0001193125-14-261602.txt : 20140707 0001193125-14-261602.hdr.sgml : 20140707 20140707121232 ACCESSION NUMBER: 0001193125-14-261602 CONFORMED SUBMISSION TYPE: N-CSRS PUBLIC DOCUMENT COUNT: 23 CONFORMED PERIOD OF REPORT: 20140430 FILED AS OF DATE: 20140707 DATE AS OF CHANGE: 20140707 EFFECTIVENESS DATE: 20140707 FILER: COMPANY DATA: COMPANY CONFORMED NAME: NUVEEN INVESTMENT FUNDS INC CENTRAL INDEX KEY: 0000820892 IRS NUMBER: 411418224 STATE OF INCORPORATION: MD FISCAL YEAR END: 1031 FILING VALUES: FORM TYPE: N-CSRS SEC ACT: 1940 Act SEC FILE NUMBER: 811-05309 FILM NUMBER: 14962488 BUSINESS ADDRESS: STREET 1: 333 WEST WACKER DR. CITY: CHICAGO STATE: IL ZIP: 60606 BUSINESS PHONE: 312-917-8146 MAIL ADDRESS: STREET 1: 333 WEST WACKER DR. CITY: CHICAGO STATE: IL ZIP: 60606 FORMER COMPANY: FORMER CONFORMED NAME: FIRST AMERICAN INVESTMENT FUNDS INC DATE OF NAME CHANGE: 19920703 FORMER COMPANY: FORMER CONFORMED NAME: SECURAL MUTUAL FUNDS INC DATE OF NAME CHANGE: 19910627 0000820892 S000005550 Nuveen Large Cap Growth Opportunities Fund C000015096 Class A FRGWX C000015097 Class B FETBX C000015098 Class C FAWCX C000015099 Class R3 FLCYX C000015100 Class I FIGWX C000123978 Class R6 FLCFX 0000820892 S000005551 Nuveen Large Cap Select Fund C000015101 Class A FLRAX C000015103 Class C FLYCX C000015105 Class I FLRYX 0000820892 S000005553 Nuveen Mid Cap Growth Opportunities Fund C000015111 Class A FRSLX C000015112 Class B FMQBX C000015113 Class C FMECX C000015114 Class R3 FMEYX C000015115 Class I FISGX C000123979 Class R6 FMEFX 0000820892 S000005555 Nuveen Mid Cap Index Fund C000015121 Class A FDXAX C000015123 Class C FDXCX C000015124 Class R3 FMCYX C000015125 Class I FIMEX 0000820892 S000005556 Nuveen Mid Cap Value Fund C000015126 Class A FASEX C000015127 Class B FAESX C000015128 Class C FACSX C000015129 Class R3 FMVSX C000015130 Class I FSEIX 0000820892 S000005567 Nuveen Small Cap Growth Opportunities Fund C000015158 Class A FRMPX C000015159 Class B FROBX C000015160 Class C FMPCX C000015161 Class R3 FMPYX C000015162 Class I FIMPX 0000820892 S000005568 Nuveen Small Cap Index Fund C000015163 Class A FMDAX C000015165 Class C FPXCX C000015166 Class R3 ARSCX C000015167 Class I ASETX 0000820892 S000005569 Nuveen Small Cap Select Fund C000015168 Class A EMGRX C000015169 Class B ARSBX C000015170 Class C FHMCX C000015171 Class R3 ASEIX C000015172 Class I ARSTX 0000820892 S000005570 Nuveen Small Cap Value Fund C000015173 Class A FSCAX C000015175 Class C FSCVX C000015176 Class R3 FSVSX C000015177 Class I FSCCX 0000820892 S000005579 Nuveen Dividend Value Fund C000015208 Class A FFEIX C000015209 Class B FAEBX C000015210 Class C FFECX C000015211 Class R3 FEISX C000015212 Class I FAQIX C000123980 Class R6 FFEFX 0000820892 S000005580 Nuveen Equity Index Fund C000015213 Class A FAEIX C000015214 Class B FAEQX C000015215 Class C FCEIX C000015216 Class R3 FADSX C000015217 Class I FEIIX 0000820892 S000014927 Nuveen International Select Fund C000040497 Class A ISACX C000040499 Class C ICCSX C000040501 Class I ISYCX 0000820892 S000027104 Nuveen Tactical Market Opportunities Fund C000081650 Class I FGTYX C000100301 Class A NTMAX C000100302 Class C NTMCX N-CSRS 1 d721053dncsrs.htm NUVEEN INVESTMENT FUNDS, INC. Nuveen Investment Funds, Inc.

UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

FORM N-CSR

CERTIFIED SHAREHOLDER REPORT OF REGISTERED MANAGEMENT

INVESTMENT COMPANIES

Investment Company Act file number 811-05309

Nuveen Investment Funds, Inc.

(Exact name of registrant as specified in charter)

 

Nuveen Investments

333 West Wacker Drive, Chicago, IL 60606

(Address of principal executive offices) (Zip code)

Kevin J. McCarthy

Nuveen Investments

333 West Wacker Drive, Chicago, IL 60606

(Name and address of agent for service)

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

Date of fiscal year end: October 31

Date of reporting period: April 30, 2014

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

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


Item 1. Reports to Stockholders.


     LOGO
Mutual Funds   

 

      
     Nuveen Index Funds

 

 

       

 

       

 

 

Semi-Annual Report  April 30, 2014

 

              Share Class / Ticker Symbol        
    Fund Name        Class A    Class B    Class C    Class R3    Class I       

 

 

 

 

Nuveen Equity Index Fund

       FAEIX    FAEQX    FCEIX    FADSX    FEIIX       
 

Nuveen Mid Cap Index Fund

       FDXAX       FDXCX    FMCYX    FIMEX       
 

Nuveen Small Cap Index Fund

       FMDAX       FPXCX    ARSCX    ASETX       


 

 

     

 

           
      
  NUVEEN INVESTMENTS TO BE ACQUIRED BY TIAA-CREF   
 

On April 14, 2014, TIAA-CREF announced that it had entered into an agreement to acquire Nuveen Investments, the parent company of your fund’s investment adviser, Nuveen Fund Advisors, LLC (“NFAL”) and the Nuveen affiliates that act as sub-advisers to the majority of the Nuveen Funds. TIAA-CREF is a national financial services organization with approximately $569 billion in assets under management (as of March 31, 2014) and is a leading provider of retirement services in the academic, research, medical and cultural fields. Nuveen anticipates that it will operate as a separate subsidiary within TIAA-CREF’s asset management business, and that its current leadership and key investment teams will stay in place.

 

Your fund investment will not change as a result of Nuveen’s change of ownership. You will still own the same fund shares and the underlying value of those shares will not change as a result of the transaction. NFAL and your fund’s sub-adviser(s) will continue to manage your fund according to the same objectives and policies as before, and we do not anticipate any significant changes to your fund’s operations. Under the securities laws, the consummation of the transaction will result in the automatic termination of the investment management agreements between the funds and NFAL and the investment sub-advisory agreements between NFAL and each fund’s sub-adviser(s). New agreements will be presented to the funds’ shareholders for approval, and, if approved, will take effect upon consummation of the transaction or such later time as shareholder approval is obtained.

 

The transaction, expected to be completed by year end, is subject to customary closing conditions.

  
          
       
       

 

Must be preceded by or accompanied by a prospectus.

 

NOT FDIC INSURED MAY LOSE VALUE
NO BANK GUARANTEE

  
    

 

        
                                 

 

LOGO


Table

of Contents

 

Chairman’s Letter to Shareholders

     4   

Portfolio Managers’ Comments

     5   

Risk Considerations

     8   

Fund Performance and Expense Ratios

     9   

Holding Summaries

     13   

Expense Examples

     16   

Portfolios of Investments

     18   

Statement of Assets and Liabilities

     107   

Statement of Operations

     108   

Statement of Changes in Net Assets

     109   

Financial Highlights

     112   

Notes to Financial Statements

     118   

Additional Fund Information

     129   

Glossary of Terms Used in this Report

     130   

Annual Investment Management Agreement Approval Process

     131   

 

Nuveen Investments     3   


Chairman’s Letter

to Shareholders

 

LOGO

 

Dear Shareholders,

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

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

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

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

As always, I encourage you to communicate with your financial consultant if you have any questions about your investment in a Nuveen Fund. On behalf of the other members of the Nuveen Fund Board, we look forward to continuing to earn your trust in the months and years ahead.

Sincerely,

 

LOGO

William J. Schneider

Chairman of the Board

June 23, 2014

 

 

  4       Nuveen Investments


Portfolio Managers’

Comments

 

Nuveen Equity Index Fund

Nuveen Mid Cap Index Fund

Nuveen Small Cap Index Fund

These Funds feature portfolio management by Nuveen Asset Management, LLC, an affiliate of Nuveen Investments Inc. Walter A. French and David A. Friar are the portfolio managers for the Funds. Walt has managed the Nuveen Equity Index Fund since 1999 and David has managed the Nuveen Equity Index Fund since 2000. Walt and David have managed the Nuveen Mid Cap Index Fund and the Nuveen Small Cap Index Fund since 2001. Here the portfolio managers examine key investment strategies and the Funds’ performance for the six-month reporting period ended April 30, 2014.

Nuveen Equity Index Fund

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

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

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

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

The Fund performed very similarly to the index during the reporting period. The top performing sectors in the index were utilities, health care and information technology, which all produced returns in excess of 10%. The two lowest performing sectors were telecommunications services, which produced a negative return, and consumer discretionary. Also during the reporting period, we continued to invest in S&P 500® Index futures to convert cash into the equivalent of an S&P 500® Index holding in order to manage cash flow activity and minimize tracking error to the Fund’s benchmark index. These contracts are used as a means to efficiently gain exposure to a broad base of equity securities. The Fund’s holdings of futures, which were matched to the level of cash, were helpful in keeping the Fund fully invested, neither overexposed nor underexposed to equities, despite cash flows. Due to generally rising equity prices over the reporting period, these positions added modestly to performance.

 

 

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

 

Nuveen Investments     5   


Portfolio Managers’ Comments (continued)

 

Nuveen Mid Cap Index Fund

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

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

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

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

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

Nuveen Small Cap Index Fund

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

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

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

The Fund is invested to replicate the return of the Russell 2000® Index as closely as possible, with consideration given to turnover costs and fees. Russell Investments reconstitutes this index near the end of June each year, generally selecting the stocks that are numbered 1001 through 3000 of the largest eligible U.S. companies. (To reduce turnover expenses, companies near the 1000 breakpoint remain in their prior category.) Throughout the remainder of the year, the number of stocks in the index will vary as appropriate IPOs are added quarterly and stocks are removed because of mergers and acquisitions (M&A) activity or delisting. Share changes due to issuance and repurchasing are adjusted monthly. As the mid-summer reconstitution did not occur during the reporting period, only the smaller adjustments occurred, and these changes resulted in an approximately 10% level of turnover. The majority of changes are from successful firms that move up to the Russell 1000® Index. We believe the Fund’s objective can best be achieved by investing in approximately 90% to 100% of the issues included in the Russell 2000® Index, depending on the size of the Fund. During the reporting period, we held essentially all of the issues found in the index. In addition, we aggressively tracked and implemented the occasional changes to index member names, as well as changes to the relative weights in the index.

 

  6       Nuveen Investments


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

 

Nuveen Investments     7   


Risk Considerations

 

Nuveen Equity Index Fund

Nuveen Mid Cap Index Fund

Nuveen Small Cap Index Fund

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

 

  8       Nuveen Investments


Fund Performance

and Expense Ratios

 

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

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

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

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

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

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

 

Nuveen Investments     9   


Fund Performance and Expense Ratios (continued)

Nuveen Equity Index Fund

 

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

Fund Performance

Average Annual Total Returns as of April 30, 2014

 

       Cumulative        Average Annual  
       

6-Month

      

1-Year

      

5-Year

      

10-Year

 

Class A Shares

       8.06%           19.69%           18.44%           7.11%   

S&P 500® Index*

       8.36%           20.44%           19.14%           7.67%   

Lipper S&P 500® Index Objective Funds Classification Average*

       8.04%           19.76%           18.47%           7.16%   

Class B Shares w/o CDSC

       7.60%           18.71%           17.54%           6.30%   

Class B Shares w/CDSC

       2.64%           13.71%           17.44%           6.30%   

Class C Shares

       7.62%           18.74%           17.55%           6.30%   

Class R3 Shares

       7.93%           19.38%           18.15%           6.84%   

Class I Shares

       8.19%           19.95%           18.73%           7.37%   

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

 

       Cumulative        Average Annual  
       

6-Month

      

1-Year

      

5-Year

      

10-Year

 

Class A Shares

       12.14%           21.01%           20.45%           6.86%   

Class B Shares w/o CDSC

       11.74%           20.13%           19.54%           6.06%   

Class B Shares w/CDSC

       6.74%           15.13%           19.44%           6.06%   

Class C Shares

       11.73%           20.15%           19.55%           6.06%   

Class R3 Shares

       12.01%           20.74%           20.15%           6.60%   

Class I Shares

       12.28%           21.37%           20.76%           7.13%   

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

Expense Ratios as of Most Recent Prospectus

 

       Share Class  
       

Class A

      

Class B

      

Class C

      

Class R3

      

Class I

 

Gross Expense Ratios

       0.71%           1.46%           1.46%           0.97%           0.46%   

Net Expense Ratios

       0.62%           1.37%           1.37%           0.87%           0.37%   

The Fund’s investment adviser has contractually agreed to waive fees and/or reimburse other Fund expenses through February 28, 2015, so that total annual Fund operating expenses, after fee waivers and/or expense reimbursements and excluding acquired fund fees and expenses, do not exceed 0.62%, 1.37%, 1.37%, 0.87% and 0.37% for Class A, Class B, Class C, Class R3 and Class I Shares, respectively. Fee waivers and/or expense reimbursements will not be terminated prior to that time without the approval of the Fund’s Board of Directors.

 

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

 

  10       Nuveen Investments


Nuveen Mid Cap Index Fund

 

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

Fund Performance

Average Annual Total Returns as of April 30, 2014

 

       Cumulative        Average Annual  
       

6-Month

      

1-Year

      

5-Year

      

10-Year

 

Class A Shares

       5.63%           17.81%           20.32%           9.76%   

S&P MidCap 400® Index*

       5.94%           18.61%           21.06%           10.34%   

Lipper Mid-Cap Core Funds Classification Average*

       5.95%           20.09%           19.15%           8.81%   

Class C Shares

       5.23%           16.95%           19.42%           8.93%   

Class R3 Shares

      
5.45%
  
       17.49%           20.02%           9.46%   

Class I Shares

       5.67%           18.11%           20.61%           10.02%   

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

 

       Cumulative        Average Annual  
       

6-Month

      

1-Year

      

5-Year

      

10-Year

 

Class A Shares

       11.24%           20.43%           24.09%           9.56%   

Class C Shares

       10.83%           19.48%           23.19%           8.74%   

Class R3 Shares

       11.06%           20.06%           23.78%           9.27%   

Class I Shares

       11.33%           20.66%           24.42%           9.82%   

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

Expense Ratios as of Most Recent Prospectus

 

       Share Class  
       

Class A

      

Class C

      

Class R3

      

Class I

 

Gross Expense Ratios

       0.78%           1.53%           1.03%           0.53%   

Net Expense Ratios

       0.75%           1.50%           1.00%           0.50%   

The Fund’s investment adviser has contractually agreed to waive fees and/or reimburse other Fund expenses through February 28, 2015, so that total annual Fund operating expenses, after fee waivers and/or expense reimbursements and excluding acquired fund fees and expenses, do not exceed 0.75%, 1.50%, 1.00% and 0.50% for Class A, Class C, Class R3 and Class I Shares, respectively. Fee waivers and/or expense reimbursements will not be terminated prior to that time without the approval of the Fund’s Board of Directors.

 

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

 

Nuveen Investments     11   


Fund Performance and Expense Ratios (continued)

Nuveen Small Cap Index Fund

 

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

Fund Performance

Average Annual Total Returns as of April 30, 2014

 

       Cumulative        Average Annual  
       

6-Month

      

1-Year

      

5-Year

      

10-Year

 

Class A Shares

       2.86%           19.81%           19.16%           8.11%   

Russell 2000® Index*

       3.08%           20.50%           19.84%           8.67%   

Lipper Small-Cap Core Funds Classification Average*

       4.39%           21.42%           19.73%           8.82%   

Class C Shares

       2.42%           18.97%           18.27%           7.27%   

Class R3 Shares

       2.69%           19.54%           18.86%           7.81%   

Class I Shares

       2.95%           20.12%           19.46%           8.35%   

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

 

       Cumulative        Average Annual  
       

6-Month

      

1-Year

      

5-Year

      

10-Year

 

Class A Shares

       9.53%           24.11%           23.63%           7.96%   

Class C Shares

       9.23%           23.26%           22.73%           7.12%   

Class R3 Shares

       9.45%           23.76%           23.32%           7.66%   

Class I Shares

       9.68%           24.43%           23.94%           8.19%   

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

Expense Ratios as of Most Recent Prospectus

 

       Share Class  
       

Class A

      

Class C

      

Class R3

      

Class I

 

Gross Expense Ratios

       1.15%           1.90%           1.40%           0.90%   

Net Expense Ratios

       0.90%           1.65%           1.15%           0.65%   

The Fund’s investment adviser has contractually agreed to waive fees and/or reimburse other Fund expenses through February 28, 2015, so that total annual Fund operating expenses, after fee waivers and/or expense reimbursements and excluding acquired fund fees and expenses, do not exceed 0.83%, 1.58%, 1.08% and 0.58% for Class A, Class C, Class R3 and Class I Shares, respectively. Fee waivers and/or expense reimbursements will not be terminated prior to that time without the approval of the Fund’s Board of Directors.

 

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

 

  12       Nuveen Investments


Holding

Summaries April 30, 2014

 

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

Nuveen Equity Index Fund

 

Fund Allocation

(% of net assets)

 

Common Stocks

       95.5%   

Investments Purchased with Collateral from Securities Lending

       10.8%   

Short-Term Investments

       0.8%   

Other Assets Less Liabilities

       (7.1)%   

Portfolio Composition

(% of net assets)

 

Oil, Gas & Consumable Fuels

       8.2%   

Pharmaceuticals

       6.0%   

Banks

       5.7%   

Computers & Peripherals

       4.0%   

Media

       3.4%   

Software

       3.4%   

IT Services

       3.3%   

Internet Software & Services

       2.9%   

Insurance

       2.7%   

Aerospace & Defense

       2.6%   

Chemicals

       2.5%   

Industrial Conglomerates

       2.4%   

Diversified Telecommunication Services

       2.3%   

Biotechnology

       2.3%   

Food & Staples Retailing

       2.3%   

Beverages

       2.1%   

Real Estate Investment Trust

       2.1%   

Capital Markets

       2.0%   

Semiconductors & Equipment

       2.0%   

Specialty Retail

       2.0%   

Health Care Equipment & Supplies

       1.9%   

Energy Equipment & Services

       1.9%   

Household Products

       1.9%   

Health Care Providers & Services

       1.9%   

Diversified Financial Services

       1.8%   

Electric Utilities

       1.7%   

Machinery

       1.7%   

Other Industries

       18.5%   

Investments Purchased with Collateral from Securities Lending

       10.8%   

Short-Term Investments

       0.8%   

Other Assets Less Liabilities

       (7.1)%   

Top Five Common Stock
Holdings

(% of net assets)

 

Apple, Inc.

       3.0%   

Exxon Mobil Corporation

       2.5%   

Microsoft Corporation

       1.7%   

Johnson & Johnson

       1.6%   

General Electric Company

       1.5%   
 

 

Nuveen Investments     13   


Holding Summaries April 30, 2014 (continued)

 

Nuveen Mid Cap Index Fund

 

Fund Allocation

(% of net assets)

 

Common Stocks

       91.8%   

Common Stock Rights

       0.0%   

Investments Purchased with Collateral from Securities Lending

       20.2%   

Short-Term Investments

       7.8%   

Other Assets Less Liabilities

       (19.8)%   

Portfolio Composition

(% of net assets)

 

Real Estate Investment Trust

       7.8%   

Machinery

       5.2%   

Insurance

       4.8%   

Banks

       4.3%   

Software

       3.9%   

Specialty Retail

       3.6%   

Oil, Gas & Consumable Fuels

       3.0%   

Chemicals

       2.8%   

Health Care Providers & Services

       2.8%   

Health Care Equipment & Supplies

       2.8%   

Energy Equipment & Services

       2.7%   

IT Services

       2.6%   

Electronic Equipment & Instruments

       2.6%   

Semiconductors & Equipment

       2.5%   

Capital Markets

       2.2%   

Aerospace & Defense

       1.7%   

Food Products

       1.7%   

Commercial Services & Supplies

       1.6%   

Electric Utilities

       1.6%   

Household Durables

       1.6%   

Metals & Mining

       1.6%   

Containers & Packaging

       1.6%   

Gas Utilities

       1.4%   

Hotels, Restaurants & Leisure

       1.4%   

Road & Rail

       1.3%   

Life Sciences Tools & Services

       1.2%   

Pharmaceuticals

       1.2%   

Trading Companies & Distributors

       1.1%   

Other Industries

       19.2%   

Common Stock Rights

       0.0%   

Investments Purchased with Collateral from Securities Lending

       20.2%   

Short-Term Investments

       7.8%   

Other Assets Less Liabilities

       (19.8)%   

Top Five Common Stock
Holdings

(% of net assets)

 

HollyFrontier Company

       0.6%   

Affiliated Managers Group Inc.

       0.6%   

Cimarex Energy Company

       0.6%   

Henry Schein Inc.

       0.6%   

Trimble Navigation Limited

       0.6%   
 

 

  14       Nuveen Investments


Nuveen Small Cap Index Fund

 

Fund Allocation

(% of net assets)

 

Common Stocks

       97.6%   

Exchange-Traded Funds

       0.0%   

Common Stock Rights

       0.0%   

Warrants

       0.0%   

Investments Purchased with Collateral from Securities Lending

       26.3%   

Short-Term Investments

       2.4%   

Other Assets Less Liabilities

       (26.3)%   

Portfolio Composition

(% of net assets)

 

Real Estate Investment Trust

       8.0%   

Banks

       7.0%   

Biotechnology

       4.1%   

Oil, Gas & Consumable Fuels

       4.1%   

Software

       3.6%   

Semiconductors & Equipment

       3.6%   

Machinery

       3.2%   

Health Care Equipment & Supplies

       3.2%   

Specialty Retail

       3.1%   

Electronic Equipment & Instruments

       2.7%   

Internet Software & Services

       2.7%   

Hotels, Restaurants & Leisure

       2.6%   

Health Care Providers & Services

       2.6%   

Capital Markets

       2.6%   

Insurance

       2.4%   

Chemicals

       2.3%   

IT Services

       2.1%   

Commercial Services & Supplies

       2.1%   

Energy Equipment & Services

       1.9%   

Aerospace & Defense

       1.8%   

Communications Equipment

       1.7%   

Food Products

       1.7%   

Thrifts & Mortgage Finance

       1.6%   

Pharmaceuticals

       1.5%   

Electrical Equipment

       1.4%   

Electric Utilities

       1.4%   

Metals & Mining

       1.4%   

Textiles, Apparel & Luxury Goods

       1.3%   

Professional Services

       1.3%   

Other Industries

       18.6%   

Exchange-Traded Funds

       0.0%   

Common Stock Rights

       0.0%   

Warrants

       0.0%   

Investments Purchased with Collateral from Securities Lending

       26.3%   

Short-Term Investments

       2.4%   

Other Assets Less Liabilities

       (26.3)%   

Top Five Common Stock
Holdings

(% of net assets)

 

American Realty Capital Properties Inc.

       0.4%   

Acuity Brands Inc.

       0.3%   

Rite Aid Corporation

       0.3%   

Northstar Realty Finance Corporation

       0.3%   

SunEdison Inc.

       0.3%   
 

 

Nuveen Investments     15   


Expense

Examples

 

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

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

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

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

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

Nuveen Equity Index Fund

 

    Actual Performance      Hypothetical Performance
(5% annualized return before expenses)
 
    

A Shares

   

B Shares

   

C Shares

   

R3 Shares

   

I Shares

    

A Shares

   

B Shares

   

C Shares

   

R3 Shares

   

I Shares

 

Beginning Account Value (11/01/13)

  $ 1,000.00      $ 1,000.00      $ 1,000.00      $ 1,000.00      $ 1,000.00       $ 1,000.00      $ 1,000.00      $ 1,000.00      $ 1,000.00      $ 1,000.00   

Ending Account Value (4/30/14)

  $ 1,080.60      $ 1,076.00      $ 1,076.20      $ 1,079.30      $ 1,081.90       $ 1,021.72      $ 1,018.00      $ 1,018.00      $ 1,022.96      $ 1,020.48   

Expenses Incurred During Period

  $ 3.20      $ 7.05      $ 7.05      $ 1.91      $ 4.49       $ 3.11      $ 6.85      $ 6.85      $ 1.86      $ 4.36   

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

Nuveen Mid Cap Index Fund

 

     Actual Performance        Hypothetical Performance
(5% annualized return before expenses)
 
     

A Shares

    

C Shares

    

R3 Shares

    

I Shares

      

A Shares

    

C Shares

    

R3 Shares

    

I Shares

 

Beginning Account Value (11/01/13)

   $ 1,000.00       $ 1,000.00       $ 1,000.00       $ 1,000.00         $ 1,000.00       $ 1,000.00       $ 1,000.00       $ 1,000.00   

Ending Account Value (4/30/14)

   $ 1,056.30       $ 1,052.30       $ 1,054.50       $ 1,056.70         $ 1,021.17       $ 1,017.46       $ 1,019.93       $ 1,022.41   

Expenses Incurred During Period

   $ 3.72       $ 7.53       $ 4.99       $ 2.45         $ 3.66       $ 7.40       $ 4.91       $ 2.41   

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

 

  16       Nuveen Investments


Nuveen Small Cap Index Fund

 

     Actual Performance        Hypothetical Performance
(5% annualized return before expenses)
 
     

A Shares

    

C Shares

    

R3 Shares

    

I Shares

      

A Shares

    

C Shares

    

R3 Shares

    

I Shares

 

Beginning Account Value (11/01/13)

   $ 1,000.00       $ 1,000.00       $ 1,000.00       $ 1,000.00         $ 1,000.00       $ 1,000.00       $ 1,000.00       $ 1,000.00   

Ending Account Value (4/30/14)

   $ 1,028.60       $ 1,024.20       $ 1,026.90       $ 1,029.50         $ 1,020.78       $ 1,017.06       $ 1,019.54       $ 1,022.02   

Expenses Incurred During Period

   $ 4.07       $ 7.83       $ 5.33       $ 2.82         $ 4.06       $ 7.80       $ 5.31       $ 2.81   

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

 

Nuveen Investments     17   


Nuveen Equity Index Fund

Portfolio of Investments April 30, 2014 (Unaudited)

 

Shares     Description (1)                  Value  
 

LONG-TERM INVESTMENTS – 95.5%

       
 

COMMON STOCKS – 95.5%

       
 

Aerospace & Defense – 2.6%

       
  30,855     

Boeing Company

        $ 3,980,912   
  14,669     

General Dynamics Corporation

          1,605,522   
  35,376     

Honeywell International Inc.

          3,286,430   
  3,872     

L-3 Communications Holdings, Inc.

          446,713   
  12,180     

Lockheed Martin Corporation, (2)

          1,999,225   
  9,777     

Northrop Grumman Corporation

          1,188,003   
  6,551     

Precision Castparts Corporation

          1,657,993   
  14,188     

Raytheon Company

          1,354,670   
  6,099     

Rockwell Collins, Inc.

          473,587   
  12,744     

Textron Inc., (2)

          521,230   
  37,986     

United Technologies Corporation

                4,494,883   
 

Total Aerospace & Defense

                21,009,168   
 

Air Freight & Logistics – 0.7%

       
  6,697     

C.H. Robinson Worldwide, Inc., (2)

          394,453   
  9,143     

Expeditors International of Washington, Inc.

          377,057   
  12,532     

FedEx Corporation

          1,707,485   
  32,060     

United Parcel Service, Inc., Class B

                3,157,910   
 

Total Air Freight & Logistics

                5,636,905   
 

Airlines – 0.3%

       
  38,319     

Delta Air Lines, Inc.

          1,411,289   
  32,585     

Southwest Airlines Co., (2)

                787,579   
 

Total Airlines

                2,198,868   
 

Auto Components – 0.4%

       
  10,642     

BorgWarner Inc.

          661,294   
  12,578     

Delphi Automotive PLC

          840,714   
  11,547     

Goodyear Tire & Rubber Company

          290,984   
  29,956     

Johnson Controls, Inc.

                1,352,214   
 

Total Auto Components

                3,145,206   
 

Automobiles – 0.7%

       
  177,922     

Ford Motor Company

          2,873,440   
  56,717     

General Motors Company

          1,955,602   
  9,928     

Harley-Davidson, Inc.

                734,076   
 

Total Automobiles

                5,563,118   

 

  18       Nuveen Investments


Shares     Description (1)                  Value  
 

Banks – 5.7%

       
  476,769     

Bank of America Corporation

        $ 7,218,283   
  32,071     

BB&T Corporation

          1,197,210   
  136,986     

Citigroup Inc.

          6,562,999   
  8,214     

Comerica Incorporated, (2)

          396,243   
  38,413     

Fifth Third Bancorp.

          791,692   
  37,499     

Huntington BancShares Inc.

          343,491   
  170,839     

JP Morgan Chase & Co.

          9,563,567   
  40,124     

KeyCorp.

          547,291   
  5,912     

M&T Bank Corporation, (2)

          721,323   
  24,093     

PNC Financial Services Group, Inc.

          2,024,776   
  64,429     

Regions Financial Corporation

          653,310   
  24,121     

SunTrust Banks, Inc.

          922,869   
  82,223     

U.S. Bancorp

          3,353,054   
  216,017     

Wells Fargo & Company

          10,723,084   
  8,340     

Zions Bancorporation, (2)

                241,193   
 

Total Banks

                45,260,385   
 

Beverages – 2.1%

       
  7,754     

Beam Inc.

          647,226   
  7,313     

Brown-Forman Corporation

          656,122   
  11,294     

Coca Cola Enterprises Inc.

          513,199   
  170,940     

Coca-Cola Company

          6,972,643   
  7,566     

Constellation Brands, Inc., Class A, (3)

          604,069   
  8,900     

Dr. Pepper Snapple Group

          493,238   
  7,144     

Molson Coors Brewing Company, Class B

          428,426   
  6,099     

Monster Beverage Corporation, (3)

          408,389   
  68,684     

PepsiCo, Inc.

                5,899,269   
 

Total Beverages

                16,622,581   
 

Biotechnology – 2.3%

       
  8,924     

Alexion Pharmaceuticals Inc., (3)

          1,411,777   
  34,062     

Amgen Inc.

          3,806,429   
  10,664     

Biogen Idec Inc., (3)

          3,061,848   
  18,318     

Celgene Corporation, (2), (3)

          2,692,929   
  69,396     

Gilead Sciences, Inc., (2), (3)

          5,446,892   
  3,552     

Regeneron Pharmaceuticals, Inc., (2), (3)

          1,054,553   
  10,932     

Vertex Pharmaceuticals Inc., (2), (3)

                740,096   
 

Total Biotechnology

                18,214,524   
 

Building Products – 0.1%

       
  4,320     

Allegion PLC

          213,192   
  17,093     

Masco Corporation

                343,398   
 

Total Building Products

                556,590   

 

Nuveen Investments     19   


Nuveen Equity Index Fund (continued)

Portfolio of Investments April 30, 2014 (Unaudited)

 

Shares     Description (1)                  Value  
 

Capital Markets – 2.0%

       
  8,612     

Ameriprise Financial, Inc.

        $ 961,358   
  51,207     

Bank of New York Company, Inc.

          1,734,381   
  5,668     

BlackRock Inc.

          1,706,068   
  52,725     

Charles Schwab Corporation

          1,399,849   
  14,163     

E*Trade Group Inc., (3)

          317,959   
  18,215     

Franklin Resources, Inc.

          953,555   
  18,996     

Goldman Sachs Group, Inc.

          3,035,941   
  19,541     

Invesco LTD

          688,039   
  4,728     

Legg Mason, Inc., (2)

          221,696   
  64,797     

Morgan Stanley

          2,004,171   
  10,063     

Northern Trust Corporation, (2)

          606,296   
  19,472     

State Street Corporation

          1,257,112   
  12,202     

T. Rowe Price Group Inc.

                1,002,150   
 

Total Capital Markets

                15,888,575   
 

Chemicals – 2.5%

       
  9,550     

Air Products & Chemicals Inc.

          1,122,316   
  3,105     

Airgas, Inc.

          329,937   
  2,503     

CF Industries Holdings, Inc.

          613,661   
  54,851     

Dow Chemical Company

          2,737,065   
  41,823     

E.I. Du Pont de Nemours and Company

          2,815,524   
  6,878     

Eastman Chemical Company

          599,555   
  12,212     

Ecolab Inc.

          1,277,864   
  5,996     

FMC Corporation

          461,692   
  3,666     

International Flavors & Fragrances Inc.

          361,174   
  18,845     

LyondellBasell Industries NV

          1,743,163   
  23,680     

Monsanto Company

          2,621,376   
  13,733     

Mosaic Company

          687,199   
  6,248     

PPG Industries, Inc.

          1,209,738   
  13,262     

Praxair, Inc.

          1,731,354   
  3,846     

Sherwin-Williams Company

          768,585   
  5,389     

Sigma-Aldrich Corporation

                518,476   
 

Total Chemicals

                19,598,679   
 

Commercial Services & Supplies – 0.5%

       
  8,269     

ADT Corporation

          250,055   
  4,542     

Cintas Corporation

          267,660   
  8,304     

Iron Mountain Inc.

          236,166   
  9,137     

Pitney Bowes Inc.

          244,872   
  12,201     

Republic Services, Inc.

          428,133   
  3,841     

Stericycle Inc., (3)

          447,246   

 

  20       Nuveen Investments


Shares     Description (1)                  Value  
 

Commercial Services & Supplies (continued)

       
  20,767     

Tyco International Ltd.

        $ 849,370   
  19,502     

Waste Management, Inc., (2)

                866,864   
 

Total Commercial Services & Supplies

                3,590,366   
 

Communications Equipment – 1.7%

       
  232,395     

Cisco Systems, Inc.

          5,370,648   
  3,055     

F5 Networks, Inc., (3)

          321,294   
  4,819     

Harris Corporation

          354,293   
  21,355     

Juniper Networks Inc., (3)

          527,255   
  10,193     

Motorola Solutions Inc.

          648,071   
  76,291     

QUALCOMM, Inc.

                6,004,865   
 

Total Communications Equipment

                13,226,426   
 

Computers & Peripherals – 4.0%

       
  40,242     

Apple, Inc.

          23,746,402   
  91,385     

EMC Corporation

          2,357,733   
  85,497     

Hewlett-Packard Company

          2,826,531   
  14,945     

NetApp, Inc.

          532,191   
  10,173     

SanDisk Corporation

          864,400   
  14,832     

Seagate Technology

          779,867   
  9,486     

Western Digital Corporation

                836,001   
 

Total Computers & Peripherals

                31,943,125   
 

Construction & Engineering – 0.2%

       
  7,234     

Fluor Corporation

          547,614   
  5,950     

Jacobs Engineering Group, Inc., (3)

          343,315   
  9,823     

Quanta Services Incorporated, (3)

                346,555   
 

Total Construction & Engineering

                1,237,484   
 

Construction Materials – 0.0%

       
  5,890     

Vulcan Materials Company

                380,082   
 

Consumer Finance – 0.9%

       
  41,226     

American Express Company

          3,604,389   
  25,841     

Capital One Financial Corporation

          1,909,650   
  21,244     

Discover Financial Services

          1,187,540   
  19,340     

SLM Corporation

                498,005   
 

Total Consumer Finance

                7,199,584   
 

Containers & Packaging – 0.2%

       
  4,331     

Avery Dennison Corporation

          210,746   
  6,341     

Ball Corporation

          356,301   
  3,602     

Bemis Company, Inc.

          144,944   
  7,875     

MeadWestvaco Corporation

          307,676   
  7,432     

Owens-Illinois, Inc., (3)

          236,189   

 

Nuveen Investments     21   


Nuveen Equity Index Fund (continued)

Portfolio of Investments April 30, 2014 (Unaudited)

 

Shares     Description (1)                  Value  
 

Containers & Packaging (continued)

       
  8,739     

Sealed Air Corporation

              $ 299,835   
 

Total Containers & Packaging

                1,555,691   
 

Distributors – 0.1%

       
  6,936     

Genuine Parts Company

                604,264   
 

Diversified Consumer Services – 0.1%

       
  110     

Graham Holdings Company

          73,835   
  12,781     

H & R Block Inc.

                363,236   
 

Total Diversified Consumer Services

                437,071   
 

Diversified Financial Services – 1.8%

       
  81,214     

Berkshire Hathaway Inc., Class B, (3)

          10,464,424   
  14,236     

CME Group, Inc.

          1,002,072   
  5,187     

IntercontinentalExchange Group Inc.

          1,060,430   
  14,558     

Leucadia National Corporation

          371,520   
  12,225     

McGraw-Hill Companies, Inc.

          903,794   
  8,483     

Moody’s Corporation

          665,916   
  5,275     

NASDAQ Stock Market, Inc.

                194,648   
 

Total Diversified Financial Services

                14,662,804   
 

Diversified Telecommunication Services – 2.3%

       
  234,901     

AT&T Inc., (2)

          8,385,966   
  26,074     

CenturyLink Inc., (2)

          910,243   
  46,749     

Frontier Communications Corporation, (2)

          278,157   
  185,933     

Verizon Communications Inc.

          8,688,649   
  28,389     

Windstream Holdings Inc.

                257,488   
 

Total Diversified Telecommunication Services

                18,520,503   
 

Electric Utilities – 1.7%

       
  22,006     

American Electric Power Company, Inc.

          1,184,143   
  31,871     

Duke Energy Corporation

          2,374,071   
  14,698     

Edison International

          831,319   
  8,056     

Entergy Corporation

          584,060   
  38,681     

Exelon Corporation

          1,354,995   
  18,922     

FirstEnergy Corp.

          638,618   
  20,144     

NextEra Energy Inc.

          2,011,378   
  14,230     

Northeast Utilities

          672,510   
  11,301     

Pepco Holdings, Inc., (2)

          302,415   
  4,971     

Pinnacle West Capital Corporation

          278,127   
  29,476     

PPL Corporation, (2)

          982,730   
  40,058     

Southern Company

          1,835,858   
  22,538     

Xcel Energy, Inc.

                718,286   
 

Total Electric Utilities

                13,768,510   

 

  22       Nuveen Investments


Shares     Description (1)                  Value  
 

Electrical Equipment – 0.6%

       
  11,056     

Ametek Inc.

        $ 582,872   
  21,443     

Eaton PLC

          1,557,620   
  31,715     

Emerson Electric Company

          2,162,329   
  6,260     

Rockwell Automation, Inc.

                746,067   
 

Total Electrical Equipment

                5,048,888   
 

Electronic Equipment & Instruments – 0.4%

       
  7,138     

Amphenol Corporation, Class A

          680,608   
  62,805     

Corning Incorporated

          1,313,253   
  6,355     

FLIR Systems Inc.

          216,324   
  8,646     

Jabil Circuit Inc.

          149,230   
  18,508     

TE Connectivity Limited

                1,091,602   
 

Total Electronic Equipment & Instruments

                3,451,017   
 

Energy Equipment & Services – 1.9%

       
  19,724     

Baker Hughes Incorporated

          1,378,708   
  9,779     

Cooper Cameron Corporation, (3)

          635,244   
  3,136     

Diamond Offshore Drilling, Inc.

          171,257   
  10,537     

Ensco PLC

          531,592   
  10,648     

FMC Technologies Inc., (2), (3)

          603,742   
  38,386     

Halliburton Company

          2,421,005   
  4,852     

Helmerich & Payne Inc., (2)

          527,170   
  12,176     

Nabors Industries Inc.

          310,732   
  19,332     

National-Oilwell Varco Inc.

          1,518,142   
  11,851     

Noble Corporation PLC

          365,129   
  5,605     

Rowan Companies Inc.

          173,307   
  58,978     

Schlumberger Limited

          5,989,216   
  15,309     

Transocean Inc., (2)

                659,359   
 

Total Energy Equipment & Services

                15,284,603   
 

Food & Staples Retailing – 2.3%

       
  19,837     

Costco Wholesale Corporation

          2,294,744   
  53,343     

CVS Caremark Corporation

          3,879,103   
  23,303     

Kroger Co.

          1,072,870   
  10,389     

Safeway Inc.

          353,849   
  26,390     

Sysco Corporation

          961,388   
  39,436     

Walgreen Co.

          2,677,704   
  72,989     

Wal-Mart Stores, Inc.

          5,817,953   
  16,781     

Whole Foods Market, Inc.

                834,016   
 

Total Food & Staples Retailing

                17,891,627   
 

Food Products – 1.6%

       
  29,702     

Archer-Daniels-Midland Company

          1,298,868   

 

Nuveen Investments     23   


Nuveen Equity Index Fund (continued)

Portfolio of Investments April 30, 2014 (Unaudited)

 

Shares     Description (1)                  Value  
 

Food Products (continued)

       
  8,068     

Campbell Soup Company, (2)

        $ 367,013   
  18,967     

ConAgra Foods, Inc.

          578,683   
  28,176     

General Mills, Inc.

          1,493,892   
  6,765     

Hershey Foods Corporation

          651,064   
  6,074     

Hormel Foods Corporation

          289,669   
  4,677     

JM Smucker Company

          452,172   
  11,585     

Kellogg Company

          774,226   
  5,826     

Keurig Green Mountain Inc., (2)

          545,780   
  26,901     

Kraft Foods Inc.

          1,529,591   
  5,917     

McCormick & Company, Incorporated

          421,290   
  9,098     

Mead Johnson Nutrition Company, Class A Shares

          802,989   
  76,737     

Mondelez International Inc.

          2,735,674   
  12,127     

Tyson Foods, Inc., Class A

                508,970   
 

Total Food Products

                12,449,881   
 

Gas Utilities – 0.0%

       
  5,075     

AGL Resources Inc.

                274,050   
 

Health Care Equipment & Supplies – 1.9%

       
  69,614     

Abbott Laboratories

          2,696,846   
  24,506     

Baxter International, Inc.

          1,783,792   
  8,708     

Becton, Dickinson and Company

          984,265   
  59,739     

Boston Scientific Corporation, (3)

          753,309   
  3,500     

C. R. Bard, Inc.

          480,655   
  9,402     

CareFusion Corporation, (3)

          367,242   
  20,335     

Covidien PLC

          1,448,869   
  6,398     

DENTSPLY International Inc.

          285,543   
  4,839     

Edwards Lifesciences Corporation, (2), (3)

          394,233   
  1,723     

Intuitive Surgical, Inc., (3)

          623,209   
  45,150     

Medtronic, Inc.

          2,655,723   
  12,803     

Saint Jude Medical Inc.

          812,606   
  13,296     

Stryker Corporation

          1,033,764   
  4,671     

Varian Medical Systems, Inc., (3)

          371,578   
  7,639     

Zimmer Holdings, Inc.

                739,455   
 

Total Health Care Equipment & Supplies

                15,431,089   
 

Health Care Providers & Services – 1.9%

       
  16,363     

Aetna Inc.

          1,169,136   
  10,340     

AmerisourceBergen Corporation

          673,961   
  15,470     

Cardinal Health, Inc.

          1,075,320   
  12,342     

CIGNA Corporation

          987,854   
  7,983     

Davita Inc., (3)

          553,222   

 

  24       Nuveen Investments


Shares     Description (1)                  Value  
 

Health Care Providers & Services (continued)

       
  35,009     

Express Scripts, Holding Company, (3)

        $ 2,330,899   
  6,949     

Humana Inc.

          762,653   
  3,848     

Laboratory Corporation of America Holdings, (3)

          379,798   
  10,381     

McKesson HBOC Inc.

          1,756,361   
  3,703     

Patterson Companies, Inc.

          150,712   
  6,510     

Quest Diagnostics Incorporated, (2)

          364,104   
  4,640     

Tenet Healthcare Corporation, (3)

          209,171   
  44,626     

UnitedHealth Group Incorporated

          3,348,735   
  12,743     

Wellpoint Inc.

                1,282,965   
 

Total Health Care Providers & Services

                15,044,891   
 

Health Care Technology – 0.1%

       
  13,807     

Cerner Corporation, (3)

                708,299   
 

Hotels, Restaurants & Leisure – 1.6%

       
  19,772     

Carnival Corporation

          777,237   
  1,400     

Chipotle Mexican Grill, (3)

          697,900   
  6,106     

Darden Restaurants, Inc.

          303,529   
  11,129     

International Game Technology

          139,669   
  10,508     

Marriott International, Inc., Class A, (2)

          608,728   
  44,657     

McDonald’s Corporation

          4,527,327   
  34,101     

Starbucks Corporation

          2,408,213   
  8,957     

Starwood Hotels & Resorts Worldwide, Inc.

          686,554   
  6,368     

Wyndham Worldwide Corporation

          454,293   
  3,653     

Wynn Resorts Ltd

          744,810   
  19,982     

YUM! Brands, Inc.

                1,538,414   
 

Total Hotels, Restaurants & Leisure

                12,886,674   
 

Household Durables – 0.4%

       
  12,845     

D.R. Horton, Inc., (2)

          286,187   
  5,547     

Garmin Limited, (2)

          316,734   
  3,159     

Harman International Industries Inc.

          346,258   
  6,266     

Leggett and Platt Inc., (2)

          205,901   
  8,820     

Lennar Corporation, Class A

          340,364   
  2,755     

Mohawk Industries Inc., (3)

          364,790   
  12,582     

Newell Rubbermaid Inc.

          378,844   
  16,124     

Pulte Corporation

          296,520   
  3,494     

Whirlpool Corporation

                535,910   
 

Total Household Durables

                3,071,508   
 

Household Products – 1.9%

       
  6,036     

Clorox Company, (2)

          547,465   
  39,385     

Colgate-Palmolive Company

          2,650,611   

 

Nuveen Investments     25   


Nuveen Equity Index Fund (continued)

Portfolio of Investments April 30, 2014 (Unaudited)

 

Shares     Description (1)                  Value  
 

Household Products (continued)

       
  17,116     

Kimberly-Clark Corporation

        $ 1,921,271   
  122,322     

Procter & Gamble Company

                10,097,681   
 

Total Household Products

                15,217,028   
 

Independent Power & Renewable Electricity Producers – 0.1%

       
  29,476     

AES Corporation

          425,928   
  14,672     

NRG Energy Inc.

                480,068   
 

Total Independent Power & Renewable Electricity Producers

                905,996   
 

Industrial Conglomerates – 2.4%

       
  28,401     

3M Co., (2)

          3,950,295   
  27,100     

Danaher Corporation

          1,988,598   
  452,634     

General Electric Company

          12,171,328   
  4,490     

Roper Industries Inc.

                623,886   
 

Total Industrial Conglomerates

                18,734,107   
 

Insurance – 2.7%

       
  15,187     

Ace Limited

          1,553,934   
  20,564     

AFLAC Incorporated

          1,289,774   
  20,170     

Allstate Corporation

          1,148,682   
  66,050     

American International Group, Inc.

          3,509,236   
  13,584     

AON PLC

          1,153,010   
  3,233     

Assurant Inc., (2)

          217,937   
  11,080     

Chubb Corporation

          1,020,246   
  6,639     

Cincinnati Financial Corporation

          323,585   
  22,348     

Genworth Financial Inc., Class A, (3)

          398,912   
  20,136     

Hartford Financial Services Group, Inc.

          722,278   
  11,896     

Lincoln National Corporation

          577,075   
  13,807     

Loews Corporation

          607,094   
  24,739     

Marsh & McLennan Companies, Inc.

          1,219,880   
  50,688     

MetLife, Inc.

          2,653,517   
  12,399     

Principal Financial Group, Inc.

          580,769   
  24,707     

Progressive Corporation

          599,145   
  20,888     

Prudential Financial, Inc.

          1,685,244   
  3,995     

Torchmark Corporation

          318,402   
  15,894     

Travelers Companies, Inc.

          1,439,679   
  11,704     

Unum Group

          388,807   
  12,454     

XL Capital Ltd, Class A

                390,433   
 

Total Insurance

                21,797,639   
 

Internet & Catalog Retail – 1.2%

       
  16,782     

Amazon.com, Inc., (3)

          5,103,910   
  4,637     

Expedia, Inc.

          329,181   

 

  26       Nuveen Investments


Shares     Description (1)                  Value  
 

Internet & Catalog Retail (continued)

       
  2,699     

NetFlix.com Inc., (3)

        $ 869,186   
  2,353     

priceline.com Incorporated, (3)

          2,724,186   
  5,182     

TripAdvisor Inc., (2), (3)

                418,395   
 

Total Internet & Catalog Retail

                9,444,858   
 

Internet Software & Services – 2.9%

       
  8,055     

Akamai Technologies, Inc., (3)

          427,479   
  52,567     

eBay Inc., (3)

          2,724,548   
  77,069     

Facebook Inc., Class A Shares, (3)

          4,607,185   
  12,735     

Google Inc., Class A, (3)

          6,811,697   
  12,735     

Google Inc., Class C Shares, (3)

          6,707,015   
  5,668     

VeriSign, Inc., (2), (3)

          267,416   
  42,349     

Yahoo! Inc., (3)

                1,522,447   
 

Total Internet Software & Services

                23,067,787   
 

IT Services – 3.3%

       
  28,738     

Accenture Limited

          2,305,362   
  2,279     

Alliance Data Systems Corporation, (2), (3)

          551,290   
  21,738     

Automatic Data Processing, Inc.

          1,694,694   
  27,403     

Cognizant Technology Solutions Corporation, Class A, (3)

          1,312,741   
  6,573     

Computer Sciences Corporation

          388,990   
  12,678     

Fidelity National Information Services

          677,386   
  11,481     

Fiserv, Inc., (3)

          697,815   
  44,160     

International Business Machines Corporation (IBM)

          8,676,115   
  46,036     

MasterCard, Inc.

          3,385,948   
  15,201     

Paychex, Inc.

          635,554   
  7,183     

Teradata Corporation, (2), (3)

          326,539   
  7,458     

Total System Services Inc.

          236,941   
  22,868     

Visa Inc., (2)

          4,633,285   
  25,829     

Western Union Company, (2)

          409,906   
  50,250     

Xerox Corporation

                607,523   
 

Total IT Services

                26,540,089   
 

Leisure Equipment & Products – 0.1%

       
  5,258     

Hasbro, Inc.

          290,557   
  15,355     

Mattel, Inc.

                602,146   
 

Total Leisure Equipment & Products

                892,703   
 

Life Sciences Tools & Services – 0.4%

       
  15,042     

Agilent Technologies, Inc.

          812,870   
  5,092     

Perkinelmer Inc.

          213,711   
  16,901     

Thermo Fisher Scientific, Inc.

          1,926,714   
  3,842     

Waters Corporation, (3)

                378,591   
 

Total Life Sciences Tools & Services

                3,331,886   

 

Nuveen Investments     27   


Nuveen Equity Index Fund (continued)

Portfolio of Investments April 30, 2014 (Unaudited)

 

Shares     Description (1)                  Value  
 

Machinery – 1.7%

       
  28,775     

Caterpillar Inc.

        $ 3,032,885   
  7,833     

Cummins Inc.

          1,181,608   
  16,679     

Deere & Company

          1,556,818   
  7,671     

Dover Corporation, (2)

          662,774   
  6,216     

Flowserve Corporation

          454,079   
  17,634     

Illinois Tool Works, Inc.

          1,502,946   
  11,665     

Ingersoll Rand Company Limited, Class A

          697,567   
  4,518     

Joy Global Inc., (2)

          272,797   
  16,560     

PACCAR Inc.

          1,059,509   
  4,952     

Pall Corporation

          416,711   
  6,979     

Parker Hannifin Corporation

          885,496   
  8,903     

Pentair Limited

          661,404   
  2,622     

Snap-on Incorporated

          304,152   
  7,019     

Stanley Black & Decker Inc.

          602,862   
  8,332     

Xylem Inc.

                313,200   
 

Total Machinery

                13,604,808   
 

Media – 3.4%

       
  10,245     

Cablevision Systems Corporation

          171,092   
  24,895     

CBS Corporation, Class B

          1,437,935   
  117,592     

Comcast Corporation, Class A, (2)

          6,086,562   
  21,376     

DirecTV, (3)

          1,658,778   
  10,034     

Discovery Communications inc., Class A Shares, (2), (3)

          761,581   
  10,658     

Gannett Company Inc., (2)

          289,578   
  19,467     

Interpublic Group Companies, Inc.

          339,115   
  22,464     

News Corporation, Class A Shares, (3)

          382,337   
  11,648     

Omnicom Group, Inc.

          788,337   
  4,272     

Scripps Networks Interactive, Class A Shares

          320,699   
  12,517     

Time Warner Cable, Class A

          1,770,655   
  40,270     

Time Warner Inc.

          2,676,393   
  87,557     

Twenty First Century Fox Inc., Class A Shares, (2)

          2,803,575   
  17,978     

Viacom Inc., Class B

          1,527,770   
  73,510     

Walt Disney Company, (2)

                5,832,283   
 

Total Media

                26,846,690   
 

Metals & Mining – 0.5%

       
  50,026     

Alcoa Inc.

          673,850   
  4,870     

Allegheny Technologies, Inc., (2)

          200,644   
  46,848     

Freeport-McMoRan Copper & Gold, Inc.

          1,610,166   
  22,463     

Newmont Mining Corporation

          557,756   
  14,882     

Nucor Corporation

          770,144   

 

  28       Nuveen Investments


Shares     Description (1)                  Value  
 

Metals & Mining (continued)

       
  6,927     

United States Steel Corporation

              $ 180,241   
 

Total Metals & Mining

                3,992,801   
 

Multiline Retail – 0.6%

       
  13,293     

Dollar General Corporation, (3)

          750,257   
  9,387     

Dollar Tree Stores Inc., (3)

          488,781   
  4,312     

Family Dollar Stores, Inc.

          253,330   
  9,081     

Kohl’s Corporation, (2)

          497,548   
  16,623     

Macy’s, Inc.

          954,659   
  6,689     

Nordstrom, Inc., (2)

          409,902   
  28,516     

Target Corporation, (2)

                1,760,863   
 

Total Multiline Retail

                5,115,340   
 

Multi-Utilities – 1.2%

       
  10,946     

Ameren Corporation

          452,179   
  19,346     

CenterPoint Energy, Inc.

          479,007   
  12,733     

CMS Energy Corporation

          385,937   
  13,214     

Consolidated Edison, Inc.

          766,808   
  26,233     

Dominion Resources, Inc.

          1,902,942   
  7,990     

DTE Energy Company

          624,339   
  3,607     

Integrys Energy Group, Inc.

          221,037   
  14,969     

NiSource Inc.

          543,674   
  20,646     

PG&E Corporation

          941,045   
  22,835     

Public Service Enterprise Group Incorporated

          935,550   
  6,367     

Scana Corporation

          341,781   
  10,254     

Sempra Energy

          1,011,147   
  9,553     

TECO Energy, Inc., (2)

          171,572   
  10,193     

Wisconsin Energy Corporation

                494,157   
 

Total Multi-Utilities

                9,271,175   
 

Oil, Gas & Consumable Fuels – 8.2%

       
  22,727     

Anadarko Petroleum Corporation

          2,250,428   
  17,808     

Apache Corporation

          1,545,734   
  19,049     

Cabot Oil & Gas Corporation

          748,245   
  22,842     

Chesapeake Energy Corporation, (2)

          656,708   
  86,129     

Chevron Corporation

          10,810,912   
  55,314     

ConocoPhillips

          4,110,383   
  10,339     

CONSOL Energy Inc., (2)

          460,189   
  16,059     

Denbury Resources Inc., (2)

          270,112   
  17,277     

Devon Energy Corporation

          1,209,390   
  24,644     

EOG Resources, Inc.

          2,415,112   
  6,808     

EQT Corporation

          742,004   

 

Nuveen Investments     29   


Nuveen Equity Index Fund (continued)

Portfolio of Investments April 30, 2014 (Unaudited)

 

Shares     Description (1)                  Value  
 

Oil, Gas & Consumable Fuels (continued)

       
  194,948     

Exxon Mobil Corporation

        $ 19,964,625   
  12,328     

Hess Corporation

          1,099,164   
  31,356     

Kinder Morgan, Inc.

          1,024,087   
  31,441     

Marathon Oil Corporation

          1,136,592   
  13,288     

Marathon Petroleum Corporation

          1,235,120   
  7,768     

Murphy Oil Corporation

          492,724   
  6,149     

Newfield Exploration Company, (3)

          208,144   
  16,236     

Noble Energy, Inc.

          1,165,420   
  35,854     

Occidental Petroleum Corporation

          3,433,021   
  7,868     

ONEOK, Inc.

          497,415   
  12,923     

Peabody Energy Corporation

          245,666   
  26,509     

Phillips 66

          2,206,079   
  6,447     

Pioneer Natural Resources Company, (2)

          1,246,012   
  8,091     

QEP Resources Inc., (2)

          248,313   
  7,641     

Range Resources Corporation, (2)

          691,128   
  15,921     

Southwestern Energy Company, (3)

          762,297   
  30,235     

Spectra Energy Corporation

          1,200,632   
  5,946     

Tesoro Corporation

          334,700   
  24,023     

Valero Energy Corporation

          1,373,395   
  30,876     

Williams Companies, Inc.

                1,302,041   
 

Total Oil, Gas & Consumable Fuels

                65,085,792   
 

Paper & Forest Products – 0.1%

       
  19,796     

International Paper Company

                923,483   
 

Personal Products – 0.1%

       
  20,288     

Avon Products, Inc.

          310,001   
  11,530     

Estee Lauder Companies Inc., Class A

                836,732   
 

Total Personal Products

                1,146,733   
 

Pharmaceuticals – 6.0%

       
  71,664     

AbbVie Inc.

          3,732,261   
  7,858     

Actavis Inc., (2), (3)

          1,605,625   
  13,466     

Allergan, Inc.

          2,233,201   
  74,170     

Bristol-Myers Squibb Company

          3,715,175   
  44,452     

Eli Lilly and Company

          2,627,113   
  10,759     

Forest Laboratories, Inc., (3)

          988,860   
  7,510     

Hospira Inc., (3)

          343,958   
  127,622     

Johnson & Johnson

          12,926,831   
  132,662     

Merck & Company Inc.

          7,768,687   
  16,778     

Mylan Laboratories Inc., (2), (3)

          851,987   
  6,033     

Perrigo Company

          873,940   

 

  30       Nuveen Investments


Shares     Description (1)                  Value  
 

Pharmaceuticals (continued)

       
  287,958     

Pfizer Inc.

        $ 9,007,326   
  21,570     

Zoetis Incorporated

                652,708   
 

Total Pharmaceuticals

                47,327,672   
 

Professional Services – 0.2%

       
  1,697     

Dun and Bradstreet Inc.

          187,960   
  5,506     

Equifax Inc.

          389,880   
  10,294     

Nielsen Holdings BV

          483,303   
  6,201     

Robert Half International Inc.

                277,805   
 

Total Professional Services

                1,338,948   
 

Real Estate Investment Trust – 2.1%

       
  17,820     

American Tower Corporation, (2)

          1,488,326   
  6,987     

Apartment Investment & Management Company, Class A

          215,409   
  5,488     

AvalonBay Communities, Inc.

          749,386   
  7,526     

Boston Properties, Inc.

          881,596   
  15,172     

Crown Castle International Corporation

          1,103,460   
  15,899     

Equity Residential, (2)

          945,037   
  1,855     

Essex Property Trust Inc., (2)

          321,397   
  14,495     

General Growth Properties Inc., (2)

          332,950   
  20,625     

Health Care Property Investors Inc., (2)

          863,363   
  13,499     

Health Care REIT, Inc., (2)

          851,652   
  36,067     

Host Hotels & Resorts Inc., (2)

          773,637   
  19,618     

Kimco Realty Corporation

          449,645   
  2,377     

Macerich Company

          154,291   
  8,400     

Plum Creek Timber Company

          366,240   
  24,508     

Prologis Inc.

          995,760   
  6,522     

Public Storage, Inc., (2)

          1,144,676   
  14,177     

Simon Property Group, Inc.

          2,455,456   
  13,282     

Ventas Inc.

          877,675   
  8,407     

Vornado Realty Trust, (2)

          862,558   
  26,371     

Weyerhaeuser Company

                787,174   
 

Total Real Estate Investment Trust

                16,619,688   
 

Real Estate Management & Development – 0.0%

       
  12,581     

CBRE Group Inc., (3)

                335,158   
 

Road & Rail – 0.9%

       
  45,457     

CSX Corporation

          1,282,797   
  5,154     

Kansas City Southern Industries

          519,936   
  13,972     

Norfolk Southern Corporation

          1,320,773   
  2,505     

Ryder System, Inc.

          205,861   
  20,529     

Union Pacific Corporation

                3,909,337   
 

Total Road & Rail

                7,238,704   

 

Nuveen Investments     31   


Nuveen Equity Index Fund (continued)

Portfolio of Investments April 30, 2014 (Unaudited)

 

Shares     Description (1)                  Value  
 

Semiconductors & Equipment – 2.0%

       
  14,327     

Altera Corporation

        $ 465,914   
  14,100     

Analog Devices, Inc.

          723,189   
  54,636     

Applied Materials, Inc.

          1,041,362   
  24,900     

Broadcom Corporation, Class A

          767,169   
  3,188     

First Solar Inc., (3)

          215,158   
  224,306     

Intel Corporation

          5,986,725   
  7,794     

KLA-Tencor Corporation, (2)

          498,738   
  7,322     

Lam Research Corporation, (3)

          421,820   
  10,643     

Linear Technology Corporation, (2)

          473,614   
  25,188     

LSI Logic Corporation

          280,594   
  8,983     

Microchip Technology Incorporated, (2)

          427,052   
  47,860     

Micron Technology, Inc., (2), (3)

          1,250,103   
  25,004     

NVIDIA Corporation, (2)

          461,824   
  48,913     

Texas Instruments Incorporated

          2,223,096   
  12,038     

Xilinx, Inc.

                568,073   
 

Total Semiconductors & Equipment

                15,804,431   
 

Software – 3.4%

       
  20,956     

Adobe Systems Incorporated, (3)

          1,292,776   
  10,680     

Autodesk, Inc., (3)

          512,854   
  14,545     

CA Inc.

          438,386   
  8,289     

Citrix Systems, (2), (3)

          491,621   
  13,967     

Electronic Arts Inc., (3)

          395,266   
  12,781     

Intuit, Inc.

          968,161   
  340,774     

Microsoft Corporation

          13,767,268   
  156,229     

Oracle Corporation

          6,386,642   
  8,551     

Red Hat, Inc., (3)

          416,006   
  25,947     

Salesforce.com, Inc., (2), (3)

          1,340,163   
  31,198     

Symantec Corporation

                632,695   
 

Total Software

                26,641,838   
 

Specialty Retail – 2.0%

       
  1,921     

AutoNation Inc., (3)

          101,794   
  1,521     

AutoZone, Inc., (2), (3)

          812,047   
  9,605     

Bed Bath and Beyond Inc., (2), (3)

          596,759   
  12,332     

Best Buy Co., Inc., (2)

          319,769   
  10,707     

CarMax, Inc., (2), (3)

          468,752   
  5,225     

GameStop Corporation, (2)

          207,328   
  11,951     

Gap, Inc.

          469,674   
  63,531     

Home Depot, Inc.

          5,051,348   
  11,404     

L Brands Inc.

          618,097   

 

  32       Nuveen Investments


Shares     Description (1)                  Value  
 

Specialty Retail (continued)

       
  47,181     

Lowe’s Companies, Inc.

        $ 2,166,080   
  4,798     

O’Reilly Automotive Inc., (2), (3)

          713,894   
  4,679     

PetSmart Inc.

          316,675   
  9,695     

Ross Stores, Inc.

          660,036   
  29,356     

Staples, Inc., (2)

          366,950   
  4,967     

Tiffany & Co.

          434,563   
  32,084     

TJX Companies, Inc.

          1,866,647   
  4,622     

Tractor Supply Company

          310,783   
  4,917     

Urban Outfitters, Inc., (3)

                175,316   
 

Total Specialty Retail

                15,656,512   
 

Textiles, Apparel & Luxury Goods – 0.8%

       
  12,523     

Coach, Inc., (2)

          559,152   
  2,168     

Fossil Group Inc., (3)

          231,217   
  8,094     

Michael Kors Holdings Limited, (3)

          738,173   
  33,555     

Nike, Inc., Class B

          2,447,837   
  3,109     

PVH Corporation

          390,397   
  2,667     

Ralph Lauren Corporation

          403,704   
  7,547     

Under Armour, Inc., (3)

          368,973   
  15,894     

VF Corporation, (2)

                970,964   
 

Total Textiles, Apparel & Luxury Goods

                6,110,417   
 

Thrifts & Mortgage Finance – 0.1%

       
  22,766     

Hudson City Bancorp, Inc.

          226,749   
  13,996     

People’s United Financial, Inc.

                199,863   
 

Total Thrifts & Mortgage Finance

                426,612   
 

Tobacco – 1.4%

       
  89,905     

Altria Group, Inc., (2)

          3,606,090   
  16,340     

Lorillard Inc.

          970,923   
  71,515     

Philip Morris International

          6,109,524   
  14,050     

Reynolds American Inc.

                792,842   
 

Total Tobacco

                11,479,379   
 

Trading Companies & Distributors – 0.2%

       
  12,769     

Fastenal Company

          639,472   
  2,763     

W.W. Grainger, Inc., (2)

                702,907   
 

Total Trading Companies & Distributors

                1,342,379   
 

Total Long-Term Investments (cost $298,011,264)

                758,603,689   

 

Nuveen Investments     33   


Nuveen Equity Index Fund (continued)

Portfolio of Investments April 30, 2014 (Unaudited)

 

Shares     Description (1)                        Value  
 

INVESTMENTS PURCHASED WITH COLLATERAL FROM SECURITIES LENDING – 10.8%

  

 

Money Market Funds – 10.8%

       
  85,941,385     

Mount Vernon Securities Lending Prime Portfolio, 0.172%, (4), (5)

                          $ 85,941,385   
 

Total Investments Purchased with Collateral from Securities Lending (cost $85,941,385)

  

                    85,941,385   
Principal
Amount (000)
    Description (1)   Coupon     Maturity     Rating (6)     Value  
 

SHORT-TERM INVESTMENTS – 0.8%

       
 

Money Market Funds – 0.4%

       
$ 3,114,453     

First American Treasury Obligations Fund, Class Z

    0.000 % (4)      N/A        N/A      $ 3,114,453   
 

U.S. Government and Agency Obligations – 0.4%

       
  3,000     

U.S. Treasury Bills, (7)

    0.000     7/24/14        AAA        2,999,895   
 

Total Short-Term Investments (cost $6,114,050)

                            6,114,348   
 

Total Investments (cost $390,066,699) – 107.1%

                            850,659,422   
 

Other Assets Less Liabilities – (7.1)%

                            (56,465,099
 

Net Assets – 100%

                          $ 794,194,323   

Investments in Derivatives as of April 30, 2014

Futures Contracts outstanding:

 

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

 

 

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

 

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

 

(2) Investment, or portion of investment, is out on loan for securities lending. The total value of securities out on loan as of the end of the reporting period was $84,193,124.

 

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

 

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

 

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

 

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

 

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

 

N/A Not applicable.

 

ADR American Depositary Receipt.

 

REIT Real Estate Investment Trust.

 

See accompanying notes to financial statements.

 

  34       Nuveen Investments


Nuveen Mid Cap Index Fund

Portfolio of Investments April 30, 2014 (Unaudited)

 

Shares     Description (1)                  Value  
 

LONG-TERM INVESTMENTS – 91.8%

       
 

COMMON STOCKS – 91.8%

       
 

Aerospace & Defense – 1.7%

       
  12,489     

Alliant Techsystems Inc., (2)

        $ 1,801,164   
  40,642     

BE Aerospace Inc., (3)

          3,567,148   
  12,139     

Esterline Technologies Corporation, (3)

          1,323,394   
  73,007     

Exelis Inc.

          1,353,550   
  19,460     

Huntington Ingalls Industries Inc.

          2,004,380   
  20,019     

Triumph Group Inc.

                1,297,431   
 

Total Aerospace & Defense

                11,347,067   
 

Air Freight & Logistics – 0.1%

       
  40,560     

UTI Worldwide, Inc., (2)

                397,082   
 

Airlines – 0.5%

       
  27,259     

Alaska Air Group, Inc.

          2,564,527   
  87,586     

JetBlue Airways Corporation, (2), (3)

                692,367   
 

Total Airlines

                3,256,894   
 

Auto Components – 0.2%

       
  55,719     

Gentex Corporation

                1,597,464   
 

Automobiles – 0.2%

       
  17,084     

Thor Industries, Inc.

                1,039,903   
 

Banks – 4.3%

       
  65,082     

Associated Banc-Corp., (2)

          1,142,189   
  32,504     

BancorpSouth Inc., (2)

          759,293   
  17,402     

Bank of Hawaii Corporation, (2)

          960,068   
  28,951     

Cathay General Bancorp.

          683,244   
  18,492     

City National Corporation

          1,341,964   
  31,406     

Commerce Bancshares Inc.

          1,365,533   
  21,597     

Cullen/Frost Bankers, Inc., (2)

          1,650,227   
  52,844     

East West Bancorp Inc.

          1,823,646   
  93,609     

First Horizon National Corporation, (2)

          1,075,567   
  137,351     

First Niagara Financial Group Inc.

          1,225,171   
  64,316     

FirstMerit Corporation

          1,247,087   
  75,728     

Fulton Financial Corporation

          923,124   
  32,939     

Hancock Holding Company

          1,111,032   
  22,348     

International Bancshares Corporation

          513,110   
  25,441     

Pacwest Bancorp.

          1,001,612   
  18,245     

Prosperity Bancshares, Inc.

          1,076,455   

 

Nuveen Investments     35   


Nuveen Mid Cap Index Fund (continued)

Portfolio of Investments April 30, 2014 (Unaudited)

 

Shares     Description (1)                  Value  
 

Banks (continued)

       
  18,340     

Signature Bank, (3)

        $ 2,179,159   
  17,493     

SVB Financial Group, (3)

          1,866,328   
  375,448     

Synovus Financial Corp.

          1,205,188   
  63,567     

TCF Financial Corporation

          998,002   
  26,062     

Trustmark Corporation

          596,038   
  30,053     

Umpqua Holdings Corporation

          499,781   
  77,317     

Valley National Bancorp., (2)

          774,716   
  35,024     

Webster Financial Corporation

          1,055,623   
  10,470     

Westamerica Bancorp., (2)

                532,085   
 

Total Banks

                27,606,242   
 

Biotechnology – 0.6%

       
  28,582     

Cubist Pharmaceuticals Inc., (2), (3)

          2,002,455   
  17,926     

United Therapeutics Corporation, (3)

                1,792,779   
 

Total Biotechnology

                3,795,234   
 

Building Products – 0.8%

       
  64,036     

Fortune Brands Home & Security

          2,551,835   
  17,795     

Lennox International Inc.

          1,491,755   
  29,495     

Smith AO Corporation

                1,379,186   
 

Total Building Products

                5,422,776   
 

Capital Markets – 2.2%

       
  20,465     

Affiliated Managers Group Inc., (3)

          4,056,163   
  47,114     

Eaton Vance Corporation

          1,699,402   
  36,598     

Federated Investors Inc., (2)

          1,044,507   
  10,173     

Greenhill & Co Inc., (2)

          510,176   
  59,237     

Janus Capital Group Inc., (2)

          718,545   
  43,893     

Raymond James Financial Inc.

          2,181,482   
  52,183     

SEI Investments Company

          1,689,686   
  33,346     

Waddell & Reed Financial, Inc., Class A

                2,249,188   
 

Total Capital Markets

                14,149,149   
 

Chemicals – 2.8%

       
  31,560     

Albemarle Corporation

          2,115,782   
  28,519     

Ashland Inc.

          2,754,935   
  23,279     

Cabot Corporation

          1,345,526   
  14,168     

Cytec Industries, Inc.

          1,350,494   
  20,873     

Interpid Potash Inc., (2), (3)

          340,230   
  13,528     

Minerals Technologies Inc.

          804,781   
  4,138     

NewMarket Corporation, (2)

          1,540,660   
  31,158     

Olin Corporation, (2)

          875,540   
  20,879     

PolyOne Corporation

          782,336   

 

  36       Nuveen Investments


Shares     Description (1)                  Value  
 

Chemicals (continued)

       
  51,419     

RPM International, Inc.

        $ 2,193,535   
  15,085     

Scotts Miracle Gro Company

          923,353   
  19,419     

Sensient Technologies Corporation

          1,049,597   
  31,715     

Valspar Corporation

                2,316,464   
 

Total Chemicals

                18,393,233   
 

Commercial Services & Supplies – 1.6%

       
  18,609     

Brinks Company

          473,413   
  20,907     

Clean Harbors, Inc., (2), (3)

          1,254,420   
  41,377     

Copart Inc., (3)

          1,500,744   
  19,738     

Deluxe Corporation

          1,084,603   
  17,641     

HNI Corporation

          621,492   
  22,653     

Miller (Herman) Inc.

          698,392   
  12,107     

MSA Safety Inc.

          638,644   
  76,467     

R.R. Donnelley & Sons Company

          1,345,819   
  25,543     

Rollins Inc.

          768,333   
  47,893     

Waste Connections Inc.

                2,138,901   
 

Total Commercial Services & Supplies

                10,524,761   
 

Communications Equipment – 0.9%

       
  23,001     

ADTRAN, Inc.

          515,912   
  39,397     

Ciena Corporation, (2), (3)

          778,879   
  15,969     

Interdigital Inc., (2)

          554,444   
  89,859     

JDS Uniphase Corporation, (3)

          1,138,514   
  16,797     

Plantronics Inc.

          731,845   
  46,884     

Polycom Inc., (3)

          576,673   
  63,417     

Riverbed Technology, Inc., (3)

                1,233,461   
 

Total Communications Equipment

                5,529,728   
 

Computers & Peripherals – 0.9%

       
  36,891     

3D Systems Corporation, (2), (3)

          1,746,420   
  24,703     

Diebold Inc., (2)

          929,080   
  24,452     

Lexmark International, Inc., Class A, (2)

          1,051,436   
  63,795     

NCR Corporation, (3)

                1,946,385   
 

Total Computers & Peripherals

                5,673,321   
 

Construction & Engineering – 0.7%

       
  40,002     

AECOM Technology Corporation, (3)

          1,296,865   
  13,828     

Granite Construction Inc.

          516,891   
  57,359     

KBR Inc.

          1,455,198   
  29,452     

URS Corporation

                1,387,778   
 

Total Construction & Engineering

                4,656,732   

 

Nuveen Investments     37   


Nuveen Mid Cap Index Fund (continued)

Portfolio of Investments April 30, 2014 (Unaudited)

 

Shares     Description (1)                  Value  
 

Construction Materials – 0.6%

       
  19,281     

Eagle Materials Inc.

        $ 1,606,686   
  17,821     

Martin Marietta Materials, (2)

                2,215,685   
 

Total Construction Materials

                3,822,371   
 

Containers & Packaging – 1.6%

       
  25,881     

AptarGroup Inc.

          1,744,897   
  11,808     

Greif Inc.

          639,876   
  38,066     

Packaging Corp. of America

          2,536,338   
  27,913     

Rock-Tenn Company

          2,668,762   
  17,563     

Silgan Holdings, Inc.

          873,759   
  39,281     

Sonoco Products Company

                1,652,944   
 

Total Containers & Packaging

                10,116,576   
 

Distributors – 0.5%

       
  115,876     

LKQ Corporation, (3)

                3,374,309   
 

Diversified Consumer Services – 0.8%

       
  38,891     

Apollo Group, Inc., (2), (3)

          1,122,394   
  21,964     

Devry Education Group Inc., (2)

          989,039   
  10,713     

Matthews International Corporation, (2)

          432,270   
  82,140     

Service Corporation International

          1,541,768   
  26,496     

Sothebys Holdings Inc., (2)

                1,114,422   
 

Total Diversified Consumer Services

                5,199,893   
 

Diversified Financial Services – 0.6%

       
  33,867     

CBOE Holdings Inc.

          1,807,143   
  46,846     

MSCI Inc., Class A Shares, (3)

                1,899,137   
 

Total Diversified Financial Services

                3,706,280   
 

Diversified Telecommunication Services – 0.3%

       
  58,333     

TW Telecom Inc., (3)

                1,790,240   
 

Electric Utilities – 1.6%

       
  23,456     

Cleco Corporation

          1,232,613   
  59,651     

Great Plains Energy Incorporated

          1,600,436   
  38,240     

Hawaiian Electric Industries, (2)

          917,378   
  19,494     

IDACORP, INC

          1,094,393   
  76,925     

OGE Energy Corp.

          2,871,610   
  30,910     

PNM Resources Inc.

          855,589   
  49,239     

Westar Energy Inc., (2)

                1,766,695   
 

Total Electric Utilities

                10,338,714   
 

Electrical Equipment – 1.0%

       
  16,623     

Acuity Brands Inc.

          2,070,727   
  19,479     

General Cable Corporation

          499,052   

 

  38       Nuveen Investments


Shares     Description (1)                  Value  
 

Electrical Equipment (continued)

       
  20,730     

Hubbell Incorporated, Class B

        $ 2,440,336   
  17,457     

Regal-Beloit Corporation

                1,304,562   
 

Total Electrical Equipment

                6,314,677   
 

Electronic Equipment & Instruments – 2.6%

       
  40,618     

Arrow Electronics, Inc., (3)

          2,305,072   
  53,184     

Avnet Inc.

          2,293,826   
  16,360     

FEI Company

          1,300,947   
  59,114     

Ingram Micro, Inc., Class A, (3)

          1,593,713   
  15,340     

Itron Inc., (3)

          582,920   
  32,864     

Knowles Corporation, (3)

          917,892   
  36,917     

National Instruments Corporation

          1,008,203   
  14,653     

Tech Data Corporation, (3)

          915,666   
  99,263     

Trimble Navigation Limited, (3)

          3,814,677   
  51,266     

Vishay Intertechnology Inc., (2)

          729,003   
  19,760     

Zebra Technologies Corporation, Class A, (3)

                1,372,134   
 

Total Electronic Equipment & Instruments

                16,834,053   
 

Energy Equipment & Services – 2.7%

       
  22,217     

Atwood Oceanics Inc., (3)

          1,101,075   
  7,631     

Carbo Ceramics Inc., (2)

          1,067,653   
  29,557     

Dresser Rand Group, Inc., (3)

          1,786,425   
  14,175     

Dril Quip Inc., (3)

          1,603,476   
  38,405     

Helix Energy Solutions Group, (3)

          923,256   
  41,986     

Oceaneering International Inc.

          3,076,734   
  21,329     

Oil States International Inc., (3)

          2,071,899   
  56,821     

Patterson-UTI Energy, Inc.

          1,848,387   
  61,926     

Superior Energy Services, Inc.

          2,038,604   
  19,203     

Tidewater Inc.

          978,009   
  16,952     

Unit Corporation, (3)

                1,117,984   
 

Total Energy Equipment & Services

                17,613,502   
 

Food & Staples Retailing – 0.3%

       
  77,838     

SUPERVALU INC., (3)

          544,088   
  19,136     

United Natural Foods Inc., (3)

                1,320,958   
 

Total Food & Staples Retailing

                1,865,046   
 

Food Products – 1.7%

       
  36,220     

Dean Foods Company

          573,725   
  66,785     

Flowers Foods Inc.

          1,370,428   
  18,454     

Hain Celestial Group Inc., (2), (3)

          1,587,413   
  47,759     

Hillshire Brands Company

          1,702,608   
  30,062     

Ingredion Inc.

          2,117,868   

 

Nuveen Investments     39   


Nuveen Mid Cap Index Fund (continued)

Portfolio of Investments April 30, 2014 (Unaudited)

 

Shares     Description (1)                  Value  
 

Food Products (continued)

       
  7,527     

Lancaster Colony Corporation

        $ 714,162   
  12,678     

Post Holdings Inc., (2), (3)

          662,552   
  8,497     

Tootsie Roll Industries Inc., (2)

          239,530   
  67,137     

WhiteWave Foods Company, (3)

                1,859,024   
 

Total Food Products

                10,827,310   
 

Gas Utilities – 1.4%

       
  35,138     

Atmos Energy Corporation

          1,793,444   
  32,421     

National Fuel Gas Company, (2)

          2,387,482   
  11,840     

One Gas Inc.

          433,107   
  67,930     

Questar Corporation

          1,649,340   
  44,176     

UGI Corporation

          2,062,577   
  20,063     

WGL Holdings Inc.

                798,307   
 

Total Gas Utilities

                9,124,257   
 

Health Care Equipment & Supplies – 2.8%

       
  27,370     

Align Technology, Inc., (3)

          1,379,174   
  18,882     

Cooper Companies, Inc.

          2,490,725   
  23,191     

Hill Rom Holdings Inc.

          866,416   
  104,506     

Hologic Inc., (2), (3)

          2,193,058   
  20,995     

Idexx Labs Inc., (2), (3)

          2,654,608   
  19,917     

Masimo Corporation, (3)

          532,979   
  55,284     

ResMed Inc., (2)

          2,755,907   
  20,392     

Sirona Dental Systems, Inc., (3)

          1,533,886   
  22,873     

Steris Corporation

          1,099,048   
  15,953     

Teleflex Inc., (2)

          1,628,642   
  22,247     

Thoratec Corporation, (3)

                729,257   
 

Total Health Care Equipment & Supplies

                17,863,700   
 

Health Care Providers & Services – 2.8%

       
  43,564     

Community Health Systems, Inc., (3)

          1,650,640   
  30,790     

Health Net Inc., (3)

          1,057,021   
  33,812     

Henry Schein Inc., (3)

          3,862,345   
  18,390     

Lifepoint Hospitals Inc., (3)

          1,028,369   
  38,820     

Medax Inc., (3)

          2,300,085   
  40,716     

Omnicare, Inc.

          2,413,237   
  24,573     

Owens and Minor Inc., (2)

          824,178   
  34,612     

Universal Health Services, Inc., Class B

          2,830,915   
  34,357     

VCA Antech, Inc., (3)

          1,052,355   
  16,866     

Wellcare Health Plans Inc., (3)

                1,137,949   
 

Total Health Care Providers & Services

                18,157,094   

 

  40       Nuveen Investments


Shares     Description (1)                  Value  
 

Health Care Technology – 0.2%

       
  60,904     

Allscripts Healthcare Solutions Inc., (3)

        $ 926,959   
  34,033     

HMS Holdings Corporation, (3)

                550,314   
 

Total Health Care Technology

                1,477,273   
 

Hotels, Restaurants & Leisure – 1.4%

       
  14,989     

Bally Technologies, Inc., (3)

          975,934   
  10,819     

Bob Evans Farms

          507,087   
  27,377     

Brinker International Inc., (2)

          1,345,306   
  17,061     

Cheesecake Factory Inc., (2)

          765,868   
  21,829     

Dominos Pizza Inc.

          1,623,641   
  9,909     

Intl Speedway Corporation

          311,539   
  15,369     

Life Time Fitness Inc., (2), (3)

          737,712   
  10,871     

Panera Bread Company, (3)

          1,662,937   
  109,907     

The Wendy’s Company

                913,327   
 

Total Hotels, Restaurants & Leisure

                8,843,351   
 

Household Durables – 1.6%

       
  43,947     

Jarden Corporation, (3)

          2,511,571   
  31,791     

KB Home, (2)

          524,869   
  15,171     

MDC Holdings Inc., (2)

          418,720   
  1,721     

NVR Inc., (3)

          1,853,517   
  23,419     

Tempur Pedic International Inc., (2), (3)

          1,175,165   
  61,339     

Toll Brothers Inc., (3)

          2,100,247   
  20,524     

Tupperware Corporation, (2)

                1,742,693   
 

Total Household Durables

                10,326,782   
 

Household Products – 1.0%

       
  53,626     

Church & Dwight Company Inc.

          3,700,730   
  24,153     

Energizer Holdings Inc., (2)

                2,697,649   
 

Total Household Products

                6,398,379   
 

Industrial Conglomerates – 0.3%

       
  24,692     

Carlisle Companies Inc.

                2,030,917   
 

Insurance – 4.8%

       
  6,538     

Alleghany Corporation, Term Loan, (3)

          2,667,373   
  27,405     

American Financial Group Inc.

          1,601,274   
  49,188     

Arthur J. Gallagher & Co.

          2,214,444   
  26,433     

Aspen Insurance Holdings Limited

          1,210,103   
  45,831     

Brown & Brown Inc.

          1,364,847   
  19,392     

Everest Reinsurance Group Ltd

          3,064,518   
  102,240     

Fidelity National Title Group Inc., Class A

          3,290,083   
  41,981     

First American Corporation, (2)

          1,116,695   

 

Nuveen Investments     41   


Nuveen Mid Cap Index Fund (continued)

Portfolio of Investments April 30, 2014 (Unaudited)

 

Shares     Description (1)                  Value  
 

Insurance (continued)

       
  17,079     

Hanover Insurance Group Inc.

        $ 998,268   
  38,960     

HCC Insurance Holdings Inc.

          1,789,822   
  20,946     

Kemper Corporation

          825,482   
  14,067     

Mercury General Corporation, (2)

          673,247   
  93,677     

Old Republic International Corporation

          1,551,291   
  17,913     

Primerica Inc.

          822,028   
  30,442     

Protective Life Corporation

          1,557,108   
  28,133     

Reinsurance Group of America Inc.

          2,158,082   
  11,882     

RenaisasnceRE Holdings, Limited, (2)

          1,202,577   
  17,180     

StanCorp Financial Group Inc.

          1,049,698   
  42,760     

WR Berkley Corporation

                1,891,702   
 

Total Insurance

                31,048,642   
 

Internet & Catalog Retail – 0.1%

       
  13,878     

Hosting Site Network, Inc.

                805,479   
 

Internet Software & Services – 1.1%

       
  30,056     

AOL Inc., (2), (3)

          1,286,697   
  27,801     

Conversant Inc., (2), (3)

          679,456   
  19,152     

Equinix Inc., (2), (3)

          3,596,937   
  44,247     

Rackspace Hosting Inc., (2), (3)

                1,284,048   
 

Total Internet Software & Services

                6,847,138   
 

IT Services – 2.6%

       
  28,683     

Acxiom Corporation, (3)

          810,008   
  47,042     

Broadridge Financial Solutions, Inc.

          1,803,590   
  40,770     

Convergys Corporation, (2)

          878,186   
  37,057     

CoreLogic Inc., (3)

          1,038,708   
  11,585     

DST Systems Inc.

          1,068,021   
  36,380     

Gartner Inc., (2), (3)

          2,508,037   
  30,026     

Global Payments Inc.

          2,006,638   
  33,417     

Henry Jack and Associates Inc.

          1,843,282   
  27,679     

Leidos Holdings Inc., (2)

          1,030,766   
  25,535     

NeuStar, Inc., (2), (3)

          656,760   
  16,106     

Science Applications International Corporation

          628,134   
  42,116     

VeriFone Holdings Inc., (3)

          1,408,359   
  15,057     

WEX Inc., (3)

                1,445,020   
 

Total IT Services

                17,125,509   
 

Leisure Equipment & Products – 0.7%

       
  35,100     

Brunswick Corporation

          1,410,669   
  24,807     

Polaris Industries Inc., (2)

                3,332,324   
 

Total Leisure Equipment & Products

                4,742,993   

 

  42       Nuveen Investments


Shares     Description (1)                  Value  
 

Life Sciences Tools & Services – 1.2%

       
  7,860     

Bio-Rad Laboratories Inc., (3)

        $ 968,431   
  19,026     

Charles River Laboratories International, Inc., (3)

          1,022,077   
  21,684     

Covance, Inc., (2), (3)

          1,914,264   
  11,713     

Mettler-Toledo International Inc., (3)

          2,730,535   
  12,729     

Techne Corporation

                1,136,827   
 

Total Life Sciences Tools & Services

                7,772,134   
 

Machinery – 5.2%

       
  37,763     

AGCO Corporation, (2)

          2,103,399   
  19,281     

CLARCOR, Inc.

          1,113,671   
  18,853     

Crane Company

          1,371,179   
  52,463     

Donaldson Company, Inc.

          2,208,168   
  23,773     

Graco Inc.

          1,723,543   
  31,303     

Harsco Corporation

          749,081   
  31,911     

IDEX Corporation

          2,379,603   
  34,886     

ITT Industries, Inc.

          1,504,982   
  30,555     

Kennametal Inc., (2)

          1,427,835   
  32,187     

Lincoln Electric Holdings Inc.

          2,150,413   
  21,928     

Nordson Corporation

          1,630,347   
  34,144     

Oshkosh Truck Corporation

          1,895,333   
  18,158     

SPX Corporation

          1,849,211   
  43,151     

Terex Corporation, (2)

          1,868,007   
  30,969     

Timken Company

          1,953,525   
  30,735     

Trinity Industries Inc.

          2,306,969   
  9,136     

Valmont Industries, Inc., (2)

          1,360,442   
  37,329     

Wabtec Corporation

          2,782,877   
  23,480     

Woodward Governor Company

                1,052,608   
 

Total Machinery

                33,431,193   
 

Marine – 0.3%

       
  22,024     

Kirby Corporation, (3)

                2,216,055   
 

Media – 1.1%

       
  22,410     

AMC Networks Inc., Class A Shares, (3)

          1,471,665   
  39,481     

Cinemark Holdings Inc.

          1,169,427   
  27,601     

Dreamworks Animation SKG Inc., (2), (3)

          663,252   
  17,946     

John Wiley and Sons Inc., Class A

          1,031,177   
  25,298     

Lamar Advertising Company, (2), (3)

          1,262,876   
  13,982     

Meredith Corporation

          616,187   
  47,373     

New York Times, Class A, (2)

                761,758   
 

Total Media

                6,976,342   

 

Nuveen Investments     43   


Nuveen Mid Cap Index Fund (continued)

Portfolio of Investments April 30, 2014 (Unaudited)

 

Shares     Description (1)                  Value  
 

Metals & Mining – 1.6%

       
  17,185     

Carpenter Technology Inc.

        $ 1,079,218   
  59,477     

Cliffs Natural Resources Inc., (2)

          1,053,932   
  45,355     

Commercial Metals Company

          870,816   
  12,925     

Compass Minerals International, Inc., (2)

          1,183,930   
  29,760     

Reliance Steel & Aluminum Company

          2,107,603   
  25,239     

Royal Gold, Inc.

          1,670,822   
  85,526     

Steel Dynamics Inc.

          1,562,560   
  20,693     

Worthington Industries, Inc.

                761,502   
 

Total Metals & Mining

                10,290,383   
 

Multiline Retail – 0.3%

       
  22,592     

Big Lots, Inc., (2), (3)

          892,384   
  116,904     

J.C. Penney Company, Inc., (2), (3)

                996,022   
 

Total Multiline Retail

                1,888,406   
 

Multi-Utilities – 1.1%

       
  43,043     

Alliant Energy Corporation

          2,517,155   
  17,247     

Black Hills Corporation

          996,014   
  73,276     

MDU Resources Group Inc.

          2,595,436   
  31,927     

Vectren Corporation

                1,295,278   
 

Total Multi-Utilities

                7,403,883   
 

Oil, Gas & Consumable Fuels – 3.0%

       
  18,929     

Bill Barrett Corporation, (3)

          448,239   
  33,548     

Cimarex Energy Company

          3,996,238   
  28,027     

Energen Corporation

          2,183,584   
  32,451     

Gulfport Energy Corporation, (3)

          2,390,665   
  78,903     

HollyFrontier Company

          4,149,509   
  23,706     

Rosetta Resources, Inc., (3)

          1,122,242   
  25,718     

SM Energy Company

          1,906,475   
  28,182     

World Fuel Services Corporation, (2)

          1,283,408   
  77,992     

WPX Energy Inc., (3)

                1,659,670   
 

Total Oil, Gas & Consumable Fuels

                19,140,030   
 

Paper & Forest Products – 0.3%

       
  13,043     

Domtar Corporation

          1,217,694   
  54,079     

Louisiana-Pacific Corporation, (3)

                886,355   
 

Total Paper & Forest Products

                2,104,049   
 

Pharmaceuticals – 1.2%

       
  53,155     

Endo International PLC, (2), (3)

          3,345,841   
  22,821     

Mallinckrodt PLC, (2), (3)

          1,625,540   
  24,275     

Salix Pharmaceuticals Limited, (2), (3)

                2,670,250   
 

Total Pharmaceuticals

                7,641,631   

 

  44       Nuveen Investments


Shares     Description (1)                  Value  
 

Professional Services – 1.0%

       
  13,044     

Corporate Executive Board Company

        $ 900,297   
  15,642     

FTI Consulting Inc., (2), (3)

          536,521   
  29,930     

Manpower Inc.

          2,434,506   
  24,913     

Towers Watson & Company, Class A Shares

                2,795,737   
 

Total Professional Services

                6,667,061   
 

Real Estate Investment Trust – 7.8%

       
  27,333     

Alexandria Real Estate Equities Inc.

          2,017,722   
  40,660     

American Campus Communities Inc., (2)

          1,553,212   
  72,300     

BioMed Realty Trust Inc.

          1,511,070   
  32,921     

Camden Property Trust, (2)

          2,254,759   
  33,283     

Corporate Office Properties

          890,320   
  44,709     

Corrections Corporation of America, (2)

          1,466,455   
  126,584     

Duke Realty Corporation

          2,217,752   
  24,030     

Equity One Inc.

          541,396   
  40,211     

Extra Space Storage Inc.

          2,104,242   
  25,319     

Federal Realty Investment Trust, (2)

          2,975,995   
  31,875     

Highwoods Properties, Inc., (2)

          1,286,156   
  21,765     

Home Properties New York, Inc.

          1,340,724   
  57,246     

Hospitality Properties Trust

          1,720,242   
  29,239     

Kilroy Realty Corporation, (2)

          1,741,767   
  54,811     

Liberty Property Trust

          2,055,413   
  34,250     

Mack-Cali Realty Corporation

          697,673   
  28,983     

Mid-America Apartment Communities

          2,018,666   
  45,932     

National Retail Properties, Inc., (2)

          1,567,659   
  45,073     

Omega Healthcare Investors Inc., (2)

          1,567,639   
  15,712     

Potlatch Corporation

          600,670   
  48,904     

Rayonier Inc.

          2,205,570   
  79,549     

Realty Income Corporation, (2)

          3,456,404   
  35,547     

Regency Centers Corporation

          1,863,729   
  72,984     

Senior Housing Properties Trust, (2)

          1,712,934   
  35,544     

SL Green Realty Corporation, (2)

          3,721,812   
  24,745     

Taubman Centers Inc., (2)

          1,802,426   
  97,302     

UDR Inc.

          2,516,230   
  43,488     

Weingarten Realty Trust, (2)

                1,356,826   
 

Total Real Estate Investment Trust

                50,765,463   
 

Real Estate Management & Development – 0.4%

       
  16,706     

Alexander & Baldwin Inc.

          623,301   
  17,111     

Jones Lang LaSalle Inc.

                1,982,994   
 

Total Real Estate Management & Development

                2,606,295   

 

Nuveen Investments     45   


Nuveen Mid Cap Index Fund (continued)

Portfolio of Investments April 30, 2014 (Unaudited)

 

Shares     Description (1)                  Value  
 

Road & Rail – 1.3%

       
  21,863     

Con-Way, Inc.

        $ 928,740   
  19,216     

Genesee & Wyoming Inc., (3)

          1,902,576   
  35,134     

J.B. Hunt Transports Serives Inc.

          2,673,697   
  18,068     

Landstar System

          1,138,103   
  19,873     

Old Dominion Frght Line, (3)

          1,204,900   
  17,344     

Werner Enterprises, Inc.

                444,006   
 

Total Road & Rail

                8,292,022   
 

Semiconductors & Equipment – 2.5%

       
  236,520     

Advanced Micro Devices, Inc., (2), (3)

          967,367   
  166,330     

Atmel Corporation, (3)

          1,292,384   
  46,583     

Cree, Inc., (2), (3)

          2,197,320   
  52,495     

Cypress Semiconductor Corporation, (3)

          497,128   
  49,367     

Fairchild Semiconductor International Inc., Class A, (3)

          628,442   
  57,253     

Integrated Device Technology, Inc., (3)

          668,143   
  26,950     

International Rectifier Corporation, (3)

          701,778   
  49,355     

Intersil Holding Corporation, Class A

          609,041   
  109,141     

RF Micro Devices, Inc., (3)

          921,150   
  26,192     

Semtech Corporation, (3)

          628,084   
  15,154     

Silicon Laboratories Inc., (3)

          681,172   
  74,194     

Skyworks Solutions Inc., (3)

          3,045,664   
  97,419     

SunEdison Inc., (2), (3)

          1,873,367   
  73,950     

Teradyne Inc., (2)

                1,306,697   
 

Total Semiconductors & Equipment

                16,017,737   
 

Software – 3.9%

       
  15,463     

ACI Worldwide, Inc., (3)

          883,710   
  12,563     

Advent Software Inc.

          362,066   
  36,169     

Ansys Inc., (3)

          2,760,056   
  109,818     

Cadence Design Systems, Inc., (2), (3)

          1,708,768   
  16,775     

CommVault Systems, Inc., (2), (3)

          811,910   
  82,822     

Compuware Corporation

          858,036   
  17,766     

Concur Technologies, Inc., (2), (3)

          1,429,630   
  15,701     

FactSet Research Systems Inc., (2)

          1,672,157   
  13,921     

Fair Isaac Corporation

          796,281   
  52,997     

Fortinet Inc., (3)

          1,164,874   
  41,941     

Informatica Corporation, (3)

          1,486,808   
  36,789     

Mentor Graphics Corporation

          761,532   
  30,523     

Micros Systems, Inc., (3)

          1,571,935   
  46,392     

Parametric Technology Corporation, (3)

          1,640,885   
  40,114     

Rovi Corporation, (3)

          894,141   

 

  46       Nuveen Investments


Shares     Description (1)                  Value  
 

Software (continued)

       
  25,234     

Solarwinds, Inc., (3)

        $ 1,017,435   
  26,735     

Solera Holdings Inc.

          1,731,893   
  59,668     

Synopsys Inc., (3)

          2,244,710   
  60,494     

Tibco Software Inc., (3)

                1,187,497   
 

Total Software

                24,984,324   
 

Specialty Retail – 3.6%

       
  27,358     

Aaron Rents Inc., (2)

          806,240   
  29,482     

Abercrombie & Fitch Co., Class A, (2)

          1,083,758   
  28,380     

Advance Auto Parts, Inc.

          3,442,210   
  68,037     

American Eagle Outfitters, Inc., (2)

          786,508   
  18,293     

Ann Inc., (3)

          716,903   
  49,417     

Ascena Retail Group Inc., (3)

          849,972   
  18,038     

Cabela’s Incorporated, (2), (3)

          1,183,473   
  62,954     

Chico’s FAS, Inc.

          999,710   
  29,176     

CST Brands Inc.

          952,013   
  38,878     

Dick’s Sporting Goods Inc.

          2,047,315   
  58,258     

Foot Locker, Inc.

          2,710,745   
  23,706     

Guess Inc.

          637,928   
  17,138     

Murphy USA Inc., (3)

          728,365   
  182,661     

Office Depot, Inc., (3)

          747,083   
  21,261     

Rent-A-Center Inc., (2)

          621,034   
  31,384     

Signet Jewelers Limited

          3,179,827   
  33,361     

Williams-Sonoma Inc., (2)

                2,095,738   
 

Total Specialty Retail

                23,588,822   
 

Textiles, Apparel & Luxury Goods – 1.1%

       
  19,773     

Carter’s Inc.

          1,456,479   
  13,369     

Deckers Outdoor Corporation, (2), (3)

          1,055,483   
  38,241     

Hanesbrands Inc.

          3,139,205   
  47,706     

Kate Spade & Company, (3)

                1,658,738   
 

Total Textiles, Apparel & Luxury Goods

                7,309,905   
 

Thrifts & Mortgage Finance – 0.6%

       
  31,848     

Astoria Financial Corporation, (2)

          422,304   
  171,076     

New York Community Bancorp Inc., (2)

          2,636,281   
  40,431     

Washington Federal Inc.

                872,501   
 

Total Thrifts & Mortgage Finance

                3,931,086   
 

Tobacco – 0.1%

       
  9,056     

Universal Corporation, (2)

                494,186   

 

Nuveen Investments     47   


Nuveen Mid Cap Index Fund (continued)

Portfolio of Investments April 30, 2014 (Unaudited)

 

Shares     Description (1)                        Value  
 

Trading Companies & Distributors – 1.1%

       
  18,161     

GATX Corporation, (2)

        $ 1,191,906   
  18,175     

MSC Industrial Direct Inc., Class A

          1,655,016   
  36,568     

United Rentals Inc., (2), (3)

          3,431,177   
  11,520     

Watsco Inc.

                            1,185,523   
 

Total Trading Companies & Distributors

                            7,463,622   
 

Water Utilities – 0.3%

       
  68,268     

Aqua America Inc., (2)

                            1,712,844   
 

Wireless Telecommunication Services – 0.2%

       
  39,003     

Telephone and Data Systems Inc.

                            1,060,492   
 

Total Common Stocks (cost $415,966,722)

                            593,742,036   
Shares     Description (1)                        Value  
 

COMMON STOCK RIGHTS – 0.0%

       
  100,634     

Community Health Systems Inc., Stock Right, (3)

                          $ 6,048   
 

Total Common Stock Rights (cost $0)

                            6,048   
 

Total Long-Term Investments (cost $415,966,722)

                            593,748,084   
Shares     Description (1)                        Value  
 

INVESTMENTS PURCHASED WITH COLLATERAL FROM SECURITIES LENDING – 20.2%

  

   
 

Money Market Funds – 20.2%

       
  130,695,206     

Mount Vernon Securities Lending Prime Portfolio, 0.172%, (4), (5)

                          $ 130,489,406   
 

Total Investments Purchased with Collateral from Securities Lending (cost $130,489,406)

  

                    130,489,406   
Principal
Amount (000)
    Description (1)   Coupon     Maturity     Rating (6)     Value  
 

SHORT-TERM INVESTMENTS – 7.8%

       
 

Money Market Funds – 7.4%

       
$ 47,742,884     

First American Treasury Obligations Fund, Class Z

    0.000 % (4)      N/A        N/A      $ 47,742,884   
 

U.S. Government and Agency Obligations – 0.4%

       
  3,000     

U.S. Treasury Bills, (7)

    0.000     7/24/14        AAA        2,999,895   
 

Total Short-Term Investments (cost $50,742,498)

                            50,742,779   
 

Total Investments (cost $597,198,626) – 119.8%

                            774,980,269   
 

Other Assets Less Liabilities – (19.8)%

                            (127,891,721
 

Net Assets – 100%

                          $ 647,088,548   

Investments in Derivatives as of April 30, 2014

Futures Contracts outstanding:

 

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

 

  48       Nuveen Investments


 

 

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

 

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

 

(2) Investment, or portion of investment, is out on loan for securities lending. The total value of securities out on loan as of the end of the reporting period was $127,620,886.

 

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

 

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

 

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

 

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

 

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

 

N/A Not applicable.

 

ADR American Depositary Receipt.

 

See accompanying notes to financial statements.

 

Nuveen Investments     49   


Nuveen Small Cap Index Fund

Portfolio of Investments April 30, 2014 (Unaudited)

 

Shares     Description (1)                  Value  
 

LONG-TERM INVESTMENTS – 97.6%

       
 

COMMON STOCKS – 97.6%

       
 

Aerospace & Defense – 1.8%

       
  3,312     

AAR Corporation

        $ 85,781   
  1,544     

Aerovironment, Inc., (2)

          52,141   
  680     

American Science & Engineering Inc.

          45,696   
  2,690     

API Technologies Corporation, (2)

          6,133   
  1,256     

Astronics Corporation, (2)

          71,743   
  1,654     

Cubic Corporation

          78,449   
  3,903     

Curtiss Wright Corporation, (3)

          249,558   
  6,208     

DigitalGlobe Inc., (2)

          184,874   
  884     

Ducommon Inc., (2), (3)

          21,455   
  1,430     

Engility Holdings Inc., (2)

          62,405   
  292     

Erickson Air-Crane Inc., (2), (3)

          4,617   
  2,607     

Esterline Technologies Corporation, (2)

          284,215   
  5,042     

GenCorp Inc., (2), (3)

          88,538   
  5,529     

Heico Corporation

          305,864   
  1,049     

Innovative Solutions & Support, Inc., (2)

          7,060   
  2,657     

Keyw Holding Corporation, (2), (3)

          34,142   
  3,663     

Kratos Defence & Security Solutions Inc., (2)

          26,447   
  864     

LMI Aerospace, Inc., (2), (3)

          11,785   
  3,776     

Moog Inc., CLass A Shares, (2)

          247,139   
  401     

National Presto Industries Inc.

          28,976   
  4,999     

Orbital Sciences Corporation, (2)

          146,971   
  852     

Sparton Corporation, (2)

          23,140   
  4,268     

Taser International, Inc., (2)

          68,928   
  3,115     

Teledyne Technologies Inc., (2)

                289,259   
 

Total Aerospace & Defense

                2,425,316   
 

Air Freight & Logistics – 0.4%

       
  4,322     

Air Transport Servcies Group Inc., (2)

          33,841   
  2,152     

Atlas Air Worldwide Holdings Inc., (2)

          75,298   
  1,377     

Echo Global Logistics, Inc., (2), (3)

          26,934   
  2,515     

Forward Air Corporation

          111,238   
  3,082     

Hub Group, Inc., (2)

          137,611   
  722     

Park Ohio Holdings Corporation, (2)

          42,158   
  7,562     

UTI Worldwide, Inc., (3)

          74,032   
  4,293     

XPO Logistics, Incorporated, (2), (3)

                116,512   
 

Total Air Freight & Logistics

                617,624   

 

  50       Nuveen Investments


Shares     Description (1)                  Value  
 

Airlines – 0.5%

       
  1,250     

Allegiant Travel Company, (2)

        $ 146,813   
  4,326     

Hawaian Holdings Inc., (2), (3)

          62,511   
  20,324     

JetBlue Airways Corporation, (2), (3)

          160,661   
  4,095     

Republic Airways Holdings, Inc., (2)

          34,029   
  4,323     

Skywest Inc.

          50,147   
  5,024     

Spirit Airline Holdings, (2)

                285,564   
 

Total Airlines

                739,725   
 

Auto Components – 1.1%

       
  5,603     

American Axle and Manufacturing Holdings Inc., (2)

          98,893   
  5,279     

Cooper Tire & Rubber

          132,767   
  13,122     

Dana Holding Corporation

          277,793   
  2,102     

Dorman Products, Inc., (2), (3)

          120,970   
  1,910     

Drew Industries Inc., (2)

          96,111   
  1,643     

Federal Mogul Corporation, Class A Shares, (2)

          28,292   
  821     

Fox Factory Holding Corporation, (2), (3)

          13,949   
  1,171     

Fuel Systems Solutions, Inc., (2)

          12,272   
  2,785     

Gentherm Inc., (2)

          101,235   
  3,934     

Modine Manufacturing Company, (2)

          64,832   
  1,168     

Remy International Inc., (3)

          30,975   
  507     

Shiloh Industries, Inc., (2)

          10,008   
  2,842     

Spartan Motors, Inc.

          15,091   
  1,651     

Standard Motor Products Inc., (3)

          62,721   
  2,374     

Stoneridge Inc., (2)

          25,378   
  1,936     

Superior Industries International Inc.

          40,927   
  5,069     

Tenneco Inc., (2)

          303,481   
  509     

Tower International Inc., (2)

                14,155   
 

Total Auto Components

                1,449,850   
 

Automobiles – 0.0%

       
  2,338     

Winnebago Industries Inc., (2), (3)

                55,878   
 

Banks – 7.0%

       
  1,258     

1st Source Corporation

          37,098   
  2,491     

1st United Bancorp Inc/North, (3)

          18,234   
  609     

Access National Corporation

          8,983   
  655     

American National Bankshares, Inc.

          13,958   
  1,989     

Ameris Bancorp., (2)

          42,306   
  775     

Ames National Corporation, (3)

          16,918   
  888     

Arrow Financial Corporation, (3)

          22,227   
  1,361     

Banc of California Inc.

          17,108   
  590     

BancFirst Corporation

          34,344   

 

Nuveen Investments     51   


Nuveen Small Cap Index Fund (continued)

Portfolio of Investments April 30, 2014 (Unaudited)

 

Shares     Description (1)                  Value  
 

Banks (continued)

       
  2,439     

Banco Latinoamericano de Exportaciones S.A

        $ 62,731   
  2,738     

Bancorp, Inc., (2)

          43,315   
  7,933     

BancorpSouth Inc., (3)

          185,315   
  511     

Bank of Kentucky Financial Corporation

          17,635   
  453     

Bank of Marin Bancorp California

          20,571   
  2,591     

Bank of the Ozarks, Inc., (3)

          155,201   
  1,621     

Banner Corporation

          64,094   
  327     

Bar Harbor Bankshares

          12,289   
  6,581     

BBCN Bancorp Inc.

          101,413   
  1,526     

BNC Bancorp., (3)

          24,874   
  6,642     

Boston Private Financial Holdings Inc.

          83,091   
  931     

Bridge Bancorp Inc.

          22,642   
  744     

Bridge Capital Holdings, (2)

          16,666   
  1,126     

Bryn Mawr Bank

          30,717   
  272     

C & F Financial, Inc.

          8,500   
  636     

Camden National Corporation

          24,276   
  1,916     

Capital Bank Financial Corporation, Class A Shares, (2)

          45,697   
  1,039     

Capital City Bank

          14,442   
  2,522     

Cardinal Financial Corporation, (3)

          42,370   
  472     

Cascade Bancorp., (2)

          2,233   
  6,569     

Cathay General Bancorp.

          155,028   
  981     

Center Bancorp, Inc., (3)

          18,158   
  2,509     

Centerstate Banks of Florida, Inc.

          27,524   
  58     

Central Pacific Financial Corporation

          1,089   
  284     

Century Bancorp, Inc.

          9,514   
  2,457     

Chemical Financial Corporation

          68,968   
  300     

Chemung Financial Corporation

          8,577   
  1,027     

Citizens & Northern Corporation

          19,246   
  1,305     

City Holding Company, (3)

          56,102   
  1,198     

CNB Financial Corporation

          19,791   
  2,954     

Cobiz, Inc., (3)

          29,658   
  4,252     

Columbia Banking Systems Inc.

          105,535   
  3,334     

Community Bank System Inc., (3)

          123,991   
  1,168     

Community Trust Bancorp, Inc.

          43,064   
  876     

CommunityOne Bancorp., (2)

          8,541   
  145     

ConnectOne Bancorp Inc., (2)

          6,960   
  678     

CU Bancorp., (2)

          12,306   
  1,665     

Customers Bancorp Inc., (2)

          36,680   
  7,654     

CVB Financial

          110,677   

 

  52       Nuveen Investments


Shares     Description (1)                  Value  
 

Banks (continued)

       
  1,858     

Eagle Bancorp, Inc., (2)

        $ 62,039   
  1,856     

Enterprise Bancorp, Inc., (3)

          33,891   
  1,509     

Enterprise Financial Services Corporation

          26,966   
  12,519     

F.N.B. Corporation PA

          155,736   
  623     

Farmers Capital Bank Corporation, (2), (3)

          13,014   
  1,221     

Fidelity Southern Corporation, (3)

          16,129   
  1,150     

Financial Institutions, Inc.

          26,623   
  797     

First Bancorp Maine

          12,696   
  1,640     

First Bancorp of North Carolina, Inc., (3)

          28,224   
  6,009     

First Bancorp of Puerto Rico, (2)

          30,886   
  6,038     

First Busey Corporation, (3)

          33,209   
  8,158     

First Commonwealth Financial Corporation

          70,077   
  1,492     

First Community Bancshares, Inc.

          22,097   
  1,416     

First Connecticut Bancorp.

          22,444   
  4,822     

First Financial Bancorp.

          78,068   
  2,627     

First Financial Bankshares, Inc., (3)

          155,124   
  935     

First Financial Corporation, (3)

          29,929   
  2,002     

First Financial Holdings Inc.

          115,055   
  1,462     

First Interstate BancSystem Inc., Montana

          36,389   
  2,911     

First Merchants Corporation

          61,771   
  6,257     

First Midwest Bancorp, Inc.

          102,427   
  347     

First NBC Bank Holding Company, (2)

          10,792   
  659     

First of Long Island Corporation

          23,902   
  5,538     

First Security Group, Inc., (2)

          10,522   
  13,812     

FirstMerit Corporation

          267,815   
  2,569     

Flushing Financial Corporation

          49,376   
  1,415     

German American Bancorp, Inc.

          36,847   
  6,003     

Glacier Bancorp, Inc., (3)

          154,037   
  859     

Great Southern Bancorp.

          24,628   
  1,226     

Guaranty Bancorp.

          15,435   
  2,812     

Hampton Roads Bankshares, Inc., (2), (3)

          4,668   
  7,073     

Hancock Holding Company

          238,572   
  2,632     

Hanmi Financial Corporation

          55,983   
  1,235     

Heartland Financial USA, Inc.

          30,011   
  1,735     

Heritage Commerce Coporation

          14,088   
  1,262     

Heritage Financial Corporation, (3)

          20,394   
  1,681     

Heritage Oaks Bancorp, (2)

          12,456   
  3,770     

Home Bancshares, Inc., (3)

          119,547   
  1,208     

Home Federal Bancorp, Inc.

          18,180   

 

Nuveen Investments     53   


Nuveen Small Cap Index Fund (continued)

Portfolio of Investments April 30, 2014 (Unaudited)

 

Shares     Description (1)                  Value  
 

Banks (continued)

       
  1,609     

HomeTrust Bancshares Inc., (2), (3)

        $ 24,569   
  724     

Horizon Bancorp.

          14,473   
  1,369     

Hudson Valley Holding Corporation, (3)

          25,135   
  2,474     

IberiaBank Corporation

          155,615   
  1,907     

Independent Bank Corporation

          70,788   
  316     

Independent Bank Group Inc.

          15,550   
  4,442     

International Bancshares Corporation

          101,988   
  1,491     

Intervest Bancshares Corporation, (2), (3)

          11,287   
  4,207     

Investors Bancorp, Inc.

          112,453   
  2,979     

Lakeland Bancorp, Inc., (3)

          31,101   
  1,368     

Lakeland Financial Corporation, (3)

          50,069   
  504     

LCNB Corporation, (3)

          8,064   
  1,977     

Macatawa Bank Corporation

          9,628   
  1,698     

Mainsource Financial Group

          28,068   
  4,566     

MB Financial, Inc.

          122,551   
  725     

Mercantile Bank Corporation

          14,145   
  468     

Merchants Bancshares, Inc.

          13,605   
  1,178     

Metro Bancorp, Inc., (2)

          24,055   
  443     

Middleburg Financial Corporation

          7,677   
  685     

Midsouth Bancorp Inc., (3)

          11,453   
  565     

MidWestOne Financial Group Inc.

          13,916   
  4,163     

National Bank Holdings Corporation, (3)

          79,763   
  579     

National Bankshares, Inc.

          18,864   
  9,752     

National Penn Bancshares, Inc.

          95,277   
  3,649     

NBT Bancorp, Inc.

          82,650   
  2,105     

NewBridge Bancorp., (2)

          16,187   
  542     

Northrim Bancorp, Inc.

          13,003   
  3,802     

OFG Bancorp., (3)

          64,862   
  8,447     

Old National Bancorp., (3)

          119,272   
  885     

OmniAmerican Bancorp Inc.

          22,001   
  1,490     

Pacific Continental Corporation

          19,638   
  1,386     

Pacific Premier Bancorp, Inc., (2), (3)

          18,919   
  7,761     

Pacwest Bancorp.

          305,551   
  372     

Palmetto Bancshares Inc., (2)

          5,026   
  959     

Park National Corporation

          69,547   
  3,727     

Park Sterling Bank Inc.

          24,337   
  937     

Peapack Gladstone Financial Corporation

          17,812   
  401     

Penns Woods Bancorp, Inc.

          17,644   
  900     

Peoples Bancorp, Inc.

          23,463   

 

  54       Nuveen Investments


Shares     Description (1)                  Value  
 

Banks (continued)

       
  2,920     

Pinnacle Financial Partners, Inc.

        $ 100,944   
  972     

Preferred Bank Los Angeles, (2)

          20,849   
  5,409     

Privatebancorp, Inc.

          149,126   
  5,024     

Prosperity Bancshares, Inc.

          296,416   
  2,546     

Renasant Corporation

          69,302   
  807     

Republic Bancorp, Inc.

          19,376   
  2,476     

S&T Bancorp, Inc., (3)

          57,592   
  2,080     

Sandy Spring Bancorp, Inc.

          50,024   
  1,222     

Seacoast Banking Corporation of Florida, (2)

          12,957   
  1,014     

Sierra Bancorp.

          15,829   
  1,375     

Simmons First National Corporation

          49,720   
  1,560     

Southside Bancshares, Inc.

          43,025   
  1,641     

Southwest Bancorp, Inc.

          27,405   
  2,661     

State Bank Financial Corporation

          44,119   
  6,954     

Sterling Bancorp.

          83,170   
  963     

Suffolk Bancorp., (2)

          21,119   
  3,370     

Sun Bancorp, Inc., (2)

          12,806   
  15,539     

Susquehanna Bancshs Inc.

          160,984   
  1,204     

SY Bancorp, Inc., (3)

          35,494   
  1,440     

Taylor Capital Group, Inc., (2)

          30,658   
  3,399     

Texas Capital BancShares, Inc., (2), (3)

          190,990   
  1,204     

Tompkins Financial Corporation

          56,757   
  3,857     

Towne Bank, (3)

          59,514   
  1,334     

Trico Bancshares, (3)

          32,350   
  546     

Tristate Capital Holdings Inc., (2)

          7,142   
  5,597     

Trustmark Corporation

          128,003   
  2,972     

UMB Financial Corporation

          174,486   
  14,060     

Umpqua Holdings Corporation, (3)

          233,818   
  3,618     

Union Bankshares Corporation, (3)

          92,585   
  5,417     

United Bankshares, Inc., (3)

          158,447   
  3,590     

United Community Banks, Inc., (2)

          57,979   
  1,391     

Univest Corporation of Pennsylvania

          27,417   
  1,005     

VantageSouth Bancshares Inc., (2)

          6,171   
  3,089     

ViewPoint Financial Group

          80,530   
  1,292     

Washington Banking Company

          22,222   
  1,206     

Washington Trust Bancorp, Inc.

          41,245   
  7,521     

Webster Financial Corporation

          226,683   
  2,159     

WesBanco, Inc.

          65,288   
  1,206     

West Bancorp, Inc., (3)

          17,499   

 

Nuveen Investments     55   


Nuveen Small Cap Index Fund (continued)

Portfolio of Investments April 30, 2014 (Unaudited)

 

Shares     Description (1)                  Value  
 

Banks (continued)

       
  2,248     

Westamerica Bancorp., (3)

        $ 114,243   
  6,173     

Western Alliance Bancorporation, (2)

          142,411   
  5,160     

Wilshire Bancorp, Inc.

          51,600   
  2,668     

Wintrust Financial Corporation

          119,580   
  1,199     

Yadkin Financial Inc., (2), (3)

                22,961   
 

Total Banks

                9,601,546   
 

Beverages – 0.2%

       
  687     

Boston Beer Company, (2), (3)

          169,029   
  389     

Coca-Cola Bottling Company Consolidated

          31,987   
  880     

Craft Brewers Alliance Inc., (2)

          13,174   
  945     

National Beverage Corporation, (2)

                18,220   
 

Total Beverages

                232,410   
 

Biotechnology – 4.1%

       
  6,417     

Acadia Pharmaceuticals, Inc., (2), (3)

          129,174   
  591     

Acceleron Pharma Inc., (2), (3)

          20,301   
  8,047     

Achillion Pharmaceuticals, Inc., (2), (3)

          22,934   
  3,381     

Acorda Therapeutics, Inc., (2)

          119,856   
  2,402     

Aegerion Pharmaceuticals Inc., (2)

          106,313   
  569     

Agios Pharmaceutical Inc., (2), (3)

          23,932   
  4,844     

Alnylam Pharmaceuticals, Inc., (2)

          239,923   
  1,798     

AMAG Pharmaceuticals Inc., (2)

          32,831   
  2,534     

Amicus Therapeutics, Inc., (2), (3)

          5,625   
  2,112     

Anacor Pharmaceuticals Inc., (2), (3)

          34,785   
  18,149     

Arena Pharmaceuticals, Inc., (2), (3)

          116,154   
  349     

Argos Therapeutics Inc., (2)

          3,099   
  4,944     

ArQule Inc., (2)

          8,009   
  10,287     

Array Biopharma, Inc., (2)

          40,942   
  669     

Auspex Pharmaceuticals Inc., (2), (3)

          14,343   
  4,324     

Aveo Pharmaceuticals Inc., (2)

          5,319   
  439     

Bind Theraputics Inc., (2)

          4,140   
  3,077     

BioTime Inc., (2)

          7,969   
  569     

Bluebird Bio Inc., (2), (3)

          11,266   
  447     

Cara Therapeutics Inc., (2)

          6,432   
  10,800     

Cell Therapeutics, Inc., (2), (3)

          31,860   
  526     

Celladon Corporation, (2)

          6,181   
  7,415     

Celldex Therapeutics, Inc., (2), (3)

          111,225   
  320     

Cellular Dynamics International Inc., (2)

          3,824   
  5,593     

Cepheid, Inc., (2), (3)

          243,184   
  6,523     

Chelsea Therapeutics International, Inc., (2), (3)

          31,832   

 

  56       Nuveen Investments


Shares     Description (1)                  Value  
 

Biotechnology (continued)

       
  2,049     

ChemoCentryx Inc., (2), (3)

        $ 11,229   
  707     

Chimerix Inc., (2)

          13,659   
  1,491     

Clovis Oncology Inc., (2)

          80,618   
  499     

Conatus Pharmaceuticals Inc., (2), (3)

          3,069   
  553     

Concert Pharmaceuticals Inc., (2)

          4,944   
  2,881     

Coronado Biosciences Inc., (2), (3)

          5,013   
  7,134     

Curis, Inc., (2), (3)

          16,123   
  2,720     

Cytokinetics, Inc., (2)

          12,376   
  5,265     

Cytori Therapeutics, Inc., (2), (3)

          11,899   
  13,134     

Dendreon Corporation, (2), (3)

          33,886   
  291     

Dicerna Pharmaceuticals Inc., (2)

          5,462   
  1,089     

Durata Therapeutics Inc., (2), (3)

          14,745   
  11,179     

Dyax Corporation, (2)

          73,893   
  21,841     

Dynavax Technologies Corporation, (2), (3)

          35,601   
  278     

Eagle Pharmaceuticals Inc., (2)

          2,741   
  378     

Eleven Biotherapeutics Inc., (2), (3)

          5,099   
  2,287     

Emergent BioSolutions, Inc., (2), (3)

          60,285   
  303     

Enanta Pharmaceuticals Inc., (2), (3)

          11,275   
  3,131     

Enzon Inc., (2)

          2,787   
  558     

Epizyme Inc., (2), (3)

          12,176   
  381     

Esperion Therapeutics Inc., (2), (3)

          5,254   
  6,878     

EXACT Sciences Corporation, (2), (3)

          82,536   
  16,146     

Exelixis, Inc., (2), (3)

          57,157   
  1,869     

Fibrocell Science Inc., (2), (3)

          7,102   
  562     

Five Prime Therapeutics Inc., (2)

          7,851   
  375     

Flexion Therapeutics Inc., (2)

          4,444   
  572     

Foundation Medicine Inc., (2)

          16,680   
  9,796     

Galena Biopharma Inc., (2), (3)

          24,000   
  322     

Genocea Biosciences Inc., (2)

          6,247   
  1,395     

Genomic Health, Inc., (2), (3)

          36,605   
  12,873     

Geron Corporation, (2), (3)

          25,489   
  670     

GlycoMimetics Inc., (2)

          8,891   
  2,186     

GTX, Inc., (2), (3)

          3,366   
  8,018     

Halozyme Therapeutics, Inc., (2), (3)

          59,734   
  531     

Harvard Appartus Regenerative Technology Inc., (2)

          4,593   
  699     

Hyperion Therapeutics Inc., (2), (3)

          17,223   
  9,335     

Idenix Pharmaceuticals Inc., (2), (3)

          51,436   
  7,045     

Immunogen, Inc., (2), (3)

          91,162   

 

Nuveen Investments     57   


Nuveen Small Cap Index Fund (continued)

Portfolio of Investments April 30, 2014 (Unaudited)

 

Shares     Description (1)                  Value  
 

Biotechnology (continued)

       
  6,110     

Immunomedics, Inc., (2), (3)

        $ 25,723   
  3,990     

Infinity Pharmaceuticals, Inc., (2)

          38,982   
  2,883     

Insmed Incorporated, (2)

          40,189   
  672     

Insys Therapeutics Inc., (2)

          27,592   
  597     

Intercept Pharmaceuticals Incorporated, (2), (3)

          157,680   
  8,163     

Intermune, Inc., (2), (3)

          261,869   
  958     

Intrexon Corporation, (2), (3)

          18,087   
  8,843     

Ironwood Pharmacauticals Inc., (2), (3)

          97,450   
  9,360     

ISIS Pharmaceuticals, Inc., (2), (3)

          249,070   
  992     

Kalobios Pharmaceuticals Inc., (2)

          2,252   
  650     

Karyopharm Therapeutics Inc., (2), (3)

          17,440   
  7,418     

Keryx Biopharmaceuticals, Inc., (2), (3)

          109,564   
  872     

Kindred Biosciences Inc., (2)

          13,856   
  982     

Kythera Biopharmaceuticals ,Incorporated, (2)

          32,023   
  18,945     

Lexicon Genetics, Inc., (2), (3)

          29,175   
  1,484     

Ligand Pharmceuticals, Inc., (2), (3)

          93,744   
  515     

MacroGenics Inc., (2)

          10,269   
  12,396     

MannKind Corporation, (2), (3)

          81,194   
  1,004     

MEI Pharma Inc., (2)

          7,851   
  8,053     

Merrimack Pharmaceuticals, Incorporated, (2), (3)

          35,353   
  7,550     

MiMedx Group Inc., (2), (3)

          43,639   
  3,935     

Momenta Pharmaceuticals, Inc., (2)

          44,938   
  4,549     

Nanosphere Inc., (2)

          7,779   
  9,966     

Navidea Biopharmaceuticals Incorporated, (2), (3)

          16,643   
  6,261     

Neurocrine Biosciences Inc., (2), (3)

          87,779   
  1,527     

NewLink Genetics Corporation, (2), (3)

          33,594   
  15,503     

Novavax, Inc., (2), (3)

          67,903   
  8,361     

NPS Pharmaceuticals, Inc., (2)

          222,570   
  1,222     

OncoGenex Pharmacuetical Inc., (2)

          4,741   
  391     

Oncomed Pharamceuticals Inc., (2), (3)

          10,299   
  495     

Onconova Therapeutics Inc., (2), (3)

          2,762   
  782     

Ophthotech Corporation, (2), (3)

          26,580   
  15,733     

Opko Health Inc., (2), (3)

          130,112   
  9,269     

Orexigen Therapeutics Inc., (2), (3)

          52,092   
  1,382     

Osiris Therapeutics, Inc., (2), (3)

          19,666   
  747     

OvaScience Inc., (2)

          6,066   
  13,324     

PDL Biopahrma Inc., (3)

          113,121   
  14,664     

Peregrine Pharmaceuticals, Inc., (2), (3)

          25,515   
  910     

Portola Pharmaceuticals Inc., (2)

          21,349   

 

  58       Nuveen Investments


Shares     Description (1)                  Value  
 

Biotechnology (continued)

       
  5,689     

Progenics Pharmaceuticals, Inc., (2)

        $ 20,082   
  1,185     

Prothena Corporation PLC, (2), (3)

          26,070   
  943     

PTC Therapeutics Inc., (2), (3)

          18,426   
  1,932     

Puma Biotechnology Inc , (2)

          145,943   
  4,971     

Raptor Pharmaceuticals Corporation, (2), (3)

          41,110   
  604     

Receptos Inc., (2)

          20,409   
  848     

Regulus Therapeutics Incorporated, (2)

          6,046   
  2,620     

Repligen Corporation, (2)

          41,527   
  1,580     

Retrophin Inc., (2)

          22,578   
  7,262     

Rigel Pharmaceuticals, Inc., (2), (3)

          23,238   
  5,542     

Sangamo Biosciences, Inc., (2)

          76,701   
  3,125     

Sarepta Therapautics Inc., (2), (3)

          116,031   
  3,063     

SIGA Technologies, Inc., (2), (3)

          8,791   
  5,275     

Spectrum Pharmaceuticals, Inc., (2), (3)

          36,239   
  798     

Stemline Therapeutics Inc., (2), (3)

          12,217   
  3,131     

Sunesis Pharmaceuticals, Inc., (2)

          16,062   
  1,714     

Synageva BioPharma Corporation, (2), (3)

          148,038   
  6,714     

Synergy Pharmaceuticals Inc., (2), (3)

          30,146   
  4,157     

Synta Pharmaceuticals Corporation, (2), (3)

          17,501   
  2,327     

Targacept, Inc., (2)

          10,332   
  1,227     

Tesaro Inc., (2)

          30,626   
  299     

Tetralogic Pharmaceuticals Inc., (2)

          1,704   
  1,167     

Tetraphase Pharmaceuticals Inc., (2)

          12,534   
  1,495     

TG Therapeutics Inc., (2), (3)

          7,968   
  3,925     

Threshold Pharmaceuticals, Inc., (2), (3)

          16,093   
  614     

Trevena Inc., (2)

          3,076   
  550     

Ultragenyx Pharmaceutical Inc., (2)

          21,329   
  2,764     

Vanda Pharmaceuticals, Inc., (2)

          38,503   
  1,443     

Verastem Inc., (2), (3)

          12,049   
  6,330     

Vical, Inc., (2), (3)

          7,153   
  1,218     

Xencor Inc., (2)

          12,058   
  6,420     

XOMA Limited, (2)

          28,505   
  6,690     

ZIOPHARM Oncology, Inc., (2), (3)

                24,084   
 

Total Biotechnology

                5,647,783   
 

Building Products – 0.8%

       
  2,340     

Aaon, Inc.

          66,339   
  828     

American Woodmark Company, (2)

          24,848   
  2,395     

Apogee Enterprises, Inc.

          76,089   
  3,723     

Builders FirstSource, Inc., (2)

          29,226   

 

Nuveen Investments     59   


Nuveen Small Cap Index Fund (continued)

Portfolio of Investments April 30, 2014 (Unaudited)

 

Shares     Description (1)                  Value  
 

Building Products (continued)

       
  1,126     

Continental Building Products Inc., (2)

        $ 19,142   
  2,556     

Gibraltar Industries Inc., (2)

          43,656   
  3,719     

Griffon Corporation

          39,570   
  1,502     

Insteel Industries, Inc.

          30,911   
  1,724     

NCI Building Systems Inc., (2)

          26,963   
  611     

Norcraft Companies Inc., (2)

          9,703   
  751     

Nortek Inc., (2)

          61,702   
  555     

Patrick Industries, Inc., (2)

          22,239   
  2,765     

PGT, Inc., (2)

          27,512   
  1,315     

Ply Gem Holdings Inc., (2)

          16,766   
  3,089     

Quanex Building Products Corporation

          58,197   
  3,378     

Simpson Manufacturing Company Inc.

          110,765   
  1,433     

Trex Company Inc., (2), (3)

          112,519   
  1,655     

Universal Forest Products Inc., (3)

          83,561   
  6,388     

USG Corporation, (2), (3)

                190,746   
 

Total Building Products

                1,050,454   
 

Capital Markets – 2.6%

       
  18,730     

Apollo Investment Corporation

          149,653   
  1,579     

Arlington Asset Investment Corporation

          41,765   
  10,589     

BGC Partners Inc., Class A

          75,923   
  6,176     

BlackRock Kelso Capital Corporation, (3)

          56,078   
  1,655     

Calamos Asset Management, Inc. Class A, (3)

          20,158   
  1,122     

Capital Southwest Corporation, (3)

          39,382   
  332     

Capitala Finance Corporation

          6,102   
  781     

CIFC Corporation, (3)

          6,022   
  1,569     

Cohen & Steers Inc., (3)

          63,560   
  8,139     

Cowen Group, Inc, Class A, (2), (3)

          33,451   
  235     

Diamond Hill Investment Group, Inc., (2)

          27,899   
  2,635     

Evercore Partners Inc.

          140,788   
  729     

FBR Capital Markets Corporation, (2)

          18,808   
  1,142     

Fidus Investment Corporation, (3)

          20,921   
  11,398     

Fifth Street Finance Corporation

          106,115   
  4,076     

Financial Engines Inc., (3)

          180,363   
  3,049     

FXCM Inc, Class A Shares

          47,199   
  503     

GAMCO Investors Inc.

          38,193   
  500     

Garrison Capital Inc, (3)

          7,050   
  5,802     

GFI Group, Inc., (3)

          21,583   
  1,751     

Gladstone Capital Corporation, (3)

          16,932   
  1,930     

Gladstone Investment Corporation

          15,170   

 

  60       Nuveen Investments


Shares     Description (1)                  Value  
 

Capital Markets (continued)

       
  3,109     

Golub Capital BDC Inc., (3)

        $ 51,982   
  2,349     

Greenhill & Co Inc., (3)

          117,802   
  1,610     

GSV Capital Corporporation, (2), (3)

          14,136   
  5,130     

Hercules Technology Growth Capital, Inc., (3)

          70,178   
  2,758     

HFF Inc., Class A Shares, (2)

          93,772   
  686     

Horizon Technology Finance Corporation, (3)

          8,987   
  3,168     

ICG Group Inc., (2)

          64,564   
  1,173     

INTL FCStone Inc., (2), (3)

          22,193   
  3,102     

Investment Technology Group, (2)

          64,025   
  12,435     

Janus Capital Group Inc., (3)

          150,837   
  1,309     

JMP Group Inc.

          9,045   
  2,356     

KCAP Financial Incorporated, (3)

          18,777   
  5,921     

KCG Holdings Inc., Class A Shares, (2)

          58,914   
  8,581     

Ladenburg Thalmann Financial Services Inc., (2), (3)

          23,426   
  3,254     

Main Street Capital Corporation, (3)

          102,306   
  1,133     

Manning & Napier Inc.

          18,830   
  573     

Marcus & Millichap Inc., (2)

          9,472   
  5,935     

MCG Capital Corporation

          19,942   
  1,551     

Medallion Financial Corporation

          21,094   
  3,344     

Medley Capital Corporation, (3)

          43,606   
  1,885     

MVC Capital Inc.

          24,580   
  2,886     

New Mountain Finance Corporation

          41,299   
  1,752     

NGP Capital Resources Company

          11,931   
  826     

Oppenheimer Holdings Inc., Class A

          21,030   
  1,226     

PennantPark Floating Rate Capital Inc., (3)

          17,041   
  5,538     

Pennantpark Investment Corporation

          59,257   
  1,345     

Piper Jaffray Companies, (2), (3)

          58,992   
  23,199     

Prospect Capital Corporation, (3)

          250,781   
  946     

Pzena Investments Management, Inc.

          10,283   
  166     

RCS Capital Corporation

          5,710   
  1,748     

Safeguard Scientifics Inc., (2)

          36,725   
  459     

Silvercrest Asset Management Corporation Class A

          7,987   
  3,480     

Solar Capital Limited

          76,212   
  960     

Solar Senior Capital Limited, (3)

          15,888   
  1,439     

Stellus Capital Investment Corporation, (3)

          19,355   
  5,297     

Stifel Financial Corporation, (2), (3)

          247,741   
  2,411     

SWS Group Inc., (2)

          17,866   
  1,871     

TCP Capital Corporation, (3)

          30,291   
  4,379     

Technology Investment Capital Corporation, (3)

          42,170   

 

Nuveen Investments     61   


Nuveen Small Cap Index Fund (continued)

Portfolio of Investments April 30, 2014 (Unaudited)

 

Shares     Description (1)                  Value  
 

Capital Markets (continued)

       
  2,826     

THL Credit Inc.

        $ 37,953   
  2,297     

Triangle Capital Corporation

          59,883   
  563     

Virtus Investment Partners Inc., (2)

          104,149   
  3,075     

Walter Investment Management Corporation , (2), (3)

          81,734   
  582     

Westwood Holding Group Inc.

          33,855   
  575     

WhiteHorse Finance Incorporated

          7,843   
  8,371     

WisdomTree Investments Inc., (2), (3)

                94,509   
 

Total Capital Markets

                3,532,068   
 

Chemicals – 2.3%

       
  2,451     

A Schulman, Inc.

          88,040   
  1,678     

Advanced Emissions Solutions Inc., (2)

          38,477   
  2,386     

American Vanguard Corp., (3)

          42,495   
  1,657     

Arabian American Development Company, (2)

          18,111   
  5,818     

Axiall Corporation

          271,119   
  2,474     

Balchem Corporation

          153,264   
  4,508     

Calgon Carbon Corporation, (2)

          90,295   
  537     

Chase Corporation, Common Stock

          16,722   
  8,193     

Chemtura Corporation, (2)

          182,704   
  6,037     

Ferro Corporation, (2)

          78,360   
  3,977     

Flotek Industries Inc., (2), (3)

          111,396   
  1,811     

FutureFuel Corporation

          36,347   
  4,193     

H.B. Fuller Company

          194,262   
  785     

Hawkins Inc

          28,417   
  1,830     

Innophos Holdings, Inc.

          103,285   
  1,958     

Innospec, Inc.

          84,311   
  4,560     

Interpid Potash Inc., (2), (3)

          74,328   
  682     

KMG Chemicals, Inc.

          10,646   
  1,727     

Koppers Holdings Inc.

          73,743   
  2,711     

Kraton Performance Polymers Inc., (2)

          70,622   
  2,160     

Landec Corporation, (2)

          25,618   
  1,594     

LSB Industries Inc., (2), (3)

          60,875   
  455     

Marrone Bio Innovations Inc., (2), (3)

          5,542   
  2,905     

Minerals Technologies Inc.

          172,818   
  6,691     

Olin Corporation, (3)

          188,017   
  2,664     

OM Group Inc.

          78,029   
  3,922     

OMNOVA Solutions Inc., (2)

          35,769   
  800     

Penford Corporation, (2)

          10,080   
  8,281     

PolyOne Corporation

          310,289   
  1,095     

Quaker Chemical Corporation

          81,501   

 

  62       Nuveen Investments


Shares     Description (1)                  Value  
 

Chemicals (continued)

       
  4,170     

Sensient Technologies Corporation

        $ 225,389   
  1,570     

Stepan Company, (3)

          90,793   
  1,315     

Taminco Corporation, (2)

          26,418   
  2,051     

Tredegar Corporation

          42,681   
  1,887     

Zep Inc.

                32,626   
 

Total Chemicals

                3,153,389   
 

Commercial Services & Supplies – 2.1%

       
  4,555     

ABM Industries Inc.

          123,395   
  9,462     

Acco Brands Corporation, (2)

          58,002   
  1,843     

Acorn Energy Inc., (2), (3)

          4,276   
  1,789     

American Ecology Corporation

          79,879   
  3,140     

ARC Document Solutions, (2)

          20,096   
  3,851     

Brady Corporation

          99,317   
  3,996     

Brinks Company

          101,658   
  3,219     

Casella Waste Systems, Inc., (2)

          16,417   
  1,467     

CECO Environmental Corporation, (3)

          23,311   
  4,490     

Cenveo Inc., (2), (3)

          13,874   
  96     

CompX International Inc.

          883   
  955     

Courier Corporation

          13,876   
  4,239     

Deluxe Corporation

          232,933   
  2,189     

EnerNOC, Inc., (2)

          51,660   
  2,181     

Ennis Inc.

          32,628   
  1,630     

G&K Services, Inc.

          86,292   
  5,703     

Healthcare Services Group, Inc., (3)

          165,957   
  737     

Heritage-Crystal Clean, Inc., (2), (3)

          11,792   
  3,789     

HNI Corporation

          133,486   
  3,695     

Innerworkings, Inc., (2), (3)

          26,604   
  4,944     

Interface, Inc.

          88,943   
  789     

Intersections, Inc.

          4,434   
  2,703     

Kimball International Inc., Class B

          45,302   
  4,015     

Knoll Inc.

          73,033   
  2,100     

McGrath Rentcorp.

          66,318   
  4,885     

Miller (Herman) Inc.

          150,605   
  3,196     

Mobile Mini, Inc.

          141,199   
  2,360     

MSA Safety Inc.

          124,490   
  1,021     

Multi Color Corporation

          35,582   
  562     

NL Industries Inc.

          5,637   
  1,861     

Performant Financial Corporation, (2)

          16,209   
  2,083     

Quad Graphics Inc., (3)

          45,097   

 

Nuveen Investments     63   


Nuveen Small Cap Index Fund (continued)

Portfolio of Investments April 30, 2014 (Unaudited)

 

Shares     Description (1)                  Value  
 

Commercial Services & Supplies (continued)

       
  1,123     

Schawk Inc.

        $ 22,460   
  1,285     

SP Plus Corporation, (2), (3)

          31,380   
  7,026     

Steelcase Inc.

          115,788   
  9,484     

Swisher Hygiene Inc., (2), (3)

          3,807   
  1,715     

Team, Inc., (2)

          73,556   
  5,410     

Tetra Tech, Inc., (2)

          155,105   
  1,348     

TRC Companies, (2)

          7,994   
  1,221     

UniFirst Corporation

          117,509   
  3,379     

United Stationers, Inc.

          126,814   
  1,694     

Viad Corporation

          39,047   
  1,775     

West Corporation

                43,221   
 

Total Commercial Services & Supplies

                2,829,866   
 

Communications Equipment – 1.7%

       
  4,939     

ADTRAN, Inc.

          110,782   
  960     

Alliance Fiber, (3)

          18,451   
  344     

Applied Optoelectronics Inc., (2)

          7,740   
  9,709     

Arris Group Inc., (2)

          253,308   
  8,872     

Aruba Networks, Inc., (2), (3)

          175,399   
  5,104     

Aviat Networks Inc., (2)

          7,707   
  822     

Bel Fuse, Inc., Class B

          17,887   
  1,344     

Black Box Corporation

          28,573   
  2,922     

CalAmp Corporation, (2)

          51,866   
  3,337     

Calix Inc., (2)

          29,399   
  8,460     

Ciena Corporation, (2), (3)

          167,254   
  1,402     

Comtech Telecom Corporation

          44,514   
  2,155     

Digi International, Inc., (2)

          19,093   
  6,689     

Emulex Corporation, (2)

          47,826   
  7,750     

Extreme Networks Inc., (2)

          44,330   
  7,787     

Finisar Corporation, (2), (3)

          203,630   
  8,444     

Harmonic Inc., (2)

          59,361   
  10,181     

Infinera Corporation, (2)

          91,222   
  3,430     

Interdigital Inc., (3)

          119,090   
  4,707     

IXIA, (2)

          58,461   
  1,292     

KVH Industries, Inc., (2)

          17,455   
  3,211     

Netgear, Inc., (2)

          103,715   
  1,165     

Numerex Corporation, (2), (3)

          11,941   
  1,587     

Oplink Communications, Inc., (2)

          27,201   
  7,377     

Parkervision, Inc., (2), (3)

          33,639   
  1,539     

PCTEL, Inc., (3)

          12,697   

 

  64       Nuveen Investments


Shares     Description (1)                  Value  
 

Communications Equipment (continued)

       
  3,607     

Plantronics Inc.

        $ 157,157   
  1,713     

Procera Networks Inc., (2), (3)

          15,862   
  3,845     

Ruckus Wireless Incorporated, (2)

          40,180   
  4,906     

ShoreTel, Inc., (2)

          37,040   
  15,845     

Sonus Networks, Inc., (2)

          51,813   
  456     

Tessco Technologies Inc.

          14,998   
  1,050     

Ubiquiti Networks Inc., (2), (3)

          40,667   
  3,297     

ViaSat, Inc., (2), (3)

          211,700   
  3,705     

Westell Technologies Inc., Class A, (2)

                12,078   
 

Total Communications Equipment

                2,344,036   
 

Computers & Peripherals – 0.4%

       
  3,302     

Cray, Inc., (2)

          94,800   
  3,868     

Electronics For Imaging, (2)

          146,172   
  6,782     

Fusion-io Inc., (2)

          58,529   
  1,951     

Hutchinson Technology Inc., (2), (3)

          5,424   
  2,826     

Imation Corporation, (2)

          12,208   
  2,325     

Immersion Corporation, (2), (3)

          26,366   
  7,420     

QLogic Corporation, (2)

          85,924   
  17,692     

Quantum Corporation, (2), (3)

          19,107   
  2,819     

Silicon Graphics International Corporation, (2), (3)

          34,054   
  2,655     

Super Micro Computer Inc., (2)

          54,056   
  1,551     

Violin Memory Inc., (2), (3)

                5,584   
 

Total Computers & Peripherals

                542,224   
 

Construction & Engineering – 0.9%

       
  3,261     

Aegion Corporation, (2)

          83,123   
  1,630     

Ameresco Inc., Class A Shares, (2)

          10,448   
  1,164     

Argan, Inc., (2)

          31,160   
  3,099     

Comfort Systems USA Inc.

          46,485   
  2,756     

Dycom Industries Inc., (2)

          86,538   
  5,593     

Emcor Group Inc.

          257,222   
  3,117     

Furmanite Corporation, (2)

          32,666   
  3,235     

Granite Construction Inc.

          120,924   
  4,950     

Great Lakes Dredge & Dock Corporation, (2)

          42,719   
  1,651     

Layne Christensen Company, (2), (3)

          28,760   
  4,951     

MasTec Inc., (2), (3)

          195,961   
  1,749     

MYR Group Inc., (2)

          41,032   
  786     

Northwest Pipe Company, (2), (3)

          28,115   
  2,271     

Orion Marine Group Inc., (2)

          26,639   
  2,162     

Pike Electric Corporation, (2)

          20,755   

 

Nuveen Investments     65   


Nuveen Small Cap Index Fund (continued)

Portfolio of Investments April 30, 2014 (Unaudited)

 

Shares     Description (1)                  Value  
 

Construction & Engineering (continued)

       
  2,941     

Primoris Services Corporation

        $ 82,289   
  1,385     

Sterling Construction Company, Inc., (2)

          10,637   
  3,089     

Tutor Perini Corporation, (2)

                91,434   
 

Total Construction & Engineering

                1,236,907   
 

Construction Materials – 0.2%

       
  6,090     

Headwater Inc., (2)

          76,003   
  1,813     

Texas Industries Inc., (2), (3)

          157,187   
  162     

United States Lime & Minerals, Inc.

          8,758   
  1,180     

US Concrete, Inc., (2)

                29,052   
 

Total Construction Materials

                271,000   
 

Consumer Finance – 0.7%

       
  2,378     

Cash America International, Inc., (3)

          103,562   
  1,507     

Consumer Portfolio Services, Inc., (2), (3)

          10,519   
  592     

Credit Acceptance Corporation, (2)

          77,860   
  3,375     

DFC Global Corporation, (2)

          31,455   
  2,084     

Encore Capital Group, Inc., (2), (3)

          90,070   
  4,254     

EZCORP, Inc., (2)

          44,369   
  2,432     

First Cash Financial Services, Inc., (2), (3)

          118,609   
  761     

First Marblehead Corporation, (2)

          4,003   
  2,150     

Green Dot Corporation, Class A Shares, (2)

          37,346   
  1,438     

Imperial Holdings, Incorporated, (2)

          9,620   
  932     

JGWPT Holdings Inc., Class A Shares, (2)

          13,206   
  1,907     

Nelnet Inc.

          80,590   
  856     

Nicholas Financial, Inc.

          13,456   
  4,227     

Porfolio Recovery Associates, Inc., (2), (3)

          241,573   
  448     

Regional Management Corporation, (2)

          6,872   
  2,015     

Springleaf Holdings Inc., (2), (3)

          46,305   
  718     

World Acceptance Corporation, (2), (3)

                52,127   
 

Total Consumer Finance

                981,542   
 

Containers & Packaging – 0.3%

       
  338     

AEP Industries, Inc., (2)

          12,040   
  4,613     

Berry Plastics Corporation, (2)

          103,746   
  17,494     

Graphic Packaging Holding Company, (2)

          179,488   
  2,349     

Myers Industries, Inc.

          43,926   
  464     

UFP Technologies, Inc., (2)

                11,767   
 

Total Containers & Packaging

                350,967   
 

Distributors – 0.2%

       
  1,557     

Audiovox Corporation, (2)

          18,295   
  957     

Core-Mark Holding Company, Inc.

          77,077   

 

  66       Nuveen Investments


Shares     Description (1)                  Value  
 

Distributors (continued)

       
  3,882     

Pool Corporation

        $ 229,116   
  542     

Weyco Group, Inc.

                13,599   
 

Total Distributors

                338,087   
 

Diversified Consumer Services – 1.0%

       
  1,468     

American Public Education Inc., (2)

          50,793   
  1,178     

Ascent Media Corporation, (2)

          81,011   
  1,225     

Bridgepoint Education Inc., (2)

          19,416   
  987     

Bright Horizons Family Solutions Inc., (2)

          40,250   
  922     

Capella Education Company

          53,808   
  4,598     

Career Education Corporation, (2), (3)

          33,198   
  1,309     

Carriage Services Inc., (3)

          21,062   
  6,606     

Corinthian Colleges Inc., (2), (3)

          7,597   
  2,013     

Education Management Corporation, (2), (3)

          7,992   
  3,784     

Grand Canyon Education Inc., (2)

          163,166   
  4,580     

Hillenbrand Inc.

          139,232   
  1,745     

Houghton Mifflin Harcourt Company, (2)

          35,650   
  1,946     

ITT Educational Services, Inc., (2), (3)

          52,542   
  382     

JTH Holdings Inc., Class A Shares, (2), (3)

          10,390   
  2,264     

K12, Inc., (2)

          53,612   
  5,326     

LifeLock, Incorporated, (2)

          83,618   
  2,001     

Lincoln Educational Services Corporation

          8,164   
  2,300     

Matthews International Corporation, (3)

          92,805   
  3,959     

Regis Corporation

          52,021   
  5,690     

Sothebys Holdings Inc., (3)

          239,321   
  1,222     

Steiner Leisure Limited, (2)

          52,754   
  900     

Strayer Education Inc., (2)

          38,367   
  1,768     

Universal Technical Institute Inc., (3)

                21,234   
 

Total Diversified Consumer Services

                1,358,003   
 

Diversified Financial Services – 0.3%

       
  194     

California First National Bancorp.

          2,877   
  918     

Gain Capital Holdings Inc., (3)

          9,272   
  3,126     

Marketaxess

          168,429   
  688     

Marlin Business Services Corporation

          11,813   
  2,188     

Newstar Financial, Inc., (2), (3)

          24,987   
  4,758     

PHH Corporation, (2)

          113,098   
  1,895     

PICO Holdings, Inc., (2)

          44,059   
  1,013     

Resource America Inc.

                8,621   
 

Total Diversified Financial Services

                383,156   

 

Nuveen Investments     67   


Nuveen Small Cap Index Fund (continued)

Portfolio of Investments April 30, 2014 (Unaudited)

 

Shares     Description (1)                  Value  
 

Diversified Telecommunication Services – 0.6%

       
  7,280     

8X8, Inc., (2)

        $ 70,616   
  766     

Atlantic Tele-Network, Inc.

          45,324   
  2,235     

Cbeyond Inc., (2)

          22,104   
  17,328     

Cincinnati Bell Inc., (2)

          58,049   
  3,935     

Cogent Communications Group, Inc.

          135,639   
  3,343     

Consolidated Communications Holdings, Inc., (3)

          66,593   
  1,730     

FairPoint Communications Inc., (2), (3)

          23,597   
  2,622     

General Communication, Inc., (2)

          27,374   
  862     

Hawaiian Telcom Holdco Inc., (2), (3)

          22,946   
  1,132     

Hickory Tech Corporation, (2)

          13,437   
  1,281     

IDT Corporation, (3)

          20,291   
  4,447     

inContact, Inc., (2)

          36,688   
  2,712     

Inteliquent Incn

          36,992   
  5,350     

Iridium Communications Inc., (2), (3)

          35,685   
  1,287     

Lumos Networks Corporation

          17,001   
  3,020     

Orbcomm, Inc., (2)

          18,935   
  4,009     

Premiere Global Services, Inc., (2)

          50,994   
  640     

Straight Path Communications Inc., Class B Shares, (2)

          4,480   
  5,533     

TowerStream Corporation, (2), (3)

          10,236   
  1,546     

VocalTec Communications Limited, (2), (3)

          27,333   
  12,946     

Vonage Holdings Corporation, (2)

                49,713   
 

Total Diversified Telecommunication Services

                794,027   
 

Electric Utilities – 1.4%

       
  3,326     

ALLETE Inc

          172,154   
  5,038     

Cleco Corporation

          264,747   
  3,352     

El Paso Electric Company

          126,773   
  3,556     

Empire District Electric Company

          86,482   
  1,075     

Genie Energy Limited, Class B Shares, (2), (3)

          8,708   
  4,187     

IDACORP, INC

          235,058   
  2,890     

MGE Energy, Inc.

          110,456   
  1,875     

NRG Yield Inc., Class A Shares, (3)

          80,325   
  3,022     

Otter Tail Power Corporation

          88,545   
  6,638     

PNM Resources Inc.

          183,740   
  5,850     

Portland General Electric Company, (3)

          195,800   
  4,705     

UIL Holdings Corporation

          172,815   
  1,151     

Unitil Corp.

          38,213   
  3,455     

UNS Energy Corporation

                207,507   
 

Total Electric Utilities

                1,971,323   

 

  68       Nuveen Investments


Shares     Description (1)                  Value  
 

Electrical Equipment – 1.4%

       
  3,570     

Acuity Brands Inc., (3)

        $ 444,715   
  4,388     

American Superconductor Corporation, (2), (3)

          5,617   
  2,123     

AZZ Inc., (3)

          92,181   
  25,382     

Capstone Turbine Corporation, (2), (3)

          52,287   
  1,722     

Encore Wire Corporation

          83,913   
  4,011     

EnerSys

          271,063   
  1,331     

Enphase Energy Incorporated, (2), (3)

          10,049   
  3,952     

Franklin Electric Company, Inc.

          152,824   
  16,453     

Fuelcell Energy Inc., (2), (3)

          37,348   
  4,296     

Generac Holdings Inc., (2), (3)

          252,948   
  4,146     

General Cable Corporation

          106,221   
  1,418     

Global Power Equipment Group Inc., (3)

          24,858   
  9,738     

GrafTech International Ltd., (2), (3)

          109,163   
  1,801     

LSI Industries, Inc.

          13,706   
  3,888     

Polypore International Inc., (2), (3)

          134,836   
  767     

Powell Industries Inc.

          48,566   
  167     

Power Solutions International Inc., (2)

          13,819   
  1,802     

PowerSecure International, Inc., (2)

          40,058   
  214     

Preformed Line Products Company

          12,789   
  2,471     

Revolution Lighting Technologies Inc., (2), (3)

          7,191   
  2,260     

Thermon Group Holdings Inc., (2)

          53,833   
  1,473     

Vicor Corporation, (2), (3)

                12,314   
 

Total Electrical Equipment

                1,980,299   
 

Electronic Equipment & Instruments – 2.7%

       
  1,634     

Aeroflex Holding Corporation, (2)

          12,500   
  1,184     

Agilysys Inc., (2)

          14,847   
  2,259     

Anixter International Inc., (2)

          221,337   
  1,197     

Badger Meter Inc., (3)

          59,311   
  3,669     

Belden Inc.

          270,809   
  4,531     

Benchmark Electronics Inc., (2)

          105,029   
  3,419     

Checkpoint Systems Inc., (2)

          43,661   
  7,243     

Cognex Corporation, (2)

          249,376   
  2,029     

Coherent Inc., (2)

          121,152   
  383     

Control4 Corporation, (2), (3)

          6,764   
  2,794     

CTS Corporation

          49,705   
  3,044     

Daktronics Inc.

          39,633   
  1,522     

DTS, Inc., (2)

          28,324   
  1,565     

Electro Rent Corporation

          25,275   
  1,986     

Electro Scientific Industries Inc., (3)

          16,841   

 

Nuveen Investments     69   


Nuveen Small Cap Index Fund (continued)

Portfolio of Investments April 30, 2014 (Unaudited)

 

Shares     Description (1)                  Value  
 

Electronic Equipment & Instruments (continued)

       
  2,363     

Fabrinet, (2)

        $ 51,041   
  1,424     

FARO Technologies, Inc., (2), (3)

          56,818   
  3,478     

FEI Company

          276,571   
  2,530     

GSI Group, Inc., (2)

          30,714   
  4,255     

II VI Inc., (2)

          61,272   
  3,626     

Insight Enterprises Inc., (2)

          94,711   
  4,731     

InvenSense Incorporated, (2), (3)

          101,858   
  3,294     

Itron Inc., (2), (3)

          125,172   
  3,743     

Kemet Corporation, (2)

          18,752   
  1,842     

Littelfuse Inc.

          166,793   
  2,432     

Maxwell Technologies, Inc., (2)

          36,626   
  1,287     

Measurement Specialties, Inc., (2)

          82,818   
  2,693     

Mercury Computer Systems Inc., (2)

          37,594   
  205     

Mesa Laboratories, Inc.

          17,569   
  3,089     

Methode Electronics, Inc.

          85,689   
  1,318     

MTS Systems Corporation

          84,971   
  732     

Multi Fineline Electronix, Inc., (2)

          9,062   
  2,267     

Neonode Incorporated, (2), (3)

          12,128   
  3,256     

Newport Corporation, (2)

          60,822   
  1,661     

OSI Systems Inc., (2)

          92,700   
  1,736     

Park Electrochemical Corporation

          46,282   
  777     

PC Connection, Inc., (2)

          15,548   
  2,842     

Plexus Corporation, (2)

          119,137   
  2,358     

Radisys Corporation, (2)

          7,546   
  3,373     

RealD Inc., (2)

          36,968   
  948     

Richardson Electronics Limited

          9,499   
  2,356     

Rofin Sinar Technologies Inc., (2)

          52,303   
  1,422     

Rogers Corporation, (2)

          85,348   
  6,898     

Sanmina-SCI Corporation, (2)

          139,685   
  2,323     

ScanSource, Inc., (2)

          89,226   
  3,750     

Speed Commerce Inc., (2)

          12,375   
  2,200     

SYNNEX Corporation, (2)

          148,236   
  4,412     

TTM Technologies, Inc., (2)

          34,811   
  843     

Uni-Pixel Inc., (2), (3)

          4,611   
  3,351     

Universal Display Corporation, (2), (3)

          87,294   
  304     

Viasystems Group Inc., (2)

          3,654   
  1,031     

Vishay Precision Group Inc., (2), (3)

          16,733   
  1,386     

Zygo Corporation, (2)

                26,667   
 

Total Electronic Equipment & Instruments

                3,704,168   

 

  70       Nuveen Investments


Shares     Description (1)                  Value  
 

Energy Equipment & Services – 1.9%

       
  2,493     

Basic Energy Services, Inc., (2)

        $ 65,865   
  719     

Bolt Technology Corporation

          12,137   
  3,012     

Bristow Group Inc.

          231,322   
  3,755     

C&J Energy Services Inc., (2), (3)

          112,875   
  8,161     

Cal Dive International Inc., (2), (3)

          12,078   
  1,649     

Carbo Ceramics Inc., (3)

          230,712   
  2,957     

CHC Group Limited, (2)

          19,960   
  672     

Dawson Geophysical Company

          18,991   
  1,677     

ERA Group Incorporated, (2)

          47,878   
  4,798     

Exterran Holdings, Inc., (3)

          206,410   
  3,279     

Forum Energy Technologies Incorporated, (2)

          97,911   
  1,075     

Geospace Technologies Corporation, (2), (3)

          62,490   
  1,204     

Gulf Island Fabrication, Inc., (3)

          24,152   
  2,224     

Gulfmark Offshore Inc.

          100,102   
  8,828     

Helix Energy Solutions Group, (2)

          212,225   
  13,291     

Hercules Offshore Inc., (2)

          59,411   
  2,983     

Hornbeck Offshore Services Inc., (2)

          123,586   
  11,661     

ION Geophysical Corporation, (2), (3)

          51,308   
  12,692     

Key Energy Services Inc., (2)

          127,428   
  2,173     

Matrix Service Company, (2)

          67,298   
  1,069     

Mitcham Industries, Inc., (2)

          14,752   
  1,031     

Natural Gas Services Group, (2)

          31,641   
  7,179     

Newpark Resources Inc., (2), (3)

          86,435   
  5,944     

North Atlantic Drilling Limited, (3)

          51,000   
  1,188     

Nuverra Environmental Solutions, (2), (3)

          20,208   
  9,926     

Parker Drilling Company, (2)

          65,809   
  1,048     

PHI Inc Non-Voting, (2)

          46,950   
  5,181     

Pioneer Energy Services Corporation, (2)

          77,560   
  987     

RigNet, Inc., (2)

          46,152   
  1,675     

SeaCor Smit Inc., (2), (3)

          139,678   
  2,517     

Tesco Corporation, (2)

          50,340   
  6,522     

TETRA Technologies, (2)

          81,525   
  1,324     

TGC Industries Inc., (2)

          6,699   
  16,750     

Vantage Drilling Company, (2), (3)

          27,973   
  3,331     

Willbros Group Inc., (2)

                37,007   
 

Total Energy Equipment & Services

                2,667,868   
 

Food & Staples Retailing – 1.3%

       
  2,337     

Andersons, Inc.

          145,572   
  3,195     

Casey’s General Stores, Inc.

          219,369   

 

Nuveen Investments     71   


Nuveen Small Cap Index Fund (continued)

Portfolio of Investments April 30, 2014 (Unaudited)

 

Shares     Description (1)                  Value  
 

Food & Staples Retailing (continued)

       
  1,308     

Fairway Group Holdings Inc., (2), (3)

        $ 9,064   
  986     

Ingles Markets, Inc.

          22,668   
  738     

Natural Grocers by Vitamin Cottage Incorporated, (2)

          26,273   
  1,963     

Pantry, Inc., (2)

          29,524   
  1,572     

PriceSmart, Inc.

          150,975   
  60,700     

Rite Aid Corporation, (2)

          443,110   
  2,286     

Roundys Inc.

          15,476   
  2,962     

Spartan Stores, Inc.

          63,801   
  16,917     

SUPERVALU INC., (2), (3)

          118,250   
  1,504     

Susser Holdings Corporation, (2), (3)

          116,380   
  1,378     

The Chef’s Warehouse Inc., (2), (3)

          27,684   
  4,109     

United Natural Foods Inc., (2), (3)

          283,644   
  527     

Village Super Market, Inc.

          12,748   
  917     

Weis Markets Inc.

                42,265   
 

Total Food & Staples Retailing

                1,726,803   
 

Food Products – 1.7%

       
  241     

Alico Inc.

          8,416   
  1,141     

Annie’s Incorporated, (2)

          37,094   
  4,406     

B&G Foods Inc., (3)

          144,517   
  4,959     

Boulder Brands Inc., (2)

          73,195   
  1,019     

Calavo Growers, Inc.

          31,681   
  1,148     

Cal-Maine Foods, Inc.

          68,455   
  3,871     

Chiquita Brands International Inc., (2)

          44,439   
  13,157     

Darling International Inc., (2)

          263,272   
  1,851     

Diamond Foods Inc., (2)

          56,585   
  503     

Farmer Brothers Company, (2)

          9,914   
  3,155     

Fresh Del Monte Produce Inc., (3)

          91,148   
  218     

Griffin Land & Nurseries, Inc.

          6,366   
  3,200     

Hain Celestial Group Inc., (2), (3)

          275,264   
  1,171     

Inventure Group, (2)

          14,075   
  1,155     

J&K Snack Foods Corporation

          108,108   
  681     

John B Sanfillippo & Son, Inc.

          15,697   
  1,543     

Lancaster Colony Corporation

          146,400   
  384     

Lifeway Foods, Inc.

          5,764   
  834     

Limoneira Company

          19,157   
  1,659     

Omega Protein Corporation, (2)

          18,846   
  5,051     

Pilgrim’s Pride Corporation, (2)

          110,415   
  3,196     

Post Holdings Inc., (2), (3)

          167,023   
  1,917     

Sanderson Farms Inc., (3)

          157,712   

 

  72       Nuveen Investments


Shares     Description (1)                  Value  
 

Food Products (continued)

       
  24     

Seaboard Corproation, (2)

        $ 58,512   
  678     

Seneca Foods Corporation, (2)

          19,255   
  3,962     

Snyders Lance Inc.

          105,231   
  1,679     

Tootsie Roll Industries Inc., (3)

          47,331   
  3,021     

Treehouse Foods Inc., (2)

                226,092   
 

Total Food Products

                2,329,964   
 

Gas Utilities – 0.9%

       
  802     

Chesapeake Utilities Corporation

          50,735   
  572     

Delta Natural Gas Company, Inc., (3)

          10,908   
  2,524     

Laclede Group Inc.

          119,663   
  3,481     

New Jersey Resources Corporation

          173,110   
  2,083     

Northwest Natural Gas Company, (3)

          92,214   
  6,293     

Piedmont Natural Gas Company, (3)

          225,226   
  2,663     

South Jersey Industries Inc.

          152,989   
  3,860     

Southwest Gas Corporation

          212,339   
  4,308     

WGL Holdings Inc.

                171,415   
 

Total Gas Utilities

                1,208,599   
 

Health Care Equipment & Supplies – 3.2%

       
  1,841     

Abaxis, Inc., (2), (3)

          74,763   
  3,229     

Abiomed, Inc., (2), (3)

          76,495   
  6,177     

Accuray, Inc., (2), (3)

          51,887   
  6,095     

Align Technology, Inc., (2)

          307,127   
  5,167     

Alphatec Holdings, Inc., (2)

          6,975   
  947     

Analogic Corporation

          71,101   
  2,053     

AngioDynamics, Inc., (2)

          27,592   
  1,001     

Anika Therapeutics, Inc., (2)

          42,783   
  9,394     

Antares Pharma Inc., (2), (3)

          26,115   
  2,179     

Arthrocare Corporation, (2)

          105,747   
  2,009     

AtriCure, Inc., (2)

          30,939   
  121     

ATRION Corporation

          34,888   
  2,872     

Biolase Technology, Inc., (2), (3)

          5,544   
  2,732     

Cantel Medical Corporation

          90,593   
  2,043     

Cardiovascular Systems, Inc., (2)

          58,736   
  5,809     

Cerus Corporation, (2), (3)

          25,153   
  2,312     

Conmed Corporation

          107,115   
  2,289     

CryoLife Inc., (3)

          20,784   
  1,223     

Cutera, Inc., (2)

          12,609   
  2,303     

Cyberonics, (2)

          136,245   
  1,597     

Cynosure, Inc., (2)

          39,190   

 

Nuveen Investments     73   


Nuveen Small Cap Index Fund (continued)

Portfolio of Investments April 30, 2014 (Unaudited)

 

Shares     Description (1)                  Value  
 

Health Care Equipment & Supplies (continued)

       
  1,687     

Derma Sciences Inc., (2), (3)

        $ 17,444   
  5,892     

DexCom, Inc., (2)

          191,136   
  5,233     

Endologix, Inc., (2)

          66,354   
  778     

Exactech, Inc., (2)

          17,287   
  2,988     

Genmark Diagnostics Inc., (2), (3)

          26,743   
  4,552     

Globus Medical Inc, Class A, (2)

          111,160   
  1,992     

Greatbatch, Inc., (2)

          91,692   
  3,949     

Haemonetics Corporation, (2)

          119,892   
  1,363     

Heartware International Inc., (2)

          115,800   
  1,001     

ICU Medical, Inc., (2)

          55,836   
  421     

Inogen Inc., (2)

          5,940   
  4,453     

Insulet Corporation, (2)

          167,566   
  1,666     

Integra Lifesciences Holdings Corporation, (2), (3)

          75,936   
  2,668     

Invacare Corporation

          42,154   
  478     

LDR Holding Corporation, (2)

          11,912   
  4,059     

Masimo Corporation, (2), (3)

          108,619   
  1,213     

Medical Action Industries, Inc., (2), (3)

          7,775   
  3,456     

Meridian Bioscience, Inc., (3)

          69,016   
  3,547     

Merit Medical Systems, Inc., (2)

          45,650   
  2,668     

Natus Medical, Inc., (2)

          66,246   
  2,990     

Neogen Corporation, (2)

          124,907   
  3,686     

NuVasive, Inc., (2)

          124,255   
  4,979     

Nxstage Medical, Inc., (2)

          56,960   
  4,628     

OraSure Technologies, Inc., (2)

          30,313   
  1,621     

Orthofix International NV, (2)

          48,954   
  512     

Oxford Immunotec Global PLC, (2), (3)

          9,165   
  1,170     

PhotoMedex, Inc., (2), (3)

          17,679   
  2,340     

Quidel Corporation, (2), (3)

          50,193   
  3,271     

Rockwell Medical Technologies, Inc., (2), (3)

          33,233   
  4,690     

RTI Biologics Inc., (2)

          20,167   
  3,362     

Spectranetics Corporation, (2)

          71,476   
  3,062     

STAAR Surgical Company, (2)

          52,085   
  4,912     

Steris Corporation

          236,022   
  1,208     

Surmodics Inc., (2)

          26,286   
  3,107     

Symmetry Medical, Inc., (2)

          25,664   
  765     

Tandem Diabetes Care Inc., (2), (3)

          13,441   
  2,419     

TearLab Corporation, (2), (3)

          10,450   
  4,777     

Thoratec Corporation, (2)

          156,590   
  2,168     

Tornier N.V, (2)

          36,791   

 

  74       Nuveen Investments


Shares     Description (1)                  Value  
 

Health Care Equipment & Supplies (continued)

       
  8,531     

Unilife Corporation, (2), (3)

        $ 27,726   
  275     

Utah Medical Products, Inc.

          13,967   
  1,376     

Vascular Solutions, Inc., (2)

          30,148   
  419     

Veracyte Inc., (2)

          5,367   
  4,546     

Volcano Corporation, (2), (3)

          79,828   
  5,764     

West Pharmaceutical Services Inc.

          250,042   
  3,123     

Wright Medical Group, Inc., (2)

          85,414   
  1,474     

Zeltiq Aesthetics Inc, (2)

                26,959   
 

Total Health Care Equipment & Supplies

                4,430,621   
 

Health Care Providers & Services – 2.6%

       
  2,952     

Acadia Healthcare Company Inc., (2), (3)

          124,043   
  456     

Addus HomeCare Corporation, (2)

          9,859   
  3,241     

Air Methods Corporation, (2), (3)

          180,426   
  416     

Alliance Imaging Inc., (2), (3)

          11,839   
  688     

Almost Family, Inc., (2), (3)

          14,771   
  2,622     

Amedisys, Inc., (2), (3)

          35,738   
  3,837     

AMN Healthcare Services Inc., (2)

          47,886   
  2,666     

AmSurg Corporation, (2)

          115,464   
  2,038     

Bio-Reference Laboratories, Inc., (2), (3)

          51,765   
  4,858     

Bioscrip, Inc., (2)

          33,617   
  2,387     

Capital Senior Living Corporation, (2)

          59,031   
  4,536     

Centene Corporation, (2)

          301,190   
  1,467     

Chemed Corporation, (3)

          122,157   
  1,046     

Chindex International, Inc., (2), (3)

          24,926   
  951     

Corvel Corporation, (2)

          43,309   
  2,261     

Cross Country Healthcare, Inc., (2)

          16,030   
  3,358     

Emeritus Corporation, (2), (3)

          100,169   
  1,621     

Ensign Group Inc.

          68,893   
  2,522     

ExamWorks Group Inc., (2)

          92,810   
  3,572     

Five Star Quality Care Inc., (2)

          17,253   
  2,610     

Gentiva Health Services, Inc., (2)

          19,653   
  2,890     

Hanger Orthopedic Group Inc., (2)

          100,196   
  7,269     

HealthSouth Corporation

          251,798   
  2,850     

Healthways Inc., (2), (3)

          51,300   
  1,398     

IPC The Hospitalist Company, Inc., (2), (3)

          56,619   
  4,504     

Kindred Healthcare Inc.

          113,050   
  793     

Landauer Inc.

          34,289   
  1,005     

LHC Group, Inc., (2)

          20,884   
  2,093     

Magellan Health Services, Inc., (2)

          120,808   

 

Nuveen Investments     75   


Nuveen Small Cap Index Fund (continued)

Portfolio of Investments April 30, 2014 (Unaudited)

 

Shares     Description (1)                  Value  
 

Health Care Providers & Services (continued)

       
  2,362     

Molina Healthcare Inc., (2), (3)

        $ 88,339   
  1,067     

MWI Veterinary Supply, Inc., (2)

          167,135   
  896     

National Healthcare Corporation, (3)

          49,038   
  817     

National Research Corporation, (2), (3)

          12,876   
  5,277     

Owens and Minor Inc., (3)

          176,991   
  2,475     

Pharmerica Corporation, (2)

          67,295   
  884     

Providence Service Corporation, (2)

          35,899   
  4,055     

Select Medical Corporation

          56,608   
  1,653     

Skilled Healthcare Group Inc., (2)

          8,529   
  935     

Surgical Care Affiliates Inc., (2)

          27,470   
  5,725     

Team Health Holdings Inc., (2), (3)

          277,548   
  1,974     

Triple-S Management Corporation, Class B Shares, (2)

          29,571   
  3,201     

Universal American Corporation, (2)

          22,951   
  1,005     

US Physical Therapy, Inc.

          31,004   
  90     

USMD Holdings Inc., (2)

          1,134   
  3,623     

Wellcare Health Plans Inc., (2)

                244,444   
 

Total Health Care Providers & Services

                3,536,605   
 

Health Care Technology – 0.7%

       
  3,054     

AthenaHealth Inc., (2)

          377,597   
  924     

Computer Programs and Systems, Inc.

          58,332   
  1,678     

Healthstream, Inc., (2)

          38,007   
  7,308     

HMS Holdings Corporation, (2)

          118,170   
  5,077     

MedAssets Inc., (2)

          115,908   
  4,432     

Medidata Solutions, Inc., (2), (3)

          160,926   
  5,441     

Merge Healthcare Incorporated, (2)

          12,405   
  2,862     

Omnicell, Inc., (2)

          75,786   
  3,325     

Quality Systems Inc.

          49,110   
  1,757     

Vocera Communications Incorporated, (2)

                26,794   
 

Total Health Care Technology

                1,033,035   
 

Hotels, Restaurants & Leisure – 2.6%

       
  106     

Biglari Holdings Inc., (2)

          45,476   
  2,055     

BJ’s Restaurants, Inc., (2)

          58,670   
  4,609     

Bloomin Brands, (2)

          98,264   
  2,324     

Bob Evans Farms

          108,926   
  5,789     

Boyd Gaming Corporation, (2)

          68,426   
  1,632     

Bravo Brio Restaurant Group, (2)

          24,431   
  1,564     

Buffalo Wild Wings, Inc., (2)

          228,532   
  3,532     

Caesar’s Entertainment Corporation, (2), (3)

          65,236   
  1,973     

Carrols Restaurant Group, Inc., (2), (3)

          13,239   

 

  76       Nuveen Investments


Shares     Description (1)                  Value  
 

Hotels, Restaurants & Leisure (continued)

       
  1,519     

CBRL Group Inc.

        $ 143,910   
  4,443     

Cheesecake Factory Inc., (3)

          199,446   
  1,146     

Churchill Downs Inc.

          100,653   
  1,352     

Chuy’s Holdings Inc., (2)

          48,604   
  1,721     

ClubCorp Holdings Inc., (3)

          32,424   
  891     

Del Friscos Restaurant Group, (2)

          23,175   
  7,648     

Denny’s Corporation, (2)

          51,548   
  1,485     

Diamond Resorts International Inc., (2)

          27,784   
  1,378     

DineEquity Inc., (3)

          104,466   
  829     

Diversified Restaurant Holdings Inc., (2)

          4,153   
  499     

Einstein Noah Restaurant Group

          7,665   
  1,863     

Fiesta Restaurant Group, (2)

          68,204   
  557     

Ignite Restaurant Group, Incorporated, (2), (3)

          7,876   
  3,282     

Interval Leisure Group Inc., (3)

          84,577   
  2,320     

Intl Speedway Corporation

          72,941   
  1,495     

Intrawest Resorts Holdings Inc., (2), (3)

          16,953   
  1,764     

Isle of Capri Casinos, (2)

          11,995   
  3,707     

Jack in the Box Inc., Term Loan, (2)

          198,473   
  1,392     

Jamba, Inc., (2)

          15,396   
  5,457     

Krispy Kreme Doughnuts Inc., (2), (3)

          95,716   
  3,588     

Life Time Fitness Inc., (2), (3)

          172,224   
  1,663     

Luby’s Inc., (2), (3)

          9,013   
  1,543     

Marcus Corporation

          25,814   
  2,430     

Marriott Vacations World, (2)

          132,386   
  715     

Monarch Casino & Resort, Inc., (2)

          11,469   
  2,220     

Morgans Hotel Group Company, (2)

          16,650   
  2,405     

Multimedia Games, Inc., (2)

          70,226   
  226     

Nathan’s Famous, Inc., (2)

          11,137   
  513     

Noodles & Company, (2), (3)

          16,821   
  7,984     

Orient Express Hotels Limited, (2)

          104,590   
  2,670     

Papa John’s International, Inc.

          117,106   
  4,866     

Pinnacle Entertainment Inc., (2)

          113,232   
  1,990     

Popeye’s Louisiana Kitchen Inc., (2)

          75,819   
  717     

Potbelly Corporation, (2), (3)

          12,189   
  1,180     

Red Robin Gourmet Burgers, Inc., (2)

          80,216   
  5,078     

Ruby Tuesday, Inc., (2)

          39,151   
  2,986     

Ruth’s Chris Steak House, Inc.

          37,594   
  3,978     

Scientific Games Corporation, (2)

          47,656   
  4,679     

Sonic Corporation, (2), (3)

          89,088   

 

Nuveen Investments     77   


Nuveen Small Cap Index Fund (continued)

Portfolio of Investments April 30, 2014 (Unaudited)

 

Shares     Description (1)                  Value  
 

Hotels, Restaurants & Leisure (continued)

       
  969     

Speedway Motorsports Inc.

        $ 17,626   
  4,826     

Texas Roadhouse, Inc.

          119,395   
  2,002     

Town Sports International

          14,034   
  2,992     

Vail Resorts, Inc.

                207,136   
 

Total Hotels, Restaurants & Leisure

                3,567,731   
 

Household Durables – 1.0%

       
  905     

Bassett Furniture, Inc., (3)

          12,480   
  2,090     

Beazer Homes USA, Inc., (2)

          39,626   
  775     

Blyth Inc., (3)

          7,262   
  581     

Cavco Industries, Inc., (2)

          45,289   
  706     

CSS Industries Inc.

          16,923   
  2,068     

Ethan Allen Interiors Inc., (3)

          50,211   
  814     

EveryWare Global Inc., (2)

          2,214   
  409     

Flexsteel Industries, Inc.

          14,037   
  2,348     

Helen of Troy Limited, (2)

          147,220   
  896     

Hooker Furniture Corporation, (3)

          12,410   
  9,431     

Hovnanian Enterprises Inc., (2), (3)

          42,062   
  712     

Installed Building Products Inc., (2)

          9,904   
  2,356     

Irobot Corporation, (2), (3)

          78,926   
  6,963     

KB Home, (3)

          114,959   
  4,363     

La Z Boy Inc.

          105,715   
  748     

LGI Homes Inc., (2), (3)

          11,011   
  1,749     

Libbey Inc., (2)

          46,646   
  852     

Lifetime Brands, Inc.

          16,273   
  2,014     

M/I Homes, Inc., (2), (3)

          44,852   
  3,404     

MDC Holdings Inc., (3)

          93,950   
  3,013     

Meritage Corporation, (2)

          116,242   
  412     

Nacco Industries Inc.

          22,079   
  748     

New Home Company Inc., (2)

          10,285   
  3,843     

Ryland Group Inc.

          147,533   
  1,502     

Skullcandy Inc., (2)

          11,565   
  12,350     

Standard Pacific Corporation, (2), (3)

          98,677   
  1,231     

Tri Pointe Homes, Incorporated, (2), (3)

          19,782   
  645     

UCP Inc., Class A, (2)

          9,127   
  1,249     

Univeral Electronics Inc., (2)

          46,650   
  568     

WCI Communities Inc., (2), (3)

          10,889   
  1,146     

William Lyon Homes Inc, Class A Shares, (2)

          29,911   
  2,563     

Zagg Inc., (2)

                11,149   
 

Total Household Durables

                1,445,859   

 

  78       Nuveen Investments


Shares     Description (1)                  Value  
 

Household Products – 0.2%

       
  3,488     

Central Garden & Pet Company, (2)

        $ 28,846   
  2,751     

Harbinger Group Inc., (2), (3)

          32,077   
  402     

Oil Dri Corporation

          13,471   
  463     

Orchids Paper Products Company

          12,441   
  1,792     

Spectrum Brands Inc.

          137,679   
  1,289     

WD 40 Company

                93,891   
 

Total Household Products

                318,405   
 

Independent Power & Renewable Electricity Producers – 0.2%

       
  9,986     

Atlantic Power Corporation, (3)

          29,658   
  8,333     

Dynegy Inc., (2), (3)

          237,074   
  1,473     

Ormat Technologies Inc.

          39,300   
  1,235     

Pattern Energy Group Inc.

                33,098   
 

Total Independent Power & Renewable Electricity Producers

                339,130   
 

Industrial Conglomerates – 0.1%

       
  3,030     

Raven Industries, Inc.

                93,627   
 

Insurance – 2.4%

       
  3,750     

Ambac Financial Group, Inc., (2)

          113,175   
  4,949     

American Equity Investment Life Holding Company, (3)

          115,411   
  1,532     

Amerisafe, Inc.

          65,340   
  2,585     

Amtrust Financial Services, Inc., (3)

          99,962   
  2,265     

Argo Group International Holdings Inc.

          100,611   
  770     

Baldwin & Lyons, Class B, (3)

          20,028   
  519     

Blue Capital Reinsurnance Holdings Limited

          9,633   
  3,620     

Citizens Inc., (2), (3)

          23,783   
  18,515     

CNO Financial Group Inc.

          319,384   
  2,188     

Crawford & Co, (3)

          24,987   
  618     

Donegal Group, Inc., B

          9,122   
  1,535     

eHealth, Inc., (2), (3)

          64,301   
  376     

EMC Insurance Group Inc.

          12,404   
  2,580     

Employers Holdings, Inc.

          52,503   
  794     

Enstar Group, Limited, (2)

          102,505   
  740     

FBL Financial Group Inc.

          33,085   
  952     

Fidelity & Guaranty Life

          20,411   
  9,016     

First American Corporation, (3)

          239,826   
  536     

Fortegra Financial Corp, (2)

          3,870   
  727     

Global Indemnity PLC, (2)

          19,484   
  2,351     

Greenlight Capital Re, Ltd, (2)

          74,832   
  1,184     

Hallmark Financial Services, Inc., (2)

          9,946   
  813     

HCI Group Inc., (3)

          31,447   

 

Nuveen Investments     79   


Nuveen Small Cap Index Fund (continued)

Portfolio of Investments April 30, 2014 (Unaudited)

 

Shares     Description (1)                  Value  
 

Insurance (continued)

       
  384     

Health Insurance Innnovations Inc., (2)

        $ 3,875   
  5,539     

Hilltop Holdings Inc., (2)

          123,741   
  3,308     

Horace Mann Educators Corporation

          99,472   
  657     

Independence Holding Company

          8,580   
  961     

Infinity Property and Casualty Corporation

          61,667   
  103     

Investors Title Company

          7,288   
  329     

Kansas City Life Insurance Company

          13,680   
  4,153     

Maiden Holdings, Ltd

          49,005   
  4,157     

Meadowbrook Insurance Group, Inc.

          23,279   
  3,578     

Montpelier Re Holdings Limited, (3)

          109,415   
  554     

National Interstate Corporation

          15,523   
  182     

National Western Life Insurance Company

          42,452   
  863     

Navigators Group, Inc., (2)

          49,165   
  1,881     

OneBeacon Insurance Group Limited, Class A

          29,043   
  484     

Phoenix Companies Inc., (2), (3)

          21,306   
  2,263     

Platinum Underwriters Holdings Limited

          141,913   
  4,750     

Primerica Inc.

          217,978   
  3,546     

RLI Corporation, (3)

          152,691   
  1,074     

Safety Insurance Group, Inc.

          57,685   
  4,627     

Selective Insurance Group Inc.

          106,143   
  1,245     

State Auto Financial Corporation, (3)

          25,473   
  1,775     

Stewart Information Services Corporation

          54,138   
  6,791     

Symetra Financial Corporation

          140,302   
  2,113     

Third Point Reinsurance Limited, (2)

          33,047   
  4,787     

Tower Group Inc., (3)

          11,776   
  1,714     

United Fire Group Inc.

          47,683   
  2,268     

Universal Insurance Holdings Inc.

                33,181   
 

Total Insurance

                3,245,551   
 

Internet & Catalog Retail – 0.4%

       
  2,149     

1-800-Flowers, (2)

          11,712   
  1,033     

Blue Nile Inc., (2)

          35,876   
  1,541     

FTD Companies Inc., (2), (3)

          46,754   
  2,819     

Hosting Site Network, Inc.

          163,615   
  2,385     

Nutri System Inc.

          35,775   
  2,000     

Orbitz Worldwide Inc., (2)

          14,700   
  932     

Overstock.com, Inc., (2)

          14,931   
  1,675     

PetMed Express, Inc., (3)

          21,926   
  782     

RetailMeNot Inc., (2)

          23,311   
  3,165     

Shutterfly, Inc., (2), (3)

          129,543   

 

  80       Nuveen Investments


Shares     Description (1)                  Value  
 

Internet & Catalog Retail (continued)

       
  3,273     

ValueVision Media Inc., (2), (3)

        $ 15,318   
  1,832     

Vitacost.com, Inc., (2)

                12,219   
 

Total Internet & Catalog Retail

                525,680   
 

Internet Software & Services – 2.7%

       
  3,520     

Angie’s List, (2), (3)

          39,811   
  3,854     

Bankrate Inc., (2)

          67,522   
  4,006     

Bazaarvoice Inc., (2)

          26,920   
  422     

BenefitFocus Inc., (2), (3)

          13,673   
  3,416     

Blucora Inc., (2)

          65,758   
  2,344     

Brightcove Inc., (2)

          20,205   
  1,008     

Carbonite Inc., (2)

          9,969   
  547     

CareCom Inc., (2), (3)

          6,701   
  529     

ChannelAdvisor Corporation, (2)

          13,881   
  1,247     

Chegg Inc., (2), (3)

          6,572   
  2,975     

ComScore Inc., (2)

          93,207   
  2,560     

Constant Contact Inc., (2)

          66,202   
  5,552     

Conversant Inc., (2), (3)

          135,691   
  3,364     

Cornerstone OnDemand Inc., (2)

          123,661   
  2,378     

CoStar Group, Inc., (2)

          382,596   
  536     

Cvent Inc., (2), (3)

          14,756   
  3,625     

DealerTrack Technologies Inc., (2), (3)

          165,626   
  3,016     

Demand Media Inc., (2), (3)

          12,547   
  1,534     

Demandware Incorporated, (2)

          76,132   
  3,384     

Dice Holdings Inc., (2)

          25,888   
  2,939     

Digital River, Inc., (2)

          44,937   
  1,364     

E2open Inc., (2), (3)

          23,556   
  8,588     

Earthlink Holdings Corporation

          29,285   
  1,090     

Egain Communications Corporation, (2)

          7,129   
  1,810     

Endurance International Group Holdings Inc., (2), (3)

          22,897   
  1,882     

Envestnet Inc., (2)

          69,352   
  2,339     

Global Eagle Acquisition Corporation, (2)

          25,799   
  916     

Gogo Inc., (2), (3)

          12,384   
  4,466     

Internap Network Services Corporation, (2)

          30,012   
  3,200     

Intralinks Holdings INc., (2)

          29,280   
  3,828     

J2 Global Inc., (3)

          177,466   
  4,452     

Limelight Networks Inc., (2)

          9,216   
  2,072     

Liquidity Services, Inc., (2), (3)

          35,742   
  4,590     

Liveperson, Inc., (2)

          45,441   
  2,027     

LogMeIn Inc., (2)

          92,127   

 

Nuveen Investments     81   


Nuveen Small Cap Index Fund (continued)

Portfolio of Investments April 30, 2014 (Unaudited)

 

Shares     Description (1)                  Value  
 

Internet Software & Services (continued)

       
  1,891     

Marchex, Inc.

        $ 17,492   
  764     

Marin Software Inc., (2), (3)

          7,166   
  627     

Marketo Inc., (2)

          17,017   
  2,941     

Millennial Media Incorporated, (2), (3)

          18,793   
  8,721     

Monster Worldwide Inc., (2)

          60,088   
  3,323     

Move, Inc., (2)

          35,523   
  161     

Net Element International Inc., (2), (3)

          359   
  5,406     

NIC, Incorporated, (2)

          99,146   
  1,899     

Open Solutions Inc., (2)

          127,537   
  2,792     

Perficient, Inc., (2)

          51,010   
  2,613     

QuinStreet, Inc., (2), (3)

          15,939   
  1,871     

RealNetworks Inc., (2)

          14,107   
  600     

Reis, Inc., (2)

          9,876   
  409     

Rocket Fuel Inc., (2), (3)

          13,117   
  2,127     

SciQuest Inc., (2)

          51,005   
  617     

Shutterstock Incorporated, (2), (3)

          44,739   
  1,465     

Spark Networks, Incorporated, (2), (3)

          6,636   
  1,332     

SPS Commerce Inc., (2)

          68,998   
  1,089     

Stamps.com Inc., (2)

          37,799   
  4,386     

Support.com, Inc., (2)

          10,833   
  857     

TechTarget Inc., (2), (3)

          5,502   
  459     

Textura Corporation, (2), (3)

          8,175   
  662     

Travelzoo Inc., (2)

          11,876   
  625     

Tremor Video Inc., (2), (3)

          2,819   
  2,307     

Trulia Inc., (2)

          78,438   
  1,101     

United Online, Inc.

          13,047   
  8,237     

Unwired Planet Inc,, (2), (3)

          18,780   
  2,721     

VistaPrint NV, (2), (3)

          107,398   
  1,566     

Vocus, Inc., (2)

          28,157   
  3,494     

Web.com, Inc., (2)

          107,301   
  2,365     

WebMD Health Corporation, Class A, (2), (3)

          104,273   
  691     

Wix.com Limited, (2), (3)

          14,159   
  2,232     

XO Group, Incorporated, (2)

          23,704   
  681     

Xoom Corporation, (2)

          15,193   
  2,700     

Yelp Incorporated, (2)

          157,464   
  440     

YuMe Inc., (2), (3)

          2,944   
  1,942     

Zillow Inc, (2), (3)

          211,095   
  5,157     

Zix Corporation, (2), (3)

                16,915   
 

Total Internet Software & Services

                3,656,361   

 

  82       Nuveen Investments


Shares     Description (1)                  Value  
 

IT Services – 2.1%

       
  6,160     

Acxiom Corporation, (2)

        $ 173,958   
  4,245     

Blackhawk Network Holdings Inc., (2), (3)

          101,838   
  1,923     

CACI International Inc., (2), (3)

          133,937   
  3,739     

Cardtronics Inc., (2)

          125,182   
  858     

Cass Information Systems, Inc., (3)

          43,338   
  6,217     

Ciber, Inc., (2), (3)

          26,857   
  1,291     

Computer Task Group, Inc.

          20,411   
  8,755     

Convergys Corporation, (3)

          188,583   
  2,823     

CSG Systems International Inc., (3)

          74,414   
  1,594     

Datalink Corporation, (2)

          20,467   
  1,822     

EPAM Systems Inc., (2)

          56,719   
  4,153     

Euronet Worldwide, Inc., (2)

          190,996   
  2,458     

Evertec Inc.

          57,861   
  2,720     

Exlservice Holdings, Inc., (2)

          76,962   
  1,046     

Forrester Research, Inc.

          37,060   
  5,519     

Global Cash Access Holdings, Inc., (2)

          36,425   
  2,007     

Hackett Group, Inc.

          12,042   
  3,028     

Heartland Payment Systems Inc.

          123,966   
  2,614     

Higher One Holdings Incn, (2)

          15,658   
  2,902     

IGATE Corporation, (2)

          106,213   
  4,853     

Lionbridge Technologies, Inc., (2)

          28,536   
  392     

Luxoft Holding Inc., (2)

          10,580   
  1,987     

ManTech International Corporation, Class A

          59,272   
  5,692     

Maximus Inc.

          242,308   
  3,082     

ModusLink Global Solutions Inc., (2), (3)

          12,451   
  1,785     

Moneygram International Inc., (2)

          23,562   
  3,543     

Planet Payment Inc., (2)

          9,318   
  2,403     

PRG-Schultz International Inc., (2)

          15,451   
  9,196     

Sapient Corporation, (2)

          149,619   
  5,090     

ServiceSource International Inc., (2)

          31,762   
  3,272     

Sykes Enterprises Inc., (2)

          64,753   
  1,286     

Syntel Inc., (2)

          103,292   
  1,659     

TeleTech Holdings, Inc., (2)

          40,032   
  4,249     

Unisys Corporation, (2)

          103,548   
  1,704     

Virtusa Corporation, (2)

          56,181   
  3,234     

WEX Inc., (2)

                310,367   
 

Total IT Services

                2,883,919   
 

Leisure Equipment & Products – 0.5%

       
  1,099     

Arctic Cat, Inc.

          44,938   

 

Nuveen Investments     83   


Nuveen Small Cap Index Fund (continued)

Portfolio of Investments April 30, 2014 (Unaudited)

 

Shares     Description (1)                  Value  
 

Leisure Equipment & Products (continued)

       
  1,752     

Black Diamond Group Inc., (2), (3)

        $ 19,535   
  7,539     

Brunswick Corporation

          302,992   
  5,924     

Callaway Golf Company, (3)

          51,598   
  1,601     

JAKKS Pacific Inc., (3)

          14,025   
  413     

Johnson Outdoors, Inc.

          8,644   
  5,311     

LeapFrog Enterprises Inc., (2), (3)

          36,380   
  682     

Malibu Boats Inc., Class A, (2)

          15,181   
  877     

Marine Products Corporation

          6,227   
  2,586     

Nautilus Group, Inc., (2), (3)

          21,541   
  4,651     

Smith & Wesson Holding Corporation, (2), (3)

          71,393   
  1,610     

Sturm, Ruger, & Company, (3)

                103,604   
 

Total Leisure Equipment & Products

                696,058   
 

Life Sciences Tools & Services – 0.5%

       
  979     

Accelerate Diagnostics Inc., (2), (3)

          18,043   
  5,925     

Affymetrix, Inc., (2), (3)

          44,023   
  1,939     

Albany Molecular Research Inc., (2), (3)

          31,140   
  2,503     

Cambrex Corporation, (2)

          51,286   
  2,119     

Fluidigm Corporation, (2)

          79,590   
  591     

Furiex Pharmaceuticals Inc., (2)

          61,092   
  2,126     

Harvard Bioscience, Inc., (2)

          8,972   
  3,113     

Luminex Corporation, (2), (3)

          59,801   
  2,741     

NeoGenomics Inc., (2)

          9,073   
  4,292     

Pacific Biosciences of California Inc., (2)

          18,971   
  4,737     

Parexel International Corporation, (2)

          214,823   
  9,597     

Sequenom, Inc., (2), (3)

                26,200   
 

Total Life Sciences Tools & Services

                623,014   
 

Machinery – 3.2%

       
  3,340     

Accuride Corporation, (2)

          18,838   
  6,100     

Actuant Corporation

          206,546   
  589     

Alamo Group Inc.

          31,288   
  2,330     

Albany International Corporation, Class A

          83,833   
  2,251     

Altra Industrial Motion, Inc., (3)

          76,894   
  788     

American Railcar Industries, (3)

          54,719   
  1,698     

Astec Industries Inc.

          67,835   
  4,479     

Barnes Group Inc.

          172,531   
  4,102     

Blount International Inc., (2)

          45,819   
  4,015     

Briggs & Stratton Corporation, (3)

          85,801   
  2,526     

Chart Industries, Inc., (2), (3)

          172,324   
  1,464     

CIRCOR International Inc.

          118,891   

 

  84       Nuveen Investments


Shares     Description (1)                  Value  
 

Machinery (continued)

       
  4,141     

CLARCOR, Inc.

        $ 239,184   
  1,625     

Columbus McKinnon Corporation NY

          43,046   
  1,998     

Commercial Vehicle Group Inc., (2)

          19,401   
  1,853     

Douglas Dynamics Inc.

          31,260   
  1,141     

Dynamic Material Corporation

          23,048   
  3,682     

Energy Recovery, Inc., (2), (3)

          18,815   
  1,741     

EnPro Industries Inc., (2), (3)

          123,977   
  2,204     

ESCO Technologies Inc.

          73,658   
  550     

ExOne Company, (2), (3)

          18,997   
  5,204     

Federal Signal Corporation, (2)

          78,997   
  1,003     

Freightcar America Inc.

          26,339   
  670     

Global Brass & Copper Holdings Inc.

          10,626   
  1,571     

Gorman-Rupp Company, (3)

          48,780   
  834     

Graham Corporation

          24,887   
  2,036     

Greenbrier Companies Inc., (2), (3)

          106,768   
  979     

Hardinge, Inc.

          13,079   
  538     

Hurco Companies, Inc., (3)

          14,343   
  877     

Hyster-Yale Materials Handling Inc.

          84,534   
  2,411     

John Bean Technologies Corporation

          69,895   
  933     

Kadant Inc.

          32,422   
  848     

LB Foster Company

          40,153   
  1,072     

Lindsay Manufacturing Company, (3)

          94,475   
  1,420     

Lydall Inc., (2)

          33,242   
  1,147     

Manitex International, Inc., (2)

          18,880   
  8,121     

Meritor Inc., (2)

          96,396   
  1,567     

Middleby Corporation, (2)

          395,636   
  936     

Midwest Air Group Inc., (3)

          18,130   
  4,686     

Mueller Industries Inc.

          135,613   
  13,157     

Mueller Water Products Inc.

          119,992   
  1,425     

NN, Incorporated

          27,887   
  230     

OmegaFlex, Inc., (2)

          4,639   
  1,743     

Peerless Manufacturing Company, (2), (3)

          9,883   
  1,423     

Proto Labs Incorporated, (2), (3)

          86,148   
  1,917     

RBC Bearings Inc., (2)

          119,352   
  2,525     

Rexnord Corporation, (2)

          67,519   
  1,058     

Standex International Corporation

          62,813   
  1,788     

Sun Hydraulics Corporation

          73,093   
  1,540     

Tecumseh Products Company, Class A

          9,255   
  1,533     

Tennant Company, (3)

          97,790   

 

Nuveen Investments     85   


Nuveen Small Cap Index Fund (continued)

Portfolio of Investments April 30, 2014 (Unaudited)

 

Shares     Description (1)                  Value  
 

Machinery (continued)

       
  4,460     

Titan International Inc.

        $ 78,095   
  3,745     

TriMas Corporation, (2)

          134,296   
  693     

Twin Disc, Inc.

          20,048   
  5,706     

Wabash National Corporation, (2), (3)

          76,232   
  2,377     

Watts Water Technologies, Inc.

          126,456   
  5,730     

Woodward Governor Company

          256,876   
  910     

Xerium Technologies, (2)

                12,285   
 

Total Machinery

                4,452,559   
 

Marine – 0.1%

       
  466     

International Shipholding Corp., (3)

          12,554   
  3,557     

Matson Incorporated

          84,265   
  10,981     

Scorpio Bulkers Inc., (2)

          98,280   
  1,781     

Ultrapetrol Limited, (2)

                5,040   
 

Total Marine

                200,139   
 

Media – 1.3%

       
  1,575     

A.H. Belo Corporation, Class A Shares, (3)

          18,128   
  1,751     

AMC Entertainment Holdings Inc., (2)

          40,518   
  366     

Beasley Broadcast Group, Inc.

          2,818   
  1,921     

Carmike Cinemas, Inc., (2)

          56,977   
  6,380     

Central European Media Enterprises Limited, (2), (3)

          17,481   
  2,888     

Crown Media Holdings, Inc., (2), (3)

          10,339   
  7,739     

Cumulus Media, Inc., (2)

          49,607   
  77     

Daily Journal Corporation, (2)

          13,575   
  1,428     

Dex Media Inc., (2), (3)

          10,467   
  2,605     

E.W. Scripps Company, Class A, (2)

          44,624   
  1,993     

Entercom Communications Corporation, (2)

          21,524   
  4,596     

Entravision Communications Corporation

          24,405   
  1,577     

Global Sources, Limited, (2), (3)

          14,020   
  4,192     

Gray Television Inc., (2)

          47,160   
  3,582     

Harte-Hanks Inc.

          28,799   
  717     

Hemisphere Media Group Inc., (2)

          8,676   
  3,676     

Journal Communications Inc., (2)

          29,482   
  11,729     

Live Nation Inc., (2)

          244,902   
  1,085     

Loral Space & Communications, Inc., (2)

          78,109   
  2,421     

Martha Stewart Living Omnimedia Inc., (2)

          9,466   
  5,065     

McClatchy Company, (2)

          27,756   
  3,153     

MDC Partners, Inc.

          76,996   
  1,634     

Media General Inc., (2), (3)

          25,033   
  2,977     

Meredith Corporation

          131,196   

 

  86       Nuveen Investments


Shares     Description (1)                  Value  
 

Media (continued)

       
  4,741     

National CineMedia, Inc.

        $ 72,016   
  10,751     

New York Times, Class A, (3)

          172,876   
  2,447     

Nexstar Broadcasting Group, Inc., (3)

          97,513   
  867     

ReachLocal Inc., (2), (3)

          8,670   
  1,453     

Reading International Inc., A, (2)

          10,287   
  870     

Rentrak Corporation, (2)

          49,581   
  402     

Saga Comunications Inc Class A Shares, (2)

          17,809   
  866     

Salem Communications Corporation

          7,629   
  2,203     

Scholastic Corporation, (3)

          72,501   
  1,663     

SFX Entertainment Inc., (2), (3)

          10,909   
  5,701     

Sinclair Broadcast Group, Series A, (3)

          152,388   
  2,016     

Sizmek Inc., (2)

          19,313   
  2,392     

World Wrestling Entertainment Inc., (3)

                46,644   
 

Total Media

                1,770,194   
 

Metals & Mining – 1.4%

       
  11,359     

AK Steel Holding Corporation, (2), (3)

          79,513   
  8,658     

Allied Nevada Gold Corporation, (2), (3)

          29,351   
  1,459     

AM Castle & Company, (2), (3)

          17,917   
  2,321     

AMCOL International Corp.

          106,418   
  705     

Ampco-Pittsburgh Corporation

          14,121   
  4,285     

Century Aluminum Company, (2)

          58,919   
  8,457     

Coeur d’Alene Mines Corporation, (2)

          73,238   
  9,741     

Commercial Metals Company

          187,027   
  4,966     

General Moly, Inc., (2), (3)

          5,463   
  5,373     

Globe Specialty Metals Inc.

          104,129   
  2,764     

Gold Resource Corp., (3)

          12,742   
  455     

Handy & Harman Limited, (2)

          10,288   
  1,027     

Haynes International Inc.

          54,482   
  27,737     

Hecla Mining Company, (3)

          85,153   
  4,192     

Horsehead Holding Corp., (2), (3)

          65,353   
  1,462     

Kaiser Aluminum Corporation

          102,925   
  1,712     

Materion Corporation

          57,609   
  9,468     

Midway Gold Corporation, (2)

          8,658   
  12,402     

Molycorp Inc., (2), (3)

          58,910   
  2,810     

Noranda Aluminum Hodlings Corporation

          9,976   
  755     

Olympic Steel Inc., (3)

          19,902   
  11,491     

Paramount Gold and Silver Corporation, (2), (3)

          11,606   
  2,611     

RTI International Metals, Inc., (2)

          73,526   
  2,144     

Schnitzer Steel Industries, Inc., (3)

          60,182   

 

Nuveen Investments     87   


Nuveen Small Cap Index Fund (continued)

Portfolio of Investments April 30, 2014 (Unaudited)

 

Shares     Description (1)                  Value  
 

Metals & Mining (continued)

       
  9,841     

Stillwater Mining Company, (2)

        $ 155,291   
  5,832     

SunCoke Energy Inc., (2)

          121,714   
  577     

Universal Stainless & Alloy Products, Inc., (2), (3)

          20,709   
  1,788     

US Silica Holdings Inc.

          80,764   
  5,214     

Walter Industries Inc., (3)

          37,541   
  4,405     

Worthington Industries, Inc.

                162,104   
 

Total Metals & Mining

                1,885,531   
 

Multiline Retail – 0.1%

       
  1,126     

Bon-Ton Stores, Inc., (3)

          12,386   
  1,274     

Burlington Store Inc., (2)

          33,111   
  3,060     

Freds Inc.

          55,753   
  740     

Gordmans Stores Inc., (2)

          3,323   
  3,569     

Tuesday Morning Corporation, (2)

                49,895   
 

Total Multiline Retail

                154,468   
 

Multi-Utilities – 0.4%

       
  4,993     

Avista Corporation, (3)

          160,525   
  3,704     

Black Hills Corporation

          213,906   
  2,928     

Northwestern Corporation

                141,657   
 

Total Multi-Utilities

                516,088   
 

Oil, Gas & Consumable Fuels – 4.1%

       
  6,845     

Abraxas Petroleum Corporation, (2)

          37,374   
  176     

Adams Resources and Energy, Incorporated

          12,683   
  1,940     

Alon USA Energy, Inc.

          31,603   
  18,401     

Alpha Natural Resources Inc., (2), (3)

          79,124   
  2,185     

Amyris Inc., (2), (3)

          7,691   
  762     

Apco Oil and Gas International Inc., (2)

          10,653   
  2,907     

Approach Resources Inc., (2), (3)

          60,320   
  17,688     

Arch Coal Inc., (3)

          81,011   
  1,513     

Athlon Energy Inc., (2)

          61,140   
  4,064     

Bill Barrett Corporation, (2)

          96,236   
  2,453     

Bonanza Creek Energy Inc., (2)

          119,265   
  9,818     

BPZ Resources, Inc., (2), (3)

          26,509   
  3,322     

Callon Petroleum Company Del, (2)

          30,496   
  3,777     

Carrizo Oil & Gas, Inc., (2)

          207,811   
  490     

Clayton Williams Energy, (2)

          70,795   
  5,677     

Clean Energy Fuels Corporation, (2), (3)

          50,241   
  5,070     

Cloud Peak Energy Inc., (2)

          99,828   
  4,025     

Comstock Resources Inc., (3)

          111,895   
  1,235     

Contango Oil & Gas Company, (2)

          59,329   

 

  88       Nuveen Investments


Shares     Description (1)                  Value  
 

Oil, Gas & Consumable Fuels (continued)

       
  3,095     

Delek US Holdings Inc.

        $ 99,009   
  1,761     

Diamondback Energy, (2), (3)

          126,686   
  4,721     

Emerald Oil Inc., (2), (3)

          33,377   
  4,197     

Endeavor International Corporation, (2), (3)

          14,438   
  6,615     

Energy XXI Limited Bermuda, (3)

          158,297   
  2,491     

EPL Oil & Gas Inc., (2), (3)

          97,498   
  2,967     

Equal Energy Limited

          13,441   
  1,412     

Evolution Petroleum Corporation

          16,662   
  14,137     

Exco Resources Inc., (3)

          89,770   
  9,942     

Forest Oil Corporation, (2)

          18,492   
  4,785     

Frontline Limited, (2), (3)

          16,269   
  4,451     

FX Energy, Inc., (2), (3)

          25,148   
  2,490     

GasLog Limited, (3)

          66,682   
  4,624     

Gastar Exploration Inc., (2)

          30,657   
  2,611     

Goodrich Petroleum Corporation, (2), (3)

          65,667   
  2,108     

Green Plains Renewable Energy, Inc.

          63,029   
  19,302     

Halcon Resources Corporation, (2), (3)

          106,547   
  672     

Hallador Energy Company

          6,156   
  77     

Isramco, Inc., (2)

          10,010   
  928     

Jones Energy Inc, Class A, (2)

          14,356   
  3,658     

Kior Inc., Class A Shares, (2), (3)

          2,232   
  2,539     

Knightsbridge Tankers Limited

          30,341   
  22,121     

Kodiak Oil & Gas Corporation, (2)

          281,158   
  14,325     

Magnum Hunter Resources Corporation, (2)

          121,763   
  4,849     

Matador Resources Company, (2)

          139,263   
  2,766     

Midstates Petroleum Company Incorporated, (2), (3)

          16,319   
  2,543     

Miller Energy Resources Inc., (2), (3)

          12,257   
  7,411     

Nordic American Tanker Shipping Ltd, (3)

          63,957   
  5,316     

Northern Oil and Gas Inc., (2), (3)

          82,026   
  580     

Panhandle Oil and Gas Inc.

          25,433   
  2,966     

PDC Energy Inc., (2)

          188,845   
  4,601     

Penn Virginia Corporation, (2), (3)

          76,561   
  4,753     

Petroquest Energy Inc., (2)

          28,613   
  10,383     

Quicksilver Resources Inc., (2), (3)

          33,849   
  1,763     

Renewable Energy Group Inc., (2)

          20,751   
  18,824     

Rentech, Inc., (2)

          39,907   
  5,643     

Resolute Energy Corporation, (2), (3)

          42,323   
  3,768     

Rex Energy Inc., (2)

          79,354   
  456     

Rex Stores Corporation, (2)

          29,804   

 

Nuveen Investments     89   


Nuveen Small Cap Index Fund (continued)

Portfolio of Investments April 30, 2014 (Unaudited)

 

Shares     Description (1)                  Value  
 

Oil, Gas & Consumable Fuels (continued)

       
  5,091     

Rosetta Resources, Inc., (2)

        $ 241,008   
  1,913     

RSP Permian Inc., (2)

          54,234   
  3,173     

Sanchez Energy Corporation, (2), (3)

          89,732   
  15,388     

Scorpio Tankers Inc.

          138,646   
  3,504     

SemGroup Corporation, A Shares

          223,836   
  4,663     

Ship Financial International Limited

          82,209   
  4,364     

Solazyme Inc., (2)

          46,957   
  4,164     

Stone Energy Corporation, (2)

          204,244   
  3,613     

Swift Energy Company, (2), (3)

          44,548   
  4,228     

Synergy Resources Corporation, (2), (3)

          49,214   
  2,742     

Targa Resources Corporation

          296,109   
  5,186     

Teekay Tankers Limited, Class A Shares, (3)

          18,099   
  5,666     

Triangle Petroleum Corporation, (2), (3)

          54,507   
  7,125     

Uranium Energy Corporation, (2), (3)

          7,624   
  10,616     

Ur-Energy Inc., (2)

          12,739   
  4,825     

Vaalco Energy Inc., (2)

          44,487   
  4,098     

W&T Offshore Inc.

          78,682   
  6,073     

Warren Resources Inc., (2)

          30,790   
  4,513     

Western Refining Inc., (3)

          196,316   
  980     

Westmoreland Coal Company, (2)

          29,018   
  3,088     

ZaZa Energy Corporation, (2), (3)

                1,527   
 

Total Oil, Gas & Consumable Fuels

                5,585,477   
 

Paper & Forest Products – 0.7%

       
  1,045     

Boise Cascade Company, (2)

          26,146   
  1,851     

Clearwater Paper Corporation, (2)

          113,633   
  928     

Deltic Timber Corporation, (3)

          56,376   
  3,577     

Glatfelter

          91,285   
  6,806     

KapStone Paper and Packaging Corp., (2)

          179,542   
  11,614     

Louisiana-Pacific Corporation, (2), (3)

          190,353   
  1,332     

Neenah Paper, Inc.

          67,093   
  5,817     

Resolute Forest Products, (2)

          103,775   
  2,614     

Schweitzer-Mauduit International Inc.

          114,075   
  4,117     

Wausau Paper Corp.

                49,239   
 

Total Paper & Forest Products

                991,517   
 

Personal Products – 0.2%

       
  2,135     

Elizabeth Arden, Inc., (2)

          78,440   
  1,680     

Female Health Company, (3)

          12,701   
  1,367     

Inter Parfums, Inc.

          50,019   
  8,775     

Lifevantage Corporation, (2), (3)

          12,110   

 

  90       Nuveen Investments


Shares     Description (1)                  Value  
 

Personal Products (continued)

       
  1,150     

Medifast, Inc., (2)

        $ 36,398   
  909     

Nature’s Sunshine Products, (3)

          12,144   
  713     

Nutraceutical International Corporation, (2)

          17,768   
  945     

Revlon Inc., (2)

          28,482   
  13,875     

Star Scientific, Inc., (2), (3)

          9,101   
  1,442     

Synutra International Inc., (2)

          8,046   
  500     

USANA Health Sciences, Inc., (2), (3)

                33,930   
 

Total Personal Products

                299,139   
 

Pharmaceuticals – 1.5%

       
  1,945     

AcelRx Pharmaceuticals Inc., (2), (3)

          21,045   
  642     

Aerie Pharmaceuticals Inc., (2)

          10,054   
  4,851     

Akorn, Inc., (2), (3)

          122,342   
  1,799     

Alimera Sciences, Inc., (2)

          10,938   
  3,216     

Ampio Pharmaceuticals Inc., (2), (3)

          19,585   
  659     

Aratana Therpaeutics Inc., (2)

          9,081   
  4,109     

Auxilium Pharmaceuticals, Inc., (2)

          92,494   
  12,093     

Avanir Pharmaceuticals, (2)

          60,223   
  3,095     

Biodelivery Sciences, Inc., (2), (3)

          27,576   
  1,647     

Cempra Inc., (2), (3)

          15,021   
  4,436     

Corcept Therapeutics, Inc., (2), (3)

          19,607   
  4,708     

DepoMed, Inc., (2)

          65,959   
  279     

Egalet Corporation, (2)

          3,225   
  2,909     

Endocyte Inc., (2), (3)

          52,682   
  4,619     

Horizon Pharma Inc., (2)

          65,497   
  5,706     

Impax Laboratories Inc., (2)

          149,212   
  1,557     

Lannett Company Inc., (2)

          53,763   
  5,272     

Medicines Company, (2)

          140,235   
  10,392     

Nektar Therapautics, (2)

          122,314   
  2,814     

Omeros Corporation, (2), (3)

          34,837   
  2,470     

Pacira Pharmaceuticals, Inc., (2), (3)

          169,170   
  1,459     

Pernix Therapeutics Holdings, Incorporated, (2)

          7,018   
  2,249     

Pozen Inc., (2)

          18,802   
  4,263     

Prestige Brands Holdings Inc., (2)

          142,896   
  4,323     

Questcor Pharmaceuticals Inc., (3)

          355,264   
  504     

Relypsa Inc., (2)

          11,254   
  1,913     

Repros Therapeutics, Inc., (2), (3)

          32,272   
  573     

Revance Therapeutics Inc., (2), (3)

          19,642   
  1,568     

Sagent Pharmaceuticals Inc., (2)

          32,442   
  4,506     

SciClone Pharmaceuticals, Inc., (2)

          21,539   

 

Nuveen Investments     91   


Nuveen Small Cap Index Fund (continued)

Portfolio of Investments April 30, 2014 (Unaudited)

 

Shares     Description (1)                  Value  
 

Pharmaceuticals (continued)

       
  1,142     

Sucampo Pharmaceuticals, Inc., (2)

        $ 7,891   
  1,679     

Supernus Pharmaceuticals Incorporated, (2), (3)

          13,785   
  7,191     

TherapeuticsMD, (2), (3)

          30,202   
  8,389     

Vivus, Inc., (2), (3)

          43,623   
  4,544     

Xenoport, Inc., (2)

          18,449   
  8,189     

Zogenix Inc., (2), (3)

                19,981   
 

Total Pharmaceuticals

                2,039,920   
 

Professional Services – 1.3%

       
  4,099     

Acacia Research, (3)

          65,748   
  587     

Barrett Business Services, Inc.

          29,591   
  3,170     

CBIZ Inc., (2), (3)

          27,167   
  1,176     

CDI Corporation

          18,016   
  2,802     

Corporate Executive Board Company

          193,394   
  848     

CRA International, Inc., (2)

          18,461   
  1,099     

Exponent, Inc.

          77,392   
  758     

Franklin Covey Company, (2)

          15,365   
  3,360     

FTI Consulting Inc., (2), (3)

          115,248   
  1,223     

GP Strategies Corporation, (2)

          32,140   
  1,505     

Heidrick & Struggles International, Inc.

          28,369   
  1,950     

Huron Consulting Group, Inc., (2)

          138,840   
  1,644     

ICF International, Inc., (2)

          64,067   
  1,871     

Insperity Inc.

          59,984   
  2,245     

Kelly Services, Inc.

          47,280   
  2,256     

KForce Inc.

          52,159   
  4,057     

Korn Ferry International, (2)

          117,856   
  1,325     

Mistras Group Inc., (2)

          30,091   
  4,203     

Navigant Consulting Inc., (2)

          70,610   
  6,572     

Odyssey Marine Exploration Inc., (2), (3)

          14,393   
  3,811     

On Assignment, Inc., (2)

          133,385   
  13,497     

Pendrell Corporation, (2)

          22,270   
  3,400     

Resources Connection, Inc.

          46,274   
  2,700     

RPX Corporation, (2)

          44,226   
  2,959     

The Advisory Board Company, (2), (3)

          169,432   
  3,390     

TrueBlue Inc., (2)

          90,683   
  343     

VSE Corporation, (3)

          21,427   
  2,079     

WageWorks, Incorporated, (2)

                88,087   
 

Total Professional Services

                1,831,955   
 

Real Estate Investment Trust – 8.0%

       
  4,589     

Acadia Realty Trust

          124,500   

 

  92       Nuveen Investments


Shares     Description (1)                  Value  
 

Real Estate Investment Trust (continued)

       
  2,327     

AG Mortgage Investment Trust Inc.

        $ 41,165   
  1,103     

Agree Realty Corporation

          32,947   
  176     

Alexander’s Inc.

          60,854   
  4,699     

Altisource Residential Corporation

          132,136   
  2,800     

American Assets Trust Inc, (3)

          95,060   
  4,914     

American Capital Mortgage Investment Corporation

          97,297   
  37,605     

American Realty Capital Properties Inc,

          492,249   
  1,141     

American Residential Properties Inc., (2), (3)

          20,504   
  1,635     

AmREIT Inc., Class B Shares

          27,239   
  12,072     

Anworth Mortgage Asset Corporation, (3)

          65,189   
  2,851     

Apollo Commercial Real Estate Finance, Inc.

          48,496   
  2,669     

Apollo Residential Mortgage Inc.

          43,104   
  1,783     

Ares Commercial Real Estate Corporation

          22,751   
  1,583     

Armada Hoffler Properties Inc., (3)

          15,323   
  31,178     

Armour Residential REIT Inc., (3)

          132,195   
  1,529     

Ashford Hospitality Prime Inc.

          23,455   
  5,606     

Ashford Hospitality Trust Inc.

          57,518   
  4,794     

Associated Estates Realty Corp.

          80,443   
  958     

Aviv REIT Inc.

          25,282   
  5,380     

Campus Crest Communities Inc.

          46,322   
  7,388     

Capstead Mortgage Corporation, (3)

          94,419   
  1,007     

CatchMark Timber Trust Inc., Class A

          13,574   
  6,026     

Cedar Shopping Centers Inc.

          37,301   
  19,708     

Chambers Street Properties

          153,525   
  2,192     

Chatham Lodging Trust, (3)

          44,563   
  4,048     

Chesapeake Lodging Trust

          109,256   
  5,791     

Colony Financial Inc.

          125,954   
  1,729     

Coresite Realty Corporation

          52,596   
  14,011     

Cousins Properties, Inc.

          162,948   
  11,102     

CubeSmart

          206,497   
  1,598     

CyrusOne Inc.

          31,960   
  14,552     

CYS Investments Inc.

          125,147   
  24,227     

DCT Industrial Trust Inc.

          189,455   
  16,289     

DiamondRock Hospitality Company

          199,866   
  5,202     

Dupont Fabros Technology Inc., (3)

          126,044   
  4,578     

Dynex Capital, Inc., (3)

          39,279   
  2,522     

EastGroup Properties Inc., (3)

          159,517   
  9,503     

Education Realty Trust Inc.

          96,931   
  537     

Ellington Residential Mortgage REIT

          8,775   

 

Nuveen Investments     93   


Nuveen Small Cap Index Fund (continued)

Portfolio of Investments April 30, 2014 (Unaudited)

 

Shares     Description (1)                  Value  
 

Real Estate Investment Trust (continued)

       
  6,850     

Empire State Realty Trust Inc.

        $ 104,805   
  4,304     

Entertainment Properties Trust

          230,737   
  5,017     

Equity One Inc.

          113,033   
  3,987     

Excel Trust Inc.

          50,316   
  10,343     

FelCor Lodging Trust Inc.

          95,466   
  8,957     

First Industrial Realty Trust, Inc.

          164,540   
  4,896     

First Potomac Realty Trust

          63,795   
  7,502     

Franklin Street Properties Corporation

          91,374   
  5,966     

Geo Group Inc.

          200,040   
  2,135     

Getty Realty Corporation

          40,394   
  1,169     

Gladstone Commercial Corporation, (3)

          20,621   
  12,041     

Glimcher Realty Trust

          122,698   
  4,556     

Government Properties Income Trust, (3)

          115,950   
  4,949     

Gramercy Proprty Trust Inc, (3)

          25,834   
  1,228     

Hannon Armstrong Sustainable Infrastructure Capital Inc., (3)

          16,234   
  7,988     

Healthcare Realty Trust, Inc.

          200,898   
  16,881     

Hersha Hospitality Trust

          98,079   
  7,487     

Highwoods Properties, Inc., (3)

          302,100   
  3,612     

Hudson Pacific Properties Inc., (3)

          85,063   
  7,110     

Inland Real Estate Corporation

          74,300   
  11,268     

Invesco Mortgage Capital Inc.

          187,838   
  8,406     

Investors Real Estate Trust, (3)

          73,300   
  7,089     

iStar Financial Inc., (2)

          105,343   
  1,125     

Javelin Mortgage Investment Corporation

          14,861   
  10,866     

Kite Realty Group Trust

          67,369   
  8,663     

LaSalle Hotel Properties

          286,572   
  14,974     

Lexington Corporate Properties Trust

          161,120   
  2,894     

LTC Properties Inc.

          111,795   
  13,465     

Medical Properties Trust Inc.

          181,778   
  3,536     

Monmouth Real Estate Investment Corporation

          33,203   
  2,050     

National Health Investors Inc.

          126,465   
  21,086     

New Residential Investment

          128,625   
  7,534     

New York Mortgage Trust, Inc.

          55,526   
  27,169     

Northstar Realty Finance Corporation, (3)

          435,247   
  978     

One Liberty Properties Inc.

          21,643   
  4,593     

Parkway Properties Inc.

          86,624   
  5,118     

Pebblebrook Hotel Trust

          176,264   
  5,667     

Penn Real Estate Investment Trust

          93,789   
  5,872     

PennyMac Mortgage Investment Trust

          137,640   

 

  94       Nuveen Investments


Shares     Description (1)                  Value  
 

Real Estate Investment Trust (continued)

       
  1,673     

Physicians Realty Trust

        $ 22,954   
  3,374     

Potlatch Corporation

          128,988   
  1,411     

PS Business Parks Inc.

          121,021   
  1,171     

QTS Realty Trust Inc., Class A Shares, (3)

          31,910   
  6,771     

RAIT Investment Trust

          55,387   
  5,534     

Ramco-Gershenson Properties Trust

          91,200   
  6,843     

Redwood Trust Inc., (3)

          149,177   
  10,582     

Resource Capital Corporation, (3)

          58,201   
  5,988     

Retail Opportunity Investments Corporation

          93,652   
  1,410     

Rexford Industrial Realty Inc.

          20,050   
  10,307     

RLJ Lodging Trust

          274,888   
  2,168     

Rouse Properties Inc.

          36,401   
  3,676     

Ryman Hospitalities Properties, (3)

          167,442   
  3,111     

Sabra Health Care Real Estate Investment Trust Inc.

          93,237   
  654     

Saul Centers Inc.

          30,012   
  1,576     

Select Income REIT

          48,509   
  1,097     

Silver Bay Realty Trust Corporation

          16,433   
  2,617     

Sovran Self Storage Inc.

          198,630   
  3,487     

STAG Industrial Inc.

          82,049   
  15,109     

Strategic Hotels & Resorts Inc., (2)

          163,026   
  6,652     

Summit Hotel Properties Inc., (3)

          60,267   
  3,354     

Sun Communities Inc., (3)

          152,842   
  15,208     

Sunstone Hotel Investors Inc.

          217,626   
  2,083     

Terreno Realty Corporation

          38,056   
  1,388     

UMH Properties Inc.

          13,672   
  991     

Universal Health Realty Income Trust

          42,048   
  2,078     

Urstadt Biddle Properties Inc.

          42,412   
  5,541     

Washington Real Estate Investment Trust, (3)

          135,533   
  3,312     

Western Asset Mortgage Capital Corporation, (3)

          48,918   
  1,779     

Whitestone Real Estate Investment Trust

          24,959   
  2,665     

Winthrop Realty Trust, Inc.

          37,044   
  470     

ZAIS Financial Corporation

                7,750   
 

Total Real Estate Investment Trust

                11,067,209   
 

Real Estate Management & Development – 0.3%

       
  3,587     

Alexander & Baldwin Inc.

          133,831   
  787     

AV Homes Inc., (2), (3)

          13,481   
  488     

Consolidated Tomoka Land Company, (3)

          19,291   
  2,888     

Forestar Real Estate Group Inc., (2)

          49,240   
  4,720     

Kennedy-Wilson Holdings Inc.

          103,085   

 

Nuveen Investments     95   


Nuveen Small Cap Index Fund (continued)

Portfolio of Investments April 30, 2014 (Unaudited)

 

Shares     Description (1)                  Value  
 

Real Estate Management & Development (continued)

       
  965     

ReMax Holdings Inc., (3)

        $ 27,232   
  1,148     

Tejon Ranch Company, (2)

                35,599   
 

Total Real Estate Management & Development

                381,759   
 

Road & Rail – 0.6%

       
  2,142     

Arkansas Best Corporation

          84,438   
  1,674     

Celadon Group, Inc., (3)

          38,519   
  3,318     

Heartland Express, Inc., (3)

          72,200   
  4,539     

Knight Transportation Inc.

          107,710   
  1,952     

Marten Transport, Ltd.

          45,794   
  546     

Patriot Transportation Holding, Inc., (2), (3)

          19,044   
  1,754     

Quality Distribution, Inc., (2)

          22,048   
  1,551     

Roadrunner Transportation System Inc., (2)

          38,201   
  2,024     

Saia, Inc., (2)

          83,328   
  6,987     

Swift Transportation Company, (2), (3)

          168,037   
  450     

Universal Truckload Services, Inc.

          11,097   
  3,275     

Werner Enterprises, Inc.

          83,840   
  2,597     

YRC Worldwide Inc., (2)

                58,251   
 

Total Road & Rail

                832,507   
 

Semiconductors & Equipment – 3.6%

       
  3,271     

Advanced Energy Industriess Inc., (2)

          71,569   
  1,447     

Alpha & Omega Semiconductor Limited, (2), (3)

          10,418   
  1,622     

Ambarella, Incorporated, (2), (3)

          40,307   
  5,845     

Amkor Technology Inc., (2)

          46,468   
  6,857     

Anadigics Inc., (2), (3)

          8,571   
  6,092     

Applied Micro Circuits Corporation, (2)

          59,153   
  801     

Audience Incorporated, (2)

          9,212   
  9,027     

Axcelis Technologies Inc., (2)

          16,158   
  5,541     

Brooks Automation Inc.

          56,684   
  1,940     

Cabot Microelectronics Corporation, (2)

          84,138   
  4,279     

Cavium Networks Inc., (2)

          181,301   
  1,845     

CEVA, Inc., (2), (3)

          29,944   
  5,282     

Cirrus Logic Inc., (2), (3)

          117,789   
  2,060     

Cohu Inc.

          21,218   
  13,045     

Cypress Semiconductor Corporation, (2)

          123,536   
  2,991     

Diodes Inc., (2)

          78,873   
  1,647     

DSP Group Inc., (2)

          13,110   
  11,611     

Entegris Inc., (2)

          128,766   
  7,465     

Entropic Communications Inc., (2)

          27,546   
  3,189     

Exar Corporation, (2)

          34,505   

 

  96       Nuveen Investments


Shares     Description (1)                  Value  
 

Semiconductors & Equipment (continued)

       
  4,496     

FormFactor Inc., (2)

        $ 25,852   
  1,711     

GSI Technology Inc., (2)

          10,865   
  11,161     

GT Advanced Technologies, Inc., (2), (3)

          185,384   
  2,628     

Hittite Microwave Corporation

          155,998   
  2,173     

Inphi Corporation, (2)

          32,139   
  10,985     

Integrated Device Technology, Inc., (2)

          128,195   
  2,343     

Integrated Silicon Solution, (2), (3)

          33,880   
  1,438     

Intermolecular Inc, (2), (3)

          3,911   
  5,788     

International Rectifier Corporation, (2)

          150,720   
  10,600     

Intersil Holding Corporation, Class A

          130,804   
  2,016     

IXYS Corporation

          21,753   
  5,526     

Kopin Corporation, (2), (3)

          18,015   
  9,637     

Lattice Semiconductor Corporation, (2)

          81,144   
  3,963     

LTX-Credence Corporation, (2)

          38,164   
  882     

MA-COM Technology Solutions Holdings Incorporated, (2)

          15,444   
  1,928     

Maxlinear Inc., (2)

          15,173   
  3,880     

Micrel, Incorporated, (3)

          38,645   
  7,744     

Microsemi Corporation, (2), (3)

          182,139   
  4,418     

MKS Instruments Inc.

          124,367   
  3,065     

Monolithic Power Systems, Inc., (2)

          113,712   
  3,919     

MoSys, Inc., (2), (3)

          15,323   
  1,926     

Nanometrics Inc., (2), (3)

          31,317   
  1,682     

NeoPhotonics Corporation, (2)

          9,705   
  375     

NVE Corporation, (2), (3)

          19,691   
  4,499     

Omnivision Technologies, Inc., (2)

          87,865   
  2,095     

PDF Solutions, Inc., (2)

          39,323   
  2,202     

Peregrine Semiconductor Corporation, (2), (3)

          11,825   
  1,911     

Pericom Semiconductor Corporation, (2)

          15,422   
  5,064     

Photronics Inc., (2)

          43,956   
  3,798     

PLX Technologies Inc., (2)

          22,028   
  17,003     

PMC-Sierra, Inc., (2)

          116,301   
  2,415     

Power Integrations Inc.

          114,060   
  9,303     

Rambus Inc., (2), (3)

          112,473   
  23,438     

RF Micro Devices, Inc., (2)

          197,817   
  1,764     

Rubicon Technology Inc., (2)

          17,869   
  2,722     

Rudolph Technologies, (2)

          24,797   
  5,613     

Semtech Corporation, (2)

          134,600   
  2,552     

Sigma Designs, Inc., (2)

          9,621   
  6,433     

Silicon Image, Inc., (2)

          36,089   

 

Nuveen Investments     97   


Nuveen Small Cap Index Fund (continued)

Portfolio of Investments April 30, 2014 (Unaudited)

 

Shares     Description (1)                  Value  
 

Semiconductors & Equipment (continued)

       
  3,941     

Spansion Inc., Class A, (2)

        $ 70,268   
  22,205     

SunEdison Inc., (2), (3)

          427,000   
  3,436     

SunPower Corporation, (2), (3)

          114,831   
  2,708     

Synaptics, Inc., (2)

          168,302   
  4,397     

Tessera Technologies Inc., (3)

          96,426   
  13,606     

TriQuint Semiconductor, Inc., (2)

          192,933   
  1,991     

Ultra Clean Holdings, Inc., (2)

          16,963   
  2,310     

Ultratech Stepper Inc., (2), (3)

          61,492   
  3,263     

Veeco Instruments Inc., (2)

                120,633   
 

Total Semiconductors & Equipment

                4,994,500   
 

Software – 3.6%

       
  3,320     

ACI Worldwide, Inc., (2)

          189,738   
  3,943     

Actuate Corporation, (2)

          22,199   
  2,720     

Advent Software Inc.

          78,390   
  2,000     

American Software, Inc.

          19,280   
  7,809     

Aspen Technology Inc., (2)

          335,709   
  1,995     

AVG Technologies NV, (2)

          37,366   
  345     

Barracuda Networks Inc., (2), (3)

          8,911   
  3,805     

Blackbaud, Inc.

          115,862   
  3,153     

Bottomline Technologies, Inc., (2), (3)

          99,761   
  2,337     

Broadsoft Inc., (2), (3)

          59,313   
  3,356     

Callidus Software, Inc., (2)

          32,033   
  3,874     

CommVault Systems, Inc., (2), (3)

          187,502   
  1,715     

Comverse Incorporated, (2)

          42,772   
  612     

Covisint Corporation, (2), (3)

          4,321   
  618     

Cyan Inc., (2)

          2,583   
  526     

Digimarc Corporation, (3)

          17,369   
  2,591     

Ebix, Inc., (3)

          40,886   
  2,193     

Ellie Mae Incorporated, (2), (3)

          53,487   
  2,621     

EPIQ Systems, Inc.

          33,523   
  313     

ePlus, Inc., (2)

          15,663   
  2,990     

Fair Isaac Corporation

          171,028   
  1,362     

Fleetmatics Group Limited, (2), (3)

          40,901   
  647     

Gigamon Inc., (2)

          10,203   
  5,346     

Glu Mobile, Inc., (2), (3)

          21,384   
  1,399     

Guidance Software, Inc., (2), (3)

          12,885   
  4,066     

Guidewire Software Incorporated, (2)

          153,532   
  1,683     

Imperva Incorporated, (2)

          38,507   
  4,405     

Infoblox, Incorporated, (2)

          86,426   

 

  98       Nuveen Investments


Shares     Description (1)                  Value  
 

Software (continued)

       
  1,291     

Interactive Intelligence Group, (2)

        $ 80,778   
  3,300     

Jive Software Inc., (2)

          24,684   
  6,484     

Manhattan Associates Inc., (2)

          204,441   
  466     

Mavenir Systems Inc., (2)

          6,953   
  7,948     

Mentor Graphics Corporation

          164,524   
  754     

Microstrategy Inc., (2)

          91,558   
  2,077     

Mitek Systems Inc., (2), (3)

          6,771   
  676     

Model N Inc., (2)

          6,091   
  3,186     

Monotype Imaging Holdings Inc.

          84,142   
  3,017     

NetScout Systems, Inc., (2)

          117,542   
  9,968     

Parametric Technology Corporation, (2)

          352,568   
  2,898     

Pegasystems, Inc.

          48,020   
  4,326     

Progress Software Corporation, (2)

          92,836   
  1,911     

Proofpoint, Incorporated, (2)

          48,616   
  1,874     

PROS Holdings, Inc., (2)

          51,348   
  490     

QAD Inc A, (3)

          9,335   
  7,252     

QLIK Technologies Inc., (2)

          159,399   
  1,241     

Qualys Incorporated, (2)

          23,939   
  575     

Rally Software Development Corporation, (2)

          7,521   
  3,879     

RealPage Inc., (2), (3)

          68,852   
  966     

Rosetta Stone Inc., (2)

          11,505   
  1,412     

Sapiens International Corporation NV, (2)

          11,112   
  2,728     

SeaChange International, Inc., (2)

          25,561   
  493     

Silver Springs Networks Inc., (2)

          7,385   
  4,855     

SS&C Technologies Holdings Inc., (2)

          188,957   
  2,428     

Synchronoss Technologies, Inc., (2), (3)

          73,908   
  6,748     

Take-Two Interactive Software, Inc., (2), (3)

          137,524   
  2,582     

Tangoe Inc., (2), (3)

          38,833   
  3,965     

TeleCommunication Systems, (2)

          10,111   
  1,479     

TeleNav Inc., (2)

          9,066   
  10,550     

TiVo, Inc., (2)

          125,123   
  2,625     

Tyler Technologies Inc., (2)

          214,331   
  2,303     

Ultimate Software Group, Inc., (2)

          275,506   
  440     

Varonis Systems Inc., (2)

          11,119   
  2,409     

Vasco Data Security International, Inc., (2)

          27,487   
  4,391     

Verint Systems Inc., (2)

          192,194   
  3,518     

VirnetX Holding Corporation, (2), (3)

          55,409   
  5,588     

Vringo Inc., (2)

                22,855   
 

Total Software

                5,019,438   

 

Nuveen Investments     99   


Nuveen Small Cap Index Fund (continued)

Portfolio of Investments April 30, 2014 (Unaudited)

 

Shares     Description (1)                  Value  
 

Specialty Retail – 3.1%

       
  6,540     

Aeropostale, Inc., (2), (3)

        $ 32,504   
  670     

America’s Car-Mart, Inc., (2), (3)

          24,214   
  3,932     

Ann Inc., (2)

          154,095   
  2,598     

Asbury Automotive Group, Inc., (2)

          160,401   
  3,367     

Barnes & Noble Inc., (2)

          55,219   
  2,899     

bebe stores, inc.

          14,640   
  1,401     

Big 5 Sporting Goods Corporation, (3)

          17,106   
  1,278     

Body Central Corporation, (2), (3)

          1,329   
  3,605     

Brown Shoe Inc.

          85,042   
  2,328     

Buckle Inc., (3)

          109,393   
  2,296     

Cato Corporation

          65,413   
  1,925     

Childrens Place Retail Stores Inc., (3)

          92,400   
  3,026     

Christopher & Banks Corporation, (2)

          18,882   
  1,288     

Citi Trends, Inc., (2)

          21,883   
  1,871     

Conn’s, Inc., (2), (3)

          82,754   
  1,195     

Container Store Group Inc., (2), (3)

          32,970   
  1,128     

Destination Maternity Corporation

          27,816   
  3,509     

Destination XL Group Inc., (2)

          18,949   
  7,114     

Express Inc., (2)

          103,651   
  4,103     

Finish Line, Inc.

          112,956   
  2,732     

Five Below, Incorporated, (2), (3)

          110,127   
  3,669     

Francescas Holdings Corporation, (2), (3)

          60,025   
  2,002     

Genesco Inc., (2)

          152,893   
  1,812     

Group 1 Automotive Inc., (3)

          130,700   
  1,646     

Haverty Furniture Companies Inc.

          42,039   
  1,070     

Hhgregg Inc., (2), (3)

          9,223   
  2,165     

Hibbett Sporting Goods, Inc., (2), (3)

          116,585   
  2,330     

Joseph A Bank Clothiers, Inc., (2)

          150,402   
  1,162     

Kirkland’s, Inc., (2), (3)

          19,882   
  1,850     

Lithia Motors Inc.

          137,418   
  2,290     

Lumber Liquidators Inc., (2)

          199,594   
  1,945     

Marinemax Inc., (2)

          31,237   
  1,120     

Mattress Firm Holding Corporation, (2), (3)

          50,613   
  3,947     

Mens Wearhouse Inc.

          187,009   
  2,605     

Monro Muffler Brake, Inc., (3)

          146,922   
  2,399     

New York & Company Inc., (2)

          10,052   
  40,010     

Office Depot, Inc., (2)

          163,641   
  1,694     

Outerwall Inc., (2), (3)

          117,479   
  3,848     

Pacific Sunwear of California, Inc., (2)

          11,082   

 

  100       Nuveen Investments


Shares     Description (1)                  Value  
 

Specialty Retail (continued)

       
  3,520     

Penske Auto Group, Inc.

        $ 161,427   
  4,431     

Pep Boys – Manny, Moe & Jack, (2)

          45,285   
  6,933     

Pier 1 Imports, Inc., (3)

          126,597   
  8,307     

RadioShack Corporation, (2), (3)

          11,879   
  4,120     

Rent-A-Center Inc., (3)

          120,345   
  1,473     

Restoration Hardware Holdings Incorporated, (2)

          91,900   
  721     

Sears Hometown and Outlet Stores, (2), (3)

          17,023   
  4,638     

Select Comfort Corporation, (2)

          85,339   
  1,250     

Shoe Carnival, Inc.

          28,550   
  3,245     

Sonic Automotive Inc.

          78,983   
  2,726     

Stage Stores Inc., (3)

          52,285   
  2,306     

Stein Mart, Inc.

          28,825   
  908     

Systemax Inc., (2)

          15,699   
  1,538     

Tile Shop Holdings Inc., (2), (3)

          21,678   
  824     

Tilly’s Inc, Class A Shares, (2)

          9,311   
  818     

Trans World Entertainment Corporation, (2)

          2,675   
  2,530     

Vitamin Shoppe Inc., (2), (3)

          121,136   
  1,415     

West Marine, Inc., (2)

          15,141   
  7,414     

Wet Seal Inc., (2), (3)

          8,378   
  168     

Winmark Corporation

          12,744   
  2,706     

Zale Corporation, (2)

          57,881   
  1,760     

Zumiez, Inc., (2)

                43,032   
 

Total Specialty Retail

                4,234,653   
 

Textiles, Apparel & Luxury Goods – 1.3%

       
  7,749     

American Apparel, Inc., (2), (3)

          5,009   
  1,076     

Columbia Sportswear Company

          92,514   
  7,344     

Crocs, Inc., (2)

          111,115   
  680     

Culp Inc., (3)

          12,274   
  1,399     

G III Apparel Group, Limited, (2)

          100,406   
  4,289     

Iconix Brand Group, Inc., (2), (3)

          182,283   
  10,514     

Kate Spade & Company, (2)

          365,570   
  1,472     

Movado Group Inc.

          57,820   
  1,121     

Oxford Industries Inc.

          73,997   
  1,027     

Perry Ellis International, Inc., (2)

          15,508   
  11,047     

Quiksilver Inc., (2)

          70,922   
  832     

R.G. Barry Corporation

          15,209   
  3,223     

Skechers USA Inc., (2)

          132,111   
  5,013     

Steven Madden Limited, (2)

          178,513   
  3,990     

Tumi Holdings Inc., (2)

          81,476   

 

Nuveen Investments     101   


Nuveen Small Cap Index Fund (continued)

Portfolio of Investments April 30, 2014 (Unaudited)

 

Shares     Description (1)                  Value  
 

Textiles, Apparel & Luxury Goods (continued)

       
  1,244     

Unifi Inc., (2)

        $ 27,542   
  1,804     

Vera Bradley Inc., (2), (3)

          51,053   
  956     

Vince Holding Company, (2)

          26,300   
  8,362     

Wolverine World Wide Inc., (3)

                234,972   
 

Total Textiles, Apparel & Luxury Goods

                1,834,594   
 

Thrifts & Mortgage Finance – 1.6%

       
  7,359     

Astoria Financial Corporation, (3)

          97,580   
  3,869     

Bank Mutual Corporation, (3)

          23,291   
  1,757     

BankFinancial Corporation, (3)

          17,289   
  602     

BBX Capital Corporation, (2)

          11,275   
  2,472     

Beneficial Mutual Bancorp Inc., (2), (3)

          32,235   
  2,090     

Berkshire Hills Bancorp, Inc.

          48,969   
  1,009     

BofI Holdings, Inc., (2)

          81,335   
  5,841     

Brookline Bancorp, Inc.

          53,036   
  12,414     

Capitol Federal Financial Inc.

          149,465   
  1,640     

Charter Financial Corporation

          18,040   
  701     

Clifton Bancorp Inc.

          8,125   
  2,653     

Dime Community Bancshares, Inc.

          43,244   
  545     

Doral Financial Group, (2)

          5,210   
  1,070     

ESB Financial Corporation, (3)

          13,503   
  730     

ESSA Bancorp Inc.

          7,585   
  973     

Essent Group Limited, (2), (3)

          18,341   
  6,707     

Everbank Financial Corporation, (3)

          125,555   
  858     

Federal Agricultural Mortgage Corporation

          30,528   
  814     

First Defiance Financial Corporation

          21,994   
  226     

First Federal Bancshares of Arkansas, Inc., (2), (3)

          2,005   
  1,262     

First Financial Northwest Inc.

          12,872   
  1,654     

Flagstar Bancorp Inc., (2)

          29,110   
  942     

Fox Chase Bancorp.

          15,713   
  896     

Franklin Financial Corporation, (2)

          17,884   
  106     

Hingham Institution for Savings

          7,368   
  540     

Home Bancorp Inc., (2), (3)

          10,935   
  5,919     

Home Loan Servicing Solutions Limited, (3)

          131,106   
  1,080     

HomeStreet Inc., (3)

          19,613   
  1,195     

Kearny Financial Corporation, (2), (3)

          17,423   
  1,242     

Ladder Capital Corporation, (2)

          22,219   
  695     

Meridian Interstate Bancorp, Inc., (2), (3)

          17,563   
  497     

Meta Financial Group, Inc.

          20,829   
  27,020     

MGIC Investment Corporation, (2), (3)

          232,370   

 

  102       Nuveen Investments


Shares     Description (1)                  Value  
 

Thrifts & Mortgage Finance (continued)

       
  349     

NASB Financial, Inc.

        $ 8,327   
  4,194     

Northfield Bancorp Inc.

          54,396   
  7,811     

Northwest Bancshares Inc.

          103,808   
  1,064     

OceanFirst Financial Corporation

          17,258   
  3,782     

Oritani Financial Corporation

          56,087   
  1,064     

PennyMac Financial Services Inc., (2)

          16,886   
  764     

Provident Financial Holdings, Inc.

          10,749   
  4,974     

Provident Financial Services Inc.

          86,448   
  14,406     

Radian Group Inc., (3)

          201,396   
  1,976     

Rockville Financial Inc.

          26,004   
  679     

Stonegate Mortgage Corporation, (2), (3)

          8,589   
  886     

Territorial Bancorp Inc.

          18,128   
  497     

Tree.com Inc., (2)

          14,453   
  7,850     

TrustCo Bank Corporation NY, (3)

          51,889   
  4,114     

United Community Financial Corporation, (2), (3)

          13,700   
  1,640     

United Financial Bancorp.

          28,930   
  1,372     

Walker & Dunlop Inc., (2)

          21,513   
  673     

Waterstone Financial Inc.

          7,006   
  1,478     

Westfield Financial Inc.

          10,124   
  654     

WSFS Financial Corporation

                44,223   
 

Total Thrifts & Mortgage Finance

                2,163,524   
 

Tobacco – 0.2%

       
  7,303     

Alliance One International, Inc., (2), (3)

          18,769   
  1,944     

Universal Corporation, (3)

          106,084   
  4,320     

Vector Group Ltd., (3)

                92,016   
 

Total Tobacco

                216,869   
 

Trading Companies & Distributors – 1.0%

       
  2,283     

Aceto Corporation

          49,952   
  5,706     

Aircastle LTD

          100,254   
  3,512     

Applied Industrial Technologies Inc.

          168,295   
  4,057     

Beacon Roofing Supply Company, (2)

          144,348   
  2,937     

Bluelinx Holdings Inc., (2)

          3,847   
  1,431     

CAI International Inc., (2), (3)

          31,124   
  789     

DXP Enterprises, Inc., (2)

          89,323   
  2,476     

H&E Equipment Services, Inc., (2)

          95,450   
  1,493     

Houston Wire & Cable Company

          18,603   
  2,253     

Kaman Corporation, (3)

          94,558   
  2,891     

Rush Enterprises, Class A, (2), (3)

          92,801   
  670     

Stock Building Supply Holdings Inc., (2), (3)

          11,598   

 

Nuveen Investments     103   


Nuveen Small Cap Index Fund (continued)

Portfolio of Investments April 30, 2014 (Unaudited)

 

Shares     Description (1)                  Value  
 

Trading Companies & Distributors (continued)

       
  2,821     

TAL International Group Inc., (3)

        $ 118,990   
  1,776     

Textainer Group Holdings Limited, (3)

          69,797   
  1,435     

Titan Machinery, Inc., (2), (3)

          25,313   
  2,140     

Watsco Inc.

                220,225   
 

Total Trading Companies & Distributors

                1,334,478   
 

Transportation Infrastructure – 0.0%

       
  3,431     

Wesco Aircraft Holdings Inc., (2)

                69,512   
 

Water Utilities – 0.2%

       
  3,214     

American States Water Co

          97,577   
  631     

Artesian Resources Corporation

          13,895   
  3,978     

California Water Service Group

          89,505   
  902     

Connecticut Water Service, Inc., (3)

          29,315   
  1,219     

Consolidated Water Company, Limited

          14,165   
  1,319     

Middlesex Water Company

          26,815   
  1,434     

Pure Cycle Corporation, (2), (3)

          8,045   
  1,289     

SJW Corporation

          35,099   
  1,077     

York Water Company, (3)

                21,551   
 

Total Water Utilities

                335,967   
 

Wireless Telecommunication Services – 0.1%

       
  1,547     

Boingo Wireless Inc., (2), (3)

          10,210   
  4,499     

Leap Wireless International, Inc., (5)

          11,337   
  14,336     

NII Holdings Inc., Class B, (2), (3)

          12,328   
  1,274     

NTELOS Holdings Corporation, (3)

          17,568   
  717     

RingCentral Inc., Class A, (2)

          10,870   
  1,999     

Shenandoah Telecommunications Company

          56,032   
  1,803     

USA Mobility Inc.

                30,885   
 

Total Wireless Telecommunication Services

                149,230   
 

Total Common Stocks (cost $96,138,626)

                134,281,705   
Shares     Description (1), (4)                  Value  
 

EXCHANGE-TRADED FUNDS – 0.0%

       
  713     

Firsthand Technology Value Fund, Incorporated, (3)

                13,946   
 

Total Exchange-Traded Funds (cost $13,279)

                13,946   
Shares     Description (1)                  Value  
 

COMMON STOCK RIGHTS – 0.0%

       
  102     

Central European Media Enterprises Limited, (3), (5)

            
  692     

Clinical Data, Inc., (5)

            
  3,767     

Cubist Pharmaceuticals Inc., (2)

          1,089   
  1,493     

Gerber Scientific Inc., (5)

            
  424     

Omthera Pharamceuticals Inc., (5)

            
  2,878     

Trius Therapeutics Inc., (2), (5)

                  
 

Total Common Stock Rights (cost $6,958)

                1,089   

 

  104       Nuveen Investments


Shares     Description (1)                        Value  
 

WARRANTS – 0.0%

       
  1,328     

Magnum Hunter Resources Corporation Warrants, (3), (5)

        $ 3,104   
  157     

Tejon Ranch Company, (2), (6)

                            518   
 

Total Warrants (cost $855)

                            3,622   
 

Total Long-Term Investments (cost $96,159,718)

                            134,300,362   
Shares     Description (1)                        Value  
 

INVESTMENTS PURCHASED WITH COLLATERAL FROM SECURITIES LENDING – 26.3%

  

     
 

Money Market Funds – 26.3%

       
  34,196,041     

Mount Vernon Securities Lending Prime Portfolio, 0.172%, (7), (8)

                          $ 36,168,341   
 

Total Investments Purchased with Collateral from Securities Lending (cost $36,168,341)

  

                    36,168,341   
Principal
Amount (000)
    Description (1)   Coupon     Maturity     Ratings (9)     Value  
 

SHORT-TERM INVESTMENTS – 2.4%

       
 

Money Market Funds – 2.0%

       
$ 2,743,815     

First American Treasury Obligations Fund, Class Z

    0.000 % (7)      N/A        N/A      $ 2,743,815   
 

U.S. Government and Agency Obligations – 0.4%

       
  600     

U.S. Treasury Bills, (10)

    0.000     7/24/14        AAA        599,979   
 

Total Short-Term Investments (cost $3,343,734)

                            3,343,794   
 

Total Investments (cost $135,671,793) – 126.3%

                            173,812,497   
 

Other Assets Less Liabilities – (26.3)%

                            (36,212,233
 

Net Assets – 100%

                          $ 137,600,264   

Investments in Derivatives as of April 30, 2014

Futures Contracts outstanding:

 

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

 

Nuveen Investments     105   


Nuveen Small Cap Index Fund (continued)

Portfolio of Investments April 30, 2014 (Unaudited)

 

 

 

 

 

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

 

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

 

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

 

(3) Investment, or portion of investment, is out on loan for securities lending. The total value of securities out on loan as of the end of the reporting period was $34,425,751.

 

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

 

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

 

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

 

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

 

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

 

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

 

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

 

N/A Not applicable.

 

ADR American Depositary Receipt.

 

REIT Real Estate Investment Trust.

 

See accompanying notes to financial statements.

 

  106       Nuveen Investments


Statement of

  Assets & Liabilities   April 30, 2014 (Unaudited)

 

      Equity
Index
       Mid Cap
Index
       Small Cap
Index
 

Assets

            

Long-term investments, at value (cost $298,011,264, $415,966,722 and $96,159,718, respectively)

   $ 758,603,689         $ 593,748,084         $ 134,300,362   

Investments purchased with collateral from securities lending, at value (cost approximates value)

     85,941,385           130,489,406           36,168,341   

Short-term investments, at value (cost $6,114,050, $50,742,498 and $3,343,734, respectively)

     6,114,348           50,742,779           3,343,794   

Cash

     3,206           14           149,405   

Receivable for:

            

Dividends

     724,286           264,953           53,271   

Due from Adviser

                         20,008   

Due from broker

     7,547           37,268           23,514   

Investments sold

     30,305,725           2,949,248           50,462   

Shares sold

     737,781           802,546           331,708   

Variation margin on futures contracts

     16,368           297,892           19,710   

Other assets

     19,267           11,321           125   

Total assets

     882,473,602           779,343,511           174,460,700   

Liabilities

            

Payable for:

            

Collateral from securities lending program

     85,941,385           130,489,406           36,168,341   

Investments purchased

     239,301                     274,564   

Shares redeemed

     1,648,586           1,180,200           305,331   

Accrued expenses:

            

Directors fees

     23,433           14,926           1,273   

Management fees

     54,276           72,347             

12b-1 distribution and service fees

     78,995           137,975           30,196   

Other

     293,303           360,109           80,731   

Total liabilities

     88,279,279           132,254,963           36,860,436   

Net assets

   $ 794,194,323         $ 647,088,548         $ 137,600,264   

Class A Shares

            

Net assets

   $ 191,729,475         $ 205,777,732         $ 44,348,556   

Shares outstanding

     7,118,075           11,633,962           3,053,958   

Net asset value (“NAV”) and offering price per share

   $ 26.94         $ 17.69         $ 14.52   

Class B Shares

            

Net assets

   $ 1,552,791           N/A           N/A   

Shares outstanding

     58,787           N/A           N/A   

NAV and offering price per share

   $ 26.41           N/A           N/A   

Class C Shares

            

Net assets

   $ 11,955,816         $ 12,806,463         $ 2,675,316   

Shares outstanding

     448,879           750,200           192,987   

NAV and offering price per share

   $ 26.63         $ 17.07         $ 13.86   

Class R3 Shares

            

Net assets

   $ 69,675,644         $ 208,031,069         $ 44,913,295   

Shares outstanding

     2,585,722           11,904,678           3,173,350   

NAV and offering price per share

   $ 26.95         $ 17.47         $ 14.15   

Class I Shares

            

Net assets

   $ 519,280,597         $ 220,473,284         $ 45,663,097   

Shares outstanding

     19,284,583           12,431,610           3,137,900   

NAV and offering price per share

   $ 26.93         $ 17.73         $ 14.55   

Net assets consist of:

                              

Capital paid-in

   $ 299,095,544         $ 452,148,719         $ 97,686,807   

Undistributed (Over-distribution of) net investment income

     1,906,473           2,136,159           354,619   

Accumulated net realized gain (loss)

     32,479,268           15,141,555           1,514,024   

Net unrealized appreciation (depreciation)

     460,713,038           177,662,115           38,044,814   

Net assets

   $ 794,194,323         $ 647,088,548         $ 137,600,264   

Authorized shares – per class

   $ 2 billion         $ 2 billion         $ 2 billion   

Par value per share

   $ 0.0001         $ 0.0001         $ 0.0001   

N/A – Fund does not offer share class.

 

See accompanying notes to financial statements.

 

Nuveen Investments     107   


Statement of

  Operations   Six Months Ended April 30, 2014 (Unaudited)

 

      Equity
Index
       Mid Cap
Index
       Small Cap
Index
 

Investment Income

            

Dividend and interest income

   $ 7,989,402         $ 4,279,692         $ 876,779   

Securities lending income, net

     39,556           177,283           130,407   

Total investment income

     8,028,958           4,456,975           1,007,186   

Expenses

            

Management fees

     1,086,316           971,707           230,594   

12b-1 service fees – Class A

     235,044           245,307           54,555   

12b-1 distribution and service fees – Class B

     8,749           N/A           N/A   

12b-1 distribution and service fees – Class C

     56,695           58,999           12,485   

12b-1 distribution and service fees – Class R3

     165,200           494,407           110,366   

Shareholder servicing agent fees and expenses

     594,820           583,296           128,131   

Custodian fees and expenses

     80,686           65,493           74,702   

Directors fees and expenses

     11,283           9,118           2,022   

Professional fees

     32,566           23,525           14,233   

Shareholder reporting expenses

     32,741           58,245           20,683   

Federal and state registration fees

     35,340           40,097           28,539   

Other expenses

     21,693           23,065           78,669   

Total expenses before fee waiver/expense reimbursement

     2,361,133           2,573,259           754,979   

Fee waiver/expense reimbursement

     (440,632        (267,489        (185,871

Net expenses

     1,920,501           2,305,770           569,108   

Net investment income (loss)

     6,108,457           2,151,205           438,078   

Realized and Unrealized Gain (Loss)

            

Net realized gain (loss) from:

            

Investments

     45,404,131           13,406,291           1,509,580   

Future contracts

     1,257,960           3,932,943           792,894   

Change in net unrealized appreciation (depreciation) of:

            

Investments

     9,318,042           16,443,138           1,739,081   

Future contracts

     (297,618        (1,589,707        (529,863

Net realized and unrealized gain (loss)

     55,682,515           32,192,665           3,511,692   

Net increase (decrease) in net assets from operations

   $ 61,790,972         $ 34,343,870         $ 3,949,770   

N/A – Fund does not offer share class.

 

See accompanying notes to financial statements.

 

  108       Nuveen Investments


Statement of

  Changes in Net Assets   (Unaudited)  

 

     Equity Index          Mid Cap Index  
      Six Months
4/30/14
     Year Ended
10/31/13
          Six Months
4/30/14
     Year Ended
10/31/13
 

Operations

             

Net investment income (loss)

   $ 6,108,457       $ 13,297,744         $ 2,151,205       $ 4,402,672   

Net realized gain (loss) from:

             

Investments

     45,404,131         52,253,862           13,406,291         15,293,322   

Futures contracts

     1,257,960         5,449,087           3,932,943         5,999,365   

Change in net unrealized appreciation (depreciation) of:

             

Investments

     9,318,042         107,601,627           16,443,138         108,525,486   

Futures contracts

     (297,618      833,236             (1,589,707      2,220,304   

Net increase (decrease) in net assets from operations

     61,790,972         179,435,556             34,343,870         136,441,149   

Distributions to Shareholders

             

From net investment income:

             

Class A

     (1,350,267      (2,606,436        (1,225,635      (790,895

Class B

     (5,848      (19,422        N/A         N/A   

Class C

     (37,807      (78,170                  

Class R3

     (379,912      (602,709        (767,824      (568,169

Class I

     (4,367,265      (9,873,135        (1,934,833      (1,643,928

From accumulated net realized gains:

             

Class A

     (13,559,790      (3,515,075        (7,006,416      (3,562,726

Class B

     (138,328      (60,618        N/A         N/A   

Class C

     (816,443      (199,974        (432,841      (186,176

Class R3

     (4,767,202      (810,497        (7,116,110      (3,920,755

Class I

     (38,641,025      (13,293,563          (8,216,759      (5,623,072

Decrease in net assets from distributions to shareholders

     (64,063,887      (31,059,599          (26,700,418      (16,295,721

Fund Share Transactions

             

Proceeds from sale of shares

     60,786,441         129,600,911           89,869,920         209,556,006   

Proceeds from shares issued to shareholders due to reinvestment of distributions

     53,674,210         24,380,950             23,558,777         13,377,172   
     114,460,651         153,981,861           113,428,697         222,933,178   

Cost of shares redeemed

     (107,233,417      (257,387,549          (80,626,280      (128,355,020

Net increase (decrease) in net assets from Fund share transactions

     7,227,234         (103,405,688          32,802,417         94,578,158   

Net increase (decrease) in net assets

     4,954,319         44,970,269           40,445,869         214,723,586   

Net assets at the beginning of period

     789,240,004         744,269,735             606,642,679         391,919,093   

Net assets at the end of period

   $ 794,194,323       $ 789,240,004           $ 647,088,548       $ 606,642,679   

Undistributed (Over-distribution of) net investment income at the end of period

   $ 1,906,473       $ 1,939,115           $ 2,136,159       $ 3,913,246   

N/A – Fund does not offer share class.

 

See accompanying notes to financial statements.

 

Nuveen Investments     109   


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

 

 

     Small Cap Index  
     

Six Months
4/30/14

      

Year Ended
10/31/13

 

Operations

       

Net investment income (loss)

   $ 438,078         $ 1,098,225   

Net realized gain (loss) from:

       

Investments

     1,509,580           4,297,107   

Futures contracts

     792,894           1,950,317   

Change in net unrealized appreciation (depreciation) of:

       

Investments

     1,739,081           23,359,562   

Futures contracts

     (529,863        687,238   

Net increase (decrease) in net assets from operations

     3,949,770           31,392,449   

Distributions to Shareholders

       

From net investment income:

       

Class A

     (343,366        (217,739

Class B

     N/A           N/A   

Class C

     (2,125          

Class R3

     (240,588        (103,962

Class I

     (499,459        (328,679

From accumulated net realized gains:

       

Class A

     (2,138,261        (1,103,621

Class B

     N/A           N/A   

Class C

     (122,652        (50,808

Class R3

     (2,218,626        (813,668

Class I

     (2,498,135        (1,276,552

Decrease in net assets from distributions to shareholders

     (8,063,212        (3,895,029

Fund Share Transactions

       

Proceeds from sale of shares

     24,598,066           53,528,206   

Proceeds from shares issued to shareholders due to reinvestment of distributions

     7,014,092           3,120,918   
     31,612,158           56,649,124   

Cost of shares redeemed

     (23,865,755        (33,996,665

Net increase (decrease) in net assets from Fund share transactions

     7,746,403           22,652,459   

Net increase (decrease) in net assets

     3,632,961           50,149,879   

Net assets at the beginning of period

     133,967,303           83,817,424   

Net assets at the end of period

   $ 137,600,264         $ 133,967,303   

Undistributed (Over-distribution of) net investment income at the end of period

   $ 354,619         $ 1,002,079   
N/A – Fund does not offer share class.

 

See accompanying notes to financial statements.

 

  110       Nuveen Investments


 

 

THIS PAGE INTENTIONALLY LEFT BLANK

 

 

 

 

 

Nuveen Investments     111   


Financial

Highlights (Unaudited)

 

Equity Index

Selected data for a share outstanding throughout each period:

 

          Investment Operations         Less Distributions           

Class (Commencement Date)

 

 

Year Ended October 31,

  Beginning
NAV
    Net
Investment
Income
(Loss)(a)
       Net
Realized/
Unrealized
Gain (Loss)
       Total         

From

Net
Investment
Income

      

From

Accumulated

Net Realized
Gains

       Total        Ending
NAV
 

Class A (12/92)

  

                            

2014(e)

  $ 27.10      $ .19         $ 1.86         $ 2.05        $ (.19      $ (2.02      $ (2.21      $ 26.94   

2013

    22.35        .38           5.31           5.69          (.39        (.55        (.94        27.10   

2012

    21.44        .34           2.48           2.82          (.35        (1.56        (1.91        22.35   

2011

    21.51        .30           1.26           1.56          (.26        (1.37        (1.63        21.44   

2010

    18.86        .29           2.70           2.99          (.30        (.04        (.34        21.51   

2009

    17.61        .34           1.27           1.61            (.36                  (.36        18.86   

Class B (8/94)

  

                            

2014(e)

    26.62        .09           1.81           1.90          (.09        (2.02        (2.11        26.41   

2013

    21.97        .21           5.19           5.40          (.20        (.55        (.75        26.62   

2012

    21.10        .18           2.43           2.61          (.18        (1.56        (1.74        21.97   

2011

    21.19        .14           1.24           1.38          (.10        (1.37        (1.47        21.10   

2010

    18.58        .13           2.66           2.79          (.14        (.04        (.18        21.19   

2009

    17.35        .22           1.25           1.47            (.24                  (.24        18.58   

Class C (2/99)

  

                            

2014(e)

    26.82        .09           1.83           1.92          (.09        (2.02        (2.11        26.63   

2013

    22.13        .20           5.24           5.44          (.20        (.55        (.75        26.82   

2012

    21.24        .17           2.46           2.63          (.18        (1.56        (1.74        22.13   

2011

    21.32        .13           1.26           1.39          (.10        (1.37        (1.47        21.24   

2010

    18.70        .13           2.67           2.80          (.14        (.04        (.18        21.32   

2009

    17.46        .21           1.26           1.47            (.23                  (.23        18.70   

Class R3 (9/01)

  

                            

2014(e)

    27.04        .15           1.93           2.08          (.15        (2.02        (2.17        26.95   

2013

    22.31        .31           5.30           5.61          (.33        (.55        (.88        27.04   

2012

    21.40        .28           2.48           2.76          (.29        (1.56        (1.85        22.31   

2011

    21.47        .25           1.26           1.51          (.21        (1.37        (1.58        21.40   

2010

    18.83        .23           2.70           2.93          (.25        (.04        (.29        21.47   

2009

    17.58        .29           1.28           1.57            (.32                  (.32        18.83   

Class I (2/94)

  

                            

2014(e)

    27.09        .22           1.86           2.08          (.22        (2.02        (2.24        26.93   

2013

    22.35        .45           5.29           5.74          (.45        (.55        (1.00        27.09   

2012

    21.43        .39           2.49           2.88          (.40        (1.56        (1.96        22.35   

2011

    21.50        .36           1.26           1.62          (.32        (1.37        (1.69        21.43   

2010

    18.86        .34           2.69           3.03          (.35        (.04        (.39        21.50   

2009

    17.61        .38           1.27           1.65            (.40                  (.40        18.86   

 

  112       Nuveen Investments


         Ratios/Supplemental Data  
                   Ratios to Average
Net Assets Before
Waiver/Reimbursement
        Ratios to Average
Net Assets After
Waiver/Reimbursement(c)
          
Total
Return(b)
       Ending
Net
Assets
(000)
         Expenses        Net
Investment
Income
(Loss)
         Expenses        Net
Investment
Income
(Loss)
       Portfolio
Turnover
Rate(d)
 
                           
  8.06      $ 191,729          .73 %*         1.31 %*        .62 %*         1.42 %*         2
  26.32           183,491          .71           1.48          .62           1.57           2   
  14.51           143,664          .69           1.49          .62           1.56           1   
  7.41           119,172          .70           1.29          .62           1.37           2   
  15.94           119,761          .79           1.23          .61           1.41           4   
  9.51           115,213            .79           1.86            .62           2.03           10   
                           
  7.60           1,553          1.48        .57       1.37        .68        2   
  25.35           2,042          1.46           .78          1.37           .87           2   
  13.69           2,611          1.44           .76          1.37           .84           1   
  6.60           4,227          1.45           .55          1.37           .63           2   
  15.07           7,351          1.54           .49          1.36           .67           4   
  8.69           9,822            1.54           1.16            1.37           1.33           10   
                           
  7.62           11,956          1.48        .55       1.37        .66        2   
  25.35           10,752          1.46           .72          1.37           .82           2   
  13.70           8,095          1.44           .75          1.37           .82           1   
  6.61           8,261          1.45           .55          1.37           .62           2   
  15.05           8,651          1.54           .48          1.36           .66           4   
  8.69           8,661            1.54           1.14            1.37           1.31           10   
                           
  7.93           69,676          .98        1.05       .87        1.16        2   
  25.96           61,823          .97           1.19          .87           1.29           2   
  14.26           33,685          .94           1.22          .87           1.28           1   
  7.15           14,218          .95           1.06          .87           1.13           2   
  15.63           12,979          1.04           .97          .86           1.15           4   
  9.27           10,915            1.04           1.56            .87           1.73           10   
                           
  8.19           519,281          .48        1.56       .37        1.67        2   
  26.59           531,131          .46           1.76          .37           1.85           2   
  14.85           556,215          .44           1.75          .37           1.82           1   
  7.68           597,030          .45           1.55          .37           1.63           2   
  16.18           749,210          .54           1.48          .36           1.66           4   
  9.78           827,145            .54           2.14            .37           2.31           10   

 

 

 

 

(a) Per share Net Investment Income (Loss) is calculated using the average daily shares method.  
(b) Total return is the combination of changes in NAV, reinvested dividend income at NAV and reinvested capital gains distributions at NAV, if any. Total returns are not annualized.  
(c) After fee waiver and/or expense reimbursement from the Adviser, where applicable.  
(d) Portfolio Turnover Rate is calculated based on the lesser of long-term purchases or sales (as disclosed in Note 5 – Investment Transactions) divided by the average long-term market value during the period.  
(e) For the six months ended April 30, 2014.  
* Annualized.  

 

See accompanying notes to financial statements.

 

Nuveen Investments     113   


Financial Highlights (Unaudited) (continued)

 

Mid Cap Index

Selected data for a share outstanding throughout each period:

 

          Investment Operations         Less Distributions           

Class (Commencement Date)

 

Year Ended October 31,

  Beginning
NAV
    Net
Investment
Income
(Loss)(a)
       Net
Realized/
Unrealized
Gain (Loss)
       Total         

From

Net
Investment
Income

       From
Accumulated
Net Realized
Gains
       Total        Ending
NAV
 

Class A (11/99)

  

                              

2014(e)

  $ 17.50      $ .06         $ .89         $ .95        $ (.11      $ (.65      $ (.76      $ 17.69   

2013

    13.76        .13           4.17           4.30          (.10        (.46        (.56        17.50   

2012

    12.87        .09           1.31           1.40          (.03        (.48        (.51        13.76   

2011

    11.98        .05           .92           .97          (.08                  (.08        12.87   

2010

    9.52        .09           2.45           2.54          (.08                  (.08        11.98   

2009

    8.83        .09           1.27           1.36            (.07        (.60        (.67        9.52   

Class C (9/01)

  

                              

2014(e)

    16.87        (.01        .86           .85                    (.65        (.65        17.07   

2013

    13.28        .01           4.04           4.05                    (.46        (.46        16.87   

2012

    12.51        (.01        1.26           1.25                    (.48        (.48        13.28   

2011

    11.67        (.05        .89           .84                                        12.51   

2010

    9.28        .01           2.39           2.40          (.01                  (.01        11.67   

2009

    8.64        .04           1.23           1.27            (.03        (.60        (.63        9.28   

Class R3 (11/00)

  

                              

2014(e)

    17.28        .04           .87           .91          (.07        (.65        (.72        17.47   

2013

    13.59        .10           4.11           4.21          (.06        (.46        (.52        17.28   

2012

    12.73        .06           1.28           1.34                    (.48        (.48        13.59   

2011

    11.86        .01           .92           .93          (.06                  (.06        12.73   

2010

    9.43        .06           2.43           2.49          (.06                  (.06        11.86   

2009

    8.76        .07           1.26           1.33            (.06        (.60        (.66        9.43   

Class I (11/99)

  

                              

2014(e)

    17.57        .08           .88           .96          (.15        (.65        (.80        17.73   

2013

    13.81        .18           4.17           4.35          (.13        (.46        (.59        17.57   

2012

    12.92        .12           1.32           1.44          (.07        (.48        (.55        13.81   

2011

    12.03        .08           .91           .99          (.10                  (.10        12.92   

2010

    9.55        .12           2.46           2.58          (.10                  (.10        12.03   

2009

    8.84        .12           1.27           1.39            (.08        (.60        (.68        9.55   

 

  114       Nuveen Investments


         Ratios/Supplemental Data  
                   Ratios to Average
Net Assets Before
Waiver/Reimbursement
        Ratios to Average
Net Assets After
Waiver/Reimbursement(c)
          
Total
Return(b)
      

Ending
Net
Assets
(000)

         Expenses        Net
Investment
Income
(Loss)
         Expenses        Net
Investment
Income
(Loss)
       Portfolio
Turnover
Rate(d)
 
                           
  5.63      $ 205,778          .82 %*         .60 %*        .73 %*         .69 %*         5
  32.46           185,942          .76           .84          .73           .86           7   
  11.48           104,467          .80           .61          .74           .67           7   
  8.07           68,856          .79           .32          .75           .36           23   
  26.79           36,499          .86           .70          .74           .82           8   
  17.53           22,766            .92           .98            .75           1.15           18   
                           
  5.23           12,806          1.57        (.15 )*        1.48        (.07 )*         5   
  31.51           10,925          1.51           .07          1.48           .10           7   
  10.60           5,290          1.55           (.13       1.49           (.07        7   
  7.20           3,302          1.53           (.42       1.50           (.39        23   
  25.86           3,100          1.61           (.05       1.49           .07           8   
  16.68           2,766            1.67           .31            1.50           .48           18   
                           
  5.45           208,031          1.07        .35       .98        .44        5   
  32.16           186,673          1.01           .60          .98           .62           7   
  11.14           113,834          1.05           .36          .99           .42           7   
  7.83           65,060          1.04           .07          1.00           .11           23   
  26.48           26,458          1.11           .44          .99           .56           8   
  17.29           12,212            1.17           .72            1.00           .89           18   
                           
  5.67           220,473          .56        .86       .48        .94        5   
  32.82           223,102          .51           1.12          .48           1.14           7   
  11.80           168,328          .55           .87          .49           .93           7   
  8.23           170,174          .53           .59          .50           .63           23   
  27.13           202,542          .61           .95          .49           1.07           8   
  17.92           163,432            .67           1.30            .50           1.47           18   

 

 

 

(a) Per share Net Investment Income (Loss) is calculated using the average daily shares method.  
(b) Total return is the combination of changes in NAV, reinvested dividend income at NAV and reinvested capital gains distributions at NAV, if any. Total returns are not annualized.  
(c) After fee waiver and/or expense reimbursement from the Adviser, where applicable.  
(d) Portfolio Turnover Rate is calculated based on the lesser of long-term purchases or sales (as disclosed in Note 5 – Investment Transactions) divided by the average long-term market value during the period.  
(e) For the six months ended April 30, 2014.  
* Annualized.  

 

See accompanying notes to financial statements.

 

Nuveen Investments     115   


Financial Highlights (Unaudited) (continued)

 

Small Cap Index

Selected data for a share outstanding throughout each period:

 

          Investment Operations         Less Distributions           

Class (Commencement Date)

 

 

Year Ended October 31,

  Beginning
NAV
    Net
Investment
Income
(Loss)(a)
       Net
Realized/
Unrealized
Gain (Loss)
       Total          From
Net
Investment
Income
       From
Accumulated
Net Realized
Gains
       Total        Ending
NAV
 

Class A (12/98)

                                

2014(e)

  $ 14.99      $ .05         $ .37         $ .42        $ (.12      $ (.77      $ (.89      $ 14.52   

2013

    11.59        .14           3.79           3.93          (.08        (.45        (.53        14.99   

2012

    10.43        .08           1.11           1.19          (.03                  (.03        11.59   

2011

    9.89        .05           .55           .60          (.06                  (.06        10.43   

2010

    7.90        .05           1.99           2.04          (.05                  (.05        9.89   

2009

    8.91        .06           .27           .33            (.07        (1.27        (1.34        7.90   

Class C (9/01)

                                

2014(e)

    14.31                  .33           .33          (.01        (.77        (.78        13.86   

2013

    11.08        .03           3.65           3.68                    (.45        (.45        14.31   

2012

    10.02                  1.06           1.06                                        11.08   

2011

    9.52        (.03        .53           .50                                        10.02   

2010

    7.62        (.02        1.92           1.90                                        9.52   

2009

    8.66        .01           .26           .27            (.04        (1.27        (1.31        7.62   

Class R3 (12/98)

                                

2014(e)

    14.62        .03           .35           .38          (.08        (.77        (.85        14.15   

2013

    11.31        .10           3.72           3.82          (.06        (.45        (.51        14.62   

2012

    10.18        .05           1.08           1.13                                        11.31   

2011

    9.66        .03           .53           .56          (.04                  (.04        10.18   

2010

    7.73        .03           1.94           1.97          (.04                  (.04        9.66   

2009

    8.76        .04           .26           .30            (.06        (1.27        (1.33        7.73   

Class I (12/98)

                                

2014(e)

    15.04        .07           .36           .43          (.15        (.77        (.92        14.55   

2013

    11.63        .17           3.80           3.97          (.11        (.45        (.56        15.04   

2012

    10.46        .11           1.12           1.23          (.06                  (.06        11.63   

2011

    9.91        .08           .55           .63          (.08                  (.08        10.46   

2010

    7.91        .07           2.00           2.07          (.07                  (.07        9.91   

2009

    8.92        .09           .25           .34            (.08        (1.27        (1.35        7.91   

 

  116       Nuveen Investments


         Ratios/Supplemental Data  
                   Ratios to Average
Net Assets Before
Waiver/Reimbursement
        Ratios to Average
Net Assets After
Waiver/Reimbursement(c)
          
Total
Return(b)
       Ending
Net
Assets
(000)
         Expenses        Net
Investment
Income
(Loss)
         Expenses        Net
Investment
Income
(Loss)
       Portfolio
Turnover
Rate(d)
 
                           
  2.86      $ 44,349          1.08 %*         .36 %*        .81 %*         .63 %*         1
  35.52           41,769          1.07           .81          .82           1.06           11   
  11.44           28,640          1.27           .28          .83           .72           20   
  6.03           19,406          1.17           .15          .83           .50           14   
  25.91           12,667          1.49           (.15       .79           .55           12   
  6.34           8,591            1.66           .03            .82           .87           22   
                           
  2.42           2,675          1.83        (.40 )*        1.56        (.13 )*         1   
  34.57           2,155          1.82           **        1.57           .25           11   
  10.58           1,246          2.00           (.46       1.58           (.03        20   
  5.25           1,330          1.90           (.58       1.58           (.26        14   
  24.93           1,645          2.24           (.90       1.54           (.20        12   
  5.60           1,380            2.41           (.67         1.57           .17           22   
                           
  2.69           44,913          1.33        .11       1.06        .38        1   
  35.24           41,350          1.32           .49          1.07           .74           11   
  11.13           20,198          1.52           .02          1.08           .47           20   
  5.79           11,824          1.44           (.12       1.08           .24           14   
  25.55           4,795          1.74           (.40       1.04           .30           12   
  6.08           2,512            1.91           (.29         1.07           .55           22   
                           
  2.95           45,663          .83        .63       .56        .89        1   
  35.82           48,694          .82           1.05          .57           1.30           11   
  11.79           33,733          1.00           .55          .58           .97           20   
  6.33           40,135          .90           .42          .58           .75           14   
  26.22           47,179          1.24           .10          .54           .80           12   
  6.50           43,179            1.41           .35            .57           1.19           22   

 

 

 

 

(a) Per share Net Investment Income (Loss) is calculated using the average daily shares method.  
(b) Total return is the combination of changes in NAV, reinvested dividend income at NAV and reinvested capital gains distributions at NAV, if any. Total returns are not annualized.  
(c) After fee waiver and/or expense reimbursement from the Adviser, where applicable.  
(d) Portfolio Turnover Rate is calculated based on the lesser of long-term purchases or sales (as disclosed in Note 5 – Investment Transactions) divided by the average long-term market value during the period.  
(e) For the six months ended April 30, 2014.  
* Annualized.  
** Round to less than .01%.  

 

See accompanying notes to financial statements.

 

Nuveen Investments     117   


Notes to

 

Financial Statements (Unaudited)

 

1. General Information and Significant Accounting Policies

General Information

Trust Information

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

Investment Adviser

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

Agreement and Plan of Merger

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

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

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

Investment Objectives and Principal Investment Strategies

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

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

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

Significant Accounting Policies

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

 

  118       Nuveen Investments


Investment Transactions

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

Investment Income

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

Professional Fees

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

Dividends and Distributions to Shareholders

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

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

Share Classes and Sales Charges

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

Multiclass Operations and Allocations

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

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

Indemnifications

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

Netting Agreements

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

 

 

Nuveen Investments     119   


Notes to Financial Statements (Unaudited) (continued)

 

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

Use of Estimates

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

2. Investment Valuation and Fair Value Measurements

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

Investment Valuation

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

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

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

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

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

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

Fair Value Measurements

Fair value is defined as the price that the Funds would receive upon selling an investment or transferring a liability in an orderly transaction to an independent buyer in the principal or most advantageous market for the investment. A three-tier hierarchy is used to maximize the use of observable market data and minimize the use of unobservable inputs and to establish classification of fair value measurements for disclosure purposes. Observable

 

  120       Nuveen Investments


inputs reflect the assumptions market participants would use in pricing the asset or liability. Observable inputs are based on market data obtained from sources independent of the reporting entity. Unobservable inputs reflect the reporting entity’s own assumptions about the assumptions market participants would use in pricing the asset or liability. Unobservable inputs are based on the best information available in the circumstances. The following is a three-tiered hierarchy of valuation input levels.

 

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

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

 

Equity Index      Level 1        Level 2        Level 3***      Total  
Long-Term Investments*:                  

Common Stocks

     $ 758,603,689         $         $   —       $ 758,603,689   
Investments Purchased with Collateral from Securities Lending        85,941,385                             85,941,385   
Short-Term Investments:                  

Money Market Funds

       3,114,453                             3,114,453   

U.S. Government and Agency Obligations

                 2,999,895                   2,999,895   
Investments in Derivatives:                  

Futures Contracts**

       120,315                             120,315   
Total      $ 847,779,842         $ 2,999,895         $       $ 850,779,737   
Mid Cap Index                                      
Long-Term Investments*:                  

Common Stocks

     $ 593,742,036         $         $   —       $ 593,742,036   

Common Stock Rights

       6,048                             6,048   
Investments Purchased with Collateral from Securities Lending        130,489,406                             130,489,406   
Short-Term Investments:                  

Money Market Funds

       47,742,884                             47,742,884   

U.S. Government & Agency Obligations

                 2,999,895                   2,999,895   
Investments in Derivatives:                  

Futures Contracts**

       (119,528                          (119,528
Total      $ 771,860,846         $ 2,999,895         $   —       $ 774,860,741   
Small Cap Index                                      
Long-Term Investments*:                  

Common Stocks

     $ 134,270,368         $   —         $ 11,337       $ 134,281,705   

Exchange-Traded Funds

       13,946                             13,946   

Common Stock Rights

       1,089                     ****       1,089   

Warrants

                 518           3,104         3,622   
Investments Purchased with Collateral from Securities Lending        36,168,341                             36,168,341   
Short-Term Investments:                  

Money Market Funds

       2,743,815                             2,743,815   

U.S. Government & Agency Obligations

                 599,979                   599,979   
Investments in Derivatives:                  

Futures Contracts**

       (95,890                          (95,890
Total      $ 173,101,669         $ 600,497         $ 14,441       $ 173,716,607   
* Refer to the Fund’s Portfolio of Investments for industry classifications.
** Represents net unrealized appreciation (depreciation) as reported in the Fund’s Portfolio of Investments.
*** Refer to the Fund’s Portfolio of Investments for breakdown of securities classified as Level 3.
**** Level 3 securities have a market value of zero.

The Nuveen funds’ Board of Directors/Trustees is responsible for the valuation process and has delegated the oversight of the daily valuation process to the Adviser’s Valuation Committee. The Valuation Committee, pursuant to the valuation policies and procedures adopted by the Board of Directors/Trustees, is responsible for making fair value determinations, evaluating the effectiveness of the funds’ pricing policies and reporting to the Board of

 

Nuveen Investments     121   


Notes to Financial Statements (Unaudited) (continued)

 

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

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

 

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

 

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

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

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

3. Portfolio Securities and Investments in Derivatives

Portfolio Securities

Securities Lending

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

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

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

 

Fund   Counterparty   Long-Term
Investment, at Value
   

Collateral

Pledged (from)
Counterparty*

    Net
Exposure
 
Equity Index   U.S. Bank   $ 84,193,124      $ 84,193,124      $   —   
Mid Cap Index   U.S. Bank     127,620,886        127,620,886          
Small Cap Index   U.S. Bank     34,425,751        34,425,751          
* As of April 30, 2014, the value of the collateral pledged from the counterparty exceeded the value of the securities out on loan. Refer to the Fund’s Portfolio of Investments for details on the securities out on loan.

Income from securities lending, net of fees paid, is recognized on the Statement of Operations as “Securities lending income, net.” Securities lending fees paid by each Fund during the six months ended April 30, 2014, was as follows:

 

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

 

  122       Nuveen Investments


Investments in Derivatives

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

Futures Contracts

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

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

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

During the six months ended April 30, 2014, each Fund continued to invest in index futures contracts to convert cash into the equivalent of its corresponding index holding in order to manage cash flow activity and minimize tracking error to the Fund’s benchmark index. These futures contracts are used as a means to efficiently gain exposure to a broad base of equity securities.

The average notional amount of futures contracts outstanding during the six months ended April 30, 2014, were as follows:

 

        Equity
Index
       Mid Cap
Index
       Small Cap
Index
 
Average notional amount of futures contracts outstanding*        23,548,692           45,806,745           6,804,176   
* The average notional amount is calculated based on the absolute aggregate notional amount of contracts outstanding at the beginning of the fiscal year and at the end of each fiscal quarter within the current fiscal year.

The following tables present the fair value of all futures contracts held by the Funds as of April 30, 2014, the location of these instruments on the Statement of Assets and Liabilities and the primary underlying risk exposure.

 

            Location on the Statement of Assets and Liabilities  
      

 

     Asset Derivatives        (Liability) Derivatives  

Underlying

Risk Exposure

   Derivative Instrument      Location      Value        Location      Value  
Equity Index                                     

Equity price

   Futures contracts      Receivable for variation margin
on futures contracts*
     $ 120,315              $   —   
Mid Cap Index                                     

Equity price

   Futures contracts      Receivable for variation margin
on futures contracts*
     $ (119,528           $   
Small Cap Index                                     

Equity price

   Futures contracts      Receivable for variation margin
on futures contracts*
     $ (95,890           $   
* Value represents unrealized appreciation (depreciation) of futures contracts as reported in the Fund’s Portfolio of Investments and not the deposits with brokers, if any, or the receivable or payable for variation margin on futures contracts presented on the Statement of Assets and Liabilities.

 

Nuveen Investments     123   


Notes to Financial Statements (Unaudited) (continued)

 

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

 

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

Market and Counterparty Credit Risk

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

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

4. Fund Shares

Transactions in Fund shares were as follows:

 

       Equity Index  
       Six Months Ended
4/30/14
       Year Ended
10/31/13
 
       

Shares

      

Amount

      

Shares

      

Amount

 

Shares sold:

                   

Class A

       736,597         $ 19,546,148           1,390,813         $ 33,292,600   

Class A — automatic conversion of Class B Shares

       8,400           226,727           21,020           495,112   

Class B — exchanges

       125           3,123           542           13,502   

Class C

       45,183           1,173,603           67,319           1,654,897   

Class R3

       496,977           13,306,474           1,362,755           33,551,073   

Class I

       1,000,282           26,530,366           2,501,015           60,593,727   

Shares issued to shareholders due to reinvestment of distributions:

                   

Class A

       579,633           14,799,933           266,341           6,052,004   

Class B

       5,658           141,239           3,618           79,059   

Class C

       28,725           723,189           11,147           246,703   

Class R3

       195,196           5,147,083           62,181           1,413,171   

Class I

       1,286,925           32,862,766           732,788           16,590,013   
         4,383,701           114,460,651           6,419,539           153,981,861   

Shares redeemed:

                   

Class A

       (976,779        (26,044,924        (1,334,700        (32,284,867

Class B

       (15,164        (394,679        (24,907        (591,650

Class B — automatic conversion of Class A Shares

       (8,559        (226,727        (21,400        (495,112

Class C

       (25,871        (676,338        (43,416        (1,049,552

Class R3

       (392,446        (10,535,313        (648,981        (15,753,201

Class I

       (2,605,563        (69,355,436        (8,520,280        (207,213,167
         (4,024,382        (107,233,417        (10,593,684        (257,387,549

Net increase (decrease)

       359,319         $ 7,227,234           (4,174,145      $ (103,405,688

 

  124       Nuveen Investments


       Mid Cap Index  
       Six Months Ended
4/30/14
       Year Ended
10/31/13
 
       

Shares

      

Amount

       Shares        Amount  
Shares sold:                    

Class A

       2,199,006         $ 38,518,797           5,136,695         $ 79,951,117   

Class C

       128,765           2,174,197           292,876           4,467,780   

Class R3

       1,553,719           26,910,526           3,979,743           61,218,130   

Class I

       1,263,449           22,266,400           4,112,940           63,918,979   
Shares issued to shareholders due to reinvestment of distributions:                    

Class A

       479,770           8,140,858           314,110           4,274,744   

Class C

       24,377           395,884           13,313           174,797   

Class R3

       471,324           7,877,667           333,843           4,488,924   

Class I

       419,344           7,144,368           324,941           4,438,707   
         6,539,754           113,428,697           14,508,461           222,933,178   
Shares redeemed:                    

Class A

       (1,668,625        (29,298,415        (2,420,191        (37,454,741

Class C

       (50,388        (849,101        (57,018        (880,513

Class R3

       (921,953        (15,971,555        (1,887,851        (28,959,655

Class I

       (1,952,314        (34,507,209        (3,929,395        (61,060,111
         (4,593,280        (80,626,280        (8,294,455        (128,355,020
Net increase (decrease)        1,946,474         $ 32,802,417           6,214,006         $ 94,578,158   
       Small Cap Index  
       Six Months Ended
4/30/14
       Year Ended
10/31/13
 
       

Shares

      

Amount

       Shares        Amount  
Shares sold:                    

Class A

       610,134         $ 9,103,333           1,323,081         $ 17,441,128   

Class C

       43,736           623,083           56,597           705,125   

Class R3

       590,496           8,609,671           1,553,250           20,000,182   

Class I

       419,054           6,261,979           1,148,404           15,381,771   
Shares issued to shareholders due to reinvestment of distributions:                    

Class A

       171,196           2,468,224           116,899           1,314,518   

Class C

       8,480           115,665           4,541           48,638   

Class R3

       175,256           2,454,748           83,750           917,629   

Class I

       136,461           1,975,455           74,480           840,133   
         2,154,813           31,612,158           4,361,002           56,649,124   
Shares redeemed:                    

Class A

       (513,304        (7,660,874        (1,124,307        (14,486,992

Class C

       (9,839        (139,123        (22,987        (302,316

Class R3

       (421,072        (6,108,251        (593,535        (7,467,504

Class I

       (655,834        (9,957,507        (885,982        (11,739,853
         (1,600,049        (23,865,755        (2,626,811        (33,996,665
Net increase (decrease)        554,764         $ 7,746,403           1,734,191         $ 22,652,459   

5. Investment Transactions

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

 

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

 

Nuveen Investments     125   


Notes to Financial Statements (Unaudited) (continued)

 

6. Income Tax Information

Each Fund is a separate taxpayer for federal income tax purposes. Each Fund intends to distribute substantially all of its net investment income and net capital gains to shareholders and to otherwise comply with the requirements of Subchapter M of the Internal Revenue Code applicable to regulated investment companies. Therefore, no federal income tax provision is required.

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

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

As of April 30, 2014, the cost and unrealized appreciation (depreciation) of investments (excluding investments in derivatives), as determined on a federal income tax basis, were as follows:

 

        Equity
Index
       Mid Cap
Index
       Small Cap
Index
 
Cost of investments      $ 403,829,335         $ 598,107,726         $ 136,117,302   
Gross unrealized:               

Appreciation

     $ 468,336,914         $ 189,777,480         $ 45,368,714   

Depreciation

       (21,506,827        (12,699,137        (7,645,819
Net unrealized appreciation (depreciation) of investments      $ 446,830,087         $ 177,078,343         $ 37,722,895   

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

 

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

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

 

        Equity
Index
       Mid Cap
Index
       Small Cap
Index
 
Undistributed net ordinary income1      $ 4,501,394         $ 8,390,591         $ 2,374,553   

Undistributed net long-term capital gains

       55,389,287           18,286,933           5,677,904   
1  Net ordinary income consists of net taxable income derived from dividends, interest and net short-term capital gains, if any.

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

 

      Equity
Index
       Mid Cap
Index
       Small Cap
Index
 
Distributions from net ordinary income    $ 14,598,278           $4,538,315         $ 648,672   
Distributions from net long-term capital gains2      16,461,321           11,757,406           3,246,357   
2  The Funds designate as long-term capital gain dividend, pursuant to the Internal Revenue Code Section 852(b)(3), the amount necessary to reduce earnings and profits of the Funds related to net capital gain to zero for the tax year ended October 31, 2013.

7. Management Fees and Other Transactions with Affiliates

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

 

  126       Nuveen Investments


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

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

 

Average Daily Net Assets     

Equity
Index

Fund-Level

Fee Rate

    

Mid Cap
Index

Fund-Level

Fee Rate

    

Small Cap
Index

Fund-Level

Fee Rate

 
For the first $125 million        .1000      .1500      .1500
For the next $125 million        .0875         .1375         .1375   
For the next $250 million        .0750         .1250         .1250   
For the next $500 million        .0625         .1125         .1125   
For the next $1 billion        .0500         .1000         .1000   
For net assets over $2 billion        .0250         .0750         .0750   

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

 

Complex-Level Asset Breakpoint Level*      Effective Rate at Breakpoint Level  
$55 billion        .2000
$56 billion        .1996   
$57 billion        .1989   
$60 billion        .1961   
$63 billion        .1931   
$66 billion        .1900   
$71 billion        .1851   
$76 billion        .1806   
$80 billion        .1773   
$91 billion        .1691   
$125 billion        .1599   
$200 billion        .1505   
$250 billion        .1469   
$300 billion        .1445   
* The complex-level fee is calculated based upon the aggregate daily “eligible assets” of all Nuveen Funds. Eligible assets do not include assets attributable to investments in other Nuveen Funds or assets in excess of $2 billion added to the Nuveen Fund complex in connection with the Adviser’s assumption of the management of the former First American Funds effective January 1, 2011. Eligible assets include closed-end fund assets managed by the Adviser that are attributable to certain types leverage. For these purposes, leverage includes the closed-end funds’ use of preferred stock and borrowings and certain investments in the residual interest certificates (also called inverse floating rate securities) in tender option bond (TOB) trusts, including the portion of assets held by the TOB trust that has been effectively financed by the trust’s issuance of floating rate securities, subject to an agreement by the Adviser as to certain funds to limit the amount of such assets for determining eligible assets in certain circumstances. As of April 30, 2014, the complex-level fee rate for each Fund was as follows:

 

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

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

 

        Equity
Index
     Mid Cap
Index
     Small Cap
Index
 
Class A Shares        0.62      0.75      0.83
Class B Shares        1.37         N/A         N/A   
Class C Shares        1.37         1.50         1.58   
Class R3 Shares        0.87         1.00         1.08   
Class I Shares        0.37         0.50         0.58   
Expiration Date        February 28, 2015         February 28, 2015         February 28, 2015   
N/A – Fund does not offer Class B Shares.

 

Nuveen Investments     127   


Notes to Financial Statements (Unaudited) (continued)

 

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

Class A Shares are offered at their NAV per share with no up-front sales charge. During the six months ended April 30, 2014, Nuveen Securities, LLC (the “Distributor”), a wholly owned subsidiary of Nuveen, received 12b-1 service fees in Class A Shares, substantially all of which were paid to compensate financial intermediaries for providing services to shareholders relating to their investments.

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

 

        Equity
Index
       Mid Cap
Index
       Small Cap
Index
 
Commission advances      $ 8,515         $ 14,192         $ 3,566   

To compensate for commissions advanced to financial intermediaries, all 12b-1 service and distribution fees collected on Class B Shares and C Shares during the first year following a purchase were retained by the Distributor. During the six months ended April 30, 2014, the Distributor retained such 12b-1 fees as follows:

 

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

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

The Distributor also collected and retained CDSC on share redemptions during the six months ended April 30, 2014, as follows:

 

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

8. Subsequent Events

Class B Shares

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

 

  128       Nuveen Investments


Additional

Fund Information

 

 

Fund Manager

Nuveen Fund Advisors, LLC

333 West Wacker Drive

Chicago, IL 60606

 

Sub-Adviser

Nuveen Asset Management, LLC

333 West Wacker Drive

Chicago, IL 60606

 

Legal Counsel

Chapman and Cutler LLP

Chicago, IL 60603

  

Independent Registered
Public Accounting Firm

PricewaterhouseCoopers LLP

Chicago, IL 60606

 

Custodian

U.S. Bank National Association

Milwaukee, WI 53202

  

Transfer Agent and
Shareholder Services

Boston Financial

Data Services, Inc.

Nuveen Investor Services

P.O. Box 8530

Boston, MA 02266-8530

(800)257-8787

     

 

 

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

 

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

 

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

 

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.

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

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

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

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

Net Asset Value (NAV) Per Share: A fund’s Net Assets is equal to its total assets (securities, cash and accrued earnings) less its total liabilities. For funds with multiple classes, Net Assets are determined separately for each share class. NAV per share is equal to the fund’s (or share class’) Net Assets divided by its number of shares outstanding.

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

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

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

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

 

  130       Nuveen Investments


Annual Investment Management Agreement

Approval Process (Unaudited)

 

I. The Approval Process

The Board of Directors of each Fund (each, a “Board” and each Director, a “Board Member”), including the Board Members who are not parties to the Funds’ advisory or sub-advisory agreements or “interested persons” of any such parties (the “Independent Board Members”), is responsible for overseeing the performance of the investment adviser and the sub-adviser to the respective Fund and determining whether to approve or continue such Fund’s advisory agreement (each, an “Original Investment Management Agreement”) between the Fund and Nuveen Fund Advisors, LLC (the “Adviser”) and sub-advisory agreement (each, an “Original Sub-Advisory Agreement” and, together with the Original Investment Management Agreement, the “Original Advisory Agreements”) between the Adviser and Nuveen Asset Management, LLC (the “Sub-Adviser”). Pursuant to the Investment Company Act of 1940, as amended (the “1940 Act”), each Board is required to consider the continuation of the respective Original Advisory Agreements on an annual basis. In addition, prior to its annual review, the Board Members were advised of the potential acquisition of Nuveen Investments, Inc. (“Nuveen”) by TIAA-CREF (the “Transaction”). For purposes of this section, references to “Nuveen” herein include all affiliates of Nuveen Investments, Inc. providing advisory, sub-advisory, distribution or other services to the Funds and references to the “Board” refer to the Board of each Fund. In accordance with the 1940 Act and the terms of the Original Advisory Agreements, the completion of the Transaction would terminate each of the Original Investment Management Agreements and the Original Sub-Advisory Agreements. Accordingly, at an in-person meeting held on April 30, 2014 (the “April Meeting”), the Board, including all of the Independent Board Members, performed its annual review of the Original Advisory Agreements and approved the continuation of the Original Advisory Agreements for the Funds. Furthermore, in anticipation of the termination of the Original Advisory Agreements that would occur upon the consummation of the Transaction, the Board also approved for each Fund a new advisory agreement (each, a “New Investment Management Agreement”) between the Fund and the Adviser and a new sub-advisory agreement (each, a “New Sub-Advisory Agreement” and, together with the New Investment Management Agreement, the “New Advisory Agreements”) between the Adviser and the Sub-Adviser, each on behalf of the respective Fund to be effective following the completion of the Transaction and the receipt of the requisite shareholder approval.

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

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

 

Nuveen Investments     131   


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

 

each Fund Adviser; the organization and operations of any Fund Adviser; the expertise and background of relevant personnel of each Fund Adviser; a review of each Fund’s performance (including performance comparisons against the performance of peer groups and appropriate benchmarks); a comparison of Fund fees and expenses relative to peers; a description and assessment of shareholder service levels for the Funds; a summary of the performance of certain service providers; a review of fund initiatives and shareholder communications; and an analysis of the Adviser’s profitability with comparisons to peers in the managed fund business. In light of the proposed Transaction, the Independent Board Members, through their independent legal counsel, also requested in writing and received additional information regarding the proposed Transaction and its impact on the provision of services by the Fund Advisers.

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

The materials and information prepared in connection with the review of the Original Advisory Agreements and New Advisory Agreements supplemented the information and analysis provided to the Board during the year. In this regard, throughout the year, the Board, acting directly or through its committees, regularly reviewed the performance and various services provided by the Adviser and Sub-Adviser. The Board met at least quarterly as well as at other times as the need arose. At its quarterly meetings, the Board reviewed reports by the Adviser regarding, among other things, fund performance, fund expenses, premium and discount levels of closed-end funds, the performance of the investment teams and compliance, regulatory and risk management matters. In addition to regular reports, the Adviser provided special reports to the Board or a committee thereof from time to time to enhance the Board’s understanding of various topics that impact some or all the Nuveen funds (such as distribution channels, oversight of omnibus accounts and leverage management topics), to update the Board on regulatory developments impacting the investment company industry or to update the Board on the business plans or other matters impacting the Adviser. The Board also met with key investment personnel managing certain Nuveen fund portfolios during the year.

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

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

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

The Board considered all factors it believed relevant with respect to each Fund, including, among other things: (a) the nature, extent and quality of the services provided by the Fund Advisers, (b) the investment performance of the Fund and the Fund Advisers, (c) the advisory fees and costs of the

 

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services to be provided to the Fund and the profitability of the Fund Advisers, (d) the extent of any economies of scale, (e) any benefits derived by the Fund Advisers from the relationship with the Fund and (f) other factors. With respect to the New Advisory Agreements, the Board also considered the Transaction and its impact on the foregoing factors. Each Board Member may have accorded different weight to the various factors in reaching his or her conclusions with respect to a Fund’s Original Advisory Agreements and New Advisory Agreements. The Independent Board Members did not identify any single factor as all-important or controlling. The Independent Board Members’ considerations were instead based on a comprehensive consideration of all the information presented. The principal factors considered by the Board and its conclusions are described below.

A. Nature, Extent and Quality of Services

1. The Original Advisory Agreements

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

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

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

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

 

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

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

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

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

2. The New Advisory Agreements

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

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

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

 

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

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

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

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

B. The Investment Performance of the Funds and Fund Advisers

1. The Original Advisory Agreements

The Board, including the Independent Board Members, considered the performance history of each Fund over various time periods. The Board reviewed reports, including an analysis of each Fund’s performance and the applicable investment team. In considering each Fund’s performance, the Board recognized that a fund’s performance can be reviewed through various measures including the fund’s absolute return, the fund’s return compared to the performance of other peer funds and the fund’s performance compared to its respective benchmark. Accordingly, the Board reviewed, among other things, each Fund’s historic investment performance as well as information comparing the Fund’s performance information with that of other funds (the “Performance Peer Group”) and with recognized and/or customized benchmarks (i.e., generally benchmarks derived from multiple recognized benchmarks) for the quarter, one-, three- and five-year periods ending December 31, 2013, as well as performance information reflecting the first quarter of 2014. This information supplemented the Nuveen fund performance information provided to the Board at each of its quarterly meetings.

In evaluating performance, the Board recognized several factors that may impact the performance data as well as the consideration given to particular performance data.

 

    The performance data reflects a snapshot in time, in this case as of the end of the most recent calendar year or quarter. A different performance period, however, could generate significantly different results.

 

    Long-term performance can be adversely affected by even one period of significant underperformance so that a single investment decision or theme has the ability to disproportionately affect long-term performance.

 

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

 

    Open-end funds offer multiple classes and the performance of the various classes of a fund should be substantially similar on a relative basis because all of the classes are invested in the same portfolio of securities and differences in performance among classes could be principally attributed to the variations in distribution and servicing expenses of each class.

 

   

The usefulness of comparative performance data as a frame of reference to measure a fund’s performance may be limited because the Performance Peer Group, among other things, does not adequately reflect the objectives and strategies of the fund, has a different investable universe, or the composition of the peer set may be limited in size or number as well as other factors. In this regard, the Board noted that the Adviser classified the Performance Peer Groups of the Nuveen funds from highly relevant to less relevant. For funds classified with less relevant Performance Peer Groups, the Board considered a fund’s performance compared to its benchmark to help assess the fund’s comparative performance. A fund was generally considered to have performed comparably to its benchmark if the fund’s performance was within certain thresholds compared to the performance of its benchmark and was considered to have outperformed or underperformed its

 

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benchmark if the fund’s performance was beyond these thresholds for the one- and three-year periods, subject to certain exceptions.i While the Board is cognizant of the relative performance of a fund’s peer set and/or benchmark(s), the Board evaluated fund performance in light of the respective fund’s investment objectives, investment parameters and guidelines and considered that the variations between the objectives and investment parameters or guidelines of the fund with its peers and/or benchmarks result in differences in performance results.

With respect to any Nuveen funds for which the Board has identified performance concerns, the Board monitors such funds closely until performance improves, discusses with the Adviser the reasons for such results, considers those steps necessary or appropriate to address such issues and reviews the results of any efforts undertaken. The Board is aware, however, that shareholders chose to invest or remain invested in a fund knowing that the Adviser manages the fund and knowing the fund’s fee structure.

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

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

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

2. The New Advisory Agreements

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

C. Fees, Expenses and Profitability

1. Fees and Expenses

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

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

In reviewing the fee schedule for a fund, the Independent Board Members also considered the fund-level and complex-wide breakpoint schedules (described in further detail below) and any fee waivers and reimbursements provided by Nuveen. In reviewing fees and expenses, the Board considered the expenses and fees to be higher if they were over 10 basis points higher, slightly higher if they were approximately 6 to 10 basis points higher, in line if they were within approximately 5 basis points higher than the peer average and below if they were below the peer average of the Peer Group. In reviewing the reports, the Board noted that the majority of the Nuveen funds were at, close to or below their peer average based on the net total expense ratio. The Independent Board Members observed that Equity Index Fund and Mid Cap Index Fund had net management fees and net expense ratios (including fee waivers and expense reimbursements) below their peer averages, while Small Cap Index Fund had a net expense ratio that was slightly higher than its peer average, but a net management fee that was below its peer average.

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

2. Comparisons with the Fees of Other Clients

The Board recognized that all Nuveen funds have a sub-adviser, either affiliated or non-affiliated, and therefore the overall fund management fee can be divided into two components, the fee retained by the Adviser and the fee paid to the sub-adviser. In general terms, the fee to the Adviser reflects the administrative and other services it provides to support the Nuveen fund (as described above) and, while some administrative services

 

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

The Independent Board Members reviewed the nature of services provided by the Adviser, including through its affiliated sub-advisers and the average fee the affiliated sub-advisers assessed such clients as well as the range of fees assessed to the different types of separately managed accounts (such as retail, institutional or wrap accounts) to the extent applicable to the respective sub-adviser. In their review, the Independent Board Members considered the differences in the product types, including, but not limited to: the services provided, the structure and operations, product distribution and costs thereof, portfolio investment policies, investor profiles, account sizes and regulatory requirements. In evaluating the comparisons of fees, the Independent Board Members noted that the fee rates charged to the Nuveen funds and other clients vary, among other things, because of the different services involved and the additional regulatory and compliance requirements associated with registered investment companies, such as the Funds. The Independent Board Members noted that, as a general matter, higher fee levels reflect higher levels of service, increased investment management complexity, greater product management requirements and higher levels of risk or a combination of the foregoing. The Independent Board Members further noted, in particular, that the range of services provided to the Funds (as discussed above) is generally much more extensive than that provided to separately managed accounts. Many of the additional administrative services provided by the Adviser are not required for institutional clients. The Independent Board Members also recognized that the management fee rates of the foreign funds advised by the Adviser may vary due to, among other things, differences in the client base, governing bodies, operational complexities and services covered by the management fee. Given the inherent differences in the various products, particularly the extensive services provided to the Funds, the Independent Board Members believe such facts justify the different levels of fees.

3. Profitability of Fund Advisers

In conjunction with their review of fees, the Independent Board Members also considered the profitability of Nuveen for its advisory activities and its financial condition. The Independent Board Members reviewed the revenues and expenses of Nuveen’s advisory activities for the last two calendar years, the allocation methodology used in preparing the profitability data, an analysis of the key drivers behind the changes in revenues and expenses that impacted profitability in 2013 and Nuveen’s consolidated financial statements for 2013. The Independent Board Members noted this information supplemented the profitability information requested and received during the year to help keep them apprised of developments affecting profitability (such as changes in fee waivers and expense reimbursement commitments). In this regard, the Independent Board Members noted that two Independent Board Members served as point persons to review the profitability analysis and methodologies employed, and any changes thereto, and to keep the Board apprised of such changes. The Independent Board Members also considered Nuveen’s revenues for advisory activities, expenses and profit margin compared to that of various unaffiliated management firms.

In reviewing profitability, the Independent Board Members noted the Adviser’s continued investment in its business with expenditures to, among other things, upgrade its investment technology and compliance systems and provide for additional personnel and other resources. The Independent Board Members recognized the Adviser’s continued commitment to its business should enhance the Adviser’s capacity and capabilities in providing the services necessary to meet the needs of the Nuveen funds as they grow or change over time. In addition, in evaluating profitability, the Independent Board Members also noted the subjective nature of determining profitability which may be affected by numerous factors including the allocation of expenses and that various allocation methodologies may each be reasonable but yield different results. Further, the Independent Board Members recognized the difficulties in making comparisons as the profitability of other advisers generally is not publicly available, and the profitability information that is available for certain advisers or management firms may not be representative of the industry and may be affected by, among other things, an adviser’s particular business mix, capital costs, size, types of funds managed and expense allocations. Notwithstanding the foregoing, the Independent Board Members noted the Adviser’s adjusted operating margin appears to be reasonable in relation to other investment advisers and sufficient to operate as a viable investment management firm meeting its obligations to the Nuveen funds. Based on their review, the Independent Board Members concluded that the Adviser’s level of profitability for its advisory activities was reasonable in light of the services provided.

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

In evaluating the reasonableness of the compensation, the Independent Board Members also considered other amounts paid to a Fund Adviser by the funds as well as indirect benefits (such as soft dollar arrangements), if any, the Fund Adviser and its affiliates receive or are expected to receive

 

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that are directly attributable to the management of a Nuveen fund. See Section E below for additional information on indirect benefits the Fund Advisers may receive as a result of its relationship with a Nuveen fund. Based on their review of the overall fee arrangements of each Fund, the Independent Board Members determined that the advisory fees and expenses of the Funds were reasonable.

4. The New Advisory Agreements

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

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

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

1. The Original Advisory Agreements

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

In addition to fund-level advisory fee breakpoints, the Board also considered the Nuveen funds’ complex-wide fee arrangement. Pursuant to the complex-wide fee arrangement, the fees of the funds in the Nuveen complex are reduced as the assets in the fund complex reach certain levels. The complex-wide fee arrangement seeks to provide the benefits of economies of scale to fund shareholders when total fund complex assets increase, even if assets of a particular fund are unchanged or have decreased. The approach reflects the notion that some of Nuveen’s costs are attributable to services provided to all its funds in the complex and therefore all funds benefit if these costs are spread over a larger asset base.

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

2. The New Advisory Agreements

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

 

  138       Nuveen Investments


E. Indirect Benefits

1. The Original Advisory Agreements

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

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

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

2. The New Advisory Agreements

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

F. Other Considerations for the New Advisory Agreements

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

 

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

 

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

 

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

 

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

 

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

G. Other Considerations

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

 

Nuveen Investments     139   


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

 

II. Approval of Interim Advisory Agreements

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

 

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

 

  140       Nuveen Investments


Notes

 

 

Nuveen Investments     141   


Notes

 

 

  142       Nuveen Investments


Notes

 

 

Nuveen Investments     143   


LOGO

 

    

 

     

 

           
  Nuveen Investments:            
     Serving Investors for Generations      
    

 

    

Since 1898, financial advisors and their clients have relied on Nuveen Investments to provide dependable investment solutions through continued adherence to proven, long-term investing principles. Today, we offer a range of high quality equity and fixed-income solutions designed to be integral components of a well-diversified core portfolio.

  
       

 

       

Focused on meeting investor needs.

 

Nuveen Investments provides high-quality investment services designed to help secure the longterm goals of institutional and individual investors as well as the consultants and financial advisors who serve them. Nuveen Investments markets a wide range of specialized investment solutions which provide investors access to capabilities of its high-quality boutique investment affiliates-Nuveen Asset Management, Symphony Asset Management, NWQ Investment Management Company, Santa Barbara Asset Management, Tradewinds Global Investors, Winslow Capital Management, and Gresham Investment Management. In total, Nuveen Investments managed approximately $225 billion as of March 31, 2014.

  
    

 

        
       

Find out how we can help you.

To learn more about how the products and services of Nuveen Investments may be able to help you meet your financial goals, talk to your financial advisor, or call us at (800) 257-8787. Please read the information provided carefully before you invest. Investors should consider the investment objective and policies, risk considerations, charges and expenses of any investment carefully. Where applicable, be sure to obtain a prospectus, which contains this and other relevant information. To obtain a prospectus, please contact your securities representative or Nuveen Investments, 333 W. Wacker Dr., Chicago, IL 60606. Please read the prospectus carefully before you invest or send money.

 

Learn more about Nuveen Funds at: www.nuveen.com/mf

  

 

                 
  Distributed by Nuveen Securities, LLC | 333 West Wacker Drive Chicago, IL 60606 | www.nuveen.com      

 

MSA-FIDX-0414D


     LOGO
Mutual Funds   

 

      
     Nuveen Equity Funds

 

 

       

 

       

 

 

Semi-Annual Report  April 30, 2014

 

              Share Class / Ticker Symbol        
    Fund Name        Class A    Class B    Class C    Class R3    Class R6    Class I       

 

 

 

 

Nuveen Dividend Value Fund

       FFEIX    FAEBX    FFECX    FEISX    FFEIX    FAQIX       
 

Nuveen Mid Cap Value Fund

       FASEX    FAESX    FACSX    FMVSX       FSEIX       
 

Nuveen Small Cap Value Fund

       FSCAX       FSCVX    FSVSX       FSCCX       


 

 

     

 

           
      
  NUVEEN INVESTMENTS TO BE ACQUIRED BY TIAA-CREF   
 

On April 14, 2014, TIAA-CREF announced that it had entered into an agreement to acquire Nuveen Investments, the parent company of your fund’s investment adviser, Nuveen Fund Advisors, LLC (“NFAL”) and the Nuveen affiliates that act as sub-advisers to the majority of the Nuveen Funds. TIAA-CREF is a national financial services organization with approximately $569 billion in assets under management (as of March 31, 2014) and is a leading provider of retirement services in the academic, research, medical and cultural fields. Nuveen anticipates that it will operate as a separate subsidiary within TIAA-CREF’s asset management business, and that its current leadership and key investment teams will stay in place.

 

Your fund investment will not change as a result of Nuveen’s change of ownership. You will still own the same fund shares and the underlying value of those shares will not change as a result of the transaction. NFAL and your fund’s sub-adviser(s) will continue to manage your fund according to the same objectives and policies as before, and we do not anticipate any significant changes to your fund’s operations. Under the securities laws, the consummation of the transaction will result in the automatic termination of the investment management agreements between the funds and NFAL and the investment sub-advisory agreements between NFAL and each fund’s sub-adviser(s). New agreements will be presented to the funds’ shareholders for approval, and, if approved, will take effect upon consummation of the transaction or such later time as shareholder approval is obtained.

 

The transaction, expected to be completed by year end, is subject to customary closing conditions.

  
          
       
       

 

Must be preceded by or accompanied by a prospectus.

 

NOT FDIC INSURED MAY LOSE VALUE
NO BANK GUARANTEE

  
    

 

        
                                 

 

LOGO


Table

of Contents

 

Chairman’s Letter to Shareholders

     4   

Portfolio Managers’ Comments

     5   

Risk Considerations

     10   

Fund Performance and Expense Ratios

     11   

Holding Summaries

     16   

Expense Examples

     19   

Portfolios of Investments

     21   

Statement of Assets and Liabilities

     36   

Statement of Operations

     37   

Statement of Changes in Net Assets

     38   

Financial Highlights

     40   

Notes to Financial Statements

     46   

Additional Fund Information

     58   

Glossary of Terms Used in this Report

     59   

Annual Investment Management Agreement Approval Process

     60   

 

Nuveen Investments     3   


Chairman’s Letter

to Shareholders

 

LOGO

 

Dear Shareholders,

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

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

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

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

As always, I encourage you to communicate with your financial consultant if you have any questions about your investment in a Nuveen Fund. On behalf of the other members of the Nuveen Fund Board, we look forward to continuing to earn your trust in the months and years ahead.

Sincerely,

 

LOGO

William J. Schneider

Chairman of the Board

June 23, 2014

 

 

  4       Nuveen Investments


Portfolio Managers’

Comments

 

Nuveen Dividend Value Fund

Nuveen Mid Cap Value Fund

Nuveen Small Cap Value Fund

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

Cori Johnson, CFA, and Derek Sadowsky are the portfolio managers for the Nuveen Dividend Value Fund. Cori assumed portfolio management responsibilities in 1996. Derek became a co-manager on the Nuveen Dividend Value Fund management team in 2012.

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

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

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

Nuveen Dividend Value Fund

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

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

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

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

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

 

 

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

 

Nuveen Investments     5   


Portfolio Managers’ Comments (continued)

 

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

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

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

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

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

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

Nuveen Mid Cap Value Fund

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

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

 

  6       Nuveen Investments


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

The Fund seeks to provide long-term capital appreciation by investing primarily in the common stocks of companies with market capitalizations at the time of purchase between approximately $1.8 billion and $21.5 billion. During the reporting period, we continued to implement the Fund’s investment process of selecting mid-cap companies that we believed were undervalued relative to other companies in the same industry or market. These companies demonstrated or are expected to demonstrate improving fundamentals and have an identifiable catalyst that could close the gap between market value and our perception of fair value. We look for companies that generate strong free cash flow, which allows them to pay down debt, increase dividends, repurchase shares or engage in merger and acquisition activities. At the same time, we identify a short- or long-term catalyst we can track and monitor over time that could potentially propel each stock to realize its value. Generally, we sell a holding if the stock price reaches its target, the company’s fundamentals or competitive position significantly deteriorate or if a better alternative exists in the marketplace.

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

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

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

 

Nuveen Investments     7   


Portfolio Managers’ Comments (continued)

 

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

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

Nuveen Small Cap Value Fund

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

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

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

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

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

 

  8       Nuveen Investments


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

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

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

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

 

Nuveen Investments     9   


Risk Considerations

 

Nuveen Dividend Value Fund

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

Nuveen Mid Cap Value Fund

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

Nuveen Small Cap Value Fund

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

 

  10       Nuveen Investments


Fund Performance

and Expense Ratios

 

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

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

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

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

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

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

 

Nuveen Investments     11   


Fund Performance and Expense Ratios (continued)

Nuveen Dividend Value Fund

 

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

Fund Performance

Average Annual Total Returns as of April 30, 2014

 

       Cumulative        Average Annual  
       

6-Month

      

1-Year

      

5-Year

      

10-Year

 

Class A Shares at NAV

      
6.21%
  
       17.76%           18.27%           8.33%   

Class A Shares at maximum Offering Price

       0.07%           10.98%           16.87%           7.69%   

Russell 1000® Value Index*

       9.61%           20.90%           19.52%           7.95%   

S&P 500® Index*

       8.36%           20.44%           19.14%           7.67%   

Lipper Equity Income Funds Classification Average*

       7.37%           16.31%           17.51%           7.85%   

Class B Shares w/o CDSC

       5.87%           16.93%           17.37%           7.52%   

Class B Shares w/CDSC

       1.12%           11.93%           17.26%           7.52%   

Class C Shares

       5.88%           16.95%           17.37%           7.53%   

Class R3 Shares

       6.15%           17.50%           17.95%           8.05%   

Class I Shares

       6.36%           18.06%           18.56%           8.60%   

 

       Cumulative        Average Annual  
       

6-Month

      

1-Year

      

Since
Inception**

 

Class R6 Shares

       6.41%           18.12%           22.00%   

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

 

       Cumulative        Average Annual  
       

6-Month

      

1-Year

      

5-Year

      

10-Year

 

Class A Shares at NAV

       9.90%           20.10%           20.13%           8.09%   

Class A Shares at maximum Offering Price

       3.61%           13.22%           18.72%           7.45%   

Class B Shares w/o CDSC

       9.47%           19.19%           19.21%           7.27%   

Class B Shares w/CDSC

       4.56%           14.19%           19.11%           7.27%   

Class C Shares

       9.42%           19.22%           19.21%           7.27%   

Class R3 Shares

       9.66%           19.77%           19.80%           7.79%   

Class I Shares

      
9.97%
  
       20.39%           20.43%           8.35%   

 

       Cumulative        Average Annual  
       

6-Month

      

1-Year

      

Since
Inception**

 

Class R6 Shares

       10.03%           20.45%           23.25%   

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

 

  12       Nuveen Investments


Expense Ratios as of Most Recent Prospectus

 

       Share Class  
       

Class A

      

Class B

      

Class C

      

Class R3

      

Class R6

      

Class I

 

Expense Ratios

       1.13%           1.89%           1.88%           1.38%           0.80%           0.88%   

 

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

 

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

 

Nuveen Investments     13   


Fund Performance and Expense Ratios (continued)

Nuveen Mid Cap Value Fund

 

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

Fund Performance

Average Annual Total Returns as of April 30, 2014

 

       Cumulative        Average Annual  
       

6-Month

      

1-Year

      

5-Year

      

10-Year

 

Class A Shares at NAV

       7.90%           23.66%           17.09%           8.62%   

Class A Shares at maximum Offering Price

       1.70%           16.55%           15.72%           7.98%   

Russell Midcap® Value Index*

       9.69%           22.10%           22.61%           10.77%   

Lipper Mid-Cap Value Funds Classification Average*

       7.85%           21.90%           20.46%           9.34%   

Class B Shares w/o CDSC

       7.49%           22.72%           16.23%           7.81%   

Class B Shares w/CDSC

       2.49%           17.72%           16.12%           7.81%   

Class C Shares

       7.46%           22.72%           16.21%           7.81%   

Class R3 Shares

       7.75%           23.36%           16.80%           8.36%   

Class I Shares

       8.02%           23.96%           17.37%           8.89%   

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

 

       Cumulative        Average Annual  
       

6-Month

      

1-Year

      

5-Year

      

10-Year

 

Class A Shares at NAV

       13.46%           24.23%           20.12%           8.28%   

Class A Shares at maximum Offering Price

       6.95%           17.08%           18.72%           7.64%   

Class B Shares w/o CDSC

       13.04%           23.28%           19.23%           7.47%   

Class B Shares w/CDSC

       8.04%           18.28%           19.13%           7.47%   

Class C Shares

       13.06%           23.34%           19.22%           7.47%   

Class R3 Shares

       13.32%           23.92%           19.83%           8.02%   

Class I Shares

       13.60%           24.53%           20.40%           8.54%   

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

Expense Ratios as of Most Recent Prospectus

 

       Share Class  
       

Class A

      

Class B

      

Class C

      

Class R3

      

Class I

 

Gross Expense Ratios

       1.39%           2.14%           2.14%           1.64%           1.13%   

Net Expense Rations

       1.33%           2.08%           2.08%           1.58%           1.08%   

The Fund’s investment adviser has contractually agreed to waive fees and/or reimburse other Fund expenses through February 28, 2015, so that total annual Fund operating expenses, after fee waivers and/or expense reimbursements and excluding acquired fund fees and expenses, do not exceed 1.34%, 2.09%, 2.09%, 1.59% and 1.09% for Class A, Class B, Class C, Class R3 and Class I Shares, respectively. Fee waivers and/or expense reimbursements will not be terminated prior to that time without the approval of the Fund’s Board of Directors.

 

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

 

  14       Nuveen Investments


Nuveen Small Cap Value Fund

 

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

Fund Performance

Average Annual Total Returns as of April 30, 2014

 

       Cumulative        Average Annual  
       

6-Month

      

1-Year

      

5-Year

      

10-Year

 

Class A Shares at NAV

       7.36%           23.76%           20.71%           8.93%   

Class A Shares at maximum Offering Price

       1.17%           16.64%           19.28%           8.28%   

Russell 2000® Value Index*

       4.97%           19.61%           19.13%           8.37%   

Lipper Small-Cap Value Funds Classification Average*

       5.83%           22.51%           20.35%           8.80%   

Class C Shares

       6.98%           22.88%           19.83%           8.12%   

Class R3 Shares

       7.27%           23.43%           20.41%           8.68%   

Class I Shares

       7.54%           24.08%           20.99%           9.20%   

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

 

       Cumulative        Average Annual  
       

6-Month

      

1-Year

      

5-Year

      

10-Year

 

Class A Shares at NAV

       13.69%           26.54%           24.48%           8.76%   

Class A Shares at maximum Offering Price

       7.17%           19.27%           23.03%           8.11%   

Class C Shares

       13.21%           25.58%           23.54%           7.94%   

Class R3 Shares

       13.52%           26.18%           24.16%           8.50%   

Class I Shares

       13.80%           26.77%           24.76%           9.01%   

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

Expense Ratios as of Most Recent Prospectus

 

       Share Class  
       

Class A

      

Class C

      

Class R3

      

Class I

 

Gross Expense Ratios

       1.56%           2.31%           1.81%           1.31%   

Net Expense Rations

       1.54%           2.29%           1.79%           1.29%   

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

 

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

 

Nuveen Investments     15   


Holding

Summaries April 30, 2014

 

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

Nuveen Dividend Value Fund

 

Fund Allocation

(% of net assets)

 

Common Stocks

       99.1%   

Investments Purchased with Collateral from Securities Lending

       11.5%   

Short-Term Investments

       0.9%   

Other Assets Less Liabilities

       (11.5)%   

Portfolio Composition

(% of net assets)

 

Commercial Banks

       12.6%   

Oil, Gas & Consumable Fuels

       12.2%   

Pharmaceuticals

       10.0%   

Chemicals

       4.5%   

Insurance

       4.1%   

Electrical Equipment

       4.1%   

Industrial Conglomerates

       3.9%   

Real Estate Investment Trust

       3.6%   

Computers & Peripherals

       3.1%   

Electric Utilities

       3.0%   

Leisure Equipment & Products

       2.7%   

Specialty Retail

       2.7%   

Household Products

       2.7%   

Semiconductors & Equipment

       2.5%   

Diversified Telecommunication Services

       2.4%   

Capital Markets

       2.4%   

Media

       2.3%   

Consumer Finance

       2.0%   

Other Industries

       18.3%   

Investments Purchased with Collateral from Securities Lending

       11.5%   

Short-Term Investments

       0.9%   

Other Assets Less Liabilities

       (11.5)%   

Top Five Common Stock Holdings

(% of net assets)

 

General Electric Company

       3.9%   

Pfizer Inc.

       3.2%   

Procter & Gamble Company

       2.7%   

Bank of America Corporation

       2.5%   

Cheveron Corporation

       2.5%   
 

 

  16       Nuveen Investments


Nuveen Mid Cap Value Fund

 

Fund Allocation

(% of net assets)

 

Common Stocks

       99.5%   

Investments Purchased with Collateral from Securities Lending

       20.7%   

Short-Term Investments

       0.7%   

Other Assets Less Liabilities

       (20.9)%   

Portfolio Composition

(% of net assets)

 

Real Estate Investment Trust

       8.6%   

Insurance

       8.4%   

Commercial Banks

       6.9%   

Oil, Gas & Consumable Fuels

       6.5%   

Health Care Providers & Services

       4.6%   

Specialty Retail

       4.1%   

Airlines

       4.0%   

Software

       3.7%   

Capital Markets

       3.6%   

Computers & Peripherals

       3.1%   

Hotels, Restaurants & Leisure

       2.9%   

Machinery

       2.8%   

Multiline Retail

       2.8%   

Household Durables

       2.5%   

Energy Equipment & Services

       2.3%   

Commercial Services & Supplies

       2.3%   

Road & Rail

       2.0%   

Industrial Conglomerates

       2.0%   

Paper & Forest Products

       2.0%   

Multi-Utilities

       1.9%   

Electrical Equipment

       1.9%   

Professional Services

       1.7%   

Other Industries

       18.9%   

Investments Purchased with Collateral from Securities Lending

       20.7%   

Short-Term Investments

       0.7%   

Other Assets Less Liabilities

       (20.9)%   

Top Five Common Stock Holdings (% of net assets)

 

Hartford Financial Services Group, Inc.

       2.1%   

Unum Group

       2.0%   

Invesco LTD

       2.0%   

Host Hotels & Resorts Inc.

       2.0%   

Carlisle Companies Inc.

       2.0%   
 

 

Nuveen Investments     17   


Holding Summaries April 30, 2014 (continued)

 

Nuveen Small Cap Value Fund

 

Fund Allocation

(% of net assets)

 

Common Stocks

       96.4%   

Investments Purchased with Collateral from Securities Lending

       13.6%   

Short-Term Investments

       3.6%   

Other Assets Less Liabilities

       (13.6)%   

Portfolio Composition

(% of net assets)

 

Commercial Banks

       13.9%   

Real Estate Investment Trust

       8.0%   

Insurance

       5.7%   

Semiconductors & Equipment

       3.8%   

Construction & Engineering

       3.7%   

Oil, Gas & Consumable Fuels

       3.6%   

Internet Software & Services

       3.5%   

Energy Equipment & Services

       3.4%   

Capital Markets

       3.3%   

Communications Equipment

       3.3%   

Electric Utilities

       2.9%   

Household Durables

       2.7%   

Professional Services

       2.5%   

Health Care Providers & Services

       2.5%   

Electrical Equipment

       2.4%   

Specialty Retail

       2.4%   

Machinery

       2.3%   

Thrifts & Mortgage Finance

       2.3%   

Health Care Equipment & Supplies

       2.2%   

Hotels, Restaurants & Leisure

       2.1%   

Other Industries

       19.9%   

Investments Purchased with Collateral from Securities Lending

       13.6%   

Short-Term Investments

       3.6%   

Other Assets Less Liabilities

       (13.6)%   

Top Five Common Stock Holdings

(% of net assets)

 

Tutor Perini Corporation

       1.9%   

Korn Ferry International

       1.9%   

Emcor Group Inc.

       1.8%   

Altra Industrial Motion, Inc.

       1.7%   

Horace Mann Educators Corporation

       1.7%   
 

 

 

  18       Nuveen Investments


Expense

Examples

 

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

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

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

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

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

Nuveen Dividend Value Fund

 

    Actual Performance      Hypothetical Performance
(5% annualized return before expenses)
 
    

A Shares

   

B Shares

   

C Shares

   

R3 Shares

   

R6 Shares

   

I Shares

    

A Shares

   

B Shares

   

C Shares

   

R3 Shares

   

R6 Shares

   

I Shares

 

Beginning Account Value (11/01/13)

  $ 1,000.00      $ 1,000.00      $ 1,000.00      $ 1,000.00      $ 1,000.00      $ 1,000.00       $ 1,000.00      $ 1,000.00      $ 1,000.00      $ 1,000.00      $ 1,000.00      $ 1,000.00   

Ending Account Value (4/30/14)

  $ 1,062.10      $ 1,058.70      $ 1,058.80      $ 1,061.50      $ 1,064.10      $ 1,063.60       $ 1,019.09      $ 1,015.37      $ 1,015.37      $ 1,017.85      $ 1,020.78      $ 1,020.33   

Expenses Incurred During Period

  $ 5.88      $ 9.70      $ 9.70      $ 7.16      $ 4.15      $ 4.60       $ 5.76      $ 9.49      $ 9.49      $ 7.00      $ 4.06      $ 4.51   

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

 

Nuveen Investments     19   


Expense Examples (continued)

 

Nuveen Mid Cap Value Fund

 

    Actual Performance      Hypothetical Performance
(5% annualized return before expenses)
 
    

A Shares

   

B Shares

   

C Shares

   

R3 Shares

   

I Shares

    

A Shares

   

B Shares

   

C Shares

   

R3 Shares

   

I Shares

 

Beginning Account Value (11/01/13)

  $ 1,000.00      $ 1,000.00      $ 1,000.00      $ 1,000.00      $ 1,000.00       $ 1,000.00      $ 1,000.00      $ 1,000.00      $ 1,000.00      $ 1,000.00   

Ending Account Value (4/30/14)

  $ 1,079.00      $ 1,074.90      $ 1,074.60      $ 1,077.50      $ 1,080.20       $ 1,018.15      $ 1,014.43      $ 1,014.43      $ 1,016.91      $ 1,019.39   

Expenses Incurred During Period

  $ 6.91      $ 10.75      $ 10.75      $ 8.19      $ 5.62       $ 6.71      $ 10.44      $ 10.44      $ 7.95      $ 5.46   

For each class of the Fund, expenses are equal to the Fund’s annualized net expense ratio of 1.34%, 2.09%, 2.09%, 1.59% and 1.09% for Classes A, B, C, R3 and I, respectively, multiplied by the average account value over the period, multiplied by 181/365 (to reflect the one-half year period).

Nuveen Small Cap Value Fund

 

     Actual Performance        Hypothetical Performance
(5% annualized return before expenses)
 
     

A Shares

    

C Shares

    

R3 Shares

    

I Shares

      

A Shares

    

C Shares

    

R3 Shares

    

I Shares

 

Beginning Account Value (11/01/13)

   $ 1,000.00       $ 1,000.00       $ 1,000.00       $ 1,000.00         $ 1,000.00       $ 1,000.00       $ 1,000.00       $ 1,000.00   

Ending Account Value (4/30/14)

   $ 1,073.60       $ 1,069.80       $ 1,072.70       $ 1,075.40         $ 1,017.60       $ 1,013.88       $ 1,016.36       $ 1,018.84   

Expenses Incurred During Period

   $ 7.46       $ 11.29       $ 8.74       $ 6.18         $ 7.25       $ 10.99       $ 8.50       $ 6.01   

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

 

  20       Nuveen Investments


Nuveen Dividend Value Fund

Portfolio of Investments April 30, 2014 (Unaudited)

 

Shares     Description (1)                  Value  
 

LONG-TERM INVESTMENTS – 99.1%

       
 

COMMON STOCKS – 99.1%

       
 

Aerospace & Defense – 2.0%

       
  135,214     

General Dynamics Corporation

        $ 14,799,172   
  163,917     

United Technologies Corporation

                19,396,299   
 

Total Aerospace & Defense

                34,195,471   
 

Capital Markets – 2.4%

       
  649,542     

Morgan Stanley

          20,090,334   
  313,445     

State Street Corporation

                20,236,009   
 

Total Capital Markets

                40,326,343   
 

Chemicals – 4.5%

       
  434,644     

Dow Chemical Company

          21,688,736   
  223,780     

LyondellBasell Industries NV

          20,699,650   
  109,092     

PPG Industries, Inc.

          21,122,393   
  108,910     

Praxair, Inc.

                14,218,201   
 

Total Chemicals

                77,728,980   
 

Commercial Banks – 12.6%

       
  2,864,068     

Bank of America Corporation

          43,361,990   
  278,326     

BankUnited Inc.

          9,181,975   
  827,259     

Citigroup Inc.

          39,633,979   
  210,129     

Comerica Incorporated, (2)

          10,136,623   
  211,537     

Community Bank System Inc., (2)

          7,867,061   
  907,857     

Fifth Third Bancorp.

          18,710,933   
  462,064     

JP Morgan Chase & Co.

          25,866,343   
  147,358     

M&T Bank Corporation, (2)

          17,979,150   
  131,129     

PNC Financial Services Group, Inc.

          11,020,081   
  1,226,205     

Regions Financial Corporation

          12,433,719   
  520,314     

SunTrust Banks, Inc.

                19,907,214   
 

Total Commerical Banks

                216,099,068   
 

Communications Equipment – 1.0%

       
  1,364,744     

Ericsson LM Telefonaktiebolaget, (2)

                16,363,281   
 

Computers & Peripherals – 3.1%

       
  43,666     

Apple, Inc.

          25,766,870   
  845,221     

Hewlett-Packard Company

                27,943,006   
 

Total Computers & Peripherals

                53,709,876   

 

Nuveen Investments     21   


Nuveen Dividend Value Fund (continued)

Portfolio of Investments April 30, 2014 (Unaudited)

 

Shares     Description (1)                  Value  
 

Consumer Finance – 2.0%

       
  231,008     

Capital One Financial Corporation

        $ 17,071,491   
  686,699     

SLM Corporation

                17,682,499   
 

Total Consumer Finance

                34,753,990   
 

Diversified Telecommunication Services – 2.4%

       
  441,906     

CenturyLink Inc., (2)

          15,426,938   
  552,892     

Verizon Communications Inc.

                25,836,643   
 

Total Diversified Telecommunication Services

                41,263,581   
 

Electric Utilities – 3.0%

       
  271,867     

Exelon Corporation

          9,523,501   
  185,000     

Pinnacle West Capital Corporation

          10,350,750   
  449,872     

PPL Corporation, (2)

          14,998,732   
  439,497     

Westar Energy Inc., (2)

                15,769,152   
 

Total Electric Utilities

                50,642,135   
 

Electrical Equipment – 4.1%

       
  343,859     

Eaton PLC

          24,977,918   
  220,688     

Emerson Electric Company

          15,046,508   
  270,515     

Regal-Beloit Corporation

          20,215,586   
  82,357     

Rockwell Automation, Inc.

                9,815,307   
 

Total Electrical Equipment

                70,055,319   
 

Energy Equipment & Services – 1.0%

       
  143,619     

Halliburton Company

          9,058,050   
  118,540     

Oceaneering International Inc.

                8,686,611   
 

Total Energy Equipment & Services

                17,744,661   
 

Food & Staples Retailing – 1.0%

       
  249,003     

Walgreen Co.

                16,907,304   
 

Food Products – 0.9%

       
  363,243     

Unilever PLC, ADR

                15,554,065   
 

Health Care Equipment & Supplies – 1.6%

       
  278,339     

Covidien PLC

          19,831,654   
  107,140     

Stryker Corporation

                8,330,135   
 

Total Health Care Equipment & Supplies

                28,161,789   
 

Health Care Providers & Services – 1.3%

       
  306,518     

UnitedHealth Group Incorporated

                23,001,111   
 

Hotels, Restaurants & Leisure – 1.0%

       
  413,626     

Carnival Corporation, (2)

                16,259,638   
 

Household Durables – 0.9%

       
  103,608     

Whirlpool Corporation

                15,891,395   

 

  22       Nuveen Investments


Shares     Description (1)                  Value  
 

Household Products – 2.7%

       
  561,355     

Procter & Gamble Company

              $ 46,339,855   
 

Industrial Conglomerates – 3.9%

       
  2,486,597     

General Electric Company

                66,864,593   
 

Insurance – 4.1%

       
  481,983     

Hartford Financial Services Group, Inc.

          17,288,730   
  266,845     

Lincoln National Corporation

          12,944,651   
  290,731     

Prudential Financial, Inc.

          23,456,177   
  518,040     

Unum Group

                17,209,289   
 

Total Insurance

                70,898,847   
 

Leisure Equipment & Products – 2.7%

       
  379,722     

Hasbro, Inc.

          20,983,438   
  193,430     

Polaris Industries Inc., (2)

                25,983,452   
 

Total Leisure Equipment & Products

                46,966,890   
 

Machinery – 1.0%

       
  193,008     

Dover Corporation, (2)

                16,675,891   
 

Media – 2.3%

       
  413,120     

Cinemark Holdings Inc.

          12,236,614   
  86,448     

Time Warner Cable, Class A

          12,228,934   
  490,052     

Twenty First Century Fox Inc., Class A Shares, (2)

                15,691,465   
 

Total Media

                40,157,013   
 

Metals & Mining – 0.8%

       
  615,228     

Teck Cominco Limited, (2)

                14,008,742   
 

Multiline Retail – 0.6%

       
  184,908     

Kohl’s Corporation, (2)

                10,131,109   
 

Multi-Utilities – 1.0%

       
  535,736     

CMS Energy Corporation

                16,238,158   
 

Oil, Gas & Consumable Fuels – 12.2%

       
  278,652     

Anadarko Petroleum Corporation

          27,592,121   
  336,897     

Chevron Corporation

          42,287,311   
  157,674     

ConocoPhillips

          11,716,755   
  392,714     

Enbridge Energy Partners LP

          11,765,711   
  351,152     

Exxon Mobil Corporation

          35,961,476   
  240,682     

Golar LNG, Limited, (2)

          10,638,144   
  367,369     

Linn Energy LLC

          10,477,364   
  323,498     

Occidental Petroleum Corporation

          30,974,934   
  512,616     

Spectra Energy Corporation

          20,355,981   
  163,801     

Williams Partners LP

                8,448,856   
 

Total Oil, Gas & Consumable Fuels

                210,218,653   

 

Nuveen Investments     23   


Nuveen Dividend Value Fund (continued)

Portfolio of Investments April 30, 2014 (Unaudited)

 

Shares     Description (1)                  Value  
 

Pharmaceuticals – 10.0%

       
  141,277     

AstraZeneca PLC, Sponsored ADR

        $ 11,167,947   
  307,046     

GlaxoSmithKline PLC, (2)

          17,001,137   
  278,078     

Johnson & Johnson

          28,166,521   
  701,989     

Merck & Co., Inc.

          41,108,476   
  1,732,828     

Pfizer Inc.

          54,202,860   
  414,262     

Teva Pharmaceutical Industries Limited, Sponsored ADR

                20,240,841   
 

Total Pharmaceuticals

                171,887,782   
 

Real Estate Investment Trust – 3.6%

       
  174,072     

Liberty Property Trust

          6,527,700   
  1,503,732     

MFA Mortgage Investments, Inc.

          11,924,595   
  109,370     

Mid-America Apartment Communities

          7,617,621   
  220,369     

National Retail Properties, Inc.

          7,521,194   
  499,337     

Redwood Trust Inc., (2)

          10,885,547   
  630,567     

Starwood Property Trust Inc.

          15,165,136   
  101,663     

Starwood Waypoint Residential Trust, (3)

                2,762,184   
 

Total Real Estate Investment Trust

                62,403,977   
 

Semiconductors & Equipment – 2.5%

       
  882,980     

Intel Corporation

          23,566,736   
  337,676     

Maxim Integrated Products, Inc.

          10,954,209   
  199,222     

Texas Instruments Incorporated

                9,054,640   
 

Total Semiconductors & Equipment

                43,575,585   
 

Software – 2.0%

       
  550,682     

CA Inc.

          16,597,555   
  444,720     

Microsoft Corporation

                17,966,688   
 

Total Software

                34,564,243   
 

Specialty Retail – 2.7%

       
  687,934     

Best Buy Co., Inc., (2)

          17,838,129   
  288,454     

Lowe’s Companies, Inc.

          13,242,923   
  1,233,260     

Staples, Inc., (2)

                15,415,750   
 

Total Specialty Retail

                46,496,802   
 

Tobacco – 1.7%

       
  393,288     

Altria Group, Inc.

          15,774,782   
  152,115     

Philip Morris International

                12,995,183   
 

Total Tobacco

                28,769,965   
 

Wireless Telecommunication Services – 0.5%

       
  235,261     

Vodafone Group PLC, Sponsored ADR

                8,930,508   
 

Total Long-Term Investments (cost $1,191,553,424)

                1,703,786,620   

 

  24       Nuveen Investments


Shares     Description (1)                  Value  
 

INVESTMENTS PURCHASED WITH COLLATERAL FROM SECURITIES LENDING – 11.5%

       
 

Money Market Funds – 11.5%

       
  197,700,345     

Mount Vernon Securities Lending Prime Portfolio, 0.172%, (4), (5)

              $ 197,700,345   
 

Total Investments Purchased with Collateral from Securities Lending (cost $197,700,345)

                197,700,345   
Shares     Description (1)                  Value  
 

SHORT-TERM INVESTMENTS – 0.9%

       
 

Money Market Funds – 0.9%

       
  15,695,453     

First American Treasury Obligations Fund, Class Z, 0.000%, (4)

              $ 15,695,453   
 

Total Short-Term Investments (cost $15,695,453)

                15,695,453   
 

Total Investments (cost $1,404,949,222) – 111.5%

                1,917,182,418   
 

Other Assets Less Liabilities – (11.5)%

                (196,977,633
 

Net Assets – 100%

              $ 1,720,204,785   

 

 

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

 

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

 

(2) Investment, or portion of investment, is out on loan for securities lending. The total value of securities out on loan as of the end of the reporting period was $191,225,511.

 

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

 

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

 

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

 

ADR American Depositary Receipt.

 

See accompanying notes to financial statements.

 

Nuveen Investments     25   


Nuveen Mid Cap Value Fund

Portfolio of Investments April 30, 2014 (Unaudited)

 

Shares     Description (1)                  Value  
 

LONG-TERM INVESTMENTS – 99.5%

       
 

COMMON STOCKS – 99.5%

       
 

Aerospace & Defense – 1.0%

       
  14,895     

Huntington Ingalls Industries Inc.

              $ 1,534,185   
 

Airlines – 4.0%

       
  40,874     

American Airlines Group Inc., (2)

          1,433,451   
  57,039     

Delta Air Lines, Inc.

          2,100,746   
  96,862     

Southwest Airlines Co., (3)

                2,341,155   
 

Total Airlines

                5,875,352   
 

Building Products – 1.3%

       
  95,765     

Masco Corporation, (3)

                1,923,919   
 

Capital Markets – 3.6%

       
  85,071     

Invesco LTD

          2,995,350   
  46,801     

Raymond James Financial Inc.

                2,326,010   
 

Total Capital Markets

                5,321,360   
 

Commercial Banks – 6.9%

       
  63,958     

East West Bancorp Inc.

          2,207,191   
  112,236     

Fifth Third Bancorp.

          2,313,184   
  183,508     

Regions Financial Corporation

          1,860,771   
  40,600     

Wintrust Financial Corporation

          1,819,692   
  65,848     

Zions Bancorporation, (3)

                1,904,324   
 

Total Commercial Banks

                10,105,162   
 

Commercial Services & Supplies – 2.3%

       
  56,462     

Pitney Bowes Inc.

          1,513,182   
  111,907     

Steelcase Inc.

                1,844,227   
 

Total Commercial Services & Supplies

                3,357,409   
 

Communications Equipment – 1.2%

       
  71217     

Juniper Networks, Inc.

                1,758,348   
 

Computers & Peripherals – 3.1%

       
  35,239     

Lexmark International, Inc., Class A, (3)

          1,515,277   
  14,484     

SanDisk Corporation

          1,230,705   
  20,507     

Western Digital Corporation

                1,807,282   
 

Total Computers & Peripherals

                4,553,264   
 

Consumer Finance – 1.5%

       
  85,620     

SLM Corporation

                2,204,715   

 

  26       Nuveen Investments


Shares     Description (1)                  Value  
 

Electrical Equipment – 1.9%

       
  19,447     

Regal-Beloit Corporation

        $ 1,453,274   
  10,708     

Rockwell Automation, Inc., (3)

                1,276,179   
 

Total Electrical Equipment

                2,729,453   
 

Energy Equipment & Services – 2.3%

       
  19,333     

FMC Technologies Inc., (2), (3)

          1,096,181   
  60,567     

Nabors Industries Inc.

          1,545,670   
  10,244     

Oceaneering International Inc.

                750,680   
 

Total Energy Equipment & Services

                3,392,531   
 

Food Products – 0.7%

       
  10,640     

Keurig Green Mountain Inc., (3)

                996,755   
 

Health Care Equipment & Supplies – 1.5%

       
  107,888     

Hologic Inc., (2)

                2,264,030   
 

Health Care Providers & Services – 4.6%

       
  30,316     

Cardinal Health, Inc.

          2,107,265   
  18,388     

CIGNA Corporation

          1,471,776   
  15,585     

HCA Holdings, Inc., (2)

          810,420   
  17,939     

Omnicare, Inc.

          1,063,245   
  15,188     

Universal Health Services, Inc., Class B

                1,242,227   
 

Total Health Care Providers & Services

                6,694,933   
 

Hotels, Restaurants & Leisure – 2.9%

       
  19,383     

Jack in the Box Inc., Term Loan, (2)

          1,037,766   
  26,108     

Marriott International, Inc., Class A, (3)

          1,512,436   
  32,676     

Royal Caribbean Cruises Ltd.

                1,736,076   
 

Total Hotels, Restaurants & Leisure

                4,286,278   
 

Household Durables – 2.5%

       
  24,096     

Jarden Corporation, (2)

          1,377,086   
  17,575     

Mohawk Industries Inc., (2)

                2,327,106   
 

Total Household Durables

                3,704,192   
 

Independent Power Producers & Energy Traders – 1.5%

       
  68,233     

NRG Energy Inc.

                2,232,584   
 

Industrial Conglomerates – 2.0%

       
  36,135     

Carlisle Companies Inc.

                2,972,104   
 

Insurance – 8.4%

       
  42,235     

Endurance Specialty Holdings Limited, (3)

          2,146,383   
  110,583     

Genworth Financial Inc., Class A, (2)

          1,973,907   
  85,904     

Hartford Financial Services Group, Inc.

          3,081,376   
  43,384     

Lincoln National Corporation

          2,104,558   
  90,338     

Unum Group

                3,001,028   
 

Total Insurance

                12,307,252   

 

Nuveen Investments     27   


Nuveen Mid Cap Value Fund (continued)

Portfolio of Investments April 30, 2014 (Unaudited)

 

Shares     Description (1)                  Value  
 

Internet Software & Services – 1.0%

       
  32,563     

AOL Inc., (2)

              $ 1,394,022   
 

IT Services – 1.0%

       
  122,978     

Xerox Corporation

                1,486,804   
 

Leisure Equipment & Products – 1.5%

       
  24,629     

Brunswick Corporation

          989,840   
  9,123     

Polaris Industries Inc., (3)

                1,225,493   
 

Total Leisure Equipment & Products

                2,215,333   
 

Machinery – 2.8%

       
  22,404     

Dover Corporation

          1,935,706   
  39,125     

Oshkosh Truck Corporation

                2,171,829   
 

Total Machinery

                4,107,535   
 

Media – 1.2%

       
  13,327     

Liberty Media Corporation, Class A, (2)

                1,728,645   
 

Multiline Retail – 2.8%

       
  43,719     

Kohl’s Corporation, (2), (3)

          2,395,364   
  29,124     

Macy’s, Inc.

                1,672,591   
 

Total Multiline Retail

                4,067,955   
 

Multi-Utilities – 1.9%

       
  27,730     

Sempra Energy

                2,734,455   
 

Oil, Gas & Consumable Fuels – 6.5%

       
  36,816     

Delek US Holdings Inc.

          1,177,744   
  18,859     

Gulfport Energy Corporation, (2)

          1,389,343   
  46,655     

Matador Resources Company, (2)

          1,339,932   
  16,049     

Noble Energy, Inc.

          1,151,997   
  22,506     

PDC Energy Inc., (2)

          1,432,957   
  87,029     

Peabody Energy Corporation

          1,654,421   
  19,689     

Whiting Petroleum Corporation, (2)

                1,451,473   
 

Total Oil, Gas & Consumable Fuels

                9,597,867   
 

Paper & Forest Products – 2.0%

       
  54,633     

KapStone Paper and Packaging Corp., (2)

          1,441,219   
  89,249     

Louisiana-Pacific Corporation, (2), (3)

                1,462,791   
 

Total Paper & Forest Products

                2,904,010   
 

Pharmaceuticals – 1.0%

       
  27,747     

Mylan Laboratories Inc., (2), (3)

                1,408,993   
 

Professional Services – 1.7%

       
  31,379     

Manpower Inc.

                2,552,368   

 

  28       Nuveen Investments


Shares     Description (1)                  Value  
 

Real Estate Investment Trust – 8.6%

       
  87,083     

CubeSmart

        $ 1,619,744   
  136,505     

Developers Diversified Realty Corporation, (3)

          2,343,791   
  138,980     

Host Hotels & Resorts Inc., (3)

          2,981,121   
  228,304     

MFA Mortgage Investments, Inc.

          1,810,451   
  19,639     

SL Green Realty Corporation, (3)

          2,056,400   
  75,800     

Starwood Property Trust Inc.

                1,822,990   
 

Total Real Estate Investment Trust

                12,634,497   
 

Real Estate Management & Development – 1.2%

       
  14,980     

Jones Lang LaSalle Inc.

                1,736,032   
 

Road & Rail – 2.0%

       
  36,132     

Con-Way, Inc.

          1,534,887   
  60,290     

Swift Transportation Company, (2), (3)

                1,449,975   
 

Total Road & Rail

                2,984,862   
 

Semiconductors & Equipment – 0.9%

       
  52,817     

Micron Technology, Inc., (2), (3)

                1,379,580   
 

Software – 3.7%

       
  33,646     

Autodesk, Inc., (2)

          1,615,681   
  66,501     

CA Inc.

          2,004,340   
  62,179     

Electronic Arts Inc., (2)

                1,759,666   
 

Total Software

                5,379,687   
 

Specialty Retail – 4.1%

       
  93,886     

Best Buy Co., Inc., (3)

          2,434,464   
  45,249     

Foot Locker, Inc.

          2,105,436   
  22,124     

Outerwall Inc., (2), (3)

                1,534,299   
 

Total Specialty Retail

                6,074,199   
 

Thrifts & Mortgage Finance – 1.0%

       
  75,655     

Everbank Financial Corporation, (3)

                1,416,262   
 

Water Utilities – 1.4%

       
  44,303     

American Water Works Company

                2,017,112   
 

Total Long-Term Investments (cost $125,275,236)

                146,034,044   
Shares     Description (1)                  Value  
 

INVESTMENTS PURCHASED WITH COLLATERAL FROM SECURITIES LENDING – 20.7%

  

 

Money Market Funds – 20.7%

  

  30,335,290     

Mount Vernon Securities Lending Prime Portfolio, 0.172%, (4), (5)

              $ 30,335,290   
 

Total Investments Purchased with Collateral from Securities Lending (cost $30,335,290)

                30,335,290   

 

Nuveen Investments     29   


Nuveen Mid Cap Value Fund (continued)

Portfolio of Investments April 30, 2014 (Unaudited)

 

Shares     Description (1)                  Value  
 

SHORT-TERM INVESTMENTS – 0.7%

       
 

Money Market Funds – 0.7%

       
  974,724     

First American Treasury Obligations Fund, Class Z, 0.000%, (4)

              $ 974,724   
 

Total Short-Term Investments (cost $974,724)

                974,724   
 

Total Investments (cost $156,585,250) – 120.9%

                177,344,058   
 

Other Assets Less Liabilities – (20.9)%

                (30,718,093
 

Net Assets – 100%

              $ 146,625,965   

 

 

 

 

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

 

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

 

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

 

(3) Investment, or portion of investment, is out on loan for securities lending. The total value of securities out on loan as of the end of the reporting period was $29,449,230.

 

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

 

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

 

See accompanying notes to financial statements.

 

  30       Nuveen Investments


Nuveen Small Cap Value Fund

Portfolio of Investments April 30, 2014 (Unaudited)

 

Shares     Description (1)                  Value  
 

LONG-TERM INVESTMENTS – 96.4%

       
 

COMMON STOCKS – 96.4%

       
 

Auto Components – 1.0%

       
  53,600     

Dana Holding Corporation, (3)

              $ 1,134,712   
 

Automobiles – 1.3%

       
  25,000     

Thor Industries, Inc., (3)

                1,521,750   
 

Capital Markets – 3.3%

       
  83,121     

JMP Group Inc.

          574,366   
  77,417     

Manning & Napier Inc.

          1,286,671   
  77,311     

New Mountain Finance Corporation

          1,106,320   
  88,052     

Pennantpark Investment Corporation, (3)

                942,156   
 

Total Capital Markets

                3,909,513   
 

Chemicals – 2.1%

       
  41,102     

Chemtura Corporation, (2)

          916,575   
  26,000     

Minerals Technologies Inc.

                1,546,740   
 

Total Chemicals

                2,463,315   
 

Commercial Banks – 13.9%

       
  45,542     

Banner Corporation

          1,800,731   
  76,500     

Customers Bancorp Inc., (2)

          1,685,295   
  56,000     

East West Bancorp Inc.

          1,932,560   
  54,500     

Heartland Financial USA, Inc.

          1,324,350   
  43,100     

Renasant Corporation

          1,173,182   
  62,687     

Square 1 Financial Inc., Class A, (2)

          1,181,650   
  8,878     

SVB Financial Group, (2)

          947,194   
  30,131     

Texas Capital BancShares, Inc., (2), (3)

          1,693,061   
  64,131     

Webster Financial Corporation

          1,932,908   
  62,094     

Western Alliance Bancorporation, (2)

          1,432,509   
  30,324     

Wintrust Financial Corporation, (3)

                1,359,122   
 

Total Commercial Banks

                16,462,562   
 

Commercial Services & Supplies – 1.8%

       
  10,564     

G&K Services, Inc.

          559,258   
  95,101     

Steelcase Inc.

                1,567,264   
 

Total Commercial Services & Supplies

                2,126,522   
 

Communications Equipment – 3.3%

       
  47,120     

Applied Optoelectronics Inc., (2)

          1,060,200   
  45,791     

Netgear, Inc., (2)

          1,479,049   
  30,750     

Plantronics Inc.

                1,339,778   
 

Total Communications Equipment

                3,879,027   

 

Nuveen Investments     31   


Nuveen Small Cap Value Fund (continued)

Portfolio of Investments April 30, 2014 (Unaudited)

 

Shares     Description (1)                  Value  
 

Construction & Engineering – 3.7%

       
  47,125     

Emcor Group Inc.

        $ 2,167,279   
  76,717     

Tutor Perini Corporation, (2)

                2,270,823   
 

Total Construction & Engineering

                4,438,102   
 

Construction Materials – 1.4%

       
  127,707     

Headwaters Incorporated, (2), (3)

                1,593,783   
 

Diversified Financial Services – 0.9%

       
  42,500     

PHH Corporation, (2), (3)

                1,010,225   
 

Diversified Telecommunication Services – 1.3%

       
  125,000     

Premiere Global Services, Inc., (2)

                1,590,000   
 

Electric Utilities – 2.9%

       
  47,506     

El Paso Electric Company

          1,796,677   
  45,885     

UIL Holdings Corporation

                1,685,356   
 

Total Electric Utilities

                3,482,033   
 

Electrical Equipment – 2.4%

       
  38,287     

Babcock & Wilcox Company

          1,332,005   
  19,833     

Regal-Beloit Corporation

                1,482,120   
 

Total Electrical Equipment

                2,814,125   
 

Electronic Equipment & Instruments – 1.5%

       
  124,033     

Vishay Intertechnology Inc., (3)

                1,763,749   
 

Energy Equipment & Services – 3.4%

       
  33,959     

Dawson Geophysical Company

          959,681   
  41,909     

Matrix Service Company, (2)

          1,297,922   
  55,161     

Patterson-UTI Energy, Inc.

                1,794,387   
 

Total Energy Equipment & Services

                4,051,990   
 

Food & Staples Retailing – 0.7%

       
  37,737     

Spartan Stores, Inc.

                812,855   
 

Gas Utilities – 1.3%

       
  28,255     

Southwest Gas Corporation

                1,554,308   
 

Health Care Equipment & Supplies – 2.2%

       
  620,000     

Alphatec Holdings, Inc., (2)

          837,000   
  16,810     

Conmed Corporation

          778,807   
  82,710     

Nxstage Medical, Inc., (2)

                946,202   
 

Total Health Care Equipment & Supplies

                2,562,009   
 

Health Care Providers & Services – 2.5%

       
  31,738     

Hanger Orthopedic Group Inc., (2)

          1,100,356   
  15,315     

Medax Inc., (2)

          907,414   
  30,385     

US Physical Therapy, Inc., (3)

                937,377   
 

Total Health Care Providers & Services

                2,945,147   

 

  32       Nuveen Investments


Shares     Description (1)                  Value  
 

Hotels, Restaurants & Leisure – 2.1%

       
  22,000     

Bob Evans Farms, Inc.

        $ 1,031,140   
  95,082     

Einstein Noah Restaurant Group

                1,460,460   
 

Total Hotels, Restaurants & Leisure

                2,491,600   
 

Household Durables – 2.7%

       
  63,956     

La Z Boy Inc.

          1,549,654   
  23,000     

Meritage Corporation, (2)

          887,340   
  50,042     

Tri Pointe Homes, Incorporated, (2), (3)

                804,175   
 

Total Household Durables

                3,241,169   
 

Insurance – 5.7%

       
  82,178     

American Equity Investment Life Holding Company, (3)

          1,916,391   
  92,463     

CNO Financial Group Inc.

          1,594,987   
  24,000     

Endurance Specialty Holdings Limited, (3)

          1,219,680   
  65,735     

Horace Mann Educators Corporation

                1,976,651   
 

Total Insurance

                6,707,709   
 

Internet Software & Services – 3.5%

       
  59,000     

Constant Contact Inc., (2)

          1,525,740   
  101,500     

Dice Holdings Inc., (2)

          776,475   
  103,445     

Perficient, Inc., (2)

                1,889,940   
 

Total Internet Software & Services

                4,192,155   
 

Leisure Equipment & Products – 1.0%

       
  52,945     

Malibu Boats Inc., Class A, (2)

                1,178,556   
 

Machinery – 2.3%

       
  21,884     

Actuant Corporation

          740,992   
  59,000     

Altra Industrial Motion, Inc., (3)

                2,015,440   
 

Total Machinery

                2,756,432   
 

Metals & Mining – 1.8%

       
  77,262     

Commercial Metals Company

          1,483,430   
  8,404     

Kaiser Aluminum Corporation

                591,642   
 

Total Metals & Mining

                2,075,072   
 

Oil, Gas & Consumable Fuels – 3.6%

       
  38,805     

Bill Barrett Corporation, (2), (3)

          918,902   
  66,118     

Energy XXI Ltd., (3)

          1,582,204   
  37,414     

Rosetta Resources, Inc., (2)

                1,771,179   
 

Total Oil, Gas & Consumable Fuels

                4,272,285   
 

Professional Services – 2.5%

       
  77,000     

Korn/Ferry International, (2)

          2,236,850   
  29,000     

TrueBlue Inc., (2)

                775,750   
 

Total Professional Services

                3,012,600   

 

Nuveen Investments     33   


Nuveen Small Cap Value Fund (continued)

Portfolio of Investments April 30, 2014 (Unaudited)

 

Shares     Description (1)                  Value  
 

Real Estate Investment Trust – 8.0%

       
  67,000     

Associated Estates Realty Corp.

        $ 1,124,260   
  92,000     

Brandywine Realty Trust

          1,338,600   
  86,500     

CubeSmart

          1,608,900   
  21,000     

Entertainment Properties Trust, (3)

          1,125,810   
  142,189     

Kite Realty Group Trust

          881,572   
  50,000     

LaSalle Hotel Properties

          1,654,000   
  224,871     

MFA Mortgage Investments, Inc.

                1,783,227   
 

Total Real Estate Investment Trust

                9,516,369   
 

Road & Rail – 2.1%

       
  32,402     

Celadon Group, Inc.

          745,570   
  42,065     

Saia, Inc., (2), (3)

                1,731,816   
 

Total Road & Rail

                2,477,386   
 

Semiconductors & Equipment – 3.8%

       
  148,176     

Cypress Semiconductor Corporation, (2), (3)

          1,403,227   
  107,898     

Integrated Device Technology, Inc., (2)

          1,259,170   
  34,226     

MKS Instruments Inc.

          963,462   
  64,117     

TriQuint Semiconductor, Inc., (2)

                909,179   
 

Total Semiconductors & Equipment

                4,535,038   
 

Software – 0.8%

       
  25,790     

Parametric Technology Corporation, (2)

                912,192   
 

Specialty Retail – 2.4%

       
  35,000     

Ann Inc., (2)

          1,371,650   
  18,749     

Genesco Inc., (2)

                1,431,861   
 

Total Specialty Retail

                2,803,511   
 

Textiles, Apparel & Luxury Goods – 0.9%

       
  27,220     

Movado Group Inc.

                1,069,201   
 

Thrifts & Mortgage Finance – 2.3%

       
  87,500     

Everbank Financial Corporation, (3)

          1,638,000   
  16,500     

WSFS Financial Corporation

                1,115,730   
 

Total Thrifts & Mortgage Finance

                2,753,730   
 

Total Long-Term Investments (cost $91,511,900)

                114,110,732   
Shares     Description (1)                  Value  
 

INVESTMENTS PURCHASED WITH COLLATERAL FROM SECURITIES LENDING – 13.6%

  

 

Money Market Funds – 13.6%

       
  16,141,537     

Mount Vernon Securities Lending Prime Portfolio, 0.172%, (4), (5)

              $ 16,141,537   
 

Total Investments Purchased with Collateral from Securities Lending (cost $16,141,537)

        16,141,537   

 

  34       Nuveen Investments


Shares     Description (1)                  Value  
 

SHORT-TERM INVESTMENTS – 3.6%

       
 

Money Market Funds – 3.6%

       
  4,203,291     

First American Treasury Obligations Fund, Class Z, 0.000%, (4)

              $ 4,203,291   
 

Total Short-Term Investments (cost $4,203,291)

                4,203,291   
 

Total Investments (cost $111,856,728) – 113.6%

                134,455,560   
 

Other Assets Less Liabilities – (13.6)%

                (16,088,884
 

Net Assets – 100%

              $ 118,366,676   

 

 

 

 

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

 

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

 

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

 

(3) Investment, or portion of investment, is out on loan for securities lending. The total value of securities out on loan as of the end of the reporting period was $15,533,279.

 

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

 

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

 

See accompanying notes to financial statements.

 

Nuveen Investments     35   


Statement of

  Assets and Liabilities   April 30, 2014 (Unaudited)

 

      Dividend
Value
       Mid Cap
Value
       Small Cap
Value
 

Assets

            

Long-term investments, at value (cost $1,191,553,424, $125,275,236 and $91,511,900, respectively)

   $ 1,703,786,620         $ 146,034,044         $ 114,110,732   

Investments purchased with collateral from securities lending, at value (cost approximates value)

     197,700,345           30,335,290           16,141,537   

Short-term investments, at value (cost approximates value)

     15,695,453           974,724           4,203,291   

Cash

     500,834                       

Receivable for:

            

Dividends

     1,779,964           61,638           46,168   

Due from broker

     29,209           8,294           2,193   

Investments sold

     8,238,032                     565,115   

Shares sold

     2,767,421           89,477           320,772   

Other assets

     35,018           4,471           111   

Total assets

     1,930,532,896           177,507,938           135,389,919   

Liabilities

            

Payable for:

            

Collateral from securities lending program

     197,700,345           30,335,290           16,141,537   

Investments purchased

     9,045,316                     616,869   

Shares redeemed

     1,618,236           383,606           103,618   

Accrued expenses:

            

Management fees

     1,055,427           92,775           100,912   

Directors fees

     44,089           5,235           1,002   

12b-1 distribution and service fees

     153,196           18,218           16,135   

Other

     711,502           46,849           43,170   

Total liabilities

     210,328,111           30,881,973           17,023,243   

Net assets

   $ 1,720,204,785         $ 146,625,965         $ 118,366,676   

Class A Shares

            

Net assets

   $ 398,648,116         $ 37,527,916         $ 46,694,920   

Shares outstanding

     23,558,117           1,127,394           2,569,177   

Net asset value (“NAV”) per share

   $ 16.92         $ 33.29         $ 18.18   

Offering price per share (NAV per share plus maximum sales charge of 5.75% of offering price)

   $ 17.95         $ 35.32         $ 19.29   

Class B Shares

            

Net assets

   $ 1,014,196         $ 861,256           N/A   

Shares outstanding

     60,604           27,544           N/A   

NAV and offering price per share

   $ 16.73         $ 31.27           N/A   

Class C Shares

            

Net assets

   $ 65,957,117         $ 7,728,018         $ 2,727,824   

Shares outstanding

     3,946,046           241,611           172,754   

NAV and offering price per share

   $ 16.71         $ 31.99         $ 15.79   

Class R3 Shares

            

Net assets

   $ 44,458,738         $ 8,289,068         $ 10,433,465   

Shares outstanding

     2,632,744           250,238           584,760   

NAV and offering price per share

   $ 16.89         $ 33.12         $ 17.84   

Class R6 Shares

            

Net assets

   $ 62,807,123           N/A           N/A   

Shares outstanding

     3,676,876           N/A           N/A   

NAV and offering price per share

   $ 17.08           N/A           N/A   

Class I Shares

            

Net assets

   $ 1,147,319,495         $ 92,219,707         $ 58,510,467   

Shares outstanding

     67,211,523           2,763,976           3,117,357   

NAV and offering price per share

   $ 17.07         $ 33.36         $ 18.77   

Net assets consist of:

                              

Capital paid-in

   $ 1,152,079,756         $ 143,670,830         $ 109,350,232   

Undistributed (Over-distribution of) net investment income

     2,088,086           733,149           93,869   

Accumulated net realized gain (loss)

     53,803,747           (18,536,822        (13,676,257

Net unrealized appreciation (depreciation)

     512,233,196           20,758,808           22,598,832   

Net assets

   $ 1,720,204,785         $ 146,625,965         $ 118,366,676   

Authorized shares – per class

     2 billion           2 billion           2 billion   

Par value per share

   $ 0.0001         $ 0.0001         $ 0.0001   

N/A – Fund does not offer share class.

 

See accompanying notes to financial statements.

 

  36       Nuveen Investments


Statement of

  Operations   Six Months Ended April 30, 2014 (Unaudited)

 

 

     

Dividend

Value

      

Mid Cap

Value

       Small Cap
Value
 

Investment Income

            

Dividend and interest income (net of foreign tax withheld of $168,851, $— and $—, respectively)

   $ 26,032,595         $ 1,596,994         $ 839,594   

Securities lending income, net

     218,495           56,468           17,538   

Total investment income

     26,251,090           1,653,462           857,132   

Expenses

            

Management fees

     6,326,499           655,453           491,512   

12b-1 service fees – Class A

     483,699           46,056           57,526   

12b-1 distribution and service fees – Class B

     5,553           5,115           N/A   

12b-1 distribution and service fees – Class C

     315,892           39,879           14,757   

12b-1 distribution and service fees – Class R3

     102,741           21,229           23,573   

Shareholder servicing agent fees and expenses

     859,235           132,155           112,057   

Custodian fees and expenses

     139,289           16,461           14,775   

Directors fees and expenses

     24,082           2,108           1,596   

Professional fees

     45,368           14,431           13,231   

Shareholder reporting expenses

     73,457           11,580           14,648   

Federal and state registration fees

     59,869           31,131           26,410   

Other expenses

     7,472           3,758           4,155   

Total expenses before fee waiver/expense reimbursement

     8,443,156           979,356           774,240   

Fee waiver/expense reimbursement

               (74,531        (21,951

Net expenses

     8,443,156           904,825           752,289   

Net investment income (loss)

     17,807,934           748,637           104,843   

Realized and Unrealized Gain (Loss)

            

Net realized gain (loss) from investments

     69,184,612           13,239,884           7,247,973   

Change in net unrealized appreciation (depreciation) of investments

     16,519,250           (2,773,171        347,672   

Net realized and unrealized gain (loss)

     85,703,862           10,466,713           7,595,645   

Net increase (decrease) in net assets from operations

   $ 103,511,796         $ 11,215,350         $ 7,700,488   

N/A – Fund does not offer share class.

 

See accompanying notes to financial statements.

 

Nuveen Investments     37   


Statement of

  Changes in Net Assets   (Unaudited)

 

    

Dividend Value

 
      Six Months Ended
4/30/14
       Year Ended
10/31/13
 

Operations

       

Net investment income (loss)

   $ 17,807,934         $ 31,999,965   

Net realized gain (loss) from investments

     69,184,612           165,763,410   

Change in net unrealized appreciation (depreciation) of investments

     16,519,250           180,627,113   

Net increase (decrease) in net assets from operations

     103,511,796           378,390,488   

Distributions to Shareholders

       

From net investment income:

       

Class A

     (3,958,443        (6,061,320

Class B

     (6,875        (15,883

Class C

     (406,025        (459,457

Class R3

     (374,870        (486,136

Class R6(1)

     (722,023        (900,233

Class I

     (12,936,795        (23,887,985

From accumulated net realized gains:

       

Class A

     (37,034,624        (7,596,475

Class B

     (110,183        (39,707

Class C

     (5,985,814        (834,161

Class R3

     (3,817,556        (623,435

Class R6(1)

     (6,011,872          

Class I

     (108,753,346        (28,858,444

Decrease in net assets from distributions to shareholders

     (180,118,426        (69,763,236

Fund Share Transactions

       

Proceeds from sale of shares

     180,063,600           429,254,691   

Proceeds from shares issued to shareholders due to reinvestment of distributions

     121,975,085           41,984,713   
     302,038,685           471,239,404   

Cost of shares redeemed

     (208,076,983        (475,077,918

Net increase (decrease) in net assets from Fund share transactions

     93,961,702           (3,838,514

Net increase (decrease) in net assets

     17,355,072           304,788,738   

Net assets at the beginning of period

     1,702,849,713           1,398,060,975   

Net assets at the end of period

   $ 1,720,204,785         $ 1,702,849,713   

Undistributed (Over-distribution of) net investment income at the end of period

   $ 2,088,086         $ 2,685,183   

 

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

 

See accompanying notes to financial statements.

 

  38       Nuveen Investments


     Mid Cap Value          Small Cap Value  
      Six Months Ended
4/30/14
     Year Ended
10/31/13
          Six Months Ended
4/30/14
     Year Ended
10/31/13
 

Operations

             

Net investment income (loss)

   $ 748,637       $ 798,096         $ 104,843       $ 416,567   

Net realized gain (loss) from investments

     13,239,884         24,372,068           7,247,973         11,086,813   

Change in net unrealized appreciation (depreciation) of investments

     (2,773,171      18,265,979             347,672         15,049,748   

Net increase (decrease) in net assets from operations

     11,215,350         43,436,143             7,700,488         26,553,128   

Distributions to Shareholders

             

From net investment income:

             

Class A

     (180,382      (366,544        (158,852      (126,553

Class B

             (4,764        N/A         N/A   

Class C

             (24,117                  

Class R3

     (23,054      (75,223        (11,164      (5,043

Class R6

     N/A         N/A           N/A         N/A   

Class I

     (654,623      (1,195,031        (281,445      (267,460

From accumulated net realized gains:

             

Class A

                                 

Class B

                       N/A         N/A   

Class C

                                 

Class R3

                                 

Class R6

     N/A         N/A           N/A         N/A   

Class I

                                   

Decrease in net assets from distributions to shareholders

     (858,059      (1,665,679          (451,461      (399,056

Fund Share Transactions

             

Proceeds from sale of shares

     8,204,938         15,873,293           20,201,814         28,341,425   

Proceeds from shares issued to shareholders due to reinvestment of distributions

     474,117         958,067             363,681         311,768   
     8,679,055         16,831,360           20,565,495         28,653,193   

Cost of shares redeemed

     (15,996,109      (75,923,914          (14,800,369      (27,126,571

Net increase (decrease) in net assets from Fund share transactions

     (7,317,054      (59,092,554          5,765,126         1,526,622   

Net increase (decrease) in net assets

     3,040,237         (17,322,090        13,014,153         27,680,694   

Net assets at the beginning of period

     143,585,728         160,907,818             105,352,523         77,671,829   

Net assets at the end of period

   $ 146,625,965       $ 143,585,728           $ 118,366,676       $ 105,352,523   

Undistributed (Over-distribution of) net investment income at the end of period

   $ 733,149       $ 842,571           $ 93,869       $ 440,487   

N/A – Fund does not offer share class.

 

See accompanying notes to financial statements.

 

Nuveen Investments     39   


Financial

Highlights (Unaudited)

 

Dividend Value

Selected data for a share outstanding throughout each period:

 

          Investment Operations         Less Distributions           

Class (Commencement Date)

 

 

Year Ended October 31,

  Beginning
NAV
    Net
Investment
Income
(Loss)(a)
       Net
Realized/
Unrealized
Gain (Loss)
       Total         

From

Net
Investment
Income

      

From

Accumulated

Net Realized
Gains

       Total        Ending
NAV
 

Class A (12/92)

  

                              
2014(f)   $ 17.79      $ .16         $ .84         $ 1.00        $ (.17      $ (1.70      $ (1.87      $ 16.92   

2013

    14.60        .30           3.59           3.89          (.30        (.40        (.70        17.79   

2012

    13.05        .27           1.59           1.86          (.31                  (.31        14.60   

2011

    12.42        .27           .63           .90          (.27                  (.27        13.05   

2010

    10.76        .34           1.63           1.97          (.31                  (.31        12.42   

2009

    10.09        .29           .71           1.00            (.33                  (.33        10.76   

Class B (8/94)

  

                              
2014(f)     17.61        .10           .82           .92          (.10        (1.70        (1.80        16.73   

2013

    14.47        .19           3.53           3.72          (.18        (.40        (.58        17.61   

2012

    12.93        .18           1.57           1.75          (.21                  (.21        14.47   

2011

    12.25        .17           .61           .78          (.10                  (.10        12.93   

2010

    10.61        .24           1.61           1.85          (.21                  (.21        12.25   

2009

    9.96        .22           .68           .90            (.25                  (.25        10.61   

Class C (2/99)

  

                              
2014(f)     17.59        .10           .82           .92          (.10        (1.70        (1.80        16.71   

2013

    14.42        .18           3.57           3.75          (.18        (.40        (.58        17.59   

2012

    12.92        .17           1.54           1.71          (.21                  (.21        14.42   

2011

    12.26        .17           .62           .79          (.13                  (.13        12.92   

2010

    10.63        .26           1.60           1.86          (.23                  (.23        12.26   

2009

    9.98        .21           .69           .90            (.25                  (.25        10.63   

Class R3 (9/01)

  

                              
2014(f)     17.75        .14           .85           .99          (.15        (1.70        (1.85        16.89   

2013

    14.58        .26           3.57           3.83          (.26        (.40        (.66        17.75   

2012

    13.03        .24           1.59           1.83          (.28                  (.28        14.58   

2011

    12.41        .23           .63           .86          (.24                  (.24        13.03   

2010

    10.76        .30           1.64           1.94          (.29                  (.29        12.41   

2009

    10.08        .28           .68           .96            (.28                  (.28        10.76   

Class R6 (2/13)

  

                              
2014(f)     17.93        .20           .84           1.04          (.19        (1.70        (1.89        17.08   

2013(d)

    15.36        .22           2.60           2.82            (.25                  (.25        17.93   

Class I (8/94)

  

                              
2014(f)     17.93        .19           .84           1.03          (.19        (1.70        (1.89        17.07   

2013

    14.72        .35           3.61           3.96          (.35        (.40        (.75        17.93   

2012

    13.16        .31           1.60           1.91          (.35                  (.35        14.72   

2011

    12.53        .31           .64           .95          (.32                  (.32        13.16   

2010

    10.85        .37           1.65           2.02          (.34                  (.34        12.53   

2009

    10.18        .32           .70           1.02            (.35                  (.35        10.85   

 

  40       Nuveen Investments


      Ratios/Supplemental Data  
               

Ratios to Average
Net Assets Before

Waiver/Reimbursement

        Ratios to Average
Net Assets After
Waiver/Reimbursement(c)
          
Total
Return(b)
    Ending
Net
Assets
(000)
         Expenses            
Net
Investment
Income
(Loss)
         Expenses        Net
Investment
Income
(Loss)
       Portfolio
Turnover
Rate(e)
 
                        
  6.21   $ 398,648          1.15 %*         1.97 %*        1.15 %*         1.97 %*         13
  27.72        384,226          1.13           1.88          1.12           1.89           44   
  14.31        273,317          1.16           1.95          1.16           1.95           24   
  7.28        176,954          1.14           2.05          1.14           2.05           33   
  18.46        125,226          1.19           2.87          1.17           2.89           29   
  10.32        100,059            1.19           3.00            1.19           3.00           48   
                        
  5.87        1,014          1.90        1.20       1.90        1.20        13   
  26.65        1,256          1.89           1.18          1.87           1.19           44   
  13.51        1,525          1.91           1.33          1.91           1.33           24   
  6.45        3,016          1.89           1.32          1.89           1.32           33   
  17.59        5,039          1.94           2.05          1.92           2.07           29   
  9.41        7,237            1.94           2.28            1.94           2.28           48   
                        
  5.88        65,957          1.90        1.22       1.90        1.22        13   
  26.95        59,753          1.88           1.09          1.87           1.10           44   
  13.29        29,234          1.91           1.21          1.91           1.21           24   
  6.42        18,714          1.89           1.31          1.89           1.31           33   
  17.60        11,107          1.94           2.20          1.92           2.22           29   
  9.41        4,921            1.94           2.23            1.94           2.23           48   
                        
  6.15        44,459          1.40        1.73       1.40        1.73        13   
  27.30        38,589          1.38           1.61          1.37           1.62           44   
  14.13        21,649          1.41           1.70          1.41           1.70           24   
  6.93        12,092          1.41           1.75          1.41           1.75           33   
  18.16        1,204          1.41           2.48          1.39           2.50           29   
  9.92        122            1.45           2.94            1.45           2.94           48   
                        
  6.41        62,807          .81        2.32       81        2.32        13   
  18.52        67,620            .80        1.98         .80        1.98        44   
                        
  6.36        1,147,319          .90        2.22       .90        2.22        13   
  27.96        1,151,408          .88           2.16          .87           2.16           44   
  14.65        1,072,335          .91           2.23          .91           2.23           24   
  7.56        861,754          .89           2.30          .89           2.31           33   
  18.78        684,540          .94           3.12          .92           3.10           29   
  10.51        570,690            .94           3.25            .94           3.25           48   

 

 

(a) Per share Net Investment Income (Loss) is calculated using the average daily shares method.  
(b) Total return is the combination of changes in NAV without any sales charge, reinvested dividend income at NAV and reinvested capital gains distributions at NAV, if any. Total returns are not annualized.  
(c) After fee waiver and/or expense reimbursement from the Adviser, where applicable.  
(d) For the period February 28, 2013 (commencement of operations) through October 31, 2013.  
(e) Portfolio Turnover Rate is calculated based on the lesser of long-term purchases or sales (as disclosed in Note 5 – Investment Transactions) divided by the average long-term market value during the period.  
(f) For the six months ended April 30, 2014.  
* Annualized.  

 

See accompanying notes to financial statements.

 

Nuveen Investments     41   


Financial Highlights (Unaudited) (continued)

 

Mid Cap Value

Selected data for a share outstanding throughout each period:

 

          Investment Operations         Less Distributions           

Class (Commencement Date)

 

 

Year Ended October 31,

  Beginning
NAV
    Net
Investment
Income
(Loss)(a)
       Net
Realized/
Unrealized
Gain (Loss)
       Total          From
Net
Investment
Income
       From
Accumulated
Net Realized
Gains
       Total        Ending
NAV
 

Class A (12/87)

  

                              

2014(e)

  $ 31.00      $ .15         $ 2.30         $ 2.45        $ (.16      $   —         $ (.16      $ 33.29   

2013

    23.22        .12           7.91           8.03          (.25                  (.25        31.00   

2012

    21.83        .18           1.35           1.53          (.14                  (.14        23.22   

2011

    22.20        .07           (.19        (.12       (.25                  (.25        21.83   

2010

    18.28        .12           4.00           4.12          (.20                  (.20        22.20   

2009

    16.13        .24           1.99           2.23            (.08                  (.08        18.28   

Class B (8/94)

  

                              

2014(e)

    29.09        .03           2.15           2.18                                        31.27   

2013

    21.79        (.07        7.44           7.37          (.07                  (.07        29.09   

2012

    20.52        .01           1.26           1.27                                        21.79   

2011

    20.87        (.10        (.18        (.28       (.07                  (.07        20.52   

2010

    17.21        (.04        3.78           3.74          (.08                  (.08        20.87   

2009

    15.22        .13           1.87           2.00            (.01                  (.01        17.21   

Class C (2/99)

  

                              

2014(e)

    29.76        .03           2.20           2.23                                        31.99   

2013

    22.29        (.08        7.62           7.54          (.07                  (.07        29.76   

2012

    20.99        .01           1.29           1.30                                        22.29   

2011

    21.36        (.10        (.18        (.28       (.09                  (.09        20.99   

2010

    17.61        (.04        3.86           3.82          (.07                  (.07        21.36   

2009

    15.58        .12           1.92           2.04            (.01                  (.01        17.61   

Class R3 (9/01)

  

                              

2014(e)

    30.82        .11           2.28           2.39          (.09                  (.09        33.12   

2013

    23.08        .06           7.87           7.93          (.19                  (.19        30.82   

2012

    21.70        .12           1.33           1.45          (.07                  (.07        23.08   

2011

    22.05        .01           (.19        (.18       (.17                  (.17        21.70   

2010

    18.15        .06           3.99           4.05          (.15                  (.15        22.05   

2009

    16.04        .19           1.98           2.17            (.06                  (.06        18.15   

Class I (2/94)

  

                              

2014(e)

    31.10        .19           2.30           2.49          (.23                  (.23        33.36   

2013

    23.29        .19           7.93           8.12          (.31                  (.31        31.10   

2012

    21.99        .24           1.33           1.57          (.27                  (.27        23.29   

2011

    22.37        .15           (.22        (.07       (.31                  (.31        21.99   

2010

    18.42        .16           4.05           4.21          (.26                  (.26        22.37   

2009

    16.24        .28           2.01           2.29            (.11                  (.11        18.42   

 

  42       Nuveen Investments


      Ratios/Supplemental Data  
                Ratios to Average
Net Assets Before
Waiver/Reimbursement
        Ratios to Average
Net Assets After
Waiver/Reimbursement(c)
          
Total
Return(b)
    Ending
Net
Assets
(000)
         Expenses        Net
Investment
Income
(Loss)
         Expenses        Net
Investment
Income
(Loss)
       Portfolio
Turnover
Rate(d)
 
                        
  7.90   $ 37,528          1.44 %*         .83 %*        1.34 %*         .93 %*         65
  34.93        35,719          1.39           .40          1.33           .45           118   
  7.03        35,633          1.49           .58          1.28           .79           140   
  (.64     52,334          1.33           .27          1.31           .30           123   
  22.65        76,667          1.25           .58          1.25           .58           123   
  13.95        130,222            1.25           1.52            1.25           1.52           106   
                        
  7.49        861          2.19        .06       2.09        .17        65   
  33.93        1,212          2.14           (.34       2.08           (.28        118   
  6.19        1,568          2.24           (.18       2.02           .04           140   
  (1.35     2,073          2.08           (.48       2.06           (.45        123   
  21.77        2,815          2.00           (.20       2.00           (.20        123   
  13.13        3,481            1.98           .85            1.98           .85           106   
                        
  7.46        7,728          2.19        .06       2.09        .17        65   
  33.94        8,042          2.14           (.35       2.08           (.29        118   
  6.19        7,855          2.24           (.17       2.02           .05           140   
  (1.35     8,957          2.08           (.48       2.06           (.45        123   
  21.74        11,564          2.00           (.21       2.00           (.21        123   
  13.10        12,040            2.00           .80            2.00           .80           106   
                        
  7.75        8,289          1.69        .60       1.59        .70        65   
  34.63        8,401          1.64           .16          1.58           .22           118   
  6.70        9,576          1.74           .31          1.53           .52           140   
  (.87     15,310          1.58           .03          1.56           .06           123   
  22.40        20,195          1.50           .30          1.50           .30           123   
  13.63        25,664            1.50           1.21            1.50           1.21           106   
                        
  8.02        92,220          1.19        1.08       1.09        1.18        65   
  35.29        90,212          1.13           .66          1.08           .71           118   
  7.23        106,276          1.24           .82          1.03           1.03           140   
  (.42     151,409          1.07           .65          1.06           .65           123   
  22.98        470,266          1.00           .78          1.00           .78           123   
  14.24        440,968            1.00           1.76            1.00           1.76           106   

 

 

(a) Per share Net Investment Income (Loss) is calculated using the average daily shares method.  
(b) Total return is the combination of changes in NAV without any sales charge, reinvested dividend income at NAV and reinvested capital gains distributions at NAV, if any. Total returns are not annualized.  
(c) After fee waiver and/or expense reimbursement from the Adviser, where applicable.  
(d) Portfolio Turnover Rate is calculated based on the lesser of long-term purchases or sales (as disclosed in Note 5 – Investment Transactions) divided by the average long-term market value during the period.  
(e) For the six months ended April 30, 2014.  
* Annualized.  

 

See accompanying notes to financial statements.

 

Nuveen Investments     43   


Financial Highlights (Unaudited) (continued)

 

Small Cap Value

Selected data for a share outstanding throughout each period:

 

          Investment Operations         Less Distributions           

Class (Commencement Date)

 

 

Year Ended October 31,

  Beginning
NAV
    Net
Investment
Income
(Loss)(a)
       Net
Realized/
Unrealized
Gain (Loss)
       Total          From
Net
Investment
Income
       From
Accumulated
Net Realized
Gains
       Total        Ending
NAV
 

Class A (8/94)

  

                              

2014(e)

  $ 16.98      $ .01         $ 1.25         $ 1.26        $ (.06      $   —         $ (.06      $ 18.18   

2013

    12.63        .06           4.34           4.40          (.05                  (.05        16.98   

2012

    11.30        .05           1.28           1.33                                        12.63   

2011

    10.26        (.05        1.09           1.04                                        11.30   

2010

    8.22        (.01        2.07           2.06          (.02                  (.02        10.26   

2009

    8.12        .03           .15           .18            (.08                  (.08        8.22   

Class C (2/99)

  

                              

2014(e)

    14.76        (.05        1.08           1.03                                        15.79   

2013

    11.02        (.05        3.79           3.74                                        14.76   

2012

    9.93        (.04        1.13           1.09                                        11.02   

2011

    9.08        (.12        .97           .85                                        9.93   

2010

    7.31        (.07        1.84           1.77                                        9.08   

2009

    7.22        (.02        .13           .11            (.02                  (.02        7.31   

Class R3 (9/01)

  

                              

2014(e)

    16.65        (.01        1.22           1.21          (.02                  (.02        17.84   

2013

    12.39        .01           4.27           4.28          (.02                  (.02        16.65   

2012

    11.11        .02           1.26           1.28                                        12.39   

2011

    10.11        (.07        1.07           1.00                                        11.11   

2010

    8.10        (.03        2.04           2.01                                        10.11   

2009

    8.00        .01           .15           .16            (.06                  (.06        8.10   

Class I (8/94)

  

                              

2014(e)

    17.55        .03           1.29           1.32          (.10                  (.10        18.77   

2013

    13.06        .10           4.48           4.58          (.09                  (.09        17.55   

2012

    11.65        .08           1.33           1.41                                        13.06   

2011

    10.55        (.02        1.12           1.10                                        11.65   

2010

    8.45        .01           2.13           2.14          (.04                  (.04        10.55   

2009

    8.36        .05           .15           .20            (.11                  (.11        8.45   

 

  44       Nuveen Investments


      Ratios/Supplemental Data  
                Ratios to Average
Net Assets Before
Waiver/Reimbursement
        Ratios to Average
Net Assets After
Waiver/Reimbursement(c)
          
Total
Return(b)
    Ending
Net
Assets
(000)
         Expenses        Net
Investment
Income
(Loss)
         Expenses        Net
Investment
(Loss)
Income
       Portfolio
Turnover
Rate(d)
 
                        
  7.36   $ 46,695          1.48 %*         .09 %*        1.45 %*         .12 %*         26
  34.98        45,225          1.47           .37          1.46           .38           56   
  11.77        32,208          1.58           .26          1.46           .39           46   
  10.14        31,814          1.48           (.41       1.46           (.40        41   
  25.15        32,332          1.34           (.11       1.34           (.11        58   
  2.40        29,026            1.37           .46            1.37           .46           73   
                        
  6.98        2,728          2.23        (.68 )*        2.20        (.65 )*         26   
  33.94        3,297          2.22           (.43       2.20           (.42        56   
  10.98        1,367          2.34           (.47       2.21           (.34        46   
  9.36        1,498          2.23           (1.18       2.21           (1.18        41   
  24.21        1,843          2.09           (.86       2.09           (.86        58   
  1.56        2,080            2.12           (.27         2.12           (.27        73   
                        
  7.27        10,433          1.74        (.17 )*        1.70        (.13 )*         26   
  34.59        8,549          1.72           .06          1.71           .07           56   
  11.52        2,653          1.83           .01          1.71           .14           46   
  9.89        2,246          1.73           (.66       1.71           (.65        41   
  24.85        2,111          1.59           (.35       1.59           (.35        58   
  2.14        2,327            1.62           .19            1.62           .19           73   
                        
  7.54        58,510          1.24        .32       1.20        .36        26   
  35.34        48,281          1.22           .64          1.21           .65           56   
  12.02        41,444          1.34           .53          1.21           .66           46   
  10.43        48,596          1.21           (.16       1.21           (.16        41   
  25.43        180,875          1.09           .14          1.09           .14           58   
  2.59        149,515            1.12           .72            1.12           .72           73   

 

 

 

(a) Per share Net Investment Income (Loss) is calculated using the average daily shares method.  
(b) Total return is the combination of changes in NAV without any sales charge, reinvested dividend income at NAV and reinvested capital gains distributions at NAV, if any. Total returns are not annualized.  
(c) After fee waiver and/or expense reimbursement from the Adviser, where applicable.  
(d) Portfolio Turnover Rate is calculated based on the lesser of long-term purchases or sales (as disclosed in Note 5 – Investment Transactions) divided by the average long-term market value during the period.  
(e) For the six months ended April 30, 2014.  
* Annualized.  

 

See accompanying notes to financial statements.

 

Nuveen Investments     45   


Notes to

Financial Statements (Unaudited)

 

1. General Information and Significant Accounting Policies

General Information

Trust Information

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

Investment Adviser

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

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

Agreement and Plan of Merger

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

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

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

Investment Objectives and Principal Investment Strategies

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

Mid Cap Value’s investment objective is capital appreciation. Under normal market conditions, the Fund invests at least 80% of the sum of its net assets and the amount of any borrowings for investment purposes in common stocks of mid-capitalization companies. At the time of purchase, mid-capitalization companies are defined as companies that have market capitalizations within the market capitalization range of the companies in the Russell Midcap® Index immediately after its most recent reconstitution. It is expected that reconstitution of the index will occur each year at the end of June. Immediately after the most recent reconstitution, the range was $1.8 billion to $21.5 billion. In selecting stocks, the Sub-Adviser invests in companies that it believes are undervalued relative to other companies in the same industry or market, exhibit good or improving fundamentals, and exhibit an identifiable catalyst that could close the gap between market value and fair value over the next one to two years.

 

  46       Nuveen Investments


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

 

    Undervalued relative to other companies in the same industry or market;
    Good or improving fundamentals; and
    An identifiable catalyst that could close the gap between market value and fair value over the next one to two years.

Each Fund may invest up to 15% of its total assets in non-dollar denominated equity securities of non-U.S. issuers. In addition, each Fund may invest up to 25% of its assets, collectively, in non-dollar denominated equity securities of non-U.S. issuers and in dollar denominated equity securities of non-U.S. issuers that are either listed on a U.S. stock exchange or represented by depositary receipts that may or may not be sponsored by a domestic bank. Up to 15% of the Fund’s total assets may be invested in equity securities of emerging market issuers. Each Fund may utilize options, futures contracts, options on futures contracts and forward foreign currency exchange contracts (“derivatives”). Each Fund may use these derivatives to manage market or business risk, enhance each Fund’s return, or hedge against adverse movements in currency exchange rates.

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

Significant Accounting Policies

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

Investment Transactions

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

Investment Income

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

Professional Fees

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

Dividends and Distributions to Shareholders

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

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

Share Classes and Sales Charges

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

 

Nuveen Investments     47   


Notes to Financial Statements (Unaudited) (continued)

 

investor (CDSC is reduced to 0% at the end of six years). Class B Shares automatically convert to Class A Shares eight years after purchase. Class C Shares are sold without an up-front sales charge but incur a .75% annual 12b-1 distribution fee and a .25% annual 12b-1 service fee. Class C Shares are subject to a CDSC of 1% if redeemed within twelve months of purchase. Class R3 Shares are sold without an up-front sales charge but incur a .25% annual 12b-1 distribution and a .25% annual service fee. Class R6 Shares and Class I Shares are not subject to any sales charge or 12b-1 distribution or service fees.

Multiclass Operations and Allocations

Income and expenses of the Funds that are not directly attributable to a specific class of shares are prorated among the classes based on the relative net assets of each class. Expenses directly attributable to a class of shares are recorded to the specific class. Currently, the only expenses that are allocated on a class-specific basis are 12b-1 distribution and service fees. Sub-transfer agent fees, which are recognized as a component of “Shareholder servicing fees and expenses” on the Statement of Operations, which are prorated among the classes based on relative net assets, are not charged to Class R6 Shares.

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

Indemnifications

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

Netting Agreements

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

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

Use of Estimates

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

2. Investment Valuation and Fair Value Measurements

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

Investment Valuation

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

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

Certain securities may not be able to be priced by the pre-established pricing methods as described above. Such securities may be valued by the Funds’ Board of Directors or its designee at fair value. These securities generally include, but are not limited to, restricted securities (securities which may not be publicly sold without registration under the Securities Act of 1933, as amended) for which a pricing service is unable to provide a market

 

  48       Nuveen Investments


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

Fair Value Measurements

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

 

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

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

 

Dividend Value      Level 1        Level 2        Level 3        Total  
Long-Term Investments*:                    

Common Stocks

     $ 1,703,786,620         $         $         $ 1,703,786,620   
Investments Purchased with Collateral from Securities Lending        197,700,345                               197,700,345   
Short-Term Investments:                    

Money Market Funds

       15,695,453                               15,695,453   
Total      $ 1,917,182,418         $  —         $  —         $ 1,917,182,418   
Mid Cap Value                                        
Long-Term Investments*:                    

Common Stocks

     $ 146,034,044         $         $         $ 146,034,044   
Investments Purchased with Collateral from Securities Lending        30,335,290                               30,335,290   
Short-Term Investments:                    

Money Market Funds

       974,724                               974,724   
Total      $ 177,344,058         $  —         $  —         $ 177,344,058   
Small Cap Value                                        
Long-Term Investments*:                    

Common Stocks

     $ 114,110,732         $         $         $ 114,110,732   
Investments Purchased with Collateral from Securities Lending        16,141,537                               16,141,537   
Short-Term Investments:                    

Money Market Funds

       4,203,291                               4,203,291   
Total      $ 134,455,560         $  —         $  —         $ 134,455,560   
* Refer to the Fund’s Portfolio of Investments for industry classifications.

 

Nuveen Investments     49   


Notes to Financial Statements (Unaudited) (continued)

 

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

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

 

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

 

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

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

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

3. Portfolio Securities and Investments in Derivatives

Portfolio Securities

Foreign Currency Transactions

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

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

The realized gains and losses resulting from changes in foreign currency exchange rates and changes in foreign exchange rates associated with other assets and liabilities on investments, forward foreign currency exchange contracts, futures, option purchased and options written, when applicable, are recognized as a component of “Net realized gain (loss) from investments,” on the Statement of Operations.

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

 

  50       Nuveen Investments


Securities Lending

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

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

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

 

Fund   Counterparty   Long-Term
Investment, at Value
    Collateral
Pledged (From)
Counterparty*
    Net
Exposure
 
Dividend Value   U.S. Bank   $ 191,225,511      $ 191,225,511   $   —   
Mid Cap Value   U.S. Bank     29,449,230        (29,449,230       
Small Cap Value   U.S. Bank     15,533,279        (15,533,279       
* As of April 30, 2014, the value of the collateral pledged from the counterparty exceeded the value of the securities out on loan. Refer to the Fund’s Portfolio of Investments for details on the securities out on loan.

Income from securities lending, net of fees paid, is recognized on the Statement of Operations as “Securities lending income, net.” Securities lending fees paid by each Fund during the six months ended April 30, 2014, was as follows:

 

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

Investments in Derivatives

Each Fund is authorized to invest in certain derivative instruments. The Funds record derivative instruments at fair value, with changes in fair value recognized on the Statement of Operations, when applicable. Even though the Funds’ investments in derivatives may represent economic hedges, they are not considered to be hedge transactions for financial reporting purposes. Although the Funds are authorized to invest in derivative instruments, and may do so in the future, they did not make any such investments during the six months ended April 30, 2014.

Market and Counterparty Credit Risk

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

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

 

Nuveen Investments     51   


Notes to Financial Statements (Unaudited) (continued)

 

4. Fund Shares

Transactions in Fund shares were as follows:

 

       Dividend Value  
       Six Months Ended
4/30/14
       Year Ended
10/31/13
 
        Shares        Amount        Shares        Amount  
Shares sold:                    

Class A

       2,653,745         $ 44,651,266           5,913,434         $ 95,908,203   

Class A – automatic conversion of Class B Shares

       4,975           84,561           14,618           225,266   

Class B – exchanges

       4,880           81,167           9,042           143,868   

Class C

       696,727           11,601,341           1,634,902           26,844,001   

Class R3

       529,038           8,872,240           1,165,684           18,794,315   

Class R6(1)

       47,897           809,062           884,689           15,362,104   

Class R6(1) – exchange of Class I Shares

                           3,668,683           56,350,962   

Class I

       6,735,602           113,963,963           13,462,045           216,508,837   
Shares issued to shareholders due to reinvestment of distributions:                    

Class A

       2,363,850           38,310,127           854,677           12,763,058   

Class B

       6,727           107,534           3,580           51,899   

Class C

       327,958           5,237,222           77,243           1,129,896   

Class R3

       247,745           4,004,319           71,415           1,064,183   

Class R6(1)

       365,961           5,988,090           54,536           900,233   

Class I

       4,181,184           68,327,793           1,743,392           26,075,444   
         18,166,289           302,038,685           29,557,940           472,122,269   
Shares redeemed:                    

Class A

       (3,066,722        (51,248,584        (3,896,951        (61,661,861

Class B

       (17,274        (290,822        (31,981        (503,335

Class B – automatic conversion to Class A Shares

       (5,029        (84,561        (14,763        (225,266

Class C

       (475,631        (7,835,172        (342,119        (5,399,404

Class R3

       (317,688        (5,279,429        (548,501        (8,818,904

Class R6(1)

       (508,109        (8,894,271        (836,781        (14,461,170

Class I

       (7,929,070        (134,444,144        (20,171,509        (328,539,881

Class I – exchange to Class R6(1) Shares

                           (3,668,683        (56,350,962
         (12,319,523        (208,076,983        (29,511,288        (475,960,783
Net increase (decrease)        5,846,766         $ 93,961,702           46,652         $ (3,838,514
(1) – Class R6 Shares were established and commenced operations on February 28, 2013.

 

  52       Nuveen Investments


       Mid Cap Value  
       Six Months Ended
4/30/14
       Year Ended
10/31/13
 
        Shares        Amount        Shares        Amount  
Shares sold:                    

Class A

       70,575         $ 2,289,490           176,645         $ 4,729,766   

Class A – automatic conversion of Class B Shares

       3,172           101,601           4,274           111,572   

Class B

                           149           3,585   

Class C

       6,527           205,141           35,129           928,204   

Class R3

       28,673           925,955           67,276           1,809,518   

Class I

       144,854           4,682,751           299,898           8,290,648   
Shares issued to shareholders due to reinvestment of distributions:                    

Class A

       5,453           178,246           15,342           357,321   

Class B

                           210           4,622   

Class C

                           1,012           22,773   

Class R3

       708           23,054           3,235           75,055   

Class I

       8,333           272,817           21,368           498,296   
         268,295           8,679,055           624,538           16,831,360   
Shares redeemed:                    

Class A

       (104,037        (3,378,378        (578,915        (15,652,273

Class B

       (10,736        (329,888        (26,157        (652,671

Class B – automatic conversion to Class A Shares

       (3,376        (101,601        (4,538        (111,572

Class C

       (35,189        (1,108,374        (118,318        (3,012,864

Class R3

       (51,731        (1,675,820        (212,784        (5,682,457

Class I

       (289,820        (9,402,048        (1,983,549        (50,812,077
         (494,889        (15,996,109        (2,924,261        (75,923,914
Net increase (decrease)        (226,594      $ (7,317,054        (2,299,723      $ (59,092,554
       Small Cap Value  
       Six Months Ended
4/30/14
       Year Ended
10/31/13
 
        Shares        Amount        Shares        Amount  
Shares sold:                    

Class A

       207,786         $ 3,706,348           568,795         $ 8,649,676   

Class C

       23,851           373,611           117,817           1,568,728   

Class R3

       191,356           3,348,342           443,559           6,431,538   

Class I

       683,154           12,773,513           752,219           11,691,483   
Shares issued to shareholders due to reinvestment of distributions:                    

Class A

       8,667           156,692           9,682           124,510   

Class C

                                       

Class R3

       611           10,859           397           5,021   

Class I

       10,516           196,130           13,743           182,237   
         1,125,941           20,565,495           1,906,212           28,653,193   
Shares redeemed:                    

Class A

       (310,675        (5,537,997        (464,882        (6,833,730

Class C

       (74,488        (1,143,029        (18,463        (242,312

Class R3

       (120,501        (2,111,672        (144,817        (2,166,467

Class I

       (327,119        (6,007,671        (1,189,506        (17,884,062
         (832,783        (14,800,369        (1,817,668        (27,126,571
Net increase (decrease)        293,158         $ 5,765,126           88,544         $ 1,526,622   

 

Nuveen Investments     53   


Notes to Financial Statements (Unaudited) (continued)

 

5. Investment Transactions

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

 

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

6. Income Tax Information

Each Fund is a separate taxpayer for federal income tax purposes. Each Fund intends to distribute substantially all of its net investment income and net capital gains to shareholders and to otherwise comply with the requirements of Subchapter M of the Internal Revenue Code applicable to regulated investment companies. Therefore, no federal income tax provision is required.

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

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

As of April 30, 2014, the cost and unrealized appreciation (depreciation) of investments, as determined on a federal income tax basis, were as follows:

 

        Dividend
Value
       Mid Cap
Value
       Small Cap
Value
 
Cost of investments      $ 1,407,946,497         $ 156,730,698         $ 111,896,350   
Gross unrealized:               

Appreciation

     $ 517,501,355         $ 22,023,172         $ 24,449,422   

Depreciation

       (8,265,434        (1,409,812        (1,890,212
Net unrealized appreciation (depreciation) of investments      $ 509,235,921         $ 20,613,360         $ 22,559,210   

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

 

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

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

 

        Dividend
Value
       Mid Cap
Value
       Small Cap
Value
 
Undistributed net ordinary income1      $ 16,647,208         $ 858,352         $ 451,445   
Undistributed net long-term capital gains        147,826,023                       
1  Net ordinary income consists of net taxable income derived from dividends, interest and net short-term capital gains, if any.

 

  54       Nuveen Investments


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

 

        Dividend
Value
       Mid Cap
Value
       Small Cap
Value
 
Distributions from net ordinary income1      $ 31,811,014         $ 1,665,679         $ 399,056   
Distributions from net long-term capital gains        37,952,222                       
1  Net ordinary income consists of net taxable income derived from dividends, interest and net short-term capital gains, if any.

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

 

       

Dividend2

Value

       Mid Cap
Value
       Small Cap
Value
 
Expiration:               

October 31, 2016

     $ 12,406,335         $  —         $  —   

October 31, 2017

                 31,631,258           20,884,608   
Not subject to expiration:               

Short-term losses

                             

Long-term losses

                             
Total      $ 12,406,335         $ 31,631,258         $ 20,884,608   
2  A portion of Dividend Value’s capital loss carryforward is subject to an annual limitation under the Internal Revenue Code and related regulations.

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

 

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

7. Management Fees and Other Transactions with Affiliates

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

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

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

 

Average Daily Net Assets     

Dividend
Value

Fund-Level
Fee Rate

      

Mid Cap
Value

Fund-Level
Fee Rate

      

Small
Cap Value

Fund-Level
Fee Rate

 
For the first $125 million        .6000        .7000        .7000
For the next $125 million        .5875           .6875           .6875   
For the next $250 million        .5750           .6750           .6750   
For the next $500 million        .5625           .6625           .6625   
For the next $1 billion        .5500           .6500           .6500   
For net assets over $2 billion        .5250           .6250           .6250   

 

Nuveen Investments     55   


Notes to Financial Statements (Unaudited) (continued)

 

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

 

Complex-Level Asset Breakpoint Level*      Effective Rate at Breakpoint Level  
$55 billion        .2000
$56 billion        .1996   
$57 billion        .1989   
$60 billion        .1961   
$63 billion        .1931   
$66 billion        .1900   
$71 billion        .1851   
$76 billion        .1806   
$80 billion        .1773   
$91 billion        .1691   
$125 billion        .1599   
$200 billion        .1505   
$250 billion        .1469   
$300 billion        .1445   
* The complex-level fee is calculated based upon the aggregate daily “eligible assets” of all Nuveen Funds. Eligible assets do not include assets attributable to investments in other Nuveen Funds or assets in excess of $2 billion added to the Nuveen Fund complex in connection with the Adviser’s assumption of the management of the former First American Funds effective January 1, 2011. Eligible assets include closed-end fund assets managed by the Adviser that are attributable to certain types of leverage. For these purposes, leverage includes the closed-end funds’ use of preferred stock and borrowings and certain investments in the residual interest certificates (also called inverse floating rate securities) in tender option bond (TOB) trusts, including the portion of assets held by a TOB trust that has been effectively financed by the trust’s issuance of floating rate securities, subject to an agreement by the Adviser as to certain funds to limit the amount of such assets for determining eligible assets in certain circumstances. As of April 30, 2014, the complex-level fee rate for each Fund was as follows:

 

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

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

 

        Class A
Shares
     Class B
Shares
     Class C
Shares
     Class R3
Shares
     Class I
Shares
     Expiration date  
Mid Cap Value        1.34      2.09      2.09      1.59      1.09      February 28, 2015   
Small Cap Value        1.45         N/A         2.20         1.70         1.20         February 28, 2015   
N/A – Fund does not offer share class.

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

During the six months ended April 30, 2014, Nuveen Securities, LLC (the “Distributor”), a wholly-owned subsidiary of Nuveen, collected sales charges on purchases of Class A Shares, the majority of which were paid out as concessions to financial intermediaries as follows:

 

        Dividend
Value
       Mid Cap
Value
       Small Cap
Value
 
Sales charges collected      $ 250,874         $ 16,562         $ 19,023   
Paid to financial intermediaries        221,813           14,679           17,475   

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

 

  56       Nuveen Investments


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

 

        Dividend
Value
       Mid Cap
Value
       Small Cap
Value
 
Commission advances      $ 88,192         $ 3,022         $ 8,728   

To compensate for commissions advanced to financial intermediaries, all 12b-1 service and distribution fees collected on Class B Shares and C Shares during the first year following a purchase were retained by the Distributor. During the six months ended April 30, 2014, the Distributor retained such 12b-1 fees as follows:

 

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

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

The Distributor also collected and retained CDSC on share redemptions during the six months ended April 30, 2014, as follows:

 

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

8. Subsequent Events

Class B Shares

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

 

Nuveen Investments     57   


Additional

Fund Information

 

 

Fund Manager

Nuveen Fund Advisors, LLC

333 West Wacker Drive

Chicago, IL 60606

 

Sub-Adviser

Nuveen Asset Management, LLC

333 West Wacker Drive

Chicago, IL 60606

 

Legal Counsel

Chapman and Cutler LLP

Chicago, IL 60603

  

Independent Registered
Public Accounting Firm

PricewaterhouseCoopers LLP

Chicago, IL 60606

 

Custodian

U.S. Bank National Association

Milwaukee, WI 53202

  

Transfer Agent and
Shareholder Services

Boston Financial
Data Services, Inc.

Nuveen Investor Services

P.O. Box 8530

Boston, MA 02266-8530

(800) 257-8787

     

 

 

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

 

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

 

             
 

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

 

 

  58       Nuveen Investments


Glossary of Terms

Used in this Report

 

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

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

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

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

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

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

Net Asset Value (NAV) Per Share: A fund’s Net Assets is equal to its total assets (securities, cash and accrued earnings) less its total liabilities. For funds with multiple classes, Net Assets are determined separately for each share class. NAV per share is equal to the fund’s (or share class’) Net Assets divided by its number of shares outstanding.

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

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

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

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

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

 

Nuveen Investments     59   


Annual Investment Management Agreement

Approval Process (Unaudited)

 

I. The Approval Process

The Board of Directors of each Fund (each, a “Board” and each Director, a “Board Member”), including the Board Members who are not parties to the Funds’ advisory or sub-advisory agreements or “interested persons” of any such parties (the “Independent Board Members”), is responsible for overseeing the performance of the investment adviser and the sub-adviser to the respective Fund and determining whether to approve or continue such Fund’s advisory agreement (each, an “Original Investment Management Agreement”) between the Fund and Nuveen Fund Advisors, LLC (the “Adviser”) and sub-advisory agreement (each, an “Original Sub-Advisory Agreement” and, together with the Original Investment Management Agreement, the “Original Advisory Agreements”) between the Adviser and Nuveen Asset Management, LLC (the “Sub-Adviser”). Pursuant to the Investment Company Act of 1940, as amended (the “1940 Act”), each Board is required to consider the continuation of the respective Original Advisory Agreements on an annual basis. In addition, prior to its annual review, the Board Members were advised of the potential acquisition of Nuveen Investments, Inc. (“Nuveen”) by TIAA-CREF (the “Transaction”). For purposes of this section, references to “Nuveen” herein include all affiliates of Nuveen Investments, Inc. providing advisory, sub-advisory, distribution or other services to the Funds and references to the “Board” refer to the Board of each Fund. In accordance with the 1940 Act and the terms of the Original Advisory Agreements, the completion of the Transaction would terminate each of the Original Investment Management Agreements and the Original Sub-Advisory Agreements. Accordingly, at an in-person meeting held on April 30, 2014 (the “April Meeting”), the Board, including all of the Independent Board Members, performed its annual review of the Original Advisory Agreements and approved the continuation of the Original Advisory Agreements for the Funds. Furthermore, in anticipation of the termination of the Original Advisory Agreements that would occur upon the consummation of the Transaction, the Board also approved for each Fund a new advisory agreement (each, a “New Investment Management Agreement”) between the Fund and the Adviser and a new sub-advisory agreement (each, a “New Sub-Advisory Agreement” and, together with the New Investment Management Agreement, the “New Advisory Agreements”) between the Adviser and the Sub-Adviser, each on behalf of the respective Fund to be effective following the completion of the Transaction and the receipt of the requisite shareholder approval.

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

 

  60       Nuveen Investments


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

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

The materials and information prepared in connection with the review of the Original Advisory Agreements and New Advisory Agreements supplemented the information and analysis provided to the Board during the year. In this regard, throughout the year, the Board, acting directly or through its committees, regularly reviewed the performance and various services provided by the Adviser and Sub-Adviser. The Board met at least quarterly as well as at other times as the need arose. At its quarterly meetings, the Board reviewed reports by the Adviser regarding, among other things, fund performance, fund expenses, premium and discount levels of closed-end funds, the performance of the investment teams and compliance, regulatory and risk management matters. In addition to regular reports, the Adviser provided special reports to the Board or a committee thereof from time to time to enhance the Board’s understanding of various topics that impact some or all the Nuveen funds (such as distribution channels, oversight of omnibus accounts and leverage management topics), to update the Board on regulatory developments impacting the investment company industry or to update the Board on the business plans or other matters impacting the Adviser. The Board also met with key investment personnel managing certain Nuveen fund portfolios during the year.

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

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

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

 

Nuveen Investments     61   


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

 

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

A. Nature, Extent and Quality of Services

1. The Original Advisory Agreements

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

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

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

 

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

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

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

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

2. The New Advisory Agreements

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

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

 

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

 

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

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

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

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

B. The Investment Performance of the Funds and Fund Advisers

1. The Original Advisory Agreements

The Board, including the Independent Board Members, considered the performance history of each Fund over various time periods. The Board reviewed reports, including an analysis of each Fund’s performance and the applicable investment team. In considering each Fund’s performance, the Board recognized that a fund’s performance can be reviewed through various measures including the fund’s absolute return, the fund’s return compared to the performance of other peer funds and the fund’s performance compared to its respective benchmark. Accordingly, the Board reviewed, among other things, each Fund’s historic investment performance as well as information comparing the Fund’s performance information with that of other funds (the “Performance Peer Group”) and with recognized and/or customized benchmarks (i.e., generally benchmarks derived from multiple recognized benchmarks) for the quarter, one-, three- and five-year periods ending December 31, 2013, as well as performance information reflecting the first quarter of 2014. This information supplemented the Nuveen fund performance information provided to the Board at each of its quarterly meetings.

In evaluating performance, the Board recognized several factors that may impact the performance data as well as the consideration given to particular performance data.

 

    The performance data reflects a snapshot in time, in this case as of the end of the most recent calendar year or quarter. A different performance period, however, could generate significantly different results.

 

    Long-term performance can be adversely affected by even one period of significant underperformance so that a single investment decision or theme has the ability to disproportionately affect long-term performance.

 

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

 

    Open-end funds offer multiple classes and the performance of the various classes of a fund should be substantially similar on a relative basis because all of the classes are invested in the same portfolio of securities and differences in performance among classes could be principally attributed to the variations in distribution and servicing expenses of each class.

 

   

The usefulness of comparative performance data as a frame of reference to measure a fund’s performance may be limited because the Performance Peer Group, among other things, does not adequately reflect the objectives and strategies of the fund, has a different investable universe, or the composition of the peer set may be limited in size or number as well as other factors. In this regard, the Board noted that the Adviser classified the Performance Peer Groups of the Nuveen funds from highly relevant to less relevant. For funds classified with less relevant Performance Peer Groups, the Board considered a fund’s performance compared to its benchmark to help assess the fund’s comparative performance. A fund was generally considered to have performed comparably to its benchmark if the fund’s performance was within certain thresholds compared to the performance of its benchmark and was considered to have outperformed or underperformed its

 

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benchmark if the fund’s performance was beyond these thresholds for the one- and three-year periods, subject to certain exceptions.i While the Board is cognizant of the relative performance of a fund’s peer set and/or benchmark(s), the Board evaluated fund performance in light of the respective fund’s investment objectives, investment parameters and guidelines and considered that the variations between the objectives and investment parameters or guidelines of the fund with its peers and/or benchmarks result in differences in performance results.

With respect to any Nuveen funds for which the Board has identified performance concerns, the Board monitors such funds closely until performance improves, discusses with the Adviser the reasons for such results, considers those steps necessary or appropriate to address such issues and reviews the results of any efforts undertaken. The Board is aware, however, that shareholders chose to invest or remain invested in a fund knowing that the Adviser manages the fund and knowing the fund’s fee structure.

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

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

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

2. The New Advisory Agreements

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

C. Fees, Expenses and Profitability

1. Fees and Expenses

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

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

In reviewing the fee schedule for a fund, the Independent Board Members also considered the fund-level and complex-wide breakpoint schedules (described in further detail below) and any fee waivers and reimbursements provided by Nuveen. In reviewing fees and expenses, the Board considered the expenses and fees to be higher if they were over 10 basis points higher, slightly higher if they were approximately 6 to 10 basis points higher, in line if they were within approximately 5 basis points higher than the peer average and below if they were below the peer average of the Peer Group. In reviewing the reports, the Board noted that the majority of the Nuveen funds were at, close to or below their peer average based on the net total expense ratio. The Independent Board Members observed the following with respect to the Funds’ net management fees and net expense ratios (including fee waivers and expense reimbursements).

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

 

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

 

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

2. Comparisons with the Fees of Other Clients

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

The Independent Board Members reviewed the nature of services provided by the Adviser, including through its affiliated sub-advisers and the average fee the affiliated sub-advisers assessed such clients as well as the range of fees assessed to the different types of separately managed accounts (such as retail, institutional or wrap accounts) to the extent applicable to the respective sub-adviser. In their review, the Independent Board Members considered the differences in the product types, including, but not limited to: the services provided, the structure and operations, product distribution and costs thereof, portfolio investment policies, investor profiles, account sizes and regulatory requirements. In evaluating the comparisons of fees, the Independent Board Members noted that the fee rates charged to the Nuveen funds and other clients vary, among other things, because of the different services involved and the additional regulatory and compliance requirements associated with registered investment companies, such as the Funds. The Independent Board Members noted that, as a general matter, higher fee levels reflect higher levels of service, increased investment management complexity, greater product management requirements and higher levels of risk or a combination of the foregoing. The Independent Board Members further noted, in particular, that the range of services provided to the Funds (as discussed above) is generally much more extensive than that provided to separately managed accounts. Many of the additional administrative services provided by the Adviser are not required for institutional clients. The Independent Board Members also recognized that the management fee rates of the foreign funds advised by the Adviser may vary due to, among other things, differences in the client base, governing bodies, operational complexities and services covered by the management fee. Given the inherent differences in the various products, particularly the extensive services provided to the Funds, the Independent Board Members believe such facts justify the different levels of fees.

3. Profitability of Fund Advisers

In conjunction with their review of fees, the Independent Board Members also considered the profitability of Nuveen for its advisory activities and its financial condition. The Independent Board Members reviewed the revenues and expenses of Nuveen’s advisory activities for the last two calendar years, the allocation methodology used in preparing the profitability data, an analysis of the key drivers behind the changes in revenues and expenses that impacted profitability in 2013 and Nuveen’s consolidated financial statements for 2013. The Independent Board Members noted this information supplemented the profitability information requested and received during the year to help keep them apprised of developments affecting profitability (such as changes in fee waivers and expense reimbursement commitments). In this regard, the Independent Board Members noted that two Independent Board Members served as point persons to review the profitability analysis and methodologies employed, and any changes thereto, and to keep the Board apprised of such changes. The Independent Board Members also considered Nuveen’s revenues for advisory activities, expenses and profit margin compared to that of various unaffiliated management firms.

In reviewing profitability, the Independent Board Members noted the Adviser’s continued investment in its business with expenditures to, among other things, upgrade its investment technology and compliance systems and provide for additional personnel and other resources. The Independent Board Members recognized the Adviser’s continued commitment to its business should enhance the Adviser’s capacity and capabilities in providing the services necessary to meet the needs of the Nuveen funds as they grow or change over time. In addition, in evaluating profitability, the Independent Board Members also noted the subjective nature of determining profitability which may be affected by numerous factors including the allocation of expenses and that various allocation methodologies may each be reasonable but yield different results. Further, the Independent Board Members recognized the difficulties in making comparisons as the profitability of other advisers generally is not publicly available, and the profitability information that is available for certain advisers or management firms may not be representative of the industry and may be affected by, among other things, an adviser’s particular business mix, capital costs, size, types of funds managed and expense allocations. Notwithstanding the foregoing, the Independent Board Members noted the Adviser’s adjusted operating margin appears to be reasonable in relation to other investment advisers and sufficient to operate as a viable investment management firm meeting its obligations to the Nuveen funds. Based on their review, the Independent Board Members concluded that the Adviser’s level of profitability for its advisory activities was reasonable in light of the services provided.

 

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

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

4. The New Advisory Agreements

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

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

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

1. The Original Advisory Agreements

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

In addition to fund-level advisory fee breakpoints, the Board also considered the Nuveen funds’ complex-wide fee arrangement. Pursuant to the complex-wide fee arrangement, the fees of the funds in the Nuveen complex are reduced as the assets in the fund complex reach certain levels. The complex-wide fee arrangement seeks to provide the benefits of economies of scale to fund shareholders when total fund complex assets increase, even if assets of a particular fund are unchanged or have decreased. The approach reflects the notion that some of Nuveen’s costs are attributable to services provided to all its funds in the complex and therefore all funds benefit if these costs are spread over a larger asset base.

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

2. The New Advisory Agreements

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

 

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

 

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

E. Indirect Benefits

1. The Original Advisory Agreements

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

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

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

2. The New Advisory Agreements

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

F. Other Considerations for the New Advisory Agreements

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

 

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

 

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

 

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

 

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

 

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

 

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G. Other Considerations

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

II. Approval of Interim Advisory Agreements

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

 

 

 

 

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

 

Nuveen Investments     69   


Notes

 

 

  70       Nuveen Investments


Notes

 

 

Nuveen Investments     71   


LOGO

 

    

 

     

 

           
  Nuveen Investments:            
     Serving Investors for Generations      
    

 

    

Since 1898, financial advisors and their clients have relied on Nuveen Investments to provide dependable investment solutions through continued adherence to proven, long-term investing principles. Today, we offer a range of high quality equity and fixed-income solutions designed to be integral components of a well-diversified core portfolio.

  
       

 

       

Focused on meeting investor needs.

 

Nuveen Investments provides high-quality investment services designed to help secure the longterm goals of institutional and individual investors as well as the consultants and financial advisors who serve them. Nuveen Investments markets a wide range of specialized investment solutions which provide investors access to capabilities of its high-quality boutique investment affiliates-Nuveen Asset Management, Symphony Asset Management, NWQ Investment Management Company, Santa Barbara Asset Management, Tradewinds Global Investors, Winslow Capital Management, and Gresham Investment Management. In total, Nuveen Investments managed approximately $225 billion as of March 31, 2014.

  
    

 

        
       

Find out how we can help you.

To learn more about how the products and services of Nuveen Investments may be able to help you meet your financial goals, talk to your financial advisor, or call us at (800) 257-8787. Please read the information provided carefully before you invest. Investors should consider the investment objective and policies, risk considerations, charges and expenses of any investment carefully. Where applicable, be sure to obtain a prospectus, which contains this and other relevant information. To obtain a prospectus, please contact your securities representative or Nuveen Investments, 333 W. Wacker Dr., Chicago, IL 60606. Please read the prospectus carefully before you invest or send money.

 

Learn more about Nuveen Funds at: www.nuveen.com/mf

  

 

                 
  Distributed by Nuveen Securities, LLC | 333 West Wacker Drive Chicago, IL 60606 | www.nuveen.com         

 

MSA-FSTK-0414P


     LOGO
Mutual Funds   

 

      
    

Nuveen Equity Funds

 

 

       

 

       

 

 

Semi-Annual Report  April 30, 2014

 

              Share Class / Ticker Symbol
    Fund Name        Class A    Class C    Class I     

 

 

 

 

 

  

 

  

 

  

 

  

 

 

Nuveen International Select Fund

       ISACX    ICCSX    ISYCX     
 

Nuveen Tactical Market Opportunities Fund

       NTMAX    NTMCX    FGTYX     


 

 

     

 

           
      
  NUVEEN INVESTMENTS TO BE ACQUIRED BY TIAA-CREF   
 

On April 14, 2014, TIAA-CREF announced that it had entered into an agreement to acquire Nuveen Investments, the parent company of your fund’s investment adviser, Nuveen Fund Advisors, LLC (“NFAL”) and the Nuveen affiliates that act as sub-advisers to the majority of the Nuveen Funds. TIAA-CREF is a national financial services organization with approximately $569 billion in assets under management (as of March 31, 2014) and is a leading provider of retirement services in the academic, research, medical and cultural fields. Nuveen anticipates that it will operate as a separate subsidiary within TIAA-CREF’s asset management business, and that its current leadership and key investment teams will stay in place.

 

Your fund investment will not change as a result of Nuveen’s change of ownership. You will still own the same fund shares and the underlying value of those shares will not change as a result of the transaction. NFAL and your fund’s sub-adviser(s) will continue to manage your fund according to the same objectives and policies as before, and we do not anticipate any significant changes to your fund’s operations. Under the securities laws, the consummation of the transaction will result in the automatic termination of the investment management agreements between the funds and NFAL and the investment sub-advisory agreements between NFAL and each fund’s sub-adviser(s). New agreements will be presented to the funds’ shareholders for approval, and, if approved, will take effect upon consummation of the transaction or such later time as shareholder approval is obtained.

 

The transaction, expected to be completed by year end, is subject to customary closing conditions.

  
          
       
       

 

Must be preceded by or accompanied by a prospectus.

 

NOT FDIC INSURED MAY LOSE VALUE
NO BANK GUARANTEE

  
    

 

        
                                 

 

LOGO


Table

of Contents

 

Chairman’s Letter to Shareholders

     4   

Portfolio Managers’ Comments

     5   

Risk Considerations

     10   

Fund Performance and Expense Ratios

     11   

Holding Summaries

     14   

Expense Examples

     16   

Portfolios of Investments

     18   

Statement of Assets and Liabilities

     35   

Statement of Operations

     36   

Statement of Changes in Net Assets

     37   

Financial Highlights

     38   

Notes to Financial Statements

     42   

Additional Fund Information

     55   

Glossary of Terms Used in this Report

     56   

Annual Investment Management Agreement Approval Process

     57   

 

Nuveen Investments     3   


Chairman’s Letter

to Shareholders

 

LOGO

 

Dear Shareholders,

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

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

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

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

As always, I encourage you to communicate with your financial consultant if you have any questions about your investment in a Nuveen Fund. On behalf of the other members of the Nuveen Fund Board, we look forward to continuing to earn your trust in the months and years ahead.

Sincerely,

 

LOGO

William J. Schneider

Chairman of the Board

June 23, 2014

 

 

  4       Nuveen Investments


Portfolio Managers’

Comments

 

Nuveen International Select Fund

Nuveen Tactical Market Opportunities Fund

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

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

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

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

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

Nuveen International Select Fund

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

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

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

The Fund seeks to provide long-term capital appreciation by investing primarily in equity securities of foreign issuers that trade in the U.S. or foreign markets, depositary receipts representing shares of foreign issuers and exchange-traded funds and other investment

 

 

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

 

Nuveen Investments     5   


Portfolio Managers’ Comments (continued)

 

companies that provide exposure to foreign issuers. During this reporting period, Altrinsic selected stocks for the Fund according to the developed markets value style. Lazard selected stocks for the Fund according to the emerging market style. The Fund’s other sub-adviser, Nuveen Asset Management, selected stocks for the Fund in the infrastructure sector and growth-oriented stocks primarily found in the world’s developed markets. In addition, Nuveen Asset Management maintained strategic oversight of the Fund (subject to the supervision of the Fund’s investment adviser, Nuveen Fund Advisors, Inc., an affiliate of Nuveen Investments, Inc.), which includes allocating assets among the sub-advisers (including itself) and tactically adjusting the overall portfolio balance and country emphasis using index related investments.

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

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

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

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

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

 

  6       Nuveen Investments


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

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

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

In addition to the previously mentioned futures contracts, the Fund used other equity and currency futures contracts as an overlay strategy to adjust the exposures created by its multi-manager framework so that the overall Fund had the desired exposures to key markets. For example, performance benefited from our short futures position in the Russell 2000® Index. We added this overlay to offset what we deemed to be too strong of a technology, high price/earnings ratio and small company emphasis by the Fund’s sub-advisers. We also used other long and short futures contracts to manage country and style exposures and implement various tactical market and hedging strategies. These contracts are used as a means to efficiently gain exposure to a broad base of securities. During the reporting period, these derivative positions had a moderately positive impact on performance.

Nuveen Tactical Market Opportunities Fund

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

The tables in the Fund Performance and Expense Ratios section of this report provide Class A Share total returns for the Fund for the six-month, one-year and since-inception periods ended April 30, 2014. The Fund’s Class A Shares at net asset value (NAV) outperformed the BofA/Merrill Lynch 3-Month U.S. Treasury Bill Index, but underperformed the Lipper classification average over the six-month reporting period. Shareholders should note that the performance of the Lipper classification represents the overall average of returns for funds that invest in a wide range of asset classes, making direct comparisons less meaningful.

 

Nuveen Investments     7   


Portfolio Managers’ Comments (continued)

 

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

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

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

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

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

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

 

  8       Nuveen Investments


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

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

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

 

Nuveen Investments     9   


Risk Considerations

 

Nuveen International Select Fund

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

Nuveen Tactical Market Opportunities Fund

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

 

  10       Nuveen Investments


Fund Performance

and Expense Ratios

 

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

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

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

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

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

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

 

Nuveen Investments     11   


Fund Performance and Expense Ratios (continued)

Nuveen International Select Fund

 

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

Fund Performance

Average Annual Total Returns as of April 30, 2014

 

       Cumulative        Average Annual  
       

6-Month

      

1-Year

      

5-Year

      

Since
Inception*

 

Class A Shares at NAV

       0.09%           5.97%           10.98%           2.03%   

Class A Shares at maximum Offering Price

       (5.69)%           (0.10)%           9.69%           1.21%   

MSCI All Country World Investable Market Index (ex U.S.)**

       3.36%           10.61%           13.90%           3.12%   

Lipper International Multi-Cap Growth Funds Classification Average**

       2.89%           11.20%           13.61%           2.13%   

Class C Shares

       (0.43)%           5.09%           10.15%           1.26%   

Class I Shares

       0.13%           6.21%           11.25%           2.28%   

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

 

       Cumulative        Average Annual  
       

6-Month

      

1-Year

      

5-Year

      

Since
Inception*

 

Class A Shares at NAV

       5.12%           10.75%           13.61%           2.22%   

Class A Shares at maximum Offering Price

       (0.89)%           4.41%           12.28%           1.39%   

Class C Shares

       4.75%           9.87%           12.75%           1.45%   

Class I Shares

       5.26%           10.99%           13.89%           2.47%   

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

Expense Ratios as of Most Recent Prospectus

 

       Share Class  
       

Class A

      

Class C

      

Class I

 

Gross Expense Ratios

       1.51%           2.28%           1.29%   

Net Expense Ratios

       1.31%           2.08%           1.09%   

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

 

* Since inception returns are from 12/21/06.

 

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

 

  12       Nuveen Investments


Nuveen Tactical Market Opportunities Fund

 

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

Fund Performance

Average Annual Total Returns as of April 30, 2014*

 

       Cumulative        Average Annual  
       

6-Month

      

1-Year

      

Since
Inception**

 

Class A Shares at NAV

       1.78%           (4.14)%           2.78%   

Class A Shares at maximum Offering Price

       (4.06)%           (9.63)%           1.38%   

BofA/Merrill Lynch 3-Month U.S. Treasury Bill Index***

       0.03%           0.06%           0.10%   

Lipper Flexible Portfolio Funds Classification Average***

       3.90%           6.34%           8.24%   

Class C Shares

       1.32%           (4.88)%           1.97%   

Class I Shares

       1.96%           (3.87)%           3.06%   

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

 

       Cumulative        Average Annual  
       

6-Month

      

1-Year

      

Since
Inception**

 

Class A Shares at NAV

       1.03%           (3.31)%           2.65%   

Class A Shares at maximum Offering Price

       (4.76)%           (8.86)%           1.23%   

Class C Shares

       0.57%           (4.06)%           1.85%   

Class I Shares

       1.12%           (3.13)%           2.92%   

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

Expense Ratios as of Most Recent Prospectus

 

       Share Class  
       

Class A

      

Class C

      

Class I

 

Expense Ratios

       1.33%           2.08%           1.08%   

 

* The Fund is an absolute return product designed to generate returns through tactical asset allocation positions that seeks to outperform the BofA/Merrill Lynch 3-Month U.S. Treasury Bill Index by 400 basis points over a reasonable period of time.

 

** Since inception returns are from 12/30/09. Class I Share returns are actual. The returns for Class A and Class C Shares are actual for the periods since class inception on 2/24/11; returns prior to class inception are Class I Share returns adjusted for differences in sales charges and expense, which are primarily differences in distribution and service fees.

 

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

 

Nuveen Investments     13   


Holding

Summaries April 30, 2014

 

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

Nuveen International Select Fund

 

Fund Allocation

(% of net assets)

 

Common Stocks

       91.8%   

Common Stock Rights

       0.0%   

Master Limited Partnerships (MLP) & MLP Affiliates

       0.1%   

Exchange-Traded Funds

       1.6%   

Short-Term Investments

       7.9%   

Other Assets Less Liabilities

       (1.4)%   

Portfolio Composition

(% of net assets)

 

Banks

       9.5%   

Oil, Gas & Consumable Fuels

       8.8%   

Pharmaceuticals

       6.7%   

Insurance

       3.8%   

Wireless Telecommunication Services

       3.5%   

Machinery

       3.3%   

Media

       2.7%   

Food & Staples Retailing

       2.7%   

Semiconductors & Equipment

       2.5%   

Food Products

       2.3%   

Metals & Mining

       2.2%   

Transportation Infrastructure

       2.0%   

Aerospace & Defense

       1.9%   

Energy Equipment & Services

       1.8%   

Construction Materials

       1.8%   

Beverages

       1.7%   

Automobiles

       1.7%   

IT Services

       1.6%   

Capital Markets

       1.5%   

Diversified Financial Services

       1.5%   

Real Estate Management & Development

       1.5%   

Textiles, Apparel & Luxury Goods

       1.4%   

Electronic Equipment & Instruments

       1.4%   

Construction & Engineering

       1.4%   

Hotels, Restaurants & Leisure

       1.3%   

Industrial Conglomerates

       1.2%   

Tobacco

       1.2%   

Other Industries

       19.0%   

Common Stock Rights

       0.0%   

Exchange-Traded Funds

       1.6%   

Short-Term Investments

       7.9%   

Other Assets Less Liabilities

       (1.4)%   

Country Allocation

(% of net assets)

 

United States

       12.0%   

United Kingdom

       10.5%   

Japan

       9.5%   

Canada

       7.5%   

Germany

       6.9%   

France

       5.6%   

Switzerland

       5.4%   

Brazil

       4.6%   

South Korea

       3.4%   

Netherlands

       2.6%   

South Africa

       2.3%   

Other Countries

       31.1%   

Other Assets Less Liabilities

       (1.4)%   

Top Five Common Stock Holdings

(% of net assets)

 

Roche Holding

       1.0%   

Sanofi-Aventis

       1.0%   

Novartis

       1.0%   

GlaxoSmithKline

       1.0%   

Daimler

       0.9%   
 

 

  14       Nuveen Investments


Nuveen Tactical Market Opportunities Fund

 

Fund Allocation1

(% of net assets)

 

Exchange-Traded Funds

       49.2%   

U.S. Government and Agency Obligations

       1.5%   

Sovereign Debt

       6.6%   

Short-Term Investments

       41.6%   

Other Assets Less Liabilities

       1.1%   

Portfolio Allocation2,3

 

Long-Fixed Income

       55.7%   

Short-Fixed Income

       (30.6)%   

Net Fixed Income

       25.1%   

Long Equity

       48.0%   

Short Equity

       (24.4)%   

Net Equity

       23.6%   

Long Currency

       1.2%   

Short Currency

       (4.5)%   

Net Currency

       (3.3)%   

Total Exposure3

 

Total Net Exposure

       45.4%   

Total Gross Exposure

       153.0%   

Top 5 Long Positions5

 

U.S. Dollar Index

       17.7%   

Australian 10-Year Bond

       13.8%   

Market Vectors High-Yield Municipal Index ETF

       9.3%   

U.S. 10-Year Treasury Note

       6.4%   

iShares® MSCI ACWI ETF

       6.3%   

Top 5 Short Positions5

 

S&P 500 E-Mini

       (16.6)%   

U.S. 5-Year Treasury Note

       (14.4)%   

Euro-Bund

       (12.3)%   

Russell 2000 Mini Index

       (6.8)%   

Long Gilt

       (3.8)%   
 

 

 

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

 

2 Portfolio Allocation reflects the investment exposure of the Fund by asset class investment category, including both cash positions and futures (derivative) positions. The table reflects the market value of long-term cash investments and the notional value of both long and short futures contracts as presented in the Fund’s portfolio of investments as a percentage of total investments.

 

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

 

4 Net exposure provides an indication of the Fund’s directional exposure to the market at period end and reflects the value of the portfolio’s long positions minus the short positions across asset class investment categories. This is an indication of the Fund’s sensitivity to market movements. Gross exposure provides an indication of the total gross value of the Fund’s market investment exposure reflecting a summation of the absolute value of all long and short positions in the portfolio across asset class investment categories. This is an indication of the scale of the Fund’s total investment positions regardless of direction.

 

5 The top 5 long and short positions reflect the market value of long-term cash investments and the notional value of futures contracts as presented in the Fund’s portfolio of investments.

 

Nuveen Investments     15   


Expense Examples

 

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

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

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

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

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

Nuveen International Select Fund

 

       Actual Performance        Hypothetical Performance
(5% annualized return before expenses)
 
       

A Shares

      

C Shares

      

I Shares

      

A Shares

      

C Shares

      

I Shares

 

Beginning Account Value (11/01/13)

     $ 1,000.00         $ 1,000.00         $ 1,000.00         $ 1,000.00         $ 1,000.00         $ 1,000.00   

Ending Account Value (4/30/14)

     $ 1,000.90         $ 995.70         $ 1,001.30         $ 1,017.60         $ 1,013.88         $ 1,018.84   

Expenses Incurred During Period

     $ 7.19         $ 10.89         $ 5.95         $ 7.25         $ 10.99         $ 6.01   

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

 

  16       Nuveen Investments


Nuveen Tactical Market Opportunities Fund1

 

       Actual Performance        Hypothetical Performance
(5% annualized return before expenses)
 
       

A Shares

      

C Shares

      

I Shares

      

A Shares

      

C Shares

      

I Shares

 

Beginning Account Value (11/01/13)

     $ 1,000.00         $ 1,000.00         $ 1,000.00         $ 1,000.00         $ 1,000.00         $ 1,000.00   

Ending Account Value (4/30/14)

     $ 1,017.80         $ 1,013.20         $ 1,019.60         $ 1,019.14         $ 1,015.42         $ 1,020.38   

Expenses Incurred During Period

     $ 5.70         $ 9.43         $ 4.46         $ 5.71         $ 9.44         $ 4.46   

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

 

1 In addition to the fees and expenses which the Fund bears directly, the Fund indirectly bears a pro rata share of the fees and expenses of other funds in which the Fund invests. These underlying fees and expenses are not reflected in the expense ratios. Because these other funds have varied expenses and fee levels and the Fund may own different proportions at different times, the amount of fees and expenses incurred indirectly by the Fund will vary.

 

Nuveen Investments     17   


Nuveen International Select Fund

Portfolio of Investments April 30, 2014 (Unaudited)

 

Shares     Description (1)                  Value  
 

LONG-TERM INVESTMENTS – 93.5%

       
 

COMMON STOCKS – 91.8%

       
 

Argentina – 0.2%

       
  34,054     

YPF Sociedad Anonima

              $ 969,177   
 

Australia – 0.8%

       
  15,299     

Asciano Group

          76,891   
  26,715     

Aurizon Holdings

          128,558   
  27,818     

DUET Group

          56,079   
  328,490     

G8 Education Ltd

          1,425,126   
  19,297     

Macquarie Atlas Roads Group

          55,752   
  17,797     

Rea Group Limited

          773,265   
  57,142     

Sydney Airport

          224,018   
  78,866     

Transurban Group

                532,646   
 

Total Australia

                3,272,335   
 

Austria – 0.1%

       
  5,412     

Flughafen Wien

                530,763   
 

Belgium – 0.0%

       
  3,315     

bpost

          74,666   
  510     

Elia System Operator

                27,042   
 

Total Belgium

                101,708   
 

Bermuda – 1.3%

       
  1,302,892     

Biosensors International Group

          987,275   
  115,747     

Bw Lpg Ltd

          1,479,867   
  66,570     

Genpact Limited, (2)

          1,122,370   
  34,734     

Golar LNG

          1,535,243   
  515,755     

Hankore Environment, (2)

                46,487   
 

Total Bermuda

                5,171,242   
 

Brazil – 4.6%

       
  8,470     

Alupar Investimento

          60,018   
  136,700     

Ambev Sa

          991,075   
  271,043     

Banco do Brasil

          2,855,387   
  131,200     

BB Seguridade Participacoes

          1,544,568   
  120,806     

Cielo

          2,107,028   
  31,413     

Companhia Brasileira de Distribuicao, Class A, ADR

          1,494,002   
  110,953     

Companhia de Concessoes Rodoviarias

          869,810   
  943     

Companhia de Saneamento de Minas Gerais

          14,734   
  21,900     

Companhia Energetica de Minas Gerais, ADR

          165,126   

 

  18       Nuveen Investments


Shares     Description (1)                  Value  
 

Brazil (continued)

       
  4,032     

CPFL Energias Renovaveis, (2)

        $ 25,280   
  81,072     

Embraer S A

          2,788,877   
  98,200     

Hypermarcas

          724,471   
  18,200     

Localiza Rent A Ca

          272,214   
  38,000     

Natura Cosmeticos

          654,423   
  86,595     

Souza Cruz

          794,589   
  58,000     

Ultrapar Participa

          1,446,781   
  58,500     

Vale, ADR

          773,370   
  56,100     

Via Varejo Sa

          603,835   
  7,128     

Wilson Sons

                101,498   
 

Total Brazil

                18,287,086   
 

Canada – 7.5%

       
  97,300     

Africa Oil Corp.

          734,155   
  53,100     

Alimentation Couche Tard, Inc.

          1,496,518   
  1,021     

AltaGas

          43,502   
  270,200     

Americas Petrogas, Inc.

          340,200   
  77,300     

Bellatrix Exploration Ltd Com

          751,807   
  37,200     

Black Diamond Group Ltd

          1,169,574   
  20,900     

Boyd Group Income Fund

          758,353   
  161,300     

Canacol Energy Ltd

          1,215,581   
  35,900     

Canadian Natural Resources

          1,462,793   
  2,608     

Canadian Utilities, Class A, Class A

          96,344   
  16,118     

Cenovus Energy

          480,136   
  37,200     

Concordia Healthcare Corp.

          831,192   
  92,600     

Deethree Exploration Ltd

          991,856   
  73,800     

Detour Gold Corp.

          734,600   
  14,753     

Enbridge

          712,422   
  30,297     

EnCana

          701,830   
  76,000     

Enerplus Corp.

          1,685,653   
  2,292     

Fortis

          67,335   
  9,103     

Gibson Energy

          243,012   
  29,000     

Gildan Activewear, Inc.

          1,482,478   
  26,752     

Imax, (2)

          685,921   
  3,166     

Inter Pipeline Ltd

          86,079   
  1,239     

Keyera

          82,408   
  177,280     

Kinross Gold

          719,763   
  431,000     

Neulion, Inc.

          357,840   
  117,700     

Pacific Rubiales Energy

          1,921,129   
  39,700     

Paramount Resources Ltd – A

          2,160,219   

 

Nuveen Investments     19   


Nuveen International Select Fund (continued)

Portfolio of Investments April 30, 2014 (Unaudited)

 

Shares     Description (1)                  Value  
 

Canada (continued)

       
  38,300     

Pembina Pipeline

        $ 1,505,024   
  88,000     

Precision Drilling Corp.

          1,144,108   
  4,906     

Progressive Waste Solutions

          119,559   
  42,200     

Secure Energy Services, Inc.

          756,947   
  18,200     

Shawcor Ltd New Com

          810,660   
  189,640     

Talisman Energy

          1,960,331   
  4,926     

Transalta Renewables, Inc.

          50,112   
  10,847     

TransCanada

          505,796   
  3,109     

Veresen

          45,980   
  4,725     

Westshore Terminals Investment

          153,556   
  70,166     

Yamana Gold

                524,842   
 

Total Canada

                29,589,615   
 

Cayman Islands – 1.3%

       
  153,000     

Airtac Internation

          1,644,099   
  7,600     

Baidu, ADR, (2)

          1,169,260   
  14,479     

Eurasia Drilling Co Ltd, (3)

          356,907   
  43,300     

Nord Anglia Education, Inc., (2)

          859,505   
  254,400     

Wynn Macau

                1,002,447   
 

Total Cayman Islands

                5,032,218   
 

Chile – 0.0%

       
  76,508     

Aguas Andinas, Class A

          47,199   
  1,796     

Empresa Nacional de Electrcidad, ADR

          79,150   
  4,160     

Enersis, ADR

                66,976   
 

Total Chile

                193,325   
 

China – 1.1%

       
  3,359,350     

China Construction Bank, Class H

          2,318,153   
  98,000     

China Shenhua Energy

          265,447   
  8,917     

ENN Energy Holdings

          62,338   
  17,700     

NetEase.com, ADR

          1,205,193   
  124,600     

Weichai Power, Class H

                433,925   
 

Total China

                4,285,056   
 

Denmark – 1.4%

       
  6,091     

Alk-abello A/S

          843,456   
  20     

AP Moller – Maersk, Class B

          47,658   
  42,903     

Novo-nordisk A/S

          1,935,420   
  17,032     

Ow Bunker A/S

          560,347   
  51,644     

Vestas Wind Systems A/S

                2,292,302   
 

Total Denmark

                5,679,183   

 

  20       Nuveen Investments


Shares     Description (1)                  Value  
 

Egypt – 0.2%

       
  144,179     

Commercial International Bank

              $ 725,220   
 

Finland – 0.6%

       
  24,426     

Basware Oyj

          1,153,187   
  4,082,438     

Outokumpu Oyj

                1,246,027   
 

Total Finland

                2,399,214   
 

France – 5.6%

       
  29,584     

Accor

          1,446,365   
  2,537     

Aeroports de Paris

          315,471   
  44,124     

Carrefour

          1,715,865   
  25,042     

Compagnie de Saint-Gobain

          1,529,341   
  29,490     

DANONE

          2,174,928   
  2,337     

Eurofins Scientific

          648,446   
  3,044     

GDF Suez

          76,755   
  76,650     

Groupe Eurotunnel

          1,028,203   
  38,606     

Jc Decaux Sa

          1,582,696   
  5,846     

L’oreal

          1,005,694   
  723     

Rubis

          51,436   
  26,932     

Safran

          1,810,101   
  36,740     

Sanofi-Aventis

          3,976,769   
  3,197     

Suez Environnement

          62,760   
  19,010     

Technip

          2,138,889   
  17,100     

Total SA

          1,221,293   
  10,669     

Valeo

          1,461,511   
  880     

Vinci

                66,342   
 

Total France

                22,312,865   
 

Germany – 6.9%

       
  14,372     

Adidas

          1,533,904   
  12,250     

Allianz

          2,121,826   
  78,236     

Commerzbank Ag

          1,389,861   
  19,610     

Cts Eventim

          1,248,750   
  39,683     

Daimler

          3,673,761   
  44,492     

Deutsche Boerse

          3,258,508   
  72,791     

E.ON

          1,392,098   
  5,137     

Fraport Frankfurt Airport

          379,075   
  22,801     

HeidelbergCement

          1,977,689   
  17,436     

Henkel KGAA

          1,941,714   
  7,962     

Jungheinrich

          591,517   
  28,588     

Osram Licht

          1,496,428   
  17,117     

Siemens

          2,255,986   

 

Nuveen Investments     21   


Nuveen International Select Fund (continued)

Portfolio of Investments April 30, 2014 (Unaudited)

 

Shares     Description (1)                  Value  
 

Germany (continued)

       
  35,521     

Symrise

        $ 1,792,559   
  23,551     

United Internet

          1,010,916   
  26,185     

Wirecard

                1,097,641   
 

Total Germany

                27,162,233   
 

Great Britain – 0.5%

       
  486,542     

Barclays

                2,071,755   
 

Hong Kong – 2.1%

       
  27,515     

APT Satellite Holdings Limited

          34,496   
  20,352     

Beijing Enterprises Holdings

          176,929   
  80,889     

Cheung Kong Holdings

          1,377,198   
  830,000     

China Animal Healthcare Ltd

          541,703   
  130,848     

China Everbright International

          164,046   
  103,981     

China Merchants Holdings International

          325,236   
  181,484     

China Mobile

          1,725,198   
  33,011     

China Mobile Limited

          1,565,712   
  231     

China Resources Gas Group

          684   
  586,000     

CNOOC

          968,989   
  206,728     

COSCO Pacific

          276,777   
  35,816     

Guangdong Investment

          38,944   
  17,442     

Hong Kong & China Gas

          40,225   
  918,000     

Huabao International Holdings

          434,552   
  1,230,000     

Lijun International

          502,918   
  19,005     

MTR

          71,701   
  4,187     

Power Assets Holdings

          36,184   
  10,698     

Sinopec Kantons Holdings

          9,976   
  84,810     

Towngas China

                96,701   
 

Total Hong Kong

                8,388,169   
 

Hungary – 0.3%

       
  54,626     

Otp Bank Plc

                1,040,366   
 

India – 1.4%

       
  33,811     

Axis Bank

          850,502   
  72,244     

Bank of India

          280,460   
  230,093     

Bharat Heavy Electricals

          688,391   
  16,800     

Dr Reddy’s Labs Ltd

          757,176   
  1,261     

GAIL India, GDR

          46,896   
  107,601     

Jindal Steel & Power

          455,362   
  85,023     

Power Grid

          149,141   
  70,038     

Punjab National Bank

          909,687   
  39,762     

Tata Consultancy Services

                1,443,206   
 

Total India

                5,580,821   

 

  22       Nuveen Investments


Shares     Description (1)                  Value  
 

Indonesia – 1.5%

       
  1,178,600     

Astra International

        $ 756,918   
  1,999,465     

Bank of Mandiri

          1,699,152   
  107,300     

Jasa Marga

          54,757   
  445,100     

Semen Gresik Persero

          571,702   
  51,700     

Tambang Batubara Bukit Asam

          44,159   
  44,300     

Telekomunikasi Indonesia, ADR

          1,758,710   
  246,972     

Tower Bersama Infrastructure

          138,850   
  389,619     

United Tractors

                731,283   
 

Total Indonesia

                5,755,531   
 

Ireland – 1.6%

       
  5,634,905     

Bank of Ireland

          2,212,373   
  39,472     

Covidien

          2,812,380   
  18,789     

Kerry Group

                1,472,778   
 

Total Ireland

                6,497,531   
 

Italy – 2.2%

       
  29,788     

Atlantia

          774,868   
  46,046     

Azimut Holding S.p.a

          1,434,146   
  442,451     

Banca Intesa

          1,510,030   
  5,140     

Ei Towers S.p.a.

          292,370   
  27,841     

Hera

          81,963   
  154,096     

Italcementi

          1,870,616   
  32,198     

Luxottica Group S.p.a

          1,843,013   
  10,447     

Snam Rete Gas

          62,786   
  5,803     

Societa Iniziative Autostradali e Servizi

          68,915   
  32,353     

Terna-Rete Elettrica Nationale

          175,051   
  20,799     

Yoox Spa

                745,624   
 

Total Italy

                8,859,382   
 

Japan – 9.5%

       
  138,565     

AMADA

          1,001,609   
  37,800     

Asics Corp.

          735,406   
  28,400     

Colopl, Inc.

          733,091   
  2,142     

East Japan Railway

          156,153   
  118,370     

INPEX

          1,722,840   
  4,303     

Japan Airport Terminal

          99,036   
  94,600     

Japan Display, Inc.

          582,951   
  21,814     

Japan Exchange Group

          430,583   
  10,171     

Kamigumi, WI/DD

          96,900   
  173,237     

Kyowa Hakko Kirin

          1,972,396   
  50,900     

M3, Inc.

          698,017   

 

Nuveen Investments     23   


Nuveen International Select Fund (continued)

Portfolio of Investments April 30, 2014 (Unaudited)

 

Shares     Description (1)                  Value  
 

Japan (continued)

       
  127,400     

Matsushita Electric Industrial

        $ 1,394,440   
  129,621     

Mitsubishi

          2,317,672   
  5,311     

Mitsubishi Logistics

          76,157   
  37,000     

Mitsui Fudosan

          1,093,334   
  98,463     

Mitsui Sumitomo Insurance Group

          2,205,510   
  10,835     

Nintendo

          1,138,239   
  80,731     

NKSJ Holdings

          2,012,846   
  54,100     

ORIX

          781,589   
  28,957     

Osaka Gas

          109,047   
  8,200     

Sawai Pharm Co Ltd

          507,713   
  9,052     

SMC

          2,149,335   
  20,700     

Softbank

          1,536,783   
  25,967     

Sugi Holdings

          1,168,369   
  660,505     

Sumitomo Mitsui Trust

          2,719,935   
  87,523     

Suzuki Motor

          2,255,814   
  726,207     

The Bank of Yokohama

          3,643,999   
  81,786     

THK

          1,730,358   
  31,930     

Tokio Marine Holdings, WI/DD

          940,394   
  9,122     

Tokyo Gas

          47,736   
  88,700     

Topcon Corporation

                1,546,947   
 

Total Japan

                37,605,199   
 

Jersey – 0.9%

       
  226,254     

Glencore Xstrata

          1,216,686   
  37,449     

Shire

                2,135,860   
 

Total Jersey

                3,352,546   
 

Luxembourg – 0.5%

       
  11,469     

Oriflame Cosmetics, SDR

          292,449   
  40,513     

SES

                1,525,701   
 

Total Luxembourg

                1,818,150   
 

Malaysia – 0.2%

       
  27,800     

British American Tobacco

          521,010   
  14,227     

Petronas Gas

                102,384   
 

Total Malaysia

                623,394   
 

Mexico – 1.6%

       
  123,592     

Cemex, ADR, (2)

          1,562,197   
  411,200     

Empresas Ica Sab

          736,107   
  946     

Grupo Aeroportuario del Centro Norte, ADR

          27,850   
  1,467     

Grupo Aeroportuario del Sureste, ADR

          179,341   
  167,316     

Grupo Mexico, Series B

          503,889   

 

  24       Nuveen Investments


Shares     Description (1)                  Value  
 

Mexico (continued)

       
  76,805     

Grupo Televisa, ADR

        $ 2,519,972   
  23,872     

Infraestructura En

          124,882   
  191,300     

Kimberly-Clark de Mexico, Series A

          499,205   
  25,572     

OHL Mexico

          68,021   
  2,432     

Promotora Y Operad

                33,963   
 

Total Mexico

                6,255,427   
 

Netherlands – 2.6%

       
  17,480     

Chicago Bridge & Iron

          1,399,624   
  24,500     

Constellium Nv, (2)

          747,740   
  32,598     

European Aeronautic Defence and Space

          2,238,173   
  41,711     

Heineken

          2,893,382   
  5,246     

Koninklijke Vopak

          261,172   
  31,092     

Nxp Semiconductors NV, (2)

          1,853,705   
  18,117     

Oci N.v.

                774,773   
 

Total Netherlands

                10,168,569   
 

New Zealand – 0.1%

       
  60,931     

Auckland International Airport

          208,586   
  36,061     

Infratil

          71,520   
  12,457     

Port of Tauranga

                154,680   
 

Total New Zealand

                434,786   
 

Norway – 0.8%

       
  26,421     

Avance Gas Holdings L

          571,152   
  70,277     

Epic Gas Ltd

          532,017   
  2,633     

Hafslund, Class B

          21,483   
  126,036     

Hexagon Composites

          780,264   
  2,034,155     

REC Silicon ASA

                1,132,006   
 

Total Norway

                3,036,922   
 

Panama – 0.5%

       
  53,770     

Carnival

                2,113,699   
 

Philippines – 1.0%

       
  173,091     

International Container Terminal Services

          419,721   
  19,700     

Philippine Long Distance Telephone, ADR

          1,270,650   
  727,900     

Puregold Price Club

          750,269   
  1,057,680     

Robinsons Retail Holdings

                1,589,604   
 

Total Philippines

                4,030,244   
 

Poland – 0.0%

       
  6,648     

Energa Sa

                39,634   

 

Nuveen Investments     25   


Nuveen International Select Fund (continued)

Portfolio of Investments April 30, 2014 (Unaudited)

 

Shares     Description (1)                  Value  
 

Portugal – 0.2%

       
  152,801     

Espirito Santo Sau

              $ 737,719   
 

Russia – 1.7%

       
  529,599     

Alrosa Zao

          547,178   
  213,572     

Gazprom OAO, ADR

          1,540,281   
  8,699     

LUKOIL, ADR

          459,742   
  8,971     

Magnit, GDR, (3)

          355,782   
  86,650     

Mobile TeleSystems, ADR

          1,452,254   
  1,011,862     

Sberbank

          2,059,228   
  37,140     

Sberbank Russia

                313,090   
 

Total Russia

                6,727,555   
 

Singapore – 1.1%

       
  154,642     

CitySpring Infrastructure Trust

          58,591   
  83,730     

ComfortDelGro

          141,587   
  1,026,000     

Global Logistic Properties

          2,332,376   
  2,441,285     

Golden Agri-Resources

          1,187,831   
  203,837     

Hutchison Port Holdings Trust

          138,609   
  23,988     

Hyflux

          22,960   
  37,626     

K-Green Trust

          31,513   
  51,122     

Parkway Life, REIT

          102,350   
  37,474     

Singapore Airport Terminal Services

          94,754   
  82,956     

Singapore Post

                93,629   
 

Total Singapore

                4,204,200   
 

South Africa – 2.3%

       
  46,143     

Bidvest Group

          1,265,363   
  33,000     

Imperial Holdings

          614,611   
  59,498     

MTN Group

          1,192,222   
  28,089     

Nedbank Group

          601,135   
  165,115     

PPC, WI/DD

          480,255   
  107,719     

Sanlam

          575,942   
  79,449     

Shoprite Holdings

          1,326,781   
  42,622     

Standard Bank Group

          559,407   
  20,124     

Tiger Brands

          537,775   
  64,562     

Truworths International

          517,637   
  61,990     

Vodacom Group

          739,190   
  79,261     

Woolworths Holdings

                538,678   
 

Total South Africa

                8,948,996   
 

South Korea – 3.4%

       
  9,525     

Hanssem Co.

          778,002   
  8,876     

Hotel Shilla

          746,467   

 

  26       Nuveen Investments


Shares     Description (1)                  Value  
 

South Korea (continued)

       
  5,108     

Hyundai Mobis

        $ 1,458,299   
  7,465     

I-sens, Inc.

          374,225   
  36,950     

KB Financial Group

          1,258,724   
  153,872     

Korea Life Insurance

          1,000,697   
  12,851     

KT&G

          1,029,771   
  1,082     

NHN

          772,782   
  2,083     

Samsung Electronics, GDR

          2,707,315   
  41,686     

Shinhan Financial Group, ADR

          1,815,417   
  26,930     

Sk Hynix, Inc., WI/DD

          1,046,395   
  7,717     

Woongjin Coway

                608,667   
 

Total South Korea

                13,596,761   
 

Spain – 0.9%

       
  5,032     

Abertis Infraestructuras

          113,129   
  17,035     

Carbures Europe Sa

          777,305   
  2,063     

Edp Renovaveis Sa

          14,130   
  7,977     

Ferrovial

          177,070   
  38,199     

Grifols SA

          1,567,687   
  23,590     

Iberdrola

          164,783   
  63,967     

Mediaset Espana

          708,181   
  611     

Red Electrica

                50,250   
 

Total Spain

                3,572,535   
 

Sweden – 1.8%

       
  36,248     

Arcam AB

          939,342   
  104,093     

Cybaero AB, (2), (4)

          500,098   
  245,490     

Ericsson

          2,963,761   
  58,695     

Recipharm AB

          785,344   
  65,507     

Svenska Cellulosa, Class B

                1,834,583   
 

Total Sweden

                7,023,128   
 

Switzerland – 5.4%

       
  2,453     

Burckhardt Compression

          1,270,956   
  49,381     

Credit Suisse Group

          1,565,985   
  263     

Dufry Ag, (2)

          43,450   
  600     

Flughafen Zuerich

          378,025   
  42,382     

Foster Wheeler

          1,452,855   
  6,392     

Leonteq Ag

          1,218,700   
  83,342     

Meyer Burger Techn

          1,027,452   
  46,918     

Nestle

          3,622,404   
  45,649     

Novartis

          3,957,526   
  13,845     

Roche Holding

          4,058,641   

 

Nuveen Investments     27   


Nuveen International Select Fund (continued)

Portfolio of Investments April 30, 2014 (Unaudited)

 

Shares     Description (1)                  Value  
 

Switzerland (continued)

       
  2,789     

Syngenta

        $ 1,104,699   
  84,955     

UBS

                1,776,130   
 

Total Switzerland

                21,476,823   
 

Taiwan – 1.5%

       
  391,000     

Delta Electronics

          2,395,357   
  336,077     

Hon Hai Precision Industry

          963,781   
  650,959     

Taiwan Semiconductor Manufacturing

                2,554,429   
 

Total Taiwan

                5,913,567   
 

Thailand – 0.7%

       
  139,879     

Bangkok Bank Thb10 NVDR

          814,808   
  506,800     

CP ALL

          657,775   
  122,077     

PTT Exploration and Production Public Company

          601,709   
  50,300     

Siam Cement

                677,713   
 

Total Thailand

                2,752,005   
 

Turkey – 1.0%

       
  180,397     

Akbank T.A.S.

          629,644   
  242,101     

Koc Holding

          1,081,202   
  56,000     

Turkcell Iletisim Hizmetleri, ADR, (2)

          810,880   
  142,950     

Turkiye Garanti Bankasi

          523,314   
  364,942     

Turkiye Is Bankasi, Class C

                858,972   
 

Total Turkey

                3,904,012   
 

United Kingdom – 10.5%

       
  50,577     

Anglo American

          1,350,929   
  15,949     

Aon

          1,353,751   
  45,976     

ARM Holdings

          692,031   
  69,789     

Ashtead Group

          1,030,433   
  14,469     

ASOS

          1,044,109   
  23,550     

BP, ADR

          1,192,101   
  128,813     

Circassia Pharmaceuticals

          669,859   
  91,889     

Diageo

          2,819,752   
  1,496     

Drax Group

          16,721   
  58,356     

Easyjet

          1,612,899   
  189,982     

Foxtons Group Plc

          1,020,350   
  136,994     

GlaxoSmithKline

          3,774,806   
  27,843     

Icon Plc, (2)

          1,079,473   
  299,152     

International Consolidated Airlines Group SA

          2,041,050   
  117,216     

Jazztel

          1,798,569   
  1,319,014     

Lloyds Banking Group

          1,678,275   
  47,047     

London Stock Exchange Group

          1,439,339   

 

  28       Nuveen Investments


Shares     Description (1)                  Value  
 

United Kingdom (continued)

       
  32,800     

MegaFon (OJSC)

        $ 847,880   
  8,278     

National Grid, ADR

          588,235   
  65,075     

Noble Corp Plc

          2,004,960   
  116,301     

Optimal Payments

          742,737   
  5,958     

Pennon Group

          76,200   
  345,208     

Polypipe Group Plc

          1,544,542   
  153,480     

Poundland Group

          900,491   
  18,939     

Rotork

          828,509   
  40,738     

Shanks Group

          69,985   
  17,405     

Stagecoach Group

          109,024   
  111,608     

Standard Chartered

          2,414,832   
  58,209     

Vodafone Group Plc New

          2,209,614   
  83,124     

Willis Group Holdings

          3,407,253   
  63,856     

WPP

                1,373,549   
 

Total United Kingdom

                41,732,258   
 

United States – 2.4%

       
  970     

Allete

          50,207   
  4,695     

American Tower, Class A

          392,126   
  2,084     

American Water Works

          94,885   
  3,864     

Brookfield Infrastructure Partners

          150,657   
  788     

California Water Service Group

          17,730   
  9,347     

CenterPoint Energy

          231,432   
  2,385     

CMS Energy

          72,289   
  2,333     

Connecticut Water Service

          75,823   
  2,263     

Corrections Corporation of America, REIT

          74,226   
  8,559     

Covanta Holding

          157,914   
  6,248     

Dominion Resources

          453,230   
  2,218     

Duke Energy

          165,219   
  1,149     

Genesee & Wyoming, Class A, (2)

          113,762   
  850     

Geo Group

          28,501   
  3,047     

Great Plains Energy

          81,751   
  3,300     

ITC Holdings

          122,001   
  9,145     

Kinder Morgan

          298,676   
  5,557     

NextEra Energy

          554,866   
  7,658     

NiSource

          278,139   
  1,811     

Northeast Utilities

          85,588   
  1,478     

OGE Energy

          55,174   
  1,843     

Oiltanking Partners

          152,693   
  703     

One Gas, Inc.

          25,716   

 

Nuveen Investments     29   


Nuveen International Select Fund (continued)

Portfolio of Investments April 30, 2014 (Unaudited)

 

Shares     Description (1)                  Value  
 

United States (continued)

       
  4,205     

ONEOK

        $ 265,840   
  2,425     

PG&E

          110,532   
  27,601     

Philip Morris International

          2,357,953   
  1,232     

Pinnacle West Capital

          68,930   
  4,435     

Portland General Electric

          148,439   
  6,711     

PPL

          223,745   
  7,283     

Questar

          176,831   
  2,283     

SBA Communications, Class A, (2)

          204,922   
  2,082     

SemGroup

          132,998   
  2,621     

Sempra Energy

          258,457   
  714     

South Jersey Industries

          41,019   
  1,780     

Sp Plus Corp., (2)

          43,468   
  7,451     

Spectra Energy

          295,879   
  222     

Targa Resources

          23,974   
  398     

Union Pacific

          75,791   
  42     

Unitil

          1,394   
  15,442     

Verizon Communications

          721,619   
  3,183     

Waste Connections

          142,153   
  2,478     

Western Gas Partners

          168,505   
  11,065     

Williams

                466,612   
 

Total United States

                9,661,666   
 

Total Common Stocks (Cost $318,939,236)

                363,634,590   
Shares     Description (1)                  Value  
 

COMMON STOCK RIGHTS – 0.0%

       
 

Australia – 0.0%

       
  18,341     

Transurban Group Rights, (4)

              $   
 

Total Common Stock Rights (cost $3,878)

                  
Shares     Description (1)                  Value  
 

MASTER LIMITED PARTNERSHIPS (MLP) & MLP AFFILIATES – 0.1%

       
 

United States – 0.1%

       
  1,329     

Access Midstream Partners LP

        $ 78,876   
  195     

Dcp Midstream Partners LP

          10,433   
  1,842     

Enable Midstream Partners LP, (2)

          45,571   
  397     

Enterprise Products Partners LP

          29,033   
  692     

Markwest Energy Partners LP

          43,831   
  882     

Plains All American Pipeline LP

          49,216   
  6,883     

Plains GP Holdings LP

                189,764   
 

Total Master Limited Partnerships (MLP) & MLP Affiliates (cost $412,998)

                446,724   

 

  30       Nuveen Investments


Shares     Description (1), (5)                        Value  
 

EXCHANGE-TRADED FUNDS – 1.6%

       
 

United States – 1.6%

       
  139,000     

iShares® MSCI Frontier 100 ETF

        $ 5,168,020   
  42,300     

iShares® MSCI Poland Capped ETF

                            1,282,536   
 

Total Exchange-Traded Funds (cost $6,109,921)

                            6,450,556   
 

Total Long-Term Investments (cost $325,466,033)

                            370,531,870   
Shares/
Principal
Amount (000)
    Description (1)   Coupon     Maturity     Ratings (6)     Value  
 

SHORT-TERM INVESTMENTS – 7.9%

       
 

Money Market Funds – 4.8%

       
  18,875,394     

State Street Institutional Liquid Reserves Fund

    0.070 % (7)      N/A        N/A      $ 18,875,393   
 

U.S. Government and Agency Obligations – 3.1%

       
$ 12,500     

U.S. Treasury Bills, (8)

    0.000     7/24/14        Aaa        12,499,563   
 

Total Short-Term Investments (cost $31,373,702)

                            31,374,956   
 

Total Investments (cost $356,839,735) – 101.4%

                            401,906,826   
 

Other Assets Less Liabilities – (1.4)%

                            (5,548,928
 

Net Assets – 100%

                          $ 396,357,898   

Investments in Derivatives as of April 30, 2014

Futures Contracts outstanding:

 

Description      Contract
Position
       Number of
Contracts
       Contract
Expiration
       Notional
Amount
at Value*
       Unrealized
Appreciation
(Depreciation)
 

Euro STOXX 50

       Long           279           6/14         $ 12,173,349         $ 877,790   

Russell 2000 Mini Index

       Short           (161        6/14           (18,089,960        672,293   

FTSE MIB Index

       Long           69           6/14           10,284,427           650,155   

S&P TSX 60 Index

       Long           155           6/14           23,647,735           546,684   

FTSE 100 Index

       Long           97           6/14           11,045,730           462,404   

SPI 200

       Long           97           6/14           12,320,657           260,956   

H-Shares Index

       Short           (205        5/14           (12,840,016        234,620   

IBEX 35 Index

       Long           66           5/14           9,522,661           226,177   

OMX Stockholm 30 Index

       Long           233           5/14           4,871,636           86,356   

Amsterdam Index

       Long           35           5/14           3,852,040           65,351   

E-Mini MSCI Emerging Markets Index

       Short           (240        6/14           (11,934,000        62,054   

CAC 40 Index

       Long           50           6/14           3,057,020           31,946   

MSCI Taiwan Index

       Long           177           5/14           5,556,030           (87,707

Japanese Yen

       Short           (74        6/14           (9,060,375        (92,809

NASDAQ 100 E-Mini

       Short           (138        6/14           (9,862,170        (203,523

SET50 Index

       Short           (152        6/14           (4,497,528        (236,608

DAX Index

       Short           (31        6/14           (10,340,143        (279,481

BIST 30 Index

       Short           (2,829        6/14           (12,185,245        (432,806

Nikkei 225 Index

       Long           222           6/14           15,878,550           (668,103
                                        $ 23,400,398         $ 2,175,749   
* The aggregate Notional Amount at Value of long and short positions is $112,209,835 and $(88,809,437), respectively.

 

Nuveen Investments     31   


Nuveen International Select Fund (continued)

Portfolio of Investments April 30, 2014 (Unaudited)

 

 

 

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

 

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

 

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

 

(3) For fair value measurement disclosure purposes, Common Stock classified as Level 2. See Notes to Financial Statements, Note 2 – Investment Valuation and Fair Value Measurements for more information.

 

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

 

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

 

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

 

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

 

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

 

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

 

N/A Not applicable.

 

ADR American Depositary Receipt

 

BIST Borsa Istanbul

 

CAC Cotation Assistée en Continu

 

DAX Deutscher Aktien Index

 

ETF Exchange-Traded Fund

 

FTSE Financial Times Stock Exchange

 

GDR Global Depositary Receipt

 

IBEX International Business Exchange

 

MIB Milano Italia Borsa

 

MSCI Morgan Stanley Capital International Inc.

 

NASDAQ National Association of Securities Dealers Automated Quotations

 

NVDR Non-Voting Depository Receipt

 

OJSC Open Joint Stock Company

 

REIT Real Estate Investment Trust

 

S&P Standard & Poor’s

 

SDR Swedish Depositary Receipt

 

SET Stock Exchange of Thailand

 

SPI Swiss Performance Index

 

TSX Toronto Stock Exchange

 

See accompanying notes to financial statements.

 

  32       Nuveen Investments


Nuveen Tactical Market Opportunities Fund

Portfolio of Investments April 30, 2014 (Unaudited)

 

Shares     Description (1), (2)                        Value  
 

LONG-TERM INVESTMENTS – 57.3%

       
 

EXCHANGE-TRADED FUNDS – 49.2%

       
 

Equity Funds – 26.6%

       
  60,800     

Consumer Staples Select Sector SPDR Fund

        $ 2,689,792   
  22,800     

Energy Select Sector SPDR Fund

          2,137,272   
  151,000     

Financial Select Sector SPDR Fund

          3,315,960   
  59,800     

Health Care Select Sector SPDR Fund

          3,475,576   
  43,800     

Industrial Select Sector SPDR Fund

          2,322,714   
  136,000     

iShares® MSCI ACWI ETF

          6,439,600   
  16,000     

iShares® MSCI Frontier 100 ETF

          594,880   
  14,000     

iShares® PHLX Semiconductor ETF

          1,094,660   
  13,000     

iShares® U.S. Telecommunications ETF

          381,290   
  15,000     

Materials Select Sector SPDR Fund

          715,500   
  121,500     

Technology Select Sector SPDR Fund

                            4,428,675   
 

Total Equity Funds (cost $25,318,517)

                            27,595,919   
 

Fixed Income Funds – 22.6%

       
  20,000     

iShares® JPMorgan USD Emerging Markets Bond ETF

          2,243,400   
  357,000     

iShares® Mortgage Real Estate Capped ETF

          4,451,790   
  318,000     

Market Vectors High-Yield Municipal Index ETF

          9,527,280   
  100,000     

PowerShares Emerging Markets Sovereign Debt Portfolio

          2,826,000   
  245,000     

PowerShares Financial Preferred Portfolio

                            4,395,300   
 

Total Fixed Income Funds (cost $24,350,969)

                            23,443,770   
 

Total Exchange-Traded Funds (cost $49,669,486)

                            51,039,689   
Principal
Amount (000)
    Description (1)   Coupon     Maturity     Ratings (3)     Value  
 

U.S. GOVERNMENT AND AGENCY OBLIGATIONS – 1.5%

       
$ 1,500     

U.S. Treasury Bonds

    3.625     8/15/43        Aaa      $ 1,547,812   
$ 1,500     

Total U.S. Government and Agency Obligations (cost $1,431,379)

                            1,547,812   
Principal
Amount (000) (4)
    Description (1)   Coupon     Maturity     Ratings (3)     Value  
 

SOVEREIGN DEBT – 6.6%

       
 

Mexico – 6.6%

       
  30,000  MXN   

Mexico Bonos

    8.000     6/11/20        A      $ 2,582,909   
  54,000  MXN   

Mexico Bonos

    6.500     6/09/22        A        4,258,107   
  84,000  MXN   

Total Sovereign Debt (cost $7,466,472)

                            6,841,016   
 

Total Long-Term Investments (cost $58,567,337)

                            59,428,517   

 

Nuveen Investments     33   


Nuveen Tactical Market Opportunities Fund (continued)

Portfolio of Investments April 30, 2014 (Unaudited)

 

Shares/ Principal
Amount (000)
    Description (1)   Coupon     Maturity     Ratings (3)     Value  
 

SHORT-TERM INVESTMENTS – 41.6%

       
 

Money Market Funds – 34.3%

       
  35,512,669     

First American Treasury Obligations Fund, Class Z

    0.000 % (5)      N/A        N/A      $ 35,512,669   
 

U.S. Government and Agency Obligations – 7.3%

  

   
$ 7,600     

U.S. Treasury Bills, (6)

    0.000     7/24/14        Aaa        7,599,734   
 

Total Short-Term Investments (cost $43,111,643)

  

            43,112,403   
 

Total Investments (cost $101,678,980) – 98.9%

                            102,540,920   
 

Other Assets Less Liabilities – 1.1%

                            1,091,409   
 

Net Assets – 100%

                          $ 103,632,329   

Investments in Derivatives as of April 30, 2014

Futures Contracts outstanding:

 

Description      Contract
Position
       Number of
Contracts
       Contract
Expiration
       Notional
Amount
at Value*
       Unrealized
Appreciation
(Depreciation)
 

Australian 3-Year Bond

       Long           51           6/14         $ 4,598,590         $ 13,995   

Australian 10-Year Bond

       Long           158           6/14           14,099,830           248,589   

Australian Dollar

       Short           (13        6/14           (1,204,710        (40,549

Euro

       Long           7           6/14           1,213,625           146   

Euro-Bund

       Short           (63        6/14           (12,633,213        (117,288

Long Gilt

       Short           (21        6/14           (3,911,883        (44,014

Mexican Bolsa Index

       Short           (17        6/14           (529,930        211   

Mexican Peso

       Short           (90        6/14           (3,432,375        (56,381

Russell 2000 Mini Index

       Short           (62        6/14           (6,966,320        286,612   

S&P 500 E-Mini

       Short           (181        6/14           (16,994,995        (352,238

S&P MidCap 400 E-Mini

       Long           18           6/14           2,435,580           1,216   

S&P TSX 60 Index

       Long           7           6/14           1,067,962           14,282   

SPI 200

       Short           (4        6/14           (508,068        170   

U.S. 10-Year Treasury Note

       Long           53           6/14           6,594,359           11,463   

U.S. 5-Year Treasury Note

       Short           (124        6/14           (14,812,187        8,897   

U.S. Dollar Index

       Long           228           6/14           18,133,298           (82,196
                                        $ (12,850,437      $ (107,085
* The aggregate Notional Amount at Value of long and short positions is $48,143,244 and $(60,993,681), respectively.

 

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

 

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

 

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

 

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

 

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

 

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

 

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

 

N/A Not applicable.

 

ACWI All Country World Index

 

ETF Exchange-Traded Fund

 

MSCI Morgan Stanley Capital International Inc.

 

MXN Mexican Peso

 

PHLX Philadelphia Stock Exchange

 

S&P Standard & Poor’s

 

SPDR Standard & Poor’s Depositary Receipts

 

SPI Share Price Index

 

TSX Toronto Stock Exchange

 

USD United States Dollar

 

See accompanying notes to financial statements.

 

  34       Nuveen Investments


Statement of

  Assets and Liabilities   April 30, 2014 (Unaudited)

 

      International
Select
       Tactical Market
Opportunities
 

Assets

                   

Long-term investments, at value (cost $325,466,033 and $58,567,337, respectively)

   $ 370,531,870         $ 59,428,517   

Short-term investments, at value (cost $31,373,702 and $43,111,643, respectively)

     31,374,956           43,112,403   

Cash

               10,966   

Cash denominated in foreign currencies, at value (cost $735,283 and $—)

     736,802             

Receivable for:

       

Cash collateral at brokers for open futures contracts

     545,000           320,000   

Dividends

     814,239             

Due from broker

     9,222             

Interest

     2,334           178,158   

Investments sold

     5,781,932           1,041,935   

Reclaims

     479,412             

Shares sold

     91,231           36,259   

Variation margin on futures contracts

     389,197           48,672   

Other assets

     15,851           2,672   

Total assets

     410,772,046           104,179,582   

Liabilities

       

Cash overdraft

     181,212             

Payable for:

       

Investments purchased

     11,590,516             

Shares redeemed

     1,057,806           153,018   

Variation margin on futures contracts

     942,235           275,784   

Accrued expenses:

       

Directors fees

     17,693           3,004   

Management fees

     281,639           60,461   

12b-1 distribution and service fees

     7,074           8,360   

Other

     335,973           46,626   

Total liabilities

     14,414,148           547,253   

Net assets

   $ 396,357,898         $ 103,632,329   

Class A Shares

       

Net assets

   $ 23,081,654         $ 11,625,362   

Shares outstanding

     2,254,696           1,068,572   

Net asset value (“NAV”) per share

   $ 10.24         $ 10.88   

Offering price per share (NAV per share plus maximum sales charge of 5.75% of offering price)

   $ 10.86         $ 11.54   

Class C Shares

       

Net assets

   $ 2,806,851         $ 7,043,179   

Shares outstanding

     277,245           657,362   

NAV and offering price per share

   $ 10.12         $ 10.71   

Class I Shares

       

Net assets

   $ 370,469,393         $ 84,963,788   

Shares outstanding

     36,148,271           7,776,841   

NAV and offering price per share

   $ 10.25         $ 10.93   

Net assets consist of:

                   

Capital paid-in

   $ 331,658,319         $ 109,339,336   

Undistributed (Over-distribution of) net investment income

     839,835           1,034,118   

Accumulated net realized gain (loss)

     16,608,622           (7,496,506

Net unrealized appreciation (depreciation)

     47,251,122           755,381   

Net assets

   $ 396,357,898         $ 103,632,329   

Authorized shares – per class

     2 Billion           2 Billion   

Par value per share

   $ 0.0001         $ 0.0001   

 

See accompanying notes to financial statements.

 

Nuveen Investments     35   


Statement of

  Operations   Six Months Ended April 30, 2014 (Unaudited)

 

      International
Select
       Tactical Market
Opportunities
 

Dividend and interest income (net of foreign tax withheld of $472,781 and $—, respectively)

   $ 4,820,697         $ 1,619,122   

Expenses

       

Management fees

     2,229,726           451,877   

12b-1 service fees – Class A

     29,412           20,058   

12b-1 distribution and service fees – Class C

     14,575           41,947   

Shareholder servicing agent fees and expenses

     148,182           34,075   

Custodian fees and expenses

     369,504           13,145   

Directors fees and expenses

     5,848           1,495   

Professional fees

     45,059           15,740   

Shareholder reporting expenses

     32,373           4,791   

Federal and state registration fees

     21,332           21,792   

Other expenses

     5,394           4,540   

Total expenses before fee waiver/expense reimbursement

     2,901,405           609,460   

Fee waiver/expense reimbursement

     (274,270        (27,929

Net expenses

     2,627,135           581,531   

Net investment income (loss)

     2,193,562           1,037,591   

Realized and Unrealized Gain (Loss)

       

Net realized gain (loss) from:

       

Investments and foreign currency

     22,252,149           482,759   

Futures contracts

     412,182           (2,780,190

Options purchased

               (26,600

Change in net unrealized appreciation (depreciation) of:

       

Investments and foreign currency

     (24,721,634        2,311,813   

Futures contracts

     630,287           745,787   

Net realized and unrealized gain (loss)

     (1,427,016        733,569   

Net increase (decrease) in net assets from operations

   $ 766,546         $ 1,771,160   

 

 

See accompanying notes to financial statements.

 

  36       Nuveen Investments


Statement of

  Changes in Net Assets   (Unaudited)

 

     International Select          Tactical Market Opportunities  
      Six Months Ended
4/30/14
       Year Ended
10/31/13
          Six Months Ended
4/30/14
     Year Ended
10/31/13
 

Operations

               

Net investment income (loss)

   $ 2,193,562         $ 4,127,821         $ 1,037,591       $ 955,555   

Net realized gain (loss) from:

               

Investments and foreign currency

     22,252,149           27,281,106           482,759         (3,600,646

Futures contracts

     412,182           15,284,959           (2,780,190      (1,903,274

Options purchased

                         (26,600      (231,600

Options written

                                 (71,872

Change in net unrealized appreciation (depreciation) of:

               

Investments and foreign currency

     (24,721,634        30,214,848           2,311,813         (3,692,925

Futures contracts

     630,287           (83,129          745,787         (1,601,833

Net increase (decrease) in net assets from operations

     766,546           76,825,605             1,771,160         (10,146,595

Distributions to Shareholders

               

From net investment income:

               

Class A

     (258,697        (46,712                (275,374

Class C

     (10,862        (3,027                  

Class I

     (5,513,978        (5,933,545                (1,210,420

From accumulated net realized gains:

               

Class A

     (625,193                          (154,299

Class C

     (80,643                          (42,778

Class I

     (10,977,344                          (512,252

Return of capital:

               

Class A

                                 (122,590

Class C

                                   

Class I

                                   (538,850

Decrease in net assets from distributions to shareholders

     (17,466,717        (5,983,284                  (2,856,563

Fund Share Transactions

               

Shares issued in the reorganization

               93,347,898                     

Proceeds from sale of shares

     6,231,852           37,702,579           4,859,425         74,222,385   

Proceeds from shares issued to shareholders due to reinvestment of distributions

     9,447,010           1,792,578                     2,771,372   
     15,678,862           132,843,055           4,859,425         76,993,757   

Cost of shares redeemed

     (61,356,768        (178,277,719          (45,119,614      (192,374,424

Net increase (decrease) in net assets from Fund share transactions

     (45,677,906        (45,434,664          (40,260,189      (115,380,667

Net increase (decrease) in net assets

     (62,378,077        25,407,657           (38,489,029      (128,383,825

Net assets at the beginning of period

     458,735,975           433,328,318             142,121,358         270,505,183   

Net assets at the end of period

   $ 396,357,898         $ 458,735,975           $ 103,632,329       $ 142,121,358   

Undistributed (Over-distribution of) net investment income at the end of period

   $ 839,835         $ 4,429,810           $ 1,034,118       $ (3,473

 

See accompanying notes to financial statements.

 

Nuveen Investments     37   


Financial

Highlights (Unaudited)

 

International Select

Selected data for a share outstanding throughout each period:

 

          Investment Operations            Less Distributions           

Class (Commencement Date)

 

Year Ended
October 31,

  Beginning
NAV
    Net
Investment
Income
(Loss)(a)
       Net
Realized/
Unrealized
Gain (Loss)
       Total             From
Net
Investment
Income
       From
Accumulated
Net Realized
Gains
       Total        Ending
NAV
 

Class A (12/06)

  

                                 

2014(e)

  $ 10.62      $ .04         $ (.03      $ .01           $ (.11      $ (.28      $ (.39      $ 10.24   

2013

    8.96        .06           1.71           1.77             (.11                  (.11        10.62   

2012

    8.85        .08           .24           .32             (.11        (.10        (.21        8.96   

2011

    9.54        .09           (.72        (.63          (.06                  (.06        8.85   

2010

    8.48        .06           1.02           1.08             (.02                  (.02        9.54   

2009

    6.53        .07           2.00           2.07               (.12                  (.12        8.48   

Class C (12/06)

  

                                 

2014(e)

    10.48        **         (.04        (.04          (.04        (.28        (.32        10.12   

2013

    8.84        (.01        1.69           1.68             (.04                  (.04        10.48   

2012

    8.72        .02           .24           .26             (.04        (.10        (.14        8.84   

2011

    9.43        .02           (.72        (.70          (.01                  (.01        8.72   

2010

    8.42        .01           1.00           1.01                                           9.43   

2009

    6.46        .03           1.97           2.00               (.04                  (.04        8.42   

Class I (12/06)

  

                                 

2014(e)

    10.65        .05           (.03        .02             (.14        (.28        (.42        10.25   

2013

    8.98        .09           1.71           1.80             (.13                  (.13        10.65   

2012

    8.87        .10           .24           .34             (.13        (.10        (.23        8.98   

2011

    9.57        .12           (.74        (.62          (.08                  (.08        8.87   

2010

    8.49        .09           1.02           1.11             (.03                  (.03        9.57   

2009

    6.55        .08           2.01           2.09               (.15                  (.15        8.49   

 

  38       Nuveen Investments


       Ratios/Supplemental Data  
                    Ratios to Average
Net Assets Before
Waiver/Reimbursement
         Ratios to Average
Net Assets After
Waiver/Reimbursement(c)
        
Total
Return(b)
     Ending
Net
Assets
(000)
            Expenses      Net
Investment
Income
(Loss)
          Expenses      Net
Investment
Income
(Loss)
     Portfolio
Turnover
Rate(d)
 
                       
  .09    $ 23,082             1.58 %*       .69 %*         1.45 %*       .82 %*       84
  19.91         24,268             1.47         .58           1.44         .61         91   
  3.83         4,060             1.53         .88           1.48         .93         49   
  (6.70      4,388             1.46         .96           1.46         .96         59   
  12.72         5,530             1.62         .56           1.49         .69         47   
  32.32         3,029               1.76         .77             1.49         1.04         64   
                       
  (.43      2,807             2.33      (.09 )*         2.20      .04      84   
  19.09         3,034             2.24         (.11        2.21         (.07      91   
  3.09         644             2.28         .15           2.23         .20         49   
  (7.45      717             2.21         .21           2.21         .21         59   
  12.00         816             2.37         (.05        2.24         .08         47   
  31.43         244               2.51         .13             2.24         .40         64   
                       
  .13         370,469             1.33      .91        1.20      1.04      84   
  20.27         431,434             1.25         .95           1.23         .97         91   
  4.12         428,624             1.28         1.14           1.23         1.18         49   
  (6.60      578,597             1.21         1.23           1.21         1.23         59   
  13.14         848,165             1.37         .85           1.24         .98         47   
  32.68         584,667               1.51         .90             1.24         1.17         64   

 

 

(a) Per share Net Investment Income (Loss) is calculated using the average daily shares method.  
(b) Total return is the combination of changes in NAV without any sales charge, reinvested dividend income at NAV and reinvested capital gains distributions at NAV, if any. Total returns are not annualized.  
(c) After fee waiver and/or expense reimbursement from the Adviser, where applicable.  
(d) Portfolio Turnover Rate is calculated based on the lesser of long-term purchases or sales (as disclosed in Note 5 – Investment Transactions) divided by the average long-term market value during the period.  
(e) For the six months ended April 30, 2014.  
* Annualized.  
** Rounds to less than $.01 per share.  

 

See accompanying notes to financial statements.

 

Nuveen Investments     39   


Financial Highlights (Unaudited) (continued)

 

Tactical Market Opportunities

Selected data for a share outstanding throughout each period:

 

          Investment Operations            Less Distributions           

Class (Commencement Date)

 

Year Ended
October 31,

  Beginning
NAV
    Net
Investment
Income
(Loss)(a)
       Net
Realized/
Unrealized
Gain (Loss)
       Total             From
Net
Investment
Income
       From
Accumulated
Net Realized
Gains
       From
Return
of
Capital
       Total        Ending
NAV
 

Class A (2/11)

  

                                      

2014(h)

  $ 10.69      $ .09         $ .10         $ .19           $         $         $         $         $ 10.88   

2013

    11.29        .03           (.53        (.50          (.04        (.03        (.03        (.10        10.69   

2012

    11.22        .02           .25           .27             (.03        (.17                  (.20        11.29   

2011(d)

    10.59        .04           .59           .63                                                       11.22   

Class C (2/11)

  

                                      

2014(h)

    10.57        .05           .09           .14                                                     10.71   

2013

    11.17        (.05        (.52        (.57                    (.03                  (.03        10.57   

2012

    11.17        (.07        .24           .17                       (.17                  (.17        11.17   

2011(d)

    10.59               .58           .58                                                       11.17   

Class I (12/09)

  

                                      

2014(h)

    10.72        .10           .11           .21                                                     10.93   

2013

    11.32        .06           (.53        (.47          (.06        (.03      $ (.04        (.13        10.72   

2012

    11.25        .05           .25           .30             (.06        (.17                  (.23        11.32   

2011

    10.62        .14           .59           .73             (.08        (.02                  (.10        11.25   

2010(e)

    10.00        .02           .60           .62                                                       10.62   

 

 

  40       Nuveen Investments


       Ratios/Supplemental Data  
                    Ratios to Average
Net Assets Before
Waiver/Reimbursement
         Ratios to Average
Net Assets After
Waiver/Reimbursement(c)
        
Total
Return(b)
    

Ending

Net

Assets
(000)

            Expenses(f)      Net
Investment
Income
(Loss)
          Expenses(f)      Net
Investment
Income
(Loss)
     Portfolio
Turnover
Rate(g)
 
                       
  1.78    $ 11,625             1.20 %**       1.62 %**         1.17 %**       1.68 %**       23
  (4.44      24,710             1.21         .23           1.17         .26         220   
  2.45         59,751             1.19         .13           1.18         .14         189   
  5.95         3,558               1.67 **       .06 **           1.19 **       54 **       177   
                       
  1.32         7,043             1.94 **       .83 **         1.91 **       .88 **       23   
  (5.12      10,131             1.96         (.47        1.92         (.43      220   
  1.55         15,045             1.93         (.65        1.93         (.65      189   
  5.48         475               2.31 **       (.37 )**           1.94 **       ***       177   
                       
  1.96         84,964             .93 **       1.82 **         .91 **       1.87 **       23   
  (4.18      107,280             .96         .49           .92         .53         220   
  2.69         195,709             .94         .41           .93         .43         189   
  6.95         48,860             1.18         1.01           .94         1.25         177   
  6.20         27,300               4.14 **       (1.83 )**           .92 **       1.39 **       156   

 

(a) Per share Net Investment Income (Loss) is calculated using the average daily shares method.  
(b) Total return is the combination of changes in NAV without any sales charge, reinvested dividend income at NAV and reinvested capital gains distributions at NAV, if any. Total returns are not annualized.  
(c) After fee waiver and/or expense reimbursement from the Adviser, where applicable.  
(d) For the period February 24, 2011 (commencement of operations) through October 31, 2011.  
(e) For the period December 30, 2009 (commencement of operations) through October 31, 2010.  
(f) In addition to the fees and expenses which the Fund bears directly; the Fund indirectly bears a pro rata share of the fees and expenses of the exchange-traded funds in which the Fund invests. These exchange-traded fund fees and expenses are not reflected in the expense ratios. Because the exchange-traded funds have varied expenses and fee levels and the Fund may own different proportions at different times, the amount of fees and expenses incurred indirectly by the Fund will vary.  
(g) Portfolio Turnover Rate is calculated based on the lesser of long-term purchases or sales (as disclosed in Note 5 – Investment Transactions) divided by the average long-term market value during the period.  
(h) For the six months ended April 30, 2014.  
* Rounds to less than $.01 per share.  
** Annualized.  
*** Annualized ratio rounds to less than .01%.  

 

See accompanying notes to financial statements.

 

Nuveen Investments     41   


Notes to

Financial Statements (Unaudited)

 

1. General Information and Significant Accounting Policies

General Information

Trust Information

Nuveen Investment Funds, Inc. (the “Trust” or “NIF”), is an open-end investment company registered under the Investment Company Act of 1940, as amended. The Trust is comprised of Nuveen International Select Fund (“International Select”) and Nuveen Tactical Market Opportunities Fund (“Tactical Market Opportunities”) (each a “Fund” and collectively, the “Funds”), as diversified funds, among others. The Trust was incorporated in the state of Maryland on August 20, 1987.

Investment Adviser

The Funds’ investment adviser is Nuveen Fund Advisors, LLC (the “Adviser”), a wholly-owned subsidiary of Nuveen Investments, Inc. (“Nuveen”). The Adviser is responsible for each Fund’s overall investment strategy and asset allocation decisions. The Adviser has entered into sub-advisory agreements with Nuveen Asset Management, LLC (“NAM”), a subsidiary of the Adviser, under which NAM serves as the sub-adviser and manages the investment portfolios for the Funds. In addition to NAM, for International Select the Adviser has entered into sub-advisory agreements with Altrinsic Global Advisors, LLC (“Altrinsic”) and Lazard Asset Management LLC (“Lazard”), under which Altrinsic and Lazard serve as sub-advisers and manage the investment portfolio for the Fund. NAM, Altrinsic, and Lazard are collectively the “Sub-Advisers.”

Agreement and Plan of Merger

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

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

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

Investment Objectives and Principal Investment Strategies

International Select’s investment objective is long-term growth of capital. Under normal market conditions, the Fund invests primarily in equity securities of non-U.S. issuers that trade in U.S. or non-U.S. markets, depositary receipts representing shares of non-U.S. issuers, and exchange-traded funds (“ETFs”) and other investment companies that provide exposure to non-U.S. issuers. The Fund may utilize options, futures contracts, options on futures contracts and forward foreign currency exchanges contracts (“derivatives”) to manage market or business risk, enhance its return or hedge against adverse movements in currency exchange rates.

Tactical Market Opportunities’ investment objective is to earn a positive total return over a reasonable period of time, regardless of market conditions. Under normal market conditions, the Fund will seek to outperform the Merrill Lynch 3 Month Treasury Bill Index (the “Treasury Bill Index”) by 400 basis points, or 4%, on an annualized basis. The Fund seeks to outperform the Treasury Bill Index over a reasonable period of time, although there is no guarantee that it will be able to do so. The Fund seeks to achieve its objective by investing across the following asset classes: U.S., international and emerging market equity and debt securities (including high yield debt securities), commodities, currencies, high quality, short-term debt securities and money market funds. The Fund gains exposure to these asset classes by investing in derivative instruments and ETFs, and by investing directly in U.S. Treasury obligations, non-U.S. government obligations that have an investment grade rating from at least one rating agency and money market funds.

Tactical Market Opportunities’ gains exposure to the aformentioned asset classes (i) by investing in derivative instruments and ETFs, (ii) by creating custom baskets of equity and debt securities, where each basket is designed to track the performance of a particular securities index (such as an industry, sector, country or region index) within certain parameters, and (iii) by investing directly in U.S. Treasury obligations, non-U.S. government obligations that have an investment grade rating from at least one rating agency and money market funds.

 

  42       Nuveen Investments


Tactical Market Opportunities will use derivative instruments such as options; futures contracts, including futures on equity and commodities indices, interest rate futures and currency futures; options on futures contracts; interest rate caps and floors; foreign currency contracts; options on foreign currencies; interest rate, total return, currency and credit default swaps; and options on the foregoing types of swap agreements. Derivatives may be entered into on established exchanges, either in the U.S. or in non-U.S. countries, or through privately negotiated transactions referred to as over-the-counter derivatives. In using derivatives, the Fund may take both long positions (the values of which move in the same direction as the prices of the underlying investment, pool of investments, index or currency) and short positions (the values of which move in the opposite direction from the price of the underlying investment, pool of investments, index or currency).

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

Fiscal Year End Change

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

Significant Accounting Policies

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

Investment Transactions

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

 

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

Investment Income

Dividend income is recorded on the ex-dividend date or, for foreign securities, when information is available. Interest income, which reflects the amortization of premiums and includes accretion of discounts for financial reporting purposes, is recorded on an accrual basis.

Professional Fees

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

Dividends and Distributions to Shareholders

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

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

Share Classes and Sales Charges

Class A Shares are generally sold with an up-front sales charge and incur a .25% annual 12b-1 service fee. Class A Share purchases of the Funds for $1 million or more are sold at net asset value (“NAV”) without an up-front sales charge but may be subject to a contingent deferred sales charge (“CDSC”) if redeemed within twelve months of purchase. Class C Shares are sold without an up-front sales charge but incur a .75% annual 12b-1 distribution fee and a .25% annual 12b-1 service fee. Class C Shares are subject to a CDSC of 1% if redeemed within twelve months of purchase. Class I Shares are not subject to any sales charge or 12b-1 distribution or service fees.

 

Nuveen Investments     43   


Notes to Financial Statements (Unaudited) (continued)

 

Multiclass Operations and Allocations

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

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

Indemnifications

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

Netting Agreements

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

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

Use of Estimates

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

2. Investment Valuation and Fair Value Measurements

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

Investment Valuation

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

The ETFs in which the Funds invests are valued at the last sales price on the securities exchange on which such securities are primarily traded and are generally classified as Level 1.

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

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

The value of exchange-traded options are based on the mean of the closing bid and ask prices. Futures contracts are valued using the closing settlement price or, in the absence of such a price, the last traded price. Exchange-traded options and futures contracts are generally classified as Level 1. Options traded in the over-the counter market are valued using an evaluated mean price and are generally classified as Level 2.

 

  44       Nuveen Investments


Investments initially valued in currencies other than the U.S. dollar are converted to the U.S. dollar using exchange rates obtained from pricing services. As a result, the NAV of the Funds’ shares may be affected by changes in the value of currencies in relation to the U.S. dollar. The value of securities traded in markets outside the United States or denominated in currencies other than the U.S. dollar may be affected significantly on a day that the NYSE is closed and an investor is not able to purchase, redeem or exchange shares. If significant market events occur between the time of determination of the closing price of a foreign security on an exchange and the time that the Funds’ NAV is determined, or if under the Funds’ procedures, the closing price of a foreign security is not deemed to be reliable, the security would be valued at fair value as determined in accordance with procedures established in good faith by the Funds’ Board of Directors. These securities are generally classified as Level 2 or Level 3 depending on the priority of the significant inputs.

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

Fair Value Measurements

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

 

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

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

 

International Select      Level 1        Level 2        Level 3      Total  
Long-Term Investments*:                  

Common Stocks

     $ 362,421,803         $ 712,689         $ 500,098       $ 363,634,590   

Common Stock Rights

                           ***         

Master Limited Partnerships (MLP) & MLP Affiliates

       446,724                             446,724   

Exchange-Traded Funds

       6,450,556                             6,450,556   
Short-Term Investments:                  

Money Market Funds

       18,875,393                             18,875,393   

U.S. Government and Agency Obligations

                 12,499,563                   12,499,563   
Investments in Derivatives:                  

Futures Contracts**

       2,175,749                             2,175,749   
Total      $ 390,370,225         $ 13,212,252         $ 500,098       $ 404,082,575   
* Refer to the Fund’s Portfolio of Investments for country classifications and breakdown of Common Stocks classified as Level 2, and/or Level 3.
** Represents net unrealized appreciation (depreciation) as reported in the Fund’s Portfolio of Investments.
*** Value equals zero as of the end of the reporting period. Refer to the Fund’s Portfolio of Investments for securities classified as Level 3.

 

Nuveen Investments     45   


Notes to Financial Statements (Unaudited) (continued)

 

Tactical Market Opportunities      Level 1        Level 2        Level 3        Total  
Long-Term Investments*:                    

Exchange-Traded Funds

     $ 51,039,689         $         $   —         $ 51,039,689   

U.S. Government and Agency Obligations

                 1,547,812                     1,547,812   

Sovereign Debt

                 6,841,016                     6,841,016   
Short-Term Investments:                    

Money Market Funds

       35,512,669                               35,512,669   

U.S. Government and Agency Obligations

                 7,599,734                     7,599,734   
Investments in Derivatives:                    

Futures Contracts**

       (107,085                            (107,085
Total      $ 86,445,273         $ 15,988,562         $         $ 102,433,835   
* Refer to the Fund’s Portfolio of Investments for country and industry classifications, where applicable.
** Represents net unrealized appreciation (depreciation) as reported in the Fund’s Portfolio of Investments.

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

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

 

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

 

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

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

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

3. Portfolio Securities and Investments in Derivatives

Portfolio Securities

Foreign Currency Transactions

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

 

  46       Nuveen Investments


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

 

        Value        % of
Net Assets
 
Country:          

United Kingdom

     $ 41,732,258           10.5

Japan

       37,605,199           9.5   

Canada

       29,589,615           7.5   

Germany

       27,162,233           6.9   

France

       22,312,865           5.6   

Switzerland

       21,476,823           5.4   

Brazil

       18,287,086           4.6   

South Korea

       13,596,761           3.4   

Netherlands

       10,168,569           2.6   

South Africa

       8,948,996           2.3   

Other countries

       123,092,519           31.1   
Total non-U.S. securities      $ 353,972,924           89.4

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

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

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

Investments in Derivatives

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

Futures Contracts

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

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

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

 

Nuveen Investments     47   


Notes to Financial Statements (Unaudited) (continued)

 

During the six months ended April 30, 2014, International Select invested in equity and currency futures contracts, which were used as an overlay strategy to adjust the exposures created by the Fund’s multi-manager framework, so that the Fund overall had the desired exposures to key markets. The Fund’s long and short futures contracts were used to manage country and style exposures and implement various tactical market and hedging strategies. These contracts are used as a means to efficiently gain exposure to a broad base of securities.

During the six months ended April 30, 2014, Tactical Market Opportunities continued to invest in equity, interest rate and currency futures contracts, which were used to implement various absolute return, tactical market and hedging strategies.

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

 

        International
Select
       Tactical
Market
Opportunities
 
Average notional amount of futures contracts outstanding*      $ 206,246,204         $ 109,919,216   
* The average notional amount is calculated based on the absolute aggregate value of outstanding notional at the beginning of the fiscal year and at the end of each fiscal quarter within the current fiscal year.

The following tables present the fair value of all futures contracts held by the Funds as of April 30, 2014, the location of these instruments on the Statement of Assets and Liabilities and the primary underlying risk exposure.

 

            Location on the Statement of Assets and Liabilities  
            Asset Derivatives        (Liability) Derivatives  

Underlying

Risk Exposure

   Derivative Instrument      Location      Value        Location      Value  
International Select                                     

Equity

   Futures contracts      Receivable for variation margin
on futures contracts*
     $ 1,457,469         Payable for variation margin
on futures contracts*
     $ 2,719,317   
                           Payable for variation margin
on futures contracts*
       (1,908,228

Foreign Currency Exchange Rate

   Futures contracts                     Payable for variation margin
on futures contracts*
       (92,809

Total

                 $ 1,457,469                $ 718,280   
Tactical Market Opportunities                                     

Equity

   Futures contracts      Receivable for variation margin
on futures contracts*
     $ 15,879         Payable for variation margin
on futures contracts*
     $ 286,612   
                           Payable for variation margin
on futures contracts*
       (352,238

Foreign Currency Exchange Rate

   Futures contracts      Receivable for variation margin
on futures contracts*
       146         Payable for variation margin
on futures contracts*
       (96,930

Interest Rate

   Futures contracts      Receivable for variation margin
on futures contracts*
       11,463         Payable for variation margin
on futures contracts*
       271,481   
                           Payable for variation margin
on futures contracts*
       (243,498

Total

                 $ 27,488                $ (134,573
* Value represents unrealized appreciation (depreciation) of futures contracts as reported in the Fund’s Portfolio of Investments, and not the receivable or payable for variation margin on futures contracts presented on the Statement of Assets and Liabilities.

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

 

Fund   Underlying
Risk Exposure
  Derivative
Instrument
  Net Realized Gain (Loss)
from Futures Contracts
    Change in Net Unrealized
Appreciation (Depreciation)
of Futures Contracts
 
International Select   Equity   Futures Contracts   $ (93,161   $ 723,096   
    Foreign currency exchange rate   Futures Contracts     505,343        (92,809

Total

          $ 412,182      $ 630,287   
Tactical Market Opportunities   Equity   Futures Contracts   $ (2,413,005   $ 560,413   
  Foreign currency exchange rate   Futures Contracts     (228,580     (76,860
    Interest Rate   Futures Contracts     (138,605     262,234   

Total

          $ (2,780,190   $ 745,787   

 

  48       Nuveen Investments


Options Transactions

The purchase of options and/or swaptions involves the risk of loss of all or a part of the cash paid for the options (the premium). The market risk associated with purchasing options and/or swaptions is limited to the premium paid. The counterparty credit risk of purchasing options, however, needs also to take into account the current value of the option, as this is the performance expected from the counterparty. When a Fund purchases an option and/or swaption, an amount equal to the premium paid (the premium plus commission) is recognized as a component of “Options and/or Swaptions purchased, at value” on the Statement of Assets and Liabilities. When a Fund writes an option and/or swaption, an amount equal to the net premium received (the premium less commission) is recognized as a component of “Options and/or Swaptions written, at value” on the Statement of Assets and Liabilities and is subsequently adjusted to reflect the current value of the written option and/or swaption until the option and/or swaption is exercised or expires or the Fund enters into a closing purchase transaction. The changes in the value of options and/or swaptions purchased during the fiscal period are recognized as a component of “Change in net unrealized appreciation (depreciation) of options and/or swaptions purchased” on the Statement of Operations. The changes in the value of options and/or swaptions written during the fiscal period are recognized as a component of “Change in net unrealized appreciation (depreciation) of options and/or swaptions written” on the Statement of Operations. When an option and/or swaption is exercised or expires or the Fund enters into a closing purchase transaction, the difference between the net premium received and any amount paid at expiration or on executing a closing purchase transaction, including commission, is recognized as a component of “Net realized gain (loss) from options and/or swaptions purchased and/or written” on the Statement of Operations. The Fund, as a writer of an option and/or swaption has no control over whether the underlying instrument may be sold (called) or purchased (put) and as a result bears the risk of an unfavorable change in the market value of the instrument underlying the written option and/or swaption. There is also the risk the Fund may not be able to enter into a closing transaction because of an illiquid market.

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

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

 

        Tactical Market
Opportunities
 
Average notional amount of outstanding options purchased*      $ 233,333   
* The average notional amount is calculated based on the outstanding notional at the beginning of the fiscal year and at the end of each fiscal quarter within the current fiscal year.

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

 

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

Market and Counterparty Credit Risk

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

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

 

Nuveen Investments     49   


Notes to Financial Statements (Unaudited) (continued)

 

4. Fund Shares

Transactions in Fund shares were as follows:

 

       International Select  
       Six Months Ended
4/30/14
       Year Ended
10/31/13
 
        Shares        Amount        Shares        Amount  
Shares issued in the reorganization:                    

Class A

               $           1,889,026         $ 20,192,967   

Class C

                           208,907           2,202,333   

Class I

                           6,623,463           70,952,598   
Shares sold:                    

Class A

       33,739           348,875           121,592           1,187,354   

Class C

       10,243           105,799           16,654           159,896   

Class I

       556,646           5,777,178           3,789,821           36,355,329   
Shares issued to shareholders due to reinvestment of distributions:                    

Class A

       84,783           872,537           4,487           41,369   

Class C

       8,235           83,051           324           2,968   

Class I

       824,932           8,491,422           189,614           1,748,241  
         1,518,578           15,678,862           12,843,888           132,843,055  
Shares redeemed:                    

Class A

       (148,043        (1,532,152        (183,863        (1,761,734

Class C

       (30,814        (311,942        (9,152        (87,070

Class I

       (5,754,263        (59,512,674        (17,797,058        (176,428,915 )
         (5,933,120        (61,356,768        (17,990,073        (178,277,719 )
Net increase (decrease)        (4,414,542      $ (45,677,906        (5,146,185      $ (45,434,664 )
       Tactical Market Opportunities  
       Six Months Ended
4/30/14
       Year Ended
10/31/13
 
        Shares        Amount        Shares        Amount  
Shares sold:                    

Class A

       41,937         $ 448,673           1,540,143         $ 17,207,933   

Class C

       45,452           478,390           476,113           5,242,160   

Class I

       368,458           3,932,362           4,629,081           51,772,292   
Shares issued to shareholders due to reinvestment of distributions:                    

Class A

                           48,593           542,276   

Class C

                           3,683           40,811   

Class I

                           195,863           2,188,285   
         455,847           4,859,425           6,893,476           76,993,757   
Shares redeemed:                    

Class A

       (1,284,773        (13,693,292        (4,571,350        (50,299,290

Class C

       (346,775        (3,655,030        (867,879        (9,446,801

Class I

       (2,596,559        (27,771,292        (12,103,107        (132,628,333
         (4,228,107        (45,119,614        (17,542,336        (192,374,424
Net increase (decrease)        (3,772,260      $ (40,260,189        (10,648,860      $ (115,380,667

5. Investment Transactions

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

 

        International
Select
       Tactical
Market
Opportunities
 
Purchases:          

Investment securities

     $ 336,307,291         $ 13,518,351   

U.S. Government and agency obligations

                 2,426,574   
Sales and maturities:          

Investment securities

       387,900,396           27,102,824   

U.S. Government and agency obligations

                 1,023,906   

 

  50       Nuveen Investments


6. Income Tax Information

Each Fund is a separate taxpayer for federal income tax purposes. Each Fund intends to distribute substantially all of its net investment income and net capital gains to shareholders and to otherwise comply with the requirements of Subchapter M of the Internal Revenue Code applicable to regulated investment companies. Therefore, no federal income tax provision is required.

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

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

As of April 30, 2014, the cost and unrealized appreciation (depreciation) of investments (excluding investments in derivatives), as determined on a federal income tax basis, were as follows:

 

        International
Select
       Tactical
Market
Opportunities
 
Cost of investments      $ 363,727,738         $ 101,823,563   
Gross unrealized:          

Appreciation

     $ 58,273,057         $ 2,602,566   

Depreciation

       (20,093,969        (1,885,209
Net unrealized appreciation (depreciation) of investments      $ 38,179,088         $ 717,357   

Permanent differences, primarily due to foreign currency reclassifications, federal taxes paid, investments in partnerships, dividend reallocation adjustments, distribution character reclassifications, return of capital distributions, nondeductible Reorganization expenses, Reorganization adjustments and investments in passive foreign investment companies, resulted in reclassifications among the Funds’ components of net assets as of October 31, 2013, the Funds’ last tax year end, as follows:

 

        International
Select
       Tactical
Market
Opportunities
 
Capital paid-in      $ 1,403,757         $ (672,035
Undistributed (Over-distribution of) net investment income        789,300           (252,387
Accumulated net realized gain (loss)        (2,193,057        924,422   

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

 

        International
Select
       Tactical
Market
Opportunities
 
Undistributed net ordinary income1      $ 10,066,901         $  —   
Undistributed net long-term capital gains        7,457,054             
1  Net ordinary income consists of net taxable income derived from dividends, interest and net short-term capital gains, if any.

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

 

        International
Select
       Tactical
Market
Opportunities
 
Distributions from net ordinary income1      $ 6,847,906         $ 2,049,542   
Distributions from net long-term capital gains2                  145,581   
Return of capital                  661,440   
1  Net ordinary income consists of net taxable income derived from dividends, interest and net short-term capital gains, if any.

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

 

Nuveen Investments     51   


Notes to Financial Statements (Unaudited) (continued)

 

 

        Tactical
Market
Opportunities
 
Not subject to expiration:     

Short-term

     $ 5,025,424   

Long-term

       1,159,363   
Total      $ 6,184,787   

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

 

        International
Select
 
Utilized capital loss carryforwards      $ 25,217,573   

7. Management Fees and Other Transactions with Affiliates

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

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

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

 

Average Daily Net Assets      International
Select
Fund-Level
Fee Rate
       Tactical
Market
Opportunities
Fund-Level
Fee Rate
 
For the first $125 million        .8500        .6000
For the next $125 million        .8375           .5875   
For the next $250 million        .8250           .5750   
For the next $500 million        .8125           .5625   
For the next $1 billion        .8000           .5500   
For net assets over $2 billion        .7750           .5250   

 

  52       Nuveen Investments


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

 

Complex-Level Asset Breakpoint Level*      Effective Rate at Breakpoint Level  
$55 billion        .2000
$56 billion        .1996   
$57 billion        .1989   
$60 billion        .1961   
$63 billion        .1931   
$66 billion        .1900   
$71 billion        .1851   
$76 billion        .1806   
$80 billion        .1773   
$91 billion        .1691   
$125 billion        .1599   
$200 billion        .1505   
$250 billion        .1469   
$300 billion        .1445   
* The complex-level fee is calculated based upon the aggregate daily “eligible assets” of all Nuveen Funds. Eligible assets do not include assets attributable to investments in other Nuveen Funds or assets in excess of $2 billion added to the Nuveen Fund complex in connection with the Adviser’s assumption of the management of the former First American Funds effective January 1, 2011. Eligible assets include closed-end fund assets managed by the Adviser that are attributable to certain types of leverage. For these purposes, leverage includes the closed-end funds’ use of preferred stock and borrowings and certain investments in the residual interest certificates (also called inverse floating rate securities) in tender option bond (TOB) trusts, including the portion of assets held by the TOB trust that has been effectively financed by the trust’s issuance of floating rate securities, subject to an agreement by the Adviser as to certain funds to limit the amount of such assets for determining eligible assets in certain circumstances. As of April 30, 2014, the complex-level fee rate for each Fund was as follows:

 

Fund      Rate  

International Select

       .2000
Tactical Market Opportunities        .1723   

During the current reporting period, the Adviser had contractually agreed to waive fees and/or reimburse expenses (“Expense Cap”) of each Fund so that total annual Fund operating expenses, after fee waivers and/or expense reimbursements and excluding acquired fund fees and expenses, do not exceed the percentage of the average daily net assets of any class of Fund shares in the amounts and for the time periods stated in the following table:

 

International Select      Temporary
Expense Cap
       Temporary
Expense Cap
Expiration Date
       Temporary
Expense Cap
       Temporary
Expense Cap
Expiration Date
 
Class A Shares        1.49        February 28, 2014           1.45        October 31, 2015   
Class C Shares        2.24        February 28, 2014           2.20           October 31, 2015   
Class I Shares        1.24        February 28, 2014           1.20           October 31, 2015   
Tactical Market Opportunities      Temporary
Expense Cap
       Temporary
Expense Cap
Expiration Date
 
Class A Shares        1.20        February 28, 2014   
Class C Shares        1.95           February 28, 2014   
Class I Shares        0.95           February 28, 2014   

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

During the six months ended April 30, 2014, Nuveen Securities, LLC. (the “Distributor”), a wholly-owned subsidiary of Nuveen, collected sales charges on purchases of Class A Shares, the majority of which were paid out as concessions to financial intermediaries as follows:

 

      International
Select
       Tactical
Market
Opportunities
 
Sales charges collected    $ 7,622         $ 2,713   
Paid to financial intermediaries      6,706           2,389   

 

Nuveen Investments     53   


Notes to Financial Statements (Unaudited) (continued)

 

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

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

 

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

To compensate for commissions advanced to financial intermediaries, all 12b-1 service and distribution fees collected on Class C Shares during the first year following a purchase are retained by the Distributor. During the six months ended April 30, 2014, the Distributor retained such 12b-1 fees as follows:

 

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

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

The Distributor also collected and retained CDSC on share redemptions during the six months ended April 30, 2014, as follows:

 

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

8. Subsequent Events for International Select

Fund Reorganization

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

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

Investment Adviser Changes

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

Management Fees

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

Principal Investment Strategy Change

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

 

  54       Nuveen Investments


Additional

Fund Information

 

 

Fund Manager

Nuveen Fund Advisors, LLC

333 West Wacker Drive

Chicago, IL 60606

 

Sub-Adviser

Nuveen Asset Management, LLC

333 West Wacker Drive

Chicago, IL 60606

 

Legal Counsel

Chapman and Cutler LLP

Chicago, IL 60603

    

Independent Registered
Public Accounting Firm

PricewaterhouseCoopers LLP

Chicago, IL 60606

 

Custodian

State Street Bank & Trust Company

Boston, MA 02111

 

U.S. Bank National Association

Milwaukee, WI 53202

    

Transfer Agent and Shareholder Services

Boston Financial

Data Services, Inc.

Nuveen Investor Services

P.O. Box 8530

Boston, MA 02266-8530

(800) 257-8787

     

 

 

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

 

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

 

        
 

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

 

 

Nuveen Investments     55   


Glossary of Terms

Used in this Report

 

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

BofA/Merrill Lynch 3-Month U.S. Treasury Bill Index: The BofA/Merrill Lynch 3-Month U.S. Treasury Bill Index is an unmanaged index that is comprised of a single U.S. Treasury issue with approximately three months to final maturity, purchased at the beginning of each month and held for one full month. The index returns assume reinvestment of distributions, but do not reflect any applicable sales charges or management fees.

Beta: A measure of the variability of the change in the share price for a fund in relation to a change in the value of the fund’s market benchmark. Securities with betas higher than 1.0 have been, and are expected to be, more volatile than the benchmark; securities with betas lower than 1.0 have been, and are expected to be, less volatile than the benchmark.

Chicago Board Options Exchange (CBOE) Volatility Index (the “VIX”): A measure of market expectations of 30-day volatility. It is constructed using the implied volatilities of a wide range of S&P 500 index options. The index returns assume reinvestment of distributions, but do not reflect any applicable sales charges or management fees.

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

Lipper International Multi-Cap Growth Funds Classification Average: Represents the average annualized returns for all reporting funds in the Lipper International Multi-Cap Growth Funds Classification. Lipper returns account for the effects of management fees and assume reinvestment of distributions, but do not reflect any applicable sales charge.

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

MSCI All Country World Investable Market Index (ex U.S.): The MSCI (Morgan Stanley Capital International) All Country World Investable Market Index (ex U.S.) is a free float-adjusted market capitalization weighted index that is designed to measure the equity market performance of developed and emerging markets. The index consists of 45 country indexes comprising 24 developed and 21 emerging market countries. The index returns assume reinvestment of distributions, but do not reflect any applicable sales charges or management fees.

Net Asset Value (NAV) Per Share: A fund’s Net Assets is equal to its total assets (securities, cash and accrued earnings) less its total liabilities. For funds with multiple classes, Net Assets are determined separately for each share class. NAV per share is equal to the fund’s (or share class’) Net Assets divided by its number of shares outstanding.

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

 

  56       Nuveen Investments


Annual Investment Management Agreement

Approval Process (Unaudited)

 

I. The Approval Process

The Board of Directors of each Fund (each, a “Board” and each Director, a “Board Member”), including the Board Members who are not parties to the Funds’ advisory or sub-advisory agreements or “interested persons” of any such parties (the “Independent Board Members”), is responsible for overseeing the performance of the investment adviser and the sub-adviser to the respective Fund and determining whether to approve or continue such Fund’s advisory agreement (each, an “Original Investment Management Agreement”) between the Fund and Nuveen Fund Advisors, LLC (the “Adviser”) and sub-advisory agreement (each, an “Original Sub-Advisory Agreement” and, together with the Original Investment Management Agreement, the “Original Advisory Agreements”) between the Adviser and Nuveen Asset Management, LLC (the “Sub-Adviser”). Pursuant to the Investment Company Act of 1940, as amended (the “1940 Act”), each Board is required to consider the continuation of the respective Original Advisory Agreements on an annual basis. In addition, prior to its annual review, the Board Members were advised of the potential acquisition of Nuveen Investments, Inc. (“Nuveen”) by TIAA-CREF (the “Transaction”). For purposes of this section, references to “Nuveen” herein include all affiliates of Nuveen Investments, Inc. providing advisory, sub-advisory, distribution or other services to the Funds and references to the “Board” refer to the Board of each Fund. In accordance with the 1940 Act and the terms of the Original Advisory Agreements, the completion of the Transaction would terminate each of the Original Investment Management Agreements and the Original Sub-Advisory Agreements. Accordingly, at an in-person meeting held on April 30, 2014 (the “April Meeting”), the Board, including all of the Independent Board Members, performed its annual review of the Original Advisory Agreements and approved the continuation of the Original Advisory Agreements for the Funds. Furthermore, in anticipation of the termination of the Original Advisory Agreements that would occur upon the consummation of the Transaction, the Board also approved for each Fund a new advisory agreement (each, a “New Investment Management Agreement”) between the Fund and the Adviser and a new sub-advisory agreement (each, a “New Sub-Advisory Agreement” and, together with the New Investment Management Agreement, the “New Advisory Agreements”) between the Adviser and the Sub-Adviser, each on behalf of the respective Fund to be effective following the completion of the Transaction and the receipt of the requisite shareholder approval.

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

 

Nuveen Investments     57   


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

 

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

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

The materials and information prepared in connection with the review of the Original Advisory Agreements and New Advisory Agreements supplemented the information and analysis provided to the Board during the year. In this regard, throughout the year, the Board, acting directly or through its committees, regularly reviewed the performance and various services provided by the Adviser and Sub-Adviser. The Board met at least quarterly as well as at other times as the need arose. At its quarterly meetings, the Board reviewed reports by the Adviser regarding, among other things, fund performance, fund expenses, premium and discount levels of closed-end funds, the performance of the investment teams and compliance, regulatory and risk management matters. In addition to regular reports, the Adviser provided special reports to the Board or a committee thereof from time to time to enhance the Board’s understanding of various topics that impact some or all the Nuveen funds (such as distribution channels, oversight of omnibus accounts and leverage management topics), to update the Board on regulatory developments impacting the investment company industry or to update the Board on the business plans or other matters impacting the Adviser. The Board also met with key investment personnel managing certain Nuveen fund portfolios during the year.

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

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

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

 

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

A. Nature, Extent and Quality of Services

1. The Original Advisory Agreements

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

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

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

 

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

 

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

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

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

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

2. The New Advisory Agreements

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

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

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

 

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

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

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

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

B. The Investment Performance of the Funds and Fund Advisers

1. The Original Advisory Agreements

The Board, including the Independent Board Members, considered the performance history of each Fund over various time periods. The Board reviewed reports, including an analysis of each Fund’s performance and the applicable investment team. In considering each Fund’s performance, the Board recognized that a fund’s performance can be reviewed through various measures including the fund’s absolute return, the fund’s return compared to the performance of other peer funds and the fund’s performance compared to its respective benchmark. Accordingly, the Board reviewed, among other things, each Fund’s historic investment performance as well as information comparing the Fund’s performance information with that of other funds (the “Performance Peer Group”) and with recognized and/or customized benchmarks (i.e., generally benchmarks derived from multiple recognized benchmarks) for the quarter, one-, three- and five-year periods ending December 31, 2013, as well as performance information reflecting the first quarter of 2014 (or for such shorter periods available for Nuveen Tactical Market Opportunities Fund (“Tactical Market Opportunities Fund”), which did not exist for part of the foregoing time frame). This information supplemented the Nuveen fund performance information provided to the Board at each of its quarterly meetings.

In evaluating performance, the Board recognized several factors that may impact the performance data as well as the consideration given to particular performance data.

 

    The performance data reflects a snapshot in time, in this case as of the end of the most recent calendar year or quarter. A different performance period, however, could generate significantly different results.

 

    Long-term performance can be adversely affected by even one period of significant underperformance so that a single investment decision or theme has the ability to disproportionately affect long-term performance.

 

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

 

    Open-end funds offer multiple classes and the performance of the various classes of a fund should be substantially similar on a relative basis because all of the classes are invested in the same portfolio of securities and differences in performance among classes could be principally attributed to the variations in distribution and servicing expenses of each class.

 

   

The usefulness of comparative performance data as a frame of reference to measure a fund’s performance may be limited because the Performance Peer Group, among other things, does not adequately reflect the objectives and strategies of the fund, has a different investable universe, or the composition of the peer set may be limited in size or number as well as other factors. In this regard, the Board noted that the Adviser classified the Performance Peer Groups of the Nuveen funds from highly relevant to less relevant. For funds classified with less relevant Performance Peer Groups, the Board considered a fund’s performance compared to its benchmark to help assess the fund’s comparative performance. A fund was generally considered to have performed comparably to its benchmark if the fund’s performance was

 

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

 

 

within certain thresholds compared to the performance of its benchmark and was considered to have outperformed or underperformed its benchmark if the fund’s performance was beyond these thresholds for the one- and three-year periods, subject to certain exceptions.i While the Board is cognizant of the relative performance of a fund’s peer set and/or benchmark(s), the Board evaluated fund performance in light of the respective fund’s investment objectives, investment parameters and guidelines and considered that the variations between the objectives and investment parameters or guidelines of the fund with its peers and/or benchmarks result in differences in performance results.

With respect to any Nuveen funds for which the Board has identified performance concerns, the Board monitors such funds closely until performance improves, discusses with the Adviser the reasons for such results, considers those steps necessary or appropriate to address such issues and reviews the results of any efforts undertaken. The Board is aware, however, that shareholders chose to invest or remain invested in a fund knowing that the Adviser manages the fund and knowing the fund’s fee structure.

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

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

2. The New Advisory Agreements

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

C. Fees, Expenses and Profitability

1. Fees and Expenses

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

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

In reviewing the fee schedule for a fund, the Independent Board Members also considered the fund-level and complex-wide breakpoint schedules (described in further detail below) and any fee waivers and reimbursements provided by Nuveen. In reviewing fees and expenses, the Board considered the expenses and fees to be higher if they were over 10 basis points higher, slightly higher if they were approximately 6 to 10 basis points higher, in line if they were within approximately 5 basis points higher than the peer average and below if they were below the peer average of the Peer Group. In reviewing the reports, the Board noted that the majority of the Nuveen funds were at, close to or below their peer average based on the net total expense ratio. The Independent Board Members observed that the Funds had net management fees and net expense ratios (including fee waivers and expense reimbursements) below or in line with their respective peer averages.

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

 

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2. Comparisons with the Fees of Other Clients

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

The Independent Board Members reviewed the nature of services provided by the Adviser, including through its affiliated sub-advisers and the average fee the affiliated sub-advisers assessed such clients as well as the range of fees assessed to the different types of separately managed accounts (such as retail, institutional or wrap accounts) to the extent applicable to the respective sub-adviser. In their review, the Independent Board Members considered the differences in the product types, including, but not limited to: the services provided, the structure and operations, product distribution and costs thereof, portfolio investment policies, investor profiles, account sizes and regulatory requirements. In evaluating the comparisons of fees, the Independent Board Members noted that the fee rates charged to the Nuveen funds and other clients vary, among other things, because of the different services involved and the additional regulatory and compliance requirements associated with registered investment companies, such as the Funds. The Independent Board Members noted that, as a general matter, higher fee levels reflect higher levels of service, increased investment management complexity, greater product management requirements and higher levels of risk or a combination of the foregoing. The Independent Board Members further noted, in particular, that the range of services provided to the Funds (as discussed above) is generally much more extensive than that provided to separately managed accounts. Many of the additional administrative services provided by the Adviser are not required for institutional clients. The Independent Board Members also recognized that the management fee rates of the foreign funds advised by the Adviser may vary due to, among other things, differences in the client base, governing bodies, operational complexities and services covered by the management fee. Given the inherent differences in the various products, particularly the extensive services provided to the Funds, the Independent Board Members believe such facts justify the different levels of fees.

3. Profitability of Fund Advisers

In conjunction with their review of fees, the Independent Board Members also considered the profitability of Nuveen for its advisory activities and its financial condition. The Independent Board Members reviewed the revenues and expenses of Nuveen’s advisory activities for the last two calendar years, the allocation methodology used in preparing the profitability data, an analysis of the key drivers behind the changes in revenues and expenses that impacted profitability in 2013 and Nuveen’s consolidated financial statements for 2013. The Independent Board Members noted this information supplemented the profitability information requested and received during the year to help keep them apprised of developments affecting profitability (such as changes in fee waivers and expense reimbursement commitments). In this regard, the Independent Board Members noted that two Independent Board Members served as point persons to review the profitability analysis and methodologies employed, and any changes thereto, and to keep the Board apprised of such changes. The Independent Board Members also considered Nuveen’s revenues for advisory activities, expenses and profit margin compared to that of various unaffiliated management firms.

In reviewing profitability, the Independent Board Members noted the Adviser’s continued investment in its business with expenditures to, among other things, upgrade its investment technology and compliance systems and provide for additional personnel and other resources. The Independent Board Members recognized the Adviser’s continued commitment to its business should enhance the Adviser’s capacity and capabilities in providing the services necessary to meet the needs of the Nuveen funds as they grow or change over time. In addition, in evaluating profitability, the Independent Board Members also noted the subjective nature of determining profitability which may be affected by numerous factors including the allocation of expenses and that various allocation methodologies may each be reasonable but yield different results. Further, the Independent Board Members recognized the difficulties in making comparisons as the profitability of other advisers generally is not publicly available, and the profitability information that is available for certain advisers or management firms may not be representative of the industry and may be affected by, among other things, an adviser’s particular business mix, capital costs, size, types of funds managed and expense allocations. Notwithstanding the foregoing, the Independent Board Members noted the Adviser’s adjusted operating margin appears to be reasonable in relation to other investment advisers and sufficient to operate as a viable investment management firm meeting its obligations to the Nuveen funds. Based on their review, the Independent Board Members concluded that the Adviser’s level of profitability for its advisory activities was reasonable in light of the services provided.

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

 

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

 

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

4. The New Advisory Agreements

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

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

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

1. The Original Advisory Agreements

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

In addition to fund-level advisory fee breakpoints, the Board also considered the Nuveen funds’ complex-wide fee arrangement. Pursuant to the complex-wide fee arrangement, the fees of the funds in the Nuveen complex are reduced as the assets in the fund complex reach certain levels. The complex-wide fee arrangement seeks to provide the benefits of economies of scale to fund shareholders when total fund complex assets increase, even if assets of a particular fund are unchanged or have decreased. The approach reflects the notion that some of Nuveen’s costs are attributable to services provided to all its funds in the complex and therefore all funds benefit if these costs are spread over a larger asset base.

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

2. The New Advisory Agreements

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

 

  64       Nuveen Investments


E. Indirect Benefits

1. The Original Advisory Agreements

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

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

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

2. The New Advisory Agreements

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

F. Other Considerations for the New Advisory Agreements

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

 

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

 

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

 

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

 

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

 

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

G. Other Considerations

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

 

Nuveen Investments     65   


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

 

II. Approval of Interim Advisory Agreements

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

 

 

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

 

  66       Nuveen Investments


Notes

 

 

 

Nuveen Investments     67   


LOGO

 

    

 

     

 

           
  Nuveen Investments:            
     Serving Investors for Generations      
    

 

     Since 1898, financial advisors and their clients have relied on Nuveen Investments to provide dependable investment solutions through continued adherence to proven, long-term investing principles. Today, we offer a range of high quality equity and fixed-income solutions designed to be integral components of a well-diversified core portfolio.   
       

 

       

Focused on meeting investor needs.

 

Nuveen Investments provides high-quality investment services designed to help secure the longterm goals of institutional and individual investors as well as the consultants and financial advisors who serve them. Nuveen Investments markets a wide range of specialized investment solutions which provide investors access to capabilities of its high-quality boutique investment affiliates-Nuveen Asset Management, Symphony Asset Management, NWQ Investment Management Company, Santa Barbara Asset Management, Tradewinds Global Investors, Winslow Capital Management, and Gresham Investment Management. In total, Nuveen Investments managed approximately $225 billion as of March 31, 2014.

  
    

 

        
       

Find out how we can help you.

To learn more about how the products and services of Nuveen Investments may be able to help you meet your financial goals, talk to your financial advisor, or call us at (800) 257-8787. Please read the information provided carefully before you invest. Investors should consider the investment objective and policies, risk considerations, charges and expenses of any investment carefully. Where applicable, be sure to obtain a prospectus, which contains this and other relevant information. To obtain a prospectus, please contact your securities representative or Nuveen Investments, 333 W. Wacker Dr., Chicago, IL 60606. Please read the prospectus carefully before you invest or send money.

 

Learn more about Nuveen Funds at: www.nuveen.com/mf

  

 

                 
  Distributed by Nuveen Securities, LLC | 333 West Wacker Drive Chicago, IL 60606 | www.nuveen.com         

 

MSA-FQTII-0414P


     LOGO
Mutual Funds   

 

      
     Nuveen Equity Funds

 

 

       

 

       

 

 

Semi-Annual Report  April 30, 2014

 

              Share Class / Ticker Symbol
    Fund Name        Class A    Class B    Class C    Class R3    Class R6    Class I       

 

 

 

 

Nuveen Large Cap Growth Opportunities Fund

       FRGWX    FETBX    FAWCX    FLCYX    FLCFX    FIGWX       
 

Nuveen Mid Cap Growth Opportunities Fund

       FRSLX    FMQBX    FMECX    FMEYX    FMEFX    FISGX       
 

Nuveen Small Cap Growth Opportunities Fund

       FRMPX       FMPCX    FMPYX       FIMPX       


 

 

     

 

           
      
  NUVEEN INVESTMENTS TO BE ACQUIRED BY TIAA-CREF   
 

On April 14, 2014, TIAA-CREF announced that it had entered into an agreement to acquire Nuveen Investments, the parent company of your fund’s investment adviser, Nuveen Fund Advisors, LLC (“NFAL”) and the Nuveen affiliates that act as sub-advisers to the majority of the Nuveen Funds. TIAA-CREF is a national financial services organization with approximately $569 billion in assets under management (as of March 31, 2014) and is a leading provider of retirement services in the academic, research, medical and cultural fields. Nuveen anticipates that it will operate as a separate subsidiary within TIAA-CREF’s asset management business, and that its current leadership and key investment teams will stay in place.

 

Your fund investment will not change as a result of Nuveen’s change of ownership. You will still own the same fund shares and the underlying value of those shares will not change as a result of the transaction. NFAL and your fund’s sub-adviser(s) will continue to manage your fund according to the same objectives and policies as before, and we do not anticipate any significant changes to your fund’s operations. Under the securities laws, the consummation of the transaction will result in the automatic termination of the investment management agreements between the funds and NFAL and the investment sub-advisory agreements between NFAL and each fund’s sub-adviser(s). New agreements will be presented to the funds’ shareholders for approval, and, if approved, will take effect upon consummation of the transaction or such later time as shareholder approval is obtained.

 

The transaction, expected to be completed by year end, is subject to customary closing conditions.

  
          
       
       

 

Must be preceded by or accompanied by a prospectus.

 

NOT FDIC INSURED MAY LOSE VALUE
NO BANK GUARANTEE

  
    

 

        
                                 

 

LOGO


Table

of Contents

 

Chairman’s Letter to Shareholders

     4   

Portfolio Managers’ Comments

     5   

Risk Considerations

     12   

Fund Performance and Expense Ratios

     13   

Holding Summaries

     19   

Expense Examples

     22   

Portfolios of Investments

     24   

Statement of Assets and Liabilities

     39   

Statement of Operations

     40   

Statement of Changes in Net Assets

     41   

Financial Highlights

     42   

Notes to Financial Statements

     48   

Additional Fund Information

     60   

Glossary of Terms Used in this Report

     61   

Annual Investment Management Agreement Approval Process

     62   

 

Nuveen Investments     3   


Chairman’s Letter

to Shareholders

 

LOGO

 

Dear Shareholders,

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

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

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

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

As always, I encourage you to communicate with your financial consultant if you have any questions about your investment in a Nuveen Fund. On behalf of the other members of the Nuveen Fund Board, we look forward to continuing to earn your trust in the months and years ahead.

Sincerely,

 

LOGO

William J. Schneider

Chairman of the Board

June 23, 2014

 

 

  4       Nuveen Investments


Portfolio Managers’

Comments

 

Nuveen Large Cap Growth Opportunities Fund

Nuveen Mid Cap Growth Opportunities Fund

Nuveen Small Cap Growth Opportunities Fund

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

Harold (Hal) Goldstein, Scott Mullinix, CFA, and James (Jim) Diedrich, CFA, are the portfolio managers for the Nuveen Large Cap Growth Opportunities Fund. Hal assumed portfolio management responsibilities in 2002. Scott and Jim have been on the management team for the Fund since 2006.

Jim, Hal and Scott are also the portfolio managers for the Nuveen Mid Cap Growth Opportunities Fund. Jim and Scott assumed portfolio management responsibilities in 2006. Hal has been on the management team of the Fund since 2005.

Rob McDougall, CFA, and Jon Loth, CFA, are the portfolio managers for the Nuveen Small Cap Growth Opportunities Fund. Rob assumed portfolio management responsibilities in 2004. Jon has been on the management team for the Fund since 2007.

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

Nuveen Large Cap Growth Opportunities Fund

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

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

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

The Fund seeks to provide long-term capital appreciation by investing primarily in the common stocks of companies that have market capitalizations of $5 billion or greater at the time of purchase. We start by identifying what we believe are exceptional growth companies with open-ended growth prospects, outstanding financial characteristics and solid management teams. From that highly selective group, we invest in companies where our expectations for earnings growth exceed consensus expectations. For each Fund holding, we develop a proprietary growth thesis. When the growth thesis is validated, we hold or buy more; however, when our growth thesis is not validated, we sell the holding. Although we made individual position changes during the reporting period, our underlying investment strategy remained consistent.

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

 

 

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

 

Nuveen Investments     5   


Portfolio Managers’ Comments (continued)

 

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

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

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

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

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

 

  6       Nuveen Investments


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

Nuveen Mid Cap Growth Opportunities Fund

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

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

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

The Fund pursues a long-term capital appreciation strategy by investing primarily in the common stocks of companies that have market capitalizations between approximately $1.8 billion and $21.5 billion at the time of purchase. We start by identifying what we believe are exceptional growth companies with open ended growth prospects, outstanding financial characteristics and solid management teams. From that highly selective group, we invest in companies where our expectations for earnings growth exceed consensus expectations. For each Fund holding, we develop a proprietary growth thesis. When the growth thesis is validated, we hold or buy more; however, when our growth thesis is not validated, we sell the holding. Although we made individual position changes during the reporting period, our underlying investment strategy remained consistent.

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

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

 

Nuveen Investments     7   


Portfolio Managers’ Comments (continued)

 

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

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

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

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

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

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

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

 

  8       Nuveen Investments


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

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

Nuveen Small Cap Growth Opportunities Fund

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

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

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

The Fund pursues a long-term capital appreciation strategy by investing primarily in equity securities of companies with market capitalizations of less than $3 billion at the time of purchase. The investment process employed in the management of the Fund seeks to exploit secular growth trends that we believe will provide an investment tailwind to above average growth that should transcend the business cycle over the longer term. Importantly, our process also emphasizes a valuation discipline designed to find attractive investment opportunities that should benefit from multiple expansion when particular investment catalysts become evident in the marketplace. The Fund’s portfolio typically features investments in high quality companies with attractive or improving margin profiles, generally healthy balance sheets and prospects for above-average revenue and earnings growth.

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

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

 

Nuveen Investments     9   


Portfolio Managers’ Comments (continued)

 

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

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

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

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

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

 

  10       Nuveen Investments


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

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

 

Nuveen Investments     11   


Risk Considerations

 

Nuveen Large Cap Growth Opportunities Fund

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

Nuveen Mid Cap Growth Opportunities Fund

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

Nuveen Small Cap Growth Opportunities Fund

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

 

  12       Nuveen Investments


Fund Performance

and Expense Ratios

 

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

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

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

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

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

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

 

Nuveen Investments     13   


Fund Performance and Expense Ratios (continued)

Nuveen Large Cap Growth Opportunities Fund

 

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

Fund Performance

Average Annual Total Returns as of April 30, 2014

 

       Cumulative        Average Annual  
       

6-Month

      

1-Year

      

5-Year

      

10-Year

 

Class A Shares at NAV

       0.31%           16.72%           16.83%           7.36%   

Class A Shares at maximum Offering Price

       (5.45)%           10.00%           15.45%           6.72%   

Russell 1000® Growth Index*

       6.95%           20.66%           19.47%           7.99%   

Lipper Large-Cap Growth Funds Classification Average*

       4.73%           20.17%           17.26%           7.20%   

Class B Shares w/o CDSC

       (0.03)%           15.84%           15.97%           6.57%   

Class B Shares w/CDSC

       (4.17)%           11.04%           15.86%           6.57%   

Class C Shares

       0.00%           15.91%           15.97%           6.56%   

Class R3 Shares

       0.19%           16.42%           16.53%           7.09%   

Class I Shares

       0.45%           17.03%           17.12%           7.63%   

 

       Cumulative        Average Annual  
       

6-Month

      

1-Year

      

Since
Inception**

 

Class R6 Shares

       0.50%           17.14%           18.09%   

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

 

       Cumulative        Average Annual  
       

6-Month

      

1-Year

      

5-Year

      

10-Year

 

Class A Shares at NAV

       8.68%           21.84%           19.44%           7.47%   

Class A Shares at maximum Offering Price

       2.43%           14.82%           18.03%           6.83%   

Class B Shares w/o CDSC

       8.28%           20.89%           18.56%           6.68%   

Class B Shares w/CDSC

       3.80%           15.89%           18.46%           6.68%   

Class C Shares

       8.35%           20.97%           18.56%           6.67%   

Class R3 Shares

       8.56%           21.53%           19.14%           7.21%   

Class I Shares

       8.85%           22.14%           19.73%           7.74%   

 

       Cumulative        Average Annual  
       

6-Month

      

1-Year

      

Since
Inception**

 

Class R6 Shares

       8.89%           22.25%           23.33%   

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

 

  14       Nuveen Investments


Expense Ratios as of Most Recent Prospectus

 

       Share Class  
       

Class A

      

Class B

      

Class C

      

Class R3

      

Class R6

      

Class I

 

Expense Ratios

       1.24%           1.99%           1.99%           1.49%           0.91%           0.99%   

 

 

 

 

 

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

 

** Since inception returns for Class R6 Shares are from 2/28/13.

 

 

Nuveen Investments     15   


Fund Performance and Expense Ratios (continued)

Nuveen Mid Cap Growth Opportunities Fund

 

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

Fund Performance

Average Annual Total Returns as of April 30, 2014

 

       Cumulative        Average Annual  
       

6-Month

      

1-Year

      

5-Year

      

10-Year

 

Class A Shares at NAV

       4.91%           21.66%           19.62%           9.79%   

Class A Shares at maximum Offering Price

       (1.13)%           14.66%           18.20%           9.14%   

Russell Midcap® Growth Index*

       6.04%           20.62%           21.10%           9.63%   

Lipper Mid-Cap Growth Funds Classification Average*

       3.19%           19.49%           19.10%           8.71%   

Class B Shares w/o CDSC

       4.50%           20.72%           18.71%           8.96%   

Class B Shares w/CDSC

       0.36%           15.94%           18.61%           8.96%   

Class C Shares

       4.51%           20.74%           18.72%           8.97%   

Class R3 Shares

       4.77%           21.36%           19.32%           9.52%   

Class I Shares

       5.03%           21.95%           19.92%           10.06%   

 

       Cumulative        Average Annual  
       

6-Month

      

1-Year

      

Since
Inception**

 

Class R6 Shares

       5.11%           22.13%           22.12%   

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

 

       Cumulative        Average Annual  
       

6-Month

      

1-Year

      

5-Year

      

10-Year

 

Class A Shares at NAV

       12.04%           27.78%           23.29%           9.82%   

Class A Shares at maximum Offering Price

       5.60%           20.43%           21.84%           9.17%   

Class B Shares w/o CDSC

       11.62%           26.81%           22.36%           8.99%   

Class B Shares w/CDSC

       7.20%           21.81%           22.27%           8.99%   

Class C Shares

       11.64%           26.85%           22.37%           9.00%   

Class R3 Shares

       11.93%           27.48%           22.99%           9.55%   

Class I Shares

       12.18%           28.10%           23.60%           10.09%   

 

       Cumulative        Average Annual  
       

6-Month

      

1-Year

      

Since
Inception**

 

Class R6 Shares

       12.27%           28.25%           28.64%   

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

 

  16       Nuveen Investments


Expense Ratios as of Most Recent Prospectus

 

       Share Class  
       

Class A

      

Class B

      

Class C

      

Class R3

      

Class R6

      

Class I

 

Expense Ratios

       1.30%           2.06%           2.05%           1.55%           0.92%           1.05%   

 

 

 

 

 

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

 

** Since inception returns for Class R6 Shares are from 2/28/13.

 

Nuveen Investments     17   


Fund Performance and Expense Ratios (continued)

Nuveen Small Cap Growth Opportunities Fund

 

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

Fund Performance

Average Annual Total Returns as of April 30, 2014

 

       Cumulative        Average Annual  
       

6-Month

      

1-Year

      

5-Year

      

10-Year

 

Class A Shares at NAV

       3.39%           24.72%           21.01%           7.36%   

Class A Shares at maximum Offering Price

       (2.57)%           17.56%           19.59%           6.73%   

Russell 2000® Growth Index*

       1.27%           21.46%           20.50%           8.85%   

Lipper Small-Cap Growth Funds Classification Average*

       0.43%           21.03%           20.16%           8.40%   

Class C Shares

       3.03%           23.77%           20.12%           6.57%   

Class R3 Shares

       3.24%           24.41%           20.70%           7.11%   

Class I Shares

       3.52%           25.00%           21.32%           7.62%   

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

 

       Cumulative        Average Annual  
       

6-Month

      

1-Year

      

5-Year

      

10-Year

 

Class A Shares at NAV

       9.85%           27.61%           26.08%           7.27%   

Class A Shares at maximum Offering Price

       3.53%           20.28%           24.58%           6.64%   

Class C Shares

       9.47%           26.70%           25.14%           6.47%   

Class R3 Shares

       9.72%           27.30%           25.76%           7.02%   

Class I Shares

       9.97%           27.90%           26.41%           7.53%   

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

Expense Ratios as of Most Recent Prospectus

 

       Share Class  
       

Class A

      

Class C

      

Class R3

      

Class I

 

Gross Expense Ratios

       1.55%           2.30%           1.80%           1.30%   

Net Expense Ratios

       1.46%           2.22%           1.72%           1.22%   

The Fund’s investment adviser has contractually agreed to waive fees and/or reimburse other Fund expenses through February 28, 2015, so that total annual fund operating expenses, after fee waivers and/or expense reimbursements and excluding acquired fund fees and expenses, do not exceed 1.47%, 2.22%, 1.72% and 1.22% for Class A, Class C, Class R3 and Class I Shares, respectively. Fee waivers and/or expense reimbursements will not be terminated prior to that time without the approval of the Fund’s Board of Directors.

 

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

 

  18       Nuveen Investments


Holding

Summaries April 30, 2014

 

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

Nuveen Large Cap Growth Opportunities Fund

 

Fund Allocation

(% of net assets)

 

Common Stocks

       99.8%   

Investments Purchased with Collateral from Securities Lending

       23.1%   

Short-Term Investments

       0.3%   

Other Assets Less Liabilities

       (23.2)%   

Portfolio Composition

(% of net assets)

 

Internet Software & Services

       8.9%   

Software

       6.9%   

Pharmaceuticals

       6.5%   

Media

       6.4%   

IT Services

       6.1%   

Internet & Catalog Retail

       5.5%   

Biotechnology

       5.2%   

Computers & Peripherals

       4.8%   

Machinery

       4.5%   

Hotels, Restaurants & Leisure

       4.1%   

Specialty Retail

       3.8%   

Airlines

       3.6%   

Oil, Gas & Consumable Fuels

       3.2%   

Chemicals

       3.2%   

Aerospace & Defense

       3.1%   

Road & Rail

       1.9%   

Semiconductors & Equipment

       1.7%   

Consumer Finance

       1.6%   

Other Industries

       18.8%   

Investments Purchased with Collateral from Securities Lending

       23.1%   

Short-Term Investments

       0.3%   

Other Assets Less Liabilities

       (23.2)%   

Top Five Common Stock Holdings

(% of net assets)

 

Apple, Inc.

       4.8%   

Gilead Sciences, Inc.

       2.9%   

Facebook Inc., Class A

       2.7%   

MasterCard, Inc., Class A

       2.5%   

Visa Inc., Class A

       2.4%   
 

 

Nuveen Investments     19   


Holding Summaries April 30, 2014 (continued)

 

Nuveen Mid Cap Growth Opportunities Fund

 

Fund Allocation

(% of net assets)

 

Common Stocks

       97.1%   

Investments Purchased with Collateral from Securities Lending

       17.5%   

Short-Term Investments

       3.3%   

Other Assets Less Liabilities

       (17.9)%   

Portfolio Composition

(% of net assets)

 

Pharmaceuticals

     6.6%   

Capital Markets

     6.3%   

Oil, Gas & Consumable Fuels

     6.1%   

Software

     6.1%   

Machinery

     5.2%   

Internet & Catalog Retail

     5.1%   

Biotechnology

     4.6%   

Airlines

     4.2%   

Diversified Financial Services

     4.1%   

IT Services

     3.7%   

Professional Services

     3.1%   

Hotels, Restaurants & Leisure

     3.0%   

Chemicals

     2.7%   

Textiles, Apparel & Luxury Goods

     2.5%   

Electronic Equipment & Instruments

     2.4%   

Household Durables

     2.4%   

Specialty Retail

     2.3%   

Internet Software & Services

     2.2%   

Auto Components

     2.1%   

Road & Rail

     1.9%   

Semiconductors & Equipment

     1.8%   

Other Industries

     18.7%   

Investments Purchased with Collateral from Securities Lending

     17.5%   

Short-Term Investments

     3.3%   

Other Assets Less Liabilities

     (17.9)%   

Top Five Common Stock Holdings

(% of net assets)

 

BorgWarner Inc.

     2.1%   

Delta Air Lines, Inc.

     2.0%   

Alexion Pharmaceuticals Inc.

     1.9%   

Mylan Laboratories Inc.

     1.9%   

Salix Pharmaceuticals Limited

     1.9%   
 

 

  20       Nuveen Investments


Nuveen Small Cap Growth Opportunities 
Fund

 

Fund Allocation

(% of net assets)

 

Common Stocks

       98.5%   

Investments Purchased with Collateral from Securities Lending

       27.6%   

Short-Term Investments

       1.5%   

Other Assets Less Liabilities

       (27.6)%   

Portfolio Composition

(% of net assets)

 

Software

       9.4%   

Health Care Equipment & Supplies

       7.8%   

Biotechnology

       6.5%   

Semiconductors & Equipment

       5.8%   

Banks

       5.1%   

Internet Software & Services

       4.5%   

Oil, Gas & Consumable Fuels

       4.2%   

Specialty Retail

       4.2%   

Communications Equipment

       3.3%   

Construction & Engineering

       3.1%   

Machinery

       3.0%   

Capital Markets

       2.9%   

Hotels, Restaurants & Leisure

       2.9%   

Health Care Providers & Services

       2.9%   

Commercial Services & Supplies

       2.6%   

Textiles, Apparel & Luxury Goods

       2.5%   

Leisure Equipment & Products

       2.5%   

Food Products

       2.4%   

Electrical Equipment

       1.8%   

Road & Rail

       1.8%   

Other Industries

       19.3%   

Investments Purchased with Collateral from Securities Lending

       27.6%   

Short-Term Investments

       1.5%   

Other Assets Less Liabilities

       (27.6)%   

Top Five Common Stock Holdings

(% of net assets)

 

Cathay General Bancorp.

       1.9%   

East West Bancorp Inc.

       1.9%   

Altra Industrial Motion, Inc.

       1.8%   

Swift Transportation Company, Class A

       1.8%   

Cadence Design Systems, Inc.

       1.7%   
 

 

Nuveen Investments     21   


Expense

Examples

 

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

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

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

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

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

Nuveen Large Cap Growth Opportunities Fund

 

    Actual Performance      Hypothetical Performance
(5% annualized return before expenses)
 
    

A Shares

   

B Shares

   

C Shares

   

R3 Shares

   

R6 Shares

   

I Shares

    

A Shares

   

B Shares

   

C Shares

   

R3 Shares

   

R6 Shares

   

I Shares

 

Beginning Account Value (11/01/13)

  $ 1,000.00      $ 1,000.00      $ 1,000.00      $ 1,000.00      $ 1,000.00      $ 1,000.00       $ 1,000.00      $ 1,000.00      $ 1,000.00      $ 1,000.00      $ 1,000.00      $ 1,000.00   

Ending Account Value (4/30/14)

  $ 1,003.10      $ 999.70      $ 1,000.00      $ 1,001.90      $ 1,005.00      $ 1,004.50       $ 1,018.60      $ 1,014.88      $ 1,014.88      $ 1,017.36      $ 1,020.33      $ 1,019.84   

Expenses Incurred During Period

  $ 6.21      $ 9.92      $ 9.92      $ 7.45      $ 4.47      $ 4.97       $ 6.26      $ 9.99      $ 9.99      $ 7.50      $ 4.51      $ 5.01   

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

 

  22       Nuveen Investments


Nuveen Mid Cap Growth Opportunities Fund

 

    Actual Performance      Hypothetical Performance
(5% annualized return before expenses)
 
    

A Shares

   

B Shares

   

C Shares

   

R3 Shares

   

R6 Shares

   

I Shares

    

A Shares

   

B Shares

   

C Shares

   

R3 Shares

   

R6 Shares

   

I Shares

 

Beginning Account Value (11/01/13)

  $ 1,000.00      $ 1,000.00      $ 1,000.00      $ 1,000.00      $ 1,000.00      $ 1,000.00       $ 1,000.00      $ 1,000.00      $ 1,000.00      $ 1,000.00      $ 1,000.00      $ 1,000.00   

Ending Account Value (4/30/14)

  $ 1,049.10      $ 1,045.00      $ 1,045.10      $ 1,047.70      $ 1,051.10      $ 1,050.30       $ 1,018.35      $ 1,014.63      $ 1,014.63      $ 1,017.11      $ 1,020.23      $ 1,019.59   

Expenses Incurred During Period

  $ 6.60      $ 10.39      $ 10.39      $ 7.87      $ 4.68      $ 5.34       $ 6.51      $ 10.24      $ 10.24      $ 7.75      $ 4.61      $ 5.26   

For each class of the Fund, expenses are equal to the Fund’s annualized net expense ratio of 1.30%, 2.05%, 2.05%, 1.55%, .92% and 1.05% for Classes A, B, C, R3, R6 and I, respectively, multiplied by the average account value over the period, multiplied by 181/365 (to reflect the one-half year period).

Nuveen Small Cap Growth Opportunities Fund

 

     Actual Performance        Hypothetical Performance
(5% annualized return before expenses)
 
     

A Shares

    

C Shares

    

R3 Shares

    

I Shares

      

A Shares

    

C Shares

    

R3 Shares

    

I Shares

 

Beginning Account Value (11/01/13)

   $ 1,000.00       $ 1,000.00       $ 1,000.00       $ 1,000.00         $ 1,000.00       $ 1,000.00       $ 1,000.00       $ 1,000.00   

Ending Account Value (4/30/14)

   $ 1,033.90       $ 1,030.30       $ 1,032.40       $ 1,035.20         $ 1,017.50       $ 1,013.79       $ 1,016.27       $ 1,018.74   

Expenses Incurred During Period

   $ 7.41       $ 11.18       $ 8.67       $ 6.16         $ 7.35       $ 11.08       $ 8.60       $ 6.11   

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

 

Nuveen Investments     23   


Nuveen Large Cap Growth Opportunities Fund

Portfolio of Investments April 30, 2014 (Unaudited)

 

Shares     Description (1)                   Value  
 

LONG-TERM INVESTMENTS – 119.9%

        
 

COMMON STOCKS – 99.8%

        
 

Aerospace & Defense – 3.1%

        
  69,900     

Boeing Company

         $ 9,018,498   
  34,844     

Precision Castparts Corporation

                 8,818,668   
 

Total Aerospace & Defense

                 17,837,166   
 

Airlines – 3.6%

        
  265,378     

Delta Air Lines, Inc.

           9,773,872   
  78,469     

Ryanair Holdings PLC, (2)

           4,196,522   
  294,196     

Southwest Airlines Co., (3)

                 7,110,717   
 

Total Airlines

                 21,081,111   
 

Auto Components – 1.4%

        
  126,989     

BorgWarner Inc., (3)

                 7,891,096   
 

Automobiles – 1.4%

        
  106,099     

Harley-Davidson, Inc.

                 7,844,960   
 

Biotechnology – 5.2%

        
  39,809     

Biogen Idec Inc., (2)

           11,429,960   
  212,773     

Gilead Sciences, Inc., (2), (3)

           16,700,553   
  63,429     

ISIS Pharmaceuticals, Inc., (2), (3)

                 1,687,846   
 

Total Biotechnology

                 29,818,359   
 

Capital Markets – 1.0%

        
  208,814     

Charles Schwab Corporation

                 5,544,012   
 

Chemicals – 3.2%

        
  56,828     

Ecolab Inc.

           5,946,482   
  39,580     

PPG Industries, Inc.

           7,663,480   
  50,467     

WR Grace & Company, (2)

                 4,648,011   
 

Total Chemicals

                 18,257,973   
 

Computers & Peripherals – 4.8%

        
  47,353     

Apple, Inc.

                 27,942,532   
 

Construction & Engineering – 0.9%

        
  66,484     

Chicago Bridge & Iron Company N.V.

                 5,323,374   
 

Consumer Finance – 1.6%

        
  109,322     

American Express Company

                 9,558,022   
 

Energy Equipment & Services – 1.6%

        
  150,805     

Halliburton Company

                 9,511,271   

 

  24       Nuveen Investments


Shares     Description (1)                   Value  
 

Food & Staples Retailing – 1.2%

        
  95,634     

CVS Caremark Corporation

               $ 6,954,504   
 

Food Products – 0.7%

        
  46,146     

Keurig Green Mountain Inc., (3)

                 4,322,957   
 

Health Care Providers & Services – 1.4%

        
  46,604     

McKesson HBOC Inc.

                 7,884,931   
 

Health Care Technology – 1.6%

        
  24,603     

AthenaHealth Inc., (2)

           3,041,915   
  123,312     

Cerner Corporation, (2)

                 6,325,906   
 

Total Health Care Technology

                 9,367,821   
 

Hotels, Restaurants & Leisure – 4.1%

        
  111,670     

Las Vegas Sands

           8,836,447   
  125,572     

Starbucks Corporation

           8,867,895   
  76,182     

Starwood Hotels & Resorts Worldwide, Inc.

                 5,839,350   
 

Total Hotels, Restaurants & Leisure

                 23,543,692   
 

Household Durables – 1.3%

        
  133,969     

Jarden Corporation, (2)

                 7,656,328   
 

Industrial Conglomerates – 1.4%

        
  109,730     

Danaher Corporation

                 8,051,987   
 

Internet & Catalog Retail – 5.5%

        
  31,962     

Amazon.com, Inc., (2)

           9,720,603   
  16,677     

Netflix.com Inc., (2)

           5,370,661   
  11,205     

priceline.com Incorporated, (2)

           12,972,589   
  47,512     

TripAdvisor Inc., (2), (3)

                 3,836,119   
 

Total Internet & Catalog Retail

                 31,899,972   
 

Internet Software & Services – 8.9%

        
  258,064     

Facebook Inc., Class A, (2)

           15,427,066   
  23,448     

Google Inc., Class A, (2)

           12,541,866   
  23,448     

Google Inc., Class C, (2)

           12,349,124   
  211,183     

Pandora Media, Inc., (2)

           4,945,906   
  42,602     

Yelp Inc., Class A, (2)

           2,484,549   
  33,579     

Zillow, Inc., Class A, (2), (3)

                 3,650,037   
 

Total Internet Software & Services

                 51,398,548   
 

IT Services – 6.1%

        
  27,836     

Alliance Data Systems Corporation, (2), (3)

           6,733,528   
  192,967     

MasterCard, Inc., Class A

           14,192,723   
  69,439     

Visa Inc., Class A, (3)

                 14,069,036   
 

Total IT Services

                 34,995,287   

 

Nuveen Investments     25   


Nuveen Large Cap Growth Opportunities Fund (continued)

Portfolio of Investments April 30, 2014 (Unaudited)

 

Shares     Description (1)                   Value  
 

Leisure Equipment & Products – 1.0%

        
  41,151     

Polaris Industries Inc., (3)

               $ 5,527,814   
 

Life Sciences Tools & Services – 0.8%

        
  33,415     

Illumina Inc., (2), (3)

                 4,539,428   
 

Machinery – 4.5%

        
  62,923     

Cummins Inc.

           9,491,935   
  81,522     

Flowserve Corporation

           5,955,182   
  79,376     

Graco Inc.

           5,754,760   
  66,400     

Wabtec Corporation

                 4,950,120   
 

Total Machinery

                 26,151,997   
 

Marine – 0.8%

        
  43,685     

Kirby Corporation, (2)

                 4,395,585   
 

Media – 6.4%

        
  108,755     

CBS Corporation, Class B

           6,281,689   
  78,953     

Discovery Communications inc., Class A, (2), (3)

           5,992,533   
  91,486     

Liberty Global PLC Class A, (2)

           3,642,973   
  91,486     

Liberty Global PLC Class C, (2)

           3,515,807   
  111,330     

The Walt Disney Company, (3)

           8,832,922   
  267,129     

Twenty First Century Fox Inc., Class A, (3)

                 8,553,471   
 

Total Media

                 36,819,395   
 

Oil, Gas & Consumable Fuels – 3.2%

        
  72,005     

Diamondback Energy Inc., (2), (3)

           5,180,040   
  33,073     

Pioneer Natural Resources Company, (3)

           6,392,019   
  93,452     

Whiting Petroleum Corporation, (2)

                 6,889,281   
 

Total Oil, Gas & Consumable Fuels

                 18,461,340   
 

Pharmaceuticals – 6.5%

        
  38,920     

Actavis Inc., (2), (3)

           7,952,524   
  33,138     

Allergan, Inc.

           5,495,606   
  167,044     

Bristol-Myers Squibb Company

           8,367,234   
  147,742     

Mylan Laboratories Inc., (2), (3)

           7,502,339   
  166,768     

Pfizer Inc.

           5,216,503   
  21,042     

Valeant Pharmaceuticals International, (2)

                 2,813,526   
 

Total Pharmaceuticals

                 37,347,732   
 

Real Estate Investment Trust – 1.4%

        
  98,319     

American Tower Corporation (REIT), (3)

                 8,211,603   
 

Road & Rail – 1.9%

        
  119,569     

Swift Transportation Company, Class A, (2), (3)

           2,875,634   
  41,555     

Union Pacific Corporation

                 7,913,319   
 

Total Road & Rail

                 10,788,953   

 

  26       Nuveen Investments


Shares     Description (1)                   Value  
 

Semiconductors & Equipment – 1.7%

        
  292,596     

Applied Materials, Inc.

         $ 5,576,880   
  93,278     

ARM Holdings PLC, Sponsored ADR, (3)

                 4,246,015   
 

Total Semiconductors & Equipment

                 9,822,895   
 

Software – 6.9%

        
  102,531     

Adobe Systems Incorporated, (2)

           6,325,137   
  30,271     

Concur Technologies, Inc., (2), (3)

           2,435,907   
  200,821     

Microsoft Corporation

           8,113,168   
  50,583     

NetSuite Inc., (2), (3)

           3,910,572   
  91,556     

Salesforce.com, Inc., (2), (3)

           4,728,867   
  82,657     

ServiceNow Inc., (2)

           4,109,706   
  48,933     

Splunk Inc., (2)

           2,670,274   
  35,683     

Tableau Software Inc., Class A, (2)

           1,972,199   
  21,885     

Ultimate Software Group, Inc., (2)

           2,618,103   
  40,428     

Workday Inc., Class A, (2)

                 2,954,074   
 

Total Software

                 39,838,007   
 

Specialty Retail – 3.8%

        
  81,032     

CarMax, Inc., (2), (3)

           3,547,581   
  106,316     

Home Depot, Inc.

           8,453,185   
  95,168     

TJX Companies, Inc.

           5,536,874   
  67,078     

Tractor Supply Company

                 4,510,325   
 

Total Specialty Retail

                 22,047,965   
 

Trading Companies & Distributors – 0.9%

        
  19,906     

W.W. Grainger, Inc., (3)

                 5,064,083   
 

Total Long-Term Investments (cost $420,277,192)

                 575,702,700   
Shares     Description (1)                   Value  
 

INVESTMENTS PURCHASED WITH COLLATERAL FROM SECURITIES LENDING – 23.1%

  

 

Money Market Funds – 23.1%

        
  133,568,099     

Mount Vernon Securities Lending Prime Portfolio, 0.172%, (4), (5)

               $ 133,568,099   
 

Total Investments Purchased with Collateral from Securities Lending (cost $133,568,099)

                 133,568,099   
Shares     Description (1)                   Value  
 

SHORT-TERM INVESTMENTS – 0.3%

        
 

Money Market Funds – 0.3%

        
  1,971,778     

First American Treasury Obligations Fund, Class Z, 0.000%, (4)

               $ 1,971,778   
 

Total Short-Term Investments (cost $1,971,778)

                 1,971,778   
 

Total Investments (cost $555,817,069) – 123.2%

                 711,242,577   
 

Other Assets Less Liabilities – (23.2)%

                 (133,939,985
 

Net Assets – 100%

               $ 577,302,592   

 

Nuveen Investments     27   


Nuveen Large Cap Growth Opportunities Fund (continued)

Portfolio of Investments April 30, 2014 (Unaudited)

 

 

 

 

 

 

 

 

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

 

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

 

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

 

(3) Investment, or portion of investment, is out on loan for securities lending. The total value of the securities out on loan as of the end of the reporting period was $131,682,037.

 

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

 

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

 

ADR American Depositary Receipt.

 

REIT Real Estate Investment Trust.

 

See accompanying notes to financial statements.

 

  28       Nuveen Investments


Nuveen Mid Cap Growth Opportunities Fund

Portfolio of Investments April 30, 2014 (Unaudited)

 

Shares     Description (1)                  Value  
 

LONG-TERM INVESTMENTS – 114.6%

       
 

COMMON STOCKS – 97.1%

       
 

Airlines – 4.2%

       
  697,592     

Delta Air Lines, Inc.

        $ 25,692,313   
  223,074     

Ryanair Holdings PLC, Sponsored ADR, (2)

          11,929,998   
  603,214     

Southwest Airlines Co.

                14,579,682   
 

Total Airlines

                52,201,993   
 

Auto Components – 2.1%

       
  428,703     

BorgWarner Inc., (3)

                26,639,604   
 

Automobiles – 1.7%

       
  289,512     

Harley-Davidson, Inc.

                21,406,517   
 

Beverages – 1.4%

       
  269,075     

Monster Beverage Corporation, (2)

                18,017,262   
 

Biotechnology – 4.6%

       
  153,453     

Alexion Pharmaceuticals Inc., (2)

          24,276,265   
  116,022     

Alnylam Pharmaceuticals, Inc., (2)

          5,746,570   
  277,243     

Grifols SA

          11,378,053   
  304,804     

ISIS Pharmaceuticals, Inc., (2), (3)

          8,110,834   
  25,603     

Regeneron Pharmaceuticals, Inc., (2), (3)

                7,601,275   
 

Total Biotechnology

                57,112,997   
 

Capital Markets – 6.3%

       
  102,320     

Affiliated Managers Group Inc., (2)

          20,279,824   
  227,882     

Evercore Partners Inc., Class A

          12,175,735   
  416,070     

Lazard Limited

          19,576,094   
  197,719     

LPL Financial Holdings Inc.

          9,361,995   
  537,920     

TD Ameritrade Holding Corporation, (3)

                17,159,648   
 

Total Capital Markets

                78,553,296   
 

Chemicals – 2.7%

       
  99,219     

PPG Industries, Inc.

          19,210,783   
  161,383     

W.R. Grace & Co., (2)

                14,863,374   
 

Total Chemicals

                34,074,157   
 

Communications Equipment – 1.4%

       
  165,572     

F5 Networks, Inc., (2)

                17,413,207   
 

Construction & Engineering – 1.4%

       
  217,854     

Chicago Bridge & Iron Company N.V.

                17,443,570   

 

Nuveen Investments     29   


Nuveen Mid Cap Growth Opportunities Fund (continued)

Portfolio of Investments April 30, 2014 (Unaudited)

 

Shares     Description (1)                   Value  
 

Containers & Packaging – 1.2%

        
  220,914     

Packaging Corp. of America

               $ 14,719,500   
 

Diversified Consumer Services – 0.7%

        
  578,096     

LifeLock, Incorporated, (2)

                 9,076,107   
 

Diversified Financial Services – 4.1%

        
  286,835     

CBOE Holdings Inc.

           15,305,516   
  104,600     

IntercontinentalExchange Group Inc.

           21,384,424   
  194,858     

Moody’s Corporation, (3)

                 15,296,353   
 

Total Diversified Financial Services

                 51,986,293   
 

Electrical Equipment – 0.8%

        
  80,759     

Rockwell Automation, Inc., (3)

                 9,624,858   
 

Electronic Equipment & Instruments – 2.4%

        
  213,268     

Amphenol Corporation, Class A

           20,335,104   
  113,690     

Littelfuse Inc.

                 10,294,630   
 

Total Electronic Equipment & Instruments

                 30,629,734   
 

Food Products – 1.6%

        
  212,608     

Keurig Green Mountain Inc., (3)

                 19,917,117   
 

Health Care Providers & Services – 0.7%

        
  82,030     

Henry Schein Inc., (2)

                 9,370,287   
 

Health Care Technology – 0.9%

        
  89,552     

AthenaHealth Inc., (2), (3)

                 11,072,209   
 

Hotels, Restaurants & Leisure – 3.0%

        
  199,285     

Starwood Hotels & Resorts Worldwide, Inc.

           15,275,195   
  107,962     

Wynn Resorts Ltd

                 22,012,372   
 

Total Hotels, Restaurants & Leisure

                 37,287,567   
 

Household Durables – 2.4%

        
  308,871     

Jarden Corporation, (2)

           17,651,978   
  91,631     

Mohawk Industries Inc., (2)

                 12,132,861   
 

Total Household Durables

                 29,784,839   
 

Industrial Conglomerates – 1.7%

        
  151,220     

Roper Industries Inc.

                 21,012,019   
 

Internet & Catalog Retail – 5.1%

        
  157,523     

CTRIP.com, (2), (3)

           7,362,625   
  199,229     

Expedia, Inc.

           14,143,267   
  58,863     

Netflix.com Inc., (2)

           18,956,241   
  10,030     

priceline.com Incorporated, (2)

           11,612,233   
  140,989     

TripAdvisor Inc., (2)

                 11,383,452   
 

Total Internet & Catalog Retail

                 63,457,818   

 

  30       Nuveen Investments


Shares     Description (1)                   Value  
 

Internet Software & Services – 2.2%

        
  133,357     

Cornerstone OnDemand, Inc., (2)

         $ 4,902,203   
  198,720     

Criteo SA, Sponsored ADR, (2)

           6,355,066   
  377,130     

Pandora Media, Inc., (2)

           8,832,385   
  123,516     

Yelp Inc., Class A, (2)

                 7,203,453   
 

Total Internet Software & Services

                 27,293,107   
 

IT Services – 3.7%

        
  70,850     

Alliance Data Systems Corporation, (2), (3)

           17,138,615   
  273,935     

Gartner Inc., (2), (3)

           18,885,079   
  112,080     

WEX Inc., (2)

                 10,756,318   
 

Total IT Services

                 46,780,012   
 

Leisure Equipment & Products – 1.4%

        
  132,808     

Polaris Industries Inc., (3)

                 17,840,099   
 

Life Sciences Tools & Services – 1.1%

        
  281,345     

Quintiles Transnational Corporation, (2), (3)

                 13,259,790   
 

Machinery – 5.2%

        
  235,821     

Flowserve Corporation

           17,226,724   
  113,666     

Graco Inc.

           8,240,785   
  192,473     

WABCO Holdings Inc., (2)

           20,596,536   
  253,131     

Wabtec Corporation

                 18,870,916   
 

Total Machinery

                 64,934,961   
 

Marine – 1.2%

        
  149,402     

Kirby Corporation, (2)

                 15,032,829   
 

Oil, Gas & Consumable Fuels – 6.1%

        
  163,834     

Concho Resources Inc., (2)

           21,372,145   
  237,311     

Diamondback Energy Inc., (2), (3)

           17,072,153   
  220,013     

Gulfport Energy Corporation, (2)

           16,208,358   
  404,193     

Matador Resources Company, (2)

           11,608,423   
  140,976     

Whiting Petroleum Corporation, (2)

                 10,392,751   
 

Total Oil, Gas & Consumable Fuels

                 76,653,830   
 

Paper & Forest Products – 1.1%

        
  513,851     

KapStone Paper and Packaging Corp., (2)

                 13,555,389   
 

Personal Products – 0.4%

        
  74,498     

Nu Skin Enterprises, Inc., Class A

                 6,481,326   
 

Pharmaceuticals – 6.6%

        
  81,726     

Actavis Inc., (2), (3)

           16,699,074   
  145,572     

Jazz Pharmaceuticals, Inc., (2)

           19,637,663   
  459,825     

Mylan Laboratories Inc., (2), (3)

           23,349,914   
  212,059     

Salix Pharmaceuticals Limited, (2), (3)

                 23,326,490   
 

Total Pharmaceuticals

                 83,013,141   

 

Nuveen Investments     31   


Nuveen Mid Cap Growth Opportunities Fund (continued)

Portfolio of Investments April 30, 2014 (Unaudited)

 

Shares     Description (1)                   Value  
 

Professional Services – 3.1%

        
  181,411     

IHS Inc., Class A, (2)

         $ 21,883,609   
  202,838     

Manpower Inc.

                 16,498,843   
 

Total Professional Services

                 38,382,452   
 

Road & Rail – 1.9%

        
  372,711     

Knight Transportation Inc.

           8,844,432   
  640,434     

Swift Transportation Company, Class A, (2), (3)

                 15,402,438   
 

Total Road & Rail

                 24,246,870   
 

Semiconductors & Equipment – 1.8%

        
  1,214,717     

Applied Materials, Inc.

                 23,152,506   
 

Software – 6.1%

        
  287,419     

Aspen Technology Inc., (2)

           12,356,143   
  421,238     

Electronic Arts Inc., (2)

           11,921,035   
  117,141     

NetSuite Inc., (2), (3)

           9,056,171   
  212,367     

ServiceNow Inc., (2)

           10,558,887   
  193,068     

Splunk Inc., (2)

           10,535,721   
  136,892     

Tableau Software Inc., Class A, (2)

           7,566,021   
  59,849     

Ultimate Software Group, Inc., (2)

           7,159,736   
  101,123     

Workday Inc., Class A, (2)

                 7,389,058   
 

Total Software

                 76,542,772   
 

Specialty Retail – 2.3%

        
  26,878     

AutoZone, Inc., (2), (3)

           14,349,895   
  125,892     

PetSmart Inc., (3)

           8,520,371   
  93,898     

Tractor Supply Company

                 6,313,702   
 

Total Specialty Retail

                 29,183,968   
 

Textiles, Apparel & Luxury Goods – 2.5%

        
  189,214     

Deckers Outdoor Corporation, (2), (3)

           14,938,445   
  174,042     

Michael Kors Holdings Limited, (2)

                 15,872,624   
 

Total Textiles, Apparel & Luxury Goods

                 30,811,069   
 

Total Long-Term Investments (cost $1,001,958,486)

                 1,217,965,072   
Shares     Description (1)                   Value  
 

INVESTMENTS PURCHASED WITH COLLATERAL FROM SECURITIES LENDING – 17.5%

  

 

Money Market Funds – 17.5%

        
  219,024,271     

Mount Vernon Securities Lending Prime Portfolio, 0.172%, (4), (5)

               $ 219,024,271   
 

Total Investments Purchased with Collateral from Securities Lending (cost $219,024,271)

                 219,024,271   

 

  32       Nuveen Investments


Shares     Description (1)                  Value  
 

SHORT-TERM INVESTMENTS – 3.3%

       
 

Money Market Funds – 3.3%

       
  40,971,046     

First American Treasury Obligations Fund, Class Z, 0.000%, (4)

              $ 40,971,046   
 

Total Short-Term Investments (cost $40,971,046)

                40,971,046   
 

Total Investments (cost $1,261,953,803) – 117.9%

                1,477,960,389   
 

Other Assets Less Liabilities – (17.9)%

                (224,560,166
 

Net Assets – 100%

              $ 1,253,400,223   

 

 

 

 

 

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

 

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

 

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

 

(3) Investment, or portion of investment, is out on loan for securities lending. The total value of the securities out on loan as of the end of the reporting period was $213,715,134.

 

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

 

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

 

ADR American Depositary Receipt.

 

See accompanying notes to financial statements.

 

Nuveen Investments     33   


Nuveen Small Cap Growth Opportunities Fund

Portfolio of Investments April 30, 2014 (Unaudited)

 

Shares     Description (1)                   Value  
 

LONG-TERM INVESTMENTS – 126.1%

        
 

COMMON STOCKS – 98.5%

        
 

Aerospace & Defense – 1.5%

        
  45,247     

Orbital Sciences Corporation, (2)

               $ 1,330,262   
 

Auto Components – 1.6%

        
  22,955     

Tenneco Inc., (2)

                 1,374,316   
 

Automobiles – 1.3%

        
  18,582     

Thor Industries, Inc., (3)

                 1,131,086   
 

Banks – 5.1%

        
  72,497     

Cathay General Bancorp.

           1,710,929   
  49,487     

East West Bancorp Inc.

           1,707,796   
  46,066     

Western Alliance Bancorporation, (2)

                 1,062,743   
 

Total Banks

                 4,481,468   
 

Biotechnology – 6.5%

        
  9,514     

Alkermes Inc., (2)

           440,118   
  11,329     

Alnylam Pharmaceuticals, Inc., (2)

           561,125   
  27,610     

Cepheid, Inc., (2), (3)

           1,200,483   
  13,564     

Cubist Pharmaceuticals Inc., (2), (3)

           950,294   
  1,670     

Intercept Pharmaceuticals Incorporated, (2), (3)

           441,080   
  20,907     

Intermune, Inc., (2), (3)

           670,697   
  17,291     

ISIS Pharmaceuticals, Inc., (2), (3)

           460,114   
  10,203     

Karyopharm Therapeutics Inc., (2), (3)

           273,746   
  47,004     

Keryx Biopharmaceuticals, Inc., (2), (3)

                 694,249   
 

Total Biotechnology

                 5,691,906   
 

Capital Markets – 2.9%

        
  22,899     

Evercore Partners Inc., Class A

           1,223,494   
  28,823     

Stifel Financial Corporation, (2), (3)

                 1,348,052   
 

Total Capital Markets

                 2,571,546   
 

Chemicals – 1.5%

        
  28,646     

H.B. Fuller Company

                 1,327,169   
 

Commercial Services & Supplies – 2.6%

        
  62,626     

Interface, Inc.

           1,126,642   
  71,410     

Steelcase Inc., Class A

                 1,176,837   
 

Total Commercial Services & Supplies

                 2,303,479   
 

Communications Equipment – 3.3%

        
  54,144     

Finisar Corporation, (2), (3)

           1,415,866   
  34,263     

Plantronics Inc.

                 1,492,839   
 

Total Communications Equipment

                 2,908,705   

 

  34       Nuveen Investments


Shares     Description (1)                   Value  
 

Construction & Engineering – 3.1%

        
  34,679     

MasTec Inc., (2), (3)

         $ 1,372,595   
  45,519     

Tutor Perini Corporation, (2)

                 1,347,362   
 

Total Construction & Engineering

                 2,719,957   
 

Distributors – 1.5%

        
  22,006     

Pool Corporation, (3)

                 1,298,794   
 

Diversified Consumer Services – 1.2%

        
  18,625     

Capella Education Company

                 1,086,955   
 

Electrical Equipment – 1.8%

        
  4,920     

Acuity Brands Inc., (3)

           612,884   
  42,021     

Thermon Group Holdings Inc., (2)

                 1,000,940   
 

Total Electrical Equipment

                 1,613,824   
 

Energy Equipment & Services – 1.4%

        
  10,887     

Dril-Quip Inc., (2)

                 1,231,537   
 

Food Products – 2.4%

        
  26,676     

Annie’s Incorporated, (2)

           867,237   
  16,782     

Treehouse Foods Inc., (2)

                 1,255,965   
 

Total Food Products

                 2,123,202   
 

Health Care Equipment & Supplies – 7.8%

        
  27,374     

Align Technology, Inc., (2)

           1,379,376   
  91,428     

Endologix, Inc., (2)

           1,159,307   
  50,291     

Globus Medical Inc, Class A, (2)

           1,228,106   
  93,475     

Nxstage Medical, Inc., (2)

           1,069,354   
  45,240     

Quidel Corporation, (2), (3)

           970,398   
  50,727     

Spectranetics Corporation, (2)

                 1,078,456   
 

Total Health Care Equipment & Supplies

                 6,884,997   
 

Health Care Providers & Services – 2.9%

        
  37,451     

HealthSouth Corporation

           1,297,303   
  25,467     

Team Health Holdings Inc., (2), (3)

                 1,234,640   
 

Total Health Care Providers & Services

                 2,531,943   
 

Health Care Technology – 1.3%

        
  9,022     

AthenaHealth Inc., (2)

                 1,115,480   
 

Hotels, Restaurants & Leisure – 2.9%

        
  52,876     

Del Friscos Restaurant Group, (2)

           1,375,305   
  17,186     

Red Robin Gourmet Burgers, Inc., (2)

                 1,168,304   
 

Total Hotels, Restaurants & Leisure

                 2,543,609   
 

Household Durables – 1.1%

        
  38,504     

La-Z-Boy Inc.

                 932,952   

 

Nuveen Investments     35   


Nuveen Small Cap Growth Opportunities Fund (continued)

Portfolio of Investments April 30, 2014 (Unaudited)

 

Shares     Description (1)                   Value  
 

Internet & Catalog Retail – 1.1%

        
  24,588     

Shutterfly, Inc., (2), (3)

               $ 1,006,387   
 

Internet Software & Services – 4.5%

        
  24,733     

DealerTrack Technologies Inc., (2), (3)

           1,130,051   
  56,436     

Perficient, Inc., (2)

           1,031,086   
  12,267     

Shutterstock Incorporated, (2)

           889,480   
  28,860     

Web.com Group, Inc., (2)

                 886,291   
 

Total Internet Software & Services

                 3,936,908   
 

IT Services – 1.3%

        
  27,924     

Heartland Payment Systems Inc., (3)

                 1,143,209   
 

Leisure Equipment & Products – 2.5%

        
  21,404     

Arctic Cat, Inc.

           875,210   
  31,874     

Brunswick Corporation

                 1,281,016   
 

Total Leisure Equipment & Products

                 2,156,226   
 

Machinery – 3.0%

        
  31,687     

Actuant Corporation, Class A

           1,072,922   
  45,996     

Altra Industrial Motion, Inc., (3)

                 1,571,223   
 

Total Machinery

                 2,644,145   
 

Oil, Gas & Consumable Fuels – 4.2%

        
  31,935     

Athlon Energy Inc., (2)

           1,290,493   
  14,164     

Diamondback Energy Inc., (2), (3)

           1,018,958   
  30,135     

Oasis Petroleum Inc., (2), (3)

                 1,401,579   
 

Total Oil, Gas & Consumable Fuels

                 3,711,030   
 

Paper & Forest Products – 1.0%

        
  56,139     

Louisiana-Pacific Corporation, (2), (3)

                 920,118   
 

Pharmaceuticals – 0.8%

        
  58,080     

Nektar Therapautics, (2), (3)

                 683,602   
 

Professional Services – 1.4%

        
  46,108     

TrueBlue Inc., (2)

                 1,233,389   
 

Road & Rail – 1.8%

        
  64,581     

Swift Transportation Company, Class A, (2), (3)

                 1,553,173   
 

Semiconductors & Equipment – 5.8%

        
  28,634     

Cavium Networks Inc., (2), (3)

           1,213,223   
  93,880     

MaxLinear, Inc., Class A, (2)

           738,836   
  29,208     

SunEdison Inc., (2), (3)

           561,670   
  17,771     

Synaptics, Inc., (2), (3)

           1,104,468   
  80,970     

Teradyne Inc., (3)

                 1,430,740   
 

Total Semiconductors & Equipment

                 5,048,937   

 

  36       Nuveen Investments


Shares     Description (1)                   Value  
 

Software – 9.4%

        
  20,101     

Aspen Technology Inc., (2)

         $ 864,142   
  97,695     

Cadence Design Systems, Inc., (2), (3)

           1,520,134   
  58,923     

Infoblox, Incorporated, (2)

           1,156,069   
  25,418     

Micros Systems, Inc., (2)

           1,309,027   
  32,927     

Solarwinds, Inc., (2)

           1,327,617   
  36,366     

Synchronoss Technologies, Inc., (2)

           1,106,981   
  8,042     

Ultimate Software Group, Inc., (2)

           962,064   
  591,081     

VideoPropulsion Inc., (2), (4)

                   
 

Total Software

                 8,246,034   
 

Specialty Retail – 4.2%

        
  26,827     

Ann Inc., (2)

           1,051,350   
  11,952     

Genesco Inc., (2)

           912,774   
  74,782     

Sportsman’s Warehouse Holdings Inc., (2), (3)

           787,454   
  81,621     

Tilly’s Inc, Class A, (2)

                 922,317   
 

Total Specialty Retail

                 3,673,895   
 

Textiles, Apparel & Luxury Goods – 2.5%

        
  15,693     

G-III Apparel Group, Ltd., (2)

           1,126,287   
  38,987     

Vera Bradley Inc., (2), (3)

                 1,103,332   
 

Total Textiles, Apparel & Luxury Goods

                 2,229,619   
 

Trading Companies & Distributors – 1.3%

        
  38,361     

MRC Global Inc., (2)

                 1,119,756   
 

Total Long-Term Investments (cost $71,314,453)

                 86,509,615   
Shares     Description (1)                   Value  
 

INVESTMENTS PURCHASED WITH COLLATERAL FROM SECURITIES LENDING – 27.6%

    
 

Money Market Funds – 27.6%

        
  24,216,118     

Mount Vernon Securities Lending Prime Portfolio, 0.172%, (5), (6)

               $ 24,216,118   
 

Total Investments Purchased with Collateral from Securities Lending (cost $24,216,118)

                 24,216,118   
Shares     Description (1)                   Value  
 

SHORT-TERM INVESTMENTS – 1.5%

        
 

Money Market Funds – 1.5%

        
  1,309,067     

First American Treasury Obligations Fund, Class Z, 0.000%, (5)

               $ 1,309,067   
 

Total Short-Term Investments (cost $1,309,067)

                 1,309,067   
 

Total Investments (cost $96,839,638) – 127.6%

                 112,034,800   
 

Other Assets Less Liabilities – (27.6)%

                 (24,266,725
 

Net Assets – 100%

               $ 87,768,075   

 

Nuveen Investments     37   


Nuveen Small Cap Growth Opportunities Fund (continued)

Portfolio of Investments April 30, 2014 (Unaudited)

 

 

 

 

 

 

 

 

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

 

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

 

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

 

(3) Investment, or portion of investment, is out on loan for securities lending. The total value of the securities out on loan as of the end of the reporting period was $23,694,812.

 

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

 

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

 

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

 

See accompanying notes to financial statements.

 

  38       Nuveen Investments


Statement of

  Assets and Liabilities   April 30, 2014 (Unaudited)

 

      Large Cap
Growth
Opportunities
       Mid Cap
Growth
Opportunities
       Small Cap
Growth
Opportunities
 

Assets

            

Long-term investments, at value (cost $420,277,192, $1,001,958,486 and $71,314,453, respectively)

   $ 575,702,700         $ 1,217,965,072         $ 86,509,615   

Investments purchased with collateral from securities lending, at value (cost approximates value)

     133,568,099           219,024,271           24,216,118   

Short-term investments, at value (cost approximates value)

     1,971,778           40,971,046           1,309,067   

Receivable for:

            

Dividends

     220,272           249,483           12,938   

Due from broker

     13,112           33,821           3,945   

Investments sold

     16,033,242           26,153,615           1,211,325   

Shares sold

     801,958           1,958,451           67,690   

Other assets

     14,606           29,031           116   

Total assets

     728,325,767           1,506,384,790           113,330,814   

Liabilities

            

Payable for:

            

Collateral from securities lending program

     133,568,099           219,024,271           24,216,118   

Investments purchased

     16,431,803           31,410,578           1,011,789   

Shares redeemed

     356,458           980,618           228,840   

Accrued expenses:

            

Directors fees

     17,817           35,916           839   

Management fees

     398,039           889,652           64,191   

12b-1 distribution and service fees

     48,586           120,824           11,442   

Other

     202,373           522,708           29,520   

Total liabilities

     151,023,175           252,984,567           25,562,739   

Net assets

   $ 577,302,592         $ 1,253,400,223         $ 87,768,075   

Class A Shares

            

Net assets

   $ 152,419,864         $ 367,757,518         $ 40,447,352   

Shares outstanding

     4,148,401           8,301,142           1,747,486   

Net asset value (“NAV”) per share

   $ 36.74         $ 44.30         $ 23.15   

Offering price per share (NAV per share plus maximum sales charge of 5.75% of offering price)

   $ 38.98         $ 47.00         $ 24.56   

Class B Shares

            

Net assets

   $ 680,014         $ 1,191,521           N/A   

Shares outstanding

     21,326           33,561           N/A   

NAV and offering price per share

   $ 31.89         $ 35.50           N/A   

Class C Shares

            

Net assets

   $ 14,555,974         $ 23,924,707         $ 2,391,822   

Shares outstanding

     444,063           628,919           120,299   

NAV and offering price per share

   $ 32.78         $ 38.04         $ 19.88   

Class R3 Shares

            

Net assets

   $ 9,750,733         $ 67,229,900         $ 2,041,801   

Shares outstanding

     272,745           1,573,887           91,124   

NAV and offering price per share

   $ 35.75         $ 42.72         $ 22.41   

Class R6 Shares

            

Net assets

   $ 25,255,019         $ 31,858,916           N/A   

Shares outstanding

     650,371           643,646           N/A   

NAV and offering price per share

   $ 38.83         $ 49.50           N/A   

Class I Shares

            

Net assets

   $ 374,640,988         $ 761,437,661         $ 42,887,100   

Shares outstanding

     9,660,361           15,407,306           1,661,235   

NAV and offering price per share

   $ 38.78         $ 49.42         $ 25.82   

Net assets consist of:

                              

Capital paid-in

   $ 373,817,099         $ 901,879,815         $ 65,932,799   

Undistributed (Over-distribution of) net investment income

     (822,104        (2,817,215        (487,288

Accumulated net realized gain (loss)

     48,882,089           138,331,037           7,127,402   

Net unrealized appreciation (depreciation)

     155,425,508           216,006,586           15,195,162   

Net assets

   $ 577,302,592         $ 1,253,400,223         $ 87,768,075   

Authorized shares – per class

     2 billion           2 billion           2 billion   

Par value per share

   $ 0.0001         $ 0.0001         $ 0.0001   

N/A – Fund does not offer share class.

 

See accompanying notes to financial statements.

 

Nuveen Investments     39   


Statement of

  Operations   Six Months Ended April 30, 2014 (Unaudited)

 

      Large Cap
Growth
Opportunities
       Mid Cap
Growth
Opportunities
       Small Cap
Growth
Opportunities
 

Investment Income

            

Dividend and interest income (net of foreign tax withheld of $715, $11,616 and $—, respectively)

   $ 2,459,763         $ 4,303,172         $ 145,215   

Securities lending income, net

     81,359           226,227           18,130   

Total investment income

     2,541,122           4,529,399           163,345   

Expenses

            

Management fees

     2,520,938           5,427,142           466,785   

12b-1 service fees – Class A

     199,033           460,806           52,979   

12b-1 distribution and service fees – Class B

     4,406           7,758           N/A   

12b-1 distribution and service fees – Class C

     75,246           117,580           12,372   

12b-1 distribution and service fees – Class R3

     27,571           127,712           5,126   

Shareholder servicing agent fees and expenses

     341,947           902,651           84,760   

Custodian fees and expenses

     54,014           109,185           13,440   

Directors fees and expenses

     8,746           18,167           1,334   

Professional fees

     25,166           37,068           13,488   

Shareholder reporting expenses

     35,494           50,726           10,624   

Federal and state registration fees

     42,066           45,634           27,364   

Other expenses

     4,601           5,192           4,016   

Total expenses before fee waiver/expense reimbursement

     3,339,228           7,309,621           692,288   

Fee waiver/expense reimbursement

                         (52,345

Net expenses

     3,339,228           7,309,621           639,943   

Net investment income (loss)

     (798,106        (2,780,222        (476,598

Realized and Unrealized Gain (Loss)

            

Net realized gain (loss) from investments

     49,797,965           139,756,073           7,802,863   

Change in net unrealized appreciation (depreciation) of investments

     (45,474,616        (75,734,159        (4,105,941

Net realized and unrealized gain (loss)

     4,323,349           64,021,914           3,696,922   

Net increase (decrease) in net assets from operations

   $ 3,525,243         $ 61,241,692         $ 3,220,324   

N/A – Fund does not offer share class.

 

See accompanying notes to financial statements.

 

  40       Nuveen Investments


Statement of

  Changes in Net Assets (Unaudited)  

 

     Large Cap Growth Opportunities          Mid Cap Growth Opportunities          Small Cap Growth Opportunities      
      Six Months Ended
4/30/14
     Year Ended
10/31/13
          Six Months Ended
4/30/14
     Year Ended
10/31/13
          Six Months Ended
4/30/14
     Year Ended
10/31/13
 

Operations

                     

Net investment income (loss)

   $ (798,106    $ 186,475         $ (2,780,222    $ (2,686,015      $ (476,598    $ (856,488

Net realized gain (loss) from investments and foreign currency

     49,797,965         94,718,412           139,756,073         212,160,627           7,802,863         17,137,320   

Change in net unrealized appreciation (depreciation) of investments and foreign currency

     (45,474,616      53,500,002             (75,734,159      98,520,305             (4,105,941      13,068,234   

Net increase (decrease) in net assets from operations

     3,525,243         148,404,889             61,241,692         307,994,917             3,220,324         29,349,066   

Distributions to Shareholders

                     

From net investment income:

                     

Class A

                                                   

Class B(1)

                                         N/A           

Class C

                                                   

Class R3

                                                   

Class R6(2)

                                         N/A         N/A   

Class I

                                                   

From accumulated net realized gains:

                     

Class A

     (24,065,643      (1,591,399        (62,993,417      (22,356,020        (7,268,048      (2,910,523

Class B(1)

     (170,802      (18,638        (356,324      (215,259        N/A         (56,611

Class C

     (2,511,114      (155,108        (4,481,915      (1,457,568        (475,333      (141,702

Class R3

     (1,764,930      (117,432        (8,738,211      (2,936,652        (356,349      (179,503

Class R6(2)

     (4,240,519                (4,324,392                N/A         N/A   

Class I

     (61,056,809      (4,695,017          (126,230,200      (50,385,296          (7,704,173      (3,641,578

Decrease in net assets from distributions to shareholders

     (93,809,817      (6,577,594          (207,124,459      (77,350,795          (15,803,903      (6,929,917

Fund Share Transactions

                     

Proceeds from sale of shares

     54,873,868         114,942,764           156,278,372         168,827,689           8,319,288         14,883,118   

Proceeds from shares issued to shareholders due to reinvestment of distributions

     65,361,328         4,260,866             177,933,816         63,480,998             11,385,858         4,581,429   
     120,235,196         119,203,630           334,212,188         232,308,687           19,705,146         19,464,547   

Cost of shares redeemed

     (78,229,234      (210,714,464          (164,058,624      (344,129,810          (12,749,625      (36,554,233

Net increase (decrease) in net assets from Fund share transactions

     42,005,962         (91,510,834          170,153,564         (111,821,123          6,955,521         (17,089,686

Net increase (decrease) in net assets

     (48,278,612      50,316,461           24,270,797         118,822,999           (5,628,058      5,329,463   

Net assets at the beginning of period

     625,581,204         575,264,743             1,229,129,426         1,110,306,427             93,396,133         88,066,670   

Net assets at the end of period

   $ 577,302,592       $ 625,581,204           $ 1,253,400,223       $ 1,229,129,426           $ 87,768,075       $ 93,396,133   

Undistributed (Over-distribution of) net investment income at the end of period

   $ (822,104    $ (23,998        $ (2,817,215    $ (36,993        $ (487,288    $ (10,690

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

 

  (1) – Class B Shares of Small Cap Growth Opportunities converted to Class A Shares at the close of business on October 28, 2013, and are no longer available through an exchange from other Nuveen mutual funds.
  (2) – Class R6 Shares were established and commenced operations on February 28, 2013.

 

See accompanying notes to financial statements.

 

Nuveen Investments     41   


Financial

Highlights (Unaudited)

 

Large Cap Growth Opportunities

Selected data for a share outstanding throughout each period:

 

         

Investment Operations

        Less Distributions           

Class (Commencement Date)

 

 

Year Ended October 31,

  Beginning
NAV
    Net
Investment
Income
(Loss)(a)
       Net
Realized/
Unrealized
Gain (Loss)
       Total          From
Net
Investment
Income
       From
Accumulated
Net Realized
Gains
       Total        Ending
NAV
 

Class A (1/95)

  

                              

2014(f)

  $ 43.26      $ (.08      $ .30         $ .22        $         $ (6.74      $ (6.74      $ 36.74   

2013

    34.09        (.05        9.63           9.58                    (.41        (.41        43.26   

2012

    32.92        (.13        2.46           2.33                    (1.16        (1.16        34.09   

2011

    30.24        (.15        2.83           2.68                                        32.92   

2010

    24.23        (.09        6.15           6.06          (.05                  (.05        30.24   

2009

    21.52        .05           2.68           2.73            (.02                  (.02        24.23   

Class B (3/99)

  

                              

2014(f)

    38.54        (.20        .29           .09                    (6.74        (6.74        31.89   

2013

    30.65        (.28        8.58           8.30                    (.41        (.41        38.54   

2012

    29.90        (.33        2.24           1.91                    (1.16        (1.16        30.65   

2011

    27.68        (.36        2.58           2.22                                        29.90   

2010

    22.31        (.26        5.63           5.37                                        27.68   

2009

    19.93        (.09        2.47           2.38                                          22.31   

Class C (9/01)

  

                              

2014(f)

    39.42        (.21        .31           .10                    (6.74        (6.74        32.78   

2013

    31.34        (.31        8.80           8.49                    (.41        (.41        39.42   

2012

    30.57        (.35        2.28           1.93                    (1.16        (1.16        31.34   

2011

    28.30        (.37        2.64           2.27                                        30.57   

2010

    22.81        (.27        5.76           5.49                                        28.30   

2009

    20.38        (.10        2.53           2.43                                          22.81   

Class R3 (11/00)

  

                              

2014(f)

    42.32        (.13        .30           .17                    (6.74        (6.74        35.75   

2013

    33.44        (.14        9.43           9.29                    (.41        (.41        42.32   

2012

    32.39        (.22        2.43           2.21                    (1.16        (1.16        33.44   

2011

    29.83        (.23        2.79           2.56                                        32.39   

2010

    23.92        (.16        6.07           5.91                                        29.83   

2009

    21.26        (.01        2.67           2.66                                          23.92   

Class R6 (2/13)

  

                              

2014(f)

    45.27        (.01        .31           .30                    (6.74        (6.74        38.83   

2013(d)

    37.47        (.02        7.82           7.80                                          45.27   

Class I (12/92)

  

                              

2014(f)

    45.24        (.03        .31           .28                    (6.74        (6.74        38.78   

2013

    35.55        .06           10.04           10.10                    (.41        (.41        45.24   

2012

    34.19        (.04        2.56           2.52                    (1.16        (1.16        35.55   

2011

    31.33        (.06        2.92           2.86                                        34.19   

2010

    25.09        (.03        6.38           6.35          (.11                  (.11        31.33   

2009

    22.31        .11           2.77           2.88            (.10                  (.10        25.09   

 

  42       Nuveen Investments


         Ratios/Supplemental Data  
                   Ratios to Average
Net Assets Before
Waiver/Reimbursement
        Ratios to Average
Net Assets After
Waiver/Reimbursement(c)
        
Total
Return(b)
       Ending
Net
Assets
(000)
         Expenses        Net
Investment
Income
(Loss)
         Expenses        Net
Investment
Income
(Loss)
     Portfolio
Turnover
Rate(e)
 
                         
  .31      $ 152,420          1.25 %*         (.41 )%*        1.25 %*         (.41 )%*       32
  28.39           165,791          1.24           (.14       1.24           (.14      72   
  7.66           134,788          1.26           (.42       1.23           (.39      73   
  8.86           84,875          1.20           (.46       1.20           (.46      88   
  25.03           66,409          1.21           (.36       1.20           (.35      106   
  12.73           56,963            1.22           .24            1.22           .24         112   
                         
  (.03        680          2.00        (1.15 )*        2.00        (1.15 )*       32   
  27.38           1,061          1.99           (.84       1.99           (.84      72   
  7.00           1,481          2.00           (1.10       1.98           (1.07      73   
  8.02           2,411          1.95           (1.19       1.95           (1.19      88   
  24.07           3,473          1.96           (1.07       1.95           (1.06      106   
  11.94           4,749            1.97           (.48         1.97           (.48      112   
                         
  .00           14,556          2.00        (1.17 )*        2.00        (1.17 )*       32   
  27.43           14,963          1.99           (.89       1.99           (.89      72   
  6.88           11,193          2.01           (1.16       1.98           (1.14      73   
  8.02           7,832          1.95           (1.21       1.95           (1.21      88   
  24.07           4,220          1.96           (1.09       1.95           (1.08      106   
  11.92           4,509            1.97           (.51         1.97           (.51      112   
                         
  .19           9,751          1.50        (.66 )*        1.50        (.66 )*       32   
  28.07           11,320          1.49           (.39       1.49           (.39      72   
  7.40           9,658          1.51           (.70       1.48           (.67      73   
  8.58           3,431          1.45           (.72       1.45           (.72      88   
  24.71           742          1.46           (.60       1.45           (.59      106   
  12.51           667            1.47           (.05         1.47           (.05      112   
                         
  .50           25,255          .90        (.06 )*        .90        (.06 )*       32   
  20.82           28,966            .91        (.06 )*          .91        (.06 )*       72   
                         
  .45           374,641          1.00        (.17 )*        1.00        (.17 )*       32   
  28.69           403,480          .99           .14          .99           .14         72   
  7.94           418,144          1.01           (.13       .98           (.11      73   
  9.13           435,619          .95           (.17       .95           (.17      88   
  25.34           546,605          .96           (.11       .95           (.10      106   
  13.02           482,222            .97           .48            .97           .48         112   

 

 

(a) Per share Net Investment Income (Loss) is calculated using the average daily shares method.  
(b) Total return is the combination of changes in NAV without any sales charge, reinvested dividend income at NAV and reinvested capital gains distributions at NAV, if any. Total returns are not annualized.  
(c) After fee waiver and/or expense reimbursement from the Adviser, where applicable.  
(d) For the period February 28, 2013 (commencement of operations) through October 31, 2013.  
(e) Portfolio Turnover Rate is calculated based on the lesser of long-term purchases or sales (as disclosed in Note 5 – Investment Transactions) divided by the average long-term market value during the period.  
(f) For the six months ended April 30, 2014.  
* Annualized.  

 

See accompanying notes to financial statements.

 

Nuveen Investments     43   


Financial Highlights (Unaudited) (continued)

 

Mid Cap Growth Opportunities

Selected data for a share outstanding throughout each period:

 

          Investment Operations         Less Distributions           

Class (Commencement Date)

 

 

Year Ended October 31,

  Beginning
NAV
    Net
Investment
Income
(Loss)(a)
       Net
Realized/
Unrealized
Gain (Loss)
       Total          From
Net
Investment
Income
       From
Accumulated
Net Realized
Gains
       Total        Ending
NAV
 

Class A (1/95)

  

                              

2014(f)

  $ 51.11      $ (.14      $ 2.48         $ 2.34        $   —         $ (9.15      $ (9.15      $ 44.30   

2013

    42.38        (.17        12.05           11.88                    (3.15        (3.15        51.11   

2012

    41.36        (.16        2.77           2.61                    (1.59        (1.59        42.38   

2011

    37.26        (.22        4.32           4.10                                        41.36   

2010

    28.83        (.18        8.61           8.43                                        37.26   

2009

    23.88        (.08        5.03           4.95                                          28.83   

Class B (3/99)

  

                              

2014(f)

    42.86        (.25        2.04           1.79                    (9.15        (9.15        35.50   

2013

    36.30        (.42        10.13           9.71                    (3.15        (3.15        42.86   

2012

    35.93        (.42        2.38           1.96                    (1.59        (1.59        36.30   

2011

    32.62        (.46        3.77           3.31                                        35.93   

2010

    25.43        (.37        7.56           7.19                                        32.62   

2009

    21.22        (.23        4.44           4.21                                          25.43   

Class C (9/01)

  

                              

2014(f)

    45.29        (.27        2.17           1.90                    (9.15        (9.15        38.04   

2013

    38.17        (.45        10.72           10.27                    (3.15        (3.15        45.29   

2012

    37.70        (.43        2.49           2.06                    (1.59        (1.59        38.17   

2011

    34.21        (.49        3.98           3.49                                        37.70   

2010

    26.67        (.39        7.93           7.54                                        34.21   

2009

    22.26        (.24        4.65           4.41                                          26.67   

Class R3 (12/00)

  

                              

2014(f)

    49.65        (.19        2.41           2.22                    (9.15        (9.15        42.72   

2013

    41.35        (.27        11.72           11.45                    (3.15        (3.15        49.65   

2012

    40.50        (.27        2.71           2.44                    (1.59        (1.59        41.35   

2011

    36.58        (.31        4.23           3.92                                        40.50   

2010

    28.37        (.26        8.47           8.21                                        36.58   

2009

    23.56        (.14        4.95           4.81                                          28.37   

Class R6 (2/13)

  

                              

2014(f)

    55.97        (.06        2.74           2.68                    (9.15        (9.15        49.50   

2013(d)

    46.61        (.05        9.41           9.36                                          55.97   

Class I (12/89)

  

                              

2014(f)

    55.93        (.09        2.73           2.64                    (9.15        (9.15        49.42   

2013

    45.97        (.06        13.17           13.11                    (3.15        (3.15        55.93   

2012

    44.62        (.06        3.00           2.94                    (1.59        (1.59        45.97   

2011

    40.09        (.10        4.63           4.53                                        44.62   

2010

    30.94        (.11        9.26           9.15                                        40.09   

2009

    25.57        (.02        5.39           5.37                                          30.94   

 

  44       Nuveen Investments


         Ratios/Supplemental Data  
                   Ratios to Average
Net Assets Before
Waiver/Reimbursement
        Ratios to Average
Net Assets After
Waiver/Reimbursement(c)
        
Total
Return(b)
       Ending
Net
Assets
(000)
         Expenses        Net
Investment
Income
(Loss)
         Expenses        Net
Investment
Income
(Loss)
     Portfolio
Turnover
Rate(e)
 
                         
  4.91      $ 367,758          1.30 %*         (.58 )%*        1.30 %*         (.58 )%*       48
  30.27           355,086          1.30           (.38       1.29           (.38      108   
  6.88           306,507          1.30           (.42       1.27           (.39      113   
  11.00           289,038          1.26           (.53       1.26           (.53      114   
  29.24           275,040          1.23           (.57       1.23           (.57      114   
  20.73           231,743            1.23           (.33         1.23           (.33      123   
                         
  4.50           1,192          2.05        (1.29 )*        2.05        (1.29 )*       48   
  29.29           1,906          2.06           (1.11       2.05           (1.11      108   
  6.08           2,576          2.05           (1.18       2.02           (1.15      113   
  10.15           4,127          2.01           (1.26       2.01           (1.26      114   
  28.27           5,490          1.98           (1.31       1.98           (1.31      114   
  19.84           6,762            1.98           (1.06         1.98           (1.06      123   
                         
  4.51           23,925          2.05        (1.34 )*        2.05        (1.34 )*       48   
  29.33           22,181          2.05           (1.14       2.04           (1.13      108   
  6.06           17,874          2.05           (1.16       2.02           (1.13      113   
  10.20           14,314          2.01           (1.28       2.01           (1.28      114   
  28.27           13,564          1.98           (1.32       1.98           (1.32      114   
  19.81           12,894            1.98           (1.07         1.98           (1.07      123   
                         
  4.77           67,230          1.55        (.84 )*        1.55        (.84 )*       48   
  29.97           47,168          1.55           (.63       1.54           (.63      108   
  6.59           38,869          1.55           (.67       1.52           (.64      113   
  10.72           34,929          1.51           (.77       1.51           (.77      114   
  28.94           33,772          1.48           (.82       1.48           (.82      114   
  20.42           26,822            1.48           (.59         1.48           (.59      123   
                         
  5.11           31,859          .92        (.22 )*        .92        (.22 )*       48   
  20.12           25,874            .92        (.14 )*          .92        (.14 )*       108   
                         
  5.03           761,438          1.05        (.33 )*        1.05        (.33 )*       48   
  30.60           776,915          1.05           (.13       1.04           (.12      108   
  7.13           744,480          1.05           (.17       1.02           (.14      113   
  11.30           728,843          1.01           (.21       1.01           (.21      114   
  29.57           993,053          .98           (.31       .98           (.31      114   
  21.00           907,825            .98           (.09         .98           (.09      123   

 

(a) Per share Net Investment Income (Loss) is calculated using the average daily shares method.  
(b) Total return is the combination of changes in NAV without any sales charge, reinvested dividend income at NAV and reinvested capital gains distributions at NAV, if any. Total returns are not annualized.  
(c) After fee waiver and/or expense reimbursement from the Adviser, where applicable.  
(d) For the period February 28, 2013 (commencement of operations) through October 31, 2013.  
(e) Portfolio Turnover Rate is calculated based on the lesser of long-term purchases or sales (as disclosed in Note 5 – Investment Transactions) divided by the average long-term market value during the period.  
(f) For the six months ended April 30, 2014.  
* Annualized.  

 

See accompanying notes to financial statements.

 

Nuveen Investments     45   


Financial Highlights (Unaudited) (continued)

 

Small Cap Growth Opportunities

Selected data for a share outstanding throughout each period:

 

          Investment Operations         Less Distributions           

Class (Commencement Date)

 

 

Year Ended October 31,

  Beginning
NAV
    Net
Investment
Income
(Loss)(a)
       Net
Realized/
Unrealized
Gain (Loss)
       Total          From
Net
Investment
Income
       From
Accumulated
Net Realized
Gains
       Total        Ending
NAV
 

Class A (8/95)

  

                              

2014(e)

  $ 27.13      $ (.14      $ .97         $ .83        $         $ (4.81      $ (4.81      $ 23.15   

2013

    21.25        (.26        7.93           7.67            —           (1.79        (1.79        27.13   

2012

    20.41        (.21        1.35           1.14                    (.30        (.30        21.25   

2011

    19.04        (.24        1.61           1.37                                        20.41   

2010

    14.55        (.18        4.67           4.49                                        19.04   

2009

    11.96        (.11        2.70           2.59                                          14.55   

Class C (9/01)

  

                              

2014(e)

    24.05        (.20        .84           .64                    (4.81        (4.81        19.88   

2013

    19.17        (.38        7.05           6.67                    (1.79        (1.79        24.05   

2012

    18.58        (.34        1.23           .89                    (.30        (.30        19.17   

2011

    17.46        (.36        1.48           1.12                                        18.58   

2010

    13.44        (.28        4.30           4.02                                        17.46   

2009

    11.13        (.19        2.50           2.31                                          13.44   

Class R3 (12/00)

  

                              

2014(e)

    26.45        (.16        .93           .77                    (4.81        (4.81        22.41   

2013

    20.81        (.30        7.73           7.43                    (1.79        (1.79        26.45   

2012

    20.04        (.26        1.33           1.07                    (.30        (.30        20.81   

2011

    18.74        (.29        1.59           1.30                                        20.04   

2010

    14.36        (.22        4.60           4.38                                        18.74   

2009

    11.83        (.16        2.69           2.53                                          14.36   

Class I (8/95)

  

                              

2014(e)

    29.68        (.12        1.07           .95                    (4.81        (4.81        25.82   

2013

    23.03        (.21        8.65           8.44                    (1.79        (1.79        29.68   

2012

    22.04        (.17        1.46           1.29                    (.30        (.30        23.03   

2011

    20.51        (.19        1.72           1.53                                        22.04   

2010

    15.63        (.15        5.03           4.88                                        20.51   

2009

    12.81        (.09        2.91           2.82                                          15.63   

 

  46       Nuveen Investments


         Ratios/Supplemental Data  
                   Ratios to Average
Net Assets Before
Waiver/Reimbursement
        Ratios to Average
Net Assets After
Waiver/Reimbursement(c)
        
Total
Return(b)
       Ending
Net
Assets
(000)
         Expenses        Net
Investment
Income
(Loss)
         Expenses        Net
Investment
Income
(Loss)
     Portfolio
Turnover
Rate(d)
 
                         
  3.39      $ 40,447          1.58 %*         (1.23 )%*        1.47 %*         (1.12 )%*       51
  39.22           40,965          1.55           (1.17       1.46           (1.09      119   
  5.73           35,306          1.72           (1.21       1.47           (.97      118   
  7.20           36,188          1.54           (1.19       1.47           (1.12      118   
  30.86           39,501          1.68           (1.26       1.47           (1.05      142   
  21.66           30,202            1.79           (1.21         1.47           (.89      169   
                         
  3.03           2,392          2.33        (1.98 )*        2.22        (1.87 )*       51   
  38.17           2,350          2.30           (1.91       2.22           (1.83      119   
  4.93           1,568          2.46           (1.96       2.22           (1.72      118   
  6.41           1,546          2.29           (1.94       2.22           (1.87      118   
  29.91           1,596          2.43           (2.01       2.22           (1.80      142   
  20.75           1,341            2.54           (1.98         2.22           (1.66      169   
                         
  3.24           2,042          1.83        (1.48 )*        1.72        (1.37 )*       51   
  38.86           1,941          1.80           (1.40       1.72           (1.32      119   
  5.48           2,395          1.96           (1.46       1.72           (1.22      118   
  6.94           2,334          1.79           (1.44       1.72           (1.37      118   
  30.50           2,185          1.93           (1.52       1.72           (1.31      142   
  21.39           1,469            2.04           (1.56         1.72           (1.24      169   
                         
  3.52           42,887          1.33        (.98 )*        1.22        (.87 )*       51   
  39.55           48,141          1.30           (.90       1.22           (.82      119   
  5.99           48,111          1.47           (.96       1.22           (.72      118   
  7.46           63,866          1.31           (.94       1.22           (.84      118   
  31.22           141,215          1.43           (1.01       1.22           (.80      142   
  22.01           103,423            1.54           (.99         1.22           (.67      169   

 

 

(a) Per share Net Investment Income (Loss) is calculated using the average daily shares method.  
(b) Total return is the combination of changes in NAV without any sales charge, reinvested dividend income at NAV and reinvested capital gains distributions at NAV, if any. Total returns are not annualized.  
(c) After fee waiver and/or expense reimbursement from the Adviser, where applicable.  
(d) Portfolio Turnover Rate is calculated based on the lesser of long-term purchases or sales (as disclosed in Note 5 – Investment Transactions) divided by the average long-term market value during the period.  
(e) For the six months ended April 30, 2014.  
* Annualized.  

 

See accompanying notes to financial statements.

 

Nuveen Investments     47   


Notes to

Financial Statements (Unaudited)

 

1. General Information and Significant Accounting Policies

General Information

Trust Information

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

Investment Adviser

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

Agreement and Plan of Merger

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

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

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

Investment Objectives and Principal Investment Strategies

Large Cap Growth Opportunities’ investment objective is long-term growth of capital. Under normal market conditions, the Fund invests at least 80% of the sum of its net assets and the amount of any borrowings for investment purposes, in common stocks of large-capitalization companies, defined as companies that have market capitalizations of $5 billion or greater.

Mid Cap Growth Opportunities’ investment objective is capital appreciation. Under normal market conditions, the Fund invests at least 80% of the sum of its net assets and the amount of any borrowings for investment purposes, in common stocks of mid-capitalization companies. At the time of any purchase, mid-capitalization companies are defined as companies that have market capitalizations within the market capitalization range of the companies in the Russell Midcap® Index immediately after its most recent reconstitution. It is expected that reconstitution of the index will occur each year at the end of June. Immediately after the most recent reconstitution, the range was $1.8 billion to $21.5 billion.

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

Each Fund may invest up to 15% of its total assets in non-dollar denominated equity securities of non-U.S. issuers. In addition, each Fund may invest up to 25% of its assets, collectively, in non-dollar denominated equity securities of non-U.S. issuers and in dollar-denominated equity securities of non-U.S. issuers that are either listed on a U.S. stock exchange or represented by depositary receipts that may or may not be sponsored by a domestic bank. Up to 15% of each Fund’s total assets may be invested in equity securities of emerging market issuers. Each Fund may utilize options, futures contracts, options on futures contracts and forward foreign currency exchanges contracts (“derivatives”). Each Fund may use these derivatives to manage market or business risk, enhance each Fund’s return, or hedge against adverse movements in currency exchange rates.

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

 

  48       Nuveen Investments


Significant Accounting Policies

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

Investment Transactions

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

Investment Income

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

Professional Fees

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

Dividends and Distributions to Shareholders

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

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

Share Classes and Sales Charges

Class A Shares are generally sold with an up-front sales charge and incur a .25% annual 12b-1 service fee. Class A Share purchases of $1 million or more are sold at net asset value (“NAV”) without an up-front sales charge but may be subject to a contingent deferred sales charge (“CDSC”) if redeemed within twelve months of purchase. Large Cap Growth Opportunities and Mid Cap Growth Opportunities issued Class B Shares upon the exchange of Class B Shares from another Nuveen mutual fund or for purposes of dividend reinvestment, but Class B Shares were not available for new accounts or for additional investment into existing accounts. Class B Shares were sold without an up-front sales charge but incur a .75% annual 12b-1 distribution fee and a .25% annual 12b-1 service fee. Class B Shares are subject to a CDSC of up to 5% depending upon the length of time the shares are held by the investor (CDSC is reduced to 0% at the end of six years). Class B Shares automatically convert to Class A Shares eight years after purchase. Class C Shares are sold without an up-front sales charge but incur a .75% annual 12b-1 distribution fee and a .25% annual 12b-1 service fee. Class C Shares are subject to a CDSC of 1% if redeemed within twelve months of purchase. Class R3 Shares are sold without an upfront sales charge but incur a .25% annual 12b-1 distribution and a .25% annual 12b-1 service fee. Class R6 Shares and Class I Shares are not subject to any sales charge or 12b-1 distribution or service fees.

Multiclass Operations and Allocations

Income and expenses of the Funds that are not directly attributable to a specific class of shares are prorated among the classes based on the relative net assets of each class. Expenses directly attributable to a class of shares are recorded to the specific class. Currently, the only expenses that are allocated on a class-specific basis are 12b-1 distribution and service fees. Sub-transfer agent fees, which are recognized as a component of “Shareholder servicing agent fees and expenses” on the Statement of Operations and are prorated among the classes based on relative net assets, are not charged to Class R6 Shares.

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

Indemnifications

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

 

Nuveen Investments     49   


Notes to Financial Statements (Unaudited) (continued)

 

Netting Agreements

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

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

Use of Estimates

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

2. Investment Valuation and Fair Value Measurements

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

Investment Valuation

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

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

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

Fair Value Measurements

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

 

  50       Nuveen Investments


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

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

 

Large Cap Growth Opportunities      Level 1        Level 2        Level 3      Total  
Long-Term Investments*:                  

Common Stocks

     $ 575,702,700         $   —         $   —       $ 575,702,700   
Investments Purchased with Collateral from Securities Lending        133,568,099             —             —         133,568,099   
Short-Term Investments:                  

Money Market Funds

       1,971,778             —             —         1,971,778   
Total      $ 711,242,577         $   —         $   —       $ 711,242,577   
Mid Cap Growth Opportunities                                      
Long-Term Investments*:                  

Common Stocks

     $ 1,217,965,072         $   —         $   —       $ 1,217,965,072   
Investments Purchased with Collateral from Securities Lending        219,024,271             —             —         219,024,271   
Short-Term Investments:                  

Money Market Funds

       40,971,046             —             —         40,971,046   
Total      $ 1,477,960,389         $   —         $   —       $ 1,477,960,389   
Small Cap Growth Opportunities                                      
Long-Term Investments*:                  

Common Stocks

     $ 86,509,615         $   —         $   — **     $ 86,509,615   
Investments Purchased with Collateral from Securities Lending        24,216,118             —             —         24,216,118   
Short-Term Investments:                  

Money Market Funds

       1,309,067             —             —         1,309,067   
Total      $ 112,034,800         $   —         $   — **     $ 112,034,800   
* Refer to the Fund’s Portfolio of Investments for industry classifications.
** Value equals zero as of the end of the reporting period. Refer to the Fund’s Portfolio of Investments for security classified as Level 3.

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

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

 

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

 

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

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

 

Nuveen Investments     51   


Notes to Financial Statements (Unaudited) (continued)

 

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

3. Portfolio Securities and Investments in Derivatives

Portfolio Securities

Foreign Currency Transactions

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

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

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

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

Securities Lending

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

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

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

 

Fund   Counterparty   Long-Term
Investments, at Value
    Collateral
Pledged (From)
Counterparty*
    Net
Exposure
 
Large Cap Growth Opportunities   U.S. Bank   $ 131,682,037      $ (131,682,037   $   —   
Mid Cap Growth Opportunities   U.S. Bank     213,715,134       (213,715,134      
Small Cap Growth Opportunities   U.S. Bank     23,694,812       (23,694,812      
* As of April 30, 2014, the value of the collateral pledged from the counterparty exceeded the value of the securities out on loan. Refer to the Fund’s Portfolio of Investments for details on the securities out on loan.

 

  52       Nuveen Investments


Income from securities lending, net of fees paid, is recognized on the Statement of Operations as “Securities lending income, net” Securities lending fees paid by each Fund during the six months ended April 30, 2014, was as follows:

 

        Large Cap
Growth
Opportunities
       Mid Cap
Growth
Opportunities
       Small Cap
Growth
Opportunities
 
Securities lending fees paid      $ 6,189         $ 25,263         $ 2,123   

Investments in Derivatives

Each Fund is authorized to invest in certain derivative instruments. The Funds record derivative instruments at fair value, with changes in fair value recognized on the Statement of Operations, when applicable. Even though the Funds’ investments in derivatives may represent economic hedges, they are not considered to be hedge transactions for financial reporting purposes. Although the Funds are authorized to invest in derivative instruments, and may do so in the future, they did not make any such investments during the six months ended April 30, 2014.

Market and Counterparty Credit Risk

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

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

 

Nuveen Investments     53   


Notes to Financial Statements (Unaudited) (continued)

 

4. Fund Shares

Transactions in Fund shares were as follows:

 

       Large Cap Growth Opportunities  
       Six Months Ended
4/30/14
       Year Ended
10/31/13
 
        Shares        Amount        Shares        Amount  
Shares sold:                    

Class A

       355,717         $ 13,922,138           823,108         $ 30,676,675   

Class A – automatic conversion of Class B Shares

       3,349           132,288           8,987           328,456   

Class B – exchanges

       122           4,030           1,077           34,962   

Class C

       81,089           2,785,117           142,887           4,743,351   

Class R3

       27,280           1,036,856           92,524           3,365,668   

Class R6(1)

       8,132           330,288           122,336           5,216,225   

Class R6(1) – exchange of Class I Shares

                           591,770           22,173,634   

Class I

       851,215           36,663,151           1,263,806           48,403,793   
Shares issued to shareholders due to reinvestment of distributions:                    

Class A

       630,386           23,444,052           44,624           1,507,852   

Class B

       5,225           169,118           607           18,394   

Class C

       49,147           1,634,630           3,158           97,877   

Class R3

       46,697           1,691,378           3,455           114,428   

Class R6(1)

       99,034           3,887,080                       

Class I

       880,547           34,535,070           71,535           2,522,315   
         3,037,940           120,235,196           3,169,874           119,203,630   
Shares redeemed:                    

Class A

       (673,698        (27,563,715        (997,597        (37,345,726

Class B

       (7,714        (264,154        (12,436        (418,617

Class B – automatic conversion of Class A Shares

       (3,831        (132,288        (10,036        (328,456

Class C

       (65,725        (2,295,806        (123,684        (4,173,300

Class R3

       (68,750        (2,640,395        (117,251        (4,200,986

Class R6(1)

       (96,637        (4,009,049        (74,264        (3,085,237

Class I

       (990,099        (41,323,827        (3,587,032        (138,988,508

Class I – exchange to Class R6 Shares

                           (591,770        (22,173,634
         (1,906,454        (78,229,234        (5,514,070        (210,714,464
Net increase (decrease)        1,131,486         $ 42,005,962           (2,344,196      $ (91,510,834
(1)  Class R6 shares were established and commenced operations on February 28, 2013.

 

  54       Nuveen Investments


       Mid Cap Growth Opportunities  
       Six Months Ended
4/30/14
       Year Ended
10/31/13
 
        Shares        Amount        Shares        Amount  
Shares sold:                    

Class A

       1,073,109         $ 49,652,228           967,888         $ 43,279,883   

Class A – automatic conversion of Class B Shares

       2,452           117,329           6,681           293,814   

Class B – exchanges

       416           15,180           56           2,000   

Class C

       87,339           3,528,364           93,837           3,753,518   

Class R3

       622,526           26,753,434           237,619           10,411,156   

Class R6(1)

       161,612           8,304,027           280,298           15,265,317   

Class R6(1) – exchange of Class I Shares

                           214,584           10,001,758   

Class I

       1,314,445           67,907,810           1,771,048           85,820,243   
Shares issued to shareholders due to reinvestment of distributions:                    

Class A

       1,436,403           62,339,930           560,975           22,119,255   

Class B

       9,969           347,701           6,290           209,390   

Class C

       103,317           3,860,963           35,529           1,249,541   

Class R3

       208,302           8,725,765           76,412           2,933,461   

Class R6(1)

       81,352           3,939,057                       

Class I

       2,040,943           98,720,400           858,554           36,969,351   
         7,142,185           334,212,188           5,109,771           232,308,687   
Shares redeemed:                    

Class A

       (1,157,982        (53,764,398        (1,821,251        (81,706,324

Class B

       (18,281        (698,276        (24,951        (932,323

Class B – automatic conversion of Class A Shares

       (3,004        (117,329        (7,906        (293,814

Class C

       (51,491        (2,087,863        (107,877        (4,259,516

Class R3

       (206,936        (9,140,581        (304,025        (13,132,273

Class R6(1)

       (61,605        (3,237,004        (32,595        (1,652,857

Class I

       (1,839,301        (95,013,173        (4,719,486        (232,150,945

Class I – exchange to Class R6 Shares

                           (214,584        (10,001,758
         (3,338,600        (164,058,624        (7,232,675        (344,129,810
Net increase (decrease)        3,803,585         $ 170,153,564           (2,122,904      $ (111,821,123
       Small Cap Growth Opportunities  
       Six Months Ended
4/30/14
       Year Ended
10/31/13
 
        Shares        Amount        Shares        Amount  
Shares sold:                    

Class A

       80,526         $ 2,006,051           125,377         $ 2,921,044   

Class A – automatic conversion of Class B Shares

                           21,591           578,617   

Class C

       12,757           275,842           31,386           664,912   

Class R3

       10,734           257,272           31,619           702,677   

Class I

       211,521           5,780,123           378,613           10,015,868   
Shares issued to shareholders due to reinvestment of distributions:                    

Class A

       310,819           7,052,473           139,900           2,770,011   

Class B(2)

                           3,379           56,611   

Class C

       23,622           461,582           7,502           132,547   

Class R3

       16,212           356,349           9,277           179,503   

Class I

       139,061           3,515,454           66,763           1,442,757   
         805,252           19,705,146           815,407           19,464,547   
Shares redeemed:                    

Class A

       (153,645        (3,742,197        (438,406        (10,180,374

Class B(2)

                           (15,365        (305,023

Class B(2) – automatic conversion of Class A Shares

                           (25,623        (578,617

Class C

       (13,777        (292,006        (22,982        (464,777

Class R3

       (9,205        (215,974        (82,576        (1,806,471

Class I

       (311,146        (8,499,448        (912,572        (23,218,971
         (487,773        (12,749,625        (1,497,524        (36,554,233
Net increase (decrease)        317,479         $ 6,955,521           (682,117      $ (17,089,686
(1)  Class R6 Shares were established and commenced operations on February 28, 2013.
(2)  Class B Shares of Small Cap Growth Opportunities converted to Class A Shares at the close of business on October 28, 2013, and are no longer available through an exchange from other Nuveen mutual funds.

 

Nuveen Investments     55   


Notes to Financial Statements (Unaudited) (continued)

 

5. Investment Transactions

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

 

        Large Cap
Growth
Opportunities
       Mid Cap
Growth
Opportunities
       Small Cap
Growth
Opportunities
 

Purchases

     $ 198,542,598         $ 602,432,763         $ 46,573,636   
Sales        252,647,384           648,264,258           52,066,760   

6. Income Tax Information

Each Fund is a separate taxpayer for federal income tax purposes. Each Fund intends to distribute substantially all of its net investment income and net capital gains to shareholders and to otherwise comply with the requirements of Subchapter M of the Internal Revenue Code applicable to regulated investment companies. Therefore, no federal income tax provision is required.

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

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

As of April 30, 2014, the cost and unrealized appreciation (depreciation) of investments, as determined on a federal income tax basis, were as follows:

 

        Large Cap
Growth
Opportunities
       Mid Cap
Growth
Opportunities
       Small Cap
Growth
Opportunities
 
Cost of investments      $ 556,392,557         $ 1,263,592,218         $ 97,524,053   
Gross unrealized:               

Appreciation

     $ 164,172,220         $ 239,269,273         $ 17,406,350   

Depreciation

       (9,322,200        (24,901,102        (2,895,603
Net unrealized appreciation (depreciation) of investments      $ 154,850,020         $ 214,368,171         $ 14,510,747   

Permanent differences, primarily due to net operating losses, tax equalization and investments in partnerships, resulted in reclassifications among the Funds’ components of net assets as of October 31, 2013, the Funds’ last tax year end, as follows:

 

        Large Cap
Growth
Opportunities
       Mid Cap
Growth
Opportunities
       Small Cap
Growth
Opportunities
 
Capital paid-in      $ 45,705         $ 5,283         $ 56,571   
Undistributed (Over-distribution of) net investment income        897,617           4,966,603           856,488   
Accumulated net realized gain (loss)        (943,322        (4,971,886        (913,059

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

 

        Large Cap
Growth
Opportunities
       Mid Cap
Growth
Opportunities
       Small Cap
Growth
Opportunities
 
Undistributed net ordinary income(1)      $ 10,008,087         $ 15,419,469         $ 7,443,311   
Undistributed net long-term capital gains        83,461,343           191,918,368           8,369,546   
(1)  Net ordinary income consists of net taxable income derived from dividends, interest and net short-term capital gains, if any.

 

  56       Nuveen Investments


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

 

        Large Cap
Growth
Opportunities
       Mid Cap
Growth
Opportunities
       Small Cap
Growth
Opportunities
 
Distributions from net ordinary income(1)      $   —         $   —         $ 1,929,944   
Distributions from net long-term capital gains        6,577,594           77,350,795           4,999,973   
(1)  Net ordinary income consists of net taxable income derived from dividends, interest and net short-term capital gains, if any.

During the Funds’ last tax year ended October 31, 2013, there were no capital losses generated.

7. Management Fees and Other Transactions with Affiliates

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

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

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

 

Average Daily Net Assets      Large Cap
Growth
Opportunities
Fund-Level
Fee Rate
     Mid Cap
Growth
Opportunities
Fund-Level
Fee Rate
     Small Cap
Growth
Opportunities
Fund-Level
Fee Rate
 
For the first $125 million        .6500      .7000      .8000
For the next $125 million        .6375         .6875         .7875   
For the next $250 million        .6250         .6750         .7750   
For the next $500 million        .6125         .6625         .7625   
For the next $1 billion        .6000         .6500         .7500   
For net assets over $2 billion        .5750         .6250         .7250   

 

Nuveen Investments     57   


Notes to Financial Statements (Unaudited) (continued)

 

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

 

Complex-Level Asset Breakpoint Level*      Effective Rate at Breakpoint Level  
$55 billion        .2000
$56 billion        .1996   
$57 billion        .1989   
$60 billion        .1961   
$63 billion        .1931   
$66 billion        .1900   
$71 billion        .1851   
$76 billion        .1806   
$80 billion        .1773   
$91 billion        .1691   
$125 billion        .1599   
$200 billion        .1505   
$250 billion        .1469   
$300 billion        .1445   
* The complex-level fee is calculated based upon the aggregate daily “eligible assets” of all Nuveen Funds. Eligible assets do not include assets attributable to investments in other Nuveen Funds or assets in excess of $2 billion added to the Nuveen Fund complex in connection with the Adviser’s assumption of the management of the former First American Funds effective January 1, 2011. Eligible assets include closed-end fund assets managed by the Adviser that are attributable to certain types of leverage. For these purposes, leverage includes the closed-end funds’ use of preferred stock and borrowings and certain investments in the residual interest certificates (also called inverse floating rate securities) in tender option bond (TOB) trusts, including the portion of assets held by the TOB trust that has been effectively financed by the trust’s issuance of floating rate securities, subject to an agreement by the Adviser as to certain funds to limit the amount of such assets for determining eligible assets in certain circumstances. As of April 30, 2014, the complex-level fee rate for each Fund was as follows:

 

Fund      Complex-Level Fee Rate
Large Cap Growth Opportunities      .1953%
Mid Cap Growth Opportunities      .1927
Small Cap Growth Opportunities      .2000

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

 

        Class A Shares    Class C Shares        Class R3 Shares        Class I Shares       

Expiration Date

 

Small Cap Growth Opportunities

     1.47%      2.22%           1.72%           1.22%           February 28, 2015   

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

During the six months ended April 30, 2014, Nuveen Securities, LLC (the “Distributor”), a wholly-owned subsidiary of Nuveen, collected sales charges on purchases of Class A Shares, the majority of which were paid out as concessions to financial intermediaries as follows:

 

        Large Cap
Growth
Opportunities
       Mid Cap
Growth
Opportunities
       Small Cap
Growth
Opportunities
 
Sales charges collected      $ 35,893         $ 87,105         $ 12,046   
Paid to financial intermediaries        31,511           77,042           10,562   

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

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

 

        Large Cap
Growth
Opportunities
       Mid Cap
Growth
Opportunities
       Small Cap
Growth
Opportunities
 
Commission advances      $ 13,878         $ 26,064         $ 1,873   

 

  58       Nuveen Investments


To compensate for commissions advanced to financial intermediaries, all 12b-1 service and distribution fees collected on Class B Shares and C Shares during the first year following a purchase were retained by the Distributor. During the six months ended April 30, 2014, the Distributor retained such 12b-1 fees as follows:

 

        Large Cap
Growth
Opportunities
       Mid Cap
Growth
Opportunities
       Small Cap
Growth
Opportunities
 
12b-1 fees retained      $ 14,110         $ 18,525         $ 2,130   

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

The Distributor also collected and retained CDSC on share redemptions during the six months ended April 30, 2014, as follows:

 

        Large Cap
Growth
Opportunities
       Mid Cap
Growth
Opportunities
       Small Cap
Growth
Opportunities
 
CDSC retained      $ 5,665         $ 1,548         $ 198   

8. Subsequent Events

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

 

Nuveen Investments     59   


Additional

Fund Information

 

 

Fund Manager

Nuveen Fund Advisors, LLC

333 West Wacker Drive

Chicago, IL 60606

 

Sub-Adviser

Nuveen Asset Management, LLC

333 West Wacker Drive

Chicago, IL 60606

 

Legal Counsel

Chapman and Cutler LLP

Chicago, IL 60603

  

Independent Registered
Public Accounting Firm

PricewaterhouseCoopers LLP

Chicago, IL 60606

 

Custodian

U.S. Bank National Association

Milwaukee, WI 53202

  

Transfer Agent and
Shareholder Services

Boston Financial
Data Services, Inc.

Nuveen Investor Services

P.O. Box 8530

Boston, MA 02266-8530

(800) 257-8787

     

 

 

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

 

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

 

             
 

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

 

 

  60       Nuveen Investments


Glossary of Terms

Used in this Report

 

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

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

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

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

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

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

Net Asset Value (NAV) Per Share: A fund’s Net Assets is equal to its total assets (securities, cash and accrued earnings) less its total liabilities. For funds with multiple classes, Net Assets are determined separately for each share class. NAV per share is equal to the fund’s (or share class’) Net Assets divided by its number of shares outstanding.

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

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

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

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

 

Nuveen Investments     61   


Annual Investment Management Agreement

Approval Process (Unaudited)

 

I. The Approval Process

The Board of Directors of each Fund (each, a “Board” and each Director, a “Board Member”), including the Board Members who are not parties to the Funds’ advisory or sub-advisory agreements or “interested persons” of any such parties (the “Independent Board Members”), is responsible for overseeing the performance of the investment adviser and the sub-adviser to the respective Fund and determining whether to approve or continue such Fund’s advisory agreement (each, an “Original Investment Management Agreement”) between the Fund and Nuveen Fund Advisors, LLC (the “Adviser”) and sub-advisory agreement (each, an “Original Sub-Advisory Agreement” and, together with the Original Investment Management Agreement, the “Original Advisory Agreements”) between the Adviser and Nuveen Asset Management, LLC (the “Sub-Adviser”). Pursuant to the Investment Company Act of 1940, as amended (the “1940 Act”), each Board is required to consider the continuation of the respective Original Advisory Agreements on an annual basis. In addition, prior to its annual review, the Board Members were advised of the potential acquisition of Nuveen Investments, Inc. (“Nuveen”) by TIAA-CREF (the “Transaction”). For purposes of this section, references to “Nuveen” herein include all affiliates of Nuveen Investments, Inc. providing advisory, sub-advisory, distribution or other services to the Funds and references to the “Board” refer to the Board of each Fund. In accordance with the 1940 Act and the terms of the Original Advisory Agreements, the completion of the Transaction would terminate each of the Original Investment Management Agreements and the Original Sub-Advisory Agreements. Accordingly, at an in-person meeting held on April 30, 2014 (the “April Meeting”), the Board, including all of the Independent Board Members, performed its annual review of the Original Advisory Agreements and approved the continuation of the Original Advisory Agreements for the Funds. Furthermore, in anticipation of the termination of the Original Advisory Agreements that would occur upon the consummation of the Transaction, the Board also approved for each Fund a new advisory agreement (each, a “New Investment Management Agreement”) between the Fund and the Adviser and a new sub-advisory agreement (each, a “New Sub-Advisory Agreement” and, together with the New Investment Management Agreement, the “New Advisory Agreements”) between the Adviser and the Sub-Adviser, each on behalf of the respective Fund to be effective following the completion of the Transaction and the receipt of the requisite shareholder approval.

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

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

 

  62       Nuveen Investments


each Fund Adviser; the organization and operations of any Fund Adviser; the expertise and background of relevant personnel of each Fund Adviser; a review of each Fund’s performance (including performance comparisons against the performance of peer groups and appropriate benchmarks); a comparison of Fund fees and expenses relative to peers; a description and assessment of shareholder service levels for the Funds; a summary of the performance of certain service providers; a review of fund initiatives and shareholder communications; and an analysis of the Adviser’s profitability with comparisons to peers in the managed fund business. In light of the proposed Transaction, the Independent Board Members, through their independent legal counsel, also requested in writing and received additional information regarding the proposed Transaction and its impact on the provision of services by the Fund Advisers.

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

The materials and information prepared in connection with the review of the Original Advisory Agreements and New Advisory Agreements supplemented the information and analysis provided to the Board during the year. In this regard, throughout the year, the Board, acting directly or through its committees, regularly reviewed the performance and various services provided by the Adviser and Sub-Adviser. The Board met at least quarterly as well as at other times as the need arose. At its quarterly meetings, the Board reviewed reports by the Adviser regarding, among other things, fund performance, fund expenses, premium and discount levels of closed-end funds, the performance of the investment teams and compliance, regulatory and risk management matters. In addition to regular reports, the Adviser provided special reports to the Board or a committee thereof from time to time to enhance the Board’s understanding of various topics that impact some or all the Nuveen funds (such as distribution channels, oversight of omnibus accounts and leverage management topics), to update the Board on regulatory developments impacting the investment company industry or to update the Board on the business plans or other matters impacting the Adviser. The Board also met with key investment personnel managing certain Nuveen fund portfolios during the year.

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

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

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

The Board considered all factors it believed relevant with respect to each Fund, including, among other things: (a) the nature, extent and quality of the services provided by the Fund Advisers, (b) the investment performance of the Fund and the Fund Advisers, (c) the advisory fees and costs of the

 

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services to be provided to the Fund and the profitability of the Fund Advisers, (d) the extent of any economies of scale, (e) any benefits derived by the Fund Advisers from the relationship with the Fund and (f) other factors. With respect to the New Advisory Agreements, the Board also considered the Transaction and its impact on the foregoing factors. Each Board Member may have accorded different weight to the various factors in reaching his or her conclusions with respect to a Fund’s Original Advisory Agreements and New Advisory Agreements. The Independent Board Members did not identify any single factor as all-important or controlling. The Independent Board Members’ considerations were instead based on a comprehensive consideration of all the information presented. The principal factors considered by the Board and its conclusions are described below.

A. Nature, Extent and Quality of Services

1. The Original Advisory Agreements

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

In considering the services provided by the Fund Advisers, the Board recognized that the Adviser provides a myriad of investment management, administrative, compliance, oversight and other services for the Funds, and the Sub-Adviser generally provides the portfolio advisory services to the Funds under the oversight of the Adviser. The Board considered the wide range of services provided by the Adviser to the Nuveen funds beginning with developing the fund and monitoring and analyzing its performance to providing or overseeing the services necessary to support a fund’s daily operations. The Board recognized the Adviser, among other things, provides: (a) product management (such as analyzing ways to better position a fund in the marketplace, maintaining relationships to gain access to distribution platforms and setting dividends); (b) fund administration (such as preparing a fund’s tax returns, regulatory filings and shareholder communications; managing fund budgets and expenses; overseeing a fund’s various service providers; and supporting and analyzing new and existing funds); (c) Board administration (such as supporting the Board and its committees, in relevant part, by organizing and administering the Board and committee meetings and preparing the necessary reports to assist the Board in its duties); (d) compliance (such as monitoring adherence to a fund’s investment policies and procedures and applicable law; reviewing the compliance program periodically and developing new policies or updating existing compliance policies and procedures as considered necessary or appropriate; responding to regulatory requests; and overseeing compliance testing of sub-advisers); (e) legal support (such as preparing or reviewing fund registration statements, proxy statements and other necessary materials; interpreting regulatory requirements and compliance thereof; and maintaining applicable registrations); and (f) investment services (such as overseeing and reviewing sub-advisers and their investment teams; analyzing performance of the funds; overseeing investment and risk management; overseeing the daily valuation process for portfolio securities and developing and recommending valuation policies and methodologies and changes thereto; and participating in fund development, leverage management and the development of investment policies and parameters).

In its review, the Board also considered the new services, initiatives or other changes adopted since the last advisory contract review that were designed to enhance the services and support the Adviser provides to the Nuveen funds. The Board recognized that some initiatives are a multi-year process. In reviewing the activities of 2013, the Board recognized that the year reflected the Adviser’s continued focus on fund rationalization for both closed-end and open-end funds, consolidating certain funds through mergers that were designed to improve efficiencies and economies of scale for shareholders, repositioning various funds through updates in their investment policies and guidelines with the expectation of bringing greater value to shareholders, and liquidating certain funds. As in the past, the Board recognized the Adviser’s significant investment in its technology initiatives, including the continued progress toward a central repository for fund and other Nuveen product data and implementing a data system to support the risk oversight group enabling it to provide more detailed risk analysis for the Nuveen funds. The Board noted the new data system has permitted more in-depth analysis of the investment risks of the Funds and across the complex providing additional feedback and insights to the investment teams and more comprehensive risk reporting to the Board. The Adviser also conducted several workshops for the Board regarding the new data system, including explaining the risk measures being applied and their purpose. The Board also recognized the enhancements in the valuation group within the Adviser, including centralizing the fund pricing process within the valuation group, trending to more automated and expedient reviews and continuing to expand its valuation team. The Board further considered the expansion of personnel in the compliance department enhancing the collective expertise of the group, investments in additional compliance systems and the updates of various compliance policies.

In addition to the foregoing actions, the Board also considered other initiatives related to the open-end funds, including, among other things: the continued focus on enhancing the product line through the development of new funds, including the development of alternative strategies

 

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reflecting trends in the industry; the enhanced support provided to the Board by providing comprehensive in-depth presentations to the Open-End Funds Committee; and the development of a new class of shares for certain funds.

As noted, the Adviser also oversees the Sub-Adviser who provides the portfolio advisory services to the Funds. In reviewing the portfolio advisory services provided to each Fund, the Nuveen Investment Services Oversight Team of the Adviser analyzes the performance of the Sub-Adviser and may recommend changes to the investment team or investment strategies as appropriate. In assisting the Board’s review of the Sub-Adviser, the Adviser provides a report analyzing, among other things, the Sub-Adviser’s investment team and changes thereto, organization and history, assets under management, the investment team’s philosophy and strategies in managing each Fund, developments affecting the Sub-Adviser or the Funds and their performance. In their review of the Sub-Adviser, the Independent Board Members considered, among other things, the experience and qualifications of the relevant investment personnel, their investment philosophy and strategies, the Sub-Adviser’s organization and stability, its capabilities and any initiatives taken or planned to enhance its current capabilities or support potential growth of business and, as outlined in further detail below, the performance of the Funds. The Independent Board Members also reviewed portfolio manager compensation arrangements to evaluate each Fund Adviser’s ability to attract and retain high quality investment personnel, preserve stability, and reward performance while not providing an inappropriate incentive to take undue risks.

Given the importance of compliance, the Independent Board Members also considered Nuveen’s compliance program, including the report of the chief compliance officer regarding the Nuveen funds’ compliance policies and procedures; the resources dedicated to compliance; the record of compliance with the policies and procedures; and Nuveen’s supervision of the Funds’ service providers. The Board recognized Nuveen’s commitment to compliance and strong commitment to a culture of compliance. Given the Adviser’s emphasis on monitoring investment risk, the Board has also appointed two Independent Board Members as point persons to review and keep the Board apprised of developments in this area and work with applicable Fund Adviser personnel.

Based on their review, the Independent Board Members found that, overall, the nature, extent and quality of services provided to each Fund under the respective Original Advisory Agreement were satisfactory.

2. The New Advisory Agreements

In evaluating the nature, quality and extent of the services expected to be provided by the Fund Advisers under the New Investment Management Agreements and the New Sub-Advisory Agreements, the Board Members concluded that no diminution in the nature, quality and extent of services provided to each Fund and its shareholders by the respective Fund Advisers is expected as a result of the Transaction. In making their determination, the Independent Board Members considered, among other things: the expected impact, if any, of the Transaction on the operations, facilities, organization and personnel of each Fund Adviser; the ability of each Fund Adviser to perform its duties after the Transaction, including any changes to the level or quality of services provided to the Funds; the potential implications of any additional regulatory requirements imposed on the Fund Advisers or the Nuveen funds following the Transaction; and any anticipated changes to the investment and other practices of the Nuveen funds.

The Board noted that the terms of each New Investment Management Agreement, including the fees payable thereunder, are substantially identical to those of the Original Investment Management Agreement relating to the same Fund. Similarly, the terms of each New Sub-Advisory Agreement, including fees payable thereunder, are substantially identical to those of the Original Sub-Advisory Agreement relating to the same Fund. The Board considered that the services to be provided and the standard of care under the New Investment Management Agreements and the New Sub-Advisory Agreements are the same as the corresponding original agreements. The Board Members noted the Transaction also does not alter the allocation of responsibilities between the Adviser and the Sub-Adviser. The Sub-Adviser will continue to furnish an investment program, make investment decisions and place all orders for the purchase and sale of securities, all on behalf of each Fund and subject to oversight of the Board and the Adviser. The Board noted that TIAA-CREF did not anticipate any material changes to the advisory, sub-advisory or other services provided to the Nuveen funds as a result of the Transaction. The Independent Board Members recognized that there were not any planned “cost cutting” measures that could be expected to reduce the nature, extent or quality of services. The Independent Board Members further noted that there were currently no plans for material changes to senior personnel at Nuveen or key personnel who provide services to the Nuveen funds and the Board following the Transaction. The key personnel who have responsibility for the Nuveen funds in each area, including portfolio management, investment oversight, fund management, fund operations, product management, legal/compliance and board support functions, are expected to be the same following the Transaction, although such personnel may have additional reporting requirements to TIAA-CREF. The Board also considered the anticipated incentive plans designed to retain such key personnel. Notwithstanding the foregoing, the Board Members recognized that personnel changes may occur in the future as a result of normal business developments or personal career decisions.

The Board Members also considered Nuveen’s proposed governance structure following the Transaction and noted that Nuveen was expected to remain a stand-alone business within the TIAA-CREF enterprise and operate relatively autonomously from the other TIAA-CREF businesses, but

 

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would receive the general support and oversight from certain TIAA-CREF functional groups (such as legal, finance, internal audit, compliance, and risk management groups). The Board recognized, however, that Nuveen may be subject to additional reporting requirements as it keeps TIAA-CREF abreast of developments affecting the Nuveen business, may be required to modify certain of its reports, policies and procedures as necessary to conform to the practices followed in the TIAA-CREF enterprise and may need to collaborate with TIAA-CREF with respect to strategic planning for its business.

In considering the implications of the Transaction, the Board Members also recognized the reputation and size of TIAA-CREF and the benefits that the Transaction may bring to the Nuveen funds and Nuveen. In this regard, the Board recognized, among other things, that the increased resources and support that may be available to Nuveen from TIAA-CREF and the improved capital structure of Nuveen Investments, Inc. (the parent of the Adviser) that would result from the significant reduction in its debt level may reinforce and enhance Nuveen’s ability to provide quality services to the Nuveen funds and to invest further into its infrastructure.

Further, with the consummation of the Transaction, the Board recognized the enhanced distribution capabilities for the Nuveen funds as the funds may gain access to TIAA-CREF’s distribution network, particularly through TIAA-CREF’s retirement platform and institutional client base. The Board also considered that investors in TIAA-CREF’s retirement platform may choose to roll their investments as they exit their retirement plans into the Nuveen funds. The Independent Board Members recognized the potential cost savings to the benefit of all shareholders of the Nuveen funds from reduced expenses as assets in the Nuveen fund complex rise pursuant to the complex-wide fee arrangement described in further detail below.

Based on their review, the Independent Board Members found that the expected nature, extent and quality of services to be provided to each Fund under its New Advisory Agreements were satisfactory and supported approval of the New Advisory Agreements.

B. The Investment Performance of the Funds and Fund Advisers

1. The Original Advisory Agreements

The Board, including the Independent Board Members, considered the performance history of each Fund over various time periods. The Board reviewed reports, including an analysis of each Fund’s performance and the applicable investment team. In considering each Fund’s performance, the Board recognized that a fund’s performance can be reviewed through various measures including the fund’s absolute return, the fund’s return compared to the performance of other peer funds and the fund’s performance compared to its respective benchmark. Accordingly, the Board reviewed, among other things, each Fund’s historic investment performance as well as information comparing the Fund’s performance information with that of other funds (the “Performance Peer Group”) and with recognized and/or customized benchmarks (i.e., generally benchmarks derived from multiple recognized benchmarks) for the quarter, one-, three- and five-year periods ending December 31, 2013, as well as performance information reflecting the first quarter of 2014. This information supplemented the Nuveen fund performance information provided to the Board at each of its quarterly meetings.

In evaluating performance, the Board recognized several factors that may impact the performance data as well as the consideration given to particular performance data.

 

    The performance data reflects a snapshot in time, in this case as of the end of the most recent calendar year or quarter. A different performance period, however, could generate significantly different results.

 

    Long-term performance can be adversely affected by even one period of significant underperformance so that a single investment decision or theme has the ability to disproportionately affect long-term performance.

 

    The investment experience of a particular shareholder in a fund will vary depending on when such shareholder invests in such fund, the class held (if multiple classes offered in the fund) and the performance of the fund (or respective class) during that shareholder’s investment period.

 

    Open-end funds offer multiple classes and the performance of the various classes of a fund should be substantially similar on a relative basis because all of the classes are invested in the same portfolio of securities and differences in performance among classes could be principally attributed to the variations in distribution and servicing expenses of each class.

 

   

The usefulness of comparative performance data as a frame of reference to measure a fund’s performance may be limited because the Performance Peer Group, among other things, does not adequately reflect the objectives and strategies of the fund, has a different investable universe, or the composition of the peer set may be limited in size or number as well as other factors. In this regard, the Board noted that the Adviser classified the Performance Peer Groups of the Nuveen funds from highly relevant to less relevant. For funds classified with less relevant Performance Peer Groups, the Board considered a fund’s performance compared to its benchmark to help assess the fund’s comparative performance. A fund was generally considered to have performed comparably to its benchmark if the fund’s performance was within certain thresholds compared to the performance of its benchmark and was considered to have outperformed or underperformed its

 

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benchmark if the fund’s performance was beyond these thresholds for the one- and three-year periods, subject to certain exceptions.i While the Board is cognizant of the relative performance of a fund’s peer set and/or benchmark(s), the Board evaluated fund performance in light of the respective fund’s investment objectives, investment parameters and guidelines and considered that the variations between the objectives and investment parameters or guidelines of the fund with its peers and/or benchmarks result in differences in performance results.

With respect to any Nuveen funds for which the Board has identified performance concerns, the Board monitors such funds closely until performance improves, discusses with the Adviser the reasons for such results, considers those steps necessary or appropriate to address such issues and reviews the results of any efforts undertaken. The Board is aware, however, that shareholders chose to invest or remain invested in a fund knowing that the Adviser manages the fund and knowing the fund’s fee structure.

In considering the performance data, the Independent Board Members noted that the Nuveen Mid Cap Growth Opportunities Fund (“Mid Cap Growth Opportunities Fund”) had demonstrated generally favorable performance in comparison to its peers, performing in the first or second quartile over various periods, and that the Nuveen Large Cap Growth Opportunities Fund (“Large Cap Growth Opportunities Fund”) had demonstrated satisfactory performance compared to its peers, performing in the second or third quartile over various periods. In addition, the Board noted that the Nuveen Small Cap Growth Opportunities Fund (“Small Cap Growth Opportunities Fund”) had also demonstrated satisfactory performance. In this regard, although the Fund performed in the fourth quartile in the three-year period, it was in the third quartile in the one-year period and the second quartile in the five-year period.

Based on their review, the Independent Board Members determined that each Fund’s investment performance had been satisfactory.

2. The New Advisory Agreements

With respect to the performance of each Fund, the Board considered that the portfolio investment personnel responsible for the management of the respective Fund portfolios were expected to continue to manage such portfolios following the completion of the Transaction and the investment strategies of the Funds were not expected to change as a result of the Transaction. Accordingly, the findings regarding performance outlined above for the Original Advisory Agreements are applicable to the review of the New Advisory Agreements.

C. Fees, Expenses and Profitability

1. Fees and Expenses

The Board evaluated the management fees and expenses of each Fund, reviewing, among other things, such Fund’s gross management fees, net management fees and net expense ratios in absolute terms as well as compared to the fees and expenses of a comparable universe of funds provided by an independent fund data provider (the “Peer Universe”) and to a more focused subset of funds in the Peer Universe (the “Peer Group”) and any expense limitations.

The Independent Board Members further reviewed the methodology regarding the construction of the applicable Peer Universe and Peer Group. In reviewing the comparisons of fee and expense information, the Independent Board Members took into account that in certain instances various factors such as the limited size and particular composition of the Peer Universe or Peer Group (including the inclusion of other Nuveen funds in the peer set); expense anomalies; changes in the funds comprising the Peer Universe or Peer Group from year to year; levels of reimbursement or fee waivers; and the timing of information used may impact the comparative data thereby limiting somewhat the ability to make a meaningful comparison with peers.

In reviewing the fee schedule for a fund, the Independent Board Members also considered the fund-level and complex-wide breakpoint schedules (described in further detail below) and any fee waivers and reimbursements provided by Nuveen. In reviewing fees and expenses, the Board considered the expenses and fees to be higher if they were over 10 basis points higher, slightly higher if they were approximately 6 to 10 basis points higher, in line if they were within approximately 5 basis points higher than the peer average and below if they were below the peer average of the Peer Group. In reviewing the reports, the Board noted that the majority of the Nuveen funds were at, close to or below their peer average based on the net total expense ratio. The Independent Board Members observed that the Funds had net management fees that were slightly higher or higher than the respective peer averages, but net expense ratios (including fee waivers and expense reimbursements) that were below or in line with the respective peer averages.

Based on their review of the fee and expense information provided, the Independent Board Members determined that each Fund’s management fees (as applicable) to a Fund Adviser were reasonable in light of the nature, extent and quality of services provided to the Fund.

2. Comparisons with the Fees of Other Clients

The Board recognized that all Nuveen funds have a sub-adviser, either affiliated or non-affiliated, and therefore the overall fund management fee can be divided into two components, the fee retained by the Adviser and the fee paid to the sub-adviser. In general terms, the fee to the Adviser

 

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reflects the administrative and other services it provides to support the Nuveen fund (as described above) and, while some administrative services may occur at the sub-adviser level, the fee to the sub-adviser generally reflects the portfolio management services provided by the sub-adviser. The Independent Board Members considered the fees a Fund Adviser assesses to the Funds compared to that of other clients. With respect to non-municipal funds, such other clients of a Fund Adviser may include: separately managed accounts (both retail and institutional accounts), foreign investment funds offered by Nuveen, collective trust funds and funds that are not offered by Nuveen but are sub-advised by one of Nuveen’s investment management teams.

The Independent Board Members reviewed the nature of services provided by the Adviser, including through its affiliated sub-advisers and the average fee the affiliated sub-advisers assessed such clients as well as the range of fees assessed to the different types of separately managed accounts (such as retail, institutional or wrap accounts) to the extent applicable to the respective sub-adviser. In their review, the Independent Board Members considered the differences in the product types, including, but not limited to: the services provided, the structure and operations, product distribution and costs thereof, portfolio investment policies, investor profiles, account sizes and regulatory requirements. In evaluating the comparisons of fees, the Independent Board Members noted that the fee rates charged to the Nuveen funds and other clients vary, among other things, because of the different services involved and the additional regulatory and compliance requirements associated with registered investment companies, such as the Funds. The Independent Board Members noted that, as a general matter, higher fee levels reflect higher levels of service, increased investment management complexity, greater product management requirements and higher levels of risk or a combination of the foregoing. The Independent Board Members further noted, in particular, that the range of services provided to the Funds (as discussed above) is generally much more extensive than that provided to separately managed accounts. Many of the additional administrative services provided by the Adviser are not required for institutional clients. The Independent Board Members also recognized that the management fee rates of the foreign funds advised by the Adviser may vary due to, among other things, differences in the client base, governing bodies, operational complexities and services covered by the management fee. Given the inherent differences in the various products, particularly the extensive services provided to the Funds, the Independent Board Members believe such facts justify the different levels of fees.

3. Profitability of Fund Advisers

In conjunction with their review of fees, the Independent Board Members also considered the profitability of Nuveen for its advisory activities and its financial condition. The Independent Board Members reviewed the revenues and expenses of Nuveen’s advisory activities for the last two calendar years, the allocation methodology used in preparing the profitability data, an analysis of the key drivers behind the changes in revenues and expenses that impacted profitability in 2013 and Nuveen’s consolidated financial statements for 2013. The Independent Board Members noted this information supplemented the profitability information requested and received during the year to help keep them apprised of developments affecting profitability (such as changes in fee waivers and expense reimbursement commitments). In this regard, the Independent Board Members noted that two Independent Board Members served as point persons to review the profitability analysis and methodologies employed, and any changes thereto, and to keep the Board apprised of such changes. The Independent Board Members also considered Nuveen’s revenues for advisory activities, expenses and profit margin compared to that of various unaffiliated management firms.

In reviewing profitability, the Independent Board Members noted the Adviser’s continued investment in its business with expenditures to, among other things, upgrade its investment technology and compliance systems and provide for additional personnel and other resources. The Independent Board Members recognized the Adviser’s continued commitment to its business should enhance the Adviser’s capacity and capabilities in providing the services necessary to meet the needs of the Nuveen funds as they grow or change over time. In addition, in evaluating profitability, the Independent Board Members also noted the subjective nature of determining profitability which may be affected by numerous factors including the allocation of expenses and that various allocation methodologies may each be reasonable but yield different results. Further, the Independent Board Members recognized the difficulties in making comparisons as the profitability of other advisers generally is not publicly available, and the profitability information that is available for certain advisers or management firms may not be representative of the industry and may be affected by, among other things, an adviser’s particular business mix, capital costs, size, types of funds managed and expense allocations. Notwithstanding the foregoing, the Independent Board Members noted the Adviser’s adjusted operating margin appears to be reasonable in relation to other investment advisers and sufficient to operate as a viable investment management firm meeting its obligations to the Nuveen funds. Based on their review, the Independent Board Members concluded that the Adviser’s level of profitability for its advisory activities was reasonable in light of the services provided.

With respect to sub-advisers affiliated with Nuveen, including the Sub-Adviser, the Independent Board Members reviewed such sub-advisers’ revenues, expenses and profitability margins (pre- and post-tax) for their advisory activities and the methodology used for allocating expenses among the internal sub-advisers. Based on their review, the Independent Board Members were satisfied that the Sub-Adviser’s level of profitability was reasonable in light of the services provided.

 

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In evaluating the reasonableness of the compensation, the Independent Board Members also considered other amounts paid to a Fund Adviser by the funds as well as indirect benefits (such as soft dollar arrangements), if any, the Fund Adviser and its affiliates receive or are expected to receive that are directly attributable to the management of a Nuveen fund. See Section E below for additional information on indirect benefits the Fund Advisers may receive as a result of its relationship with a Nuveen fund. Based on their review of the overall fee arrangements of each Fund, the Independent Board Members determined that the advisory fees and expenses of the Funds were reasonable.

4. The New Advisory Agreements

As noted above, the terms of the New Advisory Agreements are substantially identical to their corresponding Original Advisory Agreements. The fee schedule, including the breakpoint schedule and complex-wide fee schedule, in each New Advisory Agreement is identical to that under the corresponding Original Advisory Agreement. The Board Members also noted that Nuveen has committed for a period of two years from the date of closing the Transaction (i) not to increase contractual management fee rates for any Nuveen fund and (ii) not to raise expense cap levels for any Nuveen fund from levels currently in effect or scheduled to go into effect prior to the Transaction. This commitment shall not limit or otherwise affect mergers or liquidations of any funds in the ordinary course. Based on the information provided, the Board Members did not believe that the overall expenses would increase as a result of the Transaction. In addition, the Board Members recognized that the Nuveen funds may gain access to the retirement platform and institutional client base of TIAA-CREF, and the investors in the retirement platforms may roll their investments into one or more Nuveen funds as they exit their retirement plans. The enhanced distribution access may result in additional sales of the Nuveen funds resulting in an increase in total assets under management in the complex and a corresponding decrease in overall management fees if additional breakpoints at the fund-level or complex-wide level are met. Based on its review, the Board determined that the management fees and expenses under each New Advisory Agreement were reasonable.

Further, other than from a potential reduction in the debt level of Nuveen Investments, Inc., the Board recognized that it is difficult to predict with any degree of certainty the impact of the Transaction on Nuveen’s profitability. Given the fee schedule was not expected to change under the New Advisory Agreements, however, the Independent Board Members concluded that each Fund Adviser’s level of profitability for its advisory activities under the respective New Advisory Agreements would continue to be reasonable in light of the services provided.

D. Economies of Scale and Whether Fee Levels Reflect These Economies of Scale

1. The Original Advisory Agreements

With respect to economies of scale, the Independent Board Members have recognized the potential benefits resulting from the costs of a fund being spread over a larger asset base, although economies of scale are difficult to measure and predict with precision, particularly on a fund-by-fund basis. One method to help ensure the shareholders share in these benefits is to include breakpoints in the advisory fee schedule. Generally, management fees for funds in the Nuveen complex are comprised of a fund-level component and a complex-level component, subject to certain exceptions. Accordingly, the Independent Board Members reviewed and considered the applicable fund-level breakpoints in the advisory fee schedules that reduce advisory fees as asset levels increase.

In addition to fund-level advisory fee breakpoints, the Board also considered the Nuveen funds’ complex-wide fee arrangement. Pursuant to the complex-wide fee arrangement, the fees of the funds in the Nuveen complex are reduced as the assets in the fund complex reach certain levels. The complex-wide fee arrangement seeks to provide the benefits of economies of scale to fund shareholders when total fund complex assets increase, even if assets of a particular fund are unchanged or have decreased. The approach reflects the notion that some of Nuveen’s costs are attributable to services provided to all its funds in the complex and therefore all funds benefit if these costs are spread over a larger asset base.

Based on their review, the Independent Board Members concluded that the breakpoint schedules and complex-wide fee arrangement (as applicable) were acceptable and reflect economies of scale to be shared with shareholders when assets under management increase.

2. The New Advisory Agreements

As noted, the Independent Board Members recognized that the fund-level and complex-wide schedules will not change under the New Advisory Agreements. Assets in the funds advised by TIAA-CREF or its current affiliates will not be included in the complex-wide fee calculation. Nevertheless, the Nuveen funds may have access to TIAA-CREF’s retirement platform and institutional client base. The access to this distribution network may enhance the distribution of the Nuveen funds which, in turn, may lead to reductions in management and sub-advisory fees if the Nuveen funds reach additional fund-level and complex-wide breakpoint levels. Based on their review, including the considerations in the annual review of the Original Advisory Agreements, the Independent Board Members determined that the fund-level breakpoint schedules and complex-wide fee schedule continue to be appropriate and desirable in ensuring that shareholders participate in the benefits derived from economies of scale under the New Advisory Agreements.

 

Nuveen Investments     69   


Annual Investment Management Agreement Approval Process (Unaudited) (continued)

 

E. Indirect Benefits

1. The Original Advisory Agreements

In evaluating fees, the Independent Board Members received and considered information regarding potential “fall out” or ancillary benefits the respective Fund Adviser or its affiliates may receive as a result of its relationship with each Fund. In this regard, the Independent Board Members considered, among other things, any sales charges, distribution fees and shareholder services fees received and retained by the Funds’ principal underwriter, an affiliate of the Adviser, which include fees received pursuant to any 12b-1 plan. The Independent Board Members, therefore, considered the 12b-1 fees retained by Nuveen during the last calendar year.

In addition to the above, the Independent Board Members considered whether the Fund Advisers received any benefits from soft dollar arrangements whereby a portion of the commissions paid by a fund for brokerage may be used to acquire research that may be useful to a Fund Adviser in managing the assets of the fund and other clients. Each Fund’s portfolio transactions are allocated by the Sub-Adviser. Accordingly, the Independent Board Members considered that the Sub-Adviser may benefit from its soft dollar arrangements pursuant to which it receives research from brokers that execute the applicable Fund’s portfolio transactions. With respect to any fixed income securities, however, the Board recognized that such securities generally trade on a principal basis that does not generate soft dollar credits. Similarly, the Board recognized that the research received pursuant to soft dollar arrangements by the Sub-Adviser may also benefit the Funds and their shareholders to the extent the research enhances the ability of the Sub-Adviser to manage the Funds. The Independent Board Members noted that the Sub-Adviser’s profitability may be somewhat lower if it did not receive the research services pursuant to the soft dollar arrangements and had to acquire such services directly.

Based on their review, the Independent Board Members concluded that any indirect benefits received by a Fund Adviser as a result of its relationship with the Funds were reasonable and within acceptable parameters.

2. The New Advisory Agreements

The Independent Board Members noted that, as the applicable policies and operations of the Fund Advisers with respect to the Nuveen funds were not anticipated to change significantly after the Transaction, such indirect benefits should remain after the Transaction. The Independent Board Members further noted the benefits the Transaction would provide to TIAA-CREF and Nuveen, including a larger-scale fund complex, certain shared services (noted above) and a broader range of investment capabilities, distribution capabilities and product line. Further, the Independent Board Members noted that Nuveen Investments, Inc. (the parent of the Adviser) would benefit from an improved capital structure through a reduction in its debt level.

F. Other Considerations for the New Advisory Agreements

In addition to the factors above, the Board Members also considered the following with respect to the Nuveen funds:

 

    Nuveen would rely on the provisions of Section 15(f) of the 1940 Act. In this regard, to help ensure that an unfair burden is not imposed on the Nuveen funds, Nuveen has committed for a period of two years from the date of the closing of the Transaction (i) not to increase contractual management fee rates for any fund and (ii) not to raise expense cap levels for any fund from levels currently in effect or scheduled to go into effect prior to the Transaction. This commitment shall not limit or otherwise affect mergers or liquidations of any funds in the ordinary course.

 

    The Nuveen funds would not incur any costs in seeking the necessary shareholder approvals for the New Investment Management Agreements or the New Sub-Advisory Agreements (except for any costs attributed to seeking shareholder approvals of fund specific matters unrelated to the Transaction, such as election of Board Members or changes to investment policies, in which case a portion of such costs will be borne by the applicable funds).

 

    The reputation, financial strength and resources of TIAA-CREF.

 

    The long-term investment philosophy of TIAA-CREF and anticipated plans to grow Nuveen’s business to the benefit of the Nuveen funds.

 

    The benefits to the Nuveen funds as a result of the Transaction including: (i) increased resources and support available to Nuveen as well as an improved capital structure that may reinforce and enhance the quality and level of services it provides to the funds; (ii) potential additional distribution capabilities for the funds to access new markets and customer segments through TIAA-CREF’s distribution network, including, in particular, its retirement platforms and institutional client base; and (iii) access to TIAA-CREF’s expertise and investment capabilities in additional asset classes.

G. Other Considerations

The Independent Board Members did not identify any single factor discussed previously as all-important or controlling. The Board Members, including the Independent Board Members, unanimously concluded that the terms of each Original Advisory Agreement and New Advisory Agreement are fair and reasonable, that the respective Fund Adviser’s fees are reasonable in light of the services provided to each Fund and that the Original Advisory Agreements be renewed and the New Advisory Agreements be approved.

 

  70       Nuveen Investments


II. Approval of Interim Advisory Agreements

At the April Meeting, the Board Members, including the Independent Board Members, unanimously approved for each Fund an interim advisory agreement (the “Interim Investment Management Agreement”) between the respective Fund and the Adviser and an interim sub-advisory agreement (the “Interim Sub-Advisory Agreement”) between the Adviser and the Sub-Adviser. If necessary to assure continuity of advisory services, each respective Interim Investment Management Agreement and Interim Sub-Advisory Agreement will take effect upon the closing of the Transaction if shareholders have not yet approved the corresponding New Investment Management Agreement or New Sub-Advisory Agreement. The terms of each Interim Investment Management Agreement and Interim Sub-Advisory Agreement are substantially identical to those of the corresponding Original Investment Management Agreement and New Investment Management Agreement and the corresponding Original Sub-Advisory Agreement and New Sub-Advisory Agreement, respectively, except for certain term and fee escrow provisions. In light of the foregoing, the Board Members, including the Independent Board Members, unanimously determined that the scope and quality of services to be provided to the Funds under the respective Interim Investment Management Agreements and Interim Sub-Advisory Agreements are at least equivalent to the scope and quality of services provided under the applicable Original Investment Management Agreements and Original Sub-Advisory Agreements.

 

 

 

 

i The Board recognized that the Adviser considered a fund to have outperformed or underperformed its benchmark if the fund’s performance was higher or lower than the performance of the benchmark by the following thresholds: for open-end funds (+/- 100 basis points for equity funds excluding index funds; +/- 30 basis points for tax exempt fixed income funds; +/- 40 basis points for taxable fixed income funds) and for closed-end funds (assuming 30% leverage) (+/- 130 basis points for equity funds excluding index funds; +/- 39 basis points for tax exempt funds and +/- 52 basis points for taxable fixed income funds).

 

Nuveen Investments     71   


LOGO

 

    

 

     

 

           
  Nuveen Investments:            
     Serving Investors for Generations      
    

 

     Since 1898, financial advisors and their clients have relied on Nuveen Investments to provide dependable investment solutions through continued adherence to proven, long-term investing principles. Today, we offer a range of high quality equity and fixed-income solutions designed to be integral components of a well-diversified core portfolio.   
       

 

       

Focused on meeting investor needs.

 

Nuveen Investments provides high-quality investment services designed to help secure the longterm goals of institutional and individual investors as well as the consultants and financial advisors who serve them. Nuveen Investments markets a wide range of specialized investment solutions which provide investors access to capabilities of its high-quality boutique investment affiliates-Nuveen Asset Management, Symphony Asset Management, NWQ Investment Management Company, Santa Barbara Asset Management, Tradewinds Global Investors, Winslow Capital Management, and Gresham Investment Management. In total, Nuveen Investments managed approximately $225 billion as of March 31, 2014.

  
    

 

        
       

Find out how we can help you.

To learn more about how the products and services of Nuveen Investments may be able to help you meet your financial goals, talk to your financial advisor, or call us at (800) 257-8787. Please read the information provided carefully before you invest. Investors should consider the investment objective and policies, risk considerations, charges and expenses of any investment carefully. Where applicable, be sure to obtain a prospectus, which contains this and other relevant information. To obtain a prospectus, please contact your securities representative or Nuveen Investments, 333 W. Wacker Dr., Chicago, IL 60606. Please read the prospectus carefully before you invest or send money.

 

Learn more about Nuveen Funds at: www.nuveen.com/mf

  

 

                 
  Distributed by Nuveen Securities, LLC | 333 West Wacker Drive Chicago, IL 60606 | www.nuveen.com         

 

MSA-FCGO-0414P


     LOGO
Mutual Funds   

 

      
    

Nuveen Equity Funds

 

 

 

       

 

       

 

 

Semi-Annual Report  April 30, 2014

 

              Share Class / Ticker Symbol        
    Fund Name        Class A    Class B    Class C    Class R3    Class I       

 

 

 

 

Nuveen Large Cap Select Fund

       FLRAX       FLYCX       FLRYX       
 

Nuveen Small Cap Select Fund

       EMGRX    ARSBX    FHMCX    ASEIX    ARSTX       


 

 

     

 

           
      
  NUVEEN INVESTMENTS TO BE ACQUIRED BY TIAA-CREF   
 

On April 14, 2014, TIAA-CREF announced that it had entered into an agreement to acquire Nuveen Investments, the parent company of your fund’s investment adviser, Nuveen Fund Advisors, LLC (“NFAL”) and the Nuveen affiliates that act as sub-advisers to the majority of the Nuveen Funds. TIAA-CREF is a national financial services organization with approximately $569 billion in assets under management (as of March 31, 2014) and is a leading provider of retirement services in the academic, research, medical and cultural fields. Nuveen anticipates that it will operate as a separate subsidiary within TIAA-CREF’s asset management business, and that its current leadership and key investment teams will stay in place.

 

Your fund investment will not change as a result of Nuveen’s change of ownership. You will still own the same fund shares and the underlying value of those shares will not change as a result of the transaction. NFAL and your fund’s sub-adviser(s) will continue to manage your fund according to the same objectives and policies as before, and we do not anticipate any significant changes to your fund’s operations. Under the securities laws, the consummation of the transaction will result in the automatic termination of the investment management agreements between the funds and NFAL and the investment sub-advisory agreements between NFAL and each fund’s sub-adviser(s). New agreements will be presented to the funds’ shareholders for approval, and, if approved, will take effect upon consummation of the transaction or such later time as shareholder approval is obtained.

 

The transaction, expected to be completed by year end, is subject to customary closing conditions.

  
          
       
       

 

Must be preceded by or accompanied by a prospectus.

 

NOT FDIC INSURED MAY LOSE VALUE
NO BANK GUARANTEE

  
    

 

        
                                 

 

LOGO


Table

of Contents

 

Chairman’s Letter to Shareholders

     4   

Portfolio Managers’ Comments

     5   

Risk Considerations

     10   

Fund Performance and Expense Ratios

     11   

Holding Summaries

     14   

Expense Examples

     16   

Portfolios of Investments

     17   

Statement of Assets and Liabilities

     27   

Statement of Operations

     28   

Statement of Changes in Net Assets

     29   

Financial Highlights

     30   

Notes to Financial Statements

     34   

Additional Fund Information

     45   

Glossary of Terms Used in this Report

     46   

Annual Investment Management Agreement Approval Process

     47   

 

Nuveen Investments     3   


Chairman’s Letter

to Shareholders

 

LOGO

 

Dear Shareholders,

After significant growth in 2013, domestic and international equity markets have been less compelling during the first part of 2014. Concerns about deflation, political uncertainty in many places and the potential for more fragile economies to impact other countries have produced uncertainty in the markets.

Europe is beginning to emerge slowly from recession in mid-2013, with improved GDP and employment trends in some countries. However, Japan’s deflationary headwinds have resurfaced; and China shows signs of slowing from credit distress combined with declines in manufacturing and exports. Most recently, tensions between Russia and Ukraine may continue to hold back stocks and support government bonds in the near term.

Despite these headwinds, there are some encouraging signs of forward momentum in the markets. In the U.S., the news is more positive with financial risks slowly receding, positive GDP trends, downward trending unemployment and stronger household finances and corporate spending.

It is in such changeable markets that professional investment management is most important. Investment teams who have experienced challenging markets in the past understand how their asset class can behave in rapidly changing times. Remaining committed to their investment disciplines during these times is a critical component to achieving long-term success. In fact, many strong investment track records are established during challenging periods because experienced investment teams understand that volatile markets place a premium on companies and investment ideas that can weather the short-term volatility. By maintaining appropriate time horizons, diversification and relying on practiced investment teams, we believe that investors can achieve their long-term investment objectives.

As always, I encourage you to communicate with your financial consultant if you have any questions about your investment in a Nuveen Fund. On behalf of the other members of the Nuveen Fund Board, we look forward to continuing to earn your trust in the months and years ahead.

Sincerely,

 

LOGO

William J. Schneider

Chairman of the Board

June 23, 2014

 

 

  4       Nuveen Investments


Portfolio Managers’

Comments

 

Nuveen Large Cap Select Fund

Nuveen Small Cap Select Fund

These Funds feature portfolio management by Nuveen Asset Management, LLC, an affiliate of Nuveen Investments Inc.

David Chalupnik, CFA, and Tony Burger, CFA, are the portfolio managers for the Nuveen Large Cap Select Fund. David assumed portfolio management responsibilities in 2003 and Tony joined the management team for the Fund in 2004.

Mark Traster, CFA, and Gregory Ryan, CFA, are the portfolio managers for the Nuveen Small Cap Select Fund. Mark assumed portfolio manager responsibilities in 2008 and Gregory joined the portfolio management team for the Fund in 2013.

On the following pages, the portfolio management teams for the Funds examine key investment strategies and the Funds’ performance for the six-month reporting period ended April 30, 2014.

Nuveen Large Cap Select Fund

How did the Fund perform during the six-month reporting period ended April 30, 2014?

The tables in the Fund Performance and Expense Ratios section of this report provide Class A Share total returns for the Fund for the six-month, one-year, five-year and ten-year periods ended April 30, 2014. The Fund’s Class A Shares at net asset value (NAV) underperformed the S&P 500® Index and the Lipper classification average during the six-month reporting period.

What strategies were used to manage the Fund during the six-month reporting period? How did these strategies influence performance?

The Fund pursues a long-term capital appreciation strategy by investing primarily in the common stocks of companies that have market capitalizations of $5 billion or greater at the time of purchase. During the reporting period, we continued to utilize our deep, rigorous research approach to find and invest in stocks that we believed had strong and/or improving fundamentals, attractive valuations and a catalyst for future positive relative price performance. We also continued to shift the Fund’s portfolio to areas of the market that our research suggested were particularly attractive. Throughout this six-month reporting period, the Fund emphasized domestic and global cyclical sectors and stocks that appeared to have solid fundamentals and attractive valuations in the context of a slowly improving global economic backdrop. Stocks that we sold generally faced an expected or actual deterioration in their fundamental earnings outlook, the realization or removal of the expected catalyst or excessive valuation.

The Fund’s underperformance of its benchmarks was primarily driven by stock selection in three sectors: consumer discretionary, health care and financials. As severe winter weather across much of the nation weighed on U.S. growth, the Fund’s overall cyclical tilt also hindered results during the six-month reporting period. In particular, a fairly significant overweight in consumer discretionary stocks detracted from the Fund’s total return as the sector was the second worst performing area within the S&P 500® Index. However, we deemed the weather-related setback affecting this sector as temporary and maintained the Fund’s overweight. The three greatest individual laggards from the discretionary area included office supplies chain Staples Inc., electronics retailer Best Buy Co. Inc. and American mass media company Liberty Media Corporation. Staples was negatively impacted by poor sales, which were partly due to the cold weather combined with a slower-than-expected merger between two of its industry peers. Although we continued to believe the office supply industry would restructure and employment figures would improve, we sold Staples during the

 

Certain statements in this report are forward-looking statements. Discussions of specific investments are for illustration only and are not intended as recommendations of individual investments. The forward-looking statements and other views expressed herein are those of the portfolio managers as of the date of this report. Actual future results or occurrences may differ significantly from those anticipated in any forward-looking statements and the views expressed herein are subject to change at any time, due to numerous market and other factors. The Funds disclaim any obligation to update publicly or revise any forward-looking statements or views expressed herein.

 

Nuveen Investments     5   


Portfolio Managers’ Comments (continued)

 

reporting period as we saw increased competition from other retailers who continued to build out their office supply offerings. In the case of Best Buy, its shares fell significantly in mid-January 2014 after tripling in value during 2013. The company reported a decline in holiday sales, which caused investors to call its CEO’s turnaround strategy into question. However, we continued to hold Best Buy because of our belief that the turnaround is on track and will gain momentum going forward. The third company, Liberty Media, experienced its stock price decline throughout the six-month reporting period after one of its larger holdings (Sirius XM Radio) issued forward-looking guidance for self-pay net subscriber additions in 2014 that was below the level achieved in 2013 and well below analysts’ expectations. We are also maintaining the Fund’s position in Liberty Media because we continue to believe its Sirius XM and Charter Communications holdings are attractive underlying assets.

Within the health care sector, stock selection was weak in the biotechnology and insurance industries. In biotechnology, we purchased a position in Isis Pharmaceuticals, Inc. during the six-month reporting period, which subsequently underperformed. Although Isis Pharmaceuticals announced promising interim data on a dosing study for muscle atrophy, its shares fell as the entire high momentum biotechnology segment came under significant selling pressure in the second half of the reporting period. The Fund’s position in global health insurer Cigna Corporation also detracted after the company reported fourth quarter earnings per share that were below estimates due to widespread weakness across most of its divisions, while introducing 2014 guidance that fell short of street expectations. We sold out of both Isis Pharmaceuticals and Cigna during the reporting period. In addition, the Fund was hindered by an underweight position in the managed care industry, which performed well as enrollment increased for the Affordable Care Act.

The financial sector was also a detractor for the Fund during the reporting period as interest rates declined, banking was slow and the investment banking environment remained challenging. The Fund was negatively impacted by its lack of exposure to the real estate investment trust (REIT) industry, which is more defensive and benefited from the drop in long-term rates during the reporting period. At the same time, our holdings in major diversifieds, banks and insurance companies generally underperformed. For the most part, we maintained the Fund’s financial positions as we expect economic numbers to bounce back and interest rates to move higher, which should benefit these companies.

A final negative contributor was the Fund’s significant underweight position in Exxon Mobil Corp., one of the largest weights in the S&P 500® Index and also one of the most defensive names in the energy sector. Exxon Mobil performed very well during the reporting period driven by the company’s desire to lower capital expenditures and increase its oil and gas production. We continued to favor energy companies that have demonstrated production growth in the Fund.

On the positive side, an overweight position and several individual holdings in the industrials sector aided results. The Fund was rewarded for its ownership in Delta Air Lines, Inc. as domestic airlines continued to benefit from the ongoing consolidation that has taken place over the past few years, which has led to a more rational financial and economic model for the industry. With fewer players, less excess capacity and better revenue management, the profitability of the entire industry has improved. Delta is paying down debt and producing returns in excess of its cost of capital while its valuation is still quite reasonable. As further testament to the company’s strength, Delta’s shares were able to advance significantly despite the more than 17,000 flight cancellations in the industry due to poor winter weather conditions. Another outperformer in industrials was Pitney Bowes Inc., a developer of software, hardware and services to help companies grow their businesses by more effectively managing their physical and digital communications. Pitney Bowes continued to report favorable quarterly results, driven by strength in its digital commerce division as well as good execution by its new management team in terms of the divestiture of non-core businesses and cost reductions.

Although health care detracted from performance overall, one of the Fund’s strongest performing stocks during the reporting period was also from that sector. Shares of Allergan, Inc. which focuses on ophthalmic and other specialty drugs, advanced sharply after Canadian firm Valeant Pharmaceuticals and Pershing Square Capital Management publically proposed a merger with the firm. Allergan has resisted the merger and the outcome is uncertain.

Several positions within the technology sector also aided the Fund’s results during the reporting period. Western Digital Corporation, a manufacturer of hard disk drives, benefited from a consolidated industry which is allowing for more disciplined pricing.

 

  6       Nuveen Investments


Shares of 3D design software company Autodesk Inc. advanced as the construction and manufacturing industries in North America and Europe showed improvement. Autodesk is also in the process of converting its user base to an annual subscription model, which should help drive recurring revenues as a larger portion of total revenues. In addition, the Fund benefited from a position in Hewlett-Packard Co., a designer and manufacturer of personal computers, printers and storage devices. The company significantly outperformed the broader market due to its management team’s aggressive efforts to cut costs, streamline operations and focus on business services.

Although we believe the U.S. slowdown in the first part of 2014 was weather related, we added modestly to the Fund’s exposure to the utilities and telecommunications services sectors. These positions will help diversify the Fund if the economy doesn’t improve as quickly as we anticipate. In addition, long-term rates declined during the reporting period and these sectors benefit from lower interest rates. The Fund remains overweight in the consumer discretionary sector as we continue to believe these companies will be the biggest beneficiaries of improving U.S. growth. We are also overweighting industrial companies, especially those with European exposure as that region has emerged from recession. At the same time, the Fund has underweight positions in sectors and companies that are more closely tied to emerging market growth such as metals and mining companies.

Nuveen Small Cap Select Fund

How did the Fund perform during the six-month reporting period ended April 30, 2014?

The tables in the Fund Performance and Expense Ratios section of this report provide Class A Share total returns for the Fund for the six-month, one-year, five-year and ten-year periods ended April 30, 2014. The Fund’s Class A Shares at net asset value (NAV) underperformed the Russell 2000® Index and the Lipper classification average over the six-month period.

What strategies were used to manage the Fund during the six-month reporting period? How did these strategies influence performance?

The Fund seeks to provide long-term capital appreciation by investing primarily in the common stocks of companies with market capitalizations of less than $3 billion at the time of purchase. During this reporting period, we continued to execute on our strategy of investing in well run, small-cap companies that we believe offer good value in order to generate competitive returns for the Fund. We continued to tap into our firm’s strong fundamental research capabilities in order to find what we believe to be the best ideas within the small-cap universe. These companies exhibit strong cash flows and attractive valuations, plus have identifiable, near-term catalysts that could be realized over the next 12-24 months.

Small-cap stocks produced somewhat lackluster returns over the six-month reporting period as the Russell 2000® Index gained 3.08%. However, this modestly positive return masked the extreme weakness in growth stocks as investors rotated aggressively away from stocks that had performed so well in 2013 and into more defensive, value-oriented stocks midway through this time frame. The divergence in returns among sectors within the Russell 2000® Index was significant as the highly defensive utilities sector rose 8.86% during the reporting period followed closely by the energy sector. Meanwhile 2013’s bright spot, the more cyclical consumer discretionary sector, lagged with a -0.57% return over the six-month reporting period.

The primary cause of the Fund’s underperformance of the Russell 2000® Index and the Lipper average was stock selection in the technology, health care and energy sectors. In technology, the largest detractor to the Fund’s relative performance during the reporting period was Infoblox Inc., the leading software vendor of IP address management solutions for enterprise customers. In February, the company pre-announced disappointing sales for the quarter and also lowered expectations for fiscal year results, citing poor close rates on deals greater than $1 million and lower government spending. Also, shares of software provider ServiceSource International, Inc. underperformed as bookings came in below expectations and the company announced the departure of its head of sales. ServiceSource’s software solutions drive increased renewals of maintenance, support and subscription agreements for technology companies. We exited the Fund’s positions in ServiceSource. A third laggard in the technology space was FleetMatics Group Ltd., a provider of fleet management solutions delivered via software-as-a-service (SaaS) that help businesses improve the productivity of their vehicles. Although FleetMatics reported strong top line and earnings per share (EPS) for the most recent quarter,

 

Nuveen Investments     7   


Portfolio Managers’ Comments (continued)

 

investors were concerned about its announcement of aggressive and costly investments in four key areas that will put pressure on EPS for calendar year 2014. However, we believed much of the company’s underperformance was simply the result of the broadening of the market, which led higher growth/higher multiple names to fall out of favor; therefore, we maintained a position in FleetMatics as fundamentals remain strong.

The shortfall in health care was partly due to a position in Thoratec Corporation, a leading developer of medical devices used for mechanical circulatory support for the treatment of heart failure. Late in 2013, an industry journal reported increasing levels of blood clots since Thoratec’s device was introduced, which caused weakness in the stock as investors became concerned about potential market share losses. However, the company responded to this report with data of its own and has managed to maintain its share of this growing market; therefore, we have maintained the Fund’s position. Another laggard in health care was Merit Medical Systems, Inc., which manufactures and distributes disposable medical devices used in interventional and diagnostic procedures. After reporting a strong second half in 2013, which saw organic growth and margin improvement, progress on margins slowed in early 2014 as the company restructured its sales force. However, Merit Medical continues to see significant revenue momentum and we have held onto the stock.

In energy, the second strongest performing sector within the Russell 2000® Index, our performance was negatively impacted by a lack of exposure to the more momentum-driven petroleum exploration and production (E&P) names. Also, the Fund’s positions in Goodrich Petroleum Corporation and Energy XXI Limited underperformed.

Despite coming up short of its benchmarks, the Fund experienced a number of strong small-cap performers during the reporting period. Stock selection in the financial sector was a bright spot as our performance was driven by the Fund’s positioning for an improving U.S. economy with an outlook for a steepening yield curve. The Fund’s overweights in cyclically sensitive real estate investment trusts (REITs) and life insurance companies performed well in this environment. Additionally, EverBank Financial Corp. was a solid performer for the Fund as the company showed significant progress in growing its commercial lending platform, which will help to diversify its heavy exposure to mortgages.

In industrials, three holdings experienced favorable performance including rocket manufacturer Orbital Sciences Corporation and two engineering and construction (E&C) related companies: MasTec Inc. and Tutor Perini Corporation. Orbital Sciences saw its shares advance as the company finally moved to the production phase of its Antares rocket program, which will service the International Space Station, and stands to produce strong free cash flow through the course of 2014. MasTec, an infrastructure construction company focused on oil and gas pipelines, telecommunications and utility infrastructure, continued to experience end-market growth that translated to a significant increase in its backlog during the reporting period. This growth, coupled with an announcement of new business with Google’s fiber-to-the-home initiative, sent MasTec’s shares higher. In addition, Tutor Perini, an E&C firm focused on large civil infrastructure and commercial non-residential construction projects, benefited from a better-than-consensus top/bottom line in the fourth quarter of 2013. In addition, the company reported acceleration in backlog growth and, more importantly, disclosed $6.3 billion in pending awards that should provide visibility into growth through 2015.

Strong stock selection in consumer discretionary was led by a position in G-III Apparel Group Ltd., a leading clothing manufacturer and retailer. Slightly more than one-third of G-III’s business is outerwear that it makes for a number of licensed and owned brands. The significantly colder fall and winter weather conditions allowed the company’s customers to sell through outerwear far better than in previous years, which led to better margins due to lower levels of promotional allowances and merchandise returns. We continue to hold G-III stock as we believe the company is well positioned for 2014 given lower inventory levels going into the fall selling season. The Fund also benefited from a position in Thor Industries Inc., a leading recreational vehicle manufacturer that continues to benefit from the ongoing recovery of this very cyclical industry. Towable vehicles have now recovered to 85% of prior peak levels, while motorhomes, which carry bigger price tags, have joined that recovery. Industry consolidation and new lower-priced products have allowed Thor to lead the recovery. Additionally, the company has been executing well on a three-year strategic plan that will move its ultimate peak margin higher than last cycle. Therefore, we remain holders of this position.

 

  8       Nuveen Investments


During the reporting period, we did not make any significant changes to the Fund’s sector positioning. We continue to maintain a pro-cyclical tilt with overweights in the consumer discretionary and industrials sectors, while we have brought the Fund’s exposure to materials to an equal weight after historically underweighting the sector. The Fund remains underweight in the consumer staples, utilities and financials sectors. Within the consumer sector, we have tilted the Fund’s overweight toward durables. Given consumers’ strengthening balance sheets, improvements in home equity and the low interest rate environment, we believe the consumer is becoming more confident in spending money on durable products.

Also during the period, we invested in Russell 2000® E-Mini Index futures to convert cash into the equivalent of an Russell 2000® Index holding in order to manage cash flow activity and minimize tracking error to the Fund’s benchmark index. These contracts were used as a means to efficiently gain exposure to a broad base of equity securities. Due to mostly higher equity prices during the period, these positions had a moderately positive impact to performance.

 

Nuveen Investments     9   


Risk Considerations

 

Nuveen Large Cap Select Fund

Mutual fund investing involves risk; principal loss is possible. Equity investments, such as those held by the Fund, are subject to market risk, derivatives risk, and common stock risk. Foreign investments involve additional risks including currency fluctuations, political and economic instability, and lack of liquidity. These risks are magnified in emerging markets.

Nuveen Small Cap Select Fund

Mutual fund investing involves risk; principal loss is possible. Equity investments, such as those held by the Fund, are subject to market risk, derivatives risk, IPO risk, and common stock risk. Small-cap stocks are subject to greater volatility and liquidity risks. Foreign investments involve additional risks including currency fluctuations, political and economic instability, and lack of liquidity. These risks are magnified in emerging markets.

 

  10       Nuveen Investments


Fund Performance

and Expense Ratios

 

The Fund Performance and Expense Ratios for each Fund are shown within this section of the report.

Returns quoted represent past performance, which is no guarantee of future results. Current performance may be higher or lower than the performance shown. Investment returns and principal value will fluctuate so that when shares are redeemed, they may be worth more or less than their original cost. Returns without sales charges would be lower if the sales charge were included. Returns do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or the redemption of Fund shares.

Returns may reflect a contractual agreement between certain Funds and the investment adviser to waive certain fees and expenses; see Notes to Financial Statements, Note 7—Management Fees and Other Transactions with Affiliates for more information. In addition, returns may reflect a voluntary expense limitation by the Funds’ investment adviser that may be modified or discontinued at any time without notice. For the most recent month-end performance visit www.nuveen.com or call (800) 257-8787.

Returns reflect differences in sales charges and expenses, which are primarily differences in distribution and service fees. Fund returns assume reinvestment of dividends and capital gains.

Comparative index and Lipper return information is provided for the Funds’ Class A Shares at net asset value (NAV) only.

The expense ratios shown reflect the Funds’ total operating expenses (before fee waivers and/or expense reimbursements, if any) as shown in the Funds’ most recent prospectus. The expense ratios include management fees and other fees and expenses.

 

Nuveen Investments     11   


Fund Performance and Expense Ratios (continued)

Nuveen Large Cap Select Fund

 

Refer to the first page of this Fund Performance and Expense Ratios section for further explanation of the information included within.

Fund Performance

Average Annual Total Returns as of April 30, 2014

 

       Cumulative        Average Annual  
       

6-Month

      

1-Year

      

5-Year

      

10-Year

 

Class A Shares at NAV

       4.87%           20.19%           17.89%           6.74%   

Class A Shares at maximum Offering Price

       (1.18)%           13.27%           16.50%           6.10%   

S&P 500® Index*

       8.36%           20.44%           19.14%           7.67%   

Lipper Large-Cap Core Funds Classification Average*

       7.47%           19.31%           17.68%           7.18%   

Class C Shares

       4.49%           19.28%           17.00%           5.92%   

Class I Shares

       5.00%           20.52%           18.18%           7.01%   

Average Annual Total Returns as of March 31, 2014 (Most Recent Calendar Quarter)

 

       Cumulative        Average Annual  
       

6-Month

      

1-Year

      

5-Year

      

10-Year

 

Class A Shares at NAV

       10.62%           22.80%           20.24%           6.60%   

Class A Shares at maximum Offering Price

       4.28%           15.75%           18.82%           5.97%   

Class C Shares

       10.22%           21.93%           19.35%           5.77%   

Class I Shares

       10.78%           23.20%           20.56%           6.87%   

Class A Shares have a maximum 5.75% sales charge (Offering Price). Class A Share purchases of $1 million or more are sold at net asset value without an up-front sales charge but may be subject to a contingent deferred sales charge (CDSC), also known as a back-end sales charge, if redeemed within twelve months of purchase. Class C Shares have a 1% CDSC for redemptions within less than twelve months, which is not reflected in the one-year total return. Class I Shares have no sales charge and may be purchased under limited circumstances or by specified classes of investors.

Expense Ratios as of Most Recent Prospectus

 

       Share Class  
       

Class A

      

Class C

      

Class I

 

Gross Expense Ratios

       1.33%           2.07%           1.08%   

Net Expense Ratios

       1.30%           2.05%           1.05%   

The Fund’s investment adviser has contractually agreed to waive fees and/or reimburse other Fund expenses through October 31, 2015, so that total annual Fund operating expenses, after fee waivers and/or expense reimbursements and excluding acquired fund fees and expenses, do not exceed 1.30%, 2.05% and 1.05%, for Class A, Class C and Class I Shares, respectively. Fee waivers and/or expense reimbursements will not be terminated prior to that time without the approval of the Fund’s Board of Directors.

 

* Refer to the Glossary of Terms used in this Report for definitions. Indexes and Lipper averages are not available for direct investment.

 

  12       Nuveen Investments


Nuveen Small Cap Select Fund

 

Refer to the first page of this Fund Performance and Expense Ratios section for further explanation of the information included within.

Fund Performance

Average Annual Total Returns as of April 30, 2014

 

       Cumulative        Average Annual  
       

6-Month

      

1-Year

      

5-Year

      

10-Year

 

Class A Shares at NAV

       1.52%           18.66%           17.56%           7.95%   

Class A Shares at maximum Offering Price

       (4.34)%           11.87%           16.19%           7.31%   

Russell 2000® Index*

       3.08%           20.50%           19.84%           8.67%   

Lipper Small-Cap Core Funds Classification Average*

       4.39%           21.42%           19.73%           8.82%   

Class B Shares w/o CDSC

       1.13%           17.75%           16.68%           7.14%   

Class B Shares w/CDSC

       (3.31)%           12.75%           16.57%           7.14%   

Class C Shares

       1.17%           17.74%           16.68%           7.13%   

Class R3 Shares

       1.34%           18.33%           17.28%           7.68%   

Class I Shares

       1.60%           18.94%           17.86%           8.21%   

Average Annual Total Returns as of March 31, 2014 (Most Recent Calendar Quarter)

 

       Cumulative        Average Annual  
       

6-Month

      

1-Year

      

5-Year

      

10-Year

 

Class A Shares at NAV

       8.94%           19.47%           21.62%           7.99%   

Class A Shares at maximum Offering Price

       2.68%           12.61%           20.19%           7.35%   

Class B Shares w/o CDSC

       8.54%           18.61%           20.71%           7.18%   

Class B Shares w/CDSC

       3.78%           13.61%           20.61%           7.18%   

Class C Shares

       8.60%           18.57%           20.73%           7.18%   

Class R3 Shares

       8.81%           19.09%           21.34%           7.73%   

Class I Shares

       9.17%           19.76%           21.95%           8.26%   

Class A Shares have a maximum 5.75% sales charge (Offering Price). Class A Share purchases of $1 million or more are sold at net asset value without an up-front sales charge but may be subject to a contingent deferred sales charge (CDSC), also known as a back-end sales charge, if redeemed within twelve months of purchase. Class B Shares have a CDSC that begins at 5% for redemptions during the first year and declines periodically until after six years when the charge becomes 0%. Class B Shares automatically convert to Class A Shares eight years after purchase. Class C Shares have a 1% CDSC for redemptions within less than twelve months, which is not reflected in the one-year total return. Class R3 Shares have no sales charge and are only available for purchase by eligible retirement plans. Class I Shares have no sales charge and may be purchased under limited circumstances or by specified classes of investors.

Expense Ratios as of Most Recent Prospectus

 

       Share Class  
       

Class A

      

Class B

      

Class C

      

Class R3

      

Class I

 

Expense Ratios

       1.45%           2.20%           2.20%           1.70%           1.20%   

 

* Refer to the Glossary of Terms used in this Report for definitions. Indexes and Lipper averages are not available for direct investment.

 

Nuveen Investments     13   


Holding Summaries April 30, 2014

 

This data relates to the securities held in each Fund’s portfolio of investments as of the end of this reporting period. It should not be construed as a measure of performance for the Fund itself. Holdings are subject to change.

Nuveen Large Cap Select Fund

Fund Allocation

(% of net assets)

 

Common Stocks

       98.9%   

Investments Purchased with Collateral from Securities Lending

       13.2%   

Short-Term Investments

       1.1%   

Other Assets Less Liabilities

       (13.2)%   

Portfolio Composition

(% of net assets)

 

Banks

     10.5%   

Software

     8.1%   

Oil, Gas & Consumable Fuels

     6.3%   

Pharmaceuticals

     6.3%   

Computers & Peripherals

     5.2%   

Electrical Equipment

     5.0%   

Specialty Retail

     3.8%   

Capital Markets

     3.7%   

Airlines

     3.6%   

Media

     3.3%   

Energy Equipment & Services

     3.0%   

Aerospace & Defense

     2.8%   

Internet Software & Services

     2.8%   

Chemicals

     2.6%   

Industrial Conglomerates

     2.4%   

Insurance

     2.3%   

Diversified Telecommunication Services

     2.2%   

Machinery

     2.1%   

Household Durables

     1.9%   

Hotels, Restaurants & Leisure

     1.8%   

Other Industries

     19.2%   

Investments Purchased with Collateral from Securities Lending

     13.2%   

Short-Term Investments

     1.1%   

Other Assets Less Liabilities

     (13.2)%   

Top Five Common Stock Holdings

(% of net assets)

 

Microsoft Corporation

     3.6%   

Walt Disney Company

     2.3%   

JPMorgan Chase & Co.

     2.3%   

Verizon Communications Inc.

     2.2%   

Hewlett-Packard Company

     2.1%   
 

 

  14       Nuveen Investments


Nuveen Small Cap Select Fund

Fund Allocation

(% of net assets)

 

Common Stocks

     99.4%   

Investments Purchased with Collateral from Securities Lending

     19.1%   

Short-Term Investments

     0.9%   

Other Assets Less Liabilities

     (19.4)%   

Portfolio Composition

(% of net assets)

 

Banks

     8.2%   

Health Care Equipment & Supplies

     7.3%   

Real Estate Investment Trust

     6.0%   

Software

     5.3%   

Oil, Gas & Consumable Fuels

     4.4%   

Construction & Engineering

     4.0%   

Insurance

     4.0%   

Specialty Retail

     3.9%   

Hotels, Restaurants & Leisure

     3.8%   

Communications Equipment

     3.8%   

Machinery

     3.1%   

Food Product

     2.9%   

Professional Services

     2.8%   

Health Care Providers & Services

     2.6%   

Internet Software & Services

     2.6%   

Paper & Forest Products

     2.4%   

Capital Markets

     2.4%   

Semiconductors & Equipment

     2.3%   

Textiles, Apparel & Luxury Goods

     1.9%   

Biotechnology

     1.7%   

Electric Utilities

     1.6%   

Road & Rail

     1.5%   

IT Services

     1.5%   

Other Industries

     19.4%   

Investments Purchased with Collateral from Securities Lending

     19.1%   

Short-Term Investments

     0.9%   

Other Assets Less Liabilities

     (19.4)%   

Top Five Common Stock Holdings

(% of net assets)

 

Tutor Perini Corporation

     1.8%   

Treehouse Foods Inc.

     1.7%   

Life Time Fitness Inc.

     1.6%   

UIL Holdings Corporation

     1.6%   

HealthSouth Corporation

     1.6%   
 

 

Nuveen Investments     15   


Expense Examples

 

As a shareholder of one or more of the Funds, you incur two types of costs: (1) transaction costs, including up-front and back-end sales charges (loads) or redemption fees, where applicable; and (2) ongoing costs, including management fees; distribution and service (12b-1) fees, where applicable; and other Fund expenses. The Examples below are intended to help you understand your ongoing costs (in dollars) of investing in the Funds and to compare these costs with the ongoing costs of investing in other mutual funds.

The Examples below are based on an investment of $1,000 invested at the beginning of the period and held through the end of the period.

The information under “Actual Performance,” together with the amount you invested, allows you to estimate actual expenses incurred over the reporting period. Simply divide your account value by $1,000 (for example, an $8,600 account value divided by $1,000 = 8.60) and multiply the result by the cost shown for your share class, in the row entitled “Expenses Incurred During Period” to estimate the expenses incurred on your account during this period.

The information under “Hypothetical Performance,” provides information about hypothetical account values and hypothetical expenses based on the respective Fund’s actual expense ratio and an assumed rate of return of 5% per year before expenses, which is not the Fund’s actual return. The hypothetical account values and expenses may not be used to estimate the actual ending account balance or expense you incurred for the period. You may use this information to compare the ongoing costs of investing in the Fund and other funds. To do so, compare this 5% hypothetical example with the 5% hypothetical examples that appear in the shareholder reports of the other funds.

Please note that the expenses shown in the table are meant to highlight your ongoing costs only and do not reflect any transaction costs. Therefore, the hypothetical information is useful in comparing ongoing costs only, and will not help you determine the relative total costs of owning different funds or share classes. In addition, if these transaction costs were included, your costs would have been higher.

Nuveen Large Cap Select Fund

 

       Actual Performance        Hypothetical Performance
(5% annualized return before expenses)
 
       

A Shares

      

C Shares

      

I Shares

      

A Shares

      

C Shares

      

I Shares

 

Beginning Account Value (11/01/13)

     $ 1,000.00         $ 1,000.00         $ 1,000.00         $ 1,000.00         $ 1,000.00         $ 1,000.00   

Ending Account Value (4/30/14)

     $ 1,048.70         $ 1,044.90         $ 1,050.00         $ 1,018.35         $ 1,014.63         $ 1,019.59   

Expenses Incurred During Period

     $ 6.60         $ 10.39         $ 5.34         $ 6.51         $ 10.24         $ 5.26   

For each class of the Fund, expenses are equal to the Fund’s annualized net expense ratio of 1.30%, 2.05% and 1.05% for Classes A, C and I, respectively, multiplied by the average account value over the period, multiplied by 181/365 (to reflect the one-half year period).

Nuveen Small Cap Select Fund

 

    Actual Performance     Hypothetical Performance
(5% annualized return before expenses)
 
    

A Shares

   

B Shares

   

C Shares

   

R3 Shares

   

I Shares

   

A Shares

   

B Shares

   

C Shares

   

R3 Shares

   

I Shares

 

Beginning Account Value (11/01/13)

  $ 1,000.00      $ 1,000.00      $ 1,000.00      $ 1,000.00      $ 1,000.00      $ 1,000.00      $ 1,000.00      $ 1,000.00      $ 1,000.00      $ 1,000.00   

Ending Account Value (4/30/14)

  $ 1,015.20      $ 1,011.30      $ 1,011.70      $ 1,013.40      $ 1,016.00      $ 1,017.80      $ 1,014.08      $ 1,014.08      $ 1,016.56      $ 1,019.04   

Expenses Incurred During Period

  $ 7.05      $ 10.77      $ 10.77      $ 8.29      $ 5.80      $ 7.05      $ 10.79      $ 10.79      $ 8.30      $ 5.81   

For each class of the Fund, expenses are equal to the Fund’s annualized net expense ratio of 1.41%, 2.16%, 2.16%, 1.66% and 1.16% for Classes A, B, C, R3 and I, respectively, multiplied by the average account value over the period, multiplied by 181/365 (to reflect the one-half year period).

 

  16       Nuveen Investments


Nuveen Large Cap Select Fund

Portfolio of Investments April 30, 2014 (Unaudited)

 

Shares     Description (1)                  Value  
 

LONG-TERM INVESTMENTS – 98.9%

       
 

COMMON STOCKS – 98.9%

       
 

Aerospace & Defense – 2.8%

       
  4,877     

Boeing Company

        $ 629,231   
  5,067     

Raytheon Company

                483,797   
 

Total Aerospace & Defense

                1,113,028   
 

Airlines – 3.6%

       
  11,547     

American Airlines Group Inc., (2)

          404,953   
  15,358     

Delta Air Lines, Inc.

          565,635   
  19,937     

Southwest Airlines Co., (3)

                481,877   
 

Total Airlines

                1,452,465   
 

Banks – 10.5%

       
  50,292     

Bank of America Corporation

          761,421   
  21,223     

Bank of Ireland, (2), (3)

          365,460   
  26,413     

Barclays PLC

          451,926   
  8,328     

Citigroup Inc.

          398,994   
  21,091     

Fifth Third Bancorp.

          434,686   
  16,438     

JPMorgan Chase & Co.

          920,199   
  72,838     

Lloyds TSB Group PLC, (2), (3)

          376,572   
  50,034     

Regions Financial Corporation

                507,345   
 

Total Banks

                4,216,603   
 

Biotechnology – 1.5%

       
  7,805     

Gilead Sciences, Inc., (2), (3)

                612,614   
 

Building Products – 0.9%

       
  18,038     

Masco Corporation

                362,383   
 

Capital Markets – 3.7%

       
  9,001     

Credit Suisse Group, (3)

          285,062   
  18,036     

Invesco LTD

          635,048   
  17,813     

Morgan Stanley

                550,956   
 

Total Capital Markets

                1,471,066   
 

Chemicals – 2.6%

       
  12,432     

Dow Chemical Company

          620,357   
  2,195     

PPG Industries, Inc.

                424,996   
 

Total Chemicals

                1,045,353   
 

Commercial Services & Supplies – 1.2%

       
  17,303     

Pitney Bowes Inc., (3)

                463,720   

 

Nuveen Investments     17   


Nuveen Large Cap Select Fund (continued)

Portfolio of Investments April 30, 2014 (Unaudited)

 

Shares     Description (1)                  Value  
 

Communications Equipment – 1.0%

       
  32,835     

Ericsson LM Telefonaktiebolaget

              $ 393,692   
 

Computers & Peripherals – 5.2%

       
  1,325     

Apple, Inc.

          781,869   
  25,571     

Hewlett-Packard Company

          845,377   
  5,136     

Western Digital Corporation

                452,636   
 

Total Computers & Peripherals

                2,079,882   
 

Construction & Engineering – 1.1%

       
  5,935     

Fluor Corporation

                449,280   
 

Diversified Telecommunication Services – 2.2%

       
  18,494     

Verizon Communications Inc.

                864,225   
 

Electrical Equipment – 5.0%

       
  8,021     

Eaton PLC

          582,645   
  9,392     

Emerson Electric Company

          640,347   
  5,306     

Regal-Beloit Corporation

          396,517   
  3,119     

Rockwell Automation, Inc., (3)

                371,722   
 

Total Electrical Equipment

                1,991,231   
 

Energy Equipment & Services – 3.0%

       
  9,958     

Halliburton Company

          628,051   
  5,569     

Schlumberger Limited

                565,532   
 

Total Energy Equipment & Services

                1,193,583   
 

Food & Staples Retailing – 1.5%

       
  8,303     

CVS Caremark Corporation

                603,794   
 

Food Products – 0.8%

       
  3,319     

Keurig Green Mountain Inc., (3)

                310,924   
 

Health Care Equipment & Supplies – 1.3%

       
  6,509     

Stryker Corporation

                506,075   
 

Health Care Providers & Services – 1.2%

       
  2,899     

McKesson HBOC Inc.

                490,482   
 

Hotels, Restaurants & Leisure – 1.8%

       
  4,039     

Las Vegas Sands

          319,606   
  7,024     

Marriott International, Inc., Class A, (3)

                406,900   
 

Total Hotels, Restaurants & Leisure

                726,506   
 

Household Durables – 1.9%

       
  6,745     

Jarden Corporation, (2)

          385,477   
  2,822     

Mohawk Industries Inc., (2)

                373,661   
 

Total Household Durables

                759,138   

 

  18       Nuveen Investments


Shares     Description (1)                  Value  
 

Industrial Conglomerates – 2.4%

       
  5,427     

Carlisle Companies Inc.

        $ 446,371   
  6,940     

Danaher Corporation

                509,257   
 

Total Industrial Conglomerates

                955,628   
 

Insurance – 2.3%

       
  9,098     

Lincoln National Corporation

          441,344   
  6,041     

Prudential Financial, Inc.

                487,388   
 

Total Insurance

                928,732   
 

Internet & Catalog Retail – 1.1%

       
  393     

priceline.com Incorporated, (2)

                454,996   
 

Internet Software & Services – 2.8%

       
  1,038     

Google Inc., Class A, (2)

          555,205   
  1,038     

Google Inc., Class C, (2)

                546,673   
 

Total Internet Software & Services

                1,101,878   
 

IT Services – 1.4%

       
  7,500     

MasterCard, Inc.

                551,625   
 

Leisure Equipment & Products – 1.8%

       
  9,500     

Brunswick Corporation

          381,805   
  2,561     

Polaris Industries Inc., (3)

                344,019   
 

Total Leisure Equipment & Products

                725,824   
 

Machinery – 2.1%

       
  4,743     

Dover Corporation

          409,795   
  5,116     

Illinois Tool Works, Inc.

                436,037   
 

Total Machinery

                845,832   
 

Marine – 1.0%

       
  3,908     

Kirby Corporation, (2)

                393,223   
 

Media – 3.3%

       
  2,958     

Liberty Media Corporation, Class A, (2), (3)

          383,682   
  11,651     

Walt Disney Company, (3)

                924,390   
 

Total Media

                1,308,072   
 

Multiline Retail – 1.2%

       
  8,514     

Macy’s, Inc.

                488,959   
 

Multi-Utilities – 1.2%

       
  4,877     

Sempra Energy

                480,921   
 

Oil, Gas & Consumable Fuels – 6.3%

       
  6,400     

Anadarko Petroleum Corporation

          633,728   
  6,668     

Occidental Petroleum Corporation

          638,461   
  5,589     

PDC Energy Inc., (2), (3)

          355,852   

 

Nuveen Investments     19   


Nuveen Large Cap Select Fund (continued)

Portfolio of Investments April 30, 2014 (Unaudited)

 

Shares     Description (1)                  Value  
 

Oil, Gas & Consumable Fuels (continued)

       
  2,501     

Pioneer Natural Resources Company

        $ 483,368   
  7,492     

Valero Energy Corporation

                428,318   
 

Total Oil, Gas & Consumable Fuels

                2,539,727   
 

Paper & Forest Products – 1.0%

       
  9,018     

International Paper Company

                420,690   
 

Pharmaceuticals – 6.3%

       
  3,918     

Allergan, Inc.

          649,761   
  11,136     

Bristol-Myers Squibb Company

          557,802   
  14,418     

Merck & Company Inc.

          844,318   
  9,311     

Mylan Laboratories Inc., (2), (3)

                472,813   
 

Total Pharmaceuticals

                2,524,694   
 

Software – 8.1%

       
  6,912     

Adobe Systems Incorporated, (2)

          426,401   
  11,714     

Autodesk, Inc., (2)

          562,506   
  13,032     

CA Inc.

          392,784   
  14,072     

Electronic Arts Inc., (2)

          398,238   
  36,018     

Microsoft Corporation

                1,455,127   
 

Total Software

                3,235,056   
 

Specialty Retail – 3.8%

       
  16,251     

Best Buy Co., Inc., (3)

          421,389   
  9,385     

Foot Locker, Inc.

          436,685   
  14,862     

Lowe’s Companies, Inc.

                682,315   
 

Total Specialty Retail

                1,540,389   
 

Total Long-Term Investments (cost $34,469,926)

                39,602,290   
Shares     Description (1)                  Value  
 

INVESTMENTS PURCHASED WITH COLLATERAL FROM SECURITIES LENDING – 13.2%

     
 

Money Market Funds – 13.2%

       
  5,273,843     

Mount Vernon Securities Lending Prime Portfolio, 0.172%, (4), (5)

              $ 5,273,843   
 

Total Investments Purchased with Collateral from Securities Lending (cost $5,273,843)

            5,273,843   
Shares     Description (1)                  Value  
 

SHORT-TERM INVESTMENTS – 1.1%

       
 

Money Market Funds – 1.1%

       
  448,358     

First American Treasury Obligations Fund, Class Z, 0.000%, (4)

              $ 448,358   
 

Total Short-Term Investments (cost $448,358)

                448,358   
 

Total Investments (cost $40,192,127) – 113.2%

                45,324,491   
 

Other Assets Less Liabilities – (13.2)%

                (5,273,032
 

Net Assets – 100%

              $ 40,051,459   

 

  20       Nuveen Investments


 

 

 

 

 

  For Fund portfolio compliance purposes, the Fund’s industry classifications refer to any one or more of the industry sub-classifications used by one or more widely recognized market indexes or ratings group indexes, and/or as defined by Fund management. This definition may not apply for purposes of this report which may combine industry sub-classifications into sectors for reporting ease.

 

(1) All percentages shown in the Portfolio of Investments are based on net assets.

 

(2) Non-income producing; issuer has not declared a dividend within the past twelve months.

 

(3) Investment, or a portion of investment, is out on loan for securities lending. The total value of securities out on loan as of the end of the reporting period was $5,147,836.

 

(4) The rate shown is the annualized seven-day effective yield as of the end of the reporting period.

 

(5) The Fund may loan securities representing up to one third of the fair value of its total assets (which includes collateral for securities on loan) to broker dealers, banks, and other institutions. The Fund maintains collateral equal to at least 102% of the fair value of the securities loaned. The cash collateral received by the Fund is invested in this money market fund. See Notes to Financial Statements, Note 3 – Portfolio Securities and Investments in Derivatives, Securities Lending for more information.

 

See accompanying notes to financial statements.

 

Nuveen Investments     21   


Nuveen Small Cap Select Fund

Portfolio of Investments April 30, 2014 (Unaudited)

 

Shares     Description (1)                  Value  
 

LONG-TERM INVESTMENTS – 99.4%

       
 

COMMON STOCKS – 99.4%

       
 

Aerospace & Defense – 1.4%

       
  177,793     

Orbital Sciences Corporation, (2)

              $ 5,227,114   
 

Auto Components – 1.1%

       
  65,978     

Tenneco Inc., (2)

                3,950,103   
 

Automobiles – 1.5%

       
  90,010     

Thor Industries, Inc.

                5,478,909   
 

Banks – 8.2%

       
  103,664     

Banner Corporation

          4,098,875   
  219,032     

Cardinal Financial Corporation, (3)

          3,679,738   
  161,661     

East West Bancorp Inc.

          5,578,921   
  211,442     

Glacier Bancorp, Inc., (3)

          5,425,602   
  161,265     

Square 1 Financial Inc., Class A, (2)

          3,039,845   
  78,567     

Texas Capital BancShares, Inc., (2), (3)

          4,414,680   
  187,893     

Western Alliance Bancorporation, (2)

                4,334,692   
 

Total Banks

                30,572,353   
 

Biotechnology – 1.7%

       
  18,404     

Alnylam Pharmaceuticals, Inc., (2)

          911,550   
  18,803     

Cepheid, Inc., (2), (3)

          817,554   
  2,427     

Intercept Pharmaceuticals Incorporated, (2), (3)

          641,019   
  24,640     

Intermune, Inc., (2)

          790,451   
  28,291     

ISIS Pharmaceuticals, Inc., (2), (3)

          752,824   
  60,195     

Keryx Biopharmaceuticals, Inc., (2), (3)

          889,080   
  23,204     

NPS Pharmaceuticals, Inc., (2)

          617,690   
  5,050     

Puma Biotechnology Inc , (2)

          381,477   
  4,933     

Synageva BioPharma Corporation, (2)

                426,063   
 

Total Biotechnology

                6,227,708   
 

Capital Markets – 2.4%

       
  96,090     

Evercore Partners Inc.

          5,134,089   
  343,399     

Pennantpark Investment Corporation, (3)

                3,674,369   
 

Total Capital Markets

                8,808,458   
 

Chemicals – 1.3%

       
  101,770     

H.B. Fuller Company

                4,715,004   
 

Commercial Services & Supplies – 1.3%

       
  298,378     

Steelcase Inc.

                4,917,269   

 

  22       Nuveen Investments


Shares     Description (1)                  Value  
 

Communications Equipment – 3.8%

       
  187,145     

Finisar Corporation, (2), (3)

        $ 4,893,842   
  347,866     

JDS Uniphase Corporation, (2)

          4,407,462   
  110,570     

Plantronics Inc.

                4,817,535   
 

Total Communications Equipment

                14,118,839   
 

Construction & Engineering – 4.0%

       
  143,725     

MasTec Inc., (2), (3)

          5,688,636   
  90,681     

Primoris Services Corporation

          2,537,254   
  233,842     

Tutor Perini Corporation, (2)

                6,921,723   
 

Total Construction & Engineering

                15,147,613   
 

Construction Materials – 0.6%

       
  172,652     

Headwater Inc., (2)

                2,154,697   
 

Distributors – 1.3%

       
  84,423     

Pool Corporation

                4,982,645   
 

Diversified Consumer Services – 1.1%

       
  73,390     

Capella Education Company

                4,283,040   
 

Electric Utilities – 1.6%

       
  162,278     

UIL Holdings Corporation

                5,960,471   
 

Electrical Equipment – 1.2%

       
  57,851     

Regal-Beloit Corporation

                4,323,205   
 

Electronic Equipment & Instruments – 1.4%

       
  376,562     

Vishay Intertechnology Inc., (3)

                5,354,712   
 

Energy Equipment & Services – 1.0%

       
  577,389     

Parker Drilling Company, (2)

                3,828,089   
 

Food Products – 2.9%

       
  393,187     

SunOpta, Inc., (2), (3)

          4,588,492   
  83,242     

Treehouse Foods Inc., (2)

                6,229,831   
 

Total Food Products

                10,818,323   
 

Gas Utilities – 1.2%

       
  86,731     

Atmos Energy Corporation

                4,426,750   
 

Health Care Equipment & Supplies – 7.3%

       
  96,179     

Align Technology, Inc., (2)

          4,846,460   
  186,246     

Endologix, Inc., (2)

          2,361,599   
  26,784     

Heartware International Inc., (2)

          2,275,569   
  106,874     

Integra Lifesciences Holdings Corporation, (2), (3)

          4,871,317   
  364,107     

Merit Medical Systems, Inc., (2)

          4,686,057   
  327,489     

Nxstage Medical, Inc., (2)

          3,746,474   
  137,321     

Thoratec Corporation, (2)

                4,501,382   
 

Total Health Care Equipment & Supplies

                27,288,858   

 

Nuveen Investments     23   


Nuveen Small Cap Select Fund (continued)

Portfolio of Investments April 30, 2014 (Unaudited)

 

Shares     Description (1)                  Value  
 

Health Care Providers & Services – 2.6%

       
  169,860     

HealthSouth Corporation

        $ 5,883,950   
  64,547     

Medax Inc., (2)

                3,824,410   
 

Total Health Care Providers & Services

                9,708,360   
 

Hotels, Restaurants & Leisure – 3.8%

       
  127,563     

Life Time Fitness Inc., (2), (3)

          6,123,024   
  51,969     

Red Robin Gourmet Burgers, Inc., (2)

          3,532,853   
  190,694     

Texas Roadhouse, Inc.

                4,717,770   
 

Total Hotels, Restaurants & Leisure

                14,373,647   
 

Household Durables – 1.2%

       
  191,611     

La Z Boy Inc.

                4,642,735   
 

Insurance – 4.0%

       
  224,906     

American Equity Investment Life Holding Company, (3)

          5,244,808   
  280,695     

CNO Financial Group Inc.

          4,841,989   
  168,109     

Horace Mann Educators Corporation

                5,055,038   
 

Total Insurance

                15,141,835   
 

Internet Software & Services – 2.6%

       
  182,092     

Constant Contact Inc., (2)

          4,708,899   
  270,347     

Perficient, Inc., (2)

                4,939,240   
 

Total Internet Software & Services

                9,648,139   
 

IT Services – 1.5%

       
  119,821     

Euronet Worldwide, Inc., (2)

                5,510,568   
 

Leisure Equipment & Products – 1.3%

       
  120,958     

Brunswick Corporation

                4,861,302   
 

Machinery – 3.1%

       
  173,377     

Actuant Corporation

          5,870,545   
  172,134     

Altra Industrial Motion, Inc., (3)

                5,880,097   
 

Total Machinery

                11,750,642   
 

Oil, Gas & Consumable Fuels – 4.4%

       
  47,814     

Athlon Energy Inc., (2)

          1,932,164   
  197,240     

Energy XXI Limited Bermuda, (3)

          4,719,953   
  96,072     

Oasis Petroleum Inc., (2)

          4,468,309   
  114,992     

Rosetta Resources, Inc., (2)

                5,443,721   
 

Total Oil, Gas & Consumable Fuels

                16,564,147   
 

Paper & Forest Products – 2.4%

       
  190,118     

KapStone Paper and Packaging Corp., (2)

          5,015,313   
  247,669     

Louisiana-Pacific Corporation, (2)

                4,059,295   
 

Total Paper & Forest Products

                9,074,608   

 

  24       Nuveen Investments


Shares     Description (1)                  Value  
 

Pharmaceuticals – 0.2%

       
  75,430     

Nektar Therapeutics, (2)

              $ 887,811   
 

Professional Services – 2.8%

       
  304,522     

CBIZ Inc., (2), (3)

          2,609,754   
  136,043     

Korn Ferry International, (2)

          3,952,049   
  149,715     

TrueBlue Inc., (2)

                4,004,876   
 

Total Professional Services

                10,566,679   
 

Real Estate Investment Trust – 6.0%

       
  164,357     

Chesapeake Lodging Trust

          4,435,995   
  248,123     

CubeSmart

          4,615,088   
  48,757     

EastGroup Properties Inc., (3)

          3,083,880   
  140,612     

LaSalle Hotel Properties

          4,651,445   
  711,254     

MFA Mortgage Investments, Inc.

                5,640,244   
 

Total Real Estate Investment Trust

                22,426,652   
 

Road & Rail – 1.5%

       
  239,534     

Swift Transportation Company, (2), (3)

                5,760,793   
 

Semiconductors & Equipment – 2.3%

       
  366,680     

Integrated Device Technology, Inc., (2)

          4,279,156   
  159,637     

MKS Instruments Inc.

                4,493,782   
 

Total Semiconductors & Equipment

                8,772,938   
 

Software – 5.3%

       
  141,853     

A10 Networks, Inc.

          1,856,856   
  83,897     

Fleetmatics Group Limited, (2), (3)

          2,519,427   
  135,952     

Infoblox, Incorporated, (2)

          2,667,378   
  165,536     

Parametric Technology Corporation, (2)

          5,855,008   
  169,949     

Synchronoss Technologies, Inc., (2), (3)

          5,173,248   
  15,057     

Ultimate Software Group, Inc., (2)

                1,801,269   
 

Total Software

                19,873,186   
 

Specialty Retail – 3.9%

       
  84,065     

Ann Inc., (2)

          3,294,507   
  228,121     

Kirkland’s, Inc., (2)

          3,903,150   
  334,245     

Sportsman’s Warehouse Holdings Inc., (2), (3)

          3,519,600   
  353,110     

Tilly’s Inc, Class A Shares, (2)

                3,990,143   
 

Total Specialty Retail

                14,707,400   
 

Textiles, Apparel & Luxury Goods – 1.9%

       
  56,774     

G III Apparel Group, Limited, (2)

          4,074,670   
  110,813     

Vera Bradley Inc., (2), (3)

                3,136,008   
 

Total Textiles, Apparel & Luxury Goods

                7,210,678   
 

Thrifts & Mortgage Finance – 1.0%

       
  198,770     

Everbank Financial Corporation, (3)

                3,720,974   

 

Nuveen Investments     25   


Nuveen Small Cap Select Fund (continued)

Portfolio of Investments April 30, 2014 (Unaudited)

 

Shares     Description (1)                  Value  
 

Trading Companies & Distributors – 1.3%

       
  167,048     

MRC Global Inc., (2)

              $ 4,876,131   
 

Total Long-Term Investments (cost $308,162,806)

                372,663,385   
Shares     Description (1)                  Value  
 

INVESTMENTS PURCHASED WITH COLLATERAL FROM SECURITIES LENDING – 19.1%

       
 

Money Market Funds – 19.1%

       
  71,776,791     

Mount Vernon Securities Lending Prime Portfolio, 0.172%, (4), (5)

              $ 71,776,791   
 

Total Investments Purchased with Collateral from Securities Lending (cost $71,776,791)

                71,776,791   
Shares     Description (1)                  Value  
 

SHORT-TERM INVESTMENTS – 0.9%

       
 

Money Market Funds – 0.9%

       
  3,210,152     

First American Treasury Obligations Fund, Class Z, 0.000%, (4)

              $ 3,210,152   
 

Total Short-Term Investments (cost $3,210,152)

                3,210,152   
 

Total Investments (cost $383,149,749) – 119.4%

                447,650,328   
 

Other Assets Less Liabilities – (19.4)%

                (72,621,858
 

Net Assets – 100%

              $ 375,028,470   

 

 

 

  For Fund portfolio compliance purposes, the Fund’s industry classifications refer to any one or more of the industry sub-classifications used by one or more widely recognized market indexes or ratings group indexes, and/or as defined by Fund management. This definition may not apply for purposes of this report which may combine industry sub-classifications into sectors for reporting ease.

 

(1) All percentages shown in the Portfolio of Investments are based on net assets.

 

(2) Non-income producing; issuer has not declared a dividend within the past twelve months.

 

(3) Investment, or a portion of investment, is out on loan for securities lending. The total value of securities out on loan as of the end of the reporting period was $69,012,868.

 

(4) The rate shown is the annualized seven-day effective yield as of the end of the reporting period.

 

(5) The Fund may loan securities representing up to one third of the fair value of its total assets (which includes collateral for securities on loan) to broker dealers, banks, and other institutions. The Fund maintains collateral equal to at least 102% of the fair value of the securities loaned. The cash collateral received by the Fund is invested in this money market fund. See Notes to Financial Statements, Note 3 – Portfolio Securities and Investments in Derivatives, Securities Lending for more information.

 

See accompanying notes to financial statements.

 

  26       Nuveen Investments


Statement of

  Assets and Liabilities   April 30, 2014 (Unaudited)

 

      Large Cap
Select
       Small Cap
Select
 

Assets

                   

Long-term investments, at value (cost $34,469,926 and $308,162,806, respectively)

   $ 39,602,290         $ 372,663,385   

Investment purchased with collateral from securities lending, at value (cost approximates value)

     5,273,843           71,776,791   

Short-term investments, at value (cost approximates value)

     448,358           3,210,152   

Receivable for:

       

Dividends

     19,350           41,311   

Due from broker

     1,435           11,659   

Investments sold

               3,637,722   

Reclaims

     1,717             

Shares sold

     16,297           324,297   

Other assets

     49           12,515   

Total assets

     45,363,339           451,677,832   

Liabilities

       

Payable for:

       

Collateral from securities lending program

     5,273,843           71,776,791   

Investments purchased

               3,754,134   

Shares redeemed

     5,884           510,981   

Accrued expenses:

       

Directors fees

     366           14,671   

Management fees

     29,575           280,380   

12b-1 distribution and service fees

     1,719           45,571   

Other

     493           266,834   

Total liabilities

     5,311,880           76,649,362   

Net assets

   $ 40,051,459         $ 375,028,470   

Class A Shares

       

Net assets

   $ 5,985,591         $ 144,343,575   

Shares outstanding

     324,198           10,409,647   

Net asset value (“NAV”) per share

   $ 18.46         $ 13.87   

Offering price per share (NAV per share plus maximum sales charge of 5.75% of offering price)

   $ 19.59         $ 14.72   

Class B Shares

       

Net assets

     N/A         $ 1,205,731   

Shares outstanding

     N/A           124,593   

NAV and offering price per share

     N/A         $ 9.68   

Class C Shares

       

Net assets

   $ 594,245         $ 9,487,218   

Shares outstanding

     34,050           804,123   

NAV and offering price per share

   $ 17.45         $ 11.80   

Class R3 Shares

       

Net assets

     N/A         $ 15,187,103   

Shares outstanding

     N/A           1,139,128   

NAV and offering price per share

     N/A         $ 13.33   

Class I Shares

       

Net assets

   $ 33,471,623         $ 204,804,843   

Shares outstanding

     1,800,339           13,137,691   

NAV and offering price per share

   $ 18.59         $ 15.59   

Net assets consist of:

                   

Capital paid-in

   $ 95,356,623         $ 256,126,456   

Undistributed (Over-distribution of) net investment income

     85,686           (544,488

Accumulated net realized gain (loss)

     (60,523,214        54,945,923   

Net unrealized appreciation (depreciation)

     5,132,364           64,500,579   

Net assets

   $ 40,051,459         $ 375,028,470   

Authorized shares – per class

     2 billion           2 billion   

Par value per share

   $ 0.0001         $ 0.0001   

N/A – Fund does not offer share class.

 

See accompanying notes to financial statements.

 

Nuveen Investments     27   


Statement of

  Operations   Six Months Ended April 30, 2014 (Unaudited)

 

      Large Cap
Select
       Small Cap
Select
 

Investment Income

       

Dividend and interest income (net of foreign tax withheld of $2,268 and $–, respectively)

   $ 312,956         $ 2,211,762   

Securities lending income, net

     7,350           63,661   

Total investment income

     320,306           2,275,423   

Expenses

       

Management fees

     152,773           1,912,630   

12b-1 service fees – Class A

     6,981           189,237   

12b-1 distribution and service fees – Class B

     N/A           7,215   

12b-1 distribution and service fees – Class C

     2,872           49,350   

12b-1 distribution and service fees – Class R3

     N/A           43,566   

Shareholder servicing agent fees and expenses

     24,670           461,507   

Custodian fees and expenses

     8,588           41,714   

Directors fees and expenses

     589           6,177   

Professional fees

     12,258           20,504   

Shareholder reporting expenses

     5,474           28,171   

Federal and state registration fees

     20,485           34,170   

Other expenses

     4,086           4,289   

Total expenses before fee waiver/expense reimbursement

     238,776           2,798,530   

Fee waiver/expense reimbursement

     (15,054          

Net expenses

     223,722           2,798,530   

Net investment income (loss)

     96,584           (523,107

Realized and Unrealized Gain (Loss)

       

Net realized gain (loss) from:

       

Investments

     3,600,312           57,000,608   

Futures contracts

               560,086   

Change in net unrealized appreciation (depreciation) of investments

     (1,738,040        (48,407,628

Net realized and unrealized gain (loss)

     1,862,272           9,153,066   

Net increase (decrease) in net assets from operations

   $ 1,958,856         $ 8,629,959   

N/A – Fund does not offer share class.

 

See accompanying notes to financial statements.

 

  28       Nuveen Investments


Statement of

  Changes in Net Assets  

(Unaudited)

 

     Large Cap Select          Small Cap Select  
      Six Months Ended
4/30/14
     Year Ended
10/31/13
          Six Months Ended
4/30/14
     Year Ended
10/31/13
 

Operations

             

Net investment income (loss)

   $ 96,584       $ 259,745         $ (523,107    $ 552,048   

Net realized gain (loss) from:

             

Investments

     3,600,312         6,822,162           57,000,608         39,316,560   

Futures contracts

                       560,086           

Change in net unrealized appreciation (depreciation) of investments

     (1,738,040      3,522,974             (48,407,628      87,302,103   

Net increase (decrease) in net assets from operations

     1,958,856         10,604,881             8,629,959         127,170,711   

Distributions to Shareholders

             

From net investment income:

             

Class A

     (14,541      (14,322        (244,437        

Class B

     N/A         N/A                     

Class C

                                 

Class R3(1)

     N/A         (250                  

Class I

     (174,566      (234,154        (1,067,494        

From accumulated net realized gains:

             

Class A

                       (13,668,811      (24,007,903

Class B

     N/A         N/A           (188,626      (393,486

Class C

                       (1,027,234      (1,721,258

Class R3(1)

     N/A                   (1,736,664      (2,881,156

Class I

                         (21,449,055      (37,556,779

Decrease in net assets from distributions to shareholders

     (189,107      (248,726          (39,382,321      (66,560,582

Fund Share Transactions

             

Proceeds from sale of shares

     1,986,145         3,323,471           36,454,290         82,630,379   

Proceeds from shares issued to shareholders due to reinvestment of distributions

     113,474         132,143             36,227,694         59,872,466   
     2,099,619         3,455,614           72,681,984         142,502,845   

Cost of shares redeemed

     (3,405,702      (12,002,875          (143,042,022      (174,831,672

Net increase (decrease) in net assets from Fund share transactions

     (1,306,083      (8,547,261          (70,360,038      (32,328,827

Net increase (decrease) in net assets

     463,666         1,808,894           (101,112,400      28,281,302   

Net assets at the beginning of period

     39,587,793         37,778,899             476,140,870         447,859,568   

Net assets at the end of period

   $ 40,051,459       $ 39,587,793           $ 375,028,470       $ 476,140,870   

Undistributed (Over-distribution of) net investment income at the end of period

   $ 85,686       $ 178,209           $ (544,488    $ 1,290,550   

N/A – Fund does not offer, or no longer offers, share class.

(1) At the close of business on March 4, 2013, Large Cap Select liquidated all of its Class R3 Shares.

 

See accompanying notes to financial statements.

 

Nuveen Investments     29   


Financial

Highlights (Unaudited)

 

Large Cap Select

Selected data for a share outstanding throughout the period:

 

          Investment Operations         Less Distributions           

Class (Commencement Date)

 

 

Year Ended October 31,

  Beginning
NAV
    Net
Investment
Income
(Loss)(a)
       Net
Realized/
Unrealized
Gain (Loss)
       Total          From
Net
Investment
Income
       From
Accumulated
Net Realized
Gains
       Total        Ending
NAV
 

Class A (1/03)

  

                              

2014(e)

  $ 17.65      $ .02         $ .84         $ .86        $ (.05      $   —         $ (.05      $ 18.46   

2013

    13.42        .07           4.22           4.29          (.06                  (.06        17.65   

2012

    11.73        .03           1.66           1.69                                        13.42   

2011

    11.65        (.02        .10           .08                                        11.73   

2010

    9.80        (.01        1.92           1.91          (.06                  (.06        11.65   

2009

    8.83        .04           .97           1.01            (.04                  (.04        9.80   

Class C (1/03)

  

                              

2014(e)

    16.70        (.04        .79           .75                                        17.45   

2013

    12.73        (.05        4.02           3.97                                        16.70   

2012

    11.21        (.06        1.58           1.52                                        12.73   

2011

    11.22        (.11        .10           (.01                                     11.21   

2010

    9.46        (.08        1.84           1.76                                        11.22   

2009

    8.56        (.02        .93           .91            (.01                  (.01        9.46   

Class I (1/03)

  

                              

2014(e)

    17.79        .05           .84           .89          (.09                  (.09        18.59   

2013

    13.52        .11           4.26           4.37          (.10                  (.10        17.79   

2012

    11.80        .07           1.66           1.73          (.01                  (.01        13.52   

2011

    11.71        .01           .10           .11          (.02                  (.02        11.80   

2010

    9.85        .02           1.92           1.94          (.08                  (.08        11.71   

2009

    8.87        .07           .96           1.03            (.05                  (.05        9.85   

 

  30       Nuveen Investments


      Ratios/Supplemental Data  
                Ratios to Average
Net Assets Before
Waiver/Reimbursement
        Ratios to Average
Net Assets After
Waiver/Reimbursement(c)
          
Total
Return(b)
    Ending
Net
Assets
(000)
         Expenses        Net
Investment
Income
(Loss)
         Expenses        Net
Investment
Income
(Loss)
       Portfolio
Turnover
Rate(d)
 
                        
  4.87   $ 5,986          1.37 %*         .19 %*        1.30 %*         .26 %*         76
  32.14        4,625          1.33           .43          1.33           .43           117   
  14.41        2,924          1.43           .26          1.43           .26           127   
  .69        2,938          1.20           (.18       1.20           (.18        139   
  19.49        3,487          1.32           (.06       1.32           (.06        140   
  11.54        3,292            1.29           .52            1.29           .52           185   
                        
  4.49        594          2.12        (.56 )*        2.05        (.49 )*         76   
  31.08        518          2.07           (.34       2.07           (.34        117   
  13.65        195          2.18           (.49       2.18           (.49        127   
  (.09     183          1.95           (.90       1.95           (.90        139   
  18.60        175          2.07           (.79       2.07           (.79        140   
  10.64        186            2.05           (.23         2.05           (.23        185   
                        
  5.00        33,472          1.12        .45       1.05        .53        76   
  32.43        34,444          1.08           .72          1.08           .72           117   
  14.79        34,554          1.18           .54          1.18           .54           127   
  .89        58,314          .95           .07          .95           .07           139   
  19.75        130,803          1.07           .21          1.07           .21           140   
  11.81        147,231            1.04           .82            1.04           .82           185   

 

 

(a) Per share Net Investment Income (Loss) is calculated using the average daily shares method.  
(b) Total return is the combination of changes in NAV without any sales charge, reinvested dividend income at NAV and reinvested capital gains distributions at NAV, if any. Total returns are not annualized.  
(c) After fee waiver and/or expense reimbursement from the Adviser, where applicable.  
(d) Portfolio Turnover Rate is calculated based on the lesser of long-term purchases or sales (as disclosed in Note 5 – Investment Transactions) divided by the average long-term market value during the period.  
(e) For the six months ended April 30, 2014.  
* Annualized.  

 

See accompanying notes to financial statements.

 

Nuveen Investments     31   


Financial Highlights (Unaudited) (continued)

 

Small Cap Select

Selected data for a share outstanding throughout each period:

 

          Investment Operations         Less Distributions           

Class (Commencement Date)

 

 

Year Ended October 31,

  Beginning
NAV
    Net
Investment
Income
(Loss)(a)
       Net
Realized/
Unrealized
Gain (Loss)
       Total          From
Net
Investment
Income
       From
Accumulated
Net Realized
Gains
       Total        Ending
NAV
 

Class A (5/92)

  

                              

2014(e)

  $ 15.02      $ (.03      $ .24         $ .21        $ (.02      $ (1.34      $ (1.36      $ 13.87   

2013

    13.54               3.63           3.63                    (2.15        (2.15        15.02   

2012

    12.44        (.05        1.45           1.40                    (.30        (.30        13.54   

2011

    11.72        (.09        .81           .72                                        12.44   

2010

    9.53        (.05        2.24           2.19                                        11.72   

2009

    8.27        (.01        1.27           1.26                                          9.53   

Class B (3/95)

  

                              

2014(e)

    10.91        (.06        .17           .11                    (1.34        (1.34        9.68   

2013

    10.49        (.07        2.64           2.57                    (2.15        (2.15        10.91   

2012

    9.77        (.12        1.14           1.02                    (.30        (.30        10.49   

2011

    9.27        (.15        .65           .50                                        9.77   

2010

    7.60        (.10        1.77           1.67                                        9.27   

2009

    6.64        (.05        1.01           .96                                          7.60   

Class C (9/01)

  

                              

2014(e)

    13.00        (.07        .21           .14                    (1.34        (1.34        11.80   

2013

    12.09        (.09        3.15           3.06                    (2.15        (2.15        13.00   

2012

    11.22        (.13        1.30           1.17                    (.30        (.30        12.09   

2011

    10.65        (.17        .74           .57                                        11.22   

2010

    8.73        (.12        2.04           1.92                                        10.65   

2009

    7.63        (.06        1.16           1.10                                          8.73   

Class R3 (1/94)

  

                              

2014(e)

    14.49        (.04        .22           .18                    (1.34        (1.34        13.33   

2013

    13.17        (.03        3.50           3.47                    (2.15        (2.15        14.49   

2012

    12.13        (.08        1.42           1.34                    (.30        (.30        13.17   

2011

    11.46        (.12        .79           .67                                        12.13   

2010

    9.34        (.08        2.20           2.12                                        11.46   

2009

    8.12        (.03        1.25           1.22                                          9.34   

Class I (5/92)

  

                              

2014(e)

    16.73        (.01        .27           .26          (.06        (1.34        (1.40        15.59   

2013

    14.82        .04           4.02           4.06                    (2.15        (2.15        16.73   

2012

    13.54        (.02        1.60           1.58                    (.30        (.30        14.82   

2011

    12.73        (.06        .87           .81                                        13.54   

2010

    10.33        (.03        2.44           2.41          (.01                  (.01        12.73   

2009

    8.94        .02           1.37           1.39                                          10.33   

 

  32       Nuveen Investments


      Ratios/Supplemental Data  
                Ratios to Average
Net Assets Before
Waiver/Reimbursement
        Ratios to Average
Net Assets After
Waiver/Reimbursement(c)
        
Total
Return(b)
    Ending
Net
Assets
(000)
         Expenses      Net
Investment
Income
(Loss)
         Expenses      Net
Investment
Income
(Loss)
     Portfolio
Turnover
Rate(d)
 
                  
  1.52   $ 144,344          1.41 %***       (.37 )%***        1.41 %***       (.37 )%***       51
  31.74        161,488          1.34         (.01       1.33         **       78   
  11.62        155,624          1.36         (.49       1.28         (.41      71   
  6.14        275,994          1.34         (.74       1.30         (.70      69   
  22.98        339,826          1.25         (.49       1.24         (.48      88   
  15.24        295,348            1.26         (.09         1.26         (.09      99   
                  
  1.13        1,206          2.16 ***       (1.11 )***        2.16 ***       (1.11 )***       51   
  30.69        1,585          2.09         (.74       2.08         (.73      78   
  10.88        2,032          2.11         (1.21       2.03         (1.13      71   
  5.39        2,866          2.09         (1.51       2.05         (1.45      69   
  21.97        3,925          2.00         (1.23       1.99         (1.22      88   
  14.46        5,511            2.01         (.80         2.01         (.80      99   
                  
  1.17        9,487          2.16 ***       (1.12 )***        2.16 ***       (1.12 )***       51   
  30.67        10,331          2.09         (.75       2.08         (.74      78   
  10.81        10,058          2.11         (1.21       2.03         (1.13      71   
  5.35        14,009          2.09         (1.50       2.05         (1.45      69   
  21.99        17,393          2.00         (1.24       1.99         (1.23      88   
  14.42        16,938            2.01         (.80         2.01         (.80      99   
                  
  1.34        15,187          1.66 ***       (.61 )***        1.66 ***       (.61 )***       51   
  31.37        19,673          1.59         (.25       1.58         (.25      78   
  11.42        18,386          1.61         (.69       1.53         (.61      71   
  5.85        20,044          1.60         (1.00       1.55         (.95      69   
  22.70        18,047          1.50         (.72       1.49         (.71      88   
  15.02        24,701            1.51         (.31         1.51         (.31      99   
                  
  1.60        204,805          1.16 ***       (.10 )***        1.16 ***       (.10 )***       51   
  32.02        283,064          1.09         .24          1.08         .25         78   
  12.01        261,760          1.11         (.19       1.03         (.11      71   
  6.36        273,983          1.09         (.49       1.05         (.45      69   
  23.30        400,042          1.00         (.24       .99         (.23      88   
  15.55        322,658            1.01         .19            1.01         .19         99   

 

 

(a) Per share Net Investment Income (Loss) is calculated using the average daily shares method.  
(b) Total return is the combination of changes in NAV without any sales charge, reinvested dividend income at NAV and reinvested capital gains distributions at NAV, if any. Total returns are not annualized.  
(c) After fee waiver and/or expense reimbursement from the Adviser, where applicable.  
(d) Portfolio Turnover Rate is calculated based on the lesser of long-term purchases or sales (as disclosed in Note 5 – Investment Transactions) divided by the average long-term market value during the period.  
(e) For the six months ended April 30, 2014.  
* Rounds to less than $.01 per share.  
** Rounds to less than .01%.  
*** Annualized.  

 

See accompanying notes to financial statements.

 

Nuveen Investments     33   


Notes to

Financial Statements (Unaudited)

 

1. General Information and Significant Accounting Policies

General Information

Trust Information

Nuveen Investment Funds, Inc. (the “Trust”), is an open-end management investment company registered under the Investment Company Act of 1940, as amended. The Trust is comprised of Nuveen Large Cap Select Fund (“Large Cap Select”) and Nuveen Small Cap Select Fund (“Small Cap Select”), (each a “Fund” and collectively, the “Funds”), as diversified funds, among others. The Trust was incorporated in the state of Maryland on August 20, 1987.

Investment Adviser

The Funds’ investment adviser is Nuveen Fund Advisors, LLC (the “Adviser”), a wholly-owned subsidiary of Nuveen Investments, Inc. (“Nuveen”). The Adviser is responsible for each Fund’s overall investment strategy and asset allocation decisions. The Adviser has entered into sub-advisory agreements with Nuveen Asset Management, LLC (the “Sub-Adviser”), a subsidiary of the Adviser, under which the Sub-Adviser manages the investment portfolios of the Funds.

Agreement and Plan of Merger

On April 14, 2014, TIAA-CREF, a national financial services organization, announced that it had entered into an agreement (the “Purchase Agreement”)

to acquire Nuveen, the parent company of the Adviser. The transaction is expected to be completed by the end of the year, subject to customary closing conditions, including obtaining necessary Nuveen Fund and client consents sufficient to satisfy the terms of the Purchase Agreement and obtaining customary regulatory approvals. There can be no assurance that the transaction described above will be consummated as contemplated or that necessary conditions will be satisfied.

The consummation of the transaction will be deemed to be an “assignment” (as defined in the Investment Company Act of 1940) of the investment management agreements between the Nuveen Funds and the Adviser and the investment sub-advisory agreements between the Adviser and each Nuveen Fund’s sub-adviser or sub-advisers, and will result in automatic termination of each agreement. It is anticipated that the Board of Directors/Trustees of the Nuveen Funds (the “Board”) will consider a new investment management agreement with the Adviser and new investment sub-advisory agreements with each sub-adviser. If approved by the Board, the new agreements will be presented to the Nuveen Funds’ shareholders for approval, and, if so approved by shareholders, will take effect upon consummation of the transaction or such later time as shareholder approval is obtained.

The transaction is not expected to result in any change in the portfolio management of the Funds or in the Funds’ investment objectives or policies.

Investment Objectives and Principal Investment Strategies

Large Cap Select’s investment objective is capital appreciation. Under normal market conditions, the Fund invests at least 80% of the sum of its net assets and the amount of any borrowings for investment purposes, in common stocks of large-capitalization companies, defined as companies that have market capitalizations of $5 billion or greater.

Small Cap Select’s investment objective is capital appreciation. Under normal market conditions, the Fund invests at least 80% of the sum of its net assets and the amount of any borrowings for investment purposes, in common stocks of small-capitalization companies, defined as companies that have market capitalizations of less than $3 billion.

Each Fund may invest up to 15% of its total assets in non-dollar denominated equity securities of non-U.S. issuers. Each Fund may invest up to 25% of its assets, collectively, in non-dollar denominated equity securities of non-U.S. issuers and in dollar-denominated equity securities of non-U.S. issuers that are either listed on a U.S. stock exchange or represented by depositary receipts that may or may not be sponsored by a domestic bank. Up to 15% of each Fund’s total assets may be invested in equity securities of emerging market issuers. Each Fund also may invest in options, futures contracts, options on futures contracts and forward foreign currency exchanges contracts (“derivatives”) to manage market or business risk, enhance its return or hedge against adverse movements in currency exchange rates.

The Funds’ most recent prospectus provides further descriptions of each Fund’s investment objective, principal investment strategies and principal risks.

Significant Accounting Policies

The following is a summary of significant accounting policies followed by the Funds in the preparation of their financial statements in accordance with accounting principles generally accepted in the United States (“U.S. GAAP”).

 

  34       Nuveen Investments


Investment Transactions

Investment transactions are recorded on a trade date basis. Realized gains and losses from investment transactions are determined on the specific identification method, which is the same basis used for federal income tax purposes.

Investment Income

Dividend income is recorded on the ex-dividend date or, for foreign securities, when information is available. Interest income is recorded on an accrual basis. Securities lending income is comprised of fees earned from borrowers and income earned on cash collateral investments, net of lending agent fees.

Professional Fees

Professional fees presented on the Statement of Operations consist of legal fees incurred in the normal course of operations, audit fees, tax consulting fees and, in some cases, workout expenditures. Workout expenditures are incurred in an attempt to protect or enhance an investment, or to pursue other claims or legal actions on behalf of Fund shareholders. If a refund is received for workout expenditures paid in a prior reporting period, such amounts will be recognized as “Legal fee refund” on the Statement of Operations.

Dividends and Distributions to Shareholders

Dividends from net investment income and net realized gains from investment transactions, if any, are declared and distributed to shareholders at least annually. Furthermore, capital gains are distributed only to the extent they exceed available capital loss carryforwards.

Distributions to shareholders are recorded on the ex-dividend date. The amount and timing of distributions are determined in accordance with federal income tax regulations, which may differ from U.S. GAAP.

Share Classes and Sales Charges

Class A Shares are generally sold with an up-front sales charge and incur a .25% annual 12b-1 service fee. Class A Share purchases of $1 million or more are sold at net asset value (“NAV”) without an up-front sales charge but may be subject to a contingent deferred sales charge (“CDSC”) if redeemed within twelve months of purchase. Small Cap Select issued Class B Shares upon the exchange of Class B Shares from another Nuveen mutual fund or for purposes of dividend reinvestment, but Class B Shares were not available for new accounts or for additional investment into existing accounts. Class B Shares were sold without an up-front sales charge but incurred a .75% annual 12b-1 distribution fee and a .25% annual 12b-1 service fee. Class B Shares are subject to a CDSC of up to 5% depending upon the length of time the shares are held by the investor (CDSC is reduced to 0% at the end of six years). Class B Shares automatically convert to Class A Shares eight years after purchase. Class C Shares are sold without an up-front sales charge but incur a .75% annual 12b-1 distribution fee and a .25% annual 12b-1 service fee. Class C Shares are subject to a CDSC of 1% if redeemed within twelve months of purchase. Class R3 Shares are sold without an up-front sales charge but incur a .25% annual 12b-1 distribution and a .25% annual 12b-1 service fee. Class I Shares are not subject to any sales charge or 12b-1 distribution or service fees.

Multiclass Operations and Allocations

Income and expenses of the Funds that are not directly attributable to a specific class of shares are prorated among the classes based on the relative net assets of each class. Expenses directly attributable to a class of shares, which presently only include 12b-1 distribution fees and service fees, are recorded to the specific class.

Realized and unrealized capital gains and losses of the Funds are prorated among the classes based on the relative net assets of each class.

Indemnifications

Under the Trust’s organizational documents, its officers and directors are indemnified against certain liabilities arising out of the performance of their duties to the Trust. In addition, in the normal course of business, the Trust enters into contracts that provide general indemnifications to other parties. The Trust’s maximum exposure under these arrangements is unknown as this would involve future claims that may be made against the Trust that have not yet occurred. However, the Trust has not had prior claims or losses pursuant to these contracts and expects the risk of loss to be remote.

Netting Agreements

In the ordinary course of business, the Funds may enter into transactions subject to International Swaps and Derivative Association, Inc. (“ISDA”) master agreements or other similar arrangements (“netting agreements”). Generally, the right to offset in netting agreements allows each Fund to offset any exposure to a specific counterparty with any collateral received or delivered to that counterparty based on the terms of the agreements. Generally, each Fund manages its cash collateral and securities collateral on a counterparty basis.

 

Nuveen Investments     35   


Notes to Financial Statements (Unaudited) (continued)

 

As of April 30, 2014, the Funds were invested in securities lending transactions that are subject to netting agreements.

Use of Estimates

The preparation of financial statements in conformity with U.S. GAAP requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities at the date of the financial statements and the reported amounts of increases and decreases in net assets from operations during the reporting period. Actual results may differ from those estimates.

2. Investment Valuation and Fair Value Measurements

The fair valuation input levels as described below are for fair value measurement purposes.

Investment Valuation

Common stocks and other equity-type securities are valued at the last sales price on the securities exchange on which such securities are primarily traded and are generally classified as Level 1. Securities primarily traded on the NASDAQ National Market (“NASDAQ”) are valued, except as indicated below, at the NASDAQ Official Closing Price and are generally classified as Level 1. However, securities traded on a securities exchange or NASDAQ for which there were no transactions on a given day or securities not listed on a securities exchange or NASDAQ are valued at the quoted bid price and are generally classified as Level 2.

Investments in investment companies are valued at their respective NAVs on the valuation date and are generally classified as Level 1.

Certain securities may not be able to be priced by the pre-established pricing methods as described above. Such securities may be valued by the Funds’ Board of Directors or its designee at fair value. These securities generally include, but are not limited to, restricted securities (securities which may not be publicly sold without registration under the Securities Act of 1933, as amended) for which a pricing service is unable to provide a market price; securities whose trading has been formally suspended; debt securities that have gone into default and for which there is no current market quotation; a security whose market price is not available from a pre-established pricing source; a security with respect to which an event has occurred that is likely to materially affect the value of the security after the market has closed but before the calculation of a Fund’s NAV (as may be the case in non-U.S. markets on which the security is primarily traded) or make it difficult or impossible to obtain a reliable market quotation; and a security whose price, as provided by the pricing service, is not deemed to reflect the security’s fair value. As a general principle, the fair value of a security would appear to be the amount that the owner might reasonably expect to receive for it in a current sale. A variety of factors may be considered in determining the fair value of such securities, which may include consideration of the following: yields or prices of investments of comparable quality, type of issue, coupon, maturity and rating, market quotes or indications of value from security dealers, evaluations of anticipated cash flows or collateral, general market conditions and other information and analysis, including the obligor’s credit characteristics considered relevant. These securities are generally classified as Level 2 or Level 3 depending on the priority of the significant inputs. Regardless of the method employed to value a particular security, all valuations are subject to review by the Funds’ Board of Directors or its designee.

Fair Value Measurements

Fair value is defined as the price that the Funds would receive upon selling an investment or transferring a liability in an orderly transaction to an independent buyer in the principal or most advantageous market for the investment. A three-tier hierarchy is used to maximize the use of observable market data and minimize the use of unobservable inputs and to establish classification of fair value measurements for disclosure purposes. Observable inputs reflect the assumptions market participants would use in pricing the asset or liability. Observable inputs are based on market data obtained from sources independent of the reporting entity. Unobservable inputs reflect the reporting entity’s own assumptions about the assumptions market participants would use in pricing the asset or liability. Unobservable inputs are based on the best information available in the circumstances. The following is a summary of the three-tiered hierarchy of valuation input levels.

 

Level 1 –   Inputs are unadjusted and prices are determined using quoted prices in active markets for identical securities.
Level 2 –   Prices are determined using other significant observable inputs (including quoted prices for similar securities, interest rates, prepayment speeds, credit risk, etc.).
Level 3 –   Prices are determined using significant unobservable inputs (including management’s assumptions in determining the fair value of investments).

 

  36       Nuveen Investments


The inputs or methodologies used for valuing securities are not an indication of the risks associated with investing in those securities. The following is a summary of each Fund’s fair value measurements as of the end of the reporting period:

 

Large Cap Select      Level 1        Level 2        Level 3        Total  
Long-Term Investments*:                    

Common Stocks

     $ 39,602,290         $   —         $   —         $ 39,602,290   
Investments Purchased with Collateral from Securities Lending        5,273,843                               5,273,843   
Short-Term Investments:                    

Money Market Funds

       448,358                               448,358   
Total      $ 45,324,491         $         $         $ 45,324,491   
Small Cap Select                                        
Long-Term Investments*:                    

Common Stocks

     $ 372,663,385         $         $         $ 372,663,385   
Investments Purchased with Collateral from Securities Lending        71,776,791                               71,776,791   
Short-Term Investments:                    

Money Market Funds

       3,210,152                               3,210,152   
Total      $ 447,650,328         $         $         $ 447,650,328   
* Refer to the Fund’s Portfolio of Investments for industry classifications.

The Nuveen funds’ Board of Directors/Trustees is responsible for the valuation process and has delegated the oversight of the daily valuation process to the Adviser’s Valuation Committee. The Valuation Committee, pursuant to the valuation policies and procedures adopted by the Board of Directors/Trustees, is responsible for making fair value determinations, evaluating the effectiveness of the funds’ pricing policies and reporting to the Board of Directors/Trustees. The Valuation Committee is aided in its efforts by the Adviser’s dedicated Securities Valuation Team, which is responsible for administering the daily valuation process and applying fair value methodologies as approved by the Valuation Committee. When determining the reliability of independent pricing services for investments owned by the funds, the Valuation Committee, among other things, conducts due diligence reviews of the pricing services and monitors the quality of security prices received through various testing reports conducted by the Securities Valuation Team.

The Valuation Committee will consider pricing methodologies it deems relevant and appropriate when making a fair value determination, based on the facts and circumstances specific to the portfolio instrument. Fair value determinations generally will be derived as follows, using public or private market information:

 

  (i) If available, fair value determinations shall be derived by extrapolating from recent transactions or quoted prices for identical or comparable securities.

 

  (ii) If such information is not available, an analytical valuation methodology may be used based on other available information including, but not limited to: analyst appraisals, research reports, corporate action information, issuer financial statements and shelf registration statements. Such analytical valuation methodologies may include, but are not limited to: multiple of earnings, discount from market value of a similar freely-traded security, discounted cash flow analysis, book value or a multiple thereof, risk premium/yield analysis, yield to maturity and/or fundamental investment analysis.

The purchase price of a portfolio instrument will be used to fair value the instrument only if no other valuation methodology is available or deemed appropriate, and it is determined that the purchase price fairly reflects the instrument’s current value.

For each portfolio security that has been fair valued pursuant to the policies adopted by the Board of Directors/Trustees, the fair value price is compared against the last available and next available market quotations. The Valuation Committee reviews the results of such testing and fair valuation occurrences are reported to the Board of Directors/Trustees.

3. Portfolio Securities and Investments in Derivatives

Portfolio Securities

Foreign Currency Transactions

To the extent that the Funds invest in securities and/or contracts that are denominated in a currency other than U.S. dollars, the Funds will be subject to currency risk, which is the risk that an increase in the U.S. dollar relative to the foreign currency will reduce returns or portfolio value. Generally, when the U.S. dollar rises in value against a foreign currency, the Funds’ investments denominated in that currency will lose value because their currency is worth fewer U.S. dollars; the opposite effect occurs if the U.S. dollar falls in relative value. Investments and other assets and liabilities denominated in foreign currencies are converted into U.S. dollars on a spot (i.e. cash) basis at the spot rate prevailing in the foreign currency exchange market at the time of valuation. Purchases and sales of investments and income denominated in foreign currencies are translated into U.S. dollars on the respective dates of such transactions.

 

Nuveen Investments     37   


Notes to Financial Statements (Unaudited) (continued)

 

The books and records of the Funds are maintained in U.S. dollars. Foreign currencies, assets and liabilities are translated into U.S. dollars at 4:00 p.m. Eastern Time. Investment transactions, income and expenses are translated on the respective dates of such transactions. Net realized foreign currency gains and losses resulting from changes in exchange rates include foreign currency gains and losses between trade date and settlement date of the transactions, foreign currency transactions and the difference between the amounts of interest and dividends recorded on the books of the Funds and the amounts actually received.

The realized gains and losses resulting from changes in foreign currency exchange rates and changes in foreign exchange rates associated with other assets and liabilities on investments and derivatives are recognized as a component of “Net realized gain (loss) from investments,” on the Statement of Operations, when applicable.

The unrealized gains and losses resulting from changes in foreign currency exchange rates and changes in foreign exchange rates associated with other assets and liabilities on investments are recognized as a component of “Change in net unrealized appreciation (depreciation) of investments,” on the Statement of Operations, when applicable.

Securities Lending

In order to generate additional income, each Fund may lend securities representing up to one-third of the value of its total assets (which includes collateral for securities on loan) to broker-dealers, banks or other institutions. Each Fund’s policy is to receive cash collateral equal to at least 102% of the value of securities loaned, which is recognized as “Collateral from securities lending program” on the Statement of Assets and Liabilities. The adequacy of the collateral is monitored on a daily basis. If the value of the securities on loan increases, such that the level of collateralization falls below 102%, additional collateral is received from the borrower, which is recognized as “Due from broker” on the Statement of Assets and Liabilities, when applicable. As with other extensions of credit, there may be risks of delay in recovery of the securities or even loss of rights in the collateral should the borrower of the security fail financially.

The Funds’ custodian serves as the securities lending agent for the Funds. Each Fund pays the custodian a fee based on the Fund’s proportional share of the custodian’s expense of operating its securities lending program. Collateral for securities on loan is invested in a money market fund, which is recognized as “Investments purchased with collateral from securities lending, at value” on the Statement of Assets and Liabilities.

The following table presents the securities out on loan for the Funds that are subject to netting agreements as of the end of the reporting period, and the collateral delivered related to those securities.

 

Fund   Counterparty   Long-Term
Investments, at Value
    Collateral
Pledged (From)
Counterparty*
    Net
Exposure
 
Large Cap Select   U.S. Bank   $ 5,147,836      $ (5,147,836   $   —   
Small Cap Select   U.S. Bank     69,012,868       (69,012,868      
* As of April 30, 2014, the value of the collateral pledged from the counterparty exceeded the value of the securities out on loan. Refer to the Fund’s Portfolio of Investments for details on the securities out on loan.

Income from securities lending, net of fees paid, is recognized on the Statement of Operations as “Securities lending income, net.” Securities lending fees paid by each Fund during the six months ended April 30, 2014, was as follows:

 

        Large Cap
Select
      

Small Cap

Select

 
Securities lending fees paid      $ 1,117         $ 10,450   

Investments in Derivatives

Each Fund is authorized to invest in certain derivative instruments. The Funds record derivative instruments at fair value, with changes in fair value recognized on the Statement of Operations, when applicable. Even though the Funds’ investments in derivatives may represent economic hedges, they are not considered to be hedge transactions for financial reporting purposes.

Futures Contracts

Upon execution of a futures contract, a Fund is obligated to deposit cash or eligible securities, also known as “initial margin,” into an account at its clearing broker equal to a specified percentage of the contract amount. Cash held by the broker to cover initial margin requirements on open futures contracts, if any, is recognized as “Cash collateral at brokers for open futures contracts” on the Statement of Assets and Liabilities. Investments in futures contracts obligate a Fund and the clearing broker to settle monies on a daily basis representing changes in the prior days “mark-to-market” of the open contracts. If a Fund has unrealized appreciation the clearing broker would credit the investors account with an amount equal to appreciation and conversely if a Fund has unrealized depreciation the clearing broker would debit a Fund’s account with an amount equal to depreciation. These

 

  38       Nuveen Investments


daily cash settlements are also known as “variation margin.” Variation margin is recognized as a receivable and/or payable for “Variation margin on futures contracts” on the Statement of Assets and Liabilities.

During the period the futures contract is open, changes in the value of the contract are recognized as an unrealized gain or loss by “marking-to-market” on a daily basis to reflect the changes in market value of the contract, which is recognized as a component of “Change in net unrealized appreciation (depreciation) of futures contracts” on the Statement of Operations. When the contract is closed, the Fund records a realized gain or loss equal to the difference between the value of the contract on the closing date and value of the contract when originally entered into, which is recognized as a component of “Net realized gain (loss) from futures contracts” on the Statement of Operations.

Risks of investments in futures contracts include the possible adverse movement in the price of the securities or indices underlying the contracts, the possibility that there may not be a liquid secondary market for the contracts and/or that a change in the value of the contract may not correlate with a change in the value of the underlying securities or indices.

During the six months ended April 30, 2014, Small Cap Select utilized futures contracts on the Russell 2000 E-Mini Index to convert cash into the equivalent of a Russell 2000 index holding in order to manage cash flow activity and minimize tracking error to the Fund’s benchmark index. These contracts are used as a means to efficiently gain exposure to a broad base of equity securities.

The average notional amount of futures contracts outstanding during the six months ended April 30, 2014, was as follows:

 

        Small Cap
Select
 
Average notional amount of futures contracts outstanding*      $   — ** 
* The average notional amount is calculated based on the absolute aggregate notional amount outstanding at the beginning of the fiscal year end and at the end of each fiscal quarter within the current fiscal year.
** The Fund did not hold any futures contracts at the beginning of the fiscal year or at the end of each quarter within the current fiscal year.

The following table presents the amount of net realized gain (loss) recognized on futures contracts on the Statement of Operations during the six months ended April 30, 2014, and the primary underlying risk exposure.

 

Fund   Underlying Risk Exposure   Derivative
Instrument
  Net Realized Gain (Loss)
from Futures Contracts
 
Small Cap Select   Equity price   Futures contracts   $ 560,086   

Market and Counterparty Credit Risk

In the normal course of business each Fund may invest in financial instruments and enter into financial transactions where risk of potential loss exists due to changes in the market (market risk) or failure of the other party to the transaction to perform (counterparty credit risk). The potential loss could exceed the value of the financial assets recorded on the financial statements. Financial assets, which potentially expose each Fund to counterparty credit risk, consist principally of cash due from counterparties on forward, option and swap transactions, when applicable. The extent of each Fund’s exposure to counterparty credit risk in respect to these financial assets approximates their carrying value as recorded on the Statement of Assets and Liabilities.

Each Fund helps manage counterparty credit risk by entering into agreements only with counterparties the Adviser believes have the financial resources to honor their obligations and by having the Adviser monitor the financial stability of the counterparties. Additionally, counterparties may be required to pledge collateral daily (based on the daily valuation of the financial asset) on behalf of each Fund with a value approximately equal to the amount of any unrealized gain above a pre-determined threshold. Reciprocally, when each Fund has an unrealized loss, the Funds have instructed the custodian to pledge assets of the Funds as collateral with a value approximately equal to the amount of the unrealized loss above a pre-determined threshold. Collateral pledges are monitored and subsequently adjusted if and when the valuations fluctuate, either up or down, by at least the pre-determined threshold amount.

 

Nuveen Investments     39   


Notes to Financial Statements (Unaudited) (continued)

 

4. Fund Shares

Transactions in Fund shares were as follows:

 

       Large Cap Select  
       Six Months Ended
4/30/14
       Year Ended
10/31/13
 
       

Shares

      

Amount

       Shares        Amount  
Shares sold:                    

Class A

       80,757         $ 1,505,353           86,580         $ 1,345,676   

Class C

       5,250           93,380           26,018           403,346   

Class R3(1)

                           1,190           16,638   

Class I

       21,155           387,412           97,759           1,557,811   
Shares issued to shareholders due to reinvestment of distributions:                    

Class A

       773           14,468           1,055           14,175   

Class C

                                       

Class R3(1)

                           19           251   

Class I

       5,258           99,006           8,707           117,717   
         113,193           2,099,619           221,328           3,455,614   
Shares redeemed:                    

Class A

       (19,465        (356,974        (43,427        (662,562

Class C

       (2,244        (39,925        (10,273        (153,956

Class R3(1)

                           (9,255        (133,842

Class I

       (162,749        (3,008,803        (725,513        (11,052,515
         (184,458        (3,405,702        (788,468        (12,002,875
Net increase (decrease)        (71,265      $ (1,306,083        (567,140      $ (8,547,261
(1)  After the close of business on March 4, 2013, Large Cap Select liquidated all of its Class R3 Shares.

 

       Small Cap Select  
       Six Months Ended
4/30/14
       Year Ended
10/31/13
 
        Shares        Amount        Shares        Amount  
Shares sold:                    

Class A

       1,045,400         $ 14,976,963           2,328,945         $ 31,038,192   

Class A – automatic conversion of Class B Shares

       4,970           71,253           15,744           204,698   

Class B – exchanges

       1,142           11,203           408           3,424   

Class C

       15,237           185,219           27,179           300,561   

Class R3

       170,722           2,355,963           443,783           5,660,311   

Class I

       1,179,739           18,853,689           3,097,591           45,423,193   
Shares issued to shareholders due to reinvestment of distributions:                    

Class A

       1,010,359           13,831,278           2,079,011           23,825,468   

Class B

       19,288           184,391           45,369           380,192   

Class C

       83,475           973,319           163,836           1,636,719   

Class R3

       132,066           1,736,664           260,032           2,881,156   

Class I

       1,264,294           19,502,042           2,444,971           31,148,931   
         4,926,692           72,681,984           10,906,869           142,502,845   
Shares redeemed:                    

Class A

       (2,404,545        (34,409,355        (5,160,326        (68,844,204

Class B

       (34,141        (337,781        (72,872        (703,578

Class B – automatic conversion to Class A Shares

       (7,024        (71,253        (21,305        (204,698

Class C

       (89,091        (1,097,193        (228,432        (2,624,713

Class R3

       (521,692        (7,201,715        (741,925        (9,510,031

Class I

       (6,221,286        (99,924,725        (6,294,437        (92,944,448
         (9,277,779        (143,042,022        (12,519,297        (174,831,672
Net increase (decrease)        (4,351,087      $ (70,360,038        (1,612,428      $ (32,328,827

 

  40       Nuveen Investments


5. Investment Transactions

Purchases and sales (excluding investments purchased with collateral from securities lending, short-term investments and derivative transactions) during the six months ended April 30, 2014, were as follows:

 

        Large Cap
Select
       Small Cap
Select
 

Purchases

     $ 30,730,583         $ 216,542,722   
Sales        31,938,956           321,180,764   

6. Income Tax Information

Each Fund is a separate taxpayer for federal income tax purposes. Each Fund intends to distribute substantially all of its net investment income and net capital gains to shareholders and to otherwise comply with the requirements of Subchapter M of the Internal Revenue Code applicable to regulated investment companies. Therefore, no federal income tax provision is required.

For all open tax years and all major taxing jurisdictions, management of the Funds has concluded that there are no significant uncertain tax positions that would require recognition in the financial statements. Open tax years are those that are open for examination by taxing authorities (i.e., generally the last four tax year ends and the interim tax period since then). Furthermore, management of the Funds is also not aware of any tax positions for which it is reasonably possible that the total amounts of unrecognized tax benefits will significantly change in the next twelve months.

The following information is presented on an income tax basis. Differences between amounts for financial statement and federal income tax purposes are primarily due to timing differences in recognizing certain gains and losses on investment transactions. To the extent that differences arise that are permanent in nature, such amounts are reclassified within the capital accounts as detailed below. Temporary differences do not require reclassification. Temporary and permanent differences do not impact the NAVs of the Funds.

As of April 30, 2014, the cost and unrealized appreciation (depreciation) of investments as determined on a federal income tax basis, were as follows:

 

        Large Cap
Select
       Small Cap
Select
 
Cost of investments      $ 40,288,196         $ 385,805,868   
Gross unrealized:          

Appreciation

     $ 5,501,014         $ 71,949,338   

Depreciation

       (464,719        (10,104,878
Net unrealized appreciation (depreciation) of investments      $ 5,036,295         $ 61,844,460   

Permanent differences, primarily due to net operating losses, tax equalization, litigation proceeds and REIT adjustments, resulted in reclassifications among the Funds’ components of net assets as of October 31, 2013, the Funds’ last tax year end, as follows:

 

        Large Cap
Select
       Small Cap
Select
 
Capital paid-in      $ (9      $ (94,882
Undistributed (Over-distribution of) net investment income                  757,484   
Accumulated net realized gain (loss)        9           (662,602

The tax components of undistributed net ordinary income and net long-term capital gains as of October 31, 2013, the Funds’ last tax year end, were as follows:

 

        Large Cap
Select
       Small Cap
Select
 
Undistributed net ordinary income1      $ 189,155         $ 8,937,418   
Undistributed net long-term capital gains                  30,487,550   
1  Net ordinary income consists of net taxable income derived from dividends, interest and net short-term capital gains, if any.

The tax character of distributions paid during the Funds’ last tax year ended October 31, 2013, was designated for purposes of the dividends paid deduction as follows:

 

        Large Cap
Select
       Small Cap
Select
 
Distributions from net ordinary income1      $ 248,726         $ 11,605,768   
Distributions from net long-term capital gains                  54,954,814   
1  Net ordinary income consists of net taxable income derived from dividends, interest and net short-term capital gains, if any.

 

Nuveen Investments     41   


Notes to Financial Statements (Unaudited) (continued)

 

As of October 31, 2013, the Funds’ last tax year end, the following Fund had unused capital loss carryforwards available for federal income tax purposes to be applied against future capital gains, if any. If not applied, the carryforwards will expire as shown in the following table. The losses not subject to expiration retain the character reflected and will be utilized first by a Fund, while the losses subject to expiration are considered short-term.

 

        Large Cap
Select
 
Expiration:     

October 31, 2016

     $ 9,711,965   

October 31, 2017

       54,315,490   
Not subject to expiration:     

Short-term losses

         

Long-term losses

         
Total      $ 64,027,455   

During the Funds’ last tax year ended October 31, 2013, the following Fund utilized capital loss carryforwards as follows:

 

        Large Cap
Select
 
Utilized capital loss carryforwards      $ 6,736,107   

7. Management Fees and Other Transactions with Affiliates

Each Fund’s management fee compensates the Adviser for overall investment advisory and administrative services and general office facilities. The Sub-Adviser is compensated for its services to the Funds from the management fees paid to the Adviser.

Each Fund’s management fee consists of two components – a fund-level fee, based only on the amount of assets within each individual Fund, and a complex-level fee, based on the aggregate amount of all eligible fund assets managed by the Adviser. This pricing structure enables each Fund’s shareholders to benefit from growth in the assets within their respective Fund as well as from growth in the amount of complex-wide assets managed by the Adviser.

The annual fund-level fee for each Fund, payable monthly, is calculated according to the following schedule:

 

Average Daily Net Assets      Large Cap
Select
Fund-Level
Fee Rate
     Small Cap
Select
Fund-Level
Fee Rate
 
For the first $125 million        .5500      .7000
For the next $125 million        .5375         .6875   
For the next $250 million        .5250         .6750   
For the next $500 million        .5125         .6625   
For the next $1 billion        .5000         .6500   
For net assets over $2 billion        .4750         .6250   

 

  42       Nuveen Investments


The annual complex-level fee for each Fund, payable monthly, is determined by taking the complex-level fee rate, which is based on the aggregate amount of “eligible assets” of all Nuveen funds as set forth in the schedule below, and making, as appropriate, an upward adjustment to that rate based upon the percentage of the particular fund’s assets that are not “eligible assets.” The complex-level fee schedule for each Fund is as follows:

 

Complex-Level Asset Breakpoint Level*      Effective Rate at Breakpoint Level  
$55 billion        .2000%   
$56 billion        .1996      
$57 billion        .1989      
$60 billion        .1961      
$63 billion        .1931      
$66 billion        .1900      
$71 billion        .1851      
$76 billion        .1806      
$80 billion        .1773      
$91 billion        .1691      
$125 billion        .1599      
$200 billion        .1505      
$250 billion        .1469      
$300 billion        .1445      
* The complex-level fee is calculated based upon the aggregate daily “eligible assets” of all Nuveen Funds. Eligible assets do not include assets attributable to investments in other Nuveen Funds or assets in excess of $2 billion added to the Nuveen Fund complex in connection with the Adviser’s assumption of the management of the former First American Funds effective January 1, 2011. Eligible assets include closed-end fund assets managed by the Adviser that are attributable to certain types of leverage. For these purposes, leverage includes the closed-end funds’ use of preferred stock and borrowings and certain investments in the residual interest certificates (also called inverse floating rate securities) in tender option bond (TOB) trusts, including the portion of assets held by a TOB trust that has been effectively financed by the trust’s issuance of floating rate securities, subject to an agreement by the Adviser as to certain funds to limit the amount of such assets for determining eligible assets in certain circumstances. As of April 30, 2014, the complex-level fee rate for each Fund was as follows:

 

Fund      Complex-Level Fee Rate  
Large Cap Select        .2000%   
Small Cap Select        .2000      

The Adviser has contractually agreed to waive fees and/or reimburse expenses of Large Cap Select so that total annual Fund operating expenses, after fee waivers and/or expense reimbursements and excluding acquired fund fees and expenses, do not exceed the percentage of the average daily net assets of any class of Fund shares in the amounts and for the time period stated in the following table:

 

Fund      Class A Shares        Class C Shares        Class I Shares        Expiration Date  
Large Cap Select        1.30%           2.05%           1.05%           October 31, 2015   

The Trust pays no compensation directly to those of its directors who are affiliated with the Adviser or to its officers, all of whom receive remuneration for their services to the Trust from the Adviser or its affiliates. The Board of Directors has adopted a deferred compensation plan for independent directors that enable directors to elect to defer receipt of all or a portion of the annual compensation they are entitled to receive from certain Nuveen-advised funds. Under the plan, deferred amounts are treated as though equal dollar amounts had been invested in shares of select Nuveen-advised funds.

During the six months ended April 30, 2014, Nuveen Securities, LLC (the “Distributor”), a wholly-owned subsidiary of Nuveen, collected sales charges on purchases of Class A Shares, the majority of which were paid out as concessions to financial intermediaries as follows:

 

        Large Cap
Select
       Small Cap
Select
 
Sales charges collected      $ 4,381         $ 18,909   
Paid to financial intermediaries        3,926           16,640   

The Distributor also received 12b-1 service fees on Class A Shares, substantially all of which were paid to compensate financial intermediaries for providing services to shareholders relating to their investments.

During the six months ended April 30, 2014, the Distributor compensated financial intermediaries directly with commission advances at the time of purchase as follows:

 

        Large Cap
Select
       Small Cap
Select
 
Commission advances      $ 839         $ 1,478   

 

Nuveen Investments     43   


Notes to Financial Statements (Unaudited) (continued)

 

To compensate for commissions advanced to financial intermediaries, all 12b-1 service and distribution fees collected on Class B Shares and Class C Shares during the first year following a purchase were retained by the Distributor. During the six months ended April 30, 2014, the Distributor retained such 12b-1 fees as follows:

 

        Large Cap
Select
       Small Cap
Select
 
12b-1 fees retained      $ 251         $ 6,542   

The remaining 12b-1 fees charged to the Funds were paid to compensate financial intermediaries for providing services to shareholders relating to their investments.

The Distributor also collected and retained CDSC on share redemptions during the six months ended April 30, 2014, as follows:

 

        Large Cap
Select
       Small Cap
Select
 
CDSC retained      $ 3         $ 328   

8. Subsequent Events

Class B Shares

Effective at the close of business on June 23, 2014, Class B Shares of Small Cap Select converted to Class A Shares and are no longer available through an exchange from other Nuveen mutual funds.

 

  44       Nuveen Investments


Additional

Fund Information

 

 

Fund Manager

Nuveen Fund Advisors, LLC

333 West Wacker Drive

Chicago, IL 60606

 

Sub-Adviser

Nuveen Asset Management, LLC

333 West Wacker Drive

Chicago, IL 60606

 

Legal Counsel

Chapman and Cutler LLP

Chicago, IL 60603

  

Independent Registered
Public Accounting Firm

PricewaterhouseCoopers LLP

Chicago, IL 60606

 

Custodian

U.S. Bank National Association

Milwaukee, WI 53202

  

Transfer Agent and
Shareholder Services

Boston Financial
Data Services, Inc.

Nuveen Investor Services

P.O. Box 8530

Boston, MA 02266-8530

(800) 257-8787

     

 

 

             
  Quarterly Form N-Q Portfolio of Investments Information: Each Fund is required to file its complete schedule of portfolio holdings with the Securities and Exchange Commission (SEC) for the first and third quarters of each fiscal year on Form N-Q. You may obtain this information directly from the SEC. Visit the SEC on-line at http://www.sec.gov or in person at the SEC’s Public Reference Room in Washington, D.C. Call the SEC toll-free at (800) SEC-0330 for room hours and operation.  
             

 

  Nuveen Funds’ Proxy Voting Information: You may obtain (i) information regarding how each fund voted proxies relating to portfolio securities held during the most recent twelve-month period ended June 30, without charge, upon request, by calling Nuveen Investments toll-free at (800) 257-8787 or on Nuveen’s website at www.nuveen.com and (ii) a description of the policies and procedures that each fund used to determine how to vote proxies relating to portfolio securities without charge, upon request, by calling Nuveen Investments toll-free at (800) 257-8787. You may also obtain this information directly from the SEC. Visit the SEC on-line at http://www.sec.gov.  

 

             
 

FINRA BrokerCheck: The Financial Industry Regulatory Authority (FINRA) provides information regarding the disciplinary history of FINRA member firms and associated investment professionals. This information as well as an investor brochure describing FINRA BrokerCheck is available to the public by calling the FINRA BrokerCheck Hotline number at (800) 289-9999 or by visiting www.FINRA.org.

 

 

Nuveen Investments     45   


Glossary of Terms

Used in this Report

 

Average Annual Total Return: This is a commonly used method to express an investment’s performance over a particular, usually multi-year time period. It expresses the return that would have been necessary each year to equal the investment’s actual cumulative performance (including change in NAV or offer price and reinvested distributions and capital gains, if any) over the time period being considered.

Beta: A measure of the variability of the change in the share price for a fund in relation to a change in the value of the fund’s market benchmark. Securities with betas higher than 1.0 have been, and are expected to be, more volatile than the benchmark; securities with betas lower than 1.0 have been, and are expected to be, less volatile than the benchmark.

Gross Domestic Product (GDP): The total market value of all final goods and services produced in a country/region in a given year, equal to total consumer, investment and government spending, plus the value of exports, minus the value of imports.

Lipper Large-Cap Core Funds Classification Average: Represents the average annualized total return for all reporting funds in the Lipper Large-Cap Core Funds Classification. Lipper returns account for the effects of management fees and assume reinvestment of distributions but do not reflect any applicable sales charges.

Lipper Small-Cap Core Funds Classification Average: Represents the average annualized total return for all reporting funds in the Lipper Small-Cap Core Funds Classification. Lipper returns account for the effects of management fees and assume reinvestment of distributions but do not reflect any applicable sales charges.

Market Capitalization: The market capitalization of a company is equal to the number of the company’s common shares outstanding multiplied by the current price of the company’s stock.

Net Asset Value (NAV) Per Share: A fund’s Net Assets is equal to its total assets (securities, cash and accrued earnings) less its total liabilities. For funds with multiple classes, Net Assets are determined separately for each share class. NAV per share is equal to the fund’s (or share class’) Net Assets divided by its number of shares outstanding.

Russell 2000® Index: An index that measures the performance of the small-cap segment of the U.S. equity universe. The Russell 2000 Index is a subset of the Russell 3000® Index representing approximately 10% of the total market capitalization of that index. It includes approximately 2,000 of the smallest securities based on a combination of their market cap and current index membership. The index returns assume reinvestment of distributions, but do not reflect any applicable sales charges or management fees.

S&P 500® Index: An unmanaged index generally considered representative of the U.S. stock market. The index returns assume reinvestment of distributions, but do not reflect any applicable sales charges or management fees.

Tax Equalization: The practice of treating a portion of the distribution made to a redeeming shareholder, which represents his proportionate part of undistributed net investment income and capital gain as a distribution for tax purposes. Such amounts are referred to as the equalization debits (or payments) and will be considered a distribution to the shareholder of net investment income and capital gain for calculation of the fund’s dividends paid deduction.

 

  46       Nuveen Investments


Annual Investment Management Agreement

Approval Process (Unaudited)

 

I. The Approval Process

The Board of Directors of each Fund (each, a “Board” and each Director, a “Board Member”), including the Board Members who are not parties to the Funds’ advisory or sub-advisory agreements or “interested persons” of any such parties (the “Independent Board Members”), is responsible for overseeing the performance of the investment adviser and the sub-adviser to the respective Fund and determining whether to approve or continue such Fund’s advisory agreement (each, an “Original Investment Management Agreement”) between the Fund and Nuveen Fund Advisors, LLC (the “Adviser”) and sub-advisory agreement (each, an “Original Sub-Advisory Agreement” and, together with the Original Investment Management Agreement, the “Original Advisory Agreements”) between the Adviser and Nuveen Asset Management, LLC (the “Sub-Adviser”). Pursuant to the Investment Company Act of 1940, as amended (the “1940 Act”), each Board is required to consider the continuation of the respective Original Advisory Agreements on an annual basis. In addition, prior to its annual review, the Board Members were advised of the potential acquisition of Nuveen Investments, Inc. (“Nuveen”) by TIAA-CREF (the “Transaction”). For purposes of this section, references to “Nuveen” herein include all affiliates of Nuveen Investments, Inc. providing advisory, sub-advisory, distribution or other services to the Funds and references to the “Board” refer to the Board of each Fund. In accordance with the 1940 Act and the terms of the Original Advisory Agreements, the completion of the Transaction would terminate each of the Original Investment Management Agreements and the Original Sub-Advisory Agreements. Accordingly, at an in-person meeting held on April 30, 2014 (the “April Meeting”), the Board, including all of the Independent Board Members, performed its annual review of the Original Advisory Agreements and approved the continuation of the Original Advisory Agreements for the Funds. Furthermore, in anticipation of the termination of the Original Advisory Agreements that would occur upon the consummation of the Transaction, the Board also approved for each Fund a new advisory agreement (each, a “New Investment Management Agreement”) between the Fund and the Adviser and a new sub-advisory agreement (each, a “New Sub-Advisory Agreement” and, together with the New Investment Management Agreement, the “New Advisory Agreements”) between the Adviser and the Sub-Adviser, each on behalf of the respective Fund to be effective following the completion of the Transaction and the receipt of the requisite shareholder approval.

Leading up to the April Meeting, the Independent Board Members had several meetings and deliberations, with and without management from Nuveen present and with the advice of legal counsel, regarding the Original Advisory Agreements, the Transaction and its impact and the New Advisory Agreements. At its meeting held on February 25-27, 2014 (the “February Meeting”), the Board Members met with a senior executive representative of TIAA-CREF to discuss the proposed Transaction. At the February Meeting, the Independent Board Members also established an ad hoc committee comprised solely of the Independent Board Members to monitor and evaluate the Transaction and to keep the Independent Board Members updated with developments regarding the Transaction. On March 20, 2014, the ad hoc committee met telephonically to discuss with management of Nuveen, and separately with independent legal counsel, the terms of the proposed Transaction and its impact on, among other things: the governance structure of Nuveen; the strategic plans for Nuveen; the operations of the Nuveen funds (which include the Funds); the quality or level of services provided to the Nuveen funds; key personnel that service the Nuveen funds and/or the Board and the compensation or incentive arrangements to retain such personnel; Nuveen’s capital structure; the regulatory requirements applicable to Nuveen or fund operations; and the Nuveen funds’ fees and expenses, including the funds’ complex-wide fee arrangement. Following the meeting of the ad hoc committee, the Board met in person (two Independent Board Members participating telephonically) in an executive session on March 26, 2014 to further discuss the proposed Transaction. At the executive session, the Board met privately with independent legal counsel to review its duties with respect to reviewing advisory agreements, particularly in the context of a change of control, and to evaluate further the Transaction and its impact on the Nuveen funds, the Adviser and the Sub-Adviser (collectively, the “Fund Advisers” and each, a “Fund Adviser”) and the services provided. Representatives of Nuveen also met with the Board to update the Board Members on developments regarding the Transaction, to respond to questions and to discuss, among other things: the governance of the Fund Advisers following the Transaction; the background, culture (including with respect to regulatory and compliance matters) and resources of TIAA-CREF; the general plans and intentions of TIAA-CREF for Nuveen; the terms and conditions of the Transaction (including financing terms); any benefits or detriments the Transaction may impose on the Nuveen funds, TIAA-CREF or the Fund Advisers; the reaction from the Fund Advisers’ employees knowledgeable of the Transaction; the incentive and retention plans for key personnel of the Fund Advisers; the potential access to additional distribution platforms and economies of scale; and the impact of any additional regulatory schemes that may be applicable to the Nuveen funds given the banking and insurance businesses operated in the TIAA-CREF enterprise. As part of its review, the Board also held a separate meeting on April 15-16, 2014 to review the Nuveen funds’ investment performance and consider an analysis provided by the Adviser of each sub-adviser of the Nuveen funds (including the Sub-Adviser) and the Transaction and its implications to the Nuveen funds. During their review of the materials and discussions, the Independent Board Members presented the Adviser with questions and the Adviser responded. Further, the Independent Board Members met in an executive session with independent legal counsel on April 29, 2014 and April 30, 2014.

 

Nuveen Investments     47   


Annual Investment Management Agreement Approval Process (Unaudited) (continued)

 

In connection with their review of the Original Advisory Agreements and the New Advisory Agreements, the Independent Board Members received extensive information regarding the Funds and the Fund Advisers including, among other things: the nature, extent and quality of services provided by each Fund Adviser; the organization and operations of any Fund Adviser; the expertise and background of relevant personnel of each Fund Adviser; a review of each Fund’s performance (including performance comparisons against the performance of peer groups and appropriate benchmarks); a comparison of Fund fees and expenses relative to peers; a description and assessment of shareholder service levels for the Funds; a summary of the performance of certain service providers; a review of fund initiatives and shareholder communications; and an analysis of the Adviser’s profitability with comparisons to peers in the managed fund business. In light of the proposed Transaction, the Independent Board Members, through their independent legal counsel, also requested in writing and received additional information regarding the proposed Transaction and its impact on the provision of services by the Fund Advisers.

The Independent Board Members received, well in advance of the April Meeting, materials which responded to the request for information regarding the Transaction and its impact on Nuveen and the Nuveen funds including, among other things: the structure and terms of the Transaction; the impact of the Transaction on Nuveen, its operations and the nature, quality and level of services provided to the Nuveen funds, including, in particular, any changes to those services that the Nuveen funds may experience following the Transaction; the strategic plan for Nuveen, including any financing arrangements following the Transaction and any cost-cutting efforts that may impact services; the organizational structure of TIAA-CREF, including the governance structure of Nuveen following the Transaction; any anticipated effect on each Nuveen fund’s expense ratios (including changes to advisory and sub-advisory fees) and economies of scale that may be expected; any benefits or conflicts of interest that TIAA-CREF, Nuveen or their affiliates can expect from the Transaction; any benefits or undue burdens or other negative implications that may be imposed on the Nuveen funds as a result of the Transaction; the impact on Nuveen or the Nuveen funds as a result of being subject to additional regulatory schemes that TIAA-CREF must comply with in operating its various businesses; and the costs associated with obtaining necessary shareholder approvals and the bearer of such costs. The Independent Board Members also received a memorandum describing the applicable laws, regulations and duties in approving advisory contracts, including in conjunction with a change of control, from their independent legal counsel.

The materials and information prepared in connection with the review of the Original Advisory Agreements and New Advisory Agreements supplemented the information and analysis provided to the Board during the year. In this regard, throughout the year, the Board, acting directly or through its committees, regularly reviewed the performance and various services provided by the Adviser and Sub-Adviser. The Board met at least quarterly as well as at other times as the need arose. At its quarterly meetings, the Board reviewed reports by the Adviser regarding, among other things, fund performance, fund expenses, premium and discount levels of closed-end funds, the performance of the investment teams and compliance, regulatory and risk management matters. In addition to regular reports, the Adviser provided special reports to the Board or a committee thereof from time to time to enhance the Board’s understanding of various topics that impact some or all the Nuveen funds (such as distribution channels, oversight of omnibus accounts and leverage management topics), to update the Board on regulatory developments impacting the investment company industry or to update the Board on the business plans or other matters impacting the Adviser. The Board also met with key investment personnel managing certain Nuveen fund portfolios during the year.

In addition, the Board has created several standing committees (the Executive Committee; the Dividend Committee; the Audit Committee; the Compliance, Risk Management and Regulatory Oversight Committee; the Nominating and Governance Committee; the Open-End Funds Committee; and the Closed-End Funds Committee). The Open-End Funds Committee and Closed-End Funds Committee are intended to assist the full Board in monitoring and gaining a deeper insight into the distinctive business practices of closed-end and open-end funds. These two Committees have met prior to each quarterly Board meeting, and the Adviser provided presentations to these Committees permitting them to delve further into specific matters or initiatives impacting the respective product line.

Further, the Board continued its program of seeking to have the Board Members or a subset thereof visit each sub-adviser to the Nuveen funds and meet key investment and business personnel at least once over a multiple year rotation. In this regard, the Independent Board Members made site visits to certain equity and fixed income teams of the Sub-Adviser in September 2013 and met with the Sub-Adviser’s municipal team at the August and November 2013 quarterly meetings.

The Board considered the information provided and knowledge gained at these meetings and visits during the year when performing its annual review of the Original Advisory Agreements and its review of the New Advisory Agreements. The Independent Board Members also were assisted throughout the process by independent legal counsel. During the course of the year and during their deliberations regarding the review of advisory contracts, the Independent Board Members met with independent legal counsel in executive sessions without management present. In addition, it is important to recognize that the management arrangements for the funds are the result of many years of review and discussion between the Independent Board Members and Nuveen fund management and that the Board Members’ conclusions may be based, in part, on their consideration of fee arrangements and other factors developed in previous years.

 

  48       Nuveen Investments


The Board considered all factors it believed relevant with respect to each Fund, including, among other things: (a) the nature, extent and quality of the services provided by the Fund Advisers, (b) the investment performance of the Fund and the Fund Advisers, (c) the advisory fees and costs of the services to be provided to the Fund and the profitability of the Fund Advisers, (d) the extent of any economies of scale, (e) any benefits derived by the Fund Advisers from the relationship with the Fund and (f) other factors. With respect to the New Advisory Agreements, the Board also considered the Transaction and its impact on the foregoing factors. Each Board Member may have accorded different weight to the various factors in reaching his or her conclusions with respect to a Fund’s Original Advisory Agreements and New Advisory Agreements. The Independent Board Members did not identify any single factor as all-important or controlling. The Independent Board Members’ considerations were instead based on a comprehensive consideration of all the information presented. The principal factors considered by the Board and its conclusions are described below.

A. Nature, Extent and Quality of Services

1. The Original Advisory Agreements

In considering renewal of each Original Advisory Agreement, the Independent Board Members considered the nature, extent and quality of the respective Fund Adviser’s services, including portfolio management services (and the resulting Fund performance) and administrative services. The Independent Board Members further considered the overall reputation and capabilities of the Adviser and its affiliates, the commitment of the Adviser to provide high quality service to the Funds, their overall confidence in the capability and integrity of the Adviser and its staff and the Adviser’s responsiveness to questions and concerns raised by them. The Independent Board Members reviewed materials outlining, among other things: each Fund Adviser’s organization and business; the types of services that each Fund Adviser or its affiliates provide to each Fund; the performance record of each Fund (as described in further detail below); and any initiatives Nuveen had taken for the open-end fund product line.

In considering the services provided by the Fund Advisers, the Board recognized that the Adviser provides a myriad of investment management, administrative, compliance, oversight and other services for the Funds, and the Sub-Adviser generally provides the portfolio advisory services to the Funds under the oversight of the Adviser. The Board considered the wide range of services provided by the Adviser to the Nuveen funds beginning with developing the fund and monitoring and analyzing its performance to providing or overseeing the services necessary to support a fund’s daily operations. The Board recognized the Adviser, among other things, provides: (a) product management (such as analyzing ways to better position a fund in the marketplace, maintaining relationships to gain access to distribution platforms and setting dividends); (b) fund administration (such as preparing a fund’s tax returns, regulatory filings and shareholder communications; managing fund budgets and expenses; overseeing a fund’s various service providers; and supporting and analyzing new and existing funds); (c) Board administration (such as supporting the Board and its committees, in relevant part, by organizing and administering the Board and committee meetings and preparing the necessary reports to assist the Board in its duties); (d) compliance (such as monitoring adherence to a fund’s investment policies and procedures and applicable law; reviewing the compliance program periodically and developing new policies or updating existing compliance policies and procedures as considered necessary or appropriate; responding to regulatory requests; and overseeing compliance testing of sub-advisers); (e) legal support (such as preparing or reviewing fund registration statements, proxy statements and other necessary materials; interpreting regulatory requirements and compliance thereof; and maintaining applicable registrations); and (f) investment services (such as overseeing and reviewing sub-advisers and their investment teams; analyzing performance of the funds; overseeing investment and risk management; overseeing the daily valuation process for portfolio securities and developing and recommending valuation policies and methodologies and changes thereto; and participating in fund development, leverage management and the development of investment policies and parameters).

In its review, the Board also considered the new services, initiatives or other changes adopted since the last advisory contract review that were designed to enhance the services and support the Adviser provides to the Nuveen funds. The Board recognized that some initiatives are a multi-year process. In reviewing the activities of 2013, the Board recognized that the year reflected the Adviser’s continued focus on fund rationalization for both closed-end and open-end funds, consolidating certain funds through mergers that were designed to improve efficiencies and economies of scale for shareholders, repositioning various funds through updates in their investment policies and guidelines with the expectation of bringing greater value to shareholders, and liquidating certain funds. As in the past, the Board recognized the Adviser’s significant investment in its technology initiatives, including the continued progress toward a central repository for fund and other Nuveen product data and implementing a data system to support the risk oversight group enabling it to provide more detailed risk analysis for the Nuveen funds. The Board noted the new data system has permitted more in-depth analysis of the investment risks of the Funds and across the complex providing additional feedback and insights to the investment teams and more comprehensive risk reporting to the Board. The Adviser also conducted several workshops for the Board regarding the new data system, including explaining the risk measures being applied and their purpose. The Board also recognized the enhancements in the valuation group within the Adviser, including centralizing the fund pricing process within the valuation group, trending to more automated and expedient reviews and continuing to expand its valuation team. The Board further considered the expansion of personnel in the compliance department enhancing the collective expertise of the group, investments in additional compliance systems and the updates of various compliance policies.

 

Nuveen Investments     49   


Annual Investment Management Agreement Approval Process (Unaudited) (continued)

 

In addition to the foregoing actions, the Board also considered other initiatives related to the open-end funds, including, among other things: the continued focus on enhancing the product line through the development of new funds, including the development of alternative strategies reflecting trends in the industry; the enhanced support provided to the Board by providing comprehensive in-depth presentations to the Open-End Funds Committee; and the development of a new class of shares for certain funds.

As noted, the Adviser also oversees the Sub-Adviser who provides the portfolio advisory services to the Funds. In reviewing the portfolio advisory services provided to each Fund, the Nuveen Investment Services Oversight Team of the Adviser analyzes the performance of the Sub-Adviser and may recommend changes to the investment team or investment strategies as appropriate. In assisting the Board’s review of the Sub-Adviser, the Adviser provides a report analyzing, among other things, the Sub-Adviser’s investment team and changes thereto, organization and history, assets under management, the investment team’s philosophy and strategies in managing each Fund, developments affecting the Sub-Adviser or the Funds and their performance. In their review of the Sub-Adviser, the Independent Board Members considered, among other things, the experience and qualifications of the relevant investment personnel, their investment philosophy and strategies, the Sub-Adviser’s organization and stability, its capabilities and any initiatives taken or planned to enhance its current capabilities or support potential growth of business and, as outlined in further detail below, the performance of the Funds. The Independent Board Members also reviewed portfolio manager compensation arrangements to evaluate each Fund Adviser’s ability to attract and retain high quality investment personnel, preserve stability, and reward performance while not providing an inappropriate incentive to take undue risks.

Given the importance of compliance, the Independent Board Members also considered Nuveen’s compliance program, including the report of the chief compliance officer regarding the Nuveen funds’ compliance policies and procedures; the resources dedicated to compliance; the record of compliance with the policies and procedures; and Nuveen’s supervision of the Funds’ service providers. The Board recognized Nuveen’s commitment to compliance and strong commitment to a culture of compliance. Given the Adviser’s emphasis on monitoring investment risk, the Board has also appointed two Independent Board Members as point persons to review and keep the Board apprised of developments in this area and work with applicable Fund Adviser personnel.

Based on their review, the Independent Board Members found that, overall, the nature, extent and quality of services provided to each Fund under the respective Original Advisory Agreement were satisfactory.

2. The New Advisory Agreements

In evaluating the nature, quality and extent of the services expected to be provided by the Fund Advisers under the New Investment Management Agreements and the New Sub-Advisory Agreements, the Board Members concluded that no diminution in the nature, quality and extent of services provided to each Fund and its shareholders by the respective Fund Advisers is expected as a result of the Transaction. In making their determination, the Independent Board Members considered, among other things: the expected impact, if any, of the Transaction on the operations, facilities, organization and personnel of each Fund Adviser; the ability of each Fund Adviser to perform its duties after the Transaction, including any changes to the level or quality of services provided to the Funds; the potential implications of any additional regulatory requirements imposed on the Fund Advisers or the Nuveen funds following the Transaction; and any anticipated changes to the investment and other practices of the Nuveen funds.

The Board noted that the terms of each New Investment Management Agreement, including the fees payable thereunder, are substantially identical to those of the Original Investment Management Agreement relating to the same Fund. Similarly, the terms of each New Sub-Advisory Agreement, including fees payable thereunder, are substantially identical to those of the Original Sub-Advisory Agreement relating to the same Fund. The Board considered that the services to be provided and the standard of care under the New Investment Management Agreements and the New Sub-Advisory Agreements are the same as the corresponding original agreements. The Board Members noted the Transaction also does not alter the allocation of responsibilities between the Adviser and the Sub-Adviser. The Sub-Adviser will continue to furnish an investment program, make investment decisions and place all orders for the purchase and sale of securities, all on behalf of each Fund and subject to oversight of the Board and the Adviser. The Board noted that TIAA-CREF did not anticipate any material changes to the advisory, sub-advisory or other services provided to the Nuveen funds as a result of the Transaction. The Independent Board Members recognized that there were not any planned “cost cutting” measures that could be expected to reduce the nature, extent or quality of services. The Independent Board Members further noted that there were currently no plans for material changes to senior personnel at Nuveen or key personnel who provide services to the Nuveen funds and the Board following the Transaction. The key personnel who have responsibility for the Nuveen funds in each area, including portfolio management, investment oversight, fund management, fund operations, product management, legal/compliance and board support functions, are expected to be the same following the Transaction, although such personnel may have additional reporting requirements to TIAA-CREF. The Board also considered the anticipated incentive plans designed to retain such key personnel. Notwithstanding the foregoing, the Board Members recognized that personnel changes may occur in the future as a result of normal business developments or personal career decisions.

The Board Members also considered Nuveen’s proposed governance structure following the Transaction and noted that Nuveen was expected to remain a stand-alone business within the TIAA-CREF enterprise and operate relatively autonomously from the other TIAA-CREF businesses, but

 

  50       Nuveen Investments


would receive the general support and oversight from certain TIAA-CREF functional groups (such as legal, finance, internal audit, compliance, and risk management groups). The Board recognized, however, that Nuveen may be subject to additional reporting requirements as it keeps TIAA-CREF abreast of developments affecting the Nuveen business, may be required to modify certain of its reports, policies and procedures as necessary to conform to the practices followed in the TIAA-CREF enterprise and may need to collaborate with TIAA-CREF with respect to strategic planning for its business.

In considering the implications of the Transaction, the Board Members also recognized the reputation and size of TIAA-CREF and the benefits that the Transaction may bring to the Nuveen funds and Nuveen. In this regard, the Board recognized, among other things, that the increased resources and support that may be available to Nuveen from TIAA-CREF and the improved capital structure of Nuveen Investments, Inc. (the parent of the Adviser) that would result from the significant reduction in its debt level may reinforce and enhance Nuveen’s ability to provide quality services to the Nuveen funds and to invest further into its infrastructure.

Further, with the consummation of the Transaction, the Board recognized the enhanced distribution capabilities for the Nuveen funds as the funds may gain access to TIAA-CREF’s distribution network, particularly through TIAA-CREF’s retirement platform and institutional client base. The Board also considered that investors in TIAA-CREF’s retirement platform may choose to roll their investments as they exit their retirement plans into the Nuveen funds. The Independent Board Members recognized the potential cost savings to the benefit of all shareholders of the Nuveen funds from reduced expenses as assets in the Nuveen fund complex rise pursuant to the complex-wide fee arrangement described in further detail below.

Based on their review, the Independent Board Members found that the expected nature, extent and quality of services to be provided to each Fund under its New Advisory Agreements were satisfactory and supported approval of the New Advisory Agreements.

B. The Investment Performance of the Funds and Fund Advisers

1. The Original Advisory Agreements

The Board, including the Independent Board Members, considered the performance history of each Fund over various time periods. The Board reviewed reports, including an analysis of each Fund’s performance and the applicable investment team. In considering each Fund’s performance, the Board recognized that a fund’s performance can be reviewed through various measures including the fund’s absolute return, the fund’s return compared to the performance of other peer funds and the fund’s performance compared to its respective benchmark. Accordingly, the Board reviewed, among other things, each Fund’s historic investment performance as well as information comparing the Fund’s performance information with that of other funds (the “Performance Peer Group”) and with recognized and/or customized benchmarks (i.e., generally benchmarks derived from multiple recognized benchmarks) for the quarter, one-, three- and five-year periods ending December 31, 2013, as well as performance information reflecting the first quarter of 2014. This information supplemented the Nuveen fund performance information provided to the Board at each of its quarterly meetings.

In evaluating performance, the Board recognized several factors that may impact the performance data as well as the consideration given to particular performance data.

 

    The performance data reflects a snapshot in time, in this case as of the end of the most recent calendar year or quarter. A different performance period, however, could generate significantly different results.

 

    Long-term performance can be adversely affected by even one period of significant underperformance so that a single investment decision or theme has the ability to disproportionately affect long-term performance.

 

    The investment experience of a particular shareholder in a fund will vary depending on when such shareholder invests in such fund, the class held (if multiple classes offered in the fund) and the performance of the fund (or respective class) during that shareholder’s investment period.

 

    Open-end funds offer multiple classes and the performance of the various classes of a fund should be substantially similar on a relative basis because all of the classes are invested in the same portfolio of securities and differences in performance among classes could be principally attributed to the variations in distribution and servicing expenses of each class.

 

   

The usefulness of comparative performance data as a frame of reference to measure a fund’s performance may be limited because the Performance Peer Group, among other things, does not adequately reflect the objectives and strategies of the fund, has a different investable universe, or the composition of the peer set may be limited in size or number as well as other factors. In this regard, the Board noted that the Adviser classified the Performance Peer Groups of the Nuveen funds from highly relevant to less relevant. For funds classified with less relevant Performance Peer Groups, the Board considered a fund’s performance compared to its benchmark to help assess the fund’s comparative performance. A fund was generally considered to have performed comparably to its benchmark if the fund’s performance was within certain thresholds compared to the performance of its benchmark and was considered to have outperformed or underperformed its

 

Nuveen Investments     51   


Annual Investment Management Agreement Approval Process (Unaudited) (continued)

 

 

benchmark if the fund’s performance was beyond these thresholds for the one- and three-year periods, subject to certain exceptions.i While the Board is cognizant of the relative performance of a fund’s peer set and/or benchmark(s), the Board evaluated fund performance in light of the respective fund’s investment objectives, investment parameters and guidelines and considered that the variations between the objectives and investment parameters or guidelines of the fund with its peers and/or benchmarks result in differences in performance results.

With respect to any Nuveen funds for which the Board has identified performance concerns, the Board monitors such funds closely until performance improves, discusses with the Adviser the reasons for such results, considers those steps necessary or appropriate to address such issues and reviews the results of any efforts undertaken. The Board is aware, however, that shareholders chose to invest or remain invested in a fund knowing that the Adviser manages the fund and knowing the fund’s fee structure.

In considering the performance data, the Independent Board Members noted that the Nuveen Large Cap Select Fund (“Large Cap Select Fund”) demonstrated generally favorable performance in comparison to its peers. In this regard, although the Fund was in the third quartile in the three-year period, it performed in the first quartile in the one- and five-year periods, outperformed its benchmark in the one-year period and demonstrated comparable performance to its benchmark in the five-year period.

The Board also noted that the Nuveen Small Cap Select Fund (“Small Cap Select Fund”) lagged its peers and benchmark over various periods. Although the Fund was in the third quartile and provided comparable performance to its benchmark in the five-year period, it was in the fourth quartile and underperformed its benchmark in the one- and three-year periods. As described above, for Nuveen funds with challenged performance, the Board considered and discussed the factors contributing to the performance results and considered any steps that have been or should be taken to address performance issues. The Board noted that, although Small Cap Select Fund underperformed its benchmark and lagged its peers in recent years, it also posted strong absolute returns in 2013. In addition, the Board noted the changes to the portfolio management team of the Fund. The Board will continue to monitor the Fund and any steps proposed or taken to address performance challenges.

Except as otherwise noted above, based on their review, the Independent Board Members determined that each Fund’s investment performance had been satisfactory.

2. The New Advisory Agreements

With respect to the performance of each Fund, the Board considered that the portfolio investment personnel responsible for the management of the respective Fund portfolios were expected to continue to manage such portfolios following the completion of the Transaction and the investment strategies of the Funds were not expected to change as a result of the Transaction. Accordingly, the findings regarding performance outlined above for the Original Advisory Agreements are applicable to the review of the New Advisory Agreements.

C. Fees, Expenses and Profitability

1. Fees and Expenses

The Board evaluated the management fees and expenses of each Fund, reviewing, among other things, such Fund’s gross management fees, net management fees and net expense ratios in absolute terms as well as compared to the fees and expenses of a comparable universe of funds provided by an independent fund data provider (the “Peer Universe”) and to a more focused subset of funds in the Peer Universe (the “Peer Group”) and any expense limitations.

The Independent Board Members further reviewed the methodology regarding the construction of the applicable Peer Universe and Peer Group. In reviewing the comparisons of fee and expense information, the Independent Board Members took into account that in certain instances various factors such as the limited size and particular composition of the Peer Universe or Peer Group (including the inclusion of other Nuveen funds in the peer set); expense anomalies; changes in the funds comprising the Peer Universe or Peer Group from year to year; levels of reimbursement or fee waivers; and the timing of information used may impact the comparative data thereby limiting somewhat the ability to make a meaningful comparison with peers.

In reviewing the fee schedule for a fund, the Independent Board Members also considered the fund-level and complex-wide breakpoint schedules (described in further detail below) and any fee waivers and reimbursements provided by Nuveen. In reviewing fees and expenses, the Board considered the expenses and fees to be higher if they were over 10 basis points higher, slightly higher if they were approximately 6 to 10 basis points higher, in line if they were within approximately 5 basis points higher than the peer average and below if they were below the peer average of the Peer Group. In reviewing the reports, the Board noted that the majority of the Nuveen funds were at, close to or below their peer average based on the net total expense ratio. The Independent Board Members observed that Small Cap Select Fund had a net management fee in line with its peer average and a net expense ratio (including fee waivers and expense reimbursements) below its peer average, while Large Cap Select Fund had a net management fee that was higher than its peer average, but a net expense ratio that was in line with its peer average.

 

  52       Nuveen Investments


Based on their review of the fee and expense information provided, the Independent Board Members determined that each Fund’s management fees (as applicable) to a Fund Adviser were reasonable in light of the nature, extent and quality of services provided to the Fund.

2. Comparisons with the Fees of Other Clients

The Board recognized that all Nuveen funds have a sub-adviser, either affiliated or non-affiliated, and therefore the overall fund management fee can be divided into two components, the fee retained by the Adviser and the fee paid to the sub-adviser. In general terms, the fee to the Adviser reflects the administrative and other services it provides to support the Nuveen fund (as described above) and, while some administrative services may occur at the sub-adviser level, the fee to the sub-adviser generally reflects the portfolio management services provided by the sub-adviser. The Independent Board Members considered the fees a Fund Adviser assesses to the Funds compared to that of other clients. With respect to non-municipal funds, such other clients of a Fund Adviser may include: separately managed accounts (both retail and institutional accounts), foreign investment funds offered by Nuveen, collective trust funds and funds that are not offered by Nuveen but are sub-advised by one of Nuveen’s investment management teams.

The Independent Board Members reviewed the nature of services provided by the Adviser, including through its affiliated sub-advisers and the average fee the affiliated sub-advisers assessed such clients as well as the range of fees assessed to the different types of separately managed accounts (such as retail, institutional or wrap accounts) to the extent applicable to the respective sub-adviser. In their review, the Independent Board Members considered the differences in the product types, including, but not limited to: the services provided, the structure and operations, product distribution and costs thereof, portfolio investment policies, investor profiles, account sizes and regulatory requirements. In evaluating the comparisons of fees, the Independent Board Members noted that the fee rates charged to the Nuveen funds and other clients vary, among other things, because of the different services involved and the additional regulatory and compliance requirements associated with registered investment companies, such as the Funds. The Independent Board Members noted that, as a general matter, higher fee levels reflect higher levels of service, increased investment management complexity, greater product management requirements and higher levels of risk or a combination of the foregoing. The Independent Board Members further noted, in particular, that the range of services provided to the Funds (as discussed above) is generally much more extensive than that provided to separately managed accounts. Many of the additional administrative services provided by the Adviser are not required for institutional clients. The Independent Board Members also recognized that the management fee rates of the foreign funds advised by the Adviser may vary due to, among other things, differences in the client base, governing bodies, operational complexities and services covered by the management fee. Given the inherent differences in the various products, particularly the extensive services provided to the Funds, the Independent Board Members believe such facts justify the different levels of fees.

3. Profitability of Fund Advisers

In conjunction with their review of fees, the Independent Board Members also considered the profitability of Nuveen for its advisory activities and its financial condition. The Independent Board Members reviewed the revenues and expenses of Nuveen’s advisory activities for the last two calendar years, the allocation methodology used in preparing the profitability data, an analysis of the key drivers behind the changes in revenues and expenses that impacted profitability in 2013 and Nuveen’s consolidated financial statements for 2013. The Independent Board Members noted this information supplemented the profitability information requested and received during the year to help keep them apprised of developments affecting profitability (such as changes in fee waivers and expense reimbursement commitments). In this regard, the Independent Board Members noted that two Independent Board Members served as point persons to review the profitability analysis and methodologies employed, and any changes thereto, and to keep the Board apprised of such changes. The Independent Board Members also considered Nuveen’s revenues for advisory activities, expenses and profit margin compared to that of various unaffiliated management firms.

In reviewing profitability, the Independent Board Members noted the Adviser’s continued investment in its business with expenditures to, among other things, upgrade its investment technology and compliance systems and provide for additional personnel and other resources. The Independent Board Members recognized the Adviser’s continued commitment to its business should enhance the Adviser’s capacity and capabilities in providing the services necessary to meet the needs of the Nuveen funds as they grow or change over time. In addition, in evaluating profitability, the Independent Board Members also noted the subjective nature of determining profitability which may be affected by numerous factors including the allocation of expenses and that various allocation methodologies may each be reasonable but yield different results. Further, the Independent Board Members recognized the difficulties in making comparisons as the profitability of other advisers generally is not publicly available, and the profitability information that is available for certain advisers or management firms may not be representative of the industry and may be affected by, among other things, an adviser’s particular business mix, capital costs, size, types of funds managed and expense allocations. Notwithstanding the foregoing, the Independent Board Members noted the Adviser’s adjusted operating margin appears to be reasonable in relation to other investment advisers and sufficient to operate as a viable investment management firm meeting its obligations to the Nuveen funds. Based on their review, the Independent Board Members concluded that the Adviser’s level of profitability for its advisory activities was reasonable in light of the services provided.

 

Nuveen Investments     53   


Annual Investment Management Agreement Approval Process (Unaudited) (continued)

 

With respect to sub-advisers affiliated with Nuveen, including the Sub-Adviser, the Independent Board Members reviewed such sub-advisers’ revenues, expenses and profitability margins (pre- and post-tax) for their advisory activities and the methodology used for allocating expenses among the internal sub-advisers. Based on their review, the Independent Board Members were satisfied that the Sub-Adviser’s level of profitability was reasonable in light of the services provided.

In evaluating the reasonableness of the compensation, the Independent Board Members also considered other amounts paid to a Fund Adviser by the funds as well as indirect benefits (such as soft dollar arrangements), if any, the Fund Adviser and its affiliates receive or are expected to receive that are directly attributable to the management of a Nuveen fund. See Section E below for additional information on indirect benefits the Fund Advisers may receive as a result of its relationship with a Nuveen fund. Based on their review of the overall fee arrangements of each Fund, the Independent Board Members determined that the advisory fees and expenses of the Funds were reasonable.

4. The New Advisory Agreements

As noted above, the terms of the New Advisory Agreements are substantially identical to their corresponding Original Advisory Agreements. The fee schedule, including the breakpoint schedule and complex-wide fee schedule, in each New Advisory Agreement is identical to that under the corresponding Original Advisory Agreement. The Board Members also noted that Nuveen has committed for a period of two years from the date of closing the Transaction (i) not to increase contractual management fee rates for any Nuveen fund and (ii) not to raise expense cap levels for any Nuveen fund from levels currently in effect or scheduled to go into effect prior to the Transaction. This commitment shall not limit or otherwise affect mergers or liquidations of any funds in the ordinary course. Based on the information provided, the Board Members did not believe that the overall expenses would increase as a result of the Transaction. In addition, the Board Members recognized that the Nuveen funds may gain access to the retirement platform and institutional client base of TIAA-CREF, and the investors in the retirement platforms may roll their investments into one or more Nuveen funds as they exit their retirement plans. The enhanced distribution access may result in additional sales of the Nuveen funds resulting in an increase in total assets under management in the complex and a corresponding decrease in overall management fees if additional breakpoints at the fund-level or complex-wide level are met. Based on its review, the Board determined that the management fees and expenses under each New Advisory Agreement were reasonable.

Further, other than from a potential reduction in the debt level of Nuveen Investments, Inc., the Board recognized that it is difficult to predict with any degree of certainty the impact of the Transaction on Nuveen’s profitability. Given the fee schedule was not expected to change under the New Advisory Agreements, however, the Independent Board Members concluded that each Fund Adviser’s level of profitability for its advisory activities under the respective New Advisory Agreements would continue to be reasonable in light of the services provided.

D. Economies of Scale and Whether Fee Levels Reflect These Economies of Scale

1. The Original Advisory Agreements

With respect to economies of scale, the Independent Board Members have recognized the potential benefits resulting from the costs of a fund being spread over a larger asset base, although economies of scale are difficult to measure and predict with precision, particularly on a fund-by-fund basis. One method to help ensure the shareholders share in these benefits is to include breakpoints in the advisory fee schedule. Generally, management fees for funds in the Nuveen complex are comprised of a fund-level component and a complex-level component, subject to certain exceptions. Accordingly, the Independent Board Members reviewed and considered the applicable fund-level breakpoints in the advisory fee schedules that reduce advisory fees as asset levels increase.

In addition to fund-level advisory fee breakpoints, the Board also considered the Nuveen funds’ complex-wide fee arrangement. Pursuant to the complex-wide fee arrangement, the fees of the funds in the Nuveen complex are reduced as the assets in the fund complex reach certain levels. The complex-wide fee arrangement seeks to provide the benefits of economies of scale to fund shareholders when total fund complex assets increase, even if assets of a particular fund are unchanged or have decreased. The approach reflects the notion that some of Nuveen’s costs are attributable to services provided to all its funds in the complex and therefore all funds benefit if these costs are spread over a larger asset base.

Based on their review, the Independent Board Members concluded that the breakpoint schedules and complex-wide fee arrangement (as applicable) were acceptable and reflect economies of scale to be shared with shareholders when assets under management increase.

2. The New Advisory Agreements

As noted, the Independent Board Members recognized that the fund-level and complex-wide schedules will not change under the New Advisory Agreements. Assets in the funds advised by TIAA-CREF or its current affiliates will not be included in the complex-wide fee calculation. Nevertheless, the Nuveen funds may have access to TIAA-CREF’s retirement platform and institutional client base. The access to this distribution network may enhance the distribution of the Nuveen funds which, in turn, may lead to reductions in management and sub-advisory fees if the Nuveen funds reach additional fund-level and complex-wide breakpoint levels. Based on their review, including the considerations in the annual

 

  54       Nuveen Investments


review of the Original Advisory Agreements, the Independent Board Members determined that the fund-level breakpoint schedules and complex-wide fee schedule continue to be appropriate and desirable in ensuring that shareholders participate in the benefits derived from economies of scale under the New Advisory Agreements.

E. Indirect Benefits

1. The Original Advisory Agreements

In evaluating fees, the Independent Board Members received and considered information regarding potential “fall out” or ancillary benefits the respective Fund Adviser or its affiliates may receive as a result of its relationship with each Fund. In this regard, the Independent Board Members considered, among other things, any sales charges, distribution fees and shareholder services fees received and retained by the Funds’ principal underwriter, an affiliate of the Adviser, which include fees received pursuant to any 12b-1 plan. The Independent Board Members, therefore, considered the 12b-1 fees retained by Nuveen during the last calendar year.

In addition to the above, the Independent Board Members considered whether the Fund Advisers received any benefits from soft dollar arrangements whereby a portion of the commissions paid by a fund for brokerage may be used to acquire research that may be useful to a Fund Adviser in managing the assets of the fund and other clients. Each Fund’s portfolio transactions are allocated by the Sub-Adviser. Accordingly, the Independent Board Members considered that the Sub-Adviser may benefit from its soft dollar arrangements pursuant to which it receives research from brokers that execute the applicable Fund’s portfolio transactions. With respect to any fixed income securities, however, the Board recognized that such securities generally trade on a principal basis that does not generate soft dollar credits. Similarly, the Board recognized that the research received pursuant to soft dollar arrangements by the Sub-Adviser may also benefit the Funds and their shareholders to the extent the research enhances the ability of the Sub-Adviser to manage the Funds. The Independent Board Members noted that the Sub-Adviser’s profitability may be somewhat lower if it did not receive the research services pursuant to the soft dollar arrangements and had to acquire such services directly.

Based on their review, the Independent Board Members concluded that any indirect benefits received by a Fund Adviser as a result of its relationship with the Funds were reasonable and within acceptable parameters.

2. The New Advisory Agreements

The Independent Board Members noted that, as the applicable policies and operations of the Fund Advisers with respect to the Nuveen funds were not anticipated to change significantly after the Transaction, such indirect benefits should remain after the Transaction. The Independent Board Members further noted the benefits the Transaction would provide to TIAA-CREF and Nuveen, including a larger-scale fund complex, certain shared services (noted above) and a broader range of investment capabilities, distribution capabilities and product line. Further, the Independent Board Members noted that Nuveen Investments, Inc. (the parent of the Adviser) would benefit from an improved capital structure through a reduction in its debt level.

F. Other Considerations for the New Advisory Agreements

In addition to the factors above, the Board Members also considered the following with respect to the Nuveen funds:

 

    Nuveen would rely on the provisions of Section 15(f) of the 1940 Act. In this regard, to help ensure that an unfair burden is not imposed on the Nuveen funds, Nuveen has committed for a period of two years from the date of the closing of the Transaction (i) not to increase contractual management fee rates for any fund and (ii) not to raise expense cap levels for any fund from levels currently in effect or scheduled to go into effect prior to the Transaction. This commitment shall not limit or otherwise affect mergers or liquidations of any funds in the ordinary course.

 

    The Nuveen funds would not incur any costs in seeking the necessary shareholder approvals for the New Investment Management Agreements or the New Sub-Advisory Agreements (except for any costs attributed to seeking shareholder approvals of fund specific matters unrelated to the Transaction, such as election of Board Members or changes to investment policies, in which case a portion of such costs will be borne by the applicable funds).

 

    The reputation, financial strength and resources of TIAA-CREF.

 

    The long-term investment philosophy of TIAA-CREF and anticipated plans to grow Nuveen’s business to the benefit of the Nuveen funds.

 

    The benefits to the Nuveen funds as a result of the Transaction including: (i) increased resources and support available to Nuveen as well as an improved capital structure that may reinforce and enhance the quality and level of services it provides to the funds; (ii) potential additional distribution capabilities for the funds to access new markets and customer segments through TIAA-CREF’s distribution network, including, in particular, its retirement platforms and institutional client base; and (iii) access to TIAA-CREF’s expertise and investment capabilities in additional asset classes.

 

Nuveen Investments     55   


Annual Investment Management Agreement Approval Process (Unaudited) (continued)

 

G. Other Considerations

The Independent Board Members did not identify any single factor discussed previously as all-important or controlling. The Board Members, including the Independent Board Members, unanimously concluded that the terms of each Original Advisory Agreement and New Advisory Agreement are fair and reasonable, that the respective Fund Adviser’s fees are reasonable in light of the services provided to each Fund and that the Original Advisory Agreements be renewed and the New Advisory Agreements be approved.

II. Approval of Interim Advisory Agreements

At the April Meeting, the Board Members, including the Independent Board Members, unanimously approved for each Fund an interim advisory agreement (the “Interim Investment Management Agreement”) between the respective Fund and the Adviser and an interim sub-advisory agreement (the “Interim Sub-Advisory Agreement”) between the Adviser and the Sub-Adviser. If necessary to assure continuity of advisory services, each respective Interim Investment Management Agreement and Interim Sub-Advisory Agreement will take effect upon the closing of the Transaction if shareholders have not yet approved the corresponding New Investment Management Agreement or New Sub-Advisory Agreement. The terms of each Interim Investment Management Agreement and Interim Sub-Advisory Agreement are substantially identical to those of the corresponding Original Investment Management Agreement and New Investment Management Agreement and the corresponding Original Sub-Advisory Agreement and New Sub-Advisory Agreement, respectively, except for certain term and fee escrow provisions. In light of the foregoing, the Board Members, including the Independent Board Members, unanimously determined that the scope and quality of services to be provided to the Funds under the respective Interim Investment Management Agreements and Interim Sub-Advisory Agreements are at least equivalent to the scope and quality of services provided under the applicable Original Investment Management Agreements and Original Sub-Advisory Agreements.

 

 

 

 

i  The Board recognized that the Adviser considered a fund to have outperformed or underperformed its benchmark if the fund’s performance was higher or lower than the performance of the benchmark by the following thresholds: for open-end funds (+/- 100 basis points for equity funds excluding index funds; +/- 30 basis points for tax exempt fixed income funds; +/- 40 basis points for taxable fixed income funds) and for closed-end funds (assuming 30% leverage) (+/- 130 basis points for equity funds excluding index funds; +/- 39 basis points for tax exempt funds and +/- 52 basis points for taxable fixed income funds).

 

  56       Nuveen Investments


Notes

 

 

Nuveen Investments     57   


Notes

 

 

  58       Nuveen Investments


Notes

 

 

Nuveen Investments     59   


LOGO

 

    

 

     

 

           
  Nuveen Investments:            
     Serving Investors for Generations      
    

 

    

Since 1898, financial advisors and their clients have relied on Nuveen Investments to provide dependable investment solutions through continued adherence to proven, long-term investing principles. Today, we offer a range of high quality equity and fixed-income solutions designed to be integral components of a well-diversified core portfolio.

 

  
       

 

       

Focused on meeting investor needs.

 

Nuveen Investments provides high-quality investment services designed to help secure the longterm goals of institutional and individual investors as well as the consultants and financial advisors who serve them. Nuveen Investments markets a wide range of specialized investment solutions which provide investors access to capabilities of its high-quality boutique investment affiliates-Nuveen Asset Management, Symphony Asset Management, NWQ Investment Management Company, Santa Barbara Asset Management, Tradewinds Global Investors, Winslow Capital Management, and Gresham Investment Management. In total, Nuveen Investments managed approximately $225 billion as of March 31, 2014.

  
    

 

        
       

Find out how we can help you.

To learn more about how the products and services of Nuveen Investments may be able to help you meet your financial goals, talk to your financial advisor, or call us at (800) 257-8787. Please read the information provided carefully before you invest. Investors should consider the investment objective and policies, risk considerations, charges and expenses of any investment carefully. Where applicable, be sure to obtain a prospectus, which contains this and other relevant information. To obtain a prospectus, please contact your securities representative or Nuveen Investments, 333 W. Wacker Dr., Chicago, IL 60606. Please read the prospectus carefully before you invest or send money.

  
       

Learn more about Nuveen Funds at: www.nuveen.com/mf

 

 

  

 

                 
  Distributed by Nuveen Securities, LLC | 333 West Wacker Drive Chicago, IL 60606 | www.nuveen.com      

 

MSA-FSLCT-0414P


Item 2. Code of Ethics.

Not applicable to this filing.

Item 3. Audit Committee Financial Expert.

Not applicable to this filing.

Item 4. Principal Accountant Fees and Services.

Not applicable to this filing.

Item 5. Audit Committee of Listed Registrants.

Not applicable to this registrant.

Item 6. Schedule of Investments.

(a) See Portfolio of Investments in Item 1.

(b) Not applicable.

Item 7. Disclosure of Proxy Voting Policies and Procedures for Closed-End Management Investment Companies.

Not applicable to this registrant.

Item 8. Portfolio Managers of Closed-End Management Investment Companies.

Not applicable to this registrant.

Item 9. Purchases of Equity Securities by Closed-End Management Investment Company and Affiliated Purchasers.

Not applicable to this registrant.

Item 10. Submission of Matters to a Vote of Security Holders.

There have been no material changes to the procedures by which shareholders may recommend nominees to the registrant’s Board implemented after the registrant last provided disclosure in response to this Item.

Item 11. Controls and Procedures.

 

(a) The registrant’s principal executive and principal financial officers, or persons performing similar functions, have concluded that the registrant’s disclosure controls and procedures (as defined in Rule 30a-3(c) under the Investment Company Act of 1940, as amended (the “1940 Act”) (17 CFR 270.30a-3(c))) are effective, as of a date within 90 days of the filing date of this report that includes the disclosure required by this paragraph, based on their evaluation of the controls and procedures required by Rule 30a-3(b) under the 1940 Act (17 CFR 270.30a-3(b)) and Rules 13a-15(b) or 15d-15(b) under the Securities Exchange Act of 1934, as amended (the “Exchange Act”) (17 CFR 240.13a-15(b) or 240.15d-15(b)).

 

(b) There were no changes in the registrant’s internal control over financial reporting (as defined in Rule 30a-3(d) under the 1940 Act (17 CFR 270.30a-3(d)) that occurred during the second fiscal quarter of the period covered by this report that has materially affected, or is reasonably likely to materially affect, the registrant’s internal control over financial reporting.

Item 12. Exhibits.

File the exhibits listed below as part of this Form.

(a)(1) Any code of ethics, or amendment thereto, that is the subject of the disclosure required by Item 2, to the extent that the registrant intends to satisfy the Item 2 requirements through filing of an exhibit: Not applicable to this filing.

(a)(2) A separate certification for each principal executive officer and principal financial officer of the registrant as required by Rule 30a-2(a) under the 1940 Act (17 CFR 270.30a-2(a)) in the exact form set forth below: See EX-99.CERT attached hereto.

(a)(3) Any written solicitation to purchase securities under Rule 23c-1 under the 1940 Act (17 CFR 270.23c-1) sent or given during the period covered by the report by or on behalf of the registrant to 10 or more persons: Not applicable to this registrant.

(b) If the report is filed under Section 13(a) or 15(d) of the Exchange Act, provide the certifications required by Rule 30a-2(b) under the 1940 Act (17 CFR 270.30a-2(b)), Rule 13a-14(b) or Rule 15d-14(b) under the Exchange Act (17 CFR 240.13a-14(b) or 240.15d-14(b)), and Section 1350 of Chapter 63 of Title 18 of the United States Code (18 U.S.C. 1350) as an Exhibit. A certification furnished pursuant to this paragraph will not be deemed “filed” for purposes of Section 18 of the Exchange Act (15 U.S.C. 78r), or otherwise subject to the liability of that section. Such certification will not be deemed to be incorporated by reference into any filing under the Securities Act of 1933 or the Exchange Act, except to the extent that the registration specifically incorporates it by reference: See EX-99.906 CERT attached hereto.


SIGNATURES

Pursuant to the requirements of the Securities Exchange Act of 1934 and the Investment Company Act of 1940, the registrant has duly caused this report to be signed on its behalf by the undersigned, thereunto duly authorized.

(Registrant) Nuveen Investment Funds, Inc.

 

By   (Signature and Title)   /s/ Kevin J. McCarthy  
   

Kevin J. McCarthy

Vice President and Secretary

 

Date: July 7, 2014

Pursuant to the requirements of the Securities Exchange Act of 1934 and the Investment Company Act of 1940, this report has been signed below by the following persons on behalf of the registrant and in the capacities and on the dates indicated.

 

By   (Signature and Title)   /s/ Gifford R. Zimmerman  
   

Gifford R. Zimmerman

Chief Administrative Officer

(principal executive officer)

 

Date: July 7, 2014

 

By   (Signature and Title)   /s/ Stephen D. Foy  
   

Stephen D. Foy

Vice President and Controller

(principal financial officer)

 

Date: July 7, 2014

EX-99.CERT 2 d721053dex99cert.htm CERTIFICATION PURSUANT TO SECTION 302 OF THE SARBANES-OXLEY ACT Certification Pursuant to Section 302 of the Sarbanes-Oxley Act

EX-99.CERT

CERTIFICATIONS

I, Gifford R. Zimmerman, certify that:

 

1. I have reviewed this report on Form N-CSR of Nuveen Investment Funds, Inc.;

 

2. Based on my knowledge, this report does not contain any untrue statement of a material fact or omit to state a material fact necessary to make the statements made, in light of the circumstances under which such statements were made, not misleading with respect to the period covered by this report;

 

3. Based on my knowledge, the financial statements, and other financial information included in this report, fairly present in all material respects the financial condition, results of operations, changes in net assets, and cash flows (if the financial statements are required to include a statement of cash flows) of the registrant as of, and for, the periods presented in this report;

 

4. The registrant’s other certifying officer and I are responsible for establishing and maintaining disclosure controls and procedures (as defined in Rule 30a-3(c) under the Investment Company Act of 1940) and internal control over financial reporting (as defined in Rule 30a-3(d) under the Investment Company Act of 1940) for the registrant and have:

 

  a) designed such disclosure controls and procedures, or caused such disclosure controls and procedures to be designed under our supervision, to ensure that material information relating to the registrant, including its consolidated subsidiaries, is made known to us by others within those entities, particularly during the period in which this report is being prepared;

 

  b) designed such internal control over financial reporting, or caused such internal control over financial reporting to be designed under our supervision, to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with generally accepted accounting principles;

 

  c) evaluated the effectiveness of the registrant’s disclosure controls and procedures and presented in this report our conclusions about the effectiveness of the disclosure controls and procedures, as of a date within 90 days prior to the filing date of this report based on such evaluation; and

 

  d) disclosed in this report any change in the registrant’s internal control over financial reporting 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; and

 

5. The registrant’s other certifying officer and I have disclosed to the registrant’s auditors and the audit committee of the registrant’s board of directors (or persons performing the equivalent functions):

 

  a) all significant deficiencies and material weaknesses in the design or operation of internal control over financial reporting which are reasonably likely to adversely affect the registrant’s ability to record, process, summarize, and report financial information; and

 

  b) any fraud, whether or not material, that involves management or other employees who have a significant role in the registrant’s internal control over financial reporting.

Date: July 7, 2014

 

/S/ GIFFORD R. ZIMMERMAN

 

Gifford R. Zimmerman

Chief Administrative Officer

(principal executive officer)


I, Stephen D. Foy, certify that:

 

1. I have reviewed this report on Form N-CSR of Nuveen Investment Funds, Inc.;

 

2. Based on my knowledge, this report does not contain any untrue statement of a material fact or omit to state a material fact necessary to make the statements made, in light of the circumstances under which such statements were made, not misleading with respect to the period covered by this report;

 

3. Based on my knowledge, the financial statements, and other financial information included in this report, fairly present in all material respects the financial condition, results of operations, changes in net assets, and cash flows (if the financial statements are required to include a statement of cash flows) of the registrant as of, and for, the periods presented in this report;

 

4. The registrant’s other certifying officer and I are responsible for establishing and maintaining disclosure controls and procedures (as defined in Rule 30a-3(c) under the Investment Company Act of 1940) and internal control over financial reporting (as defined in Rule 30a-3(d) under the Investment Company Act of 1940) for the registrant and have:

 

  a) designed such disclosure controls and procedures, or caused such disclosure controls and procedures to be designed under our supervision, to ensure that material information relating to the registrant, including its consolidated subsidiaries, is made known to us by others within those entities, particularly during the period in which this report is being prepared;

 

  b) designed such internal control over financial reporting, or caused such internal control over financial reporting to be designed under our supervision, to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with generally accepted accounting principles;

 

  c) evaluated the effectiveness of the registrant’s disclosure controls and procedures and presented in this report our conclusions about the effectiveness of the disclosure controls and procedures, as of a date within 90 days prior to the filing date of this report based on such evaluation; and

 

  d) disclosed in this report any change in the registrant’s internal control over financial reporting 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; and

 

5. The registrant’s other certifying officer and I have disclosed to the registrant’s auditors and the audit committee of the registrant’s board of directors (or persons performing the equivalent functions):

 

  a) all significant deficiencies and material weaknesses in the design or operation of internal control over financial reporting which are reasonably likely to adversely affect the registrant’s ability to record, process, summarize, and report financial information; and

 

  b) any fraud, whether or not material, that involves management or other employees who have a significant role in the registrant’s internal control over financial reporting.

Date: July 7, 2014

 

/S/ STEPHEN D. FOY

 

Stephen D. Foy

Vice President and Controller

(principal financial officer)

EX-99.906CERT 3 d721053dex99906cert.htm CERTIFICATION PURSUANT TO SECTION 906 OF THE SARBANES-OXLEY ACT Certification Pursuant to Section 906 of the Sarbanes-Oxley Act

EX-99.906CERT

Certification Pursuant to 18 U.S.C. 1350, as adopted pursuant to Section 906 of the Sarbanes-Oxley Act of 2002; provided by the Chief Executive Officer and Chief Financial Officer, based on each such officer’s knowledge and belief.

The undersigned officers of Nuveen Investment Funds, Inc. (the “Registrant”), certify that, to the best of each such officer’s knowledge and belief:

 

  1. The Form N-CSR of the Registrant for the period ended April 30, 2014 (the “Report”) fully complies with the requirements of Section 13(a) or 15(d) of the Securities Exchange Act of 1934; and

 

  2. The information contained in the Report fairly presents, in all material respects, the financial condition and results of operations of the Registrant.

Date: July 7, 2014

 

/S/ GIFFORD R. ZIMMERMAN

Gifford R. Zimmerman

Chief Administrative Officer

(principal executive officer)

 

/S/ STEPHEN D. FOY

Stephen D. Foy

Vice President and Controller

(principal financial officer)

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