Certified Semi-annual Shareholder Report for Management Investment Companies (n-csrs)

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Table of Contents

Letter to Shareholders

Portfolio Managers’ Comments

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 fac-tors. The Funds disclaim any obli-gation to update publicly or revise any forward-looking statements or views expressed herein.

The Nuveen Multi-Manager Large Cap Value Fund is co-managed by Institutional Capital LLC (ICAP), Nuveen Asset Management, LLC, and Symphony Asset Management LLC (Symphony). Nuveen Asset Management and Symphony are affiliates of Nuveen Investments. Jerrold Sensor, CFA, and Thomas Wenzel, CFA, oversee the portion of the Fund’s assets managed by ICAP, while Keith Hembre, CFA and Walter French oversee the Fund’s assets managed by Nuveen Asset Management. Gunther Stein and Ross Sakamoto oversee the portion of the Fund’s assets managed by Symphony. After the reporting period ended, on August 1, 2012, Thomas Cole, CFA, was named portfolio manager for the portion of the Fund’s assets managed by ICAP and Joel Drescher was named portfolio manager for the portion of the Fund’s assets managed by Symphony.

The Nuveen NWQ Multi-Cap Value Fund, Nuveen NWQ Large-Cap Value Fund, Nuveen NWQ Small/Mid-Cap Value Fund and Nuveen NWQ Small-Cap Value Fund feature equity management by NWQ Investment Management Company, LLC (NWQ), an affiliate of Nuveen Investments. Jon Bosse is the Chief Investment Officer of NWQ and manages the Multi-Cap Value and Large-Cap Value Funds. Phyllis Thomas manages the Nuveen Small/ Mid-Cap Value and Small-Cap Value Funds.

The Nuveen Tradewinds Value Opportunities Fund features portfolio management by Tradewinds Global Investors, LLC (Tradewinds), an affiliate of Nuveen Investments. Prior to the reporting period, Tradewinds announced that Dave Iben, Co-President and Chief Investment Officer of Tradewinds, decided to leave the firm during the second calendar quarter. Emily Alejos and Drew Thelen assumed investment leadership and oversight responsibilities, now serving as Co-Chief Investment Officers for Tradewinds. As integral members of the Tradewinds investment team, Emily and Drew have worked together for more than five years. Each brings significant investment experience to the next stage of Tradewinds’ development. Effective April 1, 2012, Joann Barry, CFA and F. Rowe Michels, CFA were named portfolio managers of the Fund.

How did the Funds perform during the six-month reporting period ended December 31, 2012?

The tables in the Fund Performance and Expense Ratios section of this report provide Class A Share total returns for the Funds for the six-month, one-year, five-year, ten-year and since inception periods ended December 31, 2012. Each Funds’ Class A Share total returns are compared with the performance of their corresponding market indexes and peer group averages. A more detailed account of each Fund’s performance is provided later in this report.

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

Nuveen Multi-Manager Large-Cap Value Fund

The Nuveen Multi-Manager Large-Cap Value Fund’s Class A Shares at net asset value (NAV) underperformed the comparative Lipper classification average and the Russell 1000 ^® Value Index, but outperformed the S&P 500 ^® Index over the six-month period ended December 31, 2012.

The Fund uses three separate sub-advisers to seek large capitalization value stocks with the potential for long-term capital appreciation. ICAP uses a value-oriented investment strategy that attempts to identify stocks offering the best relative value and stable to rising earnings from a universe of large and mid-sized companies. It then selects a portion of those stocks that are identified to have a catalyst for change and monitors these holdings closely to determine if circumstances change. For the Nuveen Asset Management portion of the Fund, we create proprietary models to help establish quantitative links between economic/market variables, investment factors and equity market returns. Our proprietary models analyze macroeconomic and market data and other statistics to determine what we believe will be the key drivers of performance in the current economy. We also use historical analysis of these drivers to estimate equity market return and the relative contribution to market returns for a comprehensive list of investment factors. We evaluate each stock in the investable universe to determine its sensitivity to the expected returns for each factor and estimate a potential contribution for each stock. The Fund’s portfolio will include stocks that we believe target the highest expected returns within the established risk budget. Symphony seeks to deliver consistent returns though an investment process that combines quantitative screens and fundamental research. The portfolio construction process utilizes a proprietary optimizer designed to potentially generate an optimal risk reward balance versus the stated benchmark.

In the portion of the portfolio managed by ICAP, sector allocation added to the portfolio’s relative performance, while security selection detracted. From the standpoint of stock picking, both the consumer services and health care sectors lifted results compared with the Russell Index, while the communications and basic industries groups were sources of relative underperformance. In sector terms, the portfolio benefited the most from avoiding exposure to the underperforming utilities sector, which we viewed as overvalued. Overweighting the technology sector, however, detracted from relative performance.

Throughout the six months, we consistently followed our bottom-up stock-selection investment process. In other words, we chose investments one-by-one, based on our view of their valuation and opportunities for price improvement in relation to other stocks. We purchased or increased our exposure to stocks we believed offered good value along with a potential catalyst for a rising stock price. In contrast, we sold or cut the Fund’s weighting in securities whose appreciation prospects we believed were limited.

During the period, we adjusted the portfolio in response to fluctuating market conditions, or when we had chances to buy and sell stocks that, in our opinion, could add value for

the Fund’s investors. In the health care sector, we sold the portfolio’s position in pharmaceutical maker Merck & Co. after it reached our price target, while we added to our stake in diversified health care firm Novartis AG and established a new position in Baxter International, Inc., a medical products and pharmaceuticals firm, both of which we believed provided better performance prospects. Elsewhere, we eliminated positions in Procter & Gamble Company, a maker of household and personal care products, and agricultural processor and logistics firm Archer-Daniels-Midland Company, and also significantly trimmed the position in software maker Microsoft Corporation. In the energy sector, we established positions in Halliburton Company, an oilfield services company and oil and gas producer Marathon Oil Corporation.

On an individual basis, the Fund’s top contributors to relative performance were media company Time Warner Inc., diversified financial services firm Citigroup Inc. and Baxter International. Time Warner continued to operate successfully, returned cash to shareholders through increased dividends and stock buybacks, and provided better expectations for growth in revenue from affiliate fees. Citigroup’s financial results improved, as continued efforts to increase efficiency and operating leverage began to pay off. Investors also responded favorably to progress on plans to sell the firm’s stake in the Morgan Stanley Smith Barney wealth management unit. Baxter continued to generate growth in its dialysis business while increasing its presence in the market for blood plasma.

On the negative side, the Fund’s three largest relative detractors were U.K.-based wireless communications provider Vodafone Group, PLC, software maker Microsoft, and money-transfer business Western Union Company. Weakness in Vodafone’s businesses in Southern Europe weighed on results, although we note the company continued to show strength in the U.S. and emerging markets. At period end, we found the stock attractively valued and believed it showed good potential to return cash to shareholders, given the prospect of continued dividends from Verizon Communications, Inc., of which Vodafone owns a 45% stake. Microsoft underperformed, as it was too early to assess the financial impact of the recently launched Windows 8 Operating System, given limited availability of compatible hardware. At period end, Microsoft remained in the portfolio, though in a smaller position than at the start of the time frame. Western Union lagged after the company’s management unexpectedly announced its intention to cut prices to preserve market share. We sold the position from the portfolio before period end.

In the portion of the portfolio managed by Nuveen Asset Management, the Fund, on average, was overweight financials, telecom services, information technology and health care during the period. On average, the Fund was underweighted staples, utilities, materials, industrials, energy and consumer discretionary. The largest single sector overweight was in information technology. This position contributed negatively to the Fund’s relative performance versus the index. The largest single underweight was, on average, in materials. This position contributed negatively to the Fund’s relative performance versus the index. Overall, sector weightings were a negative to the Fund’s relative performance versus the index.

Performance attributable to the individual stock holdings within each sector was a positive for the Fund during the reporting period, with the stock picks within the information

technology sector having the largest positive impact. The holdings within the energy, health care, utilities, materials and financial sectors were also a positive for the Fund. Holdings within the industrials, telecom services, consumer discretionary and staples sectors resulted in negative relative performance for the Fund.

For the portion of the portfolio managed by Symphony, we remained invested in companies with relatively strong fundamentals. We benefited from stock selection in the materials, energy and health care sectors. In particular, PVH Corporation and Marathon Petroleum Corporation contributed to performance. Stock selection in the consumer staples, consumer discretionary and financials sectors detracted from performance. An underweight exposure to Citigroup and International Game Technology also had a negative impact on returns.

Nuveen NWQ Multi-Cap Value Fund

Class A Shares at net asset value (NAV) for the Nuveen NWQ Multi-Cap Value Fund underperformed both the S&P 500 ^® Index, the Russell 3000 ^® Value Index and its Lipper classification average for the six-month period ended December 31, 2012.

The Fund seeks long-term capital appreciation by investing in equity securities of companies with large, medium and small market capitalizations that are selected on an opportunistic basis. Generally, the Fund’s managers look for undervalued companies where catalysts exist that may help unlock value or improve profitability. Such catalysts can be new management, improving fundamentals, renewed management focus, industry consolidation or company restructuring.

During the reporting period, the strength of holdings in the consumer discretionary, finance, and producer staple sectors were partially offset by declines in various positions in the technology and materials (gold mining) sectors. Finance was the best performing sector of the market in 2012, and we opportunistically established a new position in AIG in the second and third calendar quarters.

Several positions positively contributed to performance including Citigroup, which appreciated given an attractive valuation and improving fundamentals. The company appointed Michael Corbat as its new CEO during the period and he put his stamp on the firm by announcing a formal cost cutting initiative of $1.1 billion starting in 2014, which was well received by investors.

Also benefiting performance was General Motors. In December, the U.S. Treasury sold 200 million shares back to the company, and gave indications that it will liquidate its remaining 19% stake in an orderly fashion over the next 12-15 months, which should remove a significant overhang on the stock.

Lastly, Sanofi-Aventis appreciated as management reiterated that it continued to see visible and sustainable growth as the company passes through the peak of the patent cliff this year as its Plavix, Avapro, and Lovenox drugs come off patent protection. Sanofi’s growth is being driven by its industry leading exposure to emerging markets (the fastest growing segment of pharmaceuticals) and new drug platforms.

Several positions detracted from performance, including Hewlett-Packard. While there was an opportunity to create value from the combination of shareholder activism (activist

on the board), cost cuts and asset sales, this restructuring opportunity was overwhelmed by weak fundamentals and a major problem/shortfall in profitability in its EDS (electronic data systems) services business. Hewlett Packard was eliminated from the Fund’s holdings during the period.

Also detracting from performance were our gold mining stocks AngloGold Ashanti and Barrick Gold. Gold companies have been negatively impacted by project cost overruns, structural cost inflation, grade degradation, and sovereign (host country) renegotiation over the past several years. We believe that much of this has run its course, and while the price of gold has roughly doubled over the past five years, many gold equities are flat or even down over the same period. We believe our holdings have extremely attractive valuations, can meet expectations, and have visibility to generate significant free cash flow in the intermediate timeframe.

Lastly, Guess Inc. declined as management lowered its earnings guidance for 2012 as margins have been pressured by a stepped up promotional cadence in response to aggressive competitor markdowns. We remain encouraged by Guess’ margin recovery story as sales trends in North America have shown signs of improving sequentially due to new marketing and product initiatives, and its European business has been “less worse” than investor’s have expected given growth in new markets such as Germany, Russia and Spain.

During the period we initiated new positions in Harman International Industries, Tyson Foods, and Willis Group Holdings PLC. Harman International was purchased based on the growing global adoption of the company’s audio and infotainment systems for the automobile. Tyson Foods was purchased as we felt the stock price had already largely discounted the current downturn in the chicken cycle, which we anticipate may be short lived. Fundamentals of Willis Group Holdings PLC will be strengthened given the level of insured losses caused by Superstorm Sandy, in our opinion. We believe those losses could lead to higher prices and volumes, and as an insurance broker, we believe Willis is well-positioned in the industry to benefit.

We also eliminated several positions during the reporting period. Best Buy was eliminated prior to the decline in its stock price as we felt the fundamental deterioration at the company had accelerated, which cast doubt on the impact of the two catalysts we had been counting on. These catalysts were a turnaround plan from its new CEO, and a bid from founder and former Chairman Dick Schulze. AuRico Gold was sold as the stock price approached our estimate of its net asset fair value. The recent sale of its troubled Ocampo mine in Mexico for full value was particularly well received by investors, as was the subsequent announcement that the company would return much of that capital to shareholders. Intersil was eliminated given our outlook for risks to the company’s free cash flow in 2013. Losses in market share coupled with a significant technology transition in PC power management may potentially impair the company’s free cash flow generation, in our opinion. As previously mentioned, Hewlett-Packard was sold as well.

Nuveen NWQ Large-Cap Value Fund

The Fund’s Class A Shares at net asset value (NAV) underperformed both the comparative Lipper classification average and the Russell 1000 ^® Value Index for the six-month period ended December 31, 2012.

The Fund seeks long-term capital appreciation by investing in equity securities of companies with large market capitalizations that are selected on an opportunistic basis. Generally, the Fund’s manager looks for undervalued companies where catalysts exist that may help unlock value or improve profitability. Such catalysts can be new management, improving fundamentals, renewed management focus, industry consolidation or company restructuring.

During the reporting period, the strength of holdings in the consumer discretionary, finance and producer staple sectors were partially offset by declines in various positions in the energy, technology and materials (gold mining) sectors. Finance was the best performing sector of the market in 2012. We added financial positions, which included Citigroup, Hartford Financial, and opportunistically established a new position in AIG, in the second and third calendar quarters.

Several positions positively contributed to performance including Citigroup, which appreciated given an attractive valuation and improving fundamentals. The company appointed Michael Corbat as its new CEO during the period and he put his stamp on the firm by announcing a formal cost cutting initiative of $1.1 billion starting in 2014, which was well received by investors.

Also benefiting performance was General Motors. In December, the U.S. Treasury sold 200 million shares back to the company, and gave indications that it will liquidate its remaining 19% stake in an orderly fashion over the next 12-15 months, which should remove a significant overhang on the stock.

Lastly, Time Warner contributed positively, as the company is experiencing positive ratings momentum across most of its cable networks given a successful mix of new and returning shows at both TBS and TNT. Ninety percent of Turner’s affiliate fee deals are renewable between 2014 through 2016, and the improved ratings provide management with increased bargaining power.

Several positions detracted from performance, including Hewlett-Packard. While there was an opportunity to create value from the combination of shareholder activism (activist on the board), cost cuts and asset sales, this restructuring opportunity was overwhelmed by weak fundamentals and a major problem/shortfall in profitability in its EDS (electronic data systems) services business. Hewlett Packard was eliminated from the Fund’s holdings during the period.

Also detracting from performance were our gold mining stocks AngloGold Ashanti and Barrick Gold. Gold companies have been negatively impacted by project cost overruns, structural cost inflation, grade degradation, and sovereign (host country) renegotiation over the past several years. We believe that much of this has run its course, and while the price of gold has roughly doubled over the past five years, many gold equities are flat or even down over the same period. We believe our holdings have extremely attractive valuations, can meet expectations, and have visibility to generate significant free cash flow in the intermediate timeframe.

During the period we initiated new positions in Applied Materials Inc. and Capital One Financial Corporation. Applied Materials is undergoing an operational transformation led by its new president, Gary Dickerson. The stock is currently trading near historical trough levels based on price to book value, and we believe the company’s attractive dividend

yield coupled with the potential for strong free cash flow growth demonstrates great value. Capital One was purchased when ING Group NV sold its shares that were received when Capital One acquired ING Direct. We expect the acquisition of ING Direct as well as the subsequent acquisition of HSBC USA’s retail card portfolio will be accretive to Capital One’s earnings and to help drive future revenue growth. Additionally, we believe the company is well positioned to benefit from continued strength in consumer credit quality and a potential rebound in credit card loan growth.

We also eliminated positions during the reporting period. We exited our position in Best Buy prior to the decline in its stock price as we felt the fundamental deterioration at the company had accelerated and, as mentioned previously, Hewlett-Packard was sold given negative developments at the company since we initially purchased the stock earlier in 2012.

Nuveen NWQ Small/Mid-Cap Value Fund

The Fund’s Class A Shares at net asset value (NAV) underperformed the Russell 2500 ^® Value Index and its Lipper classification average for the six-month period ended December 31, 2012.

The Fund continued to follow its disciplined investment approach, which seeks long-term capital appreciation by investing in equity securities of companies with small- to mid-market capitalizations selected using an analyst-driven, value-oriented process. The portfolio manager looks for undervalued companies where catalysts exist to unlock value or improve profitability. Such catalysts can be new management, improving fundamentals, renewed management focus, industry consolidation or company restructuring.

For the six-month reporting period, positive stock selection in the producer durables sector was offset by weakness in the materials and processing and energy sectors. In the broader market, value stocks performed better than growth stocks across all capitalizations and smaller capitalization stocks outperformed larger capitalization stocks.

Several positions contributed to the Fund’s positive returns for the period. Shares of TriMas Corporation outperformed during the period. TriMas Corporation designs, manufactures and distributes various products for commercial, industrial and consumer markets worldwide. TriMas reported positive third quarter earnings as strong organic sales growth offset operating margin compression brought on by increased marketing spend and increased costs related to expanding manufacturing capacity. Less favorable product mix in the energy, engineered component, and the company’s Cequent Group division also impacted operating margin. Margin pressures have been somewhat offset by ongoing productivity initiatives. We believe management remains focused on improving operating margins and deleveraging the balance sheet.

Shares of Elizabeth Arden rose sharply during the period after the company announced fiscal fourth quarter earnings that met expectations and provided guidance for fiscal year 2013 that exceeded forecasts. Significantly, Arden forecasted fiscal year 2013 earnings per share growth at 25% on net sales growth of between 13.5% and 15%. The outlook highlights management’s confidence in the strength of recently acquired brand licenses such as ED Hardy and Justin Bieber and the success of the Elizabeth Arden brand repositioning initiative. Elizabeth Arden is currently upgrading key flagship stores globally to showcase the repositioned Elizabeth Arden product and enhance in-store experience. In our view, the repositioning may help to drive sales growth in the Arden brand for the

next several years. Additionally, we believe Arden continues to execute on its well-articulated strategy to grow revenues in the sizable European market and expand skincare sales in Asia. Given these near-term catalysts, we believe Elizabeth Arden shares continue to offer attractive risk/reward.

Financial stocks advanced during the period on the heels of the Fed’s decision to implement QE3 to stimulate growth, and the European Central Bank’s bond buying program unveiled to bring down interest rates in troubled European economies. Among the Fund’s holdings, regional banks Western Alliance Bancorporation and Texas Capital BancShares, Inc. were among the top contributors to performance. We believe shares of Western Alliance may likely continue to benefit from the company’s above peer-average loan growth and a continued improvement in credit metrics. Texas Capital BancShares also reported strong loan growth on strength in mortgage warehouse lending.

Several positions contributed to the Fund’s underperformance versus its benchmark. Shares of Carrizo Oil & Gas, Inc. fell during the period despite reporting solid third quarter results that beat production guidance. Investors remain concerned over a potential funding gap as the company’s capital expenditures continued to outpace cash flows. In our view, these concerns are overblown as the company has taken significant steps to lower its net debt through the sale of non-core assets. In September, the company generated $130 million in cash proceeds through the formation of two joint ventures in the Niobara Shale and the sale of non-core Gulf Coast assets. Additionally, in December 2012, Carrizo sold its assets in the North Sea Huntington field for net cash proceeds of $116 million. We remain comfortable with Carrizo’s capital spending given the company’s proven ability to generate liquidity as it aggressively increases liquids/oil production.

Aurizon Mines Ltd. also declined after the company reported third quarter production results that were below expectations. Gold output during the quarter was adversely affected by downtime associated with a shaft-deepening project at the company’s Casa Berardi project. Despite recent setbacks at Casa Berardi, we believe the mine remains a stable, long-life asset for the company.

Thompson Creek Metals Company Inc. was eliminated from the Fund in light of operational setbacks at the company’s Thompson Creek and Endako mines and concerns over a funding gap for the company’s Mt. Milligan project. In our view, continued capital overruns have resulted in permanent shareholder dilution and the funding gap for Mt. Milligan continues to be a concern. Additionally, recent weakness in copper and molybdenum prices leave the stock vulnerable to further downside and call into question the economics of the company’s current projects.

Several positions were added during the reporting period, including audio products supplier Harman International Industries. The company has dominant market share in the luxury infotainment and professional audio equipment markets and is the longstanding supplier of fully integrated systems for luxury car makers such as BMW, Audi and Mercedes.

We also initiated a new position in Tyson Foods, Inc. during the period. Tyson produces, distributes and markets chicken, beef, pork, prepared foods and related products. The company’s products are marketed domestically to food retailers, foodservice distributors, restaurant operators and noncommercial foodservice establishments, as well as to international markets. In our view the company is well positioned to benefit from a turn in

the chicken cycle as smaller players in the industry begin to pare back production to maintain pricing power.

Several positions were sold during the reporting period, including Brocade Communications Systems Inc. While the company continues to maintain significant market share in the storage networking market, and has promising networking technology, recent concerns regarding sales force effectiveness and management turnover have weighed on the stock. We believe these concerns, compounded with an increasingly aggressive competitive environment and challenging end market may limit the upside potential of the stock going forward. The position was eliminated.

Our remaining position in CIRCOR International Inc. was eliminated during the period. Recent weakening of rig counts in North America, continued softness in the LED equipment market and scaled back defense spending should present challenges for the company going forward. Given our continued lack of confidence in management and the strong rally in the company’s shares early in the quarter, the position was eliminated.

Lastly, our remaining position in Salix Pharmaceuticals Limited was eliminated during the period. Shares traded off in the third quarter after the company unexpectedly received a complete response letter from the FDA following its review of an injectable form of Relistor. Delay in the approval of an injectable Relistor raises concerns regarding the FDA’s upcoming review of an oral form of Relistor, which has a much larger market opportunity.

Nuveen NWQ Small-Cap Value Fund

The Fund’s Class A Shares at net asset value (NAV) outperformed the Russell 2000 ^® Value Index and its Lipper classification average for the six-month period ended December 31, 2012.

Over the reporting period, the Fund continued to follow its disciplined investment approach. The Fund seeks long-term capital appreciation by investing in equity securities of companies with small market capitalizations selected using an analyst-driven, value-oriented process. NWQ seeks to provide superior risk-adjusted returns through an analyst-driven, value-oriented process. Portfolio managers look for undervalued companies where catalysts exist to unlock value or improve profitability. Such catalysts can be new management, improving fundamentals, renewed management focus, industry consolidation or company restructuring.

Superior stock selection in the technology, financial services and consumer staples sectors drove the outperformance, which was partially offset by weakness in the materials and processing and energy sectors. In the broader market, value stocks performed better than growth stocks across all capitalizations and smaller capitalization stocks outperformed larger capitalization stocks.

Specifically, shares of Smart Balance Inc. rose during the period after the company boosted guidance for the remainder of 2012 and 2013. Smart Balance has become the leader in the fast growing gluten-free foods category. Retailer interest in gluten-free foods continues to grow and new product innovations in the category have expanded the variety of gluten-free products available to consumers. While we have trimmed the position, we remain optimistic the company can continue to generate solid organic sales growth as it further penetrates food retailers with its gluten-free offering. In addition,

EBITDA (earnings before interest, taxes, depreciation and amortization) margins should continue to expand over the next few years aided by manufacturing efficiency programs and the leveraging of marketing and administrative expense. While the company has executed quite well on its own, we nevertheless believe that Smart Balance will ultimately be acquired and become a very attractive platform inside a larger packaged food franchise.

HomeStreet Inc. was again a top contributor to performance. The company’s shares have now more than doubled since their IPO in February 2012. Bolstered by a high level of refinance volumes, mortgage originations remain strong for the company and credit quality metrics continue to improve. Given the significant excess capital generated by the company’s mortgage operations, management has begun entertaining acquisition opportunities and, in our view, may implement a dividend in 2013, which we believe would serve as further catalyst for the shares.

Several positions detracted from performance including, shares of Carrizo Oil & Gas, which fell despite results that beat production guidance. Investors remain concerned over a potential funding gap as the company’s capital expenditures continue to outpace cash flows. In our view, these concerns are overblown as the company has taken significant steps to lower its net debt through the sale of non-core assets. In September, the company generated $130 million in cash proceeds through the formation of two joint ventures in the Niobara Shale and the sale of non-core Gulf Coast assets. Additionally, in December Carrizo sold its assets in the North Sea Huntington field for net cash proceeds of $116 million. We remain comfortable with Carrizo’s capital spending given the company’s proven ability to generate liquidity as it aggressively increases liquids/oil production.

Aurizon Mines declined after the company reported third quarter production results that were below expectations. Gold output during the quarter was adversely affected by downtime associated with a shaft-deepening project at the company’s Casa Berardi project. Despite recent setbacks at Casa Berardi, we believe the mine remains a stable, long-life asset for the company.

Lastly, Thompson Creek Metals was eliminated from the portfolio in light of operational setbacks at the company’s Thompson Creek and Endako mines and concerns over a funding gap for the company’s Mt. Milligan project. In our view, continued capital overruns have resulted in permanent shareholder dilution and the funding gap for Mt. Milligan continues to be a concern. Additionally, recent weakness in copper and molybdenum prices leave the stock vulnerable to further downside and call into question the economics of the company’s current projects.

Several positions were added to the Fund during the reporting period, including Mistras Group Inc. Mistras is a leading ‘one source’ global provider of technology-enabled asset protection solutions used to evaluate the structural integrity of critical energy, industrial and public infrastructure. Due to its unique engineering talent and diverse offerings, we believe the company may continue to grow significantly while delivering solid margins. We also added audio products supplier Harman International Industries. The company has dominant market share in the luxury infotainment and professional audio

equipment markets and is the long-standing supplier of fully integrated systems for luxury car makers such as BMW, Audi and Mercedes.

Several positions were sold during the reporting period, including Brocade Communications Systems. While the company continues to maintain significant market share in the storage networking market, and has promising networking technology, recent concerns regarding sales force effectiveness and management turnover have weighed on the stock. We believe these concerns, compounded with an increasingly aggressive competitive environment and challenging end market may limit the upside potential of the stock going forward. The position was eliminated in light of the stock’s less favorable risk/reward characteristics.

Our remaining position in CIRCOR International was eliminated during the period. Recent weakening of rig counts in North America, continued softness in the LED equipment market and scaled back defense spending should present challenges for the company going forward. Given our continued lack of confidence in management and the strong rally in the company’s shares early in the quarter, the position was eliminated.

Nuveen Tradewinds Value Opportunities Fund

The Fund’s Class A Shares at net asset value (NAV) outperformed the Russell 3000 ^® Value Index and the Lipper classification average for the six-month period ended December 31, 2012. It should be noted that the Fund has held, and is expected to continue to hold, securities that are not included in the comparative index shown in this report. Due to the difference between the securities held by the Fund and the composition of the index, we would expect there to be some differences over time between the Fund and the index in terms of performance, composition, and/or risk profile.

The Fund seeks long-term capital appreciation by investing in equity securities of companies with varying market capitalizations selected using an eclectic, value-oriented process.

The producer durables sector was the leading contributor to the Fund’s performance, while the utilities sector was the primary detractor from performance.

Several positions contributed to the Fund’s outperformance versus its benchmark. Gold mining firm Kinross Gold Corp. led positive relative contribution in the materials & processing sector. The performance was assisted by a notably improving gold price during the third quarter, but there was also company-specific strength. Kinross brought in a new CEO in the beginning of August 2012, with a focus on cost-cutting and optimization of spending, in a move well-received by investors.

The information technology sector was another contributing sector in the Fund over the reporting period, led by technology services provider Computer Sciences Corp. (CSC). CSC remains in the midst of a turn-around, and positive restructuring progress during the reporting period beat many investor expectations. Throughout the reporting period, we trimmed and subsequently sold out of this name at the end of November.

Also positively contributing to performance was General Motors Co., the second-largest global automaker. The company announced late in the fourth quarter that it would be

purchasing 200 million of its shares from the U.S. Treasury, as the U.S. government seeks to completely exit the stake it received in the 2009 GM bailout. The move was positively received by investors as it removed a key uncertainty overhang. Throughout the reporting period, we added to our position in the Fund.

Several positions detracted from the Fund’s performance. Exelon Corp., one of the United States’ largest integrated electric utilities, was a key detractor during the reporting period. Investors have been anticipating a dividend cut from the company, because its dividend is higher than its free cash flow; this has created an overhang on the company’s shares. We believe such a possibility has already been more than priced in, and we believe the company is significantly undervalued on an enterprise-value-to-kilowatts-of-generation-capacity basis. As such, we have added to this position in the Fund.

Biopharmaceutical firm Dendreon Corporation was a detractor during the reporting period. The firm declined on investor concerns regarding shortfalls in sales of the company’s metastatic prostate cancer drug, Provenge. We believe the company has multiple realistic avenues for improving marketing execution of this valuable treatment, and we also believe these opportunities are not yet reflected in Dendreon’s stock price.

Also detracting from performance was NII Holdings Inc., which offers post-paid mobile telecom services in Mexico, Brazil, Argentina, Peru and Chile. NII Holdings has experienced some cost challenges as it has been rolling out a new combined 3G and push-to-talk network, but we expect this investment to increase customer retention and average revenues per user. Competitive pressures have also caused the company’s stock to decline, but we believe these concerns have been unreasonably weighted. We believe the company is currently undervalued on an enterprise-value-to-subscriber and a sum-of-the-parts basis and have added to our position in the portfolio during the reporting period.

Risk Considerations

Mutual fund investing involves risk; principal loss is possible. Equity investments such as those held by the Funds are subject to market risk and common stock risk. Foreign investments involve additional risks, including currency fluctuation, political and economic instability, lack of liquidity and differing legal and accounting standards. These risks are magnified in emerging markets.

Investments in small- and mid-cap companies such as those held in the Nuveen Multi- Manager Large-Cap Value Fund, the Nuveen NWQ Small/Mid-Cap Value Fund, the Nuveen Small-Cap Value Fund, and the Nuveen Tradewinds Value Opportunities Fund are subject to greater volatility.

The Nuveen Multi-Manager Large-Cap Value Fund is also subject to the risk that the sub- advisers’ investment decisions may not complement one another.

Fund Performance and Expense Ratios

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

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

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

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

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

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

Fund Performance and Expense Ratios (continued)

Nuveen Multi-Manager Large-Cap Value Fund

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

Fund Performance

Average Annual Total Returns as of December 31, 2012

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

Nuveen NWQ Multi-Cap Value Fund

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

Fund Performance

Average Annual Total Returns as of December 31, 2012

Effective December 6, 2002, based on shareholder approval, the Nuveen NWQ Multi-Cap Value Fund acquired the assets and performance history of the PBHG Special Equity Fund. The Fund had no assets prior to the acquisition. In addition, on December 14, 2001, the PBHG Special Equity Fund acquired the assets of the NWQ Special Equity Portfolio. The information presented for the Nuveen NWQ Multi-Cap Value Fund prior to the acquisition date represents the expense adjusted performance of the predecessor funds.

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

Fund Performance and Expense Ratios (continued)

Nuveen NWQ Large-Cap Value Fund

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

Fund Performance

Average Annual Total Returns as of December 31, 2012

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 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.

Nuveen NWQ Small/Mid-Cap Value Fund

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

Fund Performance

Average Annual Total Returns as of December 31, 2012

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 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.

The investment adviser has agreed to waive fees and/or reimburse expenses through October 31, 2013 so that total annual Fund operating expenses (excluding 12b-1 distribution and/or service fees, interest expenses, taxes, fees incurred in acquiring and disposing of portfolio securities and extraordinary expenses) do not exceed 1.10% (1.45% after October 31, 2013) of the average daily net assets of any class of Fund shares. The expense limitation expiring October 31, 2013, may be terminated or modified prior to that date only with the approval of the Board of Trustees of the Fund. The expense limitation in effect thereafter may be terminated or modified only with the approval of shareholders of the Fund.

Fund Performance and Expense Ratios (continued)

Nuveen NWQ Small-Cap Value Fund

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

Fund Performance

Average Annual Total Returns as of December 31, 2012

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 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.

Nuveen Tradewinds Value Opportunities Fund

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

Fund Performance

Average Annual Total Returns as of December 31, 2012

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

Holding Summaries as of December 31, 2012

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