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 811-07619
Nuveen Investment Trust
(Exact name of registrant as specified in charter)
Nuveen Investments
333 West Wacker Drive, Chicago, IL 60606
(Address of principal executive offices) (Zip code)
Christopher M. Rohrbacher
Vice President and Secretary
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: August 31
Date of reporting period: February 28, 2018
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.
Nuveen Equity Funds
| | | | | | | | | | | | |
| Fund Name | | Class A | | Class C | | Class R3 | | Class R6 | | Class I | | Class T |
| Nuveen Large Cap Value Fund | | NNGAX | | NNGCX | | NMMTX | | NNGFX | | NNGRX | | NNGTX |
| Nuveen Large Cap Core Fund | | NLACX | | NLCDX | | — | | NLCFX | | NLCIX | | NLCTX |
| Nuveen Large Cap Growth Fund | | NLAGX | | NLCGX | | — | | NLAFX | | NLIGX | | NLATX |
| Nuveen Concentrated Core Fund | | NCADX | | NCAEX | | — | | NCARX | | NCAFX | | NCCTX |
| Nuveen Growth Fund | | NSAGX | | NSRCX | | NBGRX | | — | | NSRGX | | NSRTX |
| Nuveen Equity Long/Short Fund | | NELAX | | NELCX | | — | | — | | NELIX | | NELTX |
| Nuveen Equity Market Neutral Fund | | NMAEX | | NMECX | | — | | — | | NIMEX | | NMETX |
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Table
of Contents
3
Chairman’s Letter to Shareholders
Dear Shareholders,
After a prolonged absence, volatility has returned to the markets in 2018. Last year, the markets seemed willing to shrug off any bad news. But in the first few months of 2018, a backdrop of greater economic uncertainty has made markets more reactive to daily headlines. Interest rates in the U.S. have started to move off of historic lows, inflation is expected to finally pick up and the tax reform passed in late December 2017 could extend, and possibly bolster, the economy’s growth streak. How the U.S. Federal Reserve (Fed) will manage these conditions is under intense scrutiny, particularly in light of the Fed’s leadership change in February 2018.
At the same time, trade protectionism could upend sentiment and growth assumptions for the global economy. Investors are also concerned about the potential for increased government regulation on technology companies, whose shares recently declined due to a data privacy scandal and other negative news. Trade and tech do merit watching, but with few policy specifics at the moment, the long-term implications remain difficult to assess.
While the risks surrounding trade, monetary and fiscal policy may have increased, there is still opportunity for upside. Recession risk continues to look low, global economies are still expanding and corporate profits have continued to be healthy. Fundamentals, not headlines, drive markets over the long term. And, it’s easy to forget the relative calm over the past year was the outlier. A return to more historically normal volatility levels is both to be expected and part of the healthy functioning of the markets.
Context and perspective are important. If you’re investing for long-term goals, stay focused on the long term, as temporary bumps may smooth over time. Individuals that have shorter timeframes could also benefit from sticking to a clearly defined investment strategy with a portfolio designed for short-term needs. Your financial advisor can help you determine if your portfolio is properly aligned with your goals, timeline and risk tolerance, as well as help you differentiate the noise from what really matters. On behalf of the other members of the Nuveen Fund Board, we look forward to continuing to earn your trust in the months and years ahead.
Sincerely,
William J. Schneider
Chairman of the Board
April 23, 2018
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Portfolio Managers’ Comments
Nuveen Large Cap Value Fund
Nuveen Large Cap Core Fund
Nuveen Large Cap Growth Fund
Nuveen Concentrated Core Fund
Nuveen Growth Fund
Nuveen Equity Long/Short Fund
Nuveen Equity Market Neutral Fund
These Funds feature portfolio management by Nuveen Asset Management, LLC (NAM), an affiliate of Nuveen, LLC. Throughout the reporting period, Robert C. Doll, CFA, a senior portfolio manager and chief equity strategist at NAM, and Scott M. Tonneson, CFA, served as portfolio managers for the Funds.
Effective October 13, 2017, Nuveen Large Cap Growth Opportunities Fund merged into Nuveen Large Cap Growth Fund and Nuveen Large Cap Core Plus Fund merged into Nuveen Large Cap Core Fund.
Effective November 3, 2017, Nuveen Core Dividend Fund merged into Nuveen Large Cap Value Fund.
In January 2018, the Board of Trustees approved the reorganizations of Nuveen Growth Fund and Nuveen Symphony Large-Cap Growth Fund into Nuveen Large Cap Growth Fund. We expect to hold special meetings for the shareholders of Nuveen Growth Fund and Nuveen Symphony Large-Cap Growth Fund for the purpose of voting on the reorganization in June 2018 (subsequent to the close of this reporting period). If the required approval is obtained, we anticipate the reorganization will occur in August 2018.
In March 2018 (subsequent to the close of this reporting period), the Board of Trustees approved the reorganization of Nuveen Concentrated Core Fund into Nuveen Large Cap Core Fund, subject to shareholder approval. We expect to hold a special meeting for Nuveen Concentrated Core Fund shareholders for the purpose of voting on the reorganization in June 2018 (subsequent to the close of this reporting period). If the required approval is obtained, we anticipate the reorganization will occur approximately one month after the meeting.
On the following pages, the management team discusses key investment strategies and the Funds’ performance for the six-month reporting period ended February 28, 2018.
How did the Funds perform during the six-month reporting period ended February 28, 2018?
The tables in the Fund Performance and Expense Ratios section of this report provide total return performance information for the Funds for the six-month, one-year, five-year, ten-year and/or since inception periods ended February 28, 2018. Each Fund’s Class A Share total returns at net asset value (NAV) are compared with the performance of their corresponding market index and Lipper classification average. A more detailed account of each Fund’s performance is provided later in this report.
This material is not intended to be a recommendation or investment advice, does not constitute a solicitation to buy or sell securities, and is not provided in a fiduciary capacity. The information provided does not take into account the specific objectives or circumstances of any particular investor, or suggest any specific course of action. Investment decisions should be made based on an investor’s objectives and circumstances and in consultation with his or her advisors.
Certain statements in this report are forward-looking statements. Discussions of specific investments are for illustration only and are not intended as recommendations of individual investments. The forward-looking statements and other views expressed herein are those of the portfolio managers as of the date of this report. Actual future results or occurrences may differ significantly from those anticipated in any forward-looking statements and the views expressed herein are subject to change at any time, due to numerous market and other factors. The Funds disclaim any obligation to update publicly or revise any forward-looking statements or views expressed herein.
Refer to the Glossary of Terms Used in this Report for further definition of the terms used within this section.
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Portfolio Managers’ Comments (continued)
What strategies were used to manage the Funds during the six-month reporting period ended February 28, 2018 and how did these strategies influence performance?
Nuveen Large Cap Value Fund
The Fund’s Class A Shares at NAV outperformed both the Russell 1000® Value Index and the comparative Lipper classification average during the six-month reporting period ended February 28, 2018.
The Nuveen Large Cap Value Fund seeks long-term capital appreciation by investing primarily in large-capitalization stocks of U.S. companies. The investment team selects securities using the same disciplined approach used with all of the NAM equity strategies managed by Robert Doll and Scott Tonneson, balancing fundamental analysis with quantitative techniques. We start with the securities found in the Russell 1000® Value Index, which are primarily large-cap value companies and use a multi-factor quantitative ranking process to identify potential holdings. We then apply a fundamental overlay from NAM’s team of sector specific analysts, using our industry perspectives to select holdings. Our goal is to invest primarily in companies that exhibit improving business fundamentals, strong management, identifiable catalysts and attractive valuations. We believe that buying such companies at reasonable prices can provide above market returns over time.
During the reporting period, the Fund produced strong results, outperforming both benchmarks due to widespread strength among its style tilts, stock selections and sector weights. Security selection was particularly favorable in the consumer discretionary, industrial and health care sectors. In terms of sector weights, the Fund’s performance was rewarded for its significant overweight in information technology, which was the best performing sector in the benchmark with a more than 23% advance. Underweight positions in utilities and real estate investment trusts (REITs) also proved helpful as both sectors fell more than 8% in the index during the reporting period. In addition, the Fund benefited from overweight positions in stocks that exhibited more volatility and higher momentum stocks (those that have recently performed well).
The most significant contributor to the Fund’s performance was its lack of exposure to a large benchmark constituent, General Electric Company. This diversified manufacturer operates seven separate businesses in the industrial segment: power, oil and gas, renewable energy, lighting, aviation, health care and transportation. Shares were on a downward slide throughout the reporting period after 30-year GE veteran John Flannery took over the reins in August 2017. We believe General Electric is facing a number of fundamental challenges, which were validated at the company’s mid-November 2017 investor meeting, reinforcing our downside view of the stock. The company also cut its dividend in half in November 2017, which is only the second cut since the Great Depression, putting further downward pressure on the stock. Therefore, we maintained no exposure to General Electric during the reporting period. In the consumer discretionary sector, the Fund benefited from a position in department store retail chain Kohl’s Corporation. In its most recent quarterly results, the company reported a strong jump in same-store sales from the same quarter a year ago due to a robust holiday season that saw a surge in online sales. Kohl’s is benefiting from its increased focus on athletic apparel through alliances with prominent brands such as Nike, Under Armour and Adidas. The company has also formed a partnership with Amazon, offering its smart home products at some of its locations and accepting the online retailer’s returns at a handful of stores. Therefore, we continued to hold stock in Kohl’s. In technology, the Fund saw strong results from its position in NetApp, Inc., the second largest provider of solutions for storing, managing, protecting and archiving enterprise data. Shares jumped sharply in mid-November 2017 after the company reported an impressive quarterly beat with revenue and earnings per share both coming in significantly ahead of consensus, combined with positive estimate revisions. NetApp continues to benefit from strong demand for its high growth product lines, including cloud-based data analytics tools and flash-based storage devices, which have been a major contributor to revenue growth. In addition, the company has a consistent record of returning cash to shareholders through dividends and share repurchases.
The Fund turned in strong results during the reporting period and had few detractors of note. However, an emphasis on stocks with relatively smaller market caps within the large-cap universe hindered results. Also, underweight positions in the financials and energy sectors proved detrimental due to favorable returns in those sectors. In addition, stock selection was somewhat challenging in information technology, offsetting some of the significant benefit from our overweight position in the sector.
In the telecommunications area, shares of regional cable, internet and telephone provider Frontier Communications Corporation continued to slip as they have done for the past year. Investors sold off the stock after another round of disappointing quarterly results that included greater-than-expected losses on the bottom line. Similar to rest of the pay TV industry, Frontier continues to
6
lose cable subscribers to streaming options. Unfortunately, the company is not making up for these losses by adding broadband Internet customers. Investors also fretted throughout the reporting period that Frontier’s generous dividend payment was not sustainable. On the final day of the reporting period, the company announced during its fourth-quarter 2017 earnings report that it was suspending its quarterly dividend in order to reduce leverage less than a year after making a major cut to the payout. We continued to hold this stock at the end of the reporting period. In the REIT sector, the Fund was hurt by a position in Realogy Holdings Corporation, the nation’s largest full-service residential real estate services company and parent to Coldwell Banker. The stock fell sharply in November 2017 after the company released third-quarter earnings that not only missed expectations, but also dropped year over year. We have sold our holdings in Realogy Holdings Corporation because we decided to reduce the Fund’s exposure to REITs and the stock had reached a valuation level where we decided to seek other opportunities. Shares were also hurt, along with other companies related to the housing industry, by the new tax bill passed in December 2017 that caps the popular mortgage interest deduction. The overall U.S. housing market also showed signs of softness, which may be just a temporary consequence of disruptions like last summer’s hurricanes, or could be a lingering issue that will depress earnings further. In the financial sector, the Fund was hindered by an underweight position in JPMorgan Chase & Co., a multi-national banking and financial services holding company. Shares rose sharply throughout the reporting period to reach all-time highs by February 2018. JPMorgan, along with other financial stocks, has benefited from improving investor optimism regarding economic growth, rising interest rates and tax cuts. In mid-January, the company released its fourth-quarter results, which beat analysts’ estimates as the company delivered record earnings per share.
Nuveen Large Cap Core Fund
The Fund’s Class A Shares at NAV outperformed both the Russell 1000® Index and the comparative Lipper classification average during the six-month reporting period ended February 28, 2018.
The Nuveen Large Cap Core Fund seeks long-term capital appreciation by selecting securities using the same disciplined approach used with all of the NAM equity strategies managed by Robert Doll and Scott Tonneson, balancing fundamental analysis with quantitative techniques. We start with the securities found in the Russell 1000® Index, which are primarily large-cap companies and use a multi-factor quantitative ranking process to identify potential holdings. We then apply a fundamental overlay from NAM’s team of sector specific analysts, using our industry perspectives to select holdings. Our goal is to invest primarily in companies that exhibit improving business fundamentals, strong management, identifiable catalysts and attractive valuations. We believe that buying such companies at reasonable prices can provide above market returns over time.
During the reporting period, the Fund turned in strong results, outperforming both benchmarks due to widespread strength among its stock selections, sector weights and style tilts. Security selection was particularly favorable in the industrial, consumer discretionary, health care and consumer staples sectors. In terms of sector weights, underweight positions in utilities and real estate investment trusts (REITs) proved helpful as both sectors fell more than 7% in the index during the reporting period. The Fund’s performance was also rewarded for its significant overweight in consumer discretionary, which was one of the strongest performing sectors in the benchmark. Regarding styles, the Fund benefited from an overweight position in stocks that exhibited more volatility.
In the health care sector, the Fund saw strong results from a position in Bioverativ Inc., a biotechnology firm that specializes in developing treatments for the blood clotting disorder hemophilia. The company was spun off from Biogen in early 2017 after that firm decided to focus on its neurology business. Shares of Bioverativ rose dramatically in January 2018 following news that French biopharmaceutical giant Sanofi had offered to purchase the firm in an all-cash deal that represented a significant premium. We have sold our holdings in Bioverativ because its shares were trading near the deal price, so we sought out other opportunities. In the consumer discretionary sector, the Fund benefited from a position in department store retail chain Kohl’s Corporation. In its most recent quarterly results, the company reported a strong jump in same-store sales from the same quarter a year ago due to a robust holiday season that saw a surge in online sales. Kohl’s is benefiting from its increased focus on athletic apparel through alliances with prominent brands such as Nike, Under Armour and Adidas. The company has also formed a partnership with Amazon, offering its smart home products at some of its locations and accepting the online retailer’s returns at a handful of stores. Another significant contributor to the Fund’s performance was our lack of exposure to a large benchmark constituent, General Electric Company. This diversified manufacturer operates seven separate businesses in the industrial segment: power, oil and gas, renewable energy, lighting, aviation, health care and transportation. Shares were on a downward slide throughout the reporting period after 30-year GE
7
Portfolio Managers’ Comments (continued)
veteran John Flannery took over the reins in August 2017. We believe General Electric is facing a number of fundamental challenges, which were validated at the company’s mid-November 2017 investor meeting, reinforcing our downside view of the stock. The company also cut its dividend in half in November 2017, which is only the second cut since the Great Depression, putting further downward pressure on the stock. Therefore, we maintained no exposure to General Electric during the reporting period.
The Fund turned in strong results during the reporting period and had few detractors of note. However, an emphasis on stocks with relatively smaller market caps within the large-cap universe did hinder returns. Also, an overweight position in health care, one of the weaker performing sectors in the index, and an underweight position in energy proved detrimental. In addition, stock selection detracted in the telecommunication services sector.
In health care, shares of biotechnology firm Celgene Corporation dropped sharply in late October 2017 after the company’s third-quarter earnings release and slid even lower over the remainder of the reporting period. Although the company reported a 10% year-over-year increase in revenue and a 21% increase in adjusted earnings, it cut its long-term 2020 targets for sales and earnings per share. Celgene dealt equity investors several other blows during the reporting period after announcing that sales of its key plaque psoriasis and psoriatic arthritis drug Otezla came in significantly below expectations, while sales of its top drug Revlimid, to treat anemia and multiple myeloma, also proved somewhat disappointing. We continued to hold a position in Celgene. In the consumer discretionary sector, the Fund’s position in global online travel services company Expedia, Inc. detracted during the reporting period. The company owns and operates a number of well-known travel and search web sites including Expedia.com, Hotels.com, Orbitz, Hotwire, Travelocity and Trivago. Investors reacted negatively to the company’s earnings report that fell short of consensus forecasts, which also led company management to lower both full-year 2017 and 2018 guidance. This was the first quarterly report under the leadership of a new chief executive officer after long-time CEO Dara Khosrowshahi left to take the helm at Uber. Expedia reported that gross bookings were light due in part to challenges from this past summer’s hurricanes and fires that wreaked havoc on travel plans. In addition, the company has had to increase spending on cloud-based infrastructure and marketing efforts to remain competitive. The Fund’s performance was also hindered by its underweight position in Amazon.com, Inc. The online retailer and cloud computing service provider saw its shares jump sharply higher in late October 2017 and continue to rise throughout the rest of the reporting period to new all-time highs. The stock price surge came on the heels of the company’s third-quarter results, which showed rapid growth across all e-commerce reporting segments that far surpassed Wall Street expectations. The company’s third-quarter sales increased 34% year-over-year, including the contribution from the recent acquisition of Whole Foods Market, and adjusted earnings rose 18%. Amazon’s continued massive investment spending is driving growth for its Prime subscription services, which is leading to stronger sales.
Nuveen Large Cap Growth Fund
The Fund’s Class A Shares at NAV outperformed the comparative Lipper classification average, and performed in line with the Russell 1000® Growth Index during the six-month reporting period ended February 28, 2018.
The Nuveen Large Cap Growth Fund seeks long-term capital appreciation by investing primarily in stocks of well-run companies that exhibit above-average growth potential. The investment team selects securities using the same disciplined approach used with all of the NAM equity strategies managed by Robert Doll and Scott Tonneson, balancing fundamental analysis with quantitative techniques. We start with the securities found in the Russell 1000® Growth Index, which are primarily large-cap growth-oriented companies, and use a multi-factor quantitative ranking process to identify potential holdings. We then apply a fundamental overlay from NAM’s team of sector specific analysts, using our industry perspectives to select holdings. Our goal is to invest primarily in companies that exhibit improving business fundamentals, strong management, identifiable catalysts and attractive valuations. We believe that buying such companies at reasonable prices can provide above market returns over time.
During the reporting period, the Fund benefited from security selection in the real estate investment trust (REIT) and information technology sectors. Also, performance was aided by an overweight position in stocks that exhibited more volatility.
In the health care sector, the Fund benefited from a position in Bioverativ Inc., a biotechnology firm that specializes in developing treatments for the blood clotting disorder hemophilia. The company was spun off from Biogen in early 2017 after that firm decided to focus on its neurology business. Shares of Bioverativ rose dramatically in January 2018 following news that French biopharmaceutical giant Sanofi had offered to purchase the firm in an all-cash deal that represented a significant premium. We have
8
sold our holdings in Bioverativ because its shares were trading near the deal price, so we sought out other opportunities. In technology, the Fund saw strong results from its position in NetApp, Inc., the second largest provider of solutions for storing, managing, protecting and archiving enterprise data. Shares jumped sharply in mid-November 2017 after the company reported an impressive quarterly beat with revenue and earnings per share both coming in significantly ahead of consensus, combined with positive estimate revisions. NetApp continues to benefit from strong demand for its high growth product lines, including cloud-based data analytics tools and flash-based storage devices, which have been a major contributor to revenue growth. In addition, the company has a consistent record of returning cash to shareholders through dividends and share repurchases. In the consumer discretionary sector, shares of worldwide clothing and accessories retailer Gap, Inc. rose sharply during the reporting period after being under pressure during the previous reporting period. The company is the owner and operator of five leading clothing retailers including its namesake Gap as well as Banana Republic, Old Navy, Intermix and Athleta. In November 2017, Gap reported an earnings beat for the third quarter of 2017 driven by its fourth straight quarter of gross margin improvement and a 3% rise in comparable store sales, an impressive feat in the current retail environment. These favorable profitability and sales growth trends caused Gap’s management team to raise both top- and bottom-line forecasts for the year. We continued to hold a position in Gap at the end of the reporting period.
On the negative side of the equation, an emphasis on stocks with relatively smaller market caps within the large-cap universe hindered returns. Also, stock selection detracted in the consumer discretionary sector. In addition, an overweight position in health care, one of the weaker performing sectors in the index, proved detrimental.
In the consumer discretionary sector, an underweight position in Amazon.com, Inc. detracted significantly from the Fund’s performance. The online retailer and cloud computing service provider saw its shares jump sharply higher in late October 2017 and continue to rise throughout the rest of the reporting period to new all-time highs. The stock price surge came on the heels of the company’s third-quarter results, which showed rapid growth across all e-commerce reporting segments that far surpassed Wall Street expectations. The company’s third-quarter sales increased 34% year-over-year, including the contribution from the recent acquisition of Whole Foods Market, and adjusted earnings rose 18%. Amazon’s continued massive investment spending is driving growth for its Prime subscription services, which is leading to stronger sales. Also in the consumer discretionary sector, the Fund’s position in global online travel services company Expedia Inc. detracted during the reporting period. The company owns and operates a number of well-known travel and search web sites including Expedia.com, Hotels.com, Orbitz, Hotwire, Travelocity and Trivago. Investors reacted negatively to the company’s earnings report that fell short of consensus forecasts, which also led company management to lower both full-year 2017 and 2018 guidance. This was the first quarterly report under the leadership of a new chief executive officer after long-time CEO Dara Khosrowshahi left to take the helm at Uber. Expedia reported that gross bookings were light due in part to challenges from this past summer’s hurricanes and fires that wreaked havoc on travel plans. In addition, the company has had to increase spending on cloud-based infrastructure and marketing efforts to remain competitive. However, we continued to hold a position in Expedia. In health care, shares of biotechnology firm Celgene Corporation dropped sharply in late October 2017 after the company’s third-quarter earnings release and slid even lower over the remainder of the reporting period. Although the company reported a 10% year-over-year increase in revenue and a 21% increase in adjusted earnings, it cut its long-term 2020 targets for sales and earnings per share. Celgene dealt equity investors several other blows after announcing that sales of its key plaque psoriasis and psoriatic arthritis drug Otezla came in significantly below expectations, while sales of its top drug Revlimid, to treat anemia and multiple myeloma, also proved somewhat disappointing.
Nuveen Concentrated Core Fund
The Fund’s Class A Shares at NAV underperformed both the Russell 1000® Index and the comparative Lipper classification average during the six-month reporting period ended February 28, 2018.
The Nuveen Concentrated Core Fund seeks long-term capital appreciation by investing in a highly concentrated portfolio of approximately 20 stocks of well-run companies that the investment team believes are attractive. The team selects securities using the same disciplined approach used with all of the NAM equity strategies managed by Robert Doll and Scott Tonneson, balancing fundamental analysis with quantitative techniques. We start with the securities found in the Russell 1000® Index, which are primarily large-cap companies, and use a multifactor quantitative ranking process to identify potential holdings. We then apply a fundamental overlay from NAM’s team of sector specific analysts, using our industry perspectives to select holdings. Our goal is to invest primarily
9
Portfolio Managers’ Comments (continued)
in companies that exhibit improving business fundamentals, strong management, identifiable catalysts and attractive valuations. We believe that buying such companies at reasonable prices can provide above market returns over time.
During the reporting period, stock selection detracted in the health care, consumer discretionary, financial and consumer staples sectors. In addition, overweight positions in health care and consumer staples, two of the weaker performing sectors in the index, proved detrimental.
In health care, shares of biotechnology firm Celgene Corporation dropped sharply in late October 2017 after the company’s third-quarter earnings release and slid even lower over the remainder of the period. Although the company reported a 10% year-over-year increase in revenue and a 21% increase in adjusted earnings, it cut its long-term 2020 targets for sales and earnings per share. Celgene dealt equity investors several other blows after announcing that sales of its key plaque psoriasis and psoriatic arthritis drug Otezla came in significantly below expectations, while sales of its top drug Revlimid, to treat anemia and multiple myeloma, were also somewhat disappointing. We continued to hold a position in Celgene. In the consumer staples sector, we saw weakness from our position in Walgreens Boots Alliance Inc., which operates the second-largest pharmacy store chain in the United States. Shares dropped sharply after rumors swirled about Amazon’s potential foray into the prescription drug industry. Investors feared that Amazon’s presence in this market could have the same potential effect as its recent entrance into the grocery store industry with its Whole Foods acquisition. Meanwhile, Walgreens has been investing in store renovations and enhancing its beauty offerings, to lure more customers and increase its presence in the high-growth cosmetics space. We continued to hold a position in Walgreens. In the consumer discretionary sector, the Fund’s position in global online travel services company Expedia Inc. detracted during the reporting period. The company owns and operates a number of well-known travel and search web sites including Expedia.com, Hotels.com, Orbitz, Hotwire, Travelocity and Trivago. Investors reacted negatively to the company’s earnings report that fell short of consensus forecasts, which also led company management to lower both full-year 2017 and 2018 guidance. This was the first quarterly report under the leadership of a new chief executive officer after long-time CEO Dara Khosrowshahi left to take the helm at Uber. Expedia reported that gross bookings were light due in part to challenges from this past summer’s hurricanes and fires that wreaked havoc on travel plans. In addition, the company has had to increase spending on cloud-based infrastructure and marketing efforts to remain competitive. We have sold our holdings in Expedia because company management indicated the need for increased investment and lower projected earnings.
On the positive side of the equation, the Fund benefited from security selection in the information technology sector. Also, in terms of sector weights, the Fund was rewarded for its lack of exposure to both utilities and real estate investment trusts (REITs), areas that were both down more than 7% in the index during the reporting period. In addition, performance was aided by an overweight position in stocks that exhibited more volatility.
The Fund’s top two contributors were found in the information technology sector. The first, global payments processor and financial services firm MasterCard, Inc., saw its shares rise sharply during the reporting period. The company is benefiting from recent merger and acquisition activity including its acquisition of U.K.-based Vocalink, a leader in bank account-based payments, which provides it with access to an additional network. MasterCard has also continued to experience significant growth in gross dollar transaction volumes despite new European regulations that could potentially threaten revenues. Toward the end of the reporting period, the company reported fourth-quarter earnings that were better than expected fueled by increased holiday spending by shoppers on their credit and debit cards. We continued to maintain a position in MasterCard. Also, the Fund saw strong results from a position in VMware Inc., a subsidiary of Dell Technologies that provides cloud computing and platform virtualization software and services from the desktop to the data center. The company reported impressive quarterly results in November 2017 as total billings and license billings grew 21% and 16% year-over-year respectively, well above consensus. Management also raised full-year 2018 guidance and offered 10% year-over-year revenue growth in full year 2019. VMware continues to show solid execution across its product portfolio and geographies, while benefiting from a healthy enterprise spending environment and traction with hybrid clouds and promising new products. We continued to hold a position in VMware. In the health care sector, the Fund benefited from a position in Express Scripts, Holding Company, the largest pharmacy benefit manager in the United States. Through its mail-order pharmacy and network of retail pharmacies, the company processes approximately 1.4 billion prescriptions annually for its payer clients. In December 2017, Express Scripts provided initial 2018 earnings guidance that was above consensus estimates. We continued to maintain a position in Express Scripts.
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Nuveen Growth Fund
The Fund’s Class A Shares at NAV outperformed both the Russell 1000® Growth Index and the comparative Lipper classification average during the six-month reporting period ended February 28, 2018.
The Nuveen Growth Fund seeks long-term capital appreciation by investing primarily in stocks of well-run companies that exhibit above average growth potential combined with durable and stable earnings streams. The Fund may invest up to 25% of its net assets in non-U.S. equity securities. The team selects securities using the same disciplined approach used with all of the NAM equity strategies managed by Robert Doll and Scott Tonneson, balancing fundamental analysis with quantitative techniques. We begin with the securities found in the Russell 1000® Growth Index, which are primarily large-cap growth-oriented companies and use a multifactor quantitative ranking process to identify potential holdings. We then apply a fundamental overlay from NAM’s team of sector specific analysts, using our industry perspectives to select growth oriented holdings. Our goal is to invest primarily in companies that exhibit stable and consistent earnings growth, defendable competitive advantages, strong management and low dependence on capital markets. We believe that buying such companies at reasonable prices can provide above market returns over time.
During the reporting period, the Fund turned in strong results, outperforming both benchmarks due to favorable stock selection and sector weights. Security selection was particularly strong in the health care, industrial and information technology sectors. In terms of sector weights, a lack of exposure to real estate investment trusts (REITs) proved helpful because it was the only sector in the index in negative territory during the reporting period, down nearly 4%.
In the health care sector, the Fund benefited from a position in Bioverativ Inc., a biotechnology firm that specializes in developing treatments for the blood clotting disorder hemophilia. The company was spun off from Biogen in early 2017 after that firm decided to focus on its neurology business. Shares of Bioverativ rose dramatically in January 2018 following news that French biopharmaceutical giant Sanofi had offered to purchase the firm in an all-cash deal that represented a significant premium. The deal is the first major acquisition for Sanofi since 2011. We continued to maintain a position in Bioverativ. In information technology, shares of global payments processor and financial services company MasterCard Inc. rose sharply during the reporting period. The company is benefiting from recent merger and acquisition activity including its acquisition of U.K.-based Vocalink, a leader in bank account-based payments, which provides it with access to an additional network. MasterCard has also continued to experience significant growth in gross dollar transaction volumes despite new European regulations that could potentially threaten revenues. Toward the end of the reporting period, the company reported fourth-quarter earnings that were better than expected fueled by increased holiday spending by shoppers on their credit and debit cards. We continued to maintain a position in MasterCard. Also in health care, our lack of exposure to biotechnology firm Celgene Corporation benefited the Fund’s results. Shares dropped sharply in late October 2017 after the company’s third-quarter earnings release and slid even lower over the remainder of the reporting period. Although the company reported a 10% year-over-year increase in revenue and a 21% increase in adjusted earnings, it cut its long-term 2020 targets for sales and earnings per share. We maintained no exposure to Celgene.
The Fund turned in strong results during the reporting period and had few detractors of note. Stock selection did detract in the consumer discretionary sector. Also, an overweight position in health care, one of the weaker performing sectors in the index, proved detrimental.
In the consumer discretionary sector, our lack of exposure to Amazon.com, Inc. detracted significantly from the Fund’s performance. The online retailer and cloud computing service provider saw its shares jump sharply higher in late October 2017 and continue to rise throughout the rest of the reporting period to new all-time highs. The stock price surge came on the heels of the company’s third-quarter results, which showed rapid growth across all e-commerce reporting segments that far surpassed Wall Street expectations. The company’s third-quarter sales increased 34% year-over-year, including the contribution from the recent acquisition of Whole Foods Market, and adjusted earnings rose 18%. Amazon’s continued massive investment spending is driving growth for its Prime subscription services, which is leading to stronger sales. In consumer staples, we saw weakness from our position in Walgreens Boots Alliance Inc., which operates the second-largest pharmacy store chain in the United States. Shares dropped sharply after rumors swirled about Amazon’s potential foray into the prescription drug industry. Investors feared that Amazon’s presence in this market could have the same potential effect as its recent entrance into the grocery store industry with its Whole Foods acquisition. Meanwhile, Walgreens has been investing in store renovations and enhancing its beauty offerings, to lure more customers and increase its presence in the high-growth cosmetics space. We continued to hold a position in Walgreens. Also, in health care, the
11
Portfolio Managers’ Comments (continued)
Fund’s performance was hindered by our lack of exposure to AbbVie Inc., a pharmaceutical company that discovers, develops and markets both biopharmaceuticals and small molecule drugs. The company’s quarterly revenues came in slightly ahead of consensus helped by strong performances from two of its products, Humira and Imbruvica. AbbVie’s earnings per share beat consensus by 2%, helped by stronger gross margins and a lower tax rate. We maintained no exposure to AbbVie at the end of the reporting period.
Nuveen Equity Long/Short Fund
The Fund’s Class A Shares at NAV outperformed both the Russell 1000® Index and the comparative Lipper classification average during the six-month reporting period ended February 28, 2018.
The Nuveen Equity Long/Short Fund seeks long-term capital appreciation with moderate correlation to the U.S. equity market by investing in long and short positions primarily of large-capitalization stocks from U.S. companies. The team selects securities using the same disciplined approach used with all of the NAM equity strategies managed by Robert Doll and Scott Tonneson, balancing fundamental analysis with quantitative techniques. We start with the securities found in the Russell 1000® Index, which are primarily large-cap companies and use a multi-factor quantitative ranking process to identify potential holdings. We then apply a fundamental overlay from NAM’s team of sector specific analysts, using our industry perspectives to select holdings. Our goal is to invest in long positions of companies that exhibit improving business fundamentals, strong management, identifiable catalysts and attractive valuations. We believe that buying such companies at reasonable prices can provide above market returns over time. At the same time, the management team will typically take short positions in companies that it expects to underperform. The team expects the Fund to maintain a net long exposure to the equity market (long market value minus short market value) that is around 70%, with a range of 40% to 100%. The goal of this strategy is to allow the Fund to benefit from a rising market, although to a lesser extent than a “long-only” fund, while maintaining some protection in a falling market with the Fund’s short positions, which are selected based on the management team’s belief that they will trail the broader market.
During the reporting period, the Fund produced strong results, outperforming both benchmarks due to widespread strength among its style tilts, stock selections and sector weights. Security selection was beneficial among both short and long positions, particularly in the health care, consumer discretionary, industrial, financial, materials, energy and consumer staples sectors. In terms of sector weights, the Fund’s performance was rewarded for its net short position in utilities and underweights in consumer staples and real estate investment trusts (REITs). All three sectors were in negative territory in the index during the period’s strong overall market advance. In addition, the Fund benefited from overweight positions in higher momentum stocks (those that have recently performed well) and stocks that exhibited more volatility.
In the health care sector, the Fund benefited from a long position in Bioverativ Inc., a biotechnology firm that specializes in developing treatments for the blood clotting disorder hemophilia. The company was spun off from Biogen in early 2017 after that firm decided to focus on its neurology business. Shares of Bioverativ rose dramatically in January 2018 following news that French biopharmaceutical giant Sanofi had offered to purchase the firm in an all-cash deal that represented a significant premium. We have sold our holdings in Bioverativ because its shares were trading near the deal price, so we sought out other opportunities. In technology, the Fund saw strong results from its long position in NetApp, Inc., the second largest provider of solutions for storing, managing, protecting and archiving enterprise data. Shares jumped sharply in mid-November 2017 after the company reported an impressive quarterly beat with revenue and earnings per share (EPS) both coming in significantly ahead of consensus, combined with positive estimate revisions. NetApp continues to benefit from strong demand for its high-growth product lines, including cloud-based data analytics tools and flash-based storage devices, which have been a major contributor to revenue growth. In addition, the company has a consistent record of returning cash to shareholders through dividends and share repurchases. We continued to hold this stock.
In health care, a short position in biotechnology company Tesaro Inc. benefited the Fund’s results. The company develops drugs to treat diseases in oncology. Tesaro’s lead drug, a targeted PARP inhibitor called Zejula, is used to treat ovarian cancer. Although Zejula’s sales during the reporting period were in line with expectations, the drug’s current dominant market position could be at risk, given competitive dynamics starting in 2018 with three similar PARP inhibitors on the U.S. market. In the consumer discretionary sector, the Fund also benefited from a short position in Pandora Media, Inc., the largest personalized music delivery service in the U.S. The company has approximately 80 million monthly active users, a greater than 75% share of U.S. Internet radio listening hours and around a 10% share of total U.S. radio listening hours. Shares dropped sharply in November 2017 and remained under pressure
12
after Pandora Media reported mixed third-quarter results combined with sobering guidance for the upcoming quarter. Newly appointed CEO Roger Lynch was candid about the company’s key challenges, including rising content costs, declining listener hours, increasing competition and weaker ad revenues.
The Fund posted strong absolute and relative returns during the reporting period and had no major themes that detracted. In terms of individual laggards, a long position in biotechnology firm Celgene Corporation hindered results after shares dropped sharply in late October 2017 following the company’s third-quarter earnings release and slid even lower over the remainder of the reporting period. Although the company reported a 10% year-over-year increase in revenue and a 21% increase in adjusted earnings, it cut its long-term 2020 targets for sales and earnings per share. Celgene dealt equity investors several other blows after announcing that sales of its key plaque psoriasis and psoriatic arthritis drug Otezla came in significantly below expectations, while sales of its top drug Revlimid, to treat anemia and multiple myeloma, also proved somewhat disappointing. We continued to hold a long position in Celgene. In the consumer discretionary sector, the Fund’s long position in global online travel services company Expedia Inc. detracted during the reporting period. The company owns and operates a number of well-known travel and search web sites including Expedia.com, Hotels.com, Orbitz, Hotwire, Travelocity and Trivago. Investors reacted negatively to the company’s earnings report that fell short of consensus forecasts, which also led company management to lower both full-year 2017 and 2018 guidance. This was the first quarterly report under the leadership of a new chief executive officer after long-time CEO Dara Khosrowshahi left to take the helm at Uber. Expedia reported that gross bookings were light due in part to challenges from this past summer’s hurricanes and fires that wreaked havoc on travel plans. In addition, the company has had to increase spending on cloud-based infrastructure and marketing efforts to remain competitive. We have sold our holdings in Expedia because company management indicated the need for increased investment and lower projected earnings.
In the energy sector, a short position in oil and gas drilling rig provider Helmerich & Payne Inc. hurt performance. Shares rose significantly from September through the end of January following a sharp decline during the first eight months of 2017. Oil prices held steady for much of 2017, and were on an uptrend in the second half of the year, which was enough to keep U.S. drillers active and increase demand for rigs. Helmerich & Payne continues to see demand pick up for its high-end, alternating current rigs, which are a more efficient and flexible solution for extracting oil from the unconventional oil plays that are dominating U.S. onshore drilling. By the fourth quarter of 2017, the company had more than twice as many active rigs as it had one year ago and has increased its market share in the U.S. land drilling space since the oil price downturn began. We continued to maintain a short position in Helmerich & Payne. In the information technology sector, the Fund’s performance was hindered by a short position in DST Systems, Inc., an information processing and servicing provider in the financial and health care industries. In early January, the company received a takeout offer from SS&C Technologies in a deal valued at $5.4 billion and representing a significant premium over where DST shares were trading. The move is intended to increase the size and scale of SS&C, another provider of software services for the financial services industry, as it tries to more effectively tap into the $25 trillion U.S. retirement market. The company expects the merger will immediately be accretive to earnings and result in $150 million in annual cost savings by 2020. We have covered our short position in DST because its shares were trading near the deal price, so we sought out other opportunities.
Nuveen Equity Market Neutral Fund
The Fund’s Class A Shares at NAV outperformed both the ICE BofAML 3-Month Treasury Bill Index and the comparative Lipper classification average during the six-month reporting period ended February 28, 2018.
The Nuveen Equity Market Neutral Fund seeks long-term capital appreciation independent of the equity market’s direction by investing in long and short positions primarily of large-capitalization stocks from U.S. companies. The team selects securities using the same disciplined approach used with all of the NAM equity strategies managed by Robert Doll and Scott Tonneson, balancing fundamental analysis with quantitative techniques. We start with the securities found in the Russell 1000® Index, which are primarily large-cap companies, and use a multi-factor quantitative ranking process to identify potential holdings. We then apply a fundamental overlay from NAM’s team of sector specific analysts, using our industry perspectives to select holdings. Our goal is to invest in long positions of companies that exhibit improving business fundamentals, strong management, identifiable catalysts and attractive valuations. We believe that buying such companies at reasonable prices can provide above market returns over time. At the same time, the management team will typically take short positions in companies that it expects to underperform. The goal of this strategy is that, over time, the stock market exposure of the combined long and short positions will be minimized, producing a net return due
13
Portfolio Managers’ Comments (continued)
primarily to stock selection, rather than stock market movements. Over longer periods of time, the Fund’s net exposure could fluctuate between net long 40% and net short 20%; however, under somewhat normal conditions, the Fund will carry a net long exposure slightly above zero percent (long market value versus short market value).
During the reporting period, the Fund produced strong results, outperforming both benchmarks due to widespread strength among its style tilts, stock selections and sector weights. Security selection was beneficial among long positions, particularly in the health care, consumer discretionary, information technology, industrial and financial sectors. In terms of sector weights, the Fund’s performance was rewarded for its net short position in utilities. In addition, the Fund benefited from an overweight position in higher momentum stocks (those that have recently performed well).
In the Fund’s long portfolio, performance was aided by a position in Bioverativ Inc., a biotechnology firm that specializes in developing treatments for the blood clotting disorder hemophilia. The company was spun off from Biogen in early 2017 after that firm decided to focus on its neurology business. Shares of Bioverativ rose dramatically in January 2018 following news that French biopharmaceutical giant Sanofi had offered to purchase the firm in an all-cash deal that represented a significant premium. We have sold our holdings in Bioverativ because its shares were trading near the deal price, so we sought out other opportunities. In the consumer discretionary sector, the Fund benefited from a long position in department store retail chain Kohl’s Corporation. In its most recent quarterly results, the company reported a strong 7% jump in same-store sales from the same quarter a year ago due to a robust holiday season that saw a surge in online sales. Kohl’s is benefiting from its increased focus on athletic apparel through alliances with prominent brands such as Nike, Under Armour and Adidas. The company has also formed a partnership with Amazon, offering its smart home products at some of its locations and accepting the online retailer’s returns at a handful of stores. Kohl’s has been able to more successfully manage the retail challenges of the past few years than its peers such as Macy’s, Dillard’s, Nordstrom and J.C. Penney, especially in terms of margins. Therefore, we continued to hold our position in Kohl’s.
In health care, a short position in biotechnology company Tesaro Inc. benefited the Fund’s results. The company develops drugs to treat diseases in oncology. Tesaro’s lead drug, a targeted PARP inhibitor called Zejula, is used to treat ovarian cancer. Although Zejula’s sales during the reporting period were in line with expectations, the drug’s current dominant market position could be at risk, given competitive dynamics starting in 2018 with three similar PARP inhibitors on the U.S. market. Also, Tesaro may need to address additional capital needs in the next six months or so with no potential buyout in progress at this time. In the consumer discretionary sector, the Fund also benefited from a short position in Pandora Media Inc., the largest personalized music delivery service in the United States. The company has approximately 80 million monthly active users, a greater than 75% share of U.S. Internet radio listening hours and around a 10% share of total U.S. radio listening hours. Shares dropped sharply in November and remained under pressure after Pandora Media reported mixed third-quarter results combined with sobering guidance for the upcoming quarter. Newly appointed CEO Roger Lynch was candid about the company’s key challenges, including rising content costs, declining listener hours, increasing competition and weaker ad revenues. He is charged with simplifying the business, cutting costs and capturing Pandora Media’s advertising revenue potential.
The Fund turned in strong results during the reporting period and had few detractors of note. That said, stock selection was challenging in its short portfolio, particularly in the energy sector.
In terms of individual laggards, a long position in biotechnology firm Celgene Corporation hindered results after shares dropped sharply in late October following the company’s third-quarter earnings release and slid even lower over the remainder of the reporting period. Although the company reported a 10% year-over-year increase in revenue and a 21% increase in adjusted earnings, it cut its long-term 2020 targets for sales and earnings per share. Celgene dealt equity investors several other blows after announcing that sales of its key plaque psoriasis and psoriatic arthritis drug Otezla came in significantly below expectations, while sales of its top drug Revlimid, to treat anemia and multiple myeloma, also proved somewhat disappointing. In addition, the company announced it would discontinue clinical trial testing of its new drug to treat Crohn’s disease. In the consumer discretionary sector, the Fund’s long position in global online travel services company Expedia Inc. detracted during the reporting period. The company owns and operates a number of well-known travel and search web sites including Expedia.com, Hotels.com, Orbitz, Hotwire, Travelocity and Trivago. Investors reacted negatively to the company’s earnings report that fell short of consensus forecasts, which also led company management to lower both full-year 2017 and 2018 guidance. This was the first quarterly report under the leadership of a new chief executive officer after long-time CEO Dara Khosrowshahi left to take the helm at Uber. Expedia reported that gross bookings were
14
light due in part to challenges from this past summer’s hurricanes and fires that wreaked havoc on travel plans. In addition, the company has had to increase spending on cloud-based infrastructure and marketing efforts to remain competitive.
In the energy sector, a short position in oil and gas drilling rig provider Helmerich & Payne Inc. hurt performance. Shares rose significantly from September 2017 through the end of January 2018 following a sharp decline during the first eight months of 2017. Oil prices held steady for much of 2017, and were on an uptrend in the second half of 2017, which was enough to keep U.S. drillers active and increase demand for rigs. Helmerich & Payne continues to see demand pick up for its high-end, alternating current rigs, which are a more efficient and flexible solution for extracting oil from the unconventional oil plays that are dominating U.S. onshore drilling. By the fourth quarter of 2017, the company had more than twice as many active rigs and has increased its market share in the U.S. land drilling space since the oil price downturn began. In the information technology sector, the Fund’s performance was hindered by a short position in DST Systems Inc., an information processing and servicing provider in the financial and health care industries. We covered our short position in DST because its shares were trading near the deal price, so we sought out other opportunities.
15
Risk Considerations
Nuveen Large 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. These and other risk considerations, such as futures contract, large cap stock, and value stock risks, are described in detail in the Fund’s prospectus.
Nuveen Large Cap Core Fund
Mutual fund investing involves risk; principal loss is possible. There is no guarantee the Fund’s investment objectives will be achieved, including income from dividends. The value of equity securities may decline significantly over short or extended periods of time. More information on these risks considerations, as well as information on other risks to which the Fund is subject, such as futures contract and large cap stock risks, are included in the Fund’s prospectus.
Nuveen Large Cap Growth 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 futures contract, growth stock, and large cap stock risks, are described in detail in the Fund’s prospectus.
Nuveen Concentrated Core Fund
Mutual fund investing involves risk; principal loss is possible. There is no guarantee the Fund’s investment objectives will be achieved. The value of equity securities may decline significantly over short or extended periods of time. The Fund is non-diversified, meaning it may invest a larger portion of its assets in the securities of a limited number of issuers and may be more sensitive to any single economic, business, political or regulatory occurrence than a diversified fund. More information on these risks considerations, as well as information on other risks to which the Fund is subject, such as futures contract and large cap stock risks, are included in the Fund’s prospectus.
Nuveen Growth 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 currency, growth stock, large cap stock, and non-U.S. investment risks, are described in detail in the Fund’s prospectus.
Nuveen Equity Long/Short 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 change significantly over short or extended periods of time. The Fund sells securities that it has borrowed but does not own (“short sales”), which is a speculative technique. The Fund will suffer a loss when the price of a security that it holds long decreases or the price of a security that it has sold short increases. Losses on short sales arise from increases in the value of the security sold short, and therefore are theoretically unlimited. Because the Fund invests in both long and short equity positions, the Fund has overall exposure to changes in value of equity securities that is far greater than its net asset value. This may magnify gains and losses and increase the volatility of the Fund’s returns. In addition, the use of short sales will increase the Fund’s expenses. More information on these risks considerations, as well as information on other risks to which the Fund is subject, such as frequent trading, futures contract, and large cap stock risks, are included in the Fund’s prospectus.
16
Nuveen Equity Market Neutral 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 change significantly over short or extended periods of time. The Fund sells securities that it has borrowed but does not own (“short sales”), which is a speculative technique. The Fund will suffer a loss when the price of a security that it holds long decreases or the price of a security that it has sold short increases. Because the Fund attempts to generate returns that are primarily due to stock selection (long and short), rather than the returns of the stock market, performance will be more dependent on the portfolio manager acumen than is the case for other equity funds. Losses on short sales arise from increases in the value of the security sold short, and therefore are theoretically unlimited. Because the Fund invests in both long and short equity positions, the Fund has overall exposure to changes in value of equity securities that is far greater than its net asset value. This may magnify gains and losses and increase the volatility of the Fund’s returns. In addition, the use of short sales will increase the Fund’s expenses. More information on these risks considerations, as well as information on other risks to which the Fund is subject, such as frequent trading, futures contract and large cap stock risks, are included in the Fund’s prospectus.
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18
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. Investment returns and principal value will fluctuate so that when shares are redeemed, they may be worth more or less than their original cost. Current performance may be higher or lower than the performance shown. Total returns for a period of less than one year are not annualized. Returns at net asset value (NAV) would be lower if the sales charge were included. Returns assume reinvestment of dividends and capital gains. For performance, current to the most recent month-end visit nuveen.com or call (800) 257-8787.
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 fee waivers and/or expense reimbursements by the investment adviser during the periods presented. If any such waivers and/or reimbursements had not been in place, returns would have been reduced. See Notes to Financial Statements, Note 7—Management Fees and Other Transactions with Affiliates for more information.
Returns reflect differences in sales charges and expenses, which are primarily differences in distribution and service fees, and assume reinvestment of dividends and capital gains.
Comparative index and Lipper return information is provided for Class A Shares at NAV only.
The expense ratios shown reflect total operating expenses (before fee waivers and/or expense reimbursements, if any) as shown in the most recent prospectus. The expense ratios include management fees and other fees and expenses.
Effective July 2018, subsequent to the close of the reporting period, Class C Shares will automatically convert to Class A Shares after 10 years. Conversions will occur during the month in which the 10-year anniversary of the purchase occurs. Class C Shares that have been held for longer than 10 years as of July 1, 2018 will also convert to Class A Shares in July 2018. The automatic conversion will be based on the relative net asset values of the two share classes without the imposition of a sales charge or fee. The automatic conversion of Class C Shares to Class A Shares will not apply to shares held through group retirement plan recordkeeping platforms of certain financial intermediaries who hold such shares in an omnibus account and do not track participant level share lot aging to facilitate such a conversion.
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Fund Performance and Expense Ratios (continued)
Nuveen Large Cap Value Fund
Refer to the first page of this Fund Performance and Expense Ratios section for further explanation of the information included within this section. Refer to Glossary of Terms Used in this Report for definitions of terms used within this section.
Fund Performance
Average Annual Total Returns as of February 28, 2018
| | | | | | | | | | | | | | | | |
| | | Cumulative | | | Average Annual | |
| | | 6-Month | | | 1-Year | | | 5-Year | | | 10-Year | |
Class A Shares at NAV | | | 11.21% | | | | 11.77% | | | | 12.73% | | | | 7.83% | |
Class A Shares at maximum Offering Price | | | 4.83% | | | | 5.36% | | | | 11.41% | | | | 7.19% | |
Russell 1000® Value Index | | | 7.26% | | | | 7.75% | | | | 12.04% | | | | 7.89% | |
Lipper Multi-Cap Value Funds Classification Average | | | 8.52% | | | | 9.54% | | | | 11.51% | | | | 7.70% | |
Class C Shares | | | 10.80% | | | | 10.93% | | | | 11.89% | | | | 7.03% | |
Class I Shares | | | 11.37% | | | | 12.10% | | | | 13.02% | | | | 8.10% | |
| | | | | | | | | | | | | | | | |
| | | Cumulative | | | Average Annual | |
| | | 6-Month | | | 1-Year | | | 5-Year | | | Since
Inception | |
Class R3 Shares | | | 11.04% | | | | 11.47% | | | | 12.45% | | | | 8.49% | |
Class R6 Shares | | | 11.41% | | | | 12.14% | | | | N/A | | | | 20.52% | |
Class T Shares* | | | 11.23% | | | | N/A | | | | N/A | | | | 16.13% | |
Class T Shares at maximum Offering Price* | | | 8.45% | | | | N/A | | | | N/A | | | | 13.23% | |
Average Annual Total Returns as of March 31, 2018 (Most Recent Calendar Quarter)
| | | | | | | | | | | | | | | | |
| | | Cumulative | | | Average Annual | |
| | | 6-Month | | | 1-Year | | | 5-Year | | | 10-Year | |
Class A Shares at NAV | | | 4.70% | | | | 11.62% | | | | 11.28% | | | | 7.69% | |
Class A Shares at maximum Offering Price | | | (1.31)% | | | | 5.21% | | | | 9.97% | | | | 7.06% | |
Class C Shares | | | 4.35% | | | | 10.77% | | | | 10.45% | | | | 6.89% | |
Class I Shares | | | 4.85% | | | | 11.90% | | | | 11.56% | | | | 7.96% | |
| | | | | | | | | | | | | | | | |
| | | Cumulative | | | Average Annual | |
| | | 6-Month | | | 1-Year | | | 5-Year | | | Since
Inception | |
Class R3 Shares | | | 4.59% | | | | 11.32% | | | | 11.00% | | | | 8.17% | |
Class R6 Shares | | | 4.89% | | | | 11.94% | | | | N/A | | | | 17.95% | |
Class T Shares* | | | 4.72% | | | | N/A | | | | N/A | | | | 13.56% | |
Class T Shares at maximum Offering Price* | | | 2.09% | | | | N/A | | | | N/A | | | | 10.73% | |
Since inception returns for Class R3 Shares, Class R6 Shares and Class T Shares are from 8/04/08, 6/30/16 and 5/31/17, respectively. Since inception returns for Class T Shares are cumulative. Performance prior to June 24, 2013, reflects the Fund’s performance under the management of multiple sub-advisers using investment strategies that differed significantly from those currently in place. Indexes and Lipper averages are not available for direct investment.
Class A Shares have a maximum 5.75% sales charge (Offering Price). Class A Share purchases of $1 million or more are sold at net asset value without an up-front sales charge but may be subject to a contingent deferred sales charge (CDSC) of 1% if redeemed within eighteen months of purchase. Class C Shares have a 1% CDSC for redemptions within less than twelve months, which is not reflected in the total returns. 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 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. Class T Shares have a maximum 2.50% sales charge (Offering Price).
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Expense Ratios as of Most Recent Prospectus
| | | | | | | | | | | | | | | | | | | | | | | | |
| | | Share Class | |
| | | Class A | | | Class C | | | Class R3 | | | Class R6 | | | Class I | | | Class T* | |
Gross Expense Ratios | | | 1.05% | | | | 1.80% | | | | 1.29% | | | | 0.73% | | | | 0.80% | | | | 1.05% | |
Net Expense Ratios | | | 1.00% | | | | 1.75% | | | | 1.25% | | | | 0.68% | | | | 0.75% | | | | 1.00% | |
The Fund’s investment adviser has contractually agreed to waive fees and/or reimburse expenses through July 31, 2019, so that total annual Fund operating expenses (excluding 12b-1 distribution and/or service fees, interest expenses, taxes, acquired fund fees and expenses, fees incurred in acquiring and disposing of portfolio securities and extraordinary expenses) do not exceed 0.79% (1.20% after July 31, 2019) of the average daily net assets of any class of Fund shares. However, because Class R6 Shares are not subject to sub-transfer agent and similar fees, the total annual Fund operating expenses for the Class R6 Shares will be less than the expense limitation. The expense limitation expiring July 31, 2019 may be terminated or modified prior to that date only with the approval of the Board of Trustees of the Fund. The expense limitation in effect thereafter may be terminated or modified only with the approval of shareholders of the Fund.
| * | Class T Shares are not available for public offering. |
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Fund Performance and Expense Ratios (continued)
Nuveen Large Cap Core Fund
Refer to the first page of this Fund Performance and Expense Ratios section for further explanation of the information included within this section. Refer to Glossary of Terms Used in this Report for definitions of terms used within this section.
Fund Performance
Average Annual Total Returns as of February 28, 2018
| | | | | | | | | | | | |
| | | Cumulative | | | Average Annual | |
| | | 6-Month | | | 1-Year | | | Since
Inception | |
Class A Shares at NAV | | | 13.20% | | | | 17.18% | | | | 14.54% | |
Class A Shares at maximum Offering Price | | | 6.69% | | | | 10.44% | | | | 13.11% | |
Russell 1000® Index | | | 10.62% | | | | 16.70% | | | | 13.53% | |
Lipper Multi-Cap Core Funds Classification Average | | | 9.50% | | | | 14.45% | | | | 11.33% | |
| | | |
Class C Shares | | | 12.76% | | | | 16.31% | | | | 13.68% | |
Class R6 Shares | | | 13.36% | | | | 17.56% | | | | 22.78% | |
Class I Shares | | | 13.33% | | | | 17.50% | | | | 14.82% | |
Class T Shares* | | | 13.18% | | | | N/A | | | | 17.93% | |
Class T Shares at maximum Offering Price* | | | 10.35% | | | | N/A | | | | 14.98% | |
Average Annual Total Returns as of March 31, 2018 (Most Recent Calendar Quarter)
| | | | | | | | | | | | |
| | | Cumulative | | | Average Annual | |
| | | 6-Month | | | 1-Year | | | Since
Inception | |
Class A Shares at NAV | | | 7.59% | | | | 15.57% | | | | 13.72% | |
Class A Shares at maximum Offering Price | | | 1.40% | | | | 8.93% | | | | 12.32% | |
Class C Shares | | | 7.19% | | | | 14.70% | | | | 12.87% | |
Class R6 Shares | | | 7.78% | | | | 15.91% | | | | 20.00% | |
Class I Shares | | | 7.72% | | | | 15.85% | | | | 13.99% | |
Class T Shares* | | | 7.58% | | | | N/A | | | | 15.24% | |
Class T Shares at maximum Offering Price* | | | 4.89% | | | | N/A | | | | 12.36% | |
Since inception returns for Class A, Class C and Class I Shares are from 6/17/13. Since inception returns for Class R6 Shares and Class T Shares are from 6/30/16 and 5/31/17, respectively. Since inception returns for Class T Shares are cumulative. Indexes and Lipper averages are not available for direct investment.
Class A Shares have a maximum 5.75% sales charge (Offering Price). Class A Share purchases of $1 million or more are sold at net asset value without an up-front sales charge but may be subject to a contingent deferred sales charge (CDSC) of 1% if redeemed within eighteen months of purchase. Class C Shares have a 1% CDSC for redemptions within less than twelve months, which is not reflected in the total returns. Class R6 Shares have no sales charge and are available only to certain limited categories 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. Class T Shares have a maximum 2.50% sales charge (Offering Price).
22
Expense Ratios as of Most Recent Prospectus
| | | | | | | | | | | | | | | | | | | | |
| | | Share Class | |
| | | Class A | | | Class C | | | Class R6 | | | Class I | | | Class T* | |
Gross Expense Ratios | | | 1.06% | | | | 1.81% | | | | 0.74% | | | | 0.81% | | | | 1.06% | |
Net Expense Ratios | | | 1.00% | | | | 1.75% | | | | 0.68% | | | | 0.75% | | | | 1.00% | |
The Fund’s investment adviser has contractually agreed to waive fees and/or reimburse expenses through July 31, 2019, so that total annual Fund operating expenses (excluding 12b-1 distribution and/or service fees, interest expenses, taxes, acquired fund fees and expenses, fees incurred in acquiring and disposing of portfolio securities and extraordinary expenses) do not exceed 0.79% of the average daily net assets of any class of Fund shares. However, because Class R6 Shares are not subject to sub-transfer agent and similar fees, the total annual Fund operating expenses for the Class R6 Shares will be less than the expense limitation. The expense limitation may be terminated or modified prior to that date only with the approval of the Board of Trustees of the Fund.
| * | Class T Shares are not available for public offering. |
23
Fund Performance and Expense Ratios (continued)
Nuveen Large Cap Growth Fund
Refer to the first page of this Fund Performance and Expense Ratios section for further explanation of the information included within this section. Refer to Glossary of Terms Used in this Report for definitions of terms used within this section.
Fund Performance
Average Annual Total Returns as of February 28, 2018
| | | | | | | | | | | | |
| | | Cumulative | | | Average Annual | |
| | | 6-Month | | | 1-Year | | | Since
Inception | |
Class A Shares at NAV | | | 13.93% | | | | 21.20% | | | | 14.89% | |
Class A Shares at maximum Offering Price | | | 7.38% | | | | 14.23% | | | | 13.45% | |
Russell 1000® Growth Index | | | 13.94% | | | | 26.11% | | | | 16.25% | |
Lipper Multi-Cap Core Funds Classification Average | | | 9.50% | | | | 14.45% | | | | 11.33% | |
| | | |
Class C Shares | | | 13.52% | | | | 20.30% | | | | 14.04% | |
Class R6 Shares | | | 14.10% | | | | 21.58% | | | | 24.59% | |
Class I Shares | | | 14.10% | | | | 21.50% | | | | 15.17% | |
Average Annual Total Returns as of March 31, 2018 (Most Recent Calendar Quarter)
| | | | | | | | | | | | |
| | | Cumulative | | | Average Annual | |
| | | 6-Month | | | 1-Year | | | Since
Inception | |
Class A Shares at NAV | | | 8.75% | | | | 18.46% | | | | 14.02% | |
Class A Shares at maximum Offering Price | | | 2.50% | | | | 11.65% | | | | 12.62% | |
Class C Shares | | | 8.33% | | | | 17.56% | | | | 13.17% | |
Class R6 Shares | | | 8.92% | | | | 18.87% | | | | 21.58% | |
Class I Shares | | | 8.92% | | | | 18.79% | | | | 14.30% | |
Since inception returns for Class A, Class C and Class I Shares are from 6/17/13. Since inception returns for Class R6 Shares are from 6/30/16. Indexes and Lipper averages are not available for direct investment.
Class A Shares have a maximum 5.75% sales charge (Offering Price). Class A Share purchases of $1 million or more are sold at net asset value without an up-front sales charge but may be subject to a contingent deferred sales charge (CDSC) of 1% if redeemed within eighteen months of purchase. Class C Shares have a 1% CDSC for redemptions within less than twelve months, which is not reflected in the total returns. Class R6 Shares have no sales charge and are available only to certain limited categories as described in the prospectus. Class I Shares have no sales charge and may be purchased under limited circumstances or by specified classes of investors.
Expense Ratios as of Most Recent Prospectus
| | | | | | | | | | | | | | | | |
| | | Share Class | |
| | | Class A | | | Class C | | | Class R6 | | | Class I | |
Gross Expense Ratios | | | 1.18% | | | | 1.94% | | | | 0.89% | | | | 0.94% | |
Net Expense Ratios | | | 0.98% | | | | 1.73% | | | | 0.68% | | | | 0.73% | |
The Fund’s investment adviser has contractually agreed to waive fees and/or reimburse expenses through July 31, 2019 so that total annual Fund operating expenses (excluding 12b-1 distribution and/or service fees, interest expenses, taxes, acquired fund fees and expenses, fees incurred in acquiring and disposing of portfolio securities and extraordinary expenses) do not exceed 0.77% of the average daily net assets of any class of Fund shares. However, because Class R6 Shares are not subject to sub-transfer agent and similar fees, the total annual Fund operating expenses for the Class R6 Shares will be less than the expense limitation. The expense limitation may be terminated or modified prior to that date only with the approval of the Board of Trustees of the Fund.
24
Nuveen Concentrated Core Fund
Refer to the first page of this Fund Performance and Expense Ratios section for further explanation of the information included within this section. Refer to Glossary of Terms Used in this Report for definitions of terms used within this section.
Fund Performance
Average Annual Total Returns as of February 28, 2018
| | | | | | | | | | | | |
| | | Cumulative | | | Average Annual | |
| | | 6-Month | | | 1-Year | | | Since
Inception | |
Class A Shares at NAV | | | 3.06% | | | | 8.46% | | �� | | 11.39% | |
Class A Shares at maximum Offering Price | | | (2.87)% | | | | 2.23% | | | | 10.00% | |
Russell 1000® Index | | | 10.62% | | | | 16.70% | | | | 13.53% | |
Lipper Large-Cap Core Funds Classification Average | | | 10.08% | | | | 15.84% | | | | 12.02% | |
| | | |
Class C Shares | | | 2.69% | | | | 7.68% | | | | 10.56% | |
Class R6 Shares | | | 3.26% | | | | 8.89% | | | | 14.61% | |
Class I Shares | | | 3.19% | | | | 8.79% | | | | 11.67% | |
Average Annual Total Returns as of March 31, 2018 (Most Recent Calendar Quarter)
| | | | | | | | | | | | |
| | | Cumulative | | | Average Annual | |
| | | 6-Month | | | 1-Year | | | Since
Inception | |
Class A Shares at NAV | | | (1.97)% | | | | 6.43% | | | | 10.42% | |
Class A Shares at maximum Offering Price | | | (7.60)% | | | | 0.31% | | | | 9.06% | |
Class C Shares | | | (2.34)% | | | | 5.63% | | | | 9.59% | |
Class R6 Shares | | | (1.80)% | | | | 6.82% | | | | 11.75% | |
Class I Shares | | | (1.90)% | | | | 6.67% | | | | 10.68% | |
Since inception returns for Class A, Class C and Class I Shares are from 6/17/13. Since inception returns for Class R6 Shares are from 6/30/16. Indexes and Lipper averages are not available for direct investment.
Class A Shares have a maximum 5.75% sales charge (Offering Price). Class A Share purchases of $1 million or more are sold at net asset value without an up-front sales charge but may be subject to a contingent deferred sales charge (CDSC) of 1% if redeemed within eighteen months of purchase. Class C Shares have a 1% CDSC for redemptions within less than twelve months, which is not reflected in the total returns. Class R6 Shares have no sales charge and are available only to certain limited categories as described in the prospectus. Class I Shares have no sales charge and may be purchased under limited circumstances or by specified classes of investors.
Expense Ratios as of Most Recent Prospectus
| | | | | | | | | | | | | | | | |
| | | Share Class | |
| | | Class A | | | Class C | | | Class R6 | | | Class I | |
Gross Expense Ratios | | | 1.26% | | | | 2.01% | | | | 0.91% | | | | 1.02% | |
Net Expense Ratios | | | 1.08% | | | | 1.83% | | | | 0.73% | | | | 0.83% | |
The Fund’s investment adviser has contractually agreed to waive fees and/or reimburse expenses through July 31, 2019 so that total annual Fund operating expenses (excluding 12b-1 distribution and/or service fees, interest expenses, taxes, acquired fund fees and expenses, fees incurred in acquiring and disposing of portfolio securities and extraordinary expenses) do not exceed 0.86% of the average daily net assets of any class of Fund shares. However, because Class R6 Shares are not subject to sub-transfer agent and similar fees, the total annual Fund operating expenses for the Class R6 Shares will be less than the expense limitation. The expense limitation may be terminated or modified prior to that date only with the approval of the Board of Trustees of the Fund.
25
Fund Performance and Expense Ratios (continued)
Nuveen Growth Fund
Refer to the first page of this Fund Performance and Expense Ratios section for further explanation of the information included within this section. Refer to Glossary of Terms Used in this Report for definitions of terms used within this section.
Fund Performance
Average Annual Total Returns as of February 28, 2018
| | | | | | | | | | | | | | | | |
| | | Cumulative | | | Average Annual | |
| | | 6-Month | | | 1-Year | | | 5-Year | | | 10-Year | |
Class A Shares at NAV | | | 15.90% | | | | 24.22% | | | | 15.14% | | | | 9.02% | |
Class A Shares at maximum Offering Price | | | 9.23% | | | | 17.06% | | | | 13.79% | | | | 8.37% | |
Russell 1000® Growth Index | | | 13.94% | | | | 26.11% | | | | 17.03% | | | | 11.58% | |
Lipper Large-Cap Growth Funds Classification Average | | | 13.35% | | | | 26.61% | | | | 15.69% | | | | 10.25% | |
| | | | |
Class C Shares | | | 15.44% | | | | 23.29% | | | | 14.29% | | | | 8.20% | |
Class I Shares | | | 16.04% | | | | 24.55% | | | | 15.44% | | | | 9.29% | |
| | | | | | | | | | | | | | | | |
| | | Cumulative | | | Average Annual | |
| | | 6-Month | | | 1-Year | | | 5-Year | | | Since
Inception | |
Class R3 Shares | | | 15.76% | | | | 23.92% | | | | 14.86% | | | | 16.40% | |
Average Annual Total Returns as of March 31, 2018 (Most Recent Calendar Quarter)
| | | | | | | | | | | | | | | | |
| | | Cumulative | | | Average Annual | |
| | | 6-Month | | | 1-Year | | | 5-Year | | | 10-Year | |
Class A Shares at NAV | | | 9.62% | | | | 20.22% | | | | 13.48% | | | | 8.64% | |
Class A Shares at maximum Offering Price | | | 3.32% | | | | 13.31% | | | | 12.15% | | | | 7.99% | |
Class C Shares | | | 9.24% | | | | 19.35% | | | | 12.64% | | | | 7.82% | |
Class I Shares | | | 9.76% | | | | 20.54% | | | | 13.78% | | | | 8.91% | |
| | | | | | | | | | | | | | | | |
| | | Cumulative | | | Average Annual | |
| | | 6-Month | | | 1-Year | | | 5-Year | | | Since
Inception | |
Class R3 Shares | | | 9.50% | | | | 19.93% | | | | 13.20% | | | | 15.75% | |
Since inception returns for Class R3 Shares are from 3/03/09. Indexes and Lipper averages are not available for direct investment.
Class A Shares have a maximum 5.75% sales charge (Offering Price). Class A Share purchases of $1 million or more are sold at net asset value without an up-front sales charge but may be subject to a contingent deferred sales charge (CDSC) of 1% if redeemed within eighteen months of purchase. Class C Shares have a 1% CDSC for redemptions within less than twelve months, which is not reflected in the total returns. 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.
26
Expense Ratios as of Most Recent Prospectus
| | | | | | | | | | | | | | | | |
| | | Share Class | |
| | | Class A | | | Class C | | | Class R3 | | | Class I | |
Gross Expense Ratios | | | 1.31% | | | | 2.06% | | | | 1.57% | | | | 1.06% | |
Net Expense Ratios | | | 1.02% | | | | 1.77% | | | | 1.27% | | | | 0.77% | |
The Fund’s investment adviser has contractually agreed to waive fees and/or reimburse expenses through July 31, 2019 so that total annual Fund operating expenses (excluding 12b-1 distribution and/or service fees, interest expenses, taxes, acquired fund fees and expenses, fees incurred in acquiring and disposing of portfolio securities and extraordinary expenses) do not exceed 0.81% (1.40% after July 31, 2019) of the average daily net assets of any class of Fund shares. The expense limitation expiring July 31, 2019 may be terminated or modified prior to that date only with the approval of the Board of Trustees of the Fund. The expense limitation in effect thereafter may be terminated or modified only with the approval of shareholders of the Fund.
27
Fund Performance and Expense Ratios (continued)
Nuveen Equity Long/Short Fund
Refer to the first page of this Fund Performance and Expense Ratios section for further explanation of the information included within this section. Refer to Glossary of Terms Used in this Report for definitions of terms used within this section.
Fund Performance
Average Annual Total Returns as of February 28, 2018
| | | | | | | | | | | | | | | | |
| | | Cumulative | | | Average Annual | |
| | | 6-Month | | | 1-Year | | | 5-Year | | | Since
Inception | |
Class A Shares at NAV | | | 14.01% | | | | 18.59% | | | | 11.96% | | | | 11.42% | |
Class A Shares at maximum Offering Price | | | 7.47% | | | | 11.78% | | | | 10.64% | | | | 10.70% | |
Russell 1000® Index | | | 10.62% | | | | 16.70% | | | | 14.56% | | | | 15.59% | |
Lipper Alternative Long/Short Equity Funds Classification Average | | | 4.18% | | | | 7.12% | | | | 5.96% | | | | 7.39% | |
| | | | |
Class C Shares | | | 13.58% | | | | 17.71% | | | | 11.12% | | | | 10.58% | |
Class I Shares | | | 14.16% | | | | 18.88% | | | | 12.24% | | | | 11.70% | |
Average Annual Total Returns as of March 31, 2018 (Most Recent Calendar Quarter)
| | | | | | | | | | | | | | | | |
| | | Cumulative | | | Average Annual | |
| | | 6-Month | | | 1-Year | | | 5-Year | | | Since
Inception | |
Class A Shares at NAV | | | 8.11% | | | | 15.00% | | | | 10.64% | | | | 10.91% | |
Class A Shares at maximum Offering Price | | | 1.90% | | | | 8.39% | | | | 9.34% | | | | 10.21% | |
Class C Shares | | | 7.71% | | | | 14.16% | | | | 9.82% | | | | 10.08% | |
Class I Shares | | | 8.25% | | | | 15.29% | | | | 10.92% | | | | 11.19% | |
Since inception returns are from 12/30/08. Performance prior to March 1, 2013, reflects the Fund’s performance under the management of a sub-adviser using investment strategies that differed significantly from those currently in place. Indexes and Lipper averages are not available for direct investment.
Class A Shares have a maximum 5.75% sales charge (Offering Price). Class A Share purchases of $1 million or more are sold at net asset value without an up-front sales charge but may be subject to a contingent deferred sales charge (CDSC) of 1% if redeemed within eighteen months of purchase. Class C Shares have a 1% CDSC for redemptions within less than twelve months, which is not reflected in the total returns. 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 | | | 3.54% | | | | 4.28% | | | | 3.26% | |
Net Expense Ratios | | | 3.36% | | | | 4.10% | | | | 3.08% | |
The Fund’s investment adviser has contractually agreed to waive fees and/or reimburse expenses through July 31, 2019 so that total annual Fund operating expenses (excluding 12b-1 distribution and/or service fees, interest expenses, taxes, acquired fund fees and expenses, fees incurred in acquiring and disposing of portfolio securities (including prime broker fees and charges on short sales), dividend expense on securities sold short and extraordinary expenses) do not exceed 1.40% of the average daily net assets of any class of Fund shares. The expense limitation may be terminated or modified prior to that date only with the approval of the Board of Trustees of the Fund.
28
Nuveen Equity Market Neutral Fund
Refer to the first page of this Fund Performance and Expense Ratios section for further explanation of the information included within this section. Refer to Glossary of Terms Used in this Report for definitions of terms used within this section.
Fund Performance
Average Annual Total Returns as of February 28, 2018
| | | | | | | | | | | | |
| | | Cumulative | | | Average Annual | |
| | | 6-Month | | | 1-Year | | | Since
Inception | |
Class A Shares at NAV | | | 8.29% | | | | 10.33% | | | | 5.71% | |
Class A Shares at maximum Offering Price | | | 2.06% | | | | 3.98% | | | | 4.39% | |
ICE BofAML 3-Month U.S. Treasury Bill Index | | | 0.58% | | | | 0.99% | | | | 0.32% | |
Lipper Alternative Equity Market Neutral Funds Classification Average | | | 0.14% | | | | (0.16)% | | | | 1.80% | |
| | | |
Class C Shares | | | 7.84% | | | | 9.49% | | | | 4.39% | |
Class I Shares | | | 8.37% | | | | 10.57% | | | | 5.98% | |
Average Annual Total Returns as of March 31, 2018 (Most Recent Calendar Quarter)
| | | | | | | | | | | | |
| | | Cumulative | | | Average Annual | |
| | | 6-Month | | | 1-Year | | | Since
Inception | |
Class A Shares at NAV | | | 5.18% | | | | 9.63% | | | | 5.28% | |
Class A Shares at maximum Offering Price | | | (0.87)% | | | | 3.33% | | | | 3.98% | |
Class C Shares | | | 4.78% | | | | 8.77% | | | | 4.50% | |
Class I Shares | | | 5.25% | | | | 9.89% | | | | 5.54% | |
Since inception returns are from 6/17/13. Indexes and Lipper averages are not available for direct investment.
Class A Shares have a maximum 5.75% sales charge (Offering Price). Class A Share purchases of $1 million or more are sold at net asset value without an up-front sales charge but may be subject to a contingent deferred sales charge (CDSC) of 1% if redeemed within eighteen months of purchase. Class C Shares have a 1% CDSC for redemptions within less than twelve months, which is not reflected in the total returns. 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 | | | 3.32% | | | | 4.03% | | | | 3.02% | |
Net Expense Ratios | | | 3.05% | | | | 3.76% | | | | 2.75% | |
The Fund’s investment adviser has contractually agreed to waive fees and/or reimburse expenses through July 31, 2019 so that total annual Fund operating expenses (excluding 12b-1 distribution and/or service fees, interest expenses, taxes, acquired fund fees and expenses, fees incurred in acquiring and disposing of portfolio securities (including prime broker fees and charges on short sales), dividend expense on securities sold short and extraordinary expenses) do not exceed 1.40% of the average daily net assets of any class of Fund shares. The expense limitation may be terminated or modified prior to that date only with the approval of the Board of Trustees of the Fund.
29
Holding Summaries as of February 28, 2018
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 Large Cap Value Fund
Fund Allocation
(% of net assets)
| | | | |
Common Stocks | | | 99.8% | |
Repurchase Agreements | | | 0.1% | |
Other Assets Less Liabilities | | | 0.1% | |
Net Assets | | | 100% | |
Portfolio Composition
(% of net assets)
| | | | |
Health Care Providers & Services | | | 9.6% | |
Capital Markets | | | 9.5% | |
Oil, Gas & Consumable Fuels | | | 6.4% | |
Food & Staples Retailing | | | 6.0% | |
Banks | | | 4.2% | |
Semiconductors & Semiconductor Equipment | | | 3.9% | |
Communications Equipment | | | 3.8% | |
Consumer Finance | | | 3.7% | |
Technology Hardware, Storage & Peripherals | | | 3.7% | |
Multiline Retail | | | 3.5% | |
Diversified Telecommunication Services | | | 3.4% | |
Specialty Retail | | | 3.2% | |
Biotechnology | | | 2.9% | |
Automobiles | | | 2.7% | |
Hotels, Restaurants & Leisure | | | 2.2% | |
Containers & Packaging | | | 2.1% | |
Wireless Telecommunication Services | | | 2.0% | |
Electrical Equipment | | | 1.9% | |
Insurance | | | 1.5% | |
Software | | | 1.4% | |
Media | | | 1.3% | |
Diversified Financial Services | | | 1.2% | |
Other | | | 19.7% | |
Repurchase Agreements | | | 0.1% | |
Other Assets Less Liabilities | | | 0.1% | |
Net Assets | | | 100% | |
Top Five Common Stock Holdings
(% of net assets)
| | | | |
Cisco Systems, Inc. | | | 2.9% | |
AT&T Inc. | | | 2.8% | |
Wal-Mart Stores, Inc. | | | 1.9% | |
Amgen Inc. | | | 1.8% | |
CVS Health Corporation | | | 1.6% | |
30
Nuveen Large Cap Core Fund
Fund Allocation
(% of net assets)
| | | | |
Common Stocks | | | 100.0% | |
Repurchase Agreements | | | 0.1% | |
Other Assets Less Liabilities | | | (0.1)% | |
Net Assets | | | 100% | |
Portfolio Composition
(% of net assets)
| | | | |
Health Care Providers & Services | | | 10.8% | |
Capital Markets | | | 7.1% | |
Software | | | 6.1% | |
Technology Hardware, Storage & Peripherals | | | 5.8% | |
Food & Staples Retailing | | | 5.4% | |
Oil, Gas & Consumable Fuels | | | 5.2% | |
Hotels, Restaurants & Leisure | | | 4.8% | |
Internet Software & Services | | | 4.4% | |
Multiline Retail | | | 3.8% | |
Biotechnology | | | 3.8% | |
IT Services | | | 3.5% | |
Specialty Retail | | | 3.1% | |
Communications Equipment | | | 2.6% | |
Consumer Finance | | | 2.6% | |
Diversified Telecommunication Services | | | 2.2% | |
Textiles Apparel & Luxury Goods | | | 2.1% | |
Internet and Direct Marketing Retail | | | 2.0% | |
Auto Components | | | 2.0% | |
Semiconductors & Semiconductor Equipment | | | 1.9% | |
Professional Services | | | 1.9% | |
Other | | | 18.9% | |
Repurchase Agreements | | | 0.1% | |
Other Assets Less Liabilities | | | (0.1)% | |
Net Assets | | | 100% | |
Top Five Common Stock Holdings
(% of net assets)
| | | | |
Apple, Inc. | | | 2.6% | |
Microsoft Corporation | | | 2.3% | |
AT&T Inc. | | | 1.9% | |
Cisco Systems, Inc. | | | 1.9% | |
UnitedHealth Group Incorporated | | | 1.9% | |
31
Holding Summaries as of February 28, 2018 (continued)
Nuveen Large Cap Growth Fund
Fund Allocation
(% of net assets)
| | | | |
Common Stocks | | | 100.0% | |
Repurchase Agreements | | | 0.2% | |
Other Assets Less Liabilities | | | (0.2)% | |
Net Assets | | | 100% | |
Portfolio Composition
(% of net assets)
| | | | |
Software | | | 11.9% | |
Health Care Providers & Services | | | 10.7% | |
Capital Markets | | | 7.8% | |
Technology Hardware, Storage & Peripherals | | | 7.1% | |
Hotels, Restaurants & Leisure | | | 6.8% | |
Internet Software & Services | | | 6.3% | |
IT Services | | | 5.3% | |
Food & Staples Retailing | | | 5.2% | |
Biotechnology | | | 4.1% | |
Specialty Retail | �� | | 4.0% | |
Internet and Direct Marketing Retail | | | 3.7% | |
Media | | | 2.7% | |
Auto Components | | | 2.2% | |
Machinery | | | 2.1% | |
Oil, Gas & Consumable Fuels | | | 2.1% | |
Other | | | 18.0% | |
Repurchase Agreements | | | 0.2% | |
Other Assets Less Liabilities | | | (0.2)% | |
Net Assets | | | 100% | |
Top Five Common Stock Holdings (% of net assets)
| | | | |
Apple, Inc. | | | 4.9% | |
Microsoft Corporation | | | 4.5% | |
Alphabet Inc., Class A | | | 3.0% | |
Amazon.com, Inc. | | | 2.7% | |
Visa Inc. | | | 2.7% | |
32
Nuveen Concentrated Core Fund
Fund Allocation
(% of net assets)
| | | | |
Common Stocks | | | 99.6% | |
Other Assets Less Liabilities | | | 0.4% | |
Net Assets | | | 100% | |
Portfolio Composition
(% of net assets)
| | | | |
Health Care Providers & Services | | | 15.7% | |
Biotechnology | | | 14.7% | |
Capital Markets | | | 13.1% | |
IT Services | | | 10.8% | |
Automobiles | | | 10.3% | |
Food & Staples Retailing | | | 10.2% | |
Software | | | 5.3% | |
Hotels, Restaurants & Leisure | | | 5.0% | |
Technology Hardware, Storage & Peripherals | | | 5.0% | |
Other | | | 9.5% | |
Other Assets Less Liabilities | | | 0.4% | |
Net Assets | | | 100% | |
Top Five Common Stock Holdings
(% of net assets)
| | | | |
Visa Inc. | | | 5.5% | |
Ford Motor Company | | | 5.4% | |
Express Scripts, Holding Company | | | 5.4% | |
MasterCard, Inc. | | | 5.3% | |
State Street Corporation | | | 5.3% | |
33
Holding Summaries as of February 28, 2018 (continued)
Nuveen Growth Fund
Fund Allocation
(% of net assets)
| | | | |
Common Stocks | | | 99.9% | |
Repurchase Agreements | | | 0.3% | |
Other Assets Less Liabilities | | | (0.2)% | |
Net Assets | | | 100% | |
Portfolio Composition
(% of net assets)
| | | | |
Software | | | 16.0% | |
Health Care Providers & Services | | | 14.3% | |
IT Services | | | 11.2% | |
Specialty Retail | | | 10.0% | |
Internet Software & Services | | | 8.4% | |
Media | | | 6.5% | |
Technology Hardware, Storage & Peripherals | | | 6.4% | |
Biotechnology | | | 5.5% | |
Food & Staples Retailing | | | 4.5% | |
Other | | | 17.1% | |
Repurchase Agreements | | | 0.3% | |
Other Assets Less Liabilities | | | (0.2)% | |
Net Assets | | | 100% | |
Top Five Common Stock Holdings
(% of net assets)
| | | | |
Alphabet Inc., Class A | | | 7.4% | |
Microsoft Corporation | | | 7.0% | |
Apple, Inc. | | | 6.4% | |
Visa Inc. | | | 4.8% | |
UnitedHealth Group Incorporated | | | 4.7% | |
34
Nuveen Equity Long/Short Fund
Fund Allocation
(% of net assets)
| | | | |
Long-Term Investments | | | | |
Common Stocks | | | 124.2% | |
Total Long Exposure | | | 124.2% | |
Repurchase Agreements | | | 0.5% | |
Total Investments | | | 124.7% | |
Securities Sold Short | | | | |
Common Stocks | | | (68.8)% | |
Total Short Exposure | | | (68.8)% | |
Other Assets Less Liabilities | | | 44.1% | |
Net Assets | | | 100% | |
Top Five Holdings –
Long Exposure
(% of net assets)
| | | | |
Microsoft Corporation | | | 2.2% | |
Apple, Inc. | | | 2.0% | |
JPMorgan Chase & Co. | | | 2.0% | |
Bank of America Corporation | | | 1.8% | |
Visa Inc. | | | 1.7% | |
Top Five Holdings –
Short Exposure
(% of net assets)
| | | | |
NewMarket Corporation | | | (0.7)% | |
Agios Pharmaceutical Inc. | | | (0.7)% | |
Tyler Technologies Inc. | | | (0.7)% | |
Wabtec Corporation | | | (0.7)% | |
First Republic Bank of San Francisco | | | (0.7)% | |
Portfolio Composition
Long Exposure
(% of net assets)
| | | | |
Health Care Providers & Services | | | 8.7% | |
Software | | | 8.3% | |
Banks | | | 8.0% | |
Capital Markets | | | 7.9% | |
Oil, Gas & Consumable Fuels | | | 7.7% | |
Biotechnology | | | 5.5% | |
Food & Staples Retailing | | | 5.3% | |
Hotels, Restaurants & Leisure | | | 5.3% | |
Specialty Retail | | | 4.9% | |
IT Services | | | 4.1% | |
Media | | | 4.0% | |
Technology Hardware, Storage & Peripherals | | | 3.9% | |
Internet Software & Services | | | 3.4% | |
Textiles Apparel & Luxury Goods | | | 3.3% | |
Chemicals | | | 3.2% | |
Semiconductors & Semiconductor Equipment | | | 2.9% | |
Multiline Retail | | | 2.9% | |
Auto Components | | | 2.7% | |
Machinery | | | 2.7% | |
Containers & Packaging | | | 2.5% | |
Commercial Services & Supplies | | | 2.3% | |
Communications Equipment | | | 2.3% | |
Consumer Finance | | | 2.2% | |
Wireless Telecommunication Services | | | 1.8% | |
Other | | | 18.4% | |
Total | | | 124.2% | |
Portfolio Composition
Short Exposure
(% of net assets)
| | | | |
Oil, Gas & Consumable Fuels | | | (7.1)% | |
Chemicals | | | (6.0)% | |
Health Care Equipment & Supplies | | | (4.7)% | |
Food Products | | | (4.1)% | |
Biotechnology | | | (3.3)% | |
Insurance | | | (3.1)% | |
Energy Equipment & Services | | | (2.8)% | |
Specialty Retail | | | (2.8)% | |
Software | | | (2.7)% | |
Electric Utilities | | | (2.3)% | |
Equity Real Estate Investment Trusts | | | (2.3)% | |
Machinery | | | (2.0)% | |
Household Durables | | | (1.9)% | |
Multi-Utilities | | | (1.7)% | |
Life Sciences Tools & Services | | | (1.4)% | |
Electronic Equipment, Instruments & Components | | | (1.4)% | |
Other | | | (19.2)% | |
Total | | | (68.8)% | |
35
Holding Summaries as of February 28, 2018 (continued)
Nuveen Equity Market Neutral Fund
Fund Allocation
(% of net assets)
| | | | |
Long-Term Investments | | | | |
Common Stocks | | | 65.0% | |
Total Long Exposure | | | 65.0% | |
Repurchase Agreements | | | 0.5% | |
Total Investments | | | 65.5% | |
Securities Sold Short | | | | |
Common Stocks | | | (68.0)% | |
Total Short Exposure | | | (68.0)% | |
Other Assets Less Liabilities | | | 102.5% | |
Net Assets | | | 100% | |
Top Five Holdings –
Long Exposure
(% of net assets)
| | | | |
VMware Inc. | | | 0.9% | |
Wynn Resorts Ltd | | | 0.9% | |
Wellcare Health Plans Inc. | | | 0.9% | |
Hyatt Hotels Corporation, Class A | | | 0.9% | |
Best Buy Co., Inc. | | | 0.9% | |
Top Five Holdings –
Short Exposure
(% of net assets)
| | | | |
Tesla Motors Inc. | | | (1.0)% | |
Advance Auto Parts, Inc. | | | (1.0)% | |
Bunge Limited | | | (0.9)% | |
Agios Pharmaceutical Inc. | | | (0.9)% | |
Incyte Pharmaceuticals Inc. | | | (0.9)% | |
Portfolio Composition
Long Exposure
(% of net assets)
| | | | |
Oil, Gas & Consumable Fuels | | | 5.7% | |
Health Care Providers & Services | | | 5.5% | |
Hotels, Restaurants & Leisure | | | 3.8% | |
Multiline Retail | | | 3.5% | |
Capital Markets | | | 3.3% | |
Software | | | 2.8% | |
Specialty Retail | | | 2.6% | |
Media | | | 2.5% | |
Food & Staples Retailing | | | 2.1% | |
Technology Hardware, Storage & Peripherals | | | 2.1% | |
Consumer Finance | | | 2.1% | |
Automobiles | | | 1.9% | |
Biotechnology | | | 1.8% | |
Textiles Apparel & Luxury Goods | | | 1.5% | |
Auto Components | | | 1.5% | |
Containers & Packaging | | | 1.4% | |
Machinery | | | 1.4% | |
Other | | | 19.5% | |
Total | | | 65.0% | |
Portfolio Composition
Short Exposure
(% of net assets)
| | | | |
Oil, Gas & Consumable Fuels | | | (7.4)% | |
Chemicals | | | (4.7)% | |
Food Products | | | (4.2)% | |
Energy Equipment & Services | | | (4.0)% | |
Health Care Equipment & Supplies | | | (3.7)% | |
Software | | | (3.5)% | |
Biotechnology | | | (3.2)% | |
Specialty Retail | | | (3.1)% | |
Insurance | | | (2.9)% | |
Electric Utilities | | | (2.5)% | |
Machinery | | | (2.0)% | |
Household Durables | | | (1.7)% | |
Life Sciences Tools & Services | | | (1.5)% | |
Internet Software & Services | | | (1.5)% | |
Water Utilities | | | (1.5)% | |
Multi-Utilities | | | (1.4)% | |
Other | | | (19.2)% | |
Total | | | (68.0)% | |
36
Expense
Examples
As a shareholder of one or more of the Funds, you incur two types of costs: (1) transaction costs, including up-front and back-end sales charges (loads) or redemption fees, where applicable; and (2) ongoing costs, including management fees; distribution and service (12b-1) fees, where applicable; and other Fund expenses. The Examples below are intended to help you understand your ongoing costs (in dollars) of investing in the Funds and to compare these costs with the ongoing costs of investing in other mutual funds.
The Examples below are based on an investment of $1,000 invested at the beginning of the period and held through the period ended February 28, 2018.
The beginning of the period is September 1, 2017.
The information under “Actual Performance,” together with the amount you invested, allows you to estimate actual expenses incurred over the reporting period. Simply divide your account value by $1,000 (for example, an $8,600 account value divided by $1,000 = 8.60) and multiply the result by the cost shown for your share class, in the row entitled “Expenses Incurred During Period” to estimate the expenses incurred on your account during this period.
The information under “Hypothetical Performance,” provides information about hypothetical account values and hypothetical expenses based on each Fund’s actual expense ratios and an assumed rate of return of 5% per year before expenses, which is not the Fund’s actual return. The hypothetical account values and expenses may not be used to estimate the actual ending account balance or expense you incurred for the period. You may use this information to compare the ongoing costs of investing in the Fund and other funds. To do so, compare this 5% hypothetical example with the 5% hypothetical examples that appear in the shareholder reports of the other funds.
Please note that the expenses shown in the following tables are meant to highlight your ongoing costs only and do not reflect any transaction costs. Therefore, the hypothetical information is useful in comparing ongoing costs only, and will not help you determine the relative total costs of owning different funds or share classes. In addition, if these transaction costs were included, your costs would have been higher.
Nuveen Large Cap Value Fund
| | | | | | | | | | | | | | | | | | | | | | | | |
| | | Share Class | |
| | | Class A | | | Class C | | | Class R3 | | | Class R6 | | | Class I | | | Class T* | |
Actual Performance | | | | | | | | | | | | | | | | | | | | | | | | |
Beginning Account Value | | $ | 1,000.00 | | | $ | 1,000.00 | | | $ | 1,000.00 | | | $ | 1,000.00 | | | $ | 1,000.00 | | | $ | 1,000.00 | |
Ending Account Value | | $ | 1,112.10 | | | $ | 1,108.00 | | | $ | 1,110.40 | | | $ | 1,114.10 | | | $ | 1,113.70 | | | $ | 1,112.30 | |
Expenses Incurred During Period | | $ | 5.55 | | | $ | 9.41 | | | $ | 6.85 | | | $ | 3.98 | | | $ | 4.19 | | | $ | 5.60 | |
Hypothetical Performance
(5% annualized return before expenses) | | | | | | | | | | | | | | | | | | | | | | | | |
Beginning Account Value | | $ | 1,000.00 | | | $ | 1,000.00 | | | $ | 1,000.00 | | | $ | 1,000.00 | | | $ | 1,000.00 | | | $ | 1,000.00 | |
Ending Account Value | | $ | 1,019.54 | | | $ | 1,015.87 | | | $ | 1,018.30 | | | $ | 1,021.03 | | | $ | 1,020.83 | | | $ | 1,019.49 | |
Expenses Incurred During Period | | $ | 5.31 | | | $ | 9.00 | | | $ | 6.56 | | | $ | 3.81 | | | $ | 4.01 | | | $ | 5.36 | |
For each class of the Fund, expenses are equal to the Fund’s annualized net expense ratio of 1.06%, 1.80%, 1.31%, 0.76%, 0.80% and 1.07% for Classes A, C, R3, R6, I and T respectively, multiplied by the average account value over the period, multiplied by 181/365 (to reflect the one-half year period).
| * | Class T Shares are not available for public offering. |
37
Expense Examples (continued)
Nuveen Large Cap Core Fund
| | | | | | | | | | | | | | | | | | | | |
| | | Share Class | |
| | | Class A | | | Class C | | | Class R6 | | | Class I | | | Class T* | |
Actual Performance | | | | | | | | | | | | | | | | | | | | |
Beginning Account Value | | $ | 1,000.00 | | | $ | 1,000.00 | | | $ | 1,000.00 | | | $ | 1,000.00 | | | $ | 1,000.00 | |
Ending Account Value | | $ | 1,132.00 | | | $ | 1,127.60 | | | $ | 1,133.60 | | | $ | 1,133.30 | | | $ | 1,131.80 | |
Expenses Incurred During Period | | $ | 5.34 | | | $ | 9.28 | | | $ | 3.70 | | | $ | 4.02 | | | $ | 5.34 | |
Hypothetical Performance (5% annualized return before expenses) | | | | | | | | | | | | | | | | | | | | |
Beginning Account Value | | $ | 1,000.00 | | | $ | 1,000.00 | | | $ | 1,000.00 | | | $ | 1,000.00 | | | $ | 1,000.00 | |
Ending Account Value | | $ | 1,019.79 | | | $ | 1,016.07 | | | $ | 1,021.32 | | | $ | 1,021.03 | | | $ | 1,019.79 | |
Expenses Incurred During Period | | $ | 5.06 | | | $ | 8.80 | | | $ | 3.51 | | | $ | 3.81 | | | $ | 5.06 | |
For each class of the Fund, expenses are equal to the Fund’s annualized net expense ratio of 1.01%, 1.76%, 0.70%, 0.76% and 1.01% for Classes A, C, R6, I and T respectively, multiplied by the average account value over the period, multiplied by 181/365 (to reflect the one-half year period).
| * | Class T Shares are not available for public offering. |
Nuveen Large Cap Growth Fund
| | | | | | | | | | | | | | | | |
| | | Share Class | |
| | | Class A | | | Class C | | | Class R6 | | | Class I | |
Actual Performance | | | | | | | | | | | | | | | | |
Beginning Account Value | | $ | 1,000.00 | | | $ | 1,000.00 | | | $ | 1,000.00 | | | $ | 1,000.00 | |
Ending Account Value | | $ | 1,139.30 | | | $ | 1,135.20 | | | $ | 1,141.00 | | | $ | 1,141.00 | |
Expenses Incurred During Period | | $ | 5.36 | | | $ | 9.32 | | | $ | 3.50 | | | $ | 4.03 | |
Hypothetical Performance (5% annualized return before expenses) | | | | | | | | | | | | | | | | |
Beginning Account Value | | $ | 1,000.00 | | | $ | 1,000.00 | | | $ | 1,000.00 | | | $ | 1,000.00 | |
Ending Account Value | | $ | 1,019.79 | | | $ | 1,016.07 | | | $ | 1,021.52 | | | $ | 1,021.03 | |
Expenses Incurred During Period | | $ | 5.06 | | | $ | 8.80 | | | $ | 3.31 | | | $ | 3.81 | |
For each class of the Fund, expenses are equal to the Fund’s annualized net expense ratio of 1.01%, 1.76%, 0.66% and 0.76% for Classes A, C, R6 and I, respectively, multiplied by the average account value over the period, multiplied by 181/365 (to reflect the one-half year period).
38
Nuveen Concentrated Core Fund
| | | | | | | | | | | | | | | | |
| | | Share Class | |
| | | Class A | | | Class C | | | Class R6 | | | Class I | |
Actual Performance | | | | | | | | | | | | | | | | |
Beginning Account Value | | $ | 1,000.00 | | | $ | 1,000.00 | | | $ | 1,000.00 | | | $ | 1,000.00 | |
Ending Account Value | | $ | 1,030.60 | | | $ | 1,026.90 | | | $ | 1,032.60 | | | $ | 1,031.90 | |
Expenses Incurred During Period | | $ | 5.39 | | | $ | 9.15 | | | $ | 3.58 | | | $ | 4.13 | |
Hypothetical Performance (5% annualized return before expenses) | | | | | | | | | | | | | | | | |
Beginning Account Value | | $ | 1,000.00 | | | $ | 1,000.00 | | | $ | 1,000.00 | | | $ | 1,000.00 | |
Ending Account Value | | $ | 1,019.49 | | | $ | 1,015.77 | | | $ | 1,021.27 | | | $ | 1,020.73 | |
Expenses Incurred During Period | | $ | 5.36 | | | $ | 9.10 | | | $ | 3.56 | | | $ | 4.11 | |
For each class of the Fund, expenses are equal to the Fund’s annualized net expense ratio of 1.07%, 1.82%, 0.71% and 0.82% for Classes A, C, 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 Growth Fund
| | | | | | | | | | | | | | | | |
| | | Share Class | |
| | | Class A | | | Class C | | | Class R3 | | | Class I | |
Actual Performance | | | | | | | | | | | | | | | | |
Beginning Account Value | | $ | 1,000.00 | | | $ | 1,000.00 | | | $ | 1,000.00 | | | $ | 1,000.00 | |
Ending Account Value | | $ | 1,159.00 | | | $ | 1,154.40 | | | $ | 1,157.60 | | | $ | 1,160.40 | |
Expenses Incurred During the Period | | $ | 5.46 | | | $ | 9.45 | | | $ | 6.79 | | | $ | 4.12 | |
Hypothetical Performance (5% annualized return before expenses) | | | | | | | | | | | | | | | | |
Beginning Account Value | | $ | 1,000.00 | | | $ | 1,000.00 | | | $ | 1,000.00 | | | $ | 1,000.00 | |
Ending Account Value | | $ | 1,019.74 | | | $ | 1,016.02 | | | $ | 1,018.50 | | | $ | 1,020.98 | |
Expenses Incurred During the Period | | $ | 5.11 | | | $ | 8.85 | | | $ | 6.36 | | | $ | 3.86 | |
For each class of the Fund, expenses are equal to the Fund’s annualized net expense ratio of 1.02%, 1.77%, 1.27% and 0.77% 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).
39
Expense Examples (continued)
Nuveen Equity Long/Short Fund
| | | | | | | | | | | | |
| | | Share Class | |
| | | Class A | | | Class C | | | Class I | |
Actual Performance | | | | | | | | | | | | |
Beginning Account Value | | $ | 1,000.00 | | | $ | 1,000.00 | | | $ | 1,000.00 | |
Ending Account Value | | $ | 1,140.10 | | | $ | 1,135.80 | | | $ | 1,141.60 | |
Expenses Incurred During the Period | | $ | 15.28 | | | $ | 19.22 | | | $ | 13.91 | |
Hypothetical Performance (5% annualized return before expenses) | | | | | | | | | | | | |
Beginning Account Value | | $ | 1,000.00 | | | $ | 1,000.00 | | | $ | 1,000.00 | |
Ending Account Value | | $ | 1,010.51 | | | $ | 1,006.79 | | | $ | 1,011.80 | |
Expenses Incurred During the Period | | $ | 14.36 | | | $ | 18.06 | | | $ | 13.07 | |
For each class of the Fund, expenses are equal to the Fund’s annualized net expense ratio of 2.88%, 3.63% and 2.62% 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 Equity Market Neutral Fund
| | | | | | | | | | | | |
| | | Share Class | |
| | | Class A | | | Class C | | | Class I | |
Actual Performance | | | | | | | | | | | | |
Beginning Account Value | | $ | 1,000.00 | | | $ | 1,000.00 | | | $ | 1,000.00 | |
Ending Account Value | | $ | 1,082.90 | | | $ | 1,078.40 | | | $ | 1,083.70 | |
Expenses Incurred During the Period | | $ | 14.46 | | | $ | 18.09 | | | $ | 13.02 | |
Hypothetical Performance (5% annualized return before expenses) | | | | | | | | | | | | |
Beginning Account Value | | $ | 1,000.00 | | | $ | 1,000.00 | | | $ | 1,000.00 | |
Ending Account Value | | $ | 1,010.91 | | | $ | 1,007.39 | | | $ | 1,012.30 | |
Expenses Incurred During the Period | | $ | 13.96 | | | $ | 17.47 | | | $ | 12.57 | |
For each class of the Fund, expenses are equal to the Fund’s annualized net expense ratio of 2.80%, 3.51% and 2.52% 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).
40
Nuveen Large Cap Value Fund
Portfolio of Investments February 28, 2018
(Unaudited)
| | | | | | | | | | | | | | | | |
| Shares | | | Description (1) | | | | | | | | Value | |
| | | | |
| | | | LONG-TERM INVESTMENTS – 99.8% | | | | | | | | | | | | |
| | | | |
| | | | COMMON STOCKS – 99.8% | | | | | | | | | | | | |
| | | | |
| | | | Aerospace & Defense – 0.6% | | | | | | | | | |
| | | | |
| | 31,000 | | | Spirit AeroSystems Holdings Inc. | | | | | | | | | | $ | 2,829,990 | |
| | | | |
| | | | Auto Components – 1.1% | | | | | | | | | |
| | | | |
| | 26,000 | | | Lear Corporation | | | | | | | | | | | 4,850,820 | |
| | | | |
| | | | Automobiles – 2.7% | | | | | | | | | |
| | | | |
| | 548,000 | | | Ford Motor Company | | | | | | | | | | | 5,814,280 | |
| | | | |
| | 162,000 | | | General Motors Company | | | | | | | | | | | 6,374,700 | |
| | | | Total Automobiles | | | | | | | | | | | 12,188,980 | |
| | | | |
| | | | Banks – 4.2% | | | | | | | | | |
| | | | |
| | 72,000 | | | Bank of America Corporation | | | | | | | | | | | 2,311,200 | |
| | | | |
| | 49,000 | | | JPMorgan Chase & Co. | | | | | | | | | | | 5,659,500 | |
| | | | |
| | 278,000 | | | Regions Financial Corporation | | | | | | | | | | | 5,395,980 | |
| | | | |
| | 73,000 | | | SunTrust Banks, Inc. | | | | | | | | | | | 5,098,320 | |
| | | | |
| | 11,000 | | | Wells Fargo & Company | | | | | | | | | | | 642,510 | |
| | | | Total Banks | | | | | | | | | | | 19,107,510 | |
| | | | |
| | | | Biotechnology – 2.9% | | | | | | | | | |
| | | | |
| | 46,000 | | | Amgen Inc. | | | | | | | | | | | 8,453,420 | |
| | | | |
| | 17,000 | | | Biogen Inc., (2) | | | | | | | | | | | 4,912,830 | |
| | | | Total Biotechnology | | | | | | | | | | | 13,366,250 | |
| | | | |
| | | | Building Products – 1.0% | | | | | | | | | |
| | | | |
| | 57,000 | | | Owens Corning | | | | | | | | | | | 4,634,100 | |
| | | | |
| | | | Capital Markets – 9.5% | | | | | | | | | |
| | | | |
| | 28,000 | | | Ameriprise Financial, Inc. | | | | | | | | | | | 4,380,320 | |
| | | | |
| | 116,000 | | | Bank New York Mellon | | | | | | | | | | | 6,615,480 | |
| | | | |
| | 12,000 | | | BlackRock Inc. | | | | | | | | | | | 6,593,160 | |
| | | | |
| | 145,000 | | | Federated Investors Inc. | | | | | | | | | | | 4,724,100 | |
| | | | |
| | 130,000 | | | Franklin Resources, Inc. | | | | | | | | | | | 5,027,100 | |
| | | | |
| | 117,000 | | | Legg Mason, Inc. | | | | | | | | | | | 4,669,470 | |
| | | | |
| | 57,000 | | | State Street Corporation | | | | | | | | | | | 6,050,550 | |
| | | | |
| | 49,000 | | | T. Rowe Price Group Inc. | | | | | | | | | | | 5,483,100 | |
| | | | Total Capital Markets | | | | | | | | | | | 43,543,280 | |
| | | | |
| | | | Chemicals – 1.2% | | | | | | | | | |
| | | | |
| | 49,000 | | | LyondellBasell Industries NV | | | | | | | | | | | 5,302,780 | |
41
Nuveen Large Cap Value Fund (continued)
Portfolio of Investments February 28, 2018
(Unaudited)
| | | | | | | | | | | | | | | | |
| Shares | | | Description (1) | | | | | | | | Value | |
| | | | |
| | | | Commercial Services & Supplies – 1.1% | | | | | | | | | |
| | | | |
| | 56,000 | | | Waste Management, Inc. | | | | | | | | | | $ | 4,833,920 | |
| | | | |
| | | | Communications Equipment – 3.8% | | | | | | | | | |
| | | | |
| | 295,000 | | | Cisco Systems, Inc. | | | | | | | | | | | 13,210,100 | |
| | | | |
| | 163,200 | | | Juniper Networks Inc. | | | | | | | | | | | 4,187,712 | |
| | | | Total Communications Equipment | | | | | | | | | | | 17,397,812 | |
| | | | |
| | | | Construction & Engineering – 1.0% | | | | | | | | | |
| | | | |
| | 133,000 | | | AECOM, (2) | | | | | | | | | | | 4,722,830 | |
| | | | |
| | | | Consumer Finance – 3.7% | | | | | | | | | |
| | | | |
| | 182,000 | | | Ally Financial Inc. | | | | | | | | | | | 5,077,800 | |
| | | | |
| | 13,000 | | | Credit Acceptance Corporation, (2) | | | | | | | | | | | 4,090,970 | |
| | | | |
| | 74,000 | | | Discover Financial Services | | | | | | | | | | | 5,833,420 | |
| | | | |
| | 42,000 | | | OneMain Holdings Inc., (2) | | | | | | | | | | | 1,287,720 | |
| | | | |
| | 51,000 | | | Santander Consumer USA Holdings Inc. | | | | | | | | | | | 833,850 | |
| | | | Total Consumer Finance | | | | | | | | | | | 17,123,760 | |
| | | | |
| | | | Containers & Packaging – 2.1% | | | | | | | | | |
| | | | |
| | 290,000 | | | Graphic Packaging Holding Company | | | | | | | | | | | 4,439,900 | |
| | | | |
| | 79,000 | | | WestRock Company | | | | | | | | | | | 5,195,040 | |
| | | | Total Containers & Packaging | | | | | | | | | | | 9,634,940 | |
| | | | |
| | | | Diversified Consumer Services – 0.8% | | | | | | | | | |
| | | | |
| | 141,000 | | | H & R Block Inc. | | | | | | | | | | | 3,571,530 | |
| | | | |
| | | | Diversified Financial Services – 1.2% | | | | | | | | | |
| | | | |
| | 27,000 | | | Berkshire Hathaway Inc., Class B, (2) | | | | | | | | | | | 5,594,400 | |
| | | | |
| | | | Diversified Telecommunication Services – 3.4% | | | | | | | | | |
| | | | |
| | 352,000 | | | AT&T Inc. | | | | | | | | | | | 12,777,600 | |
| | | | |
| | 237,026 | | | Frontier Communications Corporation | | | | | | | | | | | 1,666,293 | |
| | | | |
| | 208,000 | | | Intelsat SA, (2) | | | | | | | | | | | 1,006,720 | |
| | | | Total Diversified Telecommunication Services | | | | | | | | | | | 15,450,613 | |
| | | | |
| | | | Electric Utilities – 1.1% | | | | | | | | | |
| | | | |
| | 120,000 | | | PG&E Corporation | | | | | | | | | | | 4,930,800 | |
| | | | |
| | | | Electrical Equipment – 1.9% | | | | | | | | | |
| | | | |
| | 31,000 | | | Acuity Brands Inc. | | | | | | | | | | | 4,419,980 | |
| | | | |
| | 61,000 | | | Regal-Beloit Corporation | | | | | | | | | | | 4,410,300 | |
| | | | Total Electrical Equipment | | | | | | | | | | | 8,830,280 | |
| | | | |
| | | | Electronic Equipment & Instruments – 1.1% | | | | | | | | | |
| | | | |
| | 184,000 | | | Jabil Inc. | | | | | | | | | | | 4,984,560 | |
| | | | |
| | | | Food & Staples Retailing – 6.0% | | | | | | | | | |
| | | | |
| | 106,000 | | | CVS Health Corporation | | | | | | | | | | | 7,179,380 | |
| | | | |
| | 184,000 | | | Kroger Co. | | | | | | | | | | | 4,990,080 | |
42
| | | | | | | | | | | | | | | | |
| Shares | | | Description (1) | | | | | | | | Value | |
| | | | |
| | | | Food & Staples Retailing (continued) | | | | | | | | | |
| | | | |
| | 93,000 | | | Walgreens Boots Alliance Inc. | | | | | | | | | | $ | 6,406,770 | |
| | | | |
| | 97,000 | | | Wal-Mart Stores, Inc. | | | | | | | | | | | 8,730,970 | |
| | | | Total Food & Staples Retailing | | | | | | | | | | | 27,307,200 | |
| | | | |
| | | | Health Care Providers & Services – 9.6% | | | | | | | | | |
| | | | |
| | 4,900 | | | AmerisourceBergen Corporation | | | | | | | | | | | 466,284 | |
| | | | |
| | 28,000 | | | Anthem Inc. | | | | | | | | | | | 6,590,640 | |
| | | | |
| | 78,000 | | | Cardinal Health, Inc. | | | | | | | | | | | 5,398,380 | |
| | | | |
| | 51,000 | | | Centene Corporation, (2) | | | | | | | | | | | 5,172,420 | |
| | | | |
| | 25,000 | | | CIGNA Corporation | | | | | | | | | | | 4,897,250 | |
| | | | |
| | 82,000 | | | Express Scripts, Holding Company, (2) | | | | | | | | | | | 6,186,900 | |
| | | | |
| | 18,000 | | | Humana Inc. | | | | | | | | | | | 4,892,760 | |
| | | | |
| | 38,000 | | | McKesson HBOC Inc. | | | | | | | | | | | 5,670,740 | |
| | | | |
| | 24,000 | | | Wellcare Health Plans Inc., (2) | | | | | | | | | | | 4,653,840 | |
| | | | Total Health Care Providers & Services | | | | | | | | | | | 43,929,214 | |
| | | | |
| | | | Hotels, Restaurants & Leisure – 2.2% | | | | | | | | | |
| | | | |
| | 62,000 | | | Hyatt Hotels Corporation, Class A | | | | | | | | | | | 4,790,740 | |
| | | | |
| | 41,000 | | | Royal Caribbean Cruises Limited | | | | | | | | | | | 5,190,600 | |
| | | | Total Hotels, Restaurants & Leisure | | | | | | | | | | | 9,981,340 | |
| | | | |
| | | | Household Durables – 0.9% | | | | | | | | | |
| | | | |
| | 82,000 | | | Tempur Sealy International, Inc., (2) | | | | | | | | | | | 4,053,260 | |
| | | | |
| | | | Household Products – 0.6% | | | | | | | | | |
| | | | |
| | 35,000 | | | Procter & Gamble Company | | | | | | | | | | | 2,748,200 | |
| | | | |
| | | | Independent Power & Renewable Electricity Producers – 1.1% | | | | | | | | | |
| | | | |
| | 73,700 | | | AES Corporation | | | | | | | | | | | 801,119 | |
| | | | |
| | 278,000 | | | Calpine Corporation, (2) | | | | | | | | | | | 4,231,160 | |
| | | | Total Independent Power & Renewable Electricity Producers | | | | | | | | | | | 5,032,279 | |
| | | | |
| | | | Insurance – 1.5% | | | | | | | | | |
| | | | |
| | 36,000 | | | AFLAC Incorporated | | | | | | | | | | | 3,199,680 | |
| | | | |
| | 82,000 | | | MetLife, Inc. | | | | | | | | | | | 3,787,580 | |
| | | | Total Insurance | | | | | | | | | | | 6,987,260 | |
| | | | |
| | | | IT Services – 1.1% | | | | | | | | | |
| | | | |
| | 119,000 | | | Booz Allen Hamilton Holding | | | | | | | | | | | 4,513,670 | |
| | | | |
| | 2,800 | | | MasterCard, Inc. | | | | | | | | | | | 492,128 | |
| | | | Total IT Services | | | | | | | | | | | 5,005,798 | |
| | | | |
| | | | Machinery – 1.0% | | | | | | | | | |
| | | | |
| | 9,100 | | | Allison Transmission Holdings Inc. | | | | | | | | | | | 360,633 | |
| | | | |
| | 103,000 | | | Terex Corporation | | | | | | | | | | | 4,276,560 | |
| | | | Total Machinery | | | | | | | | | | | 4,637,193 | |
43
Nuveen Large Cap Value Fund (continued)
Portfolio of Investments February 28, 2018
(Unaudited)
| | | | | | | | | | | | | | | | |
| Shares | | | Description (1) | | | | | | | | Value | |
| | | | |
| | | | Media – 1.3% | | | | | | | | | |
| | | | |
| | 164,000 | | | Discovery Communications Inc., Class A Shares, (2) | | | | | | | | | | $ | 3,988,480 | |
| | | | |
| | 193,900 | | | Gannett Co. Inc. | | | | | | | | | | | 1,946,756 | |
| | | | Total Media | | | | | | | | | | | 5,935,236 | |
| | | | |
| | | | Multiline Retail – 3.5% | | | | | | | | | |
| | | | |
| | 77,800 | | | Big Lots, Inc. | | | | | | | | | | | 4,372,360 | |
| | | | |
| | 81,000 | | | Kohl’s Corporation | | | | | | | | | | | 5,353,290 | |
| | | | |
| | 85,000 | | | Target Corporation | | | | | | | | | | | 6,409,850 | |
| | | | Total Multiline Retail | | | | | | | | | | | 16,135,500 | |
| | | | |
| | | | Oil, Gas & Consumable Fuels – 6.4% | | | | | | | | | |
| | | | |
| | 263,000 | | | Antero Resources Corporation, (2) | | | | | | | | | | | 4,947,030 | |
| | | | |
| | 40,000 | | | Exxon Mobil Corporation | | | | | | | | | | | 3,029,600 | |
| | | | |
| | 110,000 | | | HollyFrontier Company | | | | | | | | | | | 4,711,300 | |
| | | | |
| | 88,000 | | | Marathon Petroleum Corporation | | | | | | | | | | | 5,637,280 | |
| | | | |
| | 153,000 | | | PBF Energy Inc. | | | | | | | | | | | 4,484,430 | |
| | | | |
| | 17,000 | | | Range Resources Corporation | | | | | | | | | | | 225,930 | |
| | | | |
| | 67,000 | | | Valero Energy Corporation | | | | | | | | | | | 6,058,140 | |
| | | | Total Oil, Gas & Consumable Fuels | | | | | | | | | | | 29,093,710 | |
| | | | |
| | | | Paper & Forest Products – 1.0% | | | | | | | | | |
| | | | |
| | 103,000 | | | Domtar Corporation | | | | | | | | | | | 4,610,280 | |
| | | | |
| | | | Pharmaceuticals – 1.2% | | | | | | | | | |
| | | | |
| | 16,000 | | | Johnson & Johnson | | | | | | | | | | | 2,078,080 | |
| | | | |
| | 95,400 | | | Pfizer Inc. | | | | | | | | | | | 3,463,974 | |
| | | | Total Pharmaceuticals | | | | | | | | | | | 5,542,054 | |
| | | | |
| | | | Professional Services – 1.0% | | | | | | | | | |
| | | | |
| | 39,000 | | | Manpower Inc. | | | | | | | | | | | 4,619,940 | |
| | | | |
| | | | Real Estate Management & Development – 1.2% | | | | | | | | | |
| | | | |
| | 113,000 | | | CBRE Group Inc., (2) | | | | | | | | | | | 5,282,750 | |
| | | | |
| | | | Road & Rail – 0.4% | | | | | | | | | |
| | | | |
| | 26,000 | | | Genesee & Wyoming Inc., (2) | | | | | | | | | | | 1,807,780 | |
| | | | |
| | | | Semiconductors & Semiconductor Equipment – 3.9% | | | | | | | | | |
| | | | |
| | 72,000 | | | First Solar Inc., (2) | | | | | | | | | | | 4,525,200 | |
| | | | |
| | 75,000 | | | Intel Corporation | | | | | | | | | | | 3,696,750 | |
| | | | |
| | 210,000 | | | Marvell Technology Group Ltd. | | | | | | | | | | | 4,932,900 | |
| | | | |
| | 194,000 | | | ON Semiconductor Corporation, (2) | | | | | | | | | | | 4,640,480 | |
| | | | Total Semiconductors & Semiconductor Equipment | | | | | | | | | | | 17,795,330 | |
| | | | |
| | | | Software – 1.4% | | | | | | | | | |
| | | | |
| | 2,400 | | | Intuit, Inc. | | | | | | | | | | | 400,464 | |
| | | | |
| | 32,000 | | | Oracle Corporation | | | | | | | | | | | 1,621,440 | |
44
| | | | | | | | | | | | | | | | |
| Shares | | | Description (1) | | | | | | | | Value | |
| | | | |
| | | | Software (continued) | | | | | | | | | |
| | | | |
| | 35,000 | | | VMware Inc., (2) | | | | | | | | | | $ | 4,611,250 | |
| | | | Total Software | | | | | | | | | | | 6,633,154 | |
| | | | |
| | | | Specialty Retail – 3.2% | | | | | | | | | |
| | | | |
| | 76,000 | | | Best Buy Co., Inc. | | | | | | | | | | | 5,505,440 | |
| | | | |
| | 156,000 | | | Gap, Inc. | | | | | | | | | | | 4,926,480 | |
| | | | |
| | 125,000 | | | Urban Outfitters, Inc., (2) | | | | | | | | | | | 4,411,250 | |
| | | | Total Specialty Retail | | | | | | | | | | | 14,843,170 | |
| | | | |
| | | | Technology Hardware, Storage & Peripherals – 3.7% | | | | | | | | | |
| | | | |
| | 260,000 | | | HP Inc. | | | | | | | | | | | 6,081,400 | |
| | | | |
| | 84,000 | | | NetApp, Inc. | | | | | | | | | | | 5,086,200 | |
| | | | |
| | 64,000 | | | Western Digital Corporation | | | | | | | | | | | 5,570,560 | |
| | | | Total Technology Hardware, Storage & Peripherals | | | | | | | | | | | 16,738,160 | |
| | | | |
| | | | Textiles, Apparel & Luxury Goods – 1.2% | | | | | | | | | |
| | | | |
| | 77,000 | | | Michael Kors Holdings Limited, (2) | | | | | | | | | | | 4,845,610 | |
| | | | |
| | 8,000 | | | VF Corporation | | | | | | | | | | | 596,560 | |
| | | | Total Textiles, Apparel & Luxury Goods | | | | | | | | | | | 5,442,170 | |
| | | | |
| | | | Wireless Telecommunication Services – 2.0% | | | | | | | | | |
| | | | |
| | 153,900 | | | Telephone and Data Systems Inc. | | | | | | | | | | | 4,315,356 | |
| | | | |
| | 82,000 | | | T-Mobile US Inc., (2) | | | | | | | | | | | 4,970,020 | |
| | | | Total Wireless Telecommunication Services | | | | | | | | | | | 9,285,376 | |
| | | | Total Long-Term Investments (cost $416,289,465) | | | | | | | | | | | 456,345,509 | |
| | | | |
Principal
Amount (000) | | | Description (1) | | Coupon | | | Maturity | | | Value | |
| | | | |
| | | | SHORT-TERM INVESTMENTS – 0.1% | | | | | | | | | | | | |
| | | | |
| | | | REPURCHASE AGREEMENTS – 0.1% | | | | | | | | | | | | |
| | | | |
| $ | 588 | | | Repurchase Agreement with Fixed Income Clearing Corporation, dated 2/28/18, repurchase price $587,669, collateralized by $620,000 U.S. Treasury Notes, 2.250%, due 11/15/24, value $601,918 | | | 0.540% | | | | 3/01/18 | | | $ | 587,660 | |
| | | | Total Short-Term Investments (cost $587,660) | | | | | | | | | | | 587,660 | |
| | | | Total Investments (cost $416,877,125) – 99.9% | | | | | | | | | | | 456,933,169 | |
| | | | Other Assets Less Liabilities – 0.1% | | | | | | | | | | | 327,427 | |
| | | | Net Assets – 100% | | | | | | | | | | $ | 457,260,596 | |
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; issue has not declared a dividend within the past twelve months. |
See accompanying notes to financial statements.
45
Nuveen Large Cap Core Fund
Portfolio of Investments February 28, 2018
(Unaudited)
| | | | | | | | | | | | | | | | |
| Shares | | | Description (1) | | | | | | | | Value | |
| | | | |
| | | | LONG-TERM INVESTMENTS – 100.0% | | | | | | | | | | | | |
| | | | |
| | | | COMMON STOCKS – 100.0% | | | | | | | | | | | | |
| | | | |
| | | | Auto Components – 2.0% | | | | | | | | | |
| | | | |
| | 34,000 | | | Lear Corporation | | | | | | | | | | $ | 6,343,380 | |
| | | | |
| | 43,000 | | | Visteon Corporation, (2) | | | | | | | | | | | 5,325,120 | |
| | | | Total Auto Components | | | | | | | | | | | 11,668,500 | |
| | | | |
| | | | Automobiles – 1.8% | | | | | | | | | |
| | | | |
| | 375,000 | | | Ford Motor Company | | | | | | | | | | | 3,978,750 | |
| | | | |
| | 180,000 | | | General Motors Company | | | | | | | | | | | 7,083,000 | |
| | | | Total Automobiles | | | | | | | | | | | 11,061,750 | |
| | | | |
| | | | Banks – 1.9% | | | | | | | | | |
| | | | |
| | 40,000 | | | Bank of America Corporation | | | | | | | | | | | 1,284,000 | |
| | | | |
| | 29,000 | | | JPMorgan Chase & Co. | | | | | | | | | | | 3,349,500 | |
| | | | |
| | 335,000 | | | Regions Financial Corporation | | | | | | | | | | | 6,502,350 | |
| | | | Total Banks | | | | | | | | | | | 11,135,850 | |
| | | | |
| | | | Biotechnology – 3.8% | | | | | | | | | |
| | | | |
| | 50,000 | | | Amgen Inc. | | | | | | | | | | | 9,188,500 | |
| | | | |
| | 24,000 | | | Biogen Inc., (2) | | | | | | | | | | | 6,935,760 | |
| | | | |
| | 74,000 | | | Celgene Corporation, (2) | | | | | | | | | | | 6,446,880 | |
| | | | Total Biotechnology | | | | | | | | | | | 22,571,140 | |
| | | | |
| | | | Building Products – 1.0% | | | | | | | | | |
| | | | |
| | 75,000 | | | Owens Corning | | | | | | | | | | | 6,097,500 | |
| | | | |
| | | | Capital Markets – 7.1% | | | | | | | | | |
| | | | |
| | 35,000 | | | Ameriprise Financial, Inc. | | | | | | | | | | | 5,475,400 | |
| | | | |
| | 126,500 | | | Bank New York Mellon | | | | | | | | | | | 7,214,295 | |
| | | | |
| | 182,000 | | | Federated Investors Inc. | | | | | | | | | | | 5,929,560 | |
| | | | |
| | 153,000 | | | Legg Mason, Inc. | | | | | | | | | | | 6,106,230 | |
| | | | |
| | 38,000 | | | S&P Global, Inc. | | | | | | | | | | | 7,288,400 | |
| | | | |
| | 68,000 | | | State Street Corporation | | | | | | | | | | | 7,218,200 | |
| | | | |
| | 31,000 | | | T. Rowe Price Group Inc. | | | | | | | | | | | 3,468,900 | |
| | | | Total Capital Markets | | | | | | | | | | | 42,700,985 | |
| | | | |
| | | | Commercial Services & Supplies – 0.7% | | | | | | | | | |
| | | | |
| | 48,000 | | | Waste Management, Inc. | | | | | | | | | | | 4,143,360 | |
| | | | |
| | | | Communications Equipment – 2.6% | | | | | | | | | |
| | | | |
| | 249,000 | | | Cisco Systems, Inc. | | | | | | | | | | | 11,150,220 | |
| | | | |
| | 169,700 | | | Juniper Networks Inc. | | | | | | | | | | | 4,354,502 | |
| | | | Total Communications Equipment | | | | | | | | | | | 15,504,722 | |
46
| | | | | | | | | | | | | | | | |
| Shares | | | Description (1) | | | | | | | | Value | |
| | | | |
| | | | Construction & Engineering – 1.0% | | | | | | | | | |
| | | | |
| | 171,000 | | | AECOM, (2) | | | | | | | | | | $ | 6,072,210 | |
| | | | |
| | | | Consumer Finance – 2.6% | | | | | | | | | |
| | | | |
| | 227,000 | | | Ally Financial Inc. | | | | | | | | | | | 6,333,300 | |
| | | | |
| | 37,000 | | | Discover Financial Services | | | | | | | | | | | 2,916,710 | |
| | | | |
| | 198,000 | | | OneMain Holdings Inc., (2) | | | | | | | | | | | 6,070,680 | |
| | | | Total Consumer Finance | | | | | | | | | | | 15,320,690 | |
| | | | |
| | | | Containers & Packaging – 1.6% | | | | | | | | | |
| | | | |
| | 79,900 | | | Berry Plastics Corporation, (2) | | | | | | | | | | | 4,346,560 | |
| | | | |
| | 75,700 | | | WestRock Company | | | | | | | | | | | 4,978,032 | |
| | | | Total Containers & Packaging | | | | | | | | | | | 9,324,592 | |
| | | | |
| | | | Diversified Financial Services – 0.6% | | | | | | | | | |
| | | | |
| | 16,000 | | | Berkshire Hathaway Inc., Class B, (2) | | | | | | | | | | | 3,315,200 | |
| | | | |
| | | | Diversified Telecommunication Services – 2.2% | | | | | | | | | |
| | | | |
| | 308,000 | | | AT&T Inc. | | | | | | | | | | | 11,180,400 | |
| | | | |
| | 258,599 | | | Frontier Communications Corporation | | | | | | | | | | | 1,817,951 | |
| | | | Total Diversified Telecommunication Services | | | | | | | | | | | 12,998,351 | |
| | | | |
| | | | Electrical Equipment – 1.3% | | | | | | | | | |
| | | | |
| | 15,000 | | | Acuity Brands Inc. | | | | | | | | | | | 2,138,700 | |
| | | | |
| | 75,000 | | | Regal-Beloit Corporation | | | | | | | | | | | 5,422,500 | |
| | | | Total Electrical Equipment | | | | | | | | | | | 7,561,200 | |
| | | | |
| | | | Electronic Equipment, Instruments & Components – 1.0% | | | | | | | | | |
| | | | |
| | 221,000 | | | Jabil Inc. | | | | | | | | | | | 5,986,890 | |
| | | | |
| | | | Food & Staples Retailing – 5.4% | | | | | | | | | |
| | | | |
| | 113,000 | | | CVS Health Corporation | | | | | | | | | | | 7,653,490 | |
| | | | |
| | 104,000 | | | Sprouts Farmers Market Inc., (2) | | | | | | | | | | | 2,679,040 | |
| | | | |
| | 112,000 | | | Sysco Corporation | | | | | | | | | | | 6,680,800 | |
| | | | |
| | 108,000 | | | Walgreens Boots Alliance Inc. | | | | | | | | | | | 7,440,120 | |
| | | | |
| | 90,000 | | | Wal-Mart Stores, Inc. | | | | | | | | | | | 8,100,900 | |
| | | | Total Food & Staples Retailing | | | | | | | | | | | 32,554,350 | |
| | | | |
| | | | Health Care Providers & Services – 10.8% | | | | | | | | | |
| | | | |
| | 63,000 | | | AmerisourceBergen Corporation | | | | | | | | | | | 5,995,080 | |
| | | | |
| | 90,000 | | | Cardinal Health, Inc. | | | | | | | | | | | 6,228,900 | |
| | | | |
| | 64,000 | | | Centene Corporation, (2) | | | | | | | | | | | 6,490,880 | |
| | | | |
| | 37,000 | | | CIGNA Corporation | | | | | | | | | | | 7,247,930 | |
| | | | |
| | 94,000 | | | Express Scripts, Holding Company, (2) | | | | | | | | | | | 7,092,300 | |
| | | | |
| | 27,000 | | | Humana Inc. | | | | | | | | | | | 7,339,140 | |
| | | | |
| | 46,000 | | | McKesson HBOC Inc. | | | | | | | | | | | 6,864,580 | |
| | | | |
| | 49,000 | | | UnitedHealth Group Incorporated | | | | | | | | | | | 11,081,840 | |
47
Nuveen Large Cap Core Fund (continued)
Portfolio of Investments February 28, 2018
(Unaudited)
| | | | | | | | | | | | | | | | |
| Shares | | | Description (1) | | | | | | | | Value | |
| | | | |
| | | | Health Care Providers & Services (continued) | | | | | | | | | |
| | | | |
| | 32,000 | | | Wellcare Health Plans Inc., (2) | | | | | | | | | | $ | 6,205,120 | |
| | | | Total Health Care Providers & Services | | | | | | | | | | | 64,545,770 | |
| | | | |
| | | | Hotels, Restaurants & Leisure – 4.8% | | | | | | | | | |
| | | | |
| | 80,000 | | | Hyatt Hotels Corporation, Class A | | | | | | | | | | | 6,181,600 | |
| | | | |
| | 51,000 | | | Marriott International, Inc., Class A | | | | | | | | | | | 7,201,710 | |
| | | | |
| | 52,000 | | | Royal Caribbean Cruises Limited | | | | | | | | | | | 6,583,200 | |
| | | | |
| | 54,000 | | | Wyndham Worldwide Corporation | | | | | | | | | | | 6,252,120 | |
| | | | |
| | 13,000 | | | Wynn Resorts Ltd | | | | | | | | | | | 2,177,500 | |
| | | | Total Hotels, Restaurants & Leisure | | | | | | | | | | | 28,396,130 | |
| | | | |
| | | | Household Durables – 1.0% | | | | | | | | | |
| | | | |
| | 116,000 | | | Tempur Sealy International, Inc., (2) | | | | | | | | | | | 5,733,880 | |
| | | | |
| | | | Internet and Direct Marketing Retail – 2.0% | | | | | | | | | |
| | | | |
| | 5,000 | | | Amazon.com, Inc., (2) | | | | | | | | | | | 7,562,250 | |
| | | | |
| | 41,000 | | | Expedia, Inc. | | | | | | | | | | | 4,311,970 | |
| | | | Total Internet and Direct Marketing Retail | | | | | | | | | | | 11,874,220 | |
| | | | |
| | | | Internet Software & Services – 4.4% | | | | | | | | | |
| | | | |
| | 9,000 | | | Alphabet Inc., Class A, (2) | | | | | | | | | | | 9,935,280 | |
| | | | |
| | 22,000 | | | Facebook Inc., Class A Shares, (2) | | | | | | | | | | | 3,923,040 | |
| | | | |
| | 41,000 | | | IAC/InterActiveCorp. | | | | | | | | | | | 6,105,310 | |
| | | | |
| | 55,000 | | | VeriSign, Inc., (2) | | | | | | | | | | | 6,381,100 | |
| | | | Total Internet Software & Services | | | | | | | | | | | 26,344,730 | |
| | | | |
| | | | IT Services – 3.5% | | | | | | | | | |
| | | | |
| | 57,000 | | | MasterCard, Inc. | | | | | | | | | | | 10,018,320 | |
| | | | |
| | 90,000 | | | Visa Inc. | | | | | | | | | | | 11,064,600 | |
| | | | Total IT Services | | | | | | | | | | | 21,082,920 | |
| | | | |
| | | | Machinery – 1.0% | | | | | | | | | |
| | | | |
| | 158,000 | | | Allison Transmission Holdings Inc. | | | | | | | | | | | 6,261,540 | |
| | | | |
| | | | Media – 1.5% | | | | | | | | | |
| | | | |
| | 19,000 | | | AMC Networks Inc., Class A Shares, (2) | | | | | | | | | | | 998,830 | |
| | | | |
| | 240,000 | | | Discovery Communications Inc., Class A Shares, (2) | | | | | | | | | | | 5,836,800 | |
| | | | |
| | 218,000 | | | Gannett Co. Inc. | | | | | | | | | | | 2,188,720 | |
| | | | Total Media | | | | | | | | | | | 9,024,350 | |
| | | | |
| | | | Multiline Retail – 3.8% | | | | | | | | | |
| | | | |
| | 59,600 | | | Big Lots, Inc. | | | | | | | | | | | 3,349,520 | |
| | | | |
| | 101,000 | | | Kohl’s Corporation | | | | | | | | | | | 6,675,090 | |
| | | | |
| | 113,000 | | | Nordstrom, Inc. | | | | | | | | | | | 5,798,030 | |
| | | | |
| | 95,000 | | | Target Corporation | | | | | | | | | | | 7,163,950 | |
| | | | Total Multiline Retail | | | | | | | | | | | 22,986,590 | |
48
| | | | | | | | | | | | | | | | |
| Shares | | | Description (1) | | | | | | | | Value | |
| | | | |
| | | | Oil, Gas & Consumable Fuels – 5.2% | | | | | | | | | |
| | | | |
| | 341,000 | | | Antero Resources Corporation, (2) | | | | | | | | | | $ | 6,414,210 | |
| | | | |
| | 50,000 | | | EQT Corporation | | | | | | | | | | | 2,515,500 | |
| | | | |
| | 24,000 | | | Exxon Mobil Corporation | | | | | | | | | | | 1,817,760 | |
| | | | |
| | 21,000 | | | HollyFrontier Company | | | | | | | | | | | 899,430 | |
| | | | |
| | 103,000 | | | Marathon Petroleum Corporation | | | | | | | | | | | 6,598,180 | |
| | | | |
| | 197,000 | | | PBF Energy Inc. | | | | | | | | | | | 5,774,070 | |
| | | | |
| | 76,000 | | | Valero Energy Corporation | | | | | | | | | | | 6,871,920 | |
| | | | Total Oil, Gas & Consumable Fuels | | | | | | | | | | | 30,891,070 | |
| | | | |
| | | | Paper & Forest Products – 1.0% | | | | | | | | | |
| | | | |
| | 138,000 | | | Domtar Corporation | | | | | | | | | | | 6,176,880 | |
| | | | |
| | | | Personal Products – 1.1% | | | | | | | | | |
| | | | |
| | 71,000 | | | Herbalife, Limited | | | | | | | | | | | 6,539,100 | |
| | | | |
| | | | Pharmaceuticals – 0.4% | | | | | | | | | |
| | | | |
| | 18,000 | | | Johnson & Johnson | | | | | | | | | | | 2,337,840 | |
| | | | |
| | | | Professional Services – 1.9% | | | | | | | | | |
| | | | |
| | 43,000 | | | Manpower Inc. | | | | | | | | | | | 5,093,780 | |
| | | | |
| | 107,000 | | | Robert Half International Inc. | | | | | | | | | | | 6,106,490 | |
| | | | Total Professional Services | | | | | | | | | | | 11,200,270 | |
| | | | |
| | | | Real Estate Management & Development – 1.1% | | | | | | | | | |
| | | | |
| | 142,000 | | | CBRE Group Inc., (2) | | | | | | | | | | | 6,638,500 | |
| | | | |
| | | | Semiconductors & Semiconductor Equipment – 1.9% | | | | | | | | | |
| | | | |
| | 86,000 | | | First Solar Inc., (2) | | | | | | | | | | | 5,405,100 | |
| | | | |
| | 261,000 | | | Marvell Technology Group Ltd. | | | | | | | | | | | 6,130,890 | |
| | | | Total Semiconductors & Semiconductor Equipment | | | | | | | | | | | 11,535,990 | |
| | | | |
| | | | Software – 6.1% | | | | | | | | | |
| | | | |
| | 43,400 | | | Intuit, Inc. | | | | | | | | | | | 7,241,724 | |
| | | | |
| | 148,000 | | | Microsoft Corporation | | | | | | | | | | | 13,877,960 | |
| | | | |
| | 29,000 | | | Oracle Corporation | | | | | | | | | | | 1,469,430 | |
| | | | |
| | 49,000 | | | Red Hat, Inc., (2) | | | | | | | | | | | 7,222,600 | |
| | | | |
| | 49,000 | | | VMware Inc., (2) | | | | | | | | | | | 6,455,750 | |
| | | | Total Software | | | | | | | | | | | 36,267,464 | |
| | | | |
| | | | Specialty Retail – 3.1% | | | | | | | | | |
| | | | |
| | 90,000 | | | Best Buy Co., Inc. | | | | | | | | | | | 6,519,600 | |
| | | | |
| | 199,000 | | | Gap, Inc. | | | | | | | | | | | 6,284,420 | |
| | | | |
| | 170,000 | | | Urban Outfitters, Inc., (2) | | | | | | | | | | | 5,999,300 | |
| | | | Total Specialty Retail | | | | | | | | | | | 18,803,320 | |
| | | | |
| | | | Technology Hardware, Storage & Peripherals – 5.8% | | | | | | | | | |
| | | | |
| | 86,000 | | | Apple, Inc. | | | | | | | | | | | 15,318,320 | |
| | | | |
| | 264,400 | | | HP Inc. | | | | | | | | | | | 6,184,316 | |
49
Nuveen Large Cap Core Fund (continued)
Portfolio of Investments February 28, 2018
(Unaudited)
| | | | | | | | | | | | | | | | |
| Shares | | | Description (1) | | | | | | | | Value | |
| | | | |
| | | | Technology Hardware, Storage & Peripherals (continued) | | | | | | | | | |
| | | | |
| | 110,000 | | | NetApp, Inc. | | | | | | | | | | $ | 6,660,500 | |
| | | | |
| | 78,000 | | | Western Digital Corporation | | | | | | | | | | | 6,789,120 | |
| | | | Total Technology Hardware, Storage & Peripherals | | | | | | | | | | | 34,952,256 | |
| | | | |
| | | | Textiles, Apparel & Luxury Goods – 2.1% | | | | | | | | | |
| | | | |
| | 88,600 | | | Michael Kors Holdings Limited, (2) | | | | | | | | | | | 5,575,598 | |
| | | | |
| | 13,000 | | | Ralph Lauren Corporation | | | | | | | | | | | 1,375,920 | |
| | | | |
| | 73,000 | | | VF Corporation | | | | | | | | | | | 5,443,610 | |
| | | | Total Textiles, Apparel & Luxury Goods | | | | | | | | | | | 12,395,128 | |
| | | | |
| | | | Wireless Telecommunication Services – 0.9% | | | | | | | | | |
| | | | |
| | 201,100 | | | Telephone and Data Systems Inc. | | | | | | | | | | | 5,638,844 | |
| | | | Total Long-Term Investments (cost $520,158,511) | | | | | | | | | | | 597,644,082 | |
| | | | |
Principal
Amount (000) | | | Description (1) | | Coupon | | | Maturity | | | Value | |
| | | | |
| | | | SHORT-TERM INVESTMENTS – 0.1% | | | | | | | | | | | | |
| | | | |
| | | | REPURCHASE AGREEMENTS – 0.1% | | | | | | | | | |
| | | | |
| $ | 420 | | | Repurchase Agreement with Fixed Income Clearing Corporation, dated 2/28/18, repurchase price $420,311, collateralized by $445,000 U.S. Treasury Notes, 2.250%, due 11/15/24, value $432,022 | | | 0.540% | | | | 3/01/18 | | | $ | 420,305 | |
| | | | Total Short-Term Investments (cost $420,305) | | | | | | | | | | | 420,305 | |
| | | | Total Investments (cost $520,578,816) – 100.1% | | | | | | | | | | | 598,064,387 | |
| | | | Other Assets Less Liabilities – (0.1)% | | | | | | | | | | | (649,099 | ) |
| | | | Net Assets – 100% | | | | | | | | | | $ | 597,415,288 | |
For Fund portfolio compliance purposes, the Fund’s industry classifications refer to any one or more of the industry sub-classifications used by one or more widely recognized market indexes or ratings group indexes, and/or as defined by Fund management. This definition may not apply for purposes of this report, which may combine industry sub-classifications into sectors for reporting ease.
| (1) | All percentages shown in the Portfolio of Investments are based on net assets. |
| (2) | Non-income producing; issue has not declared a dividend within the past twelve months. |
See accompanying notes to financial statements.
50
Nuveen Large Cap Growth Fund
Portfolio of Investments February 28, 2018
(Unaudited)
| | | | | | | | | | | | | | | | |
| Shares | | | Description (1) | | | | | | | | Value | |
| | | | |
| | | | LONG-TERM INVESTMENTS – 100.0% | | | | | | | | | | | | |
| | | | |
| | | | COMMON STOCKS – 100.0% | | | | | | | | | | | | |
| | | | |
| | | | Auto Components – 2.2% | | | | | | | | | |
| | | | |
| | 20,000 | | | Lear Corporation | | | | | | | | | | $ | 3,731,400 | |
| | | | |
| | 28,000 | | | Visteon Corporation, (2) | | | | | | | | | | | 3,467,520 | |
| | | | Total Auto Components | | | | | | | | | | | 7,198,920 | |
| | | | |
| | | | Automobiles – 1.0% | | | | | | | | | |
| | | | |
| | 18,200 | | | Ford Motor Company | | | | | | | | | | | 193,102 | |
| | | | |
| | 24,000 | | | Thor Industries, Inc. | | | | | | | | | | | 3,096,000 | |
| | | | Total Automobiles | | | | | | | | | | | 3,289,102 | |
| | | | |
| | | | Biotechnology – 4.1% | | | | | | | | | |
| | | | |
| | 24,000 | | | Amgen Inc. | | | | | | | | | | | 4,410,480 | |
| | | | |
| | 15,000 | | | Biogen Inc., (2) | | | | | | | | | | | 4,334,850 | |
| | | | |
| | 54,000 | | | Celgene Corporation, (2) | | | | | | | | | | | 4,704,480 | |
| | | | Total Biotechnology | | | | | | | | | | | 13,449,810 | |
| | | | |
| | | | Capital Markets – 7.8% | | | | | | | | | | | | |
| | | | |
| | 23,000 | | | Ameriprise Financial, Inc. | | | | | | | | | | | 3,598,120 | |
| | | | |
| | 103,000 | | | Federated Investors Inc. | | | | | | | | | | | 3,355,740 | |
| | | | |
| | 27,000 | | | Invesco LTD | | | | | | | | | | | 878,580 | |
| | | | |
| | 87,000 | | | Legg Mason, Inc. | | | | | | | | | | | 3,472,170 | |
| | | | |
| | 45,000 | | | LPL Investments Holdings Inc. | | | | | | | | | | | 2,892,150 | |
| | | | |
| | 24,000 | | | S&P Global, Inc. | | | | | | | | | | | 4,603,200 | |
| | | | |
| | 35,000 | | | State Street Corporation | | | | | | | | | | | 3,715,250 | |
| | | | |
| | 31,000 | | | T. Rowe Price Group Inc. | | | | | | | | | | | 3,468,900 | |
| | | | Total Capital Markets | | | | | | | | | | | 25,984,110 | |
| | | | |
| | | | Chemicals – 1.1% | | | | | | | | | | | | |
| | | | |
| | 34,000 | | | LyondellBasell Industries NV | | | | | | | | | | | 3,679,480 | |
| | | | |
| | | | Commercial Services & Supplies – 0.5% | | | | | | | | | | | | |
| | | | |
| | 20,000 | | | Waste Management, Inc. | | | | | | | | | | | 1,726,400 | |
| | | | |
| | | | Consumer Finance – 1.0% | | | | | | | | | | | | |
| | | | |
| | 10,000 | | | Credit Acceptance Corporation, (2) | | | | | | | | | | | 3,146,900 | |
| | | | |
| | | | Containers & Packaging – 1.3% | | | | | | | | | | | | |
| | | | |
| | 15,300 | | | Berry Plastics Corporation, (2) | | | | | | | | | | | 832,320 | |
| | | | |
| | 230,000 | | | Graphic Packaging Holding Company | | | | | | | | | | | 3,521,300 | |
| | | | Total Containers & Packaging | | | | | | | | | | | 4,353,620 | |
51
Nuveen Large Cap Growth Fund (continued)
Portfolio of Investments February 28, 2018
(Unaudited)
| | | | | | | | | | | | |
| Shares | | | Description (1) | | | | | | Value | |
| | | | |
| | | | Diversified Telecommunication Services – 0.0% | | | | | | | |
| | | | |
| | 16,900 | | | Intelsat SA, (2) | | | | | | $ | 81,796 | |
| | | | |
| | | | Electrical Equipment – 1.0% | | | | | | | | |
| | | | |
| | 24,000 | | | Acuity Brands Inc. | | | | | | | 3,421,920 | |
| | | | |
| | | | Electronic Equipment, Instruments & Components – 0.2% | | | | | | | | |
| | | | |
| | 26,000 | | | Jabil Inc. | | | | | | | 704,340 | |
| | | | |
| | | | Food & Staples Retailing – 5.2% | | | | | | | | |
| | | | |
| | 1,609,000 | | | Rite Aid Corporation, (2) | | | | | | | 3,169,730 | |
| | | | |
| | 134,000 | | | Sprouts Farmers Market Inc., (2) | | | | | | | 3,451,840 | |
| | | | |
| | 68,000 | | | Sysco Corporation | | | | | | | 4,056,200 | |
| | | | |
| | 53,000 | | | Walgreens Boots Alliance Inc. | | | | | | | 3,651,170 | |
| | | | |
| | 34,200 | | | Wal-Mart Stores, Inc. | | | | | | | 3,078,342 | |
| | | | Total Food & Staples Retailing | | | | | | | 17,407,282 | |
| | | | |
| | | | Health Care Providers & Services – 10.7% | | | | | | | | |
| | | | |
| | 40,000 | | | AmerisourceBergen Corporation | | | | | | | 3,806,400 | |
| | | | |
| | 34,000 | | | Centene Corporation, (2) | | | | | | | 3,448,280 | |
| | | | |
| | 23,000 | | | CIGNA Corporation | | | | | | | 4,505,470 | |
| | | | |
| | 46,000 | | | Express Scripts, Holding Company, (2) | | | | | | | 3,470,700 | |
| | | | |
| | 16,000 | | | Humana Inc. | | | | | | | 4,349,120 | |
| | | | |
| | 23,000 | | | McKesson HBOC Inc. | | | | | | | 3,432,290 | |
| | | | |
| | 39,000 | | | UnitedHealth Group Incorporated | | | | | | | 8,820,240 | |
| | | | |
| | 19,000 | | | Wellcare Health Plans Inc., (2) | | | | | | | 3,684,290 | |
| | | | Total Health Care Providers & Services | | | | | | | 35,516,790 | |
| | | | |
| | | | Hotels, Restaurants & Leisure – 6.8% | | | | | | | |
| | | | |
| | 57,000 | | | Dunkin Brands Group Inc. | | | | | | | 3,413,730 | |
| | | | |
| | 41,000 | | | Hyatt Hotels Corporation, Class A | | | | | | | 3,168,070 | |
| | | | |
| | 55,000 | | | Las Vegas Sands | | | | | | | 4,004,550 | |
| | | | |
| | 33,000 | | | Marriott International, Inc., Class A | | | | | | | 4,659,930 | |
| | | | |
| | 31,000 | | | Wyndham Worldwide Corporation | | | | | | | 3,589,180 | |
| | | | |
| | 23,000 | | | Wynn Resorts Ltd | | | | | | | 3,852,500 | |
| | | | Total Hotels, Restaurants & Leisure | | | | | | | 22,687,960 | |
| | | | |
| | | | Household Durables – 1.9% | | | | | | | |
| | | | |
| | 67,000 | | | Tempur Sealy International, Inc., (2) | | | | | | | 3,311,810 | |
| | | | |
| | 19,000 | | | Whirlpool Corporation | | | | | | | 3,086,170 | |
| | | | Total Household Durables | | | | | | | 6,397,980 | |
| | | | |
| | | | Internet and Direct Marketing Retail – 3.7% | | | | | | | |
| | | | |
| | 6,000 | | | Amazon.com, Inc., (2) | | | | | | | 9,074,700 | |
| | | | |
| | 29,000 | | | Expedia, Inc. | | | | | | | 3,049,930 | |
| | | | Total Internet and Direct Marketing Retail | | | | | | | 12,124,630 | |
52
| | | | | | | | | | | | |
| Shares | | | Description (1) | | | | | | Value | |
| | | | |
| | | | Internet Software & Services – 6.3% | | | | | | | |
| | | | |
| | 9,000 | | | Alphabet Inc., Class A, (2) | | | | | | $ | 9,935,280 | |
| | | | |
| | 22,000 | | | Facebook Inc., Class A Shares, (2) | | | | | | | 3,923,040 | |
| | | | |
| | 24,000 | | | IAC/InterActiveCorp. | | | | | | | 3,573,840 | |
| | | | |
| | 31,000 | | | VeriSign, Inc., (2) | | | | | | | 3,596,620 | |
| | | | Total Internet Software & Services | | | | | | | 21,028,780 | |
| | | | |
| | | | IT Services – 5.3% | | | | | | | |
| | | | |
| | 20,700 | | | Booz Allen Hamilton Holding | | | | | | | 785,151 | |
| | | | |
| | 44,000 | | | MasterCard, Inc. | | | | | | | 7,733,440 | |
| | | | |
| | 73,000 | | | Visa Inc. | | | | | | | 8,974,620 | |
| | | | Total IT Services | | | | | | | 17,493,211 | |
| | | | |
| | | | Leisure Products – 1.0% | | | | | | | |
| | | | |
| | 30,000 | | | Polaris Industries Inc. | | | | | | | 3,419,700 | |
| | | | |
| | | | Machinery – 2.1% | | | | | | | |
| | | | |
| | 90,000 | | | Allison Transmission Holdings Inc. | | | | | | | 3,566,700 | |
| | | | |
| | 25,000 | | | WABCO Holdings Inc. | | | | | | | 3,449,250 | |
| | | | Total Machinery | | | | | | | 7,015,950 | |
| | | | |
| | | | Media – 2.7% | | | | | | | |
| | | | |
| | 66,000 | | | AMC Networks Inc., Class A Shares, (2) | | | | | | | 3,469,620 | |
| | | | |
| | 108,000 | | | Comcast Corporation, Class A | | | | | | | 3,910,680 | |
| | | | |
| | 32,200 | | | Discovery Communications Inc., Class A Shares, (2) | | | | | | | 783,104 | |
| | | | |
| | 20,700 | | | Live Nation Inc., (2) | | | | | | | 927,360 | |
| | | | Total Media | | | | | | | 9,090,764 | |
| | | | |
| | | | Multiline Retail – 1.6% | | | | | | | |
| | | | |
| | 13,500 | | | Big Lots, Inc. | | | | | | | 758,700 | |
| | | | |
| | 12,600 | | | Kohl’s Corporation | | | | | | | 832,734 | |
| | | | |
| | 69,000 | | | Nordstrom, Inc. | | | | | | | 3,540,390 | |
| | | | Total Multiline Retail | | | | | | | 5,131,824 | |
| | | | |
| | | | Oil, Gas & Consumable Fuels – 2.1% | | | | | | | |
| | | | |
| | 191,000 | | | Antero Resources Corporation, (2) | | | | | | | 3,592,710 | |
| | | | |
| | 68,000 | | | EQT Corporation | | | | | | | 3,421,080 | |
| | | | Total Oil, Gas & Consumable Fuels | | | | | | | 7,013,790 | |
| | | | |
| | | | Personal Products – 1.1% | | | | | | | |
| | | | |
| | 41,000 | | | Herbalife, Limited | | | | | | | 3,776,100 | |
| | | | |
| | | | Professional Services – 1.1% | | | | | | | |
| | | | |
| | 65,000 | | | Robert Half International Inc. | | | | | | | 3,709,550 | |
| | | | |
| | | | Real Estate Management & Development – 1.1% | | | | | | | |
| | | | |
| | 76,000 | | | CBRE Group Inc., (2) | | | | | | | 3,553,000 | |
53
Nuveen Large Cap Growth Fund (continued)
Portfolio of Investments February 28, 2018
(Unaudited)
| | | | | | | | | | | | | | | | |
| Shares | | | Description (1) | | | | | | | | Value | |
| | | | |
| | | | Semiconductors & Semiconductor Equipment – 0.7% | | | | | | | | | |
| | | | |
| | 18,000 | | | ON Semiconductor Corporation, (2) | | | | | | | | | | $ | 430,560 | |
| | | | |
| | 40,000 | | | Teradyne Inc. | | | | | | | | | | | 1,816,000 | |
| | | | Total Semiconductors & Semiconductor Equipment | | | | | | | | | | | 2,246,560 | |
| | | | |
| | | | Software – 11.9% | | | | | | | | | |
| | | | |
| | 28,000 | | | Adobe Systems Incorporated, (2) | | | | | | | | | | | 5,855,640 | |
| | | | |
| | 85,000 | | | Cadence Design Systems, Inc., (2) | | | | | | | | | | | 3,295,450 | |
| | | | |
| | 28,000 | | | Electronic Arts Inc., (2) | | | | | | | | | | | 3,463,600 | |
| | | | |
| | 26,000 | | | Intuit, Inc. | | | | | | | | | | | 4,338,360 | |
| | | | |
| | 161,000 | | | Microsoft Corporation | | | | | | | | | | | 15,096,970 | |
| | | | |
| | 27,000 | | | Red Hat, Inc., (2) | | | | | | | | | | | 3,979,800 | |
| | | | |
| | 28,000 | | | VMware Inc., (2) | | | | | | | | | | | 3,689,000 | |
| | | | Total Software | | | | | | | | | | | 39,718,820 | |
| | | | |
| | | | Specialty Retail – 4.0% | | | | | | | | | |
| | | | |
| | 12,900 | | | Best Buy Co., Inc. | | | | | | | | | | | 934,476 | |
| | | | |
| | 28,000 | | | Burlington Store Inc., (2) | | | | | | | | | | | 3,433,920 | |
| | | | |
| | 108,000 | | | Gap, Inc. | | | | | | | | | | | 3,410,640 | |
| | | | |
| | 41,000 | | | Lowe’s Companies, Inc. | | | | | | | | | | | 3,673,190 | |
| | | | |
| | 25,000 | | | Ross Stores, Inc. | | | | | | | | | | | 1,952,250 | |
| | | | Total Specialty Retail | | | | | | | | | | | 13,404,476 | |
| | | | |
| | | | Technology Hardware, Storage & Peripherals – 7.1% | | | | | | | | | |
| | | | |
| | 91,000 | | | Apple, Inc. | | | | | | | | | | | 16,208,920 | |
| | | | |
| | 65,000 | | | NetApp, Inc. | | | | | | | | | | | 3,935,750 | |
| | | | |
| | 41,000 | | | Western Digital Corporation | | | | | | | | | | | 3,568,640 | |
| | | | Total Technology Hardware, Storage & Peripherals | | | | | | | | | | | 23,713,310 | |
| | | | |
| | | | Textiles, Apparel & Luxury Goods – 1.3% | | | | | | | | | |
| | | | |
| | 53,000 | | | Michael Kors Holdings Limited, (2) | | | | | | | | | | | 3,335,290 | |
| | | | |
| | 14,300 | | | VF Corporation | | | | | | | | | | | 1,066,351 | |
| | | | Total Textiles, Apparel & Luxury Goods | | | | | | | | | | | 4,401,641 | |
| | | | |
| | | | Trading Companies & Distributors – 2.1% | | | | | | | | | |
| | | | |
| | 74,000 | | | Air Lease Corporation | | | | | | | | | | | 3,231,580 | |
| | | | |
| | 14,000 | | | W.W. Grainger, Inc. | | | | | | | | | | | 3,661,700 | |
| | | | Total Trading Companies & Distributors | | | | | | | | | | | 6,893,280 | |
| | | | Total Long-Term Investments (cost $263,117,467) | | | | | | | | | | | 332,781,796 | |
54
| | | | | | | | | | | | | | | | |
Principal
Amount (000) | | | Description (1) | | Coupon | | | Maturity | | | Value | |
| | | | |
| | | | SHORT-TERM INVESTMENTS – 0.2% | | | | | | | | | | | | |
| | | | |
| | | | REPURCHASE AGREEMENTS – 0.2% | | | | | | | | | | | | |
| | | | |
| $ | 507 | | | Repurchase Agreement with Fixed Income Clearing Corporation, dated 2/28/18, repurchase price $506,595 collateralized by $535,000 U.S. Treasury Notes, 2.250%, due 11/15/24, value $519,397 | | | 0.540% | | | | 3/01/18 | | | $ | 506,587 | |
| | | | Total Short-Term Investments (cost $506,587) | | | | | | | | | | | 506,587 | |
| | | | Total Investments (cost $263,624,054) – 100.2% | | | | | | | | | | | 333,288,383 | |
| | | | Other Assets Less Liabilities – (0.2)% | | | | | | | | | | | (704,893 | ) |
| | | | Net Assets – 100% | | | | | | | | | | $ | 332,583,490 | |
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; issue has not declared a dividend within the past twelve months. |
See accompanying notes to financial statements.
55
Nuveen Concentrated Core Fund
Portfolio of Investments February 28, 2018
(Unaudited)
| | | | | | | | |
| Shares | | | Description (1) | | Value | |
| | |
| | | | LONG-TERM INVESTMENTS – 99.6% | | | | |
| | |
| | | | COMMON STOCKS – 99.6% | | | | |
| | |
| | | | Automobiles – 10.3% | | | |
| | |
| | 470,000 | | | Ford Motor Company | | $ | 4,986,700 | |
| | |
| | 115,100 | | | General Motors Company | | | 4,529,185 | |
| | | | Total Automobiles | | | 9,515,885 | |
| | |
| | | | Biotechnology – 14.7% | | | |
| | |
| | 25,000 | | | Amgen Inc. | | | 4,594,250 | |
| | |
| | 15,900 | | | Biogen Inc., (2) | | | 4,594,941 | |
| | |
| | 50,000 | | | Celgene Corporation, (2) | | | 4,356,000 | |
| | | | Total Biotechnology | | | 13,545,191 | |
| | |
| | | | Capital Markets – 13.1% | | | |
| | |
| | 19,200 | | | Ameriprise Financial, Inc. | | | 3,003,648 | |
| | |
| | 108,900 | | | Franklin Resources, Inc. | | | 4,211,163 | |
| | |
| | 46,000 | | | State Street Corporation | | | 4,882,900 | |
| | | | Total Capital Markets | | | 12,097,711 | |
| | |
| | | | Diversified Telecommunication Services – 4.6% | | | |
| | |
| | 116,500 | | | AT&T Inc. | | | 4,228,950 | |
| | |
| | | | Food & Staples Retailing – 10.2% | | | |
| | |
| | 67,700 | | | CVS Health Corporation | | | 4,585,321 | |
| | |
| | 70,600 | | | Walgreens Boots Alliance Inc. | | | 4,863,634 | |
| | | | Total Food & Staples Retailing | | | 9,448,955 | |
| | |
| | | | Health Care Providers & Services – 15.7% | | | |
| | |
| | 24,400 | | | CIGNA Corporation | | | 4,779,716 | |
| | |
| | 65,500 | | | Express Scripts, Holding Company, (2) | | | 4,941,975 | |
| | |
| | 31,800 | | | McKesson HBOC Inc. | | | 4,745,514 | |
| | | | Total Health Care Providers & Services | | | 14,467,205 | |
| | |
| | | | Hotels, Restaurants & Leisure – 5.0% | | | |
| | |
| | 36,300 | | | Royal Caribbean Cruises Limited | | | 4,595,580 | |
| | |
| | | | IT Services – 10.8% | | | | |
| | |
| | 27,800 | | | MasterCard, Inc. | | | 4,886,128 | |
| | |
| | 41,000 | | | Visa Inc. | | | 5,040,540 | |
| | | | Total IT Services | | | 9,926,668 | |
| | |
| | | | Oil, Gas & Consumable Fuels – 4.9% | | | |
| | |
| | 71,100 | | | Marathon Petroleum Corporation | | | 4,554,666 | |
56
| | | | | | | | |
| Shares | | | Description (1) | | Value | |
| | |
| | | | Software – 5.3% | | | |
| | |
| | 36,800 | | | VMware Inc., (2) | | $ | 4,848,400 | |
| | |
| | | | Technology Hardware, Storage & Peripherals – 5.0% | | | |
| | |
| | 52,600 | | | Western Digital Corporation | | | 4,578,304 | |
| | | | Total Long-Term Investments (cost $88,992,364) | | | 91,807,515 | |
| | | | Other Assets Less Liabilities – 0.4% | | | 349,838 | |
| | | | Net Assets – 100% | | $ | 92,157,353 | |
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; issue has not declared a dividend within the past twelve months. |
See accompanying notes to financial statements.
57
Nuveen Growth Fund
Portfolio of Investments February 28, 2018
(Unaudited)
| | | | | | | | | | | | | | | | |
| Shares | | | Description (1) | | | | | | | | Value | |
| | | | |
| | | | LONG-TERM INVESTMENTS – 99.9% | | | | | | | | | | | | |
| | | | |
| | | | COMMON STOCKS – 99.9% | | | | | | | | | | | | |
| | | | |
| | | | Aerospace & Defense – 3.5% | | | | | | | | | |
| | | | |
| | 2,111 | | | Boeing Company | | | | | | | | | | $ | 764,625 | |
| | | | |
| | 6,850 | | | Spirit AeroSystems Holdings Inc. | | | | | | | | | | | 625,337 | |
| | | | |
| | 1,538 | | | TransDigm Group Inc., (2) | | | | | | | | | | | 443,421 | |
| | | | Total Aerospace & Defense | | | | | | | | | | | 1,833,383 | |
| | | | |
| | | | Airlines – 1.0% | | | | | | | | | |
| | | | |
| | 9,643 | | | Southwest Airlines Co. | | | | | | | | | | | 557,751 | |
| | | | |
| | | | Auto Components – 1.2% | | | | | | | | | |
| | | | |
| | 3,362 | | | Lear Corporation | | | | | | | | | | | 627,248 | |
| | | | |
| | | | Beverages – 1.0% | | | | | | | | | |
| | | | |
| | 4,926 | | | PepsiCo, Inc. | | | | | | | | | | | 540,530 | |
| | | | |
| | | | Biotechnology – 5.5% | | | | | | | | | |
| | | | |
| | 5,172 | | | Amgen Inc. | | | | | | | | | | | 950,458 | |
| | | | |
| | 3,056 | | | Biogen Inc., (2) | | | | | | | | | | | 883,153 | |
| | | | |
| | 5,423 | | | Bioverativ, Inc., (2) | | | | | | | | | | | 567,680 | |
| | | | |
| | 6,610 | | | Gilead Sciences, Inc. | | | | | | | | | | | 520,405 | |
| | | | Total Biotechnology | | | | | | | | | | | 2,921,696 | |
| | | | |
| | | | Capital Markets – 3.0% | | | | | | | | | |
| | | | |
| | 15,418 | | | Federated Investors Inc. | | | | | | | | | | | 502,318 | |
| | | | |
| | 9,584 | | | T. Rowe Price Group Inc. | | | | | | | | | | | 1,072,450 | |
| | | | Total Capital Markets | | | | | | | | | | | 1,574,768 | |
| | | | |
| | | | Communications Equipment – 0.9% | | | | | | | | | |
| | | | |
| | 3,085 | | | F5 Networks, Inc., (2) | | | | | | | | | | | 458,184 | |
| | | | |
| | | | Food & Staples Retailing – 4.5% | | | | | | | | | |
| | | | |
| | 20,661 | | | Sprouts Farmers Market Inc., (2) | | | | | | | | | | | 532,227 | |
| | | | |
| | 17,695 | | | Sysco Corporation | | | | | | | | | | | 1,055,507 | |
| | | | |
| | 12,015 | | | Walgreens Boots Alliance Inc. | | | | | | | | | | | 827,713 | |
| | | | Total Food & Staples Retailing | | | | | | | | | | | 2,415,447 | |
| | | | |
| | | | Health Care Providers & Services – 14.3% | | | | | | | | | |
| | | | |
| | 4,066 | | | Aetna Inc. | | | | | | | | | | | 719,926 | |
| | | | |
| | 7,559 | | | AmerisourceBergen Corporation | | | | | | | | | | | 719,314 | |
| | | | |
| | 3,032 | | | Anthem Inc. | | | | | | | | | | | 713,672 | |
| | | | |
| | 7,873 | | | Cardinal Health, Inc. | | | | | | | | | | | 544,890 | |
| | | | |
| | 13,364 | | | Express Scripts, Holding Company, (2) | | | | | | | | | | | 1,008,314 | |
| | | | |
| | 2,771 | | | Humana Inc. | | | | | | | | | | | 753,213 | |
58
| | | | | | | | | | | | | | | | |
| Shares | | | Description (1) | | | | | | | | Value | |
| | | | |
| | | | Health Care Providers & Services (continued) | | | | | | | | | |
| | | | |
| | 3,964 | | | McKesson HBOC Inc. | | | | | | | | | | $ | 591,548 | |
| | | | |
| | 11,127 | | | UnitedHealth Group Incorporated | | | | | | | | | | | 2,516,482 | |
| | | | Total Health Care Providers & Services | | | | | | | | | | | 7,567,359 | |
| | | | |
| | | | Hotels, Restaurants & Leisure – 2.0% | | | | | | | | | |
| | | | |
| | 7,711 | | | Marriott International, Inc., Class A | | | | | | | | | | | 1,088,870 | |
| | | | |
| | | | Insurance – 1.2% | | | | | | | | | |
| | | | |
| | 4,219 | | | Reinsurance Group of America Inc. | | | | | | | | | | | 648,840 | |
| | | | |
| | | | Internet Software & Services – 8.4% | | | | | | | | | |
| | | | |
| | 3,555 | | | Alphabet Inc., Class A, (2) | | | | | | | | | | | 3,924,438 | |
| | | | |
| | 2,889 | | | Facebook Inc., Class A Shares, (2) | | | | | | | | | | | 515,166 | |
| | | | Total Internet Software & Services | | | | | | | | | | | 4,439,604 | |
| | | | |
| | | | IT Services – 11.2% | | | | | | | | | |
| | | | |
| | 10,828 | | | Booz Allen Hamilton Holding | | | | | | | | | | | 410,706 | |
| | | | |
| | 5,088 | | | Henry Jack and Associates Inc. | | | | | | | | | | | 596,822 | |
| | | | |
| | 13,587 | | | MasterCard, Inc. | | | | | | | | | | | 2,388,051 | |
| | | | |
| | 20,553 | | | Visa Inc. | | | | | | | | | | | 2,526,786 | |
| | | | Total IT Services | | | | | | | | | | | 5,922,365 | |
| | | | |
| | | | Media – 6.5% | | | | | | | | | |
| | | | |
| | 43,683 | | | Comcast Corporation, Class A | | | | | | | | | | | 1,581,761 | |
| | | | |
| | 7,006 | | | Discovery Communications Inc., Class A Shares, (2) | | | | | | | | | | | 170,386 | |
| | | | |
| | 10,492 | | | Omnicom Group, Inc. | | | | | | | | | | | 799,805 | |
| | | | |
| | 5,667 | | | Scripps Networks Interactive, Class A Shares | | | | | | | | | | | 509,237 | |
| | | | |
| | 3,602 | | | Walt Disney Company | | | | | | | | | | | 371,582 | |
| | | | Total Media | | | | | | | | | | | 3,432,771 | |
| | | | |
| | | | Multiline Retail – 1.4% | | | | | | | | | |
| | | | |
| | 9,705 | | | Target Corporation | | | | | | | | | | | 731,854 | |
| | | | |
| | | | Professional Services – 1.0% | | | | | | | | | |
| | | | |
| | 9,434 | | | Robert Half International Inc. | | | | | | | | | | | 538,398 | |
| | | | |
| | | | Software – 16.0% | | | | | | | | | |
| | | | |
| | 14,562 | | | Cadence Design Systems, Inc., (2) | | | | | | | | | | | 564,569 | |
| | | | |
| | 7,988 | | | Intuit, Inc. | | | | | | | | | | | 1,332,878 | |
| | | | |
| | 39,819 | | | Microsoft Corporation | | | | | | | | | | | 3,733,828 | |
| | | | |
| | 8,022 | | | Red Hat, Inc., (2) | | | | | | | | | | | 1,182,443 | |
| | | | |
| | 6,402 | | | Synopsys Inc., (2) | | | | | | | | | | | 542,057 | |
| | | | |
| | 8,415 | | | VMware Inc., (2) | | | | | | | | | | | 1,108,676 | |
| | | | Total Software | | | | | | | | | | | 8,464,451 | |
| | | | |
| | | | Specialty Retail – 10.0% | | | | | | | | | |
| | | | |
| | 17,596 | | | Gap, Inc. | | | | | | | | | | | 555,682 | |
59
Nuveen Growth Fund (continued)
Portfolio of Investments February 28, 2018
(Unaudited)
| | | | | | | | | | | | | | | | |
| Shares | | | Description (1) | | | | | | | | Value | |
| | | | |
| | | | Specialty Retail (continued) | | | | | | | | | |
| | | | |
| | 13,792 | | | Home Depot, Inc. | | | | | | | | | | $ | 2,513,868 | |
| | | | |
| | 12,847 | | | Lowe’s Companies, Inc. | | | | | | | | | | | 1,150,963 | |
| | | | |
| | 14,165 | | | Ross Stores, Inc. | | | | | | | | | | | 1,106,145 | |
| | | | Total Specialty Retail | | | | | | | | | | | 5,326,658 | |
| | | | |
| | | | Technology Hardware, Storage & Peripherals – 6.4% | | | | | | | | | |
| | | | |
| | 18,941 | | | Apple, Inc. | | | | | | | | | | | 3,373,771 | |
| | | | |
| | | | Textiles, Apparel & Luxury Goods – 0.9% | | | | | | | | | |
| | | | |
| | 8,034 | | | Michael Kors Holdings Limited, (2) | | | | | | | | | | | 505,580 | |
| | | | Total Long-Term Investments (cost $38,088,809) | | | | | | | | | | | 52,969,528 | |
| | | | |
Principal
Amount (000) | | | Description (1) | | Coupon | | | Maturity | | | Value | |
| | | | |
| | | | SHORT-TERM INVESTMENTS – 0.3% | | | | | | | | | |
| | | | |
| | | | REPURCHASE AGREEMENTS – 0.3% | | | | | | | | | |
| | | | |
| $ | 164 | | | Repurchase Agreement with Fixed Income Clearing Corporation, dated 2/28/18, repurchase price $163,719, collateralized by $175,000 U.S. Treasury Notes, 2.250%, due 11/15/24, value $169,896 | | | 0.540% | | | | 3/01/18 | | | $ | 163,717 | |
| | | | Total Short-Term Investments (cost $163,717) | | | | | | | | | | | 163,717 | |
| | | | Total Investments (cost $38,252,526) – 100.2% | | | | | | | | | | | 53,133,245 | |
| | | | Other Assets Less Liabilities – (0.2)% | | | | | | | | | | | (126,224 | ) |
| | | | Net Assets – 100% | | | | | | | | | | $ | 53,007,021 | |
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; issue has not declared a dividend within the past twelve months. |
See accompanying notes to financial statements.
60
Nuveen Equity Long/Short Fund
Portfolio of Investments February 28, 2018
(Unaudited)
| | | | | | | | | | | | | | | | |
| Shares | | | Description (1) | | | | | | | | Value | |
| | | | |
| | | | LONG-TERM INVESTMENTS – 124.2% | | | | | | | | | | | | |
| | | | |
| | | | COMMON STOCKS – 124.2% | | | | | | | | | | | | |
| | | | |
| | | | Airlines – 0.9% | | | | | | | | | |
| | | | |
| | 27,700 | | | Southwest Airlines Co. | | | | | | | | | | $ | 1,602,168 | |
| | | | |
| | | | Auto Components – 2.7% | | | | | | | | | |
| | | | |
| | 15,600 | | | Aptiv PLC. | | | | | | | | | | | 1,424,748 | |
| | | | |
| | 10,700 | | | Lear Corporation | | | | | | | | | | | 1,996,299 | |
| | | | |
| | 12,800 | | | Visteon Corporation, (2) | | | | | | | | | | | 1,585,152 | |
| | | | Total Auto Components | | | | | | | | | | | 5,006,199 | |
| | | | |
| | | | Automobiles – 1.5% | | | | | | | | | |
| | | | |
| | 86,000 | | | Ford Motor Company | | | | | | | | | | | 912,460 | |
| | | | |
| | 45,100 | | | General Motors Company | | | | | | | | | | | 1,774,685 | |
| | | | Total Automobiles | | | | | | | | | | | 2,687,145 | |
| | | | |
| | | | Banks – 8.0% | | | | | | | | | |
| | | | |
| | 102,300 | | | Bank of America Corporation | | | | | | | | | | | 3,283,830 | |
| | | | |
| | 38,900 | | | BB&T Corporation | | | | | | | | | | | 2,114,215 | |
| | | | |
| | 32,600 | | | CIT Group Inc. | | | | | | | | | | | 1,729,430 | |
| | | | |
| | 31,600 | | | JPMorgan Chase & Co. | | | | | | | | | | | 3,649,800 | |
| | | | |
| | 104,600 | | | Regions Financial Corporation | | | | | | | | | | | 2,030,286 | |
| | | | |
| | 24,500 | | | SunTrust Banks, Inc. | | | | | | | | | | | 1,711,080 | |
| | | | Total Banks | | | | | | | | | | | 14,518,641 | |
| | | | |
| | | | Biotechnology – 5.5% | | | | | | | | | |
| | | | |
| | 22,700 | | | AbbVie Inc. | | | | | | | | | | | 2,629,341 | |
| | | | |
| | 11,500 | | | Alexion Pharmaceuticals Inc., (2) | | | | | | | | | | | 1,350,675 | |
| | | | |
| | 13,300 | | | Amgen Inc. | | | | | | | | | | | 2,444,141 | |
| | | | |
| | 6,200 | | | Biogen Inc., (2) | | | | | | | | | | | 1,791,738 | |
| | | | |
| | 21,300 | | | Celgene Corporation, (2) | | | | | | | | | | | 1,855,656 | |
| | | | Total Biotechnology | | | | | | | | | | | 10,071,551 | |
| | | | |
| | | | Building Products – 1.1% | | | | | | | | | |
| | | | |
| | 23,900 | | | Owens Corning | | | | | | | | | | | 1,943,070 | |
| | | | |
| | | | Capital Markets – 7.9% | | | | | | | | | |
| | | | |
| | 5,000 | | | Ameriprise Financial, Inc. | | | | | | | | | | | 782,200 | |
| | | | |
| | 30,900 | | | Bank New York Mellon | | | | | | | | | | | 1,762,227 | |
| | | | |
| | 41,000 | | | Federated Investors Inc. | | | | | | | | | | | 1,335,780 | |
| | | | |
| | 33,000 | | | Legg Mason, Inc. | | | | | | | | | | | 1,317,030 | |
| | | | |
| | 31,100 | | | LPL Investments Holdings Inc. | | | | | | | | | | | 1,998,797 | |
| | | | |
| | 23,000 | | | NASDAQ Stock Market, Inc. | | | | | | | | | | | 1,857,250 | |
61
Nuveen Equity Long/Short Fund (continued)
Portfolio of Investments February 28, 2018
(Unaudited)
| | | | | | | | | | | | | | | | |
| Shares | | | Description (1) | | | | | | | | Value | |
| | | | |
| | | | Capital Markets (continued) | | | | | | | | | |
| | | | |
| | 10,600 | | | S&P Global, Inc. | | | | | | | | | | $ | 2,033,080 | |
| | | | |
| | 20,500 | | | State Street Corporation | | | | | | | | | | | 2,176,075 | |
| | | | |
| | 10,000 | | | T. Rowe Price Group Inc. | | | | | | | | | | | 1,119,000 | |
| | | | Total Capital Markets | | | | | | | | | | | 14,381,439 | |
| | | | |
| | | | Chemicals – 3.2% | | | | | | | | | |
| | | | |
| | 42,000 | | | CF Industries Holdings, Inc. | | | | | | | | | | | 1,732,080 | |
| | | | |
| | 19,400 | | | LyondellBasell Industries NV | | | | | | | | | | | 2,099,468 | |
| | | | |
| | 18,200 | | | Westlake Chemical Corporation | | | | | | | | | | | 1,970,332 | |
| | | | Total Chemicals | | | | | | | | | | | 5,801,880 | |
| | | | |
| | | | Commercial Services & Supplies – 2.3% | | | | | | | | | |
| | | | |
| | 39,100 | | | KAR Auction Services Inc. | | | | | | | | | | | 2,114,528 | |
| | | | |
| | 23,800 | | | Waste Management, Inc. | | | | | | | | | | | 2,054,416 | |
| | | | Total Commercial Services & Supplies | | | | | | | | | | | 4,168,944 | |
| | | | |
| | | | Communications Equipment – 2.3% | | | | | | | | | |
| | | | |
| | 67,000 | | | Cisco Systems, Inc. | | | | | | | | | | | 3,000,260 | |
| | | | |
| | 45,000 | | | Juniper Networks Inc. | | | | | | | | | | | 1,154,700 | |
| | | | Total Communications Equipment | | | | | | | | | | | 4,154,960 | |
| | | | |
| | | | Construction & Engineering – 0.7% | | | | | | | | | |
| | | | |
| | 38,200 | | | AECOM, (2) | | | | | | | | | | | 1,356,482 | |
| | | | |
| | | | Consumer Finance – 2.2% | | | | | | | | | |
| | | | |
| | 72,300 | | | Ally Financial Inc. | | | | | | | | | | | 2,017,170 | |
| | | | |
| | 25,400 | | | Discover Financial Services | | | | | | | | | | | 2,002,282 | |
| | | | Total Consumer Finance | | | | | | | | | | | 4,019,452 | |
| | | | |
| | | | Containers & Packaging – 2.5% | | | | | | | | | |
| | | | |
| | 22,900 | | | Berry Plastics Corporation, (2) | | | | | | | | | | | 1,245,760 | |
| | | | |
| | 88,600 | | | Graphic Packaging Holding Company | | | | | | | | | | | 1,356,466 | |
| | | | |
| | 31,000 | | | WestRock Company | | | | | | | | | | | 2,038,560 | |
| | | | Total Containers & Packaging | | | | | | | | | | | 4,640,786 | |
| | | | |
| | | | Diversified Telecommunication Services – 1.6% | | | | | | | | | |
| | | | |
| | 82,000 | | | AT&T Inc. | | | | | | | | | | | 2,976,600 | |
| | | | |
| | | | Electrical Equipment – 1.6% | | | | | | | | | |
| | | | |
| | 11,500 | | | Acuity Brands Inc. | | | | | | | | | | | 1,639,670 | |
| | | | |
| | 18,500 | | | Regal-Beloit Corporation | | | | | | | | | | | 1,337,550 | |
| | | | Total Electrical Equipment | | | | | | | | | | | 2,977,220 | |
| | | | |
| | | | Electronic Equipment, Instruments & Components – 0.8% | | | | | | | | | |
| | | | |
| | 52,700 | | | Jabil Inc. | | | | | | | | | | | 1,427,643 | |
| | | | |
| | | | Food & Staples Retailing – 5.3% | | | | | | | | | |
| | | | |
| | 27,300 | | | CVS Health Corporation | | | | | | | | | | | 1,849,029 | |
62
| | | | | | | | | | | | | | | | |
| Shares | | | Description (1) | | | | | | | | Value | |
| | | | |
| | | | Food & Staples Retailing (continued) | | | | | | | | | |
| | | | |
| | 79,100 | | | Sprouts Farmers Market Inc., (2) | | | | | | | | | | $ | 2,037,616 | |
| | | | |
| | 35,100 | | | Sysco Corporation | | | | | | | | | | | 2,093,715 | |
| | | | |
| | 23,400 | | | Walgreens Boots Alliance Inc. | | | | | | | | | | | 1,612,026 | |
| | | | |
| | 23,100 | | | Wal-Mart Stores, Inc. | | | | | | | | | | | 2,079,231 | |
| | | | Total Food & Staples Retailing | | | | | | | | | | | 9,671,617 | |
| | | | |
| | | | Gas Utilities – 0.7% | | | | | | | | | |
| | | | |
| | 25,500 | | | National Fuel Gas Company | | | | | | | | | | | 1,260,465 | |
| | | | |
| | | | Health Care Providers & Services – 8.7% | | | | | | | | | |
| | | | |
| | 19,000 | | | AmerisourceBergen Corporation | | | | | | | | | | | 1,808,040 | |
| | | | |
| | 20,200 | | | Centene Corporation, (2) | | | | | | | | | | | 2,048,684 | |
| | | | |
| | 11,300 | | | CIGNA Corporation | | | | | | | | | | | 2,213,557 | |
| | | | |
| | 24,200 | | | Express Scripts, Holding Company, (2) | | | | | | | | | | | 1,825,890 | |
| | | | |
| | 8,000 | | | Humana Inc. | | | | | | | | | | | 2,174,560 | |
| | | | |
| | 5,600 | | | McKesson HBOC Inc. | | | | | | | | | | | 835,688 | |
| | | | |
| | 12,500 | | | UnitedHealth Group Incorporated | | | | | | | | | | | 2,827,000 | |
| | | | |
| | 10,500 | | | Wellcare Health Plans Inc., (2) | | | | | | | | | | | 2,036,055 | |
| | | | Total Health Care Providers & Services | | | | | | | | | | | 15,769,474 | |
| | | | |
| | | | Hotels, Restaurants & Leisure – 5.3% | | | | | | | | | |
| | | | |
| | 26,500 | | | Dunkin Brands Group Inc. | | | | | | | | | | | 1,587,085 | |
| | | | |
| | 25,600 | | | Hyatt Hotels Corporation, Class A | | | | | | | | | | | 1,978,112 | |
| | | | |
| | 13,700 | | | Marriott International, Inc., Class A | | | | | | | | | | | 1,934,577 | |
| | | | |
| | 15,900 | | | Royal Caribbean Cruises Limited | | | | | | | | | | | 2,012,940 | |
| | | | |
| | 17,700 | | | Wyndham Worldwide Corporation | | | | | | | | | | | 2,049,306 | |
| | | | Total Hotels, Restaurants & Leisure | | | | | | | | | | | 9,562,020 | |
| | | | |
| | | | Household Durables – 0.9% | | | | | | | | | |
| | | | |
| | 35,000 | | | Tempur Sealy International, Inc., (2) | | | | | | | | | | | 1,730,050 | |
| | | | |
| | | | Independent Power & Renewable Electricity Producers – 0.6% | | | | | | | | | |
| | | | |
| | 105,350 | | | AES Corporation | | | | | | | | | | | 1,145,155 | |
| | | | |
| | | | Internet Software & Services – 3.4% | | | | | | | | | |
| | | | |
| | 1,800 | | | Alphabet Inc., Class A, (2) | | | | | | | | | | | 1,987,056 | |
| | | | |
| | 4,500 | | | Facebook Inc., Class A Shares, (2) | | | | | | | | | | | 802,440 | |
| | | | |
| | 9,900 | | | IAC/InterActiveCorp. | | | | | | | | | | | 1,474,209 | |
| | | | |
| | 17,000 | | | VeriSign, Inc., (2) | | | | | | | | | | | 1,972,340 | |
| | | | Total Internet Software & Services | | | | | | | | | | | 6,236,045 | |
| | | | |
| | | | IT Services – 4.1% | | | | | | | | | |
| | | | |
| | 15,600 | | | MasterCard, Inc. | | | | | | | | | | | 2,741,856 | |
| | | | |
| | 25,000 | | | Visa Inc. | | | | | | | | | | | 3,073,500 | |
| | | | |
| | 20,000 | | | Worldpay, Inc., (2) | | | | | | | | | | | 1,625,600 | |
| | | | Total IT Services | | | | | | | | | | | 7,440,956 | |
63
Nuveen Equity Long/Short Fund (continued)
Portfolio of Investments February 28, 2018
(Unaudited)
| | | | | | | | | | | | | | | | |
| Shares | | | Description (1) | | | | | | | | Value | |
| | | | |
| | | | Leisure Products – 1.0% | | | | | | | | | |
| | | | |
| | 16,700 | | | Polaris Industries Inc. | | | | | | | | | | $ | 1,903,633 | |
| | | | |
| | | | Machinery – 2.7% | | | | | | | | | |
| | | | |
| | 51,000 | | | Allison Transmission Holdings Inc. | | | | | | | | | | | 2,021,130 | |
| | | | |
| | 36,100 | | | Terex Corporation | | | | | | | | | | | 1,498,872 | |
| | | | |
| | 10,000 | | | WABCO Holdings Inc. | | | | | | | | | | | 1,379,700 | |
| | | | Total Machinery | | | | | | | | | | | 4,899,702 | |
| | | | |
| | | | Media – 4.0% | | | | | | | | | |
| | | | |
| | 66,100 | | | Comcast Corporation, Class A | | | | | | | | | | | 2,393,481 | |
| | | | |
| | 69,000 | | | Discovery Communications Inc., Class A Shares, (2) | | | | | | | | | | | 1,678,080 | |
| | | | |
| | 41,400 | | | Live Nation Inc., (2) | | | | | | | | | | | 1,854,720 | |
| | | | |
| | 100,000 | | | TEGNA Inc. | | | | | | | | | | | 1,286,000 | |
| | | | Total Media | | | | | | | | | | | 7,212,281 | |
| | | | |
| | | | Metals & Mining – 1.0% | | | | | | | | | |
| | | | |
| | 38,500 | | | Steel Dynamics Inc. | | | | | | | | | | | 1,780,625 | |
| | | | |
| | | | Multiline Retail – 2.9% | | | | | | | | | |
| | | | |
| | 22,500 | | | Kohl’s Corporation | | | | | | | | | | | 1,487,025 | |
| | | | |
| | 30,200 | | | Nordstrom, Inc. | | | | | | | | | | | 1,549,562 | |
| | | | |
| | 28,800 | | | Target Corporation | | | | | | | | | | | 2,171,808 | |
| | | | Total Multiline Retail | | | | | | | | | | | 5,208,395 | |
| | | | |
| | | | Oil, Gas & Consumable Fuels – 7.7% | | | | | | | | | |
| | | | |
| | 91,000 | | | Antero Resources Corporation, (2) | | | | | | | | | | | 1,711,710 | |
| | | | |
| | 39,100 | | | EQT Corporation | | | | | | | | | | | 1,967,121 | |
| | | | |
| | 44,600 | | | HollyFrontier Company | | | | | | | | | | | 1,910,218 | |
| | | | |
| | 31,800 | | | Marathon Petroleum Corporation | | | | | | | | | | | 2,037,108 | |
| | | | |
| | 49,000 | | | Murphy Oil Corporation | | | | | | | | | | | 1,242,150 | |
| | | | |
| | 64,900 | | | PBF Energy Inc. | | | | | | | | | | | 1,902,219 | |
| | | | |
| | 23,400 | | | Valero Energy Corporation | | | | | | | | | | | 2,115,828 | |
| | | | |
| | 40,000 | | | Whiting Petroleum Corporation, (2) | | | | | | | | | | | 1,088,400 | |
| | | | Total Oil, Gas & Consumable Fuels | | | | | | | | | | | 13,974,754 | |
| | | | |
| | | | Paper & Forest Products – 0.8% | | | | | | | | | |
| | | | |
| | 34,200 | | | Domtar Corporation | | | | | | | | | | | 1,530,792 | |
| | | | |
| | | | Personal Products – 1.1% | | | | | | | | | |
| | | | |
| | 22,200 | | | Herbalife, Limited | | | | | | | | | | | 2,044,620 | |
| | | | |
| | | | Pharmaceuticals – 1.3% | | | | | | | | | |
| | | | |
| | 34,800 | | | Bristol-Myers Squibb Company | | | | | | | | | | | 2,303,760 | |
| | | | |
| | | | Professional Services – 1.1% | | | | | | | | | |
| | | | |
| | 34,400 | | | Robert Half International Inc. | | | | | | | | | | | 1,963,208 | |
64
| | | | | | | | | | | | | | | | |
| Shares | | | Description (1) | | | | | | | | Value | |
| | | | |
| | | | Real Estate Management & Development – 0.8% | | | | | | | | | |
| | | | |
| | 32,700 | | | CBRE Group Inc., (2) | | | | | | | | | | $ | 1,528,725 | |
| | | | |
| | | | Road & Rail – 0.9% | | | | | | | | | |
| | | | |
| | 23,000 | | | Genesee & Wyoming Inc., (2) | | | | | | | | | | | 1,599,190 | |
| | | | |
| | | | Semiconductors & Semiconductor Equipment – 2.9% | | | | | | | | | |
| | | | |
| | 23,700 | | | First Solar Inc., (2) | | | | | | | | | | | 1,489,545 | |
| | | | |
| | 85,800 | | | Marvell Technology Group Ltd. | | | | | | | | | | | 2,015,442 | |
| | | | |
| | 74,100 | | | ON Semiconductor Corporation, (2) | | | | | | | | | | | 1,772,472 | |
| | | | Total Semiconductors & Semiconductor Equipment | | | | | | | | | | | 5,277,459 | |
| | | | |
| | | | Software – 8.3% | | | | | | | | | |
| | | | |
| | 22,300 | | | Citrix Systems, (2) | | | | | | | | | | | 2,051,600 | |
| | | | |
| | 12,700 | | | Intuit, Inc. | | | | | | | | | | | 2,119,122 | |
| | | | |
| | 43,000 | | | Microsoft Corporation | | | | | | | | | | | 4,032,110 | |
| | | | |
| | 53,100 | | | Oracle Corporation | | | | | | | | | | | 2,690,577 | |
| | | | |
| | 14,000 | | | Red Hat, Inc., (2) | | | | | | | | | | | 2,063,600 | |
| | | | |
| | 16,000 | | | VMware Inc., (2) | | | | | | | | | | | 2,108,000 | |
| | | | Total Software | | | | | | | | | | | 15,065,009 | |
| | | | |
| | | | Specialty Retail – 4.9% | | | | | | | | | |
| | | | |
| | 26,100 | | | Best Buy Co., Inc. | | | | | | | | | | | 1,890,684 | |
| | | | |
| | 14,600 | | | Burlington Store Inc., (2) | | | | | | | | | | | 1,790,544 | |
| | | | |
| | 37,600 | | | Gap, Inc. | | | | | | | | | | | 1,187,408 | |
| | | | |
| | 26,800 | | | Ross Stores, Inc. | | | | | | | | | | | 2,092,812 | |
| | | | |
| | 55,000 | | | Urban Outfitters, Inc., (2) | | | | | | | | | | | 1,940,950 | |
| | | | Total Specialty Retail | | | | | | | | | | | 8,902,398 | |
| | | | |
| | | | Technology Hardware, Storage & Peripherals – 3.9% | | | | | | | | | |
| | | | |
| | 20,900 | | | Apple, Inc. | | | | | | | | | | | 3,722,708 | |
| | | | |
| | 34,100 | | | NetApp, Inc. | | | | | | | | | | | 2,064,755 | |
| | | | |
| | 14,000 | | | Western Digital Corporation | | | | | | | | | | | 1,218,560 | |
| | | | Total Technology Hardware, Storage & Peripherals | | | | | | | | | | | 7,006,023 | |
| | | | |
| | | | Textiles, Apparel & Luxury Goods – 3.3% | | | | | | | | | |
| | | | |
| | 31,100 | | | Michael Kors Holdings Limited, (2) | | | | | | | | | | | 1,957,123 | |
| | | | |
| | 18,500 | | | Ralph Lauren Corporation | | | | | | | | | | | 1,958,040 | |
| | | | |
| | 27,600 | | | VF Corporation | | | | | | | | | | | 2,058,132 | |
| | | | Total Textiles, Apparel & Luxury Goods | | | | | | | | | | | 5,973,295 | |
| | | | |
| | | | Wireless Telecommunication Services – 1.8% | | | | | | | | | |
| | | | |
| | 43,000 | | | Telephone and Data Systems Inc. | | | | | | | | | | | 1,205,720 | |
| | | | |
| | 33,300 | | | T-Mobile US Inc., (2) | | | | | | | | | | | 2,018,313 | |
| | | | Total Wireless Telecommunication Services | | | | | | | | | | | 3,224,033 | |
| | | | Total Long-Term Investments (cost $209,466,305) | | | | | | | | | | | 225,947,864 | |
65
Nuveen Equity Long/Short Fund (continued)
Portfolio of Investments February 28, 2018
(Unaudited)
| | | | | | | | | | | | | | | | |
Principal
Amount (000) | | | Description (1) | | Coupon | | | Maturity | | | Value | |
| | | | |
| | | | SHORT-TERM INVESTMENTS – 0.5% | | | | | | | | | |
| | | | |
| | | | REPURCHASE AGREEMENTS – 0.5% | | | | | | | | | |
| | | | |
| $ | 828 | | | Repurchase Agreement with Fixed Income Clearing Corporation, dated 2/28/18, repurchase price $827,829, collateralized by $870,000 U.S. Treasury Notes, 2.250%, due 11/15/24, value $844,627 | | | 0.540% | | | | 3/01/18 | | | $ | 827,817 | |
| | | | Total Short-Term Investments (cost $827,817) | | | | | | | | | | | 827,817 | |
| | | | Total Investments (cost $210,294,122) – 124.7% | | | | | | | | | | | 226,775,681 | |
| | | | |
| Shares | | | Description (1) | | | | | | | | Value | |
| | | | |
| | | | COMMON STOCKS SOLD SHORT – (68.8)% (3) | | | | | | | | | | | | |
| | | | |
| | | | Aerospace & Defense – (0.7)% | | | | | | | | | |
| | | | |
| | (20,400 | ) | | BWX Technologies, Inc. | | | | | | | | | | $ | (1,284,384 | ) |
| | | | |
| | | | Air Freight & Logistics – (0.7)% | | | | | | | | | |
| | | | |
| | (11,700 | ) | | United Parcel Service, Inc., Class B | | | | | | | | | | | (1,221,597 | ) |
| | | | |
| | | | Airlines – (0.7)% | | | | | | | | | |
| | | | |
| | (31,700 | ) | | Spirit Airline Holdings, (2) | | | | | | | | | | | (1,262,928 | ) |
| | | | |
| | | | Automobiles – (0.7)% | | | | | | | | | |
| | | | |
| | (3,800 | ) | | Tesla Motors Inc., (2) | | | | | | | | | | | (1,303,628 | ) |
| | | | |
| | | | Banks – (1.3)% | | | | | | | | | |
| | | | |
| | (81,600 | ) | | F.N.B. Corporation PA | | | | | | | | | | | (1,144,032 | ) |
| | | | |
| | (14,100 | ) | | First Republic Bank of San Francisco | | | | | | | | | | | (1,308,480 | ) |
| | | | Total Banks | | | | | | | | | | | (2,452,512 | ) |
| | | | |
| | | | Beverages – (0.4)% | | | | | | | | | |
| | | | |
| | (10,000 | ) | | Brown-Forman Corporation | | | | | | | | | | | (697,900 | ) |
| | | | |
| | | | Biotechnology – (3.3)% | | | | | | | | | |
| | | | |
| | (16,500 | ) | | Agios Pharmaceutical Inc., (2) | | | | | | | | | | | (1,326,435 | ) |
| | | | |
| | (14,400 | ) | | Incyte Pharmaceuticals Inc., (2) | | | | | | | | | | | (1,226,304 | ) |
| | | | |
| | (20,900 | ) | | Intercept Pharmaceuticals Incorporated, (2) | | | | | | | | | | | (1,248,357 | ) |
| | | | |
| | (93,900 | ) | | Intrexon Corporation, (2) | | | | | | | | | | | (1,222,578 | ) |
| | | | |
| | (16,900 | ) | | Tesaro Inc., (2) | | | | | | | | | | | (933,387 | ) |
| | | | Total Biotechnology | | | | | | | | | | | (5,957,061 | ) |
| | | | |
| | | | Building Products – (0.6)% | | | | | | | | | |
| | | | |
| | (31,700 | ) | | Johnson Controls International PLC | | | | | | | | | | | (1,168,779 | ) |
| | | | |
| | | | Chemicals – (6.0)% | | | | | | | | | |
| | | | |
| | (11,500 | ) | | Albemarle Corporation | | | | | | | | | | | (1,154,945 | ) |
| | | | |
| | (17,500 | ) | | Ashland Global Holdings Incorporated | | | | | | | | | | | (1,239,350 | ) |
| | | | |
| | (17,100 | ) | | DowDuPont, Inc. | | | | | | | | | | | (1,202,130 | ) |
| | | | |
| | (9,500 | ) | | Ecolab Inc. | | | | | | | | | | | (1,239,275 | ) |
| | | | |
| | (15,400 | ) | | FMC Corporation | | | | | | | | | | | (1,208,592 | ) |
| | | | |
| | (8,700 | ) | | International Flavors & Fragrances Inc. | | | | | | | | | | | (1,228,875 | ) |
66
| | | | | | | | | | | | | | | | |
| Shares | | | Description (1) | | | | | | | | Value | |
| | | | |
| | | | Chemicals (continued) | | | | | | | | | |
| | | | |
| | (3,200 | ) | | NewMarket Corporation | | | | | | | | | | $ | (1,337,312 | ) |
| | | | |
| | (24,600 | ) | | RPM International, Inc. | | | | | | | | | | | (1,224,342 | ) |
| | | | |
| | (15,100 | ) | | WR Grace & Company | | | | | | | | | | | (999,318 | ) |
| | | | Total Chemicals | | | | | | | | | | | (10,834,139 | ) |
| | | | |
| | | | Commercial Services & Supplies – (0.7)% | | | | | | | | | |
| | | | |
| | (24,600 | ) | | Rollins Inc. | | | | | | | | | | | (1,236,642 | ) |
| | | | |
| | | | Construction Materials – (1.3)% | | | | | | | | | |
| | | | |
| | (5,800 | ) | | Martin Marietta Materials | | | | | | | | | | | (1,182,794 | ) |
| | | | |
| | (10,100 | ) | | Vulcan Materials Company | | | | | | | | | | | (1,189,073 | ) |
| | | | Total Construction Materials | | | | | | | | | | | (2,371,867 | ) |
| | | | |
| | | | Electric Utilities – (2.3)% | | | | | | | | | |
| | | | |
| | (23,500 | ) | | Alliant Energy Corporation | | | | | | | | | | | (908,275 | ) |
| | | | |
| | (16,400 | ) | | Duke Energy Corporation | | | | | | | | | | | (1,235,576 | ) |
| | | | |
| | (16,200 | ) | | Eversource Energy | | | | | | | | | | | (923,400 | ) |
| | | | |
| | (41,000 | ) | | PPL Corporation | | | | | | | | | | | (1,174,650 | ) |
| | | | Total Electric Utilities | | | | | | | | | | | (4,241,901 | ) |
| | | | |
| | | | Electronic Equipment, Instruments & Components – (1.4)% | | | | | | | | | |
| | | | |
| | (23,100 | ) | | Cognex Corporation | | | | | | | | | | | (1,240,701 | ) |
| | | | |
| | (6,000 | ) | | Coherent Inc., (2) | | | | | | | | | | | (1,254,960 | ) |
| | | | Total Electronic Equipment, Instruments & Components | | | | | | | | | | | (2,495,661 | ) |
| | | | |
| | | | Energy Equipment & Services – (2.8)% | | | | | | | | | |
| | | | |
| | (16,400 | ) | | Helmerich & Payne Inc. | | | | | | | | | | | (1,058,620 | ) |
| | | | |
| | (164,000 | ) | | Nabors Industries Inc. | | | | | | | | | | | (1,061,080 | ) |
| | | | |
| | (59,600 | ) | | Patterson-UTI Energy, Inc. | | | | | | | | | | | (1,076,972 | ) |
| | | | |
| | (49,500 | ) | | RPC Inc. | | | | | | | | | | | (972,180 | ) |
| | | | |
| | (367,000 | ) | | Weatherford International PLC, (2) | | | | | | | | | | | (965,210 | ) |
| | | | Total Energy Equipment & Services | | | | | | | | | | | (5,134,062 | ) |
| | | | |
| | | | Equity Real Estate Investment Trusts – (2.3)% | | | | | | | | | |
| | | | |
| | (7,500 | ) | | Alexandria Real Estate Equities Inc. | | | | | | | | | | | (909,825 | ) |
| | | | |
| | (39,000 | ) | | Corporate Office Properties | | | | | | | | | | | (973,440 | ) |
| | | | |
| | (12,400 | ) | | Digital Realty Trust Inc. | | | | | | | | | | | (1,247,936 | ) |
| | | | |
| | (20,900 | ) | | Realty Income Corporation | | | | | | | | | | | (1,027,862 | ) |
| | | | Total Equity Real Estate Investment Trusts | | | | | | | | | | | (4,159,063 | ) |
| | | | |
| | | | Food & Staples Retailing – (0.7)% | | | | | | | | | |
| | | | |
| | (10,900 | ) | | Casey’s General Stores, Inc. | | | | | | | | | | | (1,224,179 | ) |
| | | | |
| | | | Food Products – (4.1)% | | | | | | | | | |
| | | | |
| | (16,300 | ) | | Bunge Limited | | | | | | | | | | | (1,229,509 | ) |
| | | | |
| | (35,500 | ) | | Hain Celestial Group Inc., (2) | | | | | | | | | | | (1,234,690 | ) |
| | | | |
| | (37,100 | ) | | Hormel Foods Corporation | | | | | | | | | | | (1,204,266 | ) |
67
Nuveen Equity Long/Short Fund (continued)
Portfolio of Investments February 28, 2018
(Unaudited)
| | | | | | | | | | | | | | | | |
| Shares | | | Description (1) | | | | | | | | Value | |
| | | | |
| | | | Food Products (continued) | | | | | | | | | |
| | | | |
| | (17,900 | ) | | Kraft Heinz Company | | | | | | | | | | $ | (1,200,195 | ) |
| | | | |
| | (11,900 | ) | | McCormick & Company, Incorporated | | | | | | | | | | | (1,270,682 | ) |
| | | | |
| | (28,100 | ) | | Mondelez International Inc. | | | | | | | | | | | (1,233,590 | ) |
| | | | Total Food Products | | | | | | | | | | | (7,372,932 | ) |
| | | | |
| | | | Gas Utilities – (0.6)% | | | | | | | | | |
| | | | |
| | (13,600 | ) | | Atmos Energy Corporation | | | | | | | | | | | (1,094,664 | ) |
| | | | |
| | | | Health Care Equipment & Supplies – (4.7)% | | | | | | | | | |
| | | | |
| | (20,400 | ) | | Abbott Laboratories | | | | | | | | | | | (1,230,732 | ) |
| | | | |
| | (5,400 | ) | | Becton, Dickinson and Company | | | | | | | | | | | (1,198,908 | ) |
| | | | |
| | (45,800 | ) | | Boston Scientific Corporation, (2) | | | | | | | | | | | (1,248,508 | ) |
| | | | |
| | (20,200 | ) | | DexCom, Inc., (2) | | | | | | | | | | | (1,134,028 | ) |
| | | | |
| | (7,700 | ) | | Stryker Corporation | | | | | | | | | | | (1,248,632 | ) |
| | | | |
| | (4,700 | ) | | Teleflex Inc. | | | | | | | | | | | (1,174,201 | ) |
| | | | |
| | (14,700 | ) | | West Pharmaceutical Services Inc. | | | | | | | | | | | (1,282,134 | ) |
| | | | Total Health Care Equipment & Supplies | | | | | | | | | | | (8,517,143 | ) |
| | | | |
| | | | Health Care Providers & Services – (0.7)% | | | | | | | | | |
| | | | |
| | (32,500 | ) | | Envision Healthcare Corporation, (2) | | | | | | | | | | | (1,251,250 | ) |
| | | | |
| | | | Hotels, Restaurants & Leisure – (0.6)% | | | | | | | | | |
| | | | |
| | (5,700 | ) | | Vail Resorts, Inc. | | | | | | | | | | | (1,173,459 | ) |
| | | | |
| | | | Household Durables – (1.9)% | | | | | | | | | |
| | | | |
| | (21,100 | ) | | Garmin Limited | | | | | | | | | | | (1,249,964 | ) |
| | | | |
| | (21,400 | ) | | Lennar Corporation, Class A | | | | | | | | | | | (1,210,812 | ) |
| | | | |
| | (4,000 | ) | | Mohawk Industries Inc., (2) | | | | | | | | | | | (959,520 | ) |
| | | | Total Household Durables | | | | | | | | | | | (3,420,296 | ) |
| | | | |
| | | | Industrial Conglomerates – (0.6)% | | | | | | | | | |
| | | | |
| | (83,500 | ) | | General Electric Company | | | | | | | | | | | (1,178,185 | ) |
| | | | |
| | | | Insurance – (3.1)% | | | | | | | | | |
| | | | |
| | (14,300 | ) | | Arch Capital Group Limited, (2) | | | | | | | | | | | (1,261,832 | ) |
| | | | |
| | (5,000 | ) | | Everest Reinsurance Group Ltd | | | | | | | | | | | (1,201,200 | ) |
| | | | |
| | (22,900 | ) | | Hartford Financial Services Group, Inc. | | | | | | | | | | | (1,210,265 | ) |
| | | | |
| | (20,300 | ) | | ProAssurance Corporation | | | | | | | | | | | (970,340 | ) |
| | | | |
| | (23,000 | ) | | XL Group Limited | | | | | | | | | | | (973,130 | ) |
| | | | Total Insurance | | | | | | | | | | | (5,616,767 | ) |
| | | | |
| | | | Internet and Direct Marketing Retail – (0.7)% | | | | | | | | | |
| | | | |
| | (22,200 | ) | | Liberty Ventures, (2) | | | | | | | | | | | (1,188,144 | ) |
| | | | |
| | | | Internet Software & Services – (1.4)% | | | | | | | | | |
| | | | |
| | (282,000 | ) | | Pandora Media, Inc., (2) | | | | | | | | | | | (1,243,620 | ) |
| | | | |
| | (25,800 | ) | | Zillow Group, Inc., (2) | | | | | | | | | | | (1,229,886 | ) |
| | | | Total Internet Software & Services | | | | | | | | | | | (2,473,506 | ) |
68
| | | | | | | | | | | | | | | | |
| Shares | | | Description (1) | | | | | | | | Value | |
| | | | |
| | | | IT Services – (1.3)% | | | | | | | | | |
| | | | |
| | (10,600 | ) | | Gartner Inc., (2) | | | | | | | | | | $ | (1,202,146 | ) |
| | | | |
| | (8,300 | ) | | WEX, Inc., (2) | | | | | | | | | | | (1,241,265 | ) |
| | | | Total IT Services | | | | | | | | | | | (2,443,411 | ) |
| | | | |
| | | | Leisure Products – (0.7)% | | | | | | | | | |
| | | | |
| | (79,400 | ) | | Mattel, Inc. | | | | | | | | | | | (1,262,460 | ) |
| | | | |
| | | | Life Sciences Tools & Services – (1.4)% | | | | | | | | | |
| | | | |
| | (4,800 | ) | | Bio-Rad Laboratories Inc., (2) | | | | | | | | | | | (1,296,192 | ) |
| | | | |
| | (38,000 | ) | | Qiagen NV, (2) | | | | | | | | | | | (1,280,600 | ) |
| | | | Total Life Sciences Tools & Services | | | | | | | | | | | (2,576,792 | ) |
| | | | |
| | | | Machinery – (2.0)% | | | | | | | | | |
| | | | |
| | (10,200 | ) | | Middleby Corporation, (2) | | | | | | | | | | | (1,226,550 | ) |
| | | | |
| | (8,800 | ) | | Nordson Corporation | | | | | | | | | | | (1,179,816 | ) |
| | | | |
| | (16,100 | ) | | Wabtec Corporation | | | | | | | | | | | (1,309,574 | ) |
| | | | Total Machinery | | | | | | | | | | | (3,715,940 | ) |
| | | | |
| | | | Media – (0.7)% | | | | | | | | | |
| | | | |
| | (37,500 | ) | | Liberty Media Group, Class-C Shares, (2) | | | | | | | | | | | (1,234,875 | ) |
| | | | |
| | | | Multi-Utilities – (1.7)% | | | | | | | | | |
| | | | |
| | (12,800 | ) | | Consolidated Edison, Inc. | | | | | | | | | | | (958,592 | ) |
| | | | |
| | (14,300 | ) | | Dominion Resources, Inc. | | | | | | | | | | | (1,059,201 | ) |
| | | | |
| | (44,000 | ) | | NiSource Inc. | | | | | | | | | | | (1,017,720 | ) |
| | | | Total Multi-Utilities | | | | | | | | | | | (3,035,513 | ) |
| | | | |
| | | | Oil, Gas & Consumable Fuels – (7.1)% | | | | | | | | | |
| | | | |
| | (17,200 | ) | | Cheniere Energy Inc., (2) | | | | | | | | | | | (903,344 | ) |
| | | | |
| | (406,000 | ) | | Chesapeake Energy Corporation | | | | | | | | | | | (1,144,920 | ) |
| | | | |
| | (10,900 | ) | | Cimarex Energy Company | | | | | | | | | | | (1,047,381 | ) |
| | | | |
| | (10,300 | ) | | EOG Resources, Inc. | | | | | | | | | | | (1,044,626 | ) |
| | | | |
| | (8,600 | ) | | Exxon Mobil Corporation | | | | | | | | | | | (651,364 | ) |
| | | | |
| | (22,600 | ) | | Hess Corporation | | | | | | | | | | | (1,026,492 | ) |
| | | | |
| | (43,600 | ) | | Newfield Exploration Company, (2) | | | | | | | | | | | (1,017,188 | ) |
| | | | |
| | (38,200 | ) | | Noble Energy, Inc. | | | | | | | | | | | (1,139,506 | ) |
| | | | |
| | (17,800 | ) | | ONEOK, Inc. | | | | | | | | | | | (1,002,674 | ) |
| | | | |
| | (42,300 | ) | | Parsley Energy Inc. Class A Shares, (2) | | | | | | | | | | | (1,069,344 | ) |
| | | | |
| | (5,300 | ) | | Pioneer Natural Resources Company | | | | | | | | | | | (902,219 | ) |
| | | | |
| | (23,000 | ) | | Targa Resources Corporation | | | | | | | | | | | (1,026,950 | ) |
| | | | |
| | (71,400 | ) | | WPX Energy Inc., (2) | | | | | | | | | | | (1,008,882 | ) |
| | | | Total Oil, Gas & Consumable Fuels | | | | | | | | | | | (12,984,890 | ) |
| | | | |
| | | | Personal Products – (0.7)% | | | | | | | | | |
| | | | |
| | (64,400 | ) | | Coty Inc., Class A | | | | | | | | | | | (1,244,208 | ) |
69
Nuveen Equity Long/Short Fund (continued)
Portfolio of Investments February 28, 2018
(Unaudited)
| | | | | | | | | | | | | | | | |
| Shares | | | Description (1) | | | | | | | | Value | |
| | | | |
| | | | Semiconductors & Semiconductor Equipment – (0.7)% | | | | | | | | | |
| | | | |
| | (14,000 | ) | | Analog Devices, Inc. | | | | | | | | | | $ | (1,262,100 | ) |
| | | | |
| | | | Software – (2.7)% | | | | | | | | | |
| | | | |
| | (10,700 | ) | | Autodesk, Inc., (2) | | | | | | | | | | | (1,256,929 | ) |
| | | | |
| | (75,900 | ) | | FireEye Inc., (2) | | | | | | | | | | | (1,259,181 | ) |
| | | | |
| | (6,500 | ) | | Tyler Technologies Inc., (2) | | | | | | | | | | | (1,320,215 | ) |
| | | | |
| | (4,800 | ) | | Ultimate Software Group, Inc., (2) | | | | | | | | | | | (1,144,608 | ) |
| | | | Total Software | | | | | | | | | | | (4,980,933 | ) |
| | | | |
| | | | Specialty Retail – (2.8)% | | | | | | | | | |
| | | | |
| | (11,400 | ) | | Advance Auto Parts, Inc. | | | | | | | | | | | (1,302,450 | ) |
| | | | |
| | (20,400 | ) | | CarMax, Inc., (2) | | | | | | | | | | | (1,263,168 | ) |
| | | | |
| | (25,700 | ) | | Floor & Decor Holdings, Inc., (2) | | | | | | | | | | | (1,158,299 | ) |
| | | | |
| | (6,400 | ) | | Ulta Beauty, Inc., (2) | | | | | | | | | | | (1,301,440 | ) |
| | | | Total Specialty Retail | | | | | | | | | | | (5,025,357 | ) |
| | | | |
| | | | Textiles, Apparel & Luxury Goods – (0.8)% | | | | | | | | | |
| | | | |
| | (19,700 | ) | | Tapestry Inc. | | | | | | | | | | | (1,002,927 | ) |
| | | | |
| | (31,400 | ) | | Under Armour, Inc., (2) | | | | | | | | | | | (520,612 | ) |
| | | | Total Textiles, Apparel & Luxury Goods | | | | | | | | | | | (1,523,539 | ) |
| | | | |
| | | | Transportation Infrastructure – (0.6)% | | | | | | | | | |
| | | | |
| | (25,700 | ) | | Macquarie Infrastructure Corporation | | | | | | | | | | | (1,040,850 | ) |
| | | | |
| | | | Water Utilities – (1.3)% | | | | | | | | | |
| | | | |
| | (15,200 | ) | | American Water Works Company | | | | | | | | | | | (1,206,272 | ) |
| | | | |
| | (34,200 | ) | | Aqua America Inc. | | | | | | | | | | | (1,169,298 | ) |
| | | | Total Water Utilities | | | | | | | | | | | (2,375,570 | ) |
| | | | Total Common Stocks Sold Short (proceeds $129,878,024) | | | | | | | | | | | (125,039,087 | ) |
| | | | Other Assets Less Liabilities – 44.1% | | | | | | | | | | | 80,162,772 | |
| | | | Net Assets – 100% | | | | | | | | | | $ | 181,899,366 | |
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; issue has not declared a dividend within the past twelve months. |
| (3) | The Fund may pledge up to 100% of its eligible long-term investments in the Portfolio of Investments as collateral for Common Stocks Sold Short. As of the end of the reporting period, long-term investments with a value of $82,921,474 have been pledged as collateral for Common Stocks Sold Short. |
70
Nuveen Equity Market Neutral Fund
Portfolio of Investments February 28, 2018
(Unaudited)
| | | | | | | | | | | | | | | | |
| Shares | | | Description (1) | | | | | | | | Value | |
| | | | |
| | | | LONG-TERM INVESTMENTS – 65.0% | | | | | | | | | | | | |
| | | | |
| | | | COMMON STOCKS – 65.0% | | | | | | | | | | | | |
| | | | |
| | | | Auto Components – 1.5% | | | | | | | | | |
| | | | |
| | 6,000 | | | Lear Corporation | | | | | | | | | | $ | 1,119,420 | |
| | | | |
| | 6,600 | | | Visteon Corporation, (2) | | | | | | | | | | | 817,344 | |
| | | | Total Auto Components | | | | | | | | | | | 1,936,764 | |
| | | | |
| | | | Automobiles – 1.9% | | | | | | | | | |
| | | | |
| | 81,400 | | | Ford Motor Company | | | | | | | | | | | 863,654 | |
| | | | |
| | 28,000 | | | General Motors Company | | | | | | | | | | | 1,101,800 | |
| | | | |
| | 3,800 | | | Thor Industries, Inc. | | | | | | | | | | | 490,200 | |
| | | | Total Automobiles | | | | | | | | | | | 2,455,654 | |
| | | | |
| | | | Banks – 0.8% | | | | | | | | | |
| | | | |
| | 56,000 | | | Regions Financial Corporation | | | | | | | | | | | 1,086,960 | |
| | | | |
| | | | Biotechnology – 1.8% | | | | | | | | | |
| | | | |
| | 4,900 | | | Amgen Inc. | | | | | | | | | | | 900,473 | |
| | | | |
| | 2,600 | | | Biogen Inc., (2) | | | | | | | | | | | 751,374 | |
| | | | |
| | 8,200 | | | Celgene Corporation, (2) | | | | | | | | | | | 714,384 | |
| | | | Total Biotechnology | | | | | | | | | | | 2,366,231 | |
| | | | |
| | | | Building Products – 0.8% | | | | | | | | | |
| | | | |
| | 13,000 | | | Owens Corning | | | | | | | | | | | 1,056,900 | |
| | | | |
| | | | Capital Markets – 3.3% | | | | | | | | | |
| | | | |
| | 13,400 | | | Bank New York Mellon | | | | | | | | | | | 764,202 | |
| | | | |
| | 33,000 | | | Federated Investors Inc. | | | | | | | | | | | 1,075,140 | |
| | | | |
| | 28,000 | | | Legg Mason, Inc. | | | | | | | | | | | 1,117,480 | |
| | | | |
| | 8,600 | | | State Street Corporation | | | | | | | | | | | 912,890 | |
| | | | |
| | 4,200 | | | T. Rowe Price Group Inc. | | | | | | | | | | | 469,980 | |
| | | | Total Capital Markets | | | | | | | | | | | 4,339,692 | |
| | | | |
| | | | Communications Equipment – 1.2% | | | | | | | | | |
| | | | |
| | 17,000 | | | Cisco Systems, Inc. | | | | | | | | | | | 761,260 | |
| | | | |
| | 31,400 | | | Juniper Networks Inc. | | | | | | | | | | | 805,724 | |
| | | | Total Communications Equipment | | | | | | | | | | | 1,566,984 | |
| | | | |
| | | | Construction & Engineering – 0.9% | | | | | | | | | |
| | | | |
| | 31,000 | | | AECOM, (2) | | | | | | | | | | | 1,100,810 | |
| | | | |
| | | | Consumer Finance – 2.1% | | | | | | | | | |
| | | | |
| | 40,000 | | | Ally Financial Inc. | | | | | | | | | | | 1,116,000 | |
| | | | |
| | 6,400 | | | Discover Financial Services | | | | | | | | | | | 504,512 | |
71
Nuveen Equity Market Neutral Fund (continued)
Portfolio of Investments February 28, 2018
(Unaudited)
| | | | | | | | | | | | | | | | |
| Shares | | | Description (1) | | | | | | | | Value | |
| | | | |
| | | | Consumer Finance (continued) | | | | | | | | | |
| | | | |
| | 36,000 | | | OneMain Holdings Inc., (2) | | | | | | | | | | $ | 1,103,760 | |
| | | | Total Consumer Finance | | | | | | | | | | | 2,724,272 | |
| | | | |
| | | | Containers & Packaging – 1.4% | | | | | | | | | |
| | | | |
| | 7,000 | | | Berry Plastics Corporation, (2) | | | | | | | | | | | 380,800 | |
| | | | |
| | 50,100 | | | Graphic Packaging Holding Company | | | | | | | | | | | 767,031 | |
| | | | |
| | 11,000 | | | WestRock Company | | | | | | | | | | | 723,360 | |
| | | | Total Containers & Packaging | | | | | | | | | | | 1,871,191 | |
| | | | |
| | | | Diversified Consumer Services – 0.1% | | | | | | | | | |
| | | | |
| | 300 | | | Graham Holdings Company | | | | | | | | | | | 174,030 | |
| | | | |
| | | | Diversified Telecommunication Services – 1.0% | | | | | | | | | |
| | | | |
| | 30,000 | | | AT&T Inc. | | | | | | | | | | | 1,089,000 | |
| | | | |
| | 32,140 | | | Frontier Communications Corporation | | | | | | | | | | | 225,944 | |
| | | | Total Diversified Telecommunication Services | | | | | | | | | | | 1,314,944 | |
| | | | |
| | | | Electrical Equipment – 1.2% | | | | | | | | | |
| | | | |
| | 5,900 | | | Acuity Brands Inc. | | | | | | | | | | | 841,222 | |
| | | | |
| | 10,600 | | | Regal-Beloit Corporation | | | | | | | | | | | 766,380 | |
| | | | Total Electrical Equipment | | | | | | | | | | | 1,607,602 | |
| | | | |
| | | | Electronic Equipment, Instruments & Components – 0.7% | | | | | | | | | |
| | | | |
| | 33,200 | | | Jabil Inc. | | | | | | | | | | | 899,388 | |
| | | | |
| | | | Food & Staples Retailing – 2.1% | | | | | | | | | |
| | | | |
| | 11,500 | | | CVS Health Corporation | | | | | | | | | | | 778,895 | |
| | | | |
| | 30,600 | | | Sprouts Farmers Market Inc., (2) | | | | | | | | | | | 788,256 | |
| | | | |
| | 12,100 | | | Walgreens Boots Alliance Inc. | | | | | | | | | | | 833,569 | |
| | | | |
| | 4,000 | | | Wal-Mart Stores, Inc. | | | | | | | | | | | 360,040 | |
| | | | Total Food & Staples Retailing | | | | | | | | | | | 2,760,760 | |
| | | | |
| | | | Health Care Providers & Services – 5.5% | | | | | | | | | |
| | | | |
| | 8,400 | | | AmerisourceBergen Corporation | | | | | | | | | | | 799,344 | |
| | | | |
| | 11,500 | | | Cardinal Health, Inc. | | | | | | | | | | | 795,915 | |
| | | | |
| | 7,000 | | | Centene Corporation, (2) | | | | | | | | | | | 709,940 | |
| | | | |
| | 3,200 | | | CIGNA Corporation | | | | | | | | | | | 626,848 | |
| | | | |
| | 10,300 | | | Express Scripts, Holding Company, (2) | | | | | | | | | | | 777,135 | |
| | | | |
| | 2,000 | | | Humana Inc. | | | | | | | | | | | 543,640 | |
| | | | |
| | 7,000 | | | McKesson HBOC Inc. | | | | | | | | | | | 1,044,610 | |
| | | | |
| | 3,400 | | | UnitedHealth Group Incorporated | | | | | | | | | | | 768,944 | |
| | | | |
| | 6,000 | | | Wellcare Health Plans Inc., (2) | | | | | | | | | | | 1,163,460 | |
| | | | Total Health Care Providers & Services | | | | | | | | | | | 7,229,836 | |
| | | | |
| | | | Hotels, Restaurants & Leisure – 3.8% | | | | | | | | | |
| | | | |
| | 15,000 | | | Hyatt Hotels Corporation, Class A | | | | | | | | | | | 1,159,050 | |
| | | | |
| | 5,200 | | | Marriott International, Inc., Class A | | | | | | | | | | | 734,292 | |
72
| | | | | | | | | | | | | | | | |
| Shares | | | Description (1) | | | | | | | | Value | |
| | | | |
| | | | Hotels, Restaurants & Leisure (continued) | | | | | | | | | |
| | | | |
| | 6,300 | | | Royal Caribbean Cruises Limited | | | | | | | | | | $ | 797,580 | |
| | | | |
| | 9,000 | | | Wyndham Worldwide Corporation | | | | | | | | | | | 1,042,020 | |
| | | | |
| | 7,000 | | | Wynn Resorts Ltd | | | | | | | | | | | 1,172,500 | |
| | | | Total Hotels, Restaurants & Leisure | | | | | | | | | | | 4,905,442 | |
| | | | |
| | | | Household Durables – 0.8% | | | | | | | | | |
| | | | |
| | 22,000 | | | Tempur Sealy International, Inc., (2) | | | | | | | | | | | 1,087,460 | |
| | | | |
| | | | Independent Power & Renewable Electricity Producers – 0.9% | | | | | | | | | |
| | | | |
| | 62,000 | | | AES Corporation | | | | | | | | | | | 673,940 | |
| | | | |
| | 31,600 | | | Calpine Corporation, (2) | | | | | | | | | | | 480,952 | |
| | | | Total Independent Power & Renewable Electricity Producers | | | | | | | | | | | 1,154,892 | |
| | | | |
| | | | Insurance – 0.8% | | | | | | | | | |
| | | | |
| | 7,000 | | | Reinsurance Group of America Inc. | | | | | | | | | | | 1,076,530 | |
| | | | |
| | | | Internet and Direct Marketing Retail – 0.5% | | | | | | | | | |
| | | | |
| | 6,100 | | | Expedia, Inc. | | | | | | | | | | | 641,537 | |
| | | | |
| | | | Internet Software & Services – 1.3% | | | | | | | | | |
| | | | |
| | 5,700 | | | IAC/InterActiveCorp. | | | | | | | | | | | 848,787 | |
| | | | |
| | 7,700 | | | VeriSign, Inc., (2) | | | | | | | | | | | 893,354 | |
| | | | Total Internet Software & Services | | | | | | | | | | | 1,742,141 | |
| | | | |
| | | | IT Services – 1.3% | | | | | | | | | |
| | | | |
| | 5,100 | | | MasterCard, Inc. | | | | | | | | | | | 896,376 | |
| | | | |
| | 6,800 | | | Visa Inc. | | | | | | | | | | | 835,992 | |
| | | | Total IT Services | | | | | | | | | | | 1,732,368 | |
| | | | |
| | | | Machinery – 1.4% | | | | | | | | | |
| | | | |
| | 28,000 | | | Allison Transmission Holdings Inc. | | | | | | | | | | | 1,109,640 | |
| | | | |
| | 17,700 | | | Terex Corporation | | | | | | | | | | | 734,904 | |
| | | | Total Machinery | | | | | | | | | | | 1,844,544 | |
| | | | |
| | | | Media – 2.5% | | | | | | | | | |
| | | | |
| | 11,900 | | | AMC Networks Inc., Class A Shares, (2) | | | | | | | | | | | 625,583 | |
| | | | |
| | 46,000 | | | Discovery Communications Inc., Class A Shares, (2) | | | | | | | | | | | 1,118,720 | |
| | | | |
| | 49,800 | | | Gannett Co. Inc. | | | | | | | | | | | 499,992 | |
| | | | |
| | 14,700 | | | Live Nation Inc., (2) | | | | | | | | | | | 658,560 | |
| | | | |
| | 29,000 | | | TEGNA Inc. | | | | | | | | | | | 372,940 | |
| | | | Total Media | | | | | | | | | | | 3,275,795 | |
| | | | |
| | | | Multiline Retail – 3.5% | | | | | | | | | |
| | | | |
| | 9,300 | | | Big Lots, Inc. | | | | | | | | | | | 522,660 | |
| | | | |
| | 8,300 | | | Dillard’s, Inc., Class A | | | | | | | | | | | 676,865 | |
| | | | |
| | 17,000 | | | Kohl’s Corporation | | | | | | | | | | | 1,123,530 | |
| | | | |
| | 21,000 | | | Nordstrom, Inc. | | | | | | | | | | | 1,077,510 | |
73
Nuveen Equity Market Neutral Fund (continued)
Portfolio of Investments February 28, 2018
(Unaudited)
| | | | | | | | | | | | | | | | |
| Shares | | | Description (1) | | | | | | | | Value | |
| | | | |
| | | | Multiline Retail (continued) | | | | | | | | | |
| | | | |
| | 15,000 | | | Target Corporation | | | | | | | | | | $ | 1,131,150 | |
| | | | Total Multiline Retail | | | | | | | | | | | 4,531,715 | |
| | | | |
| | | | Multi-Utilities – 0.5% | | | | | | | | | |
| | | | |
| | 17,700 | | | Scana Corporation | | | | | | | | | | | 702,159 | |
| | | | |
| | | | Oil, Gas & Consumable Fuels – 5.7% | | | | | | | | | |
| | | | |
| | 59,000 | | | Antero Resources Corporation, (2) | | | | | | | | | | | 1,109,790 | |
| | | | |
| | 21,000 | | | EQT Corporation | | | | | | | | | | | 1,056,510 | |
| | | | |
| | 25,000 | | | HollyFrontier Company | | | | | | | | | | | 1,070,750 | |
| | | | |
| | 17,000 | | | Marathon Petroleum Corporation | | | | | | | | | | | 1,089,020 | |
| | | | |
| | 36,000 | | | PBF Energy Inc. | | | | | | | | | | | 1,055,160 | |
| | | | |
| | 63,000 | | | Range Resources Corporation | | | | | | | | | | | 837,270 | |
| | | | |
| | 9,000 | | | Valero Energy Corporation | | | | | | | | | | | 813,780 | |
| | | | |
| | 18,000 | | | World Fuel Services Corporation | | | | | | | | | | | 411,300 | |
| | | | Total Oil, Gas & Consumable Fuels | | | | | | | | | | | 7,443,580 | |
| | | | |
| | | | Paper & Forest Products – 0.9% | | | | | | | | | |
| | | | |
| | 25,000 | | | Domtar Corporation | | | | | | | | | | | 1,119,000 | |
| | | | |
| | | | Personal Products – 0.7% | | | | | | | | | |
| | | | |
| | 9,800 | | | Herbalife, Limited | | | | | | | | | | | 902,580 | |
| | | | |
| | | | Professional Services – 1.3% | | | | | | | | | |
| | | | |
| | 6,800 | | | Manpower Inc. | | | | | | | | | | | 805,528 | |
| | | | |
| | 15,200 | | | Robert Half International Inc. | | | | | | | | | | | 867,464 | |
| | | | Total Professional Services | | | | | | | | | | | 1,672,992 | |
| | | | |
| | | | Real Estate Management & Development – 0.9% | | | | | | | | | |
| | | | |
| | 24,000 | | | CBRE Group Inc., (2) | | | | | | | | | | | 1,122,000 | |
| | | | |
| | | | Road & Rail – 0.8% | | | | | | | | | |
| | | | |
| | 15,000 | | | Genesee & Wyoming Inc., (2) | | | | | | | | | | | 1,042,950 | |
| | | | |
| | | | Semiconductors & Semiconductor Equipment – 1.3% | | | | | | | | | |
| | | | |
| | 12,900 | | | First Solar Inc., (2) | | | | | | | | | | | 810,765 | |
| | | | |
| | 36,600 | | | Marvell Technology Group Ltd. | | | | | | | | | | | 859,734 | |
| | | | Total Semiconductors & Semiconductor Equipment | | | | | | | | | | | 1,670,499 | |
| | | | |
| | | | Software – 2.8% | | | | | | | | | |
| | | | |
| | 16,200 | | | Cadence Design Systems, Inc., (2) | | | | | | | | | | | 628,074 | |
| | | | |
| | 5,400 | | | Intuit, Inc. | | | | | | | | | | | 901,044 | |
| | | | |
| | 6,300 | | | Red Hat, Inc., (2) | | | | | | | | | | | 928,620 | |
| | | | |
| | 9,000 | | | VMware Inc., (2) | | | | | | | | | | | 1,185,750 | |
| | | | Total Software | | | | | | | | | | | 3,643,488 | |
| | | | |
| | | | Specialty Retail – 2.6% | | | | | | | | | |
| | | | |
| | 16,000 | | | Best Buy Co., Inc. | | | | | | | | | | | 1,159,040 | |
74
| | | | | | | | | | | | | | | | |
| Shares | | | Description (1) | | | | | | | | Value | |
| | | | |
| | | | Specialty Retail (continued) | | | | | | | | | |
| | | | |
| | 35,000 | | | Gap, Inc. | | | | | | | | | | $ | 1,105,300 | |
| | | | |
| | 31,000 | | | Urban Outfitters, Inc., (2) | | | | | | | | | | | 1,093,990 | |
| | | | Total Specialty Retail | | | | | | | | | | | 3,358,330 | |
| | | | |
| | | | Technology Hardware, Storage & Peripherals – 2.1% | | | | | | | | | |
| | | | |
| | 31,100 | | | HP Inc. | | | | | | | | | | | 727,429 | |
| | | | |
| | 19,000 | | | NetApp, Inc. | | | | | | | | | | | 1,150,450 | |
| | | | |
| | 9,800 | | | Western Digital Corporation | | | | | | | | | | | 852,992 | |
| | | | Total Technology Hardware, Storage & Peripherals | | | | | | | | | | | 2,730,871 | |
| | | | |
| | | | Textiles, Apparel & Luxury Goods – 1.5% | | | | | | | | | |
| | | | |
| | 13,100 | | | Michael Kors Holdings Limited, (2) | | | | | | | | | | | 824,383 | |
| | | | |
| | 8,400 | | | Ralph Lauren Corporation | | | | | | | | | | | 889,056 | |
| | | | |
| | 3,500 | | | VF Corporation | | | | | | | | | | | 260,995 | |
| | | | Total Textiles, Apparel & Luxury Goods | | | | | | | | | | | 1,974,434 | |
| | | | |
| | | | Trading Companies & Distributors – 0.1% | | | | | | | | | |
| | | | |
| | 3,400 | | | Air Lease Corporation | | | | | | | | | | | 148,478 | |
| | | | |
| | 100 | | | WESCO International Inc., (2) | | | | | | | | | | | 6,225 | |
| | | | Total Trading Companies & Distributors | | | | | | | | | | | 154,703 | |
| | | | |
| | | | Wireless Telecommunication Services – 0.7% | | | | | | | | | |
| | | | |
| | 34,000 | | | Telephone and Data Systems Inc. | | | | | | | | | | | 953,360 | |
| | | | Total Long-Term Investments (cost $77,322,895) | | | | | | | | | | | 84,975,388 | |
| | | | |
Principal
Amount (000) | | | Description (1) | | Coupon | | | Maturity | | | Value | |
| | | | |
| | | | SHORT-TERM INVESTMENTS – 0.5% | | | | | | | | | | | | |
| | | | |
| | | | REPURCHASE AGREEMENTS – 0.5% | | | | | | | | | | | | |
| | | | |
| $ | 680 | | | Repurchase Agreement with Fixed Income Clearing Corporation, dated 2/28/18, repurchase price $680,242, collateralized by $715,000 U.S. Treasury Notes, 2.250%, due 11/15/24, value $694,148 | | | 0.540% | | | | 3/01/18 | | | $ | 680,232 | |
| | | | Total Short-Term Investments (cost $680,232) | | | | | | | | | | | 680,232 | |
| | | | Total Investments (cost $78,003,127) – 65.5% | | | | | | | | | | | 85,655,620 | |
| | | | |
| Shares | | | Description (1) | | | | | | | | Value | |
| | | | |
| | | | COMMON STOCKS SOLD SHORT – (68.0)% (3) | | | | | | | | | | | | |
| | | | |
| | | | Aerospace & Defense – (0.7)% | | | | | | | | | |
| | | | |
| | (14,200 | ) | | BWX Technologies, Inc. | | | | | | | | | | $ | (894,032 | ) |
| | | | |
| | | | Air Freight & Logistics – (0.7)% | | | | | | | | | |
| | | | |
| | (9,000 | ) | | United Parcel Service, Inc., Class B | | | | | | | | | | | (939,690) | |
| | | | |
| | | | Airlines – (0.7)% | | | | | | | | | |
| | | | |
| | (21,900 | ) | | Spirit Airline Holdings, (2) | | | | | | | | | | | (872,496) | |
| | | | |
| | | | Automobiles – (1.0)% | | | | | | | | | |
| | | | |
| | (4,000 | ) | | Tesla Motors Inc., (2) | | | | | | | | | | | (1,372,240) | |
75
Nuveen Equity Market Neutral Fund (continued)
Portfolio of Investments February 28, 2018
(Unaudited)
| | | | | | | | | | | | | | | | |
| Shares | | | Description (1) | | | | | | | | Value | |
| | | | |
| | | | Banks – (1.3)% | | | | | | | | | |
| | | | |
| | (57,700 | ) | | F.N.B. Corporation PA | | | | | | | | | | $ | (808,954 | ) |
| | | | |
| | (10,100 | ) | | First Republic Bank of San Francisco | | | | | | | | | | | (937,280 | ) |
| | | | Total Banks | | | | | | | | | | | (1,746,234 | ) |
| | | | |
| | | | Beverages – (0.1)% | | | | | | | | | |
| | | | |
| | (2,000 | ) | | Brown-Forman Corporation | | | | | | | | | | | (139,580 | ) |
| | | | |
| | | | Biotechnology – (3.2)% | | | | | | | | | |
| | | | |
| | (15,000 | ) | | Agios Pharmaceutical Inc., (2) | | | | | | | | | | | (1,205,850 | ) |
| | | | |
| | (14,000 | ) | | Incyte Pharmaceuticals Inc., (2) | | | | | | | | | | | (1,192,240 | ) |
| | | | |
| | (4,700 | ) | | Intercept Pharmaceuticals Incorporated, (2) | | | | | | | | | | | (280,731 | ) |
| | | | |
| | (73,000 | ) | | Intrexon Corporation, (2) | | | | | | | | | | | (950,460 | ) |
| | | | |
| | (10,100 | ) | | Tesaro Inc., (2) | | | | | | | | | | | (557,823 | ) |
| | | | Total Biotechnology | | | | | | | | | | | (4,187,104 | ) |
| | | | |
| | | | Building Products – (0.6)% | | | | | | | | | |
| | | | |
| | (23,000 | ) | | Johnson Controls International PLC | | | | | | | | | | | (848,010 | ) |
| | | | |
| | | | Chemicals – (4.7)% | | | | | | | | | |
| | | | |
| | (11,000 | ) | | Albemarle Corporation | | | | | | | | | | | (1,104,730 | ) |
| | | | |
| | (6,100 | ) | | Ashland Global Holdings Incorporated | | | | | | | | | | | (432,002 | ) |
| | | | |
| | (500 | ) | | DowDuPont, Inc. | | | | | | | | | | | (35,150 | ) |
| | | | |
| | (6,700 | ) | | Ecolab Inc. | | | | | | | | | | | (874,015 | ) |
| | | | |
| | (8,000 | ) | | FMC Corporation | | | | | | | | | | | (627,840 | ) |
| | | | |
| | (6,000 | ) | | International Flavors & Fragrances Inc. | | | | | | | | | | | (847,500 | ) |
| | | | |
| | (2,300 | ) | | NewMarket Corporation | | | | | | | | | | | (961,193 | ) |
| | | | |
| | (15,700 | ) | | RPM International, Inc. | | | | | | | | | | | (781,389 | ) |
| | | | |
| | (7,700 | ) | | WR Grace & Company | | | | | | | | | | | (509,586 | ) |
| | | | Total Chemicals | | | | | | | | | | | (6,173,405 | ) |
| | | | |
| | | | Commercial Services & Supplies – (0.7)% | | | | | | | | | |
| | | | |
| | (18,700 | ) | | Rollins Inc. | | | | | | | | | | | (940,049 | ) |
| | | | |
| | | | Construction Materials – (1.2)% | | | | | | | | | |
| | | | |
| | (4,000 | ) | | Martin Marietta Materials | | | | | | | | | | | (815,720 | ) |
| | | | |
| | (6,800 | ) | | Vulcan Materials Company | | | | | | | | | | | (800,564 | ) |
| | | | Total Construction Materials | | | | | | | | | | | (1,616,284 | ) |
| | | | |
| | | | Electric Utilities – (2.5)% | | | | | | | | | |
| | | | |
| | (24,000 | ) | | Alliant Energy Corporation | | | | | | | | | | | (927,600 | ) |
| | | | |
| | (8,700 | ) | | Duke Energy Corporation | | | | | | | | | | | (655,458 | ) |
| | | | |
| | (13,000 | ) | | Eversource Energy | | | | | | | | | | | (741,000 | ) |
| | | | |
| | (13,000 | ) | | PPL Corporation | | | | | | | | | | | (372,450 | ) |
| | | | |
| | (12,200 | ) | | Southern Company | | | | | | | | | | | (525,332 | ) |
| | | | Total Electric Utilities | | | | | | | | | | | (3,221,840 | ) |
76
| | | | | | | | | | | | | | | | |
| Shares | | | Description (1) | | | | | | | | Value | |
| | | | |
| | | | Electronic Equipment, Instruments & Components – (1.2)% | | | | | | | | | |
| | | | |
| | (15,600 | ) | | Cognex Corporation | | | | | | | | | | $ | (837,876 | ) |
| | | | |
| | (3,500 | ) | | Coherent Inc., (2) | | | | | | | | | | | (732,060 | ) |
| | | | Total Electronic Equipment, Instruments & Components | | | | | | | | | | | (1,569,936 | ) |
| | | | |
| | | | Energy Equipment & Services – (4.0)% | | | | | | | | | |
| | | | |
| | (38,600 | ) | | Franks International NV | | | | | | | | | | | (201,878 | ) |
| | | | |
| | (15,000 | ) | | Helmerich & Payne Inc. | | | | | | | | | | | (968,250 | ) |
| | | | |
| | (83,400 | ) | | Nabors Industries Inc. | | | | | | | | | | | (539,598 | ) |
| | | | |
| | (18,200 | ) | | National-Oilwell Varco Inc. | | | | | | | | | | | (638,638 | ) |
| | | | |
| | (65,000 | ) | | Patterson-UTI Energy, Inc. | | | | | | | | | | | (1,174,550 | ) |
| | | | |
| | (24,200 | ) | | RPC Inc. | | | | | | | | | | | (475,288 | ) |
| | | | |
| | (46,700 | ) | | Superior Energy Services, Inc. | | | | | | | | | | | (399,285 | ) |
| | | | |
| | (338,000 | ) | | Weatherford International PLC, (2) | | | | | | | | | | | (888,940 | ) |
| | | | Total Energy Equipment & Services | | | | | | | | | | | (5,286,427 | ) |
| | | | |
| | | | Equity Real Estate Investment Trusts – (1.0)% | | | | | | | | | |
| | | | |
| | (8,300 | ) | | Digital Realty Trust Inc. | | | | | | | | | | | (835,312 | ) |
| | | | |
| | (9,900 | ) | | Realty Income Corporation | | | | | | | | | | | (486,882 | ) |
| | | | Total Equity Real Estate Investment Trusts | | | | | | | | | | | (1,322,194 | ) |
| | | | |
| | | | Food & Staples Retailing – (0.6)% | | | | | | | | | |
| | | | |
| | (6,700 | ) | | Casey’s General Stores, Inc. | | | | | | | | | | | (752,477 | ) |
| | | | |
| | | | Food Products – (4.2)% | | | | | | | | | |
| | | | |
| | (16,000 | ) | | Bunge Limited | | | | | | | | | | | (1,206,880 | ) |
| | | | |
| | (22,700 | ) | | Hain Celestial Group Inc., (2) | | | | | | | | | | | (789,506 | ) |
| | | | |
| | (23,400 | ) | | Hormel Foods Corporation | | | | | | | | | | | (759,564 | ) |
| | | | |
| | (12,000 | ) | | Kraft Heinz Company | | | | | | | | | | | (804,600 | ) |
| | | | |
| | (9,000 | ) | | McCormick & Company, Incorporated | | | | | | | | | | | (961,020 | ) |
| | | | |
| | (20,800 | ) | | Mondelez International Inc. | | | | | | | | | | | (913,120 | ) |
| | | | Total Food Products | | | | | | | | | | | (5,434,690 | ) |
| | | | |
| | | | Gas Utilities – (0.6)% | | | | | | | | | |
| | | | |
| | (10,600 | ) | | Atmos Energy Corporation | | | | | | | | | | | (853,194 | ) |
| | | | |
| | | | Health Care Equipment & Supplies – (3.7)% | | | | | | | | | |
| | | | |
| | (14,400 | ) | | Abbott Laboratories | | | | | | | | | | | (868,752 | ) |
| | | | |
| | (4,000 | ) | | Becton, Dickinson and Company | | | | | | | | | | | (888,080 | ) |
| | | | |
| | (8,500 | ) | | Boston Scientific Corporation, (2) | | | | | | | | | | | (231,710 | ) |
| | | | |
| | (10,000 | ) | | DENTSPLY SIRONA Inc. | | | | | | | | | | | (560,600 | ) |
| | | | |
| | (17,000 | ) | | DexCom, Inc., (2) | | | | | | | | | | | (954,380 | ) |
| | | | |
| | (3,900 | ) | | Stryker Corporation | | | | | | | | | | | (632,424 | ) |
| | | | |
| | (8,600 | ) | | West Pharmaceutical Services Inc. | | | | | | | | | | | (750,092 | ) |
| | | | Total Health Care Equipment & Supplies | | | | | | | | | | | (4,886,038 | ) |
77
Nuveen Equity Market Neutral Fund (continued)
Portfolio of Investments February 28, 2018
(Unaudited)
| | | | | | | | | | | | | | | | |
| Shares | | | Description (1) | | | | | | | | Value | |
| | | | |
| | | | Health Care Providers & Services – (0.8)% | | | | | | | | | |
| | | | |
| | (25,500 | ) | | Envision Healthcare Corporation, (2) | | | | | | | | | | $ | (981,750 | ) |
| | | | |
| | | | Household Durables – (1.7)% | | | | | | | | | |
| | | | |
| | (9,200 | ) | | Garmin Limited | | | | | | | | | | | (545,008 | ) |
| | | | |
| | (13,500 | ) | | Lennar Corporation, Class A | | | | | | | | | | | (763,830 | ) |
| | | | |
| | (4,000 | ) | | Mohawk Industries Inc., (2) | | | | | | | | | | | (959,520 | ) |
| | | | Total Household Durables | | | | | | | | | | | (2,268,358 | ) |
| | | | |
| | | | Industrial Conglomerates – (0.9)% | | | | | | | | | |
| | | | |
| | (81,000 | ) | | General Electric Company | | | | | | | | | | | (1,142,910 | ) |
| | | | |
| | | | Insurance – (2.9)% | | | | | | | | | |
| | | | |
| | (1,900 | ) | | Arch Capital Group Limited, (2) | | | | | | | | | | | (167,656 | ) |
| | | | |
| | (26,000 | ) | | Aspen Insurance Holdings Limited | | | | | | | | | | | (946,400 | ) |
| | | | |
| | (2,500 | ) | | Everest Reinsurance Group Ltd | | | | | | | | | | | (600,600 | ) |
| | | | |
| | (18,000 | ) | | Hartford Financial Services Group, Inc. | | | | | | | | | | | (951,300 | ) |
| | | | |
| | (27,000 | ) | | XL Group Limited | | | | | | | | | | | (1,142,370 | ) |
| | | | Total Insurance | | | | | | | | | | | (3,808,326 | ) |
| | | | |
| | | | Internet and Direct Marketing Retail – (1.0)% | | | | | | | | | |
| | | | |
| | (500 | ) | | Amazon.com, Inc., (2) | | | | | | | | | | | (756,225 | ) |
| | | | |
| | (9,800 | ) | | Liberty Ventures, (2) | | | | | | | | | | | (524,496 | ) |
| | | | Total Internet and Direct Marketing Retail | | | | | | | | | | | (1,280,721 | ) |
| | | | |
| | | | Internet Software & Services – (1.5)% | | | | | | | | | |
| | | | |
| | (219,000 | ) | | Pandora Media, Inc., (2) | | | | | | | | | | | (965,790 | ) |
| | | | |
| | (21,000 | ) | | Zillow Group, Inc., (2) | | | | | | | | | | | (1,001,070 | ) |
| | | | Total Internet Software & Services | | | | | | | | | | | (1,966,860 | ) |
| | | | |
| | | | IT Services – (1.3)% | | | | | | | | | |
| | | | |
| | (8,000 | ) | | Gartner Inc., (2) | | | | | | | | | | | (907,280 | ) |
| | | | |
| | (5,800 | ) | | WEX, Inc., (2) | | | | | | | | | | | (867,390 | ) |
| | | | Total IT Services | | | | | | | | | | | (1,774,670 | ) |
| | | | |
| | | | Leisure Products – (0.9)% | | | | | | | | | |
| | | | |
| | (73,000 | ) | | Mattel, Inc. | | | | | | | | | | | (1,160,700 | ) |
| | | | |
| | | | Life Sciences Tools & Services – (1.5)% | | | | | | | | | |
| | | | |
| | (4,000 | ) | | Bio-Rad Laboratories Inc., (2) | | | | | | | | | | | (1,080,160 | ) |
| | | | |
| | (28,000 | ) | | Qiagen NV, (2) | | | | | | | | | | | (943,600 | ) |
| | | | Total Life Sciences Tools & Services | | | | | | | | | | | (2,023,760 | ) |
| | | | |
| | | | Machinery – (2.0)% | | | | | | | | | |
| | | | |
| | (6,500 | ) | | Middleby Corporation, (2) | | | | | | | | | | | (781,625 | ) |
| | | | |
| | (6,000 | ) | | Nordson Corporation | | | | | | | | | | | (804,420 | ) |
| | | | |
| | (12,000 | ) | | Wabtec Corporation | | | | | | | | | | | (976,080 | ) |
| | | | Total Machinery | | | | | | | | | | | (2,562,125 | ) |
78
| | | | | | | | | | | | | | | | |
| Shares | | | Description (1) | | | | | | | | Value | |
| | | | |
| | | | Media – (0.7)% | | | | | | | | | |
| | | | |
| | (28,000 | ) | | Liberty Media Group, Class-C Shares, (2) | | | | | | | | | | $ | (922,040 | ) |
| | | | |
| | | | Multi-Utilities – (1.4)% | | | | | | | | | |
| | | | |
| | (12,200 | ) | | Dominion Resources, Inc. | | | | | | | | | | | (903,654 | ) |
| | | | |
| | (41,000 | ) | | NiSource Inc. | | | | | | | | | | | (948,330 | ) |
| | | | Total Multi-Utilities | | | | | | | | | | | (1,851,984 | ) |
| | | | |
| | | | Oil, Gas & Consumable Fuels – (7.4)% | | | | | | | | | |
| | | | |
| | (11,100 | ) | | Cheniere Energy Inc., (2) | | | | | | | | | | | (582,972 | ) |
| | | | |
| | (355,000 | ) | | Chesapeake Energy Corporation | | | | | | | | | | | (1,001,100 | ) |
| | | | |
| | (5,400 | ) | | Cimarex Energy Company | | | | | | | | | | | (518,886 | ) |
| | | | |
| | (9,000 | ) | | EOG Resources, Inc. | | | | | | | | | | | (912,780 | ) |
| | | | |
| | (6,800 | ) | | Exxon Mobil Corporation | | | | | | | | | | | (515,032 | ) |
| | | | |
| | (16,900 | ) | | Hess Corporation | | | | | | | | | | | (767,598 | ) |
| | | | |
| | (11,700 | ) | | Newfield Exploration Company, (2) | | | | | | | | | | | (272,961 | ) |
| | | | |
| | (37,000 | ) | | Noble Energy, Inc. | | | | | | | | | | | (1,103,710 | ) |
| | | | |
| | (41,000 | ) | | Parsley Energy Inc. Class A Shares, (2) | | | | | | | | | | | (1,036,480 | ) |
| | | | |
| | (3,900 | ) | | Pioneer Natural Resources Company | | | | | | | | | | | (663,897 | ) |
| | | | |
| | (25,000 | ) | | Targa Resources Corporation | | | | | | | | | | | (1,116,250 | ) |
| | | | |
| | (80,000 | ) | | WPX Energy Inc., (2) | | | | | | | | | | | (1,130,400 | ) |
| | | | Total Oil, Gas & Consumable Fuels | | | | | | | | | | | (9,622,066 | ) |
| | | | |
| | | | Personal Products – (0.7)% | | | | | | | | | |
| | | | |
| | (45,000 | ) | | Coty Inc., Class A | | | | | | | | | | | (869,400 | ) |
| | | | |
| | | | Semiconductors & Semiconductor Equipment – (0.8)% | | | | | | | | | |
| | | | |
| | (11,000 | ) | | Analog Devices, Inc. | | | | | | | | | | | (991,650 | ) |
| | | | |
| | | | Software – (3.5)% | | | | | | | | | |
| | | | |
| | (8,100 | ) | | Autodesk, Inc., (2) | | | | | | | | | | | (951,507 | ) |
| | | | |
| | (59,000 | ) | | FireEye Inc., (2) | | | | | | | | | | | (978,810 | ) |
| | | | |
| | (5,000 | ) | | Tyler Technologies Inc., (2) | | | | | | | | | | | (1,015,550 | ) |
| | | | |
| | (3,800 | ) | | Ultimate Software Group, Inc., (2) | | | | | | | | | | | (906,148 | ) |
| | | | |
| | (5,900 | ) | | Workday Inc., Class A, (2) | | | | | | | | | | | (747,353 | ) |
| | | | Total Software | | | | | | | | | | | (4,599,368 | ) |
| | | | |
| | | | Specialty Retail – (3.1)% | | | | | | | | | |
| | | | |
| | (11,000 | ) | | Advance Auto Parts, Inc. | | | | | | | | | | | (1,256,750 | ) |
| | | | |
| | (12,800 | ) | | CarMax, Inc., (2) | | | | | | | | | | | (792,576 | ) |
| | | | |
| | (21,000 | ) | | Floor & Decor Holdings, Inc., (2) | | | | | | | | | | | (946,470 | ) |
| | | | |
| | (5,000 | ) | | Ulta Beauty, Inc., (2) | | | | | | | | | | | (1,016,750 | ) |
| | | | Total Specialty Retail | | | | | | | | | | | (4,012,546 | ) |
| | | | |
| | | | Textiles, Apparel & Luxury Goods – (1.1)% | | | | | | | | | |
| | | | |
| | (18,700 | ) | | Tapestry Inc. | | | | | | | | | | | (952,017 | ) |
79
Nuveen Equity Market Neutral Fund (continued)
Portfolio of Investments February 28, 2018
(Unaudited)
| | | | | | | | | | | | | | | | |
| Shares | | | Description (1) | | | | | | | | Value | |
| | | | |
| | | | Textiles, Apparel & Luxury Goods (continued) | | | | | | | | | |
| | | | |
| | (26,600 | ) | | Under Armour, Inc., (2) | | | | | | | | | | $ | (441,028 | ) |
| | | | Total Textiles, Apparel & Luxury Goods | | | | | | | | | | | (1,393,045 | ) |
| | | | |
| | | | Transportation Infrastructure – (0.6)% | | | | | | | | | |
| | | | |
| | (18,000 | ) | | Macquarie Infrastructure Corporation | | | | | | | | | | | (729,000 | ) |
| | | | |
| | | | Water Utilities – (1.5)% | | | | | | | | | |
| | | | |
| | (12,000 | ) | | American Water Works Company | | | | | | | | | | | (952,320 | ) |
| | | | |
| | (28,000 | ) | | Aqua America Inc. | | | | | | | | | | | (957,320 | ) |
| | | | Total Water Utilities | | | | | | | | | | | (1,909,640 | ) |
| | | | Total Common Stocks Sold Short (proceeds $93,502,050) | | | | | | | | | | | (88,926,839 | ) |
| | | | Other Assets Less Liabilities – 102.5% | | | | | | | | | | | 134,108,277 | |
| | | | Net Assets – 100% | | | | | | | | | | $ | 130,837,058 | |
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; issue has not declared a dividend within the past twelve months. |
| (3) | The Fund may pledge up to 100% of its eligible long-term investments in the Portfolio of Investments as collateral for Common Stocks Sold Short. As of the end of the reporting period, long-term investments with a value of $5,160,845 have been pledged as collateral for Common Stocks Sold Short. |
See accompanying notes to financial statements.
80
Statement of Assets and Liabilities
February 28, 2018
(Unaudited)
| | | | | | | | | | | | | | | | |
| | | Large Cap
Value | | | Large Cap
Core | | | Large Cap
Growth | | | Concentrated
Core | |
Assets | | | | | | | | | | | | | | | | |
Long-term investments, at value ($416,289,465, $520,158,511, $263,117,467, and $88,992,364, respectively) | | $ | 456,345,509 | | | $ | 597,644,082 | | | $ | 332,781,796 | | | $ | 91,807,515 | |
Short-term investments, at value (cost approximates value) | | | 587,660 | | | | 420,305 | | | | 506,587 | | | | — | |
Cash | | | — | | | | 245 | | | | 1,088,537 | | | | 60,218 | |
Cash collateral at brokers for common stocks sold short(1) | | | — | | | | — | | | | — | | | | — | |
Receivable for: | | | | | | | | | | | | | | | | |
Dividends | | | 728,244 | | | | 629,036 | | | | 264,456 | | | | 236,748 | |
Investments sold | | | 18,738,669 | | | | 20,515,964 | | | | 13,439,931 | | | | 597,871 | |
Shares sold | | | 253,620 | | | | 2,781,839 | | | | 130,327 | | | | 71,153 | |
Other assets | | | 136,836 | | | | 22,864 | | | | 38,351 | | | | 12,906 | |
Total assets | | | 476,790,538 | | | | 622,014,335 | | | | 348,249,985 | | | | 92,786,411 | |
Liabilities | | | | | | | | | | | | | | | | |
Common stocks sold short, at value (proceeds $—, $—, $— and $—, respectively) | | | — | | | | — | | | | — | | | | — | |
Payable for: | | | | | | | | | | | | | | | | |
Dividends on common stocks sold short | | | — | | | | — | | | | — | | | | — | |
Investments purchased | | | 18,609,404 | | | | 22,310,629 | | | | 14,626,405 | | | | 294,198 | |
Shares redeemed | | | 314,991 | | | | 1,703,181 | | | | 591,159 | | | | 199,862 | |
Accrued expenses: | | | | | | | | | | | | | | | | |
Custodian fees | | | 52,674 | | | | 49,386 | | | | 25,029 | | | | 18,142 | |
Management fees | | | 212,448 | | | | 295,125 | | | | 180,425 | | | | 35,524 | |
Trustees fees | | | 116,763 | | | | 9,622 | | | | 29,458 | | | | 1,085 | |
12b-1 distribution and service fees | | | 73,604 | | | | 71,786 | | | | 34,489 | | | | 18,133 | |
Other | | | 150,058 | | | | 159,318 | | | | 179,530 | | | | 62,114 | |
Total liabilities | | | 19,529,942 | | | | 24,599,047 | | | | 15,666,495 | | | | 629,058 | |
Net assets | | $ | 457,260,596 | | | $ | 597,415,288 | | | $ | 332,583,490 | | | $ | 92,157,353 | |
Class A Shares | | | | | | | | | | | | | | | | |
Net assets | | $ | 278,740,614 | | | $ | 72,322,741 | | | $ | 99,801,685 | | | $ | 14,305,344 | |
Shares outstanding | | | 10,700,064 | | | | 2,143,604 | | | | 3,118,815 | | | | 475,183 | |
Net asset value (“NAV”) per share | | $ | 26.05 | | | $ | 33.74 | | | $ | 32.00 | | | $ | 30.10 | |
Offering price per share (NAV per share plus maximum sales charge of 5.75% of offering price) | | $ | 27.64 | | | $ | 35.80 | | | $ | 33.95 | | | $ | 31.94 | |
Class C Shares | | | | | | | | | | | | | | | | |
Net assets | | $ | 25,707,239 | | | $ | 76,046,318 | | | $ | 19,948,600 | | | $ | 19,650,570 | |
Shares outstanding | | | 1,032,087 | | | | 2,287,737 | | | | 636,379 | | | | 662,759 | |
NAV and offering price per share | | $ | 24.91 | | | $ | 33.24 | | | $ | 31.35 | | | $ | 29.65 | |
Class R3 Shares | | | | | | | | | | | | | | | | |
Net assets | | $ | 198,215 | | | $ | — | | | $ | — | | | $ | — | |
Shares outstanding | | | 7,533 | | | | — | | | | — | | | | — | |
NAV and offering price per share | | $ | 26.31 | | | $ | — | | | $ | — | | | $ | — | |
Class R6 Shares | | | | | | | | | | | | | | | | |
Net assets | | $ | 18,881,680 | | | $ | 129,252,633 | | | $ | 15,087,768 | | | $ | 82,598 | |
Shares outstanding | | | 721,635 | | | | 3,831,985 | | | | 470,693 | | | | 2,739 | |
NAV and offering price per share | | $ | 26.17 | | | $ | 33.73 | | | $ | 32.05 | | | $ | 30.16 | |
Class I Shares | | | | | | | | | | | | | | | | |
Net assets | | $ | 133,706,621 | | | $ | 319,765,472 | | | $ | 197,745,437 | | | $ | 58,118,841 | |
Shares outstanding | | | 5,112,091 | | | | 9,487,843 | | | | 6,170,877 | | | | 1,929,036 | |
NAV and offering price per share | | $ | 26.15 | | | $ | 33.70 | | | $ | 32.04 | | | $ | 30.13 | |
Class T Shares(2) | | | | | | | | | | | | | | | | |
Net assets | | $ | 26,227 | | | $ | 28,124 | | | $ | — | | | $ | — | |
Shares outstanding | | | 1,000 | | | | 833 | | | | — | | | | — | |
NAV per share | | $ | 26.23 | | | $ | 33.78 | | | $ | — | | | $ | — | |
Offering price per share (NAV per share plus maximum sales charge of 2.50% of offering price) | | $ | 26.90 | | | $ | 34.65 | | | $ | — | | | $ | — | |
See accompanying notes to financial statements.
81
Statement of Assets and Liabilities (Unaudited) (continued)
| | | | | | | | | | | | | | | | |
| | | Large Cap
Value | | | Large Cap
Core | | | Large Cap
Growth | | | Concentrated
Core | |
Net assets consist of: | | | | | | | | | | | | | | | | |
Capital paid-in | | $ | 388,419,984 | | | $ | 488,626,995 | | | $ | 228,247,012 | | | $ | 86,948,168 | |
Undistributed (Over-distribution of) net investment income | | | 415,191 | | | | 211,009 | | | | 302,953 | | | | 91,733 | |
Accumulated net realized gain (loss) | | | 28,369,377 | | | | 31,091,713 | | | | 34,369,196 | | | | 2,302,301 | |
Net unrealized appreciation (depreciation) | | | 40,056,044 | | | | 77,485,571 | | | | 69,664,329 | | | | 2,815,151 | |
Net assets | | $ | 457,260,596 | | | $ | 597,415,288 | | | $ | 332,583,490 | | | $ | 92,157,353 | |
Authorized shares – per class | | | Unlimited | | | | Unlimited | | | | Unlimited | | | | Unlimited | |
Par value per share | | $ | 0.01 | | | $ | 0.01 | | | $ | 0.01 | | | $ | 0.01 | |
| (1) | Cash pledged as collateral for common stocks sold short is in addition to the Fund’s securities pledged as collateral as noted in the Portfolio of Investments. |
| (2) | Class T Shares are not available for public offering. |
See accompanying notes to financial statements.
82
| | | | | | | | | | | | |
| | | Growth | | | Equity Long/
Short | | | Equity Market
Neutral | |
Assets | | | | | | | | | | | | |
Long-term investments, at value (cost $38,088,809, $209,466,305 and $77,322,895, respectively) | | $ | 52,969,528 | | | $ | 225,947,864 | | | $ | 84,975,388 | |
Short-term investments, at value (cost approximates value) | | | 163,717 | | | | 827,817 | | | | 680,232 | |
Cash | | | — | | | | 2,259,386 | | | | 440,256 | |
Cash collateral at brokers for common stocks sold short(1) | | | — | | | | 77,136,502 | | | | 132,117,054 | |
Receivable for: | | | | | | | | | | | | |
Dividends | | | 58,789 | | | | 250,967 | | | | 108,093 | |
Investments sold | | | — | | | | 8,219,843 | | | | 2,705,464 | |
Shares sold | | | 119,926 | | | | 2,803,052 | | | | 1,936,879 | |
Other assets | | | 28,507 | | | | 15,108 | | | | 15,260 | |
Total assets | | | 53,340,467 | | | | 317,460,539 | | | | 222,978,626 | |
Liabilities | | | | | | | | | | | | |
Common stocks sold short, at value (proceeds $—, $129,878,024 and $93,502,050, respectively) | | | — | | | | 125,039,087 | | | | 88,926,839 | |
Payable for: | | | | | | | | | | | | |
Dividends on common stocks sold short | | | — | | | | 118,254 | | | | 93,236 | |
Investments purchased | | | 252,694 | | | | 9,974,746 | | | | 2,933,856 | |
Shares redeemed | | | 6,173 | | | | 173,310 | | | | 18,610 | |
Accrued expenses: | | | | | | | | | | | | |
Custodian fees | | | 22,032 | | | | 26,249 | | | | 24,550 | |
Management fees | | | 11,734 | | | | 143,958 | | | | 83,724 | |
Trustees fees | | | 543 | | | | 1,464 | | | | 954 | |
12b-1 distribution and service fees | | | 6,764 | | | | 15,771 | | | | 4,421 | |
Other | | | 33,506 | | | | 68,334 | | | | 55,378 | |
Total liabilities | | | 333,446 | | | | 135,561,173 | | | | 92,141,568 | |
Net assets | | $ | 53,007,021 | | | $ | 181,899,366 | | | $ | 130,837,058 | |
Class A Shares | | | | | | | | | | | | |
Net assets | | $ | 9,624,272 | | | $ | 37,796,672 | | | $ | 14,474,571 | |
Shares outstanding | | | 302,519 | | | | 872,808 | | | | 585,327 | |
Net asset value (“NAV”) per share | | $ | 31.81 | | | $ | 43.30 | | | $ | 24.73 | |
Offering price per share (NAV per share plus maximum sales charge of 5.75% of offering price) | | $ | 33.75 | | | $ | 45.94 | | | $ | 26.24 | |
Class C Shares | | | | | | | | | | | | |
Net assets | | $ | 6,488,319 | | | $ | 12,047,218 | | | $ | 2,828,689 | |
Shares outstanding | | | 224,677 | | | | 300,503 | | | | 118,594 | |
NAV and offering price per share | | $ | 28.88 | | | $ | 40.09 | | | $ | 23.85 | |
Class R3 Shares | | | | | | | | | | | | |
Net assets | | $ | 470,214 | | | $ | — | | | $ | — | |
Shares outstanding | | | 14,916 | | | | — | | | | — | |
NAV and offering price per share | | $ | 31.52 | | | $ | — | | | $ | — | |
Class R6 Shares | | | | | | | | | | | | |
Net assets | | $ | — | | | $ | — | | | $ | — | |
Shares outstanding | | | — | | | | — | | | | — | |
NAV and offering price per share | | $ | — | | | $ | — | | | $ | — | |
Class I Shares | | | | | | | | | | | | |
Net assets | | $ | 36,424,216 | | | $ | 132,055,476 | | | $ | 113,533,798 | |
Shares outstanding | | | 1,123,348 | | | | 2,976,644 | | | | 4,535,250 | |
NAV and offering price per share | | $ | 32.42 | | | $ | 44.36 | | | $ | 25.03 | |
Class T Shares(2) | | | | | | | | | | | | |
Net assets | | $ | — | | | $ | — | | | $ | — | |
Shares outstanding | | | — | | | | — | | | | — | |
NAV per share | | $ | — | | | $ | — | | | $ | — | |
Offering price per share (NAV per share plus maximum sales charge of 2.50% of offering price) | | $ | — | | | $ | — | | | $ | — | |
See accompanying notes to financial statements.
83
Statement of Assets and Liabilities (Unaudited) (continued)
| | | | | | | | | | | | |
| | | Growth | | | Equity Long/
Short | | | Equity Market
Neutral | |
Net assets consist of: | | | | | | | | | | | | |
Capital paid-in | | $ | 36,467,976 | | | $ | 152,028,603 | | | $ | 118,219,867 | |
Undistributed (Over-distribution of) net investment income | | | 763 | | | | (1,045,763 | ) | | | (695,998 | ) |
Accumulated net realized gain (loss) | | | 1,657,563 | | | | 9,596,030 | | | | 1,085,485 | |
Net unrealized appreciation (depreciation) | | | 14,880,719 | | | | 21,320,496 | | | | 12,227,704 | |
Net assets | | $ | 53,007,021 | | | $ | 181,899,366 | | | $ | 130,837,058 | |
Authorized shares – per class | | | Unlimited | | | | Unlimited | | | | Unlimited | |
Par value per share | | $ | 0.01 | | | $ | 0.01 | | | $ | 0.01 | |
| (1) | Cash pledged as collateral for common stocks sold short is in addition to the Fund’s securities pledged as collateral as noted in the Portfolio of Investments. |
| (2) | Class T Shares are not available for public offering. |
See accompanying notes to financial statements.
84
Statement of Operations
Six Months Ended February 28, 2018
(Unaudited)
| | | | | | | | | | | | | | | | |
| | | Large Cap
Value | | | Large Cap
Core | | | Large Cap
Growth | | | Concentrated
Core | |
Investment Income | | $ | 4,775,781 | | | $ | 4,135,567 | | | $ | 1,536,417 | | | $ | 828,651 | |
Expenses | | | | | | | | | | | | | | | | |
Management fees | | | 1,413,320 | | | | 1,726,489 | | | | 918,593 | | | | 343,785 | |
12b-1 service fees – Class A Shares | | | 339,148 | | | | 82,133 | | | | 95,732 | | | | 19,043 | |
12b-1 distribution and service fees – Class C Shares | | | 118,240 | | | | 350,495 | | | | 87,207 | | | | 102,309 | |
12b-1 distribution and service fees – Class R3 Shares | | | 506 | | | | — | | | | — | | | | — | |
12b-1 distribution and service fees – Class T Shares(1) | | | 33 | | | | 34 | | | | — | | | | — | |
Dividends expense on common stocks sold short | | | — | | | | — | | | | — | | | | — | |
Prime broker expenses | | | — | | | | — | | | | — | | | | — | |
Shareholder servicing agent fees | | | 146,666 | | | | 133,256 | | | | 177,728 | | | | 56,094 | |
Custodian fees | | | 33,188 | | | | 30,957 | | | | 18,940 | | | | 13,228 | |
Trustees fees | | | 6,565 | | | | 8,408 | | | | 3,306 | | | | 1,529 | |
Professional fees | | | 23,263 | | | | 19,470 | | | | 14,202 | | | | 11,414 | |
Shareholder reporting expenses | | | 49,633 | | | | 44,179 | | | | 46,986 | | | | 15,634 | |
Federal and state registration fees | | | 62,346 | | | | 71,346 | | | | 35,081 | | | | 32,457 | |
Reorganization expenses | | | 90,000 | | | | 5,000 | | | | — | | | | — | |
Other | | | 12,698 | | | | 20,634 | | | | 8,418 | | | | 7,890 | |
Total expenses before fee waiver/expense reimbursement | | | 2,295,606 | | | | 2,492,401 | | | | 1,406,193 | | | | 603,383 | |
Fee waiver/expense reimbursement | | | (75,355 | ) | | | (56,328 | ) | | | (191,074 | ) | | | (82,440 | ) |
Net expenses | | | 2,220,251 | | | | 2,436,073 | | | | 1,215,119 | | | | 520,943 | |
Net investment income (loss) | | | 2,555,530 | | | | 1,699,494 | | | | 321,298 | | | | 307,708 | |
Realized and Unrealized Gain (Loss) | | | | | | | | | | | | | | | | |
Net realized gain (loss) from: | | | | | | | | | | | | | | | | |
Investments | | | 37,192,142 | | | | 35,441,527 | | | | 46,666,758 | | | | 4,640,349 | |
Common stocks sold short | | | — | | | | — | | | | — | | | | — | |
Change in net unrealized appreciation (depreciation) of: | | | | | | | | | | | | | | | | |
Investments | | | 6,564,762 | | | | 29,815,415 | | | | (10,048,281 | ) | | | (1,848,077 | ) |
Common stocks sold short | | | — | | | | — | | | | — | | | | — | |
Net realized and unrealized gain (loss) | | | 43,756,904 | | | | 65,256,942 | | | | 36,618,477 | | | | 2,792,272 | |
Net increase (decrease) in net assets from operations | | $ | 46,312,434 | | | $ | 66,956,436 | | | $ | 36,939,775 | | | $ | 3,099,980 | |
| (1) | Class T Shares are not available for public offering. |
See accompanying notes to financial statements.
85
Statement of Operations (Unaudited) (continued)
| | | | | | | | | | | | |
| | | Growth | | | Equity Long/
Short | | | Equity Market
Neutral | |
Investment Income | | $ | 294,708 | | | $ | 1,309,033 | | | $ | 881,491 | |
Expenses | | | | | | | | | | | | |
Management fees | | | 161,582 | | | | 835,705 | | | | 531,128 | |
12b-1 service fees – Class A Shares | | | 9,506 | | | | 39,308 | | | | 12,004 | |
12b-1 distribution and service fees – Class C Shares | | | 30,405 | | | | 48,520 | | | | 11,117 | |
12b-1 distribution and service fees – Class R3 Shares | | | 1,033 | | | | — | | | | — | |
12b-1 distribution and service fees – Class T Shares(1) | | | — | | | | — | | | | — | |
Dividends expense on common stocks sold short | | | — | | | | 683,128 | | | | 488,696 | |
Prime broker expenses | | | — | | | | 157,348 | | | | — | |
Shareholder servicing agent fees | | | 19,997 | | | | 62,844 | | | | 56,190 | |
Custodian fees | | | 19,380 | | | | 20,358 | | | | 18,396 | |
Trustees fees | | | 721 | | | | 1,977 | | | | 1,253 | |
Professional fees | | | 10,846 | | | | 14,383 | | | | 10,529 | |
Shareholder reporting expenses | | | 8,975 | | | | 16,103 | | | | 10,324 | |
Federal and state registration fees | | | 30,873 | | | | 36,319 | | | | 32,935 | |
Reorganization expenses | | | — | | | | — | | | | — | |
Other | | | 5,543 | | | | 5,845 | | | | 4,585 | |
Total expenses before fee waiver/expense reimbursement | | | 298,861 | | | | 1,921,838 | | | | 1,177,157 | |
Fee waiver/expense reimbursement | | | (68,674 | ) | | | (89,779 | ) | | | (91,513 | ) |
Net expenses | | | 230,187 | | | | 1,832,059 | | | | 1,085,644 | |
Net investment income (loss) | | | 64,521 | | | | (523,026 | ) | | | (204,153 | ) |
Realized and Unrealized Gain (Loss) | | | | | | | | | | | | |
Net realized gain (loss) from: | | | | | | | | | | | | |
Investments | | | 2,670,491 | | | | 15,555,325 | | | | 5,613,291 | |
Common stocks sold short | | | — | | | | (4,777,339 | ) | | | (1,500,123 | ) |
Change in net unrealized appreciation (depreciation) of: | | | | | | | | | | | | |
Investments | | | 4,466,164 | | | | 3,563,405 | | | | 2,915,339 | |
Common stocks sold short | | | — | | | | 3,407,650 | | | | 184,907 | |
Net realized and unrealized gain (loss) | | | 7,136,655 | | | | 17,749,041 | | | | 7,213,414 | |
Net increase (decrease) in net assets from operations | | $ | 7,201,176 | | | $ | 17,226,015 | | | $ | 7,009,261 | |
| (1) | Class T Shares are not available for public offering. |
See accompanying notes to financial statements.
86
Statement of Changes in Net Assets
(Unaudited)
| | | | | | | | | | | | | | | | | | | | |
| | | Large Cap Value | | | | | | Large Cap Core | |
| | | Six Months Ended
2/28/18 | | | Year Ended
8/31/17 | | | | | | Six Months Ended
2/28/18 | | | Year Ended
8/31/17 | |
Operations | | | | | | | | | | | | | | | | | | | | |
Net investment income (loss) | | $ | 2,555,530 | | | $ | 3,972,599 | | | | | | | $ | 1,699,494 | | | $ | 2,061,725 | |
Net realized gain (loss) from: | | | | | | | | | | | | | | | | | | | | |
Investments | | | 37,192,142 | | | | 49,127,174 | | | | | | | | 35,441,527 | | | | 25,015,736 | |
Common stocks sold short | | | — | | | | — | | | | | | | | — | | | | — | |
Change in net unrealized appreciation (depreciation) of: | | | | | | | | | | | | | | | | | | | | |
Investments | | | 6,564,762 | | | | 6,368,368 | | | | | | | | 29,815,415 | | | | 20,341,834 | |
Common stocks sold short | | | — | | | | — | | | | | | | | — | | | | — | |
Net increase (decrease) in net assets from operations | | | 46,312,434 | | | | 59,468,141 | | | | | | | | 66,956,436 | | | | 47,419,295 | |
Distributions to Shareholders | | | | | | | | | | | | | | | | | | | | |
From net investment income: | | | | | | | | | | | | | | | | | | | | |
Class A Shares | | | (3,572,110 | ) | | | (3,372,897 | ) | | | | | | | (269,724 | ) | | | (398,834 | ) |
Class C Shares | | | (89,550 | ) | | | (187,205 | ) | | | | | | | — | | | | (5,707 | ) |
Class R3 Shares | | | (1,972 | ) | | | (2,313 | ) | | | | | | | — | | | | — | |
Class R6 Shares | | | (335,427 | ) | | | (284,602 | ) | | | | | | | (1,040,265 | ) | | | (161,497 | ) |
Class I Shares | | | (2,104,498 | ) | | | (1,833,151 | ) | | | | | | | (2,306,979 | ) | | | (1,489,785 | ) |
Class T Shares(1) | | | (366 | ) | | | — | | | | | | | | (125 | ) | | | — | |
From accumulated net realized gains: | | | | | | | | | | | | | | | | | | | | |
Class A Shares | | | (21,815,601 | ) | | | — | | | | | | | | (2,436,858 | ) | | | — | |
Class C Shares | | | (1,744,304 | ) | | | — | | | | | | | | (2,622,168 | ) | | | — | |
Class R3 Shares | | | (18,438 | ) | | | — | | | | | | | | — | | | | — | |
Class R6 Shares | | | (1,517,573 | ) | | | — | | | | | | | | (4,773,994 | ) | | | — | |
Class I Shares | | | (9,062,293 | ) | | | — | | | | | | | | (10,040,474 | ) | | | — | |
Class T Shares(1) | | | (2,271 | ) | | | — | | | | | | | | (1,127 | ) | | | — | |
Decrease in net assets from distributions to shareholders | | | (40,264,403 | ) | | | (5,680,168 | ) | | | | | | | (23,491,714 | ) | | | (2,055,823 | ) |
Fund Share Transactions | | | | | | | | | | | | | | | | | | | | |
Fund Reorganization(2) | | | 39,210,690 | | | | — | | | | | | | | 79,345,455 | | | | — | |
Proceeds from sale of shares | | | 21,020,911 | | | | 68,402,530 | | | | | | | | 180,081,197 | | | | 184,568,988 | |
Proceeds from shares issued to shareholders due to reinvestment of distributions | | | 32,834,854 | | | | 4,687,499 | | | | | | | | 18,801,323 | | | | 1,383,035 | |
| | | 93,066,455 | | | | 73,090,029 | | | | | | | | 278,227,975 | | | | 185,952,023 | |
Cost of shares redeemed | | | (51,890,725 | ) | | | (104,887,842 | ) | | | | | | | (113,153,646 | ) | | | (97,227,326 | ) |
Net increase (decrease) in net assets from Fund share transactions | | | 41,175,730 | | | | (31,797,813 | ) | | | | | | | 165,074,329 | | | | 88,724,697 | |
Net increase (decrease) in net assets | | | 47,223,761 | | | | 21,990,160 | | | | | | | | 208,539,051 | | | | 134,088,169 | |
Net assets at the beginning of period | | | 410,036,835 | | | | 388,046,675 | | | | | | | | 388,876,237 | | | | 254,788,068 | |
Net assets at the end of period | | $ | 457,260,596 | | | $ | 410,036,835 | | | | | | | $ | 597,415,288 | | | $ | 388,876,237 | |
Undistributed (Over-distribution of) net investment income at the end of period | | $ | 415,191 | | | $ | 3,963,584 | | | | | | | $ | 211,009 | | | $ | 2,128,608 | |
| (1) | Class T Shares are not available for public offering. |
| (2) | Refer to Note 1 – General Information and Significant Accounting Policies, Fund Reorganizations and Note 9 – Fund Reorganizations for further details. |
See accompanying notes to financial statements.
87
Statement of Changes in Net Assets (Unaudited) (continued)
| | | | | | | | | | | | | | | | | | | | |
| | | Large Cap Growth | | | | | | Concentrated Core | |
| | | Six Months Ended
2/28/18 | | | Year Ended
8/31/17 | | | | | | Six Months Ended
2/28/18 | | | Year Ended
8/31/17 | |
Operations | | | | | | | | | | | | | | | | | | | | |
Net investment income (loss) | | $ | 321,298 | | | $ | 276,050 | | | | | | | $ | 307,708 | | | $ | 605,541 | |
Net realized gain (loss) from: | | | | | | | | | | | | | | | | | | | | |
Investments | | | 46,666,758 | | | | 5,516,768 | | | | | | | | 4,640,349 | | | | 9,306,735 | |
Common stocks sold short | | | — | | | | — | | | | | | | | — | | | | — | |
Change in net unrealized appreciation (depreciation) of: | | | | | | | | | | | | | | | | | | | | |
Investments | | | (10,048,281 | ) | | | 6,864,835 | | | | | | | | (1,848,077 | ) | | | 4,263,620 | |
Common stocks sold short | | | — | | | | — | | | | | | | | — | | | | — | |
Net increase (decrease) in net assets from operations | | | 36,939,775 | | | | 12,657,653 | | | | | | | | 3,099,980 | | | | 14,175,896 | |
Distributions to Shareholders | | | | | | | | | | | | | | | | | | | | |
From net investment income: | | | | | | | | | | | | | | | | | | | | |
Class A Shares | | | (28,482 | ) | | | (99,157 | ) | | | | | | | (128,065 | ) | | | (725,221 | ) |
Class C Shares | | | — | | | | (1,768 | ) | | | | | | | (27,507 | ) | | | (290,490 | ) |
Class R3 Shares | | | — | | | | — | | | | | | | | — | | | | — | |
Class R6 Shares | | | (140 | ) | | | (273 | ) | | | | | | | (902 | ) | | | (616 | ) |
Class I Shares | | | (290,980 | ) | | | (428,157 | ) | | | | | | | (665,041 | ) | | | (656,400 | ) |
Class T Shares(1) | | | — | | | | — | | | | | | | | — | | | | — | |
From accumulated net realized gains: | | | | | | | | | | | | | | | | | | | | |
Class A Shares | | | (3,784,250 | ) | | | — | | | | | | | | (228,598 | ) | | | — | |
Class C Shares | | | (1,100,192 | ) | | | — | | | | | | | | (311,865 | ) | | | — | |
Class R3 Shares | | | — | | | | — | | | | | | | | — | | | | — | |
Class R6 Shares | | | (502,148 | ) | | | — | | | | | | | | (1,260 | ) | | | — | |
Class I Shares | | | (9,562,596 | ) | | | — | | | | | | | | (964,292 | ) | | | — | |
Class T Shares(1) | | | — | | | | — | | | | | | | | — | | | | — | |
Decrease in net assets from distributions to shareholders | | | (15,268,788 | ) | | | (529,355 | ) | | | | | | | (2,327,530 | ) | | | (1,672,727 | ) |
Fund Share Transactions | | | | | | | | | | | | | | | | | | | | |
Fund Reorganization(2) | | | 254,455,990 | | | | — | | | | | | | | — | | | | — | |
Proceeds from sale of shares | | | 26,120,317 | | | | 29,887,814 | | | | | | | | 14,534,407 | | | | 49,011,697 | |
Proceeds from shares issued to shareholders due to reinvestment of distributions | | | 11,635,223 | | | | 286,513 | | | | | | | | 2,308,905 | | | | 1,607,664 | |
| | | 292,211,530 | | | | 30,174,327 | | | | | | | | 16,843,312 | | | | 50,619,361 | |
Cost of shares redeemed | | | (61,904,976 | ) | | | (32,666,827 | ) | | | | | | | (21,411,396 | ) | | | (65,069,923 | ) |
Net increase (decrease) in net assets from Fund share transactions | | | 230,306,554 | | | | (2,492,500 | ) | | | | | | | (4,568,084 | ) | | | (14,450,562 | ) |
Net increase (decrease) in net assets | | | 251,977,541 | | | | 9,635,798 | | | | | | | | (3,795,634 | ) | | | (1,947,393 | ) |
Net assets at the beginning of period | | | 80,605,949 | | | | 70,970,151 | | | | | | | | 95,952,987 | | | | 97,900,380 | |
Net assets at the end of period | | $ | 332,583,490 | | | $ | 80,605,949 | | | | | | | $ | 92,157,353 | | | $ | 95,952,987 | |
Undistributed (Over-distribution of) net investment income at the end of period | | $ | 302,953 | | | $ | 301,257 | | | | | | | $ | 91,733 | | | $ | 605,540 | |
| (1) | Class T Shares are not available for public offering. |
| (2) | Refer to Note 1 – General Information and Significant Accounting Policies, Fund Reorganizations and Note 9 – Fund Reorganizations for further details. |
See accompanying notes to financial statements.
88
| | | | | | | | | | | | | | | | | | | | |
| | | Growth | | | | | | Equity Long/Short | |
| | | Six Months Ended
2/28/18 | | | Year Ended
8/31/17 | | | | | | Six Months Ended
2/28/18 | | | Year Ended
8/31/17 | |
Operations | | | | | | | | | | | | | | | | | | | | |
Net investment income (loss) | | $ | 64,521 | | | $ | 395,828 | | | | | | | $ | (523,026 | ) | | $ | (906,981 | ) |
Net realized gain (loss) from: | | | | | | | | | | | | | | | | | | | | |
Investments | | | 2,670,491 | | | | 3,219,709 | | | | | | | | 15,555,325 | | | | 15,305,244 | |
Common stocks sold short | | | — | | | | — | | | | | | | | (4,777,339 | ) | | | (6,526,293 | ) |
Change in net unrealized appreciation (depreciation) of: | | | | | | | | | | | | | | | | | | | | |
Investments | | | 4,466,164 | | | | 3,246,794 | | | | | | | | 3,563,405 | | | | 4,186,543 | |
Common stocks sold short | | | — | | | | — | | | | | | | | 3,407,650 | | | | 2,700,433 | |
Net increase (decrease) in net assets from operations | | | 7,201,176 | | | | 6,862,331 | | | | | | | | 17,226,015 | | | | 14,758,946 | |
Distributions to Shareholders | | | | | | | | | | | | | | | | | | | | |
From net investment income: | | | | | | | | | | | | | | | | | | | | |
Class A Shares | | | (48,396 | ) | | | (70,534 | ) | | | | | | | — | | | | — | |
Class C Shares | | | — | | | | — | | | | | | | | — | | | | — | |
Class R3 Shares | | | (1,591 | ) | | | (1,096 | ) | | | | | | | — | | | | — | |
Class R6 Shares | | | — | | | | — | | | | | | | | — | | | | — | |
Class I Shares | | | (299,330 | ) | | | (287,642 | ) | | | | | | | — | | | | — | |
Class T Shares(1) | | | — | | | | — | | | | | | | | — | | | | — | |
From accumulated net realized gains: | | | | | | | | | | | | | | | | | | | | |
Class A Shares | | | (454,580 | ) | | | (679,602 | ) | | | | | | | (513,454 | ) | | | — | |
Class C Shares | | | (390,407 | ) | | | (597,527 | ) | | | | | | | (172,650 | ) | | | — | |
Class R3 Shares | | | (24,364 | ) | | | (15,869 | ) | | | | | | | — | | | | — | |
Class R6 Shares | | | — | | | | — | | | | | | | | — | | | | — | |
Class I Shares | | | (2,040,557 | ) | | | (2,112,073 | ) | | | | | | | (1,469,822 | ) | | | — | |
Class T Shares(1) | | | — | | | | — | | | | | | | | — | | | | — | |
Decrease in net assets from distributions to shareholders | | | (3,259,225 | ) | | | (3,764,343 | ) | | | | | | | (2,155,926 | ) | | | — | |
Fund Share Transactions | | | | | | | | | | | | | | | | | | | | |
Fund Reorganization(2) | | | — | | | | — | | | | | | | | — | | | | — | |
Proceeds from sale of shares | | | 8,583,675 | | | | 19,097,800 | | | | | | | | 71,464,442 | | | | 45,821,590 | |
Proceeds from shares issued to shareholders due to reinvestment of distributions | | | 2,762,703 | | | | 3,272,236 | | | | | | | | 2,150,344 | | | | — | |
| | | 11,346,378 | | | | 22,370,036 | | | | | | | | 73,614,786 | | | | 45,821,590 | |
Cost of shares redeemed | | | (8,667,354 | ) | | | (28,850,583 | ) | | | | | | | (12,465,695 | ) | | | (38,052,007 | ) |
Net increase (decrease) in net assets from Fund share transactions | | | 2,679,024 | | | | (6,480,547 | ) | | | | | | | 61,149,091 | | | | 7,769,583 | |
Net increase (decrease) in net assets | | | 6,620,975 | | | | (3,382,559 | ) | | | | | | | 76,219,180 | | | | 22,528,529 | |
Net assets at the beginning of period | | | 46,386,046 | | | | 49,768,605 | | | | | | | | 105,680,186 | | | | 83,151,657 | |
Net assets at the end of period | | $ | 53,007,021 | | | $ | 46,386,046 | | | | | | | $ | 181,899,366 | | | $ | 105,680,186 | |
Undistributed (Over-distribution of) net investment income at the end of period | | $ | 763 | | | $ | 285,559 | | | | | | | $ | (1,045,763 | ) | | $ | (522,737 | ) |
| (1) | Class T Shares are not available for public offering. |
| (2) | Refer to Note 1 – General Information and Significant Accounting Policies, Fund Reorganizations and Note 9 – Fund Reorganizations for further details. |
See accompanying notes to financial statements.
89
Statement of Changes in Net Assets (Unaudited) (continued)
| | | | | | | | |
| | | Equity Market Neutral | |
| | | Six Months Ended
2/28/18 | | | Year Ended
8/31/17 | |
Operations | | | | | | | | |
Net investment income (loss) | | $ | (204,153 | ) | | $ | (750,624 | ) |
Net realized gain (loss) from: | | | | | | | | |
Investments | | | 5,613,291 | | | | 7,857,095 | |
Common stocks sold short | | | (1,500,123 | ) | | | (4,634,640 | ) |
Change in net unrealized appreciation (depreciation) of: | | | | | | | | |
Investments | | | 2,915,339 | | | | (480,646 | ) |
Common stocks sold short | | | 184,907 | | | | 2,331,613 | |
Net increase (decrease) in net assets from operations | | | 7,009,261 | | | | 4,322,798 | |
Distributions to Shareholders | | | | | | | | |
From net investment income: | | | | | | | | |
Class A Shares | | | — | | | | — | |
Class C Shares | | | — | | | | — | |
Class R3 Shares | | | — | | | | — | |
Class R6 Shares | | | — | | | | — | |
Class I Shares | | | — | | | | — | |
Class T Shares(1) | | | — | | | | — | |
From accumulated net realized gains: | | | | | | | | |
Class A Shares | | | (229,852 | ) | | | — | |
Class C Shares | | | (48,318 | ) | | | — | |
Class R3 Shares | | | — | | | | — | |
Class R6 Shares | | | — | | | | — | |
Class I Shares | | | (1,526,839 | ) | | | — | |
Class T Shares(1) | | | — | | | | — | |
Decrease in net assets from distributions to shareholders | | | (1,805,009 | ) | | | — | |
Fund Share Transactions | | | | | | | | |
Fund Reorganization(2) | | | — | | | | — | |
Proceeds from sale of shares | | | 62,021,547 | | | | 28,581,222 | |
Proceeds from shares issued to shareholders due to reinvestment of distributions | | | 1,548,107 | | | | — | |
| | | 63,569,654 | | | | 28,581,222 | |
Cost of shares redeemed | | | (5,215,056 | ) | | | (27,014,605 | ) |
Net increase (decrease) in net assets from Fund share transactions | | | 58,354,598 | | | | 1,566,617 | |
Net increase (decrease) in net assets | | | 63,558,850 | | | | 5,889,415 | |
Net assets at the beginning of period | | | 67,278,208 | | | | 61,388,793 | |
Net assets at the end of period | | $ | 130,837,058 | | | $ | 67,278,208 | |
Undistributed (Over-distribution of) net investment income at the end of period | | $ | (695,998 | ) | | $ | (491,845 | ) |
| (1) | Class T Shares are not available for public offering. |
| (2) | Refer to Note 1 – General Information and Significant Accounting Policies, Fund Reorganizations and Note 9 – Fund Reorganizations for further details. |
See accompanying notes to financial statements.
90
Statement of Cash Flows
Six Months Ended February 28, 2018
(Unaudited)
| | | | | | | | |
| | | Equity
Long/Short | | | Equity
Market
Neutral | |
Cash Flows from Operating Activities: | | | | | | | | |
Net Increase (Decrease) in Net Assets from Operations | | $ | 17,226,015 | | | $ | 7,009,261 | |
Adjustments to reconcile the net increase (decrease) in net assets from operations to net cash provided by (used in) operating activities: | | | | | | | | |
Purchases of investments | | | (274,358,574 | ) | | | (73,481,377 | ) |
Purchases of common stock sold short | | | (89,944,561 | ) | | | (53,363,000 | ) |
Proceeds from sales | | | 221,079,452 | | | | 60,668,118 | |
Proceeds from sales of common stock sold short | | | 133,531,979 | | | | 83,374,431 | |
Proceeds from (Purchase of) short-term investments, net | | | (693,983 | ) | | | 1,409,639 | |
Securities litigation | | | 286 | | | | 535 | |
(Increase) Decrease in: | | | | | | | | |
Cash collateral at brokers for common stocks sold short | | | (44,733,025 | ) | | | (73,860,359 | ) |
Receivable for dividends | | | (31,644 | ) | | | (18,560 | ) |
Receivable for investments sold | | | (442,318 | ) | | | (1,549,582 | ) |
Other assets | | | 5,972 | | | | 6,747 | |
Increase (Decrease) in: | | | | | | | | |
Payable for dividends on common stock sold short | | | 6,446 | | | | 5,706 | |
Payable for investments purchased | | | 665,934 | | | | 1,790,723 | |
Accrued custodian fees | | | 10,521 | | | | 8,656 | |
Accrued management fees | | | 49,252 | | | | 27,333 | |
Accrued Trustees fees | | | 1,034 | | | | 659 | |
Accrued 12b-1 distribution and service fees | | | 3,442 | | | | 1,285 | |
Accrued other expenses | | | 15,996 | | | | 11,172 | |
Net realized (gain) loss from: | | | | | | | | |
Investments | | | (15,555,325 | ) | | | (5,613,291 | ) |
Common stocks sold short | | | 4,777,339 | | | | 1,500,123 | |
Change in net unrealized (appreciation) depreciation of: | | | | | | | | |
Investments | | | (3,563,405 | ) | | | (2,915,339 | ) |
Common stocks sold short | | | (3,407,650 | ) | | | (184,907 | ) |
Net cash provided by (used in) operating activities | | | (55,356,817 | ) | | | (55,172,027 | ) |
Cash Flows from Financing Activities: | | | | | | | | |
Cash distributions paid to shareholders | | | (5,582 | ) | | | (256,902 | ) |
Proceeds from sale of shares | | | 69,593,970 | | | | 60,900,421 | |
Cost of shares redeemed | | | (12,789,229 | ) | | | (5,219,396 | ) |
Net cash provided by (used in) financing activities | | | 56,799,159 | | | | 55,424,123 | |
Net Increase (Decrease) in Cash | | | 1,442,342 | | | | 252,096 | |
Cash at the beginning of period | | | 817,044 | | | | 188,160 | |
Cash at the end of period | | $ | 2,259,386 | | | $ | 440,256 | |
| | | | | | | | |
| | | Equity
Long/Short | | | Equity
Market
Neutral | |
Supplemental Disclosure of Cash Flow Information | | | | | �� | | | |
Non-cash financing activities not included herein consists of reinvestments of share distributions | | $ | 2,150,344 | | | $ | 1,548,107 | |
See accompanying notes to financial statements.
91
Financial Highlights
(Unaudited)
Large Cap Value
Selected data for a share outstanding throughout each period:
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
| | | | | |
| | | | | | Investment Operations | | | | | | Less Distributions | | | | |
| | | | | | | | | |
Class (Commencement Date) | | 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 (8/96) | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Year Ended 8/31: | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
2018(i) | | $ | 25.94 | | | $ | 0.15 | | | $ | 2.59 | | | $ | 2.74 | | | | | | | $ | (0.36 | ) | | $ | (2.27 | ) | | $ | (2.63 | ) | | $ | 26.05 | |
2017 | | | 22.73 | | | | 0.23 | | | | 3.31 | | | | 3.54 | | | | | | | | (0.33 | ) | | | — | | | | (0.33 | ) | | | 25.94 | |
2016 | | | 23.58 | | | | 0.32 | | | | 0.98 | | | | 1.30 | | | | | | | | (0.24 | ) | | | (1.91 | ) | | | (2.15 | ) | | | 22.73 | |
2015 | | | 28.36 | | | | 0.27 | | | | (1.77 | ) | | | (1.50 | ) | | | | | | | (0.21 | ) | | | (3.07 | ) | | | (3.28 | ) | | | 23.58 | |
2014 | | | 25.15 | | | | 0.31 | | | | 6.09 | | | | 6.40 | | | | | | | | (0.36 | ) | | | (2.83 | ) | | | (3.19 | ) | | | 28.36 | |
2013(e) | | | 24.31 | | | | 0.03 | | | | 0.81 | | | | 0.84 | | | | | | | | — | | | | — | | | | — | | | | 25.15 | |
Year Ended 6/30: | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
2013 | | | 20.03 | | | | 0.29 | | | | 4.29 | | | | 4.58 | | | | | | | | (0.30 | ) | | | — | | | | (0.30 | ) | | | 24.31 | |
Class C (8/96) | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Year Ended 8/31: | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
2018(i) | | | 24.77 | | | | 0.05 | | | | 2.48 | | | | 2.53 | | | | | | | | (0.12 | ) | | | (2.27 | ) | | | (2.39 | ) | | | 24.91 | |
2017 | | | 21.72 | | | | 0.05 | | | | 3.16 | | | | 3.21 | | | | | | | | (0.16 | ) | | | — | | | | (0.16 | ) | | | 24.77 | |
2016 | | | 22.60 | | | | 0.15 | | | | 0.93 | | | | 1.08 | | | | | | | | (0.05 | ) | | | (1.91 | ) | | | (1.96 | ) | | | 21.72 | |
2015 | | | 27.31 | | | | 0.07 | | | | (1.70 | ) | | | (1.63 | ) | | | | | | | (0.01 | ) | | | (3.07 | ) | | | (3.08 | ) | | | 22.60 | |
2014 | | | 24.33 | | | | 0.10 | | | | 5.88 | | | | 5.98 | | | | | | | | (0.17 | ) | | | (2.83 | ) | | | (3.00 | ) | | | 27.31 | |
2013(e) | | | 23.54 | | | | — | ** | | | 0.79 | | | | 0.79 | | | | | | | | — | | | | — | | | | — | | | | 24.33 | |
Year Ended 6/30: | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
2013 | | | 19.41 | | | | 0.12 | | | | 4.15 | | | | 4.27 | | | | | | | | (0.14 | ) | | | — | | | | (0.14 | ) | | | 23.54 | |
Class R3 (8/08) | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Year Ended 8/31: | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
2018(i) | | | 26.10 | | | | 0.12 | | | | 2.60 | | | | 2.72 | | | | | | | | (0.24 | ) | | | (2.27 | ) | | | (2.51 | ) | | | 26.31 | |
2017 | | | 22.87 | | | | 0.16 | | | | 3.34 | | | | 3.50 | | | | | | | | (0.27 | ) | | | — | | | | (0.27 | ) | | | 26.10 | |
2016 | | | 23.71 | | | | 0.28 | | | | 0.97 | | | | 1.25 | | | | | | | | (0.18 | ) | | | (1.91 | ) | | | (2.09 | ) | | | 22.87 | |
2015 | | | 28.50 | | | | 0.19 | | | | (1.76 | ) | | | (1.57 | ) | | | | | | | (0.15 | ) | | | (3.07 | ) | | | (3.22 | ) | | | 23.71 | |
2014 | | | 25.27 | | | | 0.24 | | | | 6.12 | | | | 6.36 | | | | | | | | (0.30 | ) | | | (2.83 | ) | | | (3.13 | ) | | | 28.50 | |
2013(e) | | | 24.43 | | | | 0.02 | | | | 0.82 | | | | 0.84 | | | | | | | | — | | | | — | | | | — | | | | 25.27 | |
Year Ended 6/30: | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
2013 | | | 20.14 | | | | 0.24 | | | | 4.30 | | | | 4.54 | | | | | | | | (0.25 | ) | | | — | | | | (0.25 | ) | | | 24.43 | |
Class R6 (6/16) | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
2018(i) | | | 26.12 | | | | 0.19 | | | | 2.62 | | | | 2.81 | | | | | | | | (0.49 | ) | | | (2.27 | ) | | | (2.76 | ) | | | 26.17 | |
2017 | | | 22.88 | | | | 0.31 | | | | 3.34 | | | | 3.65 | | | | | | | | (0.41 | ) | | | — | | | | (0.41 | ) | | | 26.12 | |
2016(f) | | | 21.66 | | | | 0.06 | | | | 1.16 | | | | 1.22 | | | | | | | | — | | | | — | | | | — | | | | 22.88 | |
Class I (8/96) | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Year Ended 8/31: | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
2018(i) | | | 26.12 | | | | 0.18 | | | | 2.61 | | | | 2.79 | | | | | | | | (0.49 | ) | | | (2.27 | ) | | | (2.76 | ) | | | 26.15 | |
2017 | | | 22.88 | | | | 0.29 | | | | 3.33 | | | | 3.62 | | | | | | | | (0.38 | ) | | | — | | | | (0.38 | ) | | | 26.12 | |
2016 | | | 23.73 | | | | 0.37 | | | | 0.99 | | | | 1.36 | | | | | | | | (0.30 | ) | | | (1.91 | ) | | | (2.21 | ) | | | 22.88 | |
2015 | | | 28.52 | | | | 0.34 | | | | (1.78 | ) | | | (1.44 | ) | | | | | | | (0.28 | ) | | | (3.07 | ) | | | (3.35 | ) | | | 23.73 | |
2014 | | | 25.28 | | | | 0.37 | | | | 6.13 | | | | 6.50 | | | | | | | | (0.43 | ) | | | (2.83 | ) | | | (3.26 | ) | | | 28.52 | |
2013(e) | | | 24.42 | | | | 0.04 | | | | 0.82 | | | | 0.86 | | | | | | | | — | | | | — | | | | — | | | | 25.28 | |
Year Ended 6/30: | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
2013 | | | 20.12 | | | | 0.34 | | | | 4.31 | | | | 4.65 | | | | | | | | (0.35 | ) | | | — | | | | (0.35 | ) | | | 24.42 | |
Class T (5/17)(g) | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
2018(i) | | | 26.10 | | | | 0.15 | | | | 2.62 | | | | 2.77 | | | | | | | | (0.37 | ) | | | (2.27 | ) | | | (2.64 | ) | | | 26.23 | |
2017(h) | | | 25.00 | | | | 0.03 | | | | 1.07 | | | | 1.10 | | | | | | | | — | | | | — | | | | — | | | | 26.10 | |
92
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
| | | | 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) | |
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
| | 11.21 | % | | $ | 278,741 | | | | | | | | 1.09 | %* | | | 1.09 | %* | | | | | | | 1.06 | %* | | | 1.13 | %* | | | 79 | % |
| | 15.63 | | | | 252,902 | | | | | | | | 1.05 | | | | 0.92 | | | | | | | | 1.05 | | | | 0.92 | | | | 152 | |
| | 6.26 | | | | 240,572 | | | | | | | | 1.10 | | | | 1.44 | | | | | | | | 1.10 | | | | 1.44 | | | | 141 | |
| | (5.75 | ) | | | 267,337 | | | | | | | | 1.12 | | | | 1.01 | | | | | | | | 1.12 | | | | 1.01 | | | | 158 | |
| | 27.40 | | | | 294,917 | | | | | | | | 1.11 | | | | 1.16 | | | | | | | | 1.11 | | | | 1.16 | | | | 153 | |
| | 3.50 | | | | 250,052 | | | | | | | | 1.25 | * | | | 0.70 | * | | | | | | | 1.25 | * | | | 0.70 | * | | | 42 | |
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
| | 23.09 | | | | 282,993 | | | | | | | | 1.16 | | | | 1.30 | | | | | | | | 1.15 | | | | 1.31 | | | | 153 | |
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
| | 10.80 | | | | 25,707 | | | | | | | | 1.84 | * | | | 0.33 | * | | | | | | | 1.80 | * | | | 0.37 | * | | | 79 | |
| | 14.79 | | | | 19,868 | | | | | | | | 1.80 | | | | 0.19 | | | | | | | | 1.80 | | | | 0.19 | | | | 152 | |
| | 5.46 | | | | 27,588 | | | | | | | | 1.85 | | | | 0.70 | | | | | | | | 1.85 | | | | 0.70 | | | | 141 | |
| | (6.45 | ) | | | 31,516 | | | | | | | | 1.87 | | | | 0.26 | | | | | | | | 1.87 | | | | 0.26 | | | | 158 | |
| | 26.47 | | | | 26,628 | | | | | | | | 1.86 | | | | 0.41 | | | | | | | | 1.86 | | | | 0.41 | | | | 153 | |
| | 3.36 | | | | 17,780 | | | | | | | | 2.00 | * | | | (0.02 | )* | | | | | | | 2.00 | * | | | (0.02 | )* | | | 42 | |
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
| | 22.10 | | | | 17,174 | | | | | | | | 1.91 | | | | 0.54 | | | | | | | | 1.90 | | | | 0.55 | | | | 153 | |
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
| | 11.04 | | | | 198 | | | | | | | | 1.34 | * | | | 0.85 | * | | | | | | | 1.31 | * | | | 0.88 | * | | | 79 | |
| | 15.38 | | | | 211 | | | | | | | | 1.29 | | | | 0.63 | | | | | | | | 1.29 | | | | 0.63 | | | | 152 | |
| | 5.97 | | | | 186 | | | | | | | | 1.34 | | | | 1.25 | | | | | | | | 1.34 | | | | 1.25 | | | | 141 | |
| | (5.99 | ) | | | 232 | | | | | | | | 1.37 | | | | 0.73 | | | | | | | | 1.37 | | | | 0.73 | | | | 158 | |
| | 27.11 | | | | 135 | | | | | | | | 1.36 | | | | 0.92 | | | | | | | | 1.36 | | | | 0.92 | | | | 153 | |
| | 3.44 | | | | 87 | | | | | | | | 1.50 | * | | | 0.43 | * | | | | | | | 1.50 | * | | | 0.43 | * | | | 42 | |
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
| | 22.72 | | | | 91 | | | | | | | | 1.41 | | | | 1.07 | | | | | | | | 1.39 | | | | 1.08 | | | | 153 | |
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
| | 11.41 | | | | 18,882 | | | | | | | | 0.79 | * | | | 1.40 | * | | | | | | | 0.76 | * | | | 1.43 | * | | | 79 | |
| | 16.02 | | | | 17,991 | | | | | | | | 0.73 | | | | 1.23 | | | | | | | | 0.73 | | | | 1.23 | | | | 152 | |
| | 5.63 | | | | 19,773 | | | | | | | | 0.73 | * | | | 1.48 | * | | | | | | | 0.73 | * | | | 1.48 | * | | | 141 | |
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
| | 11.37 | | | | 133,707 | | | | | | | | 0.85 | * | | | 1.33 | * | | | | | | | 0.80 | * | | | 1.37 | * | | | 79 | |
| | 15.92 | | | | 119,038 | | | | | | | | 0.80 | | | | 1.17 | | | | | | | | 0.80 | | | | 1.17 | | | | 152 | |
| | 6.53 | | | | 99,927 | | | | | | | | 0.85 | | | | 1.69 | | | | | | | | 0.85 | | | | 1.69 | | | | 141 | |
| | (5.52 | ) | | | 103,342 | | | | | | | | 0.86 | | | | 1.29 | | | | | | | | 0.86 | | | | 1.29 | | | | 158 | |
| | 27.74 | | | | 104,875 | | | | | | | | 0.86 | | | | 1.40 | | | | | | | | 0.86 | | | | 1.40 | | | | 153 | |
| | 3.52 | | | | 45,148 | | | | | | | | 1.00 | * | | | 0.97 | * | | | | | | | 1.00 | * | | | 0.97 | * | | | 42 | |
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
| | 23.39 | | | | 42,285 | | | | | | | | 0.91 | | | | 1.53 | | | | | | | | 0.90 | | | | 1.55 | | | | 153 | |
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
| | 11.23 | | | | 26 | | | | | | | | 1.09 | * | | | 1.08 | * | | | | | | | 1.07 | * | | | 1.11 | * | | | 79 | |
| | 4.40 | | | | 26 | | | | | | | | 1.06 | * | | | 0.43 | * | | | | | | | 1.06 | * | | | 0.43 | * | | | 152 | |
| (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. Performance prior to June 24, 2013, reflects the Fund’s performance under the management of multiple sub-advisers using investment strategies that differed significantly from those currently in place. | |
| (c) | After fee waiver and/or expense reimbursement from the Adviser, where applicable. See Note 7 – Management Fees and Other Transactions with Affiliates, Management Fees for more information. | |
| (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 two months ended August 31, 2013. | |
| (f) | For the period June 30, 2016 (commencement of operations) through August 31, 2016. | |
| (g) | Class T Shares are not available for public offering. | |
| (h) | For the period May 31, 2017 (commencement of operations) through August 31, 2017. | |
| (i) | For the six months ended February 28, 2018. | |
| ** | Rounds to less than $0.01 per share. | |
See accompanying notes to financial statements.
93
Financial Highlights (Unaudited) (continued)
Large Cap Core
Selected data for a share outstanding throughout each period:
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
| | | | | |
| | | | | | Investment Operations | | | | | | Less Distributions | | | | |
| | | | | | | | | |
Class (Commencement Date) Year Ended August 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 (6/13) | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
2018(i) | | $ | 31.25 | | | $ | 0.09 | | | $ | 3.90 | | | $ | 3.99 | | | | | | | $ | (0.15 | ) | | $ | (1.35 | ) | | $ | (1.50 | ) | | $ | 33.74 | |
2017 | | | 27.03 | | | | 0.18 | | | | 4.24 | | | | 4.42 | | | | | | | | (0.20 | ) | | | — | | | | (0.20 | ) | | | 31.25 | |
2016 | | | 25.64 | | | | 0.22 | | | | 1.71 | | | | 1.93 | | | | | | | | (0.15 | ) | | | (0.39 | ) | | | (0.54 | ) | | | 27.03 | |
2015 | | | 26.67 | | | | 0.23 | | | | (0.69 | ) | | | (0.46 | ) | | | | | | | (0.02 | ) | | | (0.55 | ) | | | (0.57 | ) | | | 25.64 | |
2014 | | | 20.49 | | | | 0.19 | | | | 6.42 | | | | 6.61 | | | | | | | | (0.08 | ) | | | (0.35 | ) | | | (0.43 | ) | | | 26.67 | |
2013(d) | | | 20.00 | | | | 0.04 | | | | 0.45 | | | | 0.49 | | | | | | | | — | | | | — | | | | — | | | | 20.49 | |
Class C (6/13) | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
2018(i) | | | 30.78 | | | | (0.03 | ) | | | 3.84 | | | | 3.81 | | | | | | | | — | | | | (1.35 | ) | | | (1.35 | ) | | | 33.24 | |
2017 | | | 26.64 | | | | (0.05 | ) | | | 4.19 | | | | 4.14 | | | | | | | | — | ** | | | — | | | | — | ** | | | 30.78 | |
2016 | | | 25.32 | | | | 0.02 | | | | 1.69 | | | | 1.71 | | | | | | | | — | | | | (0.39 | ) | | | (0.39 | ) | | | 26.64 | |
2015 | | | 26.51 | | | | 0.02 | | | | (0.66 | ) | | | (0.64 | ) | | | | | | | — | | | | (0.55 | ) | | | (0.55 | ) | | | 25.32 | |
2014 | | | 20.46 | | | | 0.01 | | | | 6.39 | | | | 6.40 | | | | | | | | — | | | | (0.35 | ) | | | (0.35 | ) | | | 26.51 | |
2013(d) | | | 20.00 | | | | 0.01 | | | | 0.45 | | | | 0.46 | | | | | | | | — | | | | — | | | | — | | | | 20.46 | |
Class R6 (6/16) | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
2018(i) | | | 31.33 | | | | 0.13 | | | | 3.91 | | | | 4.04 | | | | | | | | (0.29 | ) | | | (1.35 | ) | | | (1.64 | ) | | | 33.73 | |
2017 | | | 27.08 | | | | 0.27 | | | | 4.26 | | | | 4.53 | | | | | | | | (0.28 | ) | | | — | | | | (0.28 | ) | | | 31.33 | |
2016(f) | | | 25.46 | | | | 0.05 | | | | 1.57 | | | | 1.62 | | | | | | | | — | | | | — | | | | — | | | | 27.08 | |
Class I (6/13) | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
2018(i) | | | 31.31 | | | | 0.13 | | | | 3.90 | | | | 4.03 | | | | | | | | (0.29 | ) | | | (1.35 | ) | | | (1.64 | ) | | | 33.70 | |
2017 | | | 27.08 | | | | 0.24 | | | | 4.25 | | | | 4.49 | | | | | | | | (0.26 | ) | | | — | | | | (0.26 | ) | | | 31.31 | |
2016 | | | 25.69 | | | | 0.28 | | | | 1.72 | | | | 2.00 | | | | | | | | (0.22 | ) | | | (0.39 | ) | | | (0.61 | ) | | | 27.08 | |
2015 | | | 26.71 | | | | 0.30 | | | | (0.68 | ) | | | (0.38 | ) | | | | | | | (0.09 | ) | | | (0.55 | ) | | | (0.64 | ) | | | 25.69 | |
2014 | | | 20.50 | | | | 0.25 | | | | 6.41 | | | | 6.66 | | | | | | | | (0.10 | ) | | | (0.35 | ) | | | (0.45 | ) | | | 26.71 | |
2013(d) | | | 20.00 | | | | 0.03 | | | | 0.47 | | | | 0.50 | | | | | | | | — | | | | — | | | | — | | | | 20.50 | |
Class T (5/17)(g) | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
2018(i) | | | 31.29 | | | | 0.09 | | | | 3.90 | | | | 3.99 | | | | | | | | (0.15 | ) | | | (1.35 | ) | | | (1.50 | ) | | | 33.78 | |
2017(h) | | | 30.03 | | | | 0.03 | | | | 1.23 | | | | 1.26 | | | | | | | | — | | | | — | | | | — | | | | 31.29 | |
94
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
| | | | 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) | |
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
| | 13.20 | % | | $ | 72,323 | | | | | | | | 1.03 | %* | | | 0.51 | %* | | | | | | | 1.01 | %* | | | 0.53 | %* | | | 65 | % |
| | 16.41 | | | | 55,756 | | | | | | | | 1.06 | | | | 0.56 | | | | | | | | 1.01 | | | | 0.60 | | | | 121 | |
| | 7.66 | | | | 47,518 | | | | | | | | 1.11 | | | | 0.84 | | | | | | | | 1.11 | | | | 0.85 | | | | 132 | |
| | (1.76 | ) | | | 37,684 | | | | | | | | 1.14 | | | | 0.84 | | | | | | | | 1.14 | | | | 0.84 | | | | 110 | |
| | 32.63 | | | | 6,726 | | | | | | | | 1.26 | | | | 0.69 | | | | | | | | 1.17 | | | | 0.78 | | | | 122 | |
| | 2.45 | | | | 457 | | | | | | | | 1.54 | * | | | 0.53 | * | | | | | | | 1.17 | * | | | 0.90 | * | | | 34 | |
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
| | 12.76 | | | | 76,046 | | | | | | | | 1.78 | * | | | (0.24 | )* | | | | | | | 1.76 | * | | | (0.22 | )* | | | 65 | |
| | 15.55 | | | | 59,610 | | | | | | | | 1.81 | | | | (0.21 | ) | | | | | | | 1.76 | | | | (0.16 | ) | | | 121 | |
| | 6.86 | | | | 47,805 | | | | | | | | 1.86 | | | | 0.09 | | | | | | | | 1.85 | | | | 0.10 | | | | 132 | |
| | (2.47 | ) | | | 38,591 | | | | | | | | 1.89 | | | | 0.09 | | | | | | | | 1.89 | | | | 0.09 | | | | 110 | |
| | 31.61 | | | | 4,937 | | | | | | | | 1.99 | | | | (0.02 | ) | | | | | | | 1.92 | | | | 0.06 | | | | 122 | |
| | 2.30 | | | | 143 | | | | | | | | 2.31 | * | | | (0.18 | )* | | | | | | | 1.92 | * | | | 0.21 | * | | | 34 | |
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
| | 13.36 | | | | 129,253 | | | | | | | | 0.72 | * | | | 0.79 | * | | | | | | | 0.70 | * | | | 0.81 | * | | | 65 | |
| | 16.81 | | | | 17,095 | | | | | | | | 0.74 | | | | 0.87 | | | | | | | | 0.70 | | | | 0.91 | | | | 121 | |
| | 6.36 | | | | 18,489 | | | | | | | | 0.74 | * | | | 1.05 | * | | | | | | | 0.69 | * | | | 1.10 | * | | | 132 | |
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
| | 13.33 | | | | 319,765 | | | | | | | | 0.78 | * | | | 0.77 | * | | | | | | | 0.76 | * | | | 0.79 | * | | | 65 | |
| | 16.68 | | | | 256,389 | | | | | | | | 0.81 | | | | 0.79 | | | | | | | | 0.76 | | | | 0.83 | | | | 121 | |
| | 7.93 | | | | 140,976 | | | | | | | | 0.86 | | | | 1.09 | | | | | | | | 0.86 | | | | 1.10 | | | | 132 | |
| | (1.49 | ) | | | 153,632 | | | | | | | | 0.89 | | | | 1.11 | | | | | | | | 0.89 | | | | 1.11 | | | | 110 | |
| | 32.92 | | | | 57,360 | | | | | | | | 1.01 | | | | 0.93 | | | | | | | | 0.92 | | | | 1.02 | | | | 122 | |
| | 2.50 | | | | 11,449 | | | | | | | | 1.55 | * | | | 0.07 | * | | | | | | | 0.92 | * | | | 0.69 | * | | | 34 | |
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
| | 13.18 | | | | 28 | | | | | | | | 1.02 | * | | | 0.52 | * | | | | | | | 1.01 | * | | | 0.54 | * | | | 65 | |
| | 4.20 | | | | 26 | | | | | | | | 1.05 | * | | | 0.34 | * | | | | | | | 1.02 | * | | | 0.37 | * | | | 121 | |
| (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. See Note 7 – Management Fees and Other Transactions with Affiliates, Management Fees for more information. | |
| (d) | For the period June 17, 2013 (commencement of operations) through August 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 period June 30, 2016 (commencement of operations) through August 31, 2016. | |
| (g) | Class T Shares are not available for public offering. | |
| (h) | For the period May 31, 2017 (commencement of operations) through August 31, 2017. | |
| (i) | For the six months ended February 28, 2018. | |
| ** | Rounds to less than $0.01 per share. |
See accompanying notes to financial statements.
95
Financial Highlights (Unaudited) (continued)
Large Cap Growth
Selected data for a share outstanding throughout each period:
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
| | | | | |
| | | | | | Investment Operations | | | | | | Less Distributions | | | | |
| | | | | | | | | |
Class (Commencement Date) Year Ended August 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 (6/13) | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
2018(g) | | $ | 30.34 | | | $ | 0.02 | | | $ | 4.02 | | | $ | 4.04 | | | | | | | $ | (0.07 | ) | | $ | (2.31 | ) | | $ | (2.38 | ) | | $ | 32.00 | |
2017 | | | 25.69 | | | | 0.09 | | | | 4.75 | | | | 4.84 | | | | | | | | (0.19 | ) | | | — | | | | (0.19 | ) | | | 30.34 | |
2016 | | | 25.28 | | | | 0.13 | | | | 1.24 | | | | 1.37 | | | | | | | | (0.09 | ) | | | (0.87 | ) | | | (0.96 | ) | | | 25.69 | |
2015 | | | 26.34 | | | | 0.15 | | | | (0.15 | ) | | | (0.00 | ) | | | | | | | (0.03 | ) | | | (1.03 | ) | | | (1.06 | ) | | | 25.28 | |
2014 | | | 20.59 | | | | 0.17 | | | | 6.03 | | | | 6.20 | | | | | | | | (0.07 | ) | | | (0.38 | ) | | | (0.45 | ) | | | 26.34 | |
2013(d) | | | 20.00 | | | | 0.05 | | | | 0.54 | | | | 0.59 | | | | | | | | — | | | | — | | | | — | | | | 20.59 | |
Class C (6/13) | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
2018(g) | | | 29.80 | | | | (0.10 | ) | | | 3.96 | | | | 3.86 | | | | | | | | — | | | | (2.31 | ) | | | (2.31 | ) | | | 31.35 | |
2017 | | | 25.25 | | | | (0.13 | ) | | | 4.68 | | | | 4.55 | | | | | | | | — | ** | | | — | | | | — | ** | | | 29.80 | |
2016 | | | 24.96 | | | | (0.05 | ) | | | 1.21 | | | | 1.16 | | | | | | | | — | | | | (0.87 | ) | | | (0.87 | ) | | | 25.25 | |
2015 | | | 26.18 | | | | (0.06 | ) | | | (0.13 | ) | | | (0.19 | ) | | | | | | | — | | | | (1.03 | ) | | | (1.03 | ) | | | 24.96 | |
2014 | | | 20.56 | | | | (0.01 | ) | | | 6.01 | | | | 6.00 | | | | | | | | — | | | | (0.38 | ) | | | (0.38 | ) | | | 26.18 | |
2013(d) | | | 20.00 | | | | — | ** | | | 0.56 | | | | 0.56 | | | | | | | | — | | | | — | | | | — | | | | 20.56 | |
Class R6 (6/16) | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
2018(g) | | | 30.40 | | | | 0.08 | | | | 4.02 | | | | 4.10 | | | | | | | | (0.14 | ) | | | (2.31 | ) | | | (2.45 | ) | | | 32.05 | |
2017 | | | 25.73 | | | | 0.17 | | | | 4.77 | | | | 4.94 | | | | | | | | (0.27 | ) | | | — | | | | (0.27 | ) | | | 30.40 | |
2016(f) | | | 24.27 | | | | 0.03 | | | | 1.43 | | | | 1.46 | | | | | | | | — | | | | — | | | | — | | | | 25.73 | |
Class I (6/13) | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
2018(g) | | | 30.39 | | | | 0.06 | | | | 4.04 | | | | 4.10 | | | | | | | | (0.14 | ) | | | (2.31 | ) | | | (2.45 | ) | | | 32.04 | |
2017 | | | 25.73 | | | | 0.15 | | | | 4.76 | | | | 4.91 | | | | | | | | (0.25 | ) | | | — | | | | (0.25 | ) | | | 30.39 | |
2016 | | | 25.33 | | | | 0.20 | | | | 1.23 | | | | 1.43 | | | | | | | | (0.16 | ) | | | (0.87 | ) | | | (1.03 | ) | | | 25.73 | |
2015 | | | 26.38 | | | | 0.21 | | | | (0.14 | ) | | | 0.07 | | | | | | | | (0.09 | ) | | | (1.03 | ) | | | (1.12 | ) | | | 25.33 | |
2014 | | | 20.60 | | | | 0.24 | | | | 6.02 | | | | 6.26 | | | | | | | | (0.10 | ) | | | (0.38 | ) | | | (0.48 | ) | | | 26.38 | |
2013(d) | | | 20.00 | | | | 0.04 | | | | 0.56 | | | | 0.60 | | | | | | | | — | | | | — | | | | — | | | | 20.60 | |
96
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
| | | | 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) | |
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
| | 13.93 | % | | $ | 99,802 | | | | | | | | 1.15 | %* | | | (0.01 | )%* | | | | | | | 1.01 | %* | | | 0.12 | %* | | | 80 | % |
| | 18.94 | | | | 11,933 | | | | | | | | 1.18 | | | | 0.15 | | | | | | | | 1.02 | | | | 0.32 | | | | 136 | |
| | 5.57 | | | | 13,654 | | | | | | | | 1.22 | | | | 0.47 | | | | | | | | 1.15 | | | | 0.53 | | | | 117 | |
| | 0.00 | | | | 31,442 | | | | | | | | 1.24 | | | | 0.49 | | | | | | | | 1.16 | | | | 0.56 | | | | 118 | |
| | 30.45 | | | | 10,734 | | | | | | | | 1.35 | | | | 0.53 | | | | | | | | 1.17 | | | | 0.72 | | | | 145 | |
| | 2.95 | | | | 1,017 | | | | | | | | 1.49 | * | | | 0.92 | * | | | | | | | 1.15 | * | | | 1.25 | * | | | 48 | |
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
| | 13.52 | | | | 19,949 | | | | | | | | 1.90 | * | | | (0.78 | )* | | | | | | | 1.76 | * | | | (0.65 | )* | | | 80 | |
| | 18.04 | | | | 10,130 | | | | | | | | 1.94 | | | | (0.62 | ) | | | | | | | 1.77 | | | | (0.46 | ) | | | 136 | |
| | 4.77 | | | | 9,344 | | | | | | | | 1.98 | | | | (0.30 | ) | | | | | | | 1.89 | | | | (0.22 | ) | | | 117 | |
| | (0.74 | ) | | | 7,621 | | | | | | | | 1.99 | | | | (0.29 | ) | | | | | | | 1.91 | | | | (0.22 | ) | | | 118 | |
| | 29.49 | | | | 2,187 | | | | | | | | 2.11 | | | | (0.22 | ) | | | | | | | 1.92 | | | | (0.03 | ) | | | 145 | |
| | 2.80 | | | | 83 | | | | | | | | 2.50 | * | | | (0.60 | )* | | | | | | | 1.91 | * | | | (0.02 | )* | | | 48 | |
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
| | 14.10 | | | | 15,088 | | | | | | | | 0.80 | * | | | 0.35 | * | | | | | | | 0.66 | * | | | 0.49 | * | | | 80 | |
| | 19.31 | | | | 31 | | | | | | | | 0.89 | | | | 0.43 | | | | | | | | 0.72 | | | | 0.60 | | | | 136 | |
| | 6.02 | | | | 27 | | | | | | | | 0.85 | * | | | 0.65 | * | | | | | | | 0.70 | * | | | 0.81 | * | | | 117 | |
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
| | 14.10 | | | | 197,745 | | | | | | | | 0.91 | * | | | 0.22 | * | | | | | | | 0.76 | * | | | 0.36 | * | | | 80 | |
| | 19.22 | | | | 58,512 | | | | | | | | 0.94 | | | | 0.38 | | | | | | | | 0.77 | | | | 0.54 | | | | 136 | |
| | 5.80 | | | | 47,945 | | | | | | | | 0.97 | | | | 0.71 | | | | | | | | 0.89 | | | | 0.79 | | | | 117 | |
| | 0.28 | | | | 58,478 | | | | | | | | 0.99 | | | | 0.72 | | | | | | | | 0.91 | | | | 0.79 | | | | 118 | |
| | 30.74 | | | | 27,478 | | | | | | | | 1.10 | | | | 0.81 | | | | | | | | 0.92 | | | | 0.99 | | | | 145 | |
| | 3.00 | | | | 11,472 | | | | | | | | 1.55 | * | | | 0.22 | * | | | | | | | 0.92 | * | | | 0.86 | * | | | 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, when applicable. See Note 7 – Management Fees and Other Transactions with Affiliates, Management Fees for more information. | |
| (d) | For the period June 17, 2013 (commencement of operations) through August 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 period June 30, 2016 (commencement of operations) through August 31, 2016. | |
| (g) | For the six months ended February 28, 2018. | |
| ** | Rounds to less than $0.01 per share. | |
See accompanying notes to financial statements.
97
Financial Highlights (Unaudited) (continued)
Concentrated Core
Selected data for a share outstanding throughout each period:
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
| | | | | |
| | | | | | Investment Operations | | | | | | Less Distributions | | | | |
| | | | | | | | | |
Class (Commencement Date) Year Ended August 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 (6/13) | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
2018(g) | | $ | 29.90 | | | $ | 0.10 | | | $ | 0.83 | | | $ | 0.93 | | | | | | | $ | (0.26 | ) | | $ | (0.47 | ) | | $ | (0.73 | ) | | $ | 30.10 | |
2017 | | | 25.97 | | | | 0.24 | | | | 4.23 | | | | 4.47 | | | | | | | | (0.54 | ) | | | — | | | | (0.54 | ) | | | 29.90 | |
2016 | | | 26.89 | | | | 0.39 | | | | (0.22 | ) | | | 0.17 | | | | | | | | (0.13 | ) | | | (0.96 | ) | | | (1.09 | ) | | | 25.97 | |
2015 | | | 27.16 | | | | 0.20 | | | | (0.14 | ) | | | 0.06 | | | | | | | | (0.02 | ) | | | (0.31 | ) | | | (0.33 | ) | | | 26.89 | |
2014 | | | 19.66 | | | | 0.19 | | | | 7.37 | | | | 7.56 | | | | | | | | (0.04 | ) | | | (0.02 | ) | | | (0.06 | ) | | | 27.16 | |
2013(d) | | | 20.00 | | | | 0.05 | | | | (0.39 | ) | | | (0.34 | ) | | | | | | | — | | | | — | | | | — | | | | 19.66 | |
Class C (6/13) | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
2018(g) | | | 29.36 | | | | (0.02 | ) | | | 0.82 | | | | 0.80 | | | | | | | | (0.04 | ) | | | (0.47 | ) | | | (0.51 | ) | | | 29.65 | �� |
2017 | | | 25.51 | | | | — | * | | | 4.19 | | | | 4.19 | | | | | | | | (0.34 | ) | | | — | | | | (0.34 | ) | | | 29.36 | |
2016 | | | 26.50 | | | | 0.18 | | | | (0.21 | ) | | | (0.03 | ) | | | | | | | — | | | | (0.96 | ) | | | (0.96 | ) | | | 25.51 | |
2015 | | | 26.95 | | | | — | * | | | (0.14 | ) | | | (0.14 | ) | | | | | | | — | | | | (0.31 | ) | | | (0.31 | ) | | | 26.50 | |
2014 | | | 19.63 | | | | 0.01 | | | | 7.33 | | | | 7.34 | | | | | | | | — | | | | (0.02 | ) | | | (0.02 | ) | | | 26.95 | |
2013(d) | | | 20.00 | | | | — | * | | | (0.37 | ) | | | (0.37 | ) | | | | | | | — | | | | — | | | | — | | | | 19.63 | |
Class R6 (6/16) | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
2018(g) | | | 29.97 | | | | 0.17 | | | | 0.82 | | | | 0.99 | | | | | | | | (0.33 | ) | | | (0.47 | ) | | | (0.80 | ) | | | 30.16 | |
2017 | | | 26.02 | | | | 0.30 | | | | 4.27 | | | | 4.57 | | | | | | | | (0.62 | ) | | | — | | | | (0.62 | ) | | | 29.97 | |
2016(f) | | | 25.22 | | | | 0.07 | | | | 0.73 | | | | 0.80 | | | | | | | | — | | | | — | | | | — | | | | 26.02 | |
Class I (6/13) | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
2018(g) | | | 29.96 | | | | 0.14 | | | | 0.83 | | | | 0.97 | | | | | | | | (0.33 | ) | | | (0.47 | ) | | | (0.80 | ) | | | 30.13 | |
2017 | | | 26.02 | | | | 0.25 | | | | 4.29 | | | | 4.54 | | | | | | | | (0.60 | ) | | | — | | | | (0.60 | ) | | | 29.96 | |
2016 | | | 26.94 | | | | 0.46 | | | | (0.22 | ) | | | 0.24 | | | | | | | | (0.20 | ) | | | (0.96 | ) | | | (1.16 | ) | | | 26.02 | |
2015 | | | 27.20 | | | | 0.27 | | | | (0.14 | ) | | | 0.13 | | | | | | | | (0.08 | ) | | | (0.31 | ) | | | (0.39 | ) | | | 26.94 | |
2014 | | | 19.68 | | | | 0.24 | | | | 7.36 | | | | 7.60 | | | | | | | | (0.06 | ) | | | (0.02 | ) | | | (0.08 | ) | | | 27.20 | |
2013(d) | | | 20.00 | | | | 0.04 | | | | (0.36 | ) | | | (0.32 | ) | | | | | | | — | | | | — | | | | — | | | | 19.68 | |
98
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
| | | | 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) | |
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
| | 3.06 | % | | $ | 14,305 | | | | | | | | 1.24 | %** | | | 0.46 | %** | | | | | | | 1.07 | %** | | | 0.63 | %** | | | 57 | % |
| | 17.45 | | | | 16,149 | | | | | | | | 1.26 | | | | 0.70 | | | | | | | | 1.08 | | | | 0.88 | | | | 137 | |
| | 0.62 | | | | 41,053 | | | | | | | | 1.32 | | | | 1.38 | | | | | | | | 1.20 | | | | 1.50 | | | | 103 | |
| | 0.21 | | | | 54,805 | | | | | | | | 1.33 | | | | 0.61 | | | | | | | | 1.21 | | | | 0.72 | | | | 98 | |
| | 38.46 | | | | 8,315 | | | | | | | | 1.85 | | | | 0.15 | | | | | | | | 1.22 | | | | 0.77 | | | | 88 | |
| | (1.70 | ) | | | 239 | | | | | | | | 5.78 | ** | | | (3.28 | )** | | | | | | | 1.21 | ** | | | 1.29 | ** | | | 24 | |
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
| | 2.69 | | | | 19,651 | | | | | | | | 1.99 | ** | | | (0.29 | )** | | | | | | | 1.82 | ** | | | (0.12 | )** | | | 57 | |
| | 16.58 | | | | 20,613 | | | | | | | | 2.01 | | | | (0.17 | ) | | | | | | | 1.83 | | | | 0.02 | | | | 137 | |
| | (0.13 | ) | | | 24,531 | | | | | | | | 2.07 | | | | 0.60 | | | | | | | | 1.94 | | | | 0.72 | | | | 103 | |
| | (0.53 | ) | | | 24,583 | | | | | | | | 2.08 | | | | (0.10 | ) | | | | | | | 1.96 | | | | 0.01 | | | | 98 | |
| | 37.39 | | | | 1,508 | | | | | | | | 2.65 | | | | (0.63 | ) | | | | | | | 1.97 | | | | 0.05 | | | | 88 | |
| | (1.85 | ) | | | 117 | | | | | | | | 7.21 | ** | | | (5.13 | )** | | | | | | | 1.97 | ** | | | 0.11 | ** | | | 24 | |
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
| | 3.26 | | | | 83 | | | | | | | | 0.90 | ** | | | 0.92 | ** | | | | | | | 0.71 | ** | | | 1.10 | ** | | | 57 | |
| | 17.85 | | | | 32 | | | | | | | | 0.91 | | | | 0.91 | | | | | | | | 0.73 | | | | 1.10 | | | | 137 | |
| | 3.17 | | | | 26 | | | | | | | | 0.89 | ** | | | 1.48 | ** | | | | | | | 0.73 | ** | | | 1.64 | ** | | | 103 | |
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
| | 3.19 | | | | 58,119 | | | | | | | | 1.00 | ** | | | 0.72 | ** | | | | | | | 0.82 | ** | | | 0.89 | ** | | | 57 | |
| | 17.73 | | | | 59,160 | | | | | | | | 1.02 | | | | 0.72 | | | | | | | | 0.83 | | | | 0.91 | | | | 137 | |
| | 0.88 | | | | 32,291 | | | | | | | | 1.06 | | | | 1.65 | | | | | | | | 0.95 | | | | 1.77 | | | | 103 | |
| | 0.47 | | | | 52,955 | | | | | | | | 1.07 | | | | 0.84 | | | | | | | | 0.96 | | | | 0.95 | | | | 98 | |
| | 38.76 | | | | 8,569 | | | | | | | | 1.71 | | | | 0.26 | | | | | | | | 0.97 | | | | 1.00 | | | | 88 | |
| | (1.65) | | | | 1,018 | | | | | | | | 8.54 | ** | | | (6.56 | )** | | | | | | | 0.97 | ** | | | 1.01 | ** | | | 24 | |
| (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, when applicable. See Note 7 – Management Fees and Other Transactions with Affiliates, Management Fees for more information. | |
| (d) | For the period June 17, 2013 (commencement of operations) through August 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 period June 30, 2016 (commencement of operations) through August 31, 2016. | |
| (g) | For the six months ended February 28, 2018. | |
| * | Rounds to less than $0.01 per share. | |
See accompanying notes to financial statements.
99
Financial Highlights (Unaudited) (continued)
Growth
Selected data for a share outstanding throughout each period:
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
| | | | | |
| | | | | | Investment Operations | | | | | | Less Distributions | | | | |
| | | | | | | | | |
Class (Commencement Date) | | 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 (3/06) | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Year Ended 8/31: | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
2018(f) | | $ | 29.29 | | | $ | 0.03 | | | $ | 4.54 | | | $ | 4.57 | | | | | | | $ | (0.19 | ) | | $ | (1.86 | ) | | $ | (2.05 | ) | | $ | 31.81 | |
2017 | | | 27.52 | | | | 0.21 | | | | 3.75 | | | | 3.96 | | | | | | | | (0.19 | ) | | | (2.00 | ) | | | (2.19 | ) | | | 29.29 | |
2016 | | | 28.79 | | | | 0.20 | | | | 2.17 | | | | 2.37 | | | | | | | | (0.18 | ) | | | (3.46 | ) | | | (3.64 | ) | | | 27.52 | |
2015 | | | 30.49 | | | | 0.12 | | | | 0.89 | | | | 1.01 | | | | | | | | — | | | | (2.71 | ) | | | (2.71 | ) | | | 28.79 | |
2014 | | | 25.03 | | | | (0.01 | ) | | | 6.08 | | | | 6.07 | | | | | | | | — | | | | (0.61 | ) | | | (0.61 | ) | | | 30.49 | |
2013(e) | | | 25.68 | | | | — | ** | | | (0.65 | ) | | | (0.65 | ) | | | | | | | — | | | | — | | | | — | | | | 25.03 | |
Year Ended 7/31: | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
2013 | | | 21.09 | | | | 0.01 | | | | 4.62 | | | | 4.63 | | | | | | | | (0.04 | ) | | | — | | | | (0.04 | ) | | | 25.68 | |
Class C (3/06) | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Year Ended 8/31: | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
2018(f) | | | 26.69 | | | | (0.08 | ) | | | 4.13 | | | | 4.05 | | | | | | | | — | | | | (1.86 | ) | | | (1.86 | ) | | | 28.88 | |
2017 | | | 25.25 | | | | — | ** | | | 3.44 | | | | 3.44 | | | | | | | | — | | | | (2.00 | ) | | | (2.00 | ) | | | 26.69 | |
2016 | | | 26.72 | | | | — | ** | | | 1.99 | | | | 1.99 | | | | | | | | — | | | | (3.46 | ) | | | (3.46 | ) | | | 25.25 | |
2015 | | | 28.69 | | | | (0.09 | ) | | | 0.83 | | | | 0.74 | | | | | | | | — | | | | (2.71 | ) | | | (2.71 | ) | | | 26.72 | |
2014 | | | 23.75 | | | | (0.21 | ) | | | 5.76 | | | | 5.55 | | | | | | | | — | | | | (0.61 | ) | | | (0.61 | ) | | | 28.69 | |
2013(e) | | | 24.38 | | | | (0.01 | ) | | | (0.62 | ) | | | (0.63 | ) | | | | | | | — | | | | — | | | | — | | | | 23.75 | |
Year Ended 7/31: | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
2013 | | | 20.14 | | | | (0.18 | ) | | | 4.42 | | | | 4.24 | | | | | | | | — | | | | — | | | | — | | | | 24.38 | |
Class R3 (3/09) | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Year Ended 8/31: | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
2018(f) | | | 29.01 | | | | (0.01 | ) | | | 4.49 | | | | 4.48 | | | | | | | | (0.11 | ) | | | (1.86 | ) | | | (1.97 | ) | | | 31.52 | |
2017 | | | 27.27 | | | | 0.14 | | | | 3.73 | | | | 3.87 | | | | | | | | (0.13 | ) | | | (2.00 | ) | | | (2.13 | ) | | | 29.01 | |
2016 | | | 28.56 | | | | 0.14 | | | | 2.13 | | | | 2.27 | | | | | | | | (0.10 | ) | | | (3.46 | ) | | | (3.56 | ) | | | 27.27 | |
2015 | | | 30.34 | | | | 0.05 | | | | 0.88 | | | | 0.93 | | | | | | | | — | | | | (2.71 | ) | | | (2.71 | ) | | | 28.56 | |
2014 | | | 24.96 | | | | (0.08 | ) | | | 6.07 | | | | 5.99 | | | | | | | | — | | | | (0.61 | ) | | | (0.61 | ) | | | 30.34 | |
2013(e) | | | 25.62 | | | | — | ** | | | (0.66 | ) | | | (0.66 | ) | | | | | | | — | | | | — | | | | — | | | | 24.96 | |
Year Ended 7/31: | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
2013 | | | 21.06 | | | | (0.03 | ) | | | 4.59 | | | | 4.56 | | | | | | | | — | | | | — | | | | — | | | | 25.62 | |
Class I (3/06) | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Year Ended 8/31: | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
2018(f) | | | 29.85 | | | | 0.07 | | | | 4.62 | | | | 4.69 | | | | | | | | (0.26 | ) | | | (1.86 | ) | | | (2.12 | ) | | | 32.42 | |
2017 | | | 28.01 | | | | 0.28 | | | | 3.83 | | | | 4.11 | | | | | | | | (0.27 | ) | | | (2.00 | ) | | | (2.27 | ) | | | 29.85 | |
2016 | | | 29.25 | | | | 0.28 | | | | 2.20 | | | | 2.48 | | | | | | | | (0.26 | ) | | | (3.46 | ) | | | (3.72 | ) | | | 28.01 | |
2015 | | | 30.86 | | | | 0.21 | | | | 0.89 | | | | 1.10 | | | | | | | | — | | | | (2.71 | ) | | | (2.71 | ) | | | 29.25 | |
2014 | | | 25.27 | | | | 0.06 | | | | 6.15 | | | | 6.21 | | | | | | | | (0.01 | ) | | | (0.61 | ) | | | (0.62 | ) | | | 30.86 | |
2013(e) | | | 25.92 | | | | 0.01 | | | | (0.66 | ) | | | (0.65 | ) | | | | | | | — | | | | — | | | | — | | | | 25.27 | |
Year Ended 7/31: | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
2013 | | | 21.29 | | | | 0.05 | | | | 4.67 | | | | 4.72 | | | | | | | | (0.09 | ) | | | — | | | | (0.09 | ) | | | 25.92 | |
100
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
| | | | 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) | |
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
| | 15.90 | % | | $ | 9,624 | | | | | | | | 1.30 | %* | | | (0.08 | )%* | | | | | | | 1.02 | %* | | | 0.20 | %* | | | 31 | % |
| | 15.34 | | | | 6,452 | | | | | | | | 1.31 | | | | 0.49 | | | | | | | | 1.02 | | | | 0.77 | | | | 55 | |
| | 8.78 | | | | 9,758 | | | | | | | | 1.31 | | | | 0.62 | | | | | | | | 1.18 | | | | 0.75 | | | | 59 | |
| | 3.40 | | | | 8,792 | | | | | | | | 1.24 | | | | 0.38 | | | | | | | | 1.21 | | | | 0.41 | | | | 65 | |
| | 24.55 | | | | 15,558 | | | | | | | | 1.45 | | | | (0.27 | ) | | | | | | | 1.22 | | | | (0.05 | ) | | | 41 | |
| | (2.53 | ) | | | 13,956 | | | | | | | | 1.37 | * | | | (0.03 | )* | | | | | | | 1.22 | * | | | 0.13 | * | | | 2 | |
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
| | 21.97 | | | | 13,858 | | | | | | | | 1.40 | | | | (0.16 | ) | | | | | | | 1.22 | | | | 0.02 | | | | 67 | |
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
| | 15.44 | | | | 6,488 | | | | | | | | 2.05 | * | | | (0.85 | )* | | | | | | | 1.77 | * | | | (0.57 | )* | | | 31 | |
| | 14.50 | | | | 5,943 | | | | | | | | 2.06 | | | | (0.28 | ) | | | | | | | 1.77 | | | | 0.01 | | | | 55 | |
| | 7.95 | | | | 7,987 | | | | | | | | 2.06 | | | | (0.14 | ) | | | | | | | 1.93 | | | | (0.01 | ) | | | 59 | |
| | 2.62 | | | | 9,150 | | | | | | | | 2.00 | | | | (0.36 | ) | | | | | | | 1.96 | | | | (0.33 | ) | | | 65 | |
| | 23.67 | | | | 9,094 | | | | | | | | 2.21 | | | | (1.01 | ) | | | | | | | 1.97 | | | | (0.77 | ) | | | 41 | |
| | (2.58 | ) | | | 4,967 | | | | | | | | 2.13 | * | | | (0.80 | )* | | | | | | | 1.97 | * | | | (0.63 | )* | | | 2 | |
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
| | 21.05 | | | | 4,143 | | | | | | | | 2.18 | | | | (1.02 | ) | | | | | | | 1.97 | | | | (0.81 | ) | | | 67 | |
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
| | 15.76 | | | | 470 | | | | | | | | 1.55 | * | | | (0.34 | )* | | | | | | | 1.27 | * | | | (0.06 | )* | | | 31 | |
| | 15.08 | | | | 372 | | | | | | | | 1.57 | | | | 0.23 | | | | | | | | 1.27 | | | | 0.53 | | | | 55 | |
| | 8.48 | | | | 193 | | | | | | | | 1.56 | | | | 0.38 | | | | | | | | 1.41 | | | | 0.53 | | | | 59 | |
| | 3.14 | | | | 65 | | | | | | | | 1.49 | | | | 0.14 | | | | | | | | 1.46 | | | | 0.17 | | | | 65 | |
| | 24.29 | | | | 64 | | | | | | | | 1.70 | | | | (0.52 | ) | | | | | | | 1.47 | | | | (0.29 | ) | | | 41 | |
| | (2.58 | ) | | | 53 | | | | | | | | 1.63 | * | | | (0.28 | )* | | | | | | | 1.48 | * | | | (0.13 | )* | | | 2 | |
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
| | 21.65 | | | | 54 | | | | | | | | 1.63 | | | | (0.28 | ) | | | | | | | 1.47 | | | | (0.12 | ) | | | 67 | |
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
| | 16.04 | | | | 36,424 | | | | | | | | 1.05 | * | | | 0.15 | * | | | | | | | 0.77 | * | | | 0.43 | * | | | 31 | |
| | 15.63 | | | | 33,619 | | | | | | | | 1.06 | | | | 0.73 | | | | | | | | 0.77 | | | | 1.02 | | | | 55 | |
| | 9.05 | | | | 31,830 | | | | | | | | 1.06 | | | | 0.87 | | | | | | | | 0.93 | | | | 1.00 | | | | 59 | |
| | 3.67 | | | | 29,230 | | | | | | | | 1.00 | | | | 0.64 | | | | | | | | 0.96 | | | | 0.68 | | | | 65 | |
| | 24.87 | | | | 24,449 | | | | | | | | 1.20 | | | | (0.01 | ) | | | | | | | 0.97 | | | | 0.22 | | | | 41 | |
| | (2.51 | ) | | | 15,456 | | | | | | | | 1.12 | * | | | 0.23 | * | | | | | | | 0.97 | * | | | 0.38 | * | | | 2 | |
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
| | 22.26 | | | | 15,621 | | | | | | | | 1.16 | | | | 0.04 | | | | | | | | 0.97 | | | | 0.23 | | | | 67 | |
| (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. See Note 7 – Management Fees and Other Transactions with Affiliates, Management Fees for more information. | |
| (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 one month ended August 31, 2013. | |
| (f) | For the six months ended February 28, 2018. | |
| ** | Rounds to less than $0.01 per share. | |
See accompanying notes to financial statements.
101
Financial Highlights (Unaudited) (continued)
Equity Long/Short
Selected data for a share outstanding throughout each period:
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
| | | | | |
| | | | | | Investment Operations | | | | | | Less Distributions | | | | |
| | | | | | | | | |
Class (Commencement Date) | | 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 (12/08) | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Year Ended 8/31: | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
2018(h) | | $ | 38.60 | | | $ | (0.19 | ) | | $ | 5.55 | | | $ | 5.36 | | | | | | | $ | — | | | $ | (0.66 | ) | | $ | (0.66 | ) | | $ | 43.30 | |
2017 | | | 32.61 | | | | (0.39 | ) | | | 6.38 | | | | 5.99 | | | | | | | | — | | | | — | | | | — | | | | 38.60 | |
2016 | | | 32.61 | | | | (0.11 | ) | | | 0.11 | | | | — | | | | | | | | — | | | | — | | | | — | | | | 32.61 | |
2015 | | | 31.72 | | | | (0.26 | ) | | | 1.23 | | | | 0.97 | | | | | | | | — | | | | (0.08 | ) | | | (0.08 | ) | | | 32.61 | |
2014 | | | 28.72 | | | | (0.23 | ) | | | 4.78 | | | | 4.55 | | | | | | | | — | | | | (1.55 | ) | | | (1.55 | ) | | | 31.72 | |
2013(g) | | | 29.54 | | | | 0.02 | | | | (0.84 | ) | | | (0.82 | ) | | | | | | | — | | | | — | | | | — | | | | 28.72 | |
Year Ended 7/31: | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
2013 | | | 26.81 | | | | (0.03 | ) | | | 5.02 | | | | 4.99 | | | | | | | | — | | | | (2.26 | ) | | | (2.26 | ) | | | 29.54 | |
Class C (12/08) | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Year Ended 8/31: | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
2018(h) | | | 35.91 | | | | (0.32 | ) | | | 5.16 | | | | 4.84 | | | | | | | | — | | | | (0.66 | ) | | | (0.66 | ) | | | 40.09 | |
2017 | | | 30.57 | | | | (0.62 | ) | | | 5.96 | | | | 5.34 | | | | | | | | — | | | | — | | | | — | | | | 35.91 | |
2016 | | | 30.80 | | | | (0.33 | ) | | | 0.10 | | | | (0.23 | ) | | | | | | | — | | | | — | | | | — | | | | 30.57 | |
2015 | | | 30.19 | | | | (0.48 | ) | | | 1.17 | | | | 0.69 | | | | | | | | — | | | | (0.08 | ) | | | (0.08 | ) | | | 30.80 | |
2014 | | | 27.60 | | | | (0.43 | ) | | | 4.57 | | | | 4.14 | | | | | | | | — | | | | (1.55 | ) | | | (1.55 | ) | | | 30.19 | |
2013(g) | | | 28.40 | | | | — | ** | | | (0.80 | ) | | | (0.80 | ) | | | | | | | — | | | | — | | | | — | | | | 27.60 | |
Year Ended 7/31: | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
2013 | | | 26.04 | | | | (0.19 | ) | | | 4.81 | | | | 4.62 | | | | | | | | — | | | | (2.26 | ) | | | (2.26 | ) | | | 28.40 | |
Class I (12/08) | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Year Ended 8/31: | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
2018(h) | | | 39.48 | | | | (0.14 | ) | | | 5.68 | | | | 5.54 | | | | | | | | — | | | | (0.66 | ) | | | (0.66 | ) | | | 44.36 | |
2017 | | | 33.27 | | | | (0.31 | ) | | | 6.52 | | | | 6.21 | | | | | | | | — | | | | — | | | | — | | | | 39.48 | |
2016 | | | 33.18 | | | | (0.06 | ) | | | 0.15 | | | | 0.09 | | | | | | | | — | | | | — | | | | — | | | | 33.27 | |
2015 | | | 32.20 | | | | (0.16 | ) | | | 1.22 | | | | 1.06 | | | | | | | | — | | | | (0.08 | ) | | | (0.08 | ) | | | 33.18 | |
2014 | | | 29.10 | | | | (0.12 | ) | | | 4.81 | | | | 4.69 | | | | | | | | (0.04 | ) | | | (1.55 | ) | | | (1.59 | ) | | | 32.20 | |
2013(g) | | | 29.93 | | | | 0.03 | | | | (0.86 | ) | | | (0.83 | ) | | | | | | | — | | | | — | | | | — | | | | 29.10 | |
Year Ended 7/31: | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
2013 | | | 27.06 | | | | 0.07 | | | | 5.06 | | | | 5.13 | | | | | | | | — | | | | (2.26 | ) | | | (2.26 | ) | | | 29.93 | |
102
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
| | | | Ratios/Supplemental Data | |
| | | | | | | | | | Ratios to Average
Net Assets Before
Waiver/Reimbursement(d) | | | | | | Ratios to Average
Net Assets After
Waiver/Reimbursement(c)(d) | | | | |
| | | | | | | | |
Total
Return(b) | | | Ending
Net
Assets
(000) | | | | | | Expenses | | | Net
Investment
Income
(Loss) | | | | | | Expenses | | | Net
Investment
Income
(Loss) | | | Portfolio
Turnover
Rate(e) | |
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
| | 14.01 | % | | $ | 37,797 | | | | | | | | 3.01 | %* | | | (1.05 | )%* | | | | | | | 2.88 | %* | | | (0.92 | )%* | | | 122 | % |
| | 18.37 | | | | 26,802 | | | | | | | | 3.54 | | | | (1.27 | ) | | | | | | | 3.36 | | | | (1.09 | ) | | | 186 | |
| | 0.00 | | | | 26,012 | | | | | | | | 3.78 | | | | (0.53 | ) | | | | | | | 3.58 | | | | (0.33 | ) | | | 224 | |
| | 3.06 | | | | 24,821 | | | | | | | | 3.76 | | | | (1.03 | ) | | | | | | | 3.53 | | | | (0.79 | ) | | | 222 | |
| | 16.06 | | | | 13,697 | | | | | | | | 4.24 | | | | (1.53 | ) | | | | | | | 3.46 | | | | (0.75 | ) | | | 232 | |
| | (2.78 | ) | | | 390 | | | | | | | | 5.42 | * | | | (1.73 | )* | | | | | | | 3.04 | * | | | 0.65 | * | | | 12 | |
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
| | 20.39 | | | | 326 | | | | | | | | 13.43 | | | | (10.94 | ) | | | | | | | 2.62 | | | | (0.13 | ) | | | 292 | |
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
| | 13.58 | | | | 12,047 | | | | | | | | 3.76 | * | | | (1.80 | )* | | | | | | | 3.63 | * | | | (1.67 | )* | | | 122 | |
| | 17.47 | | | | 8,596 | | | | | | | | 4.28 | | | | (2.04 | ) | | | | | | | 4.10 | | | | (1.86 | ) | | | 186 | |
| | (0.75 | ) | | | 8,236 | | | | | | | | 4.53 | | | | (1.29 | ) | | | | | | | 4.34 | | | | (1.09 | ) | | | 224 | |
| | 2.28 | | | | 8,087 | | | | | | | | 4.52 | | | | (1.76 | ) | | | | | | | 4.29 | | | | (1.53 | ) | | | 222 | |
| | 15.20 | | | | 4,080 | | | | | | | | 5.04 | | | | (2.30 | ) | | | | | | | 4.21 | | | | (1.47 | ) | | | 232 | |
| | (2.82 | ) | | | 138 | | | | | | | | 6.24 | * | | | (2.44 | )* | | | | | | | 3.81 | * | | | (0.01 | )* | | | 12 | |
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
| | 19.53 | | | | 64 | | | | | | | | 10.85 | | | | (8.13 | ) | | | | | | | 3.47 | | | | (0.74 | ) | | | 292 | |
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
| | 14.16 | | | | 132,055 | | | | | | | | 2.76 | * | | | (0.79 | )* | | | | | | | 2.62 | * | | | (0.65 | )* | | | 122 | |
| | 18.67 | | | | 70,282 | | | | | | | | 3.26 | | | | (1.04 | ) | | | | | | | 3.08 | | | | (0.86 | ) | | | 186 | |
| | 0.27 | | | | 48,905 | | | | | | | | 3.52 | | | | (0.37 | ) | | | | | | | 3.33 | | | | (0.18 | ) | | | 224 | |
| | 3.29 | | | | 53,559 | | | | | | | | 3.52 | | | | (0.72 | ) | | | | | | | 3.28 | | | | (0.48 | ) | | | 222 | |
| | 16.34 | | | | 16,216 | | | | | | | | 4.20 | | | | (1.33 | ) | | | | | | | 3.27 | | | | (0.40 | ) | | | 232 | |
| | (2.77 | ) | | | 4,758 | | | | | | | | 5.07 | * | | | (1.17 | )* | | | | | | | 2.78 | * | | | 1.11 | * | | | 12 | |
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
| | 20.74 | | | | 1,611 | | | | | | | | 9.92 | | | | (7.20 | ) | | | | | | | 2.46 | | | | 0.26 | | | | 292 | |
| (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. Performance prior to March 1, 2013, reflects the Fund’s performance under the management of a sub-adviser using investment strategies that differed significantly from those currently in place. | |
| (c) | After fee waiver and/or expense reimbursement from the Adviser, where applicable. See Note 7 – Management Fees and Other Transactions with Affiliates, Management Fees for more information. | |
| (d) | Each ratio includes the effect of dividends expense on common stocks sold short, enhanced custody expense and/or prime broker expenses (as disclosed in Note 3 – Portfolio Securities and Investments in Derivatives, Short Sale Transactions) as follows: | |
| | | | | | | | | | | | | | | | | | | | | | | | | | | | |
| | | Ratios of Dividends Expense
on Common Stocks Sold Short
to Average Net Assets | | | | | | Ratios of Enhanced Custody
and/or Prime Broker Expenses
to Average Net Assets(f) | |
| | | Class A | | | Class C | | | Class I | | | | | | Class A | | | Class C | | | Class I | |
Year Ended 8/31: | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
2018(h) | | | 1.03 | % | | | 1.02 | % | | | 1.03 | % | | | | | | | 0.25 | | | | 0.25 | | | | 0.23 | |
2017 | | | 1.18 | | | | 1.17 | | | | 1.18 | | | | | | | | 0.56 | | | | 0.56 | | | | 0.54 | |
2016 | | | 1.19 | | | | 1.20 | | | | 1.20 | | | | | | | | 0.77 | | | | 0.77 | | | | 0.77 | |
2015 | | | 1.17 | | | | 1.19 | | | | 1.17 | | | | | | | | 0.74 | | | | 0.74 | | | | 0.75 | |
2014 | | | 1.12 | | | | 1.11 | | | | 1.12 | | | | | | | | 0.72 | | | | 0.74 | | | | 0.78 | |
2013(g) | | | 1.42 | * | | | 1.46 | * | | | 1.42 | * | | | | | | | — | | | | — | | | | — | |
Year Ended 7/31: | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
2013 | | | 0.84 | | | | 0.89 | | | | 0.89 | | | | | | | | 0.26 | | | | 0.32 | | | | 0.32 | |
| (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) | Effective June 21, 2013 the Fund ended its enhanced custody program and began selling securities short through a prime broker. | |
| (g) | For the one month ended August 31, 2013. | |
| (h) | For the six months ended February 28, 2018. | |
| ** | Rounds to less than $0.01 per share. | |
See accompanying notes to financial statements.
103
Financial Highlights (Unaudited) (continued)
Equity Market Neutral
Selected data for a share outstanding throughout each period:
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
| | | | | |
| | | | | | Investment Operations | | | | | | Less Distributions | | | | |
| | | | | | | | | |
Class (Commencement Date) Year Ended August 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 (6/13) | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
2018(g) | | $ | 23.31 | | | $ | (0.08 | ) | | $ | 2.00 | | | $ | 1.92 | | | | | | | $ | — | | | $ | (0.50 | ) | | $ | (0.50 | ) | | $ | 24.73 | |
2017 | | | 21.64 | | | | (0.33 | ) | | | 2.00 | | | | 1.67 | | | | | | | | — | | | | — | | | | — | | | | 23.31 | |
2016 | | | 21.39 | | | | (0.28 | ) | | | 0.90 | | | | 0.62 | | | | | | | | — | | | | (0.37 | ) | | | (0.37 | ) | | | 21.64 | |
2015 | | | 21.27 | | | | (0.32 | ) | | | 0.50 | | | | 0.18 | | | | | | | | — | | | | (0.06 | ) | | | (0.06 | ) | | | 21.39 | |
2014 | | | 20.53 | | | | (0.44 | ) | | | 1.38 | | | | 0.94 | | | | | | | | — | | | | (0.20 | ) | | | (0.20 | ) | | | 21.27 | |
2013(e) | | | 20.00 | | | | (0.04 | ) | | | 0.57 | | | | 0.53 | | | | | | | | — | | | | — | | | | — | | | | 20.53 | |
Class C (6/13) | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
2018(g) | | | 22.59 | | | | (0.17 | ) | | | 1.93 | | | | 1.76 | | | | | | | | — | | | | (0.50 | ) | | | (0.50 | ) | | | 23.85 | |
2017 | | | 21.13 | | | | (0.48 | ) | | | 1.94 | | | | 1.46 | | | | | | | | — | | | | — | | | | — | | | | 22.59 | |
2016 | | | 21.04 | | | | (0.44 | ) | | | 0.90 | | | | 0.46 | | | | | | | | — | | | | (0.37 | ) | | | (0.37 | ) | | | 21.13 | |
2015 | | | 21.08 | | | | (0.47 | ) | | | 0.49 | | | | 0.02 | | | | | | | | — | | | | (0.06 | ) | | | (0.06 | ) | | | 21.04 | |
2014 | | | 20.50 | | | | (0.58 | ) | | | 1.36 | | | | 0.78 | | | | | | | | — | | | | (0.20 | ) | | | (0.20 | ) | | | 21.08 | |
2013(e) | | | 20.00 | | | | (0.08 | ) | | | 0.58 | | | | 0.50 | | | | | | | | — | | | | — | | | | — | | | | 20.50 | |
Class I (6/13) | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
2018(g) | | | 23.57 | | | | (0.05 | ) | | | 2.01 | | | | 1.96 | | | | | | | | — | | | | (0.50 | ) | | | (0.50 | ) | | | 25.03 | |
2017 | | | 21.82 | | | | (0.26 | ) | | | 2.01 | | | | 1.75 | | | | | | | | — | | | | — | | | | — | | | | 23.57 | |
2016 | | | 21.51 | | | | (0.23 | ) | | | 0.91 | | | | 0.68 | | | | | | | | — | | | | (0.37 | ) | | | (0.37 | ) | | | 21.82 | |
2015 | | | 21.34 | | | | (0.27 | ) | | | 0.50 | | | | 0.23 | | | | | | | | — | | | | (0.06 | ) | | | (0.06 | ) | | | 21.51 | |
2014 | | | 20.54 | | | | (0.38 | ) | | | 1.38 | | | | 1.00 | | | | | | | | — | | | | (0.20 | ) | | | (0.20 | ) | | | 21.34 | |
2013(e) | | | 20.00 | | | | (0.04 | ) | | | 0.58 | | | | 0.54 | | | | | | | | — | | | | — | | | | — | | | | 20.54 | |
104
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
| | | | Ratios/Supplemental Data | |
| | | | | | | | | | Ratios to Average
Net Assets Before
Waiver/Reimbursement(d) | | | | | | Ratios to Average
Net Assets After
Waiver/Reimbursement(c)(d) | | | | |
| | | | | | | | |
Total
Return(b) | | | Ending
Net
Assets
(000) | | | | | | Expenses | | | Net
Investment
Income
(Loss) | | | | | | Expenses | | | Net
Investment
Income
(Loss) | | | Portfolio
Turnover
Rate(f) | |
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
| | 8.29 | % | | $ | 14,475 | | | | | | | | 3.01 | %* | | | (0.89 | )%* | | | | | | | 2.80 | %* | | | (0.67 | )%* | | | 87 | % |
| | 7.72 | | | | 6,146 | | | | | | | | 3.32 | | | | (1.70 | ) | | | | | | | 3.05 | | | | (1.44 | ) | | | 159 | |
| | 2.86 | | | | 9,289 | | | | | | | | 3.29 | | | | (1.47 | ) | | | | | | | 3.10 | | | | (1.28 | ) | | | 187 | |
| | 0.86 | | | | 8,972 | | | | | | | | 3.49 | | | | (1.73 | ) | | | | | | | 3.24 | | | | (1.48 | ) | | | 173 | |
| | 4.55 | | | | 7,880 | | | | | | | | 3.52 | | | | (2.33 | ) | | | | | | | 3.26 | | | | (2.07 | ) | | | 187 | |
| | 2.65 | | | | 799 | | | | | | | | 3.00 | * | | | (1.10 | )* | | | | | | | 2.85 | * | | | (0.95 | )* | | | 112 | |
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
| | 7.84 | | | | 2,829 | | | | | | | | 3.72 | * | | | (1.66 | )* | | | | | | | 3.51 | * | | | (1.44 | )* | | | 87 | |
| | 6.91 | | | | 2,110 | | | | | | | | 4.03 | | | | (2.44 | ) | | | | | | | 3.76 | | | | (2.17 | ) | | | 159 | |
| | 2.14 | | | | 2,109 | | | | | | | | 4.06 | | | | (2.23 | ) | | | | | | | 3.87 | | | | (2.04 | ) | | | 187 | |
| | 0.10 | | | | 1,835 | | | | | | | | 4.22 | | | | (2.49 | ) | | | | | | | 3.97 | | | | (2.24 | ) | | | 173 | |
| | 3.77 | | | | 1,768 | | | | | | | | 4.28 | | | | (3.05 | ) | | | | | | | 4.02 | | | | (2.79 | ) | | | 187 | |
| | 2.50 | | | | 157 | | | | | | | | 3.90 | * | | | (2.45 | )* | | | | | | | 3.42 | * | | | (1.97 | )* | | | 112 | |
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
| | 8.37 | | | | 113,534 | | | | | | | | 2.73 | * | | | (0.65 | )* | | | | | | | 2.52 | * | | | (0.43 | )* | | | 87 | |
| | 8.02 | | | | 59,022 | | | | | | | | 3.02 | | | | (1.43 | ) | | | | | | | 2.75 | | | | (1.16 | ) | | | 159 | |
| | 3.12 | | | | 49,990 | | | | | | | | 3.06 | | | | (1.23 | ) | | | | | | | 2.87 | | | | (1.04 | ) | | | 187 | |
| | 1.09 | | | | 35,162 | | | | | | | | 3.21 | | | | (1.51 | ) | | | | | | | 2.97 | | | | (1.26 | ) | | | 173 | |
| | 4.84 | | | | 32,668 | | | | | | | | 3.37 | | | | (2.08 | ) | | | | | | | 3.08 | | | | (1.79 | ) | | | 187 | |
| | 2.70 | | | | 13,184 | | | | | | | | 3.04 | * | | | (1.77 | )* | | | | | | | 2.32 | * | | | (1.05 | )* | | | 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. See Note 7 – Management Fees and Other Transactions with Affiliates, Management Fees for more information. | |
| (d) | Each ratio includes the effect of dividends expense on common stocks sold short and prime broker expenses (as disclosed in Note 3 – Portfolio Securities and Investments in Derivatives, Short Sale Transactions) as follows: | |
| | | | | | | | | | | | | | | | | | | | | | | | | | | | |
| �� | | Ratios of Dividends Expense
on Common Stocks Sold Short
to Average Net Assets | | | | | | Ratios of Prime Broker Expenses
to Average Net Assets | |
| Year Ended August 31, | | Class A | | | Class C | | | Class I | | | | | | Class A | | | Class C | | | Class I | |
2018(g) | | | 1.19 | % | | | 1.14 | % | | | 1.16 | % | | | | | | | — | % | | | — | % | | | — | % |
2017 | | | 1.40 | | | | 1.39 | | | | 1.39 | | | | | | | | 0.05 | | | | 0.01 | | | | — | |
2016 | | | 1.03 | | | | 1.04 | | | | 1.04 | | | | | | | | 0.46 | | | | 0.46 | | | | 0.46 | |
2015 | | | 1.04 | | | | 1.03 | | | | 1.03 | | | | | | | | 0.59 | | | | 0.58 | | | | 0.57 | |
2014 | | | 1.09 | | | | 1.06 | | | | 1.02 | | | | | | | | 0.55 | | | | 0.59 | | | | 0.70 | |
2013(e) | | | 1.23 | * | | | 1.04 | * | | | 0.95 | * | | | | | | | — | | | | — | | | | — | |
| (e) | For the period June 17, 2013 (commencement of operations) through August 31, 2013. | |
| (f) | 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. | |
| (g) | For the six months ended February 28, 2018. | |
See accompanying notes to financial statements.
105
Notes to Financial Statements
(Unaudited)
1. General Information and Significant Accounting Policies
General Information
Trust and Fund Information
The Nuveen Investment Trust and the Nuveen Investment Trust II (each a “Trust” and collectively, the “Trusts”), are open-end management investment companies registered under the Investment Company Act of 1940, as amended. The Nuveen Investment Trust is comprised of Nuveen Large Cap Value Fund (“Large Cap Value”), Nuveen Large Cap Core Fund (“Large Cap Core”), Nuveen Large Cap Growth Fund (“Large Cap Growth”), Nuveen Concentrated Core Fund (“Concentrated Core”) and Nuveen Equity Market Neutral Fund (“Equity Market Neutral”) among others, and the Nuveen Investment Trust II is comprised of Nuveen Growth Fund (“Growth”) and Nuveen Equity Long/Short Fund (“Equity Long/Short”) (each a “Fund” and collectively, the “Funds”), as diversified funds (non-diversified for Concentrated Core), among others. The Nuveen Investment Trust and Nuveen Investment Trust II were each organized as Massachusetts business trusts on May 6, 1996 and June 27, 1997, respectively.
The end of the reporting period for the Funds is February 28, 2018, and the period covered by these Notes to Financial Statements is the six months ended February 28, 2018 (the “current fiscal period”).
Investment Adviser
The Funds’ investment adviser is Nuveen Fund Advisors, LLC (the “Adviser”), a subsidiary of Nuveen, LLC (“Nuveen”). Nuveen is the investment management arm of Teachers Insurance and Annuity Association of America (TIAA). The Adviser has overall responsibility for management of the Funds, oversees the management of the Funds’ portfolios, manages the Funds’ business affairs and provides certain clerical, bookkeeping and other administrative services, and, if necessary, asset allocation decisions. The Adviser has entered into sub-advisory agreements with Nuveen Asset Management, LLC (the “Sub-Adviser”), a subsidiary of the Adviser, under which the Sub-Adviser manages the investment portfolios of the Funds.
Investment Objectives
The investment objective of Large Cap Value, Large Cap Core, Large Cap Growth, Concentrated Core and Growth is long-term capital appreciation. Equity Long/Short’s investment objective is long-term capital appreciation with low correlation to the U.S. equity market. Equity Market Neutral’s investment objective is to provide investors with long-term capital appreciation independent of the U.S. equity market.
The Funds’ most recent prospectus provides further descriptions of each Fund’s investment objective, principal investment strategies and principal risks.
Fund Reorganizations
During the prior fiscal period, the Funds’ Board of Trustees (the “Board”) and shareholders approved the following Fund reorganizations (each the “Reorganization” and collectively, the “Reorganizations”).
The following Reorganization was effective at the close of business on October 13, 2017:
| | |
| Target Funds | | Acquiring Fund |
| Nuveen Large Cap Core Plus Fund (“Large Cap Core Plus”) | | Large Cap Core |
| Nuveen Large Cap Growth Opportunities Fund (“Large Cap Growth Opportunities”) | | Large Cap Growth |
The following Reorganization was effective at the close of business on November 3, 2017:
| | |
| Target Funds | | Acquiring Fund |
| Nuveen Core Dividend Fund (“Core Dividend”) | | Large Cap Value |
In February 2018, the Board approved the reorganizations of the following funds:
| | |
| Target Funds | | Acquiring Fund |
| Growth1 | | Large Cap Growth2 |
| Nuveen Symphony Large Cap Growth Fund1 | | |
| Concentrated Core2 | | Large Cap Core2 |
| 1 | A series of Nuveen Investment Trust II. |
| 2 | A series of Nuveen Investment Trust. |
106
In order for a reorganization to occur for a Target Fund, it must be approved by the shareholders of that Fund. There is no requirement for a given reorganization to occur if shareholders of the other Target Funds approve the reorganization.
Upon the closing of a reorganizations, the Target Fund(s) will transfer all of their assets and liabilities to the Acquiring Fund(s) in exchange for Acquiring Fund Shares of equal value. Shares of the Acquiring Fund(s) are then distributed to shareholders of the Target Fund(s) and the Target Fund(s) are terminated. As a result of a reorganization, shareholders of the Target Fund(s) will become shareholders of the Acquiring Fund(s). The shareholders of the Target Fund(s) will receive Acquiring Fund shares with a total value equal to the total value of their Target Fund shares immediately prior to the closing of the reorganization.
For accounting and performance reporting purposes, the Acquiring Fund is the survivor. Details of the Reorganizations are further described in Note 9 – Fund Reorganizations.
Significant Accounting Policies
Each Fund is an investment company and follows accounting and reporting guidance under Financial Accounting Standards Board (FASB) Accounting Standards Codification (ASC) Topic 946 “Financial Services – Investment Companies.” The following is a summary of significant accounting policies followed by the Funds in the preparation of their financial statements in accordance with U.S. generally accepted accounting principles (“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. 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 earmarked securities in their portfolios with a current value at least equal to the amount of the when-issued/delayed delivery purchase commitments.
As of the end of the reporting period, the Funds did not have any outstanding when-issued/delayed delivery purchase commitments.
Investment Income
Dividend income on investments purchased and dividends expense on common stocks sold short are recorded on the ex-dividend date or, for foreign securities, when information is available. Non-cash dividends received in the form of stock, if any, are recognized on the ex-dividend date and recorded at fair value. Interest income 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 Operations.
Dividends and Distributions to Shareholders
Dividends from net investment income, if any, are declared and distributed to shareholders annually. 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 0.25% annual 12b-1 service fee. Class A Share purchases of $1 million or more are sold at net asset value (“NAV”) without an up-front sales charge but may be subject to a contingent deferred sales charge (“CDSC”) of 1% if redeemed within eighteen months of purchase. Class C Shares are sold without an up-front sales charge but incur a 0.75% annual 12b-1 distribution fee and a 0.25% annual 12b-1 service fee. Class C Shares are subject to a CDSC of 1% if redeemed within twelve months of purchase. Class R3 Shares are sold without an up-front sales charge but incur a 0.25% annual 12b-1 distribution fee and a 0.25% annual 12b-1 service fee. Class R6 Shares and Class I Shares are not subject to any sales charge or 12b-1 distribution or service fees. Class T Shares are generally sold with an up-front sales charge and incur a 0.25% annual 12b-1 service fee.
Multiclass Operations and Allocations
Income and expenses of the Funds that are not directly attributable to a specific class of shares are prorated among the classes based on the relative net assets of each class. Expenses directly attributable to a class of shares are recorded to the specific class. Currently, the only expenses that are allocated on a class-specific basis are 12b-1 distribution and service fees.
Sub-transfer agent fees, which are recognized as a component of “Shareholder servicing agent fees” on the Statement of Operations, are not charged to Class R6 Shares and are prorated among the other classes based on their relative net assets.
Realized and unrealized capital gains and losses of the Funds are prorated among the classes based on the relative net assets of each class.
Compensation
Neither Trust pays compensation directly to those of its trustees who are affiliated with the Adviser or to its officers, all of whom receive remuneration for their services to each Trust from the Adviser or its affiliates. The Board has adopted a deferred compensation plan for independent trustees that
107
Notes to Financial Statements (Unaudited) (continued)
enables trustees 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.
Indemnifications
Under each Trust’s organizational documents, its officers and trustees are indemnified against certain liabilities arising out of the performance of their duties to each Trust. In addition, in the normal course of business, each Trust enters into contracts that provide general indemnifications to other parties. Each Trust’s maximum exposure under these arrangements is unknown as this would involve future claims that may be made against each Trust that have not yet occurred. However, each 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 master repurchase agreements, 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 certain securities and derivatives with a specific counterparty, when applicable, as well as any collateral received or delivered to that counterparty based on the terms of the agreements. Generally, each Fund manages its cash collateral and securities collateral on a counterparty basis.
The Funds’ investments subject to netting agreements as of the end of the reporting period, if any, are further described in Note 3 – Portfolio Securities and Investments in Derivatives.
Use of Estimates
The preparation of financial statements in conformity with U.S. GAAP requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities at the date of the financial statements and the reported amounts of increases and decreases in net assets from operations during the current fiscal period. Actual results may differ from those estimates.
2. Investment Valuation and Fair Value Measurements
The fair valuation input levels as described below are for fair value measurement purposes.
Fair value is defined as the price that would be received upon selling an investment or transferring a liability in an orderly transaction to an independent buyer in the principal or most advantageous market for the investment. A three-tier hierarchy is used to maximize the use of observable market data and minimize the use of unobservable inputs and to establish classification of fair value measurements for disclosure purposes. Observable inputs reflect the assumptions market participants would use in pricing the asset or liability. Observable inputs are based on market data obtained from sources independent of the reporting entity. Unobservable inputs reflect the reporting entity’s own assumptions about the assumptions market participants would use in pricing the asset or liability. Unobservable inputs are based on the best information available in the circumstances. The following is a summary of the three-tiered hierarchy of valuation input levels.
| | |
| Level 1 – | | Inputs are unadjusted and prices are determined using quoted prices in active markets for identical securities. |
| Level 2 – | | Prices are determined using other significant observable inputs (including quoted prices for similar securities, interest rates, prepayment speeds, credit risk, etc.). |
| Level 3 – | | Prices are determined using significant unobservable inputs (including management’s assumptions in determining the fair value of investments). |
Common stocks and other equity-type securities are valued at the last sales price on the securities exchange on which such securities are primarily traded and are generally classified as Level 1. Securities primarily traded on the Nasdaq National Market (“Nasdaq”) are valued at the Nasdaq Official Closing Price and are generally classified as Level 1. However, securities traded on a securities exchange or Nasdaq for which there were no transactions on a given day or securities not listed on a securities exchange or Nasdaq are valued at the quoted bid price and are generally classified as Level 2.
Repurchase agreements are valued at contract amount plus accrued interest, which approximates market value. These securities are generally classified as Level 2.
Certain securities may not be able to be priced by the pre-established pricing methods as described above. Such securities may be valued by the Board and/or its appointee at fair value. These securities generally include, but are not limited to, restricted securities (securities which may not be publicly sold without registration under the Securities Act of 1933, as amended) for which an independent pricing service (“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 observability of the significant inputs. Regardless of the method employed to value a particular security, all valuations are subject to review by the Board and/or its appointee.
108
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 Value | | Level 1 | | | Level 2 | | | Level 3 | | | Total | |
| Long-Term Investments*: | | | | | | | | | | | | | | | | |
Common Stocks | | $ | 456,345,509 | | | $ | — | | | $ | — | | | $ | 456,345,509 | |
| Short-Term Investments: | | | | | | | | | | | | | | | | |
Repurchase Agreements | | | — | | | | 587,660 | | | | — | | | | 587,660 | |
| Total | | $ | 456,345,509 | | | $ | 587,660 | | | $ | — | | | $ | 456,933,169 | |
| | | | |
| Large Cap Core | | | | | | | | | | | | |
| Long-Term Investments*: | | | | | | | | | | | | | | | | |
Common Stocks | | $ | 597,644,082 | | | $ | — | | | $ | — | | | $ | 597,644,082 | |
| Short-Term Investments: | | | | | | | | | | | | | | | | |
Repurchase Agreements | | | — | | | | 420,305 | | | | — | | | | 420,305 | |
| Total | | $ | 597,644,082 | | | $ | 420,305 | | | $ | — | | | $ | 598,064,387 | |
| | | | |
| Large Cap Growth | | | | | | | | | | | | |
| Long-Term Investments*: | | | | | | | | | | | | | | | | |
Common Stocks | | $ | 332,781,796 | | | $ | — | | | $ | — | | | $ | 332,781,796 | |
| Short-Term Investments: | | | | | | | | | | | | | | | | |
Repurchase Agreements | | | — | | | | 506,587 | | | | — | | | | 506,587 | |
| Total | | $ | 332,781,796 | | | $ | 506,587 | | | $ | — | | | $ | 333,288,383 | |
| | | | |
| Concentrated Core | | | | | | | | | | | | |
| Long-Term Investments*: | | | | | | | | | | | | | | | | |
Common Stocks | | $ | 91,807,515 | | | $ | — | | | $ | — | | | $ | 91,807,515 | |
| | | | |
| Growth | | | | | | | | | | | | |
| Long-Term Investments*: | | | | | | | | | | | | | | | | |
Common Stocks | | $ | 52,969,528 | | | $ | — | | | $ | — | | | $ | 52,969,528 | |
| Short-Term Investments: | | | | | | | | | | | | | | | | |
Repurchase Agreements | | | — | | | | 163,717 | | | | — | | | | 163,717 | |
| Total | | $ | 52,969,528 | | | $ | 163,717 | | | $ | — | | | $ | 53,133,245 | |
| | | | |
| Equity Long/Short | | | | | | | | | | | | |
| Long-Term Investments*: | | | | | | | | | | | | | | | | |
Common Stocks | | $ | 225,947,864 | | | $ | — | | | $ | — | | | $ | 225,947,864 | |
| Short-Term Investments: | | | | | | | | | | | | | | | | |
Repurchase Agreements | | | — | | | | 827,817 | | | | — | | | | 827,817 | |
| Common Stocks Sold Short* | | | (125,039,087 | ) | | | — | | | | — | | | | (125,039,087 | ) |
| Total | | $ | 100,908,777 | | | $ | 827,817 | | | $ | — | | | $ | 101,736,594 | |
| | | | |
| Equity Market Neutral | | | | | | | | | | | | |
| Long-Term Investments*: | | | | | | | | | | | | | | | | |
Common Stocks | | $ | 84,975,388 | | | $ | — | | | $ | — | | | $ | 84,975,388 | |
| Short-Term Investments: | | | | | | | | | | | | | | | | |
Repurchase Agreements | | | — | | | | 680,232 | | | | — | | | | 680,232 | |
| Common Stocks Sold Short* | | | (88,926,839 | ) | | | — | | | | — | | | | (88,926,839 | ) |
| Total | | $ | (3,951,451 | ) | | $ | 680,232 | | | $ | — | | | $ | (3,271,219 | ) |
| * | Refer to the Fund’s Portfolio of Investments for Industry classifications. |
The Board is responsible for the valuation process and has appointed the oversight of the daily valuation process to the Adviser’s Valuation Committee. The Valuation Committee, pursuant to the valuation policies and procedures adopted by the Board, is responsible for making fair value determinations, evaluating the effectiveness of the Funds’ pricing policies and reporting to the Board. The Valuation Committee is aided in its efforts by the Adviser’s dedicated Securities Valuation Team, which is responsible for administering the daily valuation process and applying fair value methodologies as approved by the Valuation Committee. When determining the reliability of independent pricing services for investments owned by the Funds, the Valuation Committee, among other things, conducts due diligence reviews of the pricing services and monitors the quality of security prices received through various testing reports conducted by the Securities Valuation Team.
109
Notes to Financial Statements (Unaudited) (continued)
The Valuation Committee will consider pricing methodologies it deems relevant and appropriate when making a fair value determination, based on the facts and circumstances specific to the portfolio instrument. Fair value determinations generally will be derived as follows, using public or private market information:
| | (i) | If available, fair value determinations shall be derived by extrapolating from recent transactions or quoted prices for identical or comparable securities. |
| | (ii) | If such information is not available, an analytical valuation methodology may be used based on other available information including, but not limited to: analyst appraisals, research reports, corporate action information, issuer financial statements and shelf registration statements. Such analytical valuation methodologies may include, but are not limited to: multiple of earnings, discount from market value of a similar freely-traded security, discounted cash flow analysis, book value or a multiple thereof, risk premium/yield analysis, yield to maturity and/or fundamental investment analysis. |
The purchase price of a portfolio instrument will be used to fair value the instrument only if no other valuation methodology is available or deemed appropriate, and it is determined that the purchase price fairly reflects the instrument’s current value.
For each portfolio security that has been fair valued pursuant to the policies adopted by the Board, the fair value price is compared against the last available and next available market quotations. The Valuation Committee reviews the results of such testing and fair valuation occurrences are reported to the Board.
3. Portfolio Securities and Investments in Derivatives
Portfolio Securities
Repurchase Agreements
In connection with transactions in repurchase agreements, it is each Fund’s policy that its custodian take possession of the underlying collateral securities, the fair value of which exceeds the principal amount of the repurchase transaction, including accrued interest, at all times. If the counterparty defaults, and the fair value of the collateral declines, realization of the collateral may be delayed or limited.
The following table presents the repurchase agreements for the following Funds that are subject to netting agreements as of the end of the reporting period, and the collateral delivered related to those repurchase agreements.
| | | | | | | | | | | | | | |
| Fund | | Counterparty | | Short-Term
Investments, at Value | | | Collateral
Pledged (From)
Counterparty* | | | Net
Exposure | |
| Large Cap Value | | Fixed Income Clearing Corporation | | $ | 587,660 | | | $ | (587,660 | ) | | $ | — | |
| Large Cap Core | | Fixed Income Clearing Corporation | | | 420,305 | | | | (420,305 | ) | | | — | |
| Large Cap Growth | | Fixed Income Clearing Corporation | | | 506,587 | | | | (506,587 | ) | | | — | |
| Growth | | Fixed Income Clearing Corporation | | | 163,717 | | | | (163,717 | ) | | | — | |
| Equity Long/Short | | Fixed Income Clearing Corporation | | | 827,817 | | | | (827,817 | ) | | | — | |
| Equity Market Neutral | | Fixed Income Clearing Corporation | | | 680,232 | | | | (680,232 | ) | | | — | |
| * | As of the end of the reporting period, the value of the collateral pledged from the counterparty exceeded the value of the repurchase agreements. Refer to the Fund’s Portfolio of Investments for details on the repurchase agreements. |
Short Sale Transactions
Equity Long/Short and Equity Market Neutral each pursue a “long/short” investment strategy, pursuant to which they sell securities short and may purchase additional long investments with some or all of the proceeds of the short sale transactions.
When the Funds sell a security short, they borrow the security from a third party and segregate assets as collateral to secure their obligation to return the security to the lender either upon closing out the short position or upon demand from the lender. Proceeds from short selling may be used to finance the purchase of additional securities for each Fund’s long portfolio. The amount of collateral required to be pledged to borrow a security is determined by reference to the market value of the security borrowed. The value of the collateral required to be pledged as of the end of the reporting period is disclosed in the Funds’ Portfolio of Investments, and any cash pledged as collateral in addition to long-term investments is recognized as “Cash collateral at broker for common stocks sold short” on the Statement of Assets and Liabilities. The Funds are obligated to pay the party from whom the securities were borrowed dividends declared on the stock by the issuer and such amounts are recognized as “Dividends expense on common stocks sold short”, on the Statement of Operations, when applicable. Short sales are valued daily, and the corresponding unrealized gains and losses are recognized as “Change in net unrealized appreciation (depreciation) of common stocks sold short” on the Statement of Operations. Liabilities for securities sold short are reported at market value on the Statement of Assets and Liabilities. Short sale transactions result in off-balance sheet risk because the ultimate obligation may exceed the related amounts shown on the Statement of Assets and Liabilities. The Funds will incur a loss if the price of the security increases between the date of the short sale and the date on which the Funds replace the borrowed security. The Funds’ losses on short sales are potentially unlimited because there is no upward limit on the price a borrowed security could attain. The Funds will realize a gain if the price of the security declines between those dates. Gains and losses from securities sold short are recognized as “Net realized gain (loss) from common stocks sold short” on the Statement of Operations.
Bank of America Merrill Lynch (“BAML”) facilitates the short sales transactions for the Funds. The Funds currently pay prime brokerage fees to BAML for its services for the Funds. The Funds may also earn credits as an element of the prime broker fee arrangement with BAML, which are recorded as an offset to
110
the prime brokerage fees. The net prime brokerage fees paid to BAML are recognized as “Prime broker expenses” on the Statement of Operations. In the event that credits exceed prime brokerage fees, the net credits are recognized as a component of “Investment Income” on the Statement of Operations.
Investments in Derivatives
Each Fund is authorized to invest in certain derivative instruments. The Funds record derivative instruments at fair value, with changes in fair value recognized on the Statement of Operations, when applicable. Even though the Funds’ investments in derivatives may represent economic hedges, they are not considered to be hedge transactions for financial reporting purposes.
Although the Funds are authorized to invest in derivative instruments, and may do so in the future, they did not make any such investments during the current fiscal period.
Market and Counterparty Credit Risk
In the normal course of business each Fund may invest in financial instruments and enter into financial transactions where risk of potential loss exists due to changes in the market (market risk) or failure of the other party to the transaction to perform (counterparty credit risk). The potential loss could exceed the value of the financial assets recorded on the financial statements. Financial assets, which potentially expose each Fund to counterparty credit risk, consist principally of cash due from counterparties on forward, option and swap transactions, when applicable. The extent of each Fund’s exposure to counterparty credit risk in respect to these financial assets approximates their carrying value as recorded on the Statement of Assets and Liabilities.
Each Fund helps manage counterparty credit risk by entering into agreements only with counterparties the Adviser believes have the financial resources to honor their obligations and by having the Adviser monitor the financial stability of the counterparties. Additionally, counterparties may be required to pledge collateral daily (based on the daily valuation of the financial asset) on behalf of each Fund with a value approximately equal to the amount of any unrealized gain above a pre-determined threshold. Reciprocally, when each Fund has an unrealized loss, the Funds have instructed the custodian to pledge assets of the Funds as collateral with a value approximately equal to the amount of the unrealized loss above a pre-determined threshold. Collateral pledges are monitored and subsequently adjusted if and when the valuations fluctuate, either up or down, by at least the pre-determined threshold amount.
4. Fund Shares
Each Fund has an effective registration statement on file with the Securities and Exchange Commission (SEC) to issue Class T Shares, which were not yet available for public offering at the time this report was issued.
Large Cap Value and Large Cap Core has issued Class T Shares; however, these Shares were also not available for public offering.
Transactions in Fund shares during the current and prior fiscal period were as follows:
| | | | | | | | | | | | | | | | |
| | | Six Months Ended
2/28/18 | | | Year Ended
8/31/17 | |
| Large Cap Value | | Shares | | | Amount | | | Shares | | | Amount | |
| Shares issued in the Reorganization(1): | | | | | | | | | | | | | | | | |
Class A | | | 580,980 | | | $ | 14,242,279 | | | | — | | | $ | — | |
Class C | | | 237,890 | | | | 5,574,510 | | | | — | | | | — | |
Class R3 | | | — | | | | — | | | | — | | | | — | |
Class R6 | | | — | | | | — | | | | — | | | | — | |
Class I | | | 786,664 | | | | 19,393,901 | | | | — | | | | — | |
Class T | | | — | | | | — | | | | — | | | | — | |
| Shares sold: | | | | | | | | | | | | | | | | |
Class A | | | 236,752 | | | | 6,043,242 | | | | 486,118 | | | | 12,160,313 | |
Class C | | | 48,543 | | | | 1,211,738 | | | | 328,029 | | | | 7,546,596 | |
Class R3 | | | 280 | | | | 7,319 | | | | 3,334 | | | | 84,131 | |
Class R6 | | | 9,004 | | | | 241,192 | | | | 201 | | | | 5,173 | |
Class I | | | 519,958 | | | | 13,517,420 | | | | 1,938,572 | | | | 48,581,317 | |
Class T | | | — | | | | — | | | | 1,000 | | | | 25,000 | |
| Shares issued to shareholders due to reinvestment of distributions: | | | | | | | | | | | | | | | | |
Class A | | | 873,279 | | | | 21,477,611 | | | | 113,723 | | | | 2,822,619 | |
Class C | | | 65,991 | | | | 1,548,816 | | | | 6,044 | | | | 143,959 | |
Class R3 | | | 554 | | | | 13,741 | | | | 27 | | | | 649 | |
Class R6 | | | 74,813 | | | | 1,853,000 | | | | 11,411 | | | | 284,602 | |
Class I | | | 320,413 | | | | 7,941,686 | | | | 57,542 | | | | 1,435,670 | |
Class T | | | — | | | | — | | | | — | | | | — | |
| | | | 3,755,121 | | | | 93,066,455 | | | | 2,946,001 | | | | 73,090,029 | |
| Shares redeemed: | | | | | | | | | | | | | | | | |
Class A | | | (740,389 | ) | | | (19,166,136 | ) | | | (1,436,159 | ) | | | (35,593,526 | ) |
Class C | | | (122,530 | ) | | | (3,051,188 | ) | | | (802,065 | ) | | | (18,875,235 | ) |
Class R3 | | | (1,385 | ) | | | (34,180 | ) | | | (3,408 | ) | | | (88,088 | ) |
Class R6 | | | (50,911 | ) | | | (1,365,000 | ) | | | (186,934 | ) | | | (4,565,000 | ) |
Class I | | | (1,072,387 | ) | | | (28,274,221 | ) | | | (1,806,914 | ) | | | (45,765,993 | ) |
Class T | | | — | | | | — | | | | — | | | | — | |
| | | | (1,987,602 | ) | | | (51,890,725 | ) | | | (4,235,480 | ) | | | (104,887,842 | ) |
| Net increase (decrease) | | | 1,767,519 | | | $ | 41,175,730 | | | | (1,289,479 | ) | | $ | (31,797,813 | ) |
| 1 | Refer to Note 9 – Fund Reorganization for further details. |
111
Notes to Financial Statements (Unaudited) (continued)
| | | | | | | | | | | | | | | | |
| | | Six Months Ended
2/28/18 | | | Year Ended
8/31/17 | |
| Large Cap Core | | Shares | | | Amount | | | Shares | | | Amount | |
| Shares issued in the Reorganization(1): | | | | | | | | | | | | | | | | |
Class A | | | 307,205 | | | $ | 9,511,624 | | | | — | | | $ | — | |
Class C | | | 384,308 | | | | 11,754,272 | | | | — | | | | — | |
Class R6 | | | — | | | | — | | | | — | | | | — | |
Class I | | | 1,875,245 | | | | 58,079,559 | | | | — | | | | — | |
Class T | | | — | | | | — | | | | — | | | | — | |
| Shares sold: | | | | | | | | | | | | | | | | |
Class A | | | 303,280 | | | | 10,010,854 | | | | 1,157,749 | | | | 33,828,915 | |
Class C | | | 252,189 | | | | 8,116,601 | | | | 628,328 | | | | 18,249,106 | |
Class R6 | | | 3,333,190 | | | | 104,365,082 | | | | 2,426 | | | | 73,843 | |
Class I | | | 1,757,749 | | | | 57,588,660 | | | | 4,487,488 | | | | 132,392,124 | |
Class T | | | — | | | | — | | | | 833 | | | | 25,000 | |
| Shares issued to shareholders due to reinvestment of distributions: | | | | | | | | | | | | | | | | |
Class A | | | 78,509 | | | | 2,445,266 | | | | 11,703 | | | | 337,508 | |
Class C | | | 69,525 | | | | 2,139,993 | | | | 151 | | | | 4,302 | |
Class R6 | | | 186,113 | | | | 5,814,260 | | | | 5,598 | | | | 161,497 | |
Class I | | | 268,756 | | | | 8,401,804 | | | | 30,493 | | | | 879,728 | |
Class T | | | — | | | | — | | | | — | | | | — | |
| | | | 8,816,069 | | | | 278,227,975 | | | | 6,324,769 | | | | 185,952,023 | |
| Shares redeemed: | | | | | | | | | | | | | | | | |
Class A | | | (329,578 | ) | | | (10,658,974 | ) | | | (1,143,220 | ) | | | (33,744,305 | ) |
Class C | | | (355,193 | ) | | | (11,310,587 | ) | | | (486,169 | ) | | | (14,051,666 | ) |
Class R6 | | | (232,987 | ) | | | (7,634,744 | ) | | | (145,000 | ) | | | (4,180,071 | ) |
Class I | | | (2,602,243 | ) | | | (83,549,341 | ) | | | (1,536,376 | ) | | | (45,251,284 | ) |
Class T | | | — | | | | — | | | | — | | | | — | |
| | | | (3,520,001 | ) | | | (113,153,646 | ) | | | (3,310,765 | ) | | | (97,227,326 | ) |
| Net increase (decrease) | | | 5,296,068 | | | $ | 165,074,329 | | | | 3,014,004 | | | $ | 88,724,697 | |
| | |
| | | Six Months Ended
2/28/18 | | | Year Ended
8/31/17 | |
| Large Cap Growth | | Shares | | | Amount | | | Shares | | | Amount | |
| Shares issued in the Reorganization(1): | | | | | | | | | | | | | | | | |
Class A | | | 2,816,947 | | | $ | 84,276,626 | | | | — | | | $ | — | |
Class C | | | 329,194 | | | | 9,681,415 | | | | — | | | | — | |
Class R6 | | | 490,697 | | | | 14,685,460 | | | | — | | | | — | |
Class I | | | 4,871,520 | | | | 145,812,489 | | | | — | | | | — | |
| Shares sold: | | | | | | | | | | | | | | | | |
Class A | | | 95,962 | | | | 3,009,961 | | | | 278,984 | | | | 7,789,313 | |
Class C | | | 57,651 | | | | 1,770,073 | | | | 91,370 | | | | 2,486,059 | |
Class R6 | | | 20,440 | | | | 625,789 | | | | — | | | | — | |
Class I | | | 661,936 | | | | 20,714,494 | | | | 702,458 | | | | 19,612,442 | |
| Shares issued to shareholders due to reinvestment of distributions: | | | | | | | | | | | | | | | | |
Class A | | | 119,087 | | | | 3,653,569 | | | | 3,303 | | | | 89,302 | |
Class C | | | 29,398 | | | | 879,298 | | | | 46 | | | | 1,237 | |
Class R6 | | | 16,216 | | | | 499,767 | | | | — | | | | — | |
Class I | | | 215,868 | | | | 6,602,589 | | | | 7,248 | | | | 195,974 | |
| | | | 9,724,916 | | | | 292,211,530 | | | | 1,083,409 | | | | 30,174,327 | |
| Shares redeemed: | | | | | | | | | | | | | | | | |
Class A | | | (306,511 | ) | | | (9,613,602 | ) | | | (420,504 | ) | | | (11,692,667 | ) |
Class C | | | (119,816 | ) | | | (3,689,477 | ) | | | (121,600 | ) | | | (3,310,878 | ) |
Class R6 | | | (57,690 | ) | | | (1,839,544 | ) | | | — | | | | — | |
Class I | | | (1,503,762 | ) | | | (46,762,353 | ) | | | (647,995 | ) | | | (17,663,282 | ) |
| | | | (1,987,779 | ) | | | (61,904,976 | ) | | | (1,190,099 | ) | | | (32,666,827 | ) |
| Net increase (decrease) | | | 7,737,137 | | | $ | 230,306,554 | | | | (106,690 | ) | | $ | (2,492,500 | ) |
| 1 | Refer to Note 9 – Fund Reorganization for further details. |
112
| | | | | | | | | | | | | | | | |
| | | Six Months Ended
2/28/18 | | | Year Ended
8/31/17 | |
| Concentrated Core | | Shares | | | Amount | | | Shares | | | Amount | |
| Shares sold: | | | | | | | | | | | | | | | | |
Class A | | | 17,133 | | | $ | 529,620 | | | | 178,184 | | | $ | 4,864,217 | |
Class C | | | 64,054 | | | | 1,925,739 | | | | 76,685 | | | | 2,066,931 | |
Class R6 | | | 1,703 | | | | 50,802 | | | | 70 | | | | 2,000 | |
Class I | | | 391,943 | | | | 12,028,246 | | | | 1,492,463 | | | | 42,078,549 | |
| Shares issued to shareholders due to reinvestment of distributions: | | | | | | | | | | | | | | | | |
Class A | | | 11,401 | | | | 350,706 | | | | 25,411 | | | | 682,019 | |
Class C | | | 11,221 | | | | 339,227 | | | | 10,935 | | | | 289,673 | |
Class R6 | | | 44 | | | | 1,370 | | | | — | | | | — | |
Class I | | | 52,527 | | | | 1,617,602 | | | | 23,686 | | | | 635,972 | |
| | | | 550,026 | | | | 16,843,312 | | | | 1,807,434 | | | | 50,619,361 | |
| Shares redeemed: | | | | | | | | | | | | | | | | |
Class A | | | (93,384 | ) | | | (2,873,534 | ) | | | (1,244,273 | ) | | | (34,262,420 | ) |
Class C | | | (114,551 | ) | | | (3,445,554 | ) | | | (347,114 | ) | | | (9,292,589 | ) |
Class R6 | | | (69 | ) | | | (2,127 | ) | | | — | | | | — | |
Class I | | | (490,145 | ) | | | (15,090,181 | ) | | | (782,612 | ) | | | (21,514,914 | ) |
| | | | (698,149 | ) | | | (21,411,396 | ) | | | (2,373,999 | ) | | | (65,069,923 | ) |
| Net increase (decrease) | | | (148,123 | ) | | $ | (4,568,084 | ) | | | (566,565 | ) | | $ | (14,450,562 | ) |
| | |
| | | Six Months Ended
2/28/18 | | | Year Ended
8/31/17 | |
| Growth | | Shares | | | Amount | | | Shares | | | Amount | |
| Shares sold: | | | | | | | | | | | | | | | | |
Class A | | | 97,754 | | | $ | 3,128,657 | | | | 87,889 | | | $ | 2,405,172 | |
Class C | | | 35,637 | | | | 1,014,959 | | | | 46,774 | | | | 1,163,986 | |
Class R3 | | | 2,599 | | | | 81,287 | | | | 6,331 | | | | 172,355 | |
Class I | | | 137,903 | | | | 4,358,772 | | | | 554,712 | | | | 15,356,287 | |
| Shares issued to shareholders due to reinvestment of distributions: | | | | | | | | | | | | | | | | |
Class A | | | 13,253 | | | | 407,118 | | | | 23,688 | | | | 624,963 | |
Class C | | | 10,320 | | | | 286,598 | | | | 18,208 | | | | 437,348 | |
Class R3 | | | 86 | | | | 2,611 | | | | 81 | | | | 2,108 | |
Class I | | | 65,899 | | | | 2,066,376 | | | | 82,119 | | | | 2,207,817 | |
| | | | 363,451 | | | | 11,346,378 | | | | 819,802 | | | | 22,370,036 | |
| Shares redeemed: | | | | | | | | | | | | | | | | |
Class A | | | (28,772 | ) | | | (917,554 | ) | | | (245,901 | ) | | | (6,690,695 | ) |
Class C | | | (43,976 | ) | | | (1,237,453 | ) | | | (158,621 | ) | | | (3,984,929 | ) |
Class R3 | | | (589 | ) | | | (18,460 | ) | | | (683 | ) | | | (18,527 | ) |
Class I | | | (206,703 | ) | | | (6,493,887 | ) | | | (647,124 | ) | | | (18,156,432 | ) |
| | | | (280,040 | ) | | | (8,667,354 | ) | | | (1,052,329 | ) | | | (28,850,583 | ) |
| Net increase (decrease) | | | 83,411 | | | $ | 2,679,024 | | | | (232,527 | ) | | $ | (6,480,547 | ) |
| | |
| | | Six Months Ended
2/28/18 | | | Year Ended
8/31/17 | |
| Equity Long/Short | | Shares | | | Amount | | | Shares | | | Amount | |
| Shares sold: | | | | | | | | | | | | | | | | |
Class A | | | 252,507 | | | $ | 10,446,736 | | | | 323,603 | | | $ | 11,790,233 | |
Class C | | | 71,588 | | | | 2,798,874 | | | | 56,849 | | | | 1,926,092 | |
Class I | | | 1,358,302 | | | | 58,218,832 | | | | 858,303 | | | | 32,105,265 | |
| Shares issued to shareholders due to reinvestment of distributions: | | | | | | | | | | | | | | | | |
Class A | | | 12,466 | | | | 513,454 | | | | — | | | | — | |
Class C | | | 4,499 | | | | 171,805 | | | | — | | | | — | |
Class I | | | 34,734 | | | | 1,465,085 | | | | — | | | | — | |
| | | | 1,734,096 | | | | 73,614,786 | | | | 1,238,755 | | | | 45,821,590 | |
| Shares redeemed: | | | | | | | | | | | | | | | | |
Class A | | | (86,562 | ) | | | (3,566,261 | ) | | | (426,931 | ) | | | (15,440,132 | ) |
Class C | | | (14,974 | ) | | | (575,589 | ) | | | (86,899 | ) | | | (2,877,159 | ) |
Class I | | | (196,728 | ) | | | (8,323,845 | ) | | | (548,013 | ) | | | (19,734,716 | ) |
| | | | (298,264 | ) | | | (12,465,695 | ) | | | (1,061,843 | ) | | | (38,052,007 | ) |
| Net increase (decrease) | | | 1,435,832 | | | $ | 61,149,091 | | | | 176,912 | | | $ | 7,769,583 | |
113
Notes to Financial Statements (Unaudited) (continued)
| | | | | | | | | | | | | | | | |
| | | Six Months Ended
2/28/18 | | | Year Ended
8/31/17 | |
| Equity Market Neutral | | Shares | | | Amount | | | Shares | | | Amount | |
| Shares sold: | | | | | | | | | | | | | | | | |
Class A | | | 359,023 | | | $ | 8,660,877 | | | | 147,949 | | | $ | 3,395,115 | |
Class C | | | 27,868 | | | | 657,750 | | | | 24,630 | | | | 541,553 | |
Class I | | | 2,142,027 | | | | 52,702,920 | | | | 1,069,685 | | | | 24,644,554 | |
| Shares issued to shareholders due to reinvestment of distributions: | | | | | | | | | | | | | | | | |
Class A | | | 9,589 | | | | 229,852 | | | | — | | | | — | |
Class C | | | 2,087 | | | | 48,318 | | | | — | | | | — | |
Class I | | | 52,369 | | | | 1,269,937 | | | | — | | | | — | |
| | | | 2,592,963 | | | | 63,569,654 | | | | 1,242,264 | | | | 28,581,222 | |
| Shares redeemed: | | | | | | | | | | | | | | | | |
Class A | | | (46,893 | ) | | | (1,136,953 | ) | | | (313,565 | ) | | | (7,074,674 | ) |
Class C | | | (4,772 | ) | | | (109,780 | ) | | | (31,061 | ) | | | (685,175 | ) |
Class I | | | (163,563 | ) | | | (3,968,323 | ) | | | (856,134 | ) | | | (19,254,756 | ) |
| | | | (215,228 | ) | | | (5,215,056 | ) | | | (1,200,760 | ) | | | (27,014,605 | ) |
| Net increase (decrease) | | | 2,377,735 | | | $ | 58,354,598 | | | | 41,504 | | | $ | 1,566,617 | |
5. Investment Transactions
Long-term purchases and sales (including transactions for common stocks sold short, where applicable) during the current fiscal period were as follows:
| | | | | | | | | | | | | | | | |
| | | Large Cap
Value | | | Large Cap
Core | | | Large Cap
Growth | | | Concentrated
Core | |
| Purchases | | $ | 349,175,394 | | | $ | 412,214,717 | | | $ | 213,435,466 | | | $ | 55,199,806 | |
| Sales | | | 383,653,407 | | | | 347,301,734 | | | | 242,957,815 | | | | 62,266,850 | |
| | | | | | | | | | | | |
| | | Growth | | | Equity
Long/Short | | | Equity Market
Neutral | |
| Purchases | | $ | 15,336,953 | | | $ | 364,303,135 | | | $ | 126,844,377 | |
| Sales | | | 15,792,244 | | | | 354,611,431 | | | | 144,042,549 | |
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.
The tables below present the cost, as well as proceeds from common stocks sold short, if any, and unrealized appreciation (depreciation) of each Fund’s investment portfolio, as determined on a federal income tax basis, as of February 28, 2018.
| | | | | | | | | | | | | | | | |
| | | Large Cap
Value | | | Large Cap
Core | | | Large Cap
Growth | | | Concentrated
Core | |
| Tax cost of investments | | $ | 419,239,343 | | | $ | 522,039,349 | | | $ | 264,048,201 | | | $ | 90,704,584 | |
| Gross unrealized: | | | | | | | | | | | | | | | | |
Appreciation | | $ | 60,819,871 | | | $ | 92,527,639 | | | $ | 76,179,873 | | | $ | 8,370,409 | |
Depreciation | | | (23,126,045 | ) | | | (16,502,601 | ) | | | (6,939,691 | ) | | | (7,267,478 | ) |
| Net unrealized appreciation (depreciation) of investments | | $ | 37,693,826 | | | $ | 76,025,038 | | | $ | 69,240,182 | | | $ | 1,102,931 | |
114
| | | | | | | | | | | | |
| | | Growth | | | Equity
Long/Short | | | Equity Market
Neutral | |
| Tax cost of investments | | $ | 38,392,115 | | | $ | 210,524,271 | | | $ | 78,403,384 | |
| Gross unrealized: | | | | | | | | | | | | |
Appreciation | | $ | 15,304,066 | | | $ | 21,008,763 | | | $ | 9,961,524 | |
Depreciation | | | (562,936 | ) | | | (4,757,353 | ) | | | (2,709,288 | ) |
| Net unrealized appreciation (depreciation) of investments | | $ | 14,741,130 | | | $ | 16,251,410 | | | $ | 7,252,236 | |
| | | | | | | | |
| | | Equity
Long/Short | | | Equity Market
Neutral | |
| Tax proceeds from common stocks sold short | | $ | (129,094,176 | ) | | $ | (92,640,318 | ) |
| Net unrealized appreciation (depreciation) on common stocks sold short | | | 4,055,089 | | | | 3,713,479 | |
Permanent differences, primarily due to investments in common stocks sold short, investments in partnerships, federal taxes paid, net operating losses and tax equalization, resulted in reclassifications among the Funds’ components of net assets as of August 31, 2017, the Funds’ last tax year end, as follows:
| | | | | | | | | | | | | | | | |
| | | Large Cap
Value | | | Large Cap
Core | | | Large Cap
Growth | | | Concentrated
Core | |
| Capital paid-in | | $ | 1,569,706 | | | $ | 1,230,163 | | | $ | 235,254 | | | $ | 6,887 | |
| Undistributed (Over-distribution of) net investment income | | | — | | | | 81,958 | | | | 27,869 | | | | (8,174 | ) |
| Accumulated net realized gain (loss) | | | (1,569,706 | ) | | | (1,312,121 | ) | | | (263,123 | ) | | | 1,287 | |
| | | | | | | | | | | | |
| | | Growth | | | Equity
Long/Short | | | Equity Market
Neutral | |
| Capital paid-in | | $ | 392,491 | | | $ | (355,346 | ) | | $ | (709,673 | ) |
| Undistributed (Over-distribution of) net investment income | | | — | | | | 384,244 | | | | 745,895 | |
| Accumulated net realized gain (loss) | | | (392,491 | ) | | | (28,898 | ) | | | (36,222 | ) |
The tax components of undistributed net ordinary income and net long-term capital gains as of August 31, 2017, the Funds’ last tax year end, were as follows:
| | | | | | | | | | | | | | | | |
| | | Large Cap
Value | | | Large Cap
Core | | | Large Cap
Growth | | | Concentrated
Core | |
| Undistributed net ordinary income1 | | $ | 26,251,270 | | | $ | 16,624,252 | | | $ | 2,411,794 | | | $ | 605,540 | |
| Undistributed net long-term capital gains | | | 5,412,247 | | | | 2,489,696 | | | | 965,234 | | | | 880,187 | |
| | | | | | | | | | | | |
| | | Growth | | | Equity
Long/Short | | | Equity Market
Neutral | |
| Undistributed net ordinary income1 | | $ | 931,724 | | | $ | — | | | $ | — | |
| Undistributed net long-term capital gains | | | 1,390,404 | | | | 1,987,967 | | | | 39,315 | |
| 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 August 31, 2017, was designated for purposes of the dividends paid deduction as follows:
| | | | | | | | | | | | | | | | |
| | | Large Cap
Value | | | Large Cap
Core | | | Large Cap
Growth | | | Concentrated
Core | |
| Distributions from net ordinary income1 | | $ | 5,680,168 | | | $ | 2,055,823 | | | $ | 529,355 | | | $ | 1,672,727 | |
| Distributions from net long-term capital gains | | | — | | | | — | | | | — | | | | — | |
| | | | |
| | | | | | Growth | | | Equity
Long/Short | | | Equity Market
Neutral | |
| Distributions from net ordinary income1 | | | | | | $ | 847,267 | | | $ | — | | | $ | — | |
| Distributions from net long-term capital gains | | | | | | | 2,917,076 | | | | — | | | | — | |
| 1 | Net ordinary income consists of net taxable income derived from dividends, interest, and net short-term capital gains, if any. |
115
Notes to Financial Statements (Unaudited) (continued)
During the Funds’ last tax year ended August 31, 2017, the following Funds utilized capital loss carryforwards as follows:
| | | | | | | | | | | | | | | | |
| | | Large Cap
Value | | | Large Cap
Core | | | Large Cap
Growth | | | Concentrated
Core | |
| Utilized capital loss carryforwards | | $ | 19,782,415 | | | $ | 6,828,366 | | | $ | 2,270,049 | | | $ | 7,306,848 | |
| | | | | | | | |
| | | Equity
Long/Short | | | Equity Market
Neutral | |
| Utilized capital loss carryforwards | | $ | 6,884,831 | | | $ | 2,742,055 | |
The Funds have elected to defer late-year losses in accordance with federal income tax rules. These losses are treated as having arisen on the first day of the current fiscal year. The following Funds have elected to defer losses as follows:
| | | | | | | | |
| | | Equity
Long/Short | | | Equity Market
Neutral | |
| Post-October capital losses2 | | $ | — | | | $ | — | |
| Late-year ordinary losses3 | | | 522,737 | | | | 491,845 | |
| 2 | Capital losses incurred from November 1, 2016 through August 31, 2017, the Funds’ last tax year end. |
| 3 | Ordinary losses incurred from January 1, 2017 through August 31, 2017, and/or specified losses incurred from November 1, 2016 through August 31, 2017. |
7. Management Fees and Other Transactions with Affiliates
Management Fees
Each Fund’s management fee compensates the Adviser for overall investment advisory and administrative services and general office facilities. The Sub-Adviser is compensated for its services to the Funds from the management fees paid to the Adviser.
Each Fund’s management fee consists of two components – a fund-level fee, based only on the amount of assets within each individual Fund, and a complex-level fee, based on the aggregate amount of all eligible fund assets managed by the Adviser. This pricing structure enables each Fund’s shareholders to benefit from growth in the assets within their respective Fund as well as from growth in the amount of complex-wide assets managed by the Adviser.
The annual fund-level fee, payable monthly, for each Fund is calculated according to the following schedule:
| | | | | | | | | | | | | | | | | | | | | | | | | | | | |
| Average Daily Net Assets | | Large Cap
Value | | | Large Cap
Core | | | Large Cap
Growth | | | Concentrated
Core | | | Growth | | | Equity
Long/Short | | | Equity Market
Neutral | |
| For the first $125 million | | | 0.5000 | % | | | 0.5000 | % | | | 0.5000 | % | | | 0.5500 | % | | | 0.5000 | % | | | 1.1000 | % | | | 1.1000 | % |
| For the next $125 million | | | 0.4875 | | | | 0.4875 | | | | 0.4875 | | | | 0.5375 | | | | 0.4875 | | | | 1.0875 | | | | 1.0875 | |
| For the next $250 million | | | 0.4750 | | | | 0.4750 | | | | 0.4750 | | | | 0.5250 | | | | 0.4750 | | | | 1.0750 | | | | 1.0750 | |
| For the next $500 million | | | 0.4625 | | | | 0.4625 | | | | 0.4625 | | | | 0.5125 | | | | 0.4625 | | | | 1.0625 | | | | 1.0625 | |
| For the next $1 billion | | | 0.4500 | | | | 0.4500 | | | | 0.4500 | | | | 0.5000 | | | | 0.4500 | | | | 1.0500 | | | | 1.0500 | |
| For the next $3 billion | | | 0.4250 | | | | 0.4250 | | | | 0.4250 | | | | 0.4750 | | | | 0.4250 | | | | 1.0250 | | | | 1.0250 | |
| For the next $2.5 billion | | | 0.4000 | | | | 0.4000 | | | | 0.4000 | | | | 0.4500 | | | | 0.4000 | | | | 1.0000 | | | | 1.0000 | |
| For the next $2.5 billion | | | 0.3875 | | | | 0.3875 | | | | 0.3875 | | | | 0.4375 | | | | 0.3875 | | | | 0.9875 | | | | 0.9875 | |
| For net assets over $10 billion | | | 0.3750 | | | | 0.3750 | | | | 0.3750 | | | | 0.4250 | | | | 0.3750 | | | | 0.9750 | | | | 0.9750 | |
The annual complex-level fee, payable monthly, for each Fund is calculated according to the following schedule:
| | | | |
| Complex-Level Asset Breakpoint Level* | | Effective Rate at Breakpoint Level | |
| $55 billion | | | 0.2000 | % |
| $56 billion | | | 0.1996 | |
| $57 billion | | | 0.1989 | |
| $60 billion | | | 0.1961 | |
| $63 billion | | | 0.1931 | |
| $66 billion | | | 0.1900 | |
| $71 billion | | | 0.1851 | |
| $76 billion | | | 0.1806 | |
| $80 billion | | | 0.1773 | |
| $91 billion | | | 0.1691 | |
| $125 billion | | | 0.1599 | |
| $200 billion | | | 0.1505 | |
| $250 billion | | | 0.1469 | |
| $300 billion | | | 0.1445 | |
| * | The complex-level fee is calculated based upon the aggregate daily “eligible assets” of all Nuveen open-end and closed-end funds. Eligible assets do not include assets attributable to investments in other Nuveen funds or assets in excess of a determined amount (originally $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 February 28, 2018, the complex-level fee for each Fund was as follows: |
116
| | | | |
| Fund | | Complex-
Level Fee | |
Large Cap Value | | | 0.1595 | % |
Large Cap Core | | | 0.1595 | % |
Large Cap Growth | | | 0.1902 | % |
Concentrated Core | | | 0.1595 | % |
Growth | | | 0.1595 | % |
Equity Long/Short | | | 0.1595 | % |
Equity Market Neutral | | | 0.1595 | % |
The Adviser has agreed to waive fees and/or reimburse expenses (“Expense Cap”) of the Funds so that total annual Fund operating expenses (excluding 12b-1 distribution and/or service fees, interest expenses, taxes, acquired fund fees and expenses, fees incurred in acquiring and disposing of portfolio securities (including prime broker fees and charges on short sales) dividend expense or securities sold short, and extraordinary expenses) do not exceed the average daily net assets of any class of Fund shares in the amounts and for the time periods stated in the following table. However, because Class R6 shares are not subject to sub-transfer agent and similar fees, the total annual fund operating expense for the Class R6 shares will be less than the expense limitation. The expense limitations that expire may be terminated or modified prior to that date only with the approval of the Board. The expense limitations in effect thereafter may be terminated or modified only with the approval of shareholders of the Funds.
| | | | | | | | | | |
| Fund | | Temporary
Expense Cap | | | Temporary
Expense
Cap
Expiration
Date | | Permanent
Expense Cap | |
| Large Cap Value | | | 0.79 | % | | July 31, 2019 | | | 1.20 | % |
| Large Cap Core | | | 0.79 | %* | | July 31, 2019 | | | N/A | |
| Large Cap Growth | | | 0.77 | * | | July 31, 2019 | | | N/A | |
| Concentrated Core | | | 0.86 | | | July 31, 2019 | | | N/A | |
| Growth | | | 0.81 | | | July 31, 2019 | | | 1.40 | |
| Equity Long/Short | | | 1.40 | | | July 31, 2019 | | | N/A | |
| Equity Market Neutral | | | 1.40 | | | July 31, 2019 | | | N/A | |
| * | Effective October 16, 2017, the Fund’s Adviser has agreed to the Temporary Expense Cap as stated in the above table |
N/A – Not applicable.
Other Transactions with Affiliates
During the current fiscal period, Nuveen Securities, LLC (the “Distributor”), a wholly-owned subsidiary of Nuveen, collected sales charges on purchases of Class A Shares, the majority of which were paid out as concessions to financial intermediaries as follows:
| | | | | | | | | | | | | | | | | | | | |
| | | | | | Large Cap
Value | | | Large Cap
Core | | | Large Cap
Growth | | | Concentrated
Core | |
| Sales charges collected | | | | | | $ | 51,768 | | | $ | 186,417 | | | $ | 25,490 | | | $ | 10,647 | |
| Paid to financial intermediaries | | | | | | | 46,259 | | | | 163,751 | | | | 22,354 | | | | 9,329 | |
| | | | | |
| | | | | | | | | Growth | | | Equity
Long/Short | | | Equity Market
Neutral | |
| Sales charges collected | | | | | | | | | | $ | 16,381 | | | $ | 75,302 | | | $ | 11,373 | |
| Paid to financial intermediaries | | | | | | | | | | | 14,355 | | | | 66,256 | | | | 9,927 | |
The Distributor also received 12b-1 service fees on Class A Shares, substantially all of which were paid to compensate financial intermediaries for providing services to shareholders relating to their investments.
During the current fiscal period, the Distributor compensated financial intermediaries directly with commission advances at the time of purchase as follows:
| | | | | | | | | | | | | | | | | | | | |
| | | | | | Large Cap
Value | | | Large Cap
Core | | | Large Cap
Growth | | | Concentrated
Core | |
| Commission advances | | | | | | $ | 10,800 | | | $ | 72,577 | | | $ | 12,051 | | | $ | 18,803 | |
| | | | | |
| | | | | | | | | Growth | | | Equity
Long/Short | | | Equity Market
Neutral | |
| Commission advances | | | | | | | | | | $ | 4,407 | | | $ | 28,488 | | | $ | 2,590 | |
117
Notes to Financial Statements (Unaudited) (continued)
To compensate for commissions advanced to financial intermediaries, all 12b-1 service and distribution fees collected on Class C Shares during the first year following a purchase are retained by the Distributor. During the current fiscal period, the Distributor retained such 12b-1 fees as follows:
| | | | | | | | | | | | | | | | | | | | |
| | | | | | Large Cap
Value | | | Large Cap
Core | | | Large Cap
Growth | | | Concentrated
Core | |
| 12b-1 fees retained | | | | | | $ | 6,485 | | | $ | 77,502 | | | $ | 13,375 | | | $ | 13,799 | |
| | | | | |
| | | | | | | | | Growth | | | Equity
Long/Short | | | Equity Market
Neutral | |
| 12b-1 fees retained | | | | | | | | | | $ | 2,504 | | | $ | 11,104 | | | $ | 1,743 | |
The remaining 12b-1 fees charged to the Funds were paid to compensate financial intermediaries for providing services to shareholders relating to their investments.
The Distributor also collected and retained CDSC on share redemptions during the current fiscal period, as follows:
| | | | | | | | | | | | | | | | |
| | | Large Cap
Value | | | Large Cap
Core | | | Large Cap
Growth | | | Concentrated
Core | |
| CDSC retained | | $ | 1,388 | | | $ | 5,563 | | | $ | 1,084 | | | $ | 4,977 | |
| | | | |
| | | | | | Growth | | | Equity
Long/Short | | | Equity Market
Neutral | |
| CDSC retained | | | | | | $ | 455 | | | $ | 689 | | | $ | — | |
As of the end of the reporting period, Nuveen owned shares of the following Funds, as follows:
| | | | | | | | | | | | | | | | | | | | |
| | | Large Cap
Value | | | Large Cap
Core | | | Large Cap
Growth | | | Concentrated
Core | | | Growth | |
| Class A Shares | | | — | | | | — | | | | — | | | | — | | | | — | |
| Class C Shares | | | — | | | | — | | | | — | | | | — | | | | — | |
| Class R3 Shares | | | 2,126 | | | | N/A | | | | N/A | | | | N/A | | | | 2,125 | |
| Class R6 Shares | | | — | | | | — | | | | 1,030 | | | | 991 | | | | N/A | |
| Class I Shares | | | — | | | | — | | | | — | | | | — | | | | — | |
| Class T Shares | | | 1,000 | | | | 833 | | | | N/A | | | | N/A | | | | N/A | |
8. Borrowing Arrangements
Committed Line of Credit
The Funds, along with certain other funds managed by the Adviser (“Participating Funds”), have established a 364-day, approximately $3 billion standby credit facility with a group of lenders, under which the Participating Funds may borrow for various purposes other than leveraging for investment purposes. A large portion of this facility’s capacity (and its associated costs as described below) is currently dedicated for use by a small number of Participating Funds, which does not include any of the Funds covered by this shareholder report. The remaining capacity under the facility (and the corresponding portion of the facility’s annual costs) is separately dedicated to most of the other open-end funds in the Nuveen fund family, including all of the Funds covered by this shareholder report, along with a number of Nuveen closed-end funds. The credit facility expires in July 2018 unless extended or renewed.
The credit facility has the following terms: a fee of 0.15% per annum on unused commitment amounts, and interest at a rate equal to the higher of (a) one-month LIBOR (London Inter-Bank Offered Rate) plus 1.25% per annum or (b) the Fed Funds rate plus 1.25% per annum on amounts borrowed. Participating Funds paid administration, legal and arrangement fees, which are recognized as a component of “Other expenses” on the Statement of Operations, and along with commitment fees, have been allocated among such Participating Funds based upon the relative proportions of the facility’s aggregate capacity reserved for them and other factors deemed relevant by the Adviser and the Board of each Participating Fund.
During the current fiscal period, the following Funds utilized this facility. Each Fund’s maximum outstanding balance during the utilization period were as follows:
| | | | | | | | | | | | | | | | |
| | | Large Cap
Core | | | Large Cap
Growth | | | Concentrated
Core | | | Growth | |
| Maximum Outstanding Balance | | $ | 347,327 | | | $ | 407,707 | | | $ | 537,545 | | | $ | 68,396 | |
During each Fund’s utilization periods during the current fiscal period, the average daily balance outstanding and average annual interest rate on the Borrowings were as follows:
| | | | | | | | | | | | | | | | |
| | | Large Cap
Core | | | Large Cap
Growth | | | Concentrated
Core | | | Growth | |
| Average daily balance outstanding | | $ | 347,327 | | | $ | 407,707 | | | $ | 537,545 | | | $ | 68,396 | |
| Average annual interest rate | | | 2.56% | | | | 2.56% | | | | 2.56% | | | | 2.56% | |
118
Borrowings outstanding as of the end of the reporting period are recognized as “Borrowings” on the Statement of Assets and Liabilities, where applicable. None of the other Funds utilized this facility during the current fiscal period.
9. Fund Reorganizations
The Reorganizations as previously described in Note 1 – General Information and Significant Accounting Policies, Fund Reorganizations, was structured to qualify as a tax-free reorganization under the Internal Revenue Code for the federal income tax purposes, and each Target Fund’s shareholder will recognize no gain or loss for federal income tax purposes as a result. Prior to the closing of each Reorganization, the Target Funds each distributed all of its net investment income and capital gains, if any. Such distribution may be taxable to each Target Fund’s shareholders for federal income tax purposes.
Investments of the Target Funds
The cost, fair value and net unrealized appreciation (depreciation) of the investments of each Target Fund as of the date of each Reorganization were as follows:
| | | | | | | | | | | | |
| | | Core
Dividend | | | Large Cap
Core Plus | | | Large Cap
Growth
Opportunities | |
| Cost of Investments | | $ | 37,238,112 | | | $ | 67,556,471 | | | $ | 176,254,065 | |
| Fair value of Investments | | | 39,705,980 | | | | 79,404,676 | | | | 245,357,421 | |
| Net unrealized appreciation (depreciation) of Investments | | | 2,467,868 | | | | 11,848,205 | | | | 69,103,356 | |
For financial reporting purposes, assets received and shares issued by each Acquiring Fund were recorded at fair value; however, the cost basis of the investments received from each Target Fund was carried forward to align ongoing reporting of each Acquiring Fund’s realized and unrealized gains and losses with amounts distributable to shareholders for tax purposes.
Share Transactions
For accounting and performance reporting purposes, each Acquiring Fund is the survivor. The shares outstanding, net assets and NAV per share immediately prior to and after the Reorganizations are as follows:
| | | | | | | | | | | | |
| Target Funds – Prior to the Reorganizations | | Shares
Outstanding | | | Net Assets | | | NAV
per Share | |
Core Dividend | | | | | | | | | | | | |
Class A | | | 534,758 | | | $ | 14,242,279 | | | $ | 26.63 | |
Class C | | | 209,533 | | | | 5,574,510 | | | | 26.60 | |
Class I | | | 728,252 | | | | 19,393,901 | | | | 26.63 | |
Large Cap Core Plus | | | | | | | | | | | | |
Class A | | | 326,570 | | | $ | 9,511,624 | | | $ | 29.13 | |
Class C | | | 414,161 | | | | 11,754,272 | | | | 28.38 | |
Class I | | | 1,989,461 | | | | 58,079,560 | | | | 29.19 | |
Large Cap Growth Opportunities | | | | | | | | | | | | |
Class A | | | 3,351,244 | | | $ | 77,540,463 | | | $ | 23.14 | |
Class C | | | 585,624 | | | | 9,681,415 | | | | 16.53 | |
Class R3 | | | 314,706 | | | | 6,736,163 | | | | 21.40 | |
Class R6 | | | 549,876 | | | | 14,685,460 | | | | 26.71 | |
Class I | | | 5,508,050 | | | | 145,812,490 | | | | 26.47 | |
| | | |
| Acquiring Funds – Prior to the Reorganizations | | Shares
Outstanding | | | Net Assets | | | NAV
per Share | |
Large Cap Value | | | | | | | | | | | | |
Class A | | | 10,404,285 | | | $ | 255,052,424 | | | | 24.51 | |
Class C | | | 836,785 | | | | 19,608,556 | | | | 23.43 | |
Class R3 | | | 8,729 | | | | 215,787 | | | | 24.72 | |
Class R6 | | | 739,205 | | | | 18,228,104 | | | | 24.66 | |
Class I | | | 4,366,328 | | | | 107,644,835 | | | | 24.65 | |
Class T | | | 1,000 | | | | 24,681 | | | | 24.68 | |
Large Cap Core | | | | | | | | | | | | |
Class A | | | 1,851,817 | | | $ | 57,335,596 | | | $ | 30.96 | |
Class C | | | 1,982,047 | | | | 60,621,813 | | | | 30.59 | |
Class R6 | | | 3,677,578 | | | | 113,969,761 | | | | 30.99 | |
Class I | | | 7,518,663 | | | | 232,865,623 | | | | 30.97 | |
Class T | | | 833 | | | | 25,810 | | | | 31.00 | |
Large Cap Growth | | | | | | | | | | | | |
Class A | | | 399,647 | | | $ | 11,956,528 | | | $ | 29.92 | |
Class C | | | 355,061 | | | | 10,442,173 | | | | 29.41 | |
Class R6 | | | 11,840 | | | | 354,341 | | | | 29.93 | |
Class I | | | 2,220,580 | | | | 66,465,412 | | | | 29.93 | |
119
Notes to Financial Statements (Unaudited) (continued)
| | | | | | | | | | | | |
| Acquiring Funds – After the Reorganizations | | Shares
Outstanding | | | Net Assets | | | NAV
per Share | |
Large Cap Value | | | | | | | | | | | | |
Class A | | | 10,985,265 | | | $ | 269,294,703 | | | $ | 24.51 | |
Class C | | | 1,074,674 | | | | 25,183,066 | | | | 23.43 | |
Class R3 | | | 8,729 | | | | 215,787 | | | | 24.72 | |
Class R6 | | | 739,205 | | | | 18,228,104 | | | | 24.66 | |
Class I | | | 5,152,992 | | | | 127,038,736 | | | | 24.65 | |
Class T | | | 1,000 | | | | 24,681 | | | | 24.68 | |
Large Cap Core | | | | | | | | | | | | |
Class A | | | 2,159,022 | | | $ | 66,847,220 | | | $ | 30.96 | |
Class C | | | 2,366,355 | | | | 72,376,085 | | | | 30.59 | |
Class R6 | | | 3,677,578 | | | | 113,969,761 | | | | 30.99 | |
Class I | | | 9,393,907 | | | | 290,945,183 | | | | 30.97 | |
Class T | | | 833 | | | | 25,810 | | | | 31.00 | |
Large Cap Growth | | | | | | | | | | | | |
Class A | | | 3,216,594 | | | $ | 96,233,154 | | | $ | 29.92 | |
Class C | | | 684,255 | | | | 20,123,588 | | | | 29.41 | |
Class R6 | | | 502,537 | | | | 15,039,801 | | | | 29.93 | |
Class I | | | 7,092,100 | | | | 212,277,902 | | | | 29.93 | |
Pro Forma Results of Operations
The beginning of the current fiscal period for Core Dividend and Large Cap Core Plus were September 1, 2017 and the beginning of the current fiscal period for Large Cap Growth Opportunities was November 1, 2016. Assuming the Reorganizations had been completed on September 1, 2017, the beginning of the Acquiring Funds’ current fiscal period, the pro forma results of operations for the current fiscal period are as follows:
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| Pro Forma Results | | Large Cap
Value | | | Large Cap
Core | | | Large Cap
Growth | |
| Net investment income (loss) | | $ | 2,751,379 | | | $ | 1,726,861 | | | $ | 209,893 | |
| Net realized and change in unrealized gains (losses) | | | 45,075,501 | | | | 68,538,677 | | | | 40,163,393 | |
| Change in net assets resulting from operations | | | 47,826,880 | | | | 70,265,538 | | | | 40,373,287 | |
Because the combined investment portfolios for the Reorganizations have been managed as a single integrated portfolio since the Reorganizations were completed, it is not practicable to separate the amounts of revenue and earnings of the Target Funds that have been included in the Statement of Operations for the Acquiring Funds since the Reorganizations were consummated.
Cost and Expenses
In connection with the Reorganizations, the Acquiring Funds incurred certain associated costs and expenses. Such amounts were included as a component of "Other expenses" on the Statement of Assets and Liabilities and “Reorganization expenses” on the Statement of Operations.
10. Subsequent Events
Effective July 2018, Class C Shares will automatically convert to Class A Shares after 10 years. Conversions will occur during the month in which the 10-year anniversary of the purchase occurs. Class C Shares that have been held for longer than 10 years as of July 1, 2018 will also convert to Class A Shares in July 2018. The automatic conversion will be based on the relative net asset values of the two share classes without the imposition of a sales charge or fee. The automatic conversion of Class C Shares to Class A Shares will not apply to shares held through group retirement plan recordkeeping platforms of certain financial intermediaries who hold such shares in an omnibus account and do not track participant level share lot aging to facilitate such a conversion.
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Additional Fund Information
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| | Fund Manager Nuveen Fund Advisors, LLC 333 West Wacker Drive Chicago, IL 60606 Sub-Adviser Nuveen Asset Management, LLC 333 West Wacker Drive Chicago, IL 60606 | | Independent Registered
Public Accounting Firm KPMG LLP 200 East Randolph Street Chicago, IL 60601 Custodian State Street Bank & Trust Company One Lincoln Street Boston, MA 02111 | | Legal Counsel Chapman and Cutler LLP Chicago, IL 60603 | | Transfer Agent and
Shareholder Services DST Asset Manager Solutions, Inc. P.O. Box 8530 Boston, MA 02266-8530 | | |
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| | 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. | | |
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| | 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 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 toll-free at (800) 257-8787. You may also obtain this information directly from the SEC. Visit the SEC on-line at http://www.sec.gov. | | |
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| | FINRA BrokerCheck: The Financial Industry Regulatory Authority (FINRA) provides information regarding the disciplinary history of FINRA member firms and associated investment professionals. This information as well as an investor brochure describing FINRA BrokerCheck is available to the public by calling the FINRA BrokerCheck Hotline number at (800) 289-9999 or by visiting www.FINRA.org. | | |
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Glossary of Terms Used in this Report
Average Annual Total Return: This is a commonly used method to express an investment’s performance over a particular, usually multi-year time period. It expresses the return that would have been necessary each year to equal the investment’s actual cumulative performance (including change in NAV or offer price and reinvested dividends and capital gains distributions, if any) over the time period being considered.
ICE BofAML 3-Month U.S. Treasury Bill Index: The ICE BofAML 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.
Lipper Alternative Equity Market Neutral Funds Classification Average: Represents the average annualized returns for all reporting funds in the Lipper Alternative Equity Market Neutral Funds Classification. Lipper returns account for the effects of management fees and assume reinvestment of dividends, but do not reflect any applicable sales charges.
Lipper Alternative Long/Short Equity Funds Classification Average: Represents the average annualized returns for all reporting funds in the Lipper Alternative Long/Short Equity Funds Classification. Lipper returns account for the effects of management fees and assume reinvestment of dividends, but do not reflect any applicable sales charges.
Lipper Large-Cap Core Funds Classification Average: Represents the average annualized returns 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 dividends, but do not reflect any applicable sales charges.
Lipper Large-Cap Growth Funds Classification Average: Represents the average annualized returns 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 dividends, but do not reflect any applicable sales charges.
Lipper Multi-Cap Core Funds Classification Average: Represents the average annualized returns for all reporting funds in the Lipper Multi-Cap Core Funds Classification. Lipper returns account for the effects of management fees and assume reinvestment of dividends, but do not reflect any applicable sales charges.
Lipper Multi-Cap Value Funds Classification Average: Represents the average annualized returns for all reporting funds in the Lipper Multi-Cap Value Funds Classification. The Lipper returns account for the effects of management fees and assume reinvestment of dividends, but do not reflect any applicable sales charges.
Long Position: A security the fund owns in its portfolio.
MSCI EAFE Index: The MSCI (Morgan Stanley Capital International) EAFE (Europe, Australasia, Far East) Index is a free float-adjusted market capitalization weighted index designed to measure developed market equity performance, excluding the U.S. and Canada. The index returns assume reinvestment of distributions, but do not reflect any applicable sales charges or management fees.
MSCI Emerging Markets Index: The MSCI (Morgan Stanley Capital International) Emerging Marketing Index is an unmanaged index considered representative of stocks of developing 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.
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Price/Earnings (P/E) Ratio: is calculated by dividing the current price of the stock by its forecasted 12 months’ earnings per share. The average of the price/earnings ratio of a fund is a weighted harmonic average of all the current P/E ratios (excluding negatives) of the stocks in the fund’s portfolio. This should not be construed as a forecast of the Fund’s performance.
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. Index returns assume reinvestment of dividends, but do not reflect any applicable sales charges or management fees.
Russell 1000® Index: An unmanaged index, considered representative of large-cap stocks. The index returns assume reinvestment of dividends, but do not reflect any applicable sales charges or management fees.
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. Index returns assume reinvestment of dividends, but do not include the effects of any applicable sales charges or management fees.
S&P 500® Index: An unmanaged index generally considered representative of the U.S. stock market. Index returns assume reinvestment of distributions, but do not include the effects of any applicable sales charges or management fees.
Short Position: A security the fund does not own but has sold through the delivery of a borrowed security.
Tax Equalization: The practice of treating a portion of the distribution made to a redeeming shareholder, which represents his proportionate part of undistributed net investment income and capital gain as a distribution for tax purposes. Such amounts are referred to as the equalization debits (or payments) and will be considered a distribution to the shareholder of net investment income and capital gain for calculation of the fund’s dividends paid deduction.
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Nuveen:
Serving Investors for Generations
Since 1898, financial advisors and their clients have relied on Nuveen to provide dependable investment solutions through continued adherence to proven, long-term investing principles. Today, we offer a range of high quality solutions designed to be integral components of a well-diversified core portfolio.
Focused on meeting investor needs.
Nuveen is the investment manager of TIAA. We have grown into one of the world’s premier global asset managers, with specialist knowledge across all major asset classes and particular strength in solutions that provide income for investors and that draw on our expertise in alternatives and responsible investing. Nuveen is driven not only by the independent investment processes across the firm, but also the insights, risk management, analytics and other tools and resources that a truly world-class platform provides. As a global asset manager, our mission is to work in partnership with our clients to create solutions which help them secure their financial future.
Find out how we can help you.
To learn more about how the products and services of Nuveen
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,
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
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Securities offered through Nuveen Securities, LLC, member FINRA and SIPC |
333 West Wacker Drive | Chicago, IL 60606 | www.nuveen.com | |
MSA-NLCES-0218D 464942-INV-B-04/19 |
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. Disclosure of Securities Lending Activities for Closed-End Management Investment Companies.
Not applicable.
Item 13. 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 Trust
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| By | | (Signature and Title) | | /s/ Christopher M. Rohrbacher | | |
| | | | Christopher M. Rohrbacher Vice President and Secretary | | |
Date: May 7, 2018
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.
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| By | | (Signature and Title) | | /s/ Greg A. Bottjer | | |
| | | | Greg A. Bottjer Chief Administrative Officer (principal executive officer) | | |
Date: May 7, 2018
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| By | | (Signature and Title) | | /s/ Stephen D. Foy | | |
| | | | Stephen D. Foy Vice President and Controller (principal financial officer) | | |
Date: May 7, 2018
