products – 0.7%
	3,056	Boise Cascade Company, (2)		106,043
	1,584	Clearwater Paper Corporation, (2)		101,328
	861	Deltic Timber Corporation, (3)		55,104
	3,341	Glatfelter		82,857
	6,560	KapStone Paper and Packaging Corp.		183,352
	10,946	Louisiana-Pacific Corporation, (2), (3)		166,817
	1,285	Neenah Paper, Inc.		77,704
	5,261	Resolute Forest Products, (2)		81,125
	2,362	Schweitzer-Mauduit International Inc.		104,424
	3,273	Wausau Paper Corp.		30,504
		Total Paper & Forest Products		989,258
		Personal Products – 0.2%
	2,005	Elizabeth Arden, Inc., (2), (3)		28,210
	1,680	Female Health Company, (3)		4,906
	1,290	Inter Parfums, Inc.		38,932

90 Nuveen Investments

Shares		Description (1)	Value
		Personal Products (continued)
	1,018	Medifast, Inc., (2)	$	30,540
	844	Nature’s Sunshine Products		10,980
	713	Nutraceutical International Corporation, (2)		13,904
	945	Revlon Inc., (2)		36,959
	1,442	Synutra International Inc., (2), (3)		10,469
	466	USANA Health Sciences, Inc., (2), (3)		53,003
		Total Personal Products		227,903
		Pharmaceuticals – 1.8%
	1,945	AcelRx Pharmaceuticals Inc., (2), (3)		7,761
	556	Achaogen Inc., (2)		3,108
	814	Aerie Pharmaceuticals Inc., (2)		7,847
	4,835	Akorn, Inc., (2), (3)		201,329
	2,034	Alimera Sciences, Inc., (2), (3)		8,868
	743	Amphastar Pharmaceuticals, Inc., (2)		10,744
	3,216	Ampio Pharmaceuticals Inc., (2), (3)		7,751
	534	ANI Pharmaceuticals Inc., (2)		32,563
	2,227	Aratana Therpaeutics Inc., (2)		28,751
	3,246	Biodelivery Sciences, Inc., (2)		26,163
	5,692	Bio-Path Holdings Inc., (2), (3)		8,851
	3,790	Catalent, Inc., (2)		109,038
	2,314	Cempra Inc., (2)		72,868
	4,436	Corcept Therapeutics, Inc., (2)		25,596
	4,497	DepoMed, Inc., (2)		104,600
	605	Dermira, Inc., (2)		8,924
	279	Egalet Corporation, (2)		2,556
	2,909	Endocyte Inc., (2)		16,872
	417	Flex Pharma Inc., (2)		6,972
	5,750	Horizon Pharma Inc., (2)		161,690
	2,320	IGI Laboratories Inc., (2), (3)		11,786
	5,433	Impax Laboratories Inc., (2)		245,898
	471	Intersect ENT, Inc., (2)		11,820
	1,542	Intra-Cellular Therapies Inc., (2)		31,534
	1,994	Lannett Company Inc., (2), (3)		114,655
	5,043	Medicines Company, (2)		129,151
	9,847	Nektar Therapeutics, (2)		93,743
	462	Ocular Therapeutix, Inc., (2)		10,141
	2,910	Omeros Corporation, (2)		58,549
	2,765	Pacira Pharmaceuticals, Inc., (2), (3)		189,347
	3,069	Pain Therapeutics, Inc., (2)		6,261

Nuveen Investments 91

Nuveen Small Cap Index Fund (continued)

Portfolio of Investments April 30, 2015 (Unaudited)

Shares		Description (1)	Value
		Pharmaceuticals (continued)
	2,579	Pernix Therapeutics Holdings, Incorporated, (2)	$	16,454
	1,136	Phibro Animal Health Corporation, Class A Shares		36,079
	2,120	Pozen Inc., (2)		16,578
	4,019	Prestige Brands Holdings Inc., (2)		157,746
	1,597	Relypsa Inc., (2)		46,201
	1,791	Repros Therapeutics, Inc., (2)		13,773
	693	Revance Therapeutics Inc., (2)		13,635
	1,568	Sagent Pharmaceuticals Inc., (2)		36,550
	3,993	SciClone Pharmaceuticals, Inc., (2)		32,623
	1,376	Sucampo Pharmaceuticals, Inc., (2)		24,438
	2,272	Supernus Pharmaceuticals Incorporated, (2)		29,082
	2,373	Tetraphase Pharmaceuticals Inc., (2)		83,719
	9,183	TherapeuticsMD, (2), (3)		59,506
	1,824	Theravance Biopharma Inc., (2)		29,184
	6,388	Theravance Inc., (3)		103,805
	6,973	Vivus, Inc., (2), (3)		15,550
	4,544	Xenoport, Inc., (2)		26,946
	9,910	Zogenix Inc., (2), (3)		13,775
	633	ZS Pharma, Inc., (2)		24,098
		Total Pharmaceuticals		2,535,479
		Professional Services – 1.4%
	3,882	Acacia Research, (3)		42,780
	556	Barrett Business Services, Inc.		24,725
	3,170	CBIZ Inc., (2)		28,657
	1,176	CDI Corporation		16,041
	2,622	CEB Inc.		219,802
	777	CRA International, Inc., (2)		22,688
	1,017	Exponent, Inc.		90,116
	758	Franklin Covey Company, (2)		14,129
	3,169	FTI Consulting Inc., (2)		130,278
	1,023	GP Strategies Corporation, (2)		33,340
	1,412	Heidrick & Struggles International, Inc.		33,973
	2,323	Hill International, Inc., (2)		8,944
	1,827	Huron Consulting Group, Inc., (2)		110,753
	1,547	ICF International, Inc., (2)		59,560
	1,758	Insperity Inc.		84,665
	2,122	Kelly Services, Inc.		34,843
	2,119	KForce Inc.		48,186
	3,858	Korn Ferry International		121,643

92 Nuveen Investments

Shares		Description (1)	Value
		Professional Services (continued)
	1,270	Mistras Group Inc., (2)	$	22,809
	3,811	Navigant Consulting Inc., (2)		55,107
	4,213	On Assignment, Inc., (2)		141,767
	649	Paylocity Holding Corporation, (2), (3)		18,269
	12,699	Pendrell Corporation, (2)		13,842
	3,006	Resources Connection, Inc.		47,375
	4,112	RPX Corporation, (2)		63,983
	3,244	The Advisory Board Company, (2), (3)		168,331
	1,219	TriNet Group Inc., (2)		42,689
	3,205	TrueBlue Inc., (2)		92,240
	343	VSE Corporation		24,401
	2,722	WageWorks, Incorporated, (2)		137,189
		Total Professional Services		1,953,125
		Real Estate Investment Trust – 8.4%
	4,449	Acadia Realty Trust		137,474
	2,201	AG Mortgage Investment Trust Inc., (3)		42,303
	1,103	Agree Realty Corporation		33,950
	164	Alexander’s Inc., (3)		70,720
	4,429	Altisource Residential Corporation		84,815
	2,781	American Assets Trust Inc.		110,684
	3,966	American Capital Mortgage Investment Corporation		69,564
	2,495	American Residential Properties Inc., (2)		46,806
	9,922	Anworth Mortgage Asset Corporation		50,404
	2,851	Apollo Commercial Real Estate Finance, Inc.		48,724
	2,485	Apollo Residential Mortgage Inc.		39,412
	2,217	Ares Commercial Real Estate Corporation, (3)		25,163
	1,936	Armada Hoffler Properties Inc.		19,883
	27,697	Armour Residential REIT Inc.		83,091
	1,968	Ashford Hospitality Prime Inc.		30,819
	6,139	Ashford Hospitality Trust Inc., (3)		55,619
	4,464	Associated Estates Realty Corp.		127,224
	5,020	Campus Crest Communities Inc.		31,777
	7,388	Capstead Mortgage Corporation, (3)		86,070
	2,085	CareTrust REIT Inc.		26,042
	1,007	CatchMark Timber Trust Inc., Class A		11,681
	6,026	Cedar Shopping Centers Inc.		42,122
	18,381	Chambers Street Properties		137,858
	2,962	Chatham Lodging Trust		81,870
	4,048	Chesapeake Lodging Trust		128,524

Nuveen Investments 93

Nuveen Small Cap Index Fund (continued)

Portfolio of Investments April 30, 2015 (Unaudited)

Shares		Description (1)	Value
		Real Estate Investment Trust (continued)
	8,327	Colony Financial Inc.	$	215,753
	1,629	Coresite Realty Corporation		78,322
	17,066	Cousins Properties, Inc.		166,223
	12,569	CubeSmart		289,967
	3,511	CyrusOne Inc.		114,037
	12,568	CYS Investments Inc.		112,107
	6,056	DCT Industrial Trust Inc.		200,090
	15,177	DiamondRock Hospitality Company		205,800
	4,946	DuPont Fabros Technology Inc.		154,068
	4,242	Dynex Capital, Inc.		33,936
	1,068	Easterly Government Properties, Inc.		16,821
	2,428	EastGroup Properties Inc.		138,882
	3,607	Education Realty Trust Inc., (3)		121,267
	6,850	Empire State Realty Trust Inc.		123,300
	4,304	Entertainment Properties Trust		248,212
	4,765	Equity One Inc.		117,362
	4,732	Excel Trust Inc.		75,002
	11,093	FelCor Lodging Trust Inc.		123,243
	8,541	First Industrial Realty Trust, Inc.		168,514
	4,558	First Potomac Realty Trust		48,862
	6,978	Franklin Street Properties Corporation		82,410
	5,629	Geo Group Inc.		219,531
	1,984	Getty Realty Corporation		34,462
	1,466	Gladstone Commercial Corporation		26,109
	4,416	Government Properties Income Trust, (3)		92,029
	4,436	Gramercy Property Trust Inc.		121,280
	330	Great Ajax Corporation, (3)		4,679
	2,042	Hannon Armstrong Sustainable Infrastructure Capital Inc.		38,798
	7,486	Hatteras Financial Corp.		135,197
	7,448	Healthcare Realty Trust, Inc.		190,669
	15,560	Hersha Hospitality Trust		100,051
	6,989	Highwoods Properties, Inc.		300,807
	5,064	Hudson Pacific Properties Inc.		152,730
	6,770	Inland Real Estate Corporation, (3)		69,663
	9,547	Invesco Mortgage Capital Inc.		147,024
	8,406	Investors Real Estate Trust, (3)		60,271
	6,582	iStar Financial Inc., (2)		89,120
	2,551	Kite Realty Group Trust		66,836
	8,644	LaSalle Hotel Properties		317,148

94 Nuveen Investments

Shares		Description (1)	Value
		Real Estate Investment Trust (continued)
	14,974	Lexington Corporate Properties Trust	$	138,809
	2,700	LTC Properties Inc.		117,342
	6,876	Mack-Cali Realty Corporation, (3)		123,424
	16,042	Medical Properties Trust Inc.		224,267
	4,338	Monmouth Real Estate Investment Corporation		44,812
	2,563	National Health Investors Inc.		171,003
	15,402	New Residential Investment		262,450
	8,140	New York Mortgage Trust, Inc., (3)		63,573
	12,578	New York REIT, Inc.		124,271
	978	One Liberty Properties Inc.		21,985
	835	Owens Realty Mortgage Inc.		11,256
	5,741	Parkway Properties Inc.		93,406
	5,118	Pebblebrook Hotel Trust		219,767
	5,331	Penn Real Estate Investment Trust		120,534
	5,739	PennyMac Mortgage Investment Trust		120,232
	5,418	Physicians Realty Trust		89,939
	3,148	Potlatch Corporation		116,193
	1,411	PS Business Parks Inc.		107,730
	1,113	QTS Realty Trust Inc., Class A Shares		40,369
	6,771	RAIT Investment Trust, (3)		43,876
	5,534	Ramco-Gershenson Properties Trust		96,734
	6,435	Redwood Trust Inc., (3)		110,618
	10,021	Resource Capital Corporation		44,193
	5,988	Retail Opportunity Investments Corporation		100,479
	3,560	Rexford Industrial Realty Inc.		52,902
	10,153	RLJ Lodging Trust		301,240
	2,880	Rouse Properties Inc.		50,314
	3,369	Ryman Hospitalities Properties		194,189
	4,571	Sabra Health Care Real Estate Investment Trust Inc.		136,581
	654	Saul Centers Inc.		32,909
	2,855	Select Income REIT		66,207
	2,982	Silver Bay Realty Trust Corporation, (3)		46,132
	2,557	Sovran Self Storage Inc.		223,328
	4,184	STAG Industrial Inc.		90,918
	3,033	Starwood Waypoint Residential Trust, (3)		78,069
	2,204	STORE Capital Corporation		46,284
	19,177	Strategic Hotels & Resorts Inc., (2), (3)		224,371
	6,652	Summit Hotel Properties Inc.		87,607
	3,723	Sun Communities Inc., (3)		231,049

Nuveen Investments 95

Nuveen Small Cap Index Fund (continued)

Portfolio of Investments April 30, 2015 (Unaudited)

Shares		Description (1)	Value
		Real Estate Investment Trust (continued)
	16,078	Sunstone Hotel Investors Inc.	$	250,495
	3,321	Terreno Realty Corporation		70,671
	1,498	Trade Street Residential Inc.		10,441
	1,690	UMH Properties Inc.		17,018
	940	Universal Health Realty Income Trust		46,680
	1,935	Urstadt Biddle Properties Inc.		40,151
	5,167	Washington Real Estate Investment Trust, (3)		127,728
	3,235	Western Asset Mortgage Capital Corporation, (3)		47,263
	1,779	Whitestone Real Estate Investment Trust		26,151
	2,665	Winthrop Realty Trust, Inc.		43,866
		Total Real Estate Investment Trust		11,773,007
		Real Estate Management & Development – 0.4%
	3,779	Alexander & Baldwin Inc.		152,974
	109	Altisource Asset Management Corporation, (2), (3)		24,416
	1,031	Altisource Portfolio Solutions SA, (2), (3)		25,002
	787	AV Homes Inc., (2)		12,419
	333	Consolidated Tomoka Land Company		18,228
	2,708	Forestar Real Estate Group Inc., (2)		39,970
	546	FRP Holdings Inc., (2)		18,957
	6,080	Kennedy-Wilson Holdings Inc.		150,662
	573	Marcus & Millichap Inc., (2)		20,273
	825	ReMax Holdings Inc.		27,877
	4,901	St Joe Company, (2)		85,522
	1,049	Tejon Ranch Company, (2)		25,910
		Total Real Estate Management & Development		602,210
		Road & Rail – 0.6%
	2,016	ArcBest Corporation		71,971
	1,622	Celadon Group, Inc.		41,912
	4,216	Heartland Express, Inc., (3)		88,199
	4,539	Knight Transportation Inc.		131,177
	1,845	Marten Transport, Ltd.		41,070
	260	PAM Transportation Services, Inc., (2)		15,233
	182	Patriot Transportation Holding, Inc., (2)		4,697
	2,211	Quality Distribution, Inc., (2)		21,933
	2,162	Roadrunner Transportation System Inc., (2)		52,904
	1,913	Saia, Inc., (2)		77,955
	6,596	Swift Transportation Company, (2)		159,623
	450	Universal Truckload Services, Inc.		9,558
	505	USA Truck, Inc., (2)		12,403

96 Nuveen Investments

Shares		Description (1)	Value
		Road & Rail (continued)
	3,275	Werner Enterprises, Inc., (3)	$	87,999
	2,424	YRC Worldwide Inc., (2), (3)		37,814
		Total Road & Rail		854,448
		Semiconductors & Semiconductor Equipment – 3.7%
	3,271	Advanced Energy Industries Inc., (2)		80,009
	1,447	Alpha & Omega Semiconductor Limited, (2), (3)		11,851
	2,233	Ambarella, Incorporated, (2)		163,344
	6,883	Amkor Technology Inc., (2)		48,387
	6,092	Applied Micro Circuits Corporation, (2)		32,714
	1,085	Audience Incorporated, (2)		5,165
	9,027	Axcelis Technologies Inc., (2)		22,748
	5,541	Brooks Automation Inc.		59,621
	1,871	Cabot Microelectronics Corporation, (2)		88,498
	992	Cascade Microtech, Inc., (2)		13,154
	4,098	Cavium Networks Inc., (2)		265,509
	1,628	CEVA, Inc., (2)		33,700
	4,814	Cirrus Logic Inc., (2)		162,617
	2,060	Cohu Inc.		21,568
	25,610	Cypress Semiconductor Corporation, (3)		341,125
	2,827	Diodes Inc., (2)		75,537
	1,647	DSP Group Inc., (2)		18,743
	10,794	Entegris Inc., (2)		143,668
	6,892	Entropic Communications Inc., (2)		20,814
	3,064	Exar Corporation, (2)		30,242
	9,172	Fairchild Semiconductor International Inc., Class A, (2)		166,609
	4,309	FormFactor Inc., (2)		34,343
	2,429	Inphi Corporation, (2), (3)		52,102
	10,360	Integrated Device Technology, Inc., (2)		188,448
	2,343	Integrated Silicon Solution		43,463
	9,988	Intersil Holding Corporation, Class A, (3)		133,340
	2,016	IXYS Corporation		22,801
	5,526	Kopin Corporation, (2), (3)		18,346
	9,128	Lattice Semiconductor Corporation, (2)		54,129
	995	MA-COM Technology Solutions Holdings Incorporated, (2)		30,318
	1,928	Maxlinear Inc., (2)		16,446
	3,459	Micrel, Incorporated		47,042
	7,366	Microsemi Corporation, (2)		245,730
	4,152	MKS Instruments Inc.		144,531
	3,065	Monolithic Power Systems, Inc.		158,859

Nuveen Investments 97

Nuveen Small Cap Index Fund (continued)

Portfolio of Investments April 30, 2015 (Unaudited)

Shares		Description (1)	Value
		Semiconductors & Semiconductor Equipment (continued)
	1,926	Nanometrics Inc., (2)	$	29,776
	375	NVE Corporation		25,448
	4,350	Omnivision Technologies, Inc., (2)		121,343
	2,368	PDF Solutions, Inc., (2)		42,790
	1,719	Pericom Semiconductor Corporation		21,522
	4,781	Photronics Inc., (2)		41,929
	13,445	PMC-Sierra, Inc., (2)		113,341
	2,415	Power Integrations Inc.		119,518
	11,111	Qorvo Inc., (2)		732,326
	4,449	Quicklogic Corporation, (2), (3)		7,830
	8,821	Rambus Inc., (2)		122,083
	2,110	Rubicon Technology Inc., (2), (3)		8,102
	2,578	Rudolph Technologies, (2)		33,076
	5,213	Semtech Corporation, (2)		121,411
	3,371	Silicon Laboratories Inc., (2)		174,180
	2,794	Synaptics, Inc., (2), (3)		236,708
	4,147	Tessera Technologies Inc.		149,748
	1,991	Ultra Clean Holdings, Inc., (2)		11,966
	2,175	Ultratech Stepper Inc., (2)		43,413
	3,105	Veeco Instruments Inc., (2)		91,629
	3,963	Xcerra Corporation, (2)		38,956
		Total Semiconductors & Semiconductor Equipment		5,282,616
		Software – 4.6%
	1,026	A10 Networks Inc., (2)		4,668
	8,823	ACI Worldwide, Inc., (2)		203,194
	3,991	Advent Software Inc.		173,249
	2,000	American Software, Inc.		19,420
	7,140	Aspen Technology Inc., (2)		316,945
	2,703	AVG Technologies NV, (2)		64,656
	615	Barracuda Networks Inc., (2), (3)		24,926
	3,581	Blackbaud, Inc.		180,948
	3,053	Bottomline Technologies, Inc., (2)		81,698
	2,217	Broadsoft Inc., (2)		70,146
	4,146	Callidus Software, Inc., (2)		51,203
	3,660	CommVault Systems, Inc., (2)		167,445
	1,715	Comverse Incorporated, (2)		42,018
	3,097	Covisint Corporation, (2)		6,070
	2,217	Cyan Inc., (2), (3)		8,269
	526	Digimarc Corporation		12,308

98 Nuveen Investments

Shares		Description (1)	Value
		Software (continued)
	2,178	Ebix, Inc.	$	59,438
	2,193	Ellie Mae Incorporated, (2), (3)		120,615
	2,096	EnerNOC, Inc., (2), (3)		23,161
	2,409	EPIQ Systems, Inc.		43,145
	313	ePlus, Inc., (2)		25,966
	2,494	Fair Isaac Corporation		220,619
	2,896	Fleetmatics Group Limited, (2), (3)		132,000
	1,875	Gigamon Inc., (2)		55,181
	541	Globant S.A, (2)		11,366
	6,972	Glu Mobile, Inc., (2), (3)		47,131
	1,399	Guidance Software, Inc., (2), (3)		8,170
	5,270	Guidewire Software Incorporated, (2)		263,237
	445	HubSpot, Inc., (2)		17,226
	1,991	Imperva Incorporated, (2)		90,829
	4,179	Infoblox, Incorporated, (2)		98,457
	1,291	Interactive Intelligence Group, (2), (3)		56,778
	3,301	Jive Software Inc., (2)		17,759
	5,755	Kofax Limited, (2)		63,478
	5,877	Manhattan Associates Inc., (2)		308,895
	779	Mavenir Systems Inc., (2), (4)		13,633
	7,511	Mentor Graphics Corporation, (3)		179,738
	703	Microstrategy Inc., (2)		128,030
	993	MobileIron, Inc., (2)		5,978
	1,494	Model N Inc., (2)		17,555
	3,066	Monotype Imaging Holdings Inc.		99,369
	2,827	NetScout Systems, Inc., (2), (3)		116,190
	770	Park City Group Inc., (2), (3)		8,355
	525	Paycom Software Inc., (2)		16,595
	2,748	Pegasystems, Inc.		59,192
	3,983	Progress Software Corporation, (2)		105,151
	3,020	Proofpoint, Incorporated, (2), (3)		163,020
	1,874	PROS Holdings, Inc., (2)		41,659
	490	QAD Inc. A		11,946
	6,953	QLIK Technologies Inc., (2)		241,895
	1,559	Qualys Incorporated, (2)		77,202
	1,927	Rally Software Development Corporation, (2)		27,864
	3,879	RealPage Inc., (2)		76,959
	1,713	Rosetta Stone Inc., (2), (3)		14,321
	1,902	Sapiens International Corporation NV		16,604

Nuveen Investments 99

Nuveen Small Cap Index Fund (continued)

Portfolio of Investments April 30, 2015 (Unaudited)

Shares		Description (1)	Value
		Software (continued)
	2,548	SeaChange International, Inc., (2)	$	17,097
	2,715	Silver Springs Networks Inc., (2)		26,390
	5,283	SS&C Technologies Holdings Inc.		317,878
	2,737	Synchronoss Technologies, Inc., (2), (3)		125,574
	6,473	Take-Two Interactive Software, Inc., (2), (3)		153,410
	3,001	Tangoe Inc., (2)		41,054
	3,965	TeleCommunication Systems, (2)		12,371
	2,113	TeleNav Inc., (2)		17,665
	613	The Rubicon Project Inc., (2)		10,709
	7,392	TiVo, Inc., (2)		81,682
	273	TubeMogul Inc., (2), (3)		3,931
	2,560	Tyler Technologies Inc., (2)		312,192
	2,198	Ultimate Software Group, Inc., (2), (3)		365,352
	413	Varonis Systems Inc., (2)		11,874
	2,283	Vasco Data Security International, Inc., (2), (3)		58,034
	4,639	Verint Systems Inc., (2)		284,974
	3,299	VirnetX Holding Corporation, (2), (3)		21,312
	5,588	Vringo Inc., (2), (3)		3,465
	556	Workiva Inc., (2)		8,045
	543	Yodlee, Inc., (2)		6,918
	881	Zendesk Inc., (2)		20,316
	4,596	Zix Corporation, (2)		19,579
		Total Software		6,431,692
		Specialty Retail – 3.1%
	6,100	Aeropostale, Inc., (2)		18,849
	15,077	American Eagle Outfitters, Inc., (3)		239,875
	603	America’s Car-Mart, Inc., (2)		30,958
	3,632	Ann Inc., (2)		137,508
	2,133	Asbury Automotive Group, Inc., (2)		179,236
	3,181	Barnes & Noble Inc., (3)		69,664
	2,432	bebe stores, Inc.		8,050
	1,401	Big 5 Sporting Goods Corporation		19,110
	447	Boot Barn Holdings, Inc., (2)		11,095
	3,387	Brown Shoe Inc.		100,594
	2,186	Buckle Inc., (3)		97,933
	957	Build-A-Bear-Workshop, Inc., (2), (3)		17,638
	2,127	Cato Corporation		83,676
	1,709	Childrens Place Retail Stores Inc., (3)		103,668
	2,825	Christopher & Banks Corporation		16,781

100 Nuveen Investments

Shares		Description (1)	Value
		Specialty Retail (continued)
	1,209	Citi Trends, Inc., (2)	$	27,541
	2,148	Conn’s, Inc., (2)		60,080
	1,195	Container Store Group Inc., (2), (3)		21,821
	1,062	Destination Maternity Corporation		12,521
	2,818	Destination XL Group Inc., (2), (3)		13,724
	6,535	Express Inc., (2)		106,521
	3,742	Finish Line, Inc.		91,791
	4,208	Five Below, Incorporated, (2)		141,894
	3,274	Francescas Holdings Corporation, (2)		55,429
	1,861	Genesco Inc., (2)		125,785
	1,812	Group 1 Automotive Inc., (3)		143,112
	4,766	Guess Inc., (3)		87,265
	1,563	Haverty Furniture Companies Inc.		33,542
	934	Hhgregg Inc., (2)		5,342
	2,008	Hibbett Sporting Goods, Inc., (2), (3)		93,974
	1,135	Kirkland’s, Inc., (2)		26,945
	1,770	Lithia Motors Inc.		176,522
	2,128	Lumber Liquidators Inc., (2), (3)		58,499
	1,945	Marinemax Inc., (2)		42,946
	1,120	Mattress Firm Holding Corporation, (2), (3)		66,170
	3,719	Mens Wearhouse Inc., (3)		210,458
	2,444	Monro Muffler Brake, Inc., (3)		146,371
	2,399	New York & Company Inc., (2), (3)		6,069
	41,473	Office Depot, Inc., (2), (3)		382,381
	1,465	Outerwall Inc., (3)		97,320
	3,848	Pacific Sunwear of California, Inc., (2)		8,081
	4,128	Pep Boys - Manny, Moe & Jack		37,812
	6,933	Pier 1 Imports, Inc., (3)		87,702
	4,094	Rent-A-Center Inc.		121,182
	2,417	Restoration Hardware Holdings Incorporated, (2), (3)		208,273
	899	Sears Hometown and Outlet Stores, (2)		6,230
	4,210	Select Comfort Corporation, (2)		129,752
	1,172	Shoe Carnival, Inc.		30,601
	3,091	Sonic Automotive Inc.		72,175
	785	Sportsman’s Warehouse Holdings Inc., (2)		7,560
	2,458	Stage Stores Inc.		47,464
	2,152	Stein Mart, Inc.		25,458
	908	Systemax Inc., (2)		9,489
	2,175	Tile Shop Holdings Inc., (2), (3)		28,210

Nuveen Investments 101

Nuveen Small Cap Index Fund (continued)

Portfolio of Investments April 30, 2015 (Unaudited)

Shares		Description (1)	Value
		Specialty Retail (continued)
	819	Tilly’s Inc., Class A Shares, (2)	$	10,925
	2,388	Vitamin Shoppe Inc., (2)		100,009
	1,415	West Marine, Inc., (2)		14,221
	168	Winmark Corporation		15,122
	1,609	Zumiez, Inc., (2), (3)		51,021
		Total Specialty Retail		4,379,945
		Technology Hardware, Storage & Peripherals – 0.4%
	3,155	Cray, Inc., (2), (3)		88,624
	4,652	Dot Hill Systems Corporation, (2)		29,215
	1,369	Eastman Kodak Company, (2)		26,518
	3,612	Electronics For Imaging, (2)		150,729
	2,199	Immersion Corporation, (2)		23,815
	1,928	Intevac, Inc., (2)		9,332
	718	Nimble Storage Inc., (2), (3)		17,562
	6,763	QLogic Corporation, (2)		99,416
	17,011	Quantum Corporation, (2)		34,192
	2,681	Silicon Graphics International Corporation, (2), (3)		21,743
	2,677	Super Micro Computer Inc., (2)		77,017
	6,217	Violin Memory Inc., (2), (3)		21,200
		Total Technology Hardware, Storage & Peripherals		599,363
		Textiles, Apparel & Luxury Goods – 1.1%
	2,130	Columbia Sportswear Company, (3)		133,551
	6,387	Crocs, Inc., (2)		84,308
	680	Culp Inc.		17,578
	1,489	G III Apparel Group, Limited, (2)		165,547
	3,695	Iconix Brand Group, Inc., (2), (3)		97,215
	1,422	Movado Group Inc.		41,636
	1,121	Oxford Industries Inc., (3)		89,063
	942	Perry Ellis International, Inc., (2)		22,533
	10,533	Quiksilver Inc., (2), (3)		17,485
	1,310	Sequential Brands Group Inc., (2)		16,244
	3,032	Skechers USA Inc., (2)		272,637
	4,519	Steven Madden Limited, (2)		176,331
	3,929	Tumi Holdings Inc., (2)		91,899
	1,136	Unifi Inc., (2)		40,089
	1,692	Vera Bradley Inc., (2), (3)		24,094
	866	Vince Holding Company, (2)		15,960
	7,866	Wolverine World Wide Inc., (3)		241,722
		Total Textiles, Apparel & Luxury Goods		1,547,892

102 Nuveen Investments

Shares		Description (1)	Value
		Thrifts & Mortgage Finance – 1.7%
	510	Anchor BanCorp Wisconsin Inc., (2), (3)	$	18,442
	6,717	Astoria Financial Corporation		88,463
	3,611	Bank Mutual Corporation		25,963
	1,445	BankFinancial Corporation		18,496
	165	BBX Capital Corporation, (2)		3,024
	2,502	Beneficial Bancorp, Inc., (2)		29,023
	1,102	BofI Holdings, Inc., (2), (3)		101,175
	5,475	Brookline Bancorp, Inc.		58,966
	11,100	Capitol Federal Financial Inc.		133,200
	1,499	Charter Financial Corporation, (3)		17,943
	1,920	Clifton Bancorp Inc.		26,208
	2,653	Dime Community Bancshares, Inc.		42,236
	3,230	Essent Group Limited, (2)		80,589
	7,066	Everbank Financial Corporation		131,216
	808	Federal Agricultural Mortgage Corporation		25,404
	749	First Defiance Financial Corporation		26,215
	1,068	First Financial Northwest Inc.		12,709
	1,572	Flagstar Bancorp Inc., (2)		27,007
	942	Fox Chase Bancorp.		15,665
	5,508	Home Loan Servicing Solutions Limited		3,712
	1,080	HomeStreet Inc.		22,334
	1,087	Kearny Financial Corporation		14,501
	1,181	Ladder Capital Corporation		20,715
	497	LendingTree, Inc., (2)		27,350
	1,576	Meridian Bancorp, Inc., (2)		20,252
	475	Meta Financial Group, Inc.		19,432
	26,255	MGIC Investment Corporation, (2), (3)		273,577
	3,919	NMI Holdings Inc., Class A Shares, (2)		31,274
	3,929	Northfield Bancorp Inc.		56,695
	7,340	Northwest Bancshares Inc., (3)		90,355
	1,064	OceanFirst Financial Corporation		17,854
	3,549	Oritani Financial Corporation		52,880
	1,038	PennyMac Financial Services Inc., (2)		19,597
	4,675	Provident Financial Services Inc.		84,150
	14,813	Radian Group Inc., (3)		264,560
	1,153	Stonegate Mortgage Corporation, (2)		12,383
	678	Territorial Bancorp Inc.		15,662
	7,850	TrustCo Bank Corporation NY, (3)		52,360
	4,114	United Community Financial Corporation		22,174

Nuveen Investments 103

Nuveen Small Cap Index Fund (continued)

Portfolio of Investments April 30, 2015 (Unaudited)

Shares		Description (1)	Value
		Thrifts & Mortgage Finance (continued)
	4,088	United Financial Bancorp Inc.	$	52,122
	1,372	Walker & Dunlop Inc., (2)		26,260
	7,858	Washington Federal Inc.		169,733
	2,669	Waterstone Financial Inc.		34,003
	654	WSFS Financial Corporation		46,545
		Total Thrifts & Mortgage Finance		2,332,424
		Tobacco – 0.2%
	3,315	22nd Century Group Inc., (2), (3)		3,348
	6,836	Alliance One International, Inc., (2)		9,024
	1,801	Universal Corporation		84,701
	5,355	Vector Group Ltd.		118,635
		Total Tobacco		215,708
		Trading Companies & Distributors – 0.8%
	5,214	Aircastle LTD		125,032
	3,240	Applied Industrial Technologies Inc.		135,335
	3,825	Beacon Roofing Supply Company, (2)		113,679
	1,271	CAI International Inc., (2)		30,275
	1,004	DXP Enterprises, Inc., (2)		45,230
	893	General Finance Corporation, (2)		6,930
	2,476	H&E Equipment Services, Inc.		61,207
	1,493	Houston Wire & Cable Company		14,094
	2,124	Kaman Corporation		88,592
	811	Neff Corporation, Class A Shares, (2)		9,570
	2,770	Rush Enterprises, Class A, (2)		72,408
	1,175	Stock Building Supply Holdings Inc., (2)		21,585
	2,637	TAL International Group Inc., (3)		101,630
	1,674	Textainer Group Holdings Limited, (3)		50,722
	1,345	Titan Machinery, Inc., (2), (3)		19,704
	2,003	Watsco Inc.		240,941
		Total Trading Companies & Distributors		1,136,934
��		Transportation Infrastructure – 0.0%
	4,066	Wesco Aircraft Holdings Inc., (2)		63,755
		Water Utilities – 0.2%
	3,007	American States Water Co		115,439
	631	Artesian Resources Corporation		13,592
	3,708	California Water Service Group		88,510
	845	Connecticut Water Service, Inc.		30,420
	1,240	Middlesex Water Company		28,235
	1,215	SJW Corporation		35,539

104 Nuveen Investments

Shares		Description (1)	Value
		Water Utilities (continued)
	1,003	York Water Company, (3)	$	25,235
		Total Water Utilities		336,970
		Wireless Telecommunication Services – 0.1%
	1,547	Boingo Wireless Inc., (2)		12,778
	1,274	NTELOS Holdings Corporation		7,402
	2,173	RingCentral Inc., Class A, (2), (3)		37,441
	1,868	Shenandoah Telecommunications Company		64,371
	1,680	Spok Holdings, Inc.		31,591
		Total Wireless Telecommunication Services		153,583
		Total Common Stocks (cost $94,293,541)		136,748,121
Shares		Description (1), (5)	Value
		EXCHANGE-TRADED FUNDS – 0.0%
	3,608	CorEnergy Infrastructure Trust Inc.	$	24,498
		Total Exchange-Traded Funds (cost $26,247)		24,498
Shares		Description (1)	Value
		COMMON STOCK RIGHTS – 0.0%
	591	Actavis PLC, (4)	$	5,774
	6,523	Chelsea Therapeutics International Limited, (4)		—
	692	Clinical Data, Inc., (2), (4)		—
	1,250	Durata Therapeutics Inc., (3), (4)		1,025
	1,493	Gerber Scientific Inc., (2), (4)		—
	4,499	Leap Wireless International Inc., (4)		11,338
	424	Omthera Pharmaceuticals Inc., (4)		—
	2,878	Trius Therapeutics Inc., (4)		—
		Total Common Stock Rights (cost $—)		18,137
Shares		Description (1)	Value
		WARRANTS – 0.0%
	106	Imperial Holdings, Inc., (4)	$	77
	1,328	Magnum Hunter Resources Corporation, (3), (4)		40
	157	Tejon Ranch Company, (6)		85
		Total Warrants (cost $855)		202
		Total Long-Term Investments (cost $94,320,643)		136,790,958

Nuveen Investments 105

Nuveen Small Cap Index Fund (continued)

Portfolio of Investments April 30, 2015 (Unaudited)

Shares		Description (1)							Value
		INVESTMENTS PURCHASED WITH COLLATERAL FROM SECURITIES LENDING – 23.4%
		Money Market Funds – 23.4%
	33,010,020	Mount Vernon Securities Lending Prime Portfolio, 0.204%, (7), (8)							$	33,010,020
		Total Investments Purchased with Collateral from Securities Lending (cost $33,010,020)								33,010,020
Shares/ Principal Amount (000)		Description (1)	Coupon		Maturity		Ratings (9)		Value
		SHORT-TERM INVESTMENTS – 3.0%
		Money Market Funds – 2.8%
	3,969,150	First American Treasury Obligations Fund, Class Z		0.000% (7)		N/A		N/A	$	3,969,150
		U.S. Government and Agency Obligations – 0.2%
$	275	U.S. Treasury Bills, (10)		0.000%		11/12/15		AAA		274,903
		Total Short-Term Investments (cost $4,243,968)								4,244,053
		Total Investments (cost $131,574,631) – 123.4%								174,045,031
		Other Assets Less Liabilities – (23.4)% (11)								(33,051,917	)
		Net Assets – 100%							$	140,993,114

Investments in Derivatives as of April 30, 2015

Futures Contracts outstanding:

Description	Contract Position		Number of Contracts		Contract Expiration		Notional Amount at Value		Variation Margin Receivable/ (Payable)			Unrealized Appreciation (Depreciation)
Russell 2000® Mini Index		Long		34		6/15	$	4,135,760	$	(82,280	)	$	(64,559	)

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 the securities out on loan as of the end of the reporting period was $30,691,697.

(4) Investment valued at fair value using methods determined in good faith by, or at the discretion of, the Board. 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 these exchange-traded funds can be obtained from the Securities and Exchange Commission on its website at http://www.sec.gov.

(6) For fair value measurement disclosure purposes, investment classified as Level 2. See Notes to Financial Statements, Note 2 – Investment Valuation and Fair Value Measurements 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 100% 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.

(9) 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.

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

(11) Other assets less liabilities includes the unrealized appreciation (depreciation) of certain over-the-counter derivatives as presented on the Statement of Assets and Liabilities. The unrealized appreciation (depreciation) of exchange-cleared and exchange-traded derivatives is recognized as part of the cash collateral at brokers and/or the receivable or payable for variation margin as presented on the Statement of Assets and Liabilities, when applicable.

N/A Not applicable

Reg S Regulation S allows U.S. companies to sell securities to persons or entities located outside of the United States without registering those securities with the Securities and Exchange Commission. Specifically, Regulation S provides a safe harbor from the registration requirements of the Securities Act for the offers and sales of securities by both foreign and domestic issuers that are made outside the United States.

REIT Real Estate Investment Trust

See accompanying notes to financial statements.

106 Nuveen Investments

Statement of

Assets and Liabilities April 30, 2015 (Unaudited)

	Equity Index		Mid Cap Index		Small Cap Index
Assets
Long-term investments, at value (cost $299,109,193, $445,577,301 and $94,320,643, respectively)	$	810,871,522	$	641,794,635	$	136,790,958
Investments purchased with collateral from securities lending, at value (cost approximates value)		75,338,236		112,980,138		33,010,020
Short-term investments, at value (cost $31,067,224, $54,476,939 and $4,243,968, respectively)		31,068,158		54,477,874		4,244,053
Cash		4,007		—		8,692
Cash collateral at brokers(1)		—		—		30,000
Receivable for:
Dividends		738,426		274,415		48,082
Due from broker		13,480		58,873		38,279
Reclaims		10,745		—		—
Reimbursement from Adviser		—		—		614
Shares sold		1,486,431		1,455,118		316,243
Other assets		49,367		45,755		23,251
Total assets		919,580,372		811,086,808		174,510,192
Liabilities
Payable for:
Collateral from securities lending program		75,338,236		112,980,138		33,010,020
Shares redeemed		878,722		736,338		251,267
Variation margin on future contracts		291,450		578,340		82,280
Accrued expenses:
Directors fees		30,545		21,200		1,049
Management fees		130,122		102,700		—
12b-1 distribution and service fees		98,412		160,590		32,637
Other		382,808		436,395		139,825
Total liabilities		77,150,295		115,015,701		33,517,078
Net assets	$	842,430,077	$	696,071,107	$	140,993,114
Class A Shares
Net assets	$	205,237,384	$	226,577,877	$	42,409,337
Shares outstanding		7,217,591		12,162,822		2,858,454
Net asset value (“NAV”) and offering price per share	$	28.44	$	18.63	$	14.84
Class C Shares
Net assets	$	16,308,562	$	16,862,831	$	2,749,088
Shares outstanding		580,420		939,888		194,682
NAV and offering price per share	$	28.10	$	17.94	$	14.12
Class R3 Shares
Net assets	$	103,418,332	$	237,566,282	$	50,489,950
Shares outstanding		3,635,628		12,917,197		3,497,124
NAV and offering price per share	$	28.45	$	18.39	$	14.44
Class I Shares
Net assets	$	517,465,799	$	215,064,117	$	45,344,739
Shares outstanding		18,202,906		11,511,137		3,049,271
NAV and offering price per share	$	28.43	$	18.68	$	14.87
Net assets consist of:
Capital paid-in	$	311,469,954	$	468,551,772	$	97,564,890
Undistributed (Over-distribution of) net investment income		1,507,988		1,240,943		162,839
Accumulated net realized gain (loss)		17,170,682		30,648,994		859,544
Net unrealized appreciation (depreciation)		512,281,453		195,629,398		42,405,841
Net assets	$	842,430,077	$	696,071,107	$	140,993,114
Authorized shares – per class		2 billion		2 billion		2 billion
Par value per share	$	0.0001	$	0.0001	$	0.0001

(1) Cash pledged to collateralize the net payment obligations for investments in derivatives in addition to the Fund’s securities pledged as collateral as noted in the Fund’s portfolio of investments.

See accompanying notes to financial statements.

Nuveen Investments 107

Statement of

Operations Six Months Ended April 30, 2015

	Equity Index			Mid Cap Index			Small Cap Index
Investment Income
Dividend and interest income (net of foreign tax withheld of $787, $— and $345, respectively)	$	8,199,113		$	4,767,005		$	882,507
Securities lending income, net		65,278			243,285			176,824
Total investment income		8,264,391			5,010,290			1,059,331
Expenses
Management fees		1,144,853			1,027,945			230,707
12b-1 service fees – Class A Shares		254,068			268,669			52,109
12b-1 distribution and service fees – Class C Shares		75,137			76,800			12,876
12b-1 distribution and service fees – Class R3 Shares		233,577			574,378			124,413
Shareholder servicing agent fees		570,815			552,760			111,936
Custodian fees		84,918			67,880			75,836
Directors fees		12,035			10,106			2,109
Federal and state registration fees		31,747			37,753			26,973
Professional fees		46,372			36,940			17,108
Shareholder reporting expenses		54,897			143,544			47,724
Other expenses		20,999			20,359			31,860
Total expenses before fee waiver/expense reimbursement		2,529,418			2,817,134			733,651
Fee waiver/expense reimbursement		(425,832	)		(290,892	)		(151,212	)
Net expenses		2,103,586			2,526,242			582,439
Net investment income (loss)		6,160,805			2,484,048			476,892
Realized and Unrealized Gain (Loss)
Net realized gain (loss) from:
Investments		28,512,084			30,163,383			918,807
Futures contracts		709,017			1,099,920			374,332
Change in net unrealized appreciation (depreciation) of:
Investments		(1,202,254	)		6,911,911			4,349,097
Futures contracts		249,656			(502,183	)		(162,544	)
Net realized and unrealized gain (loss)		28,268,503			37,673,031			5,479,692
Net increase (decrease) in net assets from operations	$	34,429,308		$	40,157,079		$	5,956,584

See accompanying notes to financial statements.

108 Nuveen Investments

Statement of

Changes in Net Assets (Unaudited)

	Equity Index						Mid Cap Index
	Six Months Ended 4/30/15			Year Ended 10/31/14			Six Months Ended 4/30/15			Year Ended 10/31/14
Operations
Net investment income (loss)	$	6,160,805		$	12,188,234		$	2,484,048		$	4,700,032
Net realized gain (loss) from:
Investments		28,512,084			47,183,736			30,163,383			29,306,428
Futures contracts		709,017			3,559,825			1,099,920			6,397,071
Change in net unrealized appreciation (depreciation) of:
Investments		(1,202,254	)		61,690,836			6,911,911			27,967,853
Futures contracts		249,656			(149,399	)		(502,183	)		(1,556,867	)
Net increase (decrease) in net assets from operations		34,429,308			124,473,232			40,157,079			66,814,517
Distributions to Shareholders
From net investment income:
Class A Shares		(1,440,710	)		(2,726,149	)		(1,853,366	)		(1,225,635	)
Class C Shares		(50,156	)		(77,803	)		(19,008	)		—
Class R3 Shares		(551,898	)		(809,289	)		(1,422,983	)		(767,824	)
Class I Shares		(4,381,498	)		(8,606,676	)		(2,407,249	)		(1,934,833	)
From accumulated net realized gains:
Class A Shares		(9,192,119	)		(13,698,118	)		(9,630,727	)		(7,006,416	)
Class C Shares		(655,527	)		(816,443	)		(694,689	)		(432,841	)
Class R3 Shares		(4,022,116	)		(4,767,202	)		(10,517,244	)		(7,116,110	)
Class I Shares		(24,548,328	)		(38,641,025	)		(9,847,361	)		(8,216,759	)
Decrease in net assets from distributions to shareholders		(44,842,352	)		(70,142,705	)		(36,392,627	)		(26,700,418	)
Fund Share Transactions
Proceeds from sale of shares		87,674,684			120,916,624			81,776,180			159,221,687
Proceeds from shares issued to shareholders due to reinvestment of distributions		38,397,651			58,544,863			33,191,887			23,558,777
		126,072,335			179,461,487			114,968,067			182,780,464
Cost of shares redeemed		(101,539,834	)		(194,721,398	)		(85,281,221	)		(166,917,433	)
Net increase (decrease) in net assets from Fund share transactions		24,532,501			(15,259,911	)		29,686,846			15,863,031
Net increase (decrease) in net assets		14,119,457			39,070,616			33,451,298			55,977,130
Net assets at the beginning of period		828,310,620			789,240,004			662,619,809			606,642,679
Net assets at the end of period	$	842,430,077		$	828,310,620		$	696,071,107		$	662,619,809
Undistributed (Over-distribution of) net investment income at the end of period	$	1,507,988		$	1,771,445		$	1,240,943		$	4,459,501

See accompanying notes to financial statements.

Nuveen Investments 109

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

	Small Cap Index
	Six Months Ended 4/30/15			Year Ended 10/31/14
Operations
Net investment income (loss)	$	476,892		$	973,945
Net realized gain (loss) from:
Investments		918,807			6,949,801
Futures contracts		374,332			835,042
Change in net unrealized appreciation (depreciation) of:
Investments		4,349,097			1,719,680
Futures contracts		(162,544	)		(335,989	)
Net increase (decrease) in net assets from operations		5,956,584			10,142,479
Distributions to Shareholders
From net investment income:
Class A Shares		(365,247	)		(343,366	)
Class C Shares		(2,919	)		(2,125	)
Class R3 Shares		(310,921	)		(240,588	)
Class I Shares		(520,976	)		(499,459	)
From accumulated net realized gains:
Class A Shares		(2,179,623	)		(2,138,261	)
Class C Shares		(139,573	)		(122,652	)
Class R3 Shares		(2,670,039	)		(2,218,626	)
Class I Shares		(2,441,130	)		(2,498,135	)
Decrease in net assets from distributions to shareholders		(8,630,428	)		(8,063,212	)
Fund Share Transactions
Proceeds from sale of shares		19,513,307			41,924,541
Proceeds from shares issued to shareholders due to reinvestment of distributions		7,920,049			7,014,093
		27,433,356			48,938,634
Cost of shares redeemed		(24,450,894	)		(44,300,708	)
Net increase (decrease) in net assets from Fund share transactions		2,982,462			4,637,926
Net increase (decrease) in net assets		308,618			6,717,193
Net assets at the beginning of period		140,684,496			133,967,303
Net assets at the end of period	$	140,993,114		$	140,684,496
Undistributed (Over-distribution of) net investment income at the end of period	$	162,839		$	886,010

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)
2015(e)	$	28.86	$	0.19	$	0.93	$	1.12	$	(0.20	)	$	(1.34	)	$	(1.54	)	$	28.44
2014		27.10		0.38		3.78		4.16		(0.38	)		(2.02	)		(2.40	)		28.86
2013		22.35		0.38		5.31		5.69		(0.39	)		(0.55	)		(0.94	)		27.10
2012		21.44		0.34		2.48		2.82		(0.35	)		(1.56	)		(1.91	)		22.35
2011		21.51		0.30		1.26		1.56		(0.26	)		(1.37	)		(1.63	)		21.44
2010		18.86		0.29		2.70		2.99		(0.30	)		(0.04	)		(0.34	)		21.51
Class C (2/99)
2015(e)		28.54		0.08		0.91		0.99		(0.09	)		(1.34	)		(1.43	)		28.10
2014		26.82		0.17		3.74		3.91		(0.17	)		(2.02	)		(2.19	)		28.54
2013		22.13		0.20		5.24		5.44		(0.20	)		(0.55	)		(0.75	)		26.82
2012		21.24		0.17		2.46		2.63		(0.18	)		(1.56	)		(1.74	)		22.13
2011		21.32		0.13		1.26		1.39		(0.10	)		(1.37	)		(1.47	)		21.24
2010		18.70		0.13		2.67		2.80		(0.14	)		(0.04	)		(0.18	)		21.32
Class R3 (9/01)
2015(e)		28.87		0.15		0.93		1.08		(0.16	)		(1.34	)		(1.50	)		28.45
2014		27.04		0.31		3.85		4.16		(0.31	)		(2.02	)		(2.33	)		28.87
2013		22.31		0.31		5.30		5.61		(0.33	)		(0.55	)		(0.88	)		27.04
2012		21.40		0.28		2.48		2.76		(0.29	)		(1.56	)		(1.85	)		22.31
2011		21.47		0.25		1.26		1.51		(0.21	)		(1.37	)		(1.58	)		21.40
2010		18.83		0.23		2.70		2.93		(0.25	)		(0.04	)		(0.29	)		21.47
Class I (2/94)
2015(e)		28.85		0.23		0.92		1.15		(0.23	)		(1.34	)		(1.57	)		28.43
2014		27.09		0.45		3.78		4.23		(0.45	)		(2.02	)		(2.47	)		28.85
2013		22.35		0.45		5.29		5.74		(0.45	)		(0.55	)		(1.00	)		27.09
2012		21.43		0.39		2.49		2.88		(0.40	)		(1.56	)		(1.96	)		22.35
2011		21.50		0.36		1.26		1.62		(0.32	)		(1.37	)		(1.69	)		21.43
2010		18.86		0.34		2.69		3.03		(0.35	)		(0.04	)		(0.39	)		21.50

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)
	4.14	%	$	205,237		0.72	%*		1.26	%*		0.62	%*		1.36	%*		1	%
	16.55			203,668		0.73			1.27			0.62			1.38			2
	26.32			183,491		0.71			1.48			0.62			1.57			2
	14.51			143,664		0.69			1.49			0.62			1.56			1
	7.41			119,172		0.70			1.29			0.62			1.37			2
	15.94			119,761		0.79			1.23			0.61			1.41			4
	3.72			16,309		1.47	*		0.48	*		1.37	*		0.58	*		1
	15.71			13,275		1.48			0.52			1.37			0.63			2
	25.35			10,752		1.46			0.72			1.37			0.82			2
	13.70			8,095		1.44			0.75			1.37			0.82			1
	6.61			8,261		1.45			0.55			1.37			0.62			2
	15.05			8,651		1.54			0.48			1.36			0.66			4
	4.01			103,418		0.97	*		0.97	*		0.87	*		1.08	*		1
	16.27			81,677		0.98			1.02			0.87			1.13			2
	25.96			61,823		0.97			1.19			0.87			1.29			2
	14.26			33,685		0.94			1.22			0.87			1.28			1
	7.15			14,218		0.95			1.06			0.87			1.13			2
	15.63			12,979		1.04			0.97			0.86			1.15			4
	4.27			517,466		0.47	*		1.51	*		0.37	*		1.61	*		1
	16.84			529,691		0.48			1.53			0.37			1.64			2
	26.59			531,131		0.46			1.76			0.37			1.85			2
	14.85			556,215		0.44			1.75			0.37			1.82			1
	7.68			597,030		0.45			1.55			0.37			1.63			2
	16.18			749,210		0.54			1.48			0.36			1.66			4

(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, 2015.

* 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)
2015(e)	$	18.58	$	0.07		$	1.00	$	1.07	$	(0.16	)	$	(0.86	)	$	(1.02	)	$	18.63
2014		17.50		0.13			1.71		1.84		(0.11	)		(0.65	)		(0.76	)		18.58
2013		13.76		0.13			4.17		4.30		(0.10	)		(0.46	)		(0.56	)		17.50
2012		12.87		0.09			1.31		1.40		(0.03	)		(0.48	)		(0.51	)		13.76
2011		11.98		0.05			0.92		0.97		(0.08	)		—			(0.08	)		12.87
2010		9.52		0.09			2.45		2.54		(0.08	)		—			(0.08	)		11.98
Class C (9/01)
2015(e)		17.86		—	*		0.96		0.96		(0.02	)		(0.86	)		(0.88	)		17.94
2014		16.87		—	*		1.64		1.64		—			(0.65	)		(0.65	)		17.86
2013		13.28		0.01			4.04		4.05		—			(0.46	)		(0.46	)		16.87
2012		12.51		(0.01	)		1.26		1.25		—			(0.48	)		(0.48	)		13.28
2011		11.67		(0.05	)		0.89		0.84		—			—			—			12.51
2010		9.28		0.01			2.39		2.40		(0.01	)		—			(0.01	)		11.67
Class R3 (11/00)
2015(e)		18.33		0.05			0.98		1.03		(0.11	)		(0.86	)		(0.97	)		18.39
2014		17.28		0.09			1.68		1.77		(0.07	)		(0.65	)		(0.72	)		18.33
2013		13.59		0.10			4.11		4.21		(0.06	)		(0.46	)		(0.52	)		17.28
2012		12.73		0.06			1.28		1.34		—			(0.48	)		(0.48	)		13.59
2011		11.86		0.01			0.92		0.93		(0.06	)		—			(0.06	)		12.73
2010		9.43		0.06			2.43		2.49		(0.06	)		—			(0.06	)		11.86
Class I (11/99)
2015(e)		18.65		0.09			1.00		1.09		(0.20	)		(0.86	)		(1.06	)		18.68
2014		17.57		0.18			1.70		1.88		(0.15	)		(0.65	)		(0.80	)		18.65
2013		13.81		0.18			4.17		4.35		(0.13	)		(0.46	)		(0.59	)		17.57
2012		12.92		0.12			1.32		1.44		(0.07	)		(0.48	)		(0.55	)		13.81
2011		12.03		0.08			0.91		0.99		(0.10	)		—			(0.10	)		12.92
2010		9.55		0.12			2.46		2.58		(0.10	)		—			(0.10	)		12.03

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)
	6.17	%	$	226,578		0.81	%**		0.67	%**		0.73	%**		0.76	%**		5	%
	10.94			210,964		0.80			0.66			0.73			0.73			10
	32.46			185,942		0.76			0.84			0.73			0.86			7
	11.48			104,467		0.80			0.61			0.74			0.67			7
	8.07			68,856		0.79			0.32			0.75			0.36			23
	26.79			36,499		0.86			0.70			0.74			0.82			8
	5.79			16,863		1.56	**		(0.10	)**		1.48	**		(0.01	)**		5
	10.10			13,810		1.55			(0.09	)		1.48			(0.02	)		10
	31.51			10,925		1.51			0.07			1.48			0.10			7
	10.60			5,290		1.55			(0.13	)		1.49			(0.07	)		7
	7.20			3,302		1.53			(0.42	)		1.50			(0.39	)		23
	25.86			3,100		1.61			(0.05	)		1.49			0.07			8
	6.04			237,566		1.06	**		0.42	**		0.98	**		0.51	**		5
	10.64			221,651		1.05			0.41			0.98			0.48			10
	32.16			186,673		1.01			0.60			0.98			0.62			7
	11.14			113,834		1.05			0.36			0.99			0.42			7
	7.83			65,060		1.04			0.07			1.00			0.11			23
	26.48			26,458		1.11			0.44			0.99			0.56			8
	6.29			215,064		0.56	**		0.93	**		0.48	**		1.02	**		5
	11.16			216,194		0.55			0.91			0.48			0.98			10
	32.82			223,102		0.51			1.12			0.48			1.14			7
	11.80			168,328		0.55			0.87			0.49			0.93			7
	8.23			170,174		0.53			0.59			0.50			0.63			23
	27.13			202,542		0.61			0.95			0.49			1.07			8

(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, 2015.

* Rounds to less than 0.01 per share.

** 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)
2015(e)	$	15.18	$	0.05		$	0.55	$	0.60	$	(0.13	)	$	(0.81	)	$	(0.94	)	$	14.84
2014		14.99		0.10			0.98		1.08		(0.12	)		(0.77	)		(0.89	)		15.18
2013		11.59		0.14			3.79		3.93		(0.08	)		(0.45	)		(0.53	)		14.99
2012		10.43		0.08			1.11		1.19		(0.03	)		—			(0.03	)		11.59
2011		9.89		0.05			0.55		0.60		(0.06	)		—			(0.06	)		10.43
2010		7.90		0.05			1.99		2.04		(0.05	)		—			(0.05	)		9.89
Class C (9/01)
2015(e)		14.43		(0.01	)		0.53		0.52		(0.02	)		(0.81	)		(0.83	)		14.12
2014		14.31		(0.01	)		0.91		0.90		(0.01	)		(0.77	)		(0.78	)		14.43
2013		11.08		0.03			3.65		3.68		—			(0.45	)		(0.45	)		14.31
2012		10.02		—			1.06		1.06		—			—			—			11.08
2011		9.52		(0.03	)		0.53		0.50		—			—			—			10.02
2010		7.62		(0.02	)		1.92		1.90		—			—			—			9.52
Class R3 (12/98)
2015(e)		14.77		0.03			0.54		0.57		(0.09	)		(0.81	)		(0.90	)		14.44
2014		14.62		0.07			0.93		1.00		(0.08	)		(0.77	)		(0.85	)		14.77
2013		11.31		0.10			3.72		3.82		(0.06	)		(0.45	)		(0.51	)		14.62
2012		10.18		0.05			1.08		1.13		—			—			—			11.31
2011		9.66		0.03			0.53		0.56		(0.04	)		—			(0.04	)		10.18
2010		7.73		0.03			1.94		1.97		(0.04	)		—			(0.04	)		9.66
Class I (12/98)
2015(e)		15.23		0.07			0.55		0.62		(0.17	)		(0.81	)		(0.98	)		14.87
2014		15.04		0.14			0.97		1.11		(0.15	)		(0.77	)		(0.92	)		15.23
2013		11.63		0.17			3.80		3.97		(0.11	)		(0.45	)		(0.56	)		15.04
2012		10.46		0.11			1.12		1.23		(0.06	)		—			(0.06	)		11.63
2011		9.91		0.08			0.55		0.63		(0.08	)		—			(0.08	)		10.46
2010		7.91		0.07			2.00		2.07		(0.07	)		—			(0.07	)		9.91

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)
	4.33	%	$	42,409		1.03	%**		0.48	%**		0.81	%**		0.70	%**		2	%
	7.54			42,411		1.03			0.49			0.81			0.71			12
	35.52			41,769		1.07			0.81			0.82			1.06			11
	11.44			28,640		1.27			0.28			0.83			0.72			20
	6.03			19,406		1.17			0.15			0.83			0.50			14
	25.91			12,667		1.49			(0.15	)		0.79			0.55			12
	3.96			2,749		1.78	**		(0.29	)**		1.56	**		(0.07	)**		2
	6.64			2,500		1.78			(0.27	)		1.56			(0.05	)		12
	34.57			2,155		1.82			—	*		1.57			0.25			11
	10.58			1,246		2.00			(0.46	)		1.58			(0.03	)		20
	5.25			1,330		1.90			(0.58	)		1.58			(0.26	)		14
	24.93			1,645		2.24			(0.90	)		1.54			(0.20	)		12
	4.24			50,490		1.28	**		0.23	**		1.06	**		0.45	**		2
	7.19			48,483		1.28			0.24			1.06			0.46			12
	35.24			41,350		1.32			0.49			1.07			0.74			11
	11.13			20,198		1.52			0.02			1.08			0.47			20
	5.79			11,824		1.44			(0.12	)		1.08			0.24			14
	25.55			4,795		1.74			(0.40	)		1.04			0.30			12
	4.44			45,345		0.77	**		0.74	**		0.56	**		0.96	**		2
	7.76			47,291		0.78			0.75			0.56			0.96			12
	35.82			48,694		0.82			1.05			0.57			1.30			11
	11.79			33,733		1.00			0.55			0.58			0.97			20
	6.33			40,135		0.90			0.42			0.58			0.75			14
	26.22			47,179		1.24			0.10			0.54			0.80			12

(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, 2015.

* Rounds to less than 0.01%.

** Annualized.

See accompanying notes to financial statements.

Nuveen Investments 117

Notes to

Financial Statements (Unaudited)

1. General Information and Significant Accounting Policies

General Information

Trust and Fund 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 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.

The end of the reporting period for the Funds is April 30, 2015, and the period covered by these Notes to Financial Statements is the six months ended April 30, 2015 (“the current fiscal period”).

Investment Adviser

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

Investment Objectives and Principal Investment Strategies

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

Each Fund is an investment company and follows accounting and reporting guidance under Financial Accounting Standards Board (FASB) Accounting Standards Codification (ASC) Topic 946 “Financial Services-Investment Companies.” The following is a summary of significant accounting policies followed by the Funds in the preparation of their financial statements in accordance with accounting principles generally accepted in the United States (“U.S. GAAP”).

Investment Transactions

Investment 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.

118 Nuveen Investments

Dividends and Distributions to Shareholders

Dividends from net investment income, if any, are declared and distributed to shareholders at least annually (except for Equity Index, which are declared and distributed to shareholders quarterly). 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

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. Class A Shares incur a 0.25% annual 12b-1 service fee. Class C Shares are sold without an up-front sales charge but incur a 0.75% annual 12b-1 distribution fee and a 0.25% annual 12b-1 service fee. Class C Shares are subject to a CDSC of 1% if redeemed within twelve months of purchase. Class R3 Shares are sold without an up-front sales charge but incur a 0.25% annual 12b-1 distribution fee and a 0.25% annual 12b-1 service fee. Class I Shares are not subject to any sales charge or 12b-1 distribution or service fees.

Multiclass Operations and Allocations

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

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

Indemnifications

Under 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, each Fund manages its cash collateral and securities collateral on a counterparty basis.

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

Use of Estimates

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

2. Investment Valuation and Fair Value Measurements

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

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

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

Nuveen Investments 119

Notes to Financial Statements (Unaudited) (continued)

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

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

Investments in investment companies are valued at their respective NAVs on 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 (the ”Board”). 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.

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.

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

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*	$	810,869,710	$	—	$	—		$	810,869,710
Common Stock Rights		—		—		1,812	***		1,812
Investments Purchased with Collateral from Securities Lending		75,338,236		—		—			75,338,236
Short-Term Investments:
Money Market Funds		28,069,214		—		—			28,069,214
U.S. Government and Agency Obligations		—		2,998,944		—			2,998,944
Investments in Derivatives:
Futures Contracts**		518,190		—		—			518,190
Total	$	914,795,350	$	2,998,944	$	1,812		$	917,796,106

120 Nuveen Investments

Mid Cap Index	Level 1			Level 2		Level 3			Total
Long-Term Investments:
Common Stocks*	$	641,793,015		$	—	$	—		$	641,793,015
Common Stock Rights		1,620			—		—			1,620
Investments Purchased with Collateral from Securities Lending		112,980,138			—		—			112,980,138
Short-Term Investments:
Money Market Funds		51,478,930			—		—			51,478,930
U.S. Government & Agency Obligations		—			2,998,944		—			2,998,944
Investments in Derivatives:
Futures Contracts**		(588,871	)		—		—			(588,871	)
Total	$	805,664,832		$	2,998,944	$	—		$	808,663,776
Small Cap Index
Long-Term Investments:
Common Stocks*	$	136,734,488		$	—	$	13,633	***	$	136,748,121
Exchange-Traded Funds		24,498			—		—			24,498
Common Stock Rights		—			—		18,137	***		18,137
Warrants		—			85		117	***		202
Investments Purchased with Collateral from Securities Lending		33,010,020			—		—			33,010,020
Short-Term Investments:
Money Market Funds		3,969,150			—		—			3,969,150
U.S. Government & Agency Obligations		—			274,903		—			274,903
Investments in Derivatives:
Futures Contracts**		(64,559	)		—		—			(64,559	)
Total	$	173,673,597		$	274,988	$	31,887		$	173,980,472

* 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.

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

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

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

(ii) If such information is not available, an analytical valuation methodology may be used based on other available information including, but not limited to: analyst appraisals, research reports, corporate action information, issuer financial statements and shelf registration statements. Such analytical valuation methodologies may include, but are not limited to: multiple of earnings, discount from market value of a similar freely- traded security, discounted cash flow analysis, book value or a multiple thereof, risk premium/yield analysis, yield to maturity and/or fundamental investment analysis.

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

For each portfolio security that has been fair valued pursuant to the policies adopted by the Board, the fair value price is compared against the last available and next available market quotations. The Valuation Committee reviews the results of such testing and fair valuation occurrences are reported to the Board.

Nuveen Investments 121

Notes to Financial Statements (Unaudited) (continued)

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 100%, 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
Equity Index	U.S. Bank National Association	$	72,388,970	$	(72,388,970	)	$	—
Mid Cap Index	U.S. Bank National Association		107,967,261		(107,967,261	)		—
Small Cap Index	U.S. Bank National Association		30,691,697		(30,691,697	)		—

* As of the end of the reporting period, 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 investments purchased with collateral from securities lending and 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 current fiscal period were as follows:

	Equity Index		Mid Cap Index		Small Cap Index
Securities lending fees paid	$	6,364	$	43,270	$	31,821

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” 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 or expired, 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.

122 Nuveen Investments

During the current fiscal period, 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 Funds’ holdings of futures, which were matched to the level of cash, were helpful in keeping the Funds fully invested, neither overexposed nor underexposed to equities, despite cash flows.

The average notional amount of futures contracts outstanding during the current fiscal period, was as follows:

	Equity Index		Mid Cap Index		Small Cap Index
Average notional amount of futures contracts outstanding*	$	27,833,500	$	31,127,797	$	3,669,793

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

The following table presents the fair value of all futures contracts held by the Funds as of the end of the reporting period, 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	—	$	—	Payable for variation margin on futures contracts*	$	518,190
Mid Cap Index
Equity price	Futures contracts	—	$	—	Payable for variation margin on futures contracts*	$	(588,871	)
Small Cap Index
Equity price	Futures contracts	—	$	—	Payable for variation margin on futures contracts*	$	(64,559	)

* Value represents unrealized appreciation (depreciation) of futures contracts as reported in the Fund’s Portfolio of Investments and not the asset and liability derivative location as described in the table above.

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 current fiscal period, 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	$	709,017	$	249,656
Mid Cap Index	Equity price	Futures contracts		1,099,920		(502,183	)
Small Cap Index	Equity price	Futures contracts		374,332		(162,544	)

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 123

Notes to Financial Statements (Unaudited) (continued)

4. Fund Shares

Transactions in Fund shares during the current and prior fiscal period were as follows:

	Six Months Ended 4/30/2015						Year Ended 10/31/2014
Equity Index	Shares			Amount			Shares			Amount
Shares sold:
Class A		783,470		$	22,129,294			1,307,037		$	35,388,787
Class A – automatic conversion of Class B shares		—			—			55,084			1,538,960
Class B – exchanges		—			—			125			3,123
Class C		126,010			3,531,775			92,098			2,466,862
Class R3		1,042,157			29,586,597			1,026,703			28,097,173
Class I		1,141,240			32,427,018			1,965,076			53,421,719
Shares issued to shareholders due to reinvestment of distributions:
Class A		386,501			10,563,141			627,808			16,153,656
Class B		—			—			5,659			141,239
Class C		22,546			606,848			29,948			757,197
Class R3		167,419			4,573,291			210,416			5,575,149
Class I		828,739			22,654,371			1,395,678			35,917,622
		4,498,082			126,072,335			6,715,632			179,461,487
Shares redeemed:
Class A		(1,008,866	)		(28,807,456	)		(1,703,667	)		(46,501,590	)
Class B		—			—			(26,286	)		(690,636	)
Class B – automatic conversion to Class A shares		—			—			(56,225	)		(1,538,960	)
Class C		(33,349	)		(933,917	)		(57,675	)		(1,551,116	)
Class R3		(402,879	)		(11,508,742	)		(694,183	)		(18,988,069	)
Class I		(2,124,285	)		(60,289,719	)		(4,606,481	)		(125,451,027	)
		(3,569,379	)		(101,539,834	)		(7,144,517	)		(194,721,398	)
Net increase (decrease)		928,703		$	24,532,501			(428,885	)	$	(15,259,911	)
	Six Months Ended 4/30/2015						Year Ended 10/31/2014
Mid Cap Index	Shares			Amount			Shares			Amount
Shares sold:
Class A		1,882,930		$	34,833,821			3,510,580		$	62,371,495
Class C		187,108			3,329,599			248,580			4,274,540
Class R3		1,325,059			24,193,572			2,833,347			49,841,942
Class I		1,046,271			19,419,188			2,382,696			42,733,710
Shares issued to shareholders due to reinvestment of distributions:
Class A		648,367			11,355,683			479,770			8,140,858
Class C		40,092			669,243			24,377			395,884
Class R3		692,188			11,929,814			471,325			7,877,667
Class I		524,713			9,237,147			419,344			7,144,368
		6,346,728			114,968,067			10,370,019			182,780,464
Shares redeemed:
Class A		(1,723,509	)		(31,798,044	)		(3,259,127	)		(58,375,215	)
Class C		(60,391	)		(1,071,490	)		(147,324	)		(2,507,924	)
Class R3		(1,190,795	)		(21,704,050	)		(2,015,515	)		(35,598,193	)
Class I		(1,650,713	)		(30,707,637	)		(3,912,305	)		(70,436,101	)
		(4,625,408	)		(85,281,221	)		(9,334,271	)		(166,917,433	)
Net increase (decrease)		1,721,320		$	29,686,846			1,035,748		$	15,863,031

124 Nuveen Investments

	Six Months Ended 4/30/2015						Year Ended 10/31/2014
Small Cap Index	Shares			Amount			Shares			Amount
Shares sold:
Class A		469,145		$	6,963,349			1,009,419		$	15,016,701
Class C		29,245			413,283			51,078			723,706
Class R3		531,403			7,688,499			1,014,591			14,675,770
Class I		299,892			4,448,176			777,476			11,508,364
Shares issued to shareholders due to reinvestment of distributions:
Class A		179,793			2,527,081			171,196			2,468,225
Class C		9,884			130,829			8,480			115,665
Class R3		218,581			2,980,871			175,256			2,454,748
Class I		161,444			2,281,268			136,460			1,975,455
		1,899,387			27,433,356			3,343,956			48,938,634
Shares redeemed:
Class A		(585,044	)		(8,696,989	)		(1,171,987	)		(17,420,852	)
Class C		(17,684	)		(247,467	)		(36,931	)		(520,340	)
Class R3		(534,836	)		(7,753,446	)		(736,541	)		(10,624,111	)
Class I		(517,788	)		(7,752,992	)		(1,046,432	)		(15,735,405	)
		(1,655,352	)		(24,450,894	)		(2,991,891	)		(44,300,708	)
Net increase (decrease)		244,035		$	2,982,462			352,065		$	4,637,926

5. Investment Transactions

Long-term purchases and sales (excluding investments purchased with collateral from securities lending and derivative transactions) during the current fiscal period were as follows:

	Equity Index		Mid Cap Index		Small Cap Index
Purchases	$	7,960,242	$	31,811,537	$	2,633,592
Sales		33,788,791		43,151,474		6,365,367

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, 2015, 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	$	417,312,458		$	613,718,281		$	131,959,911
Gross unrealized:
Appreciation	$	518,719,440		$	212,403,417		$	52,046,371
Depreciation		(18,753,982	)		(16,869,051	)		(9,961,251	)
Net unrealized appreciation (depreciation) of investments	$	499,965,458		$	195,534,366		$	42,085,120

Nuveen Investments 125

Notes to Financial Statements (Unaudited) (continued)

Permanent differences, primarily due to distribution reallocations, federal taxes paid, foreign currency transactions, investments in passive foreign investment companies, real estate investment trust adjustments and tax equalization resulted in reclassifications among the Funds’ components of net assets as of October 31, 2014, the Funds’ last tax year end, as follows:

	Equity Index			Mid Cap Index			Small Cap Index
Capital paid-in	$	10,329,054		$	3,656,123		$	4,061
Undistributed (Over-distribution of) net investment income		(135,987	)		(225,485	)		(4,476	)
Accumulated net realized gain (loss)		(10,193,067	)		(3,430,638	)		415

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

	Equity Index		Mid Cap Index		Small Cap Index
Undistributed net ordinary income1	$	3,450,923	$	8,017,334	$	1,993,678
Undistributed net long-term capital gains		36,755,365		27,139,731		6,380,895

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

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

	Equity Index		Mid Cap Index		Small Cap Index
Distributions from net ordinary income1	$	14,752,139	$	8,392,245	$	2,374,684
Distributions from net long-term capital gains		55,390,566		18,308,173		5,688,528

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, 2014, the Funds’ last tax year end, the Funds did not have any unused capital loss carryforwards available for federal income tax purposes to be applied against future capital gains, if any.

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

Average Daily Net Assets	Equity Index			Mid Cap Index			Small Cap Index
For the first $125 million		0.1000	%		0.1500	%		0.1500	%
For the next $125 million		0.0875			0.1375			0.1375
For the next $250 million		0.0750			0.1250			0.1250
For the next $500 million		0.0625			0.1125			0.1125
For the next $1 billion		0.0500			0.1000			0.1000
For net assets over $2 billion		0.0250			0.0750			0.0750

126 Nuveen Investments

The annual complex-level fee, payable monthly, for each Fund 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		0.2000	%
$56 billion		0.1996
$57 billion		0.1989
$60 billion		0.1961
$63 billion		0.1931
$66 billion		0.1900
$71 billion		0.1851
$76 billion		0.1806
$80 billion		0.1773
$91 billion		0.1691
$125 billion		0.1599
$200 billion		0.1505
$250 billion		0.1469
$300 billion		0.1445

* The complex-level fee is calculated based upon the aggregate daily “eligible assets” of all Nuveen funds. Eligible assets do not include assets attributable to investments in other Nuveen funds or assets in excess of $2 billion added to the Nuveen fund complex in connection with the Adviser’s assumption of the management of the former First American Funds effective January 1, 2011. Eligible assets include closed-end fund assets managed by the Adviser that are attributable to certain types of leverage. For these purposes, leverage includes the closed-end funds’ use of preferred stock and borrowings and certain investments in the residual interest certificates (also called inverse floating rate securities) in tender option bond (TOB) trusts, including the portion of assets held by 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, 2015, the complex-level fee for each Fund was as follows:

Fund	Complex-Level Fee
Equity Index		0.1978	%
Mid Cap Index		0.1756
Small Cap Index		0.1796

The Adviser has agreed to waive fees and/or reimburse expenses of each Fund so that total annual Fund operating expenses, (excluding 12b-1 distribution and/or service fees, interest expenses, taxes, acquired fund fees and expenses, fees incurred in acquiring and disposing of portfolio securities and extraordinary 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:

Fund	Temporary Expense Cap	Temporary Expense Cap Expiration Date
Equity Index	0.37%	September 30, 2016
Mid Cap Index	0.50%	September 30, 2016
Small Cap Index	0.58%	September 30, 2016

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 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.

Class A Shares are offered at their NAV per share with no up-front sales charge. During the current fiscal period, 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 current fiscal period, 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	$	21,447	$	21,071	$	1,531

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

	Equity Index		Mid Cap Index		Small Cap Index
12b-1 fees retained	$	11,480	$	16,758	$	2,565

Nuveen Investments 127

Notes to Financial Statements (Unaudited) (continued)

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

The Distributor also collected and retained CDSC on share redemptions during the current fiscal period as follows:

	Equity Index		Mid Cap Index		Small Cap Index
CDSC retained	$	194	$	2,566	$	20

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   Independent Registered
Public Accounting Firm PricewaterhouseCoopers LLP Chicago, IL 60606   Custodian U.S. Bank National Association Milwaukee, WI 53202 Legal Counsel Chapman and Cutler LLP Chicago, IL 60603 Transfer Agent and
Shareholder Services
Boston Financial Data Services, Inc. Nuveen Investor Services P.O. Box 8530 Boston, MA 02266-8530 (800)257-8787  

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

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

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Nuveen Investments 129

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.

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 Russell 3000^® Index measures the performance of the 3,000 largest companies based on total market capitalization, which represents approximately 98% of the investable U.S. equity market. 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.

130 Nuveen Investments

Notes

Nuveen Investments 131

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 $223 billion as of March 31, 2015.
		Find out how we can help you. To learn more about how the products and services of Nuveen Investments may be able to help you meet your financial goals, talk to your financial advisor, or call us at (800) 257-8787. Please read the information provided carefully before you invest. Investors should consider the investment objective and policies, risk considerations, charges and expenses of any investment carefully. Where applicable, be sure to obtain a prospectus, which contains this and other relevant information. To obtain a prospectus, please contact your securities representative or Nuveen Investments, 333 W. Wacker Dr., Chicago, IL 60606. Please read the prospectus carefully before you invest or send money. Learn more about Nuveen Funds at: www.nuveen.com/mf
Distributed by Nuveen Securities, LLC | 333 West Wacker Drive Chicago, IL 60606 | www.nuveen.com

MSA-FIDX-0415D        8584-INV-B-06/16

Mutual Funds

Nuveen Equity Funds

Semi-Annual Report  April 30, 2015

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

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Table

of Contents

Chairman’s Letter to Shareholders	4
Portfolio Managers’ Comments	5
Risk Considerations	12
Fund Performance and Expense Ratios	13
Holding Summaries	18
Expense Examples	21
Portfolios of Investments	23
Statement of Assets and Liabilities	37
Statement of Operations	38
Statement of Changes in Net Assets	39
Financial Highlights	42
Notes to Financial Statements	48
Additional Fund Information	58
Glossary of Terms Used in this Report	59

Nuveen Investments 3

Chairman’s Letter

to Shareholders

Dear Shareholders,

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

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

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

And, the same is true for investors like you. Maintaining an appropriate time horizon, diversification and relying on practiced investment teams are among your best strategies for achieving your long-term investment objectives. Additionally, I encourage you to communicate with your financial consultant if you have questions about your investment in a Nuveen Fund. On behalf of the other members of the Nuveen Fund Board, we look forward to continuing to earn your trust in the months and years ahead.

Sincerely,

William J. Schneider

Chairman of the Board

June 22, 2015

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, CFA, are the portfolio managers for the Nuveen Dividend Value Fund. Cori assumed portfolio management responsibilities in 1996 while Derek became a co-manager on the 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, 2015.

Nuveen Dividend Value Fund

How did the Fund perform during the six-month reporting period ended April 30, 2015?

The tables in the Fund Performance and Expense Ratios section of this report provide total returns for the Fund for the six-month, one-year, five-year and ten-year periods ended April 30, 2015. Comparative performance information is provided for the Fund’s Class A Shares at net asset value (NAV) only. The Fund’s Class A Shares at NAV underperformed the Russell 1000^® Value Index and the Lipper Equity Income Funds Classification Average during the six-month reporting period.

What strategies were used to manage the Fund during the reporting period and 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 underperformance was primarily the result of stock selection in the energy, financial and telecommunications services sectors, which was mostly offset by an overweight and stock selection in consumer discretionary and an underweight in utilities.

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

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

Nuveen Investments 5

Portfolio Managers’ Comments (continued)

Consumer discretionary was the top-performing sector within the Russell 1000^® Value Index, producing double-digit returns over the reporting period due to the tailwinds provided by significantly lower energy prices as well as continued improvements in employment and wages. Meanwhile, utilities and energy were the only two sectors in the index to produce negative returns during the reporting period. We were underweight utilities because valuations did not look as compelling, especially given the potential for the Federal Reserve to raise interest rates over the next twelve months.

In the energy sector, the steep decline in oil prices driven by global supply growth that outpaced demand pressured the Fund’s holdings, particularly early in the reporting period. Independent oil and natural gas company Linn Energy, LLC was more susceptible to the falling oil price environment, given its high dividend yield and declining production assets, which more than offset the company’s strong cash position and hedged oil positions. Our search for balance sheet strength led us to sell Linn Energy as the lower oil and gas prices were putting pressure on the company’s ability to continue to pay its dividend. A position in Golar LNG Limited also negatively impacted the Fund’s performance. The company operates one of the world’s largest fleets of independently owned liquefied natural gas (LNG) carriers, storage vessels and regasification units. Investors sold off shares of Golar LNG based on concerns that lower oil prices would lead to a decline in LNG supply and demand because some projects would become uneconomical, while also making gas fuel substitution less attractive. We also sold our Golar position as lower LNG prices increased the risk that this company will not be able to find sufficient buyers for its floating LNG ships, increasing its financial risk. A delay or cancelation of future LNG projects could also lead to further weakness in the LNG shipping market past 2015. Shares of energy services company Halliburton Company lagged during the reporting period as investors were concerned with future drilling and completion activity, given the expected supply response from lower oil prices. Halliburton also announced an offer to acquire Baker Hughes Incorporated in a deal that is still subject to regulatory approvals and expected to close late in 2015. Based on the news, we sold Halliburton and established a position in Baker Hughes, which represents an opportunity to ultimately own Halliburton shares at a discounted price. Halliburton is well positioned for the long-term growth in advanced drilling techniques and should benefit from better pricing and synergies once the Baker Hughes acquisition closes, which we believe is likely to take place. In addition, the Fund experienced negative results from a newly added position during the reporting period, natural gas company Range Resources Corporation. We originally purchased Range Resources due to its very strong gas acreage in the Northeast United States and our expectations for continued volume growth. However, we eventually sold this position as we believed there were better opportunities in oil-leveraged names following the large decline in oil prices. Also, natural gas was likely to underperform as we moved out of the peak winter demand season.

The Fund underperformed in the financial sector as interest rates continued to move down due to weaker-than-expected economic data, which pressured some of our bank and insurance holdings. While no specific financial holding detracted significantly, the Fund saw modest underperformance from a broad array of bank and insurance names such as: Prudential Financial, Inc., Regions Financial Corporation, Bank of America Corporation, Community Bank System, Inc. and Fifth Third Bancorp. However, we remain positively disposed toward life insurance and bank names as we believe that rates will begin to normalize over the longer term as employment data continues to improve. On the other hand, the Fund experienced favorable results from a position in ratings firm Moody’s Corporation. We added this holding during the reporting period because we liked the sustainability of the company’s earnings and cash flows given that the market for credit rating services has consolidated. We anticipate that global debt issuance will continue to grow as interest rates remain low and traditional banks curb lending due to higher capital requirements. We also believe that potential future growth in Moody’s analytics businesses is not fully appreciated by the market.

The telecommunications sector was also a source of underperformance, primarily due to the Fund’s exposure to telecom provider CenturyLink Inc. The company underperformed the sector as it reported quarterly earnings that came in at the low end of its guidance. We continue to view CenturyLink’s dividend yield, valuation and wireline assets favorably and have maintained the Fund’s position, despite the first quarter weakness.

On the positive side of the equation, an overweight to consumer discretionary as well as stock selection in the sector was beneficial. Four notable outperformers boosted the Fund’s results, including Staples, Inc., Lowe’s Companies, Inc., Hasbro, Inc. and Six Flags Entertainment Corporation. Office supply chain Staples continued to execute well on its strategy as it reported solid third quarter results in November, followed by better-than-expected earnings results during the fourth quarter. But even more impactful to the stock price was activist involvement as Starboard Value took a 6% stake in Staples, while also increasing its stake in Office Depot Inc. This led to increased speculation around a merger between the two companies, which was ultimately announced in February. Shares

6 Nuveen Investments

of one of the world’s largest home improvement retailers, Lowe’s, also outperformed during the reporting period. Lowe’s posted solid quarterly results that were well ahead of consensus estimates, while giving upbeat forward guidance as the company targets continued improvement in its operating margins through 2017. We continue to like this stock as we expect the company to remain focused on merchandise improvement and differentiation, re-accelerating its “Pro” business, enhancing omni-channel offerings and improving productivity. Toy and board game maker Hasbro was a standout after the company announced it would be replacing its major competitor on Disney’s princess doll line in 2016. In addition, Hasbro should benefit from toy sales connected to the strong action movie slate over the next two years. North American theme park operator Six Flags performed well after the company reported guidance that was better than expected. Revenues increased year-over-year while international fees continued to see growth as Six Flags expands into markets like Dubai and China. We expect these trends to continue in 2015, while we also believe lower gas prices will benefit consumer traffic and spending at Six Flags. We continue to like the strategic plan by management to increase revenue per guest, while reducing the seasonality of the business. Six Flags is also likely to continue its very shareholder-friendly capital return policy through dividend increases and share buybacks.

Stock selection was mixed in the information technology sector where an out-of-index position in Apple Inc. benefited performance. Apple continued to see growth in its high-margin iPhone business as the company experienced orders for its new sixth-generation phone that exceeded expectations. We believe Apple will continue to leverage its ecosystem and loyal customer base to roll out more innovative, high margin products. However, this outperformance was offset by a lack of exposure to Cisco Systems Inc., which is a fairly large weight in the benchmark. Cisco Systems outperformed after reporting stronger-than-expected first quarter results; however, we believe the company will likely see continued competitive pressures going forward for its switching and routing devices.

Nuveen Mid Cap Value Fund

How did the Fund perform during the six-month reporting period ended April 30, 2015?

The tables in the Fund Performance and Expense Ratios section of this report provide total returns for the Fund for the six-month, one-year, five-year and ten-year periods ended April 30, 2015. Comparative performance information is provided for the Fund’s Class A Shares at net asset value (NAV). The Fund’s Class A Shares at NAV underperformed the Russell Midcap^® Value Index and the Lipper Mid-Cap Value Funds Classification Average during the six-month reporting period.

What strategies were used to manage the Fund during the reporting period and 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 $1.6 billion and $29.8 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 (M&A) 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 was primarily the result of stock selection in the materials and industrials sectors, which was only partially offset by strength in consumer discretionary and financials. In the materials space, United States Steel Corporation was the most significant detractor in terms of relative performance due to its exposure to slumping oil prices. The company is one of the largest U.S.-based integrated steel mill manufacturers, which produces flat sheet carbon steel and tubular products in the United States, Canada and Europe. Oil country tubular good (OCTG) volumes are highly exposed to drops in exploration and production spending and represent a significant portion of U.S. Steel’s tubular segment shipments. With this headwind for the company, we sold the Fund’s position in U.S. Steel during the reporting period. The Fund also experienced underperformance from a position in Huntsman Corporation, a global manufacturer and marketer of differentiated chemical products for both consumer and industrial markets. The company’s shares were under pressure after reporting fourth quarter earnings that came in below analysts’ estimates. We decided to eliminate the Fund’s position in Huntsman because, broadly speaking, we believed the company lacked near-term catalysts. We also

Nuveen Investments 7

Portfolio Managers’ Comments (continued)

expect Huntsman to face additional headwinds that include: lower demand for methyl tertiary butyl ether (used as an additive in gasoline) and propylene oxide (used in making polyurethane plastics); a delayed recovery in the market for titanium dioxide (TiO₂); and unfavorable currency impacts and cash charges.

In the industrials sector, the greatest detractor was an out-of-index bet in Kirby Corporation. During the reporting period, management announced a downward revision to its outlook for both the fourth quarter and full-year 2014. The revision was due primarily to headwinds within the company’s land-based diesel engine services segment as a result of the collapse in oil prices and, to a lesser extent, its inland barge business. We sold out of the Fund’s position in Kirby during the reporting period. A position in Joy Global Inc., which manufactures and services mining equipment used for the extraction of coal and other minerals and ores, also underperformed. The environment has not been conducive to Joy Global as noted by the continued decline in bookings combined with currency-related headwinds and lack of end market demand. However, we have maintained the Fund’s position as we believe management could achieve its updated guidance targets for fiscal year 2015. Also, longer term, we may begin to see commodity prices stabilize as mines are closed down and equipment idling continues to take place. Offsetting some of the weakness in the industrial sector, Southwest Airlines Company topped consensus revenue and earnings per share estimates. Southwest Airlines also continued to generate strong free cash flow and returned a portion back to shareholders through buybacks and dividends. Given the stock’s strong performance, we decided to harvest our gains and seek opportunities with greater upside potential.

Favorable results in the consumer discretionary sector were led by a position in office supply chain Staples Inc., which reported better-than-anticipated third quarter results in November. But even more impactful to the stock price was activist involvement as Starboard Value took a 6% stake in Staples, while also increasing its stake in Office Depot Inc. This led to increased speculation around a merger between the two companies, which was ultimately announced in February. We have since sold the Fund’s position in Staples. Also, shares of Six Flags Entertainment Corporation benefited from a strong finish to the year and reported several metrics that exceeded estimates. We remain shareholders of Six Flags as its management team continues to execute well on its strategic plans. On the opposite end of the spectrum, J.C. Penney Company Inc. disappointed during the reporting period. At its analyst day in the fourth quarter of 2014, the company unveiled several very aggressive financial targets it hopes to hit in 2017. While we believed the company’s long-term plan was viable, in the near term its valuation was being extended and third quarter results were mediocre. We ultimately sold J.C. Penney during the reporting period.

In the financials sector, our position in E*Trade Financial Corporation was a bright spot within the sector. E*Trade’s shares marched upward throughout the reporting period, benefiting from the company’s fourth straight quarterly earnings share outperformance and debt restructuring, while management also raised 2015 and 2016 earnings estimates to reflect lower interest expenses. We continue to believe E*Trade Financial is a best-in-class online broker with a strong earnings growth profile that is not dependent on interest rate improvements. Also, Western Alliance Bancorporation, a regional bank focused on Nevada, Arizona and California markets, performed well. The company continued to execute on its operating goals by producing strong loan and deposit growth while continuing to display improvement in its credit quality metrics. We remain holders of Western Alliance given its strong loan pipeline and improving geographic footprint outlook. Shares of global commercial real estate and investment management firm Jones Lang LaSalle Incorporated also performed well during the reporting period. The company benefited from continued improvement in its leasing and capital markets segments, which has resulted in further balance sheet strength and a rating upgrade by Standard & Poor’s. We remain holders of this stock given the strong momentum in its business segments. Offsetting some of the strength in the financial sector was a position in real estate investment trust (REIT) company Host Hotels & Resorts, Inc. During the reporting period, expectations were reset given company-specific headwinds it faces in the near term, including renovation disruptions, difficult comparisons and currency headwinds. However, we continue to hold Host Hotels & Resorts and have a favorable long-term outlook because we believe the company should benefit from strong lodging fundamentals.

Overall results were also positive in the health care sector where shares of generic, branded generic and specialty pharmaceutical maker Mylan N.V. advanced strongly. The company reported favorable quarterly results with higher revenue and margins driving performance while also raising its earnings outlook, which re-enforced that it is executing well on an organic basis. Also, Mylan’s management team executed on its previously announced intention to make a sizeable acquisition in 2014 with the purchase of Abbott Laboratories’ non-U.S. specialty and branded pharmaceuticals business. The transaction is expected to be accretive to earnings this year. In addition, toward the end of the reporting period, Teva Pharmaceutical Industries expressed interest in acquiring Mylan. The Fund also experienced favorable results from Boston Scientific Corporation, a medical device firm focused on

8 Nuveen Investments

cardiovascular treatments. The company announced that it had settled the Guidant litigation with Johnson & Johnson on very favorable terms. Boston Scientific is also benefiting from a multi-year margin improvement program, U.S. Food and Drug Administration approval for several new product innovations and a recent acquisition that was viewed positively. In addition, Hologic Inc., the developer and supplier of digital imaging technology for general radiography and mammography applications, performed well during the reporting period. With new management firmly in place, Hologic continued to post solid quarterly results. This included a fiscal first quarter pre-announcement that helped propel the stock price, followed by increased fiscal year guidance given its strong start. We continue to hold and favor this stock as Hologic’s turnaround progresses and the company increasingly focuses on organic growth and deleveraging. On the other hand, an off-benchmark bet in health care services company Tenet Healthcare Corporation was a drag on performance. Although the company reported third quarter earnings that were stronger than expected, the stock was pressured by the Supreme Court’s take-up of the King v. Burwell case, which challenges the use of subsidies for enrollees in federal exchanges. As the reporting period progressed, we ended up selling Tenet Healthcare as overhang from the Supreme Court hearing continued to linger.

Although results overall in information technology were only modestly positive, the Fund’s strongest performing stock was found in that sector. Video game developer and distributor Electronic Arts Inc. continued to benefit from a new generation of gaming consoles and the increasing shift toward the digital delivery of games over the internet, which is meaningfully raising its gross margins and free cash flow. Electronic Arts’ CEO has done an exceptional job of eliminating less-profitable games and expanding the reach and profit margin of popular games. The company’s streamlined operations helped it produce another strong quarter with both revenue and earnings coming in well ahead of consensus estimates.

Broadly speaking, energy and energy-related sectors were in a virtual tailspin as oil prices declined dramatically, particularly earlier in the reporting period. Many of our holdings within energy were negatively affected by this phenomenon, particularly Whiting Petroleum Corporation, Nabors Industries Ltd. and Peabody Energy Corporation. Whiting Petroleum operates as an oil and gas company engaged in the exploration and development of crude oil, natural gas and natural gas liquids. The stock declined as investors keenly focused on the impact of lower oil prices, capital expenditures and production. Nabors Industries provides offshore platform workover and drilling rigs, among other items and applications. Its stock was also adversely affected due to anticipation of a moderately lower growth trajectory for domestic and international rig demand in this environment. In the case of coal mining company Peabody Energy, we had initiated this position during the reporting period in an attempt to decrease the Fund’s direct exposure to oil prices. However, Peabody Energy was not immune to broad-based weakness within the energy sector and ended up being the Fund’s most significant detractor. The company’s shares suffered, particularly in March, as the price of coal declined, causing investors and sell-side analysts to reduce forward earnings estimates despite management’s good efforts to contain and reduce operating costs. We eliminated the Fund’s positions in Whiting Petroleum, Nabors Industries and Peabody Energy during the reporting period.

Nuveen Small Cap Value Fund

How did the Fund perform during the six-month reporting period ended April 30, 2015?

The tables in the Fund Performance and Expense Ratios section of this report provide total returns for the Fund for the six-month, one-year, five-year and ten-year periods ended April 30, 2015. Comparative performance information is provided for the Fund’s Class A Shares at net asset value (NAV). The Fund’s Class A Shares at NAV outperformed the Russell 2000^® Value Index and the Lipper Small-Cap Value Funds Classification Average during the six-month reporting period.

What strategies were used to manage the Fund during the reporting period and 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 $143 million to $4.5 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.

Once again, our bottom-up investment process proved beneficial during the reporting period. Stock selection was the primary driver behind the Fund’s strong relative results versus both the Russell 2000^® Value Index and Lipper peers. The Fund outperformed in

Nuveen Investments 9

Portfolio Managers’ Comments (continued)

seven of the ten Russell benchmark sectors, while performing in line with the index in the other three sectors. Our strongest stock selection was found in the financial, consumer discretionary, energy, utilities and materials sectors.

The financial sector was the strongest area for the Fund, led by Associated Estates Realty Corporation, a multi-family real estate investment trust (REIT) focused on apartments in the Midwest and Mid-Atlantic regions. Associated Estates Realty benefited from stabilized results in its regions and shareholder activists, who are seeking ways to bridge the valuation gap between this company and its peers. Also, regional bank Customers Bancorp, Inc., which is focused in Pennsylvania, New York and New Jersey markets, was a top performer in financials. The bank produced favorable earnings growth due to stronger-than-expected net interest margins and an improved outlook for lending and mobile banking opportunities. Shares of Square 1 Financial Inc., another regional bank focused on technology and venture capital lending, also advanced strongly during the reporting period. Given the strength of its attractive end markets, the bank continued to display strong loan and deposit growth trends. In March of this year, Square 1 Financial was acquired by a large super-regional bank, which caused us to exit the name. The financial sector was also home to one of the Fund’s more significant detractors, Manning & Napier, Inc. This U.S.-based asset management firm, which is geared toward equity products, underperformed because of weaker performance from some of its key funds that resulted in net outflows. However, we have maintained our position given Manning & Napier’s attractive relative and historical valuation levels, combined with our expectation that the performance of its blended and equity strategies will stabilize and improve.

Stock selection in the consumer discretionary sector was also particularly strong during the reporting period. The Fund’s top performer found in this sector was pizza chain operator and franchisor Papa Murphy’s Holdings. The company produced strong comparable store sales results across the franchise and expects results to continue to improve based on increased store openings and an online ordering rollout. Also, Kirkland’s, Inc., a specialty home accessories and furnishing retailer, outperformed during the reporting period. Kirkland’s produced strong results while increasing fourth quarter guidance as the company benefited from improved sales of higher margin merchandise due to its E-commerce business. Offsetting some of the strength in the consumer discretionary area, shares of luxury watch marketer and distributor Movado Group, Inc. declined as the company guided to a weak quarter based on lower projected inventory at retailers. We have maintained our Movado position given its depressed valuation level and the company’s strong financial position, demonstrated by its share repurchase goal of nearly 10% of its market capitalization. Also, leading footwear producer Deckers Outdoor Corporation experienced several headwinds during the reporting period including foreign exchange pressure and milder European weather that impacted international reorders. Management gave softer guidance for the upcoming fiscal year based on continued foreign exchange pressure and soft European expectations. However, we maintained the Fund’s Deckers Outdoor position because of potential offsets, which include expense reductions, share buybacks and price increases for its key Ugg brand.

After detracting in the previous fiscal year, exploration and production (E&P) company Callon Petroleum Company was a strong performer in energy during this reporting period. With operations located primarily in the sweet spot of the Permian Basin, the company guided toward double-digit production and cash flow growth, while cutting discretionary capital spending by a much greater amount. Callon Petroleum was able to shore up its balance sheet capacity with a successful secondary equity offering, allowing for potential reserve additions and cash flow growth in 2016 and beyond. We added to the Fund’s position during the secondary offering. Offsetting some of this strength, we saw a significant decline in shares of Rosetta Resources Inc., a small-to-mid-cap E&P company with primary operations centered in the cost-effective Eagle Ford Basin in Texas with an emerging play in the Delaware Basin of the Permian. Although Rosetta Resources delivered solid production and operating metrics during the reporting period, the company was caught in the negative oil macro environment despite its willingness to cut capital spending by 20%. However, we remained confident that Rosetta Resources could regain solid footing upon the stabilization of oil prices, given the fact that the company’s Delaware Basin well results remained favorable and it was generating good cash flow from its more mature Eagle Ford assets. Our confidence in this name was rewarded in early May after the reporting period ended as Noble Energy, Inc. announced the acquisition of Rosetta Resources in an all-stock transaction that represented a significant premium to its previous closing price.

The Fund’s outperformance in utilities was primarily due to a position in UIL Holdings Corporation, a New England based regulated transmission and distribution utility. The company announced an agreement to be acquired by privately-held Iberdrola USA. The merger will create a larger, diversified power and utility company that will be publicly traded upon the closing, which is targeted by year end 2015. Given that the combined entity adds scale and upside potential, we continue to hold a smaller position in the stock.

10 Nuveen Investments

In the materials sector, the Fund saw strong results from diversified U.S. building materials and products firm Headwaters Incorporated. The company was able to continue to deliver solid organic top-line results and margin expansion despite ongoing concerns about the slow housing recovery and the spillover impact from employment declines in the energy industry in key markets like Texas. Headwaters’ big growth driver is demand for its fly ash product, a by-product from burning coal that can be used instead of cement for construction projects. With the recent shortage in the supply of cement along with dramatic price increases, fly ash is increasingly being used as a substitute. Headwaters also benefited from refinancing its debt and significantly bringing down interest expenses.

In technology, shares of Cypress Semiconductor Corporation, a semiconductor manufacturer with broad industry and product exposure, advanced strongly after the company announced a transformative merger with industry peer Spansion Inc. The product portfolios between the two companies are complimentary, allowing for accretion from both back-office and top-line synergies. We continued to hold this position after the merger closed in March. The Fund also experienced favorable results from its position in Perficient, Inc., a domestic-centric technology service company with implementation expertise across multiple verticals such as health care, financial services and retail. Perficient has continued to grow its business (both top line and bottom line) through small, accretive acquisitions that have helped to fill out its customer base and product expertise. The valuation of the company began to reflect its strong underlying fundamentals as the management team demonstrated metrics that showed an improvement in the organic growth component of Perficient’s business model.

In health care, the Fund experienced favorable results from a position in AMN Healthcare Services, Inc., a company focused on temporary hospital staffing primarily for nurses, but also for allied staff positions and physicians. After hitting an inflection point in overall staffing demand, AMN Healthcare beat estimates and raised guidance in both the third and fourth quarters of 2014. The combination of leading technology, strong operational execution, a concerted effort to stay ahead of the demand curve and increasing industry demand have driven an acceleration in AMN Healthcare’s business fundamentals and ultimately stock performance.

The Fund’s most significant detractor was found in the industrial sector, Tutor Perini Corporation, a domestic-centric engineering and construction company specializing in large civil infrastructure and commercial building projects. Tutor Perini’s stock has been pressured downward since mid-2014, which was exacerbated in February after the company reported a significant decline in year-over-year fourth quarter earnings. Management cited a decrease in activity surrounding certain higher margin projects and timing around tunnel projects on the West Coast. An out-of-index position in Altra Industrial Motion Corporation, an industrial machinery company focused on power transmission applications, also underperformed during this reporting period. Although the company beat expectations for revenue and earnings per share (EPS) in the third quarter, it tightened full-year guidance due to foreign exchange headwinds, softer demand in Europe and an anticipated slowdown in oil and gas exposed markets in fourth quarter 2014 and 2015. Fourth quarter revenues did come in modestly below expectations; however, EPS beat expectations by slightly more than 10% because the company worked hard to cut costs to be in line with slowing end-market demand. We continued to hold our position in Altra Industrial Motion given the company’s ability to offset revenue headwinds and adjust costs, as well as due to signs of improvement in Europe.

Nuveen Investments 11

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.

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 an agreement by the investment adviser to waive certain fees and/or reimburse expenses during the periods presented. If any such waivers and/or reimbursements had not been in place, returns would have been reduced. See Notes to Financial Statements, Note 7—Management Fees and Other Transactions with Affiliates for more information. For the most recent month-end performance visit www.nuveen.com or call (800) 257-8787.

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

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

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

Nuveen Investments 13

Fund Performance and Expense Ratios (continued)

Nuveen Dividend Value Fund

Refer to the first page of this Fund Performance and Expense Ratios section for further explanation of the information included within this section. Refer to the Glossary of Terms Used in this Report for definitions of terms used within this section.

Fund Performance

Average Annual Total Returns as of April 30, 2015

	Cumulative		Average Annual
	6-Month		1-Year		5-Year		10-Year
Class A Shares at NAV		2.52%		6.93%		12.46%		8.37%
Class A Shares at maximum Offering Price		(3.35)%		0.80%		11.14%		7.73%
Russell 1000® Value Index		2.89%		9.31%		13.39%		7.51%
Lipper Equity Income Funds Classification Average		2.96%		7.82%		12.08%		7.63%
Class C Shares		2.10%		6.08%		11.63%		7.56%
Class R3 Shares		2.40%		6.68%		12.20%		8.10%
Class I Shares		2.64%		7.22%		12.75%		8.64%

	Cumulative		Average Annual
	6-Month		1-Year		Since Inception
Class R6 Shares		2.70%		7.34%		15.00%

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

	Cumulative		Average Annual
	6-Month		1-Year		5-Year		10-Year
Class A Shares at NAV		2.69%		6.14%		12.66%		8.08%
Class A Shares at maximum Offering Price		(3.22)%		0.02%		11.34%		7.44%
Class C Shares		2.28%		5.35%		11.82%		7.27%
Class R3 Shares		2.57%		5.95%		12.40%		7.81%
Class I Shares		2.81%		6.43%		12.95%		8.35%

	Cumulative		Average Annual
	6-Month		1-Year		Since Inception
Class R6 Shares		2.93%		6.55%		14.94%

Since inception returns for Class R6 Shares are from 2/28/13. Indexes and Lipper averages are not available for direct investment.

Class A Shares have a maximum 5.75% sales charge (Offering Price). Class A Share purchases of $1 million or more are sold at net asset value without an up-front sales charge but may be subject to a contingent deferred sales charge (CDSC), also known as a back-end sales charge, if redeemed within twelve months of purchase. Class C Shares have a 1% CDSC for redemptions within less than twelve months, which is not reflected in the one-year total return. Class 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 C		Class R3		Class R6		Class I
Expense Ratios		1.15%		1.90%		1.40%		0.81%		0.90%

Nuveen Investments 15

Fund Performance and Expense Ratios (continued)

Nuveen Mid Cap Value Fund

Refer to the first page of this Fund Performance and Expense Ratios section for further explanation of the information included within this section. Refer to the Glossary of Terms Used in this Report for definitions of terms used within this section.

Fund Performance

Average Annual Total Returns as of April 30, 2015

	Cumulative		Average Annual
	6-Month		1-Year		5-Year		10-Year
Class A Shares at NAV		2.62%		9.04%		11.06%		7.68%
Class A Shares at maximum Offering Price		(3.28)%		2.77%		9.76%		7.04%
Russell Midcap® Value Index		3.83%		9.97%		14.57%		9.77%
Lipper Mid-Cap Value Funds Classification Average		5.07%		9.25%		13.15%		8.77%
Class C Shares		2.25%		8.26%		10.23%		6.87%
Class R3 Shares		2.51%		8.79%		10.79%		7.41%
Class I Shares		2.75%		9.34%		11.34%		7.94%

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

	Cumulative		Average Annual
	6-Month		1-Year		5-Year		10-Year
Class A Shares at NAV		7.26%		9.66%		12.09%		7.47%
Class A Shares at maximum Offering Price		1.11%		3.35%		10.77%		6.83%
Class C Shares		6.88%		8.83%		11.25%		6.66%
Class R3 Shares		7.14%		9.38%		11.81%		7.20%
Class I Shares		7.40%		9.93%		12.35%		7.73%

Indexes and Lipper averages are not available for direct investment.

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

Expense Ratios as of Most Recent Prospectus

	Share Class
	Class A		Class C		Class R3		Class I
Gross Expense Ratios		1.42%		2.17%		1.67%		1.17%
Net Expense Ratios		1.30%		2.05%		1.55%		1.05%

The Fund’s investment adviser has agreed to waive fees and/or reimburse other Fund expenses through September 30, 2016, so that total annual Fund operating expenses (excluding 12b-1 distribution and/or service fees, interest expenses, taxes, acquired fund fees and expenses, fees incurred in acquiring and disposing of portfolio securities and extraordinary expenses) do not exceed 1.05% of the average daily net assets of any class of Fund shares. Fee waivers and/or expense reimbursements will not be terminated prior to that time without the approval of the Fund’s Board of Directors.

16 Nuveen Investments

Nuveen Small Cap Value Fund

Refer to the first page of this Fund Performance and Expense Ratios section for further explanation of the information included within this section. Refer to the Glossary of Terms Used in this Report for definitions of terms used within this section.

Fund Performance

Average Annual Total Returns as of April 30, 2015

	Cumulative		Average Annual
	6-Month		1-Year		5-Year		10-Year
Class A Shares at NAV		5.89%		8.11%		13.42%		8.67%
Class A Shares at maximum Offering Price		(0.19)%		1.88%		12.09%		8.03%
Russell 2000® Value Index		2.05%		4.89%		10.55%		7.87%
Lipper Small-Cap Value Funds Classification Average		3.02%		4.68%		11.21%		8.50%
Class C Shares		5.42%		7.22%		12.56%		7.86%
Class R3 Shares		5.75%		7.82%		13.15%		8.41%
Class I Shares		6.01%		8.33%		13.68%		8.93%

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

	Cumulative		Average Annual
	6-Month		1-Year		5-Year		10-Year
Class A Shares at NAV		13.15%		6.78%		15.27%		8.30%
Class A Shares at maximum Offering Price		6.67%		0.63%		13.92%		7.66%
Class C Shares		12.66%		5.99%		14.41%		7.50%
Class R3 Shares		13.02%		6.54%		14.97%		8.04%
Class I Shares		13.28%		7.10%		15.53%		8.57%

Indexes and Lipper averages are not available for direct investment.

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

Expense Ratios as of Most Recent Prospectus

	Share Class
	Class A		Class C		Class R3		Class I
Gross Expense Ratios		1.56%		2.30%		1.81%		1.31%
Net Expense Ratios		1.48%		2.23%		1.73%		1.23%

The Fund’s investment adviser has agreed to waive fees and/or reimburse other Fund expenses through September 30, 2016, so that total annual Fund operating expenses (excluding 12b-1 distribution and/or service fees, interest expenses, taxes, acquired fund fees and expenses, fees incurred in acquiring and disposing of portfolio securities and extraordinary expenses) do not exceed 1.15% of the average daily net assets of any class of Fund shares. Fee waivers and/or expense reimbursements will not be terminated prior to that time without the approval of the Fund’s Board of Directors.

Nuveen Investments 17

Holding

Summaries as of April 30, 2015

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	99.5%
Investments Purchased with Collateral from Securities Lending	11.1%
Money Market Funds	0.5%
Other Assets Less Liabilities	(11.1)%
Net Assets	100%

Portfolio Composition

(% of net assets)

Banks	11.6%
Oil, Gas & Consumable Fuels	11.2%
Pharmaceuticals	10.3%
Insurance	4.1%
Chemicals	3.5%
Real Estate Investment Trust	3.4%
Semiconductors & Semiconductor Equipment	3.2%
Diversified Telecommunication Services	3.1%
Aerospace & Defense	3.0%
Technology Hardware, Storage & Peripherals	2.9%
Health Care Providers & Services	2.7%
Industrial Conglomerates	2.7%
Software	2.5%
Electrical Equipment	2.4%
Hotels, Restaurants & Leisure	2.4%
Specialty Retail	2.4%
Electric Utilities	2.2%
Health Care Equipment & Supplies	2.2%
Media	2.2%
Leisure Products	2.1%
Other	19.4%
Investments Purchased with Collateral from Securities Lending	11.1%
Money Market Funds	0.5%
Other Assets Less Liabilities	(11.1)%
Net Assets	100%

Top Five Common Stock Holdings

(% of net assets)

Pfizer Inc.	3.4%
General Electric Company	2.7%
Bank of America Corporation	2.7%
Exxon Mobil Corporation	2.5%
Merck & Company Inc.	2.2%

18 Nuveen Investments

Nuveen Mid Cap Value Fund

Fund Allocation

(% of net assets)

Common Stocks	99.8%
Investments Purchased with Collateral from Securities Lending	15.8%
Money Market Funds	0.5%
Other Assets Less Liabilities	(16.1)%
Net Assets	100%

Portfolio Composition

(% of net assets)

Real Estate Investment Trust	9.8%
Banks	6.8%
Health Care Providers & Services	6.3%
Insurance	6.2%
Capital Markets	6.0%
Specialty Retail	6.0%
Multi-Utilities	5.6%
Hotels, Restaurants & Leisure	5.4%
Health Care Equipment & Supplies	4.8%
Semiconductors & Semiconductor Equipment	4.7%
Household Durables	3.3%
Oil, Gas & Consumable Fuels	3.0%
Machinery	2.7%
Aerospace & Defense	2.5%
Airlines	2.4%
Pharmaceuticals	2.2%
Software	2.0%
Multiline Retail	2.0%
Other	18.1%
Investments Purchased with Collateral from Securities Lending	15.8%
Money Market Funds	0.5%
Other Assets Less Liabilities	(16.1)%
Net Assets	100%

Top Five Common Stock Holdings (% of net assets)

CIGNA Corporation	3.0%
Invesco LTD	2.4%
Hartford Financial Services Group, Inc.	2.4%
Best Buy Co., Inc.	2.4%
Sempra Energy	2.1%

Nuveen Investments 19

Holding Summaries as of April 30, 2015(continued)

Nuveen Small Cap Value Fund

Fund Allocation

(% of net assets)

Common Stocks	98.8%
Investments Purchased with Collateral from Securities Lending	13.1%
Money Market Funds	0.3%
Other Assets Less Liabilities	(12.2)%
Net Assets	100%

Portfolio Composition

(% of net assets)

Banks	16.6%
Real Estate Investment Trust	10.4%
Insurance	5.6%
Communications Equipment	3.8%
Construction & Engineering	3.5%
Professional Services	3.2%
Oil, Gas & Consumable Fuels	3.2%
Health Care Equipment & Supplies	3.1%
Specialty Retail	3.1%
Capital Markets	3.0%
Commercial Services & Supplies	3.0%
Electronic Equipment, Instruments & Components	2.8%
Semiconductors & Semiconductor Equipment	2.6%
Electric Utilities	2.4%
Household Durables	2.4%
Electrical Equipment	2.4%
Health Care Providers & Services	2.3%
Thrifts & Mortgage Finance	2.2%
Chemicals	2.1%
Gas Utilities	1.8%
Other	19.3%
Investments Purchased with Collateral from Securities Lending	13.1%
Money Market Funds	0.3%
Other Assets Less Liabilities	(12.2)%
Net Assets	100%

Top Five Common Stock Holdings

(% of net assets)

Western Alliance Bancorporation	2.2%
Tutor Perini Corporation	2.0%
Horace Mann Educators Corporation	1.9%
Webster Financial Corporation	1.9%
Customers Bancorp Inc.	1.8%

20 Nuveen Investments

Expense

Examples

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

The Examples below are based on an investment of $1,000 invested at the beginning of the period and held through the period ended April 30, 2015.

The beginning of the period is November 1, 2014.

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

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

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

Nuveen Dividend Value Fund

	Shares Class
	Class A		Class C		Class R3		Class R6		Class I
Actual Performance
Beginning Account Value	$	1,000.00	$	1,000.00	$	1,000.00	$	1,000.00	$	1,000.00
Ending Account Value	$	1,025.20	$	1,021.00	$	1,024.00	$	1,027.00	$	1,026.40
Expenses Incurred During Period	$	5.82	$	9.57	$	7.08	$	4.07	$	4.57
Hypothetical Performance (5% annualized return before expenses)
Beginning Account Value	$	1,000.00	$	1,000.00	$	1,000.00	$	1,000.00	$	1,000.00
Ending Account Value	$	1,019.04	$	1,015.32	$	1,017.80	$	1,020.78	$	1,020.28
Expenses Incurred During Period	$	5.81	$	9.54	$	7.05	$	4.06	$	4.56

For each class of the Fund, expenses are equal to the Fund’s annualized net expense ratio of 1.16%, 1.91%, 1.41%, 0.81% and 0.91% for Classes A, 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 21

Expense Examples (continued)

Nuveen Mid Cap Value Fund

	Shares Class
	Class A		Class C		Class R3		Class I
Actual Performance
Beginning Account Value	$	1,000.00	$	1,000.00	$	1,000.00	$	1,000.00
Ending Account Value	$	1,026.20	$	1,022.50	$	1,025.10	$	1,027.50
Expenses Incurred During Period	$	6.73	$	10.48	$	7.98	$	5.48
Hypothetical Performance (5% annualized return before expenses)
Beginning Account Value	$	1,000.00	$	1,000.00	$	1,000.00	$	1,000.00
Ending Account Value	$	1,018.15	$	1,014.43	$	1,016.91	$	1,019.39
Expenses Incurred During Period	$	6.71	$	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%, 1.59% and 1.09% 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 Small Cap Value Fund

	Shares Class
	Class A		Class C		Class R3		Class I
Actual Performance
Beginning Account Value	$	1,000.00	$	1,000.00	$	1,000.00	$	1,000.00
Ending Account Value	$	1,058.90	$	1,054.20	$	1,057.50	$	1,060.10
Expenses Incurred During Period	$	7.10	$	10.90	$	8.37	$	5.82
Hypothetical Performance (5% annualized return before expenses)
Beginning Account Value	$	1,000.00	$	1,000.00	$	1,000.00	$	1,000.00
Ending Account Value	$	1,017.90	$	1,014.18	$	1,016.66	$	1,019.14
Expenses Incurred During Period	$	6.95	$	10.69	$	8.20	$	5.71

For each class of the Fund, expenses are equal to the Fund’s annualized net expense ratio of 1.39%, 2.14%, 1.64% and 1.14% 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).

22 Nuveen Investments

Nuveen Dividend Value Fund

Portfolio of Investments April 30, 2015 (Unaudited)

Shares		Description (1)	Value
		LONG-TERM INVESTMENTS – 99.5%
		COMMON STOCKS – 99.5%
		Aerospace & Defense – 3.0%
	97,033	Boeing Company	$	13,908,710
	124,357	General Dynamics Corporation		17,076,703
	150,755	United Technologies Corporation		17,148,381
		Total Aerospace & Defense		48,133,794
		Airlines – 0.6%
	209,416	Delta Air Lines, Inc.		9,348,330
		Banks – 11.6%
	2,723,408	Bank of America Corporation		43,383,889
	255,978	BankUnited Inc.		8,411,437
	570,628	Citigroup Inc.		30,425,885
	791,708	ICICI Bank Limited		8,653,368
	135,527	M&T Bank Corporation, (2)		16,218,516
	254,274	Pacwest Bancorp., (2)		11,467,757
	198,759	PNC Financial Services Group, Inc.		18,232,163
	1,640,043	Regions Financial Corporation		16,121,623
	535,142	SunTrust Banks, Inc., (2)		22,208,393
	438,321	Zions Bancorporation		12,419,826
		Total Banks		187,542,857
		Beverages – 0.7%
	291,615	Coca-Cola Company		11,827,904
		Capital Markets – 2.1%
	30,252	BlackRock Inc.		11,009,913
	337,059	Morgan Stanley		12,575,671
	281,995	TD Ameritrade Holding Corporation		10,222,319
		Total Capital Markets		33,807,903
		Chemicals – 3.5%
	337,603	Dow Chemical Company		17,217,753
	110,653	LyondellBasell Industries NV		11,454,799
	70,089	PPG Industries, Inc.		15,528,919
	100,166	Praxair, Inc.		12,213,240
		Total Chemicals		56,414,711
		Commercial Services & Supplies – 0.8%
	606,903	Pitney Bowes Inc.		13,576,420

Nuveen Investments 23

Nuveen Dividend Value Fund (continued)

Portfolio of Investments April 30, 2015 (Unaudited)

Shares		Description (1)	Value
		Communications Equipment – 1.0%
	1,423,806	Ericsson, (2)	$	15,547,962
		Consumer Finance – 1.8%
	212,465	Capital One Financial Corporation		17,177,795
	207,563	Discover Financial Services		12,032,427
		Total Consumer Finance		29,210,222
		Diversified Financial Services – 1.2%
	175,590	Moody’s Corporation, (2)		18,879,437
		Diversified Telecommunication Services – 3.1%
	507,772	CenturyLink Inc., (2)		18,259,481
	1,129,701	Frontier Communications Corporation, (2)		7,749,749
	469,032	Verizon Communications Inc.		23,657,974
		Total Diversified Telecommunication Services		49,667,204
		Electric Utilities – 2.2%
	223,096	Pinnacle West Capital Corporation		13,653,475
	659,531	PPL Corporation, (2)		22,443,840
		Total Electric Utilities		36,097,315
		Electrical Equipment – 2.4%
	316,250	Eaton PLC		21,735,863
	147,884	Rockwell Automation, Inc., (2)		17,539,042
		Total Electrical Equipment		39,274,905
		Energy Equipment & Services – 0.5%
	124,833	Baker Hughes Incorporated		8,546,067
		Food & Staples Retailing – 1.2%
	188,941	CVS Caremark Corporation		18,759,952
		Food Products – 1.2%
	450,390	Unilever PLC		19,582,957
		Health Care Equipment & Supplies – 2.2%
	362,615	Medtronic, PLC		26,996,687
	98,537	Stryker Corporation		9,089,053
		Total Health Care Equipment & Supplies		36,085,740
		Health Care Providers & Services – 2.7%
	100,860	CIGNA Corporation		12,571,190
	281,907	UnitedHealth Group Incorporated		31,404,440
		Total Health Care Providers & Services		43,975,630
		Hotels, Restaurants & Leisure – 2.4%
	316,277	Carnival Corporation, (2)		13,906,700
	142,809	Las Vegas Sands, (2)		7,551,740

24 Nuveen Investments

Shares		Description (1)	Value
		Hotels, Restaurants & Leisure (continued)
	359,689	Six Flags Entertainment Corporation	$	16,912,577
		Total Hotels, Restaurants & Leisure		38,371,017
		Household Durables – 0.4%
	38,819	Whirlpool Corporation, (2)		6,816,616
		Household Products – 2.0%
	399,705	Procter & Gamble Company		31,780,545
		Independent Power & Renewable Electricity Producers – 0.5%
	321,859	NRG Energy Inc.		8,123,721
		Industrial Conglomerates – 2.7%
	1,617,319	General Electric Company		43,796,999
		Insurance – 4.1%
	564,034	Hartford Financial Services Group, Inc.		22,995,666
	245,423	Lincoln National Corporation		13,863,945
	193,646	Prudential Financial, Inc.		15,801,514
	373,329	Unum Group		12,752,919
		Total Insurance		65,414,044
		IT Services – 1.1%
	99,246	International Business Machines Corporation (IBM)		16,999,847
		Leisure Products – 2.1%
	230,440	Hasbro, Inc.		16,312,848
	312,176	Mattel, Inc.		8,790,876
	68,209	Polaris Industries Inc.		9,341,905
		Total Leisure Products		34,445,629
		Machinery – 0.6%
	101,023	Caterpillar Inc.		8,776,878
		Media – 2.2%
	237,756	Cinemark Holdings Inc.		10,135,538
	171,064	Omnicom Group, Inc., (2)		12,959,809
	79,506	Time Warner Cable, Class A		12,364,773
		Total Media		35,460,120
		Multiline Retail – 0.8%
	157,915	Target Corporation		12,448,439
		Multi-Utilities – 1.0%
	492,720	CMS Energy Corporation		16,717,990
		Oil, Gas & Consumable Fuels – 11.2%
	252,317	Anadarko Petroleum Corporation		23,743,030
	272,595	Chevron Corporation		30,274,401

Nuveen Investments 25

Nuveen Dividend Value Fund (continued)

Portfolio of Investments April 30, 2015 (Unaudited)

Shares		Description (1)	Value
		Oil, Gas & Consumable Fuels (continued)
	145,015	ConocoPhillips, (2)	$	9,849,419
	332,381	Devon Energy Corporation		22,671,708
	128,860	EOG Resources, Inc.		12,750,697
	460,924	Exxon Mobil Corporation		40,270,930
	385,015	Kinder Morgan, Inc.		16,536,394
	230,119	Occidental Petroleum Corporation		18,432,532
	130,573	Williams Partners LP		6,450,306
		Total Oil, Gas & Consumable Fuels		180,979,417
		Pharmaceuticals – 10.3%
	262,979	AbbVie Inc.		17,004,222
	282,393	GlaxoSmithKline PLC, (2)		13,032,437
	255,753	Johnson & Johnson		25,370,698
	591,432	Merck & Company Inc.		35,225,690
	1,593,683	Pfizer Inc.		54,073,662
	335,918	Teva Pharmaceutical Industries Limited, Sponsored ADR		20,296,166
		Total Pharmaceuticals		165,002,875
		Real Estate Investment Trust – 3.4%
	141,087	Crown Castle International Corporation		11,784,997
	100,591	Mid-America Apartment Communities		7,505,095
	690,661	Outfront Media Inc.		19,835,784
	660,187	Starwood Property Trust Inc.		15,851,090
		Total Real Estate Investment Trust		54,976,966
		Semiconductors & Semiconductor Equipment – 3.2%
	826,930	Cypress Semiconductor Corporation, (2)		11,014,708
	812,080	Intel Corporation		26,433,204
	310,928	Xilinx, Inc.		13,481,838
		Total Semiconductors & Semiconductor Equipment		50,929,750
		Software – 2.5%
	662,785	CA Technologies, (2)		21,056,679
	409,014	Microsoft Corporation		19,894,441
		Total Software		40,951,120
		Specialty Retail – 2.4%
	400,750	Best Buy Co., Inc.		13,885,988
	66,189	Signet Jewelers Limited		8,877,931
	918,620	Staples, Inc., (2)		14,991,878
		Total Specialty Retail		37,755,797

26 Nuveen Investments

Shares		Description (1)	Value
		Technology Hardware, Storage & Peripherals – 2.9%
	166,312	Apple, Inc.	$	20,813,947
	777,348	Hewlett-Packard Company		25,629,164
		Total Technology Hardware, Storage & Peripherals		46,443,111
		Tobacco – 1.9%
	361,711	Altria Group, Inc.		18,103,636
	139,901	Philip Morris International		11,677,536
		Total Tobacco		29,781,172
		Total Long-Term Investments (cost $1,216,839,879)		1,602,251,363
Shares		Description (1)	Value
		INVESTMENTS PURCHASED WITH COLLATERAL FROM SECURITIES LENDING – 11.1%
		Money Market Funds – 11.1%
	178,759,436	Mount Vernon Securities Lending Prime Portfolio, 0.204%, (3), (4)	$	178,759,436
		Total Investments Purchased with Collateral from Securities Lending (cost $178,759,436)		178,759,436
Shares		Description (1)	Value
		SHORT-TERM INVESTMENTS – 0.5%
		Money Market Funds – 0.5%
	8,941,545	First American Treasury Obligations Fund, Class Z, 0.000%, (3)	$	8,941,545
		Total Short-Term Investments (cost $8,941,545)		8,941,545
		Total Investments (cost $1,404,540,860) – 111.1%		1,789,952,344
		Other Assets Less Liabilities – (11.1)%		(179,232,791	)
		Net Assets – 100%	$	1,610,719,553

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

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

(2) Investment, or a portion of investment, is out on loan for securities lending. The total value of the securities out on loan as of the end of the reporting period was $171,501,838.

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

(4) The Fund may loan securities representing up to one third of the fair value of its total assets (which includes collateral for securities on loan) to broker dealers, banks, and other institutions. The Fund maintains collateral equal to at least 100% 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 27

Nuveen Mid Cap Value Fund

Portfolio of Investments April 30, 2015 (Unaudited)

Shares		Description (1)	Value
		LONG-TERM INVESTMENTS – 99.8%
		COMMON STOCKS – 99.8%
		Aerospace & Defense – 2.5%
	9,370	Huntington Ingalls Industries Inc.	$	1,232,998
	17,206	L-3 Communications Holdings, Inc.		1,977,141
		Total Aerospace & Defense		3,210,139
		Airlines – 2.4%
	24,652	American Airlines Group Inc., (2)		1,190,322
	41,620	Delta Air Lines, Inc.		1,857,917
		Total Airlines		3,048,239
		Banks – 6.8%
	55,599	East West Bancorp Inc.		2,256,763
	214,439	Regions Financial Corporation		2,107,935
	73,806	Western Alliance Bancorporation, (3)		2,282,082
	71,271	Zions Bancorporation		2,019,464
		Total Banks		8,666,244
		Capital Markets – 6.0%
	77,961	E*Trade Group Inc., (3)		2,244,497
	73,953	Invesco LTD		3,063,133
	40,685	Raymond James Financial Inc.		2,299,923
		Total Capital Markets		7,607,553
		Chemicals – 1.7%
	17,138	Albemarle Corporation		1,023,139
	14,297	Eastman Chemical Company		1,089,717
		Total Chemicals		2,112,856
		Consumer Finance – 2.0%
	249,767	SLM Corporation		2,545,126
		Containers & Packaging – 1.1%
	24,885	Crown Holdings Inc., (3)		1,350,260
		Diversified Telecommunication Services – 1.1%
	204,615	Frontier Communications Corporation, (2)		1,403,659
		Energy Equipment & Services – 1.2%
	58,234	Superior Energy Services, Inc., (2)		1,484,967
		Food Products – 1.9%
	60,943	Tyson Foods, Inc., Class A		2,407,249

28 Nuveen Investments

Shares		Description (1)	Value
		Health Care Equipment & Supplies – 4.8%
	123,250	Boston Scientific Corporation, (3)	$	2,196,315
	36,747	Hologic Inc., (3)		1,239,844
	10,444	Teleflex Inc.		1,284,194
	11,974	Zimmer Holdings, Inc.		1,315,224
		Total Health Care Equipment & Supplies		6,035,577
		Health Care Providers & Services – 6.3%
	29,731	Cardinal Health, Inc.		2,507,513
	30,977	CIGNA Corporation		3,860,973
	7,433	Humana Inc., (2)		1,230,905
	3,847	Omnicare, Inc., (2)		338,459
		Total Health Care Providers & Services		7,937,850
		Hotels, Restaurants & Leisure – 5.4%
	111,502	MGM Resorts International Inc., (3)		2,358,267
	30,949	Royal Caribbean Cruises Limited, (2)		2,106,389
	49,593	Six Flags Entertainment Corporation		2,331,863
		Total Hotels, Restaurants & Leisure		6,796,519
		Household Durables – 3.3%
	56,864	D.R. Horton, Inc.		1,444,346
	9,324	Mohawk Industries Inc., (3)		1,617,714
	6,306	Whirlpool Corporation		1,107,334
		Total Household Durables		4,169,394
		Industrial Conglomerates – 1.4%
	18,685	Carlisle Companies Inc.		1,803,103
		Insurance – 6.2%
	74,677	Hartford Financial Services Group, Inc.		3,044,581
	37,715	Lincoln National Corporation		2,130,520
	78,532	Unum Group		2,682,653
		Total Insurance		7,857,754
		Leisure Products – 1.2%
	29,778	Brunswick Corporation		1,490,091
		Life Sciences Tools & Services – 0.5%
	16,407	Agilent Technologies, Inc.		678,758
		Machinery – 2.7%
	43,390	Allision Transmission Holdings Inc.		1,331,205
	24,079	Joy Global Inc., (2)		1,026,729
	38,786	Trinity Industries Inc., (2)		1,050,713
		Total Machinery		3,408,647

Nuveen Investments 29

Nuveen Mid Cap Value Fund (continued)

Portfolio of Investments April 30, 2015 (Unaudited)

Shares		Description (1)	Value
		Media – 0.9%
	28,419	Starz, Class A, (3)	$	1,117,719
		Metals & Mining – 1.0%
	56,174	Steel Dynamics Inc.		1,243,131
		Multiline Retail – 2.0%
	35,757	Kohl’s Corporation, (2)		2,561,989
		Multi-Utilities – 5.6%
	23,278	Alliant Energy Corporation		1,407,621
	42,729	CMS Energy Corporation, (2)		1,449,795
	36,564	NiSource Inc.		1,587,609
	25,314	Sempra Energy		2,687,587
		Total Multi-Utilities		7,132,612
		Oil, Gas & Consumable Fuels – 3.0%
	7,199	Cimarex Energy Company		895,556
	15,759	Delek US Holdings Inc.		581,822
	45,971	EP Energy Corporation, Class A Shares, (2), (3)		678,992
	43,165	Newfield Exploration Company, (3)		1,693,795
		Total Oil, Gas & Consumable Fuels		3,850,165
		Pharmaceuticals – 2.2%
	30,466	Mylan NV, (2), (3)		2,201,473
	3,224	Perrigo Company		590,895
		Total Pharmaceuticals		2,792,368
		Real Estate Investment Trust – 9.8%
	57,939	BioMed Realty Trust Inc.		1,202,234
	49,310	CubeSmart		1,137,582
	118,665	Developers Diversified Realty Corporation, (2)		2,023,238
	39,223	Highwoods Properties, Inc.		1,688,158
	120,817	Host Hotels & Resorts Inc., (2)		2,433,254
	260,682	MFA Mortgage Investments, Inc.		2,025,499
	78,933	Starwood Property Trust Inc., (2)		1,895,181
		Total Real Estate Investment Trust		12,405,146
		Real Estate Management & Development – 1.2%
	9,460	Jones Lang LaSalle Inc.		1,570,928
		Road & Rail – 0.9%
	45,002	Swift Transportation Company, (3)		1,089,048
		Semiconductors & Semiconductor Equipment – 4.7%
	30,075	Altera Corporation		1,253,526
	50,787	Broadcom Corporation, Class A		2,245,039
	20,618	Lam Research Corporation		1,558,308

30 Nuveen Investments

Shares		Description (1)	Value
		Semiconductors & Semiconductor Equipment (continued)
	31,401	Micron Technology, Inc., (3)	$	883,310
		Total Semiconductors & Semiconductor Equipment		5,940,183
		Software – 2.0%
	57,067	Activision Blizzard Inc.		1,301,984
	22,413	Electronic Arts Inc., (3)		1,301,971
		Total Software		2,603,955
		Specialty Retail – 6.0%
	87,690	Best Buy Co., Inc.		3,038,459
	35,621	Foot Locker, Inc., (2)		2,117,668
	16,105	Mattress Firm Holding Corporation, (2), (3)		951,483
	10,746	Signet Jewelers Limited		1,441,361
		Total Specialty Retail		7,548,971
		Technology Hardware, Storage & Peripherals – 2.0%
	25,880	Western Digital Corporation		2,529,511
		Total Long-Term Investments (cost $111,787,555)		126,399,711
Shares		Description (1)	Value
		INVESTMENTS PURCHASED WITH COLLATERAL FROM SECURITIES LENDING – 15.8%
		Money Market Funds – 15.8%
	19,964,125	Mount Vernon Securities Lending Prime Portfolio, 0.204%, (4), (5)	$	19,964,125
		Total Investments Purchased with Collateral from Securities Lending (cost $19,964,125)		19,964,125
Shares		Description (1)	Value
		SHORT-TERM INVESTMENTS – 0.5%
		Money Market Funds – 0.5%
	617,854	First American Treasury Obligations Fund, Class Z, 0.000%, (4)	$	617,854
		Total Short-Term Investments (cost $617,854)		617,854
		Total Investments (cost $132,369,534) – 116.1%		146,981,690
		Other Assets Less Liabilities – (16.1)%		(20,353,331	)
		Net Assets – 100%	$	126,628,359

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

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

(2) Investment, or a portion of investment, is out on loan for securities lending. The total value of the securities out on loan as of the end of the reporting period was $18,955,786.

(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 100% 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 31

Nuveen Small Cap Value Fund

Portfolio of Investments April 30, 2015 (Unaudited)

Shares		Description (1)	Value
		LONG-TERM INVESTMENTS – 98.8%
		COMMON STOCKS – 98.8%
		Auto Components – 1.2%
	74,916	Dana Holding Corporation, (2)	$	1,615,938
		Automobiles – 1.5%
	32,004	Thor Industries, Inc.		1,925,681
		Banks – 16.6%
	52,053	Banner Corporation		2,353,837
	96,180	Customers Bancorp Inc., (3)		2,424,698
	46,770	East West Bancorp Inc.		1,898,394
	42,390	Heartland Financial USA, Inc.		1,458,640
	52,692	Privatebancorp, Inc.		1,953,292
	75,443	Renasant Corporation, (2)		2,241,412
	40,276	Square 1 Financial Inc., Class A, (3)		1,041,537
	100,000	Sterling Bancorp., (2)		1,298,000
	30,344	Texas Capital BancShares, Inc., (3)		1,597,915
	71,128	Webster Financial Corporation		2,548,516
	95,219	Western Alliance Bancorporation, (3)		2,944,170
		Total Banks		21,760,411
		Capital Markets – 3.0%
	34,337	Evercore Partners Inc.		1,656,417
	71,485	Manning & Napier Inc.		759,886
	166,486	Pennantpark Investment Corporation, (2)		1,568,298
		Total Capital Markets		3,984,601
		Chemicals – 2.1%
	24,911	Minerals Technologies Inc.		1,687,222
	52,186	Orion Engineered Carbons SA		1,021,802
		Total Chemicals		2,709,024
		Commercial Services & Supplies – 3.0%
	12,300	G&K Services, Inc.		868,380
	65,707	SP Plus Corporation, (3)		1,495,491
	88,167	Steelcase Inc.		1,549,094
		Total Commercial Services & Supplies		3,912,965
		Communications Equipment – 3.8%
	69,356	Applied Optoelectronics Inc., (2), (3)		990,404
	62,007	Netgear, Inc., (3)		1,876,952
	41,090	Plantronics Inc.		2,188,864
		Total Communications Equipment		5,056,220

32 Nuveen Investments

Shares		Description (1)	Value
		Construction & Engineering – 3.5%
	45,018	Emcor Group Inc.	$	2,009,153
	123,314	Tutor Perini Corporation, (3)		2,614,257
		Total Construction & Engineering		4,623,410
		Construction Materials – 1.0%
	73,479	Headwater Inc., (3)		1,291,761
		Diversified Telecommunication Services – 1.3%
	167,198	Premiere Global Services, Inc., (3)		1,707,092
		Electric Utilities – 2.4%
	33,310	El Paso Electric Company		1,239,465
	38,571	UIL Holdings Corporation		1,923,921
		Total Electric Utilities		3,163,386
		Electrical Equipment – 2.4%
	40,913	Babcock & Wilcox Company		1,322,308
	22,669	Regal-Beloit Corporation		1,772,716
		Total Electrical Equipment		3,095,024
		Electronic Equipment, Instruments & Components – 2.8%
	29,405	OSI Systems Inc., (3)		1,976,310
	130,303	Vishay Intertechnology Inc., (2)		1,652,242
		Total Electronic Equipment, Instruments & Components		3,628,552
		Energy Equipment & Services – 1.2%
	70,192	Matrix Service Company, (3)		1,542,118
		Food & Staples Retailing – 1.0%
	43,133	SpartanNash Co		1,301,323
		Gas Utilities – 1.8%
	45,320	Laclede Group Inc., (2)		2,353,468
		Health Care Equipment & Supplies – 3.1%
	1,005,899	Alphatec Holdings, Inc., (3)		1,428,377
	78,128	Nxstage Medical, Inc., (3)		1,432,086
	18,839	Steris Corporation, (2)		1,252,794
		Total Health Care Equipment & Supplies		4,113,257
		Health Care Providers & Services – 2.3%
	65,759	AMN Healthcare Services Inc., (3)		1,499,963
	82,864	Civitas Solutions Inc., (2), (3)		1,553,700
		Total Health Care Providers & Services		3,053,663
		Hotels, Restaurants & Leisure – 1.3%
	6,600	Churchill Downs Inc.		786,522
	54,461	Papa Murphy’s Holdings Inc., (2), (3)		927,471
		Total Hotels, Restaurants & Leisure		1,713,993

Nuveen Investments 33

Nuveen Small Cap Value Fund (continued)

Portfolio of Investments April 30, 2015 (Unaudited)

Shares		Description (1)	Value
		Household Durables – 2.4%
	63,827	La Z Boy Inc.	$	1,672,906
	34,537	Ryland Group Inc., (2)		1,423,615
		Total Household Durables		3,096,521
		Insurance – 5.6%
	47,703	American Equity Investment Life Holding Company		1,285,596
	35,170	Amerisafe, Inc.		1,589,332
	116,588	CNO Financial Group Inc., (2)		1,981,996
	75,132	Horace Mann Educators Corporation		2,552,234
		Total Insurance		7,409,158
		Internet Software & Services – 0.9%
	34,670	Constant Contact Inc., (3)		1,208,250
		IT Services – 1.3%
	82,196	Perficient, Inc., (3)		1,695,703
		Leisure Products – 1.0%
	63,176	Malibu Boats Inc., Class A, (3)		1,337,436
		Machinery – 1.2%
	58,163	Altra Industrial Motion, Inc., (2)		1,533,758
		Metals & Mining – 1.3%
	103,461	Commercial Metals Company		1,717,453
		Oil, Gas & Consumable Fuels – 3.2%
	220,780	Callon Petroleum Company Del, (3)		1,973,773
	22,641	PDC Energy Inc., (3)		1,284,650
	42,299	Rosetta Resources, Inc., (3)		965,686
		Total Oil, Gas & Consumable Fuels		4,224,109
		Professional Services – 3.2%
	72,893	Korn Ferry International		2,298,316
	67,519	TrueBlue Inc., (3)		1,943,197
		Total Professional Services		4,241,513
		Real Estate Investment Trust – 10.4%
	144,217	Brandywine Realty Trust		2,102,684
	82,440	CubeSmart		1,901,891
	37,947	Entertainment Properties Trust		2,188,403
	43,345	Highwoods Properties, Inc.		1,865,569
	93,492	Investors Real Estate Trust, (2)		670,338
	47,400	LaSalle Hotel Properties		1,739,106
	214,364	MFA Mortgage Investments, Inc.		1,665,608
	69,385	STAG Industrial Inc.		1,507,736
		Total Real Estate Investment Trust		13,641,335

34 Nuveen Investments

Shares		Description (1)	Value
		Road & Rail – 1.0%
	134,200	Quality Distribution, Inc., (3)	$	1,331,264
		Semiconductors & Semiconductor Equipment – 2.6%
	162,575	Cypress Semiconductor Corporation		2,165,499
	37,586	MKS Instruments Inc.		1,308,369
		Total Semiconductors & Semiconductor Equipment		3,473,868
		Software – 1.5%
	23,326	Bottomline Technologies, Inc., (3)		624,204
	57,400	Mentor Graphics Corporation, (2)		1,373,582
		Total Software		1,997,786
		Specialty Retail – 3.1%
	34,707	Ann Inc., (3)		1,314,007
	16,575	Childrens Place Retail Stores Inc., (2)		1,005,440
	75,435	Kirkland’s, Inc., (3)		1,790,827
		Total Specialty Retail		4,110,274
		Textiles, Apparel & Luxury Goods – 1.1%
	19,956	Deckers Outdoor Corporation, (2), (3)		1,476,744
		Thrifts & Mortgage Finance – 2.2%
	91,019	Everbank Financial Corporation		1,690,223
	16,620	WSFS Financial Corporation		1,182,845
		Total Thrifts & Mortgage Finance		2,873,068
		Trading Companies & Distributors – 1.5%
	172,163	Neff Corporation, Class A Shares, (3)		2,031,523
		Total Long-Term Investments (cost $109,910,220)		129,951,650
Shares		Description (1)	Value
		INVESTMENTS PURCHASED WITH COLLATERAL FROM SECURITIES LENDING – 13.1%
		Money Market Funds – 13.1%
	17,201,884	Mount Vernon Securities Lending Prime Portfolio, 0.204%, (4), (5)	$	17,201,884
		Total Investments Purchased with Collateral from Securities Lending (cost $17,201,884)		17,201,884
Shares		Description (1)	Value
		SHORT-TERM INVESTMENTS – 0.3%
		Money Market Funds – 0.3%
	457,708	First American Treasury Obligations Fund, Class Z, 0.000%, (4)	$	457,708
		Total Short-Term Investments (cost $457,708)		457,708
		Total Investments (cost $127,569,812) – 112.2%		147,611,242
		Other Assets Less Liabilities – (12.2)%		(16,102,466	)
		Net Assets – 100%	$	131,508,776

Nuveen Investments 35

Nuveen Small Cap Value Fund (continued)

Portfolio of Investments April 30, 2015 (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) Investment, or a 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 $16,098,506.

(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 100% 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.

36 Nuveen Investments

Statement of

Assets and Liabilities April 30, 2015 (Unaudited)

	Dividend Value		Mid Cap Value			Small Cap Value
Assets
Long-term investments, at value (cost $1,216,839,879, $111,787,555 and $109,910,220, respectively)	$	1,602,251,363	$	126,399,711		$	129,951,650
Investments purchased with collateral from securities lending, at value (cost approximates value)		178,759,436		19,964,125			17,201,884
Short-term investments, at value (cost approximates value)		8,941,545		617,854			457,708
Cash		21,884		—			—
Receivable for:
Dividends		1,945,196		70,772			69,603
Due from broker		23,623		3,741			7,128
Investments sold		8,251,023		1,999,951			4,133,360
Reclaims		57,659		—			—
Shares sold		1,083,545		23,937			80,858
Other assets		52,175		5,635			145
Total assets		1,801,387,449		149,085,726			151,902,336
Liabilities
Payable for:
Collateral from securities lending program		178,759,436		19,964,125			17,201,884
Investments purchased		8,003,990		1,976,927			2,627,667
Shares redeemed		2,143,815		353,219			397,315
Accrued expenses:
Management fees		1,007,549		89,596			104,012
Directors fees		58,583		6,137			967
12b-1 distribution and service fees		143,797		17,993			17,822
Other		550,726		49,370			43,893
Total liabilities		190,667,896		22,457,367			20,393,560
Net assets	$	1,610,719,553	$	126,628,359		$	131,508,776
Class A Shares
Net assets	$	352,686,405	$	39,331,556		$	45,777,470
Shares outstanding		21,331,093		1,092,586			2,339,653
Net asset value (“NAV”) per share	$	16.53	$	36.00		$	19.57
Offering price per share (NAV per share plus maximum sales charge of 5.75% of offering price)	$	17.54	$	38.20		$	20.76
Class C Shares
Net assets	$	61,626,102	$	7,795,051		$	3,166,062
Shares outstanding		3,777,216		225,451			186,957
NAV and offering price per share	$	16.32	$	34.58		$	16.93
Class R3 Shares
Net assets	$	47,918,749	$	7,446,125		$	13,694,287
Shares outstanding		2,904,727		207,893			713,026
NAV and offering price per share	$	16.50	$	35.82		$	19.21
Class R6 Shares
Net assets	$	60,832,674		—			—
Shares outstanding		3,638,710		—			—
NAV and offering price per share	$	16.72		—			—
Class I Shares
Net assets	$	1,087,655,623	$	72,055,627		$	68,870,957
Shares outstanding		65,169,890		1,996,751			3,408,110
NAV and offering price per share	$	16.69	$	36.09		$	20.21
Net assets consist of:
Capital paid-in	$	1,075,403,444	$	112,944,103		$	112,404,597
Undistributed (Over-distribution of) net investment income		7,038,993		(14,971	)		61,938
Accumulated net realized gain (loss)		142,865,632		(912,929	)		(999,189	)
Net unrealized appreciation (depreciation)		385,411,484		14,612,156			20,041,430
Net assets	$	1,610,719,553	$	126,628,359		$	131,508,776
Authorized shares – per class		2 billion		2 billion			2 billion
Par value per share	$	0.0001	$	0.0001		$	0.0001

See accompanying notes to financial statements.

Nuveen Investments 37

Statement of

Operations Six Months Ended April 30, 2015 (Unaudited)

	Dividend Value			Mid Cap Value			Small Cap Value
Investment Income
Dividend and interest income (net of foreign tax withheld of $193,539, $ — and $11,697, respectively)	$	30,486,569		$	838,861		$	1,027,154
Securities lending income, net		144,732			20,642			105,796
Total investment income		30,631,301			859,503			1,132,950
Expenses
Management fees		6,213,975			583,208			578,565
12b-1 service fees – Class A Shares		449,780			49,477			56,213
12b-1 distribution and service fees – Class C Shares		316,851			39,528			14,821
12b-1 distribution and service fees – Class R3 Shares		119,249			19,521			30,823
Shareholder servicing agent fees		889,267			95,750			96,396
Custodian fees		138,841			18,209			15,648
Directors fees		23,604			1,858			1,967
Professional fees		63,650			15,674			15,304
Shareholder reporting expenses		85,324			16,729			27,719
Federal and state registration fees		48,263			27,541			26,854
Other		7,652			1,692			1,558
Total expenses before fee waiver/expense reimbursement		8,356,456			869,187			865,868
Fee waiver/expense reimbursement		—			(53,912	)		(22,390	)
Net expenses		8,356,456			815,275			843,478
Net investment income (loss)		22,274,845			44,228			289,472
Realized and Unrealized Gain (Loss)
Net realized gain (loss) from investments and foreign currency		151,709,219			5,826,986			6,559,449
Change in net unrealized appreciation (depreciation) of investments and foreign currency		(131,939,879	)		(2,375,998	)		754,530
Net realized and unrealized gain (loss)		19,769,340			3,450,988			7,313,979
Net increase (decrease) in net assets from operations	$	42,044,185		$	3,495,216		$	7,603,451

See accompanying notes to financial statements.

38 Nuveen Investments

Statement of

Changes in Net Assets (Unaudited)

	Dividend Value
	Six Months Ended 4/30/15			Year Ended 10/31/14
Operations
Net investment income (loss)	$	22,274,845		$	39,831,537
Net realized gain (loss) from investments and foreign currency		151,709,219			116,419,104
Change in net unrealized appreciation (depreciation) of investments and foreign currency		(131,939,879	)		21,637,417
Net increase (decrease) in net assets from operations		42,044,185			177,888,058
Distributions to Shareholders
From net investment income:
Class A Shares		(3,586,367	)		(8,662,421	)
Class C Shares		(388,862	)		(953,267	)
Class R3 Shares		(415,606	)		(868,082	)
Class R6 Shares		(668,235	)		(1,558,577	)
Class I Shares		(12,588,819	)		(28,330,811	)
From accumulated net realized gains:
Class A Shares		(23,809,024	)		(37,144,807	)
Class C Shares		(4,250,891	)		(5,985,814	)
Class R3 Shares		(3,092,913	)		(3,817,556	)
Class R6 Shares		(3,813,697	)		(6,011,872	)
Class I Shares		(74,435,749	)		(108,753,346	)
Decrease in net assets from distributions to shareholders		(127,050,163	)		(202,086,553	)
Fund Share Transactions
Proceeds from sale of shares		109,054,665			315,758,487
Proceeds from shares issued to shareholders due to reinvestment of distributions		86,561,613			135,194,304
		195,616,278			450,952,791
Cost of shares redeemed		(226,716,498	)		(402,778,258	)
Net increase (decrease) in net assets from Fund share transactions		(31,100,220	)		48,174,533
Net increase (decrease) in net assets		(116,106,198	)		23,976,038
Net assets at the beginning of period		1,726,825,751			1,702,849,713
Net assets at the end of period	$	1,610,719,553		$	1,726,825,751
Undistributed (Over-distribution of) net investment income at the end of period	$	7,038,993		$	2,412,037

See accompanying notes to financial statements.

Nuveen Investments 39

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

	Mid Cap Value						Small Cap Value
	Six Months Ended 4/30/15			Year Ended 10/31/14			Six Months Ended 4/30/15			Year Ended 10/31/14
Operations
Net investment income (loss)	$	44,228		$	1,162,750		$	289,472		$	415,066
Net realized gain (loss) from investments and foreign currency		5,826,986			25,020,395			6,559,449			13,358,953
Change in net unrealized appreciation (depreciation) of investments and foreign currency		(2,375,998	)		(6,543,825	)		754,530			(2,964,260	)
Net increase (decrease) in net assets from operations		3,495,216			19,639,320			7,603,451			10,809,759
Distributions to Shareholders
From net investment income:
Class A Shares		(332,351	)		(180,382	)		(170,384	)		(158,852	)
Class C Shares		(9,811	)		—			—			—
Class R3 Shares		(50,129	)		(23,054	)		(16,250	)		(11,164	)
Class R6 Shares		—			—			—			—
Class I Shares		(797,785	)		(654,623	)		(438,364	)		(281,445	)
From accumulated net realized gains:
Class A Shares		—			—			—			—
Class C Shares		—			—			—			—
Class R3 Shares		—			—			—			—
Class R6 Shares		—			—			—			—
Class I Shares		—			—			—			—
Decrease in net assets from distributions to shareholders		(1,190,076	)		(858,059	)		(624,998	)		(451,461	)
Fund Share Transactions
Proceeds from sale of shares		5,198,908			15,636,487			9,278,426			50,507,134
Proceeds from shares issued to shareholders due to reinvestment of distributions		644,548			474,117			549,545			363,681
		5,843,456			16,110,604			9,827,971			50,870,815
Cost of shares redeemed		(13,825,142	)		(46,172,688	)		(16,094,764	)		(35,784,520	)
Net increase (decrease) in net assets from Fund share transactions		(7,981,686	)		(30,062,084	)		(6,266,793	)		15,086,295
Net increase (decrease) in net assets		(5,676,546	)		(11,280,823	)		711,660			25,444,593
Net assets at the beginning of period		132,304,905			143,585,728			130,797,116			105,352,523
Net assets at the end of period	$	126,628,359		$	132,304,905		$	131,508,776		$	130,797,116
Undistributed (Over-distribution of) net investment income at the end of period	$	(14,971	)	$	1,130,877		$	61,938		$	397,464

See accompanying notes to financial statements.

40 Nuveen Investments

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Nuveen Investments 41

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)
2015(f)	$	17.44	$	0.21	$	0.17	$	0.38	$	(0.16	)	$	(1.13	)	$	(1.29	)	$	16.53
2014		17.79		0.37		1.36		1.73		(0.38	)		(1.70	)		(2.08	)		17.44
2013		14.60		0.30		3.59		3.89		(0.30	)		(0.40	)		(0.70	)		17.79
2012		13.05		0.27		1.59		1.86		(0.31	)		—			(0.31	)		14.60
2011		12.42		0.27		0.63		0.90		(0.27	)		—			(0.27	)		13.05
2010		10.76		0.34		1.63		1.97		(0.31	)		—			(0.31	)		12.42
Class C (2/99)
2015(f)		17.23		0.15		0.17		0.32		(0.10	)		(1.13	)		(1.23	)		16.32
2014		17.59		0.24		1.34		1.58		(0.24	)		(1.70	)		(1.94	)		17.23
2013		14.42		0.18		3.57		3.75		(0.18	)		(0.40	)		(0.58	)		17.59
2012		12.92		0.17		1.54		1.71		(0.21	)		—			(0.21	)		14.42
2011		12.26		0.17		0.62		0.79		(0.13	)		—			(0.13	)		12.92
2010		10.63		0.26		1.60		1.86		(0.23	)		—			(0.23	)		12.26
Class R3 (9/01)
2015(f)		17.41		0.19		0.17		0.36		(0.14	)		(1.13	)		(1.27	)		16.50
2014		17.75		0.33		1.36		1.69		(0.33	)		(1.70	)		(2.03	)		17.41
2013		14.58		0.26		3.57		3.83		(0.26	)		(0.40	)		(0.66	)		17.75
2012		13.03		0.24		1.59		1.83		(0.28	)		—			(0.28	)		14.58
2011		12.41		0.23		0.63		0.86		(0.24	)		—			(0.24	)		13.03
2010		10.76		0.30		1.64		1.94		(0.29	)		—			(0.29	)		12.41
Class R6 (2/13)
2015(f)		17.62		0.24		0.18		0.42		(0.19	)		(1.13	)		(1.32	)		16.72
2014		17.93		0.43		1.38		1.81		(0.42	)		(1.70	)		(2.12	)		17.62
2013(d)		15.36		0.22		2.60		2.82		(0.25	)		—			(0.25	)		17.93
Class I (8/94)
2015(f)		17.60		0.23		0.18		0.41		(0.19	)		(1.13	)		(1.32	)		16.69
2014		17.93		0.42		1.37		1.79		(0.42	)		(1.70	)		(2.12	)		17.60
2013		14.72		0.35		3.61		3.96		(0.35	)		(0.40	)		(0.75	)		17.93
2012		13.16		0.31		1.60		1.91		(0.35	)		—			(0.35	)		14.72
2011		12.53		0.31		0.64		0.95		(0.32	)		—			(0.32	)		13.16
2010		10.85		0.37		1.65		2.02		(0.34	)		—			(0.34	)		12.53

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)
	2.52	%	$	352,686		1.16	%*		2.54	%*		1.16	%*		2.54	%*		26	%
	10.78			371,703		1.15			2.19			1.15			2.19			27
	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
	2.10			61,626		1.91	*		1.79	*		1.91	*		1.79	*		26
	10.01			65,366		1.90			1.43			1.90			1.43			27
	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
	2.40			47,919		1.41	*		2.30	*		1.41	*		2.30	*		26
	10.59			48,476		1.40			1.92			1.40			1.92			27
	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
	2.70			60,833		0.81	*		2.92	*		0.81	*		2.92	*		26
	11.23			62,309		0.81			2.52			0.81			2.52			27
	18.52			67,620		0.80	*		1.98	*		0.80	*		1.98	*		44
	2.64			1,087,656		0.91	*		2.79	*		0.91	*		2.79	*		26
	11.11			1,178,972		0.90			2.42			0.90			2.42			27
	27.96			1,151,408		0.88			2.16			0.87			2.16			44
	14.65			1,072,335		0.91			2.23			0.91			2.23			24
	7.56			861,754		0.89			2.30			0.89			2.31			33
	18.78			684,540		0.94			3.12			0.92			3.10			29

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

(b) Total return is the combination of changes in 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, 2015.

* Annualized.

See accompanying notes to financial statements.

Nuveen Investments 43

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)
2015(e)	$	35.37	$	—	**	$	0.93		$	0.93		$	(0.30	)	$	—	$	(0.30	)	$	36.00
2014		31.00		0.23			4.30			4.53			(0.16	)		—		(0.16	)		35.37
2013		23.22		0.12			7.91			8.03			(0.25	)		—		(0.25	)		31.00
2012		21.83		0.18			1.35			1.53			(0.14	)		—		(0.14	)		23.22
2011		22.20		0.07			(0.19	)		(0.12	)		(0.25	)		—		(0.25	)		21.83
2010		18.28		0.12			4.00			4.12			(0.20	)		—		(0.20	)		22.20
Class C (2/99)
2015(e)		33.86		(0.13	)		0.89			0.76			(0.04	)		—		(0.04	)		34.58
2014		29.76		(0.02	)		4.12			4.10			—			—		—			33.86
2013		22.29		(0.08	)		7.62			7.54			(0.07	)		—		(0.07	)		29.76
2012		20.99		0.01			1.29			1.30			—			—		—			22.29
2011		21.36		(0.10	)		(0.18	)		(0.28	)		(0.09	)		—		(0.09	)		20.99
2010		17.61		(0.04	)		3.86			3.82			(0.07	)		—		(0.07	)		21.36
Class R3 (9/01)
2015(e)		35.15		(0.04	)		0.92			0.88			(0.21	)		—		(0.21	)		35.82
2014		30.82		0.15			4.27			4.42			(0.09	)		—		(0.09	)		35.15
2013		23.08		0.06			7.87			7.93			(0.19	)		—		(0.19	)		30.82
2012		21.70		0.12			1.33			1.45			(0.07	)		—		(0.07	)		23.08
2011		22.05		0.01			(0.19	)		(0.18	)		(0.17	)		—		(0.17	)		21.70
2010		18.15		0.06			3.99			4.05			(0.15	)		—		(0.15	)		22.05
Class I (2/94)
2015(e)		35.50		0.04			0.93			0.97			(0.38	)		—		(0.38	)		36.09
2014		31.10		0.32			4.31			4.63			(0.23	)		—		(0.23	)		35.50
2013		23.29		0.19			7.93			8.12			(0.31	)		—		(0.31	)		31.10
2012		21.99		0.24			1.33			1.57			(0.27	)		—		(0.27	)		23.29
2011		22.37		0.15			(0.22	)		(0.07	)		(0.31	)		—		(0.31	)		21.99
2010		18.42		0.16			4.05			4.21			(0.26	)		—		(0.26	)		22.37

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(d)
	2.62	%	$	39,332		1.42	%*		(0.11	)%*		1.34	%*		(0.03	)%*		64	%
	14.65			39,858		1.42			0.61			1.34			0.69			127
	34.93			35,719		1.39			0.40			1.33			0.45			118
	7.03			35,633		1.49			0.58			1.28			0.79			140
	(0.64	)		52,334		1.33			0.27			1.31			0.30			123
	22.65			76,667		1.25			0.58			1.25			0.58			123
	2.25			7,795		2.17	*		(0.86	)*		2.09	*		(0.77	)*		64
	13.78			8,066		2.17			(0.14	)		2.09			(0.06	)		127
	33.94			8,042		2.14			(0.35	)		2.08			(0.29	)		118
	6.19			7,855		2.24			(0.17	)		2.02			0.05			140
	(1.35	)		8,957		2.08			(0.48	)		2.06			(0.45	)		123
	21.74			11,564		2.00			(0.21	)		2.00			(0.21	)		123
	2.51			7,446		1.67	*		(0.32	)*		1.59	*		(0.24	)*		64
	14.35			8,401		1.67			0.37			1.59			0.46			127
	34.63			8,401		1.64			0.16			1.58			0.22			118
	6.70			9,576		1.74			0.31			1.53			0.52			140
	(0.87	)		15,310		1.58			0.03			1.56			0.06			123
	22.40			20,195		1.50			0.30			1.50			0.30			123
	2.75			72,056		1.17	*		0.16	*		1.09	*		0.24	*		64
	14.95			75,981		1.17			0.86			1.09			0.94			127
	35.29			90,212		1.13			0.66			1.08			0.71			118
	7.23			106,276		1.24			0.82			1.03			1.03			140
	(0.42	)		151,409		1.07			0.65			1.06			0.65			123
	22.98			470,266		1.00			0.78			1.00			0.78			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) 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, 2015.

* Annualized.

** Rounds to less than $0.01 per share.

See accompanying notes to financial statements.

Nuveen Investments 45

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)
2015(e)	$	18.55	$	0.03		$	1.06	$	1.09	$	(0.07	)	$	—	$	(0.07	)	$	19.57
2014		16.98		0.05			1.58		1.63		(0.06	)		—		(0.06	)		18.55
2013		12.63		0.06			4.34		4.40		(0.05	)		—		(0.05	)		16.98
2012		11.30		0.05			1.28		1.33		—			—		—			12.63
2011		10.26		(0.05	)		1.09		1.04		—			—		—			11.30
2010		8.22		(0.01	)		2.07		2.06		(0.02	)		—		(0.02	)		10.26
Class C (2/99)
2015(e)		16.06		(0.03	)		0.90		0.87		—			—		—			16.93
2014		14.76		(0.07	)		1.37		1.30		—			—		—			16.06
2013		11.02		(0.05	)		3.79		3.74		—			—		—			14.76
2012		9.93		(0.04	)		1.13		1.09		—			—		—			11.02
2011		9.08		(0.12	)		0.97		0.85		—			—		—			9.93
2010		7.31		(0.07	)		1.84		1.77		—			—		—			9.08
Class R3 (9/01)
2015(e)		18.19		0.01			1.04		1.05		(0.03	)		—		(0.03	)		19.21
2014		16.65		0.01			1.55		1.56		(0.02	)		—		(0.02	)		18.19
2013		12.39		0.01			4.27		4.28		(0.02	)		—		(0.02	)		16.65
2012		11.11		0.02			1.26		1.28		—			—		—			12.39
2011		10.11		(0.07	)		1.07		1.00		—			—		—			11.11
2010		8.10		(0.03	)		2.04		2.01		—			—		—			10.11
Class I (8/94)
2015(e)		19.18		0.06			1.09		1.15		(0.12	)		—		(0.12	)		20.21
2014		17.55		0.10			1.63		1.73		(0.10	)		—		(0.10	)		19.18
2013		13.06		0.10			4.48		4.58		(0.09	)		—		(0.09	)		17.55
2012		11.65		0.08			1.33		1.41		—			—		—			13.06
2011		10.55		(0.02	)		1.12		1.10		—			—		—			11.65
2010		8.45		0.01			2.13		2.14		(0.04	)		—		(0.04	)		10.55

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 (Loss) Income			Portfolio Turnover Rate(d)
	5.89	%	$	45,777		1.42	%*		0.31	%		1.39	%*		0.35	%*		24	%
	9.61			44,739		1.47			0.25			1.43			0.28			55
	34.98			45,225		1.47			0.37			1.46			0.38			56
	11.77			32,208		1.58			0.26			1.46			0.39			46
	10.14			31,814		1.48			(0.41	)		1.46			(0.40	)		41
	25.15			32,332		1.34			(0.11	)		1.34			(0.11	)		58
	5.42			3,166		2.17	*		(0.44	)*		2.14	*		(0.41	)*		24
	8.81			3,008		2.21			(0.51	)		2.18			(0.48	)		55
	33.94			3,297		2.22			(0.43	)		2.20			(0.42	)		56
	10.98			1,367		2.34			(0.47	)		2.21			(0.34	)		46
	9.36			1,498		2.23			(1.18	)		2.21			(1.18	)		41
	24.21			1,843		2.09			(0.86	)		2.09			(0.86	)		58
	5.75			13,694		1.68	*		0.06	*		1.64	*		0.09	*		24
	9.38			11,530		1.72			0.01			1.68			0.04			55
	34.59			8,549		1.72			0.06			1.71			0.07			56
	11.52			2,653		1.83			0.01			1.71			0.14			46
	9.89			2,246		1.73			(0.66	)		1.71			(0.65	)		41
	24.85			2,111		1.59			(0.35	)		1.59			(0.35	)		58
	6.01			68,871		1.17	*		0.57	*		1.14	*		0.60	*		24
	9.89			71,521		1.22			0.51			1.18			0.54			55
	35.34			48,281		1.22			0.64			1.21			0.65			56
	12.02			41,444		1.34			0.53			1.21			0.66			46
	10.43			48,596		1.21			(0.16	)		1.21			(0.16	)		41
	25.43			180,875		1.09			0.14			1.09			0.14			58

(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, 2015.

* 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 and Fund 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 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.

The end of the reporting period for the Funds is April 30, 2015, and the period covered by these Notes to Financial Statements is the six months ended April 30, 2015 (“the current fiscal period”).

Investment Adviser

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

Investment Objectives and Principal Investment Strategies

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 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 securities without regard to their ratings, and therefore may hold convertible 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. Mid-capitalization companies are defined as companies that have market capitalizations within the market capitalization range of the companies in the Russell Midcap^® Index on the last business day of the month in which its most recent reconstitution was completed. Reconstitution of the index currently is completed in June of each year. On June 30, 2014, the range was $1.6 billion to $29.9 billion. In selecting stocks, the Sub-Adviser invests in companies that it believes are undervalued relative to other companies in the same industry or market, exhibit good or improving fundamentals, and exhibit an identifiable catalyst that could close the gap between market value and fair value over the next one to two years.

Small Cap Value’s investment objective is capital appreciation. Under normal market conditions, the Fund invests at least 80% of the sum of its net assets and the amount of any borrowings for investment purposes in common stocks of small-capitalization companies. Small capitalization companies are defined as companies that have market capitalizations within the market capitalization range of the companies in the Russell 2000 Index on the last business day of the month in which its most recent reconstitution was completed. Reconstitution of the index currently is completed in June of each year. On June 30, 2014, the range was $143 million to $4.51 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 dollars 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.

48 Nuveen Investments

Significant Accounting Policies

Each Fund is an investment company and follows accounting and reporting guidance under Financial Accounting Standards Board (FASB) Accounting Standards Codification (ASC) Topic 946 “Financial Services-Investment Companies.” The following is a summary of significant accounting policies followed by the Funds in the preparation of their financial statements in accordance with accounting principles generally accepted in the United States (“U.S. GAAP”).

Investment Transactions

Investment 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, if any, are declared and distributed to shareholders at least annually (except for Dividend Value, which are declared and distributed to shareholders at least quarterly). 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 0.25% annual 12b-1 service fee. Class A Share purchases of $1 million or more are sold at net asset value (“NAV”) without an up-front sales charge but may be subject to a contingent deferred sales charge (“CDSC”) if redeemed within twelve months of purchase. Class C Shares are sold without an up-front sales charge but incur a 0.75% annual 12b-1 distribution fee and a 0.25% annual 12b-1 service fee. Class C Shares are subject to a CDSC of 1% if redeemed within twelve months of purchase. Class R3 Shares are sold without an up-front sales charge but incur a 0.25% annual 12b-1 distribution fee and a 0.25% annual 12b-1 service fee. Class 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” on the Statement of Operations, are not charged to Class R6 Shares and are prorated among the other classes based on their relative net assets.

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, each Fund manages its cash collateral and securities collateral on a counterparty basis.

Nuveen Investments 49

Notes to Financial Statements (Unaudited) (continued)

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

Use of Estimates

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

2. Investment Valuation and Fair Value Measurements

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

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

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

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

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

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 (the “Board”). 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 Board and/or its appointee at fair value. These securities generally include, but are not limited to, restricted securities (securities which may not be publicly sold without registration under the Securities Act of 1933, as amended) for which a pricing service is unable to provide a market price; securities whose trading has been formally suspended; debt securities that have gone into default and for which there is no current market quotation; a security whose market price is not available from a pre-established pricing source; a security with respect to which an event has occurred that is likely to materially affect the value of the security after the market has closed but before the calculation of a Fund’s NAV (as may be the case in non-U.S. markets on which the security is primarily traded) or make it difficult or impossible to obtain a reliable market quotation; and a security whose price, as provided by the pricing service, is not deemed to reflect the security’s fair value. As a general principle, the fair value of a security would appear to be the amount that the owner might reasonably expect to receive for it in a current sale. A variety of factors may be considered in determining the fair value of such securities, which may include consideration of the following: yields or prices of investments of comparable quality, type of issue, coupon, maturity and rating, market quotes or indications of value from security dealers, evaluations of anticipated cash flows or collateral, general market

50 Nuveen Investments

conditions and other information and analysis, including the obligor’s credit characteristics considered relevant. These securities are generally classified as Level 2 or Level 3 depending on the priority of the significant inputs. Regardless of the method employed to value a particular security, all valuations are subject to review by the Board and/or its appointee.

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	$	1,602,251,363	$	—	$	—	$	1,602,251,363
Investments Purchased with Collateral from Securities Lending		178,759,436		—		—		178,759,436
Short-Term Investments:
Money Market Funds		8,941,545		—		—		8,941,545
Total	$	1,789,952,344	$	—	$	—	$	1,789,952,344
Mid Cap Value
Long-Term Investments*:
Common Stocks	$	126,399,711	$	—	$	—	$	126,399,711
Investments Purchased with Collateral from Securities Lending		19,964,125		—		—		19,964,125
Short-Term Investments:
Money Market Funds		617,854		—		—		617,854
Total	$	146,981,690	$	—	$	—	$	146,981,690
Small Cap Value
Long-Term Investments*:
Common Stocks	$	129,951,650	$	—	$	—	$	129,951,650
Investments Purchased with Collateral from Securities Lending		17,201,884		—		—		17,201,884
Short-Term Investments:
Money Market Funds		457,708		—		—		457,708
Total	$	147,611,242	$	—	$	—	$	147,611,242

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

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

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

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

(ii) If such information is not available, an analytical valuation methodology may be used based on other available information including, but not limited to: analyst appraisals, research reports, corporate action information, issuer financial statements and shelf registration statements. Such analytical valuation methodologies may include, but are not limited to: multiple of earnings, discount from market value of a similar freely- traded security, discounted cash flow analysis, book value or a multiple thereof, risk premium/yield analysis, yield to maturity and/or fundamental investment analysis.

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

For each portfolio security that has been fair valued pursuant to the policies adopted by the Board, the fair value price is compared against the last available and next available market quotations. The Valuation Committee reviews the results of such testing and fair valuation occurrences are reported to the Board.

Nuveen Investments 51

Notes to Financial Statements (Unaudited) (continued)

3. Portfolio Securities and Investments in Derivatives

Portfolio Securities

Foreign Currency Transactions

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

The books and records of the Funds are maintained in U.S. dollars. Foreign currencies, assets and liabilities are translated into U.S. dollars at 4:00 p.m. Eastern Time. Investment transactions, income and expenses are translated on the respective dates of such transactions. Net realized foreign currency gains and losses resulting from changes in exchange rates include foreign currency gains and losses between trade date and settlement date of the transactions, foreign currency transactions and the difference between the amounts of interest and dividends recorded on the books of the Funds and the amounts actually received.

The realized gains and losses resulting from changes in foreign currency exchange rates and changes in foreign exchange rates associated with (i) investments, (ii) investments in derivatives and (iii) other assets and liabilities are recognized as a component of “Net realized gain (loss) from investments and foreign currency” on the Statement of Operations, when applicable.

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

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 100%, 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 To (From) Counterparty*			Net Exposure
Dividend Value	U.S. Bank National Association	$	171,501,838	$	(171,501,838	)	$	—
Mid Cap Value	U.S. Bank National Association		18,955,786		(18,955,786	)		—
Small Cap Value	U.S. Bank National Association		16,098,506		(16,098,506	)		—

* As of the end of the reporting period, 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 investments purchased with collateral from securities lending and 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 current fiscal period were as follows:

	Dividend Value		Mid Cap Value		Small Cap Value
Securities lending fees paid	$	15,260	$	3,195	$	19,720

52 Nuveen Investments

Investments in Derivatives

Each Fund is authorized to invest in certain derivative instruments. The Funds record derivative instruments at fair value, with changes in fair value recognized on the Statement of Operations, when applicable. Even though the Funds’ investments in derivatives may represent economic hedges, they are not considered to be hedge transactions for financial reporting purposes.

Although the Funds are authorized to invest in derivative instruments, and may do so in the future, they did not make any such investments during the current fiscal period.

Market and Counterparty Credit Risk

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

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

4. Fund Shares

Transactions in Fund shares during the Funds’ current and prior fiscal period were as follows:

	Six Months Ended 4/30/15						Year Ended 10/31/14
Dividend Value	Shares			Amount			Shares			Amount
Shares sold:
Class A		1,268,521		$	21,148,884			4,089,137		$	69,319,765
Class A – automatic conversion of Class B Shares		—			—			61,967			1,087,081
Class B – exchanges		—			—			4,880			81,167
Class C		232,555			3,819,904			892,598			14,929,926
Class R3		419,765			6,990,235			965,275			16,345,358
Class R6		263,131			4,434,680			124,270			2,113,781
Class I		4,330,819			72,660,962			12,340,055			211,881,409
Shares issued to shareholders due to reinvestment of distributions:
Class A		1,591,317			25,456,575			2,615,513			42,679,523
Class B		—			—			6,727			107,534
Class C		242,610			3,819,286			353,908			5,682,790
Class R3		205,664			3,280,474			274,621			4,470,108
Class R6		251,420			4,067,579			408,485			6,732,902
Class I		3,093,252			49,937,699			4,592,206			75,521,447
		11,899,054			195,616,278			26,729,642			450,952,791
Shares redeemed:
Class A		(2,837,800	)		(47,204,810	)		(7,059,831	)		(120,561,840	)
Class B		—			—			(20,202	)		(340,226	)
Class B – automatic conversion to Class A Shares		—			—			(62,705	)		(1,087,081	)
Class C		(492,135	)		(8,074,755	)		(849,312	)		(14,168,207	)
Class R3		(505,625	)		(8,445,705	)		(628,622	)		(10,608,118	)
Class R6		(412,644	)		(7,073,410	)		(767,079	)		(13,434,118	)
Class I		(9,252,676	)		(155,917,818	)		(14,157,573	)		(242,578,668	)
		(13,500,880	)		(226,716,498	)		(23,545,324	)		(402,778,258	)
Net increase (decrease)		(1,601,826	)	$	(31,100,220	)		3,184,318		$	48,174,533

Nuveen Investments 53

Notes to Financial Statements (Unaudited) (continued)

	Six Months Ended 4/30/15						Year Ended 10/31/14
Mid Cap Value	Shares			Amount			Shares			Amount
Shares sold:
Class A		48,185		$	1,708,610			123,774			4,118,093
Class A – automatic conversion of Class B Shares		—			—			31,025			1,063,278
Class B		—			—			—			—
Class C		7,395			252,882			19,422			635,355
Class R3		18,575			663,317			46,042			1,520,496
Class I		72,068			2,574,099			250,328			8,299,265
Shares issued to shareholders due to reinvestment of distributions:
Class A		9,129			328,561			5,453			178,246
Class B		—			—			—			—
Class C		261			9,039			—			—
Class R3		1,330			47,658			708			23,054
Class I		7,192			259,290			8,333			272,817
		164,135			5,843,456			485,085			16,110,604
Shares redeemed:
Class A		(91,547	)		(3,273,379	)		(185,664	)		(6,166,307	)
Class B		—			—			(8,608	)		(266,059	)
Class B – automatic conversion to Class A Shares		—			—			(33,048	)		(1,063,278	)
Class C		(20,410	)		(702,175	)		(51,490	)		(1,640,918	)
Class R3		(50,975	)		(1,803,211	)		(80,375	)		(2,654,259	)
Class I		(222,936	)		(8,046,377	)		(1,018,843	)		(34,381,867	)
		(385,868	)		(13,825,142	)		(1,378,028	)		(46,172,688	)
Net increase (decrease)		(221,733	)	$	(7,981,686	)		(892,943	)	$	(30,062,084	)

	Six Months Ended 4/30/15						Year Ended 10/31/14
Small Cap Value	Shares			Amount			Shares			Amount
Shares sold:
Class A		129,449		$	2,416,170			340,128		$	6,160,911
Class C		20,938			349,879			59,385			939,639
Class R3		175,984			3,291,591			343,394			6,069,984
Class I		165,054			3,220,786			2,007,566			37,336,600
Shares issued to shareholders due to reinvestment of distributions:
Class A		8,762			167,348			8,667			156,692
Class C		—			—			—			—
Class R3		836			15,678			611			10,859
Class I		18,596			366,519			10,516			196,130
		519,619			9,827,971			2,770,267			50,870,815
Shares redeemed:
Class A		(210,247	)		(3,996,923	)		(600,505	)		(10,828,978	)
Class C		(21,321	)		(347,584	)		(95,436	)		(1,475,184	)
Class R3		(97,700	)		(1,819,886	)		(223,393	)		(3,965,698	)
Class I		(504,159	)		(9,930,371	)		(1,040,269	)		(19,514,660	)
		(833,427	)		(16,094,764	)		(1,959,603	)		(35,784,520	)
Net increase (decrease)		(313,808	)	$	(6,266,793	)		810,664		$	15,086,295

5. Investment Transactions

Long-term purchases and sales (excluding investments purchased with collateral from securities lending) during the current fiscal period were as follows:

	Dividend Value		Mid Cap Value		Small Cap Value
Purchases	$	427,399,865	$	82,155,227	$	31,200,192
Sales		553,502,224		90,084,948		36,845,913

54 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, 2015, 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	$	1,405,071,037		$	132,567,892		$	127,578,037
Gross unrealized:
Appreciation		406,606,437			17,444,474			23,333,600
Depreciation		(21,725,130	)		(3,030,676	)		(3,300,395	)
Net unrealized appreciation (depreciation) of investments	$	384,881,307		$	14,413,798		$	20,033,205

Permanent differences, primarily due to the federal taxes paid, foreign currency transactions, real estate investment trust adjustments, tax equalization, investments in partnerships, and distribution reallocations, resulted in reclassifications among the Funds’ components of net assets as of October 31, 2014, the Funds’ last tax year end, as follows:

	Dividend Value			Mid Cap Value			Small Cap Value
Capital paid-in	$	211,077		$	(11	)	$	(11	)
Undistributed (Over-distribution of) net investment income		268,475			(16,385	)		(6,628	)
Accumulated net realized gain (loss)		(479,552	)		16,396			6,639

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

	Dividend Value		Mid Cap Value		Small Cap Value
Undistributed net ordinary income1	$	2,479,227	$	1,147,973	$	408,422
Undistributed net long-term capital gains		109,359,753		—		—

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, 2014, was designated for purposes of the dividends paid deduction as follows:

	Dividend Value		Mid Cap Value		Small Cap Value
Distributions from net ordinary income1	$	54,285,008	$	858,059	$	451,461
Distributions from net long-term capital gains		147,801,544		—		—

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, 2014, 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 will be utilized first by a Fund.

	Dividend2 Value		Mid Cap Value		Small Cap Value
Expiration:
October 31, 2016	$	8,270,890	$	—	$	—
October 31, 2017		—		6,541,557		7,550,413
Not subject to expiration		—		—		—
Total	$	8,270,890	$	6,541,557	$	7,550,413

²  A portion of Dividend Value’s capital loss carryforward is subject to an annual limitation under the Internal Revenue Code and related regulations.

Nuveen Investments 55

Notes to Financial Statements (Unaudited) (continued)

During the Funds’ last tax year ended October 31, 2014, the Funds utilized capital loss carryforwards as follows:

	Dividend Value		Mid Cap Value		Small Cap Value
Utilized capital loss carryforwards	$	4,135,445	$	25,064,249	$	13,317,852

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

Average Daily Net Assets	Dividend Value			Mid Cap Value			Small Cap Value
For the first $125 million		0.6000	%		0.7000	%		0.7000	%
For the next $125 million		0.5875			0.6875			0.6875
For the next $250 million		0.5750			0.6750			0.6750
For the next $500 million		0.5625			0.6625			0.6625
For the next $1 billion		0.5500			0.6500			0.6500
For net assets over $2 billion		0.5250			0.6250			0.6250

The annual complex-level fee, payable monthly, for each Fund 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		0.2000	%
$56 billion		0.1996
$57 billion		0.1989
$60 billion		0.1961
$63 billion		0.1931
$66 billion		0.1900
$71 billion		0.1851
$76 billion		0.1806
$80 billion		0.1773
$91 billion		0.1691
$125 billion		0.1599
$200 billion		0.1505
$250 billion		0.1469
$300 billion		0.1445

* The complex-level fee is calculated based upon the aggregate daily “eligible assets” of all Nuveen funds. Eligible assets do not include assets attributable to investments in other Nuveen funds or assets in excess of $2 billion added to the Nuveen fund complex in connection with the Adviser’s assumption of the management of the former First American Funds effective January 1, 2011. Eligible assets include closed-end fund assets managed by the Adviser that are attributable to certain types of leverage. For these purposes, leverage includes the closed-end funds’ use of preferred stock and borrowings and certain investments in the residual interest certificates (also called inverse floating rate securities) in tender option bond (TOB) trusts, including the portion of assets held by 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, 2015, the complex-level fee rate for each Fund was as follows:

Fund	Complex-Level Fee Rate
Dividend Value		0.1872	%
Mid Cap Value		0.2000
Small Cap Value		0.1891

56 Nuveen Investments

The Adviser has agreed to waive fees and/or reimburse expenses (“Expense Cap”) of Mid Cap Value and Small Cap Value so that total annual Fund operating expenses (excluding 12b-1 distribution and/or service fees, interest expenses, taxes, acquired fund fees and expenses, fees incurred in acquiring and disposing of portfolio securities and extraordinary expenses) do not exceed the average daily net assets of any class of Fund shares in the amounts and for the time periods stated in the following table.

Fund	Expense Cap			Temporary Expense Cap Expiration Date
Mid Cap Value		1.09	%		September 30, 2016
Small Cap Value		1.15			September 30, 2016

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

	Dividend Value		Mid Cap Value		Small Cap Value
Sales charges collected	$	124,133	$	11,727	$	11,160
Paid to financial intermediaries		109,320		10,370		9,814

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

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

	Dividend Value		Mid Cap Value		Small Cap Value
Commission advances	$	36,387	$	5,541	$	5,028

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

	Dividend Value		Mid Cap Value		Small Cap Value
12b-1 fees retained	$	50,732	$	2,481	$	3,400

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

The Distributor also collected and retained CDSC on share redemptions during the current fiscal period, as follows:

	Dividend Value		Mid Cap Value		Small Cap Value
CDSC retained	$	2,579	$	21	$	783

8. Subsequent Events

Effective May 14, 2015, the Adviser has agreed to waive fees and/or reimburse expenses of Mid Cap Value through September 30, 2016 so that total annual fund operating expenses (excluding 12b-1 distribution and/or service fees, interest expenses, taxes, acquired fund fees and expenses, fees incurred in acquiring and disposing of portfolio securities and extraordinary expenses) do not exceed 1.05% of the average daily net assets of any class of Fund shares.

Nuveen Investments 57

Additional

Fund Information (Unaudited)

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

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

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

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

58 Nuveen Investments

Glossary of Terms

Used in this Report (Unaudited)

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.

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.

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

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 $233 billion as of March 31, 2015.
		Find out how we can help you. To learn more about how the products and services of Nuveen Investments may be able to help you meet your financial goals, talk to your financial advisor, or call us at (800) 257-8787. Please read the information provided carefully before you invest. Investors should consider the investment objective and policies, risk considerations, charges and expenses of any investment carefully. Where applicable, be sure to obtain a prospectus, which contains this and other relevant information. To obtain a prospectus, please contact your securities representative or Nuveen Investments, 333 W. Wacker Dr., Chicago, IL 60606. Please read the prospectus carefully before you invest or send money. Learn more about Nuveen Funds at: www.nuveen.com/mf
Distributed by Nuveen Securities, LLC | 333 West Wacker Drive Chicago, IL 60606 | www.nuveen.com

MSA-FSTK-0415P        8583-INV-B-06/16

Mutual Funds

Nuveen Equity Funds

Semi-Annual Report  April 30, 2015

	Share Class / Ticker Symbol
Fund Name	Class A	Class C	Class R3	Class R6	Class I
Nuveen Large Cap Growth Opportunities Fund	FRGWX	FAWCX	FLCYX	FLCFX	FIGWX
Nuveen Mid Cap Growth Opportunities Fund	FRSLX	FMECX	FMEYX	FMEFX	FISGX
Nuveen Small Cap Growth Opportunities Fund	FRMPX	FMPCX	FMPYX	—	FIMPX

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Table

of Contents

Chairman’s Letter to Shareholders	4
Portfolio Managers’ Comments	5
Risk Considerations	13
Fund Performance and Expense Ratios	15
Holding Summaries	19
Expense Examples	22
Portfolios of Investments	24
Statement of Assets and Liabilities	38
Statement of Operations	39
Statement of Changes in Net Assets	40
Financial Highlights	42
Notes to Financial Statements	48
Additional Fund Information	58
Glossary of Terms Used in this Report	59

Nuveen Investments 3

Chairman’s Letter

to Shareholders

Dear Shareholders,

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

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

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

And, the same is true for investors like you. Maintaining an appropriate time horizon, diversification and relying on practiced investment teams are among your best strategies for achieving your long-term investment objectives. Additionally, I encourage you to communicate with your financial consultant if you have questions about your investment in a Nuveen Fund. On behalf of the other members of the Nuveen Fund Board, we look forward to continuing to earn your trust in the months and years ahead.

Sincerely,

William J. Schneider

Chairman of the Board

June 22, 2015

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, 2015.

Nuveen Large Cap Growth Opportunities Fund

How did the Fund perform during the six-month reporting period ended April 30, 2015?

The tables in the Fund Performance and Expense Ratios section of this report provide total returns for the Fund for the six-month, one-year, five-year and ten-year periods ended April 30, 2015. Comparative performance information is provided for the Fund’s Class A Shares at net asset value (NAV). The Fund’s Class A Shares at NAV outperformed the Russell 1000^® Growth Index and the Lipper Large-Cap Growth Funds Classification Average during the six-month reporting period.

What strategies were used to manage the Fund during the reporting period and 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.

The Fund experienced favorable results relative to its benchmarks during this six-month reporting period, benefiting from stock selection in both consumer sectors as well as health care. An overweight position in consumer discretionary, the strongest performing sector, was also beneficial. The industrials sector was the only area of the Fund that detracted in any meaningful way over the six-month 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.

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

Nuveen Investments 5

Portfolio Managers’ Comments (continued)

In the consumer discretionary sector, shares of coffeehouse chain Starbucks Corporation recovered during the reporting period after underperforming in the previous fiscal year. The company continued to operate strongly while fundamentals were excellent. Market sentiment also appeared to improve around the certainty of Starbucks’ earnings and price earnings ratio (P/E). A position in discount variety retailer Dollar Tree, Inc. was another outperformer for the Fund as the company moved closer to completing its merger deal with Family Dollar Stores Inc., which is likely to take place in mid-summer. We believe the operating capability of Dollar Tree combined with Family Dollar’s store base will result in significant margin accretion over time. Meanwhile in the consumer staples sector, the Fund continued to benefit from a position in health care distributor CVS Health Corporation, which is using three different channels to reach consumers. The company uses the traditional drugstore channel, which has essentially become an oligopoly with Walgreen Boots Alliance Inc. CVS Health also has the prescription benefit manager business, which competes for corporate customers that can fill prescriptions at retail. Now the company has purchased Omnicare Inc., which serves specialty pharmaceutical drug makers and the senior care population. CVS Health continues to generate free cash flow and good margins, which it is using for the benefit of shareholders.

The health care sector also had several standouts including generic and specialty pharmaceutical maker Mylan N.V. The company advanced strongly after reporting favorable quarterly results with higher revenue and margins driving performance while also raising its earnings outlook, which re-enforced that it is executing well on an organic basis. Mylan’s management team also followed through on its previously announced intention to make a sizeable acquisition in 2014 with the purchase of Abbott Laboratories’ non-U.S. specialty and branded pharmaceuticals business. This transaction is expected to be accretive to earnings this year. In addition, toward the end of the reporting period, Teva Pharmaceutical Industries expressed interest in acquiring Mylan. The Fund also experienced favorable results from new holding Boston Scientific Corporation, a medical device firm focused on cardiovascular treatments. The company announced that it had settled the Guidant litigation with Johnson & Johnson on very favorable terms. Boston Scientific is also benefiting from a multi-year margin improvement program, U.S. Food and Drug Administration approval for several new product innovations and a recent acquisition that was viewed positively.

Results were modestly positive in energy where a beneficial underweight to this poorly performing sector was partially offset by several stock selection issues. Energy was one of only two sectors with negative returns within the Russell 1000^® Growth Index as the dramatic decline in oil prices weighed heavily on stocks, particularly in the first few months of the reporting period. Two of the Fund’s energy holdings, exploration and production (E&P) company Whiting Petroleum Corporation and oilfield services firm Halliburton Company, declined even further than the sector overall. Investors were concerned with how future drilling and completion activity would impact both companies, given the expected lower supply response from lower oil prices. We sold out of the Fund’s positions in Whiting Petroleum and Halliburton, but maintained an out-of-index position in independent oil and gas E&P company Diamondback Energy, Inc., which ended up offsetting some of the performance drag. After bottoming early in December, Diamondback Energy shares rose throughout the rest of the reporting period. The company benefited from its attractive assets in the Permian Basin of West Texas and strong balance sheet heading into the current down cycle, which the company further fortified with an equity offering early in 2015.

Although the Fund’s relative results in information technology were basically in line with the index, the sector did have several standouts, led by a position in video game developer and distributor Electronic Arts Inc. The company continued to benefit from a new generation of gaming consoles and the increasing shift toward the digital delivery of games over the Internet, which is meaningfully raising its gross margins and free cash flow. Electronic Arts’ CEO has done an exceptional job of eliminating less-profitable games and expanding the reach and profit margin of popular games. The company’s streamlined operations helped it produce strong results with both revenue and earnings coming in well ahead of consensus estimates. We also saw favorable results from a new position, Palo Alto Networks Inc., which provides a comprehensive suite approach to software security systems for enterprises, covering desktop, wireless and tablet devices. With the growing number of highly publicized security breaches on enterprise data, Palo Alto Networks is gaining market share and becoming the top-of-mind choice for software security. Also in technology, not owning semiconductor company Qualcomm Incorporated, a larger weight in the benchmark, was beneficial. The company develops and markets wireless communication technologies, which it licenses to mobile phone and tablet manufacturers. In turn, Qualcomm receives royalties from these companies based on each unit sold. We did not own the stock because we were concerned about the company’s competitive positioning due to declining growth rates and increasing pricing pressures in the high-end smartphone market where Qualcomm generates most of its royalties. These factors did indeed lead to the stock’s underperformance. On the other hand, selling our position in technology giant Microsoft Corporation hurt results. Under normal conditions, we tend to position the Fund’s

6 Nuveen Investments

portfolio with an underweight to stable, mega-cap companies such as Microsoft which, in our opinion, don’t typically offer exceptional earnings growth prospects. However, during the reporting period, we added to the Fund’s Microsoft position in anticipation of a large capital return program announcement. When the announcement didn’t materialize during the company’s January earnings conference call, we sold our position to zero. Subsequently, Microsoft reported its March quarter, which featured some better fundamental momentum and caused the stock to rebound smartly.

The industrials sector was the largest source of underperformance for the Fund as several holdings related to transportation services lagged. Generally speaking, transportation-related names were weighed down by the effects of the West Coast port strike, lower oil prices and slower U.S. gross domestic product growth. Fund holding Kirby Corporation, which operates domestic tank barges, transports bulk liquids and services diesel engines, was no exception. Kirby’s management announced a downward revision to its outlook for both the fourth quarter and full-year 2014. The revision was due primarily to headwinds within the company’s land-based diesel engine services segment as a result of the collapse in oil prices and, to a lesser extent, its inland barge business. Railroad company Union Pacific Corporation and trucking company Old Dominion Freight Line Inc., also fell short during the period. Union Pacific experienced below-trend volumes in the first quarter, along with all railroads, due to exposure to carrying oil and other commodities in its network and the effects of the port strike. Although we did trim the Fund’s position before first quarter results were announced because we knew the company would be negatively affected by these factors, we continued to like and own Union Pacific. The issues related to lower volumes came too quickly for the company to cut expenses; however, Union Pacific is currently working to bring expenses in line with the new trend. Old Dominion, a leader in the less-than-truckload segment of the trucking market, had positive fundamentals, but was weighed down by negative sentiment in the segment. However, the company continues to operate well; therefore, we continue to hold Old Dominion. Offsetting some of the weakness in the industrials sector, shares of Southwest Airlines Co. continued to perform well. Once again, Southwest topped consensus revenue and earnings per share estimates. Southwest continued to generate strong free cash flow and returned a portion back to shareholders through buybacks and dividends.

In terms of changes to the Fund’s portfolio, we added a number of positions in the consumer discretionary sector, including CarMax Inc., Lululemon Athletica Inc., Target Corporation, Best Buy Company Inc., L Brands Inc., O’Reilly Automotive Inc., and Signet Jewelers Limited. Used car retailer CarMax Inc. is executing well, which we believe will lead it to significantly grow its market share over a longer period of time. The company reported quarterly results that showed continued strong growth in same-store sales and earnings. Yoga-inspired athletic apparel retailer Lululemon Athletica suffered in 2014 from quality and supply chain issues and changed key members of its management team, who subsequently put a turnaround plan in place. With the strength of Lululemon’s brand, we believe either the new management will reverse the company’s course and regain its former growth trajectory or another company will buy the firm. We purchased Target because we liked its new management team, which we believed would rapidly come up with a plan to deal with the company’s meaningful losses in Canada. In January, Target announced a decision to eliminate all 133 stores in Canada, a move that is already proving to be beneficial to shareholders. In the case of Best Buy, it posted a solid third quarter, clearly showing the company can grow sales when there is a good product cycle such as 4K TVs. L Brands, with its flagship brands including Victoria’s Secret and Bath & Body Works, posted solid sales numbers from its holiday season and also has the opportunity to expand Victoria’s Secret around the world. O’Reilly Automotive is the premier player in the after-market auto parts business. We believe the company will benefit as lower gas prices lead to more miles driven for cars across the United States, which leads to more auto parts needed. We also like Signet Jewelers, which owns the vast majority of mall jewelry operators, including its recent acquisition of Kay Jewelers. We believe Signet Jewelers’ profits will benefit because the consolidation will allow the company to spend less on promotions. In addition, we replaced one of the Fund’s hotel holdings, Starwood Hotels & Resorts Worldwide Inc., with a position in Marriott International Inc. We like the fundamentals of the hotel industry and Marriott, and are more impressed with its management team.

Outside of the consumer area in the energy sector, we purchased oilfield services name Baker Hughes Incorporated at a very attractive price. The company is in the process of being bought out by rival Halliburton in a very accretive deal, which is expected to close in the second half of 2015.

Nuveen Investments 7

Portfolio Managers’ Comments (continued)

Nuveen Mid Cap Growth Opportunities Fund

How did the Fund perform during the six-month reporting period ended April 30, 2015?

The tables in the Fund Performance and Expense Ratios section of this report provide total returns for the Fund for the six-month, one-year, five-year and ten-year periods ended April 30, 2015. Comparative performance information is provided for the Fund’s Class A Shares at net asset value (NAV). The Fund’s Class A Shares at NAV outperformed the Lipper Mid-Cap Growth Funds Classification Average, but performed in line with the Russell Midcap^® Growth Index during the six-month reporting period.

What strategies were used to manage the Fund during the reporting period and 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 $1.6 billion and $29.8 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, the Fund experienced particularly strong performance from the energy, health care and consumer staples sectors. In energy, results were favorable due to both a beneficial underweight to this poorly performing sector and stock selection. Energy was one of only two sectors with negative returns within the Russell MidCap^® Growth Index as the dramatic decline in oil prices weighed heavily on stocks, particularly in the first few months of the reporting period. However, three of the Fund’s exploration and production (E&P) holdings, Diamondback Energy Inc., Matador Resources Company and Concho Resources Inc. bounced back after bottoming in December 2014. These higher quality companies with stronger balance sheets were able to outperform lower quality names as oil prices dropped, while further fortifying their balance sheets with equity offerings early in 2015. Diamondback Energy has attractive assets in the Permian Basin of West Texas, which are some of the most economic even at lower oil prices. Concho Resources, which is also focused in the Permian Basin as well as southeast New Mexico, benefited as it was able to reduce capital expenditures even more than production levels. Texas-based Matador Resources, which has core producing assets in the Eagle Ford, Haynesville and Permian Basins, reported strong well results and was able to add another rig and acreage at attractive prices in the Permian Basin.

Our health care overweight and holdings also benefited performance, including the Fund’s top-performing stock Bluebird Bio, Inc. This development-stage biopharmaceutical company is focused on gene therapy products for the treatment of severe genetic and orphan diseases. The company has several gene therapy candidates in clinical development for a variety of disorders including sickle cell disease and cancer that have reported some early, but dramatically positive results. If Bluebird Bio’s therapies are successful, the company has the potential for large addressable markets. Also, Abiomed Inc., a manufacturer of temporary cardiovascular circulatory support devices, surged in reaction to its fourth quarter earnings report that was substantially above investors’ expectations, including impressive above-consensus sales results for its Impella device. The company also received a boost from formal U.S. Food and Drug Administration (FDA) approval in late March for its newest version of the Impella device with a broader label. Shares of generic and specialty pharmaceutical maker Mylan N.V. advanced strongly after reporting favorable quarterly results with higher revenue and margins driving performance. The company also raised its earnings outlook, which re-enforced that it is executing well on an organic basis. In addition, Mylan’s management team followed through on its previously announced intention to make a sizeable acquisition in 2014 with the purchase of Abbott Laboratories’ non-U.S. specialty and branded pharmaceuticals business. This transaction is expected to be accretive to earnings this year. Toward the end of the reporting period, Teva Pharmaceutical Industries expressed interest in acquiring Mylan. The Fund also experienced favorable results from biotechnology company Isis Pharmaceuticals Inc., which focuses on the research and development, but not the commercialization, of treatments for multiple diseases (cancers, cardiovascular, orphan, metabolic and inflammation) using a patented “gene silencing” technique. Isis Pharmaceuticals has a number of products in phase 1 or phase 2 of FDA approval, while continuing to report encouraging updates. Later in the reporting period, we did sell our position in this long-term standout strictly due to its valuation. The health care sector was also home to one significant detractor, specialty pharmaceutical firm Salix Pharmaceuticals, Ltd., which mainly develops treatments for gastrointestinal diseases.

8 Nuveen Investments

After performing strongly in the previous reporting period, Salix Pharmaceuticals was hurt by allegations that its management team significantly understated inventory levels and overstated earnings. As a result, the company’s CFO resigned and we sold the Fund’s position due to the uncertainty.

In the consumer staples sector, Monster Beverage Corporation was again an outperformer for the Fund. This marketer and distributor of a variety of energy drinks and alternative beverages posted another stellar quarter, beating on all metrics. Monster Beverage remains in a strong position as Coca-Cola is set to close its transaction to buy a large equity stake in the company by mid-2015, with the option to increase its stake in the future. With this transaction, Monster gains Coke’s global energy drink business and access to its broad distribution network in countries like China, while it offloads its non-energy drink business to Coke.

While absolute returns in information technology were strong, the Fund’s relative results were basically in line with the index as an overweight to the sector proved beneficial, while several holdings offset each other. On the positive side, video game developer and distributor Electronic Arts Inc. reported strong results with high-teens revenue growth and even more robust earnings growth. Electronic Arts’ CEO has done an exceptional job of eliminating less-profitable games and expanding the reach and profit margin of popular games. The company is also benefiting from a new generation of gaming consoles and the increasing shift toward the digital delivery of games over the Internet, which should meaningfully raise its gross margins and free cash flow. On the other hand, the Fund was negatively impacted by its position in leading online social networking service Twitter, Inc. The company reported weak user engagement metrics for the third quarter, while guidance for the fourth quarter was even weaker.

Consumer discretionary was the only sector that detracted in any meaningful way over the reporting period, mainly due to the Fund’s positions in Deckers Outdoor Corporation and LifeLock Inc. Deckers Outdoor is a leading designer and wholesaler of a number of footwear brands including Uggs, which represents the majority of its revenues and Teva sandals. Its shares underperformed after the company reported a sales miss in a recent quarter, while also lowering next-quarter and full-year earnings per share guidance to below consensus. Although some of the pressure on Deckers Outdoor was due to the strong dollar and milder weather, sales and margins were still below where we expected them to be and we sold the stock. LifeLock, Incorporated provides identity theft protection services for consumers and fraud and risk solutions for enterprises in the United States. It protects consumer subscribers by monitoring identity-related events, such as new account openings and credit-related applications, and enterprise customers by delivering on-demand identity risk and authentication information about consumers. We continue to believe LifeLock remains a unique consumer play on the data breach theme and are holding onto our position. However, several near-term concerns have weighed on the stock including: a significant slowdown in its year-over-year member growth rate; a substantial ramp-up in sales and marketing spending in 2015 to broaden its message and attract new demographics; and the ongoing overhang of an inquiry into the company’s compliance with a 2010 Federal Trade Commission (FTC) order. Offsetting some of the weakness in the discretionary sector, the Fund benefited from a position in arts and crafts supply store Michaels Cos Inc. The company, which we purchased when it went public at the end of June 2014, is benefiting from solid earnings and increased forward-looking estimates. We continue to like the outlook for Michaels because the company is generating strong free cash flow and paying down debt, while its stock is still attractively valued. We also have confidence in Michaels’ CEO, who recently came on board after a successful position at Ulta Salon, Cosmetics & Fragrance, Inc.

The industrials sector was a modest detractor due to energy-related holding Kirby Corporation, which operates domestic tank barges, transports bulk liquids and services diesel engines. Kirby’s management announced a downward revision to its outlook for both the fourth quarter and full-year 2014 during the reporting period. The revision was primarily due to headwinds within the company’s land-based diesel engine services segment as a result of the collapse in oil prices and, to a lesser extent, its inland barge business. We continue to own Kirby in the portfolio because we like its strong long-term track record and believe the company will benefit if oil prices increase.

Nuveen Investments 9

Portfolio Managers’ Comments (continued)

In terms of changes to the Fund’s portfolio, we added several holdings scattered across various sectors. We initiated a new position in DexCom Inc., a leading provider of continuous glucose monitoring systems that enable people with diabetes to more frequently and conveniently manage their blood glucose levels. The company’s latest product, the G4 Platinum, allows for seven-day use and is designed to transmit blood glucose readings from a disposable sensor to a pocket-sized receiver. With a large addressable market in the United States and Europe, we believe DexCom’s product will become the clear technological leader, particularly for Type 1 diabetes in children, due to sensor accuracy, reliability and ease-of-use. We also established a position in Bofi Holding Inc., a financial holding company based in California with a unique approach to banking. The company has been able to gain deposits and grow to more than $5.0 billion in assets without any branch network, by relying on technology and the Internet. Bofi has no expenses related to running branch locations, while at the same time is able to offer a variety of banking products including checking, savings and time deposit accounts, as well as financing for single-family and multifamily residential properties and small- to mid-sized businesses. In addition, we added Liberty Broadband Corp., a holding company with ownership interest in Charter Communications Inc., its subsidiary TruePosition, and a minority equity investment in Time Warner Cable Inc. We believe Liberty’s growth will be driven almost entirely by growth at Charter Communications, which has stated its intention to continue to roll-up U.S. cable operators. Liberty Broadband may co-invest in future Charter deals or be taken out by Charter in the long term.

On the sell side, the Fund no longer owns a position in CoStar Group, Inc. The company provides information, analytics and online marketplace services to the commercial real estate industry in the United States, Canada, the United Kingdom and France. CoStar announced a $75 million ad campaign to establish its Apartments.com brand in 2015, the magnitude of which surprised us. Although CoStar has a strong management team, we decided to wait and see if the company can monetize the Apartments.com brand. We also sold out of cable network Discovery Communications Inc., owner of a global portfolio including the Discovery Channel, The Learning Channel, Animal Planet, Science Channel and Investigation Discovery. Television networks such as Discovery have been negatively affected by the changing viewing habits of Americans, who have been rapidly shifting from broadcast TV to subscription-based streaming services. As a result, Discovery reported declining ratings and advertising revenues from its U.S. business, while the company is also seeing rising operating expenses as a result of increased content and production costs.

Nuveen Small Cap Growth Opportunities Fund

How did the Fund perform during the six-month reporting period ended April 30, 2015?

The tables in the Fund Performance and Expense Ratios section of this report provide total returns for the Fund for the six-month, one-year, five-year and ten-year periods ended April 30, 2015. Comparative performance information is provided for the Fund’s Class A Shares at net asset value (NAV). The Fund’s Class A Shares at NAV underperformed the Russell 2000^® Growth Index and performed in line with the Lipper Small-Cap Growth Funds Classification Average during the six-month reporting period.

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

The Fund pursues a long-term capital appreciation strategy by investing primarily in equity securities of smaller-sized companies with market capitalizations within the market capitalization range of the companies in the Russell 2000^® Index on the last business day of the month in which its most recent reconstitution was completed. As of June 30, 2014, the range was $143 million to $4.51 billion. 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.

During the six-month reporting period, the Fund’s underperformance of the Russell 2000^® Growth Index was primarily the result of stock selection in the consumer discretionary and industrials sectors, which was only partially offset by strength in health care. Despite the tailwinds provided by significantly lower energy prices as well as continued improvements in employment and wages, stock selection in the consumer discretionary sector provided the largest negative impact to the Fund’s relative performance during the reporting period. We held shares of Capella Education Company, a provider of online undergraduate and graduate education,

10 Nuveen Investments

which underperformed despite solid fourth quarter results and in-line 2015 guidance. We believe the stock was weighed down by the combination of negative news events specific to other education companies and a rotation within the consumer discretionary sector away from more defensive-like business models. However, we continue to like the Capella Education story and own the stock. In the apparel and luxury goods category, women’s accessories manufacturer Vera Bradley, Inc. provided a disappointing outlook for 2015 with its fourth quarter earnings report. The report included substantial weakness in comparable store sales driven by soft traffic and increased spending on marketing, its e-commerce initiative and compensation. Without any near-term catalysts to fuel Vera Bradley’s turnaround story, we exited our position. We also owned a position in Lumber Liquidators Holdings, Inc., a manufacturer and marketer of hardwood flooring, as a means of participating in the housing recovery. The company’s stock dove sharply lower following fourth quarter earnings results when management revealed that “60 Minutes” would be airing a feature suggesting that its adhesives manufactured in China contained unacceptable levels of formaldehyde and posed a health hazard. While management refuted these allegations, we concluded that the impact to current sales and the potential ramifications from inventory write-downs, warranty liability and earnings impairment would create an extended overhang. Therefore, we exited our Lumber Liquidators position.

Another significant detractor to relative performance was stock selection in the industrials sector, including a name with extensive exposure to the energy complex. MasTec Inc., which is focused on the build-out of energy and telecommunications infrastructure, continued to be negatively impacted by uncertainties regarding the outlook for capital spending in those areas. Delays in its midstream pipeline business due to the overall uncertainty surrounding oil also weighed on MasTec’s shares. Away from energy-related issues, the Fund saw weak results from a position in Tutor Perini Corporation, a domestic-centric engineering and construction company specializing in large civil infrastructure and commercial building projects. Tutor Perini’s stock has been pressured downward since mid-2014, which was exacerbated in February after the company reported a significant decline in year-over-year fourth quarter earnings. Management cited a decrease in activity surrounding certain higher margin projects and timing around tunnel projects on the West Coast. However, we have maintained our position in Tutor Perini due to its 100% exposure to the domestic economy and construction end markets, which we are positively disposed to in 2015. Offsetting some of the weakness in industrials were strong results from a position in leading carpet tile manufacturer Interface, Inc. After underperformance in the previous reporting period, Interface reported results for fourth quarter 2014 that included stringent expense controls to drive significant operating margin leverage and double-digit order growth through the first quarter of 2015.

Security selection within the health care sector was the most significant positive contributor to the Fund’s relative performance, particularly among its medical equipment and biotechnology names. One of the Fund’s top stocks during the reporting period was Abiomed Inc., a manufacturer of temporary cardiovascular circulatory support devices, which surged in reaction to its fourth quarter earnings report that was substantially above investors’ expectations. The company also received a boost from formal FDA approval in late March for its device’s use in high-risk percutaneous coronary intervention, which should drive a sequence of additional regulatory events and Japanese approval to support continued robust growth. Also, shares of Inogen Inc., a manufacturer of portable oxygen concentrators for patients with pulmonary conditions, rose sharply following a December analyst day that highlighted the company’s growth potential in the $4-billion oxygen therapy market. Endologix, Inc., a manufacturer of abdominal aortic aneurism stent grafts, provided a positive clinical update regarding its innovative Nellix stent graft, which is taking market share in Europe and should launch in the United States in 2016. Cubist Pharmaceuticals, Inc., a provider of novel antibiotics for combatting complex, drug-resistant bacterial infections, announced in December that it would be acquired by the pharmaceutical giant Merck & Co. Inc. in a nearly $8 billion deal, equating to a significant premium. In the orthopedic area, shares of K2M Group Holdings Inc. rallied following the company’s third-quarter earnings report. It highlighted rapid surgeon conversion and salesforce productivity that drove robust growth in both the complex spine and degenerative spine businesses. Lastly, Receptos, Inc., a developer of drugs for the treatment of immune disorders, surged in late October when the company reported highly positive results in ulcerative colitis, further bolstering the company’s position as a potential acquisition candidate.

The Fund’s energy sector holdings outperformed the benchmark during the first half of the fiscal year even with the substantial volatility in the underlying commodity, fueled by OPEC’s unwillingness to cut production, which sent oil prices plummeting, followed by North American rig count reductions that have recently allowed crude prices to recover modestly. While the Fund did outperform overall in the sector, two of its more significant laggards were also found in energy. Oasis Petroleum Inc., a shale oil producer in the Williston Basin of North Dakota, saw its shares tumble as investors scrutinized the return potential of its acreage in a lower oil price environment. Similarly, Dril-Quip Inc. shares languished based on indications that order rates for sub-sea production equipment

Nuveen Investments 11

Portfolio Managers’ Comments (continued)

would be curtailed and drive revenue contraction over the intermediate term. We sold these names in favor of maintaining positions in a pair of Permian Basin oil producers, Diamondback Energy, Inc. and RSP Permian, Inc., both of which have attractive growth profiles and superior capital productivity in the current commodity price environment and have performed strongly relative to their peers.

Stock selection was mixed in the information technology sector where several very strong performers were offset by weakness in others. The sector was home to the Fund’s top performing stock, Gigamon Inc., a leader in network visibility and network control products and solutions. After two poor quarters attributed to sales execution issues, Gigamon’s management team replaced the firm’s head of sales. The new hire immediately implemented systematic changes to refocus the company on growth. We began to see positive results from these changes as the company subsequently posted three consecutive quarters of revenue and profitability that exceeded analysts’ expectations. Also, marketing and consulting firm Sapient Corporation was a substantially positive contributor to stock selection in the technology group. In early November, the company announced that it would be acquired by the international advertising conglomerate Publicis Groupe for a significant premium in an all-cash deal valued at $3.7 billion. In addition, Microsemi Corporation, a manufacturer of comprehensive semiconductor and systems solutions, delivered on higher gross margins during the fourth quarter as recent, small acquisitions have turned profitable. Later in the reporting period, Microsemi announced an accretive and complementary acquisition of Vitesse Semiconductor Corp., which also helped drive its shares notably higher. Offsetting this favorable performance was the impact of the Fund’s position in Aruba Networks, Inc., a leading manufacturer of wireless local area network (WLAN) switches. Despite solid financial performance, shares of Aruba Networks lagged as investors became increasingly concerned that the WLAN market was oversupplied, with a number of publicly held competitors all vying for market share. Shortly after we sold the Fund’s position in Aruba Networks, the company announced its intent to sell operations to Hewlett-Packard Company, which further impacted the Fund’s relative performance. Also, shares of ARRIS Group, Inc., a manufacturer of broadband communications equipment to cable systems providers, slumped during the reporting period. Investors were concerned about decelerating spending resulting from anticipated major cable operator consolidation as well as fears of heightened competition from networking giant Cisco Systems, Inc., which could lead to a 2015 guidance reset. We decided to exit the Fund’s position in ARRIS Group during the reporting period.

In terms of positioning, the Fund is currently overweight in the major growth sector of information technology, which comprises just over one-quarter of the benchmark Russell 2000^® Growth Index. Software is the most heavily-weighted industry group, particularly those companies involved in information security. Cyber security is an attractive secular trend, which we would view as a buying opportunity. Semiconductor-related fundamentals have been strong, driven by opportunities in the communications, automotive and industrial categories as well as an uptick in merger and acquisition (M&A) activity with six announced public company deals so far in 2015. Distributor inventories currently appear lean and the few pockets of demand weakness appear to be limited to personal computers and Chinese handsets.

Health care is another major growth sector where fundamentals remain positive and secular growth trends are attractive, leading us to be just over market weight in the group with a bias to increase the Fund’s participation. Biotechnology sector performance continues to be impressive in light of the strong fundamentals of the large-cap group, coupled with generally positive clinical advancements, the relative absence of safety issues or pricing pressures and numerous instances of M&A activity. However, given the group’s continued strong performance and rising valuations, we would not be surprised to see a pullback. We continue to utilize a barbell strategy of participating in names with major weights in the benchmark Russell 2000^® Growth Index that have attractive growth prospects as well as focusing on emerging companies in areas such as advanced oncology research and gene therapy. The sector’s largest area of emphasis remains in the medical technology area, where there are a number of attractive unit growth opportunities in areas such as orthopedics, vascular technology and diabetes management.

12 Nuveen Investments

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.

Nuveen Investments 13

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14 Nuveen Investments

Fund Performance

and Expense Ratios

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

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

Returns may reflect an agreement by the investment adviser to waive certain fees and/or reimburse expenses during the periods presented. If any such waivers and/or reimbursements had not been in place, returns would have been reduced. See Notes to Financial Statements, Note 7—Management Fees and Other Transactions with Affiliates for more information. For the most recent month-end performance visit www.nuveen.com or call (800) 257-8787.

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

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

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

Nuveen Investments 15

Fund Performance and Expense Ratios (continued)

Nuveen Large Cap Growth Opportunities Fund

Refer to the first page of this Fund Performance and Expense Ratios section for further explanation of the information included within this section. Refer to the Glossary of Terms Used in this Report for definitions of terms used within this section.

Fund Performance

Average Annual Total Returns as of April 30, 2015

	Cumulative		Average Annual
	6-Month		1-Year		5-Year		10-Year
Class A Shares at NAV		6.75%		17.59%		13.61%		8.79%
Class A Shares at maximum Offering Price		0.61%		10.84%		12.27%		8.15%
Russell 1000® Growth Index		6.54%		16.67%		15.49%		9.62%
Lipper Large-Cap Growth Funds Classification Average		5.46%		16.13%		13.79%		8.80%
Class C Shares		6.38%		16.73%		12.78%		7.98%
Class R3 Shares		6.63%		17.31%		13.33%		8.52%
Class I Shares		6.90%		17.90%		13.90%		9.06%

	Cumulative		Average Annual
	6-Month		1-Year		Since Inception
Class R6 Shares		6.94%		18.01%		18.05%

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

	Cumulative		Average Annual
	6-Month		1-Year		5-Year		10-Year
Class A Shares at NAV		9.74%		14.36%		14.37%		8.58%
Class A Shares at maximum Offering Price		3.42%		7.78%		13.03%		7.94%
Class C Shares		9.31%		13.47%		13.52%		7.78%
Class R3 Shares		9.59%		14.06%		14.08%		8.31%
Class I Shares		9.85%		14.61%		14.65%		8.86%

	Cumulative		Average Annual
	6-Month		1-Year		Since Inception
Class R6 Shares		9.91%		14.76%		19.14%

Since inception returns are from 2/28/13. Indexes and Lipper averages are not available for direct investment.

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

Expense Ratios as of Most Recent Prospectus

	Share Class
	Class A		Class C		Class R3		Class R6		Class I
Expense Ratios		1.25%		2.00%		1.50%		0.90%		1.00%

16 Nuveen Investments

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

Fund Performance

Average Annual Total Returns as of April 30, 2015

	Cumulative		Average Annual
	6-Month		1-Year		5-Year		10-Year
Class A Shares at NAV		7.61%		15.79%		15.12%		10.08%
Class A Shares at maximum Offering Price		1.42%		9.14%		13.76%		9.43%
Russell Midcap® Growth Index		7.77%		16.46%		15.59%		10.55%
Lipper Mid-Cap Growth Funds Classification Average		6.84%		14.10%		13.88%		9.75%
Class C Shares		7.21%		14.90%		14.26%		9.26%
Class R3 Shares		7.49%		15.51%		14.83%		9.81%
Class I Shares		7.75%		16.07%		15.41%		10.36%

	Cumulative		Average Annual
	6-Month		1-Year		Since Inception
Class R6 Shares		7.81%		16.22%		19.36%

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

	Cumulative		Average Annual
	6-Month		1-Year		5-Year		10-Year
Class A Shares at NAV		11.47%		12.56%		16.05%		9.81%
Class A Shares at maximum Offering Price		5.07%		6.10%		14.69%		9.17%
Class C Shares		11.08%		11.72%		15.18%		8.99%
Class R3 Shares		11.34%		12.29%		15.76%		9.54%
Class I Shares		11.61%		12.85%		16.34%		10.09%

	Cumulative		Average Annual
	6-Month		1-Year		Since Inception
Class R6 Shares		11.69%		13.01%		20.89%

Since inception returns are from 2/28/13. Indexes and Lipper averages are not available for direct investment.

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

Expense Ratios as of Most Recent Prospectus

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

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

Fund Performance

Average Annual Total Returns as of April 30, 2015

	Cumulative		Average Annual
	6-Month		1-Year		5-Year		10-Year
Class A Shares at NAV		5.85%		11.66%		12.55%		9.22%
Class A Shares at maximum Offering Price		(0.24)%		5.25%		11.23%		8.58%
Russell 2000® Growth Index		7.25%		14.65%		14.94%		10.41%
Lipper Small-Cap Growth Funds Classification Average		5.91%		11.59%		13.86%		9.45%
Class C Shares		5.45%		10.81%		11.72%		8.40%
Class R3 Shares		5.74%		11.41%		12.28%		8.94%
Class I Shares		5.98%		11.94%		12.84%		9.49%

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

	Cumulative		Average Annual
	6-Month		1-Year		5-Year		10-Year
Class A Shares at NAV		14.61%		9.30%		14.53%		8.79%
Class A Shares at maximum Offering Price		8.01%		2.99%		13.17%		8.15%
Class C Shares		14.21%		8.48%		13.68%		7.98%
Class R3 Shares		14.43%		8.99%		14.24%		8.51%
Class I Shares		14.75%		9.60%		14.82%		9.06%

Indexes and Lipper averages are not available for direct investment.

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

Expense Ratios as of Most Recent Prospectus

	Share Class
	Class A		Class C		Class R3		Class I
Gross Expense Ratios		1.57%		2.32%		1.82%		1.32%
Net Expense Ratios		1.47%		2.22%		1.72%		1.22%

The Fund’s investment adviser has agreed to waive fees and/or reimburse other Fund expenses through September 30, 2016, so that total annual fund operating expenses (excluding 12b-1 distribution and/or service fees, interest expenses, taxes, acquired fund fees and expenses, fees incurred in acquiring and disposing of portfolio securities and extraordinary expenses) do not exceed 1.22% of the average daily net assets of any class of Fund shares. Fee waivers and/or expense reimbursements will not be terminated prior to that time without the approval of the Fund’s Board of Directors.

18 Nuveen Investments

Holding

Summaries as of April 30, 2015

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	99.6%
Investments Purchased with Collateral from Securities Lending	18.1%
Short-Term Investments	0.7%
Other Assets Less Liabilities	(18.4)%
Net Assets	100%

Portfolio Composition

(% of net assets)

Software	7.6%
Technology Hardware, Storage & Peripherals	7.3%
Hotels, Restaurants & Leisure	6.3%
Specialty Retail	6.2%
Pharmaceuticals	6.0%
Internet & Catalog Retail	5.6%
IT Services	5.5%
Internet Software & Services	5.2%
Biotechnology	5.1%
Food & Staples Retailing	4.9%
Chemicals	3.5%
Textiles, Apparel & Luxury Goods	3.3%
Health Care Equipment & Supplies	3.3%
Airlines	2.7%
Media	2.6%
Oil, Gas & Consumable Fuels	2.5%
Road & Rail	2.3%
Other Industries	19.7%
Investments Purchased with Collateral from Securities Lending	18.1%
Short-Term Investments	0.7%
Other Assets Less Liabilities	(18.4)%
Net Assets	100%

Top Five Common Stock Holdings

(% of net assets)

Apple, Inc.	7.3%
MasterCard, Inc.	2.9%
Visa Inc.	2.7%
Walt Disney Company	2.6%
Amazon.com, Inc.	2.4%

Nuveen Investments 19

Holding Summaries April 30, 2015(continued)

Nuveen Mid Cap Growth Opportunities Fund

Fund Allocation

(% of net assets)

Common Stocks	98.9%
Investments Purchased with Collateral from Securities Lending	19.6%
Short-Term Investments	1.0%
Other Assets Less Liabilities	(19.5)%
Net Assets	100%

Portfolio Composition

(% of net assets)

Software	10.3%
Specialty Retail	9.2%
Pharmaceuticals	4.9%
Health Care Providers & Services	3.9%
Diversified Financial Services	3.7%
Semiconductors & Semiconductor Equipment	3.6%
Oil, Gas & Consumable Fuels	3.5%
Hotels, Restaurants & Leisure	3.5%
Machinery	3.3%
Household Durables	3.1%
Electrical Equipment	3.0%
Life Sciences Tools & Services	2.9%
Airlines	2.7%
Health Care Equipment & Supplies	2.6%
Biotechnology	2.6%
Beverages	2.4%
Internet & Catalog Retail	2.2%
Capital Markets	2.2%
Internet Software & Services	2.0%
IT Services	2.0%
Media	1.9%
Multiline Retail	1.8%
Electronic Equipment, Instruments & Components	1.8%
Other Industries	19.8%
Investments Purchased with Collateral from Securities Lending	19.6%
Short-Term Investments	1.0%
Other Assets Less Liabilities	(19.5)%
Net Assets	100%

Top Five Common Stock Holdings

(% of net assets)

Mylan NV	2.5%
Monster Beverage Corporation	2.4%
Moody’s Corporation	2.2%
Dollar Tree Stores Inc.	1.8%
Amphenol Corporation, Class A	1.8%

20 Nuveen Investments

Nuveen Small Cap Growth Opportunities Fund

Fund Allocation

(% of net assets)

Common Stocks	98.1%
Investments Purchased with Collateral from Securities Lending	14.1%
Short-Term Investments	2.2%
Other Assets Less Liabilities	(14.4)%
Net Assets	100%

Portfolio Composition

(% of net assets)

Software	13.1%
Health Care Equipment & Supplies	12.0%
Biotechnology	8.5%
Semiconductors & Semiconductor Equipment	5.3%
Banks	4.4%
Specialty Retail	3.7%
Hotels, Restaurants & Leisure	3.6%
Oil, Gas & Consumable Fuels	3.1%
Communications Equipment	3.0%
Health Care Providers & Services	2.8%
Food & Staples Retailing	2.7%
Capital Markets	2.6%
Electronic Equipment, Instruments & Components	2.5%
Pharmaceuticals	2.5%
Internet Software & Services	2.4%
Professional Services	2.4%
Construction & Engineering	2.4%
Electrical Equipment	2.3%
Other Industries	18.8%
Investments Purchased with Collateral from Securities Lending	14.1%
Short-Term Investments	2.2%
Other Assets Less Liabilities	(14.4)%
Net Assets	100%

Top Five Common Stock Holdings

(% of net assets)

Plantronics Inc.	1.8%
Abiomed, Inc.	1.8%
Team Health Holdings Inc.	1.8%
Diamondback Energy	1.7%
Capella Education Company	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 period ended April 30, 2015.

The beginning of the period is November 1, 2014.

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

The information under “Hypothetical Performance,” provides information about hypothetical account values and hypothetical expenses based on 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

	Share Class
	Class A		Class C		Class R3		Class R6		Class I
Actual Performance
Beginning Account Value	$	1,000.00	$	1,000.00	$	1,000.00	$	1,000.00	$	1,000.00
Ending Account Value	$	1,067.50	$	1,063.80	$	1,066.30	$	1,069.40	$	1,069.00
Expenses Incurred During the Period	$	6.51	$	10.34	$	7.74	$	4.72	$	5.23
Hypothetical Performance (5% annualized return before expenses)
Beginning Account Value	$	1,000.00	$	1,000.00	$	1,000.00	$	1,000.00	$	1,000.00
Ending Account Value	$	1,018.50	$	1,014.78	$	1,017.31	$	1,020.23	$	1,019.74
Expenses Incurred During the Period	$	6.36	$	10.09	$	7.55	$	4.61	$	5.11

For each class of the Fund, expenses are equal to the Fund’s annualized net expense ratio of 1.27%, 2.02%, 1.51%, 0.92% and 1.02% for Classes A, 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

	Share Class
	Class A		Class C		Class R3		Class R6		Class I
Actual Performance
Beginning Account Value	$	1,000.00	$	1,000.00	$	1,000.00	$	1,000.00	$	1,000.00
Ending Account Value	$	1,076.10	$	1,072.10	$	1,074.90	$	1,078.10	$	1,077.50
Expenses Incurred During the Period	$	6.74	$	10.58	$	8.03	$	4.79	$	5.46
Hypothetical Performance (5% annualized return before expenses)
Beginning Account Value	$	1,000.00	$	1,000.00	$	1,000.00	$	1,000.00	$	1,000.00
Ending Account Value	$	1,018.30	$	1,014.58	$	1,017.06	$	1,020.18	$	1,019.54
Expenses Incurred During the Period	$	6.56	$	10.29	$	7.80	$	4.66	$	5.31

For each class of the Fund, expenses are equal to the Fund’s annualized net expense ratio of 1.31%, 2.06%, 1.56%, 0.93% and 1.06% for Classes A, 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

	Share Class
	Class A		Class C		Class R3		Class I
Actual Performance
Beginning Account Value	$	1,000.00	$	1,000.00	$	1,000.00	$	1,000.00
Ending Account Value	$	1,058.50	$	1,054.50	$	1,057.40	$	1,059.80
Expenses Incurred During the Period	$	7.50	$	11.31	$	8.77	$	6.23
Hypothetical Performance (5% annualized return before expenses)
Beginning Account Value	$	1,000.00	$	1,000.00	$	1,000.00	$	1,000.00
Ending Account Value	$	1,017.50	$	1,013.79	$	1,016.27	$	1,018.74
Expenses Incurred During the Period	$	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, 2015 (Unaudited)

Shares		Description (1)	Value
		LONG-TERM INVESTMENTS – 99.6%
		COMMON STOCKS – 99.6%
		Aerospace & Defense – 1.4%
	48,200	Boeing Company	$	6,908,988
		Airlines – 2.7%
	143,307	Delta Air Lines, Inc.		6,397,224
	164,833	Southwest Airlines Co.		6,685,626
		Total Airlines		13,082,850
		Biotechnology – 5.1%
	19,104	Alexion Pharmaceuticals Inc., (2)		3,232,970
	17,532	Biogen Inc., (2)		6,555,741
	10,288	Bluebird Bio Inc., (2)		1,370,259
	31,025	Celgene Corporation, (2), (3)		3,352,562
	50,845	Gilead Sciences, Inc.		5,110,431
	11,099	Regeneron Pharmaceuticals, Inc., (2), (3)		5,077,349
		Total Biotechnology		24,699,312
		Capital Markets – 1.0%
	37,970	Ameriprise Financial, Inc.		4,756,882
		Chemicals – 3.5%
	42,644	Ecolab Inc., (3)		4,775,275
	25,409	PPG Industries, Inc.		5,629,618
	22,832	Sherwin-Williams Company		6,347,296
		Total Chemicals		16,752,189
		Communications Equipment – 1.8%
	163,886	Cisco Systems, Inc.		4,724,833
	27,100	Palo Alto Networks, Incorporated, (2), (3)		4,003,212
		Total Communications Equipment		8,728,045
		Diversified Financial Services – 1.2%
	54,841	Moody’s Corporation, (3)		5,896,504
		Electronic Equipment, Instruments & Components – 1.1%
	95,372	Amphenol Corporation, Class A		5,280,748
		Energy Equipment & Services – 1.0%
	67,314	Baker Hughes Incorporated		4,608,316
		Food & Staples Retailing – 4.9%
	57,297	Costco Wholesale Corporation		8,196,336
	93,039	CVS Caremark Corporation		9,237,842

24 Nuveen Investments

Shares		Description (1)	Value
		Food & Staples Retailing (continued)
	86,806	Kroger Co.	$	5,981,801
		Total Food & Staples Retailing		23,415,979
		Food Products – 0.8%
	65,646	Hain Celestial Group Inc., (2), (3)		3,954,515
		Health Care Equipment & Supplies – 3.3%
	377,553	Boston Scientific Corporation, (2)		6,727,994
	30,697	DexCom, Inc., (2)		2,074,196
	92,410	Medtronic, PLC		6,879,925
		Total Health Care Equipment & Supplies		15,682,115
		Health Care Providers & Services – 2.2%
	28,442	CIGNA Corporation		3,545,011
	31,122	McKesson HBOC Inc.		6,952,655
		Total Health Care Providers & Services		10,497,666
		Hotels, Restaurants & Leisure – 6.3%
	9,498	Chipotle Mexican Grill, (2), (3)		5,901,487
	179,367	Hilton Worldwide Holdings Inc., (2)		5,194,468
	73,620	Marriott International, Inc., Class A		5,893,281
	55,473	Royal Caribbean Cruises Limited, (3)		3,775,492
	188,453	Starbucks Corporation		9,343,500
		Total Hotels, Restaurants & Leisure		30,108,228
		Household Durables – 1.0%
	97,703	Jarden Corporation, (3)		5,000,440
		Industrial Conglomerates – 1.6%
	48,901	3M Co.		7,647,627
		Internet & Catalog Retail – 5.6%
	27,795	Amazon.com, Inc., (2), (3)		11,723,375
	11,297	NetFlix.com Inc., (2), (3)		6,286,781
	7,087	priceline.com Incorporated, (2)		8,772,359
		Total Internet & Catalog Retail		26,782,515
		Internet Software & Services – 5.2%
	147,264	Facebook Inc., Class A Shares, (2)		11,599,985
	16,070	Google Inc., Class A, (2)		8,818,734
	18,426	LinkedIn Corporation, Class A Shares, (2)		4,645,747
		Total Internet Software & Services		25,064,466
		IT Services – 5.5%
	152,850	MasterCard, Inc., (3)		13,788,599
	193,441	Visa Inc., (3)		12,776,778
		Total IT Services		26,565,377

Nuveen Investments 25

Nuveen Large Cap Growth Opportunities Fund (continued)

Portfolio of Investments April 30, 2015 (Unaudited)

Shares		Description (1)	Value
		Life Sciences Tools & Services – 0.7%
	17,742	Illumina Inc., (2)	$	3,268,964
		Machinery – 1.0%
	49,825	Wabtec Corporation		4,686,041
		Media – 2.6%
	114,807	Walt Disney Company		12,481,817
		Multiline Retail – 2.3%
	98,417	Dollar Tree Stores Inc., (2)		7,520,043
	45,675	Target Corporation		3,600,560
		Total Multiline Retail		11,120,603
		Oil, Gas & Consumable Fuels – 2.5%
	67,827	Diamondback Energy		5,600,475
	63,501	EOG Resources, Inc.		6,283,424
		Total Oil, Gas & Consumable Fuels		11,883,899
		Pharmaceuticals – 6.0%
	129,506	AbbVie Inc.		8,373,858
	39,353	Actavis PLC, (2), (3)		11,131,390
	27,166	Bristol-Myers Squibb Company		1,731,289
	106,631	Mylan NV, (2), (3)		7,705,156
		Total Pharmaceuticals		28,941,693
		Road & Rail – 2.3%
	48,051	Old Dominion Freight Line, (2), (3)		3,417,868
	73,359	Union Pacific Corporation		7,792,927
		Total Road & Rail		11,210,795
		Semiconductors & Semiconductor Equipment – 0.8%
	194,946	Applied Materials, Inc.		3,857,981
		Software – 7.6%
	202,405	Activision Blizzard Inc.		4,617,870
	156,948	Electronic Arts Inc., (2)		9,117,109
	49,364	Intuit, Inc.		4,952,690
	56,701	Red Hat, Inc., (2)		4,267,317
	73,140	Salesforce.com, Inc., (2), (3)		5,326,055
	53,872	ServiceNow Inc., (2), (3)		4,032,858
	31,434	Splunk Inc., (2), (3)		2,085,489
	19,899	Tableau Software Inc., Class A, (2), (3)		1,946,918
		Total Software		36,346,306
		Specialty Retail – 6.2%
	67,250	CarMax, Inc., (2)		4,580,398
	92,665	Home Depot, Inc.		9,913,302

26 Nuveen Investments

Shares		Description (1)	Value
		Specialty Retail (continued)
	43,272	L Brands Inc.	$	3,866,786
	22,165	O’Reilly Automotive Inc., (2), (3)		4,828,202
	19,743	Signet Jewelers Limited		2,648,129
	25,615	Ulta Salon, Cosmetics & Fragrance, Inc., (2)		3,870,170
		Total Specialty Retail		29,706,987
		Technology Hardware, Storage & Peripherals – 7.3%
	280,762	Apple, Inc.		35,137,366
		Textiles, Apparel & Luxury Goods – 3.3%
	181,602	Hanesbrands Inc.		5,644,190
	40,799	Lululemon Athletica Inc., (2), (3)		2,596,448
	78,849	Nike, Inc., Class B		7,793,435
		Total Textiles, Apparel & Luxury Goods		16,034,073
		Trading Companies & Distributors – 0.7%
	35,642	United Rentals Inc., (2)		3,442,304
		Wireless Telecommunication Services – 1.1%
	46,771	SBA Communications Corporation, (2)		5,417,017
		Total Long-Term Investments (cost $340,698,814)		478,968,608
Shares		Description (1)	Value
		INVESTMENTS PURCHASED WITH COLLATERAL FROM SECURITIES LENDING – 18.1%
		Money Market Funds – 18.1%
	86,989,496	Mount Vernon Securities Lending Prime Portfolio, 0.204%, (4), (5)	$	86,989,496
		Total Investments Purchased with Collateral from Securities Lending (cost $86,989,496)		86,989,496
Shares		Description (1)	Value
		SHORT-TERM INVESTMENTS – 0.7%
		Money Market Funds – 0.7%
	3,173,241	First American Treasury Obligations Fund, Class Z, 0.000%, (4)	$	3,173,241
		Total Short-Term Investments (cost $3,173,241)		3,173,241
		Total Investments (cost $430,861,551) – 118.4%		569,131,345
		Other Assets Less Liabilities – (18.4)%		(88,490,295	)
		Net Assets – 100%	$	480,641,050

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 the securities out on loan as of the end of the reporting period was $83,448,908.

(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 100% 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 27

Nuveen Mid Cap Growth Opportunities Fund

Portfolio of Investments April 30, 2015 (Unaudited)

Shares		Description (1)	Value
		LONG-TERM INVESTMENTS – 98.9%
		COMMON STOCKS – 98.9%
		Aerospace & Defense – 1.3%
	180,254	Rockwell Collins, Inc., (2)	$	17,544,122
		Airlines – 2.7%
	316,872	Delta Air Lines, Inc.		14,145,166
	527,118	Southwest Airlines Co.		21,379,906
		Total Airlines		35,525,072
		Auto Components – 1.2%
	184,270	Delphi Automotive PLC, (2)		15,294,410
		Beverages – 2.4%
	231,265	Monster Beverage Corporation, (3)		31,708,744
		Biotechnology – 2.6%
	69,429	Alexion Pharmaceuticals Inc., (3)		11,749,470
	58,853	BioMarin Pharmaceutical Inc., (2), (3)		6,594,479
	55,182	Bluebird Bio Inc., (2), (3)		7,349,691
	71,217	Medivation, Inc., (3)		8,598,741
		Total Biotechnology		34,292,381
		Capital Markets – 2.2%
	285,304	Lazard Limited, (2)		15,129,671
	356,267	Virtu Financial, Inc., Class A Shares, (3)		7,620,551
	293,697	WisdomTree Investments Inc., (2)		5,591,991
		Total Capital Markets		28,342,213
		Chemicals – 1.0%
	58,512	PPG Industries, Inc.		12,963,919
		Communications Equipment – 1.4%
	125,943	Palo Alto Networks, Incorporated, (2), (3)		18,604,300
		Diversified Consumer Services – 0.9%
	771,947	LifeLock, Incorporated, (3)		11,278,146
		Diversified Financial Services – 3.7%
	162,672	CBOE Holdings Inc., (2)		9,153,553
	104,948	McGraw-Hill Companies, Inc.		10,946,076
	261,312	Moody’s Corporation, (2)		28,096,266
		Total Diversified Financial Services		48,195,895
		Diversified Telecommunication Services – 0.9%
	449,009	Zayo Group Holdings, Inc., (2), (3)		11,921,189

28 Nuveen Investments

Shares		Description (1)	Value
		Electrical Equipment – 3.0%
	73,394	Acuity Brands Inc.	$	12,253,128
	242,285	Ametek Inc., (2)		12,700,580
	246,590	Sensata Technologies Holdings, (2), (3)		13,614,234
		Total Electrical Equipment		38,567,942
		Electronic Equipment, Instruments & Components – 1.8%
	427,251	Amphenol Corporation, Class A		23,656,888
		Energy Equipment & Services – 1.3%
	306,665	Cooper Cameron Corporation, (3)		16,811,375
		Food Products – 1.3%
	272,715	Hain Celestial Group Inc., (2), (3)		16,428,352
		Health Care Equipment & Supplies – 2.6%
	139,377	Abiomed, Inc., (3)		8,811,414
	983,559	Boston Scientific Corporation, (3)		17,527,021
	122,731	DexCom, Inc., (3)		8,292,934
		Total Health Care Equipment & Supplies		34,631,369
		Health Care Providers & Services – 3.9%
	175,309	AmerisourceBergen Corporation		20,037,819
	101,491	Henry Schein Inc., (2), (3)		13,914,416
	143,870	Universal Health Services, Inc., Class B		16,825,597
		Total Health Care Providers & Services		50,777,832
		Hotels, Restaurants & Leisure – 3.5%
	30,433	Chipotle Mexican Grill, (2), (3)		18,909,240
	511,981	Hilton Worldwide Holdings Inc., (3)		14,826,970
	135,846	Jack in the Box Inc., Term Loan		11,787,357
		Total Hotels, Restaurants & Leisure		45,523,567
		Household Durables – 3.1%
	118,155	Harman International Industries Inc.		15,405,049
	231,972	Jarden Corporation, (2)		11,872,327
	77,287	Mohawk Industries Inc., (2), (3)		13,409,295
		Total Household Durables		40,686,671
		Industrial Conglomerates – 1.5%
	115,068	Roper Technologies, Inc.		19,350,986
		Internet & Catalog Retail – 2.2%
	33,904	NetFlix.com Inc., (2), (3)		18,867,576
	8,059	priceline.com Incorporated, (3)		9,975,511
		Total Internet & Catalog Retail		28,843,087
		Internet Software & Services – 2.0%
	71,502	LinkedIn Corporation, Class A Shares, (3)		18,027,799

Nuveen Investments 29

Nuveen Mid Cap Growth Opportunities Fund (continued)

Portfolio of Investments April 30, 2015 (Unaudited)

Shares		Description (1)	Value
		Internet Software & Services (continued)
	207,582	Twitter Inc., (3)	$	8,087,395
		Total Internet Software & Services		26,115,194
		IT Services – 2.0%
	44,657	Alliance Data Systems Corporation, (2), (3)		13,276,973
	153,171	Gartner Inc., (2), (3)		12,710,130
		Total IT Services		25,987,103
		Life Sciences Tools & Services – 2.9%
	105,471	Illumina Inc., (3)		19,433,032
	278,340	Quintiles Transnational Corporation, (3)		18,337,039
		Total Life Sciences Tools & Services		37,770,071
		Machinery – 3.3%
	82,966	Flowserve Corporation		4,856,000
	178,436	WABCO Holdings Inc.		22,206,360
	175,224	Wabtec Corporation		16,479,815
		Total Machinery		43,542,175
		Marine – 1.1%
	180,763	Kirby Corporation, (3)		14,195,318
		Media – 1.9%
	232,687	Liberty Broadband Corporation, Class A Shares, (3)		12,620,943
	466,365	Live Nation Inc., (3)		11,687,107
		Total Media		24,308,050
		Multiline Retail – 1.8%
	313,476	Dollar Tree Stores Inc., (3)		23,952,701
		Oil, Gas & Consumable Fuels – 3.5%
	164,773	Concho Resources Inc., (2), (3)		20,870,148
	151,030	Diamondback Energy		12,470,547
	467,609	Matador Resources Company, (2), (3)		12,962,121
		Total Oil, Gas & Consumable Fuels		46,302,816
		Pharmaceuticals – 4.9%
	88,027	Jazz Pharmaceuticals, Inc., (2), (3)		15,730,425
	135,602	Mallinckrodt PLC, (2), (3)		15,347,434
	456,409	Mylan NV, (2), (3)		32,980,114
		Total Pharmaceuticals		64,057,973
		Professional Services – 1.3%
	299,915	Robert Half International Inc.		16,630,287
		Road & Rail – 1.6%
	326,672	Knight Transportation Inc.		9,440,821

30 Nuveen Investments

Shares		Description (1)	Value
		Road & Rail (continued)
	166,263	Old Dominion Freight Line, (2), (3)	$	11,826,287
		Total Road & Rail		21,267,108
		Semiconductors & Semiconductor Equipment – 3.6%
	843,491	Applied Materials, Inc.		16,692,687
	213,503	Lam Research Corporation		16,136,557
	148,753	NXP Semiconductors NV, (3)		14,298,138
		Total Semiconductors & Semiconductor Equipment		47,127,382
		Software – 10.3%
	617,690	Activision Blizzard Inc.		14,092,597
	364,798	Electronic Arts Inc., (2), (3)		21,191,116
	229,706	Fortinet Inc., (3)		8,669,104
	205,710	Intuit, Inc.		20,638,884
	255,088	Red Hat, Inc., (3)		19,197,923
	196,488	ServiceNow Inc., (2), (3)		14,709,092
	298,504	Solarwinds, Inc., (3)		14,561,025
	169,822	Splunk Inc., (2), (3)		11,266,841
	100,485	Tableau Software Inc., Class A, (2), (3)		9,831,452
		Total Software		134,158,034
		Specialty Retail – 9.2%
	142,227	Advance Auto Parts, Inc.		20,338,461
	448,134	Best Buy Co., Inc.		15,527,843
	170,244	Foot Locker, Inc., (2)		10,121,006
	405,707	Michaels Cos Inc., (2), (3)		10,491,583
	142,239	Restoration Hardware Holdings Incorporated, (2), (3)		12,256,735
	178,416	Ross Stores, Inc.		17,641,774
	124,557	Signet Jewelers Limited		16,706,830
	115,145	Ulta Salon, Cosmetics & Fragrance, Inc., (3)		17,397,258
		Total Specialty Retail		120,481,490
		Textiles, Apparel & Luxury Goods – 1.5%
	616,795	Hanesbrands Inc.		19,169,989
		Thrifts & Mortgage Finance – 0.8%
	110,239	BofI Holdings, Inc., (2), (3)		10,121,043
		Trading Companies & Distributors – 1.3%
	182,174	United Rentals Inc., (3)		17,594,365
		Wireless Telecommunication Services – 1.4%
	156,940	SBA Communications Corporation, (3)		18,176,791
		Total Long-Term Investments (cost $1,045,678,798)		1,291,906,350

Nuveen Investments 31

Nuveen Mid Cap Growth Opportunities Fund (continued)

Portfolio of Investments April 30, 2015 (Unaudited)

Shares		Description (1)	Value
		INVESTMENTS PURCHASED WITH COLLATERAL FROM SECURITIES LENDING – 19.6%
		Money Market Funds – 19.6%
	255,577,131	Mount Vernon Securities Lending Prime Portfolio, 0.204%, (4), (5)	$	255,577,131
		Total Investments Purchased with Collateral from Securities Lending (cost $255,577,131)		255,577,131
Shares		Description (1)	Value
		SHORT-TERM INVESTMENTS – 1.0%
		Money Market Funds – 1.0%
	12,597,041	First American Treasury Obligations Fund, Class Z, 0.000%, (4)	$	12,597,041
		Total Short-Term Investments (cost $12,597,041)		12,597,041
		Total Investments (cost $1,313,852,970) – 119.5%		1,560,080,522
		Other Assets Less Liabilities – (19.5)%		(254,758,392	)
		Net Assets – 100%	$	1,305,322,130

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

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

(2) Investment, or a portion of investment, is out on loan for securities lending. The total value of the securities out on loan as of the end of the reporting period was $243,864,843.

(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 100% 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.

32 Nuveen Investments

Nuveen Small Cap Growth Opportunities Fund

Portfolio of Investments April 30, 2015 (Unaudited)

Shares		Description (1)	Value
		LONG-TERM INVESTMENTS – 98.1%
		COMMON STOCKS – 98.1%
		Auto Components – 1.3%
	22,803	Tenneco Inc., (2)	$	1,332,835
		Automobiles – 1.4%
	24,903	Thor Industries, Inc.		1,498,414
		Banks – 4.4%
	58,711	Cathay General Bancorp.		1,677,960
	40,598	Privatebancorp, Inc.		1,504,968
	44,250	Western Alliance Bancorporation, (2)		1,368,210
		Total Banks		4,551,138
		Biotechnology – 8.5%
	24,256	Applied Genetic Technologies Corporation, (2)		464,260
	7,287	Bluebird Bio Inc., (2)		970,556
	20,041	Cepheid, Inc., (2)		1,124,300
	6,667	Clovis Oncology Inc., (2), (3)		535,760
	30,294	Dyax Corporation, (2)		724,330
	14,568	ISIS Pharmaceuticals, Inc., (2), (3)		826,297
	13,214	Neurocrine Biosciences Inc., (2)		450,465
	26,067	Oncomed Pharmaceuticals Inc., (2)		625,087
	4,749	Puma Biotechnology Inc., (2), (3)		857,574
	8,556	Receptos Inc., (2)		1,260,641
	10,686	Synageva BioPharma Corporation, (2), (3)		982,685
		Total Biotechnology		8,821,955
		Capital Markets – 2.6%
	28,376	Evercore Partners Inc.		1,368,858
	25,792	Stifel Financial Corporation, (2)		1,362,849
		Total Capital Markets		2,731,707
		Chemicals – 1.6%
	43,185	PolyOne Corporation		1,686,374
		Commercial Services & Supplies – 2.3%
	21,356	HNI Corporation		996,044
	64,899	Interface, Inc.		1,410,255
		Total Commercial Services & Supplies		2,406,299
		Communications Equipment – 3.0%
	35,223	Plantronics Inc.		1,876,329

Nuveen Investments 33

Nuveen Small Cap Growth Opportunities Fund (continued)

Portfolio of Investments April 30, 2015 (Unaudited)

Shares		Description (1)	Value
		Communications Equipment (continued)
	52,172	Radware, Limited, (2)	$	1,234,911
		Total Communications Equipment		3,111,240
		Construction & Engineering – 2.4%
	60,932	MasTec Inc., (2)		1,093,120
	63,417	Tutor Perini Corporation, (2)		1,344,440
		Total Construction & Engineering		2,437,560
		Distributors – 1.4%
	23,053	Pool Corporation		1,495,909
		Diversified Consumer Services – 1.7%
	32,231	Capella Education Company		1,741,441
		Electrical Equipment – 2.3%
	33,337	Generac Holdings Inc., (2), (3)		1,389,820
	44,262	Thermon Group Holdings Inc., (2)		1,029,977
		Total Electrical Equipment		2,419,797
		Electronic Equipment, Instruments & Components – 2.5%
	14,668	OSI Systems Inc., (2)		985,836
	38,142	Plexus Corporation, (2), (3)		1,642,013
		Total Electronic Equipment, Instruments & Components		2,627,849
		Food & Staples Retailing – 2.7%
	42,216	Natural Grocers by Vitamin Cottage Incorporated, (2), (3)		1,111,125
	24,596	United Natural Foods Inc., (2)		1,659,246
		Total Food & Staples Retailing		2,770,371
		Food Products – 1.6%
	19,877	Treehouse Foods Inc., (2)		1,615,205
		Health Care Equipment & Supplies – 12.0%
	29,387	Abiomed, Inc., (2)		1,857,846
	24,013	DexCom, Inc., (2)		1,622,558
	73,422	Endologix, Inc., (2), (3)		1,142,446
	72,251	Globus Medical Inc., Class A, (2)		1,726,076
	24,995	Inogen Inc., (2)		918,316
	35,073	Insulet Corporation, (2)		1,046,929
	68,856	K2M Group Holdings Inc., (2), (3)		1,446,665
	86,440	Nxstage Medical, Inc., (2)		1,584,445
	42,510	Spectranetics Corporation, (2), (3)		1,090,382
		Total Health Care Equipment & Supplies		12,435,663
		Health Care Providers & Services – 2.8%
	24,856	HealthSouth Corporation		1,123,988

34 Nuveen Investments

Shares		Description (1)	Value
		Health Care Providers & Services (continued)
	30,695	Team Health Holdings Inc., (2)	$	1,828,501
		Total Health Care Providers & Services		2,952,489
		Hotels, Restaurants & Leisure – 3.6%
	53,254	Del Friscos Restaurant Group, (2)		1,074,133
	85,116	Potbelly Corporation, (2), (3)		1,277,591
	41,953	Texas Roadhouse, Inc.		1,409,621
		Total Hotels, Restaurants & Leisure		3,761,345
		Internet Software & Services – 2.4%
	33,669	Constant Contact Inc., (2)		1,173,365
	20,140	Shutterstock Incorporated, (2)		1,359,249
		Total Internet Software & Services		2,532,614
		IT Services – 1.1%
	53,514	Perficient, Inc., (2)		1,103,994
		Leisure Products – 1.6%
	32,693	Brunswick Corporation, (3)		1,635,958
		Machinery – 2.2%
	39,255	Altra Industrial Motion, Inc., (3)		1,035,154
	138,478	Mueller Water Products Inc.		1,296,154
		Total Machinery		2,331,308
		Oil, Gas & Consumable Fuels – 3.1%
	21,717	Diamondback Energy		1,793,173
	48,892	RSP Permian Inc., (2)		1,418,846
		Total Oil, Gas & Consumable Fuels		3,212,019
		Pharmaceuticals – 2.5%
	17,609	Cempra Inc., (2)		554,507
	20,167	Pacira Pharmaceuticals, Inc., (2), (3)		1,381,036
	17,273	Tetraphase Pharmaceuticals Inc., (2)		609,391
		Total Pharmaceuticals		2,544,934
		Professional Services – 2.4%
	38,357	Korn Ferry International		1,209,396
	43,768	TrueBlue Inc., (2)		1,259,643
		Total Professional Services		2,469,039
		Real Estate Investment Trust – 1.2%
	13,891	Sovran Self Storage Inc.		1,213,240
		Road & Rail – 1.4%
	59,445	Swift Transportation Company, (2)		1,438,569

Nuveen Investments 35

Nuveen Small Cap Growth Opportunities Fund (continued)

Portfolio of Investments April 30, 2015 (Unaudited)

Shares		Description (1)	Value
		Semiconductors & Semiconductor Equipment – 5.3%
	15,581	Cavium Networks Inc., (2)	$	1,009,493
	34,931	Mellanox Technologies, Limited, (2), (3)		1,623,942
	43,125	Microsemi Corporation, (2)		1,438,650
	39,720	MKS Instruments Inc.		1,382,653
		Total Semiconductors & Semiconductor Equipment		5,454,738
		Software – 13.1%
	29,979	Barracuda Networks Inc., (2)		1,215,049
	40,739	Broadsoft Inc., (2)		1,288,982
	83,310	Cadence Design Systems, Inc., (2), (3)		1,553,732
	37,401	CommVault Systems, Inc., (2)		1,711,096
	35,914	Fortinet Inc., (2)		1,355,394
	45,873	Gigamon Inc., (2)		1,350,042
	56,188	Infoblox, Incorporated, (2)		1,323,789
	29,802	Solarwinds, Inc., (2)		1,453,742
	29,315	Synchronoss Technologies, Inc., (2), (3)		1,344,972
	6,352	Ultimate Software Group, Inc., (2), (3)		1,055,829
	591,081	VideoPropulsion Inc., (2), (4)		—
		Total Software		13,652,627
		Specialty Retail – 3.7%
	105,831	Express Inc., (2)		1,725,045
	16,708	Genesco Inc., (2)		1,129,291
	31,897	Zumiez, Inc., (2), (3)		1,011,460
		Total Specialty Retail		3,865,796
		Total Long-Term Investments (cost $83,618,851)		101,852,427
Shares		Description (1)	Value
		INVESTMENTS PURCHASED WITH COLLATERAL FROM SECURITIES LENDING – 14.1%
		Money Market Funds – 14.1%
	14,629,907	Mount Vernon Securities Lending Prime Portfolio, 0.204%, (5), (6)	$	14,629,907
		Total Investments Purchased with Collateral from Securities Lending (cost $14,629,907)		14,629,907
Shares		Description (1)	Value
		SHORT-TERM INVESTMENTS – 2.2%
		Money Market Funds – 2.2%
	2,317,819	First American Treasury Obligations Fund, Class Z, 0.000%, (5)	$	2,317,819
		Total Short-Term Investments (cost $2,317,819)		2,317,819
		Total Investments (cost $100,566,577) – 114.4%		118,800,153
		Other Assets Less Liabilities – (14.4)%		(14,956,255	)
		Net Assets – 100%	$	103,843,898

36 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 the securities out on loan as of the end of the reporting period was $13,329,092.

(4) Investment valued at fair value using methods determined in good faith by, or at the discretion of, the Board. 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 100% 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 37

Statement of

Assets and Liabilities April 30, 2015 (Unaudited)

	Large Cap Growth Opportunities			Mid Cap Growth Opportunities			Small Cap Growth Opportunities
Assets
Long-term investments, at value (cost $340,698,814, $1,045,678,798 and $83,618,851, respectively)	$	478,968,608		$	1,291,906,350		$	101,852,427
Investments purchased with collateral from securities lending, at value (cost approximates value)		86,989,496			255,577,131			14,629,907
Short-term investments, at value (cost approximates value)		3,173,241			12,597,041			2,317,819
Receivable for:
Dividends		235,678			323,588			—
Due from broker		7,947			19,692			4,511
Investments sold		6,474,275			10,989,756			272,367
Reclaims		—			4,745			—
Shares sold		123,291			1,363,915			44,532
Other assets		56,400			80,528			25,335
Total assets		576,028,936			1,572,862,746			119,146,898
Liabilities
Cash overdraft		49,278	��		—			—
Payable for:
Collateral from securities lending program		86,989,496			255,577,131			14,629,907
Investments purchased		6,940,320			9,173,942			479,945
Shares redeemed		791,122			1,058,892			40,825
Accrued expenses:
Directors fees		21,750			46,900			777
Management fees		338,850			942,344			90,448
12b-1 distribution and service fees		42,151			130,987			10,884
Other		214,919			610,420			50,214
Total liabilities		95,387,886			267,540,616			15,303,000
Net assets	$	480,641,050		$	1,305,322,130		$	103,843,898
Class A Shares
Net assets	$	130,202,061		$	386,048,735		$	37,061,128
Shares outstanding		3,630,526			9,092,997			1,634,658
Net asset value (“NAV”) per share	$	35.86		$	42.46		$	22.67
Offering price per share (NAV per share plus maximum sales charge of 5.75% of offering price)	$	38.05		$	45.05		$	24.05
Class C Shares
Net assets	$	13,404,986		$	24,681,608		$	2,423,673
Shares outstanding		433,303			707,165			128,428
NAV and offering price per share	$	30.94		$	34.90		$	18.87
Class R3 Shares
Net assets	$	7,832,674		$	69,416,210		$	1,893,234
Shares outstanding		226,382			1,713,712			86,900
NAV and offering price per share	$	34.60		$	40.51		$	21.79
Class R6 Shares
Net assets	$	20,000,824		$	36,938,280		$	—
Shares outstanding		519,947			758,841			—
NAV and offering price per share	$	38.47		$	48.68		$	—
Class I Shares
Net assets	$	309,200,505		$	788,237,297		$	62,465,863
Shares outstanding		8,058,824			16,246,879			2,428,348
NAV and offering price per share	$	38.37		$	48.52		$	25.72
Net assets consist of:
Capital paid-in	$	276,209,603		$	990,304,582		$	82,429,130
Undistributed (Over-distribution of) net investment income		5,741,319			(4,289,963	)		(478,542	)
Accumulated net realized gain (loss)		60,420,334			73,079,959			3,659,734
Net unrealized appreciation (depreciation)		138,269,794			246,227,552			18,233,576
Net assets	$	480,641,050		$	1,305,322,130		$	103,843,898
Authorized shares – per class		2 billion			2 billion			2 billion
Par value per share	$	0.0001		$	0.0001		$	0.0001

See accompanying notes to financial statements.

38 Nuveen Investments

Statement of

Operations Six Months Ended April 30, 2015 (Unaudited)

	Large Cap Growth Opportunities			Mid Cap Growth Opportunities			Small Cap Growth Opportunities
Investment Income
Dividend and interest income	$	8,587,039		$	3,150,258		$	187,204
Securities lending income, net		41,973			161,909			38,672
Total investment income		8,629,012			3,312,167			225,876
Expenses
Management fees		2,137,829			5,530,531			524,984
12b-1 service fees – Class A Shares		168,346			472,576			47,178
12b-1 distribution and service fees – Class C Shares		69,140			120,773			11,894
12b-1 distribution and service fees – Class R3 Shares		21,402			164,547			4,879
Custodian fees		64,499			111,283			14,352
Directors fees		7,339			18,509			1,586
Federal and state registration fees		38,416			46,680			26,673
Professional fees		28,817			52,791			14,393
Shareholder reporting expenses		39,750			80,435			17,051
Shareholder servicing agent fees		280,366			950,285			62,716
Other		2,450			5,228			1,389
Total expenses before fee waiver/expense reimbursement		2,858,354			7,553,638			727,095
Fee waiver/expense reimbursement		—			—			(22,677	)
Net expenses		2,858,354			7,553,638			704,418
Net investment income (loss)		5,770,658			(4,241,471	)		(478,542	)
Realized and Unrealized Gain (Loss)
Net realized gain (loss) from investments		60,955,413			77,431,272			4,306,507
Change in net unrealized appreciation (depreciation) of investments		(33,370,765	)		21,969,701			2,143,344
Net realized and unrealized gain (loss)		27,584,648			99,400,973			6,449,851
Net increase (decrease) in net assets from operations	$	33,355,306		$	95,159,502		$	5,971,309

See accompanying notes to financial statements.

Nuveen Investments 39

Statement of

Changes in Net Assets (Unaudited)

	Large Cap Growth Opportunities						Mid Cap Growth Opportunities						Small Cap Growth Opportunities
	Six Months Ended 4/30/15			Year Ended 10/31/14			Six Months Ended 4/30/15			Year Ended 10/31/14			Six Months Ended 4/30/15			Year Ended 10/31/14
Operations
Net investment income (loss)	$	5,770,658		$	(1,448,260	)	$	(4,241,471	)	$	(8,677,538	)	$	(478,542	)	$	(900,254	)
Net realized gain (loss) from investments		60,955,413			91,580,047			77,431,272			231,344,771			4,306,507			12,730,722
Change in net unrealized appreciation (depreciation) of investments		(33,370,765	)		(29,259,565	)		21,969,701			(67,482,894	)		2,143,344			(3,210,871	)
Net increase (decrease) in net assets from operations		33,355,306			60,872,222			95,159,502			155,184,339			5,971,309			8,619,597
Distributions to Shareholders
From net investment income:
Class A Shares		—			—			—			—			—			—
Class C Shares		—			—			—			—			—			—
Class R3 Shares		—			—			—			—			—			—
Class R6 Shares		—			—			—			—			—			—
Class I Shares		—			—			—			—			—			—
From accumulated net realized gains:
Class A Shares		(23,403,600	)		(24,236,445	)		(63,095,209	)		(63,349,741	)		(4,471,368	)		(7,268,048	)
Class C Shares		(2,680,855	)		(2,511,114	)		(4,791,958	)		(4,481,915	)		(319,340	)		(475,333	)
Class R3 Shares		(1,555,935	)		(1,764,930	)		(11,403,833	)		(8,738,211	)		(245,744	)		(356,350	)
Class R6 Shares		(3,364,017	)		(4,240,519	)		(2,495,372	)		(4,324,392	)		—			—
Class I Shares		(58,751,935	)		(61,056,809	)		(123,471,077	)		(126,230,200	)		(6,745,694	)		(7,704,173	)
Decrease in net assets from distributions to shareholders		(89,756,342	)		(93,809,817	)		(205,257,449	)		(207,124,459	)		(11,782,146	)		(15,803,904	)
Fund Share Transactions
Proceeds from sale of shares		25,596,415			94,779,280			116,911,411			271,666,021			5,963,207			33,225,866
Proceeds from shares issued to shareholders due to reinvestment of distributions		63,521,406			65,361,328			180,877,867			177,933,816			9,392,517			11,385,858
		89,117,821			160,140,608			297,789,278			449,599,837			15,355,724			44,611,724
Cost of shares redeemed		(117,295,728	)		(187,564,224	)		(173,364,493	)		(335,793,851	)		(11,905,255	)		(24,619,284	)
Net increase (decrease) in net assets from Fund share transactions		(28,177,907	)		(27,423,616	)		124,424,785			113,805,986			3,450,469			19,992,440
Net increase (decrease) in net assets		(84,578,943	)		(60,361,211	)		14,326,838			61,865,866			(2,360,368	)		12,808,133
Net assets at the beginning of period		565,219,993			625,581,204			1,290,995,292			1,229,129,426			106,204,266			93,396,133
Net assets at the end of period	$	480,641,050		$	565,219,993		$	1,305,322,130		$	1,290,995,292		$	103,843,898		$	106,204,266
Undistributed (Over-distribution of) net investment income at the end of period	$	5,741,319		$	(29,339	)	$	(4,289,963	)	$	(48,492	)	$	(478,542	)	$	—

See accompanying notes to financial statements.

40 Nuveen Investments

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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)
2015(f)	$	40.48	$	0.39		$	1.86	$	2.25	$	—		$	(6.87	)	$	(6.87	)	$	35.86
2014		43.26		(0.16	)		4.12		3.96		—			(6.74	)		(6.74	)		40.48
2013		34.09		(0.05	)		9.63		9.58		—			(0.41	)		(0.41	)		43.26
2012		32.92		(0.13	)		2.46		2.33		—			(1.16	)		(1.16	)		34.09
2011		30.24		(0.15	)		2.83		2.68		—			—			—			32.92
2010		24.23		(0.09	)		6.15		6.06		(0.05	)		—			(0.05	)		30.24
Class C (9/01)
2015(f)		35.97		0.22			1.62		1.84		—			(6.87	)		(6.87	)		30.94
2014		39.42		(0.40	)		3.69		3.29		—			(6.74	)		(6.74	)		35.97
2013		31.34		(0.31	)		8.80		8.49		—			(0.41	)		(0.41	)		39.42
2012		30.57		(0.35	)		2.28		1.93		—			(1.16	)		(1.16	)		31.34
2011		28.30		(0.37	)		2.64		2.27		—			—			—			30.57
2010		22.81		(0.27	)		5.76		5.49		—			—			—			28.30
Class R3 (11/00)
2015(f)		39.33		0.31			1.83		2.14		—			(6.87	)		(6.87	)		34.60
2014		42.32		(0.25	)		4.00		3.75		—			(6.74	)		(6.74	)		39.33
2013		33.44		(0.14	)		9.43		9.29		—			(0.41	)		(0.41	)		42.32
2012		32.39		(0.22	)		2.43		2.21		—			(1.16	)		(1.16	)		33.44
2011		29.83		(0.23	)		2.79		2.56		—			—			—			32.39
2010		23.92		(0.16	)		6.07		5.91		—			—			—			29.83
Class R6 (2/13)
2015(f)		42.85		0.48			2.01		2.49		—			(6.87	)		(6.87	)		38.47
2014		45.27		(0.02	)		4.34		4.32		—			(6.74	)		(6.74	)		42.85
2013(d)		37.47		(0.02	)		7.82		7.80		—			—			—			45.27
Class I (12/92)
2015(f)		42.78		0.45			2.01		2.46		—			(6.87	)		(6.87	)		38.37
2014		45.24		(0.06	)		4.34		4.28		—			(6.74	)		(6.74	)		42.78
2013		35.55		0.06			10.04		10.10		—			(0.41	)		(0.41	)		45.24
2012		34.19		(0.04	)		2.56		2.52		—			(1.16	)		(1.16	)		35.55
2011		31.33		(0.06	)		2.92		2.86		—			—			—			34.19
2010		25.09		(0.03	)		6.38		6.35		(0.11	)		—			(0.11	)		31.33

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)
	6.75	%	$	130,202		1.27	%*		2.16	%*		1.27	%*		2.16	%*		43	%
	10.50			143,891		1.25			(0.40	)		1.25			(0.40	)		66
	28.39			165,791		1.24			(0.14	)		1.24			(0.14	)		72
	7.66			134,788		1.26			(0.42	)		1.23			(0.39	)		73
	8.86			84,875		1.20			(0.46	)		1.20			(0.46	)		88
	25.03			66,409		1.21			(0.36	)		1.20			(0.35	)		106
	6.38			13,405		2.02	*		1.42	*		2.02	*		1.42	*		43
	9.73			14,462		2.00			(1.15	)		2.00			(1.15	)		66
	27.43			14,963		1.99			(0.89	)		1.99			(0.89	)		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
	6.63			7,833		1.51	*		1.78	*		1.51	*		1.78	*		43
	10.22			8,724		1.50			(0.64	)		1.50			(0.64	)		66
	28.07			11,320		1.49			(0.39	)		1.49			(0.39	)		72
	7.40			9,658		1.51			(0.70	)		1.48			(0.67	)		73
	8.58			3,431		1.45			(0.72	)		1.45			(0.72	)		88
	24.71			742		1.46			(0.60	)		1.45			(0.59	)		106
	6.94			20,001		0.92	*		2.48	*		0.92	*		2.48	*		43
	10.90			22,672		0.90			(0.05	)		0.90			(0.05	)		66
	20.82			28,966		0.91	*		(0.06	)*		0.91	*		(0.06	)*		72
	6.90			309,201		1.02	*		2.31	*		1.02	*		2.31	*		43
	10.78			375,471		1.00			(0.15	)		1.00			(0.15	)		66
	28.69			403,480		0.99			0.14			0.99			0.14			72
	7.94			418,144		1.01			(0.13	)		0.98			(0.11	)		73
	9.13			435,619		0.95			(0.17	)		0.95			(0.17	)		88
	25.34			546,605		0.96			(0.11	)		0.95			(0.10	)		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) 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, 2015.

* 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)
2015(f)	$	47.67	$	(0.17	)	$	3.13	$	2.96	$	—	$	(8.17	)	$	(8.17	)	$	42.46
2014		51.11		(0.38	)		6.09		5.71		—		(9.15	)		(9.15	)		47.67
2013		42.38		(0.17	)		12.05		11.88		—		(3.15	)		(3.15	)		51.11
2012		41.36		(0.16	)		2.77		2.61		—		(1.59	)		(1.59	)		42.38
2011		37.26		(0.22	)		4.32		4.10		—		—			—			41.36
2010		28.83		(0.18	)		8.61		8.43		—		—			—			37.26
Class C (9/01)
2015(f)		40.77		(0.27	)		2.57		2.30		—		(8.17	)		(8.17	)		34.90
2014		45.29		(0.63	)		5.26		4.63		—		(9.15	)		(9.15	)		40.77
2013		38.17		(0.45	)		10.72		10.27		—		(3.15	)		(3.15	)		45.29
2012		37.70		(0.43	)		2.49		2.06		—		(1.59	)		(1.59	)		38.17
2011		34.21		(0.49	)		3.98		3.49		—		—			—			37.70
2010		26.67		(0.39	)		7.93		7.54		—		—			—			34.21
Class R3 (12/00)
2015(f)		45.90		(0.21	)		2.99		2.78		—		(8.17	)		(8.17	)		40.51
2014		49.65		(0.49	)		5.89		5.40		—		(9.15	)		(9.15	)		45.90
2013		41.35		(0.27	)		11.72		11.45		—		(3.15	)		(3.15	)		49.65
2012		40.50		(0.27	)		2.71		2.44		—		(1.59	)		(1.59	)		41.35
2011		36.58		(0.31	)		4.23		3.92		—		—			—			40.50
2010		28.37		(0.26	)		8.47		8.21		—		—			—			36.58
Class R6 (2/13)
2015(f)		53.36		(0.10	)		3.59		3.49		—		(8.17	)		(8.17	)		48.68
2014		55.97		(0.23	)		6.77		6.54		—		(9.15	)		(9.15	)		53.36
2013(d)		46.61		(0.05	)		9.41		9.36		—		—			—			55.97
Class I (12/89)
2015(f)		53.24		(0.13	)		3.58		3.45		—		(8.17	)		(8.17	)		48.52
2014		55.93		(0.29	)		6.75		6.46		—		(9.15	)		(9.15	)		53.24
2013		45.97		(0.06	)		13.17		13.11		—		(3.15	)		(3.15	)		55.93
2012		44.62		(0.06	)		3.00		2.94		—		(1.59	)		(1.59	)		45.97
2011		40.09		(0.10	)		4.63		4.53		—		—			—			44.62
2010		30.94		(0.11	)		9.26		9.15		—		—			—			40.09

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)
	7.61	%	$	386,049		1.31	%*		(0.80	)%*		1.31	%*		(0.80	)%*		52	%
	12.89			371,601		1.30			(0.81	)		1.30			(0.81	)		106
	30.27			355,086		1.30			(0.38	)		1.29			(0.38	)		108
	6.88			306,507		1.30			(0.42	)		1.27			(0.39	)		113
	11.00			289,038		1.26			(0.53	)		1.26			(0.53	)		114
	29.24			275,040		1.23			(0.57	)		1.23			(0.57	)		114
	7.21			24,682		2.06	*		(1.54	)*		2.06	*		(1.54	)*		52
	12.01			24,304		2.05			(1.56	)		2.05			(1.56	)		106
	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
	7.49			69,416		1.56	*		(1.04	)*		1.56	*		(1.04	)*		52
	12.59			64,262		1.55			(1.10	)		1.55			(1.10	)		106
	29.97			47,168		1.55			(0.63	)		1.54			(0.63	)		108
	6.59			38,869		1.55			(0.67	)		1.52			(0.64	)		113
	10.72			34,929		1.51			(0.77	)		1.51			(0.77	)		114
	28.94			33,772		1.48			(0.82	)		1.48			(0.82	)		114
	7.81			36,938		0.93	*		(0.43	)*		0.93	*		(0.43	)*		52
	13.31			16,192		0.92			(0.44	)		0.92			(0.44	)		106
	20.12			25,874		0.92	*		(0.14	)*		0.92	*		(0.14	)*		108
	7.75			788,237		1.06	*		(0.54	)*		1.06	*		(0.54	)*		52
	13.15			814,636		1.05			(0.56	)		1.05			(0.56	)		106
	30.60			776,915		1.05			(0.13	)		1.04			(0.12	)		108
	7.13			744,480		1.05			(0.17	)		1.02			(0.14	)		113
	11.30			728,843		1.01			(0.21	)		1.01			(0.21	)		114
	29.57			993,053		0.98			(0.31	)		0.98			(0.31	)		114

(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, 2015.

* 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 NetRealized Gains			Total			Ending NAV
Class A (8/95)
2015(e)	$	24.41	$	(0.12	)	$	1.33	$	1.21	$	—	$	(2.95	)	$	(2.95	)	$	22.67
2014		27.13		(0.26	)		2.35		2.09		—		(4.81	)		(4.81	)		24.41
2013		21.25		(0.26	)		7.93		7.67		—		(1.79	)		(1.79	)		27.13
2012		20.41		(0.21	)		1.35		1.14		—		(0.30	)		(0.30	)		21.25
2011		19.04		(0.24	)		1.61		1.37		—		—			—			20.41
2010		14.55		(0.18	)		4.67		4.49		—		—			—			19.04
Class C (9/01)
2015(e)		20.89		(0.17	)		1.10		0.93		—		(2.95	)		(2.95	)		18.87
2014		24.05		(0.38	)		2.03		1.65		—		(4.81	)		(4.81	)		20.89
2013		19.17		(0.38	)		7.05		6.67		—		(1.79	)		(1.79	)		24.05
2012		18.58		(0.34	)		1.23		0.89		—		(0.30	)		(0.30	)		19.17
2011		17.46		(0.36	)		1.48		1.12		—		—			—			18.58
2010		13.44		(0.28	)		4.30		4.02		—		—			—			17.46
Class R3 (12/00)
2015(e)		23.60		(0.14	)		1.28		1.14		—		(2.95	)		(2.95	)		21.79
2014		26.45		(0.31	)		2.27		1.96		—		(4.81	)		(4.81	)		23.60
2013		20.81		(0.30	)		7.73		7.43		—		(1.79	)		(1.79	)		26.45
2012		20.04		(0.26	)		1.33		1.07		—		(0.30	)		(0.30	)		20.81
2011		18.74		(0.29	)		1.59		1.30		—		—			—			20.04
2010		14.36		(0.22	)		4.60		4.38		—		—			—			18.74
Class I (8/95)
2015(e)		27.26		(0.10	)		1.51		1.41		—		(2.95	)		(2.95	)		25.72
2014		29.68		(0.23	)		2.62		2.39		—		(4.81	)		(4.81	)		27.26
2013		23.03		(0.21	)		8.65		8.44		—		(1.79	)		(1.79	)		29.68
2012		22.04		(0.17	)		1.46		1.29		—		(0.30	)		(0.30	)		23.03
2011		20.51		(0.19	)		1.72		1.53		—		—			—			22.04
2010		15.63		(0.15	)		5.03		4.88		—		—			—			20.51

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)
	5.85	%	$	37,061		1.51	%*		(1.08	)%*		1.47	%*		(1.04	)%*		53	%
	9.07			38,990		1.57			(1.19	)		1.47			(1.09	)		125
	39.22			40,965		1.55			(1.17	)		1.46			(1.09	)		119
	5.73			35,306		1.72			(1.21	)		1.47			(0.97	)		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
	5.45			2,424		2.26	*		(1.84	)*		2.22	*		(1.79	)*		53
	8.26			2,250		2.32			(1.94	)		2.22			(1.84	)		125
	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
	5.74			1,893		1.76	*		(1.34	)*		1.72	*		(1.29	)*		53
	8.77			2,077		1.82			(1.44	)		1.72			(1.34	)		125
	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
	5.98			62,466		1.26	*		(0.83	)*		1.22	*		(0.79	)*		53
	9.34			62,887		1.32			(0.94	)		1.22			(0.84	)		125
	39.55			48,141		1.30			(0.90	)		1.22			(0.82	)		119
	5.99			48,111		1.47			(0.96	)		1.22			(0.72	)		118
	7.46			63,866		1.31			(0.94	)		1.22			(0.84	)		118
	31.22			141,215		1.43			(1.01	)		1.22			(0.80	)		142

(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, 2015.

* 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 and Fund 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 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.

The end of the reporting period for the Funds is April 30, 2015, and the period covered by these Notes to Financial Statements is the six months ended April 30, 2015 (“the current fiscal period”).

Investment Adviser

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

Investment Objectives and Principal Investment Strategies

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 on the last business day of the month in which its most recent reconstitution was completed. Reconstitution of the index currently is completed in June of each year. On June 30, 2014, the range was $1.6 billion to $29.9 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. Small capitalization companies are defined as companies that have market capitalizations within the market capitalization range of the companies in the Russell 2000 Index on the last business day of the month in which its most recent reconstitution was completed. Reconstitution of the index currently is completed in June of each year. On June 30, 2014, the range was $143 million to $4.51 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.

Significant Accounting Policies

Each Fund is an investment company and follows accounting and reporting guidance under Financial Accounting Standards Board (FASB) Accounting Standards Codification (ASC) Topic 946 “Financial Services-Investment Companies.” The following is a summary of significant accounting policies followed by the Funds in the preparation of their financial statements in accordance with accounting principles generally accepted in the United States (“U.S. GAAP”).

Investment Transactions

Investment 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.

48 Nuveen Investments

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 0.25% annual 12b-1 service fee. Class A Share purchases of $1 million or more are sold at net asset value (“NAV”) without an up-front sales charge but may be subject to a contingent deferred sales charge (“CDSC”) if redeemed within twelve months of purchase. Class C Shares are sold without an up-front sales charge but incur a 0.75% annual 12b-1 distribution fee and a 0.25% annual 12b-1 service fee. Class C Shares are subject to a CDSC of 1% if redeemed within twelve months of purchase. Class R3 Shares are sold without an up-front sales charge but incur a 0.25% annual 12b-1 distribution fee and a 0.25% annual 12b-1 service fee. Class 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” on the Statement of Operations, are not charged to Class R6 Shares and are prorated among the classes based on relative net assets.

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, each Fund manages its cash collateral and securities collateral on a counterparty basis.

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

Use of Estimates

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

Nuveen Investments 49

Notes to Financial Statements (Unaudited) (continued)

2. Investment Valuation and Fair Value Measurements

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

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

Common stocks and other equity-type securities are valued at the last sales price on the securities exchange on which such securities are primarily traded and are generally classified as Level 1. Securities primarily traded on the NASDAQ National Market (“NASDAQ”) are valued at the NASDAQ Official Closing Price and are generally classified as Level 1. However, securities traded on a securities exchange or NASDAQ for which there were no transactions on a given day or securities not listed on a securities exchange or NASDAQ are valued at the quoted bid price and are generally classified as Level 2.

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

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	$	478,968,608	$	—	$	—	$	478,968,608
Investments Purchased with Collateral from Securities Lending		86,989,496		—		—		86,989,496
Short-Term Investments:
Money Market Funds		3,173,241		—		—		3,173,241
Total	$	569,131,345	$	—	$	—	$	569,131,345
Mid Cap Growth Opportunities
Long-Term Investments*:
Common Stocks	$	1,291,906,350	$	—	$	—	$	1,291,906,350
Investments Purchased with Collateral from Securities Lending		255,577,131		—		—		255,577,131
Short-Term Investments:
Money Market Funds		12,597,041		—		—		12,597,041
Total	$	1,560,080,522	$	—	$	—	$	1,560,080,522

50 Nuveen Investments

Small Cap Growth Opportunities	Level 1		Level 2		Level 3			Total
Long-Term Investments*:
Common Stocks	$	101,852,427	$	—	$	—	**	$	101,852,427
Investments Purchased with Collateral from Securities Lending		14,629,907		—		—			14,629,907
Short-Term Investments:
Money Market Funds		2,317,819		—		—			2,317,819
Total	$	118,800,153	$	—	$	—		$	118,800,153

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

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

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

(ii) If such information is not available, an analytical valuation methodology may be used based on other available information including, but not limited to: analyst appraisals, research reports, corporate action information, issuer financial statements and shelf registration statements. Such analytical valuation methodologies may include, but are not limited to: multiple of earnings, discount from market value of a similar freely- traded security, discounted cash flow analysis, book value or a multiple thereof, risk premium/yield analysis, yield to maturity and/or fundamental investment analysis.

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

For each portfolio security that has been fair valued pursuant to the policies adopted by the Board, the fair value price is compared against the last available and next available market quotations. The Valuation Committee reviews the results of such testing and fair valuation occurrences are reported to the Board.

3. Portfolio Securities and Investments in Derivatives

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 (i) investments, (ii) investments in derivatives and (iii) other assets and liabilities on investments are recognized as a component of “Net realized gain (loss) from investments and foreign currency” on the Statement of Operations, when applicable.

Nuveen Investments 51

Notes to Financial Statements (Unaudited) (continued)

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

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 100%, 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 National Association	$	83,448,908	$	(83,448,908	)	$	—
Mid Cap Growth Opportunities	U.S. Bank National Association		243,864,843		(243,864,843	)		—
Small Cap Growth Opportunities	U.S. Bank National Association		13,329,092		(13,329,092	)		—

* As of the end of the reporting period, 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 investments purchased with collateral from securities lending and 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 current fiscal period were as follows:

	Large Cap Growth Opportunities		Mid Cap Growth Opportunities		Small Cap Growth Opportunities
Securities lending fees paid	$	3,255	$	14,757	$	6,707

Investments in Derivatives

Each Fund is authorized to invest in certain derivative instruments. The Funds record derivative instruments at fair value, with changes in fair value recognized on the Statement of Operations, when applicable. Even though the Funds’ investments in derivatives may represent economic hedges, they are not considered to be hedge transactions for financial reporting purposes.

Although the Funds are authorized to invest in derivative instruments, and may do so in the future, they did not make any such investments during the current fiscal period.

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.

52 Nuveen Investments

4. Fund Shares

Transactions in Fund shares during the current and prior fiscal period were as follows:

	Six Months Ended 4/30/15						Year Ended 10/31/14
Large Cap Growth Opportunities	Shares			Amount			Shares			Amount
Shares sold:
Class A		143,395		$	5,221,796			603,581		$	23,531,392
Class A – automatic conversion of Class B Shares		—			—			20,354			798,031
Class B – exchanges		—			—			122			4,030
Class C		43,984			1,313,070			105,893			3,662,076
Class R3		40,543			1,476,092			42,545			1,613,281
Class R6		18,899			701,689			10,988			448,404
Class I		442,635			16,883,768			1,527,478			64,722,066
Shares issued to shareholders due to reinvestment of distributions:
Class A		686,565			23,054,856			630,386			23,444,051
Class B		—			—			5,225			169,119
Class C		63,421			1,842,376			49,147			1,634,630
Class R3		45,621			1,479,480			46,697			1,691,378
Class R6		87,371			3,142,735			99,034			3,887,080
Class I		947,393			34,001,959			880,547			34,535,070
		2,519,827			89,117,821			4,021,997			160,140,608
Shares redeemed:
Class A		(754,319	)		(27,347,102	)		(1,532,083	)		(61,260,778	)
Class B		—			—			(9,425	)		(320,905	)
Class B – automatic conversion of Class A Shares		—			—			(23,446	)		(798,031	)
Class C		(76,117	)		(2,391,521	)		(132,577	)		(4,597,108	)
Class R3		(81,571	)		(2,835,761	)		(134,971	)		(5,146,614	)
Class R6		(115,383	)		(4,616,907	)		(220,804	)		(9,162,431	)
Class I		(2,108,529	)		(80,104,437	)		(2,549,398	)		(106,278,357	)
		(3,135,919	)		(117,295,728	)		(4,602,704	)		(187,564,224	)
Net increase (decrease)		(616,092	)	$	(28,177,907	)		(580,707	)	$	(27,423,616	)

	Six Months Ended 4/30/15						Year Ended 10/31/14
Mid Cap Growth Opportunities	Shares			Amount			Shares			Amount
Shares sold:
Class A		729,077		$	30,904,279			1,725,590		$	79,814,790
Class A – automatic conversion of Class B Shares		—			—			27,325			1,292,511
Class B – exchanges		—			—			416			15,180
Class C		60,400			2,067,324			117,355			4,727,677
Class R3		314,257			12,743,183			845,680			36,738,635
Class R6		449,173			20,894,213			231,584			11,883,490
Class I		1,041,604			50,302,412			2,665,769			137,193,738
Shares issued to shareholders due to reinvestment of distributions:
Class A		1,578,073			61,923,571			1,436,404			62,339,930
Class B		—			—			9,968			347,701
Class C		126,736			4,099,904			103,317			3,860,963
Class R3		302,688			11,344,768			208,302			8,725,765
Class R6		53,391			2,398,848			81,352			3,939,057
Class I		2,256,937			101,110,776			2,040,943			98,720,400
		6,912,336			297,789,278			9,494,005			449,599,837
Shares redeemed:
Class A		(1,010,153	)		(43,164,727	)		(2,340,479	)		(108,208,270	)
Class B		—			—			(20,766	)		(788,633	)
Class B – automatic conversion of Class A Shares		—			—			(34,079	)		(1,292,511	)
Class C		(76,034	)		(2,682,961	)		(114,363	)		(4,562,182	)
Class R3		(303,233	)		(12,177,551	)		(603,977	)		(26,215,601	)
Class R6		(47,190	)		(2,297,183	)		(471,756	)		(24,494,079	)
Class I		(2,352,954	)		(113,042,071	)		(3,296,639	)		(170,232,575	)
		(3,789,564	)		(173,364,493	)		(6,882,059	)		(335,793,851	)
Net increase (decrease)		3,122,772		$	124,424,785			2,611,946		$	113,805,986

Nuveen Investments 53

Notes to Financial Statements (Unaudited) (continued)

	Six Months Ended 4/30/15						Year Ended 10/31/14
Small Cap Growth Opportunities	Shares			Amount			Shares			Amount
Shares sold:
Class A		36,787		$	856,396			123,036		$	3,003,828
Class C		19,879			384,414			17,256			366,709
Class R3		22,658			495,541			52,706			1,203,519
Class I		161,314			4,226,856			1,084,551			28,651,810
Shares issued to shareholders due to reinvestment of distributions:
Class A		204,286			4,310,437			310,819			7,052,473
Class B		—			—			—			—
Class C		17,461			307,657			23,622			461,582
Class R3		12,105			245,744			16,212			356,349
Class I		189,326			4,528,679			139,061			3,515,454
		663,816			15,355,724			1,767,263			44,611,724
Shares redeemed:
Class A		(203,511	)		(4,766,093	)		(346,545	)		(8,297,779	)
Class C		(16,633	)		(329,656	)		(30,854	)		(633,117	)
Class R3		(35,872	)		(795,795	)		(54,292	)		(1,226,457	)
Class I		(228,816	)		(6,013,711	)		(538,887	)		(14,461,931	)
		(484,832	)		(11,905,255	)		(970,578	)		(24,619,284	)
Net increase (decrease)		178,984		$	3,450,469			796,685		$	19,992,440

5. Investment Transactions

Long-term purchases and sales (excluding investments purchased with collateral from securities lending) during the current fiscal period were as follows:

	Large Cap Growth Opportunities		Mid Cap Growth Opportunities		Small Cap Growth Opportunities
Purchases	$	221,359,341	$	670,338,531	$	54,879,650
Sales		337,814,373		760,191,840		63,920,735

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, 2015, 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	$	431,374,354		$	1,318,136,985		$	101,208,011
Gross unrealized:
Appreciation	$	143,985,567		$	257,997,782		$	19,692,598
Depreciation		(6,228,576	)		(16,054,245	)		(2,100,456	)
Net unrealized appreciation (depreciation) of investments	$	137,756,991		$	241,943,537		$	17,592,142

54 Nuveen Investments

Permanent differences, primarily due to net operating losses, tax equalization and REIT adjustments, resulted in reclassifications among the Funds’ components of net assets as of October 31, 2014, the Funds’ last tax year end, as follows:

	Large Cap Growth Opportunities			Mid Cap Growth Opportunities			Small Cap Growth Opportunities
Capital paid-in	$	(11	)	$	20,347,560		$	8,943
Undistributed (Over-distribution of) net investment income		1,442,919			8,666,039			910,944
Accumulated net realized gain (loss)		(1,442,908	)		(29,013,599	)		(919,887	)

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

	Large Cap Growth Opportunities		Mid Cap Growth Opportunities		Small Cap Growth Opportunities
Undistributed net ordinary income1	$	4,222,148	$	39,080,850	$	3,542,644
Undistributed net long-term capital gains		85,511,918		166,109,301		8,234,163

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, 2014, 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 income1	$	10,044,140	$	15,404,436	$	7,438,985
Distributions from net long-term capital gains		83,765,677		191,720,023		8,364,919

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, 2014, the Funds’ last tax year end, the Funds did not have any unused capital loss carryforwards available for federal income tax purposes to be applied against future capital gains, if any.

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

Average Daily Net Assets	Large Cap Growth Opportunities			Mid Cap Growth Opportunities			Small Cap Growth Opportunities
For the first $125 million		0.6500	%		0.7000	%		0.8000	%
For the next $125 million		0.6375			0.6875			0.7875
For the next $250 million		0.6250			0.6750			0.7750
For the next $500 million		0.6125			0.6625			0.7625
For the next $1 billion		0.6000			0.6500			0.7500
For net assets over $2 billion		0.5750			0.6250			0.7250

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 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		0.2000	%
$56 billion		0.1996
$57 billion		0.1989
$60 billion		0.1961
$63 billion		0.1931
$66 billion		0.1900
$71 billion		0.1851
$76 billion		0.1806
$80 billion		0.1773
$91 billion		0.1691
$125 billion		0.1599
$200 billion		0.1505
$250 billion		0.1469
$300 billion		0.1445

* The complex-level fee is calculated based upon the aggregate daily “eligible assets” of all Nuveen funds. Eligible assets do not include assets attributable to investments in other Nuveen funds or assets in excess of $2 billion added to the Nuveen fund complex in connection with the Adviser’s assumption of the management of the former First American Funds effective January 1, 2011. Eligible assets include closed-end fund assets managed by the Adviser that are attributable to certain types of leverage. For these purposes, leverage includes the closed-end funds’ use of preferred stock and borrowings and certain investments in the residual interest certificates (also called inverse floating rate securities) in tender option bond (TOB) trusts, including the portion of assets held by 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, 2015, the complex-level fee for each Fund was as follows:

Fund	Complex-Level Fee
Large Cap Growth Opportunities		0.2000	%
Mid Cap Growth Opportunities		0.1905
Small Cap Growth Opportunities		0.2000

The Adviser has agreed to waive fees and/or reimburse expenses of Small Cap Growth Opportunities through September 30, 2016 so that total annual fund operating expenses (excluding 12b-1 distribution and/or service fees, interest expenses, taxes, acquired fund fees and expenses, fees incurred in acquiring and disposing of portfolio securities and extraordinary expenses) do not exceed 1.22% of the average daily net assets of any class of Fund shares.

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

	Large Cap Growth Opportunities		Mid Cap Growth Opportunities		Small Cap Growth Opportunities
Sales charges collected	$	26,778	$	39,724	$	7,941
Paid to financial intermediaries		23,472		34,858		6,974

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

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

	Large Cap Growth Opportunities		Mid Cap Growth Opportunities		Small Cap Growth Opportunities
Commission advances	$	3,677	$	5,744	$	2,446

56 Nuveen Investments

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

	Large Cap Growth Opportunities		Mid Cap Growth Opportunities		Small Cap Growth Opportunities
12b-1 fees retained	$	7,907	$	10,289	$	1,211

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

The Distributor also collected and retained CDSC on share redemptions during the current fiscal period as follows:

	Large Cap Growth Opportunities		Mid Cap Growth Opportunities		Small Cap Growth Opportunities
CDSC retained	$	1,163	$	306	$	8

Nuveen Investments 57

Additional

Fund Information (Unaudited)

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

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

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

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

58 Nuveen Investments

Glossary of Terms

Used in this Report (Unaudited)

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.

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 2000^® Index: A market-weighted index published by the Frank Russell Company measuring the performance of the 2,000 smallest companies in the Russell 3000^® Index. The Russell 3000^® is made up of 3,000 of the largest U.S. stocks and represents approximately 98% of the U.S. equity market. The Russell 2000^® serves as a benchmark for small-cap stocks in the U.S. 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 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 $233 billion as of March 31, 2015.
		Find out how we can help you. To learn more about how the products and services of Nuveen Investments may be able to help you meet your financial goals, talk to your financial advisor, or call us at (800) 257-8787. Please read the information provided carefully before you invest. Investors should consider the investment objective and policies, risk considerations, charges and expenses of any investment carefully. Where applicable, be sure to obtain a prospectus, which contains this and other relevant information. To obtain a prospectus, please contact your securities representative or Nuveen Investments, 333 W. Wacker Dr., Chicago, IL 60606. Please read the prospectus carefully before you invest or send money. Learn more about Nuveen Funds at: www.nuveen.com/mf
Distributed by Nuveen Securities, LLC | 333 West Wacker Drive Chicago, IL 60606 | www.nuveen.com

MSA-FCGO-0415P        8581-INV-B-06/16

Mutual Funds

Nuveen Equity Funds

Semi-Annual Report  April 30, 2015

	Share Class / Ticker Symbol
Fund Name	Class A	Class C	Class R3	Class I
Nuveen Large Cap Select Fund	FLRAX	FLYCX	—	FLRYX
Nuveen Small Cap Select Fund	EMGRX	FHMCX	ASEIX	ARSTX

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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	27
Statement of Operations	28
Statement of Changes in Net Assets	29
Financial Highlights	30
Notes to Financial Statements	34
Additional Fund Information	43
Glossary of Terms Used in this Report	44

Nuveen Investments 3

Chairman’s Letter

to Shareholders

Dear Shareholders,

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

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

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

And, the same is true for investors like you. Maintaining an appropriate time horizon, diversification and relying on practiced investment teams are among your best strategies for achieving your long-term investment objectives. Additionally, I encourage you to communicate with your financial consultant if you have questions about your investment in a Nuveen Fund. On behalf of the other members of the Nuveen Fund Board, we look forward to continuing to earn your trust in the months and years ahead.

Sincerely,

William J. Schneider

Chairman of the Board

June 22, 2015

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 Greg 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, 2015.

Nuveen Large Cap Select Fund

How did the Fund perform during the six-month reporting period ended April 30, 2015?

The tables in the Fund Performance and Expense Ratios section of this report provide total returns for the Fund for the six-month, one-year, five-year and ten-year periods ended April 30, 2015. Comparative performance information is provided for the Fund’s Class A Shares at net asset value (NAV) only. The Fund’s Class A Shares at NAV outperformed the S&P 500^® Index and the Lipper Large-Cap Core Funds Classification Average during the six-month reporting period.

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

The Fund pursues 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. During the reporting period, we continued to employ 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 to drive future performance. Our process focuses on constructing a portfolio that we believe offers the best opportunity to achieve superior, risk-adjusted returns over the long term. Throughout the reporting period, the Fund continued to reflect a cyclical tilt, primarily through a notable overweight in the consumer discretionary sector. The Fund’s exposure to the health care sector increased to an overweight due to price appreciation and the addition of new securities, while we lowered its information technology exposure to an underweight. We also narrowed the Fund’s underweight in financials.

The Fund’s relative outperformance versus the S&P 500^® Index and Lipper peers during the reporting period was primarily driven by three sectors: health care, consumer staples and energy. Only the industrials and materials sectors were significant detractors overall for the reporting period.

The health care sector generated the strongest results with names such as Mylan NV, Boston Scientific Corporation and Biogen Inc. having the greatest impact. Generic and specialty pharmaceutical maker Mylan advanced strongly after reporting favorable quarterly results with higher revenue and margins driving performance while also raising its earnings outlook, which re-enforced that it is

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

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

Nuveen Investments 5

Portfolio Managers’ Comments (continued)

executing well on an organic basis. Also, Mylan’s management team followed through on its previously announced intention to make a sizeable acquisition in 2014 with the purchase of Abbott Laboratories’ non-U.S. specialty and branded pharmaceuticals business. The transaction is expected to be accretive to earnings this year. In addition, toward the end of the reporting period, Teva Pharmaceutical Industries expressed interest in acquiring Mylan. The Fund also experienced favorable results from Boston Scientific, a medical device firm focused on cardiovascular treatments. During the reporting period, the company announced that it had settled the Guidant litigation with Johnson & Johnson on very favorable terms. Boston Scientific is also benefiting from a multi-year margin improvement program, U.S. Food and Drug Administration (FDA) approval for several new product innovations and a recent acquisition that was viewed positively. Biogen, a global biotechnology company focused on discovering, developing and manufacturing therapies for multiple disorders and diseases, posted strong fourth quarter results in January. The company also provided a solid 2015 outlook, which helped propel the stock.

The consumer staples sector added to the Fund’s relative outperformance primarily via a position in grocery store chain Kroger Co. The company continued its upward trajectory as it delivered another solid quarter, exceeding consensus estimates on several metrics including sales, comparable store sales and earnings. Given Kroger’s price appreciation over several months, we decided to harvest the gains and reinvest the proceeds elsewhere.

Results were also positive in energy overall where an underweight to this poorly performing sector was beneficial, but partially offset by several stock selection issues. Energy was the weakest performing sector within the S&P 500^® Index and one of only two sectors with negative returns as the dramatic decline in oil prices weighed heavily on stocks, particularly in the first few months of the reporting period. Two holdings within the Fund, Halliburton Company and Schlumberger NV, were the most impacted by the environment. Schlumberger, the largest oilfield services company in the United States, supplies technology, project management and information solutions for the oil and gas industry. The energy services industry was hit especially hard with the decline in oil prices. During the reporting period, we exited the Fund’s position in Schlumberger based on concerns that the company’s higher margin deep-water and international business would slow, which would adversely impact the company’s margins. Halliburton also provides services and products to the energy industry related to the exploration, development and production of oil and natural gas. As with many other companies in the space, Halliburton suffered from cratering oil prices and declining rig counts. Halliburton announced an offer to acquire Baker Hughes Incorporated in a deal that is still subject to regulatory approvals and expected to close in late 2015. Based on the news, we sold Halliburton and established a position in Baker Hughes Incorporated, which we believe represents an opportunity to ultimately own Halliburton shares at a discounted price.

The Fund’s relative performance within the financial sector was fairly neutral; however, its position in E*Trade Group Inc. was a bright spot within the sector. We continue to own E*Trade Group Inc. because we believe it is a best-in-class online broker with a strong earnings growth profile that is not dependent on rate improvements. Likewise, the Fund’s results in information technology were basically in line with the benchmark; however, the sector featured some of its most significant contributors. Video game developer and distributor Electronic Arts Inc. continued to benefit from a new generation of gaming consoles and the increasing shift toward the digital delivery of games over the Internet, which is meaningfully raising its gross margins and free cash flow. Electronic Arts’ CEO has done an exceptional job of eliminating less-profitable games and expanding the reach and profit margin of popular games. The company’s streamlined operations helped it produce another strong quarter with both revenue and earnings coming in well ahead of consensus estimates. A position in Apple, Inc. was another favorable contributor to relative performance as the company reported strong iPhone unit shipments. Solid international revenue generation also helped propel the stock during the reporting period. We continue to own Apple given the company’s strong ecosystem and growth potential both domestically and internationally. Offsetting some of these results, a position in Microsoft Corporation detracted during the reporting period. While Microsoft reported mediocre fiscal second quarter results, much of the focus turned to underlying trends in Windows and Office, which suggested a more challenging transition ahead as the company moves to more of a mobile-first/cloud-first vendor. Additionally, tougher comparisons going forward weighed on the company’s stock and we exited the position.

In the consumer discretionary sector, relative results were basically flat versus the benchmark where a beneficial overweight to this outperforming sector was offset by stock selection. Consumer discretionary was the top-performing sector within the S&P 500^® Index, producing double-digit returns during the reporting period due to the tailwinds provided by significantly lower energy prices as well as continued improvements in employment and wages. Regarding individual stock selection in the sector, Lowe’s Companies, Inc. was a key positive contributor to performance. Lowe’s posted solid quarterly results during the reporting period that were well

6 Nuveen Investments

ahead of consensus estimates. We continue to hold the stock and expect the company to remain focused on merchandise improvement and differentiation, re-accelerating its “Pro” business, enhancing omni-channel offerings and improving productivity. At the opposite end of the spectrum, Wynn Resorts Limited was a detractor as visitation trends and VIP gross gaming revenue in Macau reflected continued weakness. While we have sold the Fund’s Wynn Resorts position, we may revisit the stock if there is an inflection point in the data because the Macau story remains compelling.

The industrials and materials sectors were the most significant detractors in terms of the Fund’s relative performance at the sector level. In materials, an out-of-index position in United States Steel Corporation lagged during the reporting period. The company is one of the largest U.S.-based integrated steel mill manufacturers, which produces flat sheet carbon steel and tubular products in the U.S., Canada and Europe. U.S. Steel’s exposure to slumping oil prices is primarily what weighed on the stock. Oil country tubular good (OCTG) volumes, which represent a significant portion of U.S. Steel’s tubular segment shipments, are highly exposed to any drop in exploration and production spending. With this headwind for the company, we sold the Fund’s position in U.S. Steel. The greatest laggard in industrials was another off-benchmark bet in Kirby Corporation, which operates domestic tank barges, transports bulk liquids and services diesel engines. During the reporting period, Kirby’s management announced a downward revision to its outlook for both the fourth quarter and full year 2014. The revision was primarily due to headwinds within the company’s land-based diesel engine services segment as a result of the collapse in oil prices and, to a lesser extent, its inland barge business. We sold the Fund’s position in Kirby Corporation. Also, a position in large machinery and engine manufacturer Caterpillar Inc. was negatively impacted by the decline in crude oil prices, along with several other machinery-related companies. A portion of Caterpillar’s revenues in the energy and transportation segment are tied to oil and gas prices, which worked against the company. The stock took another step back later in the reporting period when management cut its fiscal year 2015 revenue guidance. That being said, we continue to hold Caterpillar as we believe the worst of the commodities deflation cycle is behind us, while we could see a rebound at some point beginning with aftermarket sales. Offsetting some of the weakness in industrials, one of the Fund’s top contributors, Southwest Airlines Co., resided in the sector. Once again, Southwest topped consensus revenue and earnings per share estimates while continuing to generate strong free cash flow and return a portion back to shareholders through buybacks and dividends. Broadly speaking, we believe lower fuel prices and capacity discipline should continue to be tailwinds for the airline industry in 2015. We have exited this position.

Nuveen Small Cap Select Fund

How did the Fund perform during the six-month reporting period ended April 30, 2015?

The tables in the Fund Performance and Expense Ratios section of this report provide total returns for the Fund for the six-month, one-year, five-year and ten-year periods ended April 30, 2015. Comparative performance information is provided for the Fund’s Class A Shares at net asset value (NAV) only. The Fund’s Class A Shares at NAV outperformed the Russell 2000^® Index and the Lipper Small-Cap Core Funds Classification Average during the six-month reporting period.

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

The Fund seeks to provide long-term capital appreciation by investing, at least 80% of the sum of its net assets and the amount of any borrowings for investment purposes, primarily in the common stocks of small-capitalization companies with market capitalizations of $143 million to $4.51 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.

Our focus on bottom-up stock selection was the primary driver of the Fund’s strong relative performance versus both the Russell 2000^® Index and the Lipper average during the reporting period. The Fund outperformed in six of the ten benchmark sectors, with the strongest relative results found in the materials, health care, financial and consumer discretionary sectors. Stock selection was negative in only two sectors during this reporting period, industrials and information technology.

Nuveen Investments 7

Portfolio Managers’ Comments (continued)

The materials sector was the strongest performing area within the Fund during the reporting period. Diversified U.S. building materials and products company Headwaters Inc. outperformed as it continued to deliver solid organic top-line results and margin expansion. The company was able to post these favorable results despite ongoing concerns about the slow housing recovery and the spillover impact from employment declines in the energy industry in key markets like Texas. Headwaters’ big growth driver is demand for its fly ash product, a by-product from burning coal that can be used instead of cement for construction projects. With the recent shortage in the supply of cement along with dramatic price increases, fly ash is increasingly being used as a substitute. Headwaters also benefited from refinancing its debt and significantly bringing down interest expenses. A position in Berry Plastics Corporation Inc., which produces a variety of plastic packaging and containers, also performed well during the reporting period. The company is benefiting from the development of its Versalite drink cups, which are a more environmentally friendly and cost-effective replacement for Styrofoam cups. Berry Plastics has the additional tailwinds of lower input costs for resin due to falling oil prices and Styrofoam cup bans going into effect in places like New York City.

The Fund’s health care holdings also performed well, including strong results from Abiomed, Inc., a manufacturer of temporary cardiovascular circulatory support devices. Abiomed’s stock surged in reaction to its fourth quarter earnings report that was substantially above investors’ expectations. The company also received a boost from formal FDA approval in late March for its device’s use in high-risk percutaneous coronary intervention, which should drive a sequence of additional regulatory events and Japanese approval to support continued robust growth. Shares of Endologix, Inc. also performed well after this manufacturer of abdominal aortic aneurism stent grafts provided a positive clinical update regarding its innovative Nellix stent graft. This product is taking market share in Europe and should launch in the U.S. in 2016.

In the financial sector, the Fund experienced strong results from shares of Square 1 Financial Inc., a regional bank focused on technology and venture capital lending. Given the strength of its attractive end markets, Square 1 Financial continued to display strong loan and deposit growth trends. In March of this year, the company was acquired by a large super-regional bank, which caused us to exit the name.

In the consumer discretionary sector, the Fund experienced favorable results from a position in Red Robin Gourmet Burgers, Inc., a casual dining restaurant chain. The company reported better-than-expected third quarter results after disappointing results in the prior quarter, which appear to have been the result of a miscue in the company’s marketing message. Red Robin is back on track and gaining market share within the industry. Also, Kirkland’s, Inc., a specialty home accessories and furnishing retailer, outperformed during the reporting period. The company produced strong results while increasing fourth quarter guidance as it benefited from improved sales of higher margin merchandise due to its e-commerce business. Kirkland’s has been executing very well and we believe it will see accelerated unit growth in 2015. Offsetting some of the strength in the consumer discretionary area, the Fund’s position in Capella Education Company, a provider of online undergraduate and graduate education, underperformed despite solid fourth quarter results and in-line 2015 guidance. We believe the stock was weighed down by the combination of negative news events specific to other education companies and a rotation within the consumer discretionary sector away from more defensive-like business models. However, we still like Capella Education and added to the Fund’s position on weakness. Also, in the apparel and luxury goods category, women’s accessories and handbag manufacturer Vera Bradley, Inc. provided a disappointing outlook for 2015 with its fourth quarter earnings report. The report included substantial weakness in comparable store sales driven by soft traffic and increased spending on marketing, its e-commerce initiative and compensation. Without any near-term catalysts to fuel Vera Bradley’s turnaround story, we exited our position.

Overall results were virtually flat in the consumer staples area, where strength in one holding in the natural and organic food industry was offset by weakness in another. On the positive side of the equation, shares of Natural Grocers by Vitamin Cottage Incorporated performed well. Although this specialty grocer of natural and organic food products reported an in-line fiscal fourth quarter, its comparable stores sales accelerated sequentially while competitive issues in its largest market appeared to be improving. On the other hand, a position in SunOpta, Inc., which sources, processes and packages natural and organic food products, detracted after outperforming in the previous reporting period. SunOpta’s quarterly results can be volatile due to the nature of its business, in terms of both sourcing agricultural commodities and manufacturing foods in the fast-growing natural and organic industry. This was evident in its fourth quarter results reported in March that reflected a number of one-time operational issues such as start-up costs and inefficiencies as the company continued to add capacity to accommodate future growth. Despite the volatile quarterly results, we continue to like and own SunOpta as the company is still executing well on its value-added strategy and is leveraged to the secular growth in natural and organic food products.

8 Nuveen Investments

The Fund’s relative results were modestly favorable in energy versus the index during a difficult period overall for the sector. One of the Fund’s leading detractors from last fiscal year, exploration and production (E&P) company Callon Petroleum Company, was the top-performing stock in the sector during this reporting period. With operations located primarily in the sweet spot of the Permian Basin, the company guided toward double-digit production and cash flow growth, while cutting discretionary capital spending by a much greater amount. During the reporting period, Callon Petroleum was able to shore up its balance sheet capacity with a successful secondary equity offering, allowing for potential reserve additions and cash flow growth in 2016 and beyond. Offsetting some of Callon’s strength, we saw a significant decline in shares of Rosetta Resources Inc., a small-to-mid-cap E&P company with primary operations centered in the cost-effective Eagle Ford Basin in Texas with an emerging play in the Delaware Basin of the Permian. Although Rosetta Resources delivered solid production and operating metrics, the company was caught in the negative oil macro environment despite its willingness to cut capital spending by 20%. Also, a position in coal mining company Peabody Energy Corporation underperformed during the reporting period. We believed this company would benefit from improving demand and pricing for thermal coal as inventories at utilities were near an all-time low. However, this scenario has not played out and the company’s shares suffered, particularly in March, as the price of coal declined causing investors and sell-side analysts to reduce forward earnings estimates despite management’s good efforts to contain and reduce operating costs. We exited out of the Fund’s positions in both Rosetta Resources and Peabody Energy during the reporting period.

In the industrial sector, the Fund also had two fairly significant laggards in the sector. MasTec Inc., which is focused on the build-out of energy and telecommunications infrastructure, continued to be negatively impacted by uncertainties regarding the outlook for capital spending in those areas. However, we continued to own MasTec because we are positive on the outlook for 2016 and the long-term vision for the company. Away from energy-related issues, the Fund also saw weak results from a position in Tutor Perini Corporation, a domestic-centric engineering and construction company specializing in large civil infrastructure and commercial building projects. Tutor Perini’s stock has been pressured downward since mid-2014, which was exacerbated in February after the company reported a significant decline in year-over-year fourth quarter earnings. Management cited a decrease in activity surrounding certain higher margin projects and timing around tunnel projects on the West Coast. However, we have maintained our position in Tutor Perini due to its 100% exposure to the domestic economy and construction end markets, which we are positively disposed to in 2015.

Although the information technology sector modestly detracted from relative results overall, the Fund’s two strongest performing stocks were found in the sector. Gigamon Inc. is a leader in network visibility and network control products and solutions. Last year, the company was faced with sales execution issues and slowing end market demand as competitors announced products within the software-defined networking (SDN) space that caused customers to reassess purchasing decisions. As a result, Gigamon hired a new head of sales in mid-2014 who implemented systematic changes to refocus the company on growth. We began to see positive results from these changes as the company’s double-digit topline growth resumed in the fourth quarter and carried through into the first quarter. The Fund also experienced strong results from Spansion Inc., a semiconductor manufacturer specializing in memory and microcontroller products. The company was acquired by Cypress Semiconductor Corporation and we have maintained this position. One of the offsets to these strong performers was a position in Web.com Group Inc., a leading provider of internet services to small businesses. Web.com was negatively impacted by decreased demand and internal marketing execution, which caused the company to lose market share and see revenue per user decline. We exited this position as we believed it would take the company longer to work through the issues.

We continued to maintain the Fund’s domestic focus with an overweight in the industrials sector, while we moved to more of an equal weight in the consumer and energy sectors. We believe that industrial holdings related to residential and non-residential construction will lead the way in 2015, while general industrials will underperform.

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 an agreement by the investment adviser to waive certain fees and/or reimburse expenses during the periods presented. If any such waivers and/or reimbursements had not been in place, returns would have been reduced. See Notes to Financial Statements, Note 7—Management Fees and Other Transactions with Affiliates for more information. For the most recent month-end performance visit www.nuveen.com or call (800) 257-8787.

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

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

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

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

Fund Performance

Average Annual Total Returns as of April 30, 2015

	Cumulative		Average Annual
	6-Month		1-Year		5-Year		10-Year
Class A Shares at NAV		4.76%		14.23%		12.61%		7.20%
Class A Shares at maximum Offering Price		(1.28)%		7.64%		11.28%		6.56%
S&P 500® Index		4.40%		12.98%		14.33%		8.32%
Lipper Large-Cap Core Funds Classification Average		3.87%		11.09%		12.86%		7.65%
Class C Shares		4.32%		13.35%		11.77%		6.37%
Class I Shares		4.86%		14.51%		12.89%		7.46%

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

	Cumulative		Average Annual
	6-Month		1-Year		5-Year		10-Year
Class A Shares at NAV		7.84%		13.15%		13.03%		7.00%
Class A Shares at maximum Offering Price		1.62%		6.64%		11.70%		6.37%
Class C Shares		7.41%		12.27%		12.19%		6.17%
Class I Shares		7.98%		13.43%		13.32%		7.27%

Indexes and Lipper averages are not available for direct investment.

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

Expense Ratios as of Most Recent Prospectus

	Share Class
	Class A		Class C		Class I
Gross Expense Ratios		1.31%		2.07%		1.06%
Net Expense Ratios		1.30%		2.05%		1.05%

The Fund’s investment adviser has agreed to waive fees and/or reimburse other Fund expenses through September 30, 2016, so that total annual Fund operating expenses (excluding 12b-1 distribution and/or service fees, interest expenses, taxes, acquired fund fees and expenses, fees incurred in acquiring and disposing of portfolio securities and extraordinary expenses) do not exceed 1.05% of the average daily net assets of any class of Fund shares. Fee waivers and/or expense reimbursements will not be terminated prior to that time without the approval of the Fund’s Board of Directors.

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

Fund Performance

Average Annual Total Returns as of April 30, 2015

	Cumulative		Average Annual
	6-Month		1-Year		5-Year		10-Year
Class A Shares at NAV		6.44%		11.12%		11.68%		8.95%
Class A Shares at maximum Offering Price		0.34%		4.71%		10.37%		8.30%
Russell 2000® Index		4.65%		9.71%		12.73%		9.18%
Lipper Small-Cap Core Funds Classification Average		3.84%		7.15%		12.04%		8.79%
Class C Shares		6.06%		10.37%		10.87%		8.14%
Class R3 Shares		6.35%		10.97%		11.42%		8.69%
Class I Shares		6.63%		11.48%		11.98%		9.22%

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

	Cumulative		Average Annual
	6-Month		1-Year		5-Year		10-Year
Class A Shares at NAV		16.88%		10.83%		13.56%		8.67%
Class A Shares at maximum Offering Price		10.13%		4.47%		12.21%		8.02%
Class C Shares		16.41%		9.91%		12.69%		7.84%
Class R3 Shares		16.70%		10.50%		13.25%		8.39%
Class I Shares		17.06%		11.02%		13.81%		8.93%

Indexes and Lipper averages are not available for direct investment.

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

Expense Ratios as of Most Recent Prospectus

	Share Class
	Class A		Class C		Class R3		Class I
Expense Ratios		1.55%		2.31%		1.80%		1.30%

Nuveen Investments 13

Holding

Summaries as of April 30, 2015

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	98.5%
Investments Purchased with Collateral from Securities Lending	10.8%
Money Market Funds	1.5%
Other Assets Less Liabilities	(10.8)%
Net Assets	100%

Portfolio Composition

(% of net assets)

Oil, Gas & Consumable Fuels	8.7%
Pharmaceuticals	7.5%
Technology Hardware, Storage & Peripherals	7.1%
Specialty Retail	5.9%
Media	5.0%
Capital Markets	5.0%
Banks	4.9%
Multiline Retail	4.5%
Health Care Providers & Services	4.1%
Software	3.9%
Machinery	3.5%
Biotechnology	3.4%
Semiconductors & Semiconductor Equipment	3.4%
Chemicals	3.4%
Health Care Equipment & Supplies	3.1%
Airlines	2.9%
IT Services	2.9%
Other	19.3%
Investments Purchased with Collateral from Securities Lending	10.8%
Money Market Funds	1.5%
Other Assets Less Liabilities	(10.8)%
Net Assets	100%

Top Five Common Stock Holdings

(% of net assets)

Apple, Inc.	6.1%
Bank of America Corporation	3.0%
MasterCard, Inc.	2.9%
Target Corporation	2.4%
Lowe’s Companies, Inc.	2.3%

14 Nuveen Investments

Nuveen Small Cap Select Fund

Fund Allocation

(% of net assets)

Common Stocks	98.6%
Investments Purchased with Collateral from Securities Lending	13.6%
Money Market Funds	1.6%
Other Assets Less Liabilities	(13.8)%
Net Assets	100%

Portfolio Composition

(% of net assets)

Banks	8.3%
Health Care Equipment & Supplies	6.7%
Real Estate Investment Trust	6.6%
Software	6.3%
Insurance	5.0%
Specialty Retail	4.8%
Biotechnology	4.0%
Professional Services	3.7%
Semiconductors & Semiconductor Equipment	3.5%
Oil, Gas & Consumable Fuels	2.9%
Electrical Equipment	2.8%
Communications Equipment	2.7%
Hotels, Restaurants & Leisure	2.6%
Construction & Engineering	2.5%
Commercial Services & Supplies	2.4%
Electronic Equipment, Instruments & Components	2.4%
Machinery	2.2%
Capital Markets	2.1%
Internet Software & Services	1.9%
Electric Utilities	1.8%
Leisure Products	1.7%
Diversified Consumer Services	1.6%
Chemicals	1.6%
Other	18.5%
Investments Purchased with Collateral from Securities Lending	13.6%
Money Market Funds	1.6%
Other Assets Less Liabilities	(13.8)%
Net Assets	100%

Top Five Common Stock Holdings

(% of net assets)

Western Alliance Bancorporation	1.9%
Express Inc.	1.8%
Brunswick Corporation	1.7%
Regal-Beloit Corporation	1.6%
Korn Ferry International	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 period ended April 30, 2015.

The beginning of the period is November 1, 2014.

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

The information under “Hypothetical Performance,” provides information about hypothetical account values and hypothetical expenses based on each 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

	Share Class
	Class A		Class C		Class I
Actual Performance
Beginning Account Value	$	1,000.00	$	1,000.00	$	1,000.00
Ending Account Value	$	1,047.60	$	1,043.20	$	1,048.60
Expenses Incurred During Period	$	6.55	$	10.33	$	5.28
Hypothetical Performance (5% annualized return before expenses)
Beginning Account Value	$	1,000.00	$	1,000.00	$	1,000.00
Ending Account Value	$	1,018.40	$	1,014.68	$	1,019.64
Expenses Incurred During Period	$	6.46	$	10.19	$	5.21

For each class of the Fund, expenses are equal to the Fund’s annualized net expense ratio of 1.29%, 2.04% and 1.04% 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 Small Cap Select Fund

	Share Class
	Class A		Class C		Class R3		Class I
Actual Performance
Beginning Account Value	$	1,000.00	$	1,000.00	$	1,000.00	$	1,000.00
Ending Account Value	$	1,064.40	$	1,060.60	$	1,063.50	$	1,066.30
Expenses Incurred During Period	$	7.27	$	11.09	$	8.54	$	5.99
Hypothetical Performance (5% annualized return before expenses)
Beginning Account Value	$	1,000.00	$	1,000.00	$	1,000.00	$	1,000.00
Ending Account Value	$	1,017.75	$	1,014.03	$	1,016.51	$	1,018.99
Expenses Incurred During Period	$	7.10	$	10.84	$	8.35	$	5.86

For each class of the Fund, expenses are equal to the Fund’s annualized net expense ratio of 1.42%, 2.17%, 1.67% and 1.17% 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). 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. Because the 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. These other fees and expenses are not included in the expenses shown in the table.

Nuveen Investments 17

Nuveen Large Cap Select Fund

Portfolio of Investments April 30, 2015 (Unaudited)

Shares		Description (1)	Value
		LONG-TERM INVESTMENTS – 98.5%
		COMMON STOCKS – 98.5%
		Aerospace & Defense – 2.1%
	3,551	Boeing Company	$	509,000
	4,297	Raytheon Company		446,888
		Total Aerospace & Defense		955,888
		Airlines – 2.9%
	11,880	American Airlines Group Inc.		573,626
	16,433	Delta Air Lines, Inc.		733,569
		Total Airlines		1,307,195
		Banks – 4.9%
	83,876	Bank of America Corporation		1,336,145
	16,248	Citigroup Inc.		866,343
		Total Banks		2,202,488
		Biotechnology – 3.4%
	1,893	Alexion Pharmaceuticals Inc., (2)		320,352
	1,073	Biogen Inc., (2)		401,227
	1,163	Bluebird Bio Inc., (2)		154,900
	6,569	Gilead Sciences, Inc.		660,250
		Total Biotechnology		1,536,729
		Capital Markets – 5.0%
	5,368	Ameriprise Financial, Inc.		672,503
	26,761	E*Trade Group Inc., (2)		770,449
	19,203	Invesco LTD		795,388
		Total Capital Markets		2,238,340
		Chemicals – 3.4%
	8,568	Dow Chemical Company		436,968
	4,125	LyondellBasell Industries NV		427,020
	2,978	PPG Industries, Inc.		659,806
		Total Chemicals		1,523,794
		Communications Equipment – 1.9%
	28,993	Cisco Systems, Inc.		835,868
		Consumer Finance – 2.4%
	10,078	Discover Financial Services		584,222
	47,439	SLM Corporation		483,403
		Total Consumer Finance		1,067,625

18 Nuveen Investments

Shares		Description (1)	Value
		Diversified Telecommunication Services – 0.6%
	41,606	Frontier Communications Corporation, (3)	$	285,417
		Electric Utilities – 0.9%
	4,038	NextEra Energy Inc.		407,555
		Electrical Equipment – 0.9%
	3,440	Rockwell Automation, Inc., (3)		407,984
		Energy Equipment & Services – 1.2%
	7,788	Baker Hughes Incorporated		533,166
		Food & Staples Retailing – 1.4%
	6,207	CVS Caremark Corporation		616,293
		Food Products – 1.1%
	12,193	Tyson Foods, Inc., Class A		481,624
		Health Care Equipment & Supplies – 3.1%
	34,880	Boston Scientific Corporation, (2)		621,562
	10,358	Medtronic, PLC		771,153
		Total Health Care Equipment & Supplies		1,392,715
		Health Care Providers & Services – 4.1%
	6,119	CIGNA Corporation		762,672
	2,655	McKesson HBOC Inc.		593,127
	4,436	UnitedHealth Group Incorporated		494,170
		Total Health Care Providers & Services		1,849,969
		Hotels, Restaurants & Leisure – 2.4%
	8,862	Royal Caribbean Cruises Limited, (3)		603,148
	10,026	Six Flags Entertainment Corporation		471,423
		Total Hotels, Restaurants & Leisure		1,074,571
		Household Durables – 2.2%
	10,686	Jarden Corporation, (3)		546,909
	2,585	Whirlpool Corporation		453,927
		Total Household Durables		1,000,836
		Insurance – 1.4%
	15,437	Hartford Financial Services Group, Inc.		629,366
		IT Services – 2.9%
	14,427	MasterCard, Inc.		1,301,460
		Machinery – 3.5%
	6,888	Caterpillar Inc., (3)		598,429
	6,974	Illinois Tool Works, Inc.		652,627
	12,669	Trinity Industries Inc.		343,203
		Total Machinery		1,594,259

Nuveen Investments 19

Nuveen Large Cap Select Fund (continued)

Portfolio of Investments April 30, 2015 (Unaudited)

Shares		Description (1)	Value
		Media – 5.0%
	14,287	Comcast Corporation, Class A, (3)	$	825,217
	7,692	Time Warner Inc.		649,282
	7,210	Walt Disney Company		783,871
		Total Media		2,258,370
		Multiline Retail – 4.5%
	6,078	Dollar Tree Stores Inc., (2)		464,420
	6,966	Kohl’s Corporation, (3)		499,114
	13,765	Target Corporation		1,085,095
		Total Multiline Retail		2,048,629
		Multi-Utilities – 0.8%
	3,582	Sempra Energy		380,301
		Oil, Gas & Consumable Fuels – 8.7%
	6,484	Anadarko Petroleum Corporation		610,144
	8,214	Devon Energy Corporation		560,277
	10,429	Exxon Mobil Corporation		911,182
	14,950	Kinder Morgan, Inc.		642,103
	11,702	Newfield Exploration Company, (2)		459,186
	5,845	Occidental Petroleum Corporation		468,185
	1,444	Pioneer Natural Resources Company, (3)		249,494
		Total Oil, Gas & Consumable Fuels		3,900,571
		Pharmaceuticals – 7.5%
	15,206	AbbVie Inc.		983,220
	1,737	Actavis PLC, (2), (3)		491,328
	9,998	Mylan NV, (2), (3)		722,455
	22,477	Pfizer Inc.		762,645
	6,953	Teva Pharmaceutical Industries Limited, Sponsored ADR		420,100
		Total Pharmaceuticals		3,379,748
		Semiconductors & Semiconductor Equipment – 3.4%
	5,864	Altera Corporation		244,412
	18,932	Applied Materials, Inc.		374,664
	9,377	Broadcom Corporation, Class A		414,510
	17,627	Micron Technology, Inc., (2)		495,848
		Total Semiconductors & Semiconductor Equipment		1,529,434
		Software – 3.9%
	13,209	Electronic Arts Inc., (2)		767,311
	5,214	Intuit, Inc.		523,121
	6,451	Red Hat, Inc., (2)		485,502
		Total Software		1,775,934

20 Nuveen Investments

Shares		Description (1)	Value
		Specialty Retail – 5.9%
	20,109	Best Buy Co., Inc.	$	696,777
	8,518	Foot Locker, Inc.		506,395
	15,027	Lowe’s Companies, Inc.		1,034,759
	3,228	Signet Jewelers Limited		432,972
		Total Specialty Retail		2,670,903
		Technology Hardware, Storage & Peripherals – 7.1%
	21,800	Apple, Inc.		2,728,270
	4,896	Western Digital Corporation		478,535
		Total Technology Hardware, Storage & Peripherals		3,206,805
		Total Long-Term Investments (cost $40,275,782)		44,393,837
Shares		Description (1)	Value
		INVESTMENTS PURCHASED WITH COLLATERAL FROM SECURITIES LENDING – 10.8%
		Money Market Funds – 10.8%
	4,841,213	Mount Vernon Securities Lending Prime Portfolio, 0.204%, (4), (5)	$	4,841,213
		Total Investments Purchased with Collateral from Securities Lending (cost $4,841,213)		4,841,213
Shares		Description (1)	Value
		SHORT-TERM INVESTMENTS – 1.5%
		Money Market Funds – 1.5%
	673,290	First American Treasury Obligations Fund, Class Z, 0.000%, (4)	$	673,290
		Total Short-Term Investments (cost $673,290)		673,290
		Total Investments (cost $45,790,285) – 110.8%		49,908,340
		Other Assets Less Liabilities – (10.8)%		(4,848,315	)
		Net Assets – 100%	$	45,060,025

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 the securities out on loan as of the end of the reporting period was $4,662,031.

(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 100% 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 21

Nuveen Small Cap Select Fund

Portfolio of Investments April 30, 2015 (Unaudited)

Shares		Description (1)	Value
		LONG-TERM INVESTMENTS – 98.6%
		COMMON STOCKS – 98.6%
		Auto Components – 1.0%
	40,257	Tenneco Inc., (2)	$	2,353,022
		Automobiles – 1.5%
	58,828	Thor Industries, Inc.		3,539,681
		Banks – 8.3%
	72,366	Banner Corporation		3,272,391
	71,312	East West Bancorp Inc.		2,894,554
	103,743	Glacier Bancorp, Inc.		2,732,591
	85,484	Privatebancorp, Inc.		3,168,892
	82,792	Webster Financial Corporation		2,966,437
	140,610	Western Alliance Bancorporation, (2), (3)		4,347,661
		Total Banks		19,382,526
		Biotechnology – 4.0%
	9,941	Bluebird Bio Inc., (2)		1,324,042
	21,376	Cepheid, Inc., (2)		1,199,194
	7,453	Clovis Oncology Inc., (2), (3)		598,923
	25,995	Dyax Corporation, (2), (3)		621,540
	16,489	ISIS Pharmaceuticals, Inc., (2), (3)		935,256
	14,681	Neurocrine Biosciences Inc., (2)		500,475
	23,773	Oncomed Pharmaceuticals Inc., (2), (3)		570,077
	3,436	Puma Biotechnology Inc. , (2), (3)		620,473
	12,647	Receptos Inc., (2)		1,863,409
	11,893	Synageva BioPharma Corporation, (2), (3)		1,093,680
		Total Biotechnology		9,327,069
		Building Products – 1.1%
	111,861	Continental Building Products Inc., (2)		2,462,061
		Capital Markets – 2.1%
	52,029	Evercore Partners Inc.		2,509,879
	260,910	Pennantpark Investment Corporation		2,457,772
		Total Capital Markets		4,967,651
		Chemicals – 1.6%
	92,524	PolyOne Corporation, (3)		3,613,062
		Commercial Services & Supplies – 2.4%
	61,512	HNI Corporation		2,868,920
	126,082	Interface, Inc.		2,739,762
		Total Commercial Services & Supplies		5,608,682

22 Nuveen Investments

Shares		Description (1)	Value
		Communications Equipment – 2.7%
	93,092	Netgear, Inc., (2)	$	2,817,895
	65,137	Plantronics Inc., (3)		3,469,848
		Total Communications Equipment		6,287,743
		Construction & Engineering – 2.5%
	160,549	MasTec Inc., (2)		2,880,249
	138,237	Tutor Perini Corporation, (2)		2,930,624
		Total Construction & Engineering		5,810,873
		Construction Materials – 1.4%
	185,700	Headwaters Inc., (2)		3,264,606
		Containers & Packaging – 1.3%
	91,955	Berry Plastics Corporation, (2)		3,146,700
		Distributors – 1.1%
	39,679	Pool Corporation		2,574,770
		Diversified Consumer Services – 1.6%
	67,627	Capella Education Company		3,653,887
		Electric Utilities – 1.8%
	63,995	PNM Resources Inc.		1,777,781
	46,796	UIL Holdings Corporation		2,334,184
		Total Electric Utilities		4,111,965
		Electrical Equipment – 2.8%
	66,079	Generac Holdings Inc., (2), (3)		2,754,834
	48,126	Regal-Beloit Corporation		3,763,453
		Total Electrical Equipment		6,518,287
		Electronic Equipment, Instruments & Components – 2.4%
	43,312	OSI Systems Inc., (2)		2,911,000
	212,475	Vishay Intertechnology Inc., (3)		2,694,183
		Total Electronic Equipment, Instruments & Components		5,605,183
		Energy Equipment & Services – 1.2%
	123,676	Matrix Service Company, (2), (3)		2,717,162
		Food & Staples Retailing – 0.8%
	68,613	Natural Grocers by Vitamin Cottage Incorporated, (2), (3)		1,805,894
		Food Products – 1.1%
	249,170	SunOpta, Inc., (2)		2,576,418
		Gas Utilities – 1.3%
	59,186	Laclede Group Inc., (3)		3,073,529
		Health Care Equipment & Supplies – 6.7%
	29,881	Abiomed, Inc., (2)		1,889,077

Nuveen Investments 23

Nuveen Small Cap Select Fund (continued)

Portfolio of Investments April 30, 2015 (Unaudited)

Shares		Description (1)	Value
		Health Care Equipment & Supplies (continued)
	92,782	Endologix, Inc., (2), (3)	$	1,443,688
	33,478	Inogen Inc., (2)		1,229,982
	51,863	Integra Lifesciences Holdings Corporation, (2), (3)		3,048,507
	81,735	K2M Group Holdings Inc., (2)		1,717,252
	105,589	Merit Medical Systems, Inc., (2)		2,049,482
	156,177	Nxstage Medical, Inc., (2)		2,862,724
	52,104	Spectranetics Corporation, (2), (3)		1,336,468
		Total Health Care Equipment & Supplies		15,577,180
		Health Care Providers & Services – 1.4%
	69,830	HealthSouth Corporation		3,157,713
		Hotels, Restaurants & Leisure – 2.6%
	45,245	Red Robin Gourmet Burgers, Inc., (2), (3)		3,397,447
	82,578	Texas Roadhouse, Inc.		2,774,621
		Total Hotels, Restaurants & Leisure		6,172,068
		Insurance – 5.0%
	78,714	American Equity Investment Life Holding Company, (3)		2,121,342
	58,490	Amerisafe, Inc.		2,643,163
	189,618	CNO Financial Group Inc.		3,223,506
	104,598	Horace Mann Educators Corporation		3,553,194
		Total Insurance		11,541,205
		Internet Software & Services – 1.9%
	67,409	Constant Contact Inc., (2)		2,349,204
	107,852	Wix.com Limited, (2)		2,099,878
		Total Internet Software & Services		4,449,082
		IT Services – 1.3%
	148,967	Perficient, Inc., (2)		3,073,189
		Leisure Products – 1.7%
	77,333	Brunswick Corporation		3,869,743
		Machinery – 2.2%
	90,190	Altra Industrial Motion, Inc., (3)		2,378,310
	301,928	Mueller Water Products Inc.		2,826,046
		Total Machinery		5,204,356
		Oil, Gas & Consumable Fuels – 2.9%
	364,091	Callon Petroleum Company, (2)		3,254,974
	30,182	Carrizo Oil & Gas, Inc., (2)		1,682,043
	61,485	RSP Permian Inc., (2), (3)		1,784,295
		Total Oil, Gas & Consumable Fuels		6,721,312

24 Nuveen Investments

Shares		Description (1)	Value
		Pharmaceuticals – 0.9%
	25,183	Cempra Inc., (2)	$	793,013
	7,614	Pacira Pharmaceuticals, Inc., (2), (3)		521,407
	24,213	Tetraphase Pharmaceuticals Inc., (2)		854,235
		Total Pharmaceuticals		2,168,655
		Professional Services – 3.7%
	231,152	CBIZ Inc., (2), (3)		2,089,614
	116,549	Korn Ferry International		3,674,790
	96,013	TrueBlue Inc., (2)		2,763,254
		Total Professional Services		8,527,658
		Real Estate Investment Trust – 6.6%
	161,816	DiamondRock Hospitality Company		2,194,225
	48,603	Entertainment Properties Trust		2,802,935
	67,533	Highwoods Properties, Inc.		2,906,620
	66,971	LaSalle Hotel Properties		2,457,166
	381,198	MFA Mortgage Investments, Inc., (3)		2,961,908
	91,824	STAG Industrial Inc.		1,995,336
		Total Real Estate Investment Trust		15,318,190
		Road & Rail – 1.3%
	122,644	Swift Transportation Company, (2), (3)		2,967,985
		Semiconductors & Semiconductor Equipment – 3.5%
	180,925	Cypress Semiconductor Corporation, (3)		2,409,921
	61,741	Mellanox Technologies, Limited, (2), (3)		2,870,339
	83,025	MKS Instruments Inc.		2,890,100
		Total Semiconductors & Semiconductor Equipment		8,170,360
		Software – 6.3%
	58,175	Broadsoft Inc., (2)		1,840,657
	51,527	CommVault Systems, Inc., (2)		2,357,360
	32,851	Fleetmatics Group Limited, (2), (3)		1,497,349
	106,372	Gigamon Inc., (2)		3,130,528
	29,559	Proofpoint, Incorporated, (2), (3)		1,595,595
	72,581	QLIK Technologies Inc., (2)		2,525,093
	35,299	Synchronoss Technologies, Inc., (2), (3)		1,619,518
		Total Software		14,566,100
		Specialty Retail – 4.8%
	252,869	Express Inc., (2)		4,121,765
	94,795	Kirkland’s, Inc., (2), (3)		2,250,433
	213,326	Tilly’s Inc., Class A Shares, (2)		2,845,769
	63,415	Zumiez, Inc., (2), (3)		2,010,888
		Total Specialty Retail		11,228,855

Nuveen Investments 25

Nuveen Small Cap Select Fund (continued)

Portfolio of Investments April 30, 2015 (Unaudited)

Shares		Description (1)	Value
		Thrifts & Mortgage Finance – 1.1%
	134,028	Everbank Financial Corporation	$	2,488,900
		Trading Companies & Distributors – 0.7%
	146,699	Neff Corporation, Class A Shares, (2), (3)		1,731,048
		Total Long-Term Investments (cost $187,619,936)		229,334,370
Shares		Description (1)	Value
		INVESTMENTS PURCHASED WITH COLLATERAL FROM SECURITIES LENDING – 13.6%
		Money Market Funds – 13.6%
	31,526,753	Mount Vernon Securities Lending Prime Portfolio, 0.204%, (4), (5)	$	31,526,753
		Total Investments Purchased with Collateral from Securities Lending (cost $31,526,753)		31,526,753
Shares		Description (1)	Value
		SHORT-TERM INVESTMENTS – 1.6%
		Money Market Funds – 1.6%
	3,778,400	First American Treasury Obligations Fund, Class Z, 0.000%, (4)	$	3,778,400
		Total Short-Term Investments (cost $3,778,400)		3,778,400
		Total Investments (cost $222,925,089) – 113.8%		264,639,523
		Other Assets Less Liabilities – (13.8)%		(32,017,235	)
		Net Assets – 100%	$	232,622,288

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 the securities out on loan as of the end of the reporting period was $29,170,954.

(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 100% 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, 2015 (Unaudited)

	Large Cap Select			Small Cap Select
Assets
Long-term investments, at value (cost $40,275,782 and $187,619,936, respectively)	$	44,393,837		$	229,334,370
Investments purchased with collateral from securities lending, at value (cost approximates value)		4,841,213			31,526,753
Short-term investments, at value (cost approximates value)		673,290			3,778,400
Receivable for:
Dividends		37,416			69,052
Due from broker		710			4,881
Investments sold		—			5,036,404
Reclaims		1,717			—
Shares sold		—			206,597
Other assets		21,481			39,952
Total assets		49,969,664			269,996,409
Liabilities
Payable for:
Collateral from securities lending program		4,841,213			31,526,753
Investments purchased		—			5,281,909
Shares redeemed		6,692			162,126
Accrued expenses:
Directors fees		336			15,733
Management fees		38,048			177,989
12b-1 distribution and service fees		2,297			31,402
Other		21,053			178,209
Total liabilities		4,909,639			37,374,121
Net assets	$	45,060,025		$	232,622,288
Class A Shares
Net assets	$	7,193,396		$	94,930,972
Shares outstanding		342,376			8,427,843
Net asset value (“NAV”) per share	$	21.01		$	11.26
Offering price per share (NAV per share plus maximum sales charge of 5.75% of offering price)	$	22.29		$	11.95
Class C Shares
Net assets	$	953,474		$	8,767,789
Shares outstanding		48,194			987,699
NAV and offering price per share	$	19.78		$	8.88
Class R3 Shares
Net assets		—		$	8,172,148
Shares outstanding		—			768,414
NAV and offering price per share		—		$	10.64
Class I Shares
Net assets	$	36,913,155		$	120,751,379
Shares outstanding		1,744,429			9,136,346
NAV and offering price per share	$	21.16		$	13.22
Net assets consist of:
Capital paid-in	$	94,599,780		$	171,571,599
Undistributed (Over-distribution of) net investment income		67,612			(248,369	)
Accumulated net realized gain (loss)		(53,725,422	)		19,584,624
Net unrealized appreciation (depreciation)		4,118,055			41,714,434
Net assets	$	45,060,025		$	232,622,288
Authorized shares – per class		2 billion			2 billion
Par value per share	$	0.0001		$	0.0001

See accompanying notes to financial statements.

Nuveen Investments 27

Statement of

Operations Six Months Ended April 30, 2015 (Unaudited)

	Large Cap Select			Small Cap Select
Investment Income
Dividend and interest income (net of foreign tax withheld of $891 and $–, respectively)	$	393,865		$	1,353,400
Securities lending income, net		3,080			51,367
Total investment income		396,945			1,404,767
Expenses
Management fees		173,238			1,094,213
12b-1 service fees – Class A Shares		8,865			122,969
12b-1 distribution and service fees – Class C Shares		4,271			43,941
12b-1 distribution and service fees – Class R3 Shares		—			22,952
Custodian fees		10,336			23,697
Directors fees		659			3,648
Professional fees		12,160			23,825
Shareholder reporting expenses		4,901			55,523
Shareholder servicing agent fees		13,328			205,533
Federal and state registration fees		21,355			28,563
Other		3,528			2,125
Total expenses before fee waiver/expense reimbursement		252,641			1,626,989
Fee waiver/expense reimbursement		(125	)		—
Net expenses		252,516			1,626,989
Net investment income (loss)		144,429			(222,222	)
Realized and Unrealized Gain (Loss)
Net realized gain (loss) from investments		3,296,676			21,621,157
Change in net unrealized appreciation (depreciation) of investments		(1,281,466	)		(6,391,213	)
Net realized and unrealized gain (loss)		2,015,210			15,229,944
Net increase (decrease) in net assets from operations	$	2,159,639		$	15,007,722

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 4/30/15			Year Ended 10/31/14			Six Months Ended 4/30/15			Year Ended 10/31/14
Operations
Net investment income (loss)	$	144,429		$	192,136		$	(222,222	)	$	(954,960	)
Net realized gain (loss) from:
Investments		3,296,676			7,100,517			21,621,157			87,405,895
Futures contracts		—			—			—			564,302
Change in net unrealized appreciation (depreciation) of investments		(1,281,466	)		(1,470,883	)		(6,391,213	)		(64,802,560	)
Net increase (decrease) in net assets from operations		2,159,639			5,821,770			15,007,722			22,212,677
Distributions to Shareholders
From net investment income:
Class A Shares		(26,786	)		(14,541	)		—			(244,437	)
Class C Shares		—			—			—			—
Class R3 Shares		—			—			—			—
Class I Shares		(231,221	)		(174,566	)		—			(1,067,494	)
From accumulated net realized gains:
Class A Shares		—			—			(25,790,799	)		(13,857,437	)
Class C Shares		—			—			(2,732,315	)		(1,027,234	)
Class R3 Shares		—			—			(2,665,298	)		(1,736,664	)
Class I Shares		—			—			(30,829,009	)		(21,449,055	)
Decrease in net assets from distributions to shareholders		(258,007	)		(189,107	)		(62,017,421	)		(39,382,321	)
Fund Share Transactions
Proceeds from sale of shares		2,018,200			9,935,926			19,474,567			58,154,693
Proceeds from shares issued to shareholders due to reinvestment of distributions		178,501			113,474			55,704,101			36,227,694
		2,196,701			10,049,400			75,178,668			94,382,387
Cost of shares redeemed		(7,183,497	)		(7,124,667	)		(73,117,604	)		(275,782,690	)
Net increase (decrease) in net assets from Fund share transactions		(4,986,796	)		2,924,733			2,061,064			(181,400,303	)
Net increase (decrease) in net assets		(3,085,164	)		8,557,396			(44,948,635	)		(198,569,947	)
Net assets at the beginning of period		48,145,189			39,587,793			277,570,923			476,140,870
Net assets at the end of period	$	45,060,025		$	48,145,189		$	232,622,288		$	277,570,923
Undistributed (Over-distribution of) net investment income at the end of period	$	67,612		$	181,190		$	(248,369	)	$	(26,147	)

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)
2015(e)	$	20.13	$	0.04		$	0.92	$	0.96		$	(0.08	)	$	—	$	(0.08	)	$	21.01
2014		17.65		0.05			2.48		2.53			(0.05	)		—		(0.05	)		20.13
2013		13.42		0.07			4.22		4.29			(0.06	)		—		(0.06	)		17.65
2012		11.73		0.03			1.66		1.69			—			—		—			13.42
2011		11.65		(0.02	)		0.10		0.08			—			—		—			11.73
2010		9.80		(0.01	)		1.92		1.91			(0.06	)		—		(0.06	)		11.65
Class C (1/03)
2015(e)		18.96		(0.03	)		0.85		0.82			—			—		—			19.78
2014		16.70		(0.09	)		2.35		2.26			—			—		—			18.96
2013		12.73		(0.05	)		4.02		3.97			—			—		—			16.70
2012		11.21		(0.06	)		1.58		1.52			—			—		—			12.73
2011		11.22		(0.11	)		0.10		(0.01	)		—			—		—			11.21
2010		9.46		(0.08	)		1.84		1.76			—			—		—			11.22
Class I (1/03)
2015(e)		20.30		0.07			0.92		0.99			(0.13	)		—		(0.13	)		21.16
2014		17.79		0.09			2.51		2.60			(0.09	)		—		(0.09	)		20.30
2013		13.52		0.11			4.26		4.37			(0.10	)		—		(0.10	)		17.79
2012		11.80		0.07			1.66		1.73			(0.01	)		—		(0.01	)		13.52
2011		11.71		0.01			0.10		0.11			(0.02	)		—		(0.02	)		11.80
2010		9.85		0.02			1.92		1.94			(0.08	)		—		(0.08	)		11.71

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)
	4.76	%	$	7,193		1.29	%*		0.42	%*		1.29	%*		0.42	%*		64	%
	14.35			6,511		1.31			0.23			1.30			0.24			154
	32.14			4,625		1.33			0.43			1.33			0.43			117
	14.41			2,924		1.43			0.26			1.43			0.26			127
	0.69			2,938		1.20			(0.18	)		1.20			(0.18	)		139
	19.49			3,487		1.32			(0.06	)		1.32			(0.06	)		140
	4.32			953		2.04	*		(0.33	)*		2.04	*		(0.33	)*		64
	13.53			683		2.07			(0.53	)		2.05			(0.51	)		154
	31.08			518		2.07			(0.34	)		2.07			(0.34	)		117
	13.65			195		2.18			(0.49	)		2.18			(0.49	)		127
	(0.09	)		183		1.95			(0.90	)		1.95			(0.90	)		139
	18.60			175		2.07			(0.79	)		2.07			(0.79	)		140
	4.86			36,913		1.04	*		0.68	*		1.04	*		0.68	*		64
	14.66			40,952		1.06			0.48			1.05			0.49			154
	32.43			34,444		1.08			0.72			1.08			0.72			117
	14.79			34,554		1.18			0.54			1.18			0.54			127
	0.89			58,314		0.95			0.07			0.95			0.07			139
	19.75			130,803		1.07			0.21			1.07			0.21			140

(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, 2015.

* 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)
2015(e)	$	14.48	$	(0.02	)	$	0.62	$	0.60	$	—		$	(3.82	)	$	(3.82	)	$	11.26
2014		15.02		(0.05	)		0.87		0.82		(0.02	)		(1.34	)		(1.36	)		14.48
2013		13.54		—	*		3.63		3.63		—			(2.15	)		(2.15	)		15.02
2012		12.44		(0.05	)		1.45		1.40		—			(0.30	)		(0.30	)		13.54
2011		11.72		(0.09	)		0.81		0.72		—			—			—			12.44
2010		9.53		(0.05	)		2.24		2.19		—			—			—			11.72
Class C (9/01)
2015(e)		12.28		(0.05	)		0.47		0.42		—			(3.82	)		(3.82	)		8.88
2014		13.00		(0.14	)		0.76		0.62		—			(1.34	)		(1.34	)		12.28
2013		12.09		(0.09	)		3.15		3.06		—			(2.15	)		(2.15	)		13.00
2012		11.22		(0.13	)		1.30		1.17		—			(0.30	)		(0.30	)		12.09
2011		10.65		(0.17	)		0.74		0.57		—			—			—			11.22
2010		8.73		(0.12	)		2.04		1.92		—			—			—			10.65
Class R3 (1/94)
2015(e)		13.91		(0.03	)		0.58		0.55		—			(3.82	)		(3.82	)		10.64
2014		14.49		(0.08	)		0.84		0.76		—			(1.34	)		(1.34	)		13.91
2013		13.17		(0.03	)		3.50		3.47		—			(2.15	)		(2.15	)		14.49
2012		12.13		(0.08	)		1.42		1.34		—			(0.30	)		(0.30	)		13.17
2011		11.46		(0.12	)		0.79		0.67		—			—			—			12.13
2010		9.34		(0.08	)		2.20		2.12		—			—			—			11.46
Class I (5/92)
2015(e)		16.30		—	*		0.74		0.74		—			(3.82	)		(3.82	)		13.22
2014		16.73		(0.02	)		0.99		0.97		(0.06	)		(1.34	)		(1.40	)		16.30
2013		14.82		0.04			4.02		4.06		—			(2.15	)		(2.15	)		16.73
2012		13.54		(0.02	)		1.60		1.58		—			(0.30	)		(0.30	)		14.82
2011		12.73		(0.06	)		0.87		0.81		—			—			—			13.54
2010		10.33		(0.03	)		2.44		2.41		(0.01	)		—			(0.01	)		12.73

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(f)			Net Investment Income (Loss)			Expenses(f)			Net Investment Income (Loss)			Portfolio Turnover Rate(d)
	6.44	%	$	94,931		1.42	%***		(0.27	)%***		1.42	%***		(0.27	)%***		41	%
	5.98			100,733		1.43			(0.37	)		1.43			(0.37	)		90
	31.74			161,488		1.34			(0.01	)		1.33			—	**		78
	11.62			155,624		1.36			(0.49	)		1.28			(0.41	)		71
	6.14			275,994		1.34			(0.74	)		1.30			(0.70	)		69
	22.98			339,826		1.25			(0.49	)		1.24			(0.48	)		88
	6.06			8,768		2.17	***		(1.02	)***		2.17	***		(1.02	)***		41
	5.28			8,976		2.19			(1.12	)		2.19			(1.12	)		90
	30.67			10,331		2.09			(0.75	)		2.08			(0.74	)		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
	6.35			8,172		1.67	***		(0.53	)***		1.67	***		(0.53	)***		41
	5.75			11,570		1.68			(0.61	)		1.68			(0.61	)		90
	31.37			19,673		1.59			(0.25	)		1.58			(0.25	)		78
	11.42			18,386		1.61			(0.69	)		1.53			(0.61	)		71
	5.85			20,044		1.60			(1.00	)		1.55			(0.95	)		69
	22.70			18,047		1.50			(0.72	)		1.49			(0.71	)		88
	6.63			120,751		1.17	***		(0.03	)***		1.17	***		(0.03	)***		41
	6.23			156,292		1.18			(0.11	)		1.18			(0.11	)		90
	32.02			283,064		1.09			0.24			1.08			0.25			78
	12.01			261,760		1.11			(0.19	)		1.03			(0.11	)		71
	6.36			273,983		1.09			(0.49	)		1.05			(0.45	)		69
	23.30			400,042		1.00			(0.24	)		0.99			(0.23	)		88

(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, 2015.

(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 other funds in which the Fund invests. Because the 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. These other fees and expenses are not included in the expenses shown in the table.

* Rounds to less than $0.01 per share.

** Rounds to less than 0.01%.

*** 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 and Fund 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.

The end of the reporting period for the Funds is April 30, 2015, and the period covered by these Notes to Financial Statements is the six months ended April 30, 2015 (“the current fiscal period”).

Investment Adviser

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

Investment Objectives and Principal Investment Strategies

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. Small capitalization companies are defined as companies that have market capitalizations within the market capitalization range of the companies in the Russell 2000 Index on the last business day of the month in which its most recent reconstitution was completed. Reconstitution of the index currently is completed in June of each year. On June 30, 2014, the range was $143 million to $4.51 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 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

Each Fund is an investment company and follows accounting and reporting guidance under Financial Accounting Standards Board (FASB) Accounting Standards Codification (ASC) Topic 946 “Financial Services-Investment Companies.” The following is a summary of significant accounting policies followed by the Funds in the preparation of their financial statements in accordance with accounting principles generally accepted in the United States (“U.S. GAAP”).

Investment Transactions

Investment 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.

34 Nuveen Investments

Professional Fees

Professional fees presented on the Statement of Operations consist of legal fees incurred in the normal course of operations, audit fees, tax consulting fees and, in some cases, workout expenditures. Workout expenditures are incurred in an attempt to protect or enhance an investment or to pursue other claims or legal actions on behalf of Fund shareholders. 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 0.25% annual 12b-1 service fee. Class A Share purchases of $1 million or more are sold at net asset value (“NAV”) without an up-front sales charge but may be subject to a contingent deferred sales charge (“CDSC”) if redeemed within twelve months of purchase. Class C Shares are sold without an up-front sales charge but incur a 0.75% annual 12b-1 distribution fee and a 0.25% annual 12b-1 service fee. Class C Shares are subject to a CDSC of 1% if redeemed within twelve months of purchase. Class R3 Shares are sold without an up-front sales charge but incur a 0.25% annual 12b-1 distribution fee and a 0.25% annual 12b-1 service fee. Class I Shares are not subject to any sales charge or 12b-1 distribution or service fees.

Multiclass Operations and Allocations

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

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

Indemnifications

Under 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, each Fund manages its cash collateral and securities collateral on a counterparty basis.

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

Use of Estimates

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

2. Investment Valuation and Fair Value Measurements

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

Fair value is defined as the price that would be 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

Nuveen Investments 35

Notes to Financial Statements (Unaudited) (continued)

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).

Common stocks and other equity-type securities are valued at the last sales price on the securities exchange on which such securities are primarily traded and are generally classified as Level 1. Securities primarily traded on the NASDAQ National Market (“NASDAQ”) are valued at the NASDAQ Official Closing Price and are generally classified as Level 1. However, securities traded on a securities exchange or NASDAQ for which there were no transactions on a given day or securities not listed on a securities exchange or NASDAQ are valued at the quoted bid price and are generally classified as Level 2. 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 (the “Board”) and/or its appointee at fair value. These securities generally include, but are not limited to, restricted securities (securities which may not be publicly sold without registration under the Securities Act of 1933, as amended) for which a pricing service is unable to provide a market price; securities whose trading has been formally suspended; debt securities that have gone into default and for which there is no current market quotation; a security whose market price is not available from a pre-established pricing source; a security with respect to which an event has occurred that is likely to materially affect the value of the security after the market has closed but before the calculation of a Fund’s NAV (as may be the case in non-U.S. markets on which the security is primarily traded) or make it difficult or impossible to obtain a reliable market quotation; and a security whose price, as provided by the pricing service, is not deemed to reflect the security’s fair value. As a general principle, the fair value of a security would appear to be the amount that the owner might reasonably expect to receive for it in a current sale. A variety of factors may be considered in determining the fair value of such securities, which may include consideration of the following: yields or prices of investments of comparable quality, type of issue, coupon, maturity and rating, market quotes or indications of value from security dealers, evaluations of anticipated cash flows or collateral, general market conditions and other information and analysis, including the obligor’s credit characteristics considered relevant. These securities are generally classified as Level 2 or Level 3 depending on the priority of the significant inputs. Regardless of the method employed to value a particular security, all valuations are subject to review by the Board and/or its appointee.

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	$	44,393,837	$	—	$	—	$	44,393,837
Investments Purchased with Collateral from Securities Lending		4,841,213		—		—		4,841,213
Short-Term Investments:
Money Market Funds		673,290		—		—		673,290
Total	$	49,908,340	$	—	$	—	$	49,908,340
Small Cap Select
Long-Term Investments*:
Common Stocks	$	229,334,370	$	—	$	—	$	229,334,370
Investments Purchased with Collateral from Securities Lending		31,526,753		—		—		31,526,753
Short-Term Investments:
Money Market Funds		3,778,400		—		—		3,778,400
Total	$	264,639,523	$	—	$	—	$	264,639,523

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

The Board is responsible for the valuation process and has appointed the oversight of the daily valuation process to the Adviser’s Valuation Committee. The Valuation Committee, pursuant to the valuation policies and procedures adopted by the Board is responsible for making fair value determinations, evaluating the effectiveness of the Funds’ pricing policies and reporting to the Board. The Valuation Committee is aided in its efforts by the Adviser’s dedicated Securities Valuation Team, which is responsible for administering the daily valuation process and applying fair value methodologies as

36 Nuveen Investments

approved by the Valuation Committee. When determining the reliability of independent pricing services for investments owned by the Funds, the Valuation Committee, among other things, conducts due diligence reviews of the pricing services and monitors the quality of security prices received through various testing reports conducted by the Securities Valuation Team.

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

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

(ii) If such information is not available, an analytical valuation methodology may be used based on other available information including, but not limited to: analyst appraisals, research reports, corporate action information, issuer financial statements and shelf registration statements. Such analytical valuation methodologies may include, but are not limited to: multiple of earnings, discount from market value of a similar freely- traded security, discounted cash flow analysis, book value or a multiple thereof, risk premium/yield analysis, yield to maturity and/or fundamental investment analysis.

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

For each portfolio security that has been fair valued pursuant to the policies adopted by the Board, the fair value price is compared against the last available and next available market quotations. The Valuation Committee reviews the results of such testing and fair valuation occurrences are reported to the Board.

3. Portfolio Securities and Investments in Derivatives

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 are recognized as a component of “Net realized gain (loss) from investments and foreign currency,” on the Statement of Operations, when applicable.

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

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 100%, 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.

Nuveen Investments 37

Notes to Financial Statements (Unaudited) (continued)

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 National Association	$	4,662,031	$	(4,662,031	)	$	—
Small Cap Select	U.S. Bank National Association		29,170,954		(29,170,954	)		—

* As of the end of the reporting period, 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 investments purchased with collateral from securities lending and 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 current fiscal period, were as follows:

	Large Cap Select		Small Cap Select
Securities lending fees paid	$	242	$	8.432

Investments in Derivatives

Each Fund is authorized to invest in certain derivative instruments. The Funds record derivative instruments at fair value, with changes in fair value recognized on the Statement of Operations, when applicable. Even though the Funds’ investments in derivatives may represent economic hedges, they are not considered to be hedge transactions for financial reporting purposes.

Although the Funds are authorized to invest in derivative instruments, and may do so in the future, they did not make any such investments during the current fiscal period.

Market and Counterparty Credit Risk

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

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

4. Fund Shares

Transactions in Fund shares during the current and prior fiscal period were as follows:

	Six Months Ended 4/30/15						Year Ended 10/31/14
Large Cap Select	Shares			Amount			Shares			Amount
Shares sold:
Class A		55,872		$	1,157,941			94,464		$	1,757,860
Class C		18,950			369,252			7,807			138,030
Class I		23,407			491,007			412,329			8,040,036
Shares issued to shareholders due to reinvestment of distributions:
Class A		1,196			24,872			773			14,468
Class C		—			—			—			—
Class I		7,340			153,629			5,258			99,006
		106,765			2,196,701			520,631			10,049,400
Shares redeemed:
Class A		(38,053	)		(799,427	)		(34,009	)		(641,238	)
Class C		(6,777	)		(127,952	)		(2,830	)		(50,528	)
Class I		(303,611	)		(6,256,118	)		(336,969	)		(6,432,901	)
		(348,441	)		(7,183,497	)		(373,808	)		(7,124,667	)
Net increase (decrease)		(241,676	)	$	(4,986,796	)		146,823		$	2,924,733

38 Nuveen Investments

	Six Months Ended 4/30/15						Year Ended 10/31/14
Small Cap Select	Shares			Amount			Shares			Amount
Shares sold:
Class A		836,858		$	9,753,840			1,661,141		$	23,596,548
Class A – automatic conversion of Class B Shares		—			—			82,129			1,187,668
Class B – exchanges		—			—			1,142			11,203
Class C		31,677			283,401			20,462			246,894
Class R3		77,346			869,982			262,223			3,587,199
Class I		621,600			8,567,344			1,855,955			29,525,181
Shares issued to shareholders due to reinvestment of distributions:
Class A		2,472,811			25,593,597			1,010,359			13,831,278
Class B		—			—			19,287			184,391
Class C		318,086			2,601,946			83,475			973,319
Class R3		272,307			2,663,159			132,067			1,736,664
Class I		2,048,261			24,845,399			1,264,294			19,502,042
		6,678,946			75,178,668			6,392,534			94,382,387
Shares redeemed:
Class A		(1,836,223	)		(21,498,799	)		(6,552,695	)		(93,123,753	)
Class B		—			—			(48,119	)		(473,413	)
Class B – automatic conversion to Class A Shares		—			—			(117,638	)		(1,187,668	)
Class C		(93,196	)		(871,324	)		(167,307	)		(2,023,219	)
Class R3		(413,134	)		(4,801,774	)		(920,427	)		(12,512,379	)
Class I		(3,119,952	)		(45,945,707	)		(10,448,756	)		(166,462,258	)
		(5,462,505	)		(73,117,604	)		(18,254,942	)		(275,782,690	)
Net increase (decrease)		1,216,441		$	2,061,064			(11,862,408	)	$	(181,400,303	)

5. Investment Transactions

Long-term purchases and sales (excluding investments purchased with collateral from securities lending) during the current fiscal period were as follows:

	Large Cap Select		Small Cap Select
Purchases	$	29,370,702	$	100,035,608
Sales		34,591,021		160,363,572

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, 2015, 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	$	45,807,432		$	224,963,805
Gross unrealized:
Appreciation	$	4,996,633		$	45,188,066
Depreciation		(895,725	)		(5,512,348	)
Net unrealized appreciation (depreciation) of investments	$	4,100,908		$	39,675,718

Nuveen Investments 39

Notes to Financial Statements (Unaudited) (continued)

Permanent differences, primarily due to distribution reallocations, federal taxes paid, net operating losses, real estate investment trust adjustments and tax equalization resulted in reclassifications among the Funds’ components of net assets as of October 31, 2014, the Funds’ last tax year end, as follows:

	Large Cap Select			Small Cap Select
Capital paid-in	$	(863	)	$	24,424,344
Undistributed (Over-distribution of) net investment income		(48	)		950,194
Accumulated net realized gain (loss)		911			(25,374,538	)

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

	Large Cap Select		Small Cap Select
Undistributed net ordinary income1	$	192,136	$	15,082,494
Undistributed net long-term capital gains		—		46,937,110

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, 2014, was designated for purposes of the dividends paid deduction as follows:

	Large Cap Select		Small Cap Select
Distributions from net ordinary income1	$	189,107	$	8,894,272
Distributions from net long-term capital gains		—		30,488,049

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, 2014, 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 will be utilized first by the Fund.

	Large Cap Select
Expiration:
October 31, 2016	$	2,689,459
October 31, 2017		54,315,490
Not subject to expiration		—
Total	$	57,004,949

During the Fund’s last tax year ended October 31, 2014, the following Fund utilized capital loss carryforwards as follows:

	Large Cap Select
Utilized capital loss carryforwards	$	7,022,506

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

Average Daily Net Assets	Large Cap Select			Small Cap Select
For the first $125 million		0.5500	%		0.7000	%
For the next $125 million		0.5375			0.6875
For the next $250 million		0.5250			0.6750
For the next $500 million		0.5125			0.6625
For the next $1 billion		0.5000			0.6500
For net assets over $2 billion		0.4750			0.6250

40 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		0.2000	%
$56 billion		0.1996
$57 billion		0.1989
$60 billion		0.1961
$63 billion		0.1931
$66 billion		0.1900
$71 billion		0.1851
$76 billion		0.1806
$80 billion		0.1773
$91 billion		0.1691
$125 billion		0.1599
$200 billion		0.1505
$250 billion		0.1469
$300 billion		0.1445

* The complex-level fee is calculated based upon the aggregate daily “eligible assets” of all Nuveen funds. Eligible assets do not include assets attributable to investments in other Nuveen funds or assets in excess of $2 billion added to the Nuveen fund complex in connection with the Adviser’s assumption of the management of the former First American Funds effective January 1, 2011. Eligible assets include closed-end fund assets managed by the Adviser that are attributable to certain types of leverage. For these purposes, leverage includes the closed-end funds’ use of preferred stock and borrowings and certain investments in the residual interest certificates (also called inverse floating rate securities) in tender option bond (TOB) trusts, including the portion of assets held by 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, 2015, the complex-level fee rate for each Fund was as follows:

Fund	Complex-Level Fee Rate
Large Cap Select		0.2000	%
Small Cap Select		0.2000

The Adviser has agreed to waive fees and/or reimburse expenses of Large Cap Select through September 30, 2016 so that total annual fund operating expenses (excluding 12b-1 distribution and/or service fees, interest expenses, taxes, acquired fund fees and expenses, fees incurred in acquiring and disposing of portfolio securities and extraordinary expenses) do not exceed 1.05% of the average daily net assets of any class of Fund shares.

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

	Large Cap Select		Small Cap Select
Sales charges collected	$	11,710	$	10,808
Paid to financial intermediaries		10,559		9,445

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

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

	Large Cap Select		Small Cap Select
Commission advances	$	1,053	$	536

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

	Large Cap Select		Small Cap Select
12b-1 fees retained	$	330	$	548

Nuveen Investments 41

Notes to Financial Statements (Unaudited) (continued)

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

The Distributor also collected and retained CDSC on share redemptions during the current fiscal period, as follows:

	Large Cap Select		Small Cap Select
CDSC retained	$	39	$	9

42 Nuveen Investments

Additional

Fund Information (Unaudited)

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

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

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

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

Nuveen Investments 43

Glossary of Terms

Used in this Report

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

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 Russell 3000^® Index measures the performance of the 3,000 largest companies based on total market capitalization, which represents approximately 98% of the investable U.S. equity market. 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.

44 Nuveen Investments

Notes

Nuveen Investments 45

Notes

46 Nuveen Investments

Notes

Nuveen Investments 47

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 $233 billion as of March 31, 2015.
		Find out how we can help you. To learn more about how the products and services of Nuveen Investments may be able to help you meet your financial goals, talk to your financial advisor, or call us at (800) 257-8787. Please read the information provided carefully before you invest. Investors should consider the investment objective and policies, risk considerations, charges and expenses of any investment carefully. Where applicable, be sure to obtain a prospectus, which contains this and other relevant information. To obtain a prospectus, please contact your securities representative or Nuveen Investments, 333 W. Wacker Dr., Chicago, IL 60606. Please read the prospectus carefully before you invest or send money.
		Learn more about Nuveen Funds at: www.nuveen.com/mf
Distributed by Nuveen Securities, LLC | 333 West Wacker Drive Chicago, IL 60606 | www.nuveen.com

MSA-FSLCT-0415P        8582-INV-B-06/16

Item 2. Code of Ethics.

Not applicable to this filing.

Item 3. Audit Committee Financial Expert.

Not applicable to this filing.

Item 4. Principal Accountant Fees and Services.

Not applicable to this filing.

Item 5. Audit Committee of Listed Registrants.

Not applicable to this registrant.

Item 6. Schedule of Investments.

(a) See Portfolio of Investments in Item 1.

(b) Not applicable.

Item 7. Disclosure of Proxy Voting Policies and Procedures for Closed-End Management Investment Companies.

Not applicable to this registrant.

Item 8. Portfolio Managers of Closed-End Management Investment Companies.

Not applicable to this registrant.

Item 9. Purchases of Equity Securities by Closed-End Management Investment Company and Affiliated Purchasers.

Not applicable to this registrant.

Item 10. Submission of Matters to a Vote of Security Holders.

There have been no material changes to the procedures by which shareholders may recommend nominees to the registrant’s Board implemented after the registrant last provided disclosure in response to this Item.

Item 11. Controls and Procedures.

(a) The registrant’s principal executive and principal financial officers, or persons performing similar functions, have concluded that the registrant’s disclosure controls and procedures (as defined in Rule 30a-3(c) under the Investment Company Act of 1940, as amended (the “1940 Act”) (17 CFR 270.30a-3(c))) are effective, as of a date within 90 days of the filing date of this report that includes the disclosure required by this paragraph, based on their evaluation of the controls and procedures required by Rule 30a-3(b) under the 1940 Act (17 CFR 270.30a-3(b)) and Rules 13a-15(b) or 15d-15(b) under the Securities Exchange Act of 1934, as amended (the “Exchange Act”) (17 CFR 240.13a-15(b) or 240.15d-15(b)).

(b) There were no changes in the registrant’s internal control over financial reporting (as defined in Rule 30a-3(d) under the 1940 Act (17 CFR 270.30a-3(d)) that occurred during the second fiscal quarter of the period covered by this report that has materially affected, or is reasonably likely to materially affect, the registrant’s internal control over financial reporting.

Item 12. Exhibits.

File the exhibits listed below as part of this Form.

(a)(1) Any code of ethics, or amendment thereto, that is the subject of the disclosure required by Item 2, to the extent that the registrant intends to satisfy the Item 2 requirements through filing of an exhibit: Not applicable to this filing.

(a)(2) A separate certification for each principal executive officer and principal financial officer of the registrant as required by Rule 30a-2(a) under the 1940 Act (17 CFR 270.30a-2(a)) in the exact form set forth below: See EX-99.CERT attached hereto.

(a)(3) Any written solicitation to purchase securities under Rule 23c-1 under the 1940 Act (17 CFR 270.23c-1) sent or given during the period covered by the report by or on behalf of the registrant to 10 or more persons: Not applicable to this registrant.

(b) If the report is filed under Section 13(a) or 15(d) of the Exchange Act, provide the certifications required by Rule 30a-2(b) under the 1940 Act (17 CFR 270.30a-2(b)), Rule 13a-14(b) or Rule 15d-14(b) under the Exchange Act (17 CFR 240.13a-14(b) or 240.15d-14(b)), and Section 1350 of Chapter 63 of Title 18 of the United States Code (18 U.S.C. 1350) as an Exhibit. A certification furnished pursuant to this paragraph will not be deemed “filed” for purposes of Section 18 of the Exchange Act (15 U.S.C. 78r), or otherwise subject to the liability of that section. Such certification will not be deemed to be incorporated by reference into any filing under the Securities Act of 1933 or the Exchange Act, except to the extent that the registration specifically incorporates it by reference: See EX-99.906 CERT attached hereto.

SIGNATURES

Pursuant to the requirements of the Securities Exchange Act of 1934 and the Investment Company Act of 1940, the registrant has duly caused this report to be signed on its behalf by the undersigned, thereunto duly authorized.

(Registrant) Nuveen Investment Funds, Inc.

By	(Signature and Title)	/s/ Kevin J. McCarthy
		Kevin J. McCarthy Vice President and Secretary

Date: July 8, 2015

Pursuant to the requirements of the Securities Exchange Act of 1934 and the Investment Company Act of 1940, this report has been signed below by the following persons on behalf of the registrant and in the capacities and on the dates indicated.

By	(Signature and Title)	/s/ Gifford R. Zimmerman
		Gifford R. Zimmerman Chief Administrative Officer (principal executive officer)

Date: July 8, 2015

By	(Signature and Title)	/s/ Stephen D. Foy
		Stephen D. Foy Vice President and Controller (principal financial officer)

Date: July 8, 2015