Nuveen Dividend Value Fund
Summary Prospectus | February 27, 2015
Ticker: Class AFFEIX, Class CFFECX, Class R3FEISX, Class R6FFEFX, Class IFAQIX
This summary prospectus is designed to provide investors with key Fund information in a clear and concise format. Before you invest, you may want to review the Funds complete prospectus, which contains more information about the Fund and its risks. You can find the Funds prospectus and other information about the Fund online at www.nuveen.com/prospectus. You can also get this information at no cost by calling (800) 257-8787 or by sending an e-mail request to mutualfunds@nuveen.com. If you purchase shares of the Fund through a broker-dealer or other financial intermediary (such as a bank), the prospectus and other information will also be available from your financial intermediary. The Funds prospectus and statement of additional information, both dated February 27, 2015, are incorporated by reference into this summary prospectus and may be obtained, free of charge, at the website, phone number or e-mail address noted above.
Investment Objective
The investment objective of the Fund is long-term growth of capital and income.
Fees and Expenses of the Fund
This table describes the fees and expenses that you may pay if you buy and hold shares of the Fund. You may qualify for sales charge discounts if you and your family invest, or agree to invest in the future, at least $50,000 in the Fund or in other Nuveen Mutual Funds. More information about these and other discounts, as well as eligibility requirements for each share class, is available from your financial advisor and in What Share Classes We Offer on page 62 of the Funds prospectus, How to Reduce Your Sales Charge on page 65 of the prospectus and Purchase and Redemption of Fund Shares on page S-82 of the Funds statement of additional information.
Shareholder Fees
(fees paid directly from your investment)
Class A | Class C | Class R3 | Class R6 | Class I | ||||||||||||||||
Maximum Sales Charge (Load) Imposed on Purchases (as a percentage of offering price) |
5.75% | None | None | None | None | |||||||||||||||
Maximum Deferred Sales Charge (Load) (as a percentage of the lesser of purchase price or redemption proceeds)1 |
None | 1.00% | None | None | None | |||||||||||||||
Maximum Sales Charge (Load) Imposed on Reinvested Dividends | None | None | None | None | None | |||||||||||||||
Exchange Fee | None | None | None | None | None | |||||||||||||||
Annual Low Balance Account Fee (for accounts under $1,000)2 | $15 | $15 | None | None | $15 | |||||||||||||||
Annual Fund Operating Expenses | ||||||||||||||||||||
(expenses that you pay each year as a percentage of the value of your investment) | ||||||||||||||||||||
Class A | Class C | Class R3 | Class R6 | Class I | ||||||||||||||||
Management Fees | 0.75% | 0.75% | 0.75% | 0.75% | 0.75% | |||||||||||||||
Distribution and/or Service (12b-1) Fees | 0.25% | 1.00% | 0.50% | 0.00% | 0.00% | |||||||||||||||
Other Expenses | 0.15% | 0.15% | 0.15% | 0.06% | 0.15% | |||||||||||||||
Total Annual Fund Operating Expenses | 1.15% | 1.90% | 1.40% | 0.81% | 0.90% |
1 | The contingent deferred sales charge on Class C shares applies only to redemptions within 12 months of purchase. |
2 | Fee applies to the following types of accounts under $1,000 held directly with the Fund: individual retirement accounts (IRAs), Coverdell Education Savings Accounts and accounts established pursuant to the Uniform Transfers to Minors Act (UTMA) or Uniform Gifts to Minors Act (UGMA). |
Example
The following example is intended to help you compare the cost of investing in the Fund with the cost of investing in other mutual funds. The example assumes that you invest $10,000 in the Fund for the time periods indicated and then either redeem or do not redeem your shares at the end of a period. The example also assumes that your
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investment has a 5% return each year and that the Funds operating expenses remain the same. Although your actual costs may be higher or lower, based on these assumptions your costs would be:
Redemption | No Redemption | |||||||||||||||||||||||||||||||||||||||||||
A | C | R3 | R6 | I | A | C | R3 | R6 | I | |||||||||||||||||||||||||||||||||||
1 Year | $ | 685 | $ | 193 | $ | 143 | $ | 83 | $ | 92 | $ | 685 | $ | 193 | $ | 143 | $ | 83 | $ | 92 | ||||||||||||||||||||||||
3 Years | $ | 919 | $ | 597 | $ | 443 | $ | 259 | $ | 287 | $ | 919 | $ | 597 | $ | 443 | $ | 259 | $ | 287 | ||||||||||||||||||||||||
5 Years | $ | 1,172 | $ | 1,026 | $ | 766 | $ | 450 | $ | 498 | $ | 1,172 | $ | 1,026 | $ | 766 | $ | 450 | $ | 498 | ||||||||||||||||||||||||
10 Years | $ | 1,892 | $ | 2,222 | $ | 1,680 | $ | 1,002 | $ | 1,108 | $ | 1,892 | $ | 2,222 | $ | 1,680 | $ | 1,002 | $ | 1,108 |
Portfolio Turnover
The Fund pays transaction costs, such as commissions, when it buys and sells securities (or turns over its portfolio). A higher portfolio turnover rate may indicate higher transaction costs and may result in higher taxes when Fund shares are held in a taxable account. These costs, which are not reflected in annual fund operating expenses or in the example, affect the Funds performance. During the most recent fiscal year, the Funds portfolio turnover rate was 27% of the average value of its portfolio.
Principal Investment Strategies
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 Funds 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 Funds sub-adviser will generally sell a security if the security is no longer expected to meet the sub-advisers dividend or growth expectations or if a better alternative exists in the marketplace.
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 Funds equity securities include common stocks, convertible preferred stocks, and corporate debt securities that are convertible into common stocks. All such equity securities will provide current income at the time of purchase.
The Fund invests in convertible securities in pursuit of both long-term growth of capital and income. The securities conversion features provide long-term growth potential, while interest payments on the securities provide income. The Fund may invest in convertible securities without regard to their ratings, and therefore may hold convertible securities which are rated lower than investment grade.
The Fund may invest up to 15% of its total assets in non-dollar denominated equity securities of non-U.S. issuers. In addition, the 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 Funds total assets may be invested in equity securities of emerging market issuers.
The Fund may utilize options, futures contracts, options on futures contracts, and forward foreign currency exchange contracts (derivatives). The Fund may use these derivatives to manage market or business risk, enhance the Funds return, or hedge against adverse movements in currency exchange rates.
Principal Risks
The value of your investment in this Fund will change daily. You could lose money by investing in the Fund. An investment in the Fund is not a deposit of a bank and is not insured or guaranteed by the Federal Deposit Insurance Corporation or any other government agency. The principal risks of investing in the Fund, listed alphabetically, include:
Convertible Security RiskThe value of the Funds convertible securities may decline in response to such factors as rising interest rates and fluctuations in the market price of the common stock underlying the convertible securities.
Credit RiskCredit risk is the risk that an issuer of a debt security may be unable or unwilling to make interest and principal payments when due and the related risk that the value of a debt security may decline because of concerns about the issuers ability or willingness to make such payments.
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Currency RiskChanges in currency exchange rates will affect the value of non-U.S. dollar denominated securities, the value of dividends and interest earned from such securities, gains and losses realized on the sale of such securities, and derivative transactions tied to such securities. A strong U.S. dollar relative to these other currencies will adversely affect the value of the Funds portfolio.
Derivatives RiskThe use of derivatives involves additional risks and transaction costs which could leave the Fund in a worse position than if it had not used these instruments. Derivative instruments can be used to acquire or to transfer the risk and returns of a security or other asset without buying or selling the security or asset. These instruments may entail investment exposures that are greater than their cost would suggest. As a result, a small investment in derivatives can result in losses that greatly exceed the original investment. Derivatives can be highly volatile, illiquid and difficult to value. A derivative transaction also involves the risk that a loss may be sustained as a result of the failure of the counterparty to the contract to make required payments.
Equity Security RiskEquity securities may decline significantly in price over short or extended periods of time, and such declines may occur because of declines in the equity market as a whole, or because of declines in only a particular country, company, industry, or sector of the market.
High Yield Securities RiskHigh yield securities, which are rated below investment grade and commonly referred to as junk bonds, are high risk investments that may cause income and principal losses for the Fund. They generally have greater credit risk, are less liquid and have more volatile prices than investment grade securities.
Interest Rate RiskInterest rate risk is the risk that the value of the Funds portfolio will decline because of rising interest rates. The Fund may be subject to a greater risk of rising interest rates than would normally be the case due to the current period of historically low rates and the effect of potential government fiscal policy initiatives and resulting market reaction to those initiatives. When interest rates change, the values of longer-duration debt securities usually change more than the values of shorter-duration debt securities.
Non-U.S./Emerging Markets RiskNon-U.S. issuers or U.S. issuers with significant non-U.S. operations may be subject to risks in addition to those of issuers located in or that principally operate in the United States as a result of, among other things, political, social and economic developments abroad and different legal, regulatory and tax environments. These additional risks may be heightened for securities of issuers located in, or with significant operations in, emerging market countries.
Fund Performance
The following bar chart and table provide some indication of the potential risks of investing in the Fund. The Funds past performance (before and after taxes) is not necessarily an indication of how the Fund will perform in the future. Updated performance information is available at www.nuveen.com/performance or by calling (800) 257-8787.
The bar chart below shows the variability of the Funds performance from year to year for Class A shares. The bar chart and highest/lowest quarterly returns that follow do not reflect sales charges, and if these charges were reflected, the returns would be less than those shown.
Class A Annual Total Return*
* | The performance of the other share classes will differ due to their different expense structures. |
During the ten-year period ended December 31, 2014, the Funds highest and lowest quarterly returns were 14.18% and -17.11%, respectively, for the quarters ended September 30, 2009 and December 31, 2008.
The table below shows the variability of the Funds average annual returns and how they compare over the time periods indicated with those of a broad measure of market performance and an index of funds with similar
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investment objectives. All after-tax returns are calculated using the historical highest individual federal marginal income tax rates and do not reflect the impact of state and local taxes. After-tax returns are shown for Class A shares only; after-tax returns for other share classes will vary. Your own actual after-tax returns will depend on your specific tax situation and may differ from what is shown here. After-tax returns are not relevant to investors who hold Fund shares in tax-deferred accounts such as IRAs or employer-sponsored retirement plans.
Both the bar chart and the table assume that all distributions have been reinvested. Performance reflects fee waivers, if any, in effect during the periods presented. If any such waivers had not been in place, returns would have been reduced.
Average Annual Total Returns for the Periods Ended December 31, 2014 |
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Inception Date |
1 Year | 5 Years | 10 Years | Since (Class R6) |
||||||||||||||||
Class A (return before taxes) | 12/18/92 | 2.16 | % | 12.72 | % | 7.38 | % | N/A | ||||||||||||
Class A (return after taxes on distributions) | (0.01 | )% | 11.30 | % | 6.26 | % | N/A | |||||||||||||
Class A (return after taxes on distributions and sale of Fund shares) | 2.90 | % | 10.13 | % | 5.95 | % | N/A | |||||||||||||
Class C (return before taxes) | 2/1/99 | 7.70 | % | 13.24 | % | 7.22 | % | N/A | ||||||||||||
Class R3 (return before taxes) | 9/24/01 | 8.16 | % | 13.80 | % | 7.74 | % | N/A | ||||||||||||
Class R6 (return before taxes) | 2/28/13 | 8.81 | % | N/A | N/A | 17.45 | % | |||||||||||||
Class I (return before taxes) | 8/2/94 | 8.75 | % | 14.36 | % | 8.29 | % | N/A | ||||||||||||
Russell 1000® Value Index1 (reflects no deduction for fees, expenses or taxes) |
13.45 | % | 15.42 | % | 7.30 | % | 19.61 | % | ||||||||||||
Lipper Equity Income Funds Classification Average2 (reflects no deduction for taxes or sales loads) |
9.76 | % | 13.28 | % | 7.23 | % | 7.23 | % |
1 | An index that measures the performance of those Russell 1000® companies with lower price-to-book ratios and lower forecasted growth values. |
2 | Represents the average annualized total return for all reporting funds in the Lipper Equity Income Funds Classification. |
Management
Investment Adviser
Nuveen Fund Advisors, LLC
Sub-Adviser
Nuveen Asset Management, LLC
Portfolio Managers
Name |
Title |
Portfolio Manager of Fund Since | ||
Cori B. Johnson, CFA | Senior Vice President | August 1994 | ||
Derek M. Sadowsky, CFA | Vice President | February 2012 |
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Purchase and Sale of Fund Shares
You may purchase, redeem or exchange shares of the Fund on any business day, which is any day the New York Stock Exchange is open for business. You may purchase, redeem or exchange shares of the Fund either through a financial advisor or other financial intermediary or directly from the Fund. The Funds initial and subsequent investment minimums generally are as follows, although the Fund may reduce or waive the minimums in some cases:
Class A and Class C | Class R3 | Class R6 | Class I | |||||
Eligibility and Minimum Initial Investment | $3,000 for all accounts except:
$2,500 for Traditional/Roth IRA accounts.
$2,000 for Coverdell Education Savings Accounts.
$250 for accounts opened through fee-based programs.
No minimum for retirement plans. |
Available only
No minimum. |
Available only to certain qualified retirement plans and other investors as described in the prospectus.
$5 million for all accounts except:
No minimum for certain qualified retirement plans as described in the prospectus. |
Available only through fee-based programs and certain retirement plans, and to other limited categories of investors as described in the prospectus.
$100,000 for all accounts except:
$250 for clients of financial intermediaries and family offices that have accounts holding Class I shares with an aggregate value of at least $100,000 (or that are expected to reach this level).
No minimum for eligible retirement plans and certain other categories of eligible investors as described in the prospectus. | ||||
Minimum Additional Investment | $100 | No minimum. | No minimum. | No minimum. |
Tax Information
The Funds distributions are taxable and will generally be taxed as ordinary income or capital gains, unless you are investing through a tax-deferred account, such as an IRA or 401(k) plan (in which case you may be taxed upon withdrawal of your investment from such account).
Payments to Broker-Dealers and Other Financial Intermediaries
If you purchase shares of the Fund through a broker-dealer or other financial intermediary (such as a bank or financial advisor), the Fund, its distributor or its investment adviser may pay the intermediary for the sale of Fund shares and related services. These payments may create a conflict of interest by influencing the broker-dealer or other financial intermediary and your salesperson to recommend the Fund over another investment. Ask your financial advisor or visit your financial intermediarys website for more information.
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